Core Viewpoint - The new round of domestic refined oil price adjustment window will open at 24:00 on November 10, with expectations for the seventh price increase of the year [1] Group 1: Price Adjustment Details - According to Zhaochuang Information's data monitoring model, as of the close on November 6, the reference crude oil change rate for the 9th working day is 3.12% [3] - The expected increase for gasoline and diesel is approximately 135 yuan per ton, translating to an increase of 0.11 yuan for 92 gasoline, 95 gasoline, and 0 diesel [3] - Based on the current increase, after the adjustment is confirmed, filling a 50-liter tank of 92 gasoline will cost an additional 5.5 yuan for private car owners [3]

Group 1 - The A-share market showed mixed performance on November 10, with notable gains in the petrochemical, fertilizer, and daily chemical sectors. The China Securities Petrochemical Index rose over 2.2%, with stocks like Luxi Chemical hitting the daily limit, and others such as Hengyi Petrochemical and Hualu Hengsheng also increasing [1] - According to GGII statistics, domestic energy storage lithium battery shipments are expected to reach 430 GWh in the first three quarters of 2025, exceeding 30% of the total for 2024. The total annual shipment is projected to reach 580 GWh, representing a 67% year-on-year growth. This surge in storage demand, combined with pre-subsidy rush in lithium battery materials, has led to a strong demand for upstream lithium materials, with some products experiencing supply shortages and price recovery [1] - Galaxy Securities analysis indicates that the phosphate chemical sector is currently undervalued. As phosphate rock resources become scarcer and fundamentals improve, the sector's valuation is expected to be restructured. Phosphate chemicals, being the first to gain momentum in the chemical sector, may signal the onset of a broader chemical bull market due to stronger demand compared to most chemical products and potential supply constraints [1] Group 2 - The Petrochemical ETF (159731) and its linked funds (017855/017856) closely track the China Securities Petrochemical Index. From the industry distribution perspective, it covers basic chemicals (24.8%), polyurethane (9.8%), potassium fertilizer (9.6%), phosphate and phosphate chemicals (7.1%), and fluorine chemicals (6.1%), which are expected to benefit from the recovery in downstream demand [1]

辽河化肥分公司聚焦关键设备，重点对室外管线、阀门、仪表等部位的伴热带系统和保温层进行全面检 查，从源头上预防冻堵、冻凝现象的发生，确保保温系统投入运行后安全可靠；组织冬季操作规程专项 培训和应急预案演练，进一步提高员工的风险辨识能力和应急处置能力。 辽宁北化分公司则根据物料特性及设备状态，对机泵冷却水管线、工艺管线排凝点以及长期停运的设备 采取小流量长流水或彻底排空、吹扫等差异化措施，有效防止因静置导致的冻堵问题；严格执行交接班 制度，加大巡检频次与力度，对易冻凝部位实施重点监控，确保及时消除各类安全隐患。 双兴分公司针对苯乙烯、丁二烯等装置的特点，量身定制专属防冻防凝工作方案，加强对新建、停用、 改造完毕设备设施的检查与管控；严格落实单元设备安全责任制，将责任细化到岗、落实到人，并配套 制订了翔实的应急预案和应对措施，确保防冻防凝工作全方位、无死角。 中化新网讯 连日来气温持续走低，华锦集团所属各分公司结合自身装置特性与生产实际，精准施策， 扎实推进各项防冻防凝措施落地见效。 炼化分公司注重全面性与针对性相结合，深入开展隐患排查治理，确保消除装置"跑冒滴漏"现象；将冬 季生产注意事项与防冻防凝要点纳入重点培 ...

Core Insights - Ezhou Huahu Airport's annual aviation fuel consumption has surpassed 300,000 tons for the first time, indicating a significant increase in demand due to enhanced international cargo routes and increased night flights [1] Group 1: Company Performance - Sinopec's local enterprises, Zhonghan Petrochemical and Sales Central China Company, have successfully established a collaborative supply guarantee system to meet the rising aviation fuel demand [1] - Zhonghan Petrochemical has optimized production processes to improve aviation fuel yield and has enhanced transportation efficiency through a waterway shipping system [1] Group 2: Operational Achievements - In July, the volume of fuel supplied to the airport increased by 150% month-on-month, showcasing the effectiveness of tailored supply strategies [1] - From January to October, the operational efficiency generated a profit of 150 million yuan for the Sales Central China Company [1]

