Report Summary 1. Report Industry Investment Rating - The report suggests a cautious and bearish approach for unilateral trading, advocating short - term observation. There are no specific strategies for inter - period, cross - variety, spot - futures, and options trading [2]. 2. Report's Core View - The demand in the asphalt market continues to weaken, and local spot prices are falling. The asphalt market is in a weak and volatile state, lacking positive driving factors. This is due to the weakening and volatile crude oil prices, insufficient cost - side support, a weak asphalt fundamentals, the entry of northern terminals into the shutdown phase, low enthusiasm for traders to stock up, and the release of low - price forward resources by northern refineries [1]. 3. Summary by Related Catalogs Market Analysis - On November 6th, the closing price of the main asphalt futures contract BU2601 in the afternoon session was 3,109 yuan/ton, down 65 yuan/ton or 2.05% from the previous day's settlement price. The open interest was 201,642 lots, a decrease of 1,885 lots from the previous day, and the trading volume was 232,766 lots, an increase of 54,232 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3,306 - 3,750 yuan/ton; Shandong: 3,050 - 3,620 yuan/ton; South China: 3,270 - 3,520 yuan/ton; East China: 3,410 - 3,500 yuan/ton. The asphalt spot prices in the Northeast, Shandong, and South China regions continued to decline, while those in other regions remained relatively stable [1]. Strategy - Unilateral: Cautiously bearish, with a focus on short - term observation. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [2]. Figures - The report includes figures related to asphalt spot prices in different regions (Shandong, East China, South China, North China, Southwest, and Northwest), asphalt futures prices (index, main contract, near - month contract, near - month spread), trading volume and open interest of asphalt futures (unilateral and main contract), domestic asphalt weekly production, production of independent refineries and in different regions (Shandong, East China, South China, North China), domestic asphalt consumption in different fields (road, waterproofing, coking, ship fuel), and asphalt inventories (refinery and social) [3].

原油&燃料油数据日报 ITG国贸期货 投资咨询业务资格:证监许可【2012】31号 能源化工研究中心 叶海文 从业资格证号: F3071622 投资咨询证号: Z0014205 数据来源: Wind 钢联数据库 | 国际油价震荡表现。当前地缘局势以及宏观驱动逐步减弱,油价暂时重回 | 基本面驱动逻辑。原油自身供需来仍处于宽松格局,供给端方面,在11月0PEC+ | 会议上,OPEC+计划在12月小幅增产13.7万桶/日,这是连续第三个月实施该增 | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 幅,该决策旨在恢复市场份额，但可能加剧市场供应过剩担忧。此外在12月之 | 后,OPEC+还决定在2026年1月、2月和3月暂停增产。需求端方面,9月开始原油 | 原油 | 消费量逐渐下滑,其中美国原油消费旺季结束的标志是9月初的劳工节,全球原 | | | | | | ...

Group 1 - Guizhou Moutai announced a mid-term dividend plan exceeding 30 billion yuan and a share repurchase plan of 1.5 billion to 3 billion yuan on November 5, 2025, reflecting a trend among listed companies to enhance shareholder returns through buybacks and dividends [1][2] - As of October 2025, the total mid-term dividend amount for companies listed on the Shanghai Stock Exchange exceeded 630 billion yuan, with the top 50 companies contributing over 430 billion yuan [1] - Several companies in the SSE 50 index, including COSCO Shipping Holdings and China National Railway, have also initiated significant buyback plans, with COSCO planning to repurchase 50 million to 100 million shares for an amount between 749 million yuan and 1.498 billion yuan [1][2] Group 2 - The SSE 50 companies have collectively announced a maximum of over 23.4 billion yuan in share buyback plans, indicating a robust trend in buybacks and increases in shareholdings [2] - By the end of October 2025, a total of 237 companies on the Shanghai Stock Exchange disclosed buyback plans with a total planned amount of 62.025 billion yuan, while 199 companies announced shareholder increases totaling 63.172 billion yuan [2] - As of now, 1,564 companies on the Shanghai Stock Exchange have disclosed quality improvement and efficiency enhancement plans, with a disclosure rate of 68%, indicating a strong commitment to improving shareholder value [3]

作为此次技改的核心设备，9#裂解炉采用寰球自主研发的核心技术，乙烯设计年产能达14万吨，采用双 辐射室公用对流段结构，64个底部烧嘴科学排布，搭配两程辐射炉管与专利强化传热部件，在提升传热 效率和反应选择性的同时，可大幅降低炉管结焦风险，延长清焦周期，有效减少非计划停车损失。同 时，该裂解炉综合能耗跻身国内先进行列，环保指标全面优于国家标准。 (赵淑玲 陆飞) 中化新网讯 10月30日，从寰球北京公司传来消息，该公司总承包的四川石化优化调整技术改造项目迎 来关键阶段——9#裂解炉历经72小时严格性能考核，实现一次开车成功，标志着寰球公司自主乙烯专利 技术在工业技改场景中再结硕果。 ...

