Report Industry Investment Rating - Not provided Core Viewpoint - The asphalt supply is expected to slightly increase as some refineries resume production, while demand will weaken further due to the end of road construction in the north and limited project increments in the south. The asphalt futures price is expected to oscillate weakly [1] Summary by Relevant Catalogs Market Analysis - Last week, the asphalt operating rate increased by 3.0 percentage points to 27.8% week-on-week, still at the lowest level in recent years. In December, the domestic asphalt production is expected to be 215.8 million tons, a decrease of 7.0 million tons month-on-month and a decrease of 34.4 million tons year-on-year. The downstream operating rates of asphalt mostly declined last week. The national asphalt shipment volume increased by 6.74% to 26.21 million tons week-on-week, at a neutral level. The inventory-to-sales ratio of asphalt refineries remained flat week-on-week, near the lowest level in recent years. The crude oil price oscillated at a low level, and the discount of diluted asphalt widened. This week, the asphalt operating rate will slightly increase, but overall demand will be weak. The asphalt price in Shandong has been falling, and the basis is at a neutral level. The market is cautious about winter storage contracts, and the asphalt futures price is expected to oscillate weakly [1] Futures and Spot Market Quotes - Today, the asphalt futures contract 2601 rose 1.06% to 2,952 yuan/ton, below the 5-day moving average. The lowest price was 2,941 yuan/ton, and the highest price was 2,972 yuan/ton. The open interest decreased by 8,340 to 104,372 lots [2] Basis - The mainstream market price of asphalt in Shandong continued to fall to 2,940 yuan/ton, and the basis of the asphalt 01 contract fell to -12 yuan/ton, at a neutral level [3] Fundamental Tracking - On the supply side, the asphalt operating rate increased by 3.0 percentage points to 27.8% week-on-week, still at the lowest level in recent years. The investment in national highway construction from January to October decreased by 6.0% year-on-year, and the cumulative year-on-year growth rate was flat compared with that from January to September. The cumulative year-on-year growth rate of the actual completed investment in fixed assets of the road transportation industry from January to October decreased by 4.3%, a slight decline from -2.7% from January to September. The cumulative year-on-year growth rate of the completed fixed assets investment in infrastructure construction (excluding electricity) from January to October decreased by 0.1%, a further decline from 1.1% from January to September. As of the week of November 28, the downstream operating rates of asphalt mostly declined, with the road asphalt operating rate decreasing by 5 percentage points to 29% week-on-week. From the perspective of social financing stock, the year-on-year growth rate of social financing stock from January to October was 8.5%, a decrease of 0.2 percentage points from that from January to September. The new social financing in October was lower than market expectations. In terms of inventory, as of the week of November 28, the inventory-to-sales ratio of asphalt refineries remained flat week-on-week at 14.5%, near the lowest level in recent years [4]

【冠通期货研究报告】 沥青日报：震荡上行 发布日期：2025年12月03日 【行情分析】 供应端，上周沥青开工率环比回升3.0个百分点至27.8%，较去年同期低了4.7个百分点，仍处于 近年同期最低水平。据隆众资讯数据，12月份国内沥青预计排产215.8万吨，环比减少7.0万吨，减幅 为3.1%，同比减少34.4万吨，减幅为13.8%。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5个百分点至29%，受到资金和天气制约。上周，华东地区主力炼厂间歇生产，船发良 好，其出货量增加较多，全国出货量环比增加6.74%至26.21万吨，处于中性水平。沥青炼厂库存存货 比环比持平，处于近年来同期的最低位附近。俄罗斯副总理诺瓦克表示，美国及西方最新实施的制 裁并未对俄罗斯的石油产量造成影响，另外特朗普政府极力促成俄乌停火，泽连斯基表明对和谈持 开放态度，不过近期俄乌和谈达成可能性不大，原油价格低位震荡。委内瑞拉Jose工业区发生火灾， 20万桶/日的蒸馏装置停运，不过美方对委内瑞拉军事威胁之下，稀释沥青贴水幅度扩大。本周山东 胜星等炼厂转产，但广州石化计划复产，沥青开工率将略有上升。北方气温下降后，道路施工 ...

恒力石化公告称，近日接到控股股东恒力集团之一致行动人恒能投资通知，其办理了部分股份质押及解 除质押业务。恒能投资于12月2日质押5500万股给兴业国际信托，占其所持股份3.67%，用于补充流动 资金，为恒力集团融资提供担保；同日解除质押6800万股，占其所持股份4.54%。截至公告披露日，控 股股东及其一致行动人合计持股53.11亿股，占比75.45%，累计质押16.90亿股，占其所持股份31.83%， 占总股本24.01%。本次质押风险可控，不影响公司实际控制权。 ...

