1. Report Industry Investment Ratings - Crude Oil: Cautiously bearish [1] - LPG: Cautiously bearish [1] - L: Bearish consolidation [1] - PP: Bearish continuation [1] - PVC: Bearish continuation [1] - PX/PTA: Cautiously bullish [3] - Ethylene Glycol: Cautiously bearish [3] - Methanol: Cautiously bearish [3] - Urea: Rebound and short [3] - Natural Gas: Cautiously bullish [5] - Asphalt: Cautiously bearish [5] - Glass: Bearish continuation [5] - Soda Ash: Bearish continuation [5] 2. Core Views of the Report - The report analyzes multiple energy and chemical products, with most products showing bearish or cautiously bearish trends due to factors such as supply - demand imbalances, geopolitical disturbances, and cost - related issues. Some products like PTA and natural gas show bullish or cautiously bullish trends because of improved supply - demand and seasonal demand factors respectively [1][3][5] 3. Summaries by Related Catalogs Crude Oil - **Market Performance**: WTI decreased by 0.42%, Brent by 0.20%, and SC by 1.77%. WTI was at $59/barrel, Brent at $63.38/barrel, and SC at 455 yuan/barrel [6][7] - **Basic Logic**: Core driver is supply surplus and inventory accumulation; short - term driver is geopolitical disturbance [8] - **Fundamentals**: Saudi's September exports reached 646 million barrels/day. OPEC predicts 2025 demand increment of 130 million barrels/day and 2026 of 138 million barrels/day. US commercial crude inventory decreased by 342 million barrels to 424.1 million barrels in the week ending November 14 [9] - **Strategy**: Hold short positions. Focus on SC in the range of [445 - 455] [10] LPG - **Market Performance**: On November 20, PG main contract closed at 4382 yuan/ton, down 0.30% [12] - **Basic Logic**: Anchored to crude oil price, with downstream开工率下降 and inventory accumulation [13] - **Strategy**: Lightly short. Focus on PG in the range of [4350 - 4450] [14] L - **Market Performance**: L2601 contract closed at 6818 yuan/ton (+30) [16] - **Basic Logic**: Basis repair, domestic开工率 seasonal increase, import arrival concentration, and weak downstream demand [18] - **Strategy**: Reduce short positions in the short - term. Wait for rebound to short in the long - term. Focus on L in the range of [6800 - 6950] [18] PP - **Market Performance**: PP2601 closed at 6429 yuan/ton (-51) [21] - **Basic Logic**: Following cost decline, high inventory, and insufficient demand [22] - **Strategy**: Reduce short positions in the short - term. Wait for rebound to short in the long - term. Focus on PP in the range of [6350 - 6500] [22] PVC - **Market Performance**: V2601 closed at 4586 yuan/ton (+5) [25] - **Basic Logic**: Weak fundamentals, high inventory, but low - valuation support [26] - **Strategy**: Industry hedging at high prices. Look for low - long opportunities. Focus on V in the range of [4400 - 4650] [26] PTA - **Market Performance**: TA05 was at 4754 yuan/ton [27] - **Basic Logic**: Low processing fees, increased device maintenance, and relatively good downstream demand. Cost - side PX is strong [28] - **Strategy**: Look for opportunities to go long at low prices. Focus on TA in the range of [4670 - 4750] [29] Ethylene Glycol - **Market Performance**: EG01 was at 4013 yuan/ton [30] - **Basic Logic**: Increased domestic coal - based device maintenance, new device production, and weakening downstream demand expectations. Inventory accumulation expected in November [31] - **Strategy**: Look for opportunities to short on rebounds. Focus on EG in the range of [3790 - 3850] [32] Methanol - **Market Performance**: Not specifically mentioned [33] - **Basic Logic**: High inventory suppressing prices, high domestic and overseas device开工率, and weak demand [35] - **Strategy**: Short positions held cautiously. Look for opportunities to go long on 05 contract at low prices [3] Urea - **Market Performance**: UR01 was at 1652 yuan/ton [38] - **Basic Logic**: High supply, weakening demand, and high inventory [39] - **Strategy**: Look for opportunities to short at high prices. Focus on UR in the range of [1645 - 1675] [40] Natural Gas - **Market Performance**: On November 20, NG main contract closed at $4.753/million British thermal units, up 3.48% [43] - **Basic Logic**: Seasonal demand increase, cost - profit improvement, and supply - demand situation [44] - **Strategy**: Price is likely to rise but upside is limited. Focus on NG in the range of [4.548 - 4.901] [45] Asphalt - **Market Performance**: On November 20, BU main contract closed at 3058 yuan/ton, up 0.43% [47] - **Basic Logic**: Following crude oil price, supply - demand imbalance, and cost - profit situation [48] - **Strategy**: Hold short positions. Focus on BU in the range of [3000 - 3100] [49] Glass - **Market Performance**: FG2601 closed at 1053 yuan/ton (-16) [52] - **Basic Logic**: Supply decline difficult, weak domestic demand due to falling real - estate prices [53] - **Strategy**: Short on rebounds in the long - term. Focus on FG in the range of [1000 - 1050] [53] Soda Ash - **Market Performance**: Not specifically mentioned [54] - **Basic Logic**: Decreased demand support and high - production cycle [5] - **Strategy**: Reduce short positions in the short - term. Wait for rebound to short in the long - term [5]

