成品油周报：原油转弱成品油出口利润维持高位国内柴油裂解利润回升-20251124

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report This week, Brent crude oil first rose and then fell to the $62 area, with the focus of the crude oil market shifting to geopolitical and financial - end asset liquidity. Geopolitical risks have cooled down. The refined oil cracking profit remains at a high level, and the market has entered a rhythm where the current demand is resilient but weak in the long - term. The main supply has declined, and the inventory has decreased at a low level. The diesel cracking profit has continuously risen and recovered. It is recommended to take profit and wait and see for the cracking profit in the short term, and participate at low levels in the medium term [7]. 3. Summary According to the Directory 3.1 Product Oil Price Analysis - The price difference between gasoline and diesel has slightly widened, and the support for gasoline is stronger than that for diesel [15]. - The cracking spread of gasoline and diesel has hit a high as crude oil prices fall [45]. 3.2 Product Oil Supply Analysis - Crude Oil Import and Inventory: The import volume and inventory of crude oil show certain trends and fluctuations over time [54][57]. - Crude Oil Processing Volume: The processing volume of crude oil by refineries, including main refineries and local refineries, has different changes in monthly and weekly data [63][66][68]. - Domestic Atmospheric and Vacuum Distillation Unit Capacity: The operating rates of main refineries and local refineries' atmospheric and vacuum distillation units have different trends [70]. - Domestic Gasoline and Diesel Production: The production of gasoline and diesel has monthly and weekly data changes, and the diesel - to - gasoline ratio also shows corresponding trends [72][74][78][80][84]. - Domestic Kerosene Production: The production of kerosene has shown certain trends in monthly data [86]. - Profit: The profits of different types of refineries and their sub - items have different changes [89][92][94][96][99]. - Coking: The coking profit, inventory, and production of petroleum coke have corresponding data changes [101][103][105]. 3.3 Product Oil Demand Analysis - Domestic Gasoline, Diesel, and Kerosene Exports: The export volumes and export profits of gasoline, diesel, and kerosene have different trends [111][113][116]. - Gasoline and Diesel Apparent Consumption: The apparent consumption of gasoline and diesel has monthly and weekly data changes [119][124]. - Automobile Sales and Ownership: The sales, ownership, and related indicators of automobiles, including new - energy vehicles, have different trends [129][131]. - Congestion Delay Index: The congestion delay index is reflected by the average weekly passenger volume of the subway in major cities [136]. - Logistics and Express Delivery Index: The development trend, ability, service quality, and scale indexes of the logistics and express delivery industry have different trends [138]. - Purchasing Managers' Index (PMI): The PMI and its sub - items (such as employment, new orders, production, etc.) have monthly data changes [141][143]. - Industrial Added Value: The industrial added value and industrial electricity consumption have corresponding trends [146]. - Excavators and Heavy Trucks: The sales, cumulative sales, and working hours of excavators, as well as the sales of heavy trucks, have different trends [148][150]. - Executed Flights: The number of executed flights, including international and domestic flights, is presented [152]. - Gas Station Profit: The weekly retail profits of gasoline and diesel at gas stations have different trends [155]. - Freight Volume: The freight volume in different regions and types (such as Shenzhen, import - export, etc.) has different trends [158][160][162]. 3.4 Product Oil Inventory Analysis - Commercial Inventory of Gasoline and Diesel: The commercial inventories of gasoline and diesel at the national and main refinery levels have weekly data changes [169][172]. - Inventory of Gasoline and Diesel at National Local Refineries: The inventory rates and inventory volumes of gasoline and diesel at local refineries, especially in Shandong, have weekly data changes [175]. - Social Inventory of Gasoline and Diesel: The social inventories of gasoline and diesel at the national level have weekly data changes [182]. - Sales - to - Production Ratio of Local Refineries: The sales - to - production ratios of diesel and gasoline at local refineries, including Shandong local refineries, have weekly data changes [177][179]. - Zhongtai Product Oil Index: The Zhongtai gasoline and diesel indexes at the national, main refinery, and local refinery levels have weekly data changes [185][187]. 3.5 Market Summary - Device Maintenance Plan: The maintenance plans of main refineries and local refineries, including the names of refineries, locations, maintenance devices, capacities, start times, and end times, are presented [191][193][196]. - Industry News: No specific industry news content is provided in the text.