1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The prices of most energy and chemical products are expected to fluctuate. Crude oil, fuel oil, asphalt, polyester, rubber, methanol, polyolefin, and polyvinyl chloride are all forecasted to have an oscillatory trend [1][3][5][6]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Thursday, oil prices rose significantly. OPEC's oil production in April may have slightly decreased due to the US's attempt to curb oil flow, leading to reduced supply from Venezuela, Iraq, and Libya. The US's expanded sanctions have increased market concerns and caused oil prices to rebound. The oil market will continue to fluctuate [1]. - **Fuel Oil**: On Thursday, the main fuel oil contracts on the Shanghai Futures Exchange rose. Singapore and Fujeirah's fuel oil inventories decreased. The reduction in East - West arbitrage arrivals in May will support the low - sulfur market in the short term. High - sulfur fuel oil is also supported by the expected improvement in Middle Eastern summer power generation demand, but low raw material procurement demand will still pressure the market [3]. - **Asphalt**: On Thursday, the main asphalt contract on the Shanghai Futures Exchange fell. This week, the shipment volume of domestic asphalt enterprises decreased, while the capacity utilization rate of modified asphalt increased. With the improvement of processing profits, supply is expected to increase. The issuance of special bonds is expected to accelerate, and terminal demand is supported, but attention should be paid to the pressure brought by increased supply [3]. - **Polyester**: PTA, EG, and PX futures prices rose on Thursday. PTA's load decreased and then is expected to rise. The overall ethylene glycol start - up load increased. Some MEG devices restarted or plan to shut down. The production and sales of polyester yarn in the Yangtze River Delta are weak. The prices of PX and PTA will follow cost fluctuations, and ethylene glycol is relatively resistant to decline [5]. - **Rubber**: On Thursday, the main rubber contracts on the Shanghai Futures Exchange fell. The start - up loads of domestic tire enterprises' semi - steel and all - steel tires decreased. The rubber market fundamentals are weak, but the delayed rubber tapping in Thailand will support prices in the short term [6]. - **Methanol**: On Thursday, methanol prices showed certain trends. In May, domestic supply is expected to increase, while demand will remain relatively stable, and price support will weaken [6]. - **Polyolefin**: On Thursday, the average national price of polypropylene (PP) was reported, and the prices of polyethylene (PE) in different regions decreased. Supply is expected to decline due to refinery maintenance, but demand will enter the off - season, and the decline in inventory will slow down. Polyolefin prices are expected to fluctuate weakly [7]. - **Polyvinyl Chloride (PVC)**: On Thursday, PVC prices in East, North, and South China decreased. The real estate construction off - season will drag down the demand for PVC downstream products, and exports may decline. In May, the PVC market fundamentals are loose, and prices are expected to remain low and fluctuate [7]. 3.2 Daily Data Monitoring - The report provides the basis data of various energy and chemical products on May 8th and 9th, including spot prices, futures prices, basis, basis rate, and their changes and historical quantiles [8]. 3.3 Market News - OPEC's oil production in April may have slightly decreased, despite the relaxation of voluntary production cuts. The organization plans to accelerate production increases in May and June, but the impact of the US's restrictions on Iran and Venezuela remains uncertain. Kazakhstan has no plan to cut crude oil and condensate production in May [11]. 3.4 Chart Analysis - **Main Contract Prices**: The report presents the closing price charts of the main contracts of various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, asphalt, LPG, PTA, ethylene glycol, etc. [13][14][17]. - **Main Contract Basis**: The basis charts of main contracts such as crude oil, fuel oil, and asphalt are provided, showing the basis trends over the years [28][32][33]. - **Inter - period Contract Spreads**: The report shows the spread charts of different contracts of fuel oil, asphalt, and other products, such as the spreads between 05 - 09 and 09 - 01 contracts of fuel oil [44][45][46]. - **Inter - variety Spreads**: The spread charts between different varieties are presented, including the spreads between domestic and foreign crude oil, B - W spreads of crude oil, and the spreads between fuel oil and asphalt [60][64][65]. - **Production Profits**: The production profit charts of ethylene - made ethylene glycol, PP, and LLDPE are provided [68][69][72]. 3.5 Team Member Introduction - The report introduces the members of the energy and chemical research team, including Zhong Meiyan, Du Bingqin, Di Yilin, and Peng Haibo, along with their positions, educational backgrounds, honors, and professional experiences [74][75][76].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports Methanol - The inland valuation has downward pressure. After the spring maintenance, production increases, downstream profits are divided. New acetic acid production capacity may boost demand but cannot reverse the loose supply - demand pattern. The port starts the inventory accumulation period, with imports in May recovering to 1.1 million tons. The low MTO operation rate suppresses demand, and the 09 contract is under pressure. It is recommended to short the MA09 contract on rallies. In the medium - long term, the supply - demand contradiction remains unsolved, and the rebound space is limited under the inventory accumulation expectation [1]. Polyolefins (LLDPE and PP) - For LLDPE, maintenance increases in May, and the import volume from May to June is expected to decline significantly, reducing the supply pressure in May. However, beware of an unexpected decline in demand. The cost has decreased, and it is recommended to keep short positions until low levels. For PP, although the supply pressure eases slightly during the second - quarter maintenance peak, the production is still high, demand has bottom - support but is weakening, and there is a downward risk in the long - term [4]. Urea - The supply - side capacity at a high level suppresses prices, and the demand - side export expectation provides limited support. The enterprise inventory reduction and port inventory accumulation offset each other. Policy control and international prices weaken the upward momentum. In the short - term, the spot is driven by sentiment, but in the medium - long term, the supply - demand