卓创资讯预计，本轮成品油零售限价压线小幅下调概率较大，折合升价，汽、柴油下调幅度或在0.05 元/升左右。加满一箱50升的92号汽油，预计将节省2.5元左右，消费者用油成本变化有限。 【大河财立方消息】11月24日24时，国内成品油零售限价将迎来新一轮调整时间点。综合多家机构预 测，成品油价或年内第十次下跌。 责编:陶纪燕 | 审核:李震 | 监审:古筝 ...

Market Overview - The market is currently in a bull phase, but may enter a wide fluctuation stage in the short term. Compared to previous bull markets, there is still significant room for index growth, but the duration of the bull market may be more important than the magnitude of the increase due to government guidance on a "slow bull" policy. In the short term, the market may lack strong catalysts, and investors may adopt a more cautious approach as the year-end approaches, leading to a focus on consolidation and accumulation [4]. Short-term Opportunities - The market has shifted from previous range-bound fluctuations to a continuous decline influenced by overseas trading sentiment. The artificial intelligence sector continues to adjust, while sectors like chemicals, non-ferrous metals, and electric equipment have seen significant corrections. There may be short-term rebound opportunities in oversold sectors, but the overall market is expected to continue wide fluctuations. The main strategy during this phase should focus on dividend allocation [5]. Fixed Income Market - The convertible bond market and equity market both experienced declines this week. Since the beginning of 2025, both markets have been on an upward trend. Currently, the remaining duration of existing convertible bonds is shortening, and the number of quality individual bonds is decreasing. High-priced and overvalued convertible bonds may face adjustment pressure, making trading more challenging. It is recommended to assess bonds based on their terms and underlying stock conditions, and to pay attention to new bond opportunities in high-demand industries [6]. Oil and Gas Sector - The international oil price is under pressure due to supply-demand imbalances, but OPEC+ has paused production increases, which may alleviate the global oversupply situation. The resilience of the "three major oil companies" during the oil price downturn highlights their ability to navigate through cycles. With expectations of a cold winter, there is potential for significant growth in natural gas demand, making the natural gas business of the "three major oil companies" particularly valuable [8]. Chemical Industry - The organic silicon industry is expected to improve due to the implementation of decisions made at industry conferences, which may enhance the competitive landscape. Recent trends in organic silicon prices and profitability indicate this improvement. In the medium to long term, steady growth in apparent consumption will support demand, while a slowdown in new capacity additions will ease supply pressures, leading to a more favorable industry outlook [8]. AI Healthcare Sector - Medical technology company achieved a revenue of 4.05 billion RMB for FY26H1, representing a year-on-year increase of 33%. The gross profit was 1.44 billion RMB, with a gross margin of 35.7%, down 7.4 percentage points year-on-year. Adjusted EBITA was 550 million RMB, showing a 14% increase compared to the previous year after excluding one-time gains. The net profit attributable to shareholders was 520 million RMB, up 54% year-on-year [9]. Lenovo Group - Lenovo reported a revenue of 20.452 billion USD for FY26Q2, a 15% year-on-year increase. The adjusted net profit attributable to shareholders was 512 million USD, up 25% year-on-year. All business segments achieved double-digit growth, with AI-related business revenue accounting for 30% of total revenue, an increase of 13 percentage points year-on-year [9].

Group 1 - The core viewpoint of the article highlights the imbalance in global oil supply and demand, leading to a decline in international oil prices, with OPEC+ planning to pause production increases to alleviate the oversupply situation [4] - As of November 21, 2025, Brent and WTI crude oil prices were reported at $62.51 and $57.98 per barrel, reflecting a decrease of 2.8% and 3.3% respectively from the previous week [4] - OPEC's production increased to 28.46 million barrels per day in October 2025, marking a 6.68% rise since the beginning of the year, contributing to the shift from a tightening supply to an oversupply scenario [4] Group 2 - The "Big Three" oil companies in China, namely China National Petroleum, Sinopec, and CNOOC, demonstrated resilience in their earnings during the oil price downturn, with net profit declines of -4.9%, -32.2%, and -12.6% respectively for the first three quarters of 2025 [5] - In Q3 2025, the net profit declines for these companies were less severe compared to major international oil giants, showcasing their ability to withstand the pressures of falling oil prices [5] - The performance of the "Big Three" during this period reflects their cyclical resilience, as they maintained higher earnings levels than historical oil price periods [5] Group 3 - Expectations of a cold winter in 2025, potentially influenced by a "double La Niña" phenomenon, are likely to drive significant growth in natural gas demand during the heating season [6] - The "Big Three" are enhancing their market expansion efforts, leading to rapid growth in natural gas sales, benefiting from the ongoing market reforms in China's natural gas sector [6] - The proportion of regulated pricing in the natural gas sales of the "Big Three" is expected to continue decreasing, allowing for greater price flexibility in the unregulated segment [6] Group 4 - The natural gas business of the "Big Three" is anticipated to contribute significantly to operating profits during the heating season in Q4 2025, especially amid fluctuating oil prices [7]

