| Mile 国际发展的 | | | | 化工日报 | | --- | --- | --- | --- | --- | | | | 操作评级 | | 2025年11月24日 | | 尿素 | なな女 | 甲醇 | ☆☆☆ | 庞春艳 首席分析师 | | 纯苯 | 女女女 | 苯乙烯 | なな女 | F3011557 Z0011355 | | 聚丙烯 | ★☆☆ | 塑料 | ★☆☆ | | | PVC | なな女 | 烧碱 | ☆☆☆ | 牛卉 高级分析师 | | РХ | ☆☆☆ | PTA | ☆☆☆ | F3003295 Z0011425 | | 乙二醇 | な女女 | 短纤 | ☆☆☆ | 周小燕 高级分析师 | | 玻璃 | ななな | 纯碱 | ☆☆☆ | F03089068 Z0016691 | | 瓶片 | 女女女 | 丙烯 | ★☆☆ | | | | | | | 王雪忆 分析师 | | | | | | F03125010 | | | | | | 010-58747784 | | | | | | gtaxinstitute@essence.com.cn | 【烯烃-聚烯烃】 两烯期货主力合约近 ...

Report Overview - Report Date: November 24, 2025 [3] - Data Sources: Wind, Guantong Research and Consulting Department [5] Market Summary - As of the close on November 24, domestic futures main contracts showed mixed performance. Methanol rose over 3%, glass nearly 3%, and ethylene glycol (EG), corn, cotton yarn, and polysilicon rose over 1%. On the downside, lithium carbonate dropped nearly 3%, low-sulfur fuel oil (LU), liquefied petroleum gas (LPG), and pure benzene fell over 2%, and styrene (EB), coking coal, palm oil, and urea dropped over 1% [5][6]. - Among stock index futures, the CSI 300 index futures (IF) main contract fell 0.13%, the SSE 50 index futures (IH) main contract fell 0.20%, the CSI 500 index futures (IC) main contract rose 0.55%, and the CSI 1000 index futures (IM) main contract rose 0.84%. For treasury bond futures, the 2-year (TS) main contract rose 0.01%, the 5-year (TF) main contract rose 0.03%, the 10-year (T) main contract rose 0.06%, and the 30-year (TL) main contract rose 0.15% [6]. - As of 15:18 on November 24, in terms of capital flow, Shanghai Gold 2602 had an inflow of 1.456 billion yuan, Shanghai Silver 2602 had an inflow of 260 million yuan, and Shanghai Copper 2601 had an inflow of 240 million yuan. In terms of outflows, CSI 1000 2512 had an outflow of 7.289 billion yuan, CSI 500 2512 had an outflow of 4.312 billion yuan, and CSI 300 2512 had an outflow of 2.562 billion yuan [6]. Individual Commodity Analysis Copper - Copper opened low and trended higher, showing a strong oscillation. Data led to increased expectations of interest rate cuts, but with a data vacuum before the next Fed meeting, the uncertainty of rate cut expectations is high, and the market generally believes the probability of no rate cut in December is relatively large, causing the US dollar index to continue to rebound [8]. - Nvidia's strong earnings boosted optimistic expectations for copper downstream demand. Copper concentrate inventories have been accumulating for a week, and the Grasberg mine in Indonesia is expected to resume production in Q2 next year. Refined copper imports decreased month-on-month, but domestic supply is relatively abundant, and SHFE copper inventories have also been accumulating [8]. - The 770th document has not been implemented, causing cautious operations in recycled copper rod enterprises. After the copper price dropped last week, downstream purchases increased. In October 2025, China's copper product output was 2.004 million tons, a month-on-month decline of over 10% and a year-on-year decrease of 3.3% [8]. - Overall, the Fed's hawkish and dovish camps are in a stalemate, and the market believes the probability of a rate cut in December is small, suppressing copper prices. Fundamentally, although there is strong support from the expected tight balance of copper mines, the off-season demand and increasing SHFE inventories have weakened market confidence. Short-term copper prices are expected to be under pressure, and attention should be paid to Fed rate cut expectations [10]. Lithium Carbonate - Lithium carbonate opened and trended lower, dropping nearly 3% during the day. As of October 2025, lithium carbonate production was 89,300 tons, with a month-on-month increase of 5,790 tons. As of November 21, the weekly operating rate was 75.34%, 16.04% higher than the same period last year [11]. - In October, China's energy storage battery production was 54.3 GWh, a month-on-month increase of 3.04%. The expected production of lithium iron phosphate in November is 405,600 tons, a month-on-month increase of 2.5%. In October 2025, new energy vehicle production and sales