本文源自：卓创资讯 本周山东地炼理论综合利润反弹，炼油利润改善。截至12月3日周度山东地炼理论平均综合炼油利润为 201元/吨，与上周相比反弹62.3元/吨。原料成本方面，原料均值环比下降74元/吨。产品收入方面汽油 批发价格逢低反弹，汽油周均价较上周上涨49元/吨，柴油周均价较上周下跌38.2元/吨，其他产品收入 涨跌互现。后期山东地炼综合收入或将上涨，但是原料成本反弹承压，山东地炼理论平均综合炼油利润 或继续小幅反弹。 ...

该改造项目正式投运后，将显著提升企业油泥防渗和污水处理能力，有效降低污染物泄漏与排放风险， 进一步夯实公司环保治理体系，为区域生态环境保护筑牢安全屏障。 中化新网讯 11月26日，中国石化沧州炼化污水处理装置隔油池浮选池一体化改造项目为期1周的试运顺 利完成，各项运行监测数据均达到设计要求。 此前，该公司原有污水处理装置防渗系统已难以满足新标准下的环保要求，污水防渗处理环节成为制约 企业绿色发展的瓶颈。为解决这一难题，该公司专项工作组统筹规划，新建隔油池、浮选池一体化装 置，用以替代原有的隔油池、浮选池、加药间、过滤罐及挥发性有机物（VOCs）碱罐区等一系列设 施，旨在从根本上提升污水和油泥的收集、处理及防渗能力。 施工过程中，项目团队针对传统含油墙体拆除后需按危险废物处理，成本高且环境风险大的痛点，成功 应用先进的喷砂技术对油泥进行高效清理，并同步配套水处理技术，对施工过程中产生的污油水进行净 化回用。该工艺不仅实现了污染物的源头控制和资源化循环利用，彻底改变了以往高成本、高污染的处 理模式，还成功节约项目投资100余万元，实现了环保效益与经济效益的双赢。 ...

降息预期突变：从"鹰派坚守"到"放水在即" | く 気 | 欧美指数 () | | 17 | | --- | --- | --- | --- | | 名称 | 最新 | 涨幅。 | 温暖 | | 道琼斯 | 47289.33 -0.90% -427.0 | | | | DJIA | | | | | 纳斯达克 | 23275.92 -0.38% | | -89.7 | | NDX | | | | | 标普 500 | 6812.63 -0.53% -36.4 | | | | SPX | | | | | 英国富时100 9702.53 -0.18% | | | -17498 | | FTSE | | | | | 德国DAX30 23589.44 -1.04% -247.3! | | | | | GDAXI | | | | | 法国CAC40 | 8097.00 -0.32% | | -25.7 | | FCHI (延) | | | | 美联储12月降息概率飙升87.4%，美股却全线下跌：市场在担心什么？ 美银一份最新报告让整个金融市场屏住了呼吸：美联储12月降息的概率已飙升至87.4%，就在一个月前，这一概率还不 ...

Group 1 - ExxonMobil has officially sold its refining, retail, and chemical operations in France to North Atlantic Energy after six months of exclusive negotiations [2] - North Atlantic Energy will acquire 82.89% of Esso France and 100% of ExxonMobil's French chemical business, with Esso France set to be renamed as North Atlantic Energy France [2] - This acquisition marks North Atlantic Energy's first step into the European market and supports its global asset expansion strategy [2] Group 2 - Esso France operates the Gravenchon refinery and an independent lubricants plant, accounting for approximately 20% of France's current refining capacity [3] - The Gravenchon refinery, with a daily capacity of 240,000 barrels, is described as a "world-class industrial platform" and will be transformed into a "green energy hub" to meet future demands [3] - ExxonMobil is gradually exiting its European refining assets, focusing its downstream operations on the U.S. and Asian markets, leaving it with only four refineries in Europe [3]

1. Report Industry Investment Rating - High - sulfur fuel oil: Neutral, short - term wait - and - see [2] - Low - sulfur fuel oil: Neutral, short - term wait - and - see [2] - Cross - product: None [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core View of the Report - The night session of the main contract of SHFE fuel oil futures closed up 0.08%, at 2476 yuan/ton; the night session of the main contract of INE low - sulfur fuel oil futures closed up 0.7%, at 3037 yuan/ton. Crude oil prices rebounded slightly from recent lows, but the medium - term expectation of oversupply in the oil market is gradually being realized. If the Russia - Ukraine peace agreement is successfully reached, the geopolitical premium may further fade, and the cost side exerts some pressure on the unilateral price of fuel oil. The current overall market contradictions of fuel oil are limited. The market structure of high - sulfur fuel oil is in the adjustment stage, and the support below comes from the incremental demand of refineries. For low - sulfur fuel oil, the overall market supply remains relatively abundant, but the shutdown of Azul Refinery has alleviated local pressure. According to IIR, the maintenance time of two CDU units at Azul Refinery has been extended, with the restart postponed from November 29 and December 9 to December 6 and December 25. The tightening of Kuwaiti supply provides short - term support for the low - sulfur fuel oil market [1] 3. Summary by Relevant Contents Market Analysis - The night session of the main contract of SHFE fuel oil futures closed up 0.08% at 2476 yuan/ton, and the night session of the main contract of INE low - sulfur fuel oil futures closed up 0.7% at 3037 yuan/ton [1] - Crude oil prices rebounded slightly from recent lows. If the Russia - Ukraine peace agreement is reached, the geopolitical premium may fade, and the cost side may suppress the unilateral price of fuel oil [1] - The overall market contradictions of fuel oil are limited. High - sulfur fuel oil's market structure is adjusting, with support from refinery demand. Low - sulfur fuel oil supply is abundant, but Azul Refinery's shutdown eases local pressure. The refinery's restart is postponed, and Kuwait's supply tightening supports the low - sulfur fuel oil market [1] Strategy - High - sulfur fuel oil: Neutral, short - term wait - and - see [2] - Low - sulfur fuel oil: Neutral, short - term wait - and - see [2] - Cross - product, cross - period, spot - futures, and options: No strategies provided [2] Figures - There are multiple figures showing prices, spreads, and trading volumes of Singapore high - sulfur and low - sulfur fuel oils, as well as fuel oil futures in China, with their respective units and data sources from Flush, Steel Union, and Huatai Futures Research Institute [3][4]