contradiction remains unsolved, and the price is expected to be under pressure after high - level fluctuations [12]. PVC and Caustic Soda - For caustic soda, in the medium - long term, the alumina profit is worrying under over - expansion, the demand for caustic soda is insufficient, and new production capacity is to be put into use, so the supply - demand expectation is weak. In the short - term, the supply is in the centralized maintenance stage, the pre - holiday alumina demand has improved, and the spot price has increased. It is recommended to maintain a short - selling strategy, paying attention to the purchasing intention of major alumina plants in Shandong and the caustic soda plant inventory. For PVC, the supply - demand surplus contradiction is prominent, the real - estate chain is weak, the domestic demand is insufficient, and the export is mainly quantity - for - price. During the Indian Ramadan and rainy season, the demand is hard to increase. It is recommended to short on rallies, but beware of price rebounds due to policy stimuli [25]. Styrene - Pure benzene has a weak supply - demand situation domestically, and the high - volume imports and the potential decline in crude oil prices suppress the styrene market. The styrene market was sluggish yesterday, the port inventory continued to decline, and the downstream procurement was cautious after the holiday. With the stable production of domestic plants, the supply is expected to increase, and the supply - demand margin is under pressure. In the medium - term, the terminal pressure will gradually appear due to tariffs, and the crude oil trend is bearish. It is recommended to short styrene, with the upper - line resistance at 7300 [31]. Polyester Industry Chain - **PX**: Recently, due to the significant compression of PX profits, the unplanned losses of some PX factories have increased, tightening the second - quarter supply. Some PTA factory maintenance has been postponed, supporting short - term demand. With the short - term reduction of polyester inventory pressure and high polyester operation rate, short - term PX support is expected to be strong, but the terminal demand is still expected to be weak under the US tariff policy. - **PTA**: In May, many PTA plants are planned for maintenance, and the short - term polyester high operation rate supports PTA demand. The short - term supply - demand drive is strong, but the demand negative feedback and weak oil price expectation suppress the rebound. - **MEG**: In May, the industry has both maintenance and restart of plants. The domestic supply is expected to increase, but imports may decrease due to Saudi plant maintenance. Under the pressure of the crude oil system, the upward momentum is weak, and it is expected to fluctuate. - **Short - fiber**: After the holiday, the short - fiber factory inventory has decreased, but under the Sino - US tariff stalemate, the short - fiber drive is weaker than that of raw materials, and the processing fee is under pressure. - **Bottle - chip**: A 750,000 - ton device of Sanfangxiang is expected to resume production in May, increasing the supply. The downstream soft - drink industry is expected to increase production in May. The bottle - chip price follows the raw materials, and the processing fee is supported. [35] Crude Oil - Overnight, oil prices rebounded due to macro - factors (the US - UK trade framework agreement boosting market risk preference) and improved supply - demand fundamentals (a two - week decline in US crude oil inventory to the lowest level since late March and a contraction in Cushing inventory). Geopolitical risks have increased, and the option market shows bullish bets. In the short - term, macro and geopolitical factors promote oil price increases, but in the medium - long term, the loose supply situation remains unchanged, and the rebound sustainability is insufficient. It is recommended to wait and see on the long - short side, with the WTI price range at [58, 68], Brent at [60, 70], and SC at [450, 510]. It is recommended to bet on increased volatility in the options market [40]. 3. Summaries According to Relevant Catalogs Methanol - **Price and Spread**: On May 8, compared with May 7, the closing prices of MA2501, MA2505, and MA2509 decreased, with the largest decline of 1.03% for MA2509. The MA2505 - 2509 spread increased by 17.91%, while the MA2501 - 2505 spread had an error value. The spot prices in different regions decreased, with the largest decline of 2.64% in Henan Luoyang. The regional spreads also changed, with the spread between Taicang and Inner Mongolia North Line decreasing by 13.18% [1]. - **Inventory**: The methanol enterprise inventory increased by 7.26% week - on - week, and the port inventory increased by 4.55% week - on - week. The weekly arrival volume increased by 12.50% [1]. - **Upstream and Downstream Operating Rates**: The upstream domestic enterprise operating rate increased by 1.64%, while the downstream MTO device operating rate increased by 4.12%, and some other downstream operating rates decreased [1]. Polyolefins - **Price and Spread**: For PE, the closing prices of L2505 increased by 0.37%, and L2509 decreased by 0.43%. For PP, the closing prices of PP2505 and PP2509 decreased. The spreads between different contracts and the basis also changed. The spot prices in different regions decreased slightly [4]. - **Inventory**: The PE enterprise inventory increased by 38.99% week - on - week, and the social inventory increased by 1.98%. The PP enterprise inventory increased by 19.76%, and the trader inventory increased by 10.19% [4]. - **Upstream and Downstream Operating Rates**: The PE device operating rate decreased by 0.91%, and the downstream weighted operating rate decreased by 0.51%. The PP device operating rate decreased significantly by 57.1%, and the downstream weighted operating rate decreased by 0.4% [4]. Urea - **Price and Spread**: The futures closing prices of different contracts had small fluctuations on May 8 compared with May 7. The spot prices in different regions remained stable, and the cross - regional spreads and basis also showed little change [10][13]. - **Supply and Demand**: The daily domestic urea production decreased by 1.20% on May 9 compared with May 8. The weekly production increased by 0.21%, the plant maintenance loss increased by 5.41%, the factory inventory decreased by 10.58%, and the port inventory increased by 12.71%. The production enterprise order days decreased by 22.09% [12]. PVC and Caustic Soda - **Price and Spread**: On May 8, compared with May 7, the prices of caustic soda in Shandong increased, while the prices of PVC in the East China region decreased. The futures prices of different contracts