Group 1 - The core point of the article highlights that China's crude oil processing volume in September 2025 reached 62.687 million tons, representing a year-on-year growth of 6.8%, with an increase of 12.2 percentage points compared to the same period last year [1] - In the first nine months of 2025, the crude oil processing volume totaled 550.815 million tons, showing a year-on-year increase of 3.7%, which is 5.3 percentage points higher than the growth rate of the previous year [4] - The data reflects the performance of large-scale industrial enterprises, defined as those with annual main business revenue of 20 million yuan or more [5]

Macro Analysis - The manufacturing PMI showed signs of stabilization in November, indicating a weak recovery driven by improved exports due to the easing of trade tensions between China and the US, with new export orders and small enterprise PMI significantly rebounding [2] - Seasonal disruptions from the October holiday have ended, leading to a rise in production and procurement indices [2] - Both raw material and finished product price indices have increased, suggesting an ongoing improvement in the supply-demand relationship for industrial goods [2] Strategy Insights - The market is expected to remain in a wide fluctuation phase, with a potential bull market direction, although short-term catalysts may be lacking [4] - The A-share and Hong Kong stock monthly stock picks for December include companies like Tencent Holdings, China Petroleum, and Haier Smart Home, indicating a focus on sectors with growth potential [3] Bond Market Overview - The total bond custody volume increased significantly in October, with a net increase in interest rate bonds and credit bonds, while financial bonds saw a net decrease [5] - The convertible bond market experienced slight adjustments, with high-priced and high-valuation convertible bonds facing pressure [6] - Credit bond issuance rose to 5,890.11 million yuan, reflecting a 1.34% increase week-on-week, with overall credit spreads trending upwards [7] Chemical Industry Insights - The signing of a major potash fertilizer contract at $348 per ton indicates a tight supply-demand situation, supporting the industry's positive outlook [11] - Oil prices are experiencing low-level fluctuations due to geopolitical tensions and OPEC+ production policies, with Brent and WTI prices reported at $62.32 and $58.48 per barrel respectively [12] Energy Sector Developments - The storage and hydrogen energy sectors are expected to see continued growth, with government support for market-driven adjustments and the promotion of hydrogen ammonia construction [13] Copper Industry Analysis - The China Copper Raw Material Negotiation Group has requested a 10% reduction in copper production capacity for 2026, indicating a tightening supply situation [14] Utility Sector Updates - The National Development and Reform Commission has released new pricing policies for electricity distribution, which may lead to a valuation recovery in the green electricity sector [15] Automotive Sector Performance - Pony.ai reported significant revenue growth in its Robotaxi segment, with expectations for continued expansion and improved profitability [16] - Li Auto's third-quarter performance was under pressure, leading to a downward revision of profit forecasts, but the company remains optimistic about its market positioning [17] Apparel Industry Trends - Chow Tai Fook's sales growth turned positive in Q2, with a notable increase in revenue from priced jewelry, prompting an upward revision of profit forecasts [18] - Bosideng's revenue grew by 1.4% in the first half of the fiscal year, supported by stable growth in its branded down jacket business [19]

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core Views of the Report - The economic sentiment level in China is generally stable. In November, the manufacturing PMI rose to 49.2%, up 0.2 percentage points from the previous month, but has been below the boom - bust line for 8 consecutive months. The non - manufacturing business activity index decreased by 0.6 percentage points, and the composite PMI output index decreased by 0.3 percentage points. Some sub - indicators show initial signs of economic recovery, but policy support is still needed to boost demand [8]. - For LPG, the short - term supply is tight, but the medium - to - long - term trend is under pressure. For propylene, the supply - demand pattern remains loose [12]. - It