石油沥青日报 | 2025-12-03 终端需求疲软，现货延续跌势 市场分析 1、12月2日沥青期货下午盘收盘行情：主力BU2601合约下午收盘价2916元/吨，较昨日结算价下跌72元/吨，跌幅 2.41%；持仓136104手，环比下跌14100手，成交222484手，环比上涨57910手。 2、卓创资讯重交沥青现货结算价：东北，3156—3500元/吨；山东，2880—3470元/吨；华南，2980—3150元/吨； 华东，3100—3300元/吨。 沥青盘面维持弱势震荡运行，筑底尚未完成。现货方面，昨日华北、山东、华东、华南以及川渝地区沥青现货价 格均出现下跌，其余地区沥青现货价格大体企稳。就沥青自身基本面而言，尽管原油价格整体走势偏强，但沥青 市场情绪较弱，需求端持续疲软，局部过剩压力仍存，施压沥青现货价格。虽然有部分冬储合同释放，但逆转弱 势还需要更多利好因素刺激。 策略 单边：中性，等待市场筑底 跨期：无 跨品种：无 期现：无 期权：无 风险 原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装置开工负荷变动等 石油沥青日报 | 2025-12-03 2025年期货市场研究报告 第1页 ...

科威特发货仍未恢复，高低硫价差再度回升 市场分析 上期所燃料油期货主力合约日盘收跌0.2%，报2469元/吨；INE低硫燃料油期货主力合约日盘收涨0.63%，报3035 元/吨。 原油价格从低位小幅反弹，但中期油市供过于求的预期在逐步兑现，如果俄乌和平协议顺利达成，则地缘情绪溢 价或进一步消退，成本端对燃料油单边价格存在一定压制。 就燃料油自身基本面而言，当前整体市场矛盾有限。其中，高硫燃料油市场结构处于调整阶段，下方支撑来自于 炼厂端的增量需求。低硫燃料油方面，市场整体供应依然相对充裕，但局部存在减量。昨日我们在报告中提到阿 祖尔炼厂装置检修时间延长，科威特11月到目前跟踪到的船运发货量依旧为零，短期低硫燃料油市场支撑仍存， 高低硫基差再度回升，但预计空间有限。 燃料油日报 | 2025-12-03 宏观风险、关税风险、制裁风险、原油价格大幅波动等、发电端需求超预期、欧佩克增产幅度不及预期、船燃需 求超预期 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 策略 高硫方面：短期中性，中性偏空 低硫方面：短期中性，中性偏空 跨品种：无 跨期：无 期现：无 期权：无 风险 | 图1：新加坡 ...

Group 1 - The core viewpoint of the articles highlights the increasing concentration of AI-related investments, particularly in the "Big Seven" tech companies, which now account for 47% of the S&P 500 index, indicating a historical high in investment concentration in AI themes [1] - The demand for computing power in the AI sector is expected to significantly increase electricity consumption, with global data center electricity demand projected to exceed 945 TWh by 2030, and China's compound annual growth rate reaching 18% [1] - The surge in electricity demand is driving the need for grid upgrades, which in turn stimulates demand for industrial metals such as copper and aluminum, suggesting that the valuations of related sectors in the A-share market remain relatively low compared to historical levels, indicating potential for recovery [1] Group 2 - The investment logic for resource products is characterized by a "triple alpha" appeal: firstly, benefiting from the AI technology cycle through increased demand for electricity, cooling, and hardware; secondly, providing a hedge against currency depreciation in a stagflation environment; and thirdly, the impact of monetary expansion and energy transition driving up the value of resource products [1] - The focus on resource sectors has shown long-term value potential, as exemplified by the Above Silver Resource Selected Mixed Fund, which has achieved a cumulative return of 58.67% since its inception, outperforming its benchmark [2] - The fund is optimistic about the long-term value of resource products, highlighting opportunities in various sectors such as industrial metals driven by U.S. manufacturing reshoring and China's production reforms, as well as increased demand for gold amid rising recession risks and global conflicts [2]