also changed, and the spreads between contracts and basis had corresponding fluctuations [20]. - **Supply and Demand**: The caustic soda industry operating rate increased slightly, and the PVC total operating rate increased by 1.4%. The downstream operating rates of caustic soda decreased, and some downstream operating rates of PVC increased. The inventory of caustic soda in some regions decreased slightly, and the PVC upstream factory inventory increased by 2.2%, while the total social inventory decreased by 4.7% [23][24][25]. Styrene - **Price and Spread**: On May 8, compared with May 7, the prices of upstream raw materials such as Brent crude oil increased, while the prices of some raw materials such as CFR Japan naphtha decreased. The styrene spot and futures prices decreased, and the import profit decreased [28][29][30]. - **Operating Rates and Profits**: The domestic pure benzene comprehensive operating rate increased by 1.1%, the styrene operating rate increased by 1.7%, and the operating rates of some downstream products decreased. The styrene integrated profit decreased significantly, and the profits of some downstream products changed [31]. - **Inventory**: The pure benzene port inventory decreased by 14.8%, and the styrene port inventory decreased by 7.0%, and the inventories of downstream products also decreased slightly [31]. Polyester Industry Chain - **Price and Spread**: On May 8, compared with May 7, the prices of upstream raw materials such as crude oil and naphtha changed. The prices of polyester products such as POY, FDY, and DTY also had small fluctuations. The PX - related prices and spreads, PTA - related prices and spreads, and MEG - related prices and spreads all changed [35]. - **Operating Rates**: The Asian PX operating rate decreased by 0.7%, the Chinese PX operating rate decreased by 0.2%, the PTA operating rate decreased by 4.7%, the MEG comprehensive operating rate decreased by 0.3%, and the polyester comprehensive operating rate decreased by 0.2% [35]. - **Inventory and Arrival Expectation**: The MEG port inventory decreased by 1.3%, and the MEG arrival expectation decreased significantly [35]. Crude Oil - **Price and Spread**: On May 8, compared with May 7, the prices of Brent, WTI, and SC crude oil increased. The spreads between different contracts and cross - regional spreads also changed [40]. - **Refined Oil Price and Spread**: The prices of NYM RBOB, NYM ULSD, and ICE Gasoil increased, and the spreads between different contracts also increased [40]. - **Refined Oil Crack Spreads**: The crack spreads of gasoline, diesel, and jet fuel in different regions such as the US, Europe, and Singapore changed to varying degrees [40].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The market is influenced by factors such as Trump's tariff policies, domestic and overseas monetary policies, and trade negotiations. Different asset classes show various trends and investment opportunities. For example, in the stock index market, it is recommended to go long on IH or IF stock index futures related to the economy and IC or IM futures related to "new quality productivity" on dips. In the bond market, it is advisable to be cautious on the long - end and focus on the short - end. In the commodity market, different strategies are proposed for each commodity based on their fundamentals [2][4][6]. Summary by Category Stock Index - **Market Performance**: The previous trading day, the Shanghai Composite Index rose 0.28%, the ChiNext Index rose 1.65%, the Science and Technology Innovation 50 Index fell 0.36%, etc. The total trading volume of the two markets was 129.34 billion yuan, a decrease of 17.49 billion yuan from the previous day [2]. - **Macro News**: The National Development and Reform Commission is improving the long - term mechanism for private enterprises to participate in major national projects and will launch high - quality projects with a total investment of about 3 trillion yuan this year. The Financial Regulatory Administration has established 74 private equity investment funds to support investment in science and technology innovation enterprises. The UK and the US have reached an agreement on tariff trade terms [2]. - **Funding**: The margin trading balance increased by 7.22 billion yuan. The overnight Shibor rate decreased by 11.80bp to 1.5390%. The 3 - year corporate bond AA - level interest rate decreased by 2.67bp to 3.0673%, the 10 - year treasury bond interest rate decreased by 1.28bp to 1.6330%, and the credit spread decreased by 1.39bp to 143bp [2]. - **PE, PB, Dividend Yield, and Futures Basis Ratio**: PE of CSI 300 is 12.45, etc.; PB of CSI 300 is 1.30, etc.; dividend yield of CSI 300 is 3.52%, etc.; futures basis ratio of IF, IC, IM, and IH shows different values [3]. - **Trading Strategy**: It is recommended to go long on IF stock index futures on dips and there is no recommended arbitrage strategy [4]. Treasury Bond - **Market Performance**: On Thursday, the TL, T, TF, and TS main contracts rose 0.26%, 0.17%, 0.16%, and 0.05% respectively [5]. - **News**: The National Development and Reform Commission supports private enterprises to participate in major projects. The Fed maintained the interest rate unchanged on May 7, and the Bank of England cut the interest rate on May 8 [5][6]. - **Liquidity**: The central bank conducted a 158.6 - billion - yuan 7 - day reverse repurchase operation on Thursday, with a net investment of 158.6 billion yuan [6]. - **Strategy**: Be cautious on the long - end as the long - end interest rate has priced in the interest rate cut expectation. The short - end is more cost - effective. Pay attention to the tariff negotiation process and economic data [6]. Precious Metals - **Market Performance**: Shanghai gold fell 1.81% to 786.42 yuan/gram, and Shanghai silver fell 0.12% to 8154.00 yuan/kilogram. COMEX gold rose 0.41% to 3319.40 US dollars/ounce, and COMEX silver fell 0.01% to 32.62 US dollars/ounce [7]. - **Market Outlook**: Trump announced a trade agreement between the US and the UK, and Germany is also working on resolving trade disputes. Overseas trade risks are released, which is a short - term negative factor for gold prices. The US labor market data is still resilient [7]. - **Strategy**: Wait for price corrections to go long on gold. Be cautious on silver and consider short - term shorting or waiting [8]. Non - ferrous Metals - **Copper**: LME copper rose 0.73% to 9474 US dollars/ton, and SHFE copper closed at 78140 yuan/ton. The copper raw material is in short supply, and the inventory is declining. However, due to inflation expectations and macro uncertainties, copper prices face adjustment pressure [10]. - **Aluminum**: LME aluminum rose 1.18% to 2408 