聚酯：下游工厂前期备货尚未完全消耗同时原料端价格下跌，下游企业对长丝采购意愿偏低。周内长丝 产销数据偏淡，PTA加工费小幅改善至142元/吨。涤纶长丝POY150D平均盈利水平为174.51元/吨，较上 周平均毛利上涨97.29元/吨；涤纶长丝FDY150D平均盈利水平为-65.49元/吨，较上周平均毛利上涨57.29 元/吨；涤纶长丝DTY150D平均盈利水平为110元/吨，较上周平均毛利下降40元/吨。原料端，PX方面， 油价回调，厂家成本压力减轻，PX市场重心相对稳定，本周PXN水平变动幅度不大，目前在230-240美 元/吨附近；短流程方面，MX价格偏低，PX-MX价差稳定在120美元/吨上方，生产利润较为可观。PTA 方面，周内PTA市场价格震荡运行，PX市场也基本稳定，故PTA加工费变动有限，行业仍处于亏损状 态，周内加工费整体维持在200元/吨以下震荡。截至11月6日，PTA行业加工费为142.20元/吨。 国金证券近日发布石油化工行业研究：本周油价震荡回落。美国政府持续停摆导致市场宏观风险偏好下 降。同时沙特下调12月销往亚洲的原油官方售价表明其保证亚洲市场份额决心。截止11月6日，WTI现 ...

以下为研究报告摘要： 国金证券近日发布石油化工行业研究：本周油价震荡回落。美国政府持续停摆导致市场 宏观风险偏好下降。同时沙特下调12月销往亚洲的原油官方售价表明其保证亚洲市场份额决 心。截止11月6日，WTI现货收于59.43美元，环比-1.14美元；BRENT现货收于64.03美元， 环比-1.47美元。EIA10月31日当周商业原油库存环比+520.2万桶，前值-685.8万桶。其中库 欣原油环比+30万桶，前值+133.4万桶。汽油库存环比-472.9万桶，前值-594.1万桶。 原油：本周油价震荡回落。美国政府持续停摆导致市场宏观风险偏好下降。同时沙特下 调12月销往亚洲的原油官方售价表明其保证亚洲市场份额决心。短期地缘风险下降后，市场 关注点重回供需基本面油价回落。尽管特朗普称尚未决定对委内瑞拉境内地面目标发动袭 击；但我们认为南美地缘风险未来1-2周仍可能上升。截止11月6日，WTI现货收于59.43美 元，环比-1.14美元；BRENT现货收于64.03美元，环比-1.47美元。EIA10月31日当周商业原 油库存环比+520.2万桶，前值-685.8万桶。其中库欣原油环比+30万桶，前值+1 ...

2025年6月纯碱(碳酸钠)产量统计： 摘要：【图】2025年1-6月宁夏回族自治区纯碱(碳酸钠)产量数据分析 纯碱(碳酸钠)产量：3.9 万吨 同比增长：-0.13% 增速较上一年同期变化：低30.60个百分点 2025年1-6月纯碱(碳酸钠)产量统计： 纯碱(碳酸钠)产量：21.6 万吨 同比增长：-2.46% 据统计，2025年6月宁夏回族自治区规模以上工业企业纯碱(碳酸钠)产量与上年同期相比下降了0.13%， 达3.9万吨，增速较上一年同期低30.6个百分点，增速较同期全国低4.8个百分点，约占同期全国规模以 上企业纯碱(碳酸钠)产量347.96903万吨的比重为1.1%。 详见下图： 图1：宁夏回族自治区纯碱(碳酸钠)产量分月（当月值）统计图 图2：宁夏回族自治区纯碱(碳酸钠)产量分月（累计值）统计图 注：从2011年起，我国规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务 收入2000万元。 增速较上一年同期变化：低16.17个百分点 据统计，2025年1－6月，宁夏回族自治区规模以上工业企业纯碱(碳酸钠)产量与上年同期相比下降了 2.46%，达21.6万吨，增速较上一年同 ...

