Core Viewpoint - Bohai Chemical has decided to terminate the major asset sale and related transactions due to the inability to reach an agreement on key terms of the transaction [5][7]. Group 1: Termination of Major Asset Sale - On December 19, Bohai Chemical announced the termination of the plan to sell 100% equity of Tianjin Bohai Petrochemical Co., Ltd. and to acquire control of Anhui Taida New Materials Co., Ltd. through a combination of issuing shares and cash payment [5][9]. - The decision was made after both parties failed to agree on essential terms of the transaction, leading to a mutual agreement to terminate the deal [7][9]. - Following the announcement, Bohai Chemical committed not to plan any major asset restructuring within one month [7]. Group 2: Stock Resumption - Bohai Chemical's stock will resume trading starting December 22 [3][8]. Group 3: Financial Performance and Business Challenges - Bohai Chemical has faced long-term pressure on its operating performance, with continuous losses since 2022 attributed to the ongoing losses from its PDH business [10][12]. - The company operates a PDH unit that was established in April 2018, which is a key player in the domestic PDH sector, producing propylene used in various chemical products [10]. - The PDH business is currently in a "standstill" state, with maintenance originally planned for 30 days extended due to the need for coordination with new projects, and production is expected to resume by the end of February 2026 [12]. - The company reported a total revenue of 28.09 billion in the latest quarter, reflecting a year-on-year decrease of 16.82% [11].

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告有关现货市场的资讯与行情信息，来源于安云思、肥易通、国家统计局、隆众资讯、金十数 据、EIA、OPEC、IEA 等。 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 苏妙达，执业资格证号 F03104403/Z0018167。 期市综述 发布日期：2025 年 12 月 19 日 商品表现 截止 12 月 19 日收盘，国内期货主力合约涨跌不一。碳酸锂、PX、PTA、集运欧 线、沪镍涨超 3%，不锈钢（SS）、短纤、沪锡涨超 2%；跌幅方面，塑料、氧化 铝、菜油、玻璃跌超 2%，沥青、燃料油跌超 1%。沪深 300 股指期货（IF）主力 投资有风险，入市需谨慎。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版 ...

