Core Viewpoint - Rongsheng Petrochemical (002493) has a designed PX production capacity of 10.4 million tons per year and operates the largest single PX production base globally, indicating strong market positioning and production capabilities [1] Group 1: Company Production and Sales Strategy - The company has established a complete industrial chain from crude oil to PX, PTA, and polyester, allowing for flexible production and sales strategies based on downstream demand and market dynamics [1] - A portion of the PX products is used to meet internal PTA processing needs, while the remainder is sold in the market, showcasing the company's integrated operational model [1]

摘要：【图】2025年1-6月浙江省柴油产量数据分析 2025年6月柴油产量统计： 柴油产量：123.9 万吨 同比增长：-2.5% 增速较上一年同期变化：高4.1个百分点 据统计，2025年6月浙江省规模以上工业企业柴油产量与上年同期相比下降了2.5%，达123.9万吨，增速 较上一年同期高4.1个百分点，增速较同期全国低3.3个百分点，约占同期全国规模以上企业柴油产量 1633.5万吨的比重为7.6%。 详见下图： 图1：浙江省柴油产量分月（当月值）统计图 据统计，2025年1－6月，浙江省规模以上工业企业柴油产量与上年同期相比增长了1.3%，达724.4万 吨，增速较上一年同期高4.1个百分点，增速较同期全国高6.9个百分点，约占同期全国规模以上企业柴 油产量9576万吨的比重为7.6%。详见下图： 图2：浙江省柴油产量分月（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2000万元及以上的工 业企业。 2025年1-6月柴油产量统计： 柴油产量：724.4 万吨 同比增长：1.3% 增速较上一年同期变化：高4.1个百分点 产业调研网为您提供更多 石油化工行业最 ...

