Core Viewpoint - Recently, the company announced that its subsidiary, Huizhou Litop, successfully conducted trial production of a 100,000 tons/year raw material pre-treatment unit, producing polymer-grade propylene and green recycled polypropylene (rPP) products through a chemical recycling method [1] Group 1 - The successful trial production of the raw material pre-treatment unit marks a significant milestone for the company [1] - The production capacity of 100,000 tons/year indicates the company's commitment to expanding its operations in the polymer sector [1] - The introduction of green rPP products aligns with industry trends towards sustainability and environmental responsibility [1]

Core Insights - The fuel oil production in Heilongjiang Province for September 2025 was 38,000 tons, representing a year-on-year decline of 16.4% and a decrease in growth rate of 20.1 percentage points compared to the previous year [1] - For the period from January to September 2025, the total fuel oil production reached 461,000 tons, with a year-on-year growth of 1.2%, although this growth rate was 11.1 percentage points lower than the previous year [4] Monthly Production Analysis - In September 2025, Heilongjiang's fuel oil production accounted for 1.1% of the national total of 3,594,000 tons, indicating a significant drop in both production and growth rate compared to the national average [1] - The monthly production statistics show a notable decline in September, contrasting with the cumulative production growth observed in the earlier months of 2025 [3] Cumulative Production Overview - The cumulative fuel oil production from January to September 2025 was 461,000 tons, which is 1.4% of the national total of 31,977,000 tons, highlighting a relatively stable performance compared to the national figures despite the decline in September [4] - The growth rate for the cumulative production was higher than the national average by 4.2 percentage points, indicating some resilience in the earlier months of the year [4]

增速较上一年同期变化：高0.6个百分点 据统计，2025年9月广东省规模以上工业企业石脑油产量与上年同期相比下降了4.1%，达99.7万吨，增 速较上一年同期高0.6个百分点，增速较同期全国低3.7个百分点，约占同期全国规模以上企业石脑油产 量667.4万吨的比重为14.9%。 详见下图： 摘要：【图】2025年1-9月广东省石脑油产量统计分析 2025年9月石脑油产量统计： 石脑油产量：99.7 万吨 同比增长：-4.1% 2025年1-9月石脑油产量统计： 石脑油产量：917.5 万吨 图1：广东省石脑油产量分月（当月值）统计图 同比增长：3.9% 增速较上一年同期变化：高3.2个百分点 据统计，2025年1－9月，广东省规模以上工业企业石脑油产量与上年同期相比增长了3.9%，达917.5万 吨，增速较上一年同期高3.2个百分点，继续保持增长，增速较同期全国高4.5个百分点，约占同期全国 规模以上企业石脑油产量5951.8万吨的比重为15.4%。详见下图： 图2：广东省石脑油产量分月（累计值）统计图 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。 ...

Core Insights - Sinopec Ningbo Engineering Co., Ltd. has received the second prize in the petroleum and chemical industrial engineering design category at the 2025 National Excellent Engineering Survey and Design Awards for its coal-to-hydrogen integrated facility expansion project [1] Group 1: Technology and Performance - The facility utilizes a 2500-ton daily coal input SE water-coal (coke) slurry gasification technology, which includes S-COS desulfurization, S-AGR acid gas removal, and high-hardness high-ammonia nitrogen gasification wastewater pretreatment processes [1] - Compared to traditional gasification technologies, the SE water-coal slurry gasification technology reduces coal consumption by 5% and oxygen consumption by 8%, while extending the life of the slag outlet bricks by 60% and doubling the life of the burners [1] - The facility successfully commenced operation on November 18, 2021, producing qualified hydrogen within 11 hours, setting a record for the shortest commissioning time among similar facilities [1] - Since its initial operation, the facility has achieved a long-term operational goal of "four years without major repairs," running safely and stably for 1410 days, establishing a record for long-term operation of coal-to-hydrogen facilities [1] - The facility's operational reliability and duration are industry-leading, with all technical indicators meeting international advanced levels [1] - It employs the largest domestically produced four-channel burner for a single gasifier, with a continuous operation time exceeding 180 days, setting a new record for continuous operation of a single burner in SE water-coal slurry gasification [1] Group 2: Environmental and Resource Utilization - The facility efficiently processes high-sulfur petroleum coke and can simultaneously handle various organic waste materials, including black sulfur yellow, ethylene coke powder, and oily floating sludge, converting them into slurry raw materials [2] - This process achieves resource utilization and harmless treatment of refining by-products and waste, with a total of 83,000 tons of various waste materials recycled since the facility began operation in 2021, resulting in significant cost reduction and emission reduction benefits [2]

