Report Industry Investment Rating - The investment view on the synthetic rubber industry is neutral. It is suggested that investors adopt a strategy of going long on synthetic rubber and short on natural rubber [3]. Core Viewpoints - The current spread between synthetic and natural rubber has reached a historical low. The space for further decline in the single - sided price of synthetic rubber and the spread between different rubber types is limited. The BR on the futures market is in a low - valuation range [3]. Summary by Relevant Catalogs 1. Market Review - As of December 4, 2025, the ex - factory price of Sinopec's BR9000 was 10,600 yuan/ton, and that of PetroChina's BR9000 was between 10,600 - 10,700 yuan/ton. The overall supply of domestic cis - butadiene rubber remained sufficient [4]. 2. Supply Analysis 2.1 Butadiene - Last week, the domestic butadiene production was 112,200 tons (- 0.80%), and the capacity utilization rate was 70.4%. Many butadiene production devices were shut down or under maintenance, leading to a decline in production [3]. 2.2 Cis - Butadiene Rubber - The production of high - cis cis - butadiene rubber was 29,500 tons (4.76%), and the capacity utilization rate was 73.53%. Some cis - butadiene rubber devices were under maintenance, and it is expected that this week's production and capacity utilization rate will slightly decline, but the supply on the spot side will remain sufficient [3]. 3. Demand Analysis 3.1 Semi - steel Tires - In the semi - steel tire market, the market trading was weak during the month - end period. The four - season tire market was weakly stable, and the snow - tire market had sufficient supply but awaited further demand improvement [3]. 3.2 All - steel Tires - In the all - steel tire market, the trading was dull. Affected by the seasonal off - season, the market demand further weakened. With relatively sufficient market supply, the focus was on digesting existing inventories, and the enthusiasm for restocking was average [3]. 4. Inventory Analysis 4.1 Butadiene - Last week, the butadiene port inventory was 41,100 tons, a week - on - week decrease of 13.11%. The total domestic butadiene inventory declined from a high level, with a week - on - week decrease of 7.41% [3]. 4.2 Cis - Butadiene Rubber - The inventory of high - cis cis - butadiene rubber enterprises and traders was 32,330 tons, a week - on - week increase of - 0.34%. The downstream continuous price - pressing led to weak trading, with an increase in production enterprise inventory and a slight decrease in trading enterprise inventory [3]. 5. Price and Spread Analysis 5.1 Price - The ex - factory prices of BR9000 of Sinopec and PetroChina remained stable. The prices of butadiene, cis - butadiene rubber, and styrene - butadiene rubber also showed different trends [4][8][9]. 5.2 Spread - The RU - BR spread was 4,655 yuan/ton (- 6.81%); the NR - BR spread was 1,635 yuan/ton (- 12.10%); the BR - SC ratio was 0.00% [3]. 6. Profit Analysis - The production gross profit of butadiene by oxidative dehydrogenation was - 1,764 yuan/ton, and that by C4 extraction was 202.23 yuan/ton. The production gross profit of cis - butadiene rubber was 787 yuan/ton, with a gross profit margin of 8.02% [3]. 7. Geopolitical and Macroeconomic Analysis - The US core PCE in September dropped to 2.8%, hitting a three - month low and lower than market expectations. G7 and the EU considered banning Russian oil shipping services. The geopolitical situation between the US and Venezuela was tense. The probability of the Bank of Japan raising interest rates in December increased significantly [3]. 8. Trading Strategies - Unilateral trading: None. - Arbitrage: Pay attention to the strategy of going long on BR and short on NR/RU [3].

