数据来源: Wind、Mysteel、广发期货研究所。请仔细阅读报告尾端免责声明。历史分位数:根据各品种近五年的基差水平排序 免责声明 | 1.63% | 折算价:72硅铁合格块:内蒙-天津仓单 | 硅铁 (SF603) | 66.70% | 5478 | 5390 | 88 | 2.56% | 144 | 5770 | 52.20% | 折算价:6517硅锰:内蒙-湖北仓单 | 硅罐 (SM601) | 5626 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 4.75% | 147 | 3240 | 62.00% | HRB40020mm:上海 | 螺纹钢 (RB2601) | 3093 | Q235B: 4.75mm: 上海 | -3 | -0.09% | 热卷(HC2601) | 3290 | 3293 | 17.00% | | | | | | 7.56% | 铁矿石 (12601) | 60 | 折算价:6 ...

全球与中国按钮式玻璃纤维外壳市场竞争格局及投资商机分析报告2025-2031年 -*-*-*-中-*-赢-*-信-*-合-*-研-*-究-*-网-*-*-*-* 【出版机构】：中赢信合研究网 【内容有删减·详细可参中赢信合研究网出版完整信息！】 报告目录 1 按钮式玻璃纤维外壳市场概述 1.1 产品定义及统计范围 1.2 按照不同产品类型，按钮式玻璃纤维外壳主要可以分为如下几个类别 1.2.1 全球不同产品类型按钮式玻璃纤维外壳销售额增长趋势2018 VS 2025 VS 2031 1.2.2 玻璃纤维增强聚酯 1.2.3 聚氯乙烯 1.3 从不同应用，按钮式玻璃纤维外壳主要包括如下几个方面 1.3.1 全球不同应用按钮式玻璃纤维外壳销售额增长趋势2018 VS 2025 VS 2031 1.3.2 化工 1.4 按钮式玻璃纤维外壳行业背景、发展历史、现状及趋势 1.3.3 采矿业 1.3.4 其他 1.4.1 按钮式玻璃纤维外壳行业目前现状分析 1.4.2 按钮式玻璃纤维外壳发展趋势 2 全球按钮式玻璃纤维外壳总体规模分析 2.1 全球按钮式玻璃纤维外壳供需现状及预测（2018-2031） 2.1.1 全球 ...

截至发稿，邓凯成累计任职时间2年324天，现任基金资产总规模4.61亿元，任职期间最佳基金回报 18.44%， 任职期间最差基金回报-5.09%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月27日，三友化工涨5.05%，截至发稿，报6.24元/股，成交2.32亿元，换手率1.85%，总市值128.82亿 元。 资料显示，唐山三友化工股份有限公司位于河北省唐山市南堡开发区三友办公大楼，成立日期1999年12 月28日，上市日期2003年6月18日，公司主营业务涉及从事粘胶短纤维、纯碱、烧碱、聚氯乙烯、混合 甲基环硅氧烷等系列产品的生产、销售。主营业务收入构成为：粘胶短纤维52.17%，纯碱21.47%，聚 氯乙烯树脂10.39%，烧碱7.68%，其他产品6.79%，蒸汽5.74%，二甲基硅氧烷混合环体4.62%，石灰石 2.72%，其他(补充)2.23%，电1.36%，高温胶1.36%，室温胶0.82%。 从基金十大重仓股角度 数据显示，民生加银基金旗下1只基金 ...

