近期国际市场油价波动运行，根据11月24日的前10个工作日平均价格与上次调价前10个工作日平均价格对 比情况，按照现行成品油价格机制，自11月24日24时起，国内汽、柴油价格（标准品，下同）每吨分别降 低70元和65元。调整后，各省（区、市）和中心城市汽、柴油最高零售价格见附表。 附：各省区市和中心城市汽、柴油最高零售价格 单位:元/吨 | | 汽油(标准品) | 柴油(标准品) | | --- | --- | --- | | 、实行一省一价的地区 | | | | 北京市 | 8575 | 7585 | | 天津市 | 8540 | 7550 | | 河北省 | 8540 | 7550 | | 山西省 | 8610 | 7605 | | 辽宁省 | 8540 | 7550 | | 吉林省 | 8540 | 7550 | | 黑龙江省 | 8540 | 7550 | | 上海市 | 8555 | 7555 | | 江苏省 | 8595 | 7590 | | 浙江省 | 8595 | 7605 | | 安徽省 | 8590 | 7600 | | 福建省 | 8612 | 7615 | | 江西省 | 8રુજર ...

2025年11月24日国内成品油价格按机制调整 近期国际市场油价波动运行，根据11月24日的前10个工作日平均价格与上次调价前10个工作日平均价格对比 情况，按照现行成品油价格机制，自11月24日24时起，国内汽、柴油价格（标准品，下同）每吨分别降低70元和 65元。调整后，各省（区、市）和中心城市汽、柴油最高零售价格见附表。 中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产和调运，确保市场稳定供应，严 格执行国家价格政策。各地相关部门要加大市场监督检查力度，严厉查处不执行国家价格政策的行为，维护正常 市场秩序。消费者可通过12315平台举报价格违法行为。 附：各省区市和中心城市汽、柴油最高零售价格 | | | 早位: 元/吨 | | --- | --- | --- | | | 汽油(标准品) | 柴油(标准品) | | 、实行一省一价的地区 | | | | 北京市 | 8575 | 7585 | | 天津市 | 8540 | 7550 | | 河北省 | 8540 | 7550 | | 山西省 | 8610 | 7605 | | 辽宁省 | 8540 | 7550 | | 吉林省 | 85 ...

2025年11月24日国内成品油价格按机制调整 近期国际市场油价波动运行，根据11月24日的前10个工作日平均价格与上次调价前10个工作日平均价格对比情况，按照现行成品油价格机制，自11月24日 24时起，国内汽、柴油价格（标准品，下同）每吨分别降低70元和65元。调整后，各省（区、市）和中心城市汽、柴油最高零售价格见附表。 中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产和调运，确保市场稳定供应，严格执行国家价格政策。各地相关部门要加大市 场监督检查力度，严厉查处不执行国家价格政策的行为，维护正常市场秩序。消费者可通过12315平台举报价格违法行为。 附：各省区市和中心城市汽、柴油最高零售价格 | 各省区市和中心城市汽、柴油最高零售价格 | | --- | | | | 单位:元/吨 | | --- | --- | --- | | | 汽油(标准品) | 柴油(标准品) | | 实行一省一价的地区 | | | | 北京市 | 8575 | 7585 | | 天津市 | 8540 | 7550 | | 河北省 | 8540 | 7550 | | 山西省 | 8610 | 7605 | | 辽宁 ...

新华财经北京11月24日电国家发展改革委发布消息，近期国际市场油价波动运行，根据11月24日的前10 个工作日平均价格与上次调价前10个工作日平均价格对比情况，按照现行成品油价格机制，自11月24日 24时起，国内汽、柴油价格（标准品，下同）每吨分别降低70元和65元。调整后，各省（区、市）和中 心城市汽、柴油最高零售价格见附表。 中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产和调运，确保市场稳定供 应，严格执行国家价格政策。各地相关部门要加大市场监督检查力度，严厉查处不执行国家价格政策的 行为，维护正常市场秩序。消费者可通过12315平台举报价格违法行为。 | | | 单位:元/吨 | | --- | --- | --- | | | 汽油(标准品) | 柴油(标准品) | | - 实行一省一价的地区 | | | | 北京市 | 8575 | 7585 | | 天津市 | 8540 | 7550 | | 河北省 | 8540 | 7550 | | 山西省 | 8610 | 7605 | | 辽宁省 | 8540 | 7550 | | 吉林省 | 8540 | 7550 | | 黑龙江省 | ...

