Group 1 - China Petroleum & Chemical Corporation (Sinopec) saw a stock price increase of 1.08%, closing at 5.61 yuan [1] - A block trade occurred with a total volume of 650,000 shares and a transaction amount of 3.6465 million yuan, with a premium rate of 0.00% [1] - The buyer was Guohai Securities Co., Ltd. and the seller was Shenwan Hongyuan Securities Co., Ltd. [1] Group 2 - Over the past three months, Sinopec has recorded one block trade with a total transaction amount of 3.6465 million yuan [1] - In the last five trading days, the stock has increased by 2.56%, with a net inflow of main funds totaling 89.7136 million yuan [1]

Core Insights - The production of petroleum asphalt in Sichuan Province for June 2025 was 21,000 tons, reflecting a year-on-year decrease of 0.8% [1] - The production growth rate for June 2025 was 44.7 percentage points higher than the same month last year, but it was 11.9 percentage points lower than the national average [1] - For the first half of 2025, the total production of petroleum asphalt reached 264,000 tons, showing a significant year-on-year increase of 58.2% [1] - The growth rate for the first half of 2025 was 92.0 percentage points higher than the previous year and 50.5 percentage points higher than the national average [1] Monthly Production Analysis - The monthly production of petroleum asphalt in June 2025 was 21,000 tons, contributing to a cumulative total of 264,000 tons for the first half of the year [1][2] - The cumulative production for the first six months of 2025 accounted for 1.5% of the national total production of 1,796,700 tons [1] Statistical Context - The statistics are based on large-scale industrial enterprises, defined as those with annual main business revenues of 20 million yuan or more [3]

Group 1 - The eighth China International Import Expo is held in Shanghai from November 5 to 10, with Gaoqiao Petrochemical prioritizing safety and environmental protection during this period [1] - Gaoqiao Petrochemical implements comprehensive monitoring of volatile organic compounds (VOCs) and ensures compliance with environmental standards for emissions [1] - The company enhances monitoring of key equipment and operational conditions in production units to ensure stable operations [1] Group 2 - During the expo, Gaoqiao Petrochemical guarantees the supply of high-quality gasoline and diesel, as well as coordinated transportation of aviation fuel to Hongqiao and Pudong airports [1] - The company optimizes inventory to meet market demand changes and ensures safe logistics transportation to minimize environmental impact [1] - Gaoqiao Petrochemical takes multiple measures to maintain safety standards and improve the quality of the expo [1] Group 3 - On October 30, Gaoqiao Petrochemical increases the frequency of key pump inspections at the sulfur environmental protection unit to ensure stable operation [3]

Investment Rating - The report maintains a neutral investment rating for Saudi Basic Industries Corporation (SABIC) [1][2]. Core Insights - The market is expected to have a neutral reaction to SABIC's Q3 2025 performance, with adjusted net income slightly below consensus expectations, offset by strong performance in the agricultural nutrients segment [1][2]. - SABIC reiterated its capital expenditure guidance for FY 2025 in the range of $3-3.5 billion and highlighted the expected production start of its integrated complex in China next year [1][2]. - The petrochemical segment is facing capacity oversupply issues, which the company has reaffirmed [1]. Summary by Sections Latest Developments - SABIC's revenue for Q3 2025 was 34.33 billion SAR, below consensus expectations, primarily due to weak performance in the petrochemical business and a decline in licensing revenue, partially offset by strong agricultural nutrients performance [2]. - The adjusted EBITDA was 5.561 billion SAR, also below market expectations, reflecting weak petrochemical product prices, although mitigated by cost control measures [2]. - The company reported a significant impact from cost and value creation initiatives, estimating a $300 million effect on EBITDA for FY 2025, with a Q3 impact of $119 million [2]. Project Progress - SABIC reported that its growth projects are progressing well, including the early production of the Petrokemya MTBE plant and the completion of 87% of the integrated complex in China, expected to start production in H2 2026 [2]. - The Ibn Zahr LTRS-1 project has also been launched, aimed at improving feedstock utilization and reducing the carbon footprint [2]. Segment Performance - The petrochemical segment's adjusted EBITDA was slightly below expectations due to weak methanol and polyethylene prices, as well as ongoing oversupply of ethylene glycol [2]. - Conversely, the agricultural nutrients segment outperformed expectations, driven by rising urea prices, contributing positively to overall revenue [2].

