瑞达期货研究院 「2025.12.31」 聚氯乙烯市场周报 研究员：林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 助理研究员：徐天泽 期货从业资格号F03133092 添加客服 关 注 我 们 获 取 更 多 资 讯 业务咨询 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 3 价格：本周PVC主力期货在4740-4860区间波动。受前期盘面价格偏低叠加宏观利好驱动，本周PVC期货 冲高回落收涨。截至2025年12月31日收盘，主力合约V2605报收于4805元/吨，较上周收盘下跌0.56%。 基本面：供应端，上周韩华宁波40万吨装置维持检修状态，新增新浦化学25万吨检修装置，PVC产能利用 率环比-0.15%至77.23%。需求端，上周PVC下游开工率环比-0.87%至44.52%，其中管材开工率环比-1.4% 至36.2%，型材开工率环比-0.86%至30.57%。库存方面，上周PVC社会库存环比+0.43%至106.11万吨， 高位小幅积累。成本方面，上周电石价格下调，电石法全国平均成本环比下降至5018元/吨；乙烷、氯乙烷 ...

Group 1 - The core viewpoint of the article highlights that China Chemical (601117) has announced the applicability of its produced Nylon 66 and aerogel in commercial aerospace materials [1] Group 2 - The company is actively engaging with the market through interactive platforms to communicate its product capabilities [1] - The mention of Nylon 66 and aerogel indicates a strategic focus on advanced materials that could enhance the company's position in the aerospace sector [1]

Core Viewpoint - Lianhong Xinke (003022.SZ) stated that its EVA products are the main raw materials for photovoltaic encapsulation films, although the company does not directly produce these films [1] Group 1 - The company maintains full production and sales of its EVA products [1] - The pricing of the company's EVA products remains relatively stable [1]

Group 1 - The core viewpoint of the article is that Lianhong Xinke (003022.SZ) is involved in the production of EVA products, which are key raw materials for photovoltaic adhesive films, although the company does not directly manufacture these films [1] - The company maintains full production and sales of its EVA products, indicating a stable operational status [1] - The pricing of the company's EVA products remains relatively stable, suggesting a consistent market demand [1]

格隆汇12月31日丨卫星化学(002648.SZ)在互动平台表示，公司致力于成为世界一流的化学新材料科技 公司，公司目前的产品暂无直接用于商业航天，只为下游客户提供原材料。公司将密切关注产业发展趋 势。 ...

Core Viewpoint - During the "14th Five-Year Plan" period, Jiangsu Sop Group has achieved significant breakthroughs in various fields such as industrial chain upgrading, asset revitalization, technological innovation, digital transformation, and green development, marking a historic leap in the company's development pattern [1] Group 1: Industrial Chain Upgrading - The company focuses on its core responsibilities in the chemical and new materials sectors, promoting the integration of technological and industrial innovation to enhance competitiveness and risk resistance [12] - A major project, the integrated ethylene vinyl acetate project, has a total investment of approximately 3.23 billion yuan, expected to be completed by December 2026, which will help optimize the industrial structure [12] - The company has implemented a 50,000 tons/year chloracetic acid reconstruction project and a comprehensive utilization project for chlorohydric products, enhancing resource utilization and reducing waste [12] Group 2: Asset Revitalization - Jiangsu Sop Group has developed a series of measures to optimize the utilization of idle assets, enhancing efficiency and reducing waste [16] - The company has invested in a distributed photovoltaic power station project, which is expected to generate 6.05 million kilowatt-hours in its first year, saving 1.71 million yuan in electricity costs [16] Group 3: Technological Innovation - The company has established a national-level postdoctoral research station and has been granted 193 patents, focusing on low-carbon and green technologies [19] - Collaborative projects with universities have led to the successful application of new technologies, such as a low-cost carbon monoxide removal device and a gas purification membrane technology [20] Group 4: Digital Transformation - Jiangsu Sop Group has invested approximately 600 million yuan in digital transformation projects, significantly improving production efficiency and safety management [23] - The implementation of advanced control software has reduced the frequency of process parameter adjustments by 78.48% and improved operational efficiency [24] Group 5: Green Development - The company has been recognized as a "National Green Factory" and has invested in various environmental projects, including a rainwater recovery project that reduces industrial water consumption [27] - The company has successfully reduced nitrogen oxide emissions from 50 mg/m³ to below 10 mg/m³, achieving significant environmental benefits [30]

Group 1 - The core viewpoint of the news is that Huibo New Materials has shown a positive stock performance since its recent listing, with a current share price of 33.88 yuan and a market capitalization of 3.126 billion yuan [1] - Huibo New Materials specializes in the research, production, and sales of specialty modified epoxy resin products, with a significant revenue contribution from wind power blade epoxy resins at 81.88% [1] - The company was established on December 15, 2010, and was listed on October 31, 2023, indicating a relatively recent entry into the public market [1] Group 2 - The Fuyong Fund has a significant holding in Huibo New Materials, with the Fuyong Fukan Mixed A Fund increasing its stake by 7,000 shares, bringing its total to 11,700 shares, which represents 2.32% of the fund's net value [2] - The Fuyong Fukan Mixed A Fund has achieved a year-to-date return of 49.08%, ranking 1279 out of 8085 in its category [2] - The fund manager, Jiang Fan, has a tenure of 1 year and 194 days, with the best fund return during this period being 49.86% [3]

