（编辑 任世碧） 证券日报网讯 8月22日晚间，恒力石化发布2025年半年度利润分配方案公告称，公司拟向全体股东每股 派发现金红利0.08元（含税）。截至本公告日，公司总股本7，039，099，786股，以此计算合计拟派发 现金红利563，127，982.88元（含税），占2025年半年度归属于上市公司股东净利润的18.46%。 ...

荣盛石化公告，2025年上半年实现营业收入1486.29亿元，同比下降7.83%；归属于上市公司股东的净利 润6.02亿元，同比下降29.82%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

Group 1 - The company Rongsheng Petrochemical reported a revenue of 148.63 billion yuan for the first half of the year, representing a year-on-year decrease of 7.83% [1] - The net profit attributable to shareholders of the listed company was 602 million yuan, down 29.82% year-on-year [1] - The company announced plans not to distribute cash dividends, issue bonus shares, or increase capital using reserves [1]

Core Insights - Hengli Petrochemical (600346.SH) reported a revenue of 103.887 billion yuan for the first half of 2025, representing a year-on-year decline of 7.69% [1] - The net profit attributable to shareholders was 3.05 billion yuan, down 24.08% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.296 billion yuan, a decrease of 35.16% year-on-year [1] - Basic earnings per share stood at 0.43 yuan [1] - The company proposed a cash dividend of 0.08 yuan per share (tax included) to all shareholders [1]

恒力石化公告，2025年上半年营业收入1038.87亿元，同比下降7.69%。净利润30.5亿元，同比下降 24.08%。公司2025年半年度利润分配方案为：以权益分派股权登记日总股本为基数，向全体股东每股 派发现金红利0.08元（含税）。 ...

根据国家统计局数据显示：2025年6月中国原油加工量产量为6225万吨，同比增长8.5%；2025年1-6月中 国原油加工量累计产量为36161.3万吨，累计增长1.6%。 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。 数据来源：国家统计局，智研咨询整理 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》 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The report presents a comprehensive analysis of the asphalt market, including futures prices, spreads, spot market conditions, and industry trends. It shows that while the price of crude oil is slightly stronger, the cracking spread of asphalt is getting weaker. The market is influenced by factors such as production, inventory, and demand [1][9][15] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: The closing prices of BU2509 and BU2510 on the previous day were 3,496 yuan/ton and 3,465 yuan/ton respectively, with daily increases of 0.09% and 0.32%. The night - session closing prices were 3,500 yuan/ton and 3,468 yuan/ton, with night - session increases of 0.11% and 0.09% [1] - **Trading Volume and Open Interest**: The trading volume of BU2509 was 7,439 lots, a decrease of 834 lots, and the open interest was 20,537 lots, a decrease of 3,225 lots. The trading volume of BU2510 was 123,366 lots, a decrease of 22,655 lots, and the open interest was 211,461 lots, a decrease of 6,077 lots [1] - **Warehouse Receipts**: The total warehouse receipts in the asphalt market were 72,650 lots, with no change [1] - **Spreads**: The basis (Shandong - 09) was 14 yuan/ton, a decrease of 23 yuan/ton compared to the previous day; the 09 - 10 inter - period spread was 31 yuan/ton, a decrease of 8 yuan/ton; the Shandong - South China spread remained unchanged at 20; the East China - South China spread was 230 yuan/ton, an increase of 20 yuan/ton [1] - **Spot Market**: The Shandong wholesale price was 3,510 yuan/ton, a decrease of 20 yuan/ton; the Yangtze River Delta wholesale price was 3,720 yuan/ton, with no change. The refinery operating rate was 36.92%, an increase of 1.31% compared to the previous update, and the refinery inventory rate was 27.81%, an increase of 2.02% [1] 3.2 Market Information - **Production**: In September 2025, the domestic asphalt production plan of local refineries was 1.557 million tons, a month - on - month increase of 275,000 tons (21.5%) and a year - on - year increase of 467,000 tons (42.9%) [15] - **Shipment**: From August 13 - 19, 2025, the total shipment volume of 54 domestic asphalt manufacturers was 391,000 tons, a month - on - month decrease of 2.7%. The shipment volume in the East China region decreased significantly, while that in the Northwest region continued to decline [15] - **Capacity Utilization**: From August 14 - 20, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 30.7%, a month - on - month decrease of 2.2%. From August 13 - 19, 2025, the capacity utilization rate of 69 domestic modified asphalt sample enterprises was 17.0%, a month - on - month decrease of 0.1% and a year - on - year increase of 2.6% [15][16] 3.3 Trend Intensity - The trend intensity of asphalt is 0, indicating a neutral market outlook. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [9]

