截至6月30日，荣盛石化股东户数8.59万，较上期减少2.39%；人均流通股110611股，较上期增加 2.45%。2025年1月-6月，荣盛石化实现营业收入1486.29亿元，同比减少7.83%；归母净利润6.02亿元， 同比减少29.82%。 分红方面，荣盛石化A股上市后累计派现94.00亿元。近三年，累计派现33.91亿元。 9月30日，荣盛石化（维权）涨0.84%，成交额2.36亿元。两融数据显示，当日荣盛石化获融资买入额 2291.44万元，融资偿还3464.91万元，融资净买入-1173.47万元。截至9月30日，荣盛石化融资融券余额 合计13.80亿元。 融资方面，荣盛石化当日融资买入2291.44万元。当前融资余额13.74亿元，占流通市值的1.43%，融资 余额低于近一年10%分位水平，处于低位。 融券方面，荣盛石化9月30日融券偿还4.03万股，融券卖出600.00股，按当日收盘价计算，卖出金额 5790.00元；融券余量63.06万股，融券余额608.53万元，超过近一年90%分位水平，处于高位。 资料显示，荣盛石化股份有限公司位于浙江省杭州市萧山区金城路358号蓝爵国际写字楼，成立日期 ...

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the documents. 2. Report Core Views Pure Benzene - Styrene - Pure benzene supply is expected to remain high due to upcoming restarts and new capacity, while demand is weak as most downstream products are in the red and some downstream plants plan to cut production. The price driver is weak, and BZ2603 is expected to fluctuate with styrene and oil prices [1]. - Styrene supply is expected to increase with new plant startups and restarts, but demand support may be limited as some downstream profits are under pressure and inventories are high. The price is expected to face pressure, and EB11 should be shorted on rebounds [1]. Polyester Industry Chain - PX supply is expected to increase significantly in Q4, while demand is weak due to low PTA processing fees and potential PTA plant maintenance. PXN is expected to compress, and PX11 can be shorted or observed before the holiday [5]. - PTA supply is expected to contract due to low processing fees, postponed new plant startups, and potential maintenance. However, the rebound space is limited. TA can be shorted or observed before the holiday, and TA1 - 5 can be rolled in reverse [5]. - Ethylene glycol is expected to enter a destocking phase in Q4 as supply remains high and demand enters the off - season. It is recommended to observe before the holiday [5]. - Short - fiber support is strong in the short term but the rebound driver is limited during the holiday. It should follow raw material fluctuations, and the processing fee is expected to oscillate between 800 - 100 [5]. - Bottle - chip is likely to enter a seasonal destocking phase in Q4 as demand support is insufficient. PR should follow the cost end, and the processing fee can be shorted when it is high [5]. Polyolefin Industry - PE is at the peak of maintenance and production is gradually recovering. Inventory has decreased this week, but future supply and imports need attention. PP has seen an increase in unplanned maintenance due to losses, and inventory has decreased. However, there is significant inventory pressure after the holiday, and new capacity will limit the upside [10]. Urea Industry - Urea prices are oscillating downward due to a loose supply - demand pattern. Domestic production remains high, factory inventory is accumulating, and demand is weak. Export policies and Indian tenders have not yet boosted market confidence [18]. Methanol Industry - The core contradiction in the methanol market is the game between the current high supply pressure and the expected supply tightening due to potential gas restrictions in Iran. Supply pressure persists, but the expected supply cut in the future limits the downside of near - month contracts. Attention should be paid to Iranian plant dynamics in October [21]. Crude Oil Industry - Oil prices fell overnight due to expectations of increased supply, including potential OPEC+ production increases and the resumption of Iraqi Kurdish exports. The market focus has shifted from geopolitical risks to supply concerns, and prices are expected to move in a range. Band trading is recommended, and options can be considered after volatility increases [26]. Chlor - Alkali Industry - Caustic soda demand has short - term support, but the long - term outlook depends on downstream restocking. PVC supply is in excess, and demand is weak, but exports and cost support limit the downside. Attention should be paid to cost support and downstream demand in Q4 [31]. 