沥青周度报告 阳光光 从业资格号：F03142459 投资咨询号：Z0021764 中航期货 2025-12-19 目录 01 报告摘要 03 宏观分析 02 多空焦点 04 供需分析 重点数据 （1）截止12月17日，国内沥青样本企业开工率27.6%，较上一统计周期下降0.2个百分点。 （2）截止12月19日，国内沥青周度产量48.7万吨，环比上周减少1.2万吨。 （3）截止12月19日，国内沥青样本企业厂库库存59.1万吨，环比上周增加0.3万吨。 （4）截止12月19日，国内沥青样本企业社会库存71.4万吨，环比上周减少0.7万吨。 主要观点 本周沥青盘面呈现宽幅震荡的走势，一方面，受原油走势偏弱的传导，化工板块整体偏弱，叠加沥青基本面偏弱 的影响，沥青盘面周初整体延续震荡偏弱的走势，另外一方面，美国总统特朗普宣布对进入委内瑞拉受制裁的油轮进 行封锁，原料端的扰动导致盘面一度大幅反弹，随着委内瑞拉批准两艘油轮驶往亚洲，原料端的风险溢价出现回落， 基本回吐此前的涨幅。后续来看，在下游需求步入萎缩叠加成本端支撑减弱的背景下，盘面仍面临承压，尽管美委关 系持续紧张，原料端的仍可能对盘面造成扰动，但考虑到国内原 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2026, the elements in the trading logic of platinum and palladium are more numerous than before. The fundamental contradiction in the platinum and palladium spot market and the optimistic macro - loose environment will support the rise of platinum and palladium in the first half of the year. Platinum may have a higher increase than palladium due to better fundamentals and stronger financial attributes. In the second half, if the spot contradiction eases, prices may fall. If US tariffs are implemented, the global supply - chain pattern of platinum and palladium will be reshaped. The expected price range for platinum is $1500 - 2800 per ounce in US dollars and 380 - 730 yuan per gram in RMB; for palladium, it is $1200 - 2250 per ounce in US dollars and 300 - 590 yuan per gram in RMB [2]. - In 2026, it is recommended to focus on cross - market arbitrage opportunities caused by spot structural imbalances. Consider a long - platinum and short - palladium ratio strategy. For the medium - to long - term unilateral strategy, it is advisable to go long on platinum at low prices, and for short - term intraday or weekly bands, consider allocating palladium, that is, go long on palladium when it has a deep correction [3]. 3. Summary by Related Catalogs 3.1 2025 Platinum and Palladium Price Review 3.1.1 Platinum Price Logic Review - In 2025, platinum had a 93% increase by December 15. It broke through the 10 - year oscillation range, with macro - sentiment as the core catalyst and good fundamentals as the support. The price went through different stages including shock - building, explosive growth, callback - oscillation, and secondary growth [6]. 3.1.2 Palladium Price Operation - In 2025, palladium had a unique "oscillation - climbing and long - short game" market, with a 67% increase by December 15. The core driving logic was the triple game of macro - liquidity loosening, supply - demand structural contradiction, and industrial transformation pressure. In the first half, it oscillated, and in the second half, it rose significantly due to macro - liquidity changes and market - structure marginal changes [14]. 3.2 Macroeconomic Sentiment - In 2025, the global macro - environment was characterized by "loose - dominated, resilient growth, and co - existing differentiation". Major economies implemented loose policies, with the global GDP growth rate expected to be in the 2.7% - 3.4% range and inflation gradually falling to 3% - 4.2%. However, trade protectionism and policy uncertainties still posed potential pressures [20]. - In 2026, the global economy will slow down moderately, and the loose cycle will continue with significant differentiation. The attractiveness of anti - inflation assets such as precious metals is expected to increase. In 2025, platinum's price soared due to price - to - return advantages, supply - demand gaps, and growth - type demand, but it cannot truly replace gold due to core shortcomings in liquidity, stability, and lack of currency attributes [21][22]. 3.3 Supply Side in 2026 3.3.1 Primary Mineral Differentiation - South Africa's power supply has improved, but there are still local shortages. In 2026, mines and residents may face stepped power rationing. The production rhythm of core mining enterprises is stable, but there is no obvious growth momentum. The All - In Sustaining Costs (AISC) of core mining enterprises have soared, and Capital Expenditure (CAPEX) has decreased, which will drag down the realization of existing and new production capacities to some extent [26][33][39]. 3.3.2 Recycling Supply - Global platinum and palladium recycling enterprises have sufficient production - capacity reserves. Driven by high prices, they have a strong willingness to increase production. It is expected that in 2026, the global platinum and palladium recycling supply scale will increase significantly, with an expected incremental supply of 15 - 20 tons in China [46][47]. 3.3.3 Spot Structural Contradiction - Affected by the US 232 investigation and the anti - dumping and counter -vailing investigations on palladium, platinum and palladium inventories have been hoarded in the New York Mercantile Exchange (NYMEX), leading to frequent liquidity crises in the New York and London markets and violent fluctuations in the price spread between the two markets. Before the judgment results are announced in the first half of 2026, the spot structural imbalance will remain an "irreconcilable contradiction" [48][50][52]. 3.4 Demand Side in 2026 3.4.1 Hybrid Electric Vehicles Replace Traditional Energy Vehicles - The global automotive market is shifting towards new energy vehicles. It is expected that in 2026, the sales volume of pure - electric and hybrid vehicles will reach 26.1 million. Hybrid electric vehicles have a higher total platinum - palladium load than traditional fuel vehicles, which alleviates the decline in platinum - palladium demand. Globally, platinum demand in the automotive field is expected to increase by 0.91%, while palladium demand is expected to decrease by 0.06% [59][70][71]. 3.4.2 Industrial Demand - In the glass - fiber industry, China's new production capacity is expected to increase platinum demand by 3.3 tons in 2026. In the petrochemical industry, platinum demand has a moderate growth expectation. The promotion of fuel - cell vehicles is declining, and there is no hope of explosive growth in the short term. Overall, platinum and palladium industrial demand is expected to increase by 3% in 2026 [79][84][91]. 3.4.3 Jewelry Demand - China's platinum jewelry demand has declined for two consecutive years, and India has restricted platinum jewelry imports. It is expected that global platinum jewelry demand will decline by 10% in 2026, while palladium jewelry demand is expected to remain stable [92][94][95]. 3.4.4 Investment Demand - Platinum and palladium investment products are niche. In 2026, as prices rise in the first half, ETFs may continue to increase their holdings; when prices reach a high level, there may be profit - taking. It is expected that the investment demand for platinum and palladium will decline by 30% throughout the year [97][103][106]. 3.5 Conclusion and Investment Outlook - On the supply side, in 2026, the global platinum mineral supply is expected to remain stable or increase slightly, while the palladium mineral supply will be stable. The recycling supply will be the core incremental source, with an expected increase of 6 tons of platinum and 10 tons of palladium [107]. - On the demand side, there is significant differentiation. In the automotive exhaust - catalysis field, hybrid vehicles help stop the decline in platinum - palladium demand. In 2026, platinum will be in a tight - supply balance, and palladium will have a slight supply surplus [108][109]. - The platinum and palladium spot market has a significant structural contradiction, which will support price increases in the medium term. Key factors to track include the release of hidden inventories, price differentiation between platinum and palladium, and the change in investment sentiment [111].

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。 ...