证券研究报告 | 行业点评报告 2025 年 11 月 24 日 碳酸二甲酯、氯化亚砜价格涨幅居前，建议关注有机硅行业 招商化工行业周报 2025 年 11 月第 3 周 周期/化工 本报告阐述了基础化工板块一周行情走势、产品价格及价差变化、重点推荐子 行业及公司。 板块整体走势 11 月第 3 周化工板块（申万）下跌 7.47%，上证 A 指下跌 3.90%，板块落后 大盘 3.58 个百分点。涨幅排名前 5 的个股分别为：国风新材（+33.33%）， 凯美特气（+13.93%），清水源（+11.01%），高盟新材（+9.93%），上海 新阳（+9.42%）；跌幅排名前 5 的个股分别为：安纳达（-26.13%），嘉澳 环保（-25.62%），联化科技（-23.12%），石大胜华（-20.27%），神马股 份（-19.66%）。此外，本周化工板块（申万）动态 PE 为 23.78 倍，高于 2015 年来的平均 PE 5.33%。 细分子行业走势 11 月第 3 周化工行业 1 个子行业上涨，31 个子行业下跌。唯一上涨子行业是： 石油加工（+2.64%）；下跌子行业前五是：维纶（-15.33%），无机盐（ ...

今年以来，国内油价已经历二十二轮调整，分别为"七涨九跌六搁浅"。国内汽、柴油价格每吨较去年底分别下跌620元/吨和595元/吨。若本轮调价 如预期下调，2025年的调价格局将变为"七涨十跌六搁浅"。 2、2025中国汽车供应链大会将举行 11月24日至26日，2025中国汽车供应链大会将在芜湖举行，主题为"链动产业生态新质驱动未来"。 3、18家公司披露回购进展 （原标题：今日看点｜国内油价预计将迎年内第十跌） 11月24日重点关注的财经要闻与资本市场大事： 1、国内油价预计将迎年内第十跌 11月24日24时，国内成品油新一轮调价窗口将开启。综合多家机构预测，成品油价或年内第十次下跌。 11月24日，18家公司共发布18个股票回购相关进展。其中，16家公司披露股票回购实施进展，2家公司回购方案已实施完毕。 从回购实施进展来看，阿特斯、嘉化能源、中控技术回购金额最高，分别回购3.5亿元、3.03亿元、2.99亿元。从已完成回购来看，当日共1家公司 回购金额超千万。中国石化、江苏金租已完成回购金额最高，分别回购5.0亿元、80.59万元。 4、109.16亿元市值限售股今日解禁 11月24日，共有15家公司限售股 ...

