土耳其政府正在计划在2026年对关键商品和服务(包括车用燃料)实施小幅加税，这是政府为帮助央行遏 制通胀所采取的最新举措。据媒体报道称，不愿具名的知情人士透露，土耳其政府官员预计将把燃料相 关税费和受管制价格的上调幅度控制在与货币当局明年通胀目标一致的水平，旨在帮助央行实现明年底 16%的通胀目标。 土耳其财政与金融部未立即回应置评请求。 知情人士表示，通常在每年第一周内正式公布的半年度税收措施将显示，汽油和柴油的税费涨幅将低于 法律法规所指示的幅度，意味着增速将更为温和。此举凸显埃尔多安领导的土耳其政府承诺帮助土耳其 央行央行实现其到2026年末将通胀从上月的逾31%大幅降至16%的下一年年度锚定目标。 2025年年初的上调幅度也略低于该测算公式所暗示的水平，因为土耳其当局试图抑制价格压力。 新一年的措施还将针对所谓的"受管制价格"，即所有由政府和监管机构直接设定或影响的商品与服务。 包括烟草、酒精饮料以及能源均属于这一类别。 土耳其财政与金融部长Mehmet Simsek上月表示，部分税费的上调将以目标通胀为依据，而不是以 25.5%的重估率为数据依据——后者是一项与生产者价格通胀趋于一致的指标。 根据土 ...

来源：市场资讯 据印尼政府数据，预计2025年印尼柴油进口量将达490万千升，约占全国总需求量的10.6%，实现柴油 进口归零的核心举措是2026年在全国推广B50生物柴油。此外，印尼计划在2030年前强制要求汽油中掺 混10%的乙醇。2024年印尼乙醇产能为30.3325万千升，实际产量仅16.0946万千升。数据显示，印尼目 前每年用于燃料进口的支出约520万亿印尼盾。 关于液化石油气方面的进口，印度尼西亚曾于2021年提出计划在2030年前停止进口，并制定了一系列措 施以调整其能源结构。2023年，能源与矿产资源部长曾表示，印尼正通过发展生物燃料来减少对燃油进 口的依赖。（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。） 印度尼西亚总统普拉博沃·苏比安托于12月16日宣布一项计划，目标是在2030年前逐步停止包括柴油在 内的所有燃料进口，以此推动国家能源自给战略。苏比安托表示，该国将从2026年起首先停止柴油进 口。 ...

2026年起首先停止进口柴油 中化新网讯 12月16日，印尼总统普拉博沃・苏比安托宣布，该国计划在未来4年内逐步停止燃料进口， 以此推动国家能源自给战略落地。苏比安托表示，印尼政府将从2026年起首先停止柴油进口，后续逐步 减少其他燃料进口，最终于2030年前彻底中止，此举旨在降低印尼对外国能源的依赖，并将相关资金转 投国内建设。 实现柴油进口归零的核心举措是2026年在全国推广B50生物柴油，通过提高国内脂肪酸甲酯(FAME)在 柴油中的掺混比例，完全以本土资源替代进口柴油。政府数据显示，2025年印尼柴油进口量预计达490 万千升，约占全国总需求量的10.6%。 政府还计划在2030年前强制要求汽油中掺混10%乙醇，进一步削减燃料进口规模。印尼甲醇与乙醇生产 商协会数据显示，2024年印尼乙醇产能为30.3325万千升，实际产量仅16.0946万千升。标普全球能源旗 下普氏资讯指出，要满足E10标准，印尼乙醇产量需提升8.7倍。 印尼当前每年用于燃料进口的支出约520万亿印尼盾。苏比安托表示，减少燃料进口每年可节省数百万 亿印尼盾，这些资金将用于支持地方发展。政府的中长期能源规划还包括利用本土农产品开发生 ...

12月15日，印度西海岸的船用燃料需求在11月保持稳健。市场参与者向Platts表示，受价格下降和国内 炼厂供应改善的支持，包括孟买、坎德拉和科钦等主要港口的消费保持稳定，而东海岸港口尽管产品充 足，却面临接货有限的挑战。NCE平台认为，这显示出西海岸港口在后季风时期凭借竞争性价格和供应 保障，能够维持市场活力，而东海岸港口则仍存在需求释放不足的问题。 在古吉拉特湾，坎德拉港的燃料需求环比保持稳定，供应商报告称询价量已超过可用供应量，主要得益 于季风过后有竞争力的价格。一位坎德拉本地供应商透露，11月处理了约46000吨极低硫燃料油 （VLSFO），包括自用船舶在内。该供应商表示："与上个月类似，市场询价量表现良好，季风过后需 求明显回升，尤其在过去一个月里，由于价格具备吸引力，询价量已经超过供应量。"Platts数据显示， 12月9日交付孟买的船用燃料油0.5%报价为465美元/吨，较本周初下跌10美元/吨，而新加坡同规格FOB 货价上涨1.93美元/吨，收于416.88美元/吨，科伦坡交付价格为495美元/吨，较本周初下降5美元/吨。 NCE平台认为，这一价格波动反映了区域港口供应与需求的差异，同时也提示 ...

