Core Viewpoint - The domestic prices of gasoline and diesel will be reduced by 265 yuan and 255 yuan per ton respectively, effective from October 27, 2025, due to fluctuations in international oil prices [1]. Price Adjustment Details - The average price comparison for the first ten working days leading up to the adjustment indicates a decrease in fuel prices [1]. - The maximum retail prices for gasoline and diesel in various provinces and central cities are provided, with specific prices listed for each region [2]. Compliance and Monitoring - Major oil companies, including PetroChina, Sinopec, and CNOOC, are instructed to ensure stable supply and adhere to national pricing policies [1]. - Local authorities are tasked with increasing market supervision and strictly enforcing compliance with national price policies to maintain market order [1].

Core Points - The National Development and Reform Commission (NDRC) announced a reduction in domestic gasoline and diesel prices due to fluctuations in international oil prices, effective from October 27 at 24:00, with gasoline prices decreasing by 265 yuan per ton and diesel prices by 255 yuan per ton [1] - The NDRC emphasized that major oil companies, including PetroChina, Sinopec, and CNOOC, must ensure stable supply and adhere to national pricing policies, while local authorities are tasked with increasing market supervision to prevent price violations [1] Price Adjustments - Gasoline and diesel prices will be adjusted to reflect the new rates, with specific maximum retail prices set for various provinces and municipalities [1] - The price adjustments are part of the current refined oil pricing mechanism, which is influenced by the average prices over the preceding ten working days [1] Market Oversight - The NDRC has called for strict enforcement of pricing policies and has encouraged consumers to report any price violations through the 12315 platform [1]

央视网消息：据国家发展改革委消息，近期国际市场油价波动运行，根据10月27日的前10个工作日平均价格与上次调价前10个工作日平均价格对比情 况，按照现行成品油价格机制，自10月27日24时起，国内汽、柴油价格（标准品，下同）每吨分别降低265元和255元。调整后，各省（区、市）和中心城市 汽、柴油最高零售价格见附表。 中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产和调运，确保市场稳定供应，严格执行国家价格政策。各地相关部门要加大市场 监督检查力度，严厉查处不执行国家价格政策的行为，维护正常市场秩序。消费者可通过12315平台举报价格违法行为。 附：各省区市和中心城市汽、柴油最高零售价格 | 需 儿 目 | | --- | | 上海市 | | 江苏省 | | 浙江省 | | 安徽省 | | 福建省 | | 江西省 | | 山东省 | | 湖北省 | | 湖南省 | | 河南省 | | 海南省 | | 重庆市 | | 广东省 | | 广西壮族自治区 | | 宁夏回族自治区 | | 甘肃省 | | 新疆维吾尔自治 | | 暂不实行一省一价 | | 呼和浩特市 | | --- | | 成都市 | ...

Core Viewpoint - Shandong Molong experienced a decline of 1.54% in its stock price, with significant trading activity reflected in a turnover rate of 32.77% and a trading volume of 1.462 billion yuan, indicating high volatility and investor interest [2] Trading Activity - The stock was listed on the Dragon and Tiger List due to a daily fluctuation of 15.49% and a turnover rate of 32.77%, with institutional investors net buying 31.4188 million yuan and the Shenzhen Stock Connect net buying 15.0759 million yuan [2] - The top five trading departments accounted for a total transaction volume of 401 million yuan, with a net buying amount of 33.1127 million yuan [2] - Among the trading departments, three institutional special seats were active, with a total buying amount of 86.1628 million yuan and selling amount of 54.7440 million yuan, resulting in a net buying of 31.4188 million yuan [2] Fund Flow - The stock saw a net inflow of 31.9999 million yuan from major funds, with large orders contributing 18.3871 million yuan and big orders contributing 13.6128 million yuan [3] - Over the past five days, the stock experienced a net outflow of 7.5622 million yuan in major funds [3] Historical Performance - In the past six months, the stock has appeared on the Dragon and Tiger List 17 times, with an average price increase of 2.36% the day after being listed and an average increase of 2.06% over the following five days [2]

Core Viewpoint - Hengli Petrochemical reported a decline in revenue for the third quarter, while net profit showed significant growth compared to the previous year [1] Financial Performance - Q3 revenue was 53.496 billion yuan, a year-on-year decrease of 17.98% [1] - Q3 net profit was 1.972 billion yuan, an increase of 81.47% year-on-year [1] - Revenue for the first three quarters was 157.384 billion yuan, down 11.46% year-on-year [1] - Net profit for the first three quarters was 5.023 billion yuan, a decrease of 1.61% year-on-year [1]

