Core Insights - The 8th International Forum on Carbon Capture, Utilization, and Storage (CCUS) was held in Beijing, focusing on accelerating technological innovation for a low-carbon future [1] - The forum gathered nearly 300 participants, including government officials, corporate executives, and experts from over 10 countries to discuss CCUS technology innovation and industry development [1] Group 1: Key Contributions and Statements - China Petroleum & Chemical Corporation (Sinopec) Chairman Hou Qijun emphasized the critical role of CCUS technology in transforming traditional industries and fostering new productive forces [3] - The CCUS Industry Technology Innovation Strategic Alliance has effectively promoted the transition of CCUS technology from demonstration applications to large-scale commercialization [3] - Sinopec is committed to green and low-carbon development, actively engaging in various explorations and practices in the CCUS field [3] Group 2: Strategic Importance of CCUS - Chen Jianfeng, Secretary-General of the Chinese Academy of Engineering, highlighted the strategic significance of CCUS technology in ensuring energy security and promoting industrial transformation [4] - China has made positive progress in CCUS technology from research and demonstration to industrial layout, establishing several representative projects for capture, transportation, utilization, and storage [4] - The Chinese Academy of Engineering aims to lead collaborative innovation in engineering technology to support a harmonious coexistence between humanity and nature [4] Group 3: International Cooperation and Future Directions - UN Resident Coordinator in China,常启德, praised China's leadership and practical achievements in the CCUS field, recognizing the effective work of the CCUS Industry Technology Innovation Strategic Alliance [6] - There is a need for further deepening international cooperation and creating an open and inclusive platform for technology exchange and knowledge sharing in CCUS [6] - The forum was guided by the Ministry of Science and Technology and co-hosted by various organizations, indicating a collaborative effort in advancing CCUS technology [6]

据国家发展改革委消息，自11月24日24时起，国内汽、柴油价格（标准品）每吨分别下调70元、65元。折合成升价，每升92号汽油、95号汽油和0号柴油的 降幅分别为0.05元、0.06元和0.06元。今年国内成品油零售价格已经历23轮调整周期，其中7次上调，6次搁浅，10次下调。北京地区汽油最高零售价8575元/ 吨，柴油7585元/吨。 数读财经 小数点·大经济 Uilt 93220 8300 柴油 2023年-2025年油价变动情 ● 1000 800 600 400 250 200 0 -200 -400 汽油价格上涨区间 ( 元/吨 ) 汽油价格下降区间(元/吨) -600 -800 1000 800 600 400 240 200 0 -200 -400 柴油价格上涨区间 (元/吨 ) 柴油价格下降区间(元/吨) -600 -800 数据来源:国家发展和改革委员会 统筹： 任 记者： 董怡ł 设计： 任婉[ 校对: 穆祥ł ...

格隆汇11月24日丨中国石油化工股份(00386.HK)发布公告，2025年11月24日耗资1779万港元回购405.4 万股，回购价格每股4.37-4.45港元。 ...

