Core Points - The article discusses the implementation of a risk monitoring plan for industrial product quality safety in Guangyuan City, Sichuan Province, which includes sampling and testing various products [2] - A total of 30 batches of products were tested, with 29 batches sampled and one batch of paint failing to meet standards, leading to the termination of sampling for that batch [2] - The results indicate that 30 out of 31 batches passed inspection, with only one batch of plastic shopping bags deemed non-compliant, and the case has been referred to local market supervision authorities for further investigation [2] Group 1: Product Testing and Results - The testing covered 15 types of products, including automotive gasoline, automotive diesel, disposable paper food containers, sanitary napkins, and compound fertilizers [2] - On November 7, representatives from various sectors participated in an open day event for product quality inspection, where three batches of sanitary napkins were selected for sampling [2] - The inspection results showed that 30 batches were compliant, while one batch of plastic shopping bags was found to be non-compliant [2][3] Group 2: Consumer Participation and Reporting - Consumers are encouraged to actively participate in monitoring industrial product quality and report any counterfeit or substandard products [2] - A hotline is provided for consumers to report issues, specifically numbers 12345 and 12315 [2]

Investment Rating - The industry investment rating is "Positive" [1] Core Views - The report highlights that international oil prices experienced fluctuations due to geopolitical factors, particularly the ongoing situation in Ukraine. As of November 28, 2025, Brent and WTI oil prices were reported at $62.38 and $58.55 per barrel, respectively [2][9] - The report indicates an increase in U.S. crude oil and refined product inventories, which negatively impacted the market. However, a reduction in the number of active oil rigs in the U.S. and skepticism regarding the peace negotiations in Ukraine contributed to price volatility [2][9] - The report notes that the oil and petrochemical sector underperformed compared to the broader market, with a decline of 0.73% in the sector as of November 28, 2025 [10] Summary by Sections Oil Price Review - As of November 28, 2025, Brent crude futures settled at $62.38 per barrel, down $0.18 (-0.29%) from the previous week, while WTI crude futures increased by $0.49 (+0.84%) to $58.55 per barrel [24] - The report also mentions the Urals crude price remained stable at $65.49 per barrel, while ESPO crude fell by $0.84 (-1.56%) to $53.16 per barrel [24] Offshore Drilling Services - The number of global offshore self-elevating drilling platforms was reported at 366, with a net increase of 1 platform. The floating drilling platform count rose to 129, with an increase of 2 platforms [27] U.S. Crude Oil Supply - U.S. crude oil production was reported at 13.814 million barrels per day, a decrease of 20,000 barrels from the previous week. The number of active drilling rigs fell to 407, down by 12 rigs [38] U.S. Crude Oil Demand - U.S. refinery crude processing averaged 16.443 million barrels per day, an increase of 211,000 barrels from the previous week, with a refinery utilization rate of 92.30%, up 2.3 percentage points [45] U.S. Crude Oil Inventory - Total U.S. crude oil inventories reached 838 million barrels, an increase of 3.272 million barrels (+0.39%) from the previous week. Strategic reserves were at 411 million barrels, up 498,000 barrels (+0.12%) [54] Refined Oil Products - In the North American market, average prices for diesel, gasoline, and jet fuel were reported at $99.57, $79.04, and $89.17 per barrel, respectively, with corresponding price differentials to crude oil [77]

Investment Rating - The report does not explicitly state an investment rating for the petrochemical industry. Core Insights - The report highlights the impact of production cuts in caprolactam on pricing stability, while the price spread for nylon fibers has narrowed [2]. - Domestic key refining project price spread increased to 2425.48 CNY/ton, a week-on-week rise of 29.04 CNY/ton (+1.21%), while international key refining project price spread decreased to 1277.36 CNY/ton, a decline of 151.77 CNY/ton (-10.62%) [3]. - Brent crude oil weekly average price was reported at 63.18 USD/barrel, reflecting a decrease of 1.05% [2]. Refining Sector Summary - The report discusses the geopolitical situation regarding the Russia-Ukraine peace plan, which has led to fluctuations in international oil prices. Brent and WTI crude prices were reported at 63.20 and 58.55 USD/barrel respectively, with slight increases from the previous week [14]. - Domestic refined oil prices showed minor fluctuations, with diesel, gasoline, and aviation kerosene averaging 6787.00, 7603.14, and 5905.76 CNY/ton respectively [14]. Chemical Sector Summary - The chemical products market experienced a general decline in prices due to weak demand, with notable decreases in polyethylene price spreads [2]. - The report indicates that the nylon fiber price spread has narrowed significantly due to rising costs in the caprolactam market, despite being in a traditional demand off-season [2]. Polyester & Nylon Sector Summary - Polyester cost remained stable, while nylon costs increased significantly, leading to a notable narrowing of the price spread for nylon fibers [2]. - The report mentions that the polyester upstream prices for PX and MEG have slightly decreased, while PTA prices have shown a slight increase [2]. Key Refining Companies Performance - The report provides stock performance data for six major refining companies, with notable weekly changes including Rongsheng Petrochemical (-0.92%) and Xin Fengming (+7.08%) [2].