Core Viewpoint - The asphalt futures prices are experiencing a continuous decline due to dual pressures from costs and demand, with oversupply expectations weakening cost support from international crude oil prices and a decrease in demand as northern regions conclude their construction activities [1][3][9]. Group 1: Cost Factors - The expectation of oversupply has led to a downward shift in international crude oil prices, reducing cost support for asphalt [1][2]. - As of November 30, the average capacity utilization rate of 92 asphalt refineries in China was 34.0%, a decrease of 5.5 percentage points month-on-month [3]. - The asphalt production in November is estimated at 2.23 million tons, a month-on-month decrease of 13.9% [3]. Group 2: Demand Factors - With the temperature dropping, the construction demand in northern regions is tapering off, leading to intensified competition in the spot market for limited demand [1][6]. - The overall demand is expected to decline as northern regions weaken while southern regions maintain relatively stable demand [6][9]. - As of December 1, the total inventory of 54 asphalt sample plants in China was 626,000 tons, a decrease of 14.01% from the end of October [3]. Group 3: Market Dynamics - The asphalt market is characterized by low price fluctuations and weak supply-demand dynamics, with a focus on the winter storage market [8][9]. - The current market prices for 70 asphalt in various regions are reported as follows: Shandong and Hebei at 2960-2970 CNY/ton, Guangdong at 3030 CNY/ton, and Jiangsu-Zhejiang at 3150-3220 CNY/ton [8]. - There are differing opinions on the winter storage market, with some believing that refinery profit conditions may allow for larger storage volumes than last year, while others anticipate constraints due to weak international crude oil prices and subdued market demand expectations [8][9].

【冠通期货研究报告】 沥青日报：震荡下行 发布日期：2025年12月02日 【行情分析】 供应端，上周沥青开工率环比回升3.0个百分点至27.8%，较去年同期低了4.7个百分点，仍处于 近年同期最低水平。据隆众资讯数据，12月份国内沥青预计排产215.8万吨，环比减少7.0万吨，减幅 为3.1%，同比减少34.4万吨，减幅为13.8%。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5个百分点至29%，受到资金和天气制约。上周，华东地区主力炼厂间歇生产，船发良 好，其出货量增加较多，全国出货量环比增加6.74%至26.21万吨，处于中性水平。沥青炼厂库存存货 比环比持平，处于近年来同期的最低位附近。俄罗斯副总理诺瓦克表示，美国及西方最新实施的制 裁并未对俄罗斯的石油产量造成影响，另外特朗普政府极力促成俄乌停火，泽连斯基表明对和谈持 开放态度，不过近期俄乌和谈达成可能性不大，原油价格低位震荡。委内瑞拉Jose工业区发生火灾， 20万桶/日的蒸馏装置停运，不过美方对委内瑞拉军事威胁之下，稀释沥青贴水幅度扩大。本周山东 胜星等炼厂转产，但广州石化计划复产，沥青开工率将略有上升。北方气温下降后，道路施工 ...

Group 1: Industry Performance - The chemical sector indices showed positive performance with the chemical raw materials index rising by 3.25%, chemical machinery index increasing by 5.98%, pharmaceutical index up by 3.18%, and pesticide and fertilizer index climbing by 2.44% [1] - In contrast, the oil sector indices experienced declines, with the oil processing index down by 1.86% and the oil extraction index decreasing by 2.50%, while the oil trading index rose by 3.37% [1] Group 2: Commodity Prices - International crude oil prices experienced slight declines, with WTI settling at $58.55 per barrel, down 0.17% from November 21, and Brent settling at $63.20 per barrel, down 0.22% [1] - The top five rising petrochemical products included liquid chlorine up by 11.11%, octanol up by 7.85%, propane up by 6.57%, lithium battery electrolyte up by 6.48%, and recycled polyamide up by 5.61% [1] - The top five declining petrochemical products were polytetrafluoroethylene dispersion emulsion down by 7.41%, diethylene glycol down by 6.85%, tetrachloroethylene down by 6.19%, propylene oxide down by 4.77%, and butadiene down by 4.54% [1] Group 3: Capital Market Performance - The top five gaining listed chemical companies included Xinjinlu up by 41.04%, Daoming Optics up by 30.26%, Yuanli Technology up by 25.44%, Longpan Technology up by 23.77%, and Songjing Co. up by 19.91% [2] - The top five declining listed chemical companies were Guofeng Plastics down by 12.10%, Beihua Co. down by 11.59%, Tongcheng New Materials down by 7.60%, Xingye Co. down by 7.23%, and Tongyi Co. down by 6.88% [2]

证券日报网讯 12月1日，国际实业在互动平台回答投资者提问时表示，截至2025年11月28日公司股东人 数为38236户。 （文章来源：证券日报） ...