Oil Market - Oil prices increased on Wednesday, with WTI January contract closing at $58.65 per barrel, up $0.70, a rise of 1.21% [1] - Brent January contract closed at $63.13 per barrel, up $0.65, a rise of 1.04% [1] - EIA reported an increase in U.S. crude oil, gasoline, and distillate inventories, with crude oil inventory rising by 2.774 million barrels to 426.929 million barrels as of November 21 [1] - Baker Hughes reported a decrease in the number of active oil and gas rigs in the U.S., with a total rig count down by 10 to 544, the lowest since September [1] Fuel Oil - The main contract for fuel oil on the Shanghai Futures Exchange fell by 0.16% to 2447 yuan/ton, while low-sulfur fuel oil rose by 0.33% to 3013 yuan/ton [2] - China's bonded marine fuel oil imports in October were 518,800 tons, down 4.53% month-on-month and down 23.19% year-on-year [2] - High-sulfur fuel oil market remains supported by strong downstream demand from marine fuel and refineries [2] Asphalt - The main asphalt contract on the Shanghai Futures Exchange fell by 1.02% to 3019 yuan/ton [2] - Domestic asphalt production plans for December are around 2.23 million tons, a decrease of 20,000 tons month-on-month [2] - Current asphalt prices are stable around 3000 yuan/ton, with expectations of continued loose supply-demand dynamics [2] Rubber - The main rubber contract on the Shanghai Futures Exchange rose by 70 yuan/ton to 15195 yuan/ton [3] - Supply and demand are weak due to reduced tire production and adverse weather conditions affecting rubber production [3] - The cancellation of warehouse receipts has led to a record low in warehouse receipts, indicating potential support for rubber prices [3] PX, PTA, and MEG - TA601 closed at 4684 yuan/ton, up 0.6%, while EG2601 closed at 3896 yuan/ton, up 0.59% [4] - PX futures closed at 6774 yuan/ton, up 0.83%, with spot prices at $829 per ton [4] - PTA supply is expected to decrease, while downstream polyester production is anticipated to increase [5] Methanol - Methanol prices are showing strength, with Taicang spot prices at 2088 yuan/ton [6] - Domestic supply remains high, but Iranian plant shutdowns may lead to a significant drop in imports in December [6] - The market is expected to see a rebound in methanol prices, but with an upper limit due to weak downstream polyethylene prices [6] Polyolefins - Polypropylene prices are under pressure with production margins negative for various production methods [7] - High supply levels are expected to continue, while demand is marginally weakening [7] - The market is transitioning to a supply strong and demand weak scenario, with inventory pressures increasing [7] PVC - PVC prices are adjusting downwards in various regions, with supply remaining high and demand slowing due to a slowdown in real estate construction [8] - The market is expected to stabilize at lower levels, with potential for bottoming out due to reduced export barriers [8] Urea - Urea futures prices increased by 1.29% to 1654 yuan/ton, with strong demand reflected in high sales rates in several regions [9] - Domestic supply remains high, with production levels stable and no signs of reduced output [9] - International market dynamics, particularly from India, may impact future pricing [9] Soda Ash - Soda ash futures prices remained stable at 1175 yuan/ton, with positive market sentiment driving demand [10] - Supply levels are stable, but future pressures may arise from new production capacities [10] - The market is expected to continue its low-level wide fluctuations [10] Glass - Glass futures prices rose by 1.87% to 1037 yuan/ton, with the market showing signs of recovery [11] - Demand is improving, with production rates in key regions exceeding 100% [11] - The market sentiment is cautiously optimistic, with potential for further price increases if demand continues to strengthen [11]

Economic Development - Jiang'an County's GDP surpassed 20 billion yuan in 2021 and is projected to reach 23.183 billion yuan in 2024, ranking first among counties in Yibin City [4][5] - The county aims to become a leader in county-level economic development, focusing on a new pattern of synchronized urban-rural development [5] Industrial Growth - Jiang'an Economic Development Zone has successfully established itself as a provincial-level economic and chemical park, becoming a core area for the development of a 100 billion yuan power battery industry cluster [6] - The industrial output value of the zone reached 18.938 billion yuan in 2023, accounting for nearly one-quarter of the county's GDP, with industrial tax revenue exceeding 1.27 billion yuan, representing over 60% of the county's total tax revenue [6] Agricultural Modernization - The county has built a 5,500-acre seed industry demonstration park and facilitated the establishment of 30,000 acres of seed production bases, leading to a total agricultural output value exceeding 6.5 billion yuan in 2024 [7][8] - Jiang'an County has established the largest eel farming base in the province and created several modern agricultural parks, enhancing its agricultural profile [8] Service Sector Enhancement - The county's retail sales of consumer goods are expected to reach 10.944 billion yuan in 2024, with the tertiary industry contributing 12.166 billion yuan, accounting for 52.5% of GDP [9] - New business models, such as cross-border e-commerce, have emerged, with a local company securing over 4 million yuan in high-end custom orders [9] Future Outlook - Jiang'an County plans to strengthen its industrial base and optimize its industrial layout, focusing on energy and chemical industries while promoting traditional industry upgrades [10][11] - The county aims to enhance agricultural quality and promote rural revitalization, as well as deepen the integration of culture and tourism to build a modern service industry system [11]

