【烯烃-聚烯烃】 丙烯期货主力合约日内高开下行小幅收跌。基本面上,丙烯需求跟进良好,生产企业出货较为顺畅,部分企业 实单竞拍溢价情况犹存,市场成交气氛保持。 塑料和聚丙烯期货主力合约日内震荡整理。聚乙烯方面，市场情绪维持偏强，下游工厂入市补库，生产企业部 分上调出厂价,市场价格重心维持上移,低价成交尚可。聚丙烯方面,石化报盘积极跟涨,因前期石化积极预 售,当前可售现货资源不多,叠加拉丝标品供应持续收紧,商家报盘锁利,加之下游工厂存刚需补库预期,价 格获得一定支撑。 【纯苯-苯乙烯】 统苯期货主力合约小幅回落，山东市场成交转弱。进口量充足延续，江苏港口库存持续累积。国内供应有所增 加，下游需求小幅提升。短期纯苯预计延续震荡运行,关注地缘风险犹动；远月统苯预计减产，去库预期下, 中线考虑逢低介入月差正套。 苯乙烯期货主力合约继续在半年线压制下横盘整理,短期缺乏方向指引。基本面上,下游随行就市,现货采购 按需,整体表现良好,出口2月商谈仍在继续。苯乙烯生产企业产销平稳,合约出货稳定,库存继续下降。但原 料纯苯继续累库,成本弱势对苯乙烯反弹形成压制。基本面多空博弈价格延续整理。 本报告版权属于国投期货有限公司 不可作 ...

预计维稳；己内酰胺少量装置恢复，整体开工率预计变化不大；苯酚、苯胺、己二酸部分检修装置计划重 助理研究员: 徐天泽 期货从业资格号F03133092 启。成本方面，地缘局势暂无新的激化信号，市场担心原油中长期供应过剩，昨日国际油价下跌。短期BZ2 免责声明 603预计震荡走势，区间预计在5350-5520附近。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 纯苯产业日报 2026-01-07 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:纯苯(日,元/吨) | 5464 | 31 主力结算价:纯苯(日,元/吨) | ...

【烯烃-聚烯烃】 丙烯期货主力合约日内上行收涨。基本面上，业者入市积极性回升,提振整体交投气氛。企业库存持续低位, 报盘窄幅探涨为主。竞拍溢价幅度扩大，高端放量亦有增加，带动成交重心走高。 塑料和聚丙烯期货主力合约日内上行收涨。聚乙烯方面，节后市场宏观面回暖，业者心态向好，叠加成本支撑 增强、市场流通货源缩减等因素，场内成交氛围明显升温。聚丙烯方面，石化厂价稳中上调对现货市场货源成 本形成支撑,叠加中上游企业交付前期预售货源,市场现货流通压力暂可控,中间商报盘编暖调整为主。但下 游工厂心态谨慎,市场成交侧重商谈。 【纯苯-苯乙烯】 纯苯期货主力合约震荡调整,华东现货价格小幅反弹。进口量高位,港口高库存持续压制市场;加氢苯产量提 升，供应有所回升，下游苯乙烯降负。短期纯苯受油价犹动;上半年去库预期下，中线考虑逢低介入月差正 套。 | /// > 国投期货 | | | | 化工日报 | | --- | --- | --- | --- | --- | | | | 操作评级 | | 2026年01月06日 | | 尿素 | ★☆☆ | 甲醇 | ★☆☆ | 庞春艳 首席分析师 | | 纯菜 | 女女女 | 苯乙烯 | ...

每经AI快讯，1月5日，国内期货主力合约涨跌不一，钯涨超9%，铂涨超6%，碳酸锂涨超5%，铝 合金涨超4%，沥青、沪铝涨超3%，沪锌、苹果、沪锡、国际铜、沪铜涨超2%。跌幅方面，烧碱跌超 3%，SC原油跌超2%，焦炭、乙二醇、硅铁、纯苯、低硫燃料油、棕榈油跌超1%。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