US dollars/ton, and SHFE aluminum closed at 19570 yuan/ton. The aluminum price is under pressure due to tariff policies and weak manufacturing, but inventory reduction provides short - term support [11]. - **Zinc**: SHFE zinc index fell 0.22% to 22036 yuan/ton. Zinc ore is in surplus, and zinc prices may decline further [12]. - **Lead**: SHFE lead index rose 0.50% to 16774 yuan/ton. Lead prices may oscillate in a range in the medium term and show a weak short - term trend [13]. - **Nickel**: SHFE nickel rose 0.29% to 124000 yuan/ton, and LME nickel fell 0.35% to 15575 US dollars/ton. The supply of nickel exceeds demand, and it is recommended to hold short positions [14]. - **Tin**: SHFE tin rose 0.10% to 263090 yuan/ton. The supply of tin may turn loose in the future, and tin prices may decline [15]. - **Lithium Carbonate**: The MMLC index fell 0.76%. The supply has decreased, and the inventory has stopped increasing. Pay attention to market changes [16][17]. - **Alumina**: The alumina index rose 3.33% to 2793 yuan/ton. Due to uncertainties in production capacity, it is recommended to wait and see [18]. - **Stainless Steel**: The stainless - steel main contract fell 0.04% to 12705 yuan/ton. The market is in a game between policies and fundamentals, and the price may oscillate [19]. Black Building Materials - **Steel**: The rebar main contract fell 1.48% to 3052 yuan/ton, and the hot - rolled coil main contract fell 0.80% to 3191 yuan/ton. The traditional peak season is over, and the demand for steel products is weakening, and the price may oscillate weakly [21][22]. - **Iron Ore**: The iron ore main contract fell 2.05% to 693.50 yuan/ton. The supply has slightly decreased, and the demand may peak and decline. The price may be weak [23]. - **Glass and Soda Ash**: Glass prices may be weak as the inventory has increased. Soda ash supply is high, and the price may also be weak [24][25]. - **Manganese Silicon and Ferrosilicon**: Manganese silicon rose 2.86% to 5758 yuan/ton, and ferrosilicon rose 0.77% to 5472 yuan/ton. It is recommended to wait and see as both are in a downward trend [26][27]. - **Industrial Silicon**: Industrial silicon rose 0.30% to 8315 yuan/ton. It is in a supply - surplus situation, and it is recommended to wait and see [32][33]. Energy and Chemicals - **Rubber**: Rubber prices are oscillating. Thailand may delay rubber tapping, which is a potential positive factor. The demand is in a seasonal off - season. It is recommended to trade with a neutral strategy [35][36][38]. - **Crude Oil**: WTI crude oil rose 4.02% to 60.28 US dollars, Brent crude oil rose 3.56% to 63.12 US dollars, and INE crude oil fell 1.54% to 461 yuan. It is recommended to take profits on dips and consider short - term long positions [39][41]. - **Methanol**: The 09 - contract of methanol fell 23 yuan/ton to 2216 yuan/ton. The supply is increasing, and the demand is weakening. It is recommended to go short [42]. - **Urea**: The 09 - contract of urea fell 4 yuan/ton to 1882 yuan/ton. The supply is increasing, and the demand is in the peak season. It is recommended to wait for a better entry point to go long [43]. - **Styrene**: The 06 - contract of styrene fell 105 yuan/ton to 6936 yuan/ton. The supply is increasing, and the demand is weak. It is recommended to short on rebounds [44]. - **PVC**: The 09 - contract of PVC fell 37 yuan to 4839 yuan. The supply is high, and the demand is weak. The price may oscillate weakly [45][46]. - **Ethylene Glycol**: The 09 - contract of ethylene glycol rose 23 yuan to 4222 yuan. The industry is in a de - stocking stage, but there are risks in the medium term. Pay attention to the de - stocking situation [47]. - **PTA**: The 09 - contract of PTA rose 80 yuan to 4546 yuan. The supply is in the maintenance season, and the demand is affected by tariffs. The short - term valuation has support [48]. - **Para - xylene**: The 09 - contract of para - xylene rose 116 yuan to 6404 yuan. It is in the maintenance season, and the short - term valuation has support, but the price increase is limited by crude oil [49][50]. - **Polyethylene (PE)**: The PE price may oscillate as the supply is increasing and the demand is in the off - season [51]. - **Polypropylene (PP)**: The PP price may oscillate weakly as the supply is stable and the demand is declining [52]. Agricultural Products - **Hog**: The domestic hog price fluctuated slightly. It is recommended to short on rebounds and wait and see in the short term [54]. - **Egg**: The egg price was stable or declined. It is recommended to short on rebounds as the supply is high [55]. - **Soybean and Rapeseed Meal**: The US soybean rose slightly. The future soybean supply is expected to increase, and the domestic soybean meal price may decline. It is recommended to pay attention to the 11 - 1 spread [56][57]. - **Edible Oils**: The palm oil export increased, and the production also increased. The oil price may decline due to crude oil and production factors, but there may be support in the medium term [58][59]. - **Sugar**: The domestic sugar price fell. The domestic sugar market has good sales, but the price may decline as the international price drops [60][61]. - **Cotton**: The cotton price oscillated weakly. The domestic cotton market is in a situation of weak supply and demand. Pay attention to trade negotiations and inventory changes [62][63].

光大期货能化商品日报 光大期货能化商品日报（2025 年 5 月 8 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周三油价重心回落，其中 WTI 6 月合约收盘下跌 1.02 美元至 58.07 | | | | 美元/桶，跌幅 1.73%。布伦特 7 月合约收盘下跌 1.03 美元至 61.12 | | | | 美元/桶，跌幅 1.66%。SC2506 以 459 元/桶收盘，下跌 7.1 元/桶， | | | | 跌幅 1.52%。美联储周三维持利率不变，但指出通胀和失业率上升 | | | | 的风险增加，在联储努力评估关税政策的影响之际，这进一步令 | | | | 经济前景蒙阴。FOMC 表示，经济前景的不确定性进一步增加。 | | | | 在这次会议上，决策者们一致同意将指标利率目标区间维持在 | | | | 4.25%-4.50%不变。EIA 公布的库存报告显示，截至 5 月 2 日当 | | | 原油 | 周，美国商业原油库存减少 200 万桶，至 4.384 亿桶，此前市场预 | 震荡 | | | 期为减少 80 万桶。截至 5 月 2 日 ...

行业 甲醇日报 日期 2025 年 5 月 8 日 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 研究员：任俊弛（PTA、MEG） 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 研究员：彭婧霖（聚烯烃） 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 研究员：刘悠然（纸浆） 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F3134307 能源化工研究团队 研究员：彭浩洲（尿素、工业 ...

聚烯烃产业期现日报 投资咨询业务资格:证监许可【2011】1292号 2025年5月7日 张晓珍 Z0003135 PE PP价格及价差 | 品种 | 5月6日 | 4月30日 | 涨跌 | 涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | L2505 收盘价 | 7230 | 7273 | -43 | -0.59% | | | L2509 收盘价 | 6987 | 7083 | -96 | -1.36% | | | PP2505 收盘价 | 7105 | 7126 | -21 | -0.29% | | | PP2509 收盘价 | ୧୦୦୧ | 7041 | -46 | -0.65% | | | L2505-2509 | 243 | 190 | 53 | 27.89% | | | PP2505-2509 | 110 | 82 | 25 | 29.41% | 元/吨 | | 华东PP拉丝现货 | 7130 | 7200 | -70 | -0.97% | | | 华北LDPE膜料现货 | 7230 | 7300 | -70 | -0.96% | | | 华北 ...