1. Report Industry Investment Rating - No information provided in the given reports 2. Core Viewpoints of the Report - The report predicts that PX, PTA, and PR will experience narrow - range fluctuations [2] 3. Summary by Related Catalogs Price Information - **Upstream**: On November 11, 2025, the futures settlement price of WTI crude oil was $61.04 per barrel, up 1.51% from the previous value; Brent crude oil was $65.16 per barrel, up 1.72%. The spot price of naphtha in CFR Japan on November 10 was $582.25 per ton, up 0.09%. The spot price of isomeric xylene in FOB South Korea on November 11 was $698.50 per ton, down 0.29%. The spot price of p - xylene (PX) in CFR China's main port on November 10 was $828.33 per ton, up 0.61% [1] - **PTA**: On November 11, 2025, the closing price of the CZCE TA main contract was 4,648 yuan per ton, down 1.19%; the settlement price was 4,678 yuan per ton, up 0.13%. The spot price of domestic PTA was 4,600 yuan per ton, up 0.11%. The CCFEI price index of domestic PTA was 4,604 yuan per ton, up 0.22%, and the external price index was $620 per ton, up 0.32% [1] - **PX**: On November 11, 2025, the closing price of the CZCE PX main contract was 6,756 yuan per ton, down 1.40%; the settlement price was 6,796 yuan per ton, down 0.03%. The domestic spot price of p - xylene was 6,556 yuan per ton, unchanged. The PXN spread on November 10 was $246.08 per ton, up 1.86%, and the PX - MX spread was $129.83 per ton, up 5.70% [1] - **PR**: On November 11, 2025, the closing price of the CZCE PR main contract was 5,696 yuan per ton, down 1.18%; the settlement price was 5,738 yuan per ton, up 0.10%. The market price of polyester bottle chips in the East China market was 5,760 yuan per ton, up 0.17%, and in the South China market was 5,800 yuan per ton, up 0.17% [1] - **Downstream**: On November 11, 2025, the CCFEI price index of polyester DTY was 8,550 yuan per ton, up 0.29%; the index of polyester POY was 6,850 yuan per ton, unchanged; the index of polyester FDY68D was 7,100 yuan per ton, up 0.71%; the index of polyester FDY150D was 6,900 yuan per ton, up 0.73%; the index of polyester staple fiber was 6,330 yuan per ton, down 0.08%; the index of polyester chips was 5,630 yuan per ton, up 0.18%; the index of bottle - grade chips was 5,760 yuan per ton, up 0.17% [2] Operating Conditions - On November 11, 2025, the operating rate of the PX in the polyester industry chain was 88.03%, unchanged; the PTA factory load rate in the PTA industry chain was 76.31%, unchanged; the polyester factory load rate was 89.70%, unchanged; the bottle chip factory load rate was 75.16%, down 1.39%; the load rate of Jiangsu and Zhejiang looms was 72.28%, unchanged [1] Production and Sales - On November 11, 2025, the sales rate of polyester filament was 54.35%, up 4.35 percentage points; the sales rate of polyester staple fiber was 41.02%, down 25.58 percentage points; the sales rate of polyester chips was 50.16%, down 32.69 percentage points [1] Device Information - A 1.1 - million - ton PTA device of South China Ineos is under maintenance, and the restart date is to be determined. A 1 - million - ton PTA device of Southwest Sichuan Energy Investment is scheduled for maintenance on November 7 [2] PX Analysis - **Important Information**: The news that the U.S. Senate passed the first - stage vote of the agreement to end the shutdown improved market sentiment, and the oil market was boosted. The CFR China price of PX on November 11 was $821 per ton. The international oil price fluctuated strongly, squeezing the cost - side support of PX. Domestic PX devices were operating relatively stably, but there was an expectation of slowdown in demand, and the market was dominated by a wait - and - see attitude [2] - **Long - Short Logic**: There was no unexpected news, and the fundamentals were operating steadily. The PX2601 contract closed at 6,756 yuan per ton (-0.62%), with an intraday trading volume of 282,000 lots. Relying on the current abundant MX supply, domestic factories could maintain the PX load effectively. The PX operating rate remained at a high level this year. The recent market was significantly disturbed by rumors. The 8.7 - million - ton PTA device put into production this year promoted the annual destocking of PX, which supported PX significantly. As the industry entered the off - season, the upstream would be more sensitive to the demand - side feedback [2] PTA Analysis - **Long - Short Logic**: The cost side remained stable. The TA2601 contract closed at 4,648 yuan per ton (-0.51%), with an intraday trading volume of 628,800 lots. The crude oil and PX markets showed weak upward momentum. The PTA spot was abundant, the downstream rigid demand was stable, the spot market fluctuated narrowly, and the basis was relatively stable. Many PTA device maintenance plans were carried out as scheduled, and the industry had long expected them. Due to the continuous low processing fees, the impact of device maintenance would be aggravated, but there was no unexpected reduction in supply. The domestic demand market was gradually weakening, but the recent inquiry atmosphere for foreign trade orders was active, and subsequent orders would increase. In the short term, the overall downstream demand was acceptable [2] PR Analysis - **Important Information**: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was between 5,710 - 5,820 yuan per ton, down 10 yuan per ton from the previous trading day. The PTA and bottle chip futures fluctuated narrowly. The supply - side quotations were mostly stable, and the downstream purchasing willingness was cautious, with general market trading atmosphere [2] - **Long - Short Logic**: Following the cost trend, the PR2601 contract closed at 5,696 yuan per ton (-0.63%), with an intraday trading volume of 31,000 lots. The supply - side operating rate was adjusted slightly, and the overall market supply was relatively sufficient. The downstream terminal purchasing enthusiasm was not high, and the attitude was cautious [2]

Core Insights - The crude oil processing volume in Zhejiang Province for June 2025 reached 7.228 million tons, representing a year-on-year growth of 16.3%, which is 19.4 percentage points higher than the same period last year [1] - For the first half of 2025, the total crude oil processing volume was 40.086 million tons, with a year-on-year increase of 10.5%, marking a growth acceleration of 9.5 percentage points compared to the previous year [4] Group 1: June 2025 Data - The crude oil processing volume in June 2025 was 7.228 million tons [1] - The year-on-year growth rate for June 2025 was 16.3% [1] - The growth rate for June 2025 was 19.4 percentage points higher than the same month last year [1] - Zhejiang's processing volume accounted for 11.6% of the national total of 62.245 million tons for the same period [1] Group 2: January to June 2025 Data - The total crude oil processing volume from January to June 2025 was 40.086 million tons [4] - The year-on-year growth rate for this period was 10.5% [4] - The growth rate for the first half of 2025 was 9.5 percentage points higher than the previous year [4] - Zhejiang's processing volume represented 11.1% of the national total of 361.613 million tons for the same period [4]

