Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The fundamentals of LPG remain weak, with chemical demand in Shandong providing some support, but supply pressure is high in other regions and demand continues to be sluggish [1] - It is expected that the external sales volume will continue to increase and the inbound volume will decline. Chemical demand is expected to be supported in the short - term, and the PDH operating rate is expected to increase next week [1] - As the temperature rises, the combustion demand is expected to decline [1] Group 3: Summary by Relevant Content Market Price Changes - From May 30, 2025, to June 6, 2025, the prices of South China LPG decreased by 50 to 4550, East China LPG decreased by 12 to 4449, and Shandong LPG increased by 10 to 4590. The price of ether - after carbon four in Shandong decreased by 60 to 4580. The cheapest deliverable is East China civil LPG at 4449 [1] - The 07 contract basis of PG decreased by 21 to 351, and the 07 - 09 spread increased by 5 to 185 [1] External Market Conditions - FEI and MB are basically the same, CP is declining, and the oil - gas ratio is rising. The internal - external price difference is strengthening, especially PG - CP. The US - Asia arbitrage window is closed, and the freight rate has a slight increase [1] Variety Spread and Profit Conditions - The production margin of PDH has improved but is still poor. The production profit of FEI is higher than that of PP. The profit of alkylated oil has increased, the profit change of gas - fraction etherification is small, and the profit of isomeric etherification has increased. FEI - MOPJ has declined, and the naphtha crack spread has little change [1] Fundamental Conditions - Port inventory has slightly increased, and docks are more active in reducing prices. Factory inventory has increased, and the factory inventory in Shandong has decreased due to chemical demand support. The arrival volume has increased (mainly in South China), and the external sales volume has increased significantly [1]

| 8925.00 | CCFEI价格指数:涤纶DTY 8925.00 0.00% | 2025/6/6 | 元/吨 | | | | | --- | --- | --- | --- | --- | --- | --- | | CCFEI价格指数:涤纶POY | | 2025/6/6 | 元/吨 | 7200.00 | 7200.00 | 0.00% | | CCFEI价格指数:涤纶FDY68D | | 2025/6/6 | 元/吨 | 7250.00 | 7250.00 | 0.00% | | 下 CCFEI价格指数:涤纶FDY150D | | 2025/6/6 | 元/吨 | 7200.00 | 7200.00 | 0.00% | | 游 CCFEI价格指数:涤纶短纤 | | 2025/6/6 | 元/吨 | 6490.00 | 6485.00 | 0.08% | | CCFEI价格指数:聚酯切片 | | 2025/6/6 | 元/吨 | 5885.00 | 5850.00 | 0.60% | | CCFEI价格指数:瓶级切片 2025/6/6 元/吨 | | | | 5900.00 | 5890.00 | ...

2025 年 6 月 9 日 晨会速递 2025 年 5 月美国新增就业高于市场预期，失业率也稳定在 4.2%，显示美国就业市场 相对稳健。其中，5 月底美国迎来阵亡将士纪念日，拉动出行需求，休闲酒店业新增 就业升至+4.8 万人，高于前值的+2.9 万人，是 5 月就业数据保持稳定的主要贡献项。 从降息节奏看，5 月非农数据相对稳健，强化美联储观望态度，市场预期 6 月美联储 将不再降息，首次降息时间为 9 月。 【策略】内外因素交织，市场或维持整固状态——策略周专题（2025 年 6 月第 1 期） 内外因素交织下，仍然维持此前观点，预计指数整体将维持震荡。短期外部风险扰动 最严重的时候或许已经过去，但仍需要对特朗普后续政策的反复保持警惕。近期国内 政策仍积极发力，预计后续政策仍将持续落地。随着中美两国为"对等关税"按下 90 天"暂停键"，短期内出口或将保持高增，预计消费仍是经济修复的重要动能之 一。内外因素交织之下，预计指数 6 月整体将保持震荡。 【债券】REITs 二级市场价格上涨，新增一只能源类产品申报——REITs 周度观察 （20250603-20250606） 2025 年 6 月 3 日 ...

Macro Economic Indicators - As of the end of May, China's gold reserves stood at 73.83 million ounces (approximately 2,296.37 tons), marking an increase of 60,000 ounces (about 1.86 tons) month-on-month, representing the seventh consecutive month of gold accumulation by the central bank [1][3]. - The National Bureau of Statistics released the Consumer Price Index (CPI) and Producer Price Index (PPI) for May on June 9 [2][3]. - The 2025 China Marine Economy Development Index was released on June 8, indicating a 2.3% year-on-year growth, with the index projected to reach 125.2 in 2024, reflecting strong momentum in marine economic development [1][3]. Company Developments - BYD held its 2024 shareholder meeting on June 6, where Chairman Wang Chuanfu expressed confidence in achieving a sales target of 10 million vehicles in the next 5-10 years, emphasizing the importance of intelligent driving technology [15]. - Stone Technology announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance global brand recognition and optimize capital structure [18]. - China Petroleum & Chemical Corporation (Sinopec) and Shanghai Electric Group discussed expanding their cooperation following a strategic agreement signed last year [18]. Market Trends - The first quarter of this year saw a 67.8% year-on-year increase in international cruise passenger transport in China, highlighting the robust growth of the marine economy [12]. - The number of newly registered private equity securities investment funds increased by over 45% year-on-year as of May 31, indicating a surge in both new and existing capital entering the market [13]. - High dividend returns and value enhancement strategies are being promoted by the Shanghai Stock Exchange to boost investor confidence and market activity [8]. Regulatory and Governance Updates - The State-owned Assets Supervision and Administration Commission (SASAC) issued new guidelines for the development planning of central enterprises, establishing a three-tier planning system [6]. - The China Securities Regulatory Commission approved the Central Huijin Investment Co., Ltd. as the actual controller of several securities and fund management companies [9][11].

