影响市场走势的主要原因是宏观氛围先强后弱及基本面弱势。节后宏观氛围先强后弱，假期期间原油价 格震荡走高，节后化工品整体先偏强，对PVC期货有所带动，但随后宏观整体转弱，PVC期货也跟随回 调。PVC基本面表现不佳，对PVC粉市场形成利空，假期期间PVC粉行业开工维持高位，下游处于假期 状态，节后恢复较慢，社会库存明显增加，华东及华南社会库存达到历史高位，而上游由于节前接单较 多，压力暂时不大。 下周来看，供需基本面延续偏弱，但宏观方面或有支撑，预计下周PVC粉价格或区间震荡。 心态方面：近期商品氛围先强后转弱，下周重要会议临近，部分政策预期存在，关注市场预期是否出现 转折。 PVC粉：基本面偏弱 节后价格重心下移 【导语】节后国内PVC粉市场区间震荡，基本符合节前预期。下周PVC粉基本面延续弱势，宏观氛围或 有支撑，价格预计偏弱震荡。 本周国内PVC粉市场价格区间震荡，价格重心小幅下移。截至2月26日，国内电石法PVC粉SG-5周均价 4720元/吨，较节前下跌38元/吨，跌幅0.80%，跌幅变化不大。下游需求处在恢复状态，周内价格下跌 时部分成交改善，整体交投氛围一般。 供应端：下周检修企业有限，检修损失量 ...

氯碱日报 | 2026-02-13 下游开工节前走弱 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4938元/吨（-52）；华东基差-208元/吨（+42）;华南基差-98元/吨（+32）。 现货价格：华东电石法报价4730元/吨（-10）；华南电石法报价4840元/吨（-20）。 上游生产利润：兰炭价格735元/吨（+0）；电石价格2945元/吨（+15）；电石利润67元/吨（+15）；PVC电石法生产 毛利-698元/吨（-39）；PVC乙烯法生产毛利129元/吨（+26）；PVC出口利润15.4美元/吨（+0.2）。 PVC库存与开工：PVC厂内库存31.2万吨（+2.4）；PVC社会库存61.4万吨（+2.1）；PVC电石法开工率80.78%（+0.41%）； PVC乙烯法开工率73.69%（+0.44%）；PVC开工率78.62%（+0.41%）。 下游订单情况：生产企业预售量101.3万吨（-5.8）。 烧碱： 期货价格及基差：SH主力收盘价1958元/吨（+4）；山东32%液碱基差-83元/吨（+27）。 现货价格：山东32%液碱报价600元/吨（+10）；山东50%液碱报价1 ...

经济观察网2026年2月11日，三维股份（603033）接受机构调研，披露公司已形成"化工、交通"两大领 域三大主业的业务格局。其中新材料化工业务在内蒙古乌海市布局30万吨/年BDO和36万吨/年电石产 能，未来将向上游拓展兰炭、绿电等产能，向下游拓展PBAT等可降解塑料产能，目标是成为全球BDO 及可降解塑料一体化龙头企业。轨道交通业务重点布局珠三角、长三角及"一带一路"沿线省份，如四 川、云南，致力于高铁和地铁项目开拓。同日，公司股价报收11.36元，上涨1.25%，成交额1.09亿元。 股票近期走势近7日(2026年2月5日至12日)，三维股份股价区间振幅达6.32%，最高价为2月9日的11.76 元，最低价为2月6日的11.04元。截至2月12日收盘，股价为11.20元，当日下跌1.41%，换手率0.64%， 成交金额7221万元。资金流向显示，2月11日主力资金净流出296.72万元，但游资资金净流入332.43万 元。同期，公司所属基础化工板块下跌0.23%，橡胶板块上涨0.09%，表现略弱于行业平均水平。 机构观点根据2月11日机构调研记录，公司对2025年业绩预告进行解读：预计全年净利润亏损2 ...