Investment Rating - The report maintains a recommendation for the organic silicon industry, highlighting its potential benefits from the chemical sector's internal competition [4]. Core Viewpoints - The chemical sector experienced a decline of 7.47% in the third week of November, underperforming the Shanghai Composite Index by 3.58 percentage points [13]. - The only sub-industry that saw an increase was petroleum processing, which rose by 2.64%, while 31 sub-industries declined, with the largest drop in acrylic fiber at -15.33% [17]. - Key products with significant price increases included dimethyl carbonate (+12.32%) and thionyl chloride (+11.39%), while liquid chlorine saw the largest decrease at -6.25% [22][3]. - The report suggests focusing on leading companies that benefit from the chemical sector's internal competition, such as Xin'an Chemical, Xingfa Group, and Baofeng Energy [4]. Industry Performance - The chemical sector's dynamic PE ratio stands at 23.78, significantly higher than the average PE of 5.33 since 2015 [13]. - The total number of stocks in the industry is 446, with a total market value of 7114.2 billion and a circulating market value of 6648.5 billion [5]. Price and Spread Trends - The report lists the top five products with the highest price increases and decreases, indicating significant volatility in the market [22][3]. - The price spread for propylene (methanol-based) increased by 296.55%, while the PTA spread decreased by 157.04% [42][46]. Inventory Changes - Notable inventory changes include a decrease in stocks of chlorpyrifos (-12.5%) and propylene oxide (-11.83%), while polyester filament saw an increase of 10.21% [66].

今年以来，国内油价已经历二十二轮调整，分别为"七涨九跌六搁浅"。国内汽、柴油价格每吨较去年底分别下跌620元/吨和595元/吨。若本轮调价 如预期下调，2025年的调价格局将变为"七涨十跌六搁浅"。 2、2025中国汽车供应链大会将举行 11月24日至26日，2025中国汽车供应链大会将在芜湖举行，主题为"链动产业生态新质驱动未来"。 3、18家公司披露回购进展 （原标题：今日看点｜国内油价预计将迎年内第十跌） 11月24日重点关注的财经要闻与资本市场大事： 1、国内油价预计将迎年内第十跌 11月24日24时，国内成品油新一轮调价窗口将开启。综合多家机构预测，成品油价或年内第十次下跌。 11月24日，18家公司共发布18个股票回购相关进展。其中，16家公司披露股票回购实施进展，2家公司回购方案已实施完毕。 从回购实施进展来看，阿特斯、嘉化能源、中控技术回购金额最高，分别回购3.5亿元、3.03亿元、2.99亿元。从已完成回购来看，当日共1家公司 回购金额超千万。中国石化、江苏金租已完成回购金额最高，分别回购5.0亿元、80.59万元。 4、109.16亿元市值限售股今日解禁 11月24日，共有15家公司限售股 ...