Group 1: Report Basic Information - Report Name: Methanol Daily Report [1] - Date: May 7, 2025 [2] - Researcher: Li Jin, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Li Jie, Feng Zeren [3] Group 2: Market Conditions Futures Market - MA2501: Opened at 2311, closed at 2288, high of 2320, low of 2284, down 1.21%, volume 21008, open interest 122754, open interest change +5924, speculation degree 0.17 [6] - MA2505: Opened at 2270, closed at 2300, high of 2358, low of 2270, down 0.48%, volume 1070, open interest 6988, open interest change -747, speculation degree 0.15 [6] - MA2509: Opened at 2243, closed at 2219, high of 2257, low of 2215, down 1.42%, volume 511233, open interest 693078, open interest change +57587, speculation degree 0.74 [6] - Methanol weighted contract: Increased positions and declined, increased 64304 lots, 09 main contract increased 57587 lots, overall down 1.37% [6] Spot Market - The average spot price of methanol in Jiangsu Taicang was 2430 yuan/ton, down 3 yuan/ton from the previous day [7] Group 3: Industry Situation - Production: Recently, the output of domestic methanol due to maintenance and production - cut involving capacity is more than that of recovery - related capacity, with a slight decrease in overall production [7] - Inventory: Enterprise inventory remained low last week, while port inventory increased significantly. Jiangsu mainstream social warehouses had good dock pick - up [7] - Demand: Last week, the olefin plant in Shaanxi Pucheng resumed normal operation, while the Sierbang and Inner Mongolia Baofeng Phase I plants continued to be shut down. The olefin industry's operating rate still declined slightly [7] - Outlook: It is expected to run weakly in the short - and medium - term. Technically, it also shows a short - term weak and volatile trend [7] Group 4: Industry News - A 300,000 - ton/year hydrogen - based green methanol project in Xinjiang was signed, with a total investment of 14.2 billion yuan [13]

1. Report Industry Investment Ratings No relevant content provided in the report. 2. Core Views of the Report - The report analyzes the market conditions of various sectors including macro - finance, non - ferrous metals, black building materials, energy chemicals, and agricultural products. It takes into account factors such as policy changes, supply - demand relationships, and international trade situations to provide investment suggestions and price trend outlooks for each sector [2][4][11] 3. Summary by Relevant Categories 3.1 Macro - Finance - **Stock Index**: The previous trading day saw the Shanghai Composite Index down 0.23%, while the ChiNext Index rose 0.83%, the STAR 50 Index rose 0.85%, etc. The total trading volume of the two markets was 1169.3 billion yuan, an increase of 147.2 billion yuan from the previous day. There were positive macro news such as the increase in the sales of key retail and catering enterprises during the "May Day" holiday. It is suggested to buy long positions in IH or IF index futures related to the economy on dips and consider long positions in IC or IM futures related to "new quality productivity" [2] - **Treasury Bonds**: The bond market may return to fundamentals. With the weakening of manufacturing PMI in April, economic growth in the second quarter may be under pressure. The central bank's attitude towards liquidity remains supportive, and interest rates are expected to fluctuate downward in the long - run after short - term fluctuations [6] - **Precious Metals**: Although the prices of gold and silver were weak during the "May Day" holiday, the medium - term driving factors for the rise in gold prices remain unchanged. It is recommended to maintain a long - term bullish view on gold and wait to buy on dips after the correction. For silver, it is suggested to wait and see for now [7][8] 3.2 Non - Ferrous Metals - **Copper**: During the "May Day" holiday, LME copper stocks decreased, and domestic refined copper production is expected to increase slightly in May. If the Sino - US trade situation eases, copper prices may continue to rise, but there are also pressures such as inflation expectations and weakening supply - demand relationships [11] - **Aluminum**: Aluminum prices declined and then rebounded during the holiday. If Sino - US relations improve, aluminum prices may rebound further, but the weakening domestic manufacturing industry poses a challenge to the demand for aluminum [12] - **Zinc**: Zinc ore inventory is increasing, and there is a risk of a decline in zinc prices due to the expected increase in social inventory and weakening downstream demand [13] - **Lead**: The lead market shows that lead ore inventory is rising, and the price is expected to fluctuate weakly in the short - term and move in a box - shaped range in the medium - term [14][15] - **Nickel**: The supply of nickel exceeds demand. With weakening downstream demand and the expected increase in intermediate product production in May, it is recommended to short nickel on rallies [16] - **Tin**: The supply of tin is currently tight but is expected to ease in the future. With the impact of tariffs on demand, the price of tin may decline [17] - **Lithium Carbonate**: The price is under pressure due to weakening demand expectations, cost valuation decline, and the market may further test the industry's price acceptance [18] - **Alumina**: The supply surplus situation persists, and it is recommended to short on rallies [20] - **Stainless Steel**: The cost of raw materials is high, and supply is expected to tighten. The market for 304 stainless steel is expected to gradually improve [21] 3.3 Black Building Materials - **Steel**: The prices of rebar and hot - rolled coils showed a weakening trend. The overall supply - demand structure of steel has no obvious contradictions, but the market is affected by overseas exports and production restriction rumors. The price is expected to fluctuate weakly in the short - term [23][24] - **Iron Ore**: Iron ore shipments decreased slightly, and demand is expected to peak and decline. The price of the main contract is likely to be weak [25][26] - **Glass and Soda Ash**: The price of glass is expected to be weak, and the supply of soda ash is at a high level. Although there is some support from demand, the medium - term supply is still abundant, and the price is expected to be weak [27] - **Manganese Silicon and Ferrosilicon**: The prices of manganese silicon and ferrosilicon are in a downward trend. It is not recommended to buy on dips prematurely, and it is advisable to wait and see or conduct short - term trading [28][29] - **Industrial Silicon**: The supply of industrial silicon exceeds demand, and the price is under pressure. It is not recommended to buy on dips [34][35] 3.4 Energy Chemicals - **Rubber**: Rubber prices rose slightly during the holiday. There are different views on the market, with bulls focusing on potential production cuts and bears on weak demand. It is recommended to take a moderately bullish short - term approach [37][39] - **Crude Oil**: OPEC's production increase has been realized. It is recommended to take profits on short positions on dips and consider short - term long positions in the positive spread [40] - **Methanol**: The supply of methanol is increasing, and demand is weakening. The price is expected to decline, and it is recommended to short on rallies [41] - **Urea**: The market has high supply and low demand. If export restrictions are relaxed, it may boost the market. It is recommended to hold long positions for those who have already entered the market at low prices and wait for a better entry opportunity for new investors [42] - **Styrene**: The price of styrene is under pressure due to factors such as the decline in the price of pure benzene and weak demand. It