Group 1: Chemical Sector Performance - The chemical index experienced a significant increase, with the chemical raw materials index rising by 2.81%, the chemical machinery index by 1.53%, the chemical pharmaceuticals index by 3.70%, and the pesticide and fertilizer index by 1.03% [1] - In contrast, the oil index saw a decline across all categories, with the oil processing index down by 1.10%, the oil extraction index down by 1.22%, and the oil trading index down by 1.02% [1] Group 2: Oil Prices - International crude oil prices showed weakness, with the WTI crude oil futures settling at $62.80 per barrel, a decrease of 1.69% from August 8, and Brent crude oil futures settling at $65.85 per barrel, down by 1.11% [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases included liquid chlorine up by 29.05%, battery-grade lithium carbonate up by 18.57%, industrial-grade lithium carbonate up by 14.53%, folic acid up by 6.38%, and niacinamide up by 5.00% [1] - Conversely, the top five petrochemical products with price declines included butanone down by 8.91%, organic silicon DMC down by 8%, organic silicon D4 down by 7.69%, raw rubber down by 7.41%, and synthetic ammonia down by 6.95% [1] Group 4: Capital Market Performance of Chemical Companies - The top five listed chemical companies with the highest stock price increases were Shuangyi Technology up by 41.17%, Kaimete Gas up by 34.73%, Honghe Technology up by 33.09%, Weike Technology up by 31.54%, and Xinhang New Materials up by 31.43% [2] - The bottom five listed chemical companies with the largest stock price declines were Zhizheng Co. down by 13.04%, Donghua Energy down by 11.49%, Renzhi Co. down by 10%, Fengshan Group down by 8.51%, and Hehua Co. down by 8.20% [2]

Group 1 - The core viewpoint of the article highlights the growth potential of the Chinese petroleum asphalt industry, with a projected production increase of 11.1% year-on-year by June 2025, reaching 315 million tons [1] - In the first half of 2025, the cumulative production of petroleum asphalt in China is expected to be 1,796.7 million tons, reflecting a growth of 7.7% [1] - The report by Zhiyan Consulting provides insights into the market operation trends and future development potential of the petroleum asphalt industry in China from 2025 to 2031 [1] Group 2 - Listed companies in the petroleum asphalt sector include Guochuang Gaoxin (002377), Baoli International (300135), Senyuan Co., Ltd. (300210), Luchang Technology (002813), Longzhou Co., Ltd. (002682), Guolian Aquatic Products (300094), Ningbo Fubang (600768), Binhua Co., Ltd. (601678), Yueyang Xingchang (000819), and Hengyi Petrochemical (000703) [1]

