Group 1: Investment Ratings - High-sulfur fuel oil: Neutral in the short term, bearish in the medium term [2] - Low-sulfur fuel oil: Neutral in the short term, bearish in the medium term [2] Group 2: Core Views - The market structure of low-sulfur fuel oil has marginally improved, but the upward driving force remains limited [1] - Crude oil prices continue in a weak and volatile state, and the medium-term expectation of oversupply in the oil market is gradually being realized, suppressing the unilateral price of fuel oil [1] - The fundamental situation of high-sulfur and low-sulfur fuel oils is converging. The previously strong high-sulfur fuel oil fundamentals have marginally loosened, but there are still supporting factors below [1] - Recently, the supply of low-sulfur fuel oil in Nigeria and Kuwait has tightened marginally, and the strength of overseas gasoline and diesel has also boosted the valuation of low-sulfur fuel oil. However, in the medium term, it faces the contradiction of being substituted in marine fuel demand and has abundant surplus capacity, so it does not have the conditions to strengthen continuously [1] Group 3: Strategy - For high-sulfur fuel oil: Short-term neutral, medium-term bearish [2] - For low-sulfur fuel oil: Short-term neutral, medium-term bearish [2] - For cross-variety: Positions with long LU-FU spreads can be appropriately taken profit [2] - For cross-period: No strategy provided [2] - For spot-futures: No strategy provided [2] - For options: No strategy provided [2] Group 4: Market Data - The main contract of SHFE fuel oil futures closed down 1.01% at 2,560 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed down 0.21% at 3,266 yuan/ton [1] - Multiple charts show prices, spreads, and trading volume data for Singapore and Chinese fuel oil futures and spot markets [3]

Core Viewpoint - The achievements of Sinopec's Fourth Construction Company in welding engineering for LNG storage tanks have been recognized with national awards, highlighting their expertise and innovation in the field [1] Group 1: Awards and Recognition - The Jiangsu Binhai LNG Phase I expansion project and the Wuhu Yangtze LNG inland receiving station project both won the "Excellent Achievement Award" in the 2025 China Engineering Construction Welding Association's evaluation [1] - The recognition reflects the company's strong quality control and effective technological innovations in large LNG storage tank welding [1] Group 2: Technological Innovations - The Wuhu project utilized low-temperature fatigue-resistant welding technology and full-cycle digital quality control to ensure the long-term safe operation of tanks in extreme cold environments at -162°C [1] - The Jiangsu Binhai LNG project adopted low-temperature compatible welding techniques and stringent management practices to guarantee the sealing and structural safety of large storage tanks under similar conditions [1] Group 3: Industry Impact - The receipt of these national-level awards demonstrates the company's professional capabilities in the large LNG storage tank welding sector, laying a solid foundation for undertaking future key projects [1]

Group 1: Report Information - Report Name: Asphalt Morning Report [2][10] - Research Team: Research Center Energy and Chemicals Team [3][11] - Report Date: November 20, 2025 [3][11] Group 2: Market Data Summary Basis and Spread - Shandong Basis (+80) (Hongrun): On November 19, it was 15, with a daily change of 17 and a weekly change of 24 [4][12] - East China Basis (Zhenjiang Warehouse): On November 19, it was 105, with a daily change of -13 and a weekly change of -16 [4][12] - South China Basis (Foshan Warehouse): On November 19, it was 35, with a daily change of -13 and a weekly change of -66 [4][12] - 12 - 01 Spread: On November 19, it was 4, with a daily change and a weekly change of 5 [4][12] - 12 - 03 Spread: On November 19, it was -46, with a daily change of 2 and a weekly change of -2 [4][12] - 01 - 02 Spread: On November 19, it was -23, with a daily change of -3 and a weekly change of -7 [4][12] Futures Contract - BU Main Contract (01): On November 19, the price was 3045, with a daily change of 13 and a weekly change of 16 [4][12] - Trading Volume: On November 19, it was 242605, with a daily change of 23474 and a weekly change of -101039 [4][12] - Open