Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - This week, the high - sulfur cracking in Singapore fluctuated, the monthly spread strengthened slightly, the basis weakened, the HSFO cracking in Europe declined, and the EW strengthened this week. The 0.5% cracking in Singapore rebounded, the monthly spread fluctuated, and the basis oscillated at a low level. In terms of inventory, Singapore's residual oil decreased slightly, ARA's residual oil increased, Fujairah's residual oil increased, and EIA's residual oil inventory remained flat. The price difference between high - and low - sulfur in the external market rebounded. Singapore's high - sulfur was supported by EW and refinery purchases, but the spot basis weakened rapidly. It is expected to be in a volatile pattern in the short term, and the short - term downward space for low - sulfur is limited [3][4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data (Swap M1) - From November 6th to 12th, the price of 3.5% HSF decreased by 16.44, the price of 0.5% VLS decreased by 17.53, the HSFO - Brent M1 decreased by 0.18, the 10ppm Gasoil decreased by 3.88, the VLSFO - Gasoil decreased by 21.41, the LGO - Brent M1 remained unchanged, and the VLSFO - HSFO decreased by 1.09 [1] Singapore Fuel Oil Data (Swap M1) - From November 6th to 12th, the price of 380cst increased by 3.78, the price of 180cst increased by 5.56, the price of VLSFO increased by 3.60, the price of Gasoil increased by 2.64, the 380cst - Brent M1 decreased by 0.58, and the VLSFO - Gasoil decreased by 15.93 [1] Singapore Fuel Oil Spot Data - From November 6th to 12th, the FOB price of 380cst increased by 2.48, the FOB price of VLSFO increased by 2.73, the 380 basis decreased by 0.01, the high - sulfur internal - external price difference increased by 1.4, and the low - sulfur internal - external price difference decreased by 4.2 [2] Domestic FU Data - From November 6th to 12th, the price of FU 01 increased by 22, the price of FU 05 increased by 18, the price of FU 09 increased by 12, the FU 01 - 05 increased by 4, the FU 05 - 09 increased by 6, and the FU 09 - 01 decreased by 10 [2] Domestic LU Data - From November 6th to 12th, the price of LU 01 increased by 49, the price of LU 05 increased by 42, the price of LU 09 increased by 40, the LU 01 - 05 increased by 7, the LU 05 - 09 increased by 2, and the LU 09 - 01 decreased by 9 [3]

Core Points - China Petroleum & Chemical Corporation (Sinopec) has been actively repurchasing its shares, with a total of 3.83 million shares repurchased since October 30, amounting to HKD 163 million [1] - The stock price has shown a positive trend, increasing by 5.92% during the repurchase period, with a closing price of HKD 4.47 on November 12, reflecting a 1.82% increase on that day [1] - Year-to-date, Sinopec has conducted 37 repurchase transactions, totaling 243 million shares and an aggregate repurchase amount of HKD 1.126 billion [1] Repurchase Details - On November 12, 2025, Sinopec repurchased 370.80 thousand shares at prices ranging from HKD 4.39 to HKD 4.49, with a total expenditure of HKD 16.52 million [2] - The company has consistently repurchased shares over the past 10 days, with a cumulative repurchase of 38.36 million shares and a total amount of HKD 163 million [1] - The repurchase activity reflects the company's strategy to enhance shareholder value and stabilize its stock price in the market [1]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has been actively repurchasing its shares, indicating confidence in its stock value and potential for future growth [1] Summary by Category Share Buyback Activity - On November 12, Sinopec repurchased 3.708 million shares at a price range of HKD 4.390 to HKD 4.490, totaling HKD 16.52 million [1] - The stock closed at HKD 4.470 on the same day, reflecting a 1.82% increase with a total trading volume of HKD 876 million [1] - Since October 30, the company has conducted buybacks for 10 consecutive days, acquiring a total of 38.36 million shares for a cumulative amount of HKD 163 million [1] - During this period, the stock price has increased by 5.92% [1] Year-to-Date Buyback Summary - Year-to-date, Sinopec has executed 37 buyback transactions, repurchasing a total of 243 million shares for a total expenditure of HKD 1.126 billion [1]