is recommended to grasp the opportunity to allocate precious metals on dips, especially silver with a tight spot structure [13]. Group 3: Summaries by Related Catalogs 1. Manufacturing PMI - In November, the manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month. The production index was 50.0% (up 0.3 percentage points), the new orders index was 49.2% (up 0.4 percentage points), the raw material inventory index was 47.3% (unchanged), the employment index was 48.4% (up 0.1 percentage points), and the supplier delivery time index was 50.1% (up 0.1 percentage points). The non - manufacturing business activity index was 49.5% (down 0.6 percentage points), and the composite PMI output index was 49.7% (down 0.3 percentage points) [8]. 2. LPG and Propylene - **LPG**: The short - term price increase of the PG main contract was due to factors such as increased civilian demand in winter, supply reduction from Middle - East maintenance, strong external paper - cargo prices, and unexpectedly strong chemical demand. However, the chemical demand is expected to weaken, North American supply may increase, and the long - term trend is under pressure due to slower downstream chemical production growth and increased supply from the Middle East and the US in 2026 [12]. - **Propylene**: The Shandong spot price first rose and then fell last week. After the cost - side propane strengthened, it broke away from the restriction of PP. But now the positive factors have been fully digested, the downstream is in serious losses, and the supply - demand pattern is loose [12]. 3. Silver - The long - term allocation logic of precious metals remains unchanged. One should seize the opportunity to allocate silver when the risk sentiment improves marginally, taking advantage of its high elasticity. Although the silver spot contradiction is normal, the current overseas macro - liquidity improvement logic is stronger than the economic demand side [13]. 4. Other Commodities - **Gold**: The expectation of interest - rate cuts has rebounded [16]. - **Copper**: The spot price has strengthened, pulling up the price. The global copper market is expected to face a supply shortage of 150,000 tons in 2026 [24][26]. - **Zinc**: There is support at the bottom [16]. - **Lead**: The reduction in inventory supports the price [16]. - **Tin**: There are new disturbances in supply [16]. - **Aluminum**: It is running strongly, while the fundamental contradiction of alumina remains unresolved, and cast aluminum alloy follows electrolytic aluminum [16][37]. - **Nickel**: The fundamentals limit the upside elasticity, and it is oscillating at a low level. Stainless steel has high inventory, weak supply and demand, and cost limits the downside space [41]. - **Lithium Carbonate**: It is oscillating at a high level, and attention should be paid to the registration of warehouse receipts [46]. - **Industrial Silicon**: It is in a range - bound market. For polysilicon, attention should be paid to the registration of warehouse receipts [50]. - **Iron Ore**: The downstream demand space is limited, and the valuation is high [16][53]. - **Rebar and Hot - Rolled Coil**: They are oscillating at a low level [16][55]. - **Silicon Ferrosilicon and Manganese Silicide**: Silicon ferrosilicon is affected by market sentiment and oscillating at a low level, while manganese silicide has a firm ore - end price and is also oscillating at a low level [59]. - **Coke and Coking Coal**: They are in a wide - range oscillation [16][63].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - Supply: In November 2025, the total planned output of asphalt from local refineries was 1.312 million tons, a month - on - month increase of 18.2% and a year - on - year decrease of 6.5%. The capacity utilization rate of domestic petroleum asphalt samples this week was 29.4823%, a month - on - month increase of 3.056 percentage points. Refineries have increased production recently, increasing supply pressure [7]. - Demand: The current demand is lower than the historical average. The heavy - traffic asphalt开工率 was 27.8%, a month - on - month increase of 0.12 percentage points; the construction asphalt开工率 was 6.6%, unchanged from the previous month; the modified asphalt开工率 was 10.5658%, a month - on - month decrease of 0.02 percentage points; the road - modified asphalt开工率 was 29%, a month - on - month decrease of 5.00 percentage points; the waterproofing membrane开工率 was 33.8%, a month - on - month decrease of 0.20 percentage points [7]. - Cost: The daily asphalt processing profit was - 474.97 yuan/ton, a month - on - month increase of 4.30%. The weekly delayed coking profit of Shandong local refineries was 1,102.9986 yuan/ton, a month - on - month increase of 1.49%. The asphalt processing loss increased, and the profit difference between asphalt and delayed coking increased. Crude oil strengthened, and it is expected that the cost support will strengthen in the short term [7]. - Market Outlook: It is expected that the asphalt market will fluctuate narrowly in the short term, and the asphalt 2602 contract will fluctuate in the range of 2,969 - 3,023 [7]. 