本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【华东调研验证纯苯和苯乙烯价差波动规律】2024年，调研团队对华东地区13家纯苯和苯乙烯上下游生 产企业及贸易商展开拜访。此次调研进一步验证了纯苯和苯乙烯的价差波动规律。 通过产业链上下游 供需关系，做多或做空价差可表达加工利润的扩张或收缩。做扩价差，预期苯乙烯需求增长或纯苯供应 过剩；做缩价差（空苯乙烯多纯苯），预期苯乙烯供应过剩或纯苯成本抬升。 纯苯和苯乙烯同属原油 下游化工品，成本传导影响不同。下游需求对苯乙烯影响更大，价格弹性更足。研究两者价差规律可规 避原油和宏观干扰。 2024年，两者价差大幅波动，与调油逻辑等外在干扰因素及产业链传导滞后有 关。2025年以来，苯乙烯和纯苯价差先扩后缩，受阶段性错配和季节性规律影响。后续需关注PO/SM及 非一体化工艺利润压缩，是否会导致苯乙烯装置计划外减产或停车。 ...

资金流向截至 08 月 13 日 15:27，国内期货主力合约资金流入方面，中证 1000 2509 流入 85.07 亿，中证 500 2509 流入 43.43 亿，沪深 300 2509 流入 37.5 亿； 资金流出方面，焦煤 2601 流出 13.03 亿，棕榈油 2509 流出 6.35 亿，沪金 2510 流出 6.13 亿。 投资有风险，入市需谨慎。 地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 冠通每日交易策略 制作日期：2025 年 8 月 13 日 热点品种 期市综述 截止 8 月 13 日收盘，国内期货主力合约涨跌不一，菜油涨超 3%，豆粕、豆二涨 近 3%，菜粕涨超 2%。跌幅方面，集运欧线跌超 5%，工业硅跌超 3%，焦煤跌 3%， 焦炭跌近 3%，多晶硅跌超 2%。沪深 300 股指期货（IF）主力合约涨 1.02%，上证 50 股指期货（IH）主力合约涨 0.35%，中证 500 股指期货（IC）主力合约涨 1.78%， 中证 1000 股指期货（IM）主力合约涨 1.76%。2 年期国债期货（TS）主力合 ...

Report Industry Investment Ratings No industry investment ratings are provided in the report. Core Views - The report offers trading strategies and trend analysis for various commodities. For example, copper is supported by a weak dollar; zinc is at a short - term high, and attention should be paid to volume and price; lead has a positive outlook due to peak - season expectations; nickel's upside is limited by changes in the mining and smelting sectors; stainless steel prices are recovering with limited elasticity; and lithium carbonate may continue to experience high volatility [3][6]. Summary by Commodity Base Metals - **Copper**: The weak dollar supports copper prices. The Shanghai copper main contract closed at 79,920 yuan with a 1.31% daily increase, and the London copper 3M electronic disk closed at 9,879 dollars with a - 0.17% change. Japanese JX Metal will cut refined copper production, and China's May copper ore imports decreased month - on - month [6]. - **Zinc**: It is at a short - term high. The Shanghai zinc main contract closed at 22,410 yuan with a 0.76% increase. China's industrial enterprise profits from January to May decreased year - on - year [9][10]. - **Lead**: There are peak - season expectations supporting prices. The Shanghai lead main contract closed at 17,125 yuan with a - 0.58% change. China's industrial enterprise profits from January to May decreased year - on - year [12]. - **Nickel and Stainless Steel**: Nickel's support from the mining end is weakening, and the smelting end limits its upside. The Shanghai nickel main contract closed at 120,480 yuan. Stainless steel inventory is slightly decreasing, and prices are recovering with limited elasticity. The stainless steel main contract closed at 12,620 yuan. There are multiple industry news such as project startups and production resumptions in the nickel industry [14][15]. Energy and Chemicals - **Lithium Carbonate**: High volatility may continue due to fundamental pressure and warehouse - receipt contradictions. The 2507 contract closed at 63,240 yuan. SMM's battery - grade lithium carbonate index price increased [18][19]. - **Industrial Silicon and Polysilicon**: Industrial silicon is affected by production - cut news, and attention should be paid to its upside space. Polysilicon requires attention to market sentiment. The Si2509 contract of industrial silicon closed at 8,030 yuan, and the PS2508 contract of polysilicon closed at 33,315 yuan [21]. - **Iron Ore**: It shows wide - range fluctuations with repeated expectations. The 12509 contract closed at 716.5 yuan with a 1.56% increase. China's industrial enterprise profits from January to May decreased year - on - year [24]. - **Steel Products (Rebar, Hot - Rolled Coil)**: Both show wide - range fluctuations. The RB2510 contract of rebar closed at 2,995 yuan with a 0.98% increase, and the HC2510 contract of hot - rolled coil closed at 3,121 yuan with a 0.94% increase. There are changes in steel production, inventory, and demand [26][27]. - **Ferroalloys (Silicon Ferro, Manganese Ferro)**: Both show wide - range fluctuations. Silicon ferro is boosted by spot sentiment, and manganese ferro is boosted by port quotes. The silicon ferro 2509 contract closed at 5370 yuan, and the manganese ferro 2509 contract closed at 5670 yuan [31]. - **Coking Coal and Coke**: Both show a tendency to be strong with fluctuations. The JM2509 contract of coking coal closed at 847.5 yuan with a 3.42% increase, and the J2509 contract of coke closed at 1421.5 yuan with a 1.86% increase [34][35]. - **Steam Coal**: It stabilizes with fluctuations as daily consumption recovers. The ZC2507 contract had no trading, and previous prices showed a decline [39][40]. - **Log**: It shows wide - range fluctuations with a contract - main switch. The 2507 contract closed at 819 yuan [43]. - **Paraxylene, PTA, MEG**: Paraxylene supply is shrinking, and the month - spread is strong; PTA is recommended for month - spread reverse arbitrage; MEG is weak on a single - side basis. Paraxylene's 9 - 1 month - spread shows a positive trend, and PTA and MEG have their own supply - demand and cost - related factors [46][50]. - **Synthetic Rubber**: It will run with short - term fluctuations. The main contract of cis - polybutadiene rubber closed at 11,275 yuan. The industry has inventory and price changes [52]. - **Asphalt**: It shows weak fluctuations, and long - crack spread positions should consider taking profits. The BU2507 contract closed at 3,577 yuan. Refinery inventory rates decreased [55]. Agricultural Products - **Palm Oil**: The near - end fundamentals in the producing areas have limited improvement, and reverse arbitrage is recommended [5]. - **Soybean Oil**: Attention should be paid to the US soybean acreage report [5]. - **Soybean Meal and Soybean No.1**: Soybean meal rebounds with fluctuations, and risks related to the USDA report should be avoided. Soybean No.1 has a stable spot price and a rebounding and fluctuating futures price [5]. - **Corn**: Attention should be paid to auctions [5]. - **Sugar**: It is in a range - bound consolidation [5]. - **Cotton**: Optimistic sentiment drives the futures price to rise with fluctuations [5]. - **Eggs**: Gradually arrange short positions in far - month contracts [5]. - **Hogs**: There is a short - term adjustment [5]. - **Peanuts**: There is support at the lower level [5].