1. Report Industry Investment Rating - All the energy and chemical products in the report are rated as "volatile", including crude oil, fuel oil, asphalt, polyester, natural rubber, methanol, polyolefins, and polyvinyl chloride [1][2][4][5][6] 2. Core Views of the Report - **Crude Oil**: The potential easing of the Russia-Ukraine conflict and the increasing probability of an interest rate cut in December have driven up oil prices, but there are still uncertainties, so short - term oil prices will continue to fluctuate [1] - **Fuel Oil**: The spot supply is relatively sufficient in the short term, but the arrival volume in December may tighten. The high - sulfur market is strongly supported by demand, and the absolute prices of FU and LU are temporarily weak [2] - **Asphalt**: The current spot market still exerts pressure on the futures market. The social inventory is about 15% higher than the same period in previous years, and the downstream demand continues to weaken. The market is expected to be in a loose supply - demand pattern, and the price will fluctuate at a low level [2] - **Polyester**: The production and sales of polyester yarn in Jiangsu and Zhejiang are weak. The PX fundamentals have strong expectations but weak reality, and the near - month price is under pressure. The PTA supply reduction exceeds expectations, and the price will follow the raw material price. The ethylene glycol price is expected to fluctuate at a low level [2][4] - **Natural Rubber**: The supply and demand are both weak. After the concentrated cancellation of natural rubber warehouse receipts, the virtual - to - physical ratio of the 01 contract increases. The futures price is expected to be supported [4] - **Methanol**: Iranian device shutdowns will lead to a significant decline in arrivals from mid - December to January. The port inventory is likely to enter a destocking phase, driving the methanol price to rebound, but there is an upper limit, and it is expected to fluctuate strongly in the short term [5] - **Polyolefins**: The supply will remain high, and the downstream demand will weaken. The market will gradually shift to a situation of strong supply and weak demand, but the price is expected to bottom - out and fluctuate [5] - **Polyvinyl Chloride**: The supply remains high, and the domestic demand slows down. The fundamental driving force is weak, but the price may bottom - out and fluctuate, and short - term attention can be paid to the 1 - 5 positive spread strategy [6] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Monday, WTI January contract rose $0.78 to $58.84 per barrel, a 1.34% increase; Brent January contract rose $0.81 to $63.37 per barrel, a 1.29% increase; SC2601 closed at 449.4 yuan per barrel, up 4.2 yuan per barrel, a 0.94% increase. The US proposed a 28 - point new plan to end the Russia - Ukraine conflict. The Fed may cut interest rates by 25 basis points in December. From January to October 2025, Kazakhstan's crude oil and condensate production increased by 14.3% year - on - year to 83.614 million tons [1] - **Fuel Oil**: On Monday, the main contract of fuel oil on the Shanghai Futures Exchange, FU2601, fell 0.67% to 2512 yuan per ton; the main contract of low - sulfur fuel oil, LU2601, fell 2.44% to 3041 yuan per ton. Singapore's low - sulfur fuel oil arrivals from the Western market in November are expected to be 2.9 - 3 million tons, higher than 2.5 - 2.6 million tons in October [2] - **Asphalt**: On Monday, the main contract of asphalt on the Shanghai Futures Exchange, BU2601, rose 0.82% to 3060 yuan per ton. The current spot market still pressures the futures market, and the refineries are still releasing a large number of low - price contracts. The social inventory is about 15% higher than the same period in previous years [2] - **Polyester**: TA601 closed at 4680 yuan per ton on Monday, up 0.3%; EG2601 closed at 3884 yuan per ton, up 2%. The production and sales of polyester yarn in Jiangsu and Zhejiang are weak, with an average production and sales rate of 40% - 50%. The MEG port inventory in the East China main port area on November 24 was about 732,000 tons, unchanged from the previous period [2] - **Natural Rubber**: On Monday, the main contract of Shanghai rubber, RU2601, rose 80 yuan per ton to 15,320 yuan per ton; the main contract of NR fell 10 yuan per ton to 12,275 yuan per ton; the main contract of butadiene rubber, BR, rose 10 yuan per ton to 10,395 yuan per ton. From November 16 to 21, the natural rubber inventory in the Qingdao Free Trade Zone increased by 0.48 million tons to 74,100 tons, a 6.93% increase [4] - **Methanol**: On Monday, the spot price in Taicang was 2053 yuan per ton, the price in Inner Mongolia's northern line was 1987.5 yuan per ton. The domestic device operation is stable, and the supply has returned to a high level. Iranian devices have stopped due to gas restrictions, and there are still plans to stop in the future [5] - **Polyolefins**: On Monday, the mainstream price of East China drawn wire was 6300 - 6500 yuan per ton. The supply will remain high, and the downstream demand will weaken [5] - **Polyvinyl Chloride**: On Monday, the price in the East China PVC market was adjusted strongly, and the price in the North China market was raised. The supply remains high, and the domestic real - estate construction will gradually slow down [6] 3.2 Daily Data Monitoring - It shows the spot price, futures price, basis, basis rate, and their changes of various energy and chemical products on November 24 and 21, including crude oil, liquefied petroleum gas, asphalt, high - sulfur fuel oil, low - sulfur fuel oil, methanol, etc. [7] 3.3 Market News - A preliminary survey shows that US crude oil, distillate, and gasoline inventories are expected to increase last week. As of the week of November 21, US crude oil inventory is expected to increase by about 650,000 barrels. Fed Governor Waller said that the US employment market is still weak, which may prompt the Fed to cut interest rates by 25 basis points at the December 9 - 10 meeting [10] 3.4 Chart Analysis - **4.1 Main Contract Prices**: It includes the closing price charts of main contracts of various energy and chemical products from 2021 to 2025, such as crude oil, fuel oil, low - sulfur fuel oil, asphalt, etc. [12][13][14][15][17][18][20][21][22][23][24][25][26][28] - **4.2 Main Contract Basis**: It shows the basis charts of main contracts of various energy and chemical products from 2021 to 2025, such as crude oil, fuel oil, low - sulfur fuel oil, etc. [29][31][32][33][35][37][39] - **4.3 Inter - period Contract Spreads**: It includes the spread charts of different contracts of various energy and chemical products, such as fuel oil, asphalt, PTA, etc. [41][42][43][44][47][48][50][51][52][53][54][55][56][57] - **4.4 Inter - variety Spreads**: It shows the spread charts between different varieties of energy and chemical products, such as crude oil internal and external markets, fuel oil high - and low - sulfur spreads, etc. [58][59][61][62][63][65][69] - **4.5 Production Profits**: It includes the production profit charts of LLDPE and PP [66][67] 3.5 Team Member Introduction - It introduces the members of the Everbright Futures energy and chemical research team, including their positions, educational backgrounds, honors, research areas, and professional qualifications [71][72][73][74]