3. Summary by Relevant Catalogs 3.1 Daily Views - **Supply**: The supply pressure is high. The planned output of local refineries in November 2025 increased, and the capacity utilization rate and output of sample enterprises increased this week [7]. - **Demand**: The overall demand is weak, and the开工 rates of various types of asphalt and related products are lower than the historical average [7]. - **Cost**: The asphalt processing loss increased, but the strengthening of crude oil provides short - term cost support [7]. - **Other Factors**: The basis is neutral; the inventory is in a state of continuous destocking, which is neutral; the disk is bearish; the main positions are net short with an increase in short positions, which is bearish [7]. 3.2 Asphalt Market Overview - The prices of most asphalt contracts decreased slightly, and the inventory of various types decreased, including a 2.51% month - on - month decrease in social inventory, a 9.50% month - on - month decrease in factory inventory, and a 28.75% month - on - month decrease in port diluted asphalt inventory [15]. 3.3 Asphalt Futures Market - Basis Trend - The report presents the historical trends of the Shandong and East China basis of asphalt from 2020 to 2025, which helps to understand the relationship between spot and futures prices [18][20]. 3.4 Asphalt Futures Market - Spread Analysis - **Main Contract Spread**: It shows the historical trends of the 1 - 6 and 6 - 12 contract spreads of asphalt from 2020 to 2025, which is useful for spread trading analysis [22][23]. - **Asphalt - Crude Oil Price Trend**: Displays the historical price trends of asphalt, Brent crude oil, and West Texas Intermediate (WTI) crude oil from 2020 to 2025, helping to analyze the relationship between asphalt and crude oil prices [26]. - **Crude Oil Crack Spread**: Presents the historical trends of the crack spreads of asphalt against SC, WTI, and Brent crude oils from 2020 to 2025, which is important for understanding the refining profit margins [29][30]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: Shows the historical price ratio trends of asphalt, crude oil, and fuel oil from 2020 to 2025, providing insights into the relative value of these commodities [34]. 3.5 Asphalt Spot Market - Market Price Trends in Different Regions - The report shows the historical price trends of Shandong heavy - traffic asphalt from 2020 to 2025, reflecting the price changes in the local asphalt market [36]. 3.6 Asphalt Fundamental Analysis - **Profit Analysis**: - **Asphalt Profit**: Displays the historical profit trends of asphalt from 2019 to 2025, helping to understand the profitability of asphalt production [38]. - **Coking - Asphalt Profit Spread Trend**: Shows the historical trends of the profit spread between coking and asphalt from 2020 to 2025, which is crucial for refineries' production decisions [41][42]. - **Supply - Side Analysis**: - **Shipment Volume**: Presents the historical weekly shipment volumes of asphalt from 2020 to 2025, reflecting the market supply situation [44][45]. - **Diluted Asphalt Port Inventory**: Shows the historical trends of domestic diluted asphalt port inventory from 2021 to 2025, which is related to the raw material supply of asphalt production [46][47]. - **Production Volume**: Displays the historical weekly and monthly production volumes of asphalt from 2019 to 2025, helping to understand the overall supply capacity [50]. - **Marine Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend**: Shows the historical trends of the price of Marine crude oil and the monthly production of Venezuelan crude oil from 2018 to 2025, which affects the cost and supply of asphalt raw materials [53][55]. - **Local Refinery Asphalt Production**: Presents the historical monthly production volumes of local refinery