11月24日，国内期货市场原油主力合约2601早盘跌幅居前，最低报442.5元/桶，逼近近年低点。 油价低迷影响下，成品油价格也面临下行。11月24日24时，国内成品油零售限价将再迎调价窗口。本计 价周期以来(2025年11月10日24时至2025年11月24日24时)，国际原油未走出单边行情，整体呈现宽幅波 动走势，受此影响，国内参考的原油变化率始终在负值范围内波动，成品油零售限价或遇年内第十次下 调。 "本计价周期以来，市场传出美国将和欧洲某国举行和谈，受到此消息影响，油价在宽幅波动中承压调 整，地缘油价回吐，但美国原油库存意外减少340万桶，且美国单周的汽油需求和馏分油需求环比也出 现增加，表明短期石油需求短时期仍有较强支撑，对国际油价形成强底部支撑。"卓创资讯（301299） 成品油分析师高青翠表示，截至11月21日收盘，国内第10个工作日参考原油变化率-1.50%，11月24日24 时汽、柴油零售限价每吨分别下调70元、65元，升价92#汽油、95#汽油、0#柴油分别下调0.05元、0.06 元、0.06元。 隆众资讯数据也显示，以油箱容量50L的普通私家车计算，本次调价后，车主们加满一箱油将少花2 ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported revenue of $30.7 million, down from $35.4 million in Q4 2024, representing a decrease of 19.7% [10] - The net loss for Q4 2025 was $9.1 million, or $0.71 per diluted share, compared to a net loss of $12.9 million, or $1 per diluted share in the same quarter last year [10] - For the full fiscal year 2025, revenue totaled $110.8 million, down from $135.6 million in fiscal year 2024, a decrease of 18.3% [10] - The net loss for the full year was $9.7 million, or $0.76 per diluted share, compared to a net loss of $6.6 million, or $0.50 per diluted share in the previous year [10] Business Line Data and Key Metrics Changes - Smart Water segment revenue for Q4 2025 was $8.5 million, down 28% from $11.9 million in Q4 2024; however, for the full year, it increased by 10% to $35.8 million from $32.4 million [11] - Energy Solutions segment revenue for Q4 2025 was $15.7 million, a decrease of 11% from $17.6 million in Q4 2024, and for the full year, it decreased by 35% to $50.7 million from $78 million [12] - Intelligent Industrial segment revenue for Q4 2025 was $6.4 million, up 9% from $5.8 million in Q4 2024, but for the full year, it decreased by 4% to $24 million from $24.9 million [12][13] Market Data and Key Metrics Changes - The company noted a mixed fiscal year performance across market segments, with the smart water segment showing strong growth while energy solutions faced challenges due to lower offshore exploration activity and oil price volatility [5][6] - The company is focusing on international markets, particularly addressing water scarcity and environmental changes, while also enhancing its municipal water management model in the U.S. [5] Company Strategy and Development Direction - The company aims to diversify and innovate, with a strong focus on the smart water and intelligent industrial segments, leveraging technology and manufacturing capabilities [9] - The acquisition of Geovox Security is part of the strategy to enhance recurring revenue through new solutions [8] - The company plans to continue pursuing growth through acquisitions that are immediately accretive to top-line revenue [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing trade disputes and tariffs impacting material costs, with expectations of similar impacts in fiscal year 2026 [17] - The company anticipates continued market demand for Hydrocon and Aquana solutions, despite short-term uncertainties in the exploration market due to low oil prices [6][9] - Long-term demand forecasts are expected to drive more favorable market conditions in future periods [7] Other Important Information - The company has a strong backlog going into the next fiscal year, which positions it well for future growth [9] - Cash investments for the rental fleet and property plant and equipment totaled $9.1 million, with an additional $1.8 million invested in the Heartbeat Detector product line [13][14] Q&A Session Summary Question: Can you elaborate on the margin pressure in the energy solutions segment? - Management indicated that margin pressure was due to ongoing price pressure and higher manufacturing costs, but they expect improved margins going forward as manufacturing inefficiencies are resolved [19][28] Question: How much of the margin impact is expected to be transitional? - Management did not provide specific percentages but noted that they are monitoring the situation closely and expect some improvements in margins [21][22] Question: What updates can you provide on government initiatives? - Management mentioned that feedback from Customs and Border Protection is anticipated early next year, while Navy projects are expected to be delayed until mid-next year [32] Question: Have the large projects announced earlier been shipped? - Management confirmed that shipments for the Petrobras project and the Mariner contract have not yet occurred, with expected revenue recognition in fiscal year 2027 [35][36]