Report Industry Investment Rating - Not provided in the given content Core Views - For pure benzene, the supply is expected to be loose with new capacity and restarted plants, and the demand support is limited due to some downstream loss - making products cutting production. The cost - end support is weak, and the rebound space is restricted, with a possible short - term adjustment under the drag of oil prices [5][8]. - For styrene, the supply is limited with some plants increasing load and some under maintenance. The demand support is limited due to high inventory and profit pressure of some downstream products. Although the short - term supply - demand expectation improves, the rebound space is restricted due to profit repair, weakening demand expectation, and weak cost - end support [9][11]. Summary by Relevant Catalogs Pure Benzene Cost - Under the pressure of OPEC+ continuous production increase and the record - high US crude oil production, the crude oil supply - demand pattern is still weak. With more negative factors in the crude oil market recently, such as the US promoting the Russia - Ukraine peace agreement negotiation and the increasing uncertainty of the Fed's interest - rate cut expectation next month, oil prices are under pressure. Short - term Brent crude oil is concerned about the $60/barrel support, and attention should be paid to the Russia - Ukraine geopolitical dynamics [4]. Supply and Demand - Supply: There are plant restarts and new capacity included recently. Although some plants reduced their loads, the supply remains loose. The output of petroleum benzene this cycle is 44.67 tons (- 0.76 tons), and the capacity utilization rate is 76.67% (- 1.31%). The benzene hydrogenation plant operating rate is 57.75% (+ 3.2%), with an output of 7.58 tons (+ 0.42 tons) [5]. - Demand: The downstream operating rates show mixed trends. The styrene operating rate is 68.95% (- 0.3%), the phenol operating rate is 79% (+ 11.4%), the caprolactam operating rate is 88.24% (+ 2.2%), and the aniline operating rate is 75.68% (- 4.5%) [6]. Strategy - Unilateral: In the short term, treat BZ2603 as short - biased on rallies. - Arbitrage: The EB03 - BZ03 spread is around 1122 (+ 28), and stay on the sidelines for now [7]. Valuation - Neutral to low. Due to the repeated speculation of gasoline - blending demand, the pure benzene price rebounded slightly, but the weak fundamental expectation and weak oil - price expectation limited the increase. The BZN has been repaired to some extent, expanding from 100 yuan/ton last week to around 112 yuan/ton [8]. 2025 Production Plan - Multiple enterprises in different provinces have pure benzene and its downstream production plans in 2025, including enterprises like Yulong Petrochemical, ExxonMobil, etc. The planned new capacity of pure benzene is 128 tons/year, and the new capacity of downstream products is about 238 tons/year [13][14]. October - December 2025 Device Dynamics - Many plants have planned shutdowns for maintenance from October to December 2025, with a total planned shutdown capacity of 212 tons. The net supply of domestic pure benzene产业链 devices decreases by about 11.4 tons, and the net demand decreases by about 17.2 tons, showing inventory accumulation [16][17]. Styrene Supply - With the repair of industry profits, some plants increased their loads. Last week, the overall styrene output was 34.29 tons (- 0.15 tons), and the capacity utilization rate was 68.95% (- 0.3%). This week, one plant in East China restarted, and one plant each in Northeast, East, and South China adjusted their loads, resulting in a slight output decrease [9]. Demand - The consumption of styrene by the three major downstream products is 26.69 tons (+ 0.9 tons). The capacity utilization rates of EPS, PS, and ABS all increased. As of November 20, the EPS capacity utilization rate is 56.27% (month - on - month + 4.64%), the PS capacity utilization rate is 55.9% (month - on - month + 0.5%), and the ABS capacity utilization rate is 72.4% (month - on - month + 0.6%) [9][77]. Strategy - Unilateral: Treat EB01 as range - bound. - Arbitrage: Stay on the sidelines for now [10]. Valuation - Neutral to low. The supply - demand situation of styrene has improved. Driven by overseas gasoline - blending speculation and exports, styrene first rose and then fell, and the industry cash flow has been slightly repaired. The non - integrated cash flow has rebounded from around - 106 yuan/ton last week to around 9 yuan/ton [11]. Import and Export - Under the expectation of overseas plant maintenance, styrene exports are expected to increase in November. China is gradually changing from a net importer of styrene in the past five years to a net exporter [63][67]. Inventory - The port inventory of styrene has decreased. The downstream 3S high inventory reflects the large demand resistance in further transmission to the terminal and also restricts the increase of loads [68][86]. Downstream - The weekly operating rate of downstream products has generally increased slightly, but the downstream profits have been compressed, and the downstream inventory is at a relatively high level on a month - on - month basis [73][78][83]. Terminal - Domestic demand support is limited, as shown by the data of domestic and export sales of home appliances such as air conditioners, refrigerators, and washing machines [88].

Core Viewpoint - The domestic prices of gasoline and diesel in China will decrease starting from November 24, 2025, due to fluctuations in international oil prices, with gasoline prices dropping by 70 yuan per ton and diesel prices by 65 yuan per ton [1]. Price Adjustments - Gasoline and diesel prices will be adjusted as follows: - Gasoline: Decrease of 70 yuan per ton - Diesel: Decrease of 65 yuan per ton [1] Regional Price Details - The maximum retail prices for gasoline and diesel in various provinces and cities are as follows (in yuan per ton): - Beijing: Gasoline 8575, Diesel 7585 - Shanghai: Gasoline 8555, Diesel 7555 - Guangdong: Gasoline 8620, Diesel 7620 - Other regions have similar pricing structures with slight variations [2]. Source Information - The information is sourced from the National Development and Reform Commission and reported by China Energy News [3].

