Market Overview - The price of pure benzene has slightly increased as of November 13, driven by stable to strong raw material prices and reduced production at the US Gulf Coast disproportionation units, alongside favorable demand for oil blending [1] - Market sentiment has improved, leading to price increases in both benzene and styrene, although there is caution due to rising port inventories in China and expectations of continued high arrivals [1] Supply and Demand - As of November 6, the production of petroleum benzene reached 437,800 tons, with an operating rate of 75.14%, reflecting an increase of 8,900 tons and 1.04% respectively [2] - The restart of several facilities, including Dalian Fuxia's aromatics unit and Shenghong Refining's reforming unit, has contributed to the supply dynamics, while some facilities are undergoing maintenance [2] - The total commercial inventory of pure benzene at Jiangsu ports was 113,000 tons as of November 10, a decrease of 8,000 tons from the previous period [2] - The operating rates for downstream products as of November 6 showed a mixed trend, with styrene at 66.94% (+0.2%), phenol at 75.31% (-2.7%), caprolactam at 86.06% (unchanged), and aniline at 77.74% (-0.8%) [2] Market Outlook - The recent introduction of new production capacity and the restart of facilities, along with maintenance expectations, suggest that the overall supply of pure benzene may remain ample [3] - Demand is limited due to some loss-making downstream products anticipating production cuts to maintain prices, leading to overall weak support from the demand side [3] - Although there is an expectation of a certain volume of imports arriving in November and December, the impact of the US-Asia arbitrage window and oil blending on market sentiment remains uncertain [3] - The outlook for crude oil supply and demand is weak, limiting cost support and potential for price rebounds, with attention needed on facility operational changes [3]

1. Report Industry Investment Rating - There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints - There are no clear core viewpoints explicitly stated in the provided content. 3. Summary by Relevant Data 3.1 Basis and Spread - The Shandong basis (+80) (Hongrun) decreased from 190 on 10/14 to -2983 on 11/12, with a daily change of -13 on 11/12 [3]. - The East China basis (Zhenjiang Warehouse) decreased from 60 on 10/14 to -3063 on 11/12, with a daily change of -13 on 11/12 [3]. - The South China basis (Foshan Warehouse) decreased from 50 on 10/14 to -3063 on 11/12, with a daily change of -13 on 11/12 [3]. - The 12 - 01 spread decreased from 44 on 10/14 to 0 on 11/12, with a daily change of -1 on 11/12 [3]. - The 12 - 03 spread decreased from 23 on 10/14 to -47 on 11/12, with a daily change of -8 on 11/12 [3]. - The 01 - 02 spread decreased from -8 on 10/14 to -19 on 11/12, with a daily change of -5 on 11/12 [3]. 3.2 Contract Information - The BU main contract (01) increased from 3290 on 10/14 to 3063 on 11/12, with a daily change of 13 on 11/12 [3]. - The trading volume decreased from 243804 on 10/14 to 237856 on 11/12, with a daily change of -76306 (-14%) on 11/12 [3]. - The open interest increased from 346909 on 10/14 to 345731 on 11/12, with a daily change of 6060 on 11/12 [3]. - The combined position remained at 4690 from 11/7 to 11/12 [3]. 3.3 Crude Oil and Spot Prices - Brent crude oil decreased from 62.4 on 10/14 to 62.7 on 11/12, with a daily change of -2.5 on 11/12 [3]. - Jingbo's asphalt price decreased from 3480 on 10/14 to 0 on 11/12 [3]. - Hongrun's asphalt price decreased from 3400 on 10/14 to 0 on 11/12 [3]. - Zhenjiang Warehouse's asphalt price decreased from 3350 on 10/14 to 0 on 11/12 [3]. - Foshan Warehouse's asphalt price decreased from 3340 on 10/14 to 0 on 11/12 [3]. 3.4 Profit - The asphalt - Ma Rui profit increased from 476 on 10/14 to 150 on 11/12, with a daily change of 133 on 11/12 [3]. - The Ma Rui - type refinery's comprehensive profit decreased from 901 on 10/14 to -687 on 11/12, with a daily change of 119 on 11/12 [3].

华泰证券认为，2025年10月末CCPI-原料价差为2381，处于2012年以来最低分位数，受地产需求占比减 少影响，"金九银十"传统旺季特征有所削弱，且供给侧宽松局面仍延续，多数化工品价格表现相对偏 弱。10月提价产品主要系有色金属资源端涨价支撑等品种，我们认为近年来行业盈利已处底部，在反内 卷等政策引导下，供给侧有望加快调整，大宗化工品盈利或迎改善。中长期而言，伴随欧美高能耗装置 退出、亚非拉地区经济增长等需求增量驱动下，出海/出口成为国内化工行业的重要增长引擎；行业资 本开支增速自25年6月以来持续下降，供给侧加快调整下2026年景气有望上行。 （文章来源：第一财经） ...