Core Insights - In June 2025, Guangdong Province's naphtha production reached 1.118 million tons, reflecting a year-on-year growth of 3.2%, but the growth rate decreased by 7.3 percentage points compared to the same period last year [1] - The growth rate in June 2025 was 5.7 percentage points lower than the national average, with Guangdong accounting for 16.3% of the national naphtha production of 6.866 million tons [1] - For the first half of 2025, naphtha production in Guangdong totaled 6.065 million tons, with a year-on-year increase of 6.4%, although this also represented a decline of 18.5 percentage points from the previous year [4] - The growth rate for the first half of 2025 was 5.6 percentage points higher than the national average, with Guangdong's share being 15.2% of the national total of 39.847 million tons [4] Monthly Production Analysis - The monthly naphtha production in June 2025 was 1.118 million tons, indicating a slowdown in growth compared to previous months [1] - The cumulative naphtha production from January to June 2025 was 6.065 million tons, showing a consistent growth trend despite the decline in growth rate [4] Industry Context - The data reflects the performance of large-scale industrial enterprises in Guangdong, defined as those with annual main business revenues of 20 million yuan or more [5] - The statistics indicate a broader trend of slowing growth in the naphtha sector, which may impact future investment and operational strategies within the petrochemical industry [1][4]

石油沥青日报 | 2025-11-12 盘面小幅反弹，现货端延续弱势 市场分析 1、11月11日沥青期货下午盘收盘行情：主力BU2601合约下午收盘价3050元/吨，较昨日结算价上涨17元/吨，涨幅 0.56%；持仓193828\t手，环比下降14840手，成交252208手，环比下降7506手。 2、卓创资讯重交沥青现货结算价：东北，3156—3750元/吨；山东，2950—3620元/吨；华南，3200—3320元/吨； 华东，3300—3400元/吨。 原油价格上涨带动沥青期货盘面小幅反弹，但目前成本端上方阻力仍存。现货方面，昨日华北、华东、华南以及 川渝地区沥青现货价格出现下跌，其余地区相对稳定。虽然沥青期货出现反弹，但由于部分地区主营炼厂下调沥 青结算价格，加之沥青现货资源供应充裕，现货端延续跌势。整体来看，排除原油端的带动，沥青市场内生性的 反弹动力仍不足。 策略 单边：中性，短期观望为主 跨期：无 跨品种：无 期现：无 期权：无 风险 原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装置开工负荷变动等 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 | 图 ...

Core Insights - In the first half of 2025, Tianjin's industrial enterprises produced 513,000 tons of fuel oil, marking a 30.2% decrease compared to the same period in 2024, with a growth rate 64.6 percentage points lower than in 2024 and 27.4 percentage points lower than the national average [1] - In June 2025, fuel oil production in Tianjin reached 161,000 tons, representing a 16.9% increase year-on-year, although this growth rate was 94.7 percentage points lower than in June 2024, while it was 14.8 percentage points higher than the national average [2] Group 1 - Tianjin's fuel oil production in the first half of 2025 accounted for 2.4% of the national total of 21,608,000 tons [1] - The production decline in the first half of 2025 is significant compared to both the previous year and the national trend [1] - The June 2025 production figure of 161,000 tons represents 4.4% of the national total of 3,628,000 tons for that month [2] Group 2 - The data reflects a broader trend of declining growth rates in fuel oil production in Tianjin compared to previous years [1][2] - The statistics are based on large-scale industrial enterprises with annual revenues exceeding 20 million yuan [6]