is recommended to hold short positions [43][45] - **PVC**: The supply and demand of PVC are both weak. Although inventory is decreasing, the price is expected to fluctuate weakly in the short - term [46] - **Ethylene Glycol**: The supply of ethylene glycol is decreasing, but the expected inventory reduction has not been realized. The price is expected to be weak in the short - term [47] - **PTA**: The supply of PTA is still in the maintenance season, and there is a risk of negative feedback in the medium - term. However, the short - term valuation is supported, and it is recommended to short on rallies following the trend of crude oil [48] - **Para - Xylene**: PX is also in the maintenance season, and there is a risk of negative feedback in the medium - term. The short - term valuation is supported, and it is recommended to short on rallies with the trend of crude oil [49] - **Polyethylene (PE)**: The supply of PE may be under pressure in the second quarter, and the price is expected to fluctuate [50] - **Polypropylene (PP)**: The cost of PP has some support, and the price is expected to be slightly bearish in May [51] 3.5 Agricultural Products - **Hogs**: The domestic hog price fluctuated slightly during the holiday. It is recommended to short on rallies caused by short - term market sentiment and wait and see in the short - term [54] - **Eggs**: The egg price was stable during the holiday, but it is expected to be weak in May. It is recommended to short on rallies [55] - **Soybean and Rapeseed Meal**: The price of domestic soybean meal is expected to decline in the future due to sufficient supply, while the price of US soybeans has some support. It is recommended to pay attention to the trading rhythm [56][58] - **Oils and Fats**: The price of palm oil is under pressure due to production increase and other factors. The demand for US soybean oil may be boosted. The price of oils and fats is expected to decline, but there is a possibility of support in the medium - term if the macro - economy stabilizes [59][61] - **Sugar**: The supply of raw sugar is expected to increase, and the price may decline. The domestic sugar price can maintain a high - level shock for now, but there is a risk of decline in the future [62][64] - **Cotton**: Affected by tariffs and the end of the consumption peak season, the cotton price is expected to fluctuate in the short - term. Attention should be paid to the progress of Sino - US negotiations and inventory changes [65][66]

1. Report Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - The overall performance of energy - chemical commodities on April 30, 2025, showed price fluctuations. Most varieties are expected to remain volatile in the short term. For example, oil prices declined significantly due to factors such as increased US crude oil inventories and OPEC +'s potential acceleration of production increases. Other commodities like fuel oil, asphalt, and polyester also had their own price movements and influencing factors [1]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On April 30, WTI June contract closed down $1.63 to $60.42 per barrel, a 2.63% decline; Brent June contract closed down $1.61 to $64.25 per barrel, a 2.44% decline; SC2506 closed at 478.0 yuan per barrel, down 10.1 yuan per barrel, a 2.07% decline. API data showed that as of the week ending April 25, US API crude oil inventories increased by 3.8 million barrels, and Cushing crude oil inventories increased by 674,000 barrels. Analysts predicted a further increase of 500,000 barrels in US crude oil inventories, the fifth consecutive week of inventory growth. OPEC + members may propose to accelerate production increases in June, and Kazakhstan's crude oil exports in Q1 increased by 7% year - on - year, weakening the implementation of production - cut agreements. The market priced in the negative impact of accelerated production increases in advance, causing oil prices to fall. The market is expected to be volatile during the May Day holiday [1]. - **Fuel Oil**: On April 30, the main fuel oil contract FU2507 on the Shanghai Futures Exchange closed down 1.26% at 2,969 yuan per ton; the low - sulfur fuel oil contract LU2506 closed down 0.86% at 3,456 yuan per ton. It is expected that the reduction in East - West arbitrage arrivals in May will support the low - sulfur market in the short term. High - sulfur fuel oil is also supported by the expected improvement in Middle - East summer power - generation demand, but weak procurement demand in April and the arrival of Middle - East supplies at the end of April will put pressure on the market. It is recommended to mainly go long on crack spreads [1]. - **Asphalt**: On April 30, the main asphalt contract BU2506 on the Shanghai Futures Exchange closed up 0.53% at 3,430 yuan per ton. In terms of supply, refinery production in May is expected to increase month - on - month as processing profits recover, especially for local refineries. In terms of demand, the northern market demand is gradually being released, and pre - holiday stockpiling is good, but the terminal project start - up rate is still low, and the sales volume of modified plants has not increased significantly. The short - term absolute price of BU is expected to remain stable, and the previous crack - spread repair strategy can continue to be held, but attention should be paid to the pressure from increased supply [2]. - **Polyester**: On April 30, TA509 closed at 4,440 yuan per ton, down 0.89%; EG2509 closed at 4,187 yuan per ton, down 0.07%. PTA social inventories have been continuously decreasing, and planned maintenance in May is increasing, providing some price support. Ethylene glycol inventories have slightly increased, and due to factors such as postponed maintenance of oil - based units and concentrated arrivals of foreign vessels in April, the monthly de - stocking has narrowed. Downstream demand has some support in the short term, but there is a holiday expectation after the May Day holiday, so the price of ethylene glycol is expected to be volatile [2]. - **Rubber**: On April 30, the main natural rubber contract RU2509 closed down 95 yuan per ton to 14,635 yuan per ton; the main 20 - number rubber contract NR closed down 35 yuan per ton to 12,235 yuan per ton; the main butadiene rubber contract BR closed down 135 yuan per ton to 11,225 yuan per ton. As of the week ending April 27, the general trade inventory of natural rubber in Qingdao was 383,100 tons, an increase of 4,900 tons from the previous week, a 1.30% increase; the inventory in the Qingdao Free Trade Zone was 94,900 tons, an increase of 800 tons from the previous period, a 0.85% increase. The total inventory increased by 5,700 tons. Rubber supply is progressing well due to good weather, and downstream enterprises will have more holiday days during the May Day holiday than last year, so the fundamentals are weak, and the rubber price is expected to be weakly volatile [3][4]. - **Methanol**: On April 30, the spot price in Taicang was 2,437 yuan per ton, the price in Inner Mongolia's northern line was 2,155 yuan per ton, the CFR China price was between $259 - 263 per ton, and the CFR Southeast Asia price was between $337 - 342 per ton. In terms of supply, domestic supply will be stable in the future, and imports will gradually increase, with an expected increase in overall supply. In terms of demand, the maintenance of MTO units has been postponed, and traditional downstream demand changes are relatively limited. It is expected that the total demand in May will remain relatively stable. Overall, supply is expected to increase in May, demand will remain stable, inventory will no longer decrease, and the support for spot prices will weaken, with the basis expected to decline [4]. - **Polyolefins**: On April 