Financial Data and Key Metrics Changes - Ultrapar's adjusted EBITDA was R$1.9 billion, a 27% increase year over year, including R$185 million in extraordinary tax credits [8] - Net income for the quarter reached R$772 million, an 11% increase year over year, driven by higher operating results and tax credits [8] - Operating cash generation was R$2.1 billion, nearly three times the cash generated in the same period last year [9] - The company ended the quarter with R$12 billion in net debt and a leverage of 1.7 times, down from 1.9 times in the previous quarter [10] Business Line Data and Key Metrics Changes - Ipiranga's volume sold increased by 1% compared to last year, with a notable recovery in sales volume in September [10] - Epranga's EBITDA totaled R$1.85 billion, a 12% increase year over year, while recurring EBITDA was R$892 million, a 5% decrease compared to the previous year [11] - UltraGas reported a 6% decrease in LPG volume sold compared to the same period in 2023, but recurring adjusted EBITDA increased by 3% [12] - UltraCargo's average installed capacity grew by 3% year over year, but cubic meters sold decreased by 12%, leading to a 9% decrease in net revenue [13][14] - Hidrovias handled 30% more volume compared to the same period last year, with adjusted EBITDA reaching R$332 million [15] Market Data and Key Metrics Changes - The market recovery was noted following the carbon lookout operation, which has been addressing irregular companies in the sector [10] - The competitive dynamics in the LPG market were impacted by increased costs from Petrobras auctions, leading to lower demand [12] Company Strategy and Development Direction - The company is focused on reducing leverage and enhancing its strategic positioning, including the expansion of UltraCargo's terminal and the acquisition of a stake in Virto [5][6] - Ultrapar aims to invest in sectors with high growth and profitability potential, while also considering dividend distribution if no suitable projects are found [23][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing recovery in the market, expecting continued volume growth and profitability in the fourth quarter [12] - The company is committed to fighting illegal practices in the fuel sector and is optimistic about the impact of recent regulatory actions [4][20] Other Important Information - The company recognized R$238 million in extraordinary tax credits at Epranga, contributing to strong cash generation [4] - The approval of the LPG terminal in Pecém for UltraGas was highlighted as a commitment to safety and efficiency in supply [6] Q&A Session Summary Question: Expectations for Ipiranga's volume and margin improvements - Management noted that the hidden carbon operation has positively impacted the industry, with expectations for volume recovery and margin optimization [18][20] Question: Future capital allocation strategy - The company will seek projects with potential for value creation, but if no suitable projects are found, it may increase dividend distribution [23][27] Question: Cash generation and dividend distribution - Strong cash generation in the quarter may lead to anticipated dividends in the fourth quarter, considering new taxation on dividends [26][27] Question: Inventory variation and CapEx expectations - Management indicated that inventory levels are stable, and CapEx for the year is expected to be about 10% less than initially planned [28][29] Question: Changes in LPG pricing and compliance with resellers - The government program aims to address energy poverty, and compliance with resellers is being actively communicated [30][32] Question: Regulatory review of LPG - The regulatory review process is ongoing, with expectations for completion in the first half of 2026 [33][34] Question: Profitability expectations for Ipiranga in the fourth quarter - Management expects similar profitability levels in the fourth quarter, with ongoing market dynamics influencing margins [35]

Group 1 - The Colombian government is exploring plans to implement an unfinished diesel price increase, aiming for freight contractors to bear the cost rather than transport operators [1] - The fuel price stabilization fund (FEPC) subsidies for gasoline and diesel are identified as a major cause of the fiscal deficit [1] - The government has canceled subsidies for large consumers and certain non-freight vehicles, which account for approximately 30% of total diesel consumption [1] Group 2 - The government plans to reduce the scale of the original tax reform proposal, eliminating tax increases on gasoline and beer, while only adjusting income tax for high-income individuals [1] - Wealth tax, financial sector tax, and certain environmental taxes will be maintained to concentrate the tax burden on high-income groups [1]