Core Insights - The article discusses the recent developments in the oil processing industry, highlighting a rebound in international oil prices due to easing trade tensions and supportive inventory data [1][2]. Oil Price Review - As of October 24, 2025, Brent crude oil futures settled at $65.20 per barrel, up $3.91 per barrel (+6.38%) from the previous week, while WTI crude oil futures settled at $61.50 per barrel, up $4.35 per barrel (+7.61%) [2]. - The Urals crude oil spot price remained stable at $65.49 per barrel, while the ESPO crude oil spot price increased by $2.62 per barrel (+4.54%) to $60.35 per barrel [2]. Offshore Drilling Services - As of October 20, 2025, the number of global offshore self-elevating drilling rigs decreased by 3 to 370, with reductions in Africa, the Middle East, North America, and other regions, while Europe saw an increase of 1 rig [2]. - The number of global offshore floating drilling rigs remained unchanged at 132, with decreases in Africa and Europe, and increases in Southeast Asia and other regions [2]. U.S. Crude Oil Supply - As of October 17, 2025, U.S. crude oil production was 13.629 million barrels per day, a decrease of 0.07 million barrels per day from the previous week [3]. - The number of active drilling rigs in the U.S. increased by 2 to 420 as of October 24, 2025, while the number of hydraulic fracturing fleets increased by 3 to 178 [3]. U.S. Crude Oil Demand - As of October 17, 2025, U.S. refinery crude oil processing volume was 15.730 million barrels per day, an increase of 0.600 million barrels per day, with a refinery utilization rate of 88.60%, up 2.9 percentage points from the previous week [3]. U.S. Crude Oil Inventory - As of October 17, 2025, total U.S. crude oil inventory was 831 million barrels, a decrease of 0.142 million barrels (-0.02%) from the previous week [3]. - Strategic crude oil inventory increased by 0.819 million barrels (+0.20%) to 409 million barrels, while commercial crude oil inventory decreased by 0.961 million barrels (-0.23%) to 423 million barrels [3]. U.S. Refined Oil Inventory - As of October 17, 2025, U.S. gasoline, diesel, and jet fuel inventories were 21,667.9 million barrels, 11,555.1 million barrels, and 4,292.9 million barrels, respectively, with changes of -0.2147 million barrels (-0.98%), +0.028 million barrels (+0.18%), and -0.1485 million barrels (-3.34%) [4]. Biofuel Prices - As of October 24, 2025, the FOB price for ester-based biodiesel was $1,190 per ton, while hydrocarbon-based biodiesel was $1,900 per ton, both unchanged from the previous week [4]. - The FOB price for biojet fuel in China was $2,400 per ton, and in Europe, it was $2,710 per ton, both remaining stable [4].

国泰君安期货·能源化工 燃料油、低硫燃料油周度报告 国泰君安期货研究所·梁可方 投资咨询从业资格号：Z0019111 日期：2025年10月26日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 本周观点总结 01 供应 02 需求 03 库存 04 价格及价差 05 炼厂开工 全球炼厂检修 国内炼厂产量与商品量 国内外燃料油需求数据 全球燃料油现货库存 亚太区域现货FOB价格 欧洲区域现货FOB价格 美国地区燃料油现货价格 纸货与衍生品价格 燃料油现货价差 全球燃料油裂解价差 全球燃料油纸货月差 进出口 06 国内燃料油进出口数据 全球高硫燃料油进出口数据 全球低硫燃料油进出口数据 Special report on Guotai Junan Futures 2 综述 1 本周燃料油、低硫燃料油观点：价格大幅反弹，FU强势明显 观点 本周燃料油价格大幅反弹，价格逐步脱离前期的低价区间。高硫方面，美国再次发布针对俄罗斯的制裁，由于这次制裁将两家全俄罗斯最大 的石油公司纳入制裁名单，市场开始计价俄罗斯燃料油出口继续 ...

关于独立董事取得独立董事资格证书的公告 新疆国际实业股份有限公司于2025年9月5日召开第九届董事会第八次临时会议，审议通过增补杨玉青为 独立董事候选人的议案。2025年9月22日，公司2025年第三次临时股东会选举杨玉青为第九届董事会独 立董事，任期至本届董事会届满。杨玉青此前未取得独立董事资格证书，但已承诺参训。近期，其已完 成深圳证券交易所举办的上市公司独立董事任前培训，并取得创业企业培训中心颁发的《上市公司独立 董事培训证明》。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 本周关注点 股本股东变化 股东户数变动 截至2025年10月20日，国际实业股东户数为4.1万户，较10月10日减少653户，减幅1.57%。户均持股数 量由1.15万股增至1.17万股，户均持股市值为6.99万元。 公司公告汇总 截至2025年10月24日收盘，国际实业（000159）报收于6.08元，较上周的5.81元上涨4.65%。本周，国 际实业10月23日盘中最高价报6.23元。10月20日盘中最低价报5.82元。国际实业当前最新总市值29. ...

