Report Industry Investment Rating - Not provided in the given content Report's Core View - The asphalt futures price is expected to fluctuate, and it is recommended to use reverse arbitrage. Attention should be paid to the situation in Venezuela. The supply of asphalt is affected by factors such as refinery production adjustments and the availability of Venezuelan heavy - oil. Demand is constrained by funds, weather, and the progress of road construction projects [1]. Summary by Relevant Catalogs Market Analysis - Supply: Last week, the asphalt开工率 increased by 1.8 percentage points to 27.2% week - on - week, 0.2 percentage points higher than the same period last year, and at a relatively low level in recent years. In January 2026, the domestic asphalt production is expected to be 2 million tons, a decrease of 158,000 tons (7.3%) month - on - month and 276,000 tons (12.1%) year - on - year. The national asphalt shipment volume increased by 6.32% to 223,600 tons week - on - week. This week, Shandong Shengxing Petrochemical switched to asphalt production, while Qilu Petrochemical and Dongming Petrochemical planned to stop production, keeping the asphalt开工率 at a low level [1]. - Demand: Last week, the开工 rates of most downstream asphalt industries declined. The road asphalt开工率 decreased by 2 percentage points to 15% week - on - week, restricted by funds and weather. A new round of rain and snow is coming, with road construction in the north gradually ending and southern projects also entering the final stage [1]. - Inventory: The asphalt refinery inventory rate continued to rise week - on - week and remained near the lowest level in recent years [1]. - Geopolitical Impact: The US military action in Venezuela has restricted the flow of Venezuelan heavy - oil to domestic refineries, which will affect asphalt production and costs. Although the possibility of domestic refineries obtaining Venezuelan crude has increased, it is still expected to be significantly lower than before the US intervention [1]. Futures and Spot Market Quotes - Futures: Today, the asphalt futures 2603 contract rose 0.45% to 3,157 yuan/ton, above the 5 - day moving average, with a minimum price of 3,134 yuan/ton, a maximum price of 3,167 yuan/ton, and the open interest decreased by 3,111 to 187,438 lots [2]. - Basis: The mainstream market price in Shandong region remained stable at 3,070 yuan/ton, and the basis of the asphalt 03 contract fell to - 87 yuan/ton, at a relatively low - to - neutral level [3]. Fundamental Tracking - Supply: Refineries such as Liaoning Zhende resumed production, and the asphalt开工率 increased by 1.8 percentage points to 27.2% week - on - week, 0.2 percentage points higher than the same period last year, at a relatively low level in recent years [5]. - Investment in Road Construction: From January to November, the national highway construction investment decreased by 5.9% year - on - year. The cumulative year - on - year growth rate increased by 0.1 percentage points compared to January - October 2025 but was still negative. From January to December 2025, the cumulative year - on - year growth rate of fixed - asset investment in road transportation decreased to - 6.0% from - 4.7% in January - November 2025. From January to December 2025, the cumulative year - on - year growth rate of fixed - asset investment in infrastructure construction (excluding electricity) decreased to - 2.2% from - 1.1% in January - November 2025 [5]. - Social Financing: From January to December 2025, the year - on - year growth rate of social financing stock was 8.3%, 0.2 percentage points lower than that from January to November. The recovery of medium - and long - term financing demand of enterprises was still weak [5]. - Inventory: As of the week of January 16, the asphalt refinery inventory rate increased by 0.7 percentage points to 14.1% compared to the week of January 9, remaining near the lowest level in recent years [5].

Group 1: Chemical Sector Performance - The chemical raw materials index increased by 1.10%, while the chemical machinery index rose by 2.87%. However, the chemical pharmaceuticals index decreased by 1.41%, and the pesticide and fertilizer index increased by 2.99% [1] - The top five rising petrochemical products included liquid chlorine, which surged by 92.93%, industrial-grade lithium carbonate, which rose by 25.75%, and propylene oxide, which increased by 8.84% [1] - The top five declining petrochemical products included vitamin D3, which fell by 4.17%, methyl acrylate, which decreased by 3.92%, and nitric acid, which dropped by 2.51% [1] Group 2: Oil Sector Performance - The oil processing index decreased by 3.66%, and the oil extraction index fell by 0.36%, while the oil trading index increased by 4.17% [1] - As of January 16, the settlement price for West Texas Intermediate crude oil was $59.44 per barrel, up 0.54% from January 9, and the settlement price for Brent crude oil was $64.13 per barrel, up 1.25% from January 9 [1] Group 3: Listed Chemical Companies - The top five rising listed chemical companies included Bofei Electric, which increased by 61.06%, Qicai Chemical, which rose by 27.94%, and Aladdin, which gained 20.24% [2] - The top five declining listed chemical companies included Zaiseng Technology, which fell by 26.65%, ST Jiaao, which decreased by 18.42%, and Pulit, which dropped by 17.28% [2]

