投资咨询业务资格：证监许可【2012】669号 中信期货研究|能源化⼯策略⽇报 2026-01-09 指数基⾦调仓带来原油买盘，能化延续 震荡整理 国际原油期货延续震荡整理态势，委内瑞拉原油业的发展被提上日 程；美国能源部长在与高管会谈后表示，康菲石油、埃克森美孚及其他美 国石油公司正在研究如何在振兴委内瑞拉能源工业中发挥作用。彭博大宗 商品指数(BCOM)年度再平衡正式于1月8日启动，将持续至1月14日，此次 调仓遵循'卖出赢家、买入输家'的原则，Brent原油权重上调带动原油 板块获显著被动买盘，有色金属则面临集体减持压力。EIA报告显示，上 周美国成品油库存大幅增加，石油总库存增加，对油价形成压制。 板块逻辑： 宏观主导了近期化工市场的反弹，股市和热门商品的调整也引发了化 工的集体走弱。芳烃链整体延续震荡态势，PTA产业链而言，芳烃原料开 工持稳，聚酯开工延续在90.8%的高位，终端织造开工延续季节性下行态 势，产业链较平淡。苯乙烯开工也周度持稳，下游EPS开工率周度小幅提 升。芳烃产业链仍将震荡。PP周度开工下滑，PE开工则略增，PE的贸易商 和下游工厂补库增多是近期价格反弹的主要原因，产业整体变化较 ...

变造资料等,我司均不承担任何责任。 华东基差(镇江库) 山乐县差 (+80) 2022 2021 2023 2024 2020 2025 华南基差(佛山库) 山东基差 安南县 700 700 600 600 500 500 400 400 300 300 200 200 100 100 10/1 11/1 9/1 -100 -200 -300 -300 研究中心能化团队 2026/1/9 周度变化 80 100 120 16 -1 31 110 73282 39668 2990 #N/A 110 190 210 230 #N/A 2026 2020 2022 2023 2024 2025 2026 2021 2020 ·2021 -2022 2023 ·2024 2025 ·2026 BU03-06 BU02-03 200 100 80 1 20 60 100 40 50 20 0 -20 -50 -40 -100 -60 -150 -80 -200 -100 2020 2024 2020 2021 2022 2023 2025 2026 2021 2023 2025 2026 2022 2024 BU主力合 ...

s 加安期货 沥青早报 | | 指标 | 12/8 | 12/31 | 1/5 | 1/6 | 1/7 | MINI. LA BOLAFIA/ FAF 日度变化 | 팀 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基差&月差 | 山东基差(+80)(非京博) | 51 | -52 | 17 | -4 | -20 | -16 | | | | 华东基差(镇江库) | 81 | -82 | -33 | 6 | -60 | -66 | | | | 华南基差(佛山库) | ー | -122 | -63 | -14 | -30 | -16 | | | | 01-03 | -40 | -57 | -43 | -21 | -27 | 24 | | | | 02-03 | -22 | -14 | -5 | -12 | -9 | 3 | | | | 03-06 | -47 | -23 | 16 | 10 | 23 | 13 | | | | BU主力合约(02) | 2959 | 3022 | 3133 | 3144 | 3160 | 16 | | | | ...

| 期现日报 | 张晓珍 | Z0003135 | 2026年1日7日 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货收盘价 | 品种 | 1月6日 | 1月5日 | 涨跌 | 涨跌幅 | 車位 | | | | | | | 0.71% | 1694 | 1682 | 12 | 01合约 | 1778 | 10 | 05合约 | 1768 | 0.57% | 元/1中 | | | 09合约 | 1730 | 15 | 0.87% | 1745 | 2215 | 78 | 3.52% | 甲醇主力合约 | 2293 | | | | 期货合约价差 | 价差 | 1月6日 | 1月5日 | 涨跌 | 車位 | 旅跌幅 | | | | | | | 2.33% | 01合约-05合约 | -84 | -86 | 2 | -13.16% | 05合约-09合约 | 33 | 38 | -2 | 丁C/四中 | | | 09合约-01合约 | 48 | 3 | 6.25% | 51 ...

