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Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The asphalt market continues to face a situation of weak supply and demand. The current inventory is at a low level, and the recent inventory accumulation rate is lower than the seasonal average, resulting in limited short - term market pressure. However, with the improvement of some refineries' profits, the asphalt plant operating rate and production have marginally increased. Meanwhile, rainfall in South China in late May will affect the improvement of terminal demand, so there is also certain resistance above the asphalt market, and the industry's acceptance of high - priced resources is still limited [1]. - The strategy for asphalt investment is as follows: the unilateral trend is expected to be volatile; for the inter - period strategy, the previous long position of BU2506 - 2509 (positive spread position) can be taken profit at high prices; there are no strategies for cross - variety, spot - futures, and options [2]. 3) Summary by Related Catalogs Market Analysis - On May 19, the closing price of the main BU2506 contract of asphalt futures in the afternoon session was 3,502 yuan/ton, up 26 yuan/ton or 0.75% from the previous settlement price. The open interest was 73,925 lots, down 1,051 lots from the previous day, and the trading volume was 140,886 lots, up 21,991 lots from the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 3,700 - 4,086 yuan/ton in Northeast China, 3,450 - 3,600 yuan/ton in Shandong, 3,400 - 3,430 yuan/ton in South China, and 3,500 - 3,570 yuan/ton in East China. The spot prices of asphalt in North China and Shandong decreased yesterday, while those in other regions remained generally stable [1]. Strategy - Unilateral: Volatile [2]. - Inter - period: Take profit on the previous long position of BU2506 - 2509 (positive spread position) at high prices [2]. - Cross - variety: None [2]. - Spot - futures: None [2]. - Options: None [2].

Core Viewpoint - The article highlights the achievements and contributions of Fu Xiaoqing, a skilled technician at Shanghai Petrochemical, who has significantly improved operational efficiency and reduced costs through innovative solutions in instrumentation and materials research [3][4][6]. Group 1: Achievements and Contributions - Fu Xiaoqing has worked for 37 years, participating in 18 key national projects and achieving cost savings of over 24.5 million yuan through non-stop maintenance of instruments [3]. - He led a team that resolved 42 technical challenges related to production operations and project construction, resulting in cost savings of over 1.7 million yuan in 2024 [4]. - Fu's innovative work includes the development of a fog-free endoscope for boiler inspections, which improved the accuracy of environmental monitoring data [4][5]. Group 2: Innovations and Technical Improvements - Fu's innovation studio focuses on addressing technical challenges in carbon fiber composite materials and instrumentation, enhancing research and development capabilities [5]. - He has successfully implemented various technical improvements, such as the modification of imported equipment and the development of domestic alternatives, which have led to significant operational enhancements [6][7]. - Fu's contributions to the Beijing 2022 Winter Olympics included the development of innovative tools for torch assembly, earning him two national patents and recognition for technological contributions [7][8]. Group 3: Knowledge Sharing and Training - Fu Xiaoqing emphasizes the importance of knowledge sharing and training, having established a studio that serves as both an innovation hub and a training base for new technicians [5][8]. - His commitment to continuous learning and sharing expertise has led to the recognition of his studio as a model for innovation within the industry [8].

行业 MEG 日报 日期 2025 年 5 月 20 日 料油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 业硅）028-8663 0631 penghaozhou@ccb.ccbfutures.c om期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.c om期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员 ...

行业 PTA 日报 日期 2025 年 5 月 20 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯 ...

Core Insights - The rapid development of the Luogou Riverside Agricultural Market in Erqi District has attracted nearly 400 merchants since its trial operation began in January last year, achieving an average daily transaction volume of 15 million yuan, making it the largest distribution center for agricultural products in the southwestern region of Zhengzhou [2][3] Group 1: Financial Support and Coordination - The Erqi District has initiated a "thousand enterprises, ten thousand households" outreach program to address the financing needs of local businesses, particularly the Luogou Market, which faced funding pressures for its second phase of construction [3][4] - A specialized financial service plan was quickly developed by the district's Development and Reform Commission in collaboration with the financial office, resulting in a 2 million yuan loan being disbursed within two working days [3][4] - The Jin Yuan Petrochemical Company, a small enterprise in Xiangyun Community, successfully coordinated with the bank to clear old debts and secure a new loan of 1.5 million yuan to expand production [3][4] Group 2: Service Network and Innovation - Since October 2024, the Erqi District government has prioritized the coordination of financing for small and micro enterprises, establishing a three-tier service network that combines local management with industry oversight [4][5] - The district has implemented a grassroots service approach, utilizing community workers to identify businesses in need of funding and provide detailed explanations of small loan policies [4][5] - A face-to-face communication platform has been created to facilitate direct interactions between government, banks, and enterprises, enhancing the understanding of financing options among small business owners [5][6] Group 3: Economic Impact and Growth - As of April 2025, the Erqi District has assisted nearly 26,000 enterprises in applying for financing, with over 23,000 entering the recommendation list and more than 20,000 receiving credit, totaling 7.86 billion yuan in loans [6] - These financial resources have been crucial in revitalizing market entities and fostering new economic growth points, particularly in sectors like electronic information and smart logistics [6]

Core Viewpoint - The controversy surrounding the qualification requirements for a bidding project by China National Petroleum Corporation (CNPC) raises questions about the integrity of public procurement processes, particularly regarding the legitimacy of non-official certificates used as qualifications [2][3][4]. Group 1: Bidding Project Details - A bidding project for brand communication services by China Petroleum Lubricating Oil Company was awarded to Shanghai Yunhong Advertising Co., Ltd. for approximately 2.14 million yuan [2][4]. - The qualification requirement for bidders included a non-official certificate for "Internet news information editing and publishing service," which has sparked debate over its validity compared to the official "Internet News Information Service License" issued by the State Internet Information Office [3][4][6]. Group 2: Qualification Certificate Controversy - The questioned certificate can be purchased online for 1,500 yuan, raising concerns about its authenticity and the potential for misuse in the bidding process [3][14][20]. - The certificate's issuing organizations, such as the "China Small and Medium Enterprises Integrity Alliance," lack clear official recognition, leading to confusion about their legitimacy [9][19]. Group 3: Regulatory Framework - According to China's regulations, only news organizations or those supervised by news propaganda departments can apply for the official "Internet News Information Service License," which is valid for three years [6][8]. - The lack of clarity in the bidding documents regarding the required qualifications may have allowed for the acceptance of non-official certificates, potentially undermining the procurement process [12][13]. Group 4: Industry Practices - Other state-owned enterprises typically require the official "Internet News Information Service License" in their bidding documents, highlighting a deviation in CNPC's approach [6][7]. - The use of non-official qualifications in public procurement could lead to unfair advantages and questions about the transparency of the bidding process [12][21].

本次下调落实后，2 0 2 5年以来，国内成品油零售限价已达5次下调，国内多地9 2 #汽油将有望 自 2 1 年 底 之 后 重 新 进 入 " 6 元 时 代 " ， 0 # 柴 油 亦 有 望 进 入 2 1 年 以 来 的 低 位 水 平 ， 部 分 省 份 进 入" 6 . 5元"以内。 作 者丨费心懿 编 辑丨骆一帆 国家发展改革委今日消息，根据近期国际市场油价变化情况，按照现行成品油价格形成机制， 2 0 2 5年5月1 9日2 4时汽、柴油零售限价分别下调2 3 0元/吨、2 2 0元/吨，折升价9 2 #汽油、9 5 # 汽油、0 #柴油分别下调0 . 1 8元、0 . 1 9元、0 . 1 9元。 消费者用油成本减少， 以油箱容量为5 0升的家用轿车为例，加满一箱9 2 #汽油将少花 9 元 。 以 月 跑 2 0 0 0 公 里 ， 百 公 里 平 均 油 耗 8L 的 燃 油 汽 车 为 例 ， 下 次 调 价 窗 口 开 启 前 （ 6 月 3 日 2 4 时 ） ， 单 辆 车 的 燃 油 成 本 将 减 少 1 4 元 左 右 。 物 流 行 业 ， 以 月 跑 1 0 0 0 ...

