研究中心能化团队 2025/12/25 -300 s 加安期货 沥青早报 | | | | | | | | MIZUT O'HOLOGIA EVEST | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 11/24 10 | 12/18 | 12/22 -22 | 12/23 -37 | 12/24 | 日度变化 -19 | 筒 | | | 山东基差(+80)(非京博) | | -42 | | | -56 | -19 | | | | 华东基差(镇江库) | 40 | -52 | -dr | -97 | -116 | | | | | 华南基差(佛山库) | 20 | -132 | -195 | -177 | -196 | -19 | | | 基差&月差 | 01-03 | -22 | -29 | -30 | -26 | -34 | -8 | | | | 02-03 | -20 | -17 | -12 | -13 | -10 | 3 | | | | 03-06 | -32 | -20 | -23 | -27 | -28 | - 1 ...

近日，中部地区首艘万吨级钢制输油趸船在武汉交付，并已顺利运抵中韩石化油码头，正式进入安装调试阶段。这标志着中韩石化在 提升码头运输能力、适应长江航运船舶大型化方面取得重要进展。 此次交付的趸船总长92米，型宽14米，设计吃水1.3米，是目前华中地区规模最大的万吨级输油趸船，主要用于靠泊装卸10000吨级油 船。趸船由中交第二航务工程勘察设计院总承包、湖北江润造船有限公司承建。项目施工单位将进行钢引桥吊装与整体调试，全力保障后 续建设节点。 该趸船是中韩石化油码头升级改造工程的重要组成部分。该项目作为中韩石化2025年重点建设项目，计划新建3个5000吨级泊位和1个 10000吨级泊位，均采用浮码头结构，每泊位配置一艘钢趸船，预计2026年全面竣工。 据了解，项目投产后，中韩石化油码头年吞吐能力将提升至320万吨，极大优化原料与成品油的物流效率。这不仅为中韩石化炼化系 统升级及百万吨乙烯项目提供坚实的物流支撑，也是适应长江航运船舶大型化趋势、集约利用岸线资源的重要举措。 编辑：赖俊 万吨级输油趸船 ...

Group 1 - The chemical sector showed strong performance today, with the chemical ETF (516020) closing up 1.81% after a volatile session [1][11] - Notable stocks included Hengyi Petrochemical, which surged by 9.24%, and several others like Shengquan Group and Luxi Chemical, which rose over 5% [1][11] - The chemical ETF's underlying index has recorded a year-to-date increase of 34.27%, significantly outperforming major indices like the Shanghai Composite Index (17.58%) and the CSI 300 Index (17.77%) [12][13] Group 2 - The basic chemical sector has attracted substantial capital inflow, with a net inflow of 79.67 billion yuan today, ranking sixth among 30 major sectors [4][14] - Over the past five days, the sector saw a total net inflow of 369.22 billion yuan, leading all sectors [4][14] Group 3 - The lithium industry is experiencing a recovery, with rising prices for lithium carbonate futures and optimistic market expectations for future prices [5][16] - The chemical sector is currently viewed as having a favorable valuation, with the chemical ETF's underlying index trading at a price-to-book ratio of 2.48, which is relatively low compared to historical levels [6][16] Group 4 - Looking ahead, the chemical industry is expected to face a contraction in capital expenditure, which may lead to a supply reduction and increased demand due to policy support and economic conditions [7][17] - The "anti-involution" trend is anticipated to lead to a reevaluation of the Chinese chemical industry, potentially resulting in higher dividend yields and improved market conditions for chemical stocks [8][18] Group 5 - The chemical ETF (516020) provides an efficient way to invest in the sector, with nearly 50% of its holdings in large-cap leading stocks, allowing investors to capitalize on strong market trends [8][18]

Group 1: Economic Performance and Goals - Liaoning's grain production reached a historical high of 51.56 billion jin, and the province has achieved significant milestones such as the approval of the national China-Europe freight train assembly center in Shenyang [1] - From January to November, the province's industrial output value increased by 1.1% year-on-year, with high-tech manufacturing growing by 3.3% and mining industry output rising by 6.8% [2] - The provincial government aims to enhance high-quality development, focusing on new industrialization and the establishment of a unique "2211" industrial system [3] Group 2: Strategic Initiatives and Focus Areas - The provincial emergency management department will focus on four key areas: risk prevention, promoting development, reforming emergency management frameworks, and strengthening grassroots emergency capabilities [4] - The provincial human resources and social security department plans to ensure employment stability, enhance talent acquisition, and improve public service systems to support economic growth [6] - The meeting emphasized the importance of technological innovation in driving industrial development and the need for collaboration between universities and enterprises to foster talent and innovation [7][8]