asphalt from 2019 to 2025, reflecting the production contribution of local refineries [56][57]. - **Capacity Utilization Rate**: Displays the historical weekly capacity utilization rates of asphalt from 2021 to 2025, which is an important indicator of the supply capacity [59][60]. - **Maintenance Loss Estimation**: Shows the historical trends of maintenance loss estimation of asphalt production from 2018 to 2025, which is related to the supply interruption [63]. - **Inventory Analysis**: - **Exchange Warehouse Receipts**: Presents the historical trends of exchange warehouse receipts of asphalt from 2019 to 2025, which is related to the market supply and demand balance [66][67]. - **Social Inventory and Factory Inventory**: Shows the historical trends of social and factory inventories of asphalt from 2022 to 2025, reflecting the inventory levels in different sectors [70]. - **Factory Inventory - to - Stock Ratio**: Displays the historical trends of the factory inventory - to - stock ratio of asphalt from 2018 to 2025, which helps to understand the inventory management of factories [73]. - **Import and Export Analysis**: - **Export and Import Trends**: Presents the historical export and import trends of asphalt from 2019 to 2025, which is related to the international market demand and supply [76][77]. - **Korean Asphalt Import Price Spread Trend**: Shows the historical trends of the import price spread of Korean asphalt from 2020 to 2025, which is important for import cost analysis [80][81]. - **Demand - Side Analysis**: - **Petroleum Coke Production**: Displays the historical monthly production volumes of petroleum coke from 2019 to 2025, which is related to the demand for asphalt as a by - product [82][83]. - **Apparent Consumption**: Presents the historical monthly apparent consumption volumes of asphalt from 2019 to 2025, reflecting the overall market demand [85][86]. - **Downstream Demand**: - **Infrastructure - Related Demand**: Shows the historical trends of highway construction fixed - asset investment, new local special bonds, and infrastructure investment completion year - on - year from 2019 to 2025, which are related to the demand for asphalt in infrastructure construction [88][90]. - **Mechanical Equipment Demand**: Displays the historical trends of asphalt concrete paver sales, excavator monthly working hours, domestic excavator sales, and road roller sales from 2019 to 2025, which are related to the demand for asphalt in construction projects [92][95]. - **Asphalt开工率**: - **Heavy - Traffic Asphalt开工率**: Presents the historical trends of heavy - traffic asphalt开工率 from 2019 to 2025, reflecting the production activity in the heavy - traffic asphalt sector [97][98]. - **Asphalt开工率 by Use**: Shows the historical trends of construction asphalt开工率 and modified asphalt开工率 from 2019 to 2025, which helps to understand the demand structure of different types of asphalt [101]. - **Downstream开工率**: Displays the historical trends of shoe - material SBS - modified asphalt开工率, road - modified asphalt开工率, and waterproofing membrane - modified asphalt开工率 from 2019 to 2025, which are related to the demand for asphalt in downstream industries [103][106]. - **Supply - Demand Balance Sheet**: - The report provides a monthly supply - demand balance sheet of asphalt from January 2024 to November 2025, including monthly production, import, export, inventory, and downstream demand data [108][109].

据统计，2025年8月湖北省规模以上工业企业柴油产量与上年同期相比下降了0.8%，达34.0万吨，增速 较上一年同期高5.4个百分点，增速较同期全国低5.4个百分点，约占同期全国规模以上企业柴油产量 1705.8万吨的比重为2.0%。 详见下图： 2025年1-8月柴油产量统计： 摘要：【图】2025年1-8月湖北省柴油产量数据分析 2025年8月柴油产量统计： 柴油产量：34.0 万吨 同比增长：-0.8% 增速较上一年同期变化：高5.4个百分点 据统计，2025年1－8月，湖北省规模以上工业企业柴油产量与上年同期相比下降了12.7%，达235.6万 吨，增速较上一年同期高5.0个百分点，增速较同期全国低9.7个百分点，约占同期全国规模以上企业柴 油产量12961.9万吨的比重为1.8%。详见下图： 图2：湖北省柴油产量分月（累计值）统计图 图1：湖北省柴油产量分月（当月值）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。 产业调研网为您提供更多 柴油产量：235.6 万吨 同比增长：-12.7% 增速较上一年同期变化：高5.0个百分点 石油化 ...

LPG：短期坚挺，趋势承压 丙烯：格局维持宽松 商 品 研 究 2025 年 12 月 1 日 陈鑫超 投资咨询从业资格号：Z0020238 chenxinchao@gtht.com 【基本面跟踪】 LPG 基本面数据 | | | 昨日收盘价 | 日涨幅 | 夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | PG2512 | 4,504 | 3.23% | 4,495 | -0.20% | | 期货价格 | PG2601 | 4,412 | 3.59% | 4,393 | -0.43% | | | PL2601 | 5,997 | 2.15% | 6,013 | 0.27% | | | PL2602 | 5,923 | 1.61% | 5,958 | 0.59% | | | PL2603 | 5,940 | 2.45% | 5,976 | 0.61% | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | | PG2512 | 3,355 | 773 | 476 | -2266 | | 持仓&成交 | PG2601 | 1 ...

