Core Viewpoint - The domestic futures market for ethylene glycol shows mixed trends, with futures prices experiencing a slight decline while spot prices have increased in certain regions [1][2]. Group 1: Market Performance - As of December 31, the main contract for ethylene glycol futures has decreased by 0.78%, settling at 3804.00 CNY/ton [1]. - On December 30, the closing price for ethylene glycol in Zhangjiagang rose by 19 CNY/ton to 3702 CNY/ton, while the price in the South China market increased by 10 CNY/ton to 3850 CNY/ton [2]. Group 2: Supply Dynamics - A 200,000-ton ethylene glycol unit in South China was restarted on December 25, with some products already being produced. This maintenance was for catalyst replacement, and the unit is expected to operate at full capacity going forward [2]. Group 3: Demand Trends - Downstream polyester operating rates have decreased to 89.7%, indicating a slight weakening in demand support. In November, the total export volume of polyester products was 1.2194 million tons, reflecting a month-on-month increase of 7.5% and a year-on-year increase of 9.78% [2]. Group 4: Market Outlook - The outlook suggests that a new wave of production will exacerbate the oversupply of ethylene glycol, with price adjustments likely leading to marginal capacity shutdowns. Although short-term fluctuations may stabilize prices, the overall oversupply situation is expected to persist, maintaining a bearish market sentiment [2].

12月31日，荣盛石化（维权）盘中下跌2.00%，截至09:54，报11.74元/股，成交2.01亿元，换手率 0.18%，总市值1172.76亿元。 资金流向方面，主力资金净流出2460.17万元，特大单买入1619.74万元，占比8.07%，卖出3934.41万 元，占比19.59%；大单买入4529.34万元，占比22.56%，卖出4674.83万元，占比23.28%。 荣盛石化今年以来股价涨31.10%，近5个交易日涨11.17%，近20日涨20.04%，近60日涨21.66%。 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、 MSCI中国、融资融券、光伏玻璃等。 截至9月30日，荣盛石化股东户数7.37万，较上期减少14.14%；人均流通股126986股，较上期增加 14.80%。2025年1月-9月，荣盛石化实现营业收入2278.15亿元，同比减少7.09%；归母净利润8.88亿元， 同比增长1.34%。 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9月30日，荣盛石化十大流通股东中 ...

Group 1 - The core viewpoint of the article indicates a moderate improvement in consumption, with service consumption recovering ahead of the holiday, as evidenced by increased subway passenger flow in 18 cities and a positive shift in the Hainan tourism price index year-on-year [1] - In terms of investment, the issuance of special bonds has concluded, leading to an increase in physical workload, with asphalt operating rates rebounding and continuous improvement in building materials data [1] - The real estate sector shows a seasonal recovery in sales, with an increase in the proportion of second-hand housing, although overall prices and premiums remain low [1] Group 2 - In foreign trade, there is a divergence between rising domestic export freight rates and a decline in the Baltic Dry Index (BDI) [1] - Production continues to show differentiation, with emerging industries such as polyester, lithium batteries, and photovoltaic chains demonstrating strong resilience, while traditional cyclical industries like steel and some chemicals are experiencing a downturn [1] - Inventory levels are decreasing for coal and building materials, while PTA continues to deplete inventory and polyester shows a slight accumulation [1] Group 3 - Industrial product prices are generally rebounding, with oil and non-ferrous metals experiencing a rebound, and the South China index rising [1] - The Consumer Price Index (CPI) shows structural differentiation, with food prices fluctuating [1] - In terms of liquidity, funding rates have shown slight fluctuations, and the renminbi continues to strengthen due to a weaker dollar and increased demand for foreign exchange settlements [1]