来源：中国银行 12月24日，中国银行董事长葛海蛟与中国石油化工集团有限公司（以下简称"中国石化"）董事长侯启军 在京举行工作会谈。中国银行副行长杨军、中国石化总会计师蔡勇参加活动。 葛海蛟表示，党的二十届四中全会和中央经济工作会议围绕"加快建设新型能源体系"作出部署要求，为 新时代新征程建设能源强国指明了前进方向。中国石化是保障国家能源安全的"排头兵"，也是中国银行 的重要合作伙伴。长期以来，双方在重大项目、授信、存款、跨境结算等领域落地了多个"第一""最 大""首单"，合作成果显著。面向"十五五"，中国银行将坚决落实党中央决策部署，继续发挥全球化优 势、综合化特色，统筹境内外、商投行资源，与中国石化在各领域加强供需对接、深化互动合作、共拓 业务布局，为推动能源行业转型升级、建设能源强国注入更加澎湃的金融动能。 侯启军感谢中国银行长期以来对中国石化业务发展的大力支持。他表示，中国石化正深入贯彻落实习近 平总书记系列重要指示批示精神，积极谋划"十五五"发展蓝图，加强战略转型发展。中国银行是全球 化、综合化程度最高的国有大型商业银行，中国石化与中国银行长期保持着密切、稳定、广泛的合作关 系。希望双方不断加强战略 ...

Group 1 - Recent international crude oil prices are on the rise, driven by geopolitical signals, particularly the ongoing tensions in Venezuela, leading to concerns over supply stability and resulting in five consecutive price increases, with Brent crude futures approaching $62 per barrel and WTI crude stabilizing around $58 per barrel [1] - The domestic refined oil market has not been able to reverse the trend of price adjustments due to the previous low international oil prices, resulting in a decrease in retail prices. As of December 24, the average price of reference crude oil was $60.21 per barrel, with a change rate of 2.05%, indicating a potential increase of 90 yuan per ton for domestic gasoline and diesel prices [1] - The next price adjustment window is set for January 6, with the new change rate extending into a positive range, supported by OPEC+'s decision to halt production increases starting January 2026, along with seasonal demand during the Christmas period in Europe and the U.S. [1] Group 2 - The domestic gasoline and diesel market is currently experiencing a balance of "international favorable support and domestic demand pressure," with prices remaining stable but slightly increasing, although the market remains subdued due to weak demand [2] - The northern regions are seeing a seasonal decline in diesel consumption as outdoor construction and mining projects halt, while southern regions have limited support from urgent demand due to ongoing projects. Gasoline demand is also weak, with only marginal improvements expected from the upcoming New Year holiday [2] - The overall market sentiment is cautious, with traders and end-users adopting a "just-in-time" purchasing strategy, leading to low willingness for large orders and resulting in limited market transactions [2] Group 3 - Looking ahead, the domestic gasoline and diesel market is expected to remain in a supply-demand balancing act, with international concerns about economic prospects and geopolitical issues in Venezuela providing support for oil prices [3] - As the New Year and Spring Festival approach, there may be a gradual increase in demand for transportation and logistics, potentially leading to slight releases in end-user replenishment needs, although refinery operating rates are expected to remain stable [3] - Short-term domestic gasoline and diesel prices are likely to remain stable with slight increases, and market activity may improve marginally with the release of holiday demand, although the overall recovery may be limited [3]

四川成渝公告，控股子公司中路能源拟向中石油四川及其下属公司采购成品油，并与中石油四川签署 《成品油买卖关联交易框架协议》。协议期限自2026年1月1日至2026年12月31日，预计日常关联交易总 金额不超过人民币14亿元。交易标的物为符合国家现行标准的成品油，定价按销售价格加运费厘定，运 费分别为50元/吨和0元/吨。付款方式为先款后货，中石油四川集团提供90日免费仓储。 ...