Report Overview - Report Title: Fuel Oil and Low-Sulfur Fuel Oil Weekly Report - Report Date: November 23, 2025 - Analyst: Liang Kefang - Investment Advisory Qualification Number: Z0019111 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - **Price Trend**: This week, fuel oil prices continued to decline, and the strength of low-sulfur fuel oil at home and abroad began to weaken during the decline. For high-sulfur fuel oil, Middle Eastern exports continued to surge, with most of the increase coming from Saudi Arabia and Iran. Considering that the major maintenance in Saudi Arabia is about to end, the short-term weakness of high-sulfur fuel oil may not be reversed. For low-sulfur fuel oil, refinery maintenance in Brazil and European refineries' shift to deep processing of heavy components to increase gasoline and diesel production led to a decrease in the amount of spot flowing to the Asia-Pacific region, and the spot transaction premium began to gradually recover. However, refineries in Brazil and Kuwait will gradually resume operations next month, and spot supply will gradually recover in the future, putting pressure on the market. Therefore, in the short term, the strength of low-sulfur fuel oil will gradually end. Considering that low-sulfur fuel oil has been stronger than high-sulfur fuel oil in the previous period, this situation may gradually reverse in the future [4]. - **Valuation**: FU: 2400 - 2500; LU: 3000 - 3250 [4]. - **Strategy**: 1) Unilateral: Fuel oil prices will remain weak in the short term. 2) Inter - period: The monthly spread structure of FU and LU has returned to contango, and it is difficult to reverse under the condition of loose supply. 3) Inter - variety: The cracking spread of FU/LU may continue to decline; the LU - FU spread will gradually decline in the short term [4]. 3. Summary by Directory 3.1 Supply - **Refinery Operations**: The content shows the capacity utilization rates of Chinese refineries (including overall, independent, and major refineries) from 2016 - 2025 through charts, but no specific data analysis is provided [6]. - **Global Refinery Maintenance**: Charts present the maintenance volumes of global CDU, hydrocracking, FCC, and coking units from 2018 - 2025, but no specific data analysis is provided [9][11][13][14]. - **Domestic Refinery Fuel Oil Production and Commercial Volume**: Charts show the monthly production of fuel oil, low - sulfur fuel oil, and domestic commercial volume of fuel oil in China from 2018 - 2025, but no specific data analysis is provided [19][20]. 3.2 Demand - **Domestic and Foreign Fuel Oil Demand Data**: Charts display the monthly actual consumption of marine fuel oil in China, the monthly sales volume of fuel oil for ship supply in Singapore, and the monthly apparent consumption of fuel oil in China from 2018 - 2025, but no specific data analysis is provided [23]. 3.3 Inventory - **Global Fuel Oil Spot Inventory**: Charts show the heavy oil inventory in Singapore, the fuel oil inventory in European ARA, the heavy distillate inventory in Fujairah, and the residual fuel oil inventory in the US from 2018 - 2025, but no specific data analysis is provided [27][29][30]. 3.4 Price and Spread - **FOB Prices in Asia - Pacific Region**: Charts present the FOB prices of 3.5% and 0.5% fuel oil in Fujairah and Singapore from 2018 - 2025, but no specific data analysis is provided [35][36][37]. - **FOB Prices in European Region**: Charts show the FOB prices of 3.5% and 1% fuel oil in the Mediterranean, north - western Europe, and other regions from 2018 - 2025, but no specific data analysis is provided [39][40][42][44]. - **Fuel Oil Spot Prices in US Region**: Charts display the FOB prices of 3.5% and 0.5% fuel oil in the US Gulf, the cargo price of high - sulfur fuel oil in New York Harbor, and the price of low - sulfur straight - run fuel oil in USAC from 2018 - 2025, but no specific data analysis is provided [45]. - **Paper and Derivative Prices**: Charts show the prices of high - sulfur and low - sulfur swaps in north - western Europe, Singapore, and the prices of FU and LU futures contracts from 2024 - 2025, but no specific data analysis is provided [48][49][52][53][54]. - **Fuel Oil Spot Spread**: Charts present the high - low sulfur spread and viscosity spread in Singapore from 2018 - 2025, but no specific data analysis is provided [58][59]. - **Global Fuel Oil Cracking Spread**: Charts show the cracking spreads of high - sulfur and low - sulfur fuel oil in Singapore and north - western Europe from 2019 - 2025, but no specific data analysis is provided [63][64][65]. - **Global Fuel Oil Paper Monthly Spread**: Charts display the monthly spreads of high - sulfur and low - sulfur fuel oil in Singapore and north - western Europe from 2023 - 2025, but no specific data analysis is provided [67]. 3.5 Import and Export - **Domestic Fuel Oil Import and Export Data**: Charts show the monthly import and export volumes of fuel oil (excluding biodiesel) in China from 2018 - 2025, but no specific data analysis is provided [72][74][75]. - **Global High - Sulfur Fuel Oil Import and Export Data**: Charts present the weekly changes in global high - sulfur fuel oil import and export volumes in different regions, but no specific data analysis is provided [77]. - **Global Low - Sulfur Fuel Oil Import and Export Data**: Charts show the weekly changes in global low - sulfur fuel oil import and export volumes in different regions, but no specific data analysis is provided [79]. 3.6 Futures Market Indicators and Domestic - Foreign Spreads - **Review and Logic**: This week, Asia - Pacific fuel oil prices continued to decline, and the Zhoushan market moved in tandem. In terms of spreads, the domestic market was relatively weak, and the domestic - foreign spread began to gradually shrink from the previous high. For FU, the short positions still led the long positions, causing FU to perform weaker than the overseas spot, and the spread continued to shrink. For LU, both long and short positions were gradually closing, but the number of warehouse receipts remained stable after the delivery, and a new batch of spot may enter the Zhoushan market at the end of the month, so the convergence of the domestic - foreign spread may end in the short term [82]. - **Domestic - Foreign Spread Data**: Specific data on the domestic - foreign spreads of 380 spot, 0.5% spot, and various futures contracts from November 17 - 21, 2025 are provided [83]. - **Domestic - Foreign Spread Charts**: Charts show the domestic - foreign spreads of 380 spot, 0.5% spot, and various futures contracts from 2021 - 2025, but no specific data analysis is provided [86][87][89][90][91]. 3.7 FU and LU Position and Volume Changes - **Position and Volume Charts**: Charts display the trading volumes and positions of fuel oil main contracts, low - sulfur fuel oil continuous contracts, and related contracts from 2020 - 2025, but no specific data analysis is provided [93][95][98][100]. 3.8 FU and LU Warehouse Receipt Quantity Changes - **Warehouse Receipt Quantity Charts**: Charts show the quantity changes of FU and LU warehouse receipts from 2020 - 2025, but no specific data analysis is provided [104][105].