Group 1: Natural Rubber Industry Report Industry Investment Rating Not provided Core View In the short - term, the price of natural rubber rises due to the warming of commodity preference sentiment, but the overall fundamentals remain weak. It is recommended to try short - selling around 15,700 [1]. Summary by Directory - **Spot Price and Basis**: On December 24th, the price of Yunnan Guofu whole - latex rubber (SCRWF) in Shanghai increased by 250 yuan/ton to 15,100 yuan/ton, with a growth rate of 1.68%. The whole - latex basis decreased by 110 yuan/ton to - 550 yuan/ton, a decline of 25.00%. Other varieties also showed different price changes [1]. - **Monthly Spread**: The 9 - 1 spread increased by 5 yuan/ton to 10 yuan/ton, a growth rate of 100.00%, while the 1 - 5 spread decreased by 25 yuan/ton to - 55 yuan/ton, a decline of 83.33% [1]. - **Fundamentals**: In November, Thailand's production decreased by 48.30 thousand tons to 466.20 thousand tons, a decline of 9.39%. China's production increased by 23.70 thousand tons to 137.20 thousand tons. The weekly operating rate of semi - steel tires for automobiles increased by 0.66 percentage points to 72.05%, while that of all - steel tires decreased by 2.19 percentage points to 61.95% [1]. - **Inventory Changes**: The bonded area inventory (bonded + general trade inventory) increased by 16,339 tons to 515,227 tons, a growth rate of 3.28%. The factory - warehouse futures inventory of natural rubber on the SHFE decreased by 605 tons to 58,968 tons, a decline of 1.02% [1]. Group 2: Crude Oil Industry Report Industry Investment Rating Not provided Core View Recently, the price of crude oil has been strengthening under the influence of geopolitics, but the geopolitical drive is still limited. The final price will return to be dominated by the oversupply pattern, and the price is expected to fluctuate in the range of 60 - 65 US dollars per barrel. It is necessary to continue to pay attention to the situation between the US and Venezuela and the progress of Russia - Ukraine peace talks [3]. Summary by Directory - **Crude Oil Price and Spread**: On December 24th, Brent crude oil decreased by 0.14 US dollars per barrel to 62.24 US dollars per barrel, a decline of 0.22%, and WTI crude oil decreased by 0.03 US dollars per barrel to 58.35 US dollars per barrel, a decline of 0.05% [3]. - **Refined Oil Price and Spread**: NYM RBOB increased by 0.39 cents per gallon to 174.71 cents per gallon, a growth rate of 0.22%, while NYM ULSD decreased by 3.30 cents per gallon to 215.76 cents per gallon, a decline of 1.51% [3]. - **Refined Oil Crack Spread**: The US gasoline crack spread increased by 0.19 US dollars per barrel to 15.03 US dollars per barrel, a growth rate of 1.31%, and the US diesel crack spread decreased by 1.36 US dollars per barrel to 32.27 US dollars per barrel, a decline of 4.03% [3]. Group 3: Benzene - Styrene Industry Report Industry Investment Rating Not provided Core View In the short - term, the overall supply - demand pattern of pure benzene remains weak, but there is an expectation of improvement in the future. BZ2603 may fluctuate in the range of 5300 - 5600 yuan/ton. This week, the supply and demand of styrene both increased. Although the price is boosted in the short - term, there is an expectation of inventory accumulation around the Spring Festival, and the rebound space is limited. EB02 is expected to fluctuate mainly in the range of 6300 - 6700 yuan/ton [5]. Summary by Directory - **Upstream Price and Spread**: On December 25th, the price of Brent crude oil (February) remained unchanged at 62.24 US dollars per barrel, and the price of WTI crude oil (February) remained unchanged at 58.35 US dollars per barrel [5]. - **Styrene - Related Price and Spread**: The spot price of styrene in East China increased by 50 yuan/ton to 6700 yuan/ton, a growth rate of 0.8%. The EB02 - EB03 spread increased by 11 yuan/ton to - 53 yuan/ton, a decline of 17.2% [5]. - **Downstream Cash Flow and Inventory**: The cash flow of EPS decreased by 50 yuan/ton to 0 yuan/ton, a decline of 100.00%. The inventory of pure benzene in Jiangsu ports increased by 1.30 tons to 27.30 tons, a growth rate of 5.0% [5]. Group 4: LPG Industry Report Industry Investment Rating Not provided Core View Not provided Summary by Directory - **LPG Price and Spread**: On December 25th, the main contract PG2601 increased by 14 yuan/ton to 4235 yuan/ton, a growth rate of 0.33%. The PG01 - 02 spread increased by 20 yuan/ton to 159 yuan/ton, a growth rate of 14.39% [8]. - **LPG Outer - Market Price**: The FEI forward M1 contract