Core Viewpoint - Zheng cotton is experiencing a volatile adjustment, with a focus on macroeconomic factors and the upcoming U.S. cotton planting report [1] Market Overview - The latest price index for 328-grade cotton is 14,891 yuan/ton, an increase of 34 yuan/ton from the previous period [1] - The planting area for cotton is stable with an expected increase in new cotton production [1] - The cotton yarn market remains sluggish, with textile enterprises reducing prices to sell, and downstream orders showing no improvement [1] Production and Inventory - In May, cotton yarn production increased by 3% year-on-year to 1.951 million tons, while fabric production decreased by 3.3% to 2.67 billion meters [1] - Cumulative yarn production from January to May reached 9.368 million tons, a year-on-year increase of 4.9%, while cumulative fabric production was 12.63 billion meters, a slight increase of 0.2% [1] - Chemical fiber production in May rose by 5.2% year-on-year to 7.349 million tons [1] International Market Dynamics - The U.S. cotton planting progress is at 85%, down from 89% year-on-year, with a good quality rate of 48%, compared to 54% last year [1] - The USDA's June supply and demand report adjusted U.S. cotton exports for the 2024/25 season to 2.5 million tons, with ending stocks reduced to 960,000 tons [1] - The CFTC fund's net positions are low, indicating strong support for ICE cotton prices [1] Macroeconomic Factors - The Federal Reserve has maintained interest rates for the fourth consecutive time, contributing to a significant drop in overnight ICE cotton prices [1] - Short-term fundamentals are limited, leading to narrow fluctuations in Zheng cotton prices, with a need to monitor macroeconomic changes [1]

2025 年 06 月 05 日 行业周报 看好/维持 石油石化 石化周报（5/31-6/05）：地缘形势变化，油价有望回升 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/6/5 24/8/16 24/10/27 25/1/7 25/3/20 25/5/31 相关研究报告 <<石化周报（3/24-3/30）：国际油价 继续回升，气价格维持高位>>-- 2025-04-01 <<石化周报（3/17-3/23）：国际油价 回升，天然气价格维持高位>>-- 2025-03-24 <<海油工程（600583.SH）：24 年利润 加速增长，在手订单创新高>>-- 2025-03-23 证券分析师：白竣天 电话： E-MAIL：baijt@tpyzq.com 分析师登记编号：S1190522110001 证券分析师：王亮 电话： E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 报告摘要 1.核心观点 地缘形势变化，且美国原油库存同比下降，以及美国钻机及压裂 车数量下降，油价有望回升。最新数据显示，美国商业原油库存比去 年同期下降 4.36%，美国 ...

转自：前瞻产业研究院 行业主要上市公司：新澳股份(603889)、恒力石化(600346)、东方盛虹(000301)、浙文影业(601599)、恒 逸石化(000703)、百隆东方(601339)、华孚时尚(002042)、凤竹纺织(600493)、金鹰股份(600232)、华升 股份(600156)、嘉欣丝绸(002404)、彩蝶实业(603073)、华纺股份(600448)等 本文核心数据：纺织企业数量;规上工业增加值;产能利用率;产量;库存 1、我国纺织业企业数量先降后升 据国家统计局统计数据，2015-2024年，中国纺织业企业单位数呈先降后升的波动趋势。2020年12月， 中国纺织业企业单位数为18344家，是近年来最低点。2021-2024年，企业数量不断上涨，截至2024年12 月，国家统计局统计国内纺织业企业单位数21263家，同比上年增长2.12%。随着企业数量增长，预计 中国纺织业供给能力有望持续增长。 据国家统计局统计数据，2015-2024年，中国纺织业规模以上工业增加值整体呈上涨趋势，但2015-2021 年增速不断放缓，从2015年当年高于全国规模以上工业增加值增速的7.0%，降至 ...