30, the mainstream price of East - China drawn polypropylene was between 7,200 - 7,340 yuan per ton. In terms of profits, the gross profit of oil - based PP was 54.14 yuan per ton, the gross profit of coal - based PP production was 795.6 yuan per ton, the gross profit of methanol - based PP production was 936.67 yuan per ton, the gross profit of propane - dehydrogenated PP production was - 868.35 yuan per ton, and the gross profit of externally - purchased propylene - based PP production was - 99.67 yuan per ton. For polyethylene, the mainstream price of HDPE was 7,864 yuan per ton, the mainstream price of LDPE was 8,387 yuan per ton, and the mainstream price of LLDPE was 7,828 yuan per ton. The gross profit of oil - based polyethylene was - 125 yuan per ton, and the gross profit of coal - based polyethylene was 1,158 yuan per ton. May is the off - season for demand, and downstream enterprise start - up rates will slow down. The light - hydrocarbon production route is greatly affected by import tariffs, and production is expected to decline to some extent. Downstream inventory levels are not high, and rigid demand provides some price support, but due to the high supply level in the past five years, the price increase space is limited, and polyolefin futures are expected to remain narrowly volatile [5]. - **Polyvinyl Chloride (PVC)**: On April 30, the market price of PVC in East - China was moderately weak, with the price of calcium - carbide - based type 5 material between 4,720 - 4,860 yuan per ton and the price of ethylene - based material between 4,980 - 5,200 yuan per ton. The market price in North - China was weakly adjusted, with the price of calcium - carbide - based type 5 material between 4,740 - 4,820 yuan per ton and the price of ethylene - based material between 4,950 - 5,150 yuan per ton. The market price in South - China was moderately weak, with the price of calcium - carbide - based type 5 material between 4,830 - 4,950 yuan per ton and the price of ethylene - based material between 4,980 - 5,050 yuan per ton. Real - estate construction will enter the off - season, which will reduce the demand for PVC downstream pipes and profiles, and the start - up rate will decline slightly. Exports may also decline as India's BIS certification implementation time approaches. Overall, the PVC fundamentals will be loose in May, inventory pressure will increase, the spot price will be relatively weak, and although the main contract V2509 has peak - season expectations, its upward space is limited due to weak spot prices, and the price is expected to remain low and volatile, with the basis weakening [5][6]. 3.2 Daily Data Monitoring - The report provides the basis data of various energy - chemical varieties on April 30, 2025, including spot prices, futures prices, basis, basis rates, and the historical quantile of the latest basis rate, as well as the price changes of spot and futures prices and basis changes [7]. 3.3 Market News - API data showed that as of the week ending April 25, US API crude oil inventories increased by 3.8 million barrels, Cushing crude oil inventories increased by 674,000 barrels, gasoline inventories decreased by 3.1 million barrels, and distillate inventories decreased by 2.5 million barrels. Analysts predicted a further increase of 500,000 barrels in US crude oil inventories, the fifth consecutive week of inventory growth [9]. - OPEC + sources revealed that multiple members may propose to accelerate production increases in June. Kazakhstan's crude oil exports in Q1 increased by 7% year - on - year, weakening the implementation of production - cut agreements. Analysts believe that OPEC +'s proposal to increase production is a bad timing choice in the current weak market demand environment [9]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing - price charts of main contracts of various energy - chemical varieties from 2021 to 2025, including crude oil, fuel oil, asphalt, LPG, PTA, ethylene glycol, etc., to show the price trends of these varieties over the years [11]. - **4.2 Main Contract Basis**: The report shows the basis charts of main contracts of various energy - chemical varieties from 2021 to 2025, such as crude oil, fuel oil, asphalt, ethylene glycol, etc., to reflect the relationship between spot and futures prices [25]. - **4.3 Inter - period Contract Spreads**: The report provides the spread charts of different contracts of various energy - chemical varieties, such as fuel oil, asphalt, PTA, ethylene glycol, etc., including spreads between different contract months, to help analyze the price differences between different contracts [37]. - **4.4 Inter - variety Spreads**: The report presents the spread and ratio charts between different varieties of energy - chemical commodities, such as the spread between high - sulfur and low - sulfur fuel oil, the ratio of fuel oil to asphalt, the spread between ethylene glycol and PTA, etc., to analyze the price relationships between different varieties [55]. - **4.5 Production Profits**: The report shows the production - profit charts of some energy - chemical varieties, such as ethylene - based ethylene glycol cash flow, PP production profit, LLDPE production profit, etc., to reflect the profitability of these varieties [63]. 3.5 Team Member Introduction - **Zhong Meiyan**: The assistant director of the institute and the director of energy - chemical research. She is a master from Shanghai University of Finance and Economics. She has won the "Outstanding Analyst" awards from the Shanghai International Energy Exchange in 2019, 2021, 2022, and 2023. Her team has won the Excellent Industrial Service Team Awards from the Shanghai International Energy Exchange in 2021 and 2022, and the Best Industrial Product Analysts awards from the Futures Daily in 2023 and 2024. She has more than ten years of experience in futures and derivatives market research, serves many listed companies and well - known domestic enterprises, and has obtained the senior analyst qualification from the Zhengzhou Commodity Exchange. She is also a regular commentator for media such as First Financial and Futures Daily [69]. - **Du Bingqin**: An analyst for crude oil, natural gas, fuel oil, asphalt, and shipping. She holds a master's degree in applied economics from the University of Wisconsin - Madison and a bachelor's degree in finance from Shandong University. She has won the Outstanding Energy - Chemical Analyst Awards from the Shanghai Futures Exchange in 2022 and 2023, and the Best Industrial Product Analyst titles from the Futures Daily in 2022, 2023, and 2024. Her team has won the Excellent Industrial Service Team Awards from the Shanghai International Energy Exchange in 2021 and 2022. She has in - depth research on the energy industry chain and is often interviewed by media such as CCTV Finance and 21st Century Business Herald [70]. - **Di Yilin**: An analyst for natural rubber and polyester. She is a master in finance. She has won the "New - Star Analyst" award from the Shanghai Futures Exchange in 2023, the Excellent Author award from China Mold Information magazine in 2023, and the "Best Industrial Product Futures Analyst" title from the Futures Daily in 2024. Her team has won the Best Energy - Chemical Industry Futures Research Team Award from the Futures Daily in 2024. She is mainly engaged in the research of natural rubber, 20 - number rubber, p - xylene, PTA, MEG, bottle chips and other futures varieties, and is good at data analysis [71]. - **Peng Haibo**: An analyst for methanol, PE, PP, and PVC. He holds a master's degree in engineering from China University of Petroleum (East China), is an intermediate economist, has many years of experience in energy - chemical spot - futures trading, and has passed the CFA Level III exam [72].