remained unchanged at 531 US dollars per ton, and the CP swap M1 contract decreased by 1.4 US dollars per ton to 508 US dollars per ton, a decline of 0.27% [8]. - **LPG Inventory**: The LPG refinery storage ratio remained unchanged at 23.7%, and the LPG port inventory decreased by 22.4 thousand tons to 261 thousand tons, a decline of 7.89% [8]. - **LPG Upstream and Downstream Operating Rates**: The operating rate of downstream PDH increased by 2.1 percentage points to 75.0%, while the operating rate of downstream MTBE decreased by 0.8 percentage points to 68.9% [8]. Group 5: Polyester Industry Chain Report Industry Investment Rating Not provided Core View - **Para - Xylene (PX)**: After the sharp rise of PX, be cautious about the current price. Do not rule out the possibility of the upstream price falling back due to substantial production cuts in the polyester sector. In the medium - term, take a long - position at low prices. PX5 - 9 can be in a long - position at low prices [10]. - **PTA**: After the sharp rise following PX, be cautious about the current price. In the medium - term, take a long - position at low prices. TA5 - 9 can be in a long - position at low prices [10]. - **Ethylene Glycol (MEG)**: It is expected to fluctuate and consolidate in the short - term. EG5 - 9 can be in a short - position at high prices [10]. - **Short - Fiber**: The absolute price has limited driving force and mainly follows the raw material fluctuations. Unilateral trading is the same as PTA, and the processing fee on the disk can be shorted at high prices [10]. - **Polyester Bottle Chip**: PR unilateral trading is the same as PTA. The processing fee of the PR main contract on the disk is expected to fluctuate in the range of 300 - 450 yuan/ton, and the processing fee can be shorted at high prices [10]. Summary by Directory - **Upstream Price**: On December 25th, the price of Brent crude oil (February) remained unchanged at 62.24 US dollars per barrel, and the price of CFR Japan naphtha remained unchanged at 540 US dollars per ton [10]. - **PX - Related Price and Spread**: The CFR China PX price remained unchanged at 901 US dollars per ton. The PX03 - PX05 spread decreased by 12 yuan/ton to 4 yuan/ton, a decline of 75.0% [10]. - **PTA - Related Price and Spread**: The spot price of PTA in East China increased by 35 yuan/ton to 5050 yuan/ton, a growth rate of 0.7%. The TA05 - TA09 spread increased by 16 yuan/ton to 36 yuan/ton, a growth rate of 20.5% [10]. - **MEG - Related Price and Spread**: The spot price of MEG in East China increased by 80 yuan/ton to 3653 yuan/ton, a growth rate of 2.2%. The EG05 - EG09 spread decreased by 11 yuan/ton to - 73 yuan/ton, a decline of 17.7% [10]. Group 6: Urea Industry Report Industry Investment Rating Not provided Core View In the short - term, urea prices are expected to fluctuate widely. The main futures contract is expected to fluctuate in the range of 1700 - 1760 yuan/ton. It is necessary to pay attention to the resumption rhythm of equipment and the progress of downstream demand [11]. Summary by Directory - **Futures Closing Price and Spread**: On December 25th, the 01 contract of urea decreased by 7 yuan/ton to 1712 yuan/ton, a decline of 0.41%. The 01 contract - 05 contract spread increased by 3 yuan/ton to - 62 yuan/ton, a growth rate of 4.41% [11]. - **Upstream Raw Materials**: The price of anthracite small pieces (Jincheng) remained unchanged at 900 yuan/ton, and the price of动力煤坑口 (伊金霍洛旗) increased by 10 yuan/ton to 520 yuan/ton, a growth rate of 1.96% [11]. - **Supply and Demand**: The daily production of domestic urea remained unchanged at 19.19 thousand tons. The weekly production decreased by 5.20 thousand tons to 133.34 thousand tons, a decline of 3.75% [11]. Group 7: Polyolefin Industry Report Industry Investment Rating Not provided Core View The spot price and basis of polyolefins changed little today. The market sentiment cooled down, and the trading volume decreased compared with the previous period. In 2026, the polyolefin market is expected to face both cost reduction and profit compression, and the price center will further