Core Points - The Shenyang Energy and Environmental Catalytic Technology R&D Pilot Base held a成果展示及技术推介会 on November 3, showcasing its achievements and technology promotion efforts [1] - The pilot base has signed technology transfer cooperation agreements with five companies, focusing on key areas such as new coupling reaction equipment development, high-performance epoxy resin industrialization, mass production of desulfurization and denitrification industrial catalysts, medical waste refining technology application, and hazardous oil sludge treatment [1] Group 1 - The Shenyang Energy and Environmental Catalytic Technology R&D Pilot Base is a provincial-level technology transfer facility led by Shenyang Normal University, aiming to provide comprehensive pilot services for energy, environmental protection, and new materials [1] - The base plays a crucial role in supporting regional industrial transformation and upgrading, as well as promoting deep integration of industry, academia, and research [1] - Academician Xu Chunming emphasized the importance of catalytic technology as a core link between basic research and industrial application, particularly in petrochemicals, environmental pollution control, and new energy development [1] Group 2 - Over 40 cutting-edge technological achievements related to efficient conversion of oil and gas resources and low-carbon utilization technologies were showcased during the event [1] - A strategic cooperation agreement was signed between Shenyang Normal University and Liaoning Petrochemical University, focusing on joint discipline construction, platform development, talent cultivation, and collaborative research projects [1]

Summary of China Petroleum & Chemical Corporation (Sinopec) Conference Call Industry Overview - The conference call discusses the performance and strategies of China Petroleum & Chemical Corporation (Sinopec) in the oil and gas industry, particularly focusing on its financial results for the first three quarters of 2025. Key Financial Metrics - Revenue growth of 3.5% year-on-year, specific figures not disclosed [2][3] - Debt-to-asset ratio stands at 54.8%, with shareholder equity at 828.1 billion RMB, an increase of 1.5% [2][3] - Operating cash flow increased by 13% to 114.8 billion RMB, while cash and cash equivalents rose by 20.8% to 175.8 billion RMB [2][3] Upstream Business Performance - Oil and gas equivalent production increased by 2.2% year-on-year, with natural gas production up by 4.9% [2][5] - Upstream EBIT reached 38 billion RMB [5] Refining Business Performance - Processed crude oil amounted to 191 million tons, producing 110 million tons of refined products [2][5] - Refining gross margin was 6.1 USD per barrel, an 8% increase year-on-year, with profits of 7 billion RMB, up 13.7% [2][5] Sales and Non-Oil Business - Domestic refined oil sales volume reached 130 million tons, with non-oil business profits of 4.2 billion RMB, a growth of 5.4% [2][5] - EBIT from refined oil sales was 12.8 billion RMB [5] Chemical Business Performance - Ethylene production increased by 15.4% to 11.59 million tons, but EBIT for the chemical segment reported a loss of 8.2 billion RMB due to low margins [2][5] Cost Management and Strategic Measures - Sinopec implemented cost-cutting measures, reducing unit processing costs by 9.5% [6][7] - The company is focusing on low-cost strategies and optimizing operations to enhance efficiency [6][7] Future Plans and Projects - Sinopec is developing its "15th Five-Year Plan," optimizing ethylene projects across various locations [4][8] - Plans to replace outdated facilities and enhance production capacity, including significant upgrades to ethylene production [8] Refining Capacity and Industry Regulations - During the "14th Five-Year Plan," Sinopec shut down 6.3 million tons of refining capacity, with an average refinery capacity exceeding 10 million tons [10][11] - The national refining capacity cap is set at 1 billion tons, with Sinopec focusing on optimizing internal capacity structures [11] Operational Efficiency - Overall operating rate maintained above 90%, approximately 92% in the third quarter [13] Special Products and Shareholder Returns - Progress in special products, notably the carbon fiber project in Shanghai [14] - Ongoing share buybacks to enhance shareholder returns [14] Future Development Directions - Continued exploration and development in upstream and renewable energy sectors, including natural gas and various renewable sources [15] - Focus on optimizing product structures and enhancing service offerings in downstream operations [15] International Business Expansion - Sinopec is actively expanding its international business, with ongoing projects in Kazakhstan and partnerships for sustainable aviation fuel [16][17] - The company aims to strengthen its international presence and enhance its global operational capabilities [16][17]