弱势震荡磨底 沥青周报 2025/11/29 徐绍祖 （能源化工组） 从业资格号：F03115061 交易咨询号：Z0022675 严梓桑 （联系人） 0755-23375123 yanzs@wkqh.cn 从业资格号：F03149203 CONTENTS 目录 01 周度评估及策略推荐 05 需求端 02 期现市场 06 相关指标 03 供应端 07 产业链结构图 04 库存 01 周度评估及策略推荐 行情回顾 图1：沥青主力合约近月走势（￥/吨） 2,600.0 2,800.0 3,000.0 3,200.0 3,400.0 3,600.0 3,800.0 4,000.0 2025/1/1 2025/1/8 2025/1/15 2025/1/22 2025/1/29 2025/2/5 2025/2/12 2025/2/19 2025/2/26 2025/3/5 2025/3/12 2025/3/19 2025/3/26 2025/4/2 2025/4/9 2025/4/16 2025/4/23 2025/4/30 2025/5/7 2025/5/14 2025/5/21 2025/5/28 2025/6/ ...

2020-2025年1-9月中国原油加工量产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：恒逸石化（000703）,荣盛石化（002493）,中国石化（600028）,中国石油（601857）,上海石 化（600688）,华锦股份（000059）,泰山石油（000554）,岳阳兴长（000819）,ST实华（000637）,沈阳 化工（000698） 相关报告：智研咨询发布的《2025-2031年中国原油行业市场行情监测及发展趋向研判报告》 根据国家统计局数据显示：2025年9月中国原油加工量产量为6269万吨，同比增长6.8%；2025年1-9月中 国原油加工量累计产量为55081.5万吨，累计增长3.7%。 ...

Report Industry Investment Rating - No information provided in the report Core View of the Report - The asphalt market is expected to experience weak and volatile price movements. The supply side will see a slight increase in the operating rate, while the demand side will remain weak. The impact of international events on crude oil prices and the cautious market attitude towards winter storage contracts also contribute to the market's uncertainty [1]. Summary According to Relevant Catalogs Market Analysis - Supply: This week, the asphalt operating rate increased by 3.0 percentage points to 27.8% week-on-week, still at the lowest level in recent years. In December, the domestic asphalt production is expected to be 2.158 million tons, a decrease of 70,000 tons (3.1%) month-on-month and 344,000 tons (13.8%) year-on-year. Next week, the operating rate will increase slightly as some refineries switch production and others resume production [1]. - Demand: This week, the operating rates of most downstream asphalt industries declined. Road asphalt construction was restricted by funds and weather, with the operating rate dropping by 5 percentage points to 29%. As the temperature drops in the north, road construction will gradually end, and the overall demand will remain weak [1]. - Inventory: The inventory-to-sales ratio of asphalt refineries remained flat week-on-week and is near the lowest level in recent years [1]. - International Events: The sanctions imposed by the US and the West have not affected Russia's oil production. Although there are signs of a ceasefire in the Russia-Ukraine conflict, the possibility of a peace agreement in the near term is low, and crude oil prices are fluctuating at a low level. A fire in Venezuela's Jose industrial area led to the shutdown of a 200,000-barrel/day distillation unit, and the discount of diluted asphalt widened under the US military threat [1]. Futures and Spot Market Conditions - Futures: Today, the asphalt futures 2601 contract fell 0.73% to 2,996 yuan/ton, below the 5-day moving average. The lowest price was 2,953 yuan/ton, and the highest was 3,019 yuan/ton. The trading volume decreased by 20,497 to 133,952 lots [2]. - Basis: The mainstream market price in Shandong remained at 3,000 yuan/ton, and the basis of the asphalt 01 contract rose to 4 yuan/ton, at a neutral level [3]. Fundamental Tracking - Supply: Refineries such as Shanghai Petrochemical and Shandong Shengxing resumed asphalt production, and the operating rate increased by 3.0 percentage points to 27.8% week-on-week, still at the lowest level in recent years [4]. - Investment: From January to September, the national highway construction investment decreased by 6.0% year-on-year. From January to October, the fixed asset investment in road transportation decreased by 4.3% year-on-year, and the infrastructure investment (excluding electricity) decreased by 0.1% year-on-year [4]. - Social Financing: From January to October, the year-on-year growth rate of social financing stock was 8.5%, a 0.2 percentage point decline from January to September. The new social financing in October was lower than expected [4]. - Inventory: As of November 28, the inventory-to-sales ratio of asphalt refineries remained flat at 14.5% week-on-week, near the lowest level in recent years [4].

