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]

2、市场动向：ESG 指数短期回调，碳价维持高位水平 本周主要 ESG 指数整体震荡下行：国内 300ESG 指数下跌 3.49%，SEEE 碳 中和指数跌幅达 6.93%；海外标普 500ESG 指数下跌 1.55%，标普 Kensho 清洁电 力指数周跌 8.45%。碳价方面，国内 CEA 价格报 65 元/吨，成交活跃度有所回落； 欧盟碳价报 81 欧元/吨，与 CEA 价差回落至 594 元/吨。能源指数方面，万得火电 指数与中证绿色电力指数分别下跌 5.26%和 3.98%。板块层面，绿色转型相关各板 块均呈现主力资金净流出，低碳核心板块净流出率最高，低碳支撑板块成交占比 28.23%保持领先。 3、舆情热点：ESG 舆情总量温和回调，治理与绿色创新仍为主线 本周全市场 ESG 事件共录得 2433 件，环比小幅下降 1.5%。正向事件占比升 至 53.4%，负向占比降至 38.8%，整体情绪较前周略有改善。议题方面，治理类事 件仍占主导，其中"战略合作"最为突出；环境类议题中"绿色产品"继续保持最 高热度。代表性事件包括：中石化与阿尔及利亚国油签署 4.5 亿美元炼油装置建设 合同，推动海外能源结 ...

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The spot circulation volume of asphalt in North China and Shandong is relatively low, and the market supply remains at a low level, which supports the price stability; the main refineries in South China and East China focus on digesting their own inventories, which also provides some support for the asphalt price. However, there are still abundant low - price resources in the social inventory, which need time to be digested, and the market is still in a wait - and - see mood. The shipping price in East China is still expected to decline. In the future, the refinery operating rate in Shandong remains low, and the market supply is tight, which supports the regional asphalt price; in the East China market, under the influence of the shipping support policy, the market is in a strong wait - and - see atmosphere with weak purchasing willingness, and the shipping price still has room to decline in the short term [5] 3. Summary by Related Content 3.1 Asphalt Spot Market - In different regions, the current and previous spot prices in East China are 3200 - 3500, in Northeast China are 3020, in South China are 3130, in Northwest China are 3940, and in Shandong are 3030, with a 0% increase in all regions [1] 3.2 Asphalt Futures Market - For asphalt futures, the current values of BU2512, BU2601, and BU2602 are 3013, 3009, and 3024 respectively, with previous values of 3051, 3058, and 3073 respectively, and the corresponding increases are - 1.25%, - 1.60%, and - 1.59% [1] 3.3 External Market News - The London Intercontinental Exchange announced a ban on the delivery of diesel refined from Russian crude oil in third - countries, pushing the ICE diesel crack spread to a more than two - year high and further expanding the spot premium structure. Politico reported that the White House is about to announce a major new peace agreement with Russia to end the three - and - a - half - year Russia - Ukraine conflict, with an expected agreement on the framework by the end of this month or even as early as this week. A Russian diplomat explained that a missile fell on a US military base when a Russian fighter jet was on a mission over Israel due to the inability to replace multiple fighter parts because of sanctions. The Sudanese Energy Ministry's deputy minister said that Sudan has postponed some exports of South Sudan's Dar Blend crude oil due to recent attacks on oil facilities. Axios reported that the US and Russia are coordinating on a potential Ukraine peace initiative [3]

Core Insights - In September 2025, Jiangsu Province's gasoline production was 694,000 tons, representing a year-on-year decrease of 3.3% [1] - For the period from January to September 2025, gasoline production totaled 6,683,000 tons, with a year-on-year decline of 2.8% [1] Monthly Production Analysis - September 2025 gasoline production was 69.4 thousand tons, with a growth rate change of 5.3 percentage points compared to the previous year [1] - The production growth rate for September was 1.4 percentage points lower than the national average [1] Cumulative Production Analysis - From January to September 2025, the production growth rate was 0.5 percentage points lower than the previous year [1] - Jiangsu's gasoline production accounted for 5.8% of the national total of 11,607,900 tons during the same period [1]

