12月15日消息，从中国石化获悉，中国石化12月11日至12日在广东湛江举办上市25周年投资者反向路演 活动。在交流环节，中国石化董事会秘书、副总裁黄文生回顾了公司上市25年来取得的发展成果，对未 来发展方向进行了展望。来自经济技术研究院和北京化工研究院的高级专家分别介绍石化行业展望和技 术发展趋势，茂名石化和中科炼化主要负责人介绍企业发展特色和未来发展目标。 来自新华资产、嘉实基金、Aberdeen公司、美国银行、摩根士丹利、中金公司、长江证券等境内外近70 名投资者、分析师参与交流，并现场参观茂名石化和中科炼化。 中国石化方面表示，今年是中国石化上市25周年，也是公司市值管理制度制定并实施的第一年。组织反 向路演旨在促进资本市场对公司全方位的了解，增进市场认同，积极听取投资者的有益建议，进一步提 高上市公司质量。（刘丽丽） 责任编辑：江钰涵 12月15日消息，从中国石化获悉，中国石化12月11日至12日在广东湛江举办上市25周年投资者反向路演 活动。在交流环节，中国石化董事会秘书、副总裁黄文生回顾了公司上市25年来取得的发展成果，对未 来发展方向进行了展望。来自经济技术研究院和北京化工研究院的高级专家分别 ...

中韩石化环氧芳烃部环氧乙烷/乙二醇(EO/EG)装置将再生塔顶气中富含的CO2进行回收提纯，通过专用 管道输送至园区企业博达鸿泰环保科技有限公司，作为食品级CO₂原料。 中化新网讯 截至12月10日，中韩石化实现环氧芳烃装置再生塔顶气二氧化碳(CO₂)的高效回收与再利 用，今年累计向下游企业输送CO₂突破7万吨，减排成效显著。 为确保碳资源稳定供应，中韩石化持续优化管网运行，通过每日巡检、及时维护管道保温与支架等措 施，将月输送能力提升至7000吨，管网负荷率长期保持在90%以上。企业间建立了紧密的协作机制，在 气源供应、销售渠道等方面形成闭环，实现了经济与环保效益的"双赢"。 ...

Report Summary 1. Report Industry Investment Ratings - No specific industry investment ratings provided in the report. 2. Core Views - The demand for PX is seasonally weakening, but the supply remains tight, and it is in a high - level volatile market; PTA is also in a high - level volatile market; for MEG, the unplanned load reduction improves the inventory accumulation pressure, and there is short - term support below [1]. - For PX, the demand is comprehensively weakening, and one should be vigilant against the negative feedback caused by the unexpected decline in polyester operation rate, and avoid chasing high prices. For PTA, although the cost - end PX supply is tight, the polyester is starting to accumulate inventory and incur losses, so the upside space of PTA is limited. For MEG, the price of 3600 yuan/ton has reached the cost line of most production facilities, and the supply - demand pattern has slightly improved, so do not chase short positions in the 01 contract [7][8]. 3. Summary by Related Contents Market Dynamics - Asian xylene prices declined, with Platts assessing Asian paraxylene UNV1/China and FOB Korea at 830.67 dollars/ton and 809.67 dollars/ton respectively on December 12, both down 5 dollars/ton compared to the previous day [4]. - South Korean PX exports to the US increased significantly in early December, and more shipments are expected in the coming months, which may push up prices and tighten the regional supply. About 45,000 tons of PX cargo was loaded to the US in early December, while there was no PX export to the US in November, and the export from January to October was 154,000 tons, compared with 272,000 tons in the same period in 2024 [6]. - South Korea's GS Caltex shut down its No. 3 xylene series with an annual capacity of 550,000 tons on December 8 due to poor economic performance, and the restart date is undetermined [6]. Futures and Spot Prices | Futures | PX Main | PTA Main | MEG Main | PF Main | SC Main | | --- | --- | --- | --- | --- | --- | | Yesterday's Closing Price | 6758 | 4674 | 3627 | 6074 | 437.6 | | Change | - 58 | 10 | 28 | - 48 | - 2.1 | | Change Rate | - 0.85% | 0.21% | 0.78% | - 0.78% | - 0.48% | | Month Spread (Yesterday's Closing Price) | 58 | - 60 | - 84 | - 54 | - 0.4 | | Month Spread (Change) | 4 | - 2 | 24 | 16 | 1.4 | | Spot Price (Yesterday) | 830.67 dollars/ton | 4610 yuan/ton | 3602 yuan/ton | 548.75 dollars/ton | 62.09 dollars/barrel | | Spot Price (Change) | - 5 dollars/ton | - 35 yuan/ton | - 11 yuan/ton | - 5.5 dollars/ton | 0.1 dollars/barrel | | Spot Processing Fee (Yesterday) | 281.42 dollars/ton | 185.2 yuan/ton | 256.44 yuan/ton | 123.25 yuan/ton | - 4.23 dollars/ton | | Spot Processing Fee (Change) | 9.25 dollars/ton | 15.86 yuan/ton | - 14.97 yuan/ton | 6.95 yuan/ton | 0.11 dollars/ton | [2] Trend Intensity - PX trend intensity: - 1; PTA trend intensity: - 1; MEG trend intensity: 0 [6]. Views and Suggestions - **PX**: The demand is comprehensively weakening. The polyester industry chain profits continue to concentrate on the PX link, but the weakening demand limits the upside space. The blending - into - gasoline logic has ended. The domestic operation rate is 88.1% (- 0.1%), with a weekly output of 740,000 tons. The Asian operation rate is 79.3% (+ 0.6%). The PXN is 282 dollars/ton and continues to expand. Operate in the 6550 - 7000 range, exit the 5 - 9 calendar spread long position, and exit the profit of the long PX and short PTA/BZ position [7]. - **PTA**: The cost - end PX supply is tight, but the polyester is starting to accumulate inventory and incur losses, so the upside space is limited. The PTA capacity is generally in excess, and the processing fee is continuously compressed. Exit the profit of the 01 contract processing fee compression position. Operate the single - side position in the 4500 - 4800 range, exit the 5 - 9 calendar spread long position, and exit the profit of the long PX and short PTA/BZ position [8]. - **MEG**: The price of 3600 yuan/ton has reached the cost line of most production facilities, and some factories have shut down due to business reasons. The supply - demand pattern has slightly improved. Do not chase short positions in the 01 contract. The low profit has led to a large - scale decline in the operation enthusiasm of facilities. The ethylene - based facilities, such as Sanjiang, have reduced the load, and some facilities are shut down. The ethylene glycol supply - demand balance sheet has slightly improved [8].

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views of the Report - The report provides daily research and analysis on various energy and chemical futures, including trends, fundamentals, and market news for each product [2]. - Overall, the market shows a mixed trend, with some products in a high - level or low - level shock state, while others face supply - demand pressures or have short - term rebound opportunities. Summary by Product PX, PTA, MEG - **PX**: In a high - level shock market. Demand is seasonally weakening, but supply remains tight. The upside space is limited due to weakening demand and the end of the blending logic. The recommended operation range is 6550 - 7000, and some hedging positions should be closed [2][10]. - **PTA**: In a high - level shock market. The cost - side PX supply is tight, but polyester is accumulating inventory and incurring losses, so the upside space is limited. The recommended operation range is 4500 - 4800, and some hedging positions should be closed [2][11]. - **MEG**: The unexpected load reduction improves the inventory accumulation pressure, and there is short - term support below. The price has reached the cost line of most production devices, and some factories have stopped operating [2][11]. Rubber - In a shock operation state. The price has a small increase, and the inventory has increased. The trend strength is neutral [12]. Synthetic Rubber - The shock center moves up. The inventory of domestic butadiene rubber has decreased slightly, and the supply of butadiene has decreased marginally. The industry is under pressure but supported by valuation [15][18]. Asphalt - Affected by the rising situation in Venezuela. The price shows a shock trend, with changes in production capacity utilization and inventory in different regions [19][30]. LLDPE - Unilateral decline, with limited basis strengthening. The futures price is under pressure, and the demand is weakening. The supply pressure from high - capacity and weak demand needs to be concerned in the medium term [33][34]. PP - Under upstream selling pressure, with the price difference between powder and granular materials inverted. The cost