Group 1: Commodity Prices and Changes - Crude oil price (CFR) on November 12, 2025, was $82.28 per ton, up 0.09% from November 10, 2025 [1] - North Asia ethylene price was $741 per ton on November 10, 2025, with no change [1] - East China ethylene oxide factory - ex price was $6000 per ton on November 11, 2025, with no change [1] - Methanol spot price was $2060 per ton on November 11, 2025, with no change [1] - Inner Mongolia brown coal (tax - included, Q3000) price was $290 per ton on November 11, 2025, with no change [1] -主力合约收盘价 on November 11, 2025, was $3875 per ton, up 1.9% [1] -主力合约结算价 on November 11, 2025, was $3921 per ton, down 0.38% [1] - Near - month contract收盘价 on November 11, 2025, was $3848 per ton, with no change [1] - Near - month contract结算价 on November 11, 2025, was $3848 per ton, with no change [1] - East China market ethylene glycol intermediate price was $4000 per ton on November 11, 2025, with no change [1] - Inner - market ethylene glycol price index was $3945 per ton on November 11, 2025, up 1.8% [1] - Near - far month price difference was $3.00 on November 11, 2025, down from $88 [1] - Basis difference was $5715 per ton on November 11, 2025 [1] -综合乙二醇 price on November 11, 2025, was $6000 per ton, with no change [1] Group 2: Industry Operating Rates - Ethylene glycol production operating rate (oil - based) was 66.16% on November 11, 2025, with no change [1] - Ethylene glycol production operating rate (coal - based) was 60.48% on November 11, 2025, up 0.91% [1] - PTA factory operating rate was 89.70% on November 11, 2025, with no change [1] - Zhejiang textile machine industry PTA chain operating rate was 2.28% on November 11, 2025, with no change [1] Group 3: External Market and Gross Margin - External market crude - oil - made ethylene glycol price was $151.62 per ton on November 10, 2025, down from $146.36 [1] - External market ethylene - made ethylene glycol price was $109.65 per ton on November 10, 2025, with no change [1] - Tax - after gross margin of coal - based equipment was $1401 per ton on November 11, 2025, down from $1423.94 [1] Group 4: Price Index of Chemical Fibers - Polyester price index was $8000 per ton on November 11, 2025, up 0.29% [1] - Polyester short - fiber price index was $6330 per ton on November 11, 2025, up 0.08% [1] - Bottle - grade chip price index was $6000 per ton on November 11, 2025, with no change [1] Group 5: Equipment Operation Information - A certain 800,000 - ton equipment in East China is expected to operate at a load from May - June 2024 to now [1]

Group 1 - The company emphasizes the importance of studying and implementing the spirit of the 20th Central Committee's Fourth Plenary Session as a major political task, aiming to transform the ideological strength into tangible development capabilities for building a green oil and chemical production base [1] - The company has initiated a learning wave through various methods such as centralized study sessions and self-study, ensuring that all employees understand the key points of the "14th Five-Year Plan" and the strategic designs made by the plenary session [1] - Company leaders believe in the necessity of aligning thoughts and actions with the plenary session's spirit, acting as disseminators and practitioners of the spirit, and playing a pioneering role in the company's reform and green transformation efforts [1] Group 2 - Based on the new vision outlined in the "14th Five-Year Plan," the company aims to become a leading green demonstration enterprise in the industry by promoting carbon reduction, pollution reduction, ecological expansion, and growth through a three-dimensional approach of "technology + industry + ecology" [2]

Core Viewpoint - In June 2025, Jiangsu Province's kerosene production reached 466,000 tons, marking a year-on-year increase of 35.1%, with a growth rate 23.3 percentage points higher than the same period last year, continuing to show strong growth compared to the national average [1][4]. Group 1: June 2025 Kerosene Production - Kerosene production in June 2025 was 466,000 tons [1]. - The year-on-year growth rate was 35.1% [1]. - The growth rate was 23.3 percentage points higher than the same period last year and 23.8 percentage points higher than the national average [1]. Group 2: January to June 2025 Kerosene Production - From January to June 2025, the total kerosene production was 2,276,000 tons [4]. - The year-on-year growth rate for this period was 7.5% [4]. - The growth rate was 17.2 percentage points lower than the same period last year, indicating a slowdown, but still 8.0 percentage points higher than the national average [4].