decline [12]. Summary by Directory - **Futures Price and Spread**: On December 25th, the L2601 closing price decreased by 7 yuan/ton to 6343 yuan/ton, a decline of 0.11%. The L15 spread increased by 11 yuan/ton to - 47 yuan/ton, a growth rate of 18.97% [12]. - **Spot Price and Basis**: The spot price of East China PP raffia remained unchanged at 6120 yuan/ton, and the basis of North China LLDPE remained unchanged at - 100 yuan/ton [12]. - **Upstream and Downstream Operating Rates and Inventory**: The PE device operating rate decreased by 1.22 percentage points to 82.6%. The enterprise inventory of PE decreased by 2.92 tons to 45.9 tons, a decline of 5.99% [12]. Group 8: PVC and Caustic Soda Industry Report Industry Investment Rating Not provided Core View - **Caustic Soda**: The supply - demand of the caustic soda industry still has certain pressure. It is expected that the spot price of liquid caustic soda will be adjusted weakly and steadily in the short - term, and the price will fluctuate weakly in the long - term [13]. - **PVC**: The supply - demand fundamentals of PVC have weak support. It is expected that the PVC market will continue to operate in the range, and the price will weaken after a rebound [13]. Summary by Directory - **Spot and Futures Price**: On December 25th, the price of 32% liquid caustic soda in Shandong decreased by 15.6 yuan/ton to 2234.4 yuan/ton, a decline of 0.7%. The V2605 contract decreased by 24 yuan/ton to 4757 yuan/ton, a decline of 0.5% [13]. - **Overseas Quotation and Export Profit**: The FOB price of PVC in Southeast Asia remained unchanged at 600 US dollars per ton, and the export profit decreased by 66.5 yuan/ton to - 20.7 yuan/ton, a decline of 145.1% [13]. - **Supply and Demand and Inventory**: The operating rate of the caustic soda industry decreased by 1.4 percentage points to 88.5%. The total social inventory of PVC decreased by 0.7 tons to 51.1 tons, a decline of 1.3% [13]. Group 9: Methanol Industry Report Industry Investment Rating Not provided Core View The methanol futures fluctuate narrowly. The port accumulates inventory significantly, while the inland market shows a pattern of both supply and demand increasing, and the price fluctuates narrowly [14][15][16]. Summary by Directory - **Methanol Price and Spread**: On December 25th, the MA2601 closing price decreased by 5 yuan/ton to 2129 yuan/ton, a decline of 0.23%. The MA15 spread increased by 5 yuan/ton to - 33 yuan/ton, a decline of 13.16% [14]. - **Inventory**: The enterprise inventory of methanol increased by 1.28 tons to 40.397 tons, a growth rate of 3.28%. The port inventory increased by 19.37 tons to 141.3 tons, a growth rate of 15.89% [15]. - **Upstream and Downstream Operating Rates**: The operating rate of domestic upstream enterprises increased by 0.36 percentage points to 77.99%, while the operating rate of overseas upstream enterprises decreased by 3.47 percentage points to 60.5% [16]. Group 10: Glass and Soda Ash Industry Report Industry Investment Rating Not provided Core View - **Soda Ash**: The supply - demand pattern is still bearish, and the price will continue to fluctuate and bottom - out. It is recommended to pay attention to the short - selling opportunities after the rebound [19]. - **Glass**: The spot price continues to be under pressure, and the market is expected to continue to weaken and fluctuate at the bottom in the short - term [19]. Summary by Directory - **Related Price and Spread**: On December 26th, the North China quotation of glass decreased by 10 yuan/ton to 1010 yuan/ton, a decline of 0.98%. The North China quotation of soda ash remained unchanged at 1300 yuan/ton [19]. - **Supply and Inventory**: The operating rate of soda ash decreased by 1.91 percentage points to 82.74%. The factory inventory of soda ash increased by 0.5 tons to 149.93 tons, a growth rate of 0.33% [19]. - **Real Estate Data**: The year - on - year growth rate of the newly - started area of real estate decreased by 14.26 percentage points to - 29.25%, and the year - on - year growth rate of the completed area increased by 21.34 percentage points to - 0.28% [19].