| X | | --- | | 11 | | --- | | 免责声明 | 能化板块研发报告 供需双弱持续 第一部分 前言概要 【行情回顾】 11 月上旬油价震荡维持，沥青成本端较 10 月初有所上升，在现货价 格经历大幅下跌后，炼厂利润回落至近五年同期偏低水平，沥青现货价格企 稳。油价宽幅波动过程中，沥青价格弹性明显偏弱，偏弱震荡。11 月下旬， 油价在过剩预期下承压下行，沥青成本端无上行驱动，原料贴水回落显著。 沥青供需继续走弱，月末供应大幅下降，需求同样降至历史同期低位水平， 低库存对现货价格存在一定支撑。 【市场展望】 短期油价大幅走弱，叠加原料贴水处于低位，沥青成本端支撑有限，但 还需关注美国与委内局势的发展。低供应和低库存对现货价格存在一定支 撑，沥青跌幅弱于原油，炼厂利润小幅回升，现货估值偏高，盘面预计窄幅 震荡。中期来看，市场对于明年的需求暂无乐观预期，等待冬储成本落地， 沥青波动率明显弱于原油，主力合约 BU2601 运行区间预计 2950~3100 元/吨。 【策略推荐】 1.单边：窄幅震荡。 2.套利：观望。 3.期权：BU2601 合约卖出虚值看涨期权。 风险提示：美国与委内局势的发展 ...

| | | | X | | --- | 能化板块研发报告 高硫弱势维持，低硫供应预期增长 第一部分 前言概要 【行情回顾】 11 月高硫燃料油市场价格进一步下跌，中东供应增长同时中美进料需 求支撑减弱。新加坡高硫现货贴水在多供应和低成交价下持续下行，11 月 下旬现货贴水下跌至-6 美金/吨，较 10 月末下行约 4 美金/吨；高硫裂解也 较 10 月末下行约 2.8 美金/桶至-8 美金/桶左右水平。 11 月低硫燃料油供应缺口预期驱动由强转弱。上旬 Al-Zour 装置停产 同时 Dangote 汽油装置回归同时南苏丹低硫重质原油出口也受阻，低硫供 应缺口预期增长。下旬，南苏丹低硫原料出口恢复迅速，同时 Dangote 炼 厂汽油装置检修提前至 12 月初且检修期延长，低硫供应缺口预期减弱，低 硫现货贴水回落至 0 值以下水平。 【市场展望】 【策略推荐】 1.单边：偏弱震荡，观望。 2.套利：低硫近月价差关注逢高反套机会。低硫裂解转弱，高硫裂解弱势震荡。 3.期权：无。 风险提示：制裁政策变化、原油配额下发节奏、低硫炼厂负荷变化。 交易咨询业务资格： 证监许可[2011]1428 号 研究员：吴晓蓉 邮 ...