股票简称：广州发展 股票代码：600098 公告编号：临 2025-067 号 公司债券简称：21 穗发 01、21 穗发 02、22 穗发 01、22 穗发 02 公司债券代码：188103、188281、185829、137727 广州发展集团股份有限公司 2025 年 1-9 月主要生产经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚 假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担法律责任。 截至 2025 年 9 月 30 日，公司主要生产经营数据如下： 一、电力业务 2025 年 7-9 月，公司合并口径发电企业累计完成发电量 70.68 亿千瓦时，上网电量（含光伏发电售电量）67.80 亿千 瓦时，与去年同期相比分别增长 8.31%和 8.60%。2025 年 1-9 月，公司合并口径发电企业累计完成发电量 189.15 亿千瓦 时，上网电量（含光伏发电售电量）181.53 亿千瓦时，与去 年同期相比分别增长 1.70%和 2.05%。 | 光伏发电项目 | | 7-9 月 | | | 1-9 | | 月 | | | --- | --- | --- | -- ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the impact of global tariffs on trade and economic activity, particularly focusing on the US economy and its interactions with other countries, including China, Japan, and Canada [4][10][11]. Core Insights and Arguments 1. **Tariff Impact on US Economy**: - The US imposed broad global tariffs, reaching their highest levels since the 1930s, which has created uncertainty in the market. However, the risk of recession is not the base case due to the strong economy prior to the tariffs [4][10]. - Effective tariff rates are close to 12-13%, with tariff revenues annualizing at approximately $350 billion, representing about 20% of corporate profits in manufacturing and trade sectors [4][10][11]. 2. **Labor Market Dynamics**: - The US labor market is showing signs of slowing, with job growth less than half of last year's pace and real labor income growth nearing zero. This slowdown in labor income is expected to impact consumer spending [4][5][17]. - Despite the slowdown in hiring, there has not been a significant increase in firings, which is typically a precursor to recession [4][17]. 3. **Consumer Spending Resilience**: - Consumer spending has not yet shown a material slowdown, and Q2 GDP was revised upwards. The increases in wealth over recent years are expected to support spending, particularly among higher-income households [4][17]. 4. **Sectoral Strengths and Weaknesses**: - Certain sectors, such as gold, AI-related IT hardware, and pharmaceuticals, have shown resilience and contributed positively to trade numbers. However, this strength may be temporary [10][16]. - Exports from China to the US have significantly decreased, but some economic impacts have been mitigated by rerouting exports through other Asian economies [11][14]. 5. **Global Economic Outlook**: - There is an expectation of a meaningful slowdown in both the US and global economies, with risks of negative GDP growth in countries like Japan and Canada due to trade-related slowdowns [12][13][17]. - Manufacturing PMIs in the Euro area have declined after months of improvement, indicating that trade tensions are beginning to affect the industry [14][15]. Additional Important Insights - The front-loading of exports ahead of tariffs has temporarily deferred some economic challenges, but the long-term effects of tariffs are still uncertain [10][11]. - The combination of strained corporate margins, uneven pass-through of costs, and a softer global capital expenditure environment suggests slower global growth in the coming quarters [16][17]. This summary encapsulates the key points discussed in the conference call, highlighting the implications of tariffs on the US economy and global trade dynamics.

Core Insights - The price of Sustainable Aviation Fuel (SAF) in Europe has reached $2705 per ton, marking a 21% increase year-on-year for the quarter, while in China, the price has risen to $2400 per ton, with a 20% year-on-year increase [1] Group 1: Price Trends - European SAF prices have surged, attributed to the completion of mandatory blending and inventory replenishment [1] - The SAF-HVO price in Europe experienced an inversion in the first half of 2025, indicating supply constraints [1] Group 2: Market Dynamics - A high subsidy plan in Europe and strengthened enforcement of mandatory blending policies are expected to drive a significant increase in SAF demand [1] - Supply tightness in SAF is anticipated to persist due to various factors, including domestic supply issues and maintenance at major SAF plants [1] Group 3: Regulatory Environment - The European Union's imposition of anti-dumping duties on US SAF is seen as beneficial for Chinese producers [1] Group 4: Industry Outlook - The trend towards the industrialization of SAF is becoming clearer, suggesting potential investment opportunities in key industry players [1]

Core Viewpoint - The Brazilian Minister of Finance, Fernando Haddad, emphasized the importance of using intelligence from the Federal Revenue Service to support investigations into fuel smuggling and to curb the illegal importation of fuel by large companies using "shell companies" [1] Group 1: Legislative Measures - Strengthening legislation against habitual tax offenders is a crucial step in combating illegal activities in the fuel sector [1] - The Minister highlighted that the fuel industry, due to its extensive and large-scale operations, has become a focal point for illegal activities [1] Group 2: Recent Actions - During the "Carbon Chain Action" on August 28, authorities seized a number of trucks and fuel, revealing a nationwide money laundering network [1] - The actions taken will not affect compliant businesses; instead, they aim to protect them from unfair competition posed by illegal operators [1] Group 3: Consumer Protection - Consumers may unknowingly purchase illegal fuel, and the recent actions are intended to maintain fairness and safety in the market [1] - The tax authorities collaborated with experts from the Brazilian Ministry of Mines and Energy to analyze fuel samples to confirm their composition and compliance with import regulations [1] Group 4: Future Strategies - Improving relevant laws and fostering interdepartmental cooperation will help address the root causes of illegal fuel imports [1]