Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View The asphalt market follows the crude oil price and fluctuates within a certain range [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Data - **Futures Prices**: The closing price of BU2506 was 3,453 yuan/ton with a daily increase of 2.07%, and the night - session closing price was 3,459 yuan/ton with a night - session increase of 0.17%. The closing price of BU2507 was 3,433 yuan/ton with a daily increase of 2.05%, and the night - session closing price was 3,440 yuan/ton with a night - session increase of 0.20% [1]. - **Trading Volumes and Open Interest**: The trading volume of BU2506 was 194,079 lots, an increase of 8,668 lots, and the open interest was 110,071 lots, an increase of 588 lots. The trading volume of BU2507 was 65,850 lots, an increase of 10,638 lots, and the open interest was 131,362 lots, an increase of 4,820 lots [1]. - **Warehouse Receipts**: The total warehouse receipts of asphalt in the whole market were 86,120 lots, with no change [1]. - **Price Spreads**: The basis (Shandong - 06) was 117 yuan/ton, a decrease of 65 yuan/ton from the previous day. The 06 - 07 inter - period spread was 20 yuan/ton, an increase of 1 yuan/ton from the previous day [1]. - **Spot Market Prices**: The Shandong wholesale price was 3,570 yuan/ton, an increase of 5 yuan/ton. The Yangtze River Delta wholesale price was 3,570 yuan/ton, with no change [1]. - **Refinery Data**: As of May 8, 2025, the refinery operating rate was 32.44%, an increase of 2.63% from May 3. The refinery inventory rate was 29.38%, an increase of 0.21% from May 3 [1]. 3.2 Market Trends - **BU - SC Spread**: After a passive expansion, it stabilized and fluctuated [1]. - **Warehouse Receipts**: Remained stable [1]. - **Crude Oil Prices**: Rebounded in the near - term and then fluctuated [8]. - **Low - price Spot**: Continuously rebounded [8]. 3.3 Market Information - **Production**: From May 2 to May 8, 2025, the weekly total domestic asphalt production was 509,000 tons, a month - on - month increase of 20,000 tons (4.1%) and a year - on - year increase of 42,000 tons (9.0%). The cumulative production from January to May was 9.273 million tons, a year - on - year increase of 16,000 tons (0.2%) [13]. - **Factory Inventory**: As of May 8, 2025, the total inventory of 54 asphalt sample factories was 882,000 tons, a 0.1% increase from May 6. The overall factory inventory increased, with the largest increase in the East China region due to the intermittent resumption and increased production of major refineries [13]. - **Social Inventory**: As of May 8, 2025, the total inventory of 104 asphalt social warehouses was 1.919 million tons, a 0.1% increase from May 6. The social inventory increased slightly, with a more obvious increase in Shandong due to the arrival of some imported resources [13]. 3.4 Trend Intensity The asphalt trend intensity was 1, indicating a neutral to slightly strong trend, with the range of trend intensity being integers within [- 2,2] [10].

国泰君安期货·能源化工 周报合集 国泰君安期货研究所 日期： 2025年05月11日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 上游 01 聚酯芳烃 02 煤化工及烯烃 03 氯碱 1、石脑油,乙烯 2、低硫燃料油,燃料油 1、PTA,MEG,短纤 2、瓶片,短纤 3、苯乙烯 1、LLDPE,PP 2、甲醇 3、尿素 2、烧碱,PVC 04 1、玻璃,纯碱 氯碱及轻工 1、橡胶 2、合成橡胶 3、纸浆 4、胶版印刷纸 2 CONTENTS 05 石脑油产业链周度报告 国泰君安期货研究所·陈鑫超 投资咨询从业资格号：Z0020238 日期：2025年5月10日 Guotai Junan Futures all rights reserved, please do not reprint 3 CONTENTS 总结 01 石脑油部分 02 乙烯部分 03 烯烃-芳烃影响 04 现货及价格 估值部分 供需及平衡表 现货及价格 估值部分 供需及平衡表 裂解 ...

Investment Rating - The report maintains an "Overweight" rating for the oil and petrochemical industry [5] Core Viewpoints - Geopolitical risks remain high, with recent conflicts between India and Pakistan highlighting global uncertainties, leading to a rebound in oil prices. As of May 9, Brent and WTI crude oil prices increased by 4.0% and 4.6%, respectively, closing at $63.88 and $61.06 per barrel [1][2] - China's dependence on oil imports is projected to be 72% and natural gas imports at 43% in 2024, indicating significant external challenges to energy security amid geopolitical tensions and tariff conflicts. The "Big Three" oil companies in China are responding to national calls for increased reserves and production, with a compound annual growth rate (CAGR) of 6.6% in upstream capital expenditure from 2018 to 2024 [2] - The report emphasizes the importance of monitoring OPEC+ production decisions and the outcomes of U.S.-Iran negotiations, as these factors could significantly impact the oil supply outlook. The potential easing of sanctions on Iranian oil exports could disrupt oil prices [3] Summary by Sections Oil Supply and Demand Outlook - The report highlights multiple disturbances in the oil supply and demand landscape, including trade agreements and geopolitical negotiations that could affect oil prices and supply stability [3] - The report suggests that the long-term oil supply-demand structure remains favorable, supporting a positive outlook for the "Big Three" oil companies and oil service sectors [4] Investment Recommendations - The report recommends focusing on the following companies: China National Petroleum Corporation (CNPC), Sinopec, CNOOC, and their respective oil service subsidiaries. It also suggests monitoring leading companies in the refining and chemical sectors, as well as coal chemical leaders and ethylene producers [4]