Core Viewpoint - The company has successfully optimized its heavy oil processing workflow, resulting in increased production of high-value specialty products, thereby enhancing economic benefits and refining capabilities [1] Group 1: Production Optimization - The company has implemented measures to optimize the solvent deasphalting and coking units, leading to a production increase of 150BS bright oil and customized coke [1] - The solvent deasphalting unit has improved its processing capacity from 600 tons per day to 1100 tons per day by adjusting the ratio of vacuum residue and solvent [1] - The coking unit has stabilized the production of customized coke products by increasing the blending ratio of semi-asphalt and optimizing the water injection in the heating furnace [1] Group 2: Product Range and Market Position - The solvent deasphalting unit's flagship product, light de-oiling, is used to produce high-value products such as 5 powder special grease and 85A microcrystalline wax, indicating strong profit potential [1] - From January to November, the production of specialized carbon materials, including energy storage coke, reached 100,000 tons, accounting for 67.43% of the total petroleum coke output [1] - The product range includes ordinary coke, energy storage coke, and prebaked anode coke, significantly enhancing market competitiveness [1]

[Table_Reportdate] 2025年11月30日 [从企业年末的库存行为，预计 Table_NewTitle] 2026年下 半年周期弹性较大 ——资产配置周报（2025/11/24-2025/11/28） [table_main] 投资要点 策 略 研 究 [证券分析师 Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 王鸿行 S0630522050001 whxing@longone.com.cn 证券分析师 张季恺 S0630521110001 zjk@longone.com.cn 联系人 陈伟业 cwy@longone.com.cn 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 总 量 研 究 [Table_Report] ➢ 全球大类资产回顾。11月28日当周，全球股市上涨，科技风格反弹明显；主要商品期货中 黄金、铜、原油、铝均收涨；美元指数小幅下跌，非美货币普遍升值。1） ...

2026 年期货市场展望 虽然高硫油市场存在边际转弱的预期，但中期而言燃料油整体供需格局并未逆转：高硫燃料油需求端保持坚挺，来自国内地方炼厂的采购 成为常态。在重油结构性偏紧、炼厂二次装置升级的背景下，供应将持续受到制约；与此同时，低硫燃料油市场仍存在需求增量有限、剩 余产能较为充裕的矛盾，市场驱动相对有限...... 供需结构性矛盾仍存，高低硫市场或延续分化 Energy 能源板块研究 Research 华泰期货研究 本期分析研究员 潘翔 从业资格号：F3023104 投资咨询号：Z0013188 康远宁 从业资格号：F3049404 投资咨询号：Z0015842 2025 年 11 月 30 日 华泰期货研究院能源板块研究 期货研究报告 | 燃料油年报 2025-11-30 供需结构性矛盾仍存，高低硫市场或延续分化 策略摘要 高硫燃料油结构性支撑因素仍存，裂解价差回调到位后可以关注逢低多机会。 核心观点 ■ 市场分析 基于对明年油价中枢下移的预期，FU、LU 单边价格将持续受到牵制。 当前高低硫燃料油自身市场矛盾相对有限，整体供应较为充裕。其中，低硫 燃料油由于阿祖尔与 Dangote 炼厂装置变动的缘故 ...

Core Viewpoint - Hengli Group donated 30 million HKD to support residents affected by the fire in Tai Po Hongfu Garden, Hong Kong [1] Company Overview - Hengli Group is an international enterprise developing through a full industrial chain model in refining, petrochemicals, polyester new materials, and textiles [1] - The group owns one of the largest PTA plants globally and is among the largest functional fiber production bases and weaving enterprises [1] - Hengli Group is ranked 81st in the Global Fortune 500, 21st in China's Top 500 Enterprises, 3rd in China's Top 500 Private Enterprises, and 3rd in China's Top 500 Manufacturing Enterprises for 2024 [1] Social Responsibility - Hengli Group actively fulfills its social responsibilities and supports charitable causes, assisting vulnerable groups [1] - Since its establishment, the company has donated a total of 2 billion RMB across various charitable initiatives [1]

高硫稳定弱势，低硫供应较预期增长 研究员：吴晓蓉 期货从业证号：F03108405 投资咨询证号：Z0021537 | 第一章 | 综合分析与交易策略 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析 | 4 | | 第三章 | 周度数据追踪 | 9 | GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 目录 低硫供应较预期增长，关注各地炼厂装置变化对供应的扰动影响。南苏丹消息，已恢复油田正常运营及原油正常出口，低硫供应缺口 扰动消退。低硫重质原料Dar Blend在8月苏丹与阿联酋矛盾后几乎全部流往泛新加坡地区。Dangote炼厂RFCC装置提前检修且检修 时长增长，同时原计划于12月初初级加工装置的轻度检修推迟至明年1月，预期低硫产出大幅回升。泛新加坡地区低硫供应减少不如 预期，马来西亚RFCC装置回归延迟，印尼新投产RFCC低负荷运行。需求端，低硫冬季发电需求暂无驱动，关注欧洲及东亚冬季气温 和天然气情况。 辅 助 色 137/137/137 246/206/207 68/84/1 ...