Report Information - Report Name: PTA Daily Report [1] - Date: November 7, 2025 [2] Investment Rating - Not provided Core View - PX maintenance rumors support the PX market, cost drives up PTA, and the downstream polyester operating load is relatively high with good rigid demand. It is expected that the PTA market will rise [6] Summary by Section 1. Market Review and Operation Suggestions - On the 6th, the closing price of the PTA main futures TA2601 was 4,688 yuan/ton, up 104 yuan/ton or 2.27%. The settlement price was 4,620 yuan/ton, and the daily open interest increased by 61,763 lots. The closing price of TA2605 was 4,750 yuan/ton, up 100 yuan/ton, with a trading volume of 66,851 lots, an increase of 3,185 lots [6] 2. Industry News - US crude oil inventories unexpectedly increased significantly, and the international oil price continued to fall. However, gasoline inventories dropped to the lowest level in three years, limiting the decline. On Wednesday (November 5), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $59.6 per barrel, down $0.96 or 1.59%. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $63.52 per barrel, down $0.92 or 1.43% [7] - The estimated price of PX in the Chinese market was $825 - 827 per ton, up $10 per ton; the estimated price in the South Korean market was $805 - 807 per ton, up $10 per ton. The cost - side oil market continued to fluctuate. Domestic PX plants operated relatively stably, and the demand side showed well due to the release of new PTA production capacity. Participants still had confidence in the future market under the tight - balance pattern [7] - The PTA price in the East China market was 4,541 yuan/ton, up 34 yuan/ton. The average daily negotiation basis was at a discount of 79 yuan/ton to the futures 2601, down 2 yuan/ton [7] 3. Data Overview - The report provides multiple data charts including PTA futures price summary, spot - futures price difference, international crude oil futures main contract closing price, upstream raw material spot price, PX price, MEG price, PTA processing margin, TA5 - 9 spread, PTA warehouse receipt quantity, polyester factory load rate, PTA downstream product price, and PTA downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [11][13][17]

Core Viewpoint - The analysis from Zhaochuang Information indicates that during the current retail price adjustment cycle for refined oil (from October 27 to November 10), international crude oil prices have shown a narrow fluctuation and a downward trend in average values, leading to a significant decrease in the crude oil change rate after a high starting point. The probability of an increase in retail price for refined oil is high, but the expected increase is narrowing [1] Group 1 - The crude oil change rate as of November 6 is reported at 3.12%, suggesting an expected increase in gasoline and diesel prices by 135 CNY per ton [1] - The anticipated price adjustments for 92 gasoline, 95 gasoline, and 0 diesel are expected to rise by 0.11 CNY [1] - There is still one working day before the price adjustment window opens, indicating that the expected increase may further narrow [1]