证券研究报告 行业研究——周报 [Table_ReportType] [Table_StockAndRank] 石油加工行业 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 大炼化周报：局部地区春季订单开始释放，长丝盈利仍在改善 [Table_ReportDate0] 2025 年 11 月 23 日 本期内容提要： [Table_Author] ➢ 国内外重点炼化项目价差跟踪： [Table_Summary] [Table_Summary] 截至 11 月 21 日当周，国内重点大 炼化项目价差为 2389.69 元/吨，环比变化+52.43 元/吨（+2.24%）； 国外重点大炼化项目价差为 1446.16 元/吨，环比变化+6.66 元/吨 （+0.4 ...

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截至2025年11月21日收盘，国际实业（000159）报收于5.7元，较上周的6.85元下跌16.79%。本周，国 际实业11月17日盘中最高价报6.99元。11月21日盘中最低价报5.7元。国际实业当前最新总市值27.4亿 元，在光伏设备板块市值排名62/64，在两市A股市值排名4658/5167。 本周关注点 关于公司高级管理人员辞职的公告 公司董事会近日收到副总经理沈永的书面辞职报告，其因个人原因辞去职务，辞职后不再担任公司任何 职务。辞职报告自送达董事会之日起生效。沈永持有公司股份7,900股，股份变动将遵守相关法规。其 所负责工作已完成交接，辞职不影响公司正常运作。公司董事会对其任职期间的贡献表示感谢。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 股本股东变化：截至2025年11月20日股东户数为3.79万户，较前期减少3.26%。 公司公告汇总：公司收到深交所关于向特定对象发行股票的审核问询函。 公司公告汇总：副总经理沈永因个人原因辞职，不再担任公司任何职务。 股本股东变化股东户数变动 截至2025年11月20日， ...

| [ 索引号 ] | 11500000MB17643950/2025-00425 | [ 发文字号] | 无 | | --- | --- | --- | --- | | [主题分类] | 市场监管、安全生产监管 | [ 体裁分类] | 公告公示 | | [ 发布机构 ] | 市市场监管局 | | | | [成文日期] | 2025-11-13 | [ 发布日期 ] | 2025-11-20 | 中国质量新闻网讯 据重庆市市场监督管理局网站消息，2025年，重庆市市场监督管理局组织成品油等31种产品质量监督抽查。现将抽查情况通报如下： 一、基本情况 本次抽查产品为成品油等31种产品。共发现不合格产品150批次。在不合格产品中，成品油2批次，儿童用品1批次，建筑用玻璃2批次，骑行安全类头盔5 批次，消防产品4批次，仿真饰品3批次，钢筋机械连接用套筒3批次，家用燃气用具2批次，木门3批次，塑料排水管材及管件12批次，乘用车汽车减振器5 批次，防盗安全门6批次，建筑钢材3批次，液化石油气和城镇燃气用二甲醚6批次，床上用品2批次，户外纺织品及鞋类6批次，油漆及汽车涂料2批次，电 动自行车及其相关产品5批次，家用电器（ ...