Core Insights - Sinopec Easy Joy Coffee has surpassed 1,500 stores nationwide, marking significant expansion of its "travel coffee" brand [1][3] - A strategic partnership has been established with Syngenta to enhance the supply chain, focusing on coffee bean sourcing and quality control [1][5] Group 1: Expansion and Growth - Since its establishment in 2019, Easy Joy Coffee has leveraged the extensive network of over 30,000 gas stations and 28,600 convenience stores to penetrate the travel scene rapidly [3] - The store count milestones include surpassing 500 stores by March 2025, reaching 1,000 by August, and exceeding 1,500 by December, indicating the potential of the "travel coffee" niche market [3] - The brand has begun international expansion with store openings in Laos and Australia [3] Group 2: Quality and Branding - Easy Joy Coffee will upgrade its brand image to "Tiki Easy" in 2024, positioning itself as "convenient travel, enjoy relaxation" [3] - The company’s self-developed four types of espresso blends won gold at the 2025 IIAC International Coffee Tasting Competition, showcasing its commitment to quality [3] - The brand has established a service matrix of "freshly ground + retail," selling freeze-dried and instant coffee products through over 8,000 convenience stores [3] Group 3: Innovation and Experience - Easy Joy Coffee is creating a "gas station + coffee + culture" composite experience, transforming the waiting time for drivers into an immersive experience [5] - The collaboration with Syngenta aims to strengthen supply chain assurance by providing direct sourcing of coffee beans from key regions like Ethiopia and Brazil [5] - The company plans to focus on "strong quality, expanding scenarios, and network growth" to deepen its presence in the coffee market [5]

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The report highlights the following key points: 1) Focus on undervalued industry leaders; 2) The impact of "anti-involution" on the supply side of related sub-industries; 3) The increasing importance of self-sufficiency in electronic materials companies and certain new energy materials companies amid price increases [2][4] Industry Dynamics - In the week of December 1-7, 2025, among 100 tracked chemical products, 42 saw price increases, 29 saw price decreases, and 29 remained stable. 41% of products had month-on-month average prices rising, while 47% fell, and 12% remained unchanged [11][33] - International oil prices rose, with WTI crude oil futures closing at $60.08 per barrel, a weekly increase of 1.28%, and Brent crude at $63.75 per barrel, up 0.92% [34] - TDI prices increased to an average of 14,356 CNY/ton, up 3.84% week-on-week and 6.89% month-on-month [35] - DMC prices also rose to 13,700 CNY/ton, reflecting a 1.48% increase week-on-week and a 23.42% increase from the November 12 low [35] Investment Recommendations - As of December 7, 2025, the SW basic chemical industry P/E ratio (TTM excluding negative values) is 24.52, at the 75.42 percentile historically, while the P/B ratio is 2.24, at the 57.66 percentile [14] - The report recommends focusing on undervalued industry leaders, the impact of "anti-involution" on supply, and the importance of self-sufficiency in electronic materials and new energy materials [14] - Long-term investment themes include: 1) Demand recovery supported by policy, with continuous supply optimization; 2) Rapid development in downstream industries such as semiconductor materials and new energy materials; 3) Structural reforms in supply-side, focusing on high-performing sub-industries like fluorochemicals and agrochemicals [14] Key Stocks - Recommended stocks include Wanhua Chemical, Hualu Hengsheng, Satellite Chemical, and others [14] - December's "Golden Stocks" are Wanhua Chemical and Anji Technology [8]

Core Viewpoint - The article highlights a troubling case where a legally established gas station in Fuzhou, China, faces ongoing harassment from local villagers despite multiple court rulings affirming its land use rights. Local government officials have suggested that the gas station pay increasing amounts of money to the villagers to "buy peace," undermining the rule of law and creating a chaotic governance environment [1][2][3]. Group 1 - The gas station has been legally confirmed to have valid land use rights through court rulings, yet it remains unable to operate due to persistent blockades by local villagers [1][2]. - Local government and law enforcement have suggested that the gas station pay escalating sums, starting from 200,000 to 2 million annually, to appease the villagers, which raises concerns about governance and legal integrity [2][3]. - The situation reflects a broader issue of local governance failure, where the rule of law is undermined by the actions of local officials and the community, leading to a chaotic environment for legitimate businesses [2][3]. Group 2 - The article indicates that the local government has shifted its stance over the years, previously supporting the gas station but now encouraging it to "take a step back" and negotiate with the villagers [2]. - The law enforcement's passive response to the situation, including advising the gas station to halt operations, further complicates the enforcement of legal rights and creates a hostile environment for business operations [3]. - The ongoing conflict illustrates a significant challenge to the rule of law and the business environment in the region, as local governance appears to prioritize appeasing villagers over upholding judicial decisions [3].