were 1.772 million and 1.715 million respectively, year-on-year increases of 21.1% and 20% [11]. - The market is currently in a situation of strong supply and demand. Although there is news of the resumption of production at the Jiuxiaowo mine, the authenticity is uncertain. Until the actual negative impact is realized, there is support at the bottom of the market [11]. Crude Oil - On November 2, OPEC+ decided to increase production by 137,000 barrels per day in December, the same as the October and November plans, and suspend production increases in Q1 next year. The end of the peak demand season, combined with increased production and exports, has led to a supply surplus in the crude oil market [12][13]. - EIA data shows that refined oil inventories increased more than expected, but due to increased net exports, US crude oil inventories decreased more than expected. US crude oil production is near a record high. Geopolitical tensions in Venezuela and Libya have raised concerns about supply disruptions [12][13]. - The market is worried about crude oil demand due to the end of the consumption peak season, the decline in the US manufacturing index, and the unclear prospects of US interest rate cuts. The supply surplus in the crude oil market has become a consensus, and the risk premium of Russian crude oil has declined. Crude oil prices are expected to oscillate weakly [13]. Asphalt - The asphalt operating rate decreased by 4.2 percentage points to 24.8% last week, lower than the same period last year. The expected production in November is 2.228 million tons, a month-on-month decrease of 454,000 tons (16.9%) and a year-on-year decrease of 274,000 tons (11.0%) [14]. - The operating rates of downstream asphalt industries showed mixed performance. The national asphalt shipments increased by 15.28% to 246,000 tons, at a slightly low level. Asphalt refinery inventory ratios remained flat, near the lowest level in recent years [14]. - With the decline in crude oil prices and the end of road construction in the north, demand is expected to weaken further. With the stable production of some refineries, the asphalt operating rate will increase. Asphalt futures prices are expected to oscillate weakly [14]. PP (Polypropylene) - The downstream operating rate of PP increased by 0.29 percentage points to 53.57%, at a relatively low level in the same period over the years. The operating rate of the plastic weaving industry, the main downstream of PP, remained flat, and orders decreased slightly compared to last year [16]. - On November 24, new maintenance devices were added, and the PP enterprise operating rate dropped to around 81%. The production ratio of standard-grade PP increased to around 29%. Petrochemical inventory reduction slowed down, and the current inventory is at a moderately high level in the same period over the years [16]. - New production capacity has been put into operation, and maintenance devices have increased recently. Downstream demand is in the late peak season, and orders are limited. The lack of large-scale purchases and the absence of anti-competition policies have led to limited market support. PP prices are expected to oscillate weakly [16]. Plastic - On November 24, new maintenance devices were added, and the plastic operating rate dropped to around 89%, at a neutral level. As of the week of November 21, the downstream operating rate of PE increased by 0.20 percentage points to 44.69%. The agricultural film industry is in the peak season, with stable orders, but the overall downstream operating rate is still at a relatively low level in the same period over the years [17]. - Petrochemical inventory reduction slowed down, and the current inventory is at a moderately high level in the same period over the years. New production capacity has been put into operation recently, and the plastic operating rate has slightly decreased. The agricultural film peak season is ending, and demand in the north is starting to decline [17]. - Downstream purchasing willingness is low, and traders are cautious about the future market. Without anti-competition policies, and with the supply-demand pattern