1. Report Industry Investment Ratings - PX: High-level volatile market [1][5] - PTA: High-level volatile market [1][6] - MEG: Limited upside space and medium-term pressure [1][7] 2. Core Views - PX is expected to maintain a high-level volatile market with supply increasing and demand decreasing, and attention should be paid to position management before the holiday [5] - PTA will also stay in a high-level volatile market. Supply is rising while demand decline is limited. It maintains inventory reduction, which is beneficial for the performance of monthly spreads and basis [6] - MEG's port inventory is accumulating again and the trend remains weak. Although the inventory accumulation expectation has marginally improved, it is mainly for range trading [7] 3. Summaries by Relevant Catalogs Market Data - **Futures Data**: PX, PTA, MEG, PF, and SC futures had different closing prices, price changes, and price change rates on the previous day. For example, PX futures closed at 7316 with a price increase of 46 and a rate of 0.63% [2] - **Monthly Spread Data**: The monthly spreads of PX, PTA, MEG, PF, and SC also had price changes compared to the previous day. For instance, the PX1 - 5 monthly spread closed at -28, up 38 from the previous day [2] - **Spot Data**: PX CFR China, PTA in East China, MEG spot, etc. had price changes. PX CFR China rose from 892.33 to 894.33 dollars/ton [2] - **Spot Processing Fee Data**: The processing fees of PX - naphtha, PTA, short - fiber, etc. also changed. The PX - naphtha spread increased by 16 dollars/ton [2] Market Dynamics - PX: Naphtha prices rose at the end of the session. PX prices increased, with three March Asian spot transactions at 895, 895, and 894 dollars/ton. The PX valuation was 894 dollars/ton, up 3 dollars from the previous day [3] - MEG: A 200,000 - ton/year syngas - to - ethylene glycol plant in Guangxi restarted recently but has not produced yet. The planned arrival quantity at major ports from December 29 to January 4 is about 107,000 tons [3] - Polyester: The sales of polyester yarn in Jiangsu and Zhejiang were generally weak, with an estimated average sales rate of 30 - 40% by 4 pm. The average sales rate of direct - spun polyester staple fiber was 55% by 3 pm [5] Trend Intensity - The trend intensities of PX, PTA, and MEG are all 0, indicating a neutral view [5] Views and Suggestions - **PX**: It is in a high - level volatile market. Supply is marginally looser with some domestic and overseas device changes. Demand is decreasing as PTA device operating rate drops. Future 1 - 2 months' maintenance plans may expand, and attention should be paid to position management before the holiday [5] - **PTA**: It is in a high - level volatile market. Supply is increasing with some device restarts. Demand decline is limited, and it maintains inventory reduction. Attention should be paid to subsequent production reduction plans and position management before the holiday [6] - **MEG**: The port inventory is accumulating, and the trend is weak. Supply reduction is only in the expected stage, and demand is decreasing. Although the inventory accumulation expectation has marginally improved, it is mainly for range trading [7]

中化新网讯 12月24日，从中国化学与物理电源行业协会传出消息，今年前11个月，我国锂离子电池出 口额为691.65亿美元，同比增长25.6%。 中化新网讯 近日，车皮短缺导致潞安化工丰喜集团尿素库存积压问题凸显。为保障尿素库存平稳、降 低经营风险，潞安化工丰喜集团供销分公司多措并举，打响尿素库存压降攻坚战，取得显著成效。 截至12月22日，临猗公司、泉稷公司尿素库存已降至9300吨，为后续降低库存和企业高效运营奠定了坚 实基础。面对车皮短缺的问题，供销分公司与铁路部门多方协调沟通，全力争取车皮资源增量。同时， 供销分公司创新运输调配思路，从临近站台紧急调运敞车补充运力缺口，有效缓解运输压力。 今年前11个月，我国锂离子电池出口数量为42.52亿个，同比增长19.3%。其中，2025年11月锂离子电池 出口额为68.1亿美元，同比增长17.5%;2025年11月锂离子电池出口数量为4.5亿个，同比增长22.6%。 (江 南) 丰喜供销多点发力降尿素库存 ...

该项目由上海华谊集团所属上海华谊能化公司负责建设运营。上海华谊能化公司党委书记、董事长郑必 军表示，将全力以赴保障绿色甲醇装置稳定高效运行，持续助力上海国际航运中心建设，为实现国 家"双碳"目标贡献力量。 该项目由上海华谊集团、申能集团、上海城投、上港集团联手打造，于今年1月开工。项目创新性地将 城市废弃物转化为国际航运领域急需的绿色甲醇燃料，真正实现"变废为宝"。项目投产后将为上海港提 供重要的绿色燃料保障。 上海市发展和改革委员会四级调研员关雪飞指出，要合理运营好绿色甲醇装置，打造航运燃料绿色转型 的样本工程；要整合好上下游产业资源，夯实绿电—燃料产业链关键节点；要建设绿色燃料认证服务的 交流平台，打造国际可持续发展和碳认证集聚新高地。 中化新网讯 12月29日，上海首套10万吨/年绿色甲醇项目投产仪式在上海华谊工业气体有限公司举行。 图为10万吨/年绿色甲醇项目现场。 (企业供图) ...