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others [10]. Core Viewpoints - The report highlights significant price increases in products such as butadiene (up 21.98%) and styrene (up 12.11%), while products like liquid chlorine and p-nitrochlorobenzene saw notable declines [4][18]. - It suggests focusing on investment opportunities in import substitution, domestic demand, and high-dividend assets due to the current international oil price stabilization and geopolitical uncertainties [6][19]. - The report emphasizes the mixed performance across different sub-sectors within the chemical industry, with some sectors like tires and lubricants showing better-than-expected results [21]. Summary by Sections Industry Tracking - International oil prices have stabilized, with WTI at $61.62 per barrel and Brent at $64.53, reflecting a 2.85% and 2.69% increase respectively [6][22]. - The downstream demand has shown a noticeable decline, particularly in the propane market, which has seen a price drop of 1.43% [25]. - The coking coal market has experienced a price decline of 1.87% due to limited steel demand and expectations of reduced production [26]. Price Movements - Significant price increases were noted in butadiene, styrene, and hydrochloric acid, while liquid gas and natural gas prices fell [4][18]. - The PTA market saw a rise, with prices increasing by 6.74% in the East China market, driven by strong demand and rising costs [30]. Key Companies and Profit Forecasts - Companies such as Xinyangfeng, Senqilin, and Sinopec are highlighted for their strong earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios, making them attractive investment options [10]. - The report suggests that companies in the tire industry, such as Senqilin and Sailun Tire, are well-positioned to benefit from global trade dynamics and tariff exemptions [21]. Investment Opportunities - The report recommends focusing on sectors that can benefit from import substitution, such as lubricating oil additives and special coatings, as well as domestic fertilizer production which is less affected by tariffs [21][8]. - It also highlights the potential of high-dividend stocks in the oil sector, particularly Sinopec, PetroChina, and CNOOC, as attractive investment options in the current market environment [6][21].

Core Insights - Hengli Petrochemical reported a revenue of 236.27 billion yuan for 2024, a slight increase of 0.63% year-on-year, indicating stable business growth despite a complex economic environment [2] - The net profit attributable to shareholders was 7.04 billion yuan, reflecting a 2.01% increase from the previous year, suggesting improved profitability through effective cost control and market share expansion [3] - However, the net profit after excluding non-recurring gains and losses decreased by 13.14% to 5.21 billion yuan, highlighting potential pressures on core business performance [4] Financial Performance - Revenue growth was steady, with quarterly revenues of 58.39 billion yuan, 54.15 billion yuan, 65.23 billion yuan, and 58.51 billion yuan, showing a balanced performance throughout the year [2] - Basic earnings per share increased by 2.04% to 1.00 yuan, indicating enhanced profitability [3] - Research and development expenses rose significantly by 24.20% to 1.70 billion yuan, reflecting the company's commitment to innovation and competitiveness [4][6] Cash Flow Analysis - Operating cash flow net amount decreased by 3.41% to 22.73 billion yuan, indicating potential changes in cash collection speed or cost control [5] - Investment cash flow net amount improved significantly to -20.90 billion yuan from -38.81 billion yuan, suggesting a slowdown in fixed asset investments [5] - Financing cash flow net amount decreased by 21.11% to 7.82 billion yuan, indicating adjustments in the company's financing strategy [5] R&D and Personnel - The number of R&D personnel reached 3,779, accounting for 9.87% of the total workforce, providing a solid talent base for innovation [7] - The educational background of R&D staff includes 16 PhDs, 113 Master's degrees, and 3,650 with Bachelor's degrees or below, supporting a diverse skill set [7] Overall Assessment - Hengli Petrochemical maintained revenue and net profit growth in 2024, but the decline in net profit after excluding non-recurring items and operating cash flow warrants attention [4][5] - The significant increase in R&D investment is expected to drive future growth, while the company must navigate various risks related to macroeconomic conditions, raw material prices, and regulatory requirements [9][10][12]