图表：四川省燃料油产量分月（当月值）统计 摘要：【图】2025年6月四川省燃料油产量统计分析 2025年1-6月燃料油产量分析： 据国家统计局数据，在2025年的前6个月，四川省规模以上工业企业燃料油产量累计达到了20.2万吨， 与2024年同期的数据相比，下降了49.9%，增速较2024年同期低67.0个百分点，增速较同期全国低47.1 个百分点，约占同期全国规模以上企业燃料油产量2160.8万吨的比重为0.9%。 图表：四川省燃料油产量分月（累计值）统计 2025年6月燃料油产量分析： 单独看2025年6月份，四川省规模以上工业企业燃料油产量达到了3.7万吨，与2024年同期的数据相比， 6月份的产量增长了8.4%，增速较2024年同期高57.8个百分点，增速较同期全国高6.3个百分点，约占同 期全国规模以上企业燃料油产量362.8万吨的比重为1.0%。 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。 产业调研网为您提供更多 石油化工行业最新动态 石油行业监测及发展趋势 化工未来发展趋势预测 日化现状及发展前景 润滑油发展前景趋势分析 汽油的现状和 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The northern market focuses on rigid demand. After some refineries in Shandong resumed asphalt production, the market supply remained abundant. Affected by the shipment pressure, refineries continuously lowered their quotes. In the North China region, although the suspension of large - scale asphalt plants in major refineries led to a contraction in supply, the sharp decline in the futures market dragged down the market. Traders continued price - cut promotions. With the impact of low - priced resources flowing into the Northeast, the resource circulation volume in the Northeast gradually decreased, and traders' price cuts led to a lower market average price. In the South China and East China regions, affected by the National Games, project construction was restricted, demand declined compared with the previous period. Coupled with the sharp decline in the futures market and fierce competition from surrounding low - priced resources, market sentiment weakened. Sinopec's refineries lowered asphalt prices by 50 - 150 yuan/ton today. Looking ahead, asphalt supply in Shandong will increase slightly, and prices may continue to fall under the background of continuous decline in demand. The North China region maintains rigid demand, resource supply decreases, market sentiment eases slightly, and prices are likely to stabilize. The demand in the southern market is flat, transactions are mostly concentrated in a small amount of low - priced resources, and prices will be cautiously stable [4] 3. Summary According to Relevant Content 3.1 Asphalt Spot Market - In the spot market, the current prices in East China, North China, South China, Northeast, Northwest, and Shandong are 3380 yuan, 3150 yuan, 3310 yuan, 3550 yuan, 3980 yuan, and 3100 yuan respectively, with changes of - 20 yuan, - 30 yuan, - 60 yuan, 0 yuan, 0 yuan, and - 40 yuan compared with the previous values [1] 3.2 Asphalt Futures Market - In the futures market, for contracts BU2511, BU2512, BU2601, and BU2602, the current prices are 3106 yuan, 3118 yuan, 3109 yuan, and 3120 yuan respectively, with declines of - 1.37%, - 1.45%, - 1.80%, and - 2.04% compared with the previous values [1] 3.3 OPEC+ Oil Production Policy - OPEC+ eight countries' ministers decided to increase the oil production quota by 137,000 barrels per day in December. After December, due to seasonal factors, these 8 countries also decided to suspend production increases from January to March 2026. The agreement parties reiterated that the 1.65 million barrels per day production cut may be partially or fully restored depending on changing market conditions [2] 3.4 Venezuela - Related Situation - News media reported that the US planned to launch an air strike on Venezuela, but Trump publicly denied it. Trump's administration believes that a land strike lacks legal basis. A military build - up is visible, with an aircraft carrier and F - 35 fighters redeployed to the Caribbean [1][2]

Report Summary 1. Report Information - Report Name: Asphalt Daily Report - Date: November 7, 2025 - Industry: Asphalt [1][2] 2. Investment Rating - No investment rating information is provided in the report. 3. Core View - With oil price adjustments, the asphalt market is facing weak supply and demand and may continue to decline [7]. 4. Summary by Section 4.1 Market Review and Operation Suggestions - **Futures Market**: The asphalt futures prices showed significant declines. For example, BU2601 closed at 3109 yuan/ton, down 2.05%, and BU2512 closed at 3118 yuan/ton, down 1.61%. The decline in futures prices is negative for spot prices [6]. - **Spot Market**: Prices in the Northeast, Shandong, and South China regions continued to fall, while those in other regions remained relatively stable. The overall开工 load rate is expected to remain basically flat due to the offset between production increases and decreases in different refineries. Demand is seasonally weakening, with rigid demand shrinking in the Northeast and Northwest, limited demand growth in North China and Shandong, and slow resource consumption in the South. Insufficient funds are still the core factor restricting project progress, and actual demand continues to be weaker than expected [6]. 4.2 Industry News - No industry news content is provided in the report. 4.3 Data Overview - **Shandong Market**: The mainstream transaction price of 70 A-grade asphalt was 3050 - 3620 yuan/ton, a decrease of 25 yuan/ton from the previous trading day. The futures price decline led to active selling in the market, and the local supply increased due to the resumption of production by Shengxing [10]. - **South China Market**: The mainstream transaction price of 70 A-grade asphalt was 3290 - 3520 yuan/ton, a decrease of 20 yuan/ton from the previous trading day. Market demand is weak, and Sinopec's refineries in Maoming and Guangzhou may adjust prices downwards. Social inventory traders have lowered their spot quotes to lock in terminal demand in advance [10].