Core Viewpoint - Since the "14th Five-Year Plan," Sinopec has focused on overcoming key core technologies in carbon fiber, establishing a core cluster for the carbon fiber industry chain, and pursuing a collaborative innovation path that integrates production, education, research, and application [1] Summary by Relevant Sections - In October 2022, Sinopec launched China's first domestically produced 48K large tow carbon fiber production line at Shanghai Petrochemical, becoming the first in China and the fourth globally to master the industrialization technology of 48K large tow carbon fiber [1] - In April 2025, Sinopec will begin construction of a project in Ordos, Inner Mongolia, with an annual production capacity of 30,000 tons of large tow carbon fiber [1] - In September 2025, Sinopec will officially release a new self-developed 60K large tow carbon fiber product, which has internationally leading performance, thus achieving production capabilities for nearly 20 models of carbon fiber products across different tow specifications, including 24K, 48K, and 60K [1] - As of the end of 2024, Sinopec has applied for 842 patents in the field of carbon fiber and its composite materials, ranking first in China and third globally, with 408 patents granted and 4 PCT (Patent Cooperation Treaty) applications completed [1]

重要内容提示： ■ 股票代码：600028 股票简称：中国石化公告编号：2025-49 中国石油化工股份有限公司 关于股份回购实施结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 回购期间，公司的控股股东中国石油化工集团有限公司根据已披露的增持计划通过自身及其全资子公司 合计增持了公司A股和H股共计47,735,615股股份，占注销前公司总股本的0.04%。除此以外，公司的控 股股东、实际控制人、董事、监事、高级管理人员在回购期间不存在买卖公司股票的情况。 四、已回购股份的注销安排 一、回购审批情况和回购方案内容 为维护公司价值及股东权益，2025年8月21日，中国石油化工股份有限公司（简称"公司"）第九届董事 会第八次会议审议通过了《关于以集中竞价交易方式回购公司股份的方案》，本轮回购自董事会批准方 案之日起不超过3个月（简称"回购期间"），于2025年11月20日完成，所回购股份将全部注销并减少注 册资本，具体内容详见公司于2025年8月22日在上海证券交易所网站披露的相关公告。 二、回购实施情况 ...

Core Insights - Over 20 positive announcements were made by companies listed on the Shanghai Stock Exchange as of November 23, indicating a trend of share buybacks, operational improvements, contract orders, and R&D advancements [1] Group 1: Share Buybacks - Sinopec announced the completion of its current round of share buybacks, having repurchased 89.35 million A-shares, accounting for 0.07% of the total share capital, at an average price of approximately 5.60 yuan per share, totaling around 500 million yuan [1] - Zhongkong Technology has repurchased 5.94 million shares since starting its buyback in October, with a total transaction amount nearing 300 million yuan as of November 21 [1] Group 2: Product Development and Sales - JinkoSolar announced the official mass production of its Tiger Neo 3.0 module, marking the transition to large-scale production, with a total of 15 GW of orders signed during a global signing ceremony with distributors [1] - Hillstone Networks reported that its ASIC chip has completed critical verification and mass production, with new security products set to enter the market for bulk sales, expecting to achieve large-scale sales and product delivery by Q1 2026 [1]

Core Viewpoint - The global market risk appetite has decreased, leading to significant adjustments in the U.S. tech stocks and domestic semiconductor and new energy sectors, with the 每经品牌100 index dropping by 4.45% last week [1][2]. Market Performance - Major A-share indices experienced a decline, with the Shanghai Composite Index falling by 3.90%, the Shenzhen Component Index by 5.13%, and the ChiNext Index and Sci-Tech Innovation 50 Index by 6.15% and 5.54% respectively [2]. - The 每经品牌100 index closed at 1150.98 points, falling below the 1200-point mark [2]. - China Bank saw a weekly increase of 8.08%, achieving a historical high, while several other stocks, including China Petroleum and China Construction Bank, also outperformed the indices with weekly gains exceeding 2% [2]. Regulatory Environment - The China Securities Regulatory Commission (CSRC) has emphasized strengthening institutional frameworks to optimize the structure of listed companies and enhance risk prevention and investor protection, supporting high-quality market development [2][3]. Company Focus: Yili Group - Yili Group's stock has approached a yearly high, with a weekly increase of 2.65%, driven by renewed investor interest in consumer stocks following a rise in the Consumer Price Index (CPI) [4]. - The company held an Investor Day on November 18, showcasing its operational achievements and future strategies, focusing on diversified growth and structural changes in the dairy industry [4][5]. Future Growth Strategy - Yili Group aims to maintain a leading position in the dairy sector by focusing on quality, horizontal expansion, and vertical upgrades, with expectations for revenue growth to outpace GDP and industry growth over the next five years [5][8]. - The company plans to maintain a dividend payout ratio of no less than 75% from 2025 to 2027, with a minimum cash dividend of 1.22 yuan per share for 2024 [6][7]. Dividend Policy - Yili Group has a strong history of dividends, having distributed a total of 61.602 billion yuan since its listing, with an average payout ratio of 63.87% [7]. - The planned high dividend payout ratio enhances the certainty of returns for investors, with an expected dividend yield of 4.4% [8].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]

