Core Insights - Singapore's fuel oil inventory increased by 191,000 barrels to 24.709 million barrels, reaching a two-week high as of the week ending November 26 [1] Group 1 - The increase in fuel oil inventory indicates a potential shift in supply dynamics within the Singapore oil market [1] - The current inventory level is the highest observed in the past two weeks, suggesting fluctuations in demand or supply [1]

Group 1 - The Yangtze River Economic Belt is crucial for China's overall development, emphasizing ecological priority and high-quality economic growth [1][2] - During the 14th Five-Year Plan period, significant progress has been made in ecological protection and green transformation within the Yangtze River Economic Belt [1][2] - The implementation of the Yangtze River Protection Law and a ten-year fishing ban marks unprecedented efforts in ecological restoration [2] Group 2 - The Yangtze River Economic Belt is projected to contribute over 50% to national economic growth, with a GDP of 63 trillion yuan by 2024 [2] - Technological advancements, such as AI and edge computing, are enhancing the efficiency and safety of maritime operations in the Yangtze River [3] - The establishment of multi-modal transport centers, like the Shanghai Lingang Demonstration Base, aims to strengthen logistics and connectivity within the Yangtze River Economic Belt [3] Group 3 - The Yangtze River Economic Belt is positioned as a key player in facilitating domestic and international circulation, supporting regional economic collaboration and high-level openness [3] - The focus on sustainable development and innovation is driving the growth of strategic emerging industries along the Yangtze River [2][3]

石油沥青日报 | 2025-11-27 供需两弱格局延续，市场低位震荡 市场分析 1、11月26日沥青期货下午盘收盘行情：主力BU2601合约下午收盘价3043元/吨，较昨日结算价下跌17元/吨，跌幅 0.56%；持仓152279手，环比下跌1513手，成交187910手，环比增加27854手。 2、卓创资讯重交沥青现货结算价：东北，3156—3500元/吨；山东，2960—3470元/吨；华南，3050—3210元/吨； 华东，3200—3400元/吨。 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 近期原油价格走势偏弱，沥青成本端支撑不足，但在自身绝对价格跌至低位后，市场底部信号已开始出现。现货 方面，昨日山东地区沥青现货价格继续下跌，其余地区沥青现货价格大体企稳。山东地区沥青现货资源供应较为 充裕，施压沥青现货价格下行。从基本面来看，当前供需两弱格局延续，虽然终端需求逐步步入淡季，但在炼厂 开工率和产量出现明显下滑态势，部分炼厂转产渣油，沥青装置开工率降至绝对低位。不过目前冬储需求还没有 明确释放的迹象，市场情绪相对平淡，反弹动力仍不足。整体来看，沥青市场下行压力已有所缓解，但 ...