Report Summary Core Viewpoint - This week, the 380 fuel oil crack spread fluctuated, the monthly spread weakened month-on-month, the basis fluctuated weakly, the European HSFO crack spread strengthened, and the EW weakened significantly. The 0.5 low-sulfur crack spread in Singapore oscillated at a low level, and the monthly spread and basis oscillated at a low level. In terms of inventory, Singapore's residual fuel oil inventory increased, floating storage increased, ARA's residual fuel oil inventory decreased, floating storage increased, and EIA's residual fuel oil inventory decreased slightly. In terms of shipments, Russia's residual fuel oil shipments rebounded this week but were still low year-on-year. Overall, Russia's residual fuel oil shipments decreased month-on-month in October. Saudi Arabia's residual fuel oil shipments oscillated at a high level, and the UAE's shipments decreased month-on-month. This week, Singapore's arrivals were neutral, and China's residual fuel oil arrivals increased month-on-month. This week, the domestic and foreign spreads of high and low sulfur rebounded significantly. The external low-sulfur market remained weak, and the Singapore market for high sulfur had a poor basis. However, EW and raw material premiums supported the 380 crack spread, resulting in a short-term oscillating pattern [6][7]. Data Summary Rotterdam Fuel Oil Swap Data | Type | 2025/10/31 | 2025/11/03 | 2025/11/04 | 2025/11/05 | 2025/11/06 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 393.07 | 387.22 | 378.21 | 380.30 | 371.92 | -8.38 | | Rotterdam 0.5% VLS FO Swap M1 | 416.37 | 421.01 | 414.84 | 414.98 | 410.97 | -4.01 | | Rotterdam HSFO - Brent M1 | -2.40 | -3.40 | -4.53 | -4.15 | -4.65 | -0.50 | | Rotterdam 10ppm Gasoil Swap M1 | 688.48 | 679.38 | 676.92 | 689.54 | 695.68 | 6.14 | | Rotterdam VLSFO - Gasoil M1 | -272.11 | -258.37 | -262.08 | -274.56 | -284.71 | -10.15 | | LGO - Brent M1 | 28.89 | 27.83 | 27.98 | 30.41 | 30.48 | 0.07 | | Rotterdam VLSFO - HSFO M1 | 23.30 | 33.79 | 36.63 | 34.68 | 39.05 | 4.37 | [4] Singapore Fuel Oil Swap Data | Type | 2025/10/31 | 2025/11/03 | 2025/11/04 | 2025/11/05 | 2025/11/06 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 375.53 | 380.33 | 377.74 | 373.88 | 368.80 | -5.08 | | Singapore 180cst M1 | 382.28 | 388.78 | 384.87 | 380.75 | 374.53 | -6.22 | | Singapore VLSFO M1 | 449.25 | 456.36 | 451.67 | 450.22 | 447.92 | -2.30 | | Singapore Gasoil M1 | 92.03 | 89.51 | 88.48 | 89.97 | 90.12 | 0.15 | | Singapore 380cst - Brent M1 | -4.98 | -4.44 | -4.37 | -5.09 | -5.14 | -0.05 | | Singapore VLSFO - Gasoil M1 | -231.77 | -206.01 | -203.08 | -215.56 | -218.97 | -3.41 | [4][10] Singapore Fuel Oil Spot Data | Type | 2025/10/31 | 2025/11/03 | 2025/11/04 | 2025/11/05 | 2025/11/06 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 374.81 | - | 369.12 | 365.13 | - | - | | FOB VLSFO | 448.61 | 456.00 | 448.83 | 447.76 | 445.59 | -2.17 | | 380 Basis | -1.75 | -3.75 | -6.00 | -6.00 | -6.05 | -0.05 | | High Sulfur Domestic - Foreign Spread | - | 8.0 | 7.9 | 7.8 | 6.0 | -1.8 | | Low Sulfur Domestic - Foreign Spread | - | 10.2 | 9.4 | 11.0 | 8.6 | -2.4 | [5] Domestic FU Data | Type | 2025/10/31 | 2025/11/03 | 2025/11/04 | 2025/11/05 | 2025/11/06 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2745 | 2790 | 2764 | 2743 | 2728 | -15 | | FU 05 | 2712 | 2755 | 2732 | 2725 | 2711 | -14 | | FU 09 | 2653 | 2683 | 2671 | 2665 | 2659 | -6 | | FU 01 - 05 | 33 | 35 | 32 | 18 | 17 | -1 | | FU 05 - 09 | 59 | 72 | 61 | 60 | 52 | -8 | | FU 09 - 01 | -92 | -107 | -93 | -78 | -69 | 9 | [5] Domestic LU Data | Type | 2025/10/31 | 2025/11/03 | 2025/11/04 | 2025/11/05 | 2025/11/06 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3268 | 3335 | 3290 | 3297 | 3269 | -28 | | LU 05 | 3239 | 3288 | 3261 | 3260 | 3237 | -23 | | LU 09 | 3252 | 3288 | 3254 | 3246 | 3235 | -11 | | LU 01 - 05 | 29 | 47 | 29 | 37 | 32 | -5 | | LU 05 - 09 | -13 | 0 | 7 | 14 | 2 | -12 | | LU 09 - 01 | -16 | -47 | -36 | -51 | -34 | 17 | [6]