Report Industry Investment Rating - The report expects PX, PTA, and PR to have a moderately strong and volatile trend [2]. Core Viewpoints - The prices of PX, PTA, and PR are expected to show a moderately strong and volatile trend. The PX market is in a tight - balance situation, with stable supply and limited demand - side drive. The PTA market is affected by cost and supply - side factors, and the supply pressure cannot be eliminated by short - term maintenance. The PR market follows cost trends, with sufficient supply and cautious downstream procurement [2]. Summary by Related Catalogs Price Information - **Upstream Prices**: On November 6, 2025, the futures settlement prices of WTI and Brent crude oil decreased by 0.29% and 0.22% respectively. The spot price of naphtha decreased by 0.30%, while the spot price of xylene (isomeric grade) increased by 0.65% [1]. - **PTA Prices**: The CZCE TA main - contract closing price increased by 1.91%, and the spot price of domestic PTA increased by 0.75%. The CCFEI price indices of PTA both increased [1]. - **PX Prices**: The CZCE PX main - contract closing price increased by 2.56%, and the spot price of domestic PX remained unchanged. The PXN and PX - MX spreads increased by 4.93% and 4.28% respectively [1]. - **PR Prices**: The CZCE PR main - contract closing price increased by 1.31%, and the market prices of polyester bottle - chips in the East and South China markets increased by 0.70% and 0.35% respectively [1]. - **Downstream Prices**: The CCFEI price indices of most downstream products remained unchanged, except for the polyester bottle - chip and polyester slice price indices, which increased, and the polyester short - fiber price index decreased by 0.32% [2]. Operating Conditions - **Operating Rates**: The operating rate of the PX in the polyester industry chain increased by 1.82%. The load rates of PTA factories decreased by 0.42%, while those of polyester factories and bottle - chip factories increased by 0.14% and 0.92% respectively. The load rate of Jiangsu and Zhejiang looms remained unchanged [1]. - **Sales Rates**: The sales rates of polyester filament, polyester short - fiber, and polyester slice increased by 17.41%, 31.62%, and 96.76% respectively [1]. Device Information - A 1.1 - million - ton PTA device in South China is under maintenance, and the restart date is undetermined. A 1 - million - ton PTA device in Southwest China is planned to be maintained this weekend and may be shut down for 45 days [2]. Market Analysis - **PX**: The international crude oil market is volatile, and the domestic PX devices operate stably. Although some PX factories' reforming devices are under maintenance, the market supply remains stable. The PX benefit is expected to be volatile and stable in the short term, and attention should be paid to the implementation of maintenance in the fourth quarter [2]. - **PTA**: The PTA price is pushed up by the cost of PX. Although there are many device maintenance plans, the supply is still sufficient. The domestic demand market is gradually weakening, but the foreign trade orders are increasing, and the short - term downstream demand is acceptable [2]. - **PR**: The polyester bottle - chip market in Jiangsu and Zhejiang is moderately strong and volatile. The supply is sufficient, and the downstream procurement is cautious [2].