点击注册小程序 今 日 聚 焦 【策略】内外因素交织，市场或维持整固状态——策略周专题（2025年6月第1期） 内外因素交织下，仍然维持此前观点，预计指数整体将维持震荡。短期外部风险扰动最严重的时候或许已 经过去，但仍需要对特朗普后续政策的反复保持警惕。近期国内政策仍积极发力，预计后续政策仍将持续 落地。随着中美两国为"对等关税"按下90天"暂停键"，短期内出口或将保持高增，预计消费仍是经济修复 的重要动能之一。内外因素交织之下，预计指数6月整体将保持震荡。 （张宇生/王国兴） 2025-06-08 您可点击今日推送内容的第1条查 看 【金工】向上突破仍待资金面支持——金融工程市场跟踪周报20250607 本周A股主要宽基指数震荡上涨，小盘表现相对占优。交易情绪方面，当前市场仍处缩量区间，截至周五 主要宽基指数量能择时指标维持谨慎信号。资金方面，股票型ETF本周呈现净流出，资金止盈明显。主题 方面，交易主线尚不明朗，周内仍呈现主题快速轮动特征。上涨背景下资金止盈明显，市场进一步向上突 破有待资金面支持。短期无明确驱动主线背景下，建议继续维持"红利+小盘"杠铃组合。 查看完整报告 特别申明： 本订阅号中所涉及的 ...

点击注册小程序 2025 年以来地缘政治局势不确定性较强，我国能源安全受到较多外部挑战。" 三桶油"将继续维持高资本开 支，大力推进"增储上产"， 2025 年计划分别增长 1.6% 、 1.3% 、 5.9% 。 （ 1 ）中国石油 聚焦重点盆地重点 地区加大风险勘探力度，把天然气业务作为战略性、成长性和价值性工程大力发展， 2024 年天然气产量占油 气当量产量的 54.4% ，持续推动非常规油气勘探突破与规模建产。 （ 2 ）中国石化 将加快攻克深层超深层油 气等核心技术，实现勘探大突破、油气稳增长、盈亏平衡点持续下降，促进上游业务的可持续发展。 （ 3 ） 中国海油 在国内推动新油田上产和老油田稳产， 2025 年已有番禺 10/11 区块联合开发项目、东方 29-1 气田开 发项目、渤中 26-6 油田开发项目（一期）等多项目投产。 坚持自主创新强化科技攻关，谋求高质量发展 " 三桶油 " 加强自主创新，大力攻关石油化工领域的 " 卡脖子 " 技术，推动公司实现高质量发展。 中国石油 制定创新任务时间表，确定 2025 年至本世纪中叶的四阶段发展目标， 2024 年，中国石油取得深地钻探关键技 术、 ...

Investment Rating - The report maintains a "Positive" outlook on the petrochemical industry, indicating favorable conditions for investment opportunities [1]. Core Insights - Qatar's LNG projects are expected to lead to a loosening of global LNG supply, with international gas prices likely to decline. Qatar's LNG production capacity is projected to reach 142 million tons by the end of 2030, nearly doubling from 77 million tons in 2020 [3][4]. - The report highlights that while global gas demand growth is expected to slow to around 1.5% in 2025, LNG demand in Asia will be significantly suppressed due to high prices, dropping from a growth rate of 17% in 2024 to below 3% [6][14]. - The upstream sector is experiencing rising oil prices, with Brent crude futures closing at $66.47 per barrel, a 4.02% increase week-on-week. The report anticipates a downward trend in oil prices due to a widening supply-demand balance [23][39]. - In the refining sector, the report notes a decline in overseas refined oil crack spreads, while olefin price spreads show mixed trends. The Singapore refining margin has decreased to $12.55 per barrel [53][55]. - The polyester sector is facing a decline in PTA profitability, while polyester filament profitability is on the rise. The report suggests that the overall performance of the polyester industry is average, with potential for improvement as new capacity slows down [53][60]. Summary by Sections LNG Supply and Demand - Qatar's LNG projects, including the Golden Pass LNG and North Field East expansion, are set to boost global LNG supply significantly by 2030 [4][5]. - The International Energy Agency (IEA) forecasts a 50% increase in global export capacity by 2030, with an additional 270 billion cubic meters expected [5][6]. Upstream Sector - Brent crude prices have risen, with a notable increase in drilling day rates for self-elevating platforms. The report indicates a potential for oil prices to decline in the medium term, despite current upward trends [23][39]. - The report also notes a decrease in the number of active drilling rigs in the U.S., which may impact future production levels [33]. Refining Sector - The report highlights a decrease in refining margins and crack spreads, indicating challenges in profitability for refiners. However, it suggests that domestic refining margins may improve as overseas refineries exit the market [53][55]. Polyester Sector - The report indicates a mixed performance in the polyester sector, with PTA profitability declining while polyester filament profitability is improving. It emphasizes the need to monitor demand changes closely [53][60]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as companies in the upstream exploration and development sector like CNOOC and CNOOC Engineering [17].