unchanged, plastic prices are expected to oscillate weakly in the near term [17][19]. PVC (Polyvinyl Chloride) - The price of calcium carbide in the northwest region increased by 25 yuan/ton. The PVC operating rate increased slightly to 78.83%, still at a relatively high level in the same period over the years. The downstream operating rate continued to decline slightly, remaining at a relatively low level [20]. - India's termination of the BIS policy on PVC and the likely cancellation of anti-dumping duties have alleviated concerns about exports to India, and export orders increased last week. Social inventories increased slightly last week and remain high, indicating significant inventory pressure [20]. - In 2025, the real estate market is still in adjustment, and the improvement of the real estate market requires time. With positive chlor-alkali comprehensive profits and new production capacity coming online, the PVC operating rate is higher than in previous years. PVC prices are expected to oscillate weakly recently [20]. Coking Coal - Coking coal opened low and trended higher, with a decline during the day. The spot price in the Shanxi market decreased, and the self-pickup price of Mongolian No. 5 coking coal also decreased [21]. - In October, China's coal imports decreased year-on-year. The utilization rate of coking coal mine production capacity increased slightly. As of November 16, the cumulative import volume of coal at the Ganqimaodu Port was large, and the daily customs clearance vehicles may increase next week [21][22]. - Under the winter coal supply and price stabilization policy, the tight supply expectation is partially offset. Mine inventories have increased significantly, while coke enterprise inventories have decreased. Steel mill operating rates and molten iron production increased this week, but profits are weakening. There is potential bullishness in mine production cuts at the end of the year, so be cautious about potential price rebounds [22]. Urea - The futures price opened low and trended lower, showing a downward oscillation. The spot price of urea increased due to the continuous rebound of futures prices and improved downstream demand, but since the weekend, downstream resistance to high prices has led to weak order receipts and stable prices [23]. - Before the seasonal shutdown of gas-based devices, the daily output of upstream factories is expected to fluctuate above 190,000 tons. The upward trend of coal costs has slowed, and downstream demand needs verification. Last week, demand was strong, and orders were good. Northeast fertilizer preparation has begun, and compound fertilizer factory operating rates have rebounded [23]. - After the price rebound, downstream feedback has been poor, and order receipts have been weak since the weekend. Domestic demand cannot support high prices, and the Indian tender price has not boosted the market. However, exports continue, and there is still demand support from off-season storage and compound fertilizer winter storage. The futures price is expected to oscillate within a narrow range [23].

冠通期货研究报告 --聚烯烃周报 研究咨询部苏妙达 执业资格证号：F03104403/Z0018167 发布时间：2025年11月24日 投资有风险，入市需谨慎，本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 分析师苏妙达：F03104403/Z0018167 投资有风险，入市需谨慎。 行情分析 塑料开工率上涨至89.5%左右，处于中性水平。PP开工率上涨至83.5%左右，处于中性偏低水平。PE下游开工率 环比上升0.20个百分点至44.69%，农膜仍处于旺季，农膜订单依然稳定，处于近年同期中性水平，农膜原料库存再 次小幅增加，包装膜订单转而小幅增加，整体PE下游开工率仍处于近年同期偏低位水平。PP下游开工率环比上涨 0.29个百分点至53.57%，处于历年同期偏低水平。但其中拉丝主力下游塑编开工率持平于44.24%，塑编订单环比略 有减少，略低于去年同期。石化去库放缓，目前石化库存处于近年同期中性偏高水平。成本端，俄罗斯副总理诺瓦 克表示，美国及西方最新实施的制裁并未对俄罗斯的石油产量造成影响，另外特朗普政府极力促成俄乌停火，泽连 斯基表明对和谈持开放态度，原油价格下跌。另外，新增产能，新增产 ...

今 日 早 评 重点品种： 【短评-铁矿石】Mysteel统计全国45个港口进口铁矿库存 总量15054.65万吨，环比下降75.06万吨；日均疏港量329.92万 吨，增2.97万吨；在港船舶数量120条，增4条。评：发运保持 增加，前期到港冲高后继续回落，近期到港节奏波动较大，关 注后期到港量变化;需求端，铁水小幅走弱，虽然大规模检修尚 未出现，但随着利润持续压缩以及钢企检修季的到来，铁水仍 有季节性走弱预期。库存方面，到港量下滑，累库压力缓解， 补库需求有待释放。铁水产出虽然仍有季节性下降预期，但短 期仍有支撑，补库需求暂未明显释放，短期矿价震荡偏强运 行。 【短评-黄金】多位美联储官员释放降息信号。美联储"三 把手"、纽约联储主席威廉姆斯称，随着劳动力市场降温，美 联储在近期仍有进一步降息的空间。美联储理事米兰也表示， 如果他的投票在下一次议息中具有决定性作用，他将支持降息 25个基点。评：美联储降息预期增加，但是由于就业数据缺 席，降息的决策仍然具有很大不确定性。黄金承压，中期或高 位震荡。关注美元指数对黄金的影响。 投资咨询中心 2025年11月24日 研究员 姓名：师秀明 邮箱：shixiumi ...

