Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - After the release of the China-US negotiation joint statement, short - term bullish factors have landed, and the market is still in an emotional state. Although 50% of the tariffs on China are still high, it has restarted a new trade situation. Most risk assets have basically returned to the level before April 2, 2025. Recently, there have been supply - side disturbances in many varieties, and bulls are likely to push up prices. After the emotional release, the fundamental logic should be re - examined [1]. - In the medium term, the rebound of crude oil is much weaker than other risk assets, mainly due to the increasing expectation of supply surplus under the continuous acceleration of OPEC+ production increase. Short - term non - supply - demand logics are regarded as phased rises rather than reversals. Pay attention to short - selling opportunities near the previous high (WTI main contract at $64). For oil - chemical varieties, wait for the right - side short - selling opportunities after short - term breakouts [1]. Summary by Relevant Catalogs Crude Oil - **Technical Analysis**: On the daily level, it has a medium - term downward structure, and on the hourly level, a short - term upward structure. It is testing the medium - term pressure level corresponding to $63 of WTI today. If it fails to break through the medium - term pressure, it will retest the support at 468 [2]. - **Strategy**: In the hourly cycle, after the previous short - position index, look for a new position - increasing and reverse - wrapping pattern, or wait for the price to break below the low on May 13 and then look for a right - side rebound short - selling opportunity. If the short - position is stopped out, wait for a new position - increasing and reverse - wrapping signal [2][3]. Styrene (EB) - **Technical Analysis**: On the hourly level, it has a short - term upward structure. It rose with a reduction in positions today, and the short - term trading volume is insufficient, so the upside space is limited. The short - term support is the low on May 13 [9]. - **Strategy**: Still on the sidelines [3][9]. PX - **Technical Analysis**: On the hourly level, it has a short - term upward structure. Some funds left the market with a reduction in positions at the end of the session today. The short - term support refers to the low on May 13 [10]. - **Strategy**: Wait for the price to break the support and then look for short - selling opportunities on rallies [3][10]. PTA - **Technical Analysis**: On the hourly level, it has a short - term upward structure. It rose with an increase in positions today. The short - term support refers to the low on May 13 [16]. - **Strategy**: Wait for the price to break the support and then look for short - selling opportunities on rallies. Currently on the sidelines [3][16]. PP - **Technical Analysis**: On the hourly level, it has a short - term upward structure. It rose with a reduction in positions today. The new short - term support is at 7130 [18]. - **Strategy**: Temporarily on the sidelines, wait for short - term breakouts [3][18]. Urea - **Technical Analysis**: On the hourly level, it has a short - term upward structure. It oscillated within the day today, retested the short - term support at the low on May 8, but there was no trading volume to match the pattern [19][22]. - **Strategy**: Temporarily on the sidelines [3][22]. Methanol - **Technical Analysis**: On the hourly level, it has a short - term upward structure. After rising with an increase in positions today, it showed a short - term trend reversal, and the short - term slope is too large. The support is temporarily at 2330 [23]. - **Strategy**: On the sidelines in the hourly cycle [3][23]. Rubber - **Technical Analysis**: On the daily level, it has a medium - term downward structure, and on the hourly level, a short - term oscillating structure. It rose with an increase in positions today and reached the upper edge of the oscillation range again. The upper pressure still refers to the high on April 8. It is currently in a narrow - range oscillation for oversold repair [26]. - **Strategy**: Temporarily on the sidelines [3][26]. Caustic Soda - **Technical Analysis**: On the daily level, it has a medium - term downward structure, and on the hourly level, a short - term upward structure. After oscillating within the day today, there was a large - scale reduction in positions and an upward movement at the end of the session, indicating that some short - sellers left the market [27]. - **Strategy**: Mainly on the sidelines [3][27]. Ethylene Glycol (EG) - **Technical Analysis**: On the daily level, it has a medium - term downward structure, and on the hourly level, a short - term upward structure. It rose with an increase in positions today. The short - term support is at 43150 [29]. - **Strategy**: On the sidelines due to the divergence between medium - and short - term trends [3][29]. Plastic - **Technical Analysis**: On the daily level, it has a medium - term downward structure, and on the hourly level, a short - term upward structure. It is regarded as a continued rebound today. The short - term support is at 7100 [30]. - **Strategy**: In the hourly cycle, on the sidelines [30]

