1. Report Industry Investment Rating - No information provided in the report 2. Core Views of the Report - Recent price fluctuations of domestic and international fuel oils have continued to widen, with the up - down trends reversing frequently. High - sulfur fuel oil may return to a weak situation in the short term, but there may still be support at the bottom due to the decline in Russian high - sulfur exports. Low - sulfur fuel oil has some positive factors, and there is support at the bottom, making it difficult to show a significant weakening. The estimated value range for FU is 2400 - 2590, and for LU is 2900 - 3150. In the short term, fuel oil prices enter a high - volatility environment with an unclear direction. The FU and LU monthly spread structures have returned to backwardation and may return to contango after the geopolitical issues cool down. The FU/LU crack spreads have reached a short - term low, and the LU - FU spread will enter a short - term oscillation [4] 3. Summary by Directory Supply - The report presents data on the capacity utilization rates of Chinese refineries (including overall, independent, and major refineries), and the maintenance volumes of global hydrocracking units, CDU units, FCC units, and coking units from 2018 - 2026. It also shows the monthly production and commercial volume of domestic refinery fuel oil from 2018 - 2025 [6][7][8][10][17] Demand - The report provides monthly data on fuel oil demand, including Singapore's bunker sales, China's apparent consumption, and China's actual consumption of marine fuel oil from 2018 - 2025 [22][23][24] Inventory - The report shows the spot inventory data of global fuel oil from 2018 - 2026, including Singapore's heavy oil inventory, Fujeirah's heavy distillate inventory, European ARA fuel oil inventory, and the weekly residual fuel oil inventory in the US [26] Price and Spread - **Regional Spot FOB Prices**: It presents the spot FOB prices of fuel oil in the Asia - Pacific region (Singapore, Fujeirah), Europe (Northwest Europe, Mediterranean), and the US (Gulf of Mexico, New York Harbor) from 2018 - 2026 [30][34][38] - **Paper and Derivative Prices**: It includes the prices of swaps and continuous contracts of high - sulfur and low - sulfur fuel oils in Northwest Europe and Singapore from 2024 - 2026, as well as the prices of domestic FU and LU contracts from 2021 - 2024 [39][40][43] - **Fuel Oil Spot Spreads**: It shows the Singapore high - low sulfur spread and the Singapore viscosity spread from 2019 - 2026 [46][49] - **Global Fuel Oil Crack Spreads**: It presents the crack spreads of high - sulfur and low - sulfur fuel oils in Singapore and Northwest Europe from 2019 - 2026 [50][52][54] - **Global Fuel Oil Paper Month Spreads**: It shows the month spreads of high - sulfur and low - sulfur fuel oils in Singapore and Northwest Europe [59][60][61] Import and Export - **Domestic Fuel Oil Import and Export Data**: It shows the monthly import and export volumes of Chinese fuel oil (excluding biodiesel) from 2018 - 2025 [64][66] - **Global High - Sulfur Fuel Oil Import and Export Data**: It presents the weekly import and export volume changes of global high - sulfur fuel oil in different regions from 2018 - 2026 [67] - **Global Low - Sulfur Fuel Oil Import and Export Data**: It shows the weekly import and export volume changes of global low - sulfur fuel oil in different regions from 2018 - 2026 [69] Futures Disk Indicators and Internal - External Spreads - **Review**: During the week, the fuel oil prices in the Asia - Pacific region fluctuated greatly, and the Zhoushan market moved in sync. The impact of geopolitical issues on the spot price of the outer market gradually subsided, and the spread between domestic futures prices and overseas spot prices gradually repaired as the number of warehouse receipts decreased [72] - **Logic**: In the short term, due to the cooling of geopolitical events, the strength of the outer - market spot market has declined. At the same time, the number of warehouse receipts for FU and LU has started to decrease, and it is expected that the spreads between FU, LU and the Singapore market will increase in the short term [72] FU, LU Position and Trading Volume Changes - The report shows the trading volume and position data of fuel oil main contracts, continuous contracts, and first - month contracts (including high - sulfur and low - sulfur) from 2020 - 2026 [86][88][92] FU, LU Warehouse Receipt Quantity Changes - The report shows the quantity changes of FU and LU warehouse receipts from 2020 - 2026 [99][100][101]