Core Viewpoint - The company is committed to the real economy, focusing on its existing industries and forming a business structure centered around two main fields: chemicals and transportation [2] Group 1: Chemical Industry - The new materials chemical business has a production base located in Wuhai City, Inner Mongolia, with established capacities of 300,000 tons/year for BDO and 360,000 tons/year for calcium carbide [2] - Future plans include expanding production capacities for lanthanum carbon and green electricity, as well as developing new material capacities for PBAT [2] - The company aims to become a leading integrated enterprise in BDO and biodegradable plastics on a global scale [2] Group 2: Transportation Industry - The rail transportation business focuses on key regions such as the Pearl River Delta, Yangtze River Delta, and provinces along the Belt and Road Initiative, including Yunnan and Sichuan [2] - The company is dedicated to the development of high-speed rail construction and urban subway projects [2] Group 3: Rubber and Chemical Fiber Industries - The rubber products and chemical fiber production bases are located in Sanmen County, with main products including rubber conveyor belts, V-belts, polyester chips, and polyester industrial yarns [2] - The company is recognized as one of the leading enterprises in the rubber conveyor belt and V-belt sectors in China [2]

氯碱日报 | 2026-02-10 液氯价格下调 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4992元/吨（+11）；华东基差-212元/吨（-1）;华南基差-102元/吨（+29）。 现货价格：华东电石法报价4780元/吨（+10）；华南电石法报价4890元/吨（+40）。 上游生产利润：兰炭价格735元/吨（+0）；电石价格2930元/吨（+0）；电石利润52元/吨（+0）；PVC电石法生产毛 利-659元/吨（+86）；PVC乙烯法生产毛利103元/吨（+82）；PVC出口利润8.9美元/吨（+9.9）。 PVC库存与开工：PVC厂内库存28.8万吨（-0.2）；PVC社会库存59.3万吨（+0.8）；PVC电石法开工率80.37%（+0.39%）； PVC乙烯法开工率73.25%（+2.64%）；PVC开工率78.21%（+1.08%）。 下游订单情况：生产企业预售量107.1万吨（+11.1）。 烧碱： 期货价格及基差：SH主力收盘价1937元/吨（+75）；山东32%液碱基差-100元/吨（-78）。 现货价格：山东32%液碱报价588元/吨（-1）；山东50%液碱报价1010 ...