本文来自彭博终端，终端用户可运行NSN T5HDBCGPL3WN 阅读原文。非终端用户可点击文末 "阅读原文" 预约演示。 伴随行业飞速发展、地缘政治博弈、供需天平摇摆…全球能源市场时刻处于动荡之中。彭博行 业研究（Bloomberg Intelligence）为您及时传递行业动态，并基于高质量数据、模型与分析 助您解读市场变化，看见全局、看向前景。 扫描二维码 立即订阅 彭博能源行业研究双周报 2026年展望：亚太地区油气生产商 （彭博行业研究）——2 0 2 6年亚洲油气生产商将面临油价波动的挑战，主要受供需因素影 响。OPEC+逐步解除减产将推高供应，美国页岩油产量和出口增长也将带来更多供应。需求 端则面对来自中国输美商品关税上调的挑战，这可能会减缓工业活动、削弱出口并拖累石油 消费量。这些因素相互作用或导致WTI原油价格在2 0 2 6年大部分时间低于每桶6 0美元。截至 1 0月3 1日，MSCI AC亚太能源指数的市净率为1 . 2倍，高于其1 0年平均水平1 . 1倍，表明投 资者尚未充分考虑油价下行风险。 亚洲油气板块面临OPEC+和俄罗斯带来的波动加剧风险 1月1日至1 0月3 1日，亚洲油 ...

Oil declined in the early Asian session after oil tanker activity resumed at Russia's Novorossiysk port. ...

【原油价格】截至2025年11月14日当周，布伦特原油期货结算价为64.39美元/桶，较上周上升0.76美元/ 桶（+1.19%）；WTI原油期货结算价为59.39美元/桶，较上周下降0.45美元/桶（-0.75%）；俄罗斯Urals 原油现货价为65.49美元/桶，与上周持平；俄罗斯ESPO原油现货价为55.47美元/桶，较上周下降1.43美 元/桶（-2.51%）。 国信证券近日发布金属行业2026年投资策略：截至2025年11月14日当周，国际油价小幅波动。本周，前 半周，10月中国原油进口增长，美元汇率下跌，美国推进结束政府停摆的法案提振市场风险偏好，叠加 此前美国对俄罗斯的最新制裁影响正在发酵，且乌克兰继续对俄基础设施进行打击，利好支撑下，国际 油价实现上涨。周后期，欧佩克月报预测调整为供应过剩，释放看空市场信号，国际油价下挫。整体 看，本周布伦特油价较上周末实现小幅上涨，WTI则出现小幅下跌。截至本周五（11月14日），布伦 特、WTI油价分别为64.39、59.39美元/桶。 以下为研究报告摘要： 本期内容提要： 【油价回顾】截至2025年11月14日当周，国际油价小幅波动。本周，前半周，10月 ...

国信证券近日发布金属行业2026年投资策略：截至2025年11月14日当周，国际油价小幅 波动。本周，前半周，10月中国原油进口增长，美元汇率下跌，美国推进结束政府停摆的法 案提振市场风险偏好，叠加此前美国对俄罗斯的最新制裁影响正在发酵，且乌克兰继续对俄 基础设施进行打击，利好支撑下，国际油价实现上涨。周后期，欧佩克月报预测调整为供应 过剩，释放看空市场信号，国际油价下挫。整体看，本周布伦特油价较上周末实现小幅上 涨，WTI则出现小幅下跌。截至本周五（11月14日），布伦特、WTI油价分别为64.39、 59.39美元/桶。 以下为研究报告摘要： 本期内容提要： 【油价回顾】截至2025年11月14日当周，国际油价小幅波动。本周，前半周，10月中国 原油进口增长，美元汇率下跌，美国推进结束政府停摆的法案提振市场风险偏好，叠加此前 美国对俄罗斯的最新制裁影响正在发酵，且乌克兰继续对俄基础设施进行打击，利好支撑 下，国际油价实现上涨。周后期，欧佩克月报预测调整为供应过剩，释放看空市场信号，国 际油价下挫。整体看，本周布伦特油价较上周末实现小幅上涨，WTI则出现小幅下跌。截至 本周五（11月14日），布伦特、WTI ...