Group 1 - JD.com experienced a temporary system failure due to a surge in orders during the 618 event, but has since fully recovered. To apologize, they are offering compensation to affected users and ensuring that riders and merchants are not financially impacted [2] - Microsoft announced a layoff of approximately 6,000 employees, representing about 3% of its workforce, as part of necessary organizational changes to succeed in a dynamic market [3] - NIO's internal sources clarified that the bankruptcy application was made by an advertising company against its parent company, and NIO itself has not filed for bankruptcy [4] Group 2 - Apple is entering the brain-computer interface (BCI) field, planning to launch new accessibility features later this year, including support for BCI input devices with its Vision Pro headset [5] - Tencent reported Q1 2025 revenue of 180 billion yuan, a 13% year-on-year increase, with operating profit of 69.32 billion yuan, up 18% year-on-year. The gross margin for the quarter was 56%, an increase of 3 percentage points [6][7] - Nvidia is set to build an AI factory in Saudi Arabia, contributing to a significant increase in its market value, which has surpassed $3 trillion, and CEO Jensen Huang's wealth has reached $120 billion [8] Group 3 - WeChat has established an e-commerce product department to explore transaction models within the platform, with a new head reporting directly to the president of WeChat [11] - BYD is planning to enter the electric bicycle battery market, with a product launch event scheduled and a focus on lithium batteries [13] - Baidu is exploring the expansion of its autonomous ride-hailing service "Luobo Kuaipao" to Switzerland and Turkey, with plans to establish a physical presence in Switzerland [14] Group 4 - Vanke A announced that its largest shareholder, Shenzhen Metro Group, will provide a loan of up to 1.552 billion yuan to repay bond principal and interest, with a term of 36 months at an annual interest rate of 2.34% [16] - Kweichow Moutai plans to change the venue for its 2024 annual shareholders' meeting due to an overflow of registered attendees [18] - China Eastern Airlines reported that its shareholder Junyao Group has completed a share reduction plan, selling 28.68 million shares, which is 0.13% of the total share capital [19] Group 5 - Sinopec's controlling shareholder is issuing HKD 7.75 billion in exchangeable bonds to refinance maturing offshore debt, with a coupon rate of 0.75% [20] - Jilin Chemical Fiber confirmed a price increase for its wet-laid 3k carbon fiber products due to high demand, with a price hike of 10,000 yuan per ton effective immediately [21] - Alibaba's entertainment division has welcomed animator Hao Shan, who will focus on developing original animated content through a newly established studio [22]

Jis 沥青早报 研究中心能化团队 2025/5/14 重交沥青山东-华东 重交沥青山东-东北 重交沥青华东-华南 400 - 200 400 - 200 200 0 0 -200 -200 -200 -400 -400 -400 mar -600 -600 -600 -800 -800 -800 2019 2019 2020 2021 2022 2022 2021 2022 2020 2021 2019 2020 2024 2023 2023 2025 2024 · 2023 2024 2025 · 2025 基差&月差 山东基差 华南基差 华东基差 1200 г 1 200 800 1000 600 1000 800 400 600 200 500 400 0 200 -20Q 0 -400 -200 -500 -600 -400 -1000 -800 -600 2019 2019 2021 2020 2021 2020 2022 2020 · 2021 2022 · 2019 - 2022 2023 2023 2024 2025 · 2025 · 2023 2024 · 2024 · 2025 BU06 ...

中国石化（600028）公告，2025年5月14日，中国石化集团通过其全资附属公司在香港联合交易所首次 增持了公司3.02亿股H股股份，约占公司已发行总股份的0.25%，增持金额为港币12.32亿元。增持后， 中国石化集团持有公司13.45亿股H股股份。中国石化集团及其一致行动人后续将按照增持计划继续择机 增持公司股份。 ...

Core Insights - In March 2025, the liquefied petroleum gas (LPG) production in Jilin Province reached 10,000 tons, marking a year-on-year increase of 22.1% and a significant acceleration of 65.5 percentage points compared to the same month last year [1] - For the first quarter of 2025, the total LPG production in Jilin Province was 25,000 tons, which represents a decline of 24.6% year-on-year, with a decrease of 10.0 percentage points compared to the previous year [2] Summary by Category Monthly Production Data - March 2025 LPG production in Jilin Province was 10,000 tons, with a year-on-year growth of 22.1% [1] - The growth rate in March 2025 was 65.5 percentage points higher than the same month in the previous year [1] - Jilin's LPG production accounted for 0.2% of the national LPG production of 4,515,000 tons during the same period [1] Quarterly Production Data - From January to March 2025, Jilin Province's LPG production totaled 25,000 tons, reflecting a year-on-year decrease of 24.6% [2] - The decline in production for the first quarter was 10.0 percentage points lower than the same period last year [2] - Jilin's LPG production represented 0.2% of the national total of 13,570,000 tons for the same quarter [2] Statistical Notes - The production statistics pertain to large-scale industrial enterprises, defined as those with annual main business revenues of 20 million yuan or more [3]