Core Viewpoint - As of January 16, 2026, International Industry (000159) closed at 6.36 yuan, a decrease of 3.64% from the previous week's closing price of 6.6 yuan [1] Market Performance - The highest intraday price for International Industry on January 12 was 6.57 yuan, while the lowest intraday price on January 15 was 6.16 yuan [1] - The current total market capitalization of International Industry is 3.057 billion yuan, ranking 62 out of 64 in the photovoltaic equipment sector and 4614 out of 5183 in the A-share market [1] Shareholder Changes - As of January 9, 2026, the number of shareholders for International Industry was 46,800, an increase of 22.09% compared to the previous period [1] - The number of shareholders increased by 8,461 from December 31, leading to a decrease in the average shareholding from 12,500 shares to 10,300 shares [1] - The average market value of shares held by each shareholder is 67,800 yuan [1]

Report Industry Investment Rating - Not provided in the given content Report's Core View - The asphalt market is expected to oscillate. It is recommended to focus on the situation in Venezuela and adopt a reverse spread strategy. The supply and demand of asphalt are affected by factors such as refinery production adjustment, downstream construction, and the geopolitical situation in Venezuela [1]. Summary by Relevant Catalogs Market Analysis - **Supply Side**: This week, the asphalt operating rate increased by 1.8 percentage points to 27.2% week - on - week, 0.2 percentage points higher than the same period last year, at a relatively low level in recent years. In January 2026, the domestic asphalt production is expected to be 2 million tons, a decrease of 158,000 tons (7.3%) month - on - month and 276,000 tons (12.1%) year - on - year. Next week, Shandong Shengxing Petrochemical will switch to asphalt production, while Qilu Petrochemical and Dongming Petrochemical plan to stop production, keeping the asphalt operating rate low [1]. - **Demand Side**: This week, the operating rates of most downstream asphalt industries declined. The road asphalt operating rate decreased by 2 percentage points to 15% week - on - week, restricted by funds and weather. A new round of rain and snow is coming, with northern road construction gradually ending and southern projects also entering the final stage, and the subsequent rigid demand will further slow down [1]. - **Inventory**: The asphalt refinery inventory rate continued to rise week - on - week and remained near the lowest level in recent years [1]. - **Geopolitical Impact**: The US military action in Venezuela may affect the production and cost of domestic asphalt. Although the possibility of domestic refineries obtaining Venezuelan crude oil has increased, it is still expected to be significantly lower than before the US intervention. It is necessary to pay attention to the shortage of raw materials in domestic refineries [1]. Futures and Spot Market - **Futures**: Today, the asphalt futures 2603 contract fell 1.48% to 3,130 yuan/ton, below the 5 - day moving average, with a minimum price of 3,123 yuan/ton, a maximum price of 3,154 yuan/ton, and the open interest decreased by 5,652 to 193,865 lots [2]. - **Basis**: The mainstream market price in Shandong region dropped to 3,090 yuan/ton, and the basis of the asphalt 03 contract rose to - 40 yuan/ton, at a relatively low - to - neutral level [4]. Fundamental Tracking - **Supply - Side Fundamentals**: Refineries such as Liaoning Zhende resumed production, and the asphalt operating rate increased by 1.8 percentage points to 27.2% week - on - week, 0.2 percentage points higher than the same period last year, at a relatively low level in recent years. From January to November, the national highway construction investment decreased by 5.9% year - on - year, and the cumulative year - on - year growth rate increased by 0.1 percentage points month - on - month compared with January - October 2025 but was still negative. From January to November 2025, the cumulative year - on - year growth rate of the actual completed fixed - asset investment in the road transport industry was - 4.7%, a slight decline from - 4.3% in January - October 2025. From January to November 2025, the cumulative year - on - year growth rate of the completed fixed - asset investment in infrastructure construction (excluding electricity) was - 1.1%, a further decline from - 0.1% in January - October 2025. As of the week of January 16, the operating rates of most downstream asphalt industries declined, and the road asphalt operating rate decreased by 2 percentage points to 15% week - on - week, restricted by funds and weather. From the perspective of social financing stock, from January to December 2025, the year - on - year growth rate of social financing stock was 8.3%, a decrease of 0.2 percentage points compared with January - November, and the recovery of enterprises' medium - and long - term financing demand was still weak [5]. - **Inventory Fundamentals**: As of the week of January 16, the asphalt refinery inventory rate increased by 0.7 percentage points to 14.1% compared with the week of January 9, and was near the lowest level in recent years [5].