support is limited, the demand is weak, and it is expected to continue the weak trend. Attention should be paid to the marginal changes of PDH devices [37][38]. Caustic Soda - Short - term rebound, but still under pressure later. Although the futures price rebounded due to macro and alumina factors, it is still in a high - production and high - inventory pattern, and the demand is difficult to support [40][41]. Pulp - In a wide - range shock state. The upward momentum comes from external cost and supply tightening expectations, while the downward pressure comes from high domestic inventory and weak terminal demand [44][47]. Glass - The price of the original sheet is stable. The futures price has a slight decline, and the spot price shows mixed trends in different regions. The northern region is affected by snowfall [52]. Methanol - Shock rebound. The port inventory is decreasing, and the fundamentals have improved. However, the MTO fundamentals are weak, and there is a price limit above, while the cost provides support below [54][58]. Urea - Short - term shock operation. The enterprise inventory is decreasing, and the fundamentals have improved marginally. The policy and cost form a support below, and there is a pressure level above [60][62]. Styrene - Short - term shock. The pure benzene market is in a shock state, with weak current situation and strong future expectations. The styrene downstream is in a high - start, high - inventory, and medium - profit pattern [63][64]. Soda Ash - The spot market changes little. The enterprise production is stable, and the downstream demand is flat, with poor procurement enthusiasm [67][68]. LPG - Short - term shock, with a downward trend in the long term. The price shows a shock trend, and there are changes in PDH and other operating rates [71][72]. Propylene - Short - term narrow - range adjustment. The price and relevant operating rates show certain changes [72]. PVC - Low - level shock. The market is in a high - production and high - inventory pattern, and there is a short - term rebound expectation, but the large - scale production reduction expectation may occur after the 03 contract [80][81]. Fuel Oil - The night - session rebounds, temporarily getting rid of the weak state. The low - sulfur fuel oil is weaker than the high - sulfur fuel oil, and the price difference between high - and low - sulfur in the external market rebounds slightly [83]. Container Shipping Index (European Line) - Short - term sentiment is optimistic, and it is in a medium - term shock market. The freight rate index shows an upward trend, and there are changes in shipping capacity and schedules [85]. Short - fiber and Bottle - chip - Medium - term pressure. It is recommended to hold long PTA and short short - fiber/bottle - chip positions. The futures prices are in a low - level shock state, and the spot prices show certain changes [94][95]. Offset Printing Paper - It is recommended to wait and see. The spot price is stable, and the market demand is weak, with strong wait - and - see sentiment [97][98]. Pure Benzene - Short - term shock. The port inventory has increased, and the market is affected by factors such as supply and demand and overseas market conditions [102][103].

研究中心能化团队 2025/12/15 s 加安期货 沥青早报 | | | | | | | | MIS L S BOLARIN FAES | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 11/12 | 12/8 | 12/10 | 12/11 | 12/12 | 日度变化 | 博 | | | 山东基差(+80)(非京博) | -23 | 51 | -40 | -60 | -42 | 18 | | | | 华东基差(镇江库) | 87 | 81 | 100 | 20 | 18 | -2 | | | 基差&月差 | 华南基差(佛山库) | 67 | 1 | 20 | 0 | -32 | -32 | | | | 01-03 | -47 | -40 | -36 | -28 | -39 | -11 | | | | 02-03 | -28 | -22 | -18 | -13 | -18 | -5 | | | | 03-06 | -26 | -47 | -42 | -39 | -40 | - 1 | | | | BU主力合约(02) ...