周度变化 64 124 124 -8 -5 34 106 40135 26728 3000 -0.2 130 170 230 230 124 2025 -200 -300 s 加安期货 沥青早报 | | 山东基差(+80)(非京博) | 42 | -68 | -52 | 17 | -4 | -21 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 12/5 | 12/30 | 12/31 | 1/5 | 1/6 | MIVULLA HOLORIA FAE 日度变化 | 間 | | | 华东基差(镇江库) | 92 | -118 | -82 | -33 | 6 | 39 | | | 基差&月差 | 华南基差(佛山库) | -18 | -138 | -122 | -63 | -14 | 49 | | | | 01-03 | -25 | -43 | -57 | -43 | -51 | -8 | | | | 02-03 | -14 | -7 | -14 | -5 | -12 | -7 | | | | 03-06 | -41 | - ...

沥青早报 | | | | | | | | MIZULU POLOGIAL EVE | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 12/4 | 12/29 | 12/30 | 12/31 | 1/5 | 日度变化 | 間 | | | 山东基差(+80)(非京博) 01-03 | 48 -28 | -68 -35 | -68 -43 | -52 -57 | 17 -43 | રવ 14 | | | | 华东基差(镇江库) | 88 | -118 | -118 | -82 | -33 | 49 | | | | 华南基差(佛山库) | -2 | -178 | -138 | -122 | -63 | ਦੇਰੇ | | | 基差&月差 | | | | | | | | | | | 02-03 | -17 | -4 | -7 | -14 | - R | g | | | | 03-06 | -37 | -25 | -24 | -23 | 16 | 39 | | | | BU主力合约(02) | 2952 | 3008 | 3038 | ...

s 加安期货 周度变化 3 33 73 -24 -7 6 27 25920 -17219 4080 #N/A 40 30 60 100 #N/A 2025 -200 -300 2019 2022 2024 2021 2020 2023 2025 2019 2021 2024 2025 2022 2023 2020 BU02-03 BU03-06 100 100 80 80 60 60 40 40 20 20 0 0 7/1 8/1 5/1 6/1 3/1 4/1 4/1 5/1 -20 -20 -40 -40 -60 -60 -80 -80 r -100 -100 2019 2024 2021 2022 2023 2025 2020 2019 2025 2020 -2021 -2022 2023 - 2024 BU主力合约 BU远期结构 5000 3060 4500 3040 3020 4000 3000 2980 3500 2960 3000 2940 MAR NA 2920 W 2500 2900 3/1 4/1 7/1 8/1 9/1 10/1 11/1 12/1 1/1 2/1 5/1 6/1 BU0 ...

化工月报 | 2026-01-04 短期PX存回撤风险，中期预期仍好 核心观点 市场要闻与数据 价格与价差方面，12月成本端支撑小幅减弱，Brent原油价格突破60~65美元/桶区间下沿，最低达到58美元/桶附近， 中期原油基本面压力依然对油价形成压制。12月在对明年上半年PX供需偏紧的预期下，PX和PTA价格大幅上涨， 效益有明显修复，PXN一度上涨至380美元/吨附近，PTA加工费也修复至300元/吨偏下，但现货基差没有明显上涨。 12月PF和PR价格跟随原料上涨，但涨幅不及原料，同时纺服需求走弱下PF加工利润压缩。PR自身基本面变化不大， 然下游表现疲弱，仅刚需补货，跟进乏力，由于工厂与市场价差明显，工厂接单受阻，发货为主, 部分持货商低价 惜售，基差走弱，现货加工费收窄。 PX供应与库存方面，本周中国 PX 开工率88.2%（环比上周+0.1%），亚洲 PX 开工率79.5%（环比上周+0.6%）。 PX供应：2026明年实际能兑现产量的新装置主要是辽宁华锦阿美 200 万吨，算上福佳大化改造扩能，总投产预计 260万吨，产能增速6%。存量装置方面，12月国外PX装置负荷维持高位运行，产量继续增长。1 ...