Group 1 - The company announced that its fifth board meeting will be held on January 16, 2026, to discuss the appointment of the board secretary and other documents [1] Group 2 - Silver prices have surged over 80% in the last 50 days, indicating a level of speculation that surpasses gold, which historically suggests that a bull market in precious metals may be reaching its peak [1]

Core Viewpoint - The company, Bohui Co., Ltd. (300839.SZ), forecasts a net loss attributable to shareholders of the listed company for the year 2025, estimated between 48 million to 70 million yuan [1] Group 1: Financial Performance - The expected net loss for 2025 represents a significant narrowing of losses compared to the previous year [1] - The company is implementing measures to improve operational efficiency and financial condition [1] Group 2: Strategic Initiatives - The company is optimizing existing facilities and processes, as well as adjusting product structure [1] - Bohui Co. aims to achieve large-scale production of bonded high-sulfur fuel oil to seize opportunities in the international ship refueling market [1] - The company is also focused on stabilizing its supply structure and building an integrated industrial development ecosystem [1]

Core Viewpoint - The company, Bohui Co., Ltd., has announced an expected negative net profit for the fiscal year 2025, indicating significant financial challenges ahead [1] Financial Performance Summary - The projected net profit attributable to shareholders is expected to be between -70 million yuan and -48 million yuan, representing a year-on-year increase of 77.19% to 84.36% [1] - The net profit after excluding non-recurring gains and losses is anticipated to be between -150 million yuan and -117 million yuan, showing a year-on-year growth of 51.02% to 61.80% [1] - The expected operating revenue is projected to be between 2.73 billion yuan and 2.92 billion yuan, reflecting a year-on-year increase of 19.76% to 28.10% [1]

Core Viewpoint - The company, Bohui Co., Ltd. (300839.SZ), expects a significant reduction in net losses for 2025, with projected losses between 70 million to 48 million yuan, while revenue is anticipated to grow by 19.76% to 28.10% year-on-year [1] Financial Performance - The company forecasts a net profit attributable to shareholders will increase by 77.19% to 84.36% year-on-year, indicating a substantial narrowing of losses [1] - Expected operating revenue for the period is projected to be between 2.73 billion to 2.92 billion yuan [1] Strategic Initiatives - The company has implemented measures to improve operational efficiency and financial health, including optimizing existing facilities and processes, and adjusting product structure [1] - Bohui Co. aims to achieve large-scale production of bonded high-sulfur fuel oil to capture opportunities in the international ship refueling market and expand its international presence [1] - The company is focused on stabilizing its supply structure and building an integrated industrial development ecosystem [1] Non-Recurring Gains - Non-recurring gains are expected to impact net profit by approximately 60 million to 85 million yuan, primarily due to hedging activities to mitigate market price volatility risks [1]