Investment Rating - The report maintains a "Strong Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - The ongoing conflict between Russia and Ukraine has led to mutual attacks on energy facilities, causing disruptions in Russian oil exports and supporting oil prices. Recent data shows WTI crude futures prices increased by 0.17% and Brent crude futures by 0.85% during the week of November 7-14, 2025 [6]. - The geopolitical tensions have heightened concerns over Russian oil export disruptions, particularly with the New Novorossiysk port's daily export capacity of approximately 2.2 million barrels, which accounts for 2% of global supply [6]. - OPEC's latest report indicates a decrease in oil production from OPEC and non-OPEC countries, with a daily output of 43.02 million barrels in October, down by 73,000 barrels from the previous month. However, due to unexpected increases in U.S. oil production, the global market has shifted from a shortage of 400,000 barrels per day to a surplus of 500,000 barrels per day, indicating a structural oversupply [6]. - The International Energy Agency forecasts that global oil surplus could reach a record level of 4 million barrels per day by 2026, posing significant downward pressure on medium to long-term oil prices [6]. - The U.S. economy is showing signs of weakness, with the IMF noting a decline in GDP growth expectations for the fourth quarter below the previously predicted 1.9% [6]. Summary by Sections Oil and Petrochemicals - The report highlights the impact of the Russia-Ukraine conflict on oil prices and exports, with significant military actions affecting energy infrastructure [6][7]. - Current oil market dynamics show a transition from a supply shortage to a surplus, influenced by OPEC production adjustments and U.S. output increases [6][7]. Fluorochemicals - The market for popular fluorinated refrigerants, such as R32 and R134a, continues to thrive, with prices stabilizing at high levels due to supply constraints and strong demand from the air conditioning and automotive sectors [6][7]. - The report anticipates a recovery in air conditioning production rates towards the end of the year, with expected increases in production of 4.2%, 8.6%, and 34.5% for the months of October to December 2025 [6]. Investment Recommendations - The report suggests focusing on the oil and petrochemical sector, fluorochemicals, and semiconductor materials. It emphasizes the resilience of major oil companies in the face of price volatility and recommends monitoring companies like China National Petroleum, Sinopec, and CNOOC for their strong earnings potential [7]. - In the fluorochemical sector, it advises attention to leading companies in the production of third-generation refrigerants and upstream fluorite resources [7]. - For semiconductor materials, the report notes a positive trend in inventory reduction and a gradual recovery in end-market fundamentals, recommending companies involved in domestic substitution and growth [7].

Group 1: Tariff Reduction and Economic Impact - The U.S. President Trump signed an order to lower tariffs on various goods including beef, tomatoes, coffee, and bananas to reduce grocery costs in response to voter pressure [1] - The tariff reductions apply to products that the domestic supply cannot meet, including hundreds of food items like coconuts, nuts, avocados, and pineapples, effective from November 13 [1] - This decision reflects a shift in Trump's policy focus towards affordability measures amid growing voter concerns about the economy and acknowledges that previous tariff policies increased consumer price pressures [1] Group 2: Oil Market Volatility - The oil market has experienced significant fluctuations due to various complex factors, with WTI and Brent crude oil prices dropping sharply before rebounding [3] - The initial drop was attributed to OPEC's monthly report indicating a supply surplus, while the subsequent rebound was linked to increased sanctions on Russia and drone attacks on Russian energy facilities, creating supply uncertainties [3][4] - A key Russian port, which accounts for 20%-30% of its crude oil exports, was attacked, impacting short-term exports and driving oil prices up [3] Group 3: Supply and Price Outlook - The oil market is facing a definitive supply surplus pressure, but geopolitical conflicts and sanctions are causing supply disruptions, leading to volatile price movements [4] - Analysts predict that oil prices may test previous lows and could potentially drop below $50 per barrel in the coming months due to ongoing supply concerns and economic pressures [4] - OPEC's forecast indicates a potential supply surplus by 2026, with the International Energy Agency (IEA) raising its supply surplus expectations for next year to approximately 4 million barrels per day [4] Group 4: Investment Strategies - Traders are advised to maintain short positions and monitor opportunities arising from rising oil shipping rates and cross-regional price spreads [5]

Core Viewpoint - Oil prices increased by over 2% following a Ukrainian drone attack that caused damage to an oil depot in the Russian Black Sea port of Novorossiysk [1] Group 1 - The drone attack on the oil depot is a significant geopolitical event impacting oil supply dynamics [1] - The rise in oil prices reflects market reactions to supply disruptions caused by military actions [1]

行业 PTA 日报 日期 2025 年 11 月 13 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 每日报告 一、 行情回顾与操作建议 | 表1：期货行情 | | | | | | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨） | 涨跌 | 总量 | 增减 | | TA2601 | 4670 | -8 | 478071 | -18488 | | TA2605 | 4732 | -2 | 60961 | 6401 | 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F0309492 ...