Group 1 - The recent appreciation of the RMB is attributed to both market beta factors, such as the decline of the US dollar index, and some domestic alpha factors, including China's economic fundamentals and monetary policy decisions [1][3] - The RMB has appreciated approximately 2% from 7.15 to around 7, while the US dollar index has depreciated by 1.8% during the same period, indicating that the RMB's appreciation is primarily driven by market conditions [1][3] - Looking ahead, the US dollar index is expected to remain weak, which may continue to favor RMB appreciation in the coming years [4] Group 2 - RMB appreciation is beneficial for overall Chinese assets, as it often coincides with a declining US dollar index, which improves liquidity for many countries' assets [5] - Historical data shows that RMB appreciation typically leads to increases in both Hong Kong and A-share indices, although there have been instances of divergence [5][6] - The current market conditions suggest that the A-share market may experience upward movement following the recent RMB appreciation, despite some short-term fluctuations [6] Group 3 - RMB appreciation negatively impacts export-oriented companies, as it reduces the value of their dollar-denominated earnings when converted to RMB [7] - However, the impact varies by region; companies exporting to emerging markets may benefit from increased business volume due to improved dollar liquidity [7] - Conversely, companies engaged in import businesses, particularly those with significant dollar-denominated costs, stand to gain from RMB appreciation, such as airlines and duty-free companies [8] Group 4 - For H-shares, RMB appreciation increases the converted profits and dividends for companies listed in Hong Kong, enhancing the actual dividend yield for foreign investors [9] - The current divergence in the market is not expected to last long, as historical patterns suggest a correction will occur [9] - The focus should be on identifying sectors with strong fundamentals that can sustain growth despite the RMB's appreciation [10]

Group 1 - The core point of the article highlights the oil production statistics for Ningxia Hui Autonomous Region, indicating a slight increase in September 2025 compared to the previous year [1] - In September 2025, the oil production reached 99,000 tons, representing a year-on-year growth of 1.2%, with an increase of 9.7 percentage points compared to the same month last year [1] - The growth rate in September 2025 was 2.9 percentage points lower than the national average, with Ningxia's production accounting for 0.6% of the national output of 17,775,000 tons [1] Group 2 - For the period from January to September 2025, the total oil production was 914,000 tons, showing a year-on-year decline of 1.0% [2] - The decline in production for the first nine months of 2025 was offset by a growth rate that was 3.8 percentage points higher than the previous year [2] - The production for this period also represented 0.6% of the national total of 16,263,300 tons, with a growth rate that was 2.7 percentage points lower than the national average [2]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) is enhancing the market value of its listed companies through a series of initiatives, including a recent investor communication event and a special action plan for market value enhancement [1][6]. Group 1: Market Value Increase - During the "14th Five-Year Plan" period, the total market value of Sinopec's listed companies increased by 220 billion yuan [2]. - The steady rise in market value is attributed to the company's robust profitability, optimized shareholder return mechanisms, and proactive market value management measures [2]. - Sinopec's core listed platform, Sinopec Limited, has a clear return policy that instills confidence in the market, with a planned annual cash dividend ratio of no less than 65% of the net profit attributable to shareholders from 2024 to 2026 [2]. Group 2: Dividend Policies - The high dividend culture is reflected across other listed platforms, with Sinopec Engineering maintaining a dividend payout ratio of 65% for four consecutive years and Shanghai Petrochemical planning a dividend ratio of 66.67% for 2024 [3]. - Sichuan Meifeng plans to implement a "annual + interim" dividend strategy starting in 2024, with a commitment to a cash dividend ratio of no less than 60% of the net profit attributable to shareholders [3]. - The stable and predictable dividend policies are supported by strong operational performance, with Sinopec Oilfield Services reporting a 71 million yuan increase in new contract value year-on-year [3]. Group 3: Transformation and Upgrading Plans - Sinopec is focusing on becoming the leading hydrogen energy company and is committed to technological breakthroughs and deep industry transformations [4]. - Sinopec Machinery aims to maintain its leading position in oil and gas equipment while also developing hydrogen energy equipment [4]. - Shanghai Petrochemical is initiating comprehensive technical upgrades and focusing on innovative business areas such as elastomers and carbon fiber [4]. Group 4: Mergers and Acquisitions - Mergers and acquisitions are seen as key strategies for resource integration, with Sinopec Oilfield Services planning to issue corporate bonds by 2026 to strengthen its technology chain [5]. - Sinopec Guande is actively seeking quality storage asset acquisition opportunities to consolidate its market position [5]. Group 5: Special Action Plan for Market Value Enhancement - Sinopec has launched a special action plan aimed at enhancing investment value and increasing shareholder returns [6]. - The plan includes improving governance efficiency, enhancing the return system, and optimizing capital layout to release the value of various segments [6]. - The initiative involves nine listed companies under Sinopec, focusing on long-term management mechanisms and capital operations [6].