能源化工期权 2025-11-25 能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | -- ...

来源：中国新闻网 编辑：万可义 广告等商务合作，请点击这里 中新社西宁11月24日电 (记者 孙睿)青海省商务厅24日发布数据显示，今年前三个季度，青海省开行国 际货运班列达151列，创历史新高。 该省国际货运班列线路覆盖东南亚、中亚、南亚及欧洲方向的10个国家16个城市，逐步构建起多向延 伸、畅通高效的国际物流通道，有力保障了纯碱、聚氯乙烯、石棉等重点进出口商品的供应链畅通，为 青海省拓展对外开放空间提供了支撑。 据悉，近年来，青海省商务厅与中国铁路青藏集团有限公司持续深化战略协作，紧密围绕青海省外向型 经济发展需求，合力推动国际货运班列扩量提质、稳定运行。同时针对锂电池出口，双方推动青海弗迪 电池有限公司完成锂电池铁路安全运输测试及专用线选址，协调定制专用集装箱，为新能源产品出口开 辟铁路新通道。 青海省商务厅表示，后期将共同推动锂电池面向中亚、欧洲方向的铁路运输通道的畅通。 另据统计显示，青海省自2016年以来，逐步实现常态化开行国际货运班列，累计开行班列580列。(完) 青海今年前三季度国际货运班列开行量创新高 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不 ...