Core Viewpoint - The new round of domestic refined oil price adjustment window will open at 24:00 on November 10, with expectations for the seventh price increase of the year [1] Group 1: Price Adjustment Details - According to data from Zhuochuang Information, as of the close on November 6, the reference crude oil price change rate is 3.12%, indicating a projected increase in gasoline and diesel prices by 135 yuan per ton [1] - The expected price increase translates to an increase of 0.11 yuan for 92 gasoline, 95 gasoline, and 0 diesel [1] - Based on the current increase, filling a 50-liter tank of 92 gasoline will cost an additional 5.5 yuan for private car owners after the price adjustment is confirmed [1]

Group 1 - The core viewpoint of the article highlights ongoing concerns about oil demand, leading to a decline in oil prices despite OPEC+'s decision to pause production increases starting January 2026 [4][5] - As of November 7, Brent and WTI crude oil prices were reported at $63.70 and $59.84 per barrel, reflecting a decrease of 1.4% and 1.7% respectively from the previous week [4] - OPEC+ announced a production increase of 137,000 barrels per day in December, but will pause further increases in early 2026 due to low demand expectations and rising inventory risks [5] Group 2 - The current oil market faces an oversupply situation, and OPEC+'s decision to slow production increases is expected to mitigate this risk [6] - The IEA forecasts a growth in global oil demand of 700,000 barrels per day in 2026, while supply is expected to increase by 2.4 million barrels per day, with both OPEC+ and non-OPEC+ contributing equally [6] - Geopolitical risks, particularly the intensification of sanctions against Russia, are likely to provide a price premium for oil due to ongoing conflicts and policy changes [7] Group 3 - The "Big Three" oil companies in China are focusing on increasing reserves and production while managing costs effectively to navigate the new cycle of oil price volatility [8] - China National Petroleum Corporation, Sinopec, and CNOOC have set production growth targets of 1.6%, 1.5%, and 5.9% respectively for 2025, indicating a commitment to long-term growth despite external uncertainties [8] - The companies are also transitioning their refining businesses to lower-cost operations and enhancing their chemical segments to increase the proportion of high-value products [8]

Group 1: Market Trends - The market is currently exhibiting a small-cap style, with valuation factors yielding a positive return of 0.40%, while market capitalization factors have negative returns of -0.72% and -0.40% respectively [4] - Momentum and Beta factors also showed negative returns of -0.79% and -0.43%, indicating a reversal effect in the market [4] - The large transaction portfolio achieved a positive excess return of 1.08% relative to the CSI All Share Index [4] Group 2: Fixed Income - The secondary market for publicly listed REITs in China has shown a downward trend, with the weighted REITs index closing at 182.3 and a weekly return of -0.48% [5] - In comparison to other major asset classes, the return rates ranked from high to low are: convertible bonds, crude oil, A-shares, pure bonds, gold, REITs, and US stocks [5] - Credit bonds issued totaled 334, with a total issuance scale of 363.4 billion yuan, reflecting a week-on-week decrease of 7.66% [5] - Industrial bonds accounted for 162 issues, with an issuance scale of 176.9 billion yuan, marking a week-on-week increase of 5.36% [5] Group 3: Oil and Chemical Industry - OPEC+ announced a production increase of 137,000 barrels per day in December, while suspending production increases from January to March 2026, which is expected to alleviate concerns over oil supply [6] - The ongoing geopolitical tensions, particularly the prolonged Russia-Ukraine conflict and increased sanctions on Russia, are likely to provide a risk premium for oil prices [6] Group 4: Basic Chemicals - Strong demand for energy storage and power batteries is tightening the supply-demand situation for iron phosphate, leading to improved prices and profitability for phosphate chemical companies [6] - Limited new capacity for phosphate rock in the short to medium term is expected to maintain high prices for high-grade phosphate rock, benefiting leading companies in the industry [6] Group 5: Semiconductor Industry - In Q3 2025, the company achieved a revenue of 635 million USD, reflecting a year-on-year increase of 20.7% and a quarter-on-quarter increase of 12.2%, driven by increased wafer shipments and ASP growth [7] - The revenue from 8-inch wafers was 259 million USD, showing a year-on-year decrease of 1.6% but a quarter-on-quarter increase of 11.4%, while 12-inch wafers generated 376 million USD, with a year-on-year increase of 43% and a quarter-on-quarter increase of 12.8% [7] Group 6: Healthcare Industry - The company's shareholder return plan has strengthened confidence, further solidifying its position as an industry leader [8] - The "Double Beauty + Double Health" business model has effectively built a high-quality membership system, while the acquisition of the second-largest brand in the industry, Nair, has improved its net profit margin from 6.5% to 10.4% in the first half of 2025 [8]