Core Viewpoint - The article highlights the historical significance and evolution of Yanchang Petroleum, emphasizing its role in China's oil industry and its contributions to national energy security and local economic development over the past century [1][3][11]. Historical Development - Yanchang Petroleum was established in 1905, marking the beginning of China's modern oil industry with the drilling of the first oil well in 1907 [3][4]. - The company survived through various historical challenges, including wars and economic turmoil, and became a symbol of national resilience and industrial development [4][5]. - After the founding of New China, Yanchang Petroleum faced numerous challenges but achieved significant milestones, including surpassing 10,000 tons of crude oil production in 1959 and 1 million tons in 1997 [5][6]. Corporate Growth and Transformation - The company underwent restructuring in 1998 and 2005, leading to a rapid increase in production and revenue, with crude oil production exceeding 10 million tons in 2007 and revenue surpassing 100 billion yuan in 2010 [6][7]. - By 2013, Yanchang Petroleum became the first company in Western China to enter the Fortune Global 500, with revenue growing from 162.1 billion yuan in 2012 to 390 billion yuan in 2024 [7][8]. Industry Position and Achievements - Yanchang Petroleum has established itself as a major player in the oil and gas sector, ranking as the seventh largest oil field in China and the fourth largest gas field, with a gas production of over 12 billion cubic meters [8][9]. - The company has diversified its operations, achieving a historic shift from being oil-dominant to a balanced structure of oil, gas, coal, and chemical products [8][9]. Technological Innovation - Yanchang Petroleum has invested over 60 billion yuan in research and development over the past decade, leading to significant technological advancements in oil and gas exploration and production [9][10]. - The company has established itself as a leader in innovation, with numerous projects filling gaps in the industry and receiving national recognition [9][10]. Social Responsibility and Community Engagement - Yanchang Petroleum has contributed significantly to local economic development, paying over 762.3 billion yuan in taxes from 2006 to 2024 and supporting various community projects [11][12]. - The company has played a crucial role in poverty alleviation and local development, investing in infrastructure and social programs in the Shaanxi region [12][13]. Future Outlook - As Yanchang Petroleum approaches its 120th anniversary, it aims to continue its commitment to high-quality development, focusing on energy security and sustainable practices while expanding into new energy sectors [15].

Core Insights - China Petroleum & Chemical Corporation (Sinopec) has been recognized for its innovative practices in climate action, with two of its projects selected for international case studies at COP30 in Brazil [1][2] Group 1: Case Studies - The "Energy to Clean, Life to Beautiful, Actively Build Carbon Neutral" project by Sinopec's Hainan Petroleum was included in the "2025 Beautiful China: Typical Cases of Green Space Users" collection, featuring a solar power station with a capacity of 261.45 kW and a total installed capacity of 7.9 MW across 214 energy stations, generating nearly 20 million kWh [1] - The "Empowering 'Oriental Hydrogen Island' to Create a New Benchmark for Zero Carbon" project by Sinopec's Qingdao Refining and Chemical was included in the "2025 Corporate (Park) Climate Action Case Collection," showcasing the first factory-based seawater hydrogen production project and the first floating photovoltaic power station in a seawater environment in China [2] Group 2: Global Impact - The case studies were published in both Chinese and English, highlighting China's innovative practices in green development across various sectors, and providing replicable models for global ecological civilization and climate governance [2]

Report Summary 1) Report Industry Investment Rating - Unilateral: Neutral, waiting for the market bottom to consolidate [2] - Inter - period: None [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2] 2) Core View of the Report - The asphalt futures market is in a low - level oscillation state. The cost side of crude oil is weak, and the fundamentals lack positive stimuli. Although there are some bottom signals, the rebound momentum is insufficient. The spot market is generally stable, with a weak trading atmosphere and no clear positive signals [1]. 3) Summary by Related Catalogs Market Analysis - On November 20, the closing price of the main BU2601 contract of asphalt futures in the afternoon session was 3058 yuan/ton, up 10 yuan/ton or 0.33% from the previous settlement price. The open interest was 191,962 lots, down 2,515 lots from the previous day, and the trading volume was 317,665 lots, up 135,611 lots from the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast, 3156 - 3650 yuan/ton; Shandong, 3030 - 3520 yuan/ton; South China, 3090 - 3210 yuan/ton; East China, 3200 - 3400 yuan/ton [1]. - The asphalt futures market maintains a low - level oscillation. The crude oil cost is weak, and the fundamentals lack positive stimuli. There are bottom signals but insufficient rebound momentum. In the spot market, the price in North China decreased slightly yesterday, while prices in other regions were relatively stable. Although the supply in some areas is tight, the overall terminal demand is weak, resource consumption is slow, the willingness of market participants to buy at the bottom is limited, and the trading atmosphere is poor [1]. Strategy - Unilateral: Adopt a neutral strategy and wait for the market bottom to be consolidated [2]. - Inter - period: No strategy [2]. - Inter - variety: No strategy [2]. - Spot - futures: No strategy [2]. - Options: No strategy [2].

