| | | | | 燃料油早报 | | 研究中心能化团队 2025/10/24 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | | | | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | | 鹿特丹VLSFO-H | | 日期 | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | LGO-Brent M1 | SFO M1 | | 2025/10/17 | 367.92 | 393.96 | -2.92 | 607.89 | -213.93 | 22.57 | 26.04 | | 2025/10/20 | 365.63 | 394.21 | -3.00 | 614.83 | -220.62 | 23.69 | 28.58 | | 2025/10/21 | 366.84 | 397.70 | -3.25 | 617.65 | -219.95 | 23.78 | 30.86 | | ...

Core Points - The stock of Maohua Shihua experienced a limit down today, with a turnover rate of 19.33% and a trading volume of 343 million yuan, showing a fluctuation of 8.33% [2] - Institutional investors net bought 18.70 million yuan, while brokerage seats collectively net sold 10.15 million yuan [2] - The stock was listed on the Shenzhen Stock Exchange's watch list due to a daily price deviation of -10.22% [2] Trading Data - The top five trading departments accounted for a total transaction of 97.65 million yuan, with a buying amount of 53.10 million yuan and a selling amount of 44.55 million yuan, resulting in a net buying of 8.55 million yuan [2] - Among the trading departments, two institutional special seats were present, with a total buying amount of 25.27 million yuan and a selling amount of 6.57 million yuan, leading to a net buying of 18.70 million yuan [2] Historical Performance - Over the past six months, the stock has appeared on the watch list seven times, with an average price drop of 3.13% the day after being listed and an average drop of 9.57% in the following five days [2] Capital Flow - The stock saw a net outflow of 24.77 million yuan in main funds today, with a significant outflow of 13.57 million yuan from large orders and 11.20 million yuan from big orders [2] - In the last five days, the main funds experienced a net inflow of 22.96 million yuan [2]

Core Viewpoint - Jiangsu Baoli International Investment Co., Ltd. is facing operational pressure in Q3, with a significant decline in revenue and net losses, prompting the company to adjust its business strategy and explore new directions for future growth [1][2]. Financial Performance - The company's revenue for the first three quarters was 1.067 billion yuan, a year-on-year decrease of 36.42% [1]. - The net loss attributable to shareholders was 10.1287 million yuan, with a net loss of 50.4023 million yuan after excluding non-recurring gains and losses [1][2]. - There is increased pressure on liquidity, with accounts receivable rising, impacting cash flow efficiency [2]. Business Operations - The main business areas include asphalt products and general aviation services, both of which have been affected by external economic conditions and industry demand [1]. - The asphalt sector has not met industry expectations, leading to a slowdown in business progress [1]. - However, there was a quarter-on-quarter recovery in business volume in Q3, indicating signs of stabilization [1]. Strategic Adjustments - The company is transitioning towards a light asset operation model in its general aviation business, reducing the scale of some aviation subsidiaries to improve resource utilization [1]. - Baoli International is also venturing into the semiconductor testing equipment sector by investing in a company focused on semiconductor technology research and development, marking a key step in diversifying its business [2]. - The company aims to stabilize its core business while exploring new fields aligned with policy directions and market trends, gradually advancing its transformation and upgrade [2].

Core Viewpoint - Shandong Molong announced that its stock (002490) experienced an abnormal fluctuation with a cumulative closing price increase deviation exceeding 20% over two consecutive trading days on October 22 and 23, 2025 [1] Summary by Relevant Sections - **Stock Performance** - The stock price of Shandong Molong showed a significant increase, with a cumulative deviation exceeding 20% over two trading days [1] - **Company Verification** - The company confirmed that there is no need to correct or supplement previously disclosed information, and no undisclosed significant information was found in media reports [1] - **Operational Status** - There are no major changes in the company's production operations or external environment [1] - **Insider Trading** - The controlling shareholder and actual controller have no undisclosed significant matters or stock trading activities that need to be reported [1] - **Investor Advisory** - The company advises investors to refer to designated media for information and to invest rationally while being aware of risks [1]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Views of the Report - This week, the high - sulfur cracking of Singapore 380cst fluctuated at a high level. The near - month spread weakened, the basis weakened month - on - month, the EW spread continued to weaken, the high - sulfur in the ARA region strengthened, and the FU internal - external spread fluctuated between 8 - 10 US dollars. The low - sulfur cracking weakened month - on - month but was at a historical low year - on - year. The month spread weakened slightly, the LU internal - external spread fell to 7 - 8 US dollars, and the MF0.5 basis stabilized in the second half of the week [3]. - Fundamentally, Singapore's residue inventory increased and was at a historical high year - on - year. Floating storage inventory stabilized after de - stocking and was at a high level year - on - year. ARA residue inventory increased slightly and was at a low level in the same period of history. EIA residue inventory increased slightly at a low level. Fujairah inventory increased month - on - month and was at a low level year - on - year. Middle - East high - sulfur floating storage inventory increased significantly this week [4]. - Recently, the Singapore high - sulfur spot market weakened. The cracking was supported by raw material procurement, and the short - term downside space was limited. It is expected that the 380 cracking will maintain a fluctuating pattern. The FU internal - external spread will be viewed within a range recently, and the 01 contract is bearish in the end. This week, the LU market was still weak. In the fourth quarter, the overseas low - sulfur market is in a pattern of shorting on rallies, and attention should be paid to the quota usage for internal - external spread [4]. 3) Summary by Related Catalogs Fuel Oil Price Data - **Rotterdam**: From October 16 to 22, 2025, the prices of Rotterdam 3.5% HSF O swap M1 and 0.5% VLS FO swap M1 changed by 7.05 and 4.96 respectively. Other indicators such as Rotterdam HSFO - Brent M1 also had corresponding changes [1]. - **Singapore**: During the same period, the prices of Singapore 380cst M1 and 180cst M1 changed by 4.56 and 4.31 respectively. The Singapore VLSFO M1 price increased by 6.43 [1]. - **Singapore Fuel Oil Spot**: From October 16 to 22, 2025, the FOB 380cst price increased by 3.18, and the FOB VLSFO price increased by 5.63. The 380 basis decreased by 0.46 [2]. - **Domestic FU**: The prices of FU 01, FU 05, and FU 09 increased by 44, 36, and 30 respectively from October 16 to 22, 2025 [2]. - **Domestic LU**: The prices of LU 01, LU 05, and LU 09 increased by 66, 65, and 70 respectively during the same period [3].