11月24日24时，国内成品油零售价格迎来年内第10次下调。 国家发展改革委官网披露，近期国际市场油价波动运行，根据11月24日的前10个工作日平均价格与上次 调价前10个工作日平均价格对比情况，按照现行成品油价格机制，自11月24日24时起，国内汽、柴油价 格（标准品，下同）每吨分别降低70元和65元。 本轮调价周期内国际原油价格宽幅波动 本轮计价周期内，国际原油价格呈现先扬后抑的宽幅波动走势。 物流行业，以月跑10000公里，百公里油耗在38升的重型卡车为例，在下次调价窗口开启前，单辆车的 燃油成本将减少106元左右。此外，本次下调落实后，国内实行一省一价的地区92号汽油将全面进入"6 元时代"。 市场人士预计，下一轮成品油调价下调的概率较大。 本轮调价周期内汽油柴油批发市场价格回涨 本轮成品油零售调价周期内，国内成品油市场汽油和柴油的批发价格出现回涨。市场人士指出，虽然周 期内国际原油呈现跌势，但由于前期汽油柴油价格持续下跌，上游整体利润端承压，叠加社会库存相对 偏低，刺激上游挺价意愿增强，中下游追涨入市带动市场成交好转，汽油柴油价格出现回涨，其中柴油 由于刚需支撑尚存，价格涨幅大于汽油。不过，随着天气 ...

本文编选自：国家发展改革委微信公众号；智通财经编辑：蒋远华。 智通财经APP获悉，11月24日，国家发展改革委宣布，根据11月24日的前10个工作日平均价格对比情 况，按照现行成品油价格机制，从11月24日24时起，本次国内汽、柴油价格(标准品)每吨分别降低70元 和65元。 ...