（文章来源：每日经济新闻） 每经AI快讯，Wind数据显示，11月20日，共12只港股获公司回购。其中，中国石油化工股份、极兔速 递-W、中国旭阳集团回购金额最大，分别获公司回购3658.4万港元、389.54万港元和330.36万港元。截 至11月20日，今年已有247只港股获公司回购，61只个股年内累计回购金额超亿港元。其中，腾讯控 股、汇丰控股、友邦保险年内累计回购金额最大，分别获公司回购622.36亿港元、302.57亿港元和 176.93亿港元。 ...

| (安期貨 | | --- | | NGAN FUTURES | 燃料油早报 研究中心能化团队 2025/11/21 | 燃 料 油 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/11/14 | 371.73 | 414.41 | -5.40 | 710.26 | -295.85 | 31.99 | 42.68 | | 2025/11/17 | 366.33 | 415.16 | -6.17 | 707.49 | -292.33 | 31.67 | 48.83 | | 2025/11/18 | 359.79 | 411.23 | -6.97 | 732.42 | -321.19 | 3 ...

2025年9月汽油产量分析： 单独看2025年9月份，黑龙江省规模以上工业企业汽油产量达到了40.5万吨，与2024年同期的数据相 比，9月份的产量下降了1.1%，增速较2024年同期低18.2个百分点，增速较同期全国高0.8个百分点，约 占同期全国规模以上企业汽油产量1324.2万吨的比重为3.1%。 摘要：【图】2025年1-9月黑龙江省汽油产量统计分析 2025年1-9月汽油产量分析： 据国家统计局数据，在2025年的前9个月，黑龙江省规模以上工业企业汽油产量累计达到了383.5万吨， 与2024年同期的数据相比，下降了3.0%，增速较2024年同期低19.4个百分点，增速较同期全国高2.3个 百分点，约占同期全国规模以上企业汽油产量11607.9万吨的比重为3.3%。 图表：黑龙江省汽油产量分月（累计值）统计 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。 产业调研网为您提供更多 石油化工行业最新动态 石油发展前景趋势分析 化工的现状和发展趋势 日化行业现状与发展趋势润滑油市场现状及前景分析汽油市场调研与发展前景 柴油发展现状及前景预测橡胶市场 ...

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has been actively repurchasing its shares, indicating a strategy to enhance shareholder value and confidence in its stock performance [1] Summary by Category Share Buyback Activity - On November 20, 2025, Sinopec repurchased 8 million shares at a price range of HKD 4.550 to HKD 4.600, totaling HKD 36.584 million [1] - Since October 30, 2025, the company has conducted share buybacks for 16 consecutive days, acquiring a total of 71.98 million shares for a cumulative amount of HKD 314 million [1] - The stock price increased by 8.06% during the buyback period [1] Year-to-Date Buyback Summary - Year-to-date, Sinopec has executed 49 buybacks, acquiring a total of 294 million shares for a total expenditure of HKD 1.381 billion [1] Detailed Buyback Data - A detailed table of buyback activities shows daily repurchase volumes, highest and lowest prices, and total amounts spent, reflecting a consistent commitment to share repurchase [1]

021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（碳市场工业硅） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 每日报告 行业 沥青日报 日期 2025 年 11 月 21 ...

摘要：【图】2025年6月江苏省汽油产量数据分析 2025年1-6月汽油产量分析： 据国家统计局数据，在2025年的前6个月，江苏省规模以上工业企业汽油产量累计达到了448.8万吨，与 2024年同期的数据相比，下降了2.0%，增速较2024年同期低3.3个百分点，增速较同期全国高4.8个百分 点，约占同期全国规模以上企业汽油产量7612.2万吨的比重为5.9%。 图表：江苏省汽油产量分月（累计值）统计 2025年6月汽油产量分析： 单独看2025年6月份，江苏省规模以上工业企业汽油产量达到了70.1万吨，与2024年同期的数据相比，6 月份的产量下降了12.8%，增速较2024年同期低19.8个百分点，增速较同期全国低5.9个百分点，约占同 期全国规模以上企业汽油产量1251.5万吨的比重为5.6%。 图表：江苏省汽油产量分月（当月值）统计 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。 产业调研网为您提供更多 石油化工行业最新动态 石油发展前景趋势分析 化工的现状和发展趋势 日化行业现状与发展趋势润滑油市场现状及前景分析汽油市场调研与发展前景 柴油 ...