Interest: On November 19, it was 338791, with a daily change of -10853 and a weekly change of -5664 [4][12] - Delivery Quantity: It remained at 4690 from November 13 - 19 [4][12] Spot Market - Brent Crude Oil: On November 19, the price was 64.9, with a daily change of 0.7 and a weekly change of 2.2 [4][12] - Jingbo: On November 19, the price was 3030, with a daily change of 0 and a weekly change of 20 [4][12] - Hongrun: On November 19, the price was 2980, with a daily change of 30 and a weekly change of 40 [4][12] - Zhenjiang Warehouse: The price remained at 3150 from November 13 - 19 [4][12] - Foshan Warehouse: On November 19, the price was 3080, with a daily change of 0 and a weekly change of -50 [4][12] Profit - Asphalt - Marrow Profit: On November 19, it was 59, with a daily change of -32 and a weekly change of -89 [4][12] - Marrow - type Refinery Comprehensive Profit: On November 19, it was 654, with a daily change of -93 [5][13]

请务必阅读正文之后的免责条款部分 1 中辉能化观点 中辉能化观点 | | 中辉能化观点 | | | --- | --- | --- | | 品种 | 核心观点 | 主要逻辑 | | | | 地缘消息扰动，油价下挫。短期扰动：消息称特朗普政策曾秘密与俄罗斯 磋商，油价下挫；核心驱动：淡季供给过剩，消费淡季叠加 OPEC+仍在 | | 原油 | 谨慎看空 | | | ★ | | 扩产周期，全球海上浮仓以及在途原油激增，原油供给过剩压力逐渐上升； | | | | 关注变量：美国页岩油产量变化，俄乌以及南美地缘进展。策略：空单部 | | | | 分止盈。 | | | | 基差偏高，期货盘面偏高估，价格承压。成本端原油受俄乌地缘扰动，震 | | LPG | | 荡调整；供需方面，液化气商品量下降，下游 PDH 开工小幅下降，需求 | | ★ | 谨慎看空 | 端韧性较强；库存端利好，港口与厂内库存连续去库。策略：轻仓试空。 | | | | 现货跟涨不足，基差转弱。国内开工季节性回升，近期进口资源集中到港， | | L | | 国内外供给充足。下游开工率连续 5 周下滑，11 月下旬后棚膜旺季逐步收 | | | 空头盘整 ...

Core Viewpoint - Hong Kong stocks experienced a slight decline, with the Hang Seng Index down 0.38% and the Hang Seng Tech Index down 0.69%, while the dividend sector showed resilience with gains in certain central enterprise stocks [1][2] Group 1: Market Performance - The Hang Seng Index fell by 0.38% and the Hang Seng Tech Index decreased by 0.69% on November 19 [1] - The Central Enterprise Dividend Index (931233.CSI) rose by 0.42%, with notable increases in stocks such as China People's Insurance Group (over 3%) and China Petroleum & Chemical Corporation (nearly 3%) [1] - The National Central Enterprise Dividend ETF (159281) recorded a trading volume of 52.05 million yuan with a real-time premium rate of 0.27% [1] Group 2: Fund Flows - As of November 18, the Central Enterprise Dividend ETF has seen net inflows for seven consecutive trading days, with a net inflow rate of 27.80% over the last five trading days, leading among similar products [1][2] - The Southbound funds have recorded net inflows in 19 out of the last 20 trading days, totaling over 120 billion HKD [2] Group 3: ETF Characteristics - The Central Enterprise Dividend ETF closely tracks the Central Enterprise Dividend Index, which selects stable dividend-paying central enterprises with high dividend yields [2] - The Tech ETF (159128) tracks the Tech Index and includes stocks eligible for trading under the Shanghai-Hong Kong Stock Connect, allowing for T+0 trading without QDII quota restrictions [2] Group 4: Analyst Insights - Dongwu Securities indicated that the Hong Kong market is likely to experience short-term fluctuations, but the current position presents long-term investment attractiveness [3]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The performance of NVIDIA is expected to drive a rebound in technology stocks, and the market may rebound due to the influence of US stocks and brokerage mergers [18][23]. - The risk appetite in the bond market has recovered, and the bond market remains weakly stable, but caution is needed regarding potential short - term trading opportunities [24][25]. - For various commodities, different trends are presented. For example, protein meal prices are gradually falling due to supply pressure, while sugar prices are expected to be range - bound both internationally and domestically [28][35]. Summary by Related Catalogs Financial Derivatives - **Stock Index Futures**: NVIDIA's strong performance may drive a rebound in technology stocks. The market showed support on Wednesday, with significant sector differentiation. The strategy is to go long on dips in the short - term, conduct IM/IC 2512 long + ETF short cash - and - carry arbitrage, and use bull spreads on dips [18][21][23]. - **Treasury Futures**: The risk appetite has recovered, and the bond market is weakly stable. The strategy is to stay on the sidelines for single - side trading, take profit on previous (TL - 3T) positions, and try to go long on the T - contract current - quarter to next - quarter inter - delivery spread [24][25][27]. Agricultural Products - **Protein Meal**: Supply pressure is evident, and the price is gradually falling. In the US, soybean export sales are expected to be within a certain range, and Brazil's soybean production is expected to be high. The domestic supply pressure is large, and the price is expected to be supported, while rapeseed meal is expected to fluctuate [28][29][30]. - **Sugar**: International sugar prices are oscillating lower, and domestic sugar prices are oscillating. Globally, there will be a supply surplus in the 2025/26 season. In the short - term, international sugar prices may oscillate slightly stronger, and domestic sugar prices are expected to be range - bound. The strategy is to go long on dips for single - side trading, stay on the sidelines for arbitrage, and sell out - of - the - money put options [31][34][35]. - **Oilseeds and Oils**: The oscillating market continues. External factors have led to short - term price fluctuations, and different oils have different supply - demand situations. The strategy is to go long on dips or conduct high - selling and low - buying band operations for single - side trading, and stay on the sidelines for arbitrage and options [36][37][39]. - **Corn/Corn Starch**: Spot prices are starting to correct, and the futures price is falling. The US corn futures are expected to be strongly oscillating in the short - term, while domestic corn prices in the Northeast are falling, and those in the North China are relatively strong. The strategy is to go long on dips for the outer - market December corn, short on rallies for the January corn, wait for corrections for the May and July corn, and conduct spread - narrowing operations for the January corn - starch spread [40][41][43]. - **Hogs**: The slaughter pressure persists, and the spot price is oscillating. The overall supply pressure remains, and the strategy is to stay on the sidelines for single - side trading, arbitrage, and sell wide - straddle strategies for options [44][45][46]. - **Peanuts**: The spot price is weak, and peanuts are oscillating at the bottom in the short - term. The price is affected by factors such as supply, demand, and quality. The strategy is to short on rallies for the January peanuts, go long on dips for the May peanuts with a stop - loss at 7800, conduct 1 - 5 peanut reverse spreads, and sell pk601 - P - 7600 options [46][47][48]. - **Eggs**: Demand is average, and egg prices are stable with a slight decline. The supply pressure is gradually easing, but the upside space is limited. The strategy is to stay on the sidelines for single - side trading, arbitrage, and options [49][50][52]. - **Apples**: Demand is average, and fruit prices are mainly stable. The cold - storage inventory is lower than last year, and the fundamentals are relatively strong, but it is recommended to stay on the sidelines due to recent large fluctuations [53][54][55]. - **Cotton - Cotton Yarn**: The fundamental contradictions are not significant, and cotton prices are mainly oscillating. External factors and supply - demand situations at home and abroad affect the price. The strategy is to expect range - bound oscillations for US cotton and short - term oscillations for Zhengzhou cotton, and stay on the sidelines for arbitrage and options [56][57][59]. Ferrous Metals - **Steel**: Steel prices are oscillating within a range, and there is still room to reduce hot - metal production. The industry is affected by policies, costs, and demand. The strategy is to expect a weakly oscillating downward trend for single - side trading, go long on the coil - to - rebar spread on dips, and stay on the sidelines for options [62][63][64]. - **Coking Coal and Coke**: Spot prices are correcting from high levels, and the futures market is weakly operating. After short - term replenishment, the market sentiment has changed. The strategy is to expect a weakly oscillating short - term trend without chasing short positions, consider going long on dips near previous lows in the medium - term, continue to hold the coking coal 1/5 reverse spread, and stay on the sidelines for options [64][65][66]. - **Iron Ore**: A bearish