能化板块周度报告 新纪元期货研究 20251121 张伟伟 从业资格证号：F0269806 投资咨询证号：Z0002796 央视记者当地时间11月19日获悉，美国政府正与俄罗斯就结束俄乌冲突的框架协议接近达成"重大突破"，预计最迟本月底、甚至"最快本 周内"完成。据两名知情人士表示，美国已向乌克兰总统泽连斯基发出信号，要求乌方接受一项由美国起草的俄乌停战框架。该框架内容包 括乌克兰放弃部分领土并交出部分武器。据悉，美方将此方案视为结束,冲中突的核心基础，并要求乌克兰接受。 鲍玉虹 从业资讯证号：F03149670 投资有风险，入市需谨慎 聚酯板块数据周报 宏观及原油重要资讯一览 周四凌晨美联储公布十月货币政策会议纪要，大多数官员不支持12月进一步隆息，叠加美国劳工部不公布10月非农就业报告与11月合并发布， 削弱了美联储降息的数据依据，推动美元指数强势运行，以美元计价的原油价格持续面临下行压力。 周四晚间美国劳工部发布的9月非农就业数据显示，9月非农新增就业人口达到11.9万，明显高于市场预期，前两月就业人口被大幅下修3.3 万，数据发布后美联储隆息榔率只小幅升至35%，显示出在美国政府关门背景下就业市场仍展 ...

【冠通期货研究报告】 塑料日报：震荡下行 发布日期：2025年11月21日 【行情分析】 11月21日，中天合创LDPE 1线等检修装置重启开车，塑料开工率上涨至89.5%左右，目前开工率 处于中性水平。截至11月21日当周，PE下游开工率环比上升0.20个百分点至44.69%，农膜仍处于旺季， 农膜订单依然稳定，处于近年同期中性水平，农膜原料库存再次小幅增加，包装膜订单转而小幅增 加，整体PE下游开工率仍处于近年同期偏低位水平。石化去库放缓，目前石化库存处于近年同期中 性偏高水平。成本端，俄罗斯副总理诺瓦克表示，美国及西方最新实施的制裁并未对俄罗斯的石油 产量造成影响，另外有消息称特朗普政府秘密与俄罗斯协调一项结束乌克兰冲突的新框架，泽连斯 基表明对和谈持开放态度，原油价格下跌。供应上，新增产能50万吨/年的埃克森美孚（惠州）LDPE 和70万吨/年的中石油广西石化近期投产。塑料开工率略有上升。农膜进入旺季尾声，订单稳定，旺 季成色不及预期，农膜价格稳定，温度下降，北方需求开始减少，预计后续下游开工率下降。下游 企业采购意愿不足，贸易商对后市谨慎，普遍降价积极出货，塑料产业还未有反内卷实际政策落地， 当然反 ...

Report Industry Investment Ratings - Propylene: ★☆☆ [1] - Polypropylene: ★☆☆ [1] - Plastic: ★☆☆ [1] - Pure Benzene: ☆☆☆ [1] - Styrene: ☆☆☆ [1] - PX: ☆☆☆ [1] - PTA: ★★★ [1] - Ethylene Glycol: ★☆☆ [1] - Short Fiber: ★★★ [1] - Bottle Chip: ☆☆☆ [1] - Methanol: ★★★ [1] - Urea: ☆☆☆ [1] - PVC: ★☆★ [1] - Caustic Soda: ★★★ [1] - Soda Ash: ★★★ [1] - Glass: ★★★ [1] Core Views - The futures of olefins and polyolefins are fluctuating widely, with supply - demand contradictions and price trends affected by factors like inventory, cost, and oil prices [2] - Pure benzene price rebounds with uncertain sustainability, and styrene's price is supported by short - term supply - demand improvement [3] - In the polyester industry, prices of PX, PTA, etc., are affected by multiple factors, and the supply of ethylene glycol is under pressure [5] - Methanol and urea markets have their own supply - demand situations and price trends [6] - PVC and caustic soda are in a weak operation state due to supply - demand imbalances [7] - Soda ash shows a long - term oversupply pattern, and glass has limited downward space [8] Summary by Directory Olefins - Polyolefins - Propylene enterprise inventory is low, but downstream polypropylene cost pressure and low international oil prices may affect the market [2] - Polyethylene and polypropylene futures close down, with supply - demand contradictions in both markets [2] Pure Benzene - Styrene - Pure benzene price rebounds with uncertain continuity, and styrene has short - term supply - demand support [3] Polyester - PTA price drops with the decline of PX and oil prices, and the supply of ethylene glycol is under pressure [5] Coal Chemical Industry - Methanol is in a weak operation, and urea may have an oscillating callback [6] Chlor - Alkali - PVC and caustic soda are in a weak state due to supply - demand imbalances [7] Soda Ash - Glass - Soda ash is in an oversupply situation, and glass has limited downward space [8]

Group 1: Energy - The international oil price fell overnight, with the Brent 01 contract down 0.8%. The geopolitical risk premium of the Russia-Ukraine conflict was suppressed, and the oil price rebound due to geopolitical factors was limited. The market is expected to be weak and volatile [1] - Low-sulfur fuel oil is stronger than high-sulfur fuel oil. The low-sulfur market is supported by supply disruptions and strong diesel cracking, while the high-sulfur market is expected to face supply increases in the medium term [21] - The cost support for asphalt is weakening, and the demand is expected to decline seasonally. The market sentiment is bearish [22] - The expected import cost of liquefied petroleum gas (LPG) is rising in December. The demand from both the chemical and combustion sectors is improving, and the LPG market is expected to be strong [23] Group 2: Metals - Precious metals are oscillating at a high level. The employment data is mixed, and the Fed officials' statements are divided. The possibility of the Fed keeping interest rates unchanged in December is high. Attention should be paid to the directional breakthrough on the technical side [2] - Copper prices fell overnight due to a stronger dollar and weak demand. Short positions can be held with a stop-loss at 87,000 yuan [3] - Aluminum prices fluctuated