从资金规模突破2万亿元大关的历史性跨越，到业务模式挣脱路径依赖的创新性转型；从行 业生态告别同质化内卷的价值重塑，到对外开放融入全球体系的格局拓展……期货业发展的 脉络清晰可循。在此背景下，证券时报·券商中国记者特别梳理十大关键词，以此解码行业 发展的密码、勾勒行业升级的全貌。 2万亿元 2025年，中国期货市场迎来里程碑式突破，资金总量与客户权益相继突破2万亿元大关，创 出历史新高。 继2025年10月9日期货市场资金总量突破2万亿元之后，12月8日，期货公司客户权益突破2 万亿元，较2024年底增幅超30%。其中，特殊法人客户权益稳步增长，在各类特法客户中， 保险机构权益增幅最为显著，较2024年底增幅约两倍。期货市场交易活跃度也同步提升， 2025年前11个月全国期货市场累计成交量81.17亿手、成交额675.45万亿元，同比分别增长 14.74%和20.19%，有色金属、能源化工等产业相关品种成交增速尤为突出。 广发期货董事长周伟指出，2025年，期货市场资金总量、客户权益先后突破2万亿元，背后 是期货品种体系完善、企业避险需求增长、中长期资金入市等因素的综合推动。伴随着总量 跃升和结构优化，期货市场 ...

时序轮转，华章日新。2025年的中国期货市场与期货业，在改革深化的浪潮中踏浪前行，于高质量发展的 赛道上纵深突破。 从资金规模突破2万亿元大关的历史性跨越，到业务模式挣脱路径依赖的创新性转型；从行业生态告别同质化 内卷的价值重塑，到对外开放融入全球体系的格局拓展……期货业发展的脉络清晰可循。在此背景下，券商中 国记者特别梳理十大关键词，以此解码行业发展的密码、勾勒行业升级的全貌。 2万亿元 2025年，中国期货市场迎来里程碑式突破，资金总量与客户权益相继突破2万亿元大关，创出历史新高。 继2025年10月9日期货市场资金总量突破2万亿元之后，12月8日，期货公司客户权益突破2万亿元，较2024年底 增幅超30%。其中，特殊法人客户权益稳步增长，在各类特法客户中，保险机构权益增幅最为显著，较2024年 底增幅约两倍。期货市场交易活跃度也同步提升，2025年前11个月全国期货市场累计成交量81.17亿手、成交 额675.45万亿元，同比分别增长14.74%和20.19%，有色金属、能源化工等产业相关品种成交增速尤为突出。 广发期货董事长周伟指出，2025年，期货市场资金总量、客户权益先后突破2万亿元，背后是期货品 ...

| 《八》 国控期货 | | | | 化工日报 | | --- | --- | --- | --- | --- | | | | 操作评级 | | 2025年12月31日 | | 丙烯 | 文☆☆ 聚丙烯 | | 女女女 | 庞春艳 首席分析师 | | 租料 | 女女女 | 纯苯 | な女女 | F3011557 Z0011355 | | 苯乙烯 | ななな | PX | ☆☆☆ | | | PTA | ななな | 乙二醇 | な☆☆ | 牛卉 高级分析师 | | 短纤 | なな女 | 瓶片 | な☆☆ | F3003295 Z0011425 | | 甲醇 | ★☆☆ | 尿素 | ☆☆☆ | 周小燕 高级分析师 | | PVC | なな女 | 烧碱 | 女女女 | F03089068 Z0016691 | | 筑碱 | 文文文 玻璃 | | 女女女 | | | | | | | 王雪忆 分析师 | | | | | | F03125010 Z0023574 | | | | | | 010-58747784 | | | | | | gtaxinstitute@essence.com.cn | 【烯烃-聚烯烃】 丙烯 ...

纯苯市场周报 研究员：林静宜 添加客服 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 瑞达期货研究院 「2025.12.31」 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：本周纯苯期货在区间5450-5630宽幅震荡。截至12月31日，BZ2603报收于5463元/吨，较上周收盘价 下跌0.49%；华东纯苯现货价在5345元/吨，主力基差在-118元/吨。 基本面：供应端，上周石油苯开工率环比-0.05%至74.89%，加氢苯开工率环比+2.94%至59.83%，国内纯 苯产量窄幅上升。需求端，上周纯苯下游开工率普遍上涨，其中苯乙烯开工率环比+1.57%至70.7%，己内 酰胺开工率环比+4.84%至74.04%，苯酚开工率环比+3.22%至78.15%，苯胺开工率环比+1.63%至62.98%， 己二酸开工率环比+4%至63.6%。上周纯苯下游加权开工率环比+2.59%至71.07%。库存方面，本周纯苯华 东港口库存环比+ ...

