香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 - 1 - Sinopec Shanghai Petrochemical Company Limited 00338 2025年主要經營數據 中國石化上海石油化工股份有限公司（「本公司」，連同其附屬公司，「本集團」）根據上海 證券交易所《上市公司自律監管指引第3號－行業信息披露》之《第十三號－化工》第十五條 的相關規定，特將截至2025年12月31日止12個月主要經營數據公告如下： 一、2025年主要產品經營數據 | | 產量 | 銷量 | 銷售收入 | | --- | --- | --- | --- | | 產品名稱 | （萬噸） | （萬噸） | （人民幣千元） | | 煉油產品 | | | | | 柴油 | 246.97 | 244.74 | 15,479,375 | | 汽油 | 312.13 | 312.19 | 24,656,133 | | 註1 航空煤油 | 225.09 | 131.71 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The Guosheng Fundamental High-Frequency Index is stable, with a current value of 129.5 points (previous value: 129.4 points), and a week-on-week increase of 6.1 points. The long-short signal factor for interest rate bonds is 3.2% (previous value: 3.1%) [1][9]. - Industrial production maintains stable growth, with the industrial production high-frequency index at 128.0, and a week-on-week increase of 4.8 points, the same as the previous period [1][9]. - In terms of total demand, the decline in the high-frequency index of commercial housing sales has widened, the growth rate of the high-frequency index of infrastructure investment has narrowed, the decline in the high-frequency index of exports has expanded, and the growth rate of the high-frequency index of consumption remains unchanged [1][9]. - In terms of prices, the month-on-month forecast of CPI is 0.1% (previous value: 0.1%); the month-on-month forecast of PPI is -0.1% (previous value: -0.1%) [1][9]. - The high-frequency index of inventory, transportation, and financing has increased, with the growth rate expanding [2][10]. Summary by Directory Total Index - The Guosheng Fundamental High-Frequency Index is stable, with a current value of 129.5 points (previous value: 129.4 points), and a week-on-week increase of 6.1 points. The long-short signal factor for interest rate bonds is 3.2% (previous value: 3.1%) [1][9] Production - The electric furnace operating rate has increased to 63.5% (previous value: 61.9%); the polyester operating rate is 87.2% (previous value: 87.5%); the semi-steel tire operating rate is 73.4% (previous value: 65.9%); the all-steel tire operating rate is 62.9% (previous value: 58.0%); the PX operating rate is 90.5% (previous value: 89.1%) [16] Real Estate Sales - The transaction area of commercial housing in 30 large and medium-sized cities has slightly increased, reaching 18.5 million square meters (previous value: 16.9 million square meters); the land premium rate of 100 large and medium-sized cities is 1.4% (previous value: 0.4%) [29] Infrastructure Investment - The operating rate of petroleum asphalt has slightly increased to 27.2% (previous value: 25.4%) [42] Exports - The RJ/CRB index has increased to 304.3 points (previous value: 301.8 points) [45] Consumption - The average daily movie box office has decreased to 45.777 million yuan (previous value: 53.561 million yuan) [54] CPI - The average wholesale price of pork is 18.0 yuan/kg (previous value: 17.9 yuan/kg); the average wholesale price of 28 key monitored vegetables is 5.5 yuan/kg (previous value: 5.6 yuan/kg); the average wholesale price of 7 key monitored fruits is 7.9 yuan/kg (previous value: 7.8 yuan/kg); the average wholesale price of white-striped chickens is 17.7 yuan/kg (previous value: 17.7 yuan/kg) [61] PPI - The ex - warehouse price of steam coal at Qinhuangdao Port (produced in Shanxi) is 699.6 yuan/ton (previous value: 690.7 yuan/ton); the futures settlement price of Brent crude oil is 64.8 US dollars/barrel (previous value: 61.6 US dollars/barrel); the spot settlement price of LME copper is 13,232.0 US dollars/ton (previous value: 13,048.7 US dollars/ton); the spot settlement price of LME aluminum is 3,184.3 US dollars/ton (previous value: 3,093.7 US dollars/ton) [65] Transportation - The subway passenger volume in first-tier cities is 39.161 million person - times (previous value: 40.448 million person - times); the road logistics freight rate index is 1052.3 points (previous value: 1051.9 points); the number of domestic flights is 12,736.9 (previous value: 12,494.3) [79] Inventory - The soda ash inventory has slightly increased to 1.57 million tons (previous value: 1.541 million tons) [90] Financing - The net financing of local government bonds is 65.57 billion yuan (previous value: 117.66 billion yuan); the net financing of credit bonds is 39.99 billion yuan (previous value: 131.04 billion yuan) [101]

