Core Insights - From January to October, Zhonghan Petrochemical's production and sales of prebaked anode coke exceeded 309,000 tons, completing the annual production task two months ahead of schedule and surpassing the annual target by 109,000 tons [1] Group 1: Production and Sales Performance - The production and sales of prebaked anode coke are crucial for enhancing product added value and promoting green transformation in the industry [1] - The company achieved a significant increase in production efficiency through coordinated efforts across departments, focusing on dynamic monthly planning and optimizing the operation load of coking facilities [1] Group 2: Market Strategy and Customer Engagement - Zhonghan Petrochemical has actively engaged with downstream customer demands, enhancing market communication mechanisms to improve production and sales coordination efficiency [1] - These initiatives have not only contributed to the continuous rise in prebaked anode coke production and sales but also strengthened the company's overall competitiveness in the high-end carbon materials market [1]

Group 1: Report Overview - This is an asphalt morning report released by Jia'an Futures' research center's energy and chemical team on November 26, 2025 [2][5] Group 2: Investment Rating - No investment rating information is provided in the report Group 3: Core View - No clear core view is presented in the provided content Group 4: Data Summary Basis and Spread - The Shandong basis (+80) (Hongrun) decreased from 121 on October 24 to -8 on November 25, with a daily change of -18 on November 25 [3] - The East China basis (Zhenjiang Warehouse) decreased from 101 on October 24 to 22 on November 25, with a daily change of -18 on November 25 [3] - The South China basis (Foshan Warehouse) decreased from 61 on October 24 to -18 on November 25, with a daily change of -38 on November 25 [3] - The 12 - 01 spread was -4 on November 25, with a daily change of 6 [3] - The 12 - 03 spread was -19 on November 25, with a daily change of 13 [3] - The 01 - 02 spread was 8 on November 25, with a daily change of 10 [3] Futures Contract - The BU main contract (01) was 3068 on November 25, with a daily change of 8 [3] - The trading volume was 242,577 on November 25, a decrease of 106,170 from the previous day [3] - The open interest was 343,749 on November 25, an increase of 4,014 from the previous day [3] - The combined order F remained at 4,690 from November 19 to November 25 [3] Spot Market - Brent crude oil price was $63.4 on November 25, with a daily change of $0.8 [3] - Jingbo's asphalt price decreased from 3,350 on October 24 to 3,000 on November 25, with a daily change of -20 on November 25 [3] - Hongrun's asphalt price decreased from 3,340 on October 24 to 2,980 on November 25, with a daily change of -10 on November 25 [3] - Zhenjiang Warehouse's asphalt price decreased from 3,400 on October 24 to 3,090 on November 25, with a daily change of -10 on November 25 [3] - Foshan Warehouse's asphalt price decreased from 3,360 on October 24 to 3,050 on November 25, with a daily change of -30 on November 25 [3] Profit - The asphalt - Ma Rui profit decreased from 264 on October 24 to 171 on November 25, with a daily change of -46 on November 25 [3] - The comprehensive profit of Ma Rui - type refineries decreased from 749 on October 24 to 758 on November 25, with a daily change of -34 on November 25 [3]

Group 1 - The core point of the article highlights that Hainan Province's crude oil processing volume in September 2025 reached 133.7 million tons, representing a year-on-year growth of 37.3% and an increase of 39.7 percentage points compared to the same period last year [1] - The processing volume accounted for 2.1% of the national crude oil processing volume of 6268.7 million tons during the same period, indicating Hainan's significant contribution to the national total [1] - The growth rate of Hainan's crude oil processing volume was 30.5 percentage points higher than the national average, showcasing the province's robust industrial performance [1] Group 2 - For the period from January to September 2025, Hainan's crude oil processing volume totaled 1181.0 million tons, with a year-on-year increase of 34.9% and a rise of 36.5 percentage points compared to the previous year [4] - This cumulative processing volume also represented 2.1% of the national total of 55081.5 million tons, further emphasizing Hainan's role in the national crude oil processing landscape [4] - The growth rate for this nine-month period was 31.2 percentage points higher than the national average, indicating a strong upward trend in Hainan's oil processing industry [4]

