Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None; Inter - variety: None; Spot - futures: None; Options: None [2] Core View - The recent strong trend of crude oil prices has provided some support to the LPG market, leading to a slight increase in the prices of overseas and domestic LPG spot, but the increase is relatively limited, and the LPG market still lacks its own driving force. Currently, overseas supply remains abundant, China's LPG arrivals in July have climbed again, port inventories are high, and domestic production volume has not significantly declined, resulting in sufficient overall supply. On the demand side, civil combustion consumption is in the off - season with continuous low demand. In the deep - processing sector, PDH profit is under pressure, and the operating rate has dropped back to 70%, with insufficient impetus for demand improvement [1] Market Analysis - On July 14, the regional prices were as follows: Shandong market, 4570 - 4630; Northeast market, 4160 - 4380; North China market, 4425 - 4630; East China market, 4380 - 4650; Yangtze River region market, 4520 - 4610; Northwest market, 3950 - 4200; South China market, 4600 - 4700 [1] - In the first half of August 2025, the CIF prices of frozen cargoes in East China, China were propane at 567 US dollars/ton (stable), and butane at 547 US dollars/ton (up 5 US dollars/ton), equivalent to RMB prices of propane at 4460 yuan/ton (stable) and butane at 4303 yuan/ton (up 39 yuan/ton) [1] - In the first half of August 2025, the CIF prices of frozen cargoes in South China, China were propane at 567 US dollars/ton (stable), and butane at 547 US dollars/ton (up 5 US dollars/ton), equivalent to RMB prices of propane at 4460 yuan/ton (stable) and butane at 4303 yuan/ton (up 39 yuan/ton) [1] Figures - Figures include those related to spot prices of civil LPG and ether - post carbon four in different regions, as well as closing prices, month - to - month spreads, and trading volume and open interest of PG futures contracts [3]

石油沥青日报 | 2025-07-15 盘面高位震荡，现货端支撑仍存 市场分析 1、7月14日沥青期货下午盘收盘行情：主力BU2509合约下午收盘价3646元/吨，较昨日结算价上涨39元/吨，涨幅 1.08%；持仓231231手，环比上涨13867手，成交151549手，环比下降7524手。 2、卓创资讯重交沥青现货结算价：东北，3900—4086元/吨；山东，3650—4070元/吨；华南，3600—3680元/吨； 华东，3660—3800元/吨。 昨日西北以及山东市场沥青现货价格小幅上涨，其余地区沥青现货价格大体企稳。近期原油价格走势偏强，对沥 青现货及盘面情绪形成一定支撑。就沥青自身基本面而言，整体供需两弱格局延续，库存维持低位，市场矛盾相 对不突出。目前供需两端均存在增长预期，需要关注兑现后库存趋势的边际变化。如果库存从低位持续回升，则 沥青市场结构与情绪将受到一定压制。 策略 单边：中性 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 石油沥青日报 | 2025-07-15 2025年期货市场研究报告 第1页 请仔 ...

满市场都在找原因！ 连续四天砸收盘集合竞价之后，今天市场迎来了大调整。早盘表现尚可的A股市场在十点过后大跳水，沪指一度杀跌近1%，红利指数早早缴枪，一度杀跌近1.5%， A50由涨转跌跳水超1%。港股方面，恒生科技指数亦由大涨2%到一度转跌。 那么，市场究竟发生了什么？最近A股市场有一些"吊诡"的现象，那就是此前连续四个交易日，尾盘集合竞价都有人"砸盘"，上周五尾盘大盘股更是集体被砸。另 外，指数虽然涨势不错，但赚钱效应明显欠缺，一些做接力，做外溢等题材的游资更是亏损较大。人气可能受到了一定影响。 大跳水 刚刚，A股、港股接连大跳水。沪指早盘曾一度上涨，但十点过后开启连续杀跌，11点过后，跌幅扩大至1%，失守3500点关口，深证成指跌0.2%，创业板指涨 0.6%，电力、煤炭、房地产、白酒等方向跌幅居前，沪深京三市下跌个股近4700只。 从贡献度来看，大盘股杀跌依然是市场跳水的主因。农业银行、工商银行、贵州茅台、招商银行、兴业银行、浦发银行、中国银行、中国人寿、长江电力等大盘股 集体杀跌，贡献了主要的跌幅。 | 贡献度排名(仅供参考) | | | | | | | | | --- | --- | --- | - ...