图为大会为商会会员单位颁发证书。 中化新网讯 11月27日，盘锦市国际商会成立大会暨第一届会员代表大会在盘锦召开。盘锦市贸促会党 组书记、会长张忱当选首任会长。 据悉，商会将聚焦化工产业，通过搭建政企沟通桥梁、组织国际经贸活动、提供商事法律及知识产权等 专业服务，助力企业对接国际市场、防范贸易风险，为化工企业"走出去"构建专业化平台，为盘锦市石 化与精细化工产业发展提供支撑。 国际商会的成立吸引了当地众多骨干企业。首批会员企业包括盘锦信汇新材料有限公司、盘锦瑞斯特化 工有限公司、盘锦企鸿源化工有限公司、盘锦浩元石化有限公司等石油化工领域企业，辽宁金兴石油集 团有限公司、盘锦奥佳石油机械设备有限公司、盘锦辽河晨宇钻探有限公司等石油装备与技术服务企 业，以及辽宁新邦新材料有限公司、辽宁聚创优科橡塑科技有限公司、辽宁鲁华泓锦新材料科技股份有 限公司等新材料公司，共同构成了覆盖产业链上下游的企业集群。 ...

Core Insights - The conference on "AI + Petrochemical Industry Digital Transformation" highlighted the shift of AI technology from single-point applications to platform-based empowerment [1][2] - Experts emphasized the need for the petrochemical industry to focus on data resources and scenario-driven approaches for digital transformation [1] Group 1: Data and AI Integration - The petrochemical industry should reconstruct its data system to ensure data is usable, manageable, and trustworthy [1] - High-value datasets should be developed to drive the evolution of intelligent models, making data usable, trainable, and capable of advancing model performance [1] - A collaborative industry data ecosystem is essential to allow data to flow and unlock industry value [1] Group 2: Safety and Operational Efficiency - Safety in production is a critical focus area for intelligent transformation, with a need for chemical safety education and technological innovation to enhance safety standards [1] - The industry should adopt principles such as reducing human presence in hazardous areas and automating inspections to improve safety levels [1][2] - AI-driven process optimization can provide new pathways for complex chemical process improvements, enhancing safety and reducing workload [2] Group 3: Technological Support and Innovation - The development of an industrial operating system through concept innovation and platform integration can support the industry's transition to smart manufacturing [2] - The launch of the SRA process comprehensive risk analysis software aims to provide systematic and precise risk assessments for complex tank areas, already implemented in companies like Sinopec [2]

"当下先进的科技技术究竟该如何扎根于油气矿山行业，给行业带来改变？经过不断的摸索，我们的答 案是以用促建，让技术从业务的痛点中生长出来。"11月26日，在北京举行的华为中国政企业务油气矿 山2025媒体沟通会上，华为油气矿山集团副总裁吴海宇如是说。在这场媒体沟通会上，三位来自华为油 气矿山军团的发言人讲述了华为如何通过一场"自下而上"的技术渗透，让人工智能(AI)牢牢扎根于能源 化工行业，从辅助系统进入核心生产流程。 让技术沾上"机油味" 当前，传统能源化工行业面临多重挑战，安全管控、效率提升、绿色转型等不同要求为行业发展带来了 较为沉重的压力。在谈及如何应用AI助力能化行业转型时，吴海宇表示，AI的应用需要围绕真实的业 务难题，从场景出发，实现数字化技术的落地应用。 应用这一策略，华为瞄准石油化工行业能耗与安全性两大关键，联合云天化（600096）打造了全球首个 煤气化实时在线优化技术(RTO)大模型项目，使煤气化装置能够精确模拟并预测气化炉炉温、渣层厚度 及渣黏度等关键运行参数，从而保障生产过程的深度优化与极致稳定。该项目投用后，预计每年实现节 煤9000多吨、减少二氧化碳排放量2万多吨，带来每年超千万元 ...

s 加安期货 沥青早报 700 600 500 400 300 200 100 11/1 -200 -300 周度变化 97 87 57 -18 -34 -11 -127 100734 92363 0 0.7 -30 -30 -40 -70 -81 -48 2025 124 | | 指标 | 10/31 | 11/26 | 11/28 | 12/1 | 12/2 | 日度变化 | 팀 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基差&月差 | 山东基差(+80)(弘润) | 6 | 17 | 44 | 40 | 114 | 74 | | | | 华东基差(镇江库) | 106 | 47 | 54 | 60 | 134 | 74 | | | | 华南基差(佛山库) | 146 | 7 | -16 | -10 | 64 | 74 | | | | 12-01 | 10 | -7 | -18 | -19 | -25 | -6 | | | | 12-03 | -16 | -19 | -48 | -50 | -53 | -3 | | | | 01 ...

