液化石油气日报 | 2025-06-13 国际油价带动，氛围有所好转 市场分析 1、\t6月12日地区价格：山东市场，4570—4650；东北市场，4100—4160；华北市场，4505—4650；华东市场， 4350—4650；沿江市场，4600—4650；西北市场，4300—4400；华南市场，4600—4700。数据来源：卓创资讯 2、\t2025年7月上半月中国华东冷冻货到岸价格丙烷590美元/吨，跌13美元/吨，丁烷542美元/吨，跌1美元/吨，折 合人民币价格丙烷4664元/吨，跌103元/吨，丁烷4284元/吨，跌9元/吨。（数据来源：卓创资讯） 3、\t2025年7月上半月中国华南冷冻货到岸价格丙烷592美元/吨，跌14美元/吨，丁烷547美元/吨，涨1美元/吨，折 合人民币价格丙烷4680元/吨，跌111元/吨，丁烷4324元/吨，涨7元/吨。（数据来源：卓创资讯） 策略 单边：震荡 跨期：无 跨品种：无 期现：无 期权：无 风险 宏观政策、关税政策、港口装船延迟、炼厂装置检修超预期等。 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 现货方面，山东，东北区域小幅上涨 ...

Js 加蒙期货 沥青早报 研究中心能化团队 2025/6/13 | | 指标 | 5/14 | 6/4 | 6/10 | 6/11 | 6/12 | 日度变化 | 間度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3521 | 3506 | 3483 | 3461 | 3527 | 66 | 21 | | | BU06 | 3521 | 3503 | 3522 | 3530 | 3580 | 50 | 77 | | | BU09 | 3447 | 3469 | 3483 | 3461 | 3527 | 66 | 58 | | | BU12 | 3267 | 3302 | 3317 | 3299 | 3364 | ર્ ર | 62 | | HET | BU03 | 3256 | 3263 | 3255 | 3251 | 3297 | 46 | 34 | | | 成交量 | 288306 | 364085 | 365488 | 301796 | 447731 | 145935 | 83646 | | | 持仓量 ...

摘要：【图】2025年1-3月青海省汽油产量数据分析 汽油产量：4.6 万吨 同比增长：2.2% 增速较上一年同期变化：高4.4个百分点 据统计，2025年3月青海省规模以上工业企业汽油产量与上年同期相比增长了2.2%，达4.6万吨，增速较 上一年同期高4.4个百分点，增速较同期全国高8.3个百分点，约占同期全国规模以上企业汽油产量1322 万吨的比重为0.3%。 详见下图： 2025年1-3月汽油产量统计： 汽油产量：13.5 万吨 同比增长：13.4% 2025年3月汽油产量统计： 增速较上一年同期变化：高20.8个百分点 据统计，2025年1－3月，青海省规模以上工业企业汽油产量与上年同期相比增长了13.4%，达13.5万 吨，增速较上一年同期高20.8个百分点，增速较同期全国高18.5个百分点，约占同期全国规模以上企业 汽油产量3905.3万吨的比重为0.3%。详见下图： 图2：青海省汽油产量分月（累计值）统计图 图1：青海省汽油产量分月（当月值）统计图 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 产业调研网为您提供更多 石油化工行业最新动 ...

柴油产量：39.5 万吨 同比增长：-5.7% 增速较上一年同期变化：低24.9个百分点 据统计，2025年3月黑龙江省规模以上工业企业柴油产量与上年同期相比下降了5.7%，达39.5万吨，增 速较上一年同期低24.9个百分点，增速较同期全国高2.6个百分点，约占同期全国规模以上企业柴油产量 1680.5万吨的比重为2.4%。 详见下图： 摘要：【图】2025年3月黑龙江省柴油产量数据分析 2025年3月柴油产量统计： 柴油产量：105.1 万吨 同比增长：-2.7% 增速较上一年同期变化：低18.1个百分点 据统计，2025年1－3月，黑龙江省规模以上工业企业柴油产量与上年同期相比下降了2.7%，达105.1万 吨，增速较上一年同期低18.1个百分点，增速较同期全国高3.5个百分点，约占同期全国规模以上企业柴 油产量4774.5万吨的比重为2.2%。详见下图： 图2：黑龙江省柴油产量分月（累计值）统计图 图1：黑龙江省柴油产量分月（当月值）统计图 2025年1-3月柴油产量统计： 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 产业调研网为您提供更多 ...