【供需方面】 供应：截止12月19日，英力士125万吨PTA装置降负运行，后期可能停车，PTA负荷至73.2%(-0.5%)。 【现货方面】 12月24日，PTA期货震荡收涨，现货市场商谈氛围一般，现货基差略走弱。12月货在01贴水19附近商谈 成交，价格商谈区间在4975~5060。1月货在05贴水73~77成交。主流现货基差在01-19。 【利润方面】 12月24日，PTA现货加工费至221元/吨附近，TA2601盘面加工费315元/吨，TA2603盘面加工费292元/ 吨，TA2605盘面加工费327元/吨。 【行情展望】 随着原料PX大涨，PTA及聚酯产品价格有所跟涨。当前PTA供需压力不大，11-12月PTA装置检修较集 中，且聚酯开工在内外需支撑负荷持续高位，叠加印度BIS认证取消后，PTA出口预期增加，11-12月 PTA供需格局偏紧，PTA加工费有所修复。绝对价格来看，1季度PTA在低加工费下仍有装置存检修预 期，而下游聚酯春节前后季节性降负，使得PTA1季度仍存累库预期，且近期部分聚酯大厂计划逐步降 负，PTA继续上涨驱动有限。策略上，PTA跟随PX大涨后谨慎看待当前价格，不排除聚酯端实质性 ...

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the documents. 2. Core Views of the Reports Natural Rubber - Short - term fundamentals change little. The rubber price rises due to the increasing preference for commodities, but there is a risk of a sharp fall after a rise [1]. Methanol - The port may face inventory accumulation pressure in December, but the supply - demand balance sheet is expected to turn to inventory reduction in the first quarter of the next year. The supply - demand pattern in the inland area is expected to be stable, and the price will fluctuate within a narrow range [4]. Polyolefins - For PP, supply increases while demand decreases, with low marginal device valuation and a slight reduction in inventory. For PE, both supply and demand are weak, with a decrease in the marginal supply of standard products, low valuation, and the futures price rising with reduced positions [8]. Pure Benzene and Styrene - Pure benzene may maintain a volatile trend in the short term, with the BZ2603 contract likely to fluctuate between 5300 - 5600. Styrene's rebound space is limited, and the EB02 contract may fluctuate between 6300 - 6700 [9]. Glass and Soda Ash - Soda ash's supply - demand pattern is bearish, and the price is in a downward - fluctuating pattern. It is recommended to consider short - selling opportunities after the rebound. Glass's market still faces pressure, and the 01 contract will follow the delivery logic in December [10]. PVC and Caustic Soda - Caustic soda's price is expected to be weak in the short term, and its rebound range is limited. PVC is expected to continue to move in a range, and its rebound height is limited [11]. Crude Oil - Crude oil prices are expected to fluctuate between 60 - 65 dollars per barrel, and it is necessary to continue to pay attention to the geopolitical situation after the holiday [12]. Urea - Urea prices may fluctuate between 1700 - 1750. It is necessary to pay attention to the enterprise's replenishment demand and the progress of export policies [14]. LPG - No clear overall view is provided in the LPG - related content. Polyester Industry Chain - PX may continue to be strong in the short term, but caution is needed. PTA's upward movement is limited. MEG is expected to fluctuate and consolidate. Short - fiber's absolute price has limited drivers. Bottle - chip's processing fees are expected to be compressed [18]. 