3. Summary According to Relevant Catalogs Pure Benzene - Styrene Upstream Prices and Spreads - Brent crude (Nov) decreased by $0.16 to $70.13/barrel, a 0.2% decline; WTI crude (Oct) decreased by $2.27 to $63.45/barrel, a 3.5% decline [1]. - CFR Japan naphtha decreased by $1 to $608/ton, a 0.2% decline; CFR Northeast Asia ethylene decreased by $5 to $810/ton, a 0.6% decline [1]. - CFR China pure benzene decreased by $1 to $724/ton, a 0.1% decline [1]. Styrene - Related Prices and Spreads - Styrene East China spot price decreased by $30 to $6910/ton, a 0.4% decline; EB futures 2510 decreased by $28 to $6878/ton, a 0.4% decline [1]. Pure Benzene and Styrene Downstream Cash Flows - Phenol cash flow decreased by $28 to - $408/ton, a 7.4% decline; Caprolactam cash flow (single product) decreased by $40 to - $2010/ton, a 2.0% decline [1]. Pure Benzene and Styrene Inventory - Pure benzene Jiangsu port inventory decreased by 0.10 million tons to 10.60 million tons, a 0.9% decline; Styrene Jiangsu port inventory increased by 1.10 million tons to 19.75 million tons, a 5.9% increase [1]. Pure Benzene and Styrene Industry Chain Operating Rates - Asian pure benzene operating rate remained unchanged at 79.0%; Domestic pure benzene operating rate increased by 0.9% to 79.3% [1]. Polyester Industry Chain Upstream Prices - Brent crude (Nov) decreased by $2.16 to $67.97/barrel, a 3.1% decline; CFR Japan naphtha decreased by $1 to $607/ton, a 0.2% decline [5]. Polyester Product Prices and Cash Flows - POY150/48 price increased by $45 to $6650/ton, a 0.7% increase; DTY150/48 price remained unchanged at $7840/ton [5]. PX - Related Prices and Spreads - CFR China PX increased by $3 to $817/ton; PX spot price (RMB) decreased by $61 to $6694/ton [5]. PTA - Related Prices and Spreads - PTA East China spot price remained unchanged at $4590/ton; TA futures 2601 increased by $6 to $4652/ton [5]. MEG Port Inventory and Arrival Forecast - MEG port inventory decreased by 5.8 million tons to 40.9 million tons, a 12.4% decline; MEG arrival forecast increased by 7.3 million tons to 23.4 million tons [5]. Polyester Industry Chain Operating Rate Changes - Asian PX operating rate decreased by 0.2% to 78.2%; China PX operating rate increased by 0.4% to 86.3% [5]. Polyolefin Industry Futures Closing Prices - L2601 closed at $7181, up $22 or 0.31%; PP2601 closed at $6903, up $10 or 0.15% [10]. Spot Prices - East China PP raffia spot price increased by $20 to $6750/ton; North China LLDPE film material spot price increased by $10 to $7100/ton [10]. Inventory and Operating Rates - PE enterprise inventory decreased by 3.20 million tons to 45.8 million tons, a 6.53% decline; PP enterprise inventory decreased by 3.03 million tons to 52.0 million tons, a 5.50% decline [10]. Urea Industry Futures Closing Prices - 01 contract closed at $1664, down $5 or 0.30%; Methanol main contract closed at $2359, up $4 or 0.17% [13]. Spot Prices - Shandong (small particles) spot price remained unchanged at $1600/ton; Shanxi (small particles) spot price remained unchanged at $1490/ton [17]. Supply and Demand - Domestic urea daily production decreased by 0.10 million tons to 19.94 million tons, a 0.50% decline; Coal - based urea daily production decreased by 0.10 million tons to 15.75 million tons, a 0.63% decline [18]. Methanol Industry Methanol Prices and Spreads - MA2601 closed at $2359, up $4 or 0.17%; Inner Mongolia North Line spot price increased by $5 to $2090/ton [21]. Methanol Inventory - Methanol enterprise inventory decreased by 2.05% to 31.994%; Methanol port inventory decreased by 6.56 million tons to 149.2 million tons [21]. Methanol Upstream and Downstream Operating Rates - Upstream - domestic enterprise operating rate increased by 1.61% to 74.27%; Downstream - externally - sourced MTO plant operating rate increased by 7.38% to 82.46% [21]. Crude Oil Industry Crude Oil Prices and Spreads - Brent closed at $67.97/barrel, down $2.16 or 3.08%; WTI closed at $63.14/barrel, down $0.31 or 0.49% [26]. Refined Oil Prices and Spreads - NYM RBOB decreased by 1.03 cents to 198.48 cents/gallon; NYM ULSD decreased by 1.60 cents to 234.06 cents/gallon [26]. Refined Oil Crack Spreads - US gasoline crack spread decreased by $0.15 to $20.22/barrel; European gasoline crack spread increased by $0.21 to $18.86/barrel [26]. Chlor - Alkali Industry PVC, Caustic Soda Spot & Futures - Shandong 32% liquid caustic soda converted to 100% price remained unchanged at $2500/ton; East China calcium carbide - based PVC market price decreased by $10 to $4730/ton [31]. Caustic Soda Overseas Quotes & Export Profits - FOB East China port remained unchanged at $400/ton; Export profit decreased by $58.7 to $164.7/ton [31]. PVC Overseas Quotes & Export Profits - CFR Southeast Asia remained unchanged at $650/ton; Export profit increased by $22.4 to $72.6/ton [31]. Supply: Chlor - Alkali Operating Rates & Industry Profits - PVC total operating rate increased by 0.7% to 76.1%; Externally - sourced calcium carbide - based PVC profit decreased by $90 to - $896/ton [31]. Demand: Caustic Soda Downstream Operating Rates - Alumina industry operating rate remained unchanged at 83.7%; Viscose staple fiber industry operating rate increased by 0.3% to 89.8% [31]. Demand: PVC Downstream Product Operating Rates - Longzhong sample pipe operating rate increased by 1.3% to 39.1%; Longzhong sample profile operating rate decreased by 0.5% to 38.0% [31]. Chlor - Alkali Inventory: Social & Factory Inventories - Liquid caustic soda East China factory inventory increased by 2.4 million tons to 19.7 million tons, a 14.2% increase; PVC upstream factory inventory increased by 1.2 million tons to 31.8 million tons [31].

9月26日，荣盛石化涨5.2%，截至发稿，报9.91元/股，成交5.45亿元，换手率0.60%，总市值989.95亿 元。 责任编辑：小浪快报 华泰柏瑞沪深300ETF（510300）成立日期2012年5月4日，最新规模3747.04亿。今年以来收益19.31%， 同类排名2813/4220；近一年收益38.15%，同类排名2394/3824；成立以来收益113.48%。 华泰柏瑞沪深300ETF（510300）基金经理为柳军。 截至发稿，柳军累计任职时间16年119天，现任基金资产总规模4669.72亿元，任职期间最佳基金回报 131.59%， 任职期间最差基金回报-45.64%。 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。 资料显示，荣盛石化股份有限公司位于浙江省杭州市萧山区金城路358号蓝爵国际写字楼，成立日期 1995年9月15日，上市日期2010年11月2日，公司主营业务涉及各类化工品、油品、聚酯产品的研发、生 产和销售。主营业务收入构成为：化工40.87% ...

9月26日，荣盛石化（维权）盘中上涨2.12%，截至09:44，报9.62元/股，成交4815.10万元，换手率 0.05%，总市值960.98亿元。 资金流向方面，主力资金净流入66.63万元，特大单买入191.12万元，占比3.97%，卖出164.34万元，占 比3.41%；大单买入509.12万元，占比10.57%，卖出469.28万元，占比9.75%。 荣盛石化所属申万行业为：石油石化-炼化及贸易-炼油化工。所属概念板块包括：油气改革、中特估、 大盘、MSCI中国、融资融券等。 截至6月30日，荣盛石化股东户数8.59万，较上期减少2.39%；人均流通股110611股，较上期增加 2.45%。2025年1月-6月，荣盛石化实现营业收入1486.29亿元，同比减少7.83%；归母净利润6.02亿元， 同比减少29.82%。 分红方面，荣盛石化A股上市后累计派现94.00亿元。近三年，累计派现33.91亿元。 机构持仓方面，截止2025年6月30日，荣盛石化十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1.74亿股，相比上期减少1052.64万股。华泰柏瑞沪深300ETF（510300）位 ...

荣盛石化所属申万行业为：石油石化-炼化及贸易-炼油化工。所属概念板块包括：油气改革、中特估、 大盘、MSCI中国、融资融券等。 9月25日，荣盛石化（维权）盘中上涨2.05%，截至10:52，报9.47元/股，成交1.19亿元，换手率0.14%， 总市值946.00亿元。 资金流向方面，主力资金净流入219.01万元，特大单买入279.57万元，占比2.35%，卖出495.98万元，占 比4.17%；大单买入3489.03万元，占比29.37%，卖出3053.60万元，占比25.70%。 荣盛石化今年以来股价涨5.75%，近5个交易日涨1.39%，近20日跌5.30%，近60日涨11.02%。 资料显示，荣盛石化股份有限公司位于浙江省杭州市萧山区金城路358号蓝爵国际写字楼，成立日期 1995年9月15日，上市日期2010年11月2日，公司主营业务涉及各类化工品、油品、聚酯产品的研发、生 产和销售。主营业务收入构成为：化工40.87%，炼油35.26%，PTA10.60%，聚酯化纤薄膜7.49%，贸易 及其他5.79%。 截至6月30日，荣盛石化股东户数8.59万，较上期减少2.39%；人均流通股110611 ...