Report Industry Investment Rating - Not provided Core Viewpoints - The supply of asphalt is expected to increase as some refineries will stabilize production, while the demand will weaken further with the end of road construction in the north and limited project increments in the south. The market is cautious, and the asphalt futures price is expected to fluctuate weakly [1]. Summary by Related Catalogs Market Analysis - Last week, the asphalt operating rate dropped 4.2 percentage points to 24.8% week-on-week, 7.0 percentage points lower than the same period last year, hitting the lowest level in recent years. In November, the domestic asphalt scheduled production is expected to be 2.228 million tons, a decrease of 454,000 tons (16.9%) month-on-month and 274,000 tons (11.0%) year-on-year [1]. - Last week, the operating rates of downstream asphalt industries showed mixed trends. The road asphalt operating rate remained flat at 34% week-on-week, restricted by funds and weather. The asphalt shipments in the Northeast increased significantly due to increased production and price cuts, and the national shipments increased 15.28% to 246,000 tons week-on-week, at a slightly below - average level [1]. - The inventory - to - sales ratio of asphalt refineries remained flat week-on-week, near the lowest level in recent years. Crude oil prices fell due to factors such as the non - impact of sanctions on Russian oil production and the possibility of a cease - fire in the Russia - Ukraine conflict. A fire in Venezuela led to the shutdown of a 200,000 - barrel - per - day distillation unit, and the discount of diluted asphalt widened under US military threats [1]. - This week, refineries such as Shandong Shengxing will stably produce asphalt, and the asphalt operating rate will rise. With the temperature drop in the north, road construction will gradually end, and the subsequent demand will weaken further. The project increments in the south are limited, and the overall demand is flat [1]. Futures and Spot Market - Today, the asphalt futures 2601 contract fell 1.41% to 3,007 yuan/ton, below the 5 - day moving average. The lowest price was 3,003 yuan/ton, the highest was 3,040 yuan/ton, and the open interest increased by 2,170 to 154,449 lots [2]. - The mainstream market price in Shandong dropped to 3,000 yuan/ton, and the basis of the asphalt 01 contract rose to - 7 yuan/ton, at a neutral level [3]. Fundamental Tracking - On the supply side, refineries such as Sinochem Quanzhou and Yunnan Petrochemical stopped producing asphalt. The asphalt operating rate dropped 4.2 percentage points to 24.8% week-on-week, 7.0 percentage points lower than the same period last year, at the lowest level in recent years [1][4]. - From January to September, the national highway construction investment decreased 6.0% year-on-year. The cumulative year - on - year growth rate rebounded slightly compared with that from January to August 2025 but remained negative. From January to October 2025, the cumulative year - on - year growth rate of the actual completed fixed - asset investment in the road transport industry was - 4.3%, a slight decline from - 2.7% from January to September 2025, still in a negative growth situation. From January to October 2025, the cumulative year - on - year growth rate of the completed fixed - asset investment in infrastructure construction (excluding electricity) decreased to - 0.1% from 1.1% from January to September 2025 [4]. - As of the week of November 21, the operating rates of downstream asphalt industries showed mixed trends. The road asphalt operating rate remained flat at 34% week-on-week, restricted by funds and weather. From January to October 2025, the year - on - year growth rate of social financing stock was 8.5%, a 0.2 - percentage - point decline from January to September. The new social financing in October was lower than market expectations [4]. - As of the week of November 21, the inventory - to - sales ratio of asphalt refineries remained flat at 14.5% compared with the week of November 14, near the lowest level in recent years [4].

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The refinery utilization rate in the US accelerated its recovery. Although the refinery utilization rate continued to rise from the bottom to 92.3%, the processing volume increased by 211,000 barrels per day, and the crude oil production decreased by 20,000 barrels per day to 1,381.4 million barrels per day, the net import of crude oil increased by 1.046 million barrels per day, leading to an accumulation of commercial crude oil inventories by 2.774 million barrels in the week ending November 21. After the refinery utilization rate rebounded, both gasoline and diesel inventories accumulated, the apparent demand for gasoline rebounded, and the apparent demand for diesel declined. The total inventory of crude oil and petroleum products increased slightly, but the single - week data has limited indication [4]. 3. Summary by Related Catalog US Crude Oil and Petroleum Product Inventory Data - **Commercial Crude Oil Inventory**: Increased by 2.774 million barrels, compared with a decrease of 3.426 million barrels in the previous period [4][6]. - **Cushing Crude Oil Inventory**: Decreased by 68,000 barrels, compared with a decrease of 698,000 barrels in the previous period [6]. - **Strategic Petroleum Inventory**: Increased by 498,000 barrels, compared with an increase of 533,000 barrels in the previous period [6]. - **Gasoline Inventory**: Increased by 2.513 million barrels, compared with an increase of 2.327 million barrels in the previous period [6]. - **Diesel Inventory**: Increased by 1.147 million barrels, compared with an increase of 171,000 barrels in the previous period [6]. - **Jet Fuel Inventory**: Increased by 370,000 barrels, compared with an increase of 146,000 barrels in the previous period [6]. - **Fuel Oil Inventory**: Decreased by 531,000 barrels, compared with an increase of 287,000 barrels in the previous period [6]. - **Total Inventory of Crude Oil and Petroleum Products (excluding SPR)**: Increased by 1.562 million barrels, compared with a decrease of 2.715 million barrels in the previous period [6]. US Crude Oil Production, Demand and Trade Data - **Crude Oil Production**: Decreased by 20,000 barrels per day to 1,381.4 million barrels per day [4][6]. - **Refinery Crude Oil Processing Volume**: Increased by 211,000 barrels per day to 16.443 million barrels per day [4][6]. - **Apparent Demand for Refined Oil Products**: Increased to 20.24 million barrels per day from 20.157 million barrels per day in the previous period [6]. - **Apparent Demand for Gasoline**: Increased to 8.726 million barrels per day from 8.528 million barrels per day in the previous period [6]. - **Apparent Demand for Diesel**: Decreased to 3.362 million barrels per day from 3.882 million barrels per day in the previous period [6]. - **Crude Oil Import**: Increased to 6.436 million barrels per day from 5.95 million barrels per day in the previous period [6]. - **Crude Oil Export**: Decreased to 3.598 million barrels per day from 4.158 million barrels per day in the previous period [6]. - **Refinery Utilization Rate**: Increased to 92.3% from 90% in the previous period [4][6]