Report Overview - Report Title: Fuel Oil and Low-Sulfur Fuel Oil Weekly Report - Report Date: November 23, 2025 - Analyst: Liang Kefang - Investment Advisory Qualification Number: Z0019111 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - **Price Trend**: This week, fuel oil prices continued to decline, and the strength of low-sulfur fuel oil at home and abroad began to weaken during the decline. For high-sulfur fuel oil, Middle Eastern exports continued to surge, with most of the increase coming from Saudi Arabia and Iran. Considering that the major maintenance in Saudi Arabia is about to end, the short-term weakness of high-sulfur fuel oil may not be reversed. For low-sulfur fuel oil, refinery maintenance in Brazil and European refineries' shift to deep processing of heavy components to increase gasoline and diesel production led to a decrease in the amount of spot flowing to the Asia-Pacific region, and the spot transaction premium began to gradually recover. However, refineries in Brazil and Kuwait will gradually resume operations next month, and spot supply will gradually recover in the future, putting pressure on the market. Therefore, in the short term, the strength of low-sulfur fuel oil will gradually end. Considering that low-sulfur fuel oil has been stronger than high-sulfur fuel oil in the previous period, this situation may gradually reverse in the future [4]. - **Valuation**: FU: 2400 - 2500; LU: 3000 - 3250 [4]. - **Strategy**: 1) Unilateral: Fuel oil prices will remain weak in the short term. 2) Inter - period: The monthly spread structure of FU and LU has returned to contango, and it is difficult to reverse under the condition of loose supply. 3) Inter - variety: The cracking spread of FU/LU may continue to decline; the LU - FU spread will gradually decline in the short term [4]. 3. Summary by Directory 3.1 Supply - **Refinery Operations**: The content shows the capacity utilization rates of Chinese refineries (including overall, independent, and major refineries) from 2016 - 2025 through charts, but no specific data analysis is provided [6]. - **Global Refinery Maintenance**: Charts present the maintenance volumes of global CDU, hydrocracking, FCC, and coking units from 2018 - 2025, but no specific data analysis is provided [9][11][13][14]. - **Domestic Refinery Fuel Oil Production and Commercial Volume**: Charts show the monthly production of fuel oil, low - sulfur fuel oil, and domestic commercial volume of fuel oil in China from 2018 - 2025, but no specific data analysis is provided [19][20]. 3.2 Demand - **Domestic and Foreign Fuel Oil Demand Data**: Charts display the monthly actual consumption of marine fuel oil in China, the monthly sales volume of fuel oil for ship supply in Singapore, and the monthly apparent consumption of fuel oil in China from 2018 - 2025, but no specific data analysis is provided [23]. 3.3 Inventory - **Global Fuel Oil Spot Inventory**: Charts show the heavy oil inventory in Singapore, the fuel oil inventory in European ARA, the heavy distillate inventory in Fujairah, and the residual fuel oil inventory in the US from 2018 - 2025, but no specific data analysis is provided [27][29][30]. 3.4 Price and Spread - **FOB Prices in Asia - Pacific Region**: Charts present the FOB prices of 3.5% and 0.5% fuel oil in Fujairah and Singapore from 2018 - 2025, but no specific data analysis is provided [35][36][37]. - **FOB Prices in European Region**: Charts show the FOB prices of 3.5% and 1% fuel oil in the Mediterranean, north - western Europe, and other regions from 2018 - 2025, but no specific data analysis is provided [39][40][42][44]. - **Fuel Oil Spot Prices in US Region**: Charts display the FOB prices of 3.5% and 0.5% fuel oil in the US Gulf, the cargo price of high - sulfur fuel oil in New York Harbor, and the price of low - sulfur straight - run fuel oil in USAC from 2018 - 2025, but no specific data analysis is provided [45]. - **Paper and Derivative Prices**: Charts show the prices of high - sulfur and low - sulfur swaps in north - western Europe, Singapore, and the prices of FU and LU futures contracts from 2024 - 2025, but no specific data analysis is provided [48][49][52][53][54]. - **Fuel Oil Spot Spread**: Charts present the high - low sulfur spread and viscosity spread in Singapore from 2018 - 2025, but no specific data analysis is provided [58][59]. - **Global Fuel Oil Cracking Spread**: Charts show the cracking spreads of high - sulfur and low - sulfur fuel oil in Singapore and north - western Europe from 2019 - 2025, but no specific data analysis is provided [63][64][65]. - **Global Fuel Oil Paper Monthly Spread**: Charts display the monthly spreads of high - sulfur and low - sulfur fuel oil in Singapore and north - western Europe from 2023 - 2025, but no specific data analysis is provided [67]. 3.5 Import and Export - **Domestic Fuel Oil Import and Export Data**: Charts show the monthly import and export volumes of fuel oil (excluding biodiesel) in China from 2018 - 2025, but no specific data analysis is provided [72][74][75]. - **Global High - Sulfur Fuel Oil Import and Export Data**: Charts present the weekly changes in global high - sulfur fuel oil import and export volumes in different regions, but no specific data analysis is provided [77]. - **Global Low - Sulfur Fuel Oil Import and Export Data**: Charts show the weekly changes in global low - sulfur fuel oil import and export volumes in different regions, but no specific data analysis is provided [79]. 3.6 Futures Market Indicators and Domestic - Foreign Spreads - **Review and Logic**: This week, Asia - Pacific fuel oil prices continued to decline, and the Zhoushan market moved in tandem. In terms of spreads, the domestic market was relatively weak, and the domestic - foreign spread began to gradually shrink from the previous high. For FU, the short positions still led the long positions, causing FU to perform weaker than the overseas spot, and the spread continued to shrink. For LU, both long and short positions were gradually closing, but the number of warehouse receipts remained stable after the delivery, and a new batch of spot may enter the Zhoushan market at the end of the month, so the convergence of the domestic - foreign spread may end in the short term [82]. - **Domestic - Foreign Spread Data**: Specific data on the domestic - foreign spreads of 380 spot, 0.5% spot, and various futures contracts from November 17 - 21, 2025 are provided [83]. - **Domestic - Foreign Spread Charts**: Charts show the domestic - foreign spreads of 380 spot, 0.5% spot, and various futures contracts from 2021 - 2025, but no specific data analysis is provided [86][87][89][90][91]. 3.7 FU and LU Position and Volume Changes - **Position and Volume Charts**: Charts display the trading volumes and positions of fuel oil main contracts, low - sulfur fuel oil continuous contracts, and related contracts from 2020 - 2025, but no specific data analysis is provided [93][95][98][100]. 3.8 FU and LU Warehouse Receipt Quantity Changes - **Warehouse Receipt Quantity Charts**: Charts show the quantity changes of FU and LU warehouse receipts from 2020 - 2025, but no specific data analysis is provided [104][105].