融券方面，荣盛石化9月24日融券偿还1.21万股，融券卖出8.21万股，按当日收盘价计算，卖出金额 76.19万元；融券余量88.67万股，融券余额822.86万元，超过近一年90%分位水平，处于高位。 9月24日，荣盛石化（维权）跌0.96%，成交额2.47亿元。两融数据显示，当日荣盛石化获融资买入额 3107.21万元，融资偿还1157.33万元，融资净买入1949.88万元。截至9月24日，荣盛石化融资融券余额 合计14.26亿元。 融资方面，荣盛石化当日融资买入3107.21万元。当前融资余额14.18亿元，占流通市值的1.53%，融资 余额低于近一年10%分位水平，处于低位。 责任编辑：小浪快报 资料显示，荣盛石化股份有限公司位于浙江省杭州市萧山区金城路358号蓝爵国际写字楼，成立日期 1995年9月15日，上市日期2010年11月2日，公司主营业务涉及各类化工品、油品、聚酯产品的研发、生 产和销售。主营业务收入构成为：化工40.87%，炼油35.26%，PTA10.60%，聚酯化纤薄膜7.49%，贸易 及其他5.79%。 分红方面，荣盛石化A股上市后累计派现94.00亿元。近三年，累计派现33.9 ...

9月24日，国内期市能化板块多数飘红。其中，PTA期货主力合约开盘报4580.00元/吨，今日盘中高位震 荡运行；截至发稿，PTA主力最高触及4630.00元，下方探低4560.00元，涨幅达1.27%附近。 华联期货分析称，供应端上周装置维持稳定，前期重启装置负荷提升，总体供应压力逐步回升。需求端 聚酯持稳，传统旺季需求端表现不温不火，终端订单情况一般。库存端行业库存延续去化，但聚酯产品 线累库。成本方面原油隔夜大幅反弹，TA估值驱动短线走强。总体看TA供需面有所走弱，技术面区间 震荡偏弱。操作方面区间偏空交易，2601合约参考压力4700-4750。 宁证期货指出，PTA供应存增加预期。需求看，聚酯及终端负荷较前期缓慢回升，短期需求端存一定支 撑，不过后续新订单以及负荷回暖预期有限，关注下终端接单情况出现好转的持续性。成本看，国内外 PX检修装置重启，PX供应逐步增至偏高水平，PXN承压；原油震荡。整体上，PTA震荡偏弱看待。 建信期货表示，原油小幅反弹，但PTA现货供应充足，需求缺乏利好支撑，成本支撑与供应充裕博弈， 预计PTA行情窄幅震荡。 目前来看，PTA行情呈现震荡上行走势，盘面表现偏强。对于PT ...