研究咨询部苏妙达 执业资格证号：F03104403/Z0018167 发布时间：2026年1月19日 投资有风险，入市需谨慎，本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 分析师苏妙达：F03104403/Z0018167 投资有风险，入市需谨慎。 冠通期货研究报告 --沥青周报 行情分析 供应端，上周沥青开工率环比回升1.8个百分点至27.2%，较去年同期高了0.2个百分点，处于近年同期偏低水平。据隆众资讯 数据，2026年1月份国内沥青预计排产200万吨，环比减少15.8万吨，减幅为7.3%，同比减少27.6万吨，减幅为12.1%。上周，沥青 下游各行业开工率多数下跌，其中道路沥青开工环比下跌2个百分点至15%，受到资金和天气制约。上周，华东地区主力炼厂复产， 供应有所增加，其出货量增加较多，全国出货量环比增加6.32%至22.36万吨，处于中性偏低水平。沥青炼厂库存率环比继续上升， 仍处于近年来同期的最低位附近。美国突袭委内瑞拉并逮捕马杜罗引发地缘政治局势动荡，与影响国内原油不同，委内瑞拉重油是 国内地炼重要的低价原料，而此次美国军事袭击之下，委内瑞拉重质原油流向国内地炼严重受限，特朗普 ...

卓创资讯（301299）成品油分析师王芦青表示，国内成品油本轮计价周期初期，因市场担忧中东地缘局 势可能升级，国际原油价格连续上涨。此后，随着美国释放缓和信号，中东地缘风险迅速降低，原油市 场多头主动离场，油价出现显著下跌。整体来看，虽然近期国际原油价格先涨后跌，但均值环比上涨。 卓创资讯监测模型测算显示，截至1月16日收盘，即国内成品油本轮计价周期的第9个工作日，参考原油 的变化率为2.01%，按照当前价格计算，对应的汽柴油零售限价应均上调85元/吨。 根据成品油调价时间表，1月20日24时，国内成品油零售限价将迎来新一轮调整时间点。 机构跟踪的最新国际原油价格变动状况预测数据显示，本轮成品油零售限价上调幅度高于50元/吨的调 整红线要求，因此本轮成品油零售限价或上调，这也意味着2026年成品油调价将迎来首次上涨。 成品油零售限价或上调 自国内成品油本轮计价周期以来，国际原油价格整体呈现先涨后跌走势，但均值环比上涨，参考的原油 变化率由负转正，并在正值区间内逐渐扩大。 汽油、柴油市场批发价格齐跌 从批发市场来看，近期，国内汽、柴油价格均呈现下跌趋势。 隆众资讯数据显示，截至1月16日，国内92号汽油市场均价 ...

证券之星消息，截至2026年1月19日收盘，中国石化(600028)报收于5.93元，上涨1.54%，换手率 0.21%，成交量194.25万手，成交额11.44亿元。 1月19日的资金流向数据方面，主力资金净流入7554.38万元，占总成交额6.6%，游资资金净流入 4686.86万元，占总成交额4.1%，散户资金净流出1.22亿元，占总成交额10.7%。 近5日资金流向一览见下表： 该股主要指标及行业内排名如下： 中国石化2025年三季报显示，前三季度公司主营收入21134.41亿元，同比下降10.69%；归母净利润 299.84亿元，同比下降32.23%；扣非净利润305.52亿元，同比下降30.51%；其中2025年第三季度，公司 单季度主营收入7043.89亿元，同比下降10.88%；单季度归母净利润85.01亿元，同比下降0.5%；单季度 扣非净利润93.37亿元，同比上升11.35%；负债率54.69%，投资收益73.42亿元，财务费用112.5亿元，毛 利率15.68%。中国石化（600028）主营业务：从事石油及天然气和化工业务。石油及天然气业务包括 勘探、开发及生产原油及天然气;管输原油、 ...