Group 1 - In the first eight months of 2025, Hebei Province's industrial enterprises produced 177.3 thousand tons of petroleum asphalt, a decrease of 30.6% compared to the same period in 2024, with a growth rate 126.6 percentage points lower than 2024 and 40.2 percentage points lower than the national average [1] - The total petroleum asphalt production in Hebei accounted for 7.3% of the national output of 2427.9 thousand tons during the same period [1] Group 2 - In August 2025, the production of petroleum asphalt in Hebei reached 25.5 thousand tons, representing a decline of 33.0% year-on-year compared to August 2024, with a growth rate 145.4 percentage points lower than 2024 and 51.3 percentage points lower than the national average [2] - The August production in Hebei constituted 7.8% of the national total of 326.5 thousand tons for that month [2]

Investment Rating - The report maintains a rating of "Buy" for the petrochemical industry [4]. Core Insights - China Petroleum & Chemical Corporation (Sinopec) is the largest supplier of refined oil and petrochemical products in China, ranking as the world's largest refining company and second-largest chemical company. The company is undergoing a transformation towards green energy while maintaining its core operations in oil and gas [1][8]. - In 2024, Sinopec achieved a total revenue of 3,138.8 billion yuan, a decrease of 3.3% year-on-year, and a net profit attributable to shareholders of 57.8 billion yuan, down 13.0% year-on-year. Despite challenges such as geopolitical risks and fluctuating oil prices, the company has managed to maintain high-quality development across its business segments [1][12]. - Sinopec is focusing on enhancing its integrated business model across the entire petrochemical value chain, emphasizing the development of new materials and renewable energy [2][19]. Summary by Sections Section 1: Company Overview - Sinopec is a state-owned enterprise with a comprehensive business structure that includes oil and gas exploration, refining, chemical production, and financial services. The company has over 100 subsidiaries and is strategically positioned in China's economically vibrant regions [1][9]. Section 2: Business Operations - In the oil and gas sector, Sinopec produced 35.775 million tons of crude oil in 2024, a year-on-year increase of 0.94%, and 39.57 billion cubic meters of natural gas, up 4.65% year-on-year. The company is actively investing in renewable energy projects to create a diversified green energy supply system [2][19]. - The company is also enhancing its traditional refining and sales operations by focusing on high-end new materials and strengthening its supply chain [2][19]. Section 3: Corporate Governance and Reforms - Sinopec is advancing its corporate governance reforms to enhance management efficiency and market-oriented operations. The company is implementing a performance-based management system to boost productivity and organizational vitality [3][27]. - The company has established a clear path for its "dual carbon" goals, aiming for peak carbon emissions by 2030 and carbon neutrality by 2060, while also improving its ESG performance [3][29]. Section 4: Investment Recommendations - The report suggests focusing on several subsidiaries of Sinopec, including Sinopec Corp., Sinopec Engineering, Sinopec Oilfield Service, and others, highlighting their competitive advantages and growth potential in the evolving energy landscape [3].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - This week (Dec 4 - 10, 2025), the capacity utilization rate of 92 asphalt refineries in China was 29.9%, a 0.2% week - on - week decrease; the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 27.8%, a 0.1% week - on - week decrease. The decline was mainly due to the continuous shutdown of the large - scale unit of Hebei Xinhai and the low - to - medium - load production of major refineries in East China, despite the resumption of asphalt production at Guangzhou Petrochemical and Qilu Petrochemical and the stable production after the output increase at Karamay Petrochemical and Liaohe Petrochemical [4]. - From Dec 3 - 9, 2025, the total shipment volume of 54 domestic asphalt enterprises was 384,000 tons, a 3.8% week - on - week decrease. In North China, the overall supply decreased, and refineries mainly controlled the volume to deliver previous contracts, leading to a decrease in shipment volume. In Northeast and Northwest China, major refineries increased production, driving up the shipment volume [4]. - Crude oil weakened this week, but the escalating situation in Venezuela and the high - price winter storage trial in Hebei (3,000 yuan/ton) pushed BU to strengthen slightly against crude oil in the middle of the week. The average weekly theoretical profit of domestic asphalt processing was - 453 yuan/ton, a 25 - yuan/ton week - on - week increase. The spot price of the asphalt market fluctuated between 3,081 - 3,086 yuan/ton, with a slowdown in the decline of the average spot price and a narrowing of the price fluctuation range [4]. 