国泰君安期货·能源化工 石油沥青周度报告 国泰君安期货研究所·王涵西 投资咨询从业资格号：Z0019174 期货从业资格号：F3082452 日期：2025年5月11日 Special report on Guotai Junan Futures 2 综述 1 沥青市场综述 ◆ 风险提示：关税谈判推进、炼厂超预期复产复工等 资料来源：隆众资讯，国泰君安期货研究 Special report on Guotai Junan Futures 4 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 综述 01 价格&价差 02 基本面数据 03 市场回顾 期现 价差结构 需求 供应 ◆ 我们的观点：区间震荡，估值高位 ◆ 我们的逻辑：节后BU低开后持续反弹，裂解高位运行。现货方面，北方高价资源部分回落，南方低价船货小幅抬升，南 北价差略微收窄。具体来看，国内沥青总产量为49万吨，环比上周增幅1.9%；分地区来看，东北、西北及西南地区部 分中石油炼厂增产沥青，且山东地炼多有提产复产，从而带动整体供应增加。需求方面，北方高速项 ...

以下文章来源于36氪财经 ，作者黄绎达 郑怀舟 36氪财经 . 36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 经济弱复苏再度被确认， 红利板块投资价值凸显。 文 ｜ 黄绎达 编辑 ｜ 郑怀舟 来源｜ 36氪财经（ID：krfinance） 封面来源 ｜ 视觉中国 本周（5月5日~9日）A股大盘先扬后抑，上证指数在周内上涨1.68%，于5月9日收盘报收3342点；万得全A指数本周上涨2.32%。 板块方面，本周，申万31个一级行业全部上涨，其中军工、通信、电力设备、银行等板块涨幅居前，房地产、电子、商贸零售、石油化工等板块在本周涨幅 居后。 风格方面，中小盘、科创在本周相对占优。 反映到宽基/风格指数上，北证50、万得微盘股指数、创业板50、创业板指、国证2000、创成长等指数领涨，红 利、大市值相关指数涨幅相对居后。 港股大盘的走势与A股相当，恒生指数周内上涨3.38%；恒生科技指数在本周下跌1.22%。板块方面，12个恒生行业指数在本周有9个上涨，金融、电讯、非 必选消费、能源等板块领涨，医疗保健、资讯科技、必需消费品这三个板块在本周下跌。 海外大类资产方面，美股三大指数在本周均上涨；欧洲方面，东 ...

摘要：【图】2025年3月上海市硫酸产量数据分析 2025年3月硫酸产量统计： 硫酸产量：1.7 万吨 同比增长：-1.5% 增速较上一年同期变化：低19.8个百分点 硫酸产量：0.5 万吨 同比增长：-18.8% 增速较上一年同期变化：低46.0个百分点 据统计，2025年3月上海市规模以上工业企业硫酸产量与上年同期相比下降了18.8%，达0.5万吨，增速 较上一年同期低46.0个百分点，增速较同期全国低20.8个百分点，约占同期全国规模以上企业硫酸产量 921.27824万吨的比重为0.1%。 详见下图： 2025年1-3月硫酸产量统计： 据统计，2025年1－3月，上海市规模以上工业企业硫酸产量与上年同期相比下降了1.5%，达1.7万吨， 增速较上一年同期低19.8个百分点，增速较同期全国低5.8个百分点，约占同期全国规模以上企业硫酸产 量2736.8884万吨的比重为0.1%。详见下图： 图2：上海市硫酸产量分月（累计值）统计图 图1：上海市硫酸产量分月（当月值）统计图 石油化工行业最新动态 石油现状及发展前景 化工发展前景趋势分析 日化的现状和发展趋势 润滑油行业现状与发展趋势汽油市场现状及前景分析 ...