Core Insights - Hengli Group has demonstrated remarkable strategic ambition and execution capabilities during the 14th Five-Year Plan period, evolving from a textile and chemical fiber company to a high-end equipment manufacturer [1][3] - The company aligns its development with national strategies, focusing on areas where the industry is lacking and expanding into global weak points [1] Group 1: Company Development - Hengli Group has established nine production bases and diversified its operations across textiles, chemical fibers, new materials, and petrochemicals [1] - The company has achieved significant milestones, including a projected sales revenue of 871.5 billion yuan in 2024 and ranking 81st in the Fortune Global 500, making it the 3rd largest private enterprise in China [3] Group 2: Innovation and Technology - Hengli has pioneered molecular refining technology and applied full hydrogenation processes in its refining projects, increasing crude oil utilization by 5% [4] - The company has built three industrial silk workshops with a total capacity of 800,000 tons, producing high-strength polyester industrial silk that can replace steel in various applications [5] - Hengli's subsidiary, Kanghui New Materials, has developed a 3.9-micron ultra-thin carbon-based film, becoming the first in China to produce such a product using melt direct drawing technology [6] Group 3: Expansion into New Industries - In 2022, Hengli entered the shipbuilding industry by acquiring assets from the former STX (Dalian), with its first phase of the "Marine Factory" achieving full operation in 150 days [7] - The company has initiated the construction of the Marine Technology Industrial Park, focusing on high-end marine equipment and related manufacturing [9] - Hengli aims to create a modern, intelligent, and green shipbuilding and marine equipment manufacturing base, contributing to China's transition from a shipbuilding power to a strong shipbuilding nation [10]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The pattern of weak oil and strong gas remains, and the PG futures market is consolidating. The downstream prices of propylene and PP are continuously falling, which suppresses the profit of PDH plants and affects the short - term shutdown of some enterprises. The alkane deep - processing sector maintains a relative balance between "start - up and profit". Although the domestic crude oil processing volume has declined, the start - up rate has increased. The olefin deep - processing in Northeast Asia is supported by the strong demand for oil blending, and the natural gas price also brings potential positive factors to the NGLs market. Therefore, the PG price on the futures market is expected to remain strong, and the oil - gas cracking spread will fluctuate at a high level [4]. 3. Summary According to Relevant Catalogs 3.1 Market Review - The main contract of LPG futures continued to fluctuate in the range of 4230 - 4420 yuan/ton. International crude oil prices rose during the week, and international LPG trading was relatively active with rising transaction prices, boosting market confidence. In the domestic spot market, the supply of domestic gas decreased. Although the chemical demand for propane declined, the falling temperature was beneficial to the combustion demand, and the expectation of peak - season demand still existed, so the futures market was firm. As of Thursday, the basis in East China was - 72 yuan/ton, - 47 yuan/ton in South China, and - 37 yuan/ton in Shandong. The lowest deliverable product was set in East China [6]. 3.2 Supply - Last week, the total commercial volume of LPG was about 505,900 tons (- 0.90%), including 203,800 tons of civil gas (+ 0.25%) and 195,600 tons of industrial gas (- 3.46%), and 173,900 tons of post - ether C4. The arrival volume of LPG was 620,000 tons (+ 12.30%). Two refineries in the Northwest and one in East China shut down, while enterprises in Shandong, South China, and East China started production, but the incremental volume was less than the loss. Next week, an ethylene plant in South China is planned to shut down, and the external supply of refineries will increase. Other production devices may change little, and the domestic commercial volume is expected to recover [4]. 3.3 Demand - The heating demand in winter is gradually approaching, and the combustion demand for LPG is gradually improving with a slow recovery in overall demand. Although the weak PN spread has increased the relative economic efficiency of LPG as a cracking raw material, the substitution effect is limited due to the weak demand for downstream olefins. The supply of the Chinese propylene market is severely excessive, and the high - load operation of PDH plants has suppressed the procurement demand for raw material propane. Driven by the structural tightness of gasoline in the Atlantic Basin, European and American blenders have a strong demand for MTBE, which directly translates into a stable demand for its upstream raw material, isobutane, providing key support for the LPG market and triggering cross - regional trade flows [4]. 3.4 Inventory - Last week, the in - plant inventory of LPG was 181,800 tons (+ 34%). Except for the slight relief of inventory in the western region due to the decline in supply, most markets were restricted by weak demand, and the shipment slowed down to varying degrees, resulting in a certain increase in inventory. At the ports, the number of arriving ships increased this period, and some arriving resources last week were unloaded this week. With sufficient imported resources and more arriving ships, the ports showed a trend of inventory accumulation [4]. 3.5 Basis and Position - The weekly average basis was - 44.00 yuan/ton in East China, - 10.80 yuan/ton in South China, and - 1.20 yuan/ton in Shandong. The total number of LPG warehouse receipts was 4,561 lots, with no change. The lowest deliverable location was East China [4]. 3.6 Chemical Downstream - The operating rates were 69.64% for PDH, 58.91% for MTBE, and 42.33% for alkylation. The profits were - 378 yuan/ton for PDH - made propylene, - 201 yuan/ton for MTBE isomerization, and - 531 yuan/ton for alkylation in Shandong [4]. 3.7 Valuation - The PG - SC ratio was 1.32 (+ 1.81%), and the PG spread between the main and secondary contracts was 60 yuan/ton (- 36.17%). In the fourth quarter, the LPG price was firm, while the crude oil price showed a bearish trend, and the oil - gas cracking spread fluctuated at a high level [4]. 3.8 Other Factors - The US Department of Labor announced that the non - farm payrolls in September increased by 119,000, far exceeding the market expectation of 50,000, but the unemployment rate rose to 4.4%. The US sanctions on top Russian oil companies Rosneft and Lukoil took effect on November 21. The G20 Summit opened in Johannesburg, South Africa on November 22. The Ukrainian and US delegations will hold consultations in Switzerland on the possible parameters of a peace agreement with Russia. Sino - Japanese relations have deteriorated due to the remarks of the Japanese Prime Minister on the Taiwan issue, and China has taken corresponding counter - measures [4]. 3.9 Investment and Trading Strategies - Investment view: Bullish. Trading strategy: For unilateral trading, temporarily wait and do not chase the long position; for arbitrage, pay attention to the positive spread between months on dips. Risk concerns include Sino - US tariffs, US sanctions on Russia, freight rate changes, and device changes [4].

Core Insights - In August 2025, the liquefied petroleum gas (LPG) production in Qinghai Province reached 0.3 million tons, marking a year-on-year increase of 24.0% and a significant acceleration of 38.0 percentage points compared to the same month last year [1][4] - The production accounted for 0.1% of the national LPG output of 4,495 million tons during the same period, indicating a relatively small share in the national context [1] - For the period from January to August 2025, the total LPG production in Qinghai was 2.1 million tons, reflecting a year-on-year decline of 18.2%, which is 21.4 percentage points lower than the previous year [4] Monthly Production Analysis - The monthly LPG production in August 2025 was 0.3 million tons, showing a strong recovery compared to the previous months [1][3] - The cumulative LPG production from January to August 2025 was 2.1 million tons, which is significantly lower than the same period last year [4][5] National Comparison - The growth rate of Qinghai's LPG production in August 2025 was 24.9 percentage points higher than the national average, indicating a robust performance relative to the overall market [1] - The decline in LPG production for the first eight months of 2025 in Qinghai was 16.1 percentage points lower than the national decline, suggesting a more pronounced downturn in the local market [4]