Core Viewpoint - The article emphasizes the intensified efforts of state-owned enterprises (SOEs) in China to achieve their annual goals and prepare for the 14th Five-Year Plan, with a focus on investment, reform, and enhancing operational efficiency [2][4][10]. Group 1: Investment and Economic Growth - In the fourth quarter, SOEs are expected to increase their investment efforts significantly, with State Grid projected to exceed 650 billion yuan in fixed asset investments for the year, with one-third of this occurring in Q4 [2][10]. - From January to August, SOEs reported total operating revenue of 53.96 trillion yuan, marking a year-on-year growth of 0.2%, which is the first positive growth rate of the year, providing crucial support for profit improvement [6]. Group 2: Operational Performance - Several central enterprises demonstrated stable growth in the first three quarters, with China Huadian achieving its targets for profit and operational efficiency, while China Coal improved its production and sales metrics despite facing operational pressures [5]. - China State Construction emphasized the importance of enhancing market expansion and risk management, achieving significant progress in key tasks during the third quarter [5]. Group 3: Reform Initiatives - The third special promotion meeting for the deepening reform of SOEs clarified the goals for high-quality reform completion by 2025, focusing on structural adjustments, technological innovation, and governance improvements [8]. - Key reform objectives include achieving quality standards in critical technology breakthroughs, enhancing core competitiveness, addressing long-standing issues, and establishing sustainable mechanisms [8]. Group 4: Long-term Development Strategies - SOEs are aligning their 14th Five-Year Plan with national strategic needs, focusing on emerging industries and digital transformation to foster new growth drivers [10][12]. - Companies like Harbin Electric and China Energy Construction are leveraging AI and digitalization to enhance their competitive edge and extend their value chains [12].

Core Insights - In June 2025, the petroleum coke production in Hubei Province was 72,000 tons, representing a year-on-year decrease of 2.4% and a decline in growth rate by 5.8 percentage points compared to the same period last year [1] - For the first half of 2025, the total petroleum coke production reached 454,000 tons, showing a year-on-year increase of 6.8%, with a growth rate improvement of 12.7 percentage points compared to the previous year [4] Monthly Production Analysis - The petroleum coke production in June 2025 was 72,000 tons, which accounted for 2.8% of the national production of 2,549,000 tons during the same period [1] - The growth rate of petroleum coke production in June 2025 was consistent with the national average [1] Cumulative Production Analysis - From January to June 2025, Hubei's petroleum coke production was 454,000 tons, which is 2.9% of the national total of 15,674,000 tons [4] - The growth rate of 6.8% in the first half of 2025 was higher than the national average by 11.3 percentage points [4]

Group 1: Report Industry Investment Rating - The investment rating for the asphalt industry is cautiously bearish, with a short - term recommendation of waiting and seeing [2] Group 2: Core Viewpoints - On October 15, the closing price of the main asphalt futures contract BU2511 in the afternoon session was 3,250 yuan/ton, down 36 yuan/ton or 1.1% from the previous settlement price. The open interest was 82,783 lots, a decrease of 16,325 lots from the previous day, and the trading volume was 112,815 lots, an increase of 12,090 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information were: 3,506 - 4,086 yuan/ton in Northeast China, 3,320 - 3,670 yuan/ton in Shandong, 3,350 - 3,550 yuan/ton in South China, and 3,450 - 3,550 yuan/ton in East China. The spot prices in the Northwest, Northeast, and East China remained relatively stable, while those in other regions declined to varying degrees [1] - The overall rigid demand for asphalt was weak, and the actual trading volume in the spot market was average. The peak - season characteristics on the demand side were not obvious. With the downward shift of oil prices and the weak fundamentals of asphalt itself, the market was driven downward, causing the asphalt futures prices to decline continuously. Considering the uncertainties in the macro and geopolitical aspects, crude oil prices may fluctuate repeatedly and disrupt the asphalt market [1] Group 3: Summary by Related Catalogs Market Analysis - The asphalt futures prices declined, and the open interest decreased while the trading volume increased. The spot prices in most regions dropped, and the demand was weak, leading to a downward - driven market [1] Strategy - The unilateral strategy is to be cautiously bearish and wait and see in the short term. There are no strategies for inter - period, cross - variety, spot - futures, or options trading [2] Figures - There are multiple figures showing various data related to asphalt, such as spot prices in different regions (Shandong, East China, South China, North China, Southwest, and Northwest), futures contract prices (index, main, and near - month), trading volume and open interest, production volume (domestic weekly, independent refineries, and in different regions), consumption volume (road, waterproof, coking, and ship - fuel), and inventory volume (refinery and social) [3]