approach is recommended. The supply is increasing, and the domestic demand is weakening. The strategy is to expect a high - level bearish trend for single - side trading, enter a 1/5 inter - delivery high - level reverse spread, and stay on the sidelines for options [67][68][69]. - **Ferroalloys**: Supply and demand are both weak, and prices are oscillating within a cost - supported range. Different ferroalloys have different supply - demand and cost situations. The strategy is to expect bottom - oscillating trends for single - side trading, stay on the sidelines for arbitrage, and sell out - of - the - money straddle option combinations [69][70][71]. Non - ferrous Metals - **Precious Metals**: NVIDIA boosts market sentiment, but the hawkish stance of the Federal Reserve suppresses gold and silver prices. The price is expected to oscillate at a high level in the short - term. The strategy is to hold long positions cautiously near the support level of the 18th, and stay on the sidelines for arbitrage and options [72][74][76]. - **Copper**: Short - term attention should be paid to the lower support. Supply and demand and macro - factors affect the price. The strategy is to go long on dips, pay attention to the 85000 yuan/ton support level, and stay on the sidelines for arbitrage and options [76][77][80]. - **Alumina**: Substantial production cuts have not been realized, and the price is weakly operating. The market is affected by factors such as production, supply, and long - term contracts. The strategy is to expect a short - term weak trend until the warehouse receipts are circulated, and stay on the sidelines for arbitrage and options [80][81][83]. - **Electrolytic Aluminum**: Overseas economic data are unexpectedly absent, and Shanghai aluminum moves with the sector. The macro - environment and supply - demand fundamentals affect the price. The strategy is to stay on the sidelines in the short - term, pay attention to the narrowing of the spread between East China and Central China in the spot market, and go long on Shanghai aluminum and short on LME aluminum to narrow the spread, and stay on the sidelines for options [83][84]. - **Cast Aluminum Alloy**: Aluminum alloy moves with the aluminum price. The macro - environment and supply - demand fundamentals affect the price. The strategy is to stay on the sidelines in the short - term, wait for the market sentiment to digest, and stay on the sidelines for arbitrage and options [85][86][87]. - **Zinc**: It shows a wide - range oscillation. Supply and demand and macro - factors affect the price. The strategy is to continue to hold profitable long positions, and stay on the sidelines for arbitrage and options [87][88][90]. - **Lead**: It oscillates within a range. Supply and demand and macro - factors affect the price. The strategy is to close profitable short positions and stay on the sidelines, and stay on the sidelines for arbitrage and options [90][91][94]. - **Nickel**: The cost is loosening, and the nickel price is oscillating downward. The oversupply of deliverable products and the macro - environment affect the price. The strategy is to short on rallies, stay on the sidelines for arbitrage, and sell out - of - the - money call options [94][95][96]. - **Stainless Steel**: Supply and demand are both weak, and raw materials are under pressure. The industry is affected by factors such as investment plans and carbon taxes. The strategy is to short on rallies and stay on the sidelines for arbitrage [96][97][98]. - **Industrial Silicon**: Short - term partial profits can be realized, and new strategies can involve going long on dips near the support level. The price is affected by production capacity and market demand. [98]