1. Report Industry Investment Rating No relevant content provided in the reports. 2. Core Views of the Reports Polyester Industry Chain - PX: The supply increment is obvious due to short - process losses and postponed maintenance of some domestic PX plants. The supply - demand outlook in the fourth quarter is weak, and PXN is expected to compress. Suggest to treat PX11's rebound with a short - bias and focus on the support around 6500 [2]. - PTA: Supply is expected to shrink due to low processing fees and postponed new plant commissioning. However, demand growth is limited, and the basis is weakly volatile. Suggest to treat TA's rebound with a short - bias and focus on the support around 4500; conduct a rolling reverse spread on TA1 - 5 [2]. - Ethylene Glycol (MEG): Supply - demand is gradually weakening. It will enter the inventory accumulation phase in the fourth quarter. Suggest to sell call options EG2601 - C - 4400 at high prices and conduct a reverse spread on EG1 - 5 [2]. - Short - fiber: The short - term supply - demand pattern is weak. It has support at low levels but weak rebound drivers. The strategy is the same as PTA, and the processing fee on the disk fluctuates between 800 - 1000 [2]. - Bottle chips: The supply - demand is loose. PR follows the cost side. Suggest that the strategy for PR is the same as PTA, and the processing fee on the main disk is expected to fluctuate between 350 - 500 yuan/ton [2]. Chlor - alkali Industry - Caustic Soda: The market in Shandong may see price cuts in the short - term. It can be shorted in the short - term [29]. - PVC: The market is weakly volatile. Supply is expected to increase next week, and demand growth is limited. It is expected to stop falling and stabilize during the peak season from September to October. Pay attention to downstream demand [29]. Pure Benzene and Styrene Industry - Pure Benzene: Supply remains at a relatively high level, and demand support is weak. In the short - term, the price is affected by geopolitical and macro factors. Suggest that BZ2603 follows the fluctuations of styrene and crude oil [31]. - Styrene: Demand is fair but with limited growth. Supply is expected to decrease. The absolute price is under pressure. Suggest to treat EB11's rebound with a short - bias and expand the spread between EB11 and BZ11 at low levels [31]. Urea Industry - Urea: The futures price is weakly running due to the contradiction between high supply and weak demand. The supply - demand pattern is likely to remain weak in the future. The price may continue to be under pressure, but it may form a bottom support near the production cost [39]. Polyolefin Industry - LLDPE and PP: PP production has decreased recently, and PE inventory has been destocked. The 01 contract may face large inventory accumulation pressure, limiting the upside space [43]. Methanol Industry - Methanol: The market is trading high inventory and fast Iranian shipments. The price is weakening, and the basis is slightly weakening. The overall valuation is neutral. Pay attention to the inventory inflection point [46]. Crude Oil Industry - Crude Oil: The overnight oil price fell due to concerns about supply surplus outweighing geopolitical risk premiums. The fundamental outlook is bearish. Suggest to wait and see on the single - side trading, and look for opportunities to expand the spread on the option side after the volatility increases [52]. 3. Summaries Based on Relevant Catalogs Polyester Industry Chain - **Prices and Cash Flows**: Most downstream polyester product prices and cash flows decreased on September 22 compared to September 19. Upstream prices such as Brent crude oil, CFR Japan naphtha also declined [2]. - **Supply - demand and Inventory**: Asian and Chinese PX开工率 decreased. PTA supply is expected to shrink, and MEG will enter the inventory accumulation phase in the fourth quarter [2]. - **Industry Chain开工率**: The开工率 of most segments in the polyester industry chain decreased or remained stable on a weekly basis [2]. Chlor - alkali Industry - **Prices and Spreads**: The prices of PVC and caustic soda futures and spot showed minor changes. The export profit of caustic soda increased slightly, while that of PVC decreased [29]. - **Supply - demand and Inventory**: The开工率 of the caustic soda and PVC industries decreased. The inventory of caustic soda in North China increased, while that in East China decreased. PVC total social inventory increased slightly [29]. - **Downstream Demand**: The开工率 of caustic soda's downstream industries such as alumina and viscose staple fiber increased, while that of PVC's downstream products such as pipes and profiles showed minor changes [29]. Pure Benzene and Styrene Industry - **Prices and Spreads**: Most prices of pure benzene, styrene, and their downstream products decreased on September 22 compared to September 19. The cash flows of some downstream products improved [31]. - **Inventory and开工率**: Pure benzene's Jiangsu port inventory decreased, while styrene's increased. The开工率 of some segments in the industry chain changed slightly [31]. Urea Industry - **Prices and Spreads**: Futures and spot prices of urea decreased. The basis in some regions changed significantly [39]. - **Supply - demand and Inventory**: Domestic urea production increased, and the inventory in factories increased while that in ports decreased. The order days of production enterprises decreased [39]. - **Downstream Demand**: The demand from agriculture and industry remained weak, and the开工率 of compound fertilizer enterprises declined [39]. Polyolefin Industry - **Prices and Spreads**: The prices of PE and PP futures and spot decreased. The basis of PE and PP changed slightly [43]. - **Supply - demand and Inventory**: PP production decreased due to losses in some production routes, and PE inventory was destocked. The 01 contract may face inventory accumulation pressure [43]. - **Industry Chain开工率**: The PE装置开工率 increased, while the PP装置开工率 decreased. The downstream weighted开工率 of PE and PP increased slightly [43]. Methanol Industry - **Prices and Spreads**: Methanol futures and spot prices decreased. The basis and regional spreads changed [46]. - **Supply - demand and Inventory**: The domestic and overseas开工率 of methanol enterprises changed slightly. The inventory in ports increased, and the overall social inventory increased slightly [46]. - **Industry Chain开工率**: The upstream - domestic and overseas企业开工率 of methanol decreased slightly, while the downstream - MTO装置开工率 increased [46]. Crude Oil Industry - **Prices and Spreads**: Crude oil and refined oil prices showed minor changes on September 23 compared to September 22. The spreads between different crude oil varieties and refined oil products also changed [52]. - **Supply - demand**: Supply increased due to Iraq's increased exports and planned pipeline resumption. Demand is under pressure due to economic concerns and seasonal decline [52].