Group 1 - The core viewpoint of the articles highlights the significant growth in petroleum coke production in Anhui Province during the first nine months of 2025, with a total output of 188,000 tons, representing a 14.3% increase compared to the same period in 2024 [1] - The growth rate of petroleum coke production in Anhui is notably higher than the national average, with a difference of 19.0 percentage points, indicating a strong regional performance [1] - In September 2025 alone, Anhui's petroleum coke production reached 20,000 tons, marking a remarkable 161.5% increase year-on-year, which is significantly higher than the national growth rate for the same month [2] Group 2 - The total petroleum coke production in Anhui for the first nine months accounts for approximately 0.8% of the national output of 23,429,000 tons [1] - In September 2025, Anhui's production also represented 0.8% of the national total of 2,597,000 tons for that month [2] - The data reflects a robust performance of large-scale industrial enterprises in Anhui, defined as those with annual main business revenues of 20 million yuan or more [6]

1. Report Industry Investment Ratings - **Cautiously Bearish**: Crude oil, LPG, L, PP, PVC, ethylene glycol, urea, asphalt, soda ash [1][3][5] - **Cautiously Bullish**: PX/PTA, methanol, natural gas [3][5] - **Bearish Rebound**: L, PP, glass [1][5] - **Bearish Continuation**: Soda ash [5] 2. Core Views of the Report - **Crude Oil**: OPEC+ maintains production policy, supply surplus in the off - season dominates. Geopolitical tensions ease, and prices are under pressure. Consider partial profit - taking on short positions [1][8]. - **LPG**: Saudi Arabia raises CP contract price, but the market has priced it in. There is short - term correction pressure. Consider buying put options [1]. - **L**: Cost support improves, but supply is sufficient, and demand weakens after November. Close short positions and wait for a rebound to go short [1]. - **PP**: 12 - month CP quote rises, providing cost support. Supply is under pressure, and there is a high de - stocking pressure. Close short positions and wait for a rebound to go short [1]. - **PVC**: Chlor - alkali profit is compressed. Social inventory is high, but there is low - valuation support. Consider short - term long positions based on capital dynamics and long - term long positions after inventory de - stocking [1]. - **PX/PTA**: Processing fees are low, supply pressure eases due to device maintenance, and downstream demand is good. Consider going long on dips [3]. - **Ethylene Glycol**: Supply pressure may ease with future device maintenance, but there is a cumulative inventory expectation in December. Lack of upward drivers, consider short positions on rebounds [3]. - **Methanol**: Port inventory is decreasing, but supply pressure is still high. Consider going long on 05 contract on dips [3]. - **Urea**: Supply pressure is large, demand is weak domestically and strong overseas. Consider short positions on rebounds [3]. - **Natural Gas**: Entering the consumption peak season, demand is supported, and prices are likely to rise [5]. - **Asphalt**: Supply and demand are both weak, and prices are under pressure. Continue to hold short positions [5]. - **Glass**: Pay attention to the implementation of cold - repair plans. Short - term may be strong, but long - term is bearish [5]. - **Soda Ash**: Warehouse receipts increase, supply is in a long - term high - production cycle, and demand is weak. Hold short positions on the 01 alkali - glass spread and wait for a rebound to go short [5]. 3. Summaries According to Relevant Catalogs 3.1 Crude Oil - **Market Review**: On November 27, WTI decreased by 0.17%, Brent decreased by 0.78%, and SC increased by 1.30% [7]. - **Basic Logic**: OPEC+ maintains production policy, supply surplus in the off - season, and geopolitical tensions ease [8]. - **Fundamentals**: Supply: US oil rig count decreases, and Mexican oil production declines. Demand: OPEC expects global oil demand to increase in 2025 and 2026. Inventory: US crude and refined product inventories increase [9]. - **Strategy Recommendation**: Consider partial profit - taking on short positions. Pay attention to the range of SC [450 - 460] [10]. 3.2 LPG - **Market Review**: On November 28, the PG main contract closed at 4361 yuan/ton, up 2.16% [11]. - **Basic Logic**: Cost is linked to crude oil, downstream demand is resilient, and inventory decreases [12]. - **Strategy Recommendation**: Do not chase the rise, buy put options. Pay attention to the range of PG [4350 - 4450] [13]. 