Group 1 - The core viewpoint of the articles indicates that domestic refined oil retail prices are expected to decrease significantly, marking the tenth reduction of the year, with a predicted drop of over 50 yuan per ton [1][2] - The latest data shows that the reference crude oil price change rate is at -1.50%, leading to anticipated reductions of 70 yuan per ton for gasoline and 65 yuan per ton for diesel, translating to decreases of 0.05 yuan/liter for 92 gasoline, 0.06 yuan/liter for 95 gasoline, and 0.06 yuan/liter for 0 diesel [1][3] - Since 2025, there have been 22 rounds of adjustments in domestic refined oil retail prices, with the current trend being "seven increases, nine decreases, and six unchanged" [1][2] Group 2 - In the wholesale market, both gasoline and diesel prices have recently increased, with 92 gasoline priced at 7334 yuan/ton (up 0.12%) and 0 diesel at 6578 yuan/ton (up 1.90%) [3] - The increase in wholesale prices is attributed to previous declines, low upstream profits, and relatively low social inventory levels, which have enhanced the willingness of upstream suppliers to maintain prices [3] - Diesel prices have seen a larger increase than gasoline due to sustained demand [3] Group 3 - Looking ahead, the international crude oil market may face downward pressure due to geopolitical factors and the ongoing expectation of increased production from OPEC+ [4] - Analysts suggest that macroeconomic sentiment fluctuations could lead to risks in the market, potentially resulting in a downward spiral in both macro and fundamental aspects [4]