Report Industry Investment Rating - Not provided Core View of the Report - The PG main contract is running strongly. The domestic chemical industry is firm, and there are expectations for the civilian sector to strengthen during the peak season, but the market valuation is high. The international propane market pattern is loose. Attention should be paid to the weather and the situation of cold snaps in the United States [4] Summary by Relevant Catalogs Daily Changes - On Wednesday, for civil gas, the price in East China was 4325 (-10), in Shandong was 4370 (-10), and in South China was 4345 (+0). The price of etherified C4 was 4590 (+0). The lowest delivery location was East China, with a basis of -60 (-62), and the 12 - 01 month spread was 81 (+20). FEI was 502 (-10) and CP was 486 (+14) dollars per ton [4] Weekly Views - The PG main contract showed a strong trend. The basis was 1 (-101), and the 12 - 01 month spread was 93 (+21). The cheapest delivery products were civil gas in East China at 4364 (-10), in Shandong at 4440 (+60), and in South China at 4460 (+10); etherified C4 was 4630 (+130). The overseas paper goods prices rose, the oil - gas ratio weakened slightly, the month spread strengthened, the domestic - foreign price difference weakened, PG - CP reached 128 (-9), and PG - FEI reached 111 (-2). The discount strengthened. The arrival discount of propane in East China was 78 (+8), and the FOB discounts of propane in AFEI, the Middle East, and the United States were -2.75 dollars (+3.75), 22 dollars (+13), and 39 dollars (+13) respectively. The freight weakened slightly. The FEI - MOPJ spread narrowed to -66 (+7). The naphtha crack spread changed little and remained at a relatively high level this year. The profit of propylene production from PDH in Shandong improved slightly, the profit of alkylation units deteriorated, the MTBE production profit fluctuated, and the export profit remained good. Domestic production decreased slightly, the arrival volume was limited, factory inventories decreased slightly, and port inventories decreased. The PDH operating rate was 71.74% (-3.71), Donghua Zhangjiagang restarted, and Juzhengyuan and Haiwei stopped for maintenance [4]

证券时报•数据宝统计，中国石油化工股份在港交所公告显示，11月19日以每股4.440港元至4.640港元的 价格回购609.20万股，回购金额达2775.64万港元。该股当日收盘价4.570港元，上涨2.93%，全天成交额 16.71亿港元。 （万港元） 2025.11.19 609.20 4.640 4.440 2775.64 2025.11.18 553.20 4.480 4.420 2453.55 2025.11.17 378.80 4.440 4.390 1673.84 2025.11.14 674.00 4.450 4.400 2982.11 2025.11.13 346.80 4.450 4.390 1530.39 2025.11.12 370.80 4.490 4.390 1652.10 2025.11.11 425.60 4.410 4.340 1861.28 2025.11.10 407.20 4.400 4.300 1779.63 2025.11.07 317.20 4.300 4.250 1356.73 2025.11.06 239.80 4.230 4.200 1010.66 2025 ...

今年以来该股累计进行47次回购，合计回购2.85亿股，累计回购金额13.33亿港元。（数据宝） 证券时报·数据宝统计，中国石油化工股份在港交所公告显示，11月19日以每股4.440港元至4.640港元的 价格回购609.20万股，回购金额达2775.64万港元。该股当日收盘价4.570港元，上涨2.93%，全天成交额 16.71亿港元。 自10月30日以来公司已连续15日进行回购，合计回购6398.00万股，累计回购金额2.78亿港元。 其间该 股累计上涨8.29%。 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.11.19 | 609.20 | 4.640 | 4.440 | 2775.64 | | 2025.11.18 | 553.20 | 4.480 | 4.420 | 2453.55 | | 2025.11.17 | 378.80 | 4.440 | 4.390 | 1673.84 | | 2025.11.14 | 674.00 | 4.450 | 4.400 | ...

Core Insights - The conference aimed to enhance understanding and recognition of listed companies by domestic and foreign institutions, promoting corporate mission fulfillment and social responsibility [1][2] - There has been significant progress in the sustainable development practices of listed companies, with a clearer path towards high-quality development [2] Group 1: Conference Objectives and Participants - The conference was organized by the China Listed Companies Association and attended by over 500 representatives from listed companies and relevant professional institutions [1] - The event focused on sharing experiences from exemplary listed companies and expert discussions to foster value creation and enhance sustainable development capabilities [1] Group 2: Key Statements and Trends - Listed companies have shown resilience and vitality in a complex global market, with a stronger foundation for high-quality development and clearer sustainable development paths [2] - The China Securities Regulatory Commission noted substantial progress in sustainable disclosure practices among listed companies, leading to more determined steps towards sustainable development [2] - OECD highlighted trends such as expanding coverage of corporate sustainability disclosures, convergence of disclosure standards, and enhanced board supervision as essential for a resilient and sustainable future [2] Group 3: Research Reports and Best Practices - Four research reports were released during the conference, focusing on ESG development, industry analysis, value accounting, and ESG ratings for listed companies [3] - The conference also presented 210 best practice cases for sustainable development among listed companies for 2025 [3]