Core Insights - In June 2025, China's ethylene production reached 2.849 million tons, marking a year-on-year increase of 5.8%, which is 2.5 percentage points higher than the same period last year [1] - For the first half of 2025, the total ethylene production was 18.144 million tons, reflecting a year-on-year growth of 10.9%, with an increase of 12.7 percentage points compared to the previous year [4] Monthly Production Data - The ethylene production for June 2025 was 2.849 million tons, showing a 5.8% increase year-on-year [1] - The growth rate for June 2025 is 2.5 percentage points higher than the same month in the previous year [1] Cumulative Production Data - From January to June 2025, the cumulative ethylene production was 18.144 million tons, with a year-on-year growth of 10.9% [4] - The growth rate for the first half of 2025 is 12.7 percentage points higher than the same period last year [4] Industry Standards - Since 2011, the threshold for scale industrial enterprises has been raised from an annual main business income of 5 million yuan to 20 million yuan [5]

行业 沥青日报 日期 2025 年 10 月 16 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 期货从业资格号：F03134307 一、行情回顾与操作建议 表1： 行情回顾(元/吨) | | 开盘 | 收盘 | 最高 | 最低 | 涨跌幅% | 成交量（万手） | | --- | --- | --- | --- | --- | --- | --- | | BU2511 | 3274 | 3250 | 327 ...

转自：视点 据上游新闻报道，武汉开投能源管理有限公司是武汉市国资委三级子公司。2023年9月，开投能源与中 石化北方能源（大连）有限公司签订了一份沥青买卖合同，并支付了6382.5万元货款。兜兜转转近两年 后，开投能源检查后惊讶地发现，两个罐子里装的都不是沥青：一个是空罐，另一个罐子里是水。 支付6382.5万元巨额货款近两年后，买方终于打开了第三方仓储公司新疆天源油库的油罐，但迎接他们 的不是沥青，而是空气和水，俨然将一次大额沥青采购演变成令人瞠目的闹剧，暴露出的国资监管漏洞 刺痛公众神经。 提货提不到，有没有找供货方帮忙协调？开投能源相关负责人说，想着沥青在天源油库，油库因停业运 不出沥青，找中石化北方能源（大连）有限公司意义不大，就一次没找过。作为买方，无法提货时，应 第一时间向供货方主张权利，要求其履行交货义务或承担违约责任。对法律关系的认知错位，不仅会延 误维权时机，更可能让几千万国有资产陷入无人负责的真空地带。 "6000万元买来空气与水"，公众对"受害者"质疑颇多，本质上是对国有资产流失的深度焦虑。交易前不 验货、交易后不监管、出现问题未有效处理，每一个环节的掉链子，都让国资安全暴露在巨大风险之 ...