进入7月，烈日当空，热浪翻涌。广大石油和化工企业用科学的管理、细致的关怀和顽强的意志，通过 优化作业时序、强化防暑保障、加强设备巡检等系列措施，筑起了一道道安全生产防线，用行动书写 着"战高温、斗酷暑、保安全、稳生产"的动人篇章。 天脊集团合成氨厂岗位员工认真巡检。(王爱军 摄) 渤海钻探：精准施策聚合力 7月9日，华北地区最高气温达36℃，置身井场犹如蒸笼一般让人喘不过气。渤海钻探井下作业公司冀中 30余支试油、大修、压裂队伍依然冒着高温奋战在生产施工一线。为了配合建设方上产需求，该公司不 断加快采油三厂、采油四厂各井的施工进度。 连续多日的高温、暴雨天气给施工队伍造成较大影响。为了防止员工出现中暑情况，渤海钻探井下作业 公司科学组织协调生产，避开高温时段施工;食堂不间断供应防暑降温食品，并给员工配备藿香正气 水、清凉油等防暑药品，以防突发状况;针对性更新维护野外施工队伍的生活设备、设施，配备冰柜、 无线网络等，持续改善一线生产生活条件。 针对当前员工年龄跨度大，部分员工有亚健康的情况，渤海钻探井下作业公司强化职工健康体检管理， 结合员工岗位、工种优化体检项目，细致进行体检档案分析，建立健全职工健康档案管理 ...

Group 1: Chemical Sector Performance - The chemical index and oil index experienced a comprehensive increase last week, with the chemical raw materials index rising by 1.50%, the chemical machinery index by 3.96%, the chemical pharmaceuticals index by 2.46%, and the pesticide and fertilizer index by 1.29% [1] - The top five rising petrochemical products included Vitamin B1, which increased by 12.82%, Vitamin D3 by 7.14%, and toluene diisocyanate by 4.47%, while the top five declining products included liquid chlorine, which fell by 48.51%, and hydrochloric acid by 8.29% [1] Group 2: Oil Sector Performance - International crude oil prices continued a strong trend, with WTI settling at $68.45 per barrel, up 2.16% from July 3, and Brent at $70.36 per barrel, up 3.02% from July 4 [1] - The oil processing index rose by 0.52%, the oil extraction index by 0.88%, and the oil trading index by 0.63% [1] Group 3: Capital Market Performance of Chemical Companies - The top five rising listed chemical companies in the capital market included Shangwei New Materials, which surged by 72.88%, and Hongbo New Materials, which rose by 24.726% [2] - The top five declining listed chemical companies included Ruilian New Materials, which fell by 15.98%, and Xingye Co., which dropped by 9.08% [2]

交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年7月15日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 成本端来看，日度加工沥青利润为-460.93元/吨，环比减少11.00%，周度山东地炼延迟焦化利 润为838.2543元/吨，环比减少24.69%，沥青加工亏损减少，沥青与延迟焦化利润差减少；原 油走强，预计短期内支撑走强。 炼厂近期排产有所增产，提升供应压力。旺季刺激需求恢复整体需求不及预期且低迷；库存持 6、预期: 续去库；原油走强，成本支撑短期内有所走强；预计盘面短期内窄幅震荡，沥青2509:在3620- 3672区间震荡。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，根据隆众，2025年6月份国内沥青总计划排产量为239.8万吨，环比增幅3.5%,同 比增幅12.7%。本周国内石油 ...

行业 沥青日报 日期 2025 年 7 月 15 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 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 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（碳市场工业硅） 研究员 ...

行业 MEG 日报 日期 2025 年 07 月 15 日 料油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 业硅）028-8663 0631 penghaozhou@ccb.ccbfutures.c om期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.c om期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油燃 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工 研究员：彭婧霖（聚 ...