Group 1: Report Overview - Report Name: Asphalt Daily Report [1] - Date: December 3, 2025 [2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core View - The oil price lacks support, asphalt supply and demand are weak, the spot price has corrected again, and the short - term market is cautious, with a wait - and - see attitude [6] Group 4: Market Review and Operation Suggestions - **Futures Market**: For BU2601, the opening price was 3027 yuan/ton, closing at 3007 yuan/ton, with a high of 3040 yuan/ton, a low of 3003 yuan/ton, a decline of 1.41%, and a trading volume of 22.29 million lots. For BU2602, the opening price was 3020 yuan/ton, closing at 3012 yuan/ton, with a high of 3033 yuan/ton, a low of 3004 yuan/ton, a decline of 1.08%, and a trading volume of 8.05 million lots [6] - **Spot Market**: Today, asphalt spot prices in North China, Shandong, East China, South China, and Sichuan - Chongqing regions decreased, while those in other regions were generally stable [6] - **Supply**: Yangzi Petrochemical has no plan to continue producing asphalt after a brief resumption. Zhenhai Refining & Chemical, Dongming Petrochemical, and Shengxing Petrochemical all plan to resume asphalt production, and the asphalt plant operating rate is expected to rebound slightly [6] - **Demand**: Cold air has affected most parts of China again. Road demand in the Northeast and Northwest has stagnated, but there is still rush - construction demand in Shandong and other regions, and demand is expected to be stable [6] Group 5: Industry News - **East China Market**: The mainstream transaction price of 70A asphalt was 3100 - 3300 yuan/ton, down 50 yuan/ton from the previous working day. After the asphalt futures fell below 3000 yuan/ton and continued to decline, the low - price in the Shandong asphalt market dropped below 2900 yuan/ton, widening the price difference with East China. Both the futures and Shandong supply pressured the East China spot price. Today, the ex - factory price of some agents at Jinling was adjusted down to 3300 yuan/ton, driving the market price down [7] - **Shandong Market**: The mainstream transaction price of 70A asphalt was 2880 - 3470 yuan/ton, down 15 yuan/ton from the previous working day. Although international oil prices rebounded, the asphalt futures trend was weak, continuously affecting the spot market sentiment. In addition, snow and rain in some parts of Shandong today restricted demand release, and local refineries and traders continued to lower their quotes, driving the Shandong market price down [7] Group 6: Data Overview - The report presents multiple data charts, including South China asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [10][12][14][22]

以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 LPG早报 研究中心能化团队 2025/12/03 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华 南 丙烷CIF日本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2025/11/26 4330 4310 4460 570 520 492 4470 7100 -31 ...

Market Performance - The main BU contract closed at 2916, down 2.47% from the opening price of 2983, with a total decline of 2.2% over the past week [2][31] - Trading volume reached 222,500 contracts, with a turnover of 6.641 billion, indicating a significant drop [2][31] - The next month contract (2602) fell by 2.54%, maintaining a contango structure [2][31] Spot Market - The price of heavy asphalt in Shandong is 2960 CNY/ton, down 0.7% week-on-week, with a cumulative decline of 2.3% over the past week [2][31] - In East China, the heavy asphalt price remains stable at 3190 CNY/ton, with a basis of +274 CNY/ton, up 43 CNY/ton over the past week [2][31] Crack Spread Changes - The BU-Brent spread recorded -365 CNY/ton, with a cumulative decline of 60 CNY/ton over the past week [2][31] - The main BU contract fell by 0.1%, while Brent increased by 2.5% [2][31] Fundamental Changes - The asphalt market is currently in the winter off-season, with a production increase of 12% to 492,000 tons as of November 28 [3][32] - The diluted asphalt discount remains high at -11.3 USD/barrel, indicating a loose supply situation [3][32] - Road construction rates have dropped to 29%, the lowest in six weeks, reflecting weak demand [3][32] Short-term Outlook - Prices are expected to remain weak due to reduced demand and inventory pressure, with a focus on winter storage trends [4][32] - OPEC+ production increases may further impact oil prices, likely leading to a downward adjustment in asphalt prices [4][32] - The technical outlook suggests continued low-level fluctuations, with previous reference closing prices of 3010-3100 CNY/ton now breached [4][32] Strategy - The current strategy is to maintain a bearish stance with weak fluctuations anticipated in the asphalt market [6][33]