1. Report Industry Investment Rating - The investment rating for the PVC industry is neutral [3] 2. Core Viewpoints - The fundamental situation shows that PVC is operating at a high level of production, while the price of caustic soda is falling, leading to a relatively high overall loss. Starting from April, the export tax - rebate will be cancelled, resulting in a rush to export in the short - term, a rise in export quotes, and an increase in the volume of exports awaiting delivery. Against the backdrop of undervaluation, PVC is highly favored. It's a battle between bulls and bears, and it's time to wait for an opportunity to short unilaterally [3] - In the context of the export rush, the near - month contract may be in a positive spread pattern relative to the far - month contract [3] - The overall macro - environment is volatile [3] 3. Summary by Directory Raw Materials Lanthanum Coke - Lanthanum coke production remained stable, with the sample enterprise production rate at 57.11%, the same as last week [6] - Lanthanum coke prices declined. The price of Shenmu medium - grade coke dropped to 785 yuan/ton, a decrease of 35 yuan from last week [6] Calcium Carbide - Calcium carbide supply slightly increased. The production rate rose 0.03 percentage points to 72.12%, and the overall production level was relatively low [12] - Calcium carbide prices increased. The price of Wuhai calcium carbide reached 2,550 yuan/ton, a rise of 100 yuan from last week [12] PVC Production - This week, the overall production rate of PVC powder was 77.13%, a 0.85 - percentage - point decrease from the previous week. Among them, the production rate of calcium - carbide - method PVC powder was 79.98%, a 0.16 - percentage - point decrease, and the production rate of ethylene - method PVC powder was 70.61%, a 2.43 - percentage - point decrease [16] PVC Downstream Demand - Downstream production remained stable. The production rate of pipes was 37.0%, and that of profiles was 31.52%, the same as last week. Both were lower than the same period last year [26] PVC Inventory - Social inventory increased. The total social inventory was 1.0682 million tons, an increase of 17,900 tons from the previous period. Among them, the inventory in East China samples was 1.0195 million tons, an increase of 18,100 tons, and the inventory in South China samples was 48,700 tons, a decrease of 200 tons [34][35] - Upstream factory inventory decreased. The factory inventory was 233,200 tons, a decrease of 15,300 tons from the previous period. The overall industrial chain inventory increased [38] PVC Profit - The loss of calcium - carbide - integrated production narrowed. The profit of Xinjiang integrated production was - 822 yuan/ton, and that of Northwest integrated production was - 1,185 yuan/ton [51] - The loss of calcium - carbide - purchased production was significant. The profit of Northwest calcium - carbide - purchased production was - 792 yuan/ton, and that of North China calcium - carbide - purchased production was - 995 yuan/ton [51] - The profit of ethylene - purchased production slightly recovered. The profit of East China ethylene - purchased production was 399 yuan/ton, and that of North China was 549 yuan/ton. Against the backdrop of the cancellation of export tax - rebates, the price difference between ethylene and calcium carbide will widen [54] - The comprehensive profit increased. The comprehensive profit in the Northwest was - 313 yuan/ton, and that in Shandong was - 1,025 yuan/ton. The double - ton price difference was at a historical low, rising to 2,242 yuan/ton [62] Import and Export - From January to December, PVC powder exports increased year - on - year. The annual export volume was 382,300 tons, a 46.05% increase. In December, exports were strong, with an export volume of 31,410 tons, an increase of 3,880 tons from the previous month. The import volume of PVC powder from January to December was 22,660 tons, basically the same as last year [67][68] - From January to December, the cumulative export of PVC flooring was 415,500 tons, a 12.3% decrease year - on - year [73] Related Commodities - Since 2024, real - estate demand has continued to weaken, cement prices have declined, and the production rate has remained low [77] Futures and Spot Analysis - The futures market fluctuated upwards. The 05 contract rose from 4,911 last week to 5,071 [86] - The spread between the 5 - month and 9 - month contracts remained stable at - 117 [86] - The number of registered warehouse receipts was high. On February 2, the number of warehouse receipts was 95,090, a decrease of 5,410 from the previous week [86] PVC Balance Sheet - The balance sheet shows the estimated monthly production, demand, import, and other data from 2026/1 to 2026/12, as well as the year - on - year and cumulative year - on - year changes in production and demand [88]

氯碱日报 | 2026-02-04 液氯价格上涨，氧化铝下调烧碱采购价 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价5071元/吨（+57）；华东基差-291元/吨（-57）;华南基差-201元/吨（-37）。 现货价格：华东电石法报价4780元/吨（+0）；华南电石法报价4870元/吨（+20）。 上游生产利润：兰炭价格735元/吨（+0）；电石价格2930元/吨（+0）；电石利润52元/吨（+0）；PVC电石法生产毛 利-744元/吨（+55）；PVC乙烯法生产毛利21元/吨（+70）；PVC出口利润-12.0美元/吨（-0.4）。 PVC库存与开工：PVC厂内库存29.0万吨（-1.8）；PVC社会库存58.5万吨（+0.8）；PVC电石法开工率79.98%（-0.16%）； PVC乙烯法开工率70.61%（-2.43%）；PVC开工率77.13%（-0.85%）。 下游订单情况：生产企业预售量96.0万吨（+7.6）。 烧碱： 期货价格及基差：SH主力收盘价1969元/吨（-35）；山东32%液碱基差-125元/吨（+13）。 现货价格：山东32%液碱报价590元/吨（-7）；山东5 ...