1. Report Industry Investment Rating - No information provided in the report 2. Core Views of the Report - The fundamentals of asphalt are bearish due to high supply pressure and weak demand recovery. The cost support is expected to weaken in the short - term, and the futures price is predicted to fluctuate within a narrow range. Specifically, the asphalt 2510 contract is expected to oscillate between 3432 - 3476 [7][9] - Bullish factors include relatively high - level crude oil costs providing some support [12] - Bearish factors are insufficient demand for high - priced goods, overall downward demand, and increasing expectations of an economic recession in Europe and the United States [13] - The main logic is that the supply pressure remains high on the supply side, and the demand recovery is weak on the demand side [14] 3. Summaries According to the Directory 3.1 Daily Views - **Supply Side**: In August 2025, the planned domestic asphalt production is 2.413 million tons, a 5.1% month - on - month decrease and a 17.1% year - on - year increase. The sample capacity utilization rate this week is 35.2349%, a 1.797 - percentage - point increase month - on - month. The sample enterprise output is 588,000 tons, a 5.38% increase month - on - month, and the device maintenance volume is estimated at 583,000 tons, a 5.35% decrease month - on - month. The refineries increased production this week, increasing supply pressure, but the supply pressure may decrease next week [7] - **Demand Side**: The heavy - traffic asphalt开工率 is 32.9%, a 0.04 - percentage - point increase month - on - month; the building asphalt开工率 is 18.2%, unchanged month - on - month; the modified asphalt开工率 is 17.1004%, a 1.23 - percentage - point increase month - on - month; the road - modified asphalt开工率 is 30.5%, a 1.50 - percentage - point increase month - on - month; the waterproofing membrane开工率 is 29.7%, a 2.20 - percentage - point increase month - on - month. Overall, the current demand is lower than the historical average [7] - **Cost Side**: The daily asphalt processing profit is - 498.38 yuan/ton, a 19.60% increase month - on - month. The weekly Shandong local refinery delayed coking profit is 904.0171 yuan/ton, a 6.90% increase month - on - month. The asphalt processing loss increases, and the profit difference between asphalt and delayed coking increases. With the weakening of crude oil, the support is expected to weaken in the short - term [8] - **Other Aspects**: On August 20, the Shandong spot price is 3530 yuan/ton, and the basis of the 10 - contract is 76 yuan/ton, with the spot at a premium to the futures. The social inventory is 1.343 million tons, a 1.75% decrease month - on - month; the in - factory inventory is 711,000 tons, a 4.71% increase month - on - month; the port diluted asphalt inventory is 190,000 tons, a 24.00% decrease month - on - month. The MA20 is downward, and the 10 - contract futures price closes below the MA20. The main positions are net short, and the short positions increase [10] 3.2 Asphalt Market Overview - The report provides the previous day's market overview data, including the values, previous values, and percentage changes of various contracts (such as 01 - 12 contracts), inventory (weekly inventory of social, factory, and port diluted asphalt), production, output, and profit - related indicators [17] 3.3 Asphalt Futures Market Analysis - **Basis Trend**: The report shows the historical trends of the Shandong and East China basis of asphalt [19][20] - **Spread Analysis**: It includes the spread trends of the main contracts (1 - 6, 6 - 12 contracts), the price trends of asphalt, Brent oil, and West Texas oil, the crude oil cracking spread, and the price - ratio trends of asphalt, crude oil, and fuel oil [22][25][28][32] 3.4 Asphalt Spot Market Analysis - The report presents the price trends of Shandong heavy - traffic asphalt [35][36] 3.5 Asphalt Fundamental Analysis - **Profit Analysis**: It shows the historical trends of asphalt profit and the profit - spread trend between coking and asphalt [37][40] - **Supply - Side Analysis**: It includes the weekly shipment volume, domestic diluted asphalt port inventory, weekly and monthly production, the price of Venezuelan Ma Rui crude oil and its monthly production, local refinery asphalt production, weekly开工率, maintenance loss volume estimation, etc. [43][45][48][52][55][58][60] - **Inventory Analysis**: It covers the exchange warehouse receipts, social inventory, in - factory inventory, in - factory inventory inventory ratio, etc. [63][67][71] - **Import - Export Analysis**: It shows the export and import trends of asphalt and the import price - spread trend of South Korean asphalt [74][77][79] - **Demand - Side Analysis**: It includes petroleum coke production, apparent consumption, downstream demand (such as highway construction traffic fixed - asset investment, new local special bonds, infrastructure investment completion amount year - on - year), downstream mechanical demand (asphalt concrete paver sales, excavator monthly operating hours, domestic excavator sales, roller sales), asphalt开工率 (heavy - traffic asphalt, classified by use), and downstream开工情况 (shoe - material SBS modified asphalt, road - modified asphalt, etc.) [80][83][86][90][95][98][101] - **Supply - Demand Balance Sheet**: It provides the monthly asphalt supply - demand balance sheet from August 2025 to September 2024, including downstream demand, port inventory, factory inventory, social inventory, export volume, import volume, and production [106][107]