Core Insights - The "2025 Shandong Large Enterprises Development Research Report" was released, highlighting 13 companies from Zibo with a total revenue of 322.707 billion, accounting for 3.12% of the province's total revenue [2] Group 1: Top Companies in Shandong - Two companies from Zibo made it to the top 50 in Shandong: China Petroleum & Chemical Corporation Qilu Branch with a revenue of 65.47 billion ranked 36th, and Shandong Jincheng Petrochemical Group Co., Ltd. with 62.661 billion ranked 45th [2][3] - Other notable companies include Zibo Xintai Petrochemical Co., Ltd. with 50.815 billion ranked 56th, and Zibo Urban Asset Operation Group Co., Ltd. with 27.014 billion ranked 94th [2][3] Group 2: Additional Companies in Rankings - Nine other companies from Zibo are ranked between 100 and 200, including Shandong Bohui Group Co., Ltd. (22.019 billion, 109th), Zibo Commercial Building Co., Ltd. (20.602 billion, 112th), and Shandong Zijiang Group Co., Ltd. (17.187 billion, 126th) [2][4] - Other companies in this range include Shandong Langhui Petrochemical Co., Ltd. (13.415 billion, 143rd), Zibo Financial Holdings Group Co., Ltd. (10.156 billion, 159th), and Qishang Bank Co., Ltd. (9.548 billion, 163rd) [4]

中化新网讯 12月15日，韩国DL化学宣布，该公司拟重新审查深陷债务危机的子公司丽川石脑油裂解中 心(YNCC)的原料供应合同，建议优先关停丽水基地年产能90万吨的一号蒸汽裂解装置。 YNCC由韩华解决方案与DL化学各持股50%合资建立。DL化学提出，若YNCC依据乙烯产能推进裂解 装置裁减，公司将主动调整股东资产组合与重组战略予以支持。值得注意的是，该公司建议优先关停丽 水基地年产能90万吨的一号蒸汽裂解装置，而非此前因经济因素已无限期停工、年产能50万吨的三号装 置。YNCC还在运行年产能91.5万吨乙烯的二号裂解装置。 DL化学的重组蓝图涵盖淘汰低盈利、缺乏竞争力的下游产品线，通过设备改造转产高附加值产品，并 加大研发投入以对冲减产格局下的原料成本压力。该公司代表强调，裂解装置缩减后，提升下游产品附 加值已成企业生存的必要条件。 DL化学声明指出，2025年YNCC业绩较初始规划缩水超3000亿韩元，营业利润跌至盈亏平衡点，尤其 在二次注资后的四季度，盈利能力急剧下滑。受市场冲击，韩乙烯、丙烯价格年内分别下跌17%、 15%，且2026至2027年价格预计持续低于2025年均值。 ...

Core Viewpoint - Phillips 66 has announced an increase in its 2026 capital budget to $2.4 billion, focusing on both growth and maintenance capital investments [1] Group 1: Capital Budget Allocation - The capital budget includes $1.3 billion for growth capital and $1.1 billion for maintenance capital [1] - The midstream segment is allocated $1.1 billion in maintenance capital, with $700 million designated for growth projects and $400 million to ensure operational support [1] Group 2: Strategic Focus - The company aims to enhance its natural gas liquids (NGL) "wellhead to market" integration strategy by expanding key basin pipelines and fractionation facilities, as well as increasing natural gas processing capacity [1] - Growth capital will primarily be directed towards joint ventures, particularly with Chevron Phillips Chemical and WRB Refining, focusing on world-class petrochemical facilities being constructed along the U.S. Gulf Coast and in Ras Laffan, Qatar, expected to commence production in 2026 [1] Group 3: Leadership Emphasis - CEO Mark Lashier emphasized that the budget will concentrate on the NGL value chain and high-return refining projects while ensuring operational safety and reliability [1]

数据来源：国家统计局，智研咨询整理 根据国家统计局数据显示：2025年10月中国石油沥青产量为349万吨，同比增长12.2%；2025年1-10月中 国石油沥青累计产量为3136.8万吨，累计增长11.5%。 2020-2025年1-10月中国石油沥青产量统计图 上市企业：国创高新（002377）,宝利国际（300135）,森远股份（300210）,路畅科技（002813）,龙洲股 份（002682）,国联水产（300094）,宁波富邦（600768）,滨化股份（601678）,岳阳兴长（000819）,恒 逸石化（000703） 相关报告：智研咨询发布的《2025-2031年中国石油沥青产品行业市场运行态势及未来发展潜力报告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

s 加安期货 沥青早报 研究中心能化团队 2025/12/19 量明 s 加安期货 沥青早报 研究中心能化团队 2025/12/19 | | 指标 | 11/18 | 12/12 | 12/16 | 12/17 | 12/18 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基差&月差 | 山东基差(+80)(非京博) | -2 | -42 | 16 | -2932 | -2872 | 60 | -2830 | | | 华东基差(镇江库) | 118 | 18 | 86 | -3012 | -2952 | 60 | -2970 | | | 华南基差(佛山库) | 48 | -32 | 36 | -3012 | -2952 | 60 | -2920 | | | 01-03 | -49 | -39 | -25 | -17 | -29 | -12 | 10 | | | 02-03 | -29 | -18 | -22 | -2 | -17 | -15 | | | | 03-06 | -39 | -40 | -44 | ...

Group 1 - The core viewpoint of the article highlights that China's crude oil production in September 2025 reached 17.775 million tons, marking a year-on-year increase of 4.1%, which is 3.0 percentage points higher than the same period last year [1][4] - The cumulative crude oil production from January to September 2025 was 162.633 million tons, showing a year-on-year growth of 1.7%, but the growth rate has slowed down by 0.3 percentage points compared to the previous year [4][5] - The data reflects that the production figures are based on large-scale industrial enterprises, defined as those with annual main business revenues of 20 million yuan or more [5]