Company Overview - Huajin Co., Ltd. closed at 5.33 yuan, down 1.11%, with a latest price-to-book ratio of 0.76 and a total market capitalization of 8.525 billion yuan [1] - As of April 20, 2025, the number of shareholders is 44,518, a decrease of 1,725 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Business Operations - The main business of Northern Huajin Chemical Industry Co., Ltd. includes the production and sales of petrochemicals and chemical fertilizers [1] - Key products include urea, liquid ammonia, crude oil processing and petroleum products, polyolefins, aromatics, ABS products and by-products, butadiene, ethylene oxide, ethylene glycol products, and plastic products [1] Financial Performance - In the latest quarterly report for Q1 2025, the company achieved operating revenue of 9.161 billion yuan, a year-on-year decrease of 3.05% [1] - The net profit for the same period was -341,980,116.73 yuan, representing a year-on-year decline of 31.76%, with a sales gross margin of 11.78% [1] Industry Comparison - The company's PE (TTM) is -3.23, and the PE (static) is -3.05, with a market capitalization of 8.525 billion yuan [2] - The industry average PE (TTM) is 12.88, and the industry median is 26.34, indicating that Huajin Co., Ltd. is significantly below industry averages in terms of valuation metrics [2]

摘要：【图】2025年3月甘肃省燃料油产量数据分析 2025年3月燃料油产量统计： 燃料油产量：1.4 万吨 同比增长：65.5% 增速较上一年同期变化：低74.8个百分点 2025年1-3月燃料油产量统计： 燃料油产量：3.8 万吨 同比增长：62.9% 增速较上一年同期变化：低57.6个百分点 据统计，2025年1－3月，甘肃省规模以上工业企业燃料油产量与上年同期相比增长了62.9%，达3.8万 吨，增速较上一年同期低57.6个百分点，增速放缓，增速较同期全国高72.7个百分点，约占同期全国规 模以上企业燃料油产量1084万吨的比重为0.4%。详见下图： 据统计，2025年3月甘肃省规模以上工业企业燃料油产量与上年同期相比增长了65.5%，达1.4万吨，增 速较上一年同期低74.8个百分点，增速放缓，增速较同期全国高67.2个百分点，约占同期全国规模以上 企业燃料油产量390.4万吨的比重为0.4%。 详见下图： 图1：甘肃省燃料油产量分月（当月值）统计图 石油化工行业最新动态 石油市场调研及发展趋势 化工行业监测及发展趋势 日化未来发展趋势预测 润滑油现状及发展前景 汽油发展前景趋势分析 柴油的现状和发 ...

Core Insights - AI technology is becoming a crucial force for enhancing efficiency, quality, and core competitiveness in the industrial sector, particularly in the petrochemical industry, which needs to transition towards a new generation of intelligent manufacturing driven by digitalization and AI [1][2] Group 1: Industry Challenges and Opportunities - The petrochemical industry faces significant external pressures and must leverage digital transformation to overcome bottlenecks, aiming for a "curve overtaking" strategy under safe and reliable conditions [1] - Key challenges in implementing AI in the petrochemical sector include limited data sample sizes, high technical barriers, low replicability of solutions, and a shortage of cross-disciplinary talent [2][3] Group 2: Technological Innovations - Zhongkong Technology has developed a matrix of 15 cutting-edge technologies, including AI-driven catalyst core process research and predictive maintenance technologies, significantly enhancing the intelligence level in industries like petrochemicals and power generation [4] - The introduction of the TPT time series model has shown to reduce software investment by 50%-80%, decrease labor costs by 30%-50%, and improve revenue by 1%-3%, demonstrating its effectiveness in optimizing complex processes [4] Group 3: New Business Models - Zhongkong Technology has proposed a new enterprise intelligent operation architecture called "1+2+N," integrating various models to create a closed loop covering the entire supply chain [5][6] - Innovative business models such as subscription-based services and online marketplaces are being introduced to lower entry barriers for companies, facilitating the ecological implementation of industrial AI [6] Group 4: Future Outlook - The industry is transitioning from a "tool revolution" to a "cognitive revolution," with AI expected to take on a larger share of work, thereby freeing human labor and enhancing future competitiveness [6]

行业 沥青日报 日期 2024 年 5 月 14 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 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：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（碳市场工业硅） 研究员 ...

请阅读正文后的声明 每日报告 一、行情回顾与操作建议 | 表1： | | 行情回顾(美元/桶) | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | SC：元/桶 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌幅% | 成交量（万手） | | WTI | 主力 | 60.97 | 61.53 | 63.13 | 60.56 | 1.57 | 22.33 | | Brent | 主力 | 64.05 | 64.99 | 66.40 | 63.88 | 1.69 | 41.80 | | SC | 主力（元/桶） | 489.3 | 479.5 | 489.9 | 477.1 | 1.08 | 7.7 | 行业 原油日报 日期 2025 年 5 月 14 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@c ...