narrowly. The Fed's interest rate cut prospects are uncertain, and the aluminum market may continue to adjust. Attention should be paid to the support of the middle Bollinger Band [4] - Zinc prices are expected to oscillate in the range of 22,200 - 23,000 yuan/ton. The inventory structure is gradually being repaired, and there is still profit potential for cross-market arbitrage [7] - Lead prices are supported by low inventory levels, but the external market is under pressure due to high inventory. The import window for aluminum ingots may open, and the upward momentum of aluminum prices is insufficient [8] - Nickel prices are weakening. The macro risk is increasing, and the support from the upstream price rebound is weakening. The inventory of nickel and stainless steel is increasing [9] - Tin prices are oscillating. The environmental rectification in Malaysia has limited impact on the market. The import of tin concentrate in China has improved slightly, but the resumption of supply from Myanmar is not strong. Short positions can be held with a stop-loss at 295,000 yuan [10] - Lithium carbonate prices are strengthening. The downstream demand is strong, and the inventory is decreasing. The technical analysis shows a range breakthrough, and a buy-on-dip strategy can be adopted [11] - Polycrystalline silicon prices are falling. The photovoltaic demand is weak, and the actual supply-demand improvement is limited. The price is expected to oscillate in the short term [12] - Industrial silicon prices are undergoing a technical correction. The downstream demand for polycrystalline silicon and organic silicon is expected to improve, which may boost the price [13] Group 3: Building Materials - Steel prices rebounded at night. The demand for rebar and hot-rolled coils is improving, but the supply pressure is gradually easing. Attention should be paid to the environmental protection restrictions in Tangshan [14] - Iron ore prices are oscillating. The supply is strong, and the demand is weak. The market is expected to be range-bound in the short term [15] - Coke and coking coal prices are expected to be weak and oscillating. The supply of carbon elements is abundant, and the downstream demand is stable, but the steel mills' profit is average, and the pressure on raw material prices is high [16][17] - Manganese silicon and silicon iron prices are falling. The market expects coal supply to increase, which may lower the cost. The demand is stable, but the supply is high, and the bottom support may weaken [18][19] Group 4: Chemicals - Urea prices are oscillating narrowly. The Indian tender results will affect the market sentiment. The agricultural demand is weakening, but the industrial demand is improving, and the inventory is decreasing [24] - Methanol prices are in a weak position. The overseas supply is high, and the demand is expected to decline. The market is expected to remain weak in the short term [25] - Pure benzene prices are rebounding, but the sustainability is uncertain. The supply pressure is easing, and the demand is expected to improve, but the export to the US faces challenges [26] - Styrene prices are supported by cost and supply reduction. The demand from the European market is strong [27] - Polypropylene, polyethylene, and propylene prices are expected to be weak. The supply is high, and the demand is low, and the supply-demand contradiction is increasing [28] - PVC and caustic soda prices are falling. The cost support is weakening, and the demand is insufficient. Attention should be paid to the cost changes and profit margins [29] - PX and PTA prices are oscillating. The supply from overseas may be affected, and the demand is weakening. The market is cautiously bullish [30] - Ethylene glycol prices are expected to be bearish. The supply is increasing, and the demand is weakening. A short strategy can be adopted [31] - Short fiber and bottle chip prices are under pressure. The demand is weakening, and the prices are expected to follow the raw material prices [32] Group 5: Agricultural Products - Soybean and soybean meal prices are oscillating. The US soybean planting area is expected to increase, and the impact of La Nina on South American soybean production needs to be monitored. A buy-on-dip strategy can be considered after the correction [36] - Soybean