Group 1 - The automotive industry is facing supply chain pressures, prompting 16 major car manufacturers to limit payment terms to suppliers within 60 days, coinciding with the implementation of a new regulation aimed at protecting small and medium-sized enterprises (SMEs) [2] - The automotive sector is experiencing a competitive environment similar to that seen in the home appliance and mobile phone industries, where aggressive pricing strategies have led to market instability and only a few companies with core technologies and brand value have survived [2][4] - The need for industries to balance scale expansion with quality upgrades is critical, with brand building becoming a key focus for high-quality development [2] Group 2 - Former Sinopec Chairman Fu Chengyu emphasized the importance of not sacrificing long-term benefits for short-term gains, warning against practices that could harm SMEs, such as prolonged payment terms and price reductions [3] - The home appliance industry, particularly in Guangdong Shunde, is under pressure despite its mature supply chain, with ODM factories facing order uncertainty and profit compression due to aggressive pricing competition [4][5] Group 3 - The home appliance industry's supply chain is characterized by a "pyramid" structure, where brand owners exert pricing power, leading to cost pressures on suppliers and ultimately resulting in product homogenization and quality risks [5][6] - The dominance of leading brands in the home appliance sector has resulted in a significant profit squeeze for many SMEs, with net profit margins declining over the years [6] Group 4 - The restructuring of the supply chain is urgent, requiring collaboration between large enterprises and SMEs to break the cycle of exploitation and promote high-quality development driven by both brand and technology [7] - Major companies are encouraged to adopt a role as enablers rather than exploiters, fostering innovation and resilience within the supply chain [7] Group 5 - Companies like Midea and Haier are taking steps to empower SMEs through platforms that provide resources and support for brand development and innovation [8] - The acquisition of brands by SMEs, such as Jiahe Intelligent's purchase of the German audio brand Beyerdynamic, represents a strategic move towards establishing a presence in high-end markets [9] Group 6 - The Chinese government is implementing policies to support the growth of specialized SMEs, including financial incentives and resources for technology upgrades [11] - The internationalization of supply chains is seen as a way to alleviate domestic pressures, with companies like BYD and CATL establishing production bases in Europe to enhance local service and reduce costs [13]

Group 1 - The core viewpoint is that China is committed to announcing its 2035 national contribution target for all greenhouse gases before the UN Climate Change Conference in November, emphasizing the importance of technology in achieving carbon neutrality goals [1][2] - Current carbon neutrality technologies are primarily in experimental and demonstration stages, with about 50% not yet in application, particularly in low-carbon fuels and carbon capture technologies [1][2] - Industrial carbon neutrality technologies are particularly challenging, with 70% of the 45 listed technologies still in demonstration or theoretical stages, highlighting the need for structural adjustments in the industrial sector [2][4] Group 2 - The steel industry example illustrates that 70% of China's production capacity uses long-process steelmaking, while short-process and hydrogen steelmaking technologies are gradually being adopted [4] - Cost remains a significant barrier to technology-driven carbon reduction, necessitating market mechanisms like carbon pricing to facilitate the transition of technologies from laboratories to market applications [4][5] - China's carbon price currently fluctuates around $10, while international markets are around $100, indicating potential for significant price increases in the future [4] Group 3 - The shift towards green energy is expected to disrupt existing energy structures, with a projected need for mineral resources for new energy by 2040 comparable to 2020 coal extraction levels [5][6] - The distribution of energy resources is changing, with clean technology minerals having a new geographical distribution compared to fossil fuels, which are concentrated in a few countries [5] - The transition from reliance on energy resources to dependence on energy technology is crucial for future economic development [5][6] Group 4 - The rapid development of renewable energy technologies in China over the past decade presents opportunities for collaboration with Belt and Road Initiative countries, which have abundant wind and solar resources [6] - The stability of the power grid is essential for the large-scale application of wind and solar energy, with the next five years being critical for addressing these challenges in China [6]