Group 1 - The core viewpoint of the articles indicates that Shandong Province's petroleum asphalt production has shown a modest increase in August 2025, with a total output of 128.6 million tons, reflecting a year-on-year growth of 0.3% and a significant acceleration of 20.2 percentage points compared to the previous year [1] - In the cumulative data from January to August 2025, Shandong's petroleum asphalt production reached 964.2 million tons, marking a year-on-year increase of 3.2%, with an acceleration of 21.1 percentage points compared to the previous year [2] - The production growth rate in Shandong for August 2025 was lower than the national average by 18.0 percentage points, while the cumulative growth rate from January to August was lower by 6.4 percentage points compared to the national average [1][2] Group 2 - Shandong Province accounted for approximately 39.4% of the national petroleum asphalt production in August 2025, which totaled 326.5 million tons [1] - For the period from January to August 2025, Shandong's share of the national petroleum asphalt production was about 39.7%, with the national total being 2,427.9 million tons [2] - The data presented pertains to large-scale industrial enterprises, defined as those with an annual main business income of 20 million yuan or more [3]

Report Industry Investment Rating - Not provided Core Viewpoints - The asphalt market opened higher and then oscillated downward. It is recommended to focus on the Venezuelan situation and adopt a reverse spread strategy. It is expected that domestic refineries will still have raw material inventories available before March [1]. Summary by Relevant Catalogs Market Analysis - Supply - Last week, the asphalt operating rate decreased by 2.0 percentage points to 25.4% week - on - week, 1.3 percentage points higher than the same period last year, at a relatively low level in recent years. In January 2026, the domestic asphalt production is expected to be 2 million tons, a decrease of 158,000 tons (7.3%) month - on - month and 276,000 tons (12.1%) year - on - year. The shipments decreased by 20.05% to 210,300 tons week - on - week, at a relatively low - to - neutral level. The refinery inventory rate increased week - on - week, still near the lowest level in recent years. The US military action in Venezuela may affect domestic asphalt production and cost. This week, the asphalt operating rate remains low [1]. - Demand - Last week, most of the downstream operating rates of asphalt declined. The road asphalt operating rate decreased by 3 percentage points to 17% week - on - week due to capital and weather constraints. The rigid demand in the north will further slow down, while the winter storage demand is continuously released. The overall demand in the south is average, and low - price goods are sold well [1]. - Price - The asphalt price in Shandong is stable, and the basis is at a relatively low - to - neutral level [1]. Futures and Spot Market Conditions - Futures - Today, the asphalt futures contract 2603 fell 0.06% to 3,167 yuan/ton, above the 5 - day moving average. The lowest price was 3,155 yuan/ton, and the highest was 3,210 yuan/ton. The open interest decreased by 3,812 to 199,515 lots [2]. - Basis - The mainstream market price in Shandong remained at 3,100 yuan/ton, and the basis of the asphalt 03 contract rose to - 67 yuan/ton, at a relatively low - to - neutral level [4]. Fundamental Tracking - Supply - Refineries such as Zhongyou Gaofu and Jinling Petrochemical stopped asphalt production. The asphalt operating rate decreased by 2.0 percentage points to 25.4% week - on - week, 1.3 percentage points higher than the same period last year, at a relatively low level in recent years. From January to November, the national highway construction investment decreased by 5.9% year - on - year. The cumulative year - on - year growth rate increased by 0.1 percentage point compared with that from January to October 2025 but was still negative. From January to November 2025, the fixed - asset investment in the road transport industry decreased by 4.7% year - on - year, and that in infrastructure construction (excluding electricity) decreased by 1.1% year - on - year [5]. - Inventory - As of the week of January 9, the asphalt refinery inventory rate increased by 0.5 percentage points to 13.4% compared with the week of January 2, near the lowest level in recent years [5].

Group 1 - The company announced that the 16th board of directors will complete its term on January 16, 2026 [2] - The board's election is currently in preparation, and to ensure continuity and stability, the election process will be appropriately postponed [2] - The terms of the company's specialized committees and senior management will be extended accordingly [2]