1. Report Industry Investment Rating - No information provided on the investment rating of the LPG industry [1] 2. Core View of the Report - The PG futures price has declined, with the basis at -43 (-57) and the 01 - 02 spread at 109 (-19). Domestic civil LPG prices have fallen, the cheapest deliverable being East China civil LPG at 4315 (-49), and the propane - civil LPG price difference has narrowed. Warehouse receipts are 4561 lots (-54). Off - market paper prices have declined while the spread has strengthened, and the ratio of North Asian to North American oil and gas has changed little. The domestic chemical sector is relatively strong and civil demand is increasing, but there is expected to be a large amount of arrivals in December. Middle Eastern supplies are tight, but the market may tend to wait and see as the CP official price announcement approaches. Weather and oil prices also need attention [1] 3. Summary by Relevant Data 3.1 Daily Changes (2025/11/21 compared to previous day) - Civil LPG: East China 4315 (-10), Shandong 4340 (-20), South China 4550 (+200). Ether - after carbon four 4530 (-40). The lowest delivery location is East China, with a basis of -43 (+0) and a 01 - 02 spread of 109. FEI is 491 (-10) and CP is 485 (-1) dollars/ton [1] 3.2 Weekly Data and Changes - PG futures: Basis -43 (-57), 01 - 02 spread 109 (-19) [1] - Domestic civil LPG: The price has fallen, and the cheapest deliverable is East China civil LPG at 4315 (-49) [1] - Warehouse receipts: 4561 lots (-54) [1] - Off - market paper: Prices have fallen, and the spread has strengthened. The ratio of North Asian to North American oil and gas has changed little. PG - CP is 126 (-2); PG - FEI is 114 (+3). East China arrival, North American and AFEI offshore discounts are flat, and Middle Eastern goods are in short supply with a discount of 35 US dollars (+13). Freight has slightly declined. The FEI - MOPJ spread has narrowed to -55 (+11) [1] - Profits and Operating Rates: Shandong PDH - to - propylene profit has slightly recovered; alkylation unit profit has slightly recovered but is still poor; MTBE production profit is volatile and export profit is still good. PDH operating rate is 69.64% (-2.1), and Dongguan Juzhengyuan PDH Phase II is expected to restart next week [1] - Inventory: Arrivals have increased, external sales have decreased, factory warehouses have slightly accumulated, and port inventories have increased [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Last week, crude oil showed a first-rising-then-falling trend, and fuel oil prices followed the downward trend. The market structure of low-sulfur fuel oil remained stable, while that of high-sulfur fuel oil strengthened slightly. High-sulfur fuel oil closed at 2,487 yuan/ton, down 3.91% for the week, and low-sulfur fuel oil closed at 3,038 yuan/ton, down 6.23% for the week [4]. - The estimated arrival volume of low-sulfur fuel oil from the Western market in Singapore in November is 2.9 - 3 billion tons, higher than 2.5 - 2.6 billion tons in October. However, high freight rates may lead to a tightening of arrivals in December. Affected by the expected supply tightening, the price of low-sulfur marine fuel oil has gradually risen, and the spot spread has changed from a discount to a premium. But due to sufficient immediate supply, there is limited room for the low-sulfur fuel oil fundamentals to rise significantly in the short term [4]. - The Asian high-sulfur fuel oil market has been strongly supported by the downstream marine fuel demand. Some Chinese refineries are purchasing high-sulfur fuel oil as raw materials, and the demand in the Chinese market remains relatively stable. International crude oil prices are expected to remain volatile, and fuel oil prices are also expected to continue to fluctuate weakly. Operationally, high-sulfur fuel oil should be traded in the range of 2,450 - 2,650 yuan/ton, and low-sulfur fuel oil in the range of 2,950 - 3,150 yuan/ton [4]. 3. Summary by Relevant Catalog 3.1 Weekly View - Crude oil showed a first-rising-then-falling trend last week, and fuel oil prices followed the downward trend. The market structure of low-sulfur fuel oil remained stable, and that of high-sulfur fuel oil strengthened slightly. High-sulfur fuel oil closed at 2,487 yuan/ton, down 3.91% for the week, and low-sulfur fuel oil closed at 3,038 yuan/ton, down 6.23% for the week [4]. - The estimated arrival volume of low-sulfur fuel oil from the Western market in Singapore in November is 2.9 - 3 billion tons, higher than 2.5 - 2.6 billion tons in October. High freight rates may lead to a tightening of arrivals in December. Affected by the expected supply tightening, the price of low-sulfur marine fuel oil has gradually risen, and the spot spread has changed from a discount to a premium. But due to sufficient immediate supply, there is limited room for the low-sulfur fuel oil fundamentals to rise significantly in the short term [4]. - The Asian high-sulfur fuel oil market has been strongly supported by the downstream marine fuel demand. Some Chinese refineries are purchasing high-sulfur fuel oil as raw materials, and the demand in the Chinese market remains relatively stable. International crude oil prices are expected to remain volatile, and fuel oil prices are also expected to continue to fluctuate weakly. Operationally, high-sulfur fuel oil should be traded in the range of 2,450 - 2,650 yuan/ton, and low-sulfur fuel oil in the range of 2,950 - 3,150 yuan/ton [4]. 3.2 Futures and Spot Prices - **Futures Prices**: The previous value of the FU main contract was 2,655 yuan/ton, the current value is 2,546 yuan/ton, down 109 yuan/ton or 4.10%. The previous value of the LU main contract was 3,255 yuan/ton, the current value is 3,207 yuan/ton, down 48 yuan/ton or 1.49% [5]. - **Spot Prices**: The previous value of Zhoushan high-sulfur fuel oil was 456 yuan/ton, the current value is 445 yuan/ton, down 11 yuan/ton or 2.41%. The previous value of Zhoushan low-sulfur fuel oil was 465 yuan/ton, the current value is 455 yuan/ton, down 10 yuan/ton or 2.15%. The previous value of Singapore high-sulfur fuel oil was 345.51 yuan/ton, the current value is 341.53 yuan/ton, down 3.98 yuan/ton or 1.15%. The previous value of Singapore low-sulfur fuel oil was 441.50 yuan/ton, the current value is 426.35 yuan/ton, down 15.15 yuan/ton or 3.43%. The previous value of Middle East high-sulfur fuel oil was 314.22 yuan/ton, the current value is 310.98 yuan/ton, down 3.24 yuan/ton or 1.03%. The previous value of Singapore diesel was 711.50 yuan/ton, the current value is 696.05 yuan/ton, down 15.44 yuan/ton or 2.17% [6]. 3.3 Fundamental Data - **Consumption Data**: Data on Singapore fuel oil consumption, Chinese fuel oil consumption, and Shandong fuel oil coking profit margins are presented in the form of charts, showing the consumption and profit margin trends from 2021 - 2025 [7][8][9]. 3.4 Inventory Data - **Singapore Fuel Oil Inventory**: As of November 19, the inventory was 23.449 billion barrels, an increase of 2.57 billion barrels [10]. 3.5 Spread Data - The chart of the high - low sulfur futures spread shows the spread trend [15].