5、越来越多的专家预测,2026年原油供应增长将超过需求增长。德意志银行周 一在一份报告中表示,预计明年原油供应将至少过剩200万桶/,并且即使到2027 年,也没有明确的路径回归供应短缺。 【BU】 观点:华北地区高价沥青资源出货节奏偏缓,贸易商今日适度下调报价以促 进走货;西北地区受镇海炼化昨日火运价格下调影响,区域内主流报价重心同步 走低:华南与华东市场需求端释放不及预期,中下游企业采购态度偏谨慎,多以 消化既有库存为主,炼厂及社会库存报价均保持稳定。后市来看,山东、华北地 区终端需求表现平淡,市场成交多集中于低价货源,短期沥青价格大概率呈弱势 运行;而华南、华东市场供应端存在收缩预期,沥青价格或暂时维持平稳态势。 3、据德意志商业银行的商品分析师Carsten Fritsch指出,即便美国的制裁可 能有所缓解,欧洲某国的石油产量也不太可能出现大幅增长。因为OPEC+组织的 产量配额限制,以及现有生产设施已接近满负荷运行的状态,都制约了产量的进 一步增加。"由于欧洲某国的产量很可能已经接近其生产能力上限,因此如果 OPEC+决定在明年进一步提高产量目标,那么欧洲某国的产量很难再有显著增长 。根据国际能源 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Not provided in the given content 3. Summary According to Relevant Catalogs 3.1 Basis and Monthly Spread - The Shandong basis (+80) (Hongrun) was 17 on 11/26, with a daily change of 25 and a weekly change of 15 [4][12] - The East China basis (Zhenjiang Warehouse) was 47 on 11/26, with a weekly change of 5 [4][12] - The South China basis (Foshan Warehouse) was 7 on 11/26, with a daily change of 25 and a weekly change of -15 [4][12] - The 12 - 01 spread was -7 on 11/26, with a daily change of -3 and a weekly change of 0 [4][12] - The 12 - 03 spread was -19 on 11/26, with a weekly change of 30 [4][12] - The 01 - 02 spread was 6 on 11/26, with a daily change of -2 and a weekly change of 21 [4][12] 3.2 Futures Market - The BU main contract (01) was 3043 on 11/26, with a daily change of -25 and a weekly change of -15 [4][12] - The trading volume was 342,611 on 11/26, with a daily change of 100,034 and a weekly change of -96,590 [4][12] - The open interest was 382,270 on 11/26, with a daily change of 38,521 and a weekly change of 52,113 [4][12] - The delivery volume was 4,690, with no daily or weekly change [4][12] 3.3 Spot Market - Brent crude oil was $62.5 on 11/26, with a daily change of -$0.9 and a weekly change of -$1.0 [4][12] - Jingbo's price was 3000 on 11/26, with a weekly change of -20 [4][12] - Hongrun's price was 2980 on 11/26, with no daily or weekly change [4][12] - Zhenjiang Warehouse's price was 3090 on 11/26, with a weekly change of -10 [4][12] - Foshan Warehouse's price was 3050 on 11/26, with a weekly change of -30 [4][12] 3.4 Profit - The asphalt Ma Rui profit was 219 on 11/26, with a daily change of 42 and a weekly change of 49 [4][12] - The comprehensive profit of Ma Rui - type refineries was 802 on 11/26, with a daily change of 38 and a weekly change of 47 [5][13]

摘要：【图】2025年1-8月海南省燃料油产量统计分析 2025年8月燃料油产量统计： 2025年1-8月燃料油产量统计： 燃料油产量：8.8 万吨 图1：海南省燃料油产量分月（当月值）统计图 同比增长：388.7% 增速较上一年同期变化：高467.9个百分点 据统计，2025年8月海南省规模以上工业企业燃料油产量与上年同期相比增长了388.7%，达8.8万吨，增 速较上一年同期高467.9个百分点，增速较同期全国高395.2个百分点，约占同期全国规模以上企业燃料 油产量343.7万吨的比重为2.6%。 详见下图： 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 石油化工行业最新动态 石油行业现状与发展趋势 化工市场现状及前景分析 日化市场调研与发展前景润滑油发展现状及前景预测汽油市场调研及发展趋势 柴油行业监测及发展趋势橡胶未来发展趋势预测 塑料现状及发展前景 化妆品发展前景趋势分析清洁护肤的现状和发展趋势 燃料油产量：54.0 万吨 同比增长：41.5% 增速较上一年同期变化：高80.4个百分点 据统计，2025年1－8月， ...

转自：中国质量报 □ 黄 洁 本报记者 丁 莹 李 青 近日，记者来到山东省东营市广饶县，登上一栋高楼远眺中石化东营原油商业储备项目库区，只见一座 座纯白色的圆柱形原油储罐4座一组，排列井然有序，在天空的映照很是壮观。同行的工作人员介绍 说，每座储罐高约21.8米，直径80米，可以储存10万立方米原油，在占地面积95.7公顷的库区里，这样 的储罐新建了32座。 怎样高质量保障如此大体量的原油储存工程优质高效建成？负责该工程质量监督监管工作的石油化工工 程质量监督总站（以下简称"总站"）胜利监督站的答案是——综合运用"四位一体"、标准化、智能监 督、服务式监管4个监督监管模式，形成横向到边、纵向到底、不留死角的一体化安全质量管控格局， 确保项目安全质量全面可控。 "工程概况、质量监督工作重点、组织机构、廉政措施……"11项，20页，记者手中的《商储公司东营原 油商业储备项目工程质量监督大纲》部署周密、内容详尽、措施得当，质量监督工作覆盖工程土建、安 装、电仪等专业从前期准备到工程交工验收全流程。但是，这只是传统的常压储罐工程建设质量监督模 式，以质量体系及质量行为检查为主要方式。胜利监督站副站长王岳带领记者穿行 ...