Investment Rating - The report does not explicitly state an investment rating for the oil refining industry. Core Insights - The report highlights that spring orders are beginning to be released in certain regions, and the profitability of polyester filament continues to improve [1]. Summary by Sections Domestic and International Refining Project Price Differentials - As of November 21, 2025, the domestic key refining project price differential is 2389.69 CNY/ton, with a week-on-week increase of 52.43 CNY/ton (+2.24%). The international key refining project price differential is 1446.16 CNY/ton, with a week-on-week increase of 6.66 CNY/ton (+0.46%) [2][3]. Refining Sector - The report notes that the end of the U.S. government shutdown is expected to boost demand. Geopolitical tensions, particularly the attack on the Russian port of Novorossiysk, raise concerns about supply disruptions from Russia. The Brent and WTI crude oil prices as of November 21, 2025, are 62.56 USD/barrel and 58.06 USD/barrel, respectively, reflecting decreases of 1.83 USD and 2.03 USD from the previous week [2][15]. Chemical Sector - The chemical price differentials are showing a fluctuating trend. Polyethylene prices are stable, while polypropylene demand remains weak, leading to price declines. The report indicates that the price of pure benzene remains stable, with a slight increase in its price differential [2][57]. Polyester & Nylon Sector - Demand for polyester filament is gradually being released, with product prices and profits showing slight increases. The report mentions that two new production facilities have been commissioned, although they have not yet started production. The prices of nylon fiber products have slightly increased, while the price differential has significantly decreased [2][57]. Stock Performance of Major Refining Companies - As of November 21, 2025, the stock price changes for six major private refining companies over the past week are as follows: Rongsheng Petrochemical (-9.17%), Hengli Petrochemical (-5.29%), Dongfang Shenghong (-3.44%), Hengyi Petrochemical (-3.01%), Tongkun Co. (-6.04%), and Xin Fengming (-9.63%). Over the past month, stock price changes are: Rongsheng Petrochemical (+4.58%), Hengli Petrochemical (+14.38%), Dongfang Shenghong (+7.91%), Hengyi Petrochemical (+10.44%), Tongkun Co. (+11.55%), and Xin Fengming (+7.98%) [2].

Group 1 - The core viewpoint of the article highlights the decline in China's petroleum coke production, with a reported output of 2.3429 million tons from January to September 2025, reflecting a year-on-year decrease of 4.7% [1] - In September 2025, China's petroleum coke production was recorded at 260,000 tons, which represents a 3.2% decrease compared to the same month in the previous year [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, indicating a comprehensive analysis of the petroleum coke industry in China [1] Group 2 - The article references several listed companies in the petroleum coke sector, including Huajin Co., Ltd. (000059), Yuanxing Energy (000683), Shanghai Petrochemical (600688), and others [1] - Zhiyan Consulting has published a report titled "Analysis of the Development Situation and Investment Potential of China's Petroleum Coke Industry from 2026 to 2032," which aims to provide insights into the industry's future [1] - The consulting firm emphasizes its expertise in industry research, offering in-depth reports and tailored services to support investment decisions [1]

Core Points - International Industry (000159) closed at 5.7 yuan on November 21, 2025, down 16.79% from last week's 6.85 yuan [1] - The company's total market capitalization is currently 2.74 billion yuan, ranking 62 out of 64 in the photovoltaic equipment sector and 4658 out of 5167 in the A-share market [1] Shareholder Changes - As of November 20, 2025, the number of shareholders for International Industry is 37,900, a decrease of 1,276 shareholders or 3.26% from November 10 [2][4] - The average number of shares held per shareholder increased from 12,300 shares to 12,700 shares, with an average holding value of 80,300 yuan [2] Company Announcements - On November 17, 2025, the company received an inquiry letter from the Shenzhen Stock Exchange regarding its application for a private placement of shares, which is subject to approval and registration by the China Securities Regulatory Commission [2][4] - The company announced the resignation of Deputy General Manager Shen Yong due to personal reasons, effective immediately upon delivery of the resignation report, and he will no longer hold any position within the company [2][4]