Summary of Key Points Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) is actively repurchasing its shares, indicating a strategy to enhance shareholder value and manage capital effectively. Trading Information - On November 12, 2025, Sinopec's stock closed at 5.71 RMB, up by 0.71% with a turnover rate of 0.14% and a trading volume of 1.3358 million hands, resulting in a total transaction amount of 764 million RMB [1] - The net inflow of main funds was 39.0633 million RMB, accounting for 5.12% of the total transaction amount, while retail investors experienced a net outflow of 24.413 million RMB, representing 3.2% of the total transaction amount [1][4] Company Announcements - On November 11, 2025, Sinopec announced the repurchase of 4,256,000 H-shares at a total cost of 18,612,764.8 HKD, with prices ranging from 4.34 to 4.41 HKD per share, and 8,784,000 A-shares at a total cost of 49,583,073 RMB, with prices between 5.63 and 5.67 RMB per share. All repurchased shares are intended for cancellation [2] - On November 12, 2025, Sinopec repurchased an additional 3,708,000 H-shares for a total of 16,520,994 HKD, with prices between 4.39 and 4.49 HKD per share, and 2,759,600 A-shares for a total of 15,761,124 RMB, with prices ranging from 5.69 to 5.72 RMB per share. Cumulatively, 135,330,000 shares have been repurchased, representing 0.11% of the authorized repurchase amount [3][4]

Core Insights - The article highlights a significant shift in the lithium battery materials market, where prices of various materials such as lithium hexafluorophosphate and electrolytes are rising, driven not by lithium prices but by a robust chemical supply chain [2][3][4][6]. Price Dynamics - Since November, prices of lithium battery materials have been on the rise, including lithium hexafluorophosphate, electrolytes, and iron phosphate [2]. - Unlike previous trends where lithium prices dictated the market, this price increase is attributed to the strong performance of the chemical sector, indicating a shift from a "resource dividend" to a "process dividend" [3][4]. - The price of lithium carbonate has fluctuated around 80,000 yuan/ton, showing a slight downward trend, contrasting with the rising costs in the chemical raw material chain [7][21]. Chemical Sector Influence - Key chemical components such as yellow phosphorus and anhydrous hydrofluoric acid have seen price increases, which subsequently raise the costs of iron phosphate and lithium hexafluorophosphate [8][10]. - The price of yellow phosphorus has increased approximately 2% to around 22,000 yuan/ton since November, impacting the cost structure of lithium battery materials [8]. Demand and Supply Factors - The demand for VC (vinylene carbonate) has surged due to changes in battery demand structures, with total demand expected to exceed 70,000 tons this year against an effective production capacity of only 80,000 tons [15][17]. - The increase in demand for energy storage and LFP (lithium iron phosphate) vehicles has contributed to the recovery of iron phosphate prices [9]. Industry Trends - The article notes a structural shift in the lithium battery industry, where the focus is moving from lithium mining to chemical processing capabilities, indicating a new competitive landscape [55][59]. - Companies like Tianqi Materials and Duofluor have established integrated chemical systems, enhancing their competitive edge in the market [31][36]. Future Outlook - The upcoming 2025 High-Performance Lithium Battery Conference will address critical topics such as battery material innovation and the new supply chain ecosystem, reflecting the industry's evolving dynamics [60][61]. - The article suggests that the next decade will see a focus on chemical and process capabilities rather than just resource ownership, reshaping the industry's growth narrative [55][58].