摘要：【图】2025年1-3月天津市液化石油气产量统计分析 2025年3月液化石油气产量统计： 液化石油气产量：11.3 万吨 液化石油气产量：32.9 万吨 同比增长：23.8% 增速较上一年同期变化：高15.7个百分点 据统计，2025年1－3月，天津市规模以上工业企业液化石油气产量与上年同期相比增长了23.8%，达 32.9万吨，增速较上一年同期高15.7个百分点，继续保持增长，增速较同期全国高25.3个百分点，约占 同期全国规模以上企业液化石油气产量1357万吨的比重为2.4%。详见下图： 同比增长：19.3% 增速较上一年同期变化：高4.6个百分点 据统计，2025年3月天津市规模以上工业企业液化石油气产量与上年同期相比增长了19.3%，达11.3万 吨，增速较上一年同期高4.6个百分点，继续保持增长，增速较同期全国高22.1个百分点，约占同期全国 规模以上企业液化石油气产量451.5万吨的比重为2.5%。 详见下图： 图1：天津市液化石油气产量分月（当月值）统计图 2025年1-3月液化石油气产量统计： 图2：天津市液化石油气产量分月（累计值）统计图 注：主要能源产品产量月度统计范围为规模以上工业 ...

策略早餐 主要品种策略早餐 （2025.06.12） 商品期货和期权 金属及新能源材料板块 品种：铜 日内观点：78700-81000 中期观点：60000-90000 参考策略：震荡操作思路 核心逻辑： 1、宏观方面，世行在报告中预计， 今年发达经济体经济将增长 1.2%，比此前预测低 0.5 个百分点。其中，将美国经济增速从此前的 2.3%大幅下调至 1.4%。欧元区和日本的经 济增速均被下调至 0.7%。 2、供给方面，2025 年 4 月份智利国家铜业公司(Codelco)铜产量同比增加 20.5%至 11.46 万吨，得益于部分矿山技改完成。必和必拓旗下的 Escondida 铜矿 4 月份铜产量同比 增长 31%至 12.84 万吨，这反映高品位矿石的开采效率提升。由嘉能可和英美资源集团联 合经营的另一座大型铜矿 Collahuasi4 月份铜产量同比下降 13.5%至 3.66 万吨，归因于矿石 品位下降或运营调整。全球铜精矿和废铜短期的格局持续。 3、需求方面，5 月，新能源汽车表现尤为突出，单月销量达 130.7 万辆，同比增长 36.9%。电解铜现货市场方面，重庆地区下游消费进入淡季，叠加 ...

s 加賀期货 沥青早报 研究中心能化团队 2025/6/12 | | 指标 | 5/13 | 6/3 | 6/9 | 6/10 | 6/11 | 日度变化 | 間度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3485 | 3482 | 3488 | 3483 | 3461 | -22 | -21 | | | BU06 | 3485 | 3479 | 3516 | 3522 | 3530 | 8 | 51 | | | BU09 | 3411 | 3456 | 3488 | 3483 | 3461 | -22 | 5 | | | BU12 | 3235 | 3291 | 3320 | 3317 | 3299 | -18 | 8 | | HETET | BU03 | 3213 | 3260 | 3267 | 3252 | 3251 | -4 | -9 | | | 成交量 | 276160 | 406179 | 463328 | 365488 | 301796 | -63692 | -104383 | | | 持仓 ...

石油沥青日报 | 2025-06-12 需求表现一般，裂解价差回落 市场分析 1、6月11日沥青期货下午盘收盘行情：主力BU2509合约下午收盘价3461元/吨，较昨日结算价下跌37元/吨，跌幅 1.06%；持仓221869手，环比上涨5919手，成交199501手，环比下降21144手。 2、卓创资讯重交沥青现货结算价：东北，3800—4086元/吨；山东，3500—3950元/吨；华南，3350—3500元/吨； 华东，3600—3670元/吨。 原油价格延续震荡偏强走势，沥青成本端支撑稳固。昨日华北以及华南地区沥青现货价格有所下跌，其余地区沥 青现货价格以持稳为主。盘面出现一定回调，近日走势弱于原油，裂解价差下跌。就沥青自身基本面而言，供需 两弱格局大体延续，但供应出现一定边际上的增量，大型炼厂开工率有所提升。相比之下，沥青刚性需求总体表 现欠佳，尤其南方地区进入梅雨季节，频繁降雨天气导致道路施工受阻，抑制沥青终端消费，对市场情绪存在一 定消极影响。 策略 单边：震荡 跨期：无 跨品种：无 期现：无 期权：无 风险 原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装置开工负荷变动等 20 ...