3. Summaries According to Relevant Catalogs Natural Rubber Spot Prices and Basis - The price of Yunnan state - owned whole - latex (SCRWF) in Shanghai rose by 250 yuan/ton to 15100 yuan/ton, with a 1.68% increase. The whole - latex basis decreased by 110 yuan/ton to - 550 yuan/ton, a 25.00% decline [1]. Monthly Spreads - The 9 - 1 spread increased by 70 yuan/ton to 5 yuan/ton, a 107.69% increase. The 1 - 5 spread decreased by 65 yuan/ton to - 30 yuan/ton, a 185.71% decline [1]. Production and Inventory - Thailand's October production decreased by 48.3 thousand tons to 466.2 thousand tons, a 9.39% decline. The bonded - area inventory increased by 16339 tons to 515227 tons, a 3.28% increase [1]. Methanol Prices and Spreads - The MA2601 closing price rose by 4 yuan/ton to 2134 yuan/ton, a 0.19% increase. The MA15 spread decreased by 12 yuan/ton to - 38 yuan/ton, a 46.15% increase [4]. Inventory - Methanol enterprise inventory increased by 1.28 million tons to 40.397 million tons, a 3.28% increase. Methanol port inventory increased by 19.37 million tons to 141.3 million tons, a 15.89% increase [4]. Operating Rates - The upstream domestic enterprise operating rate increased by 0.99 percentage points to 77.63%, a 1.29% increase. The downstream MTO device operating rate increased by 1.51 percentage points to 86%, a 1.79% increase [4]. Polyolefins Prices and Spreads - The L2601 closing price rose by 104 yuan/ton to 6320 yuan/ton, a 1.67% increase. The L15 spread decreased by 8 yuan/ton to - 28 yuan/ton, a 16.00% decline [8]. Inventory - PE enterprise inventory decreased by 2.92 million tons to 45.9 million tons, a 5.99% decline. PP trade - dealer inventory decreased by 2.01 million tons to 18.7 million tons, a 9.70% decline [8]. Operating Rates - The PE device operating rate decreased by 0.25 percentage points to 83.9%, a 0.30% decline. The PP device operating rate increased by 1.08 percentage points to 79.4%, a 1.37% increase [8]. Pure Benzene and Styrene Upstream Prices and Spreads - Brent crude oil (February) decreased by 0.14 dollars per barrel to 62.24 dollars per barrel, a 0.2% decline. The pure benzene - to - naphtha spread increased by 4 dollars per ton to 128 dollars per ton, a 3.2% increase [9]. Styrene - Related Prices and Spreads - Styrene's East - China spot price rose by 90 yuan/ton to 6650 yuan/ton, a 1.4% increase. The EB02 - EB03 spread decreased by 7 yuan/ton to - 64 yuan/ton, a 12.3% increase [9]. Inventory and Operating Rates - Pure benzene's Jiangsu port inventory increased by 1.3 million tons to 27.3 million tons, a 5.0% increase. The domestic pure benzene operating rate decreased by 0.2 percentage points to 74.9%, a 0.2% decline [9]. Glass and Soda Ash Prices and Spreads - The glass 2601 price rose by 3 yuan/ton to 941 yuan/ton, a 0.32% increase. The soda ash 2605 price rose by 9 yuan/ton to 1184 yuan/ton, a 0.81% increase [10]. Production and Inventory - Soda ash's weekly production decreased by 1.4 million tons to 72.14 million tons, a 1.90% decline. Glass factory inventory increased by 33.1 million tons to 5855.8 million tons, a 0.57% increase [10]. PVC and Caustic Soda Prices and Spreads - The East - China calcium - carbide - based PVC market price rose by 60 yuan/ton to 4480 yuan/ton, a 1.4% increase. The SH2601 price