Core Points - The 34th Harbin Economic and Trade Fair (哈洽会) will be held from May 17 to 21, marking the first major international economic event in Harbin since the successful hosting of the 9th Asian Winter Games [1] Group 1: Participation and Scale - A total of 38 countries and regions will participate, with over 1,500 enterprises registered, featuring Thailand and Mongolia as the guest countries [3] - The exhibition area has reached a historical high of 683,000 square meters, making it the largest in the event's history [4] - This year's fair includes six sub-venues, the highest number ever, including the main venue at Harbin International Exhibition Center [5] Group 2: Innovation and Technology - Over 100 technology innovation enterprises will participate, with notable companies like China Aviation Engine Corporation, China Petroleum, and Huawei showcasing their products, exceeding last year's exhibition scale by 25% [6][7] - The exhibition will feature more than 5,000 types of exhibits, with a 12% update rate for traditional exhibitors and a 15% display rate for new technologies such as drones and humanoid robots [7] Group 3: Business Engagement - The fair plans to invite over 3,000 professional buyers from various industries, with a significant representation from Russia and Northeast Asia [8] - Nearly 100 supporting activities will be held to promote consumption, including cultural events and promotional activities on social media platforms [9] Group 4: Sustainability and Organization - The fair aims for a green construction rate of over 90%, emphasizing the use of environmentally friendly materials and energy-saving equipment [10] - A comprehensive organizational structure involving 39 provincial departments will ensure smooth operations and consumer protection during the event [11]

Core Viewpoint - The opening of the new convenience store by Sinopec in Rizhao University City marks a significant step in the company's transformation into a comprehensive energy service provider, focusing on campus scenarios and integrating digital operations to meet the diverse needs of consumers [9]. Group 1: Store Operations and Offerings - The new store, located in Rizhao University City, is strategically positioned near several universities, targeting students and local residents with a product matrix of nearly 600 items, including food, beverages, and daily necessities [3]. - The store features Sinopec's proprietary brands and has introduced a "Sinopec Food Circle" to cater to student preferences, offering self-developed snacks and light meals through a digital operation model [3][9]. - Various promotional activities, such as in-store gifts and discounts, were launched on the opening day, generating a consumer frenzy [5]. Group 2: Customer Experience and Engagement - Students expressed satisfaction with the convenience of home delivery services, highlighting the store's role in enhancing campus life [5]. - The store incorporates elements of campus culture, including a social space and a popular photo wall, evolving into a social landmark for students [7]. Group 3: Company Strategy and Future Plans - The Rizhao University store is the first of its kind in Shandong to focus on the university market and integrate fresh coffee services, indicating a new direction for Sinopec's convenience store operations [9]. - Sinopec plans to continue innovating by merging convenience services with energy solutions, aiming to create an integrated platform that meets diverse consumer needs and supports regional economic development [9]. - Established in 2008, Sinopec's Easy Joy has expanded to 28,000 convenience stores and nearly 10,000 car service locations, serving over 300 million users, with a brand value projected to reach 21.745 billion yuan in 2024 [9].

Group 1 - In the first three months of 2025, Jilin Province's industrial enterprises produced a total of 355,000 tons of naphtha, representing a 32.5% increase compared to the same period in 2024, with a growth rate 30.3 percentage points higher than 2024 [1] - The naphtha production in Jilin Province accounted for 1.8% of the national total naphtha production of 19,885,000 tons during the same period [1] - In March 2025, Jilin Province's naphtha production reached 124,000 tons, marking a 35.5% increase year-on-year, with a growth rate 34.7 percentage points higher than March 2024 [2] Group 2 - The growth rate of naphtha production in Jilin Province was 33.2 percentage points higher than the national average during the first three months of 2025 [1] - In March 2025, Jilin's naphtha production represented 1.8% of the national total naphtha production of 6,744,000 tons [2] - The data reflects a consistent upward trend in naphtha production in Jilin Province, indicating strong industrial performance [1][2]

摘要：【图】2025年1-3月北京市石脑油产量数据分析 2025年3月石脑油产量统计： 石脑油产量：8.3 万吨 同比增长：5.2% 增速较上一年同期变化：高2.3个百分点 图1：北京市石脑油产量分月（当月值）统计图 2025年1-3月石脑油产量统计： 石脑油产量：21.3 万吨 同比增长：-17.1% 增速较上一年同期变化：高29.0个百分点 据统计，2025年3月北京市规模以上工业企业石脑油产量与上年同期相比增长了5.2%，达8.3万吨，增速 较上一年同期高29.0个百分点，增速较同期全国高5.8个百分点，约占同期全国规模以上企业石脑油产量 674.4万吨的比重为1.2%。 详见下图： 据统计，2025年1－3月，北京市规模以上工业企业石脑油产量与上年同期相比下降了17.1%，达21.3万 吨，增速较上一年同期高2.3个百分点，增速较同期全国低16.4个百分点，约占同期全国规模以上企业石 脑油产量1988.5万吨的比重为1.1%。详见下图： 图2：北京市石脑油产量分月（累计值）统计图 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 产业调研网为您提 ...