Core Viewpoint - The recent report from Zhongyin Securities highlights fluctuations in the chemical industry, particularly focusing on the price movements of various chemical products and the impact of international oil prices on the market dynamics [1][2][3][4][5]. Industry Dynamics - During the week of November 17-23, 37 out of 100 tracked chemical products saw price increases, while 30 experienced declines, and 33 remained stable [1]. - The average price of DMC (Dimethyl Carbonate) rose to 13,100 CNY/ton, marking a 0.77% increase from the previous week and an 18.02% increase from November 12 [1][4]. - Lithium hexafluorophosphate prices surged to 167,000 CNY/ton, reflecting a 23.70% increase from the previous week and a staggering 178.33% increase since October 9 [3]. - The average price of WTI crude oil fell to 58.06 USD/barrel, with a weekly decline of 3.38%, while Brent crude oil dropped to 62.56 USD/barrel, down 2.84% [2]. Investment Recommendations - The report suggests focusing on sectors mentioned in the "14th Five-Year Plan," undervalued leading companies, and the impact of "anti-involution" on supply in relevant sub-industries [1][5]. - The current price-to-earnings ratio for the SW basic chemical sector is 23.78, positioned at the 69.62% historical percentile, while the price-to-book ratio stands at 2.18, at the 50.38% historical percentile [5]. - Recommended stocks include Wanhua Chemical, Hualu Hengsheng, and others, with a focus on sectors like fluorine chemicals, agricultural chemicals, and refining [5][6].

中国石油化工股份(00386)发布公告，于2025年11月25日该公司斥资116.24万港元回购26.6万股，回购价 格为每股4.37港元。 ...

Core Viewpoint - The stock of Maohua Shihua (000637) has shown a slight increase, with a closing price of 4.58 yuan on November 25, 2025, reflecting a 1.33% rise, amidst mixed capital flows from different investor types [1][2]. Financial Performance - For the first three quarters of 2025, Maohua Shihua reported a main business revenue of 2.304 billion yuan, a year-on-year decrease of 19.24% [3]. - The net profit attributable to shareholders was -93.73 million yuan, which represents an 18.15% year-on-year increase [3]. - The company's third-quarter revenue was 823 million yuan, down 11.88% year-on-year, while the net profit for the same period was -11.07 million yuan, up 45.76% year-on-year [3]. - The company has a debt ratio of 68.65% and reported investment income of 2.4289 million yuan, with financial expenses amounting to 26.5739 million yuan [3]. Market Position - Maohua Shihua's total market capitalization is 2.381 billion yuan, significantly lower than the industry average of 210.283 billion yuan [3]. - The company's price-to-earnings ratio (P/E) stands at -19.05, compared to the industry average of 32.83, indicating a challenging profitability outlook [3]. - The gross margin is reported at 2.51%, which is substantially below the industry average of 18.66% [3]. Capital Flow Analysis - On November 25, 2025, the net inflow of main capital was 905,700 yuan, accounting for 1.71% of the total transaction amount [2]. - Retail investors contributed a net inflow of 1.6787 million yuan, while speculative funds experienced a net outflow of 2.5844 million yuan [2]. - Over the past five days, the stock has seen fluctuating capital flows, with notable outflows from speculative funds on several days [2].

智通财经APP讯，中国石油化工股份(00386)发布公告，于2025年11月25日该公司斥资116.24万港元回购 26.6万股，回购价格为每股4.37港元。 ...

行业 沥青日报 日期 2025 年 11 月 25 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（碳市场工业硅） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 每日 ...

Core Insights - In September 2025, diesel production in Liaoning Province was 1.663 million tons, representing a year-on-year decrease of 10.5% and a significant slowdown of 53.9 percentage points compared to the same month last year [1] - For the period from January to September 2025, diesel production reached 16.821 million tons, with a year-on-year growth of 3.8%, although this growth rate was 6.6 percentage points lower than the previous year [2] Monthly Production Analysis - The monthly diesel production in September 2025 was 1.663 million tons, which accounted for 9.5% of the national diesel production of 17.418 million tons during the same period [1] - Cumulatively, from January to September 2025, Liaoning's diesel production represented 11.4% of the national total of 146.91 million tons [2] Industry Context - The data reflects the performance of large-scale industrial enterprises in Liaoning, defined as those with annual main business revenues of 20 million yuan or more [4]

石油沥青日报 | 2025-11-25 成本端弱势运行，市场震荡筑底 市场分析 1、11月24日沥青期货下午盘收盘行情：主力BU2601合约下午收盘价3060元/吨，较昨日结算价上涨25元/吨，涨幅 0.82%；持仓161041手，环比下跌4997手，成交226825手，环比上涨6569手。 2、卓创资讯重交沥青现货结算价：东北，3156—3500元/吨；山东，3000—3520元/吨；华南，3060—3210元/吨； 华东，3200—3400元/吨。 原油端震荡下跌，沥青成本端支撑偏弱，但在价格跌至低位后，市场底部信号开始出现。现货方面，昨日西北、 华东以及川渝地区沥青现货价格相对稳定，其余地区沥青现货价格均出现不同幅度下跌。具体来看，在炼厂开工 率和产量出现明显下滑态势，多家炼厂转产渣油，沥青装置开工率降至绝对低位，北方出现提货紧张的状况。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，但底部反弹仍需要更多的刺激因素。 策略 单边：中性，等待底部信号夯实 跨品种：无 跨期：无 期现：无 期权：无 风险 原油价格大幅波动、宏观风险、海外原料供 ...