rose by 12 yuan/ton to 2150 yuan/ton, a 0.6% increase [11]. Supply and Demand - The caustic - soda industry operating rate decreased by 1.4 percentage points to 88.5%, a 1.5% decline. The PVC total operating rate decreased by 2.3 percentage points to 16.1%, a 2.9% decline [11]. Inventory - The liquid - caustic East - China factory inventory decreased by 1.4 million tons to 22.7 million tons, a 5.7% decline. The PVC upstream factory inventory decreased by 1.6 million tons to 32.9 million tons, a 4.6% decline [11]. Crude Oil Prices and Spreads - Brent crude oil rose by 0.31 dollars per barrel to 62.38 dollars per barrel, a 0.50% increase. The Brent M1 - M3 spread increased by 0.12 dollars per barrel to - 3.16 dollars per barrel, a 3.66% decline [12]. Refined Oil - NYM RBOB rose by 10.75 cents per gallon to 627.25 cents per gallon, a 1.74% increase. The RBOB M1 - M3 spread decreased by 0.34 cents per gallon to - 3.15 cents per gallon, a 12.10% increase [12]. Urea Prices and Spreads - The methanol - main - contract price rose by 16 yuan/ton to 2172 yuan/ton, a 0.74% increase. The 01 - contract - to - 05 - contract spread decreased by 6 yuan/ton to - 62 yuan/ton, a 9.68% decline [14]. Supply and Demand - The domestic urea daily production decreased to 19.5 million tons, a 0.00% change. The urea production factory operating rate remained at 80.62%, a 0.00% change [14]. Inventory - The domestic urea factory inventory decreased by 11.08 million tons to 106.89 million tons, a 9.39% decline. The domestic urea port inventory remained at 13.8 million tons, a 0.00% change [14]. LPG Prices and Spreads - The main PG2601 contract price rose by 36 yuan/ton to 4221 yuan/ton, a 0.86% increase. The PG01 - 02 spread decreased by 15 yuan/ton to 139 yuan/ton, a 9.74% decline [16]. Inventory and Operating Rates - The LPG port inventory decreased by 22.4 million tons to 261 million tons, a 7.89% decline. The downstream PDH operating rate increased by 2.1 percentage points to 75.0%, a 2.92% increase [16]. Polyester Industry Chain Upstream and Downstream Prices - Brent crude oil (February) decreased by 0.14 dollars per barrel to 62.24 dollars per barrel, a 0.2% decline. The POY150/48 price remained at 6395 yuan/ton, a 0.0% change [18]. PX - Related - CFR China PX rose by 5 dollars per ton to 901 dollars per ton, a 0.6% increase. The PX - to - naphtha spread increased by 6 dollars per ton to 447 dollars per ton, a 1.4% increase [18]. PTA and MEG - The PTA East - China spot price rose by 60 yuan/ton to 5015 yuan/ton, a 1.2% increase. The MEG port inventory increased by 3.0 million tons to 71.6 million tons, a 4.4% increase [18].

融券方面，华润材料12月24日融券偿还2000.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量1.08万股，融券余额7.67万元，低于近一年10%分位水平，处于低位。 机构持仓方面，截止2025年9月30日，华润材料十大流通股东中，华夏中证500指数增强A（007994）位 居第五大流通股东，持股280.23万股，为新进股东。南方中证1000ETF（512100）位居第六大流通股 东，持股272.27万股，相比上期增加6100.00股。华夏智胜先锋股票(LOF)A（501219）位居第七大流通 股东，持股229.11万股，相比上期增加110.15万股。香港中央结算有限公司位居第八大流通股东，持股 207.27万股，相比上期减少130.91万股。华夏中证1000ETF（159845）、广发中证1000ETF（560010） 退出十大流通股东之列。 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 ...