Core Viewpoint - The company has established a 360,000 tons/year calcium carbide production capacity at its BDO integrated project in Ulanqab, Inner Mongolia, primarily to meet the raw material needs for its first phase of 300,000 tons/year BDO production [1] Group 1 - The BDO integrated project aims for a total scale of 900,000 tons/year BDO production, with a supporting calcium carbide facility of 1,200,000 tons/year [1] - Upon completion, the project is expected to rank among the top in domestic production capacity [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - PVC price is relatively strong. Next week, domestic production is expected to decline further, while some downstream enterprises are having pre - holiday promotions, leading to increased production. Export is expected to remain strong. Considering that some downstream enterprises are starting to take holidays and the price of raw material calcium carbide is falling, the PVC market is expected to maintain a strong trend [3]. - For trading strategies: go long at low prices but do not chase high prices for single - side trading; hold off on arbitrage and over - the - counter trading [3]. 3. Summary by Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategies - **Market outlook**: PVC price is strong. Supply may decline slightly as Fujian Wanhua and Shandong Hengtong are under maintenance. Domestic downstream production is expected to decline, but some large enterprises' pre - holiday promotions boost production. Export remains strong due to cold wave news stimulating foreign inquiries. The price of ethylene in US dollars has limited upward potential, and the calcium carbide market is expected to rise strongly next week [3]. - **Trading strategy**: Single - side trading: low - long, do not chase high; Arbitrage: wait - and - see; Over - the - counter: wait - and - see [3]. 3.2 Fundamental Data - **Core data changes**: This week, PVC prices fluctuated after rising. The spot supply - demand fundamentals were weak, and inventory increased. Supported by positive economic expectations and bullish commodity outlooks, PVC prices rose during the week. The production of PVC enterprises was 48.21 tons, a week - on - week decrease of 1.11% (0.54 tons). The industry inventory was 150.98 tons, a week - on - week increase of 1.82% (2.7 tons). The average weekly trading volume was 1.63 tons, a week - on - week increase of 0.65 tons. The downstream production enterprises' operating rate was 44.86%, a week - on - week increase of 0.95%. The export order volume of PVC production enterprises increased by 1.08% week - on - week to 6.57 tons [4]. - **Supply analysis** - **Enterprise production by process**: Not detailed in the provided content. - **Enterprise pre - sales by process**: Not detailed in the provided content. - **Enterprise capacity utilization by process**: Not detailed in the provided content. - **Raw material source weekly production data difference**: Not detailed in the provided content. - **Maintenance enterprises statistics**: In January, multiple enterprises such as Shandong Dongyue, Wuhai Chemical, and others had maintenance plans, with some due to high - cost reasons and others due to other factors like park influence. In February, Taiwan Formosa Plastics plans to have a two - week maintenance [16]. - **Production enterprise production increase plans**: Multiple enterprises in different provinces have production increase plans with different schedules, such as Zhejiang Jiajiaxingcheng New Materials may start production in the first half of 2026, and Huayi's second - phase project is planned after 2028 [17]. - **Cost analysis** - **Raw material cost historical comparison**: Not detailed in the provided content. - **Raw material gross profit historical comparison**: Not detailed in the provided content. - **Inventory analysis** - **Production enterprise inventory by process/region**: Not detailed in the provided content. - **PVC social inventory/industry inventory**: The social inventory was 117.75 tons, a week - on - week increase of 2.92% [4]. - **Demand analysis - Product enterprise production and inventory**: The downstream product enterprises' production rate increased, and the raw material inventory available days increased by 0.1 days to 13.90 days. Some enterprises made small purchases at low prices and had some pre - holiday stockpiling [4].

电石，是一种无机化合物，化学名称为碳化钙（CaC₂），外观呈灰色、棕黄色、黑色或褐色的块状固 体。 度PVC产能持续扩张 电石市场仍依赖中国供应 从原料角度来看，煤炭、焦炭、石灰石等，是电石生产的主要原材料，其供应情况及市场价格的变化， 会在很大程度上影响着电石产业的发展走向。以煤炭为例，根据IEA统计的数据显示，在2023年，全球 煤炭产量达到90.96亿吨，同比增长3.1%；其中，中国、印尼、印度、澳大利亚、美国、俄罗斯等，为 全球主要的煤炭供应市场。 印度，是全球重要的电石需求市场。根据新思界行业研究中心发布的《2026-2030年印度电石市场深度 调研分析报告》显示，例如在塑料领域，受经济发展、城市化进程加快以及居民生活水平提升等因素的 影响，近年来印度各行业对塑料及其制品的消费需求持续释放，进而带动PVC塑料等细分产业的发展势 头。根据国家统计局发布的数据显示，截至2023年末，印度国内PVC产能达到159.2万吨/年，产量也增 长到了145万吨/年。 而作为PVC的主要上游材料， 电石在印度市场上的应用需求量也相对较大。 印 但就目前来看，印度本土生产的电石数量，与需求量之间仍存在着差距，进而导致 ...