oil and palm oil prices are affected by the US biodiesel policy. The palm oil price may have bottomed out [37] - Rapeseed and rapeseed oil prices are under pressure. The import volume has decreased, and the demand is weak. A bearish strategy is recommended [38] - Corn prices are oscillating. The supply is increasing, and the demand is improving. The Dalian corn futures 01 contract may continue to decline [40] - Hog prices are at a low level. The futures market is trading on the potential supply pressure in the future. The pig price may form a double bottom in the first half of next year [41] - Egg prices are rebounding strongly. The spot price is stable. Attention should be paid to whether the previous price decline has ended [42] - Cotton prices are range-bound. The US cotton export sales are increasing, but the domestic demand is average. The Zhengzhou cotton futures are expected to be range-bound in the short term [43] - Sugar prices are oscillating. The international market supply is sufficient, and the domestic market is focusing on the new season's production estimate. The production in Guangxi is expected to be good [43] - Apple prices are oscillating at a high level. The short-term price is strong due to low inventory, but the long-term inventory pressure may exist. Attention should be paid to the inventory reduction [44] Group 6: Others - The container shipping index (European line) is expected to be stable in early December and may improve in late December. The 02 contract may be slightly discounted compared to the 12 contract, and the far-month contracts are expected to be low and oscillating [20] - Wood prices are oscillating. The low inventory supports the price, and a wait-and-see strategy is recommended [45] - Pulp prices are falling. The supply is abundant, and the demand is weak. The market is expected to remain weak in the short term [46] - Stock index futures are falling. The A-share market is volatile, and the external market is uncertain. A wait-and-see strategy is recommended, and attention can be paid to stable, consumer, and cyclical sectors [47] - Treasury bond futures are falling. The market is trading lightly, and the structure is differentiated. The change in market risk preference may bring new opportunities [48]

行业 聚烯烃日报 日期 2025 年 11 月 21 日 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-86630631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 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：彭婧霖（聚烯烃） 研究员：李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业硅） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 每日报告 | 表1：期货市场行情 | ...

Core Insights - The integration of sea-rail intermodal transport has significantly reduced logistics costs and carbon emissions for companies in Hai'an, with savings of over 1 million yuan annually and a 2/3 reduction in carbon emissions [1] - Hai'an is transforming its logistics model from a "channel economy" to a "hub economy," enhancing competitiveness by integrating logistics with industrial needs [2][4] - The Hai'an Commercial Logistics Park has established six major platforms to provide comprehensive logistics solutions, facilitating seamless interface switching [2] Logistics Cost Reduction - Hai'an's logistics strategies have led to a reduction of over 2,000 million yuan in comprehensive costs for companies like Hai'an Jinzhu Grain and Oil, which imports 300,000 tons of raw oil and flaxseed annually [3] - The "logistics embedded in production" model has resulted in a 20% reduction in logistics costs for manufacturing enterprises, enhancing their market competitiveness [4][6] - The overall logistics cost reduction in Hai'an has exceeded 3 billion yuan, with annual cargo throughput surpassing 20 million tons and trade volume exceeding 100 billion yuan [6] Industry Collaboration - The establishment of the Hai'an Hema Food Smart Industrial Park has attracted key projects, enhancing the local supply chain and logistics capabilities [7] - Hai'an has become home to 638 transportation and warehousing enterprises, including over 40 logistics companies rated 4A and above, contributing to a robust logistics ecosystem [7] - The logistics industry in Hai'an has seen a 16.9% year-on-year increase in taxable sales, reaching 3.171 billion yuan in the first three quarters of the year [7]