Core Insights - Energy state-owned enterprises (SOEs) are accelerating their relocation to Xiong'an New Area, with major companies like China Huaneng and China Sinochem moving their headquarters, while others like China Datang and China Huadian are speeding up construction [1][3] - Over 100 subsidiaries or innovative business units of energy SOEs have gathered in Xiong'an, indicating a significant restructuring of industrial and innovation chains in the area [3] - The Hebei Huadian Xiong'an Park 3MW distributed photovoltaic project has generated over 4.5 million kilowatt-hours, showcasing the integration of clean energy systems with natural landscapes [3] Group 1 - Xiong'an New Area is facilitating the gathering of energy SOEs through high-quality services, leading to a noticeable agglomeration effect of headquarters economy and the formation of a green energy industry chain [1][3] - The establishment of a "one-stop" landing solution for energy SOEs is part of Xiong'an's strategy to streamline the relocation process, integrating various policies into a dedicated service for the energy sector [5][6] - A total of nearly 50 strategic departments from SOEs have been engaged in discussions to facilitate their business layout in Xiong'an, indicating proactive measures to address long decision-making cycles [5][6] Group 2 - The Xiong'an New Area Business and Investment Promotion Bureau is committed to providing a favorable environment for the high-quality development of relocated SOEs, focusing on supporting cutting-edge technology research and application [6]

Group 1 - The company announced a share buyback plan involving an expenditure of HKD 16.52 million to repurchase 3.708 million shares at a price range of HKD 4.39 to 4.49 per share on November 12, 2025 [1] - Additionally, the company will spend RMB 15.76 million to buy back 2.7596 million A-shares at a price range of RMB 5.69 to 5.72 per share on the same date [1]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) announced a share buyback plan involving a total expenditure of HKD 16.52 million to repurchase 3.708 million shares at a price range of HKD 4.39 to 4.49 per share, and a total expenditure of RMB 15.76 million to repurchase 2.7596 million A-shares at a price range of RMB 5.69 to 5.72 per share [1] Summary by Category - **Share Buyback Details** - The company plans to spend HKD 16.52 million to buy back 3.708 million shares at a price range of HKD 4.39 to 4.49 per share [1] - Additionally, the company will spend RMB 15.76 million to repurchase 2.7596 million A-shares at a price range of RMB 5.69 to 5.72 per share [1]

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports Polyester Industry - PX: Short - term may fluctuate between 6200 - 6800. With the terminal demand entering the off - season and many PTA device maintenance plans in November, the supply - demand is expected to loosen, and the price drive is limited. [1] - PTA: Supply - demand is expected to be in a tight balance in the short - term, but mid - term supply - demand is relatively loose. The price rebound is limited, and it is expected to fluctuate between 4300 - 4800. [1] - MEG: Although the polyester load can be maintained, the inventory accumulation in November and December is expected to be high, and the price is under pressure. [1] - Short - fiber: The short - term supply - demand pattern is weak, and the rebound space is limited. The processing fee may be compressed. [1] - Bottle - chip: The supply - demand is in a loose pattern, and the social inventory is likely to enter the seasonal inventory accumulation channel. The price follows the cost - end fluctuation. [1] Methanol Industry The market is trading the "weak reality" logic, with the core contradiction being the high port inventory. The 01 contract's inventory problem cannot be solved, and it is weak before the Iranian gas restriction. [2] Polyolefin Industry PP shows both supply and demand growth but accumulates inventory slightly this week due to new production capacity pressure. PE has weak supply and demand, and although it has destocked this week, the port inventory is still high. The market expectation is still weak. [5] Glass