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has been actively repurchasing its shares, indicating a strategy to support its stock price and enhance shareholder value [1] Summary by Sections Share Buyback Activity - On November 13, Sinopec repurchased 3.468 million shares at a price range of HKD 4.390 to HKD 4.450, totaling HKD 15.3039 million [1] - The stock closed at HKD 4.440 on the same day, reflecting a decrease of 0.67%, with a total trading volume of HKD 367 million [1] - Since October 30, the company has conducted share buybacks for 11 consecutive days, acquiring a total of 41.828 million shares for a cumulative amount of HKD 17.9 million [1] - During this period, the stock price has increased by 5.21% [1] Year-to-Date Buyback Summary - Year-to-date, Sinopec has executed 39 buyback transactions, acquiring a total of 255 million shares for a total expenditure of HKD 1.188 billion [1]

Core Points - China Petroleum & Chemical Corporation (Sinopec) has been actively repurchasing its shares, with a total of 4.1828 million shares repurchased since October 30, amounting to HKD 17.9 million [2] - The stock price of Sinopec has shown a cumulative increase of 5.21% during the repurchase period, despite a slight decline of 0.67% on the day of the latest repurchase [2] - Year-to-date, Sinopec has conducted 39 repurchase transactions, totaling 255 million shares and an aggregate repurchase amount of HKD 1.188 billion [2] Repurchase Details - On November 13, 2025, Sinopec repurchased 3.468 million shares at prices ranging from HKD 4.390 to HKD 4.450, with a total expenditure of HKD 15.3039 million [2] - The highest repurchase price during the recent transactions was HKD 4.490 on November 12, while the lowest was HKD 4.100 on October 30 [2][3] - The repurchase activity has been consistent, with 11 consecutive days of buybacks leading to a total of 41.828 million shares repurchased in that timeframe [2]

据悉，PBST(聚对苯二甲酸丁二酸丁二醇酯)是中国石化所属北京化工研究院开发出具有完全自主知识 产权的全生物降解材料，用其制成的地膜在抗紫外线、水汽阻隔等方面表现较其他全生物降解材料更为 优异。多年试验表明，PBST地膜在不同地域、不同作物使用后，1至3年内可完全降解成水、二氧化碳 和矿化物等无害物质。 10月，第三方机构评估和实收测产数据显示，覆盖PBST地膜的棉田与对照组覆盖PE地膜的棉田相比产 量总体相当，地膜降解速度明显，未来可完全降解成水、二氧化碳和矿化物等无害物质，不需要回收。 在满足新疆棉花生长需要的同时，降低了成本，并有效解决了PE残留地膜对土壤的影响问题，经济和 生态效益明显，为新疆农业可持续发展提供了可复制推广的实施路径。(完) 中新社北京11月13日电 记者13日从中国石化获悉，中国石化在新疆维吾尔自治区乌苏市发布万亩棉田 PBST地膜试验示范项目成果，宣布其完全自主知识产权的PBST全生物降解地膜试用成功，与使用传统 PE(聚乙烯)地膜的对照田相比，棉花产量总体相当，为稳定棉花产量、解决地膜残留问题提供了可行路 径。 新疆作为中国重要的棉花产区，长期使用PE地膜以保墒增温，然而PE地膜 ...

人民网开罗11月13日电 （记者沈小晓）12日，中国石油化工集团有限公司（中国石化）向开罗大 学捐赠1000册图书，双方共同举办开罗大学中国图书上架仪式。中国驻埃及大使馆公参卢春生、中国石 化品牌部总经理于永生、开罗大学文学院院长娜格拉·拉法特以及开罗大学260余名师生参加了活动。 卢春生在致辞中表示，书籍记录、传播并丰富文化，文化界定、延续并推动文明发展。没有文化的 相遇与相互理解，文明的互鉴就无从谈及，而书籍的传播与共享则为文化的交流提供了重要的途径，从 而夯实文明互鉴的基础。本次活动是推动中埃文明互鉴的具体行动，必将为强化中埃全面战略伙伴关 系、推动构建人类命运共同体提供助力。 娜格拉表示，本次活动是非常智慧和重要的合作。中国石化不仅仅赠送了书籍资料，更为开罗大学 文学院提供了文化交流的平台。开罗大学文学院与中方的合作和友谊历史久远，开展了许多与中国相关 的项目。本次活动证明了经济、教育和文化交流的密不可分，希望以此次活动为起点，双方日后能在更 多领域进行交流合作。 据悉，本次捐赠的1000册图书由中国石化与开罗大学共同精选，内容涵盖中国传统文化、金融、经 济、管理、网络营销和汉语教学等诸多领域。 于永 ...

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) announced a share buyback plan, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Group 1: Share Buyback Details - The company plans to repurchase 3.468 million shares at a total cost of HKD 15.3039 million [1] - The buyback price per share is set between HKD 4.39 and HKD 4.45 [1]

11月13日，中国石化在新疆维吾尔自治区乌苏市发布万亩棉田PBST地膜试验示范项目成果，宣布其完 全自主知识产权的PBST全生物降解地膜试用成功，为稳定棉花产量解决地膜残留问题提供了可行路 径。 ...

摘要：【图】2025年1-6月江苏省石脑油产量统计分析 2025年6月石脑油产量统计： 石脑油产量：33.7 万吨 同比增长：16.3% 增速较上一年同期变化：低1.6个百分点 据统计，2025年6月江苏省规模以上工业企业石脑油产量与上年同期相比增长了16.3%，达33.7万吨，增 速较上一年同期低1.6个百分点，增速放缓，增速较同期全国高7.4个百分点，约占同期全国规模以上企 业石脑油产量686.6万吨的比重为4.9%。 详见下图： 图1：江苏省石脑油产量分月（当月值）统计图 2025年1-6月石脑油产量统计： 石脑油产量：214.8 万吨 同比增长：26.2% 增速较上一年同期变化：高23.0个百分点 据统计，2025年1－6月，江苏省规模以上工业企业石脑油产量与上年同期相比增长了26.2%，达214.8万 吨，增速较上一年同期高23.0个百分点，继续保持增长，增速较同期全国高25.4个百分点，约占同期全 国规模以上企业石脑油产量3984.7万吨的比重为5.4%。详见下图： 图2：江苏省石脑油产量分月（累计值）统计图 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以 ...