Core Insights - The eighth China International Import Expo (CIIE) showcases 4,108 companies from 138 countries and regions, highlighting the importance of China's vast market for global economic cooperation [1] - The event serves as a platform for international collaboration, with numerous signing ceremonies and initiatives aimed at enhancing trade and investment opportunities [1][4] Group 1: Market Expansion and Opportunities - The expo features popular products such as Peruvian blueberries and Malaysian durians, demonstrating the appeal of global agricultural products in the Chinese market [2] - China is committed to expanding its high-level openness, with imports projected to reach 18.4 trillion yuan and service imports at 4.3 trillion yuan in 2024, both showing over 60% growth compared to a decade ago [4] - The total tariff level in China has decreased to 7.3%, with zero tariffs applied to 100% of products from the least developed countries with which China has diplomatic relations [4] Group 2: International Collaboration - The expo has facilitated significant partnerships, with China Petrochemical Corporation signing contracts worth over $40.9 billion with 34 partners from 17 countries [4] - The event has enabled small enterprises from developing countries to achieve substantial export totals, supporting local community development and sustainable growth [7] - Australia has seen its bilateral trade with China exceed 300 billion Australian dollars, highlighting China's role as a key trade partner [9] Group 3: Consumer Engagement and Economic Growth - The "Buy in China 2025 Boutique Consumption Month" initiative aims to enhance consumer experiences through various activities focused on premium shopping, exquisite food, and tourism [5][6] - The expo is expected to further enhance China's market attractiveness, with a focus on creating new consumption scenarios to stimulate demand [6] - The participation of 80% more African enterprises at the expo underscores the growing interest in the Chinese market for unique products from developing regions [11] Group 4: Future Prospects and Strategic Goals - The "Shared Opportunities, Export to China" initiative aims to expand cooperation and enhance the export capabilities of various countries, promoting mutual development [12] - The event is seen as a vital platform for U.S. companies looking to engage with China, reflecting a strong interest in the Chinese market [12][13] - China's commitment to sharing its development benefits with more countries is expected to inject greater certainty into the global economy [14]

Core Points - China Petroleum & Chemical Corporation (Sinopec) has been actively repurchasing its shares, with a total of 2.11 billion shares repurchased this year, amounting to 968 million Hong Kong dollars [1][2] - The company repurchased 2.3152 million shares on November 6 at a price range of 4.200 to 4.230 Hong Kong dollars, totaling 10.1066 million Hong Kong dollars [1][2] - The stock price increased by 1.19% on the same day, closing at 4.250 Hong Kong dollars, with a total trading volume of 341 million Hong Kong dollars [1] Repurchase Details - The repurchase on November 6 involved 239.80 thousand shares at a maximum price of 4.230 Hong Kong dollars and a minimum price of 4.200 Hong Kong dollars, with a total expenditure of 10.1066 million Hong Kong dollars [2] - Since October 30, the company has conducted share repurchases for six consecutive days, totaling 23.152 million shares and 96.9063 million Hong Kong dollars [1][2] - The cumulative increase in stock price during this repurchase period is 0.71% [1]

Core Insights - The 8th China International Import Expo (CIIE) showcases the collaboration between global enterprises and the Chinese market, highlighting China's role as a significant player in international trade and economic cooperation [1][12]. Group 1: Market Opportunities - 4,108 companies from 138 countries and regions are participating in the CIIE, indicating a strong global interest in the Chinese market [1]. - The event features various sectors, including agricultural products, consumer goods, and smart transportation, showcasing innovative products and services that cater to Chinese consumers [2][4]. - China is projected to import goods worth 18.4 trillion yuan and services worth 4.3 trillion yuan in 2024, reflecting a growth of over 60% compared to a decade ago [5]. Group 2: International Collaboration - Chinese companies have signed procurement agreements worth over $40.9 billion with 34 partners from 17 countries, covering a wide range of products [5]. - The CIIE serves as a platform for developing countries to access the Chinese market, with significant participation from African nations, which saw an 80% increase in exhibitors [10]. - The event promotes the idea of shared opportunities, with initiatives like "Shared Big Market · Export to China" aimed at enhancing cooperation and mutual benefits [11]. Group 3: Economic Impact - The CIIE is expected to enhance China's consumption potential, with activities focused on premium shopping, exquisite food, and tourism [6]. - The retail sales of consumer goods in China grew by 4.5% year-on-year in the first three quarters, indicating stable market growth [5]. - The event is seen as a vital platform for multinational companies to explore stable and predictable cooperation opportunities with China [12].