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1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Report's Core View - The supply of asphalt is decreasing, with the start - up rate dropping, expected production in November decreasing, and some refineries planning to switch to producing residue. Demand is also weakening due to factors such as cold weather and limited project increments. The inventory - to - stock ratio of asphalt refineries is at a low level. Considering these factors, it is expected that the futures price of asphalt will oscillate weakly [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - The start - up rate of asphalt last week decreased by 0.7 percentage points to 29.0%, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years. The expected production of domestic asphalt in November is 222.8 million tons, a decrease of 45.4 million tons (16.9%) from the previous month and 27.4 million tons (11.0%) from the same period last year. The start - up rates of downstream asphalt industries were mostly stable last week, with the road asphalt start - up rate dropping by 1 percentage point to 33%, slightly higher than the same period last year, restricted by funds and weather. The national shipment volume decreased by 31.02% to 213,000 tons, at a moderately low level. The inventory - to - stock ratio of asphalt refineries increased slightly, but it is still at the lowest level in recent years. Due to factors such as sanctions not affecting Russian oil production and potential peace frameworks, crude oil prices fell. Some refineries in Shandong plan to switch to producing residue this week, and the start - up rate of asphalt will remain low. With the arrival of cold snaps, demand will further weaken, and the increase in southern projects is limited. The basis in Shandong is at a neutral level, and the spot price is stable, so the futures price of asphalt is expected to oscillate weakly [1] 3.2 Futures and Spot Market Conditions - The asphalt futures contract 2601 rose 0.33% to 3,058 yuan/ton today, above the 5 - day moving average, with a minimum price of 2,976 yuan/ton, a maximum price of 3,062 yuan/ton, and the open interest decreased by 8,998 to 172,183 lots [2] - The mainstream market price in Shandong is maintained at 3,030 yuan/ton, and the basis of the asphalt 01 contract dropped to - 28 yuan/ton, at a neutral level [3] 3.3 Fundamental Tracking - On the supply side, refineries such as Qilu Petrochemical and Shanghai Petrochemical switched to producing residue, and the asphalt start - up rate decreased by 0.7 percentage points to 29.0%, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years. From January to September, the national investment in highway construction decreased by 6.0% year - on - year, and the cumulative year - on - year growth rate rebounded slightly compared to January - August 2025 but was still negative. From January to October 2025, the cumulative year - on - year growth rate of the actual completed fixed - asset investment in the road transportation industry was - 4.3%, a slight decline from - 2.7% in January - September 2025, still in a negative growth situation. From January to October 2025, the cumulative year - on - year growth rate of the completed fixed - asset investment in infrastructure construction (excluding electricity) was - 0.1%, a further decline from 1.1% in January - September 2025. As of the week of November 14, the start - up rates of downstream asphalt industries were mostly stable, with the road asphalt start - up rate dropping by 1 percentage point to 33%, slightly higher than the same period last year, restricted by funds and weather. From January to September 2025, the year - on - year growth rate of the stock of social financing was 8.7%, with the growth rate dropping by 0.1 percentage point compared to January - August. In September, the new social financing reached 3.53 trillion, but year - on - year it was 233.5 billion less due to a high base. Attention should be paid to the progress of forming physical work volume [4] 3.4 Inventory - As of the week of November 14, the inventory - to - stock ratio of asphalt refineries increased by 0.4 percentage points to 14.5% compared to the week of November 7, but it is still at the lowest level in recent years [5]

Core Viewpoint - The article highlights the performance of the Petrochemical ETF (159731) and significant advancements in China's petrochemical industry, particularly in heavy oil catalytic cracking technology, which marks a breakthrough in refining processes and positions China as a leader in this field [1]. Group 1: ETF Performance - On November 20, the Petrochemical ETF (159731) opened high but closed down with a decline of approximately 0.6%, while stocks like Cangge Mining, Salt Lake Co., and Sankeshu showed gains [1]. - Over the past 10 days, the Petrochemical ETF experienced net inflows on 8 trading days, totaling 16.91 million yuan, with the latest share count reaching 211 million and total assets at 180 million yuan, both hitting record highs since inception [1]. Group 2: Industry Developments - The China Petroleum and Chemical Corporation's research institute achieved a significant breakthrough in heavy oil efficient catalytic cracking (RTC) technology, completing assessments at the Zhenhai Refining & Chemical Company, which allows for a "zero diesel output" in refining processes [1]. - This advancement is expected to address the surplus crisis in refined oil products and facilitate the transformation of refining enterprises towards "reducing oil and increasing chemicals" with a short and efficient processing solution [1]. Group 3: Investment Recommendations - Open Source Securities suggests focusing on several directions amid the "anti-involution" trend: leading companies with diverse and large product offerings, sub-industries that are ahead in the anti-involution trend and have reached cyclical turning points, industries with potential capacity reduction, and new materials with controllable autonomy and future growth potential [1]. - The Petrochemical ETF closely tracks the CSI Petrochemical Industry Index, with the basic chemical industry accounting for 60.85% and the oil and petrochemical industry for 32.16%, indicating a clear direction towards "greening, high-end, and intelligent" development in the industry [1].