1. Report Industry Investment Rating - All the energy and chemical products in the report are rated as "volatile", including crude oil, fuel oil, asphalt, polyester, rubber, methanol, polyolefin, and polyvinyl chloride [1][2] 2. Core Views of the Report - On April 28, the US imposed sanctions on three vessels suspected of transporting refined oil to the Houthi armed forces, and large - scale power outages in Europe affected crude oil processing. With the approaching of the May Day holiday, oil price volatility is expected to be high [1] - In May, the reduction of East - West arbitrage arrivals will support the low - sulfur fuel oil market, and high - sulfur fuel oil is also supported by the expected improvement in Middle - East summer power generation demand, but low raw material procurement demand will still exert pressure [2] - In May, asphalt refinery production is expected to increase, and the northern market demand is gradually releasing, but the terminal project start - up rate is still low, and there is room for further improvement in demand [2] - Near the May Day holiday, the downstream polyester yarn sales have a phased increase, and the polyester start - up load remains high before the holiday. However, there are holiday expectations during the May Day holiday, and the PTA and ethylene glycol markets show different trends [2][3][4] - As of April 27, the total inventory of natural rubber in Qingdao decreased. The supply of rubber is advancing, and the downstream holiday days during the May Day holiday are more than last year, with a weak fundamental outlook [3][4] - In May, the supply of methanol is expected to increase, demand will remain stable, inventory will no longer decline, and the basis is expected to weaken [6] - In May, the demand for polyolefins is in the off - season, the downstream start - up slows down, the supply of the light - hydrocarbon route is affected by import tariffs, and the price is expected to fluctuate narrowly [6] - The real - estate construction is entering the off - season, which affects the demand for PVC downstream products. The export may decline, and the PVC price is expected to fluctuate at a low level, with the basis weakening [7] 3. Summaries According to Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Monday, the price of crude oil futures declined. The US sanctions and European power outages affected the market. With the approaching of the May Day holiday, investors are advised to pay attention to risks and hold light positions [1] - **Fuel Oil**: The prices of fuel oil futures rose on Monday. The low - sulfur market is supported by the reduction of arbitrage arrivals, and the high - sulfur market is affected by power generation demand and raw material procurement [2] - **Asphalt**: The asphalt futures price rose on Monday. The supply is expected to increase, and the demand is gradually releasing but still has room for improvement [2] - **Polyester**: The prices of polyester - related futures rose on Monday. The downstream sales had a phased increase, but there are holiday expectations during the May Day holiday, and the inventory and supply of different products vary [2][3][4] - **Rubber**: The prices of rubber - related futures showed different trends on Monday. The inventory in Qingdao decreased, but the downstream holiday days increased, with a weak fundamental outlook [3][4] - **Methanol**: The supply of methanol is expected to increase in May, demand will remain stable, inventory will no longer decline, and the basis is expected to weaken [6] - **Polyolefin**: The prices of polyolefin futures are in a volatile state. In May, the demand is in the off - season, the downstream start - up slows down, and the supply of the light - hydrocarbon route is affected by tariffs [6] - **Polyvinyl Chloride**: The PVC market prices in different regions showed small changes. The real - estate off - season affects downstream demand, and the export may decline, with prices expected to fluctuate at a low level [7] 3.2 Daily Data Monitoring - The report provides the basis data of various energy and chemical products on April 29, including spot price, futures price, basis, basis rate, and the latest basis rate's quantile in historical data [8] 3.3 Market News - Barclays Bank lowered its 2025 crude oil price forecast by $4 to $70 per barrel and set the 2026 forecast at $62 per barrel, citing trade tensions and OPEC+ production strategy adjustments [10] - The US Treasury Department raised the estimate of the net borrowing scale for the second quarter to $514 billion, higher than the February estimate, due to the failure to raise the federal debt ceiling [10] 3.4 Chart Analysis - **4.1主力合约价格**: The report presents the closing price charts of the main contracts of various energy and chemical products from 2021 - 2025, including crude oil, fuel oil, asphalt, etc. [12][14][16] - **4.2主力合约基差**: The report shows the basis charts of the main contracts of various products, such as crude oil, fuel oil, and asphalt, from 2021 - 2025 [24][26][30] - **4.3跨期合约价差**: The report provides the price difference charts between different contracts of various products, including fuel oil, asphalt, and PTA [37][39][43] - **4.4跨品种价差**: The report shows the price difference and ratio charts between different varieties, such as crude oil internal - external market, fuel oil high - low sulfur, etc. [55][57][59] - **4.5生产利润**: The report presents the cash - flow and production - profit charts of products like ethylene - made ethylene glycol, PP, and LLDPE [64][66] 3.5 Team Member Introduction - The report introduces the members of the energy and chemical research team, including Zhong Meiyan, Du Bingqin, Di Yilin, and Peng Haibo, along with their positions, educational backgrounds, honors, and professional experiences [69][70][71]