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智通财经APP获悉，银河证券发布研究报告称，预计10月Brent原油价格偏弱运行，油价运行区间参考 60-67美元/桶，行业成本端重心或略有下移，"金九银十"终端需求有望季节性走强，推荐民营大炼化、 涤纶长丝、改性塑料等板块投资机会。 9月油价重心窄幅震荡 9月Brent、WTI月均价分别为67.6、63.6美元/桶，环比分别变化0.5%、-0.7%。供给端，一方面，9月7 日，OPEC+八个成员国同意将10月石油产量提高13.7万桶/日，以加快争夺全球原油市场份额。此为该 组织连续6个月宣布增产计划，驱动全球原油供应预期上移。另一方面，俄乌冲突仍在反复，地缘担忧 情绪升温。9月24日，乌克兰袭击行动导致位于俄罗斯新罗西斯克港口附近的石油装运设施以及终端设 备瘫痪，相关设施出口原油约200万桶/日。 需求端，原油消费切换至淡季，需求动能预计将环比走弱。截至9月26日，美国炼厂开工率为91.4%， 较8月底下降2.9个百分点。参照季节性规律，后续美国炼厂开工率将面临季节性走低压力。 库存端，截至9月26日当周，美国商业原油库存量41655万桶，较8月底下降416万桶。当前原油市场在地 缘扰动、OPEC+增产、需 ...

Core Insights - The central government is intensifying efforts to enhance the performance and reform of state-owned enterprises (SOEs) in the fourth quarter, aiming to meet annual targets and prepare for the 14th Five-Year Plan [1][2][3] Group 1: Economic Performance and Investment - SOEs are expected to increase investment in the fourth quarter, with State Grid's fixed asset investment projected to exceed 650 billion yuan for the first time, with one-third of this expected in Q4 [1][6] - In the first eight months of the year, SOEs reported total operating revenue of 53.96 trillion yuan, a year-on-year increase of 0.2%, marking the first positive growth rate of the year [2] - China Huadian achieved its target of "one increase, one stability, and four improvements" in the first three quarters, while China Coal is focusing on increasing production and sales to improve operational indicators [2] Group 2: Reform and Structural Adjustment - The third special meeting on the deepening reform of SOEs emphasized key tasks such as structural adjustments, overcoming technological innovation bottlenecks, and improving corporate governance [3] - The reform aims to achieve four core goals: meeting quality standards, translating reform results into enhanced core competitiveness, addressing deep-rooted issues, and establishing long-term mechanisms [3] Group 3: Local Government Initiatives - Local governments, such as Jilin Province, are focusing on optimizing the layout of state-owned capital and enhancing governance levels of state-controlled enterprises [4][5] - The emphasis is on improving the quality and efficiency of development and actively revitalizing idle assets to support regional economic growth [5] Group 4: Digital Transformation and New Industries - SOEs are advancing digital transformation and new industry layouts to enhance long-term competitiveness, with companies like China Energy Engineering and Harbin Electric focusing on AI and digital production [7]

Group 1 - China Petroleum & Chemical Corporation (Sinopec) has established a new subsidiary, Sinopec Recycling Technology Co., Ltd., focusing on recycling and circular economy initiatives [1] - The registered capital of Sinopec Recycling Technology is 200 million yuan, fully owned by Sinopec's subsidiary [1] - Sinopec has previously engaged in circular economy efforts, including its 20% stake in China Resources Recycling Group, which focuses on waste plastic recycling [1] Group 2 - Sinopec initiated the Plastic Circular Economy Green Action Alliance in 2021, collaborating with 23 organizations to enhance recycling efficiency and develop chemical recycling technologies [2] - The company has achieved industrial production of biodegradable plastics, including PBST, PBAT, and PBSA [2] - Major petrochemical companies are increasingly investing in circular economy initiatives, with examples including Shanghai Leju Technology Co., Ltd. receiving investments from Sinopec and other industry players [2][3] Group 3 - Leju Technology, founded in 2018, focuses on recycling, circular logistics, and smart equipment, creating a closed-loop ecosystem for plastic waste [3] - The business model of Leju Technology aligns with petrochemical companies' needs for sustainable packaging solutions, especially in meeting carbon emission standards for exports [3] - The shift towards circular economy practices is seen as essential for petrochemical companies to meet ESG goals and customer demands [3][4] Group 4 - The promotion of waste recycling and circular utilization by petrochemical companies reduces reliance on crude oil and aligns with low-carbon development goals [4] - Establishing a closed-loop system enhances resource utilization efficiency and extends the industry chain [4] - Continuous technological advancements and supportive national policies are expected to drive sustainable development in the circular economy [4]