日期 2025 年 07 月 15 日 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 能源化工研究团队 研究员：李捷,CFA（原油燃料 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.cc ...

Market Overview - PX price rebounded today with Asian spot transactions at various prices, and it's supported by rising crude oil prices due to geopolitical factors. The current estimated price is 852 dollars/ton, up 15 dollars from last Friday [3]. - PTA futures closed up in a volatile market, with a weak spot market negotiation atmosphere and stable basis. The mainstream spot basis is at 09 + 8 [5]. - A 900,000 - ton/year MEG plant in Singapore plans to shut down for maintenance in August, and several Saudi MEG plants have reduced loads or shut down [5][6]. - Textile and clothing exports from January - June 2025 showed different trends in RMB and USD terms. In June, exports showed mixed growth and decline compared to the same and previous periods [6]. - The sales of polyester yarn in Jiangsu and Zhejiang were weak today, while in Fujian, sales were smooth due to rising futures prices [7]. Trend Intensity - The trend intensity of p - xylene, PTA, and MEG is all 0, indicating a neutral stance [7]. Views and Suggestions PX - The market focuses on the commissioning progress of Sanfangxiang. Supply remains tight. Avoid short - chasing on the single side and conduct positive spreads on the monthly spread. Pay attention to far - month PXN compression positions. The Asian PX operating rate is 73.6% (- 0.5%), and PTA load has increased. PX supply - demand is tight in July, and the monthly spread is expected to be strong. Aromatics are over - valued relative to oil products, and it's advisable to focus on far - month PXN compression [7]. PTA - The market focuses on whether the commissioning of Sanfangxiang will be delayed and if Yisheng will increase production cuts. Avoid short - chasing on the single side and conduct positive spreads on the monthly spread. Go long on PX and short on PTA, and long on PR and short on PTA in the 01 contract. PTA supply increases while demand decreases, polyester operating rate is declining, and there is pressure on PTA inventory accumulation. However, the downside of the single - side price is limited due to low raw material inventory in polyester factories, and processing fees are under pressure [8][9]. MEG - The shutdown of Saudi and Singaporean ethylene glycol plants may affect future imports. It's a bullish volatile market on the single side, and conduct positive spreads on the monthly spread. Supply increases while demand decreases, but inventory is low, and coal prices have rebounded. Pay attention to the restart of Yulin Energy Chemical. The monthly spread of ethylene glycol should be positively spread when the price is low [10]. Price and Data Futures | Futures | Yesterday's Closing Price | Change | Change Rate | Monthly Spread (Yesterday) | Monthly Spread (Change) | | --- | --- | --- | --- | --- | --- | | PX Main | 6778 | 6694 | 84 | 94 | 20 | | PTA Main | 4740 | 40 | 0.85% | 40 | 2 | | MEG Main | 4357 | 52 | 1.21% | - 12 | 14 | | PF Main | 6436 | 48 | 0.75% | 146 | 26 | | SC Main | 513 | - 0.9 | - 0.18% | 14.5 | 4.8 | [2] Spot | Spot | Yesterday's Price | Previous Day's Price | Change | | --- | --- | --- | --- | | PX CFR China (USD/ton) | 850.33 | 836.67 | 13.66 | | PTA East China (Yuan/ton) | 4735 | 4715 | 20 | | MEG Spot | 4405 | 4383 | 22 | | Naphtha MOPJ | 597 | 584.25 | 12.75 | | Dated Brent (USD/barrel) | 71.45 | 72.63 | - 1.18 | [2] Spot Processing Fees | Spot Processing Fees | Yesterday's Price | Previous Day's Price | Change | | --- | --- | --- | --- | | PX - Naphtha Spread | 252.42 | 256.67 | - 4.25 | | PTA Processing Fee | 200.03 | 158.43 | 41.6 | | Short - Fiber Processing Fee | 304.31 | 301.29 | 3.02 | | Bottle - Chip Processing Fee | - 410.69 | - 453.71 | 43.02 | | MOPJ Naphtha - Dubai Crude Spread | - 7.42 | - 7.42 | 0 | [2]