and Soda Ash Industry - Soda Ash: The overall supply - demand pattern is bearish. Although the disk rebounds in the short - term, the mid - term demand is weak, and it is recommended to wait for the opportunity to short after the rebound. [7] - Glass: The short - term has certain rigid demand support, but the mid - to long - term demand is worrying, and it is expected to be weak in the short - term. [7] PVC and Caustic Soda Industry - Caustic Soda: The supply - demand has pressure, with increasing supply and weak demand from the main downstream. The price is expected to be weak in the long - term but may have short - term support from downstream replenishment. [8] - PVC: The supply - demand surplus problem is not improved, with increasing supply pressure and weak demand expectation. The price is expected to be weak at the bottom. [8] Natural Rubber Industry The short - term rubber price is expected to fluctuate. If the raw material output in the main production areas is smooth, there is room for further decline; otherwise, it may run around 15000 - 15500. [9] Crude Oil Industry The short - term oil price is expected to fluctuate within a range, and Brent crude oil may run between 60 - 66 US dollars per barrel. [10] Pure Benzene and Styrene Industry - Pure Benzene: The supply - demand is expected to be loose, and the price drive is weak. The BZ2603 can be treated as short on rallies following the oil price. [14] - Styrene: The supply - demand may turn loose, and the price drive is insufficient. The EB12 can be shorted on rebounds. [14] 3. Summary According to Relevant Catalogs Polyester Industry Upstream Prices - Brent crude oil (January) rose 1.10 to 65.16 US dollars per barrel, a 1.7% increase; WTI crude oil (December) rose 0.91 to 61.04 US dollars per barrel, a 1.5% increase. [1] - CFR Japan naphtha decreased by 2 to 577 US dollars per ton, a 0.3% decrease. [1] Downstream Polyester Product Prices and Cash Flows - POY150/48 price rose 45 to 6600 yuan/ton, a 0.7% increase; FDY150/96 price rose 35 to 6805 yuan/ton, a 0.5% increase. [1] - The cash flows of different polyester products have different changes, such as POY150/48 cash flow increasing by 146.1%. [1] PTA - related Prices and Spreads - PTA East - China spot price decreased by 5 to 4600 yuan/ton, a 0.1% decrease; TA futures 2601 decreased by 56 to 4648 yuan/ton, a 1.2% decrease. [1] MEG Port Inventory and Arrival Expectations - MEG port inventory increased by 9.9 to 66.1 million tons, a 17.6% increase; the arrival expectation decreased by 0.8 to 18.1 million tons, a 4.2% decrease. [1] Polyester Industry Chain Start - up Rate Changes - Asian PX start - up rate increased by 2.1 percentage points to 80.2%; China PX start - up rate increased by 2.7 percentage points to 89.8%. [1] Methanol Industry Methanol Prices and Spreads - MA2601 closed at 2082 yuan/ton, down 19 yuan, a 0.9% decrease; MA2605 closed at 2194 yuan/ton, down 14 yuan, a 0.63% decrease. [2] Methanol Inventory - Methanol enterprise inventory increased by 1.04 to 38.641%, a 2.75% increase; methanol port inventory increased by 1.06 to 151.7 million tons, a 0.71% increase. [2] Methanol Upstream and Downstream Start - up Rates - Upstream domestic enterprise start - up rate increased by 0.31 to 76.09%, a 0.41% increase; downstream external - procurement MTO device start - up rate increased by 0.92 to 84.98%, a 1.09% increase. [2] Polyolefin Industry Prices and Spreads - L2601 closed at 6760 yuan/ton, down 42 yuan, a 0.62% decrease; PP2601 closed at 6429 yuan/ton, down 51 yuan, a 0.79% decrease. [5] Inventory - PE enterprise inventory increased by 7.42 to 49.0 million tons, a 17.84% increase; PP enterprise inventory increased by 0.48 to 60.0 million tons, a 0.81% increase. [5] Upstream and Downstream Start - up Rates - PE device start - up rate increased by 1.72 to 82.6%, a 2.13% increase; PP device start - up rate increased by 0.72 to 77.8%, a 0.93% increase. [5] Glass and Soda Ash Industry Prices and Spreads - Glass: North - China quoted price decreased by 20 to 1110 yuan/ton, a 1.77% decrease; glass 2601 decreased by 22 to 1069 yuan/ton, a 2.02% decrease. [7] - Soda Ash: North - China quoted price remained at 