华夏时报（www.chinatimes.net.cn）记者 何一华 李未来 北京报道 6月13日以来，伊朗以色列冲突持续升级，国际油价大幅上涨，站上70美元/桶关口。作为部分化工品的 上游原材料，原油价格上涨也带动了化工品价格走势。金联创数据显示，6月13日，丙烯、纯苯、苯乙 烯、甲醇、乙二醇、短纤、瓶片、己二酸等产品价格均出现上涨。 资本市场上，能源化工上市公司股价也纷纷上涨。截至6月18日收盘，山东墨龙（002490.SZ）、准油股 份（002207.SZ）、贝肯能源（002828.SZ）和金牛化工（600722.SH）已经收获4个涨停板。此外，通源 石油（300164.SZ）、首华燃气（300483.SZ）等公司近日股价涨幅明显。 6月18日，金联创化工分析师杨媛媛在接受《华夏时报》记者采访时表示，从化工品基本面来看，自身 驱动暂时有限，绝对价格波动更多依赖于原油端扰动，目前市场计价伊朗与以色列冲突缓和，但地缘政 治风险仍未消除，短期化工市场预计仍将维持高波动。 能化产品价格走高 美东时间6月17日，由于伊朗与以色列持续互相发动袭击且特朗普否认与伊朗会谈，中东地缘局势紧张 提振原油价格，国际油价收盘上涨 ...

Core Viewpoint - Jiangsu Fumiao Technology Co., Ltd. is issuing convertible bonds to unspecified objects, with a total fundraising amount of RMB 450 million, aimed at enhancing its financial position and supporting future projects [3][4][14]. Group 1: Bond Issuance Details - The company has received approval from the China Securities Regulatory Commission to issue 4.5 million convertible bonds, each with a face value of RMB 100, totaling RMB 45 million [3][4]. - The bonds will be listed on the Shanghai Stock Exchange starting January 9, 2023, under the name "Fumiao Convertible Bonds" with the code "118029" [4]. - The bonds have a maturity period of 6 years, with a structured interest rate that increases from 0.20% in the first year to 2.00% in the sixth year [4][5]. Group 2: Key Terms of the Bonds - The initial conversion price for the bonds is set at RMB 20.26 per share, subject to adjustments based on various corporate actions [6][7]. - The bonds will pay interest annually, with the first payment occurring one year after issuance [5][6]. - Holders of the bonds have the right to convert them into shares during a specified period, which begins six months after issuance and ends at maturity [6][9]. Group 3: Credit Rating and Financial Outlook - The credit rating agency Dagong International has assigned a credit rating of "A" to both the company and the convertible bonds, with a stable outlook [14]. - The company faces challenges such as reduced profit margins due to rising production costs and declining demand, which may impact future revenue and profitability [14][15]. - The company reported a net loss for 2024, influenced by various factors including increased financial costs and lower sales prices [15][16].