Report Industry Investment Ratings No information provided in the reports regarding industry investment ratings. Core Views Chlor - Alkali Industry - Last week, the caustic soda futures stopped falling and rebounded on Friday. Next week, the supply is expected to increase, and the operating rate of sample manufacturers will rise. The alumina price has been falling, squeezing the profit of domestic alumina enterprises and weakening the support for the spot price. In Shandong, due to the approaching National Day holiday, there may be a price cut in the short - term. [2] - Last week, PVC futures rebounded with the support of a warming macro - environment, but the supply - demand contradiction is still difficult to resolve. Next week, the output is expected to increase as many enterprises finish maintenance. The downstream product operating rate has limited improvement, and the procurement enthusiasm is average. It is expected that PVC will stop falling and stabilize from September to October. [2] Urea Industry - The urea futures are in a weak downward trend. The supply is increasing rapidly, and it is expected to reach 210,000 tons in October. The demand is weak, with a short window for autumn fertilizer procurement, high finished - product inventory of compound fertilizers, and slow follow - up of export orders. Without variables such as increased exports or early shutdown of gas - based plants, the spot price may continue to decline, and the futures will continue to fall significantly only if the spot price breaks below 1,550 yuan/ton. [8] Pure Benzene - Styrene Industry - The weekly supply - demand of pure benzene is weak. In September, the supply may remain high as some plants restart or postpone maintenance. The demand is weak as most downstream products are in the red, some secondary - downstream inventories are high, and styrene plants plan to reduce production in September - October. The price driving force is weak. [10] - The situation of styrene is similar to that of pure benzene. The supply - demand is expected to be loose in September, and the price driving force is weak. [10] Polyester Industry Chain - For PX, the supply has increased significantly due to delayed maintenance of some domestic plants, while the demand is weak as PTA processing fees are low, new PTA plants postpone commissioning, and many PTA plants plan to have maintenance. The PXN may be compressed in the fourth quarter, and the price driving force is weak. [14] - For PTA, the supply is expected to shrink, but the demand increase is limited, and the basis is not strongly supported. In the medium - term, the supply - demand is expected to be weak, and the price follows the raw material. [14] - For ethylene glycol, the short - term supply - demand is turning weak. Although the inventory is expected to decrease in September, the terminal market is weak. In the long - term, the supply - demand is expected to be weak in the fourth quarter due to new plant commissioning and seasonal demand decline. [14] - For short - fiber, the short - term supply - demand pattern is weak. The supply is high, and the demand is limited during the peak season. The price is supported at the low level but lacks upward driving force. [14] - For bottle - grade polyester chips, the supply - demand is still loose. Although the price and processing fees are supported by pre - holiday replenishment, the processing fee has limited upward space. [14][15] Polyolefin Industry - PP production has decreased recently due to losses in PDH and external - propylene procurement routes, leading to more unplanned maintenance and inventory decline. PE maintenance has reached a peak, and the operating rate is rising. The inventory of the upstream and mid - stream has decreased this week, and there are more import offers from North America. The 01 contract has a large inventory accumulation pressure, limiting the upward space. [20] Methanol Industry - The methanol market is trading high - inventory and fast loading in Iran. The coastal inventory has reached a record high, the market sentiment has worsened, and the price and basis have weakened slightly. The domestic supply is at a high level year - on - year, and although there is some unplanned maintenance recently, some plants are expected to resume production in mid - September, and the inventory pattern in the inland is relatively healthy. The demand is weak due to the traditional off - season. The port is still receiving