Core Viewpoint - The establishment of the new state-owned enterprise, China Resource Recycling Group, signifies a strategic advancement in China's polymer recycling industry, which is crucial for alleviating global resource scarcity and environmental pressures [2]. Group 1: Global Attitudes and Policies - Various countries have implemented mandatory regulations for the use of recycled polymers, reflecting a global shift towards sustainable practices in polymer recycling [2]. - The upcoming 14th Five-Year Plan will provide top-level design guidance for the polymer recycling industry in China, indicating a structured approach to enhance the sector [2]. Group 2: Economic Viability and Technological Advancements - The article raises questions about the profitability of polymer recycling and which advanced technologies can achieve large-scale replication [2]. - The application of recycled polymer materials is expected to yield significant tax benefits for manufacturing companies, enhancing the economic attractiveness of recycling initiatives [2]. Group 3: Conference Details - The Third Polymer Recycling Conference will be held from December 11-13 in Ningbo, Zhejiang, focusing on policy trends, chemical and physical recycling technologies, and high-value utilization of recycled materials across various sectors [2][10]. - The conference will feature discussions on dynamic sustainable polymers and will invite leading international companies, experts, and government representatives to explore collaborative opportunities in polymer recycling [2][10]. Group 4: Key Highlights of the Conference - The conference aims to provide insights into global plastic recycling policies and China's 14th Five-Year Plan for plastic recycling, exploring new technologies and collaborations [34]. - Advanced recycling technologies will be shared, including thermal cracking and depolymerization techniques for mixed low-value waste plastics and rubber, analyzing their economic viability and yield [34]. - The event will address the challenges of balancing performance, compliance, and sustainability in the use of recycled plastics in various industries such as textiles, home appliances, and automotive [34].

Core Viewpoint - The article discusses the significant increase in sulfur prices, which have risen to over 4,100 yuan per ton, driven by supply-demand imbalances and geopolitical factors, indicating a strong market outlook for sulfur in the near future [2][4][5]. Supply and Demand Dynamics - As of December 7, sulfur prices at China's Zhenjiang port reached 4,115 yuan per ton, up approximately 465 yuan from the previous month and over 163% from the beginning of the year [4]. - The global sulfur supply is projected to be around 81 million tons, with demand at approximately 82 million tons, indicating a widening supply-demand gap [6]. - The supply of sulfur in China has decreased, with November production at 101.17 million tons, a reduction of 5.32% month-on-month [7]. Price Trends and Forecasts - Analysts expect the strong sulfur market to continue at least until the first quarter of next year, with potential price peaks in the second quarter or later due to increased supply from Russia and the Middle East [3][13]. - Internationally, Qatar's sulfur contract prices have surged to 495 USD per ton, marking a 198% increase compared to the beginning of the year [5]. Industry Impact - Major refining companies such as Sinopec and PetroChina are significantly involved in sulfur production, with capacities of 8.34 million tons and 3.68 million tons per year, respectively [13]. - Companies with integrated sulfur or sulfuric acid resources are better positioned to withstand cost pressures, while smaller firms reliant on external sulfur supplies face operational challenges [14]. Geopolitical Influences - The ongoing geopolitical tensions, particularly the Russia-Ukraine conflict, have severely impacted sulfur exports from Russia, which are expected to drop significantly by 2026 [9][10]. - China's dependence on imported sulfur is projected to rise from 42% in 2022 to between 49% and 50% by 2025, highlighting the increasing reliance on foreign sources [10]. Downstream Demand - Over 50% of sulfur is used in phosphate fertilizer production, with new demands emerging from lithium iron phosphate and solid-state batteries, which are expected to drive additional sulfur demand [11][12]. - The production of lithium iron phosphate in China is anticipated to increase from 1.5 million tons in 2022 to over 3.6 million tons in 2025, corresponding to an additional demand for 106,000 tons of sulfur [11].