Group 1 - The National Development and Reform Commission (NDRC) announced an increase in domestic gasoline and diesel prices by 85 yuan per ton, effective from January 20 at 24:00, due to recent fluctuations in international oil prices [1] - The NDRC emphasized that major oil companies, including PetroChina, Sinopec, and CNOOC, along with other crude oil processing enterprises, must ensure stable supply and strictly adhere to national pricing policies [1] - The NDRC's price monitoring center indicated that the international oil market is experiencing oversupply, with geopolitical factors being the primary influence on the volatility of international oil prices [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The asphalt futures price is expected to fluctuate, and it is recommended to focus on the situation in Venezuela and adopt a counter - spread strategy. The supply is affected by refinery production adjustments and the situation in Venezuela, while the demand is restricted by factors such as funds, weather, and project progress [1]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - Supply: Last week, the asphalt operating rate increased by 1.8 percentage points to 27.2% week - on - week, 0.2 percentage points higher than the same period last year, at a relatively low level in recent years. In January 2026, the domestic asphalt production is expected to be 2 million tons, a decrease of 158,000 tons (7.3%) month - on - month and a decrease of 276,000 tons (12.1%) year - on - year. The resumption of production at major refineries in East China last week increased supply and shipments. This week, Shandong Shengxing Petrochemical switched to asphalt production, while Qilu Petrochemical and Dongming Petrochemical planned to stop production, keeping the asphalt operating rate at a low level. The US military action in Venezuela restricts the flow of heavy crude oil to domestic refineries, affecting asphalt production and costs [1]. - Demand: Last week, the operating rates of most downstream asphalt industries declined. Road asphalt operating rate decreased by 2 percentage points to 15% week - on - week, restricted by funds and weather. New snow and rain are coming, and road construction in the north is gradually ending, and southern projects are also entering the final stage, so the subsequent rigid demand will further slow down [1]. - Inventory: The asphalt refinery inventory rate continued to rise week - on - week and remained near the lowest level in recent years [1]. - Price: The asphalt price in Shandong decreased slightly, and the basis was at a relatively low - to - neutral level [1]. 3.2 Futures and Spot Market Quotes - Futures: The asphalt futures 2603 contract fell 0.03% to 3,139 yuan/ton today, below the 5 - day moving average, with a minimum price of 3,124 yuan/ton and a maximum price of 3,156 yuan/ton. The open interest decreased by 985 to 190,549 lots [2]. - Basis: The mainstream market price in Shandong dropped to 3,070 yuan/ton, and the basis of the asphalt 03 contract dropped to - 69 yuan/ton, at a relatively low - to - neutral level [3]. 3.3 Fundamental Tracking - Supply: Refineries such as Liaoning Zhende resumed production, and the asphalt operating rate increased by 1.8 percentage points to 27.2% week - on - week, 0.2 percentage points higher than the same period last year, at a relatively low level in recent years. From January to November, the national highway construction investment decreased by 5.9% year - on - year, and the cumulative year - on - year growth rate increased by 0.1 percentage point compared with the period from January to October 2025 but was still negative. From January to December 2025, the actual completed fixed - asset investment in road transportation decreased by 6.0% year - on - year, continuing to decline from - 4.7% in the period from January to November 2025. From January to December 2025, the completed fixed - asset investment in infrastructure construction (excluding electricity) decreased by 2.2% year - on - year, continuing to decline from - 1.1% in the period from January to November 2025. As of the week of January 16, the operating rates of most downstream asphalt industries declined, with the road asphalt operating rate decreasing by 2 percentage points to 15% week - on - week, restricted by funds and weather. From the perspective of social financing stock, from January to December 2025, the social financing stock increased by 8.3% year - on - year, and the growth rate decreased by 0.2 percentage point compared with the period from January to November, and the recovery of enterprise medium - and long - term financing demand remained weak [5]. - Inventory: As of the week of January 16, the asphalt refinery inventory rate increased by 0.7 percentage point to 14.1% compared with the week of January 9 and was near the lowest level in recent years [5].