Group 1 - In August 2025, Chongqing's crude oil production reached 0.3 thousand tons, representing a year-on-year increase of 36.4%, with a growth rate that is 35.4 percentage points higher than the same period last year [1] - The crude oil production growth rate in August 2025 was 34.0 percentage points higher than the national average, contributing approximately 0.0% to the national crude oil production of 1825.6 thousand tons [1] Group 2 - From January to August 2025, Chongqing's crude oil production totaled 2.2 thousand tons, showing a year-on-year growth of 8.3%, but the growth rate decreased by 49.0 percentage points compared to the previous year [4] - The growth rate for the first eight months of 2025 was 6.9 percentage points higher than the national average, accounting for approximately 0.0% of the national crude oil production of 14485.8 thousand tons [4]

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the ethylene glycol and paraffin wax industries, focusing on production methods, market dynamics, and future forecasts [1][2][3][4][10][11]. Ethylene Glycol Insights - **Production Methods**: Ethylene glycol is produced mainly through oil-based and coal-based routes. The oil-based method is more expensive but mature, while the coal-based method is cheaper but results in lower UV transmittance [1][4]. - **Market Demand**: By 2025, domestic demand for ethylene glycol is expected to saturate, with a projected increase of 1.7 million tons in new capacity. Imports are anticipated to rise by 14.64%, primarily from Saudi Arabia and Taiwan [1][6]. - **Economic Impact**: Macroeconomic factors, including US-China trade tensions and geopolitical issues in the Middle East, significantly affect the ethylene glycol market, leading to market volatility and supply chain instability [1][7]. - **Price Forecast**: For December 2026, prices in East China are expected to range between 3,800-4,300 RMB per ton due to an imbalance in supply and demand [9]. Paraffin Wax Insights - **Market Dynamics**: China is a major player in the paraffin wax market, with a high export ratio. However, high-end wax still relies on imports. From January to September 2025, imports decreased by 25%, while exports fell by 0.66% [1][13][16]. - **Price Trends**: Paraffin wax prices hit a five-year low in September 2025, showing a trend of initial decline followed by a slight recovery, influenced by inventory levels and market conditions [17]. - **Future Supply and Demand**: The supply of paraffin wax in 2026 is expected to exceed that of 2025, but demand for candles is projected to decline due to EU anti-dumping measures, leading to a price trend of initial increase followed by a decrease of approximately 200 to 300 RMB per ton [2][24]. Production Capacity and Key Players - **Major Producers**: Key domestic producers include PetroChina and Sinopec, with significant refining capacities across various plants [14][15]. - **Production Capacity**: The effective capacity for paraffin wax in China is around 1.62 million tons, with a general decline in apparent consumption noted in 2025 [13][16]. Additional Considerations - **Market Influences**: The paraffin wax market is influenced by inventory demand, market conditions, raw material costs, and transportation expenses. The operational status of refineries also plays a crucial role [20]. - **Future Growth Areas**: Despite challenges, growth in high-end applications such as electronic components, automotive lubricants, and pharmaceuticals is expected to stabilize demand [22][23]. This summary encapsulates the critical insights from the conference call regarding the ethylene glycol and paraffin wax industries, highlighting production methods, market dynamics, and future forecasts.

Group 1: Economic Overview and Federal Reserve Insights - The U.S. September non-farm payroll data presents a mixed picture, with 119,000 jobs added, exceeding market expectations, but the unemployment rate rising to 4.4% [3][12] - Average hourly earnings increased by only 0.2% month-on-month in September, a significant slowdown from 0.4% in August, indicating potential wage pressures [3][12] - The Federal Reserve's internal views are divided, and the market's expectations for a December rate cut have fluctuated significantly, influenced by recent economic data [3][11] Group 2: Oil and Gas Industry Outlook - The oil and gas extraction sector is expected to see supply slow down, with Brent crude oil prices projected to range between $55 and $70 per barrel in 2026 [3][13] - OPEC+ is expected to slow its production increase, while non-OPEC supply growth is anticipated to decline significantly, particularly in shale oil production [3][13] - Global GDP growth is forecasted at approximately 3.1% in 2026, with a corresponding slowdown in oil demand growth [3][13] Group 3: Petrochemical Sector Analysis - The refining sector is anticipated to recover due to a contraction in global supply and the implementation of "anti-involution" policies in China, which may enhance the competitiveness of leading companies [3][21] - The polyester sector is expected to see a tightening supply-demand balance, with significant recovery potential, particularly for high-quality companies in the polyester filament and bottle-grade sectors [3][21] - Investment recommendations include focusing on leading refining companies such as Hengli Petrochemical and Rongsheng Petrochemical, as well as high-dividend oil companies like China National Petroleum and China National Offshore Oil [3][21]