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry, consistent with the previous rating [1]. Core Insights - International oil prices experienced slight fluctuations due to geopolitical factors, with Brent and WTI prices reaching $63.75 and $60.08 per barrel, respectively, as of December 5, 2025 [2][9]. - The report highlights an increase in U.S. crude oil production to 13.815 million barrels per day, with active drilling rigs rising to 413 [40]. - The refining capacity utilization in the U.S. increased to 94.10%, indicating strong demand for crude oil processing [51]. - The report identifies key companies in the sector, including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [3]. Summary by Sections Oil Price Review - As of December 5, 2025, Brent crude futures settled at $63.75 per barrel, up $1.37 (+2.20%) from the previous week, while WTI crude futures rose to $60.08 per barrel, an increase of $1.53 (+2.61%) [26]. Offshore Drilling Services - The number of global offshore self-elevating drilling platforms increased to 368, with a net addition of 2 platforms, while floating drilling platforms rose to 130 [29]. Crude Oil Supply - U.S. crude oil production reached 13.815 million barrels per day, with a slight increase of 0.1 million barrels per day from the previous week [40]. Crude Oil Demand - U.S. refinery crude oil processing volume increased to 16.876 million barrels per day, with a utilization rate of 94.10% [51]. Crude Oil Inventory - As of November 28, 2025, total U.S. crude oil inventories stood at 839 million barrels, reflecting a weekly increase of 824,000 barrels (+0.10%) [60]. Refined Oil Prices - In the North American market, as of December 5, 2025, average prices for diesel, gasoline, and jet fuel were $97.93, $77.61, and $87.74 per barrel, respectively [82].

中石化石油物探技术研究院有限公司，成立于2022年，位于南京市，是一家以从事开采专业及辅助性活 动为主的企业。企业注册资本133611.989369万人民币。通过天眼查大数据分析，中石化石油物探技术 研究院有限公司共对外投资了2家企业，参与招投标项目423次，专利信息801条，此外企业还拥有行政 许可14个。 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为主的企业。企业注册资本12173968.9893万人民币。通过天眼查大数据分析，中国石油化工 股份有限公司共对外投资了268家企业，参与招投标项目5000次，财产线索方面有商标信息45条，专利 信息5000条，此外企业还拥有行政许可41个。 国家知识产权局信息显示，中国石油化工股份有限公司、中石化石油物探技术研究院有限公司取得一项 名为"沉凝灰岩的识别方法、装置、设备及存储介质"的专利，授权公告号CN119689575B，申请日期为 2023年9月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 ...

中国石化集团新星石油有限责任公司，成立于1997年，位于北京市，是一家以从事专业技术服务业为主 的企业。企业注册资本135400万人民币。通过天眼查大数据分析，中国石化集团新星石油有限责任公司 共对外投资了27家企业，参与招投标项目1319次，专利信息200条，此外企业还拥有行政许可40个。 国家知识产权局信息显示，中国石油化工集团有限公司;中国石化集团新星石油有限责任公司申请一项 名为"裂缝型碳酸盐岩热储选区评价方法及系统"的专利，公开号CN121069467A，申请日期为2024年6 月。 专利摘要显示，本发明公开了一种裂缝型碳酸盐岩热储选区评价方法及系统。该热储选区评价方法包 括：对目标区域的裂缝型碳酸盐岩热储关键因素进行预测，以获取各热储关键因素的参数数据；热储关 键因素包括：热储埋深、断裂发育、富水特征和温度分布；基于热储埋深的参数数据确定最优评价区 域；对最优评价区域的断裂发育、富水特征和温度分布的参数数据进行量化处理，并设置断裂发育、富 水特征和温度分布以及各参数的权值系数；基于量化处理结果、权值系数和评价标准对最优评价区域进 行裂缝型碳酸盐岩热储综合评价。本发明能够实现快速有效准确地完成热储选 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为主的企业。企业注册资本12173968.9893万人民币。通过天眼查大数据分析，中国石油化工 股份有限公司共对外投资了268家企业，参与招投标项目5000次，财产线索方面有商标信息45条，专利 信息5000条，此外企业还拥有行政许可41个。 中石化（大连）石油化工研究院有限公司，成立于2022年，位于大连市，是一家以从事研究和试验发展 为主的企业。企业注册资本338459.08万人民币。通过天眼查大数据分析，中石化（大连）石油化工研 究院有限公司共对外投资了1家企业，参与招投标项目2539次，专利信息4948条，此外企业还拥有行政 许可65个。 国家知识产权局信息显示，中国石油化工股份有限公司;中石化（大连）石油化工研究院有限公司取得 一项名为"一种正丁烷氧化制顺酐的催化剂级配方法"的专利，授权公告号CN116550352B，申请日期为 2022年1月。 ...