智通财经APP讯，中国石油化工股份(00386)发布公告，2025年11月20日，公司完成本轮回购，已实际回 购公司A股股份8934.95万股，占公司总股本的0.07%，回购最高价格为人民币6.10元/股，回购最低价格 为人民币5.27元/股，回购均价约为人民币5.60元/股，使用资金总额为人民币5亿元(不含交易费用)。 公司本轮总计回购A股股份8934.95万股，将全部注销并相应减少注册资本。经公司申请，公司将于2025 年11月24日在中国证券登记结算有限责任公司上海分公司注销本轮所回购的全部A股股份8934.95万股， 并及时办理变更登记手续等相关事宜。 ...

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - This week (20251113 - 1119), the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 24.8%, a 4.2% decrease from the previous week due to some enterprises halting production or switching to other products [4]. - The total shipment volume of 54 domestic asphalt enterprises was 370,000 tons, a 2.2% increase from the previous week. The shipment volume increased significantly in the Northeast and Shandong regions [4]. - Crude oil continued to weaken during the week, and the shipment of asphalt in the north showed signs of acceleration. With mediocre fundamental drivers, asphalt may maintain a weak trend in the short term following crude oil [4]. - The average weekly theoretical profit of domestic asphalt processing was - 571 yuan/ton, a 42 - yuan increase from the previous week. The average weekly price of domestic asphalt was 3,185 yuan/ton, a 38 - yuan decrease from the previous period [4]. - The recommended strategies are: 1) For the single - side operation, no specific strategy is given; 2) For the inter - period operation, take profit on the reverse spread; 3) For the inter - variety operation, go long on BU and short SC [4]. 3. Summary by Relevant Catalogs 3.1 Overview - Supply: The decline in capacity utilization was due to enterprises like Liaoning Zhende, Sinochem Quanzhou, and Yunnan Petrochemical halting asphalt production, and some refineries in East China and Shandong Shengxing switching to producing residual oil [4]. - Demand: In the Northeast, the increase in low - sulfur asphalt production and price cuts by refineries supported the increase in shipment volume. In Shandong, terminal demand and the concentrated delivery of contracts by individual refineries drove the increase in shipment volume [4]. - Viewpoint: The short - term trend of asphalt may be weak following the decline of crude oil [4]. - Valuation: The average price of asphalt decreased, with 6 regions seeing price drops (0.8% - 4.4%) and only 1 region (Shandong) having a 0.2% price increase [4]. - Strategy: As mentioned above, including single - side, inter - period, and inter - variety strategies [4]. 3.2 Price & Spread - Cost Structure: The cost of asphalt is affected by factors such as Brent, WTI, imported diluted asphalt, and different types of crude oils. Some raw materials have advantages like not requiring crude oil quotas and being exempt from consumption tax. Different crude oils also have different asphalt yields [7]. - Futures: There are data on the trading volume, open interest, and price trends of asphalt futures, as well as the price trends of related crude oil futures such as Brent, WTI, and SC [9][11]. - Spot: There are data on the prices of domestic heavy - traffic asphalt in different regions and the production profit margins in Shandong [12]. - Spread: There are data on the basis (e.g., Shandong, North China, Yangtze River Delta) and the inter - month spread of asphalt [14][16]. 3.3 Fundamental Data 3.3.1 Demand - Consumption Distribution: The demand for asphalt mainly comes from the road market (including highway construction and maintenance), the waterproof market, the marine fuel market, the coking market, and the export market. Seasonal factors also have an impact, but the influence of some markets is relatively small [21]. - Shipment Volume: The total shipment volume of 54 domestic asphalt enterprises increased by 2.2% week - on - week, with significant increases in the Northeast and Shandong regions [4][25]. - Capacity Utilization: The capacity utilization rate of 69 domestic modified asphalt enterprises was 10.6%, a 0.6% decrease both week - on - week and year - on - year. The production enthusiasm of enterprises in Central and North China continued to decline, while the increase in demand in the South was slow [25]. 3.3.2 Supply - Supply Pattern: The supply of asphalt comes from domestic refineries (including state - owned and local refineries) and imports. Different regions and refineries have different characteristics in terms of quotas, production, and inventory [27]. - Production, Maintenance, and Raw Materials: There are data on the weekly production volume of asphalt and the weekly port inventory of diluted asphalt. As of November 20, 2025, the inventory of 54 asphalt sample factories decreased by 5.2% from November 17, and the inventory of 104 social warehouses decreased by 0.7% [29][30][31]. - Start - up: There are data on the weekly start - up rates of 77 major asphalt refineries in different regions (e.g., Shandong, Yangtze River Delta, North China, Central China, South China, Southwest, Northeast) [35][36][38]. - Inventory: There are data on the weekly inventory rates of asphalt refineries and the asphalt market in different regions (e.g., North China, Shandong, Yangtze River Delta, Northeast, South China) [43].