a large amount of goods, with significant inventory accumulation and weak trading. The overall valuation is neutral. The futures are oscillating between high - inventory reality, weak basis, and overseas gas - restriction expectations in the future. [45] Crude Oil Industry - Last week, oil prices were weakly oscillating. The geopolitical premium has declined, and the market has refocused on the weak supply - demand fundamentals. The meeting between Chinese and US leaders has eased concerns about secondary sanctions on China for purchasing Russian oil, reducing the geopolitical risk support for oil prices. The expectation of future supply surplus, combined with the refinery maintenance season and the unexpected increase in US distillate inventory, has put pressure on oil prices. In the short - term, oil prices are under pressure. [49] Summary by Directory Chlor - Alkali Industry Spot and Futures Prices - On September 19, compared with September 18, the prices of Shandong 32% liquid caustic soda and 50% liquid caustic soda remained unchanged. The price of East - China calcium - carbide - based PVC increased by 10 yuan/ton, with a 0.2% increase. [2] Overseas Quotes and Export Profits - From September 11 to September 18, the FOB price at East - China ports increased by 5 US dollars/ton, with a 1.3% increase, and the export profit increased by 217.6 yuan/ton, with a 3723.4% increase. The CFR price in Southeast Asia remained unchanged, and the CFR price in India decreased by 25 US dollars/ton, with a 3.3% decrease. [2] Supply - From September 12 to September 19, the operating rate of the caustic soda industry decreased by 1.3 percentage points to 85.4%, and the operating rate of PVC decreased by 4 percentage points to 75.4%. [2] Demand - From September 12 to September 19, the operating rate of the alumina industry increased by 0.9 percentage points to 83.7%, and the operating rate of the viscose staple fiber industry increased by 1.8 percentage points to 88.2%. [2] Inventory - From September 11 to September 18, the liquid caustic soda inventory in Shandong increased by 0.7 tons, with a 7.5% increase, and the PVC upstream factory inventory decreased by 0.4 tons, with a 1.2% decrease. [2] Urea Industry Futures Prices and Spreads - On September 17, compared with September 16, the 01 - contract price of urea decreased by 5 yuan/ton, with a 0.3% decrease, and the 05 - contract price decreased by 3 yuan/ton, with a 0.17% decrease. [5] Upstream Raw Materials - On September 17, compared with September 16, the price of动力煤 at the pithead in Yijinhuoluo Banner increased by 11 yuan/ton, with a 2.14% increase, and the price of动力煤 at Qinhuangdao Port increased by 6 yuan/ton, with a 0.87% increase. [5] Spot Market Prices - On September 17, compared with September 16, the price of small - particle urea in Guangdong increased by 10 yuan/ton, with a 0.56% increase, and the price of small - particle urea in Shanxi decreased by 10 yuan/ton, with a 0.65% decrease. [5] Supply - Demand - On September 19, compared with September 18, the domestic daily urea output decreased by 0.02 tons, with a 0.11% decrease. From September 12 to September 19, the domestic weekly urea inventory increased by 32,600 tons, with a 2.88% increase, and the order days of domestic urea production enterprises decreased by 0.7 days, with a 10.17% decrease. [8] Pure Benzene - Styrene Industry Upstream Prices and Spreads - On September 19, compared with September 18, the price of Brent crude oil (November) decreased by 0.76 US dollars/barrel, with a 1.1% decrease, and the price of CFR China pure benzene decreased by 6 US dollars/ton, with a 0.8% decrease. [10] Styrene - Related Prices and Spreads - On September 19, compared with September 18, the price of styrene in East - China spot decreased by 100 yuan/ton, with a 1.4% decrease, and the EB10 - EB11 spread decreased by 8 yuan/ton, with a 66.7% decrease. [10] Downstream Cash Flows - On September 19, compared with September 18, the cash flow of phenol increased by 28 yuan/ton, with an 8.6% increase, and the cash flow of aniline increased by 93 yuan/ton, with a 29.8% increase. [10] Inventory - From September 8 to September 15, the pure benzene inventory at Jiangsu ports decreased by 10,000 tons, with a 6.9% decrease, and the styrene inventory at Jiangsu ports decreased by 17,500 tons, with a 9.9% decrease. [10] Operating Rate - From September 12 to September 19, the domestic pure benzene operating rate decreased