Core Viewpoint - The National Development and Reform Commission announced an increase in domestic gasoline and diesel prices by 85 yuan per ton, effective from January 20 at 24:00, due to recent fluctuations in international oil prices [1] Group 1: Price Adjustment - Domestic gasoline and diesel prices will rise by 85 yuan per ton based on the average price comparison of the last ten working days [1] - The price adjustment is in accordance with the current refined oil pricing mechanism [1] Group 2: Market Stability Measures - The National Development and Reform Commission has instructed major oil companies, including PetroChina, Sinopec, and CNOOC, to ensure stable production and transportation of refined oil [1] - There is an emphasis on strict adherence to national pricing policies by oil processing companies [1] Group 3: Regulatory Oversight - Local authorities are required to enhance market supervision and inspection efforts [1] - There will be strict penalties for non-compliance with national pricing policies to maintain normal market order [1]

Core Viewpoint - Recent fluctuations in international oil prices have led to an increase in domestic gasoline and diesel prices in China, effective from January 20, with a rise of 85 yuan per ton for both fuels [1]. Group 1: Price Adjustments - Domestic gasoline and diesel prices will increase by 85 yuan per ton starting January 20 at 24:00 [1]. - The adjustment is based on the average price comparison of the first ten working days of January with the previous adjustment period [1]. Group 2: Market Regulation - Major oil companies, including PetroChina, Sinopec, and CNOOC, are required to ensure stable supply and adhere to national pricing policies [1]. - Local authorities are tasked with enhancing market supervision and strictly enforcing compliance with national price policies to maintain market order [1]. Group 3: Retail Prices - The highest retail prices for gasoline and diesel across various provinces and municipalities have been detailed, with prices varying by region [2][3]. - The prices include consumption tax, value-added tax, urban construction tax, and educational fees [3].

Core Viewpoint - The National Development and Reform Commission announced an increase in domestic gasoline and diesel prices by 85 yuan per ton, effective from January 20, due to rising international oil price fluctuations [1]. Price Adjustment Summary - The adjustment is based on the average price comparison of the first ten working days of January with the previous adjustment period [1]. - The new maximum retail prices for gasoline and diesel across various provinces and cities are detailed in the accompanying table [2][3]. Regional Price Details - The maximum retail prices for gasoline and diesel in major cities and provinces are as follows: - Beijing: Gasoline 8435 yuan, Diesel 7450 yuan - Shanghai: Gasoline 8415 yuan, Diesel 7420 yuan - Guangdong: Gasoline 8545 yuan, Diesel 7550 yuan - Other regions have varying prices, with the highest recorded in Chongqing at Gasoline 8612 yuan and Diesel 7625 yuan [3]. Compliance and Market Stability - Major oil companies, including PetroChina, Sinopec, and CNOOC, are required to ensure stable supply and adhere to national pricing policies [5]. - Local authorities are tasked with increasing market supervision and addressing any violations of the pricing policy to maintain market order [5].

Core Viewpoint - Domestic gasoline and diesel prices will increase by 85 yuan per ton starting from January 20, 2026, due to fluctuations in international oil prices and the current pricing mechanism [2]. Pricing Adjustment - The adjustment is based on the average prices from the previous ten working days compared to the last adjustment period [2]. - The new maximum retail prices for gasoline and diesel across various provinces and central cities are provided in a detailed table [3]. Market Regulation - Major oil companies, including PetroChina, Sinopec, and CNOOC, are required to ensure stable supply and adhere to national pricing policies [2]. - Local authorities are tasked with increasing market supervision and strictly enforcing compliance with national pricing regulations [2]. Retail Price Details - The maximum retail prices for gasoline and diesel in various regions are specified, with prices ranging from 7,310 yuan to 8,615 yuan per ton for diesel and 8,180 yuan to 8,675 yuan per ton for gasoline [3]. - The prices include consumption tax, value-added tax, urban construction tax, and educational fees [3][4]. Quality Standards - The gasoline and diesel prices mentioned are for products that meet the sixth phase of mandatory national standards, specifically 89-octane gasoline and zero-grade diesel [4].

