Core Insights - The crude oil processing volume in Shanghai for September 2025 was 2.012 million tons, reflecting a year-on-year decrease of 1.4% [1] - For the first nine months of 2025, the total crude oil processing volume was 15.763 million tons, showing a significant year-on-year decline of 11.8% [2] Group 1: Monthly Data - In September 2025, the crude oil processing volume in Shanghai was 2.012 million tons, which is 1.4% lower than the same month last year [1] - The growth rate for September 2025 was 1.1 percentage points lower than the previous year [1] - The processing volume accounted for 3.2% of the national total of 62.687 million tons for the same period [1] Group 2: Cumulative Data - From January to September 2025, the crude oil processing volume reached 15.763 million tons, down 11.8% compared to the same period last year [2] - The growth rate for this nine-month period was 8.8 percentage points lower than the previous year [2] - The processing volume represented 2.9% of the national total of 550.815 million tons during the same timeframe [2]

Core Points - China Petroleum & Chemical Corporation (Sinopec) has been actively repurchasing its shares, with a total of 9.25 million shares bought back on November 28 at a price range of HKD 4.400 to HKD 4.480, amounting to HKD 40.99 million [1] - The stock closed at HKD 4.410 on the same day, reflecting a decline of 1.34%, with a total trading volume of HKD 394 million [1] - Since October 30, the company has conducted share repurchases for 22 consecutive days, totaling 114 million shares and a cumulative repurchase amount of HKD 500 million, during which the stock price increased by 4.50% [1] Repurchase Summary - Year-to-date, Sinopec has executed 55 repurchase transactions, acquiring a total of 336 million shares for a total amount of HKD 1.566 billion [1] - Detailed repurchase data shows the highest repurchase price reached HKD 4.640 and the lowest at HKD 4.100 during the recent transactions [1][2] - The repurchase activity indicates a strategic move by the company to support its stock price and enhance shareholder value [1]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) announced a share buyback plan, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Summary by Categories Company Actions - The company plans to repurchase 9.25 million shares at a total cost of HKD 40.9914 million [1] - The buyback price per share is set between HKD 4.4 and HKD 4.48 [1] Financial Implications - The total expenditure for the share buyback reflects a strategic move to enhance shareholder value [1]

| 第一部分 | 前言概要 | 2 | | --- | --- | --- | | 第二部分 | 基本面情况 | 3 | | 第三部分 | 后市展望及策略推荐 | 14 | | 免责声明 | | 15 | 芳烃板块研发报告 纯苯苯乙烯产业链 12 月报 2025 年 11 月 28 日 纯苯供需弱势 苯乙烯库存有待去化 第一部分 前言概要 银河期货 第 2 页 共 15 页 芳烃板块研发报告 纯苯苯乙烯产业链 12 月报 第二部分 基本面情况 第 3 页 共 15 页 2025 年 11 月 28 日 图 1：纯苯价格 单位：元/吨，美元/吨 图 2：纯苯外盘价格 单位：美元/吨 55 65 75 85 5000 6000 7000 8000 9000 25/1/1 25/2/1 25/3/1 25/4/1 25/5/1 25/6/1 25/7/1 25/8/1 25/9/1 25/10/1 25/11/1 纯苯华东市场价 纯苯华北市场价 布油收盘价（右） 600 700 800 900 1000 25/1/1 25/2/1 25/3/1 25/4/1 25/5/1 25/6/1 25/7/1 25/8/1 ...

Core Viewpoint - The company, Hengli Petrochemical, acknowledges the significant increase in sulfur prices this year and discusses its potential impact on the company's profitability and production capacity [2]. Group 1: Company Production and Capacity - Sulfur is a byproduct extracted from crude oil by Hengli Refining, with an annual production capacity of approximately 600,000 tons [2]. - The increase in sulfur production capacity is contingent upon raising crude oil processing volumes or increasing the proportion of high-sulfur crude oil processed [2]. - Currently, the sulfur production is expected to remain stable, as any increase in output will need to consider maximizing overall efficiency [2]. Group 2: Impact of Sulfur Price Increase - The rise in sulfur prices is anticipated to positively contribute to the company's financial performance [2].

[行业table专题报告 _reportdate ] 2025 年 11 月 28 日 期货（期权）研究报告 请务必阅读正文之后的免责条款部分 第1页 请务必阅读正文之后的免责条款部分 ➢ 炼化一体化是将石油炼制与化工生产通过工艺耦合、原料互供、能量 共享实现深度融合的产业模式，打破了传统炼油与化工独立运营的界 限，通过全链条资源优化配置，实现原油向成品油与高附加值化工品 的高效转化。这种模式并非简单的环节叠加，而是涵盖物质流、能量 流、信息流的系统性重构，例如将炼油产生的石脑油直接供给烯烃或 芳烃装置作为原料，减少中间储运成本。 ➢ 据《2024 年国内外油气行业发展报告》，"十五五"期间炼化行业将 加速兼并整合，以集群化、一体化、园区化的规模优势应对外部风 险。2030 年，全国炼厂平均规模达到 535 万吨/年，较 2024 年水平提 高 53 万吨/年；国内千万吨级炼厂占比达 60.7%，较 2024 年提高 4.7 个百分点；大连长兴岛、江苏连云港、浙江宁波、福建古雷、广东惠 州大亚湾等石化基地基本建成。 ➢ 炼化一体化的经济效益的提升来自规模效应、产品溢价与成本控制的 多重叠加。规模上，大型一体化 ...