Core Points - The company, Maohua Shihua, announced that its A-share stock experienced an abnormal trading fluctuation with a cumulative closing price increase of 21.49% over three consecutive trading days from October 20 to October 22, 2025 [2] - The company confirmed that there are no corrections or supplements needed for previously disclosed information, and that its recent production and operational conditions remain normal without significant changes in the internal and external business environment [2] - The company's controlling shareholder and actual controller have no undisclosed significant matters related to the company, and there are no violations of information disclosure regulations [2]

Core Insights - Shanghai Petrochemical reported a revenue of 19,362.301 million yuan for Q3 2025, representing a year-on-year decline of 13.8% [1] - The net profit attributable to shareholders of the listed company was 30.595 million yuan, showing a significant year-on-year increase of 361.67% [1]

Core Viewpoint - The company Maohua Shihua announced that its A-share stock experienced an abnormal trading fluctuation, with a cumulative closing price increase of 21.49% over three consecutive trading days from October 20 to October 22, 2025 [1] Summary by Relevant Sections - Stock Performance - The stock price of Maohua Shihua increased by a cumulative 21.49% over three consecutive trading days [1] - Company Operations - The company confirmed that there are no corrections or supplements needed for previously disclosed information [1] - No significant changes have been observed in the company's recent production and operational environment, indicating normal business operations [1] - Market Information - The company did not find any recent media reports that could have significantly impacted its stock trading price [1]

Group 1: Company Performance - China Unicom reported a 1.0% increase in revenue to 292.985 billion yuan for the first three quarters of 2025, with a net profit of 8.772 billion yuan, up 5.2% year-on-year [1] - Tonghuashun's third-quarter revenue reached 1.481 billion yuan, a 56.72% increase, with a net profit of 704 million yuan, up 144.5% year-on-year [2] - Duofu Du achieved a net profit of 78.054 million yuan for the first three quarters, a significant increase of 407.74% compared to the previous year [11] - Wehua New Materials reported a third-quarter net profit of 25.384 million yuan, a 250.04% increase year-on-year [12] - Xianggang Technology's net profit for the first three quarters grew by 186.19% to 95.471 million yuan [13] Group 2: Stock and Market Activity - Tianpu Co. warned of potential rapid declines in stock price due to a 246.02% increase since August 22, indicating a significant deviation from the company's fundamentals [3] - Deep Sanda A announced plans to sell stakes in several subsidiaries to focus on core business operations [4] - Jiangsu New Energy's controlling shareholder plans to invest in offshore wind power projects and will manage the projects through the company [10] Group 3: Regulatory and Compliance Issues - Zhongchong Co. received an administrative regulatory decision from the Shandong Securities Regulatory Bureau for failing to announce a significant change in shareholding [5] - Two consecutive years of losses were reported by Lianban Construction Machinery, prompting a risk warning for investors [6] Group 4: Corporate Developments - Junshi Biosciences' subsidiary passed a CGMP inspection by the FDA, marking its second successful inspection [8] - Xinguang Optoelectronics announced the lifting of restrictions on its chairman, allowing him to resume normal duties [9] - Defu Technology plans to invest an additional 1 billion yuan in special copper foil production facilities [30]

格隆汇10月22日丨上海石化(600688.SH)公布，公司前三季度营业收入588.86亿元，同比下降10.77%； 归属于上市公司股东的净利润-4.32亿元；基本每股收益-0.041元。 ...