3. Summary by Directory 3.1 Overview - The capacity utilization rate of asphalt refineries decreased due to factors such as the shutdown of some large - scale units and low - to - medium - load production of major refineries. The shipment volume of asphalt enterprises decreased overall, with regional differences. The asphalt market showed a slight strengthening against the backdrop of weak crude oil due to geopolitical and winter - storage factors [4]. 3.2 Price & Spread - **Cost Structure**: The cost of asphalt is affected by factors such as Brent, WTI, imported diluted asphalt, and Ma Rui crude oil. There are also raw material supply options, including substitutes like SC, and different crude oils have different asphalt yields. Import and export policies, exchange rates, and freight also impact the cost [7]. - **Futures - Disk Price and Trading Volume/Open Interest**: There are data on the prices and trading volume/open interest of Brent, WTI, and SC, presented in a graphical form [11]. - **Spot - Heavy - Traffic Asphalt and Ma Rui Crude Oil**: Data on the prices of domestic heavy - traffic asphalt in different regions and the production profit margin of asphalt in Shandong are presented graphically [12]. - **Spread - Basis and Calendar Spread**: There are data on the basis in regions such as North China, Shandong, and the Yangtze River Delta, as well as calendar spreads, presented graphically [14][15][16]. 3.3 Fundamental Data 3.3.1 Demand - **Consumption Distribution**: The demand for asphalt comes from the road market (including highway construction and maintenance), waterproofing market, ship - fuel market, coking market, and export market. Seasonal factors also have an impact, but the impact of some markets like the ship - fuel and coking markets is limited [21]. - **Weekly Data**: From Dec 3 - 9, 2025, the total shipment volume of 54 domestic asphalt enterprises was 384,000 tons, a 3.8% week - on - week decrease. The capacity utilization rate of 69 domestic sample modified - asphalt enterprises was 9.0%, a 0.2% week - on - week decrease and a 0.5% year - on - year increase. The cold weather in the north reduced the production enthusiasm of modified - asphalt enterprises, while the rush - work demand in the south increased production, resulting in a slight decrease in the overall supply of modified asphalt [25]. 3.3.2 Supply - **Supply Pattern**: The supply of asphalt comes from domestic refineries (including major and local refineries) and imports. Refineries are divided by region and attribute. Key supply indicators include inventory, production start - up, production profit, maintenance plans, and monthly production schedules [27]. - **Production, Maintenance, and Raw Materials**: From Dec 2 - 8, 2025, the weekly total asphalt production in China was 514,000 tons, a 0.9 - million - ton (1.8%) week - on - week increase and a 0.6 - million - ton (1.2%) year - on - year decrease. The cumulative production from January to December was 29.531 million tons, a 7.9% year - on - year increase. As of Dec 11, 2025, the total inventory of 54 asphalt sample refinery warehouses was 618,000 tons, a 2.5% decrease from Dec 8. The total inventory of 104 asphalt social warehouses was 1.036 million tons, remaining stable from Dec 8. There were regional differences in inventory changes [30]. - **Start - up**: There are data on the weekly start - up rates of 77 major asphalt refineries in different regions, presented graphically [33][34][35]. - **Inventory**: There are data on the weekly inventory rates of asphalt refineries and the asphalt market in different regions, presented graphically [42].

今天12月14日，周末。国内成品油市场处于周末休市状态，距离今年最后一次油价调整窗口——12月22 日24时，仅剩8天时间。 ● 据大众新闻-大众日报 ●责任编辑：朱宝仪 ●一级审核：魏艳丽 ●二级审核：董磊 ●三级审核：段景芳 截至目前，全国主要油品均价如下：92号汽油：6.83元/升；95号汽油：7.29元/升；0号柴油：6.45元/ 升。与年初相比，各类油品每升已累计下跌约0.6元，当前油价正处于近四年来的最低价位。 -------------------- 12月12日，国内第4个工作日，参考原油变化率-1.80%，预计汽柴油每吨分别下调80元，折算后为0.06 至0.08元/升，按50升计算，加满一箱油，将节省3至4元左右，按照这个趋势，若无重大变动，12月22 日24时，国内油价将迎来小幅下跌。 ...

Group 1 - In the first eight months of 2025, the liquefied petroleum gas (LPG) production in Guangxi Zhuang Autonomous Region reached 724,000 tons, representing a decrease of 6.1% compared to the same period in 2024, with a growth rate 16.9 percentage points lower than that of 2024 and 4.0 percentage points lower than the national average [1] - The total LPG production from large-scale industrial enterprises in China during the same period was 35,277,000 tons, with Guangxi accounting for 2.1% of this total [1] Group 2 - In August 2025, the LPG production in Guangxi reached 116,000 tons, showing a growth of 13.7% compared to August 2024, with a growth rate 3.0 percentage points higher than that of 2024 [2] - The August production in Guangxi accounted for 2.6% of the national LPG production of 4,495,000 tons for that month, and the growth rate was 14.6 percentage points higher than the national average [2]