by 1 percentage point to 78.4%, and the styrene operating rate decreased by 1.6 percentage points to 73.4%. [10] Polyester Industry Chain Upstream Prices - On September 19, compared with September 18, the price of Brent crude oil (November) decreased by 0.76 US dollars/barrel, with a 1.1% decrease, and the price of CFR China PX decreased by 11 US dollars/ton, with a 1.3% decrease. [14] Downstream Product Prices and Cash Flows - On September 19, compared with September 18, the price of POY150/48 decreased by 65 yuan/ton, with a 0.9% decrease, and the price of FDY150/96 decreased by 45 yuan/ton, with a 0.7% decrease. [14] PX - Related Prices and Spreads - On September 19, compared with September 18, the PX - naphtha spread decreased by 4 US dollars/ton, with a 3.9% decrease, and the PX - MX spread increased by 2 US dollars/ton, with a 1.4% increase. [14] PTA - Related Prices and Spreads - On September 19, compared with September 18, the PTA East - China spot price increased by 75 yuan/ton, with a 1.6% increase, and the TA01 - TA05 spread decreased by 6 yuan/ton, with a 0.8% decrease. [14] MEG - Related Prices and Spreads - On September 19, compared with September 18, the MEG East - China spot price decreased by 11 yuan/ton, with a 0.3% decrease, and the MEG basis (01) decreased by 62 yuan/ton, with a 3.2% decrease. [14] Operating Rate - From September 12 to September 19, the PX operating rate decreased by 1.5 percentage points to 86.3%, and the PTA operating rate remained unchanged at 76.8%. [14] Polyolefin Industry Futures Prices and Spreads - On September 19, compared with September 18, the L2601 closing price decreased by 19 yuan/ton, with a 0.26% decrease, and the PP2509 - 2601 spread increased by 9 yuan/ton, with a 180% increase. [20] Spot Market Prices - On September 19, compared with September 18, the price of East - China PP raffia decreased by 30 yuan/ton, with a 0.44% decrease, and the price of North - China LLDPE film decreased by 20 yuan/ton, with a 0.28% decrease. [20] Inventory - As of Wednesday, compared with the previous value, the PE enterprise inventory increased by 23,800 tons, with a 5.57% increase, and the PP enterprise inventory increased by 43,400 tons, with an 8.06% increase. [20] Operating Rate - As of Thursday, compared with the previous value, the PE device operating rate increased by 2.32 percentage points to 80.4%, and the PP device operating rate decreased by 1.93 percentage points to 74.9%. [20] Methanol Industry Prices and Spreads - On September 19, compared with September 18, the MA2601 closing price increased by 15 yuan/ton, with a 0.64% increase, and the MA91 spread decreased by 28 yuan/ton, with a 215.38% decrease. [45] Inventory - As of Wednesday, compared with the previous value, the methanol enterprise inventory decreased by 0.21%, with a 0.61% decrease, and the methanol port inventory increased by 7,400 tons, with a 0.48% increase. [45] Operating Rate - As of Thursday, compared with the previous value, the upstream overseas enterprise operating rate decreased by 4.22 percentage points to 68%, and the downstream external - MTO device operating rate increased by 6.02 percentage points to 75.08%. [45] Crude Oil Industry Crude Oil Prices and Spreads - On September 22, compared with September 19, the Brent price increased by 0.17 US dollars/barrel, with a 0.25% increase, and the SC price decreased by 6.3 yuan/barrel, with a 1.27% decrease. [49] Refined Oil Prices and Spreads - On September 22, compared with September 19, the price of NYM RBOB increased by 0.56 cents/gallon, with a 0.28% increase, and the price of ICE Gasoil decreased by 0.75 US dollars/ton, with a 0.11% decrease. [49] Refined Oil Crack Spreads - On September 22, compared with September 19, the US gasoline crack spread decreased by 1 US dollars/barrel, with a 4.73% decrease, and the European gasoline crack spread decreased by 0.48 US dollars/barrel, with a 2.44% decrease. [49]

融券方面，华润材料9月15日融券偿还100.00股，融券卖出300.00股，按当日收盘价计算，卖出金额 2400.00元；融券余量5.40万股，融券余额43.20万元，超过近一年70%分位水平，处于较高位。 分红方面，华润材料A股上市后累计派现2.53亿元。近三年，累计派现1.81亿元。 9月15日，华润材料跌1.48%，成交额3786.01万元。两融数据显示，当日华润材料获融资买入额136.89 万元，融资偿还269.85万元，融资净买入-132.96万元。截至9月15日，华润材料融资融券余额合计 6013.07万元。 资料显示，华润化学材料科技股份有限公司位于江苏省常州市新北区高铁新城秀水河路3号领航大厦3 栋，成立日期2003年7月14日，上市日期2021年10月26日，公司主营业务涉及聚酯材料及新材料的研 发、生产和销售。主营业务收入构成为：聚酯产品82.77%，原料及其他17.23%。 机构持仓方面，截止2025年6月30日，华润材料十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股338.17万股，相比上期增加179.38万股。南方中证1000ETF（512100）位居第六大流通股 东 ...