智通财经APP讯，中国石油化工股份(00386)发布公告，该公司于2025年11月28日斥资4099.14万港元回 购925万股股份，每股回购价格为4.4-4.48港元。 ...

Core Viewpoint - The essence of carbon reduction is cost reduction, contrary to the common belief that green products increase costs. Companies that successfully embrace low-carbon transformation can achieve significant cost savings while contributing to sustainability [2][3]. Group 1: Company Achievements - Unified Petrochemical has achieved substantial results in low-carbon transformation since 2018, with 70% of its electricity sourced from self-owned solar power, significantly reducing energy costs [2]. - The company has established a low-carbon supply chain alliance with upstream suppliers, requiring adherence to the ISO 204000 sustainable procurement management system to collaboratively reduce carbon costs [2]. - Unified Petrochemical has developed zero-carbon lubricants by replacing petroleum with castor oil, which also lowers raw material costs [2]. - The company has reduced plastic usage by 70% by switching from plastic barrels to liquid bags and paper boxes for packaging [2]. - Unified Petrochemical's waste oil recycling technology has reduced product carbon footprints by over 70%, enhancing resource security and cost competitiveness [2]. Group 2: Market Position and Recognition - Unified Petrochemical has managed to price its green low-carbon products at the same level as high-carbon products, eliminating the green premium and ensuring customers do not incur additional costs for carbon reduction [3]. - The company has contributed to the formulation of national low-carbon standards and has collaborated with partners to establish a sustainable materials laboratory, exploring new paths for waste oil recycling in the automotive industry [3]. - After seven years of efforts, Unified Petrochemical's ESG rating improved from BBB to AAA, ranking first among 53 companies in the oil, gas, and consumer fuel sector according to the Wind ESG 2024 report [3]. Group 3: Commitment to Safety and Innovation - Unified Petrochemical emphasizes the importance of safety in its low-carbon transformation, adhering to the principle of "technology for good" in product development [4]. - The company has developed non-toxic alternatives for traditional products, such as ethanol-based windshield washer fluid and propylene glycol-based antifreeze, which are environmentally friendly and biodegradable [4]. - A notable innovation includes a new type of lamp oil that burns without smoke, improving health outcomes for users while enhancing the product's burning time and fragrance [4]. - Unified Petrochemical's ESG practices are rooted in the belief that technology for good can create products that benefit both customers and the planet, representing a sustainable and profitable business model [4].

Group 1 - The core viewpoint of the article highlights the economic performance of state-owned enterprises (SOEs) in China, indicating a slight increase in total revenue but a decline in total profits, reflecting ongoing downward pressure on the economy [1] - From January to October, total revenue of SOEs grew by 0.9% year-on-year, while total profits decreased by 3.0%, with the profit decline accelerating by 1.4 percentage points compared to the previous nine months [1] - The tax payments by SOEs amounted to 48,729.2 billion yuan, representing a year-on-year increase of 0.5% [1] Group 2 - The State-owned Assets Supervision and Administration Commission (SASAC) is focusing on enhancing the functionality and efficiency of SOEs through mergers and avoiding redundant construction and disorderly competition [3] - Recent actions include the signing of key projects for specialized integration among central enterprises, aimed at improving resource allocation efficiency and promoting high-quality development [4] - The emphasis on strategic restructuring and specialized integration is seen as a key approach to align with national strategies and enhance the resilience and competitiveness of China's industrial chain [4][5]

外盘偏强运行，市场短期支撑仍存 液化石油气日报 | 2025-11-28 市场分析 1、\t11月27日地区价格：山东市场，4350-4470；东北市场，4000-4150；华北市场，4300-4450；华东市场，4170-4400； 沿江市场，4450-4840；西北市场，4350-4400；华南市场，4250-4400。（数据来源：卓创资讯） 2、\t2025年12月下半月中国华东冷冻货到岸价格丙烷580美元/吨，涨8美元/吨，丁烷565美元/吨，涨6美元/吨，折 合人民币价格丙烷4519元/吨，涨61元/吨，丁烷4403元/吨，涨46元/吨。（数据来源：卓创资讯） 3、\t2025年12月下半月中国华南冷冻货到岸价格丙烷574美元/吨，涨10美元/吨，丁烷559美元/吨，涨8美元/吨，折 合人民币价格丙烷4473元/吨，涨77元/吨，丁烷4356元/吨，涨62元/吨。（数据来源：卓创资讯） 外盘延续震荡偏强态势，昨日丙烷到岸价格进一步上涨，对国内现货与盘面存在一定支撑。现货方面，昨日国内 现货价格涨跌互现。其中，山东民用液化气主流成交价格出现下跌，业者心态偏谨慎，但压力有限。就基本面来 看，近期随着国内 ...