3.3 L - **Market Review**: L2601 contract closed at 6699 yuan/ton [16]. - **Basic Logic**: Cost support improves, but supply is sufficient, and demand weakens after November [18]. - **Strategy Recommendation**: Close short positions, wait for a rebound to go short. Pay attention to the range of L [6750 - 6900] [18]. 3.4 PP - **Market Review**: PP2601 closed at 6265 yuan/ton [21]. - **Basic Logic**: 12 - month CP quote rises, supply is under pressure, and there is a high de - stocking pressure [22]. - **Strategy Recommendation**: Close short positions, wait for a rebound to go short. Pay attention to the range of PP [6350 - 6500] [22]. 3.5 PVC - **Market Review**: V2601 closed at 4586 yuan/ton [25]. - **Basic Logic**: Chlor - alkali profit is compressed, social inventory is high, but there is low - valuation support [26]. - **Strategy Recommendation**: Consider short - term long positions based on capital dynamics and long - term long positions after inventory de - stocking. Pay attention to the range of V [4500 - 4700] [26]. 3.6 PX/PTA - **Market Review**: TA05 closed at 4752 yuan/ton [27]. - **Basic Logic**: Processing fees are low, supply pressure eases due to device maintenance, and downstream demand is good. There is a cumulative inventory expectation in December [28]. - **Strategy Recommendation**: Consider going long on dips. Pay attention to the range of TA [4650 - 4740] [29]. 3.7 Ethylene Glycol - **Market Review**: Not explicitly mentioned. - **Basic Logic**: Domestic coal - based ethylene glycol device starts to increase, but future integrated device maintenance will ease supply pressure. There is a cumulative inventory expectation in December [31]. - **Strategy Recommendation**: Consider short positions on rebounds. Pay attention to the range of EG [3850 - 3920] [32]. 3.8 Methanol - **Market Review**: Not explicitly mentioned. - **Basic Logic**: Taicang spot strengthens, port inventory decreases, supply pressure is high, and demand improves [35]. - **Strategy Recommendation**: Continue to pay attention to going long on the 05 contract on dips. Pay attention to the range of MA [2105 - 2145] [38]. 3.9 Urea - **Market Review**: URO5 closed at 1743 yuan/ton [39]. - **Basic Logic**: Supply pressure is large, demand is weak domestically and strong overseas, and inventory is high [40]. - **Strategy Recommendation**: Consider short positions on rebounds. Pay attention to the range of UR [1640 - 1680] [41]. 3.10 Natural Gas - **Market Review**: On November 27, the NG main contract closed at 4.850 dollars/million British thermal units, up 6.41% [43]. - **Basic Logic**: EU bans Russian gas imports, entering the consumption peak season, and demand is supported [44]. - **Strategy Recommendation**: Gas prices are likely to rise. Pay attention to the range of NG [4.680 - 5.000] [45]. 3.11 Asphalt - **Market Review**: On November 28, the BU main contract closed at 2996 yuan/ton, down 0.37% [48]. - **Basic Logic**: Cost is linked to crude oil, supply is sufficient, and demand is in the off - season [49]. - **Strategy Recommendation**: Continue to hold short positions. Pay attention to the range of BU [2950 - 3050] [50]. 3.12 Glass - **Market Review**: FG2601 closed at 1053 yuan/ton [53]. - **Basic Logic**: Multiple production lines plan cold - repair in December, but demand is weak [54]. - **Strategy Recommendation**: Pay attention to cold - repair implementation. Short - term may be strong, long - term is bearish. Pay attention to the range of FG [1020 - 1070] [54]. 3.13 Soda Ash - **Market Review**: SA2601 closed at 1239 yuan/ton [57]. - **Basic Logic**: Warehouse receipts increase, supply is in a long - term high - production cycle, and demand is weak [58]. - **Strategy Recommendation**: Hold short positions on the 01 alkali - glass spread and wait for a rebound to go short. Pay attention to the range of SA [1140 - 1180] [58].

国家知识产权局信息显示，中国石油化工股份有限公司、中国石化催化剂有限公司、上海理工大学取得 一项名为"钛废渣回收钛的方法、二氧化钛和SCR脱硝催化剂的制备方法"的专利，授权公告号 CN119857471B，申请日期为2023年10月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 ...

中国航油市场维持多年的相对稳态格局已被打破，一场由全产业链巨头主导的，重塑游戏规 则与行业版图的变革开始了。 王先生表示，与以往任何一次航油领域的整合不同，这次重组的"新"意，在于其目标直指从"炼厂到机 翼"的全链条一体化。 中国航油集团这家亚洲最大的航空运输服务保障龙头，与国内另一家能源巨头，正试图合二为一。 金联创能源分析师周密表示，此次重组若能落地，将重塑国内航油市场的竞争格局，核心看点在于能否 真正实现从炼化到加注的全链条效率提升。 消息传出，产业链上的各类企业，从巨头到小鱼，反应迅疾而复杂。 一名国内头部航空公司负责航油采购的高管对经济观察报表示，他在得知上述重组消息后的第一时间调 取了公司未来三个季度的用油计划和采购合同。他最关切的是，重组后，议价空间是会扩大还是消失？ 供应是会更稳定，还是将面临新的不确定性？ 一份来自新加坡的公告，在2025年冬天，搅动了中国航油市场的"一池春水"。 2025年10月30日，中国航油（新加坡）股份有限公司（股票代码G92.SG，下称"中航油新加坡"）发布 公告，确认其控股股东中国航空油料集团有限公司（下称"中国航油集团"）正与另一家企业集团进行重 组。 这份措辞 ...