2025 年 6 月 8 日 行业研究 坚守长期主义之九："三桶油"以自身发展确定性应对外部不确定性 ——石油化工行业周报第 406 期（20250602—20250608） 要点 地缘政治紧张叠加 OPEC+增产意愿，油价存在较大不确定性。本周俄乌、伊 核谈判等地缘政治冲突再起，油价持续反弹，截至 2025 年 6 月 6 日，布伦特、 WTI 原油分别报收 66.65、64.77 美元/桶，较上周分别+6.5%、+6.5%，较 5 月 1 日分别+7.7%、+9.8%。展望后市，油价地缘政治风险溢价有望提升，但 是 OPEC+当前增产意愿较强，OPEC+此前已同意在 5 月、6 月和 7 月增产 41.1 万桶/日，OPEC+的增产或将使油价面临压力。 "三桶油"上游加强"增储上产"，应对外部能源安全挑战。2025 年以来地 缘政治局势不确定性较强，我国能源安全受到较多外部挑战。"三桶油"将继 续维持高资本开支，大力推进"增储上产"，2025 年计划分别增长 1.6%、 1.3%、5.9%。（1）中国石油聚焦重点盆地重点地区加大风险勘探力度，把 天然气业务作为战略性、成长性和价值性工程大力发展，2024 ...

Core Viewpoint - The development of the rubber industry at Lanzhou Petrochemical Company is a significant part of China's industrial history, showcasing the journey from inception to strength in the rubber sector, contributing to national industrial growth and defense construction [2][4]. Group 1: Historical Development - Lanzhou Petrochemical began its rubber industry journey in 1960, producing China's first synthetic rubber, breaking foreign technology barriers [4]. - In 1962, the company produced nitrile rubber to meet national defense needs, which played a crucial role in modernizing defense equipment due to its oil, wear, and heat resistance [4]. Group 2: Production Capacity and Innovations - In the 21st century, Lanzhou Petrochemical continued to enhance its rubber production, including the introduction of styrene-butadiene rubber production facilities from Japan in 2000 and expanding nitrile rubber capacity to 35,000 tons in 2020 [5][7]. - The current annual production capacity includes 150,000 tons of styrene-butadiene rubber and 100,000 tons of nitrile rubber, serving key industries such as automotive, machinery, and sports goods [7]. Group 3: Technological Innovation and Talent Development - The company emphasizes technological innovation as a driving force, establishing a "Five Rooms and One Hall" innovation platform to foster talent and solve production challenges [7][9]. - The rubber lecture hall serves as a training ground for new employees, accelerating the growth of young talent and ensuring sustainable development for the industry [9]. Group 4: Future Outlook - Moving forward, the company aims to align with national strategies, enhance technological innovation, optimize product structure, and strengthen core competitiveness while expanding domestic and international markets [9].

摘要：【图】2025年3月河南省柴油产量统计分析 2025年3月柴油产量统计： 柴油产量：16.9 万吨 柴油产量：44.7 万吨 同比增长：-14.3% 增速较上一年同期变化：低14.1个百分点 同比增长：-11.2% 增速较上一年同期变化：低9.5个百分点 据统计，2025年3月河南省规模以上工业企业柴油产量与上年同期相比下降了11.2%，达16.9万吨，增速 较上一年同期低9.5个百分点，增速较同期全国低2.9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1.0%。 详见下图： 2025年1-3月柴油产量统计： 石油化工行业最新动态 石油市场现状及前景分析 化工市场调研与发展前景 日化发展现状及前景预测润滑油市场调研及发展趋势 汽油行业监测及发展趋势 柴油未来发展趋势预测 橡胶现状及发展前景 塑料发展前景趋势分析 化妆品的现状和发展趋势清洁护肤行业现状与发展趋势 据统计，2025年1－3月，河南省规模以上工业企业柴油产量与上年同期相比下降了14.3%，达44.7万 吨，增速较上一年同期低14.1个百分点，增速较同期全国低8.1个百分点，约占同期全国规模以上企业柴 油产量4774.5 ...