【核心逻辑】海外方面，美国 GDP 数据数据公布，三季度 GDP 超预期增长 4.3%，创两年 最快增速，整体表现相对强劲，在一定程度上打击了降息预期。美国就业市场回温，上周 首申 21.4 万人，较前值小幅回落，整体数据显示劳动力市场仍具韧性。在缺乏新催化剂、 流动性偏紧的背景下，美联储会议纪要未能提振美股。接下来重点关注特朗普公布的下任 美联储主席人选情况。国内方面，政治局会议与中央经济工作会议延续"稳中求进"总基调， 继续实施更加积极的财政政策和适度宽松的货币政策；明年重点工作以扩大内需为首要任 务，核心在于推进城乡居民增收与释放服务消费潜力，同时依托创新推动新旧动能转换。 而 11 月经济数据显示工业生产韧性尚存，社会消费品零售同比增速降至 1.3%，内需表现 偏弱，仍需政策托底。关注国内 PMI 数据公布情况。 人民币汇率：7 关口迎终局检验 【行情回顾】前一交易日，在岸人民币对美元 16:30 收盘报 6.9901，较上一交易日上涨 197 个基点，创 2023 年 5 月以来新高，夜盘收报 6.9940。在岸、离岸人民币对美元一度 均升破 6.99 关口。人民币对美元中间价报 7.0348，较上 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - In the stock index strategy, some institutions have pre - started the Spring Market. With the growth of aerospace, satellite, robot, and battery sectors, the growth - style CSI 500 and CSI 1000 indices have strengthened. After the New Year, funds are expected to enter the market, and it is advisable to establish long positions in stock index futures and buy out - of - the - money long - term call options on the CSI 1000 index before the New Year's Day. For the treasury bond strategy, it is recommended to conduct band operations in the volatile pattern. In the precious metals market, due to increased short - term fluctuations, it is necessary to adjust positions and control risks. For various agricultural, livestock, energy - chemical, black - building materials, and non - ferrous metal products, corresponding trading strategies and risk - avoidance measures are provided according to their respective market conditions [4][5][6] 3. Summary by Relevant Catalogs Stock Index - Some institutions have pre - started the Spring Market. The CSI 500 and CSI 1000 indices in the growth style have strengthened. After the New Year, funds are expected to enter the market from corporate to household and then to securities accounts. It is advisable to establish long positions in stock index futures with growth - related indices as the main targets before New Year's Day and buy out - of - the - money long - term call options on the CSI 1000 index [4] Treasury Bond - The fourth - quarter macroeconomic data shows that stabilizing growth remains the policy focus. The central bank will adjust the intensity, rhythm, and timing of monetary policy. Treasury bond futures maintained a volatile pattern in December and are expected to continue after the New Year [9] Precious Metals - The market's expectation of the Fed's interest rate cut in January next year is below 20%. The CME Group raised the performance margin for gold, silver, and other metal futures, triggering a short - term sharp correction in precious metals. It is necessary to adjust positions and control risks [13] Agricultural and Livestock Products Three Oils and Two Meals - Hold existing long positions in the 2605 contracts of soybean oil, palm oil, and rapeseed oil, but do not chase the high. Be wary of the potential negative impact of the increase in Malaysian palm oil inventory after the festival. Hold long positions in the two meals at low levels. Provide support and resistance levels for each contract [16][21] Sugar and Jujube - For sugar, the domestic sugar market is currently dull. During the festival, focus on the trend of ICE raw sugar. It is advisable to wait and see, and reduce long positions or buy out - of - the - money put options. For jujube, there are still insufficient positive factors in the medium - to - long - term, and it is recommended to reduce long positions or use options for hedging [24] Cotton, Apple, and Log - Cotton may adjust in the short term, but the bottom support is strong. Apple's futures price is likely to remain in a high - level range - bound due to the structural contradiction of low inventory and low high - quality fruit rate. Logs are expected to maintain a low - level range - bound, and it is recommended to conduct range operations and pay attention to capital trends [17][26][27] Corn, Pig, and Egg - For corn, it is recommended to take profits on previous long positions and hold a light or empty position during the festival. Pig prices are seasonally strong in the short term, and it is necessary to manage positions during the festival. Egg prices are oscillating strongly in the short term, and it is necessary to pay attention to the scale of chicken culling in January and manage positions during the festival [18][29][30][32] Energy and Chemical Products Crude Oil - The EIA inventory increased. Geopolitical tensions between the US and Venezuela are rising. The market believes that there is a chance for the Russia - Ukraine situation to ease, and there are concerns about long - term oversupply. It is recommended to hold a light position and be wary of the escalation of geopolitical risks [38] Lithium Carbonate - Some positive material factories are jointly overhauling, but the production of some links is decreasing. The non - ferrous and precious metals sector has corrected before the