12月，临近岁末加上西方圣诞节，催热全球消费——国产圣诞帽、圣诞树等商品"出海"，航运市场也如 期迎来"旺季效应"。上海出口集装箱运价指数（SCFI）逆势回升，美线、地中海等核心航线运费集体上 涨，头部船司更是密集官宣12月涨价，数据很直观：欧线运价环比上涨9.5%，美西、美东航线的涨幅 更是达到20%左右。放在往年，海运费一涨，聚酯行业早就掀起了抢出口热潮——赶在运费上涨前发 货，锁定订单和利润。但今年却反常：聚酯出口既没有短期爆发，也没有订单集中锁定的情况。这 波"热运费"遇上"冷订单"的反差，背后藏着啥原因？又透露了行业哪些新变化呢？ 为啥不"抢单"了？哪些因素卡住了出口冲动？ 业内人士直言，以往海运费上涨，聚酯企业"抢单"积极性拉满，这次却集体"克制"，这不是偶然，而是 多重因素叠加的结果：核心原因是运费上涨的逻辑变了，再加上需求、利润、政策的多重约束，让"抢 单"变得无利可图，甚至风险重重。 业内资深人士庞春艳表示，相较于往年8月出口量达峰的常规表现，今年出口量提前回落，是受关税政 策影响的出口节奏变化。 不过，11月中美釜山会晤后，美方释放缓和信号：专项关税从20%下调至 10%，暂停加征更高"对 ...

12月，临近岁末加上西方圣诞节，催热全球消费——国产圣诞帽、圣诞树等商品"出海"，航运市场也如 期迎来"旺季效应"。上海出口集装箱运价指数(SCFI)逆势回升，美线、地中海等核心航线运费集体上 涨，头部船司更是密集官宣12月涨价，数据很直观：欧线运价环比上涨9.5%，美西、美东航线的涨幅 更是达到20%左右。放在往年，海运费一涨，聚酯行业早就掀起了抢出口热潮——赶在运费上涨前发 货，锁定订单和利润。但今年却反常：聚酯出口既没有短期爆发，也没有订单集中锁定的情况。这 波"热运费"遇上"冷订单"的反差，背后藏着啥原因？又透露了行业哪些新变化呢？ 为啥不"抢单"了？哪些因素卡住了出口冲动？ 业内人士直言，以往海运费上涨，聚酯企业"抢单"积极性拉满，这次却集体"克制"，这不是偶然，而是 多重因素叠加的结果：核心原因是运费上涨的逻辑变了，再加上需求、利润、政策的多重约束，让"抢 单"变得无利可图，甚至风险重重。 中信建投（601066）期货能化高级分析师李思进表示，抢出口的前提是海外有刚性备货需求，但现在全 球终端消费恢复得很温和。一方面，欧美通胀压力没有完全消退，其居民消费能力受限；另一方面，海 外客户早就完成了基础 ...

需求方面，西南期货指出，下游聚酯开工维持在91.2%，终端织机开工下降，需求端支撑略减弱。11月 聚酯产品出口总量在121.94万吨，环比增长7.5%，同比增长9.78%。 后市来看，东海期货表示，下游后期或将执行减产，乙二醇短期小幅过剩格局或持续。但近期煤价触底 反弹，乙二醇成本抬高，且气制开工或阶段性小幅下行，过剩压力或略有减小。短期乙二醇支撑或继续 测试，但反弹空间目前仍然有限。 12月24日，国内期市能化板块大面积飘红。其中，乙二醇期货盘面直线拉升，截至发稿主力合约报 3804.00元/吨，大幅上涨3.51%。 成本方面，南华期货（603093）分析称，成本端可能产生额外利空，油煤目前仍然维持双弱趋势，若后 续利润随着成本端下行而修复，检修预期兑现程度可能将不及预期。 供应方面，据瑞达期货（002961）介绍，中国乙二醇装置周度产量在38.68万吨，较上周减少0.13万吨， 环比减少0.33%。本周国内乙二醇总产能利用率61.71%，环比降0.22%。 ...