冠通期货研究报告 --2025年12月沥青月度报告 发布日期：2025年12月01日 冠通期货研究咨询部 分析师：苏妙达 执业证书号：F03104403/Z0018167 联系电话：010-85356618 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。 1 行情分析 分析师苏妙达：F03104403/Z0018167 投资有风险，入市需谨慎。 沥青/原油 分析师苏妙达：F03104403/Z0018167 投资有风险，入市需谨慎。 4 4.5 5 5.5 6 6.5 7 7.5 8 数据来源：Wind 冠通研究 供应端，上周沥青开工率环比回升3.0个百分点至27.8%，较去年同期低了4.7个百分点，仍处于近年同期最低水平。据隆众资 讯数据，12月份国内沥青预计排产215.8万吨，环比减少7.0万吨，减幅为3.1%，同比减少34.4万吨，减幅为13.8%。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5个百分点至29%，受到资金和天气制约。上周，华东地区主力炼厂间歇生 产，船发良好，其出货量增加较多，全国出货量环比增加6.74%至26.21万吨，处于中性水 ...

Core Points - The article discusses the implementation of a risk monitoring plan for industrial product quality safety in Guangyuan City, Sichuan Province, which includes sampling and testing various products [2] - A total of 30 batches of products were tested, with 29 batches sampled and one batch of paint failing to meet standards, leading to the termination of sampling for that batch [2] - The results indicate that 30 out of 31 batches passed inspection, with only one batch of plastic shopping bags deemed non-compliant, and the case has been referred to local market supervision authorities for further investigation [2] Group 1: Product Testing and Results - The testing covered 15 types of products, including automotive gasoline, automotive diesel, disposable paper food containers, sanitary napkins, and compound fertilizers [2] - On November 7, representatives from various sectors participated in an open day event for product quality inspection, where three batches of sanitary napkins were selected for sampling [2] - The inspection results showed that 30 batches were compliant, while one batch of plastic shopping bags was found to be non-compliant [2][3] Group 2: Consumer Participation and Reporting - Consumers are encouraged to actively participate in monitoring industrial product quality and report any counterfeit or substandard products [2] - A hotline is provided for consumers to report issues, specifically numbers 12345 and 12315 [2]

Investment Rating - The industry investment rating is "Positive" [1] Core Views - The report highlights that international oil prices experienced fluctuations due to geopolitical factors, particularly the ongoing situation in Ukraine. As of November 28, 2025, Brent and WTI oil prices were reported at $62.38 and $58.55 per barrel, respectively [2][9] - The report indicates an increase in U.S. crude oil and refined product inventories, which negatively impacted the market. However, a reduction in the number of active oil rigs in the U.S. and skepticism regarding the peace negotiations in Ukraine contributed to price volatility [2][9] - The report notes that the oil and petrochemical sector underperformed compared to the broader market, with a decline of 0.73% in the sector as of November 28, 2025 [10] Summary by Sections Oil Price Review - As of November 28, 2025, Brent crude futures settled at $62.38 per barrel, down $0.18 (-0.29%) from the previous week, while WTI crude futures increased by $0.49 (+0.84%) to $58.55 per barrel [24] - The report also mentions the Urals crude price remained stable at $65.49 per barrel, while ESPO crude fell by $0.84 (-1.56%) to $53.16 per barrel [24] Offshore Drilling Services - The number of global offshore self-elevating drilling platforms was reported at 366, with a net increase of 1 platform. The floating drilling platform count rose to 129, with an increase of 2 platforms [27] U.S. Crude Oil Supply - U.S. crude oil production was reported at 13.814 million barrels per day, a decrease of 20,000 barrels from the previous week. The number of active drilling rigs fell to 407, down by 12 rigs [38] U.S. Crude Oil Demand - U.S. refinery crude processing averaged 16.443 million barrels per day, an increase of 211,000 barrels from the previous week, with a refinery utilization rate of 92.30%, up 2.3 percentage points [45] U.S. Crude Oil Inventory - Total U.S. crude oil inventories reached 838 million barrels, an increase of 3.272 million barrels (+0.39%) from the previous week. Strategic reserves were at 411 million barrels, up 498,000 barrels (+0.12%) [54] Refined Oil Products - In the North American market, average prices for diesel, gasoline, and jet fuel were reported at $99.57, $79.04, and $89.17 per barrel, respectively, with corresponding price differentials to crude oil [77]