Core Viewpoint - The National Bureau of Statistics reported a 1.7% decrease in the price of live pigs (external three yuan) in mid-November compared to early November 2025, indicating a trend in the livestock market [1]. Price Changes Summary 1. General Price Trends - In mid-November 2025, 30 products saw price increases, while 17 experienced declines, and 3 remained stable compared to early November [1]. 2. Key Product Price Changes - **Black Metals**: - Rebar (Φ20mm, HRB400E) rose by 20.5 CNY to 3139.0 CNY, a 0.7% increase [2]. - Ordinary medium plate (20mm, Q235) fell by 18.1 CNY to 3393.7 CNY, a 0.5% decrease [2]. - **Non-ferrous Metals**: - Electrolytic copper (1) increased by 427.1 CNY to 86636.3 CNY, a 0.5% rise [2]. - Zinc ingot (0) decreased by 32.9 CNY to 22483.8 CNY, a 0.1% drop [2]. - **Chemical Products**: - Sulfuric acid (98%) surged by 81.6 CNY to 866.9 CNY, a 10.4% increase [2]. - Caustic soda (liquid, 32%) dropped by 12.1 CNY to 846.0 CNY, a 1.4% decrease [2]. - **Energy Products**: - Liquefied natural gas (LNG) fell by 55.8 CNY to 4268.1 CNY, a 1.3% decrease [2]. - Gasoline (95 National VI) rose by 50.3 CNY to 8050.6 CNY, a 0.6% increase [2]. - **Agricultural Products**: - Live pigs (external three yuan) decreased by 0.2 CNY to 11.6 CNY/kg, a 1.7% decline [3]. - Corn (yellow corn, second grade) increased by 22.2 CNY to 2168.1 CNY, a 1.0% rise [3]. 3. Agricultural Production Materials - Urea (medium and small particles) increased by 28.1 CNY to 1647.9 CNY, a 1.7% rise [3]. - Compound fertilizer (potassium sulfate compound fertilizer, nitrogen, phosphorus, and potassium content 45%) rose by 67.3 CNY to 3216.0 CNY, a 2.1% increase [3]. 4. Forest Products - Natural rubber (standard rubber SCRWF) surged by 323.6 CNY to 14800.0 CNY, a 22% increase [3]. - Pulp (imported needle pulp) rose by 52.4 CNY to 5572.4 CNY, remaining stable [3].

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories shows a mixed trend, with 30 products experiencing price increases, 17 seeing declines, and 3 remaining stable in mid-November 2025 compared to early November 2025 [2][3]. Group 1: Price Changes in Major Categories - In the black metal category, rebar prices increased by 20.5 yuan per ton (0.7%), while ordinary medium plates decreased by 18.1 yuan per ton (-0.5%) [4]. - In the non-ferrous metals category, electrolytic copper rose by 427.1 yuan per ton (0.5%), while zinc ingots fell by 32.9 yuan per ton (-0.1%) [4]. - Chemical products saw significant price fluctuations, with sulfuric acid increasing by 81.6 yuan per ton (10.4%) and methanol decreasing by 35.9 yuan per ton (-1.7%) [4]. Group 2: Energy and Coal Prices - In the petroleum and natural gas sector, liquefied natural gas prices dropped by 55.8 yuan per ton (-1.3%), while gasoline prices increased by 50.3 yuan per ton (0.6%) [4]. - Coal prices showed an upward trend, with ordinary mixed coal increasing by 30.5 yuan per ton (5.0%) and Shanxi premium mixed coal rising by 33.6 yuan per ton (4.2%) [4]. Group 3: Agricultural Products and Inputs - Among agricultural products, corn prices rose by 22.2 yuan per ton (1.0%), while cotton prices fell by 37.0 yuan per ton (-0.3%) [5]. - In agricultural production materials, urea prices increased by 28.1 yuan per ton (1.7%), and compound fertilizer prices rose by 67.3 yuan per ton (2.1%) [5]. Group 4: Monitoring Methodology - The price monitoring encompasses a wide range of products across 31 provinces, involving over 2000 wholesalers and dealers, ensuring comprehensive coverage of the market [8][9]. - The methodology includes on-site price collection, telephone inquiries, and electronic communications to ensure accurate data [9].