Core Insights - Recently, China National Offshore Oil Corporation (CNOOC) and Shell Petrochemical Co., Ltd. increased its registered capital from approximately 27.68 billion RMB to about 28.73 billion RMB, representing an increase of around 4% [1] Company Overview - The company was established in December 2000 and is legally represented by Liu Jianzhong [1] - Its business scope includes the construction and operation of joint factories and infrastructure projects, production of ethylene and related petrochemical products, food additives, catalysts, petroleum products, and auxiliary products, as well as the production, sales, procurement, and storage of public engineering products [1] Shareholder Information - The company is jointly held by CNOOC Petrochemical Investment Co., Ltd. and Shell Nanhai Private Limited [1]

Core Insights - The global PX production capacity is rapidly shifting towards Asia, particularly China, which now accounts for over 90% of the new capacity added globally, solidifying its position as the world's PX production center [2][3] - By 2024, East Asia's PX capacity will represent 69.3% of the global total, with Southeast Asia contributing an additional 9.2%, leading to nearly 80% of global capacity being concentrated in Asia [2] - China's PX capacity reached 43.73 million tons by the end of 2023, with projections indicating it could approach 47 million tons by 2026, representing about 55% of global capacity [2] Industry Dynamics - The PX market is undergoing a profound transformation due to the rapid expansion of production capacity and relatively weak demand, particularly in the downstream PTA sector, which is experiencing oversupply [4][6] - The processing fee for PTA has dropped to a 10-year low, leading to reduced demand for PX and a price correction in the PX market [4][6] - The PX price (CFR China) averaged $831.1 per ton from early 2025 to November 25, reflecting a decline of 15.06% year-on-year compared to 2024 and a 20.25% drop compared to 2023 [6] Future Outlook - The global PX market is expected to seek rebalancing as PTA capacity expansion slows, leading to a shift in profits towards upstream raw materials like PX [7] - The competitive landscape in the polyester supply chain will intensify, with companies needing to enhance their "refining and chemical integration" models to maintain an edge [10] - China's role as a net exporter of PX is becoming more pronounced, with a structural shift in trade patterns as domestic production increases [8][10] Trade Patterns - Historically, PX trade in Asia involved exports from traditional producers like South Korea and Japan to China, but this trend is changing as China moves towards becoming a net exporter [8] - In the first ten months of 2025, China's PX imports reached 7.8569 million tons, a 3.85% increase from 2024, indicating a shift from reliance on imports to meeting marginal demand from new PTA capacity [8][10]

Group 1 - Over 20 positive announcements were released by companies listed on the Shanghai Stock Exchange as of November 23, indicating a trend of share buybacks and operational improvements [1] - China Petroleum & Chemical Corporation (Sinopec) completed its share buyback plan, repurchasing 89.35 million shares for approximately 500 million yuan, with a significant portion occurring in November [2] - Several companies, including Spring Airlines and Hongta Securities, have also announced their share buyback progress, with amounts reaching 400 million yuan and 120 million yuan respectively [2] Group 2 - At least 14 companies on the Sci-Tech Innovation Board reported buyback progress and positive contract orders, showcasing a commitment to shareholder value [3] - JinkoSolar announced the mass production of its Tiger Neo 3.0 solar module, achieving a production efficiency of over 24.8% and a power output of up to 670W, with significant orders signed [3] - Shanshi Network Technology reported progress in the development of its ASIC security chip, which has successfully passed internal testing and is entering the mass production phase, with market sales expected to begin in Q1 2026 [4][5]