Group 1 - The core viewpoint of the articles indicates that China's industrial value-added is expected to grow by 5.9% in 2025, with a faster growth rate compared to the previous year, and December's growth rate is 5.2%, accelerating by 0.4% from November [1] - Traditional manufacturing industries are showing significant transformation, with the petroleum processing industry expected to grow by 6.7% in 2025, and the biomass fuel processing sector experiencing a remarkable growth of 16.8%, contributing 1.7 percentage points more to the petroleum processing industry's growth compared to last year [1] - The chemical fiber industry is projected to grow by 8.2%, with the bio-based materials manufacturing sector growing by 27.9%, contributing 23.1% to the chemical fiber industry's growth, an increase of 16.4 percentage points from the previous year [1] - The production of green low-carbon products is increasing rapidly, with the output of new energy vehicles expected to grow by 25.1% in 2025, driving significant increases in the production of lithium-ion batteries for vehicles and charging piles by 41.7% and 11.0% respectively [1] - Wind turbine and hydroelectric generator production are expected to grow by 48.9% and 29.3% respectively, supported by the development of green energy [1] - The output of lithium carbonate, carbon fiber, and bio-based chemical fibers is projected to increase by 57.1%, 47.7%, and 19.5% respectively [1] Group 2 - In 2025, China's automobile production and sales are expected to reach 34.53 million and 34.40 million units respectively, marking a year-on-year growth of 10.4% and 9.4%, achieving a historical high and maintaining the world's largest market for 17 consecutive years [2] - New energy vehicles are projected to exceed 16 million units in production and sales, with domestic new car sales accounting for over 50%, becoming the dominant force in China's automotive market [2] - The automotive export market shows strong resilience, with over 7 million vehicles exported, and the export scale reaching new heights, including 2.615 million new energy vehicles exported, which is a 100% year-on-year increase [2]

Group 1 - The core viewpoint of the report indicates that geopolitical disturbances, particularly the ongoing situation in Iran, are significantly influencing oil prices, with Brent and WTI prices recorded at $64.13 and $59.34 per barrel respectively as of January 16, 2026 [1][2] - In the first half of the week, oil prices rose due to concerns over potential supply disruptions from Iran, while in the latter half, prices fell as plans for military action by the U.S. were temporarily shelved [1][2] - The report highlights that Brent crude futures settled at $64.13 per barrel, up by $0.79 (+1.25%) from the previous week, while WTI crude futures increased by $0.22 (+0.37%) to $59.34 per barrel [2] Group 2 - As of January 12, 2026, the global number of offshore self-elevating drilling rigs increased to 377, with notable additions in Southeast Asia, Europe, and the Middle East [3] - U.S. crude oil production decreased to 13.753 million barrels per day as of January 9, 2026, while the number of active drilling rigs rose to 410 as of January 16, 2026 [3] - U.S. refinery crude processing increased to 16.958 million barrels per day with a utilization rate of 95.30% as of January 9, 2026, reflecting a slight increase from the previous week [3] Group 3 - U.S. total crude oil inventories rose to 836 million barrels as of January 9, 2026, marking an increase of 3.605 million barrels (+0.43%) from the previous week [4] - The report details that gasoline inventories increased by 8.977 million barrels (+3.71%), while diesel and jet fuel inventories saw slight decreases [4] Group 4 - As of January 16, 2026, the FOB price for ester-based biodiesel remained stable at $1,150 per ton, while hydrocarbon-based biodiesel also held steady at $1,875 per ton [5] - The report notes that the price of waste cooking oil in China increased slightly, with prices recorded at $876.68 and $961.81 per ton for waste cooking oil and waste oil respectively [5] Group 5 - Relevant companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China Petroleum Corporation (PetroChina), among others [6]