1300 yuan/ton; soda ash 2601 increased by 16 to 1226 yuan/ton, a 1.32% increase. [7] Supply - Soda Ash start - up rate decreased by 1.72 percentage points to 86.89%; soda ash weekly output decreased by 1.3 to 75.76 million tons, a 1.71% decrease. [7] Inventory - Glass factory inventory increased by 296.6 to 6579.00 million weight - boxes, a 4.72% increase; soda ash factory inventory increased by 4.2 to 170.20 million tons, a 2.54% increase. [7] PVC and Caustic Soda Industry Prices and Spreads - 32% liquid caustic soda in Shandong (converted to 100%) remained at 2500 yuan/ton; East - China calcium - carbide - based PVC market price remained at 4520 yuan/ton. [8] Inventory - Liquid caustic soda East - China factory inventory decreased by 0.8 to 21.5 million tons, a 3.5% decrease; PVC upstream factory inventory decreased by 0.3 to 33.5 million tons, a 1.0% decrease. [8] Upstream and Downstream Start - up Rates - Caustic soda industry start - up rate increased by 1.5 to 89.9%, a 1.7% increase; PVC total start - up rate increased by 2.2 to 79.3%, a 2.8% increase. [8] Natural Rubber Industry Spot Prices and Basis - Yunnan state - owned whole - latex rubber (SCRWF) in Shanghai increased by 150 to 14700 yuan/ton, a 1.03% increase; the whole - latex basis increased by 165 to - 395 yuan/ton, a 29.46% increase. [9] Production and Consumption Data - September Thai production decreased by 26 to 451.50 million tons, a 5.45% decrease; September domestic tire production increased by 53.3 to 10348.7 million pieces, a 0.52% increase. [9] Crude Oil Industry Crude Oil Prices and Spreads - Brent crude oil rose 1.10 to 65.16 US dollars per barrel, a 1.72% increase; WTI crude oil rose 0.91 to 61.04 US dollars per barrel, a 1.51% increase. [10] Refined Oil Prices and Spreads - NYM RBOB increased by 4.09 to 201.20 US cents per gallon, a 2.07% increase; ICE Gasoil increased by 27.25 to 749.25 US dollars per ton, a 3.77% increase. [10] Pure Benzene and Styrene Industry Upstream Prices and Spreads - Brent crude oil (December) rose 1.10 to 65.16 US dollars per barrel, a 1.7% increase; CFR China pure benzene decreased by 3 to 663 US dollars per ton, a 0.5% decrease. [14] Styrene - related Prices and Spreads - Styrene East - China spot price decreased by 90 to 6250 yuan/ton, a 1.4% decrease; EB futures 2512 decreased by 84 to 6231 yuan/ton, a 1.3% decrease. [14] Inventory - Pure benzene Jiangsu port inventory increased by 3.6 to 12.10 million tons, a 42.4% increase; styrene Jiangsu port inventory decreased by 1.37 to 17.93 million tons, a 7.1% decrease. [14] Industry Chain Start - up Rates - Asian pure benzene start - up rate remained at 78.8%; domestic pure benzene start - up rate increased by 1.0 to 75.1%, a 1.4% increase. [14]

Core Points - The quality inspection results for automotive urea solution products in Dongying City, Shandong Province, indicate that out of 99 batches tested, 97 were qualified while 2 were found to be non-compliant with relevant standards [3][4]. Group 1: Inspection Results - A total of 99 batches of automotive urea solution were sampled in the market supervision check [3]. - 97 batches were found to be compliant, resulting in a compliance rate of approximately 98% [3]. - The two non-compliant batches were sold by Dongying Wenlong Finished Oil Sales Co., Ltd. and Dongying Haoxiang Petrochemical Co., Ltd., with issues related to urea content, density, and refractive index [3][4]. Group 2: Standards and Regulations - The inspection was conducted based on the GB29518-2013 standard for diesel engine nitrogen oxide reducing agent urea solution (AUS32) [3]. - The inspection criteria included urea content, density, impurity content, refractive index, and consistency confirmation [3]. Group 3: Consumer Guidance - Consumers are advised to check product packaging and labeling for clear manufacturer information, production dates, quality certificates, and compliance standards [4]. - The urea solution should be a colorless, transparent liquid, and consumers should avoid products that are past their storage period or do not meet storage conditions [4]. - Products showing yellowing, turbidity, or visible impurities should not be used [4].