festival, and the exchange has introduced restrictive measures. It is necessary to pay attention to position management and the support level of 115,000 yuan/ton [40] Methanol - The port inventory is high, but the port market is stronger than the inland market. Iranian methanol production has decreased, and the import volume is expected to decline significantly in mid - to - late January. The main contract has strong support below and is limited by polyolefin prices above. It is recommended to continue holding long positions and pay attention to port inventory reduction and Iranian plant operations [43] Urea - The inventory pressure of upstream factories has been relieved. Some urea plants are reducing production due to environmental protection. The spring plowing season is coming. The short - term price is slightly strong, and it is recommended to hold long positions cautiously [46] Bottle Chips - The production and supply of bottle chips have changed little, and downstream demand is gradually improving. The short - term price fluctuates with raw materials, and it is advisable to take a bullish view. Be wary of significant fluctuations in crude oil during the festival [48] Pure Benzene - The arbitrage window between Asia and America has opened, and the port is slightly accumulating inventory, but the speed has slowed down. The downstream demand has declined, and the short - term price is in a wide - range oscillation. It is recommended to take a bullish view on dips and pay attention to port arrivals and the transaction price in the US dollar pure - benzene market. Be wary of significant fluctuations in crude oil during the festival [51] Rubber System - For natural rubber, the upward momentum has weakened, the port inventory is accumulating, and some downstream tire enterprises have maintenance plans. It is recommended to reduce long positions or use options for hedging. For synthetic rubber, the price of upstream raw materials has risen, and the cost is supportive. It is recommended to take partial profits on long positions or use options for hedging [54] Black and Building Materials Steel - The supply and demand of the five major steel products have decreased, the inventory is being depleted, and the winter storage market has not started yet. The inventory may accumulate later. The market is expected to be volatile during the festival. It is recommended to hold a light or empty position [61] Iron Ore - The fundamentals are expected to change little during the festival. The daily average pig iron production has increased slightly, the arrival volume has decreased, and the shipping volume has increased seasonally. The short - term trend is expected to be volatile. Pay attention to the shipping situation of foreign mines. It is recommended to hold a light or empty position [64] Coking Coal and Coke - The coal mine production is stable, and the import volume is high. The downstream steel mill profitability has stopped falling, and the pig iron production has stabilized. The traditional winter storage demand is not obvious, but the rigid demand before the Spring Festival may support the price. The fourth round of coke price cuts may be implemented on January 1. The double - coke market is expected to be range - bound before and after the festival, and it is not recommended to chase short positions [67] Ferroalloys - The supply of manganese silicon is relatively loose, and the supply of silicon iron is in a tight - balance state. Due to the winter storage expectation, the double - silicon may have a concentrated replenishment after the festival. The market sentiment is positive, and the market performance is strong. It is recommended to hold a light position and not hold short positions during the festival [72] Non - Ferrous Metals Copper - The Shanghai copper main contract is near the technical resistance level and close to the overbought state. Combined with year - end capital repatriation and profit - taking, short - term fluctuations will intensify [74][79] Aluminum - Shanghai aluminum is in a game between cost support and inventory pressure. It has no basis for a deep decline but lacks demand - driven upward momentum. It is not advisable to chase short positions or hold heavy long positions before the festival [75][81] Alumina - The alumina price is in a historical low range, but lacks clear demand - driven rebound momentum. It is not advisable to chase short positions or hold heavy long positions before the festival. After the festival, pay attention to the downstream resumption rhythm and inventory depletion speed [76][85] Caustic Soda - The current price is at a historical low. It is not recommended to chase short positions unilaterally. Pay attention to the maintenance announcements of chlor - alkali enterprises in Shandong and Jiangsu and the procurement dynamics of alumina factories before the festival [76][89]