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The asphalt market shows an upward - trending volatility. The supply side has a lower - than - normal capacity utilization rate, and the downstream industry's capacity utilization rate has mostly increased. The inventory ratio of asphalt refineries is at a historical low. Considering factors such as international political and economic situations and the current state of the domestic market, it is recommended to cautiously observe the asphalt futures price [1]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - Supply side: This week, the asphalt capacity utilization rate dropped 4.7 percentage points to 31.1% week - on - week, 2.4 percentage points higher than the same period last year, at a relatively low level in recent years. In October, the domestic asphalt production is expected to be 268.2 million tons, a decrease of 0.4 million tons month - on - month (a 0.1% decline) and an increase of 35.0 million tons year - on - year (a 15.0% increase). Shandong Shengxing, Guangzhou Petrochemical and other refineries are under maintenance [1][4]. - Demand side: This week, the capacity utilization rates of most downstream asphalt industries increased. The capacity utilization rate of road asphalt rose 3 percentage points to 32% week - on - week, slightly higher than the same period last year, but is restricted by funds and rainfall in some areas. From January to August, the national highway construction investment decreased 7.1% year - on - year. From January to September 2025, the cumulative year - on - year growth rate of fixed - asset investment in road transportation was - 2.7%, still in negative growth. The cumulative year - on - year growth rate of fixed - asset investment in infrastructure construction (excluding electricity) from January to September 2025 was 1.1%, down from 2.0% from January to August [1][4]. - Inventory: As of the week of October 24, the inventory - to - sales ratio of asphalt refineries decreased 0.6 percentage points to 16.0% week - on - week, remaining at the lowest level in recent years [5]. - Market shipment: This week, the refinery supply in East China increased, and the national shipment volume increased 14.73% week - on - week to 29.07 million tons, at a neutral level. Projects in many northern regions are rushing to work, and the market is actively shipping, but funds are still a constraint [1]. - International situation: There will be a new round of economic and trade consultations between China and the United States. The US has imposed sanctions on important Russian oil companies, and the military confrontation between the US and Venezuela has escalated, causing a significant rebound in crude oil prices from a low level [1]. - Suggestion: The basis of asphalt in Shandong has dropped significantly from a high level in recent days and is currently at a moderately high level. It is recommended to cautiously observe the asphalt futures price [1]. 3.2 Futures and Spot Market Conditions - Futures: Today, the asphalt futures 2601 contract rose 0.92% to 3,299 yuan/ton, above the 5 - day moving average. The lowest price was 3,279 yuan/ton, the highest was 3,315 yuan/ton, and the open interest increased by 1,049 to 195,746 lots [2]. - Basis: The mainstream market price in Shandong has risen to 3,350 yuan/ton, and the basis of the asphalt 01 contract has dropped to 51 yuan/ton, at a moderately high level [3]. 3.3 Fundamental Tracking - Supply side: The capacity utilization rate of asphalt dropped 4.7 percentage points to 31.1% week - on - week, 2.4 percentage points higher than the same period last year, at a relatively low level in recent years [4]. - Demand - related investment data: From January to August, the national highway construction investment decreased 7.1% year - on - year. From January to September 2025, the cumulative year - on - year growth rate of fixed - asset investment in road transportation was - 2.7%, slightly up from - 3.3% from January to August. The cumulative year - on - year growth rate of fixed - asset investment in infrastructure construction (excluding electricity) from January to September 2025 was 1.1%, down from 2.0% from January to August [4]. - Social financing: From January to September 2025, the year - on - year growth rate of social financing stock was 8.7%, 0.1 percentage points lower than that from January to August. In September, the new social financing reached 3.53 trillion yuan, but with a high base, it was 233.5 billion yuan less year - on - year [4].

Core Insights - The company, Maohua Shihua (000637), reported a revenue of 823 million yuan for Q3 2025, reflecting a year-on-year decline of 11.88% [1] - The net profit for the same period was -11.07 million yuan, which represents a year-on-year increase of 45.76% [1] Financial Performance - Q3 2025 revenue: 823 million yuan, down 11.88% year-on-year [1] - Q3 2025 net profit: -11.07 million yuan, up 45.76% year-on-year [1]