Report Overview - Report Title: Asphalt Morning Report [2][10] - Research Team: Research Center Energy and Chemicals Team [3][11] - Report Date: December 31, 2025 [3][11] 1. Report Investment Rating - No investment rating provided in the report. 2. Core Viewpoints - No clear core viewpoints are presented in the given content; it mainly provides data on asphalt - related indicators. 3. Summary by Relevant Catalog 3.1 Basis and Spread - **Basis**: The Shandong basis (+80) (non - Jingbo) was - 68 on December 30, with no daily change and a weekly change of - 12; the East China basis (Zhenjiang warehouse) was - 118, with no daily change and a weekly change of - 2; the South China basis (Foshan warehouse) was - 138, with a daily change of 40 and a weekly change of 28 [4][12]. - **Month - to - month spreads**: The 01 - 03 spread was - 43 on December 30, with a daily change of - 8 and a weekly change of - 9; the 02 - 03 spread was - 7, with a daily change of - 3 and a weekly change of 3; the 03 - 06 spread was - 24, with a daily change of 1 and a weekly change of 4 [4][12]. 3.2 BU Main Contract (02) - **Price**: It was 3038 on December 30, with a daily change of 30 and a weekly change of 42 [4][12]. - **Trading Volume**: The trading volume on December 30 was 465,494, with a daily increase of 79,321 and a weekly increase of 170,851 [4][12]. - **Open Interest**: The open interest on December 30 was 440,255, with a daily decrease of 2,448 and a weekly decrease of 31,865 [4][12]. - **Combination**: It was 8,260 on December 30, with a daily and weekly increase of 4,080 [4][12]. 3.3 Spot Market - **Brent Crude Oil**: It was 61.9 on December 30, with a daily increase of 1.3 and a weekly decrease of 0.4 [4][12]. - **Jingbo**: The price was 2,980 on December 30, with a daily and weekly increase of 40 [4][12]. - **Shandong (non - Jingbo)**: The price was 2,890 on December 30, with a daily and weekly increase of 30 [4][12]. - **Zhenjiang Warehouse**: The price was 2,920 on December 30, with a daily and weekly increase of 30 [4][12]. - **Foshan Warehouse**: The price was 2,900 on December 30, with a daily increase of 70 and a weekly increase of 100 [4][12]. 3.4 Profit - **Asphalt - Marrow Profit**: It was 385 on December 30, with a daily decrease of 42 and a weekly increase of 45 [4][12].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - No clear core view is presented in the provided text. The document mainly shows data on asphalt - related indicators. 3. Summary by Related Catalogs 3.1. Basis and Calendar Spread - **Basis**: On 12/31, Shandong basis (+80) (non - Jingbo) was - 68 with no daily change; East China basis (Zhenjiang warehouse) was - 118; South China basis (Foshan warehouse) was - 138 with a daily increase of 40 [2]. - **Calendar Spread**: On 12/31, 01 - 03 was - 43 with a daily decrease of 8; 02 - 03 was - 7 with a daily decrease of 3; 03 - 06 was - 24 [2]. 3.2. Futures Contracts - **BU Main Contract (02)**: On 12/31, the price was 3038, up 30 compared to the previous day. The trading volume was 465494, an increase of 79321 (17%), and the open interest was 440255, a decrease of 2448 (- 3%) [2]. 3.3. Spot Market - **Brent Crude Oil**: On 12/31, it was 61.9, up 1.3 [2]. - **Asphalt Spot Prices**: On 12/31, Jingbo was 2980, up 40; Shandong (non - Jingbo) was 2890, up 30; Zhenjiang warehouse was 2920, up 30; Foshan warehouse was 2900, up 70 [2]. 3.4. Profit and Inventory - **Asphalt - Marey Profit**: On 12/31, it was 382, down 42 [2].