每经AI快讯，上海石化1月19日晚间发布业绩预告，经中国石化上海石油化工股份有限公司（"公司"） 财务部门初步测算，预计公司及其附属公司截至2025年12月31日止归属于母公司股东的净亏损12.89亿 元到15.76亿元，与2024年同期相比将出现亏损；预计归属于母公司股东的扣除非经常性损益的净亏损 为人民币12.8亿元到人民币15.64亿元，与2024年同期相比将出现亏损。具体数据将在公司2025年年度报 告中予以披露。2025年国际原油价格总体震荡下行，产品市场需求未有明显改善，公司主要炼化产品毛 利空间缩减，叠加四季度公司生产装置大修影响，商品总量下降，上述原因综合导致公司经营亏损。 每经头条（nbdtoutiao）——短剧大爆发，吸纳69万人就业！一度送外卖的演员也找到工作：收入还算 可观但太累，剧组常备速效救心丸，拍睡觉戏真能睡着 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 （记者 曾健辉） ...

公司代码：600688 公司简称：上海石化 编号：临 2026-003 产品名称 产量（万吨） 销量（万吨） 销售收入 （人民币千元） 炼油产品 柴油 246.97 244.74 15,479,375 汽油 312.13 312.19 24,656,133 航空煤油 注 1 225.09 131.71 6,427,361 化工产品 对二甲苯 68.07 68.10 4,094,974 苯 35.07 35.05 1,924,103 一、2025 年主要产品经营数据 | 乙二醇 | 4.23 | 4.17 | 159,500 | | --- | --- | --- | --- | | 环氧乙烷 | 11.67 | 11.30 | 606,917 | | 注 2 乙烯 | 60.71 | 0.40 | 24,196 | | 聚乙烯 | 53.00 | 52.87 | 3,977,634 | | 聚丙烯 | 40.13 | 40.12 | 2,893,202 | | 腈纶 | 2.47 | 2.48 | 310,384 | 注 1：销量不包括来料加工业务。 注 2：产销量差距部分为内部自用。 以上销量和销售收入数据 ...

【上海石化：预计2025年净利润亏损12.89亿元-15.76亿元】智通财经1月19日电，上海石化(600688.SH) 公告称，上海石化发布2025年度业绩预告，预计归属于母公司股东的净亏损约为12.89亿元到15.76亿 元。本期同比转亏。报告期内，国际原油价格震荡下行，产品市场需求未明显改善，主要炼化产品毛利 空间缩减，叠加四季度生产装置大修导致商品总量下降，综合造成经营亏损。 转自：智通财经 ...

上海石化1月19日公告，按照中国企业会计准则，本集团预计2025年实现归属于母公司股东的净亏损约 为人民币12.89亿元到人民币15.76亿元。按照中国企业会计准则，本集团预计2025年归属于母公司股东 的扣除非经常性损益的净亏损约为人民币12.80亿元到人民币15.64亿元。 ...

Core Insights - The Tarim Phase II Ethylene Project is a key initiative by China National Petroleum Corporation (CNPC) with a total investment of 29.7 billion yuan, focusing on the production of various polyethylene products and emphasizing innovation and green construction practices [1][2] Group 1: Project Preparation and Execution - The project team initiated comprehensive preparations one month in advance to ensure the accurate positioning of the cold box, employing a "dual crane lifting" technique with a 400-ton crawler crane for the main load and a 160-ton hydraulic truck crane for dynamic adjustments [1] - During the pearl sand filling phase, the project team worked continuously for 24 hours, overcoming adverse conditions such as winter construction and dust weather, to ensure the filling density and uniformity, which are critical for the cold box's insulation performance [1] Group 2: Project Specifications and Goals - The project includes the construction of 1.2 million tons/year of ethylene, two sets of 450,000 tons/year of high-density polyethylene, and 300,000 tons/year of low-density polyethylene, with over 99% application of proprietary technology and over 98% localization of equipment [1] - The project aims to achieve 100% use of green electricity and has industry-leading electrification rates and comprehensive energy consumption, aligning with its commitment to green and low-carbon development [1]