据了解，再生器旋风器以及封头总重量约335吨，其更换任务是榆炼整个大修项目的重中之重。为了确 保此次吊装任务的顺利完成，该厂根据大修场地的具体情况、构件的重量和高度进行了全方位的分析， 并对吊装方案进行了充分论证。同时，他们深入进行风险研判，并落实相应的风险消减措施；还严格检 查所有吊装机具，全面做好吊装前的各项准备工作。 中化新网讯 7月28日，在榆炼联合二车间大修现场，在一台1600吨级巨型履带吊的牵引下，重达20吨的 再生器顶部水平烟气管道从48.6米的高空被平稳吊起，并最终安全落地，标志着大修项目取得阶段性进 展。 吊装过程中，作业人员严格按照操作规程执行，严格落实现场管控措施，安全、准确、有序地完成吊装 动作，实现首吊成功。 ...

今年以来，扬子石化炼油厂以落实创效行动为己任，聚焦降低能耗，与业内同类装置"比操作、赛指 标"，积极推进实施渣油加氢联合装置节能增效工作，以"绣花功夫"淘出节能真金。截至7月底，渣油加 氢联合装置今年累计节能增效100多万元。 热流暗涌处 巧算平衡账 "咱们这个月的燃料气单耗有点高，有没有好的办法降下来?"今年2月的一天，坐在电脑前查阅装置计量 数据的扬子石化炼油厂渣油加氢联合装置工艺员刘义霖犯起了嘀咕："现在分馏炉负荷本身就低，炉进 出口温差不超过10摄氏度，为何不把分馏炉停运试试看?"经过初步判断及推演，这个想法很快在车间引 起共鸣，各岗位员工纷纷行动起来，从各自专业角度对这项优化措施开展头脑风暴式的风险分析。 经过讨论，渣油加氢车间针对该项优化措施共分析出8项风险，并逐一制订出相应对策。 "主火嘴燃料气压力正常，控制阀还剩1%的开度，加热炉烟气指标正常、汽包发汽正常。"刘义霖说。 "好的，我现场准备停最后1个主火嘴，内操注意炉膛压力。"渣油加氢车间生产主任庄强说。 "个人的智慧是有限的，要激发全车间人员的智慧为企业创效。"渣油加氢联合装置副主任石庄子介绍 说，"不仅仅是2号渣油加氢装置这两个节能项目，我 ...

Core Viewpoint - The article discusses the ongoing "involution" competition across various industries in China, emphasizing the need for a unified national market and the government's efforts to regulate and guide this competition to ensure a healthy market environment [2][4][11]. Group 1: Involution Competition - The "involution" competition has escalated from e-commerce and automotive sectors to electronics, food, steel, and cement industries, leading to a detrimental cycle where companies sacrifice profits for market share [2][4]. - The Chinese government, through multiple departments, is actively implementing measures to address this "involution" competition, aiming to break the cycle and promote a healthier market order [2][5][11]. Group 2: Government Measures - The National Development and Reform Commission (NDRC) has introduced guidelines to prevent local governments from offering illegal incentives in areas such as finance, taxes, and resources, focusing on both constraints and guidance [5][6]. - The Ministry of Industry and Information Technology (MIIT) is targeting key industries like automotive and steel to encourage structural adjustments and the elimination of outdated capacities [6][11]. - The State Administration for Market Regulation (SAMR) is conducting targeted actions against unfair competition across a wide range of sectors, including e-commerce and food, to ensure fair market practices [6][9]. Group 3: Price Governance Framework - Recent reforms in the Anti-Unfair Competition Law aim to establish a fair competition review system, prohibiting practices that disrupt market order through below-cost pricing [8][9]. - The NDRC and SAMR are working on revising the pricing law to address predatory pricing and ensure that service pricing is also regulated, enhancing the legal framework for market supervision [9][10]. Group 4: Achievements and Future Directions - Initial results from the government's "combination punches" against "involution" competition show improvements in industries like steel and construction materials, with a gradual recovery in upstream supply chain prices [11]. - The article highlights the need for further reforms in performance evaluation and fiscal systems to eliminate local protectionism and market barriers, which are essential for the successful establishment of a unified national market [11].

格隆汇8月5日｜炼油商马拉松原油公布，第二季度营收同比下降11%至341亿美元，分析师预期为330.6 亿美元；净利润同比下降20%至12.2亿美元，调整后每股收益也为3.96美元，分析师预期为3.22美元。 ...

Financial Data and Key Metrics Changes - The net asset value (NAV) increased by $252 million from the first quarter, primarily driven by positive performance in CVI, offset by decreases in auto service [5] - The investment funds ended down approximately 0.5% for the quarter, primarily driven by gains in the consumer cyclical sector, offset by broad market and refining hedges [6] - The holding company ended the quarter with $1.1 billion in cash and cash equivalents, and an additional $700 million of cash at the funds [10] Business Line Data and Key Metrics Changes - The Energy segment's consolidated EBITDA was negative $24 million for Q2 2025, compared to $103 million in Q2 2024, negatively impacted by unfavorable RINs valuation and reduced throughput volumes [14] - The auto service division saw revenues decrease by $8 million compared to the prior year quarter, but same-store revenues were relatively flat, improving from a 5% decline in the previous quarter [15] - The pharma segment initiated a pivotal trial for a new drug aimed at treating pulmonary arterial hypertension, with expectations for updates in 12 to 18 months [9][10] Market Data and Key Metrics Changes - CVI's share price increased by 38%, contributing to a $561 million increase in NAV from the first quarter [5] - The digital business at Caesars grew revenue by 24% and EBITDA by 100% in the second quarter, indicating strong market performance [12] Company Strategy and Development Direction - The company is focusing on maintaining liquidity to capitalize on opportunities within and outside existing operating segments, with a total liquidity of $3.5 billion at the holding company and $1.1 billion at subsidiaries [20] - The company plans to redeploy capital from the sale of a country club to replicate successful strategies in newly acquired properties [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the resolution of outstanding litigation related to small refinery exemptions, which could remove a $548 million liability [6] - The company sees considerable value creation potential in its portfolio, particularly in electric utilities and gas utilities, driven by AI-related demand [11] Other Important Information - The Board maintained the quarterly distribution at $0.50 per depositary unit [10] - The company closed 22 underperforming auto service locations, bringing the total to 44 for 2025, while planning to add 16 new locations by year-end [16] Q&A Session Summary Question: Regarding the decrease in cash balance at the holding company level - The decrease was primarily due to interest payments and LP distributions, with some impact from the CVR repurchase of about $32 million [22]

7月30日，国际能源署（IEA）最新月度报告发布，数据显示，2025年上半年俄罗斯对印度原油出口骤降36%，为两年内最大跌幅。与此同 时，彭博社、路透社多家权威媒体同步披露，印度国有炼油企业已集体暂停新一轮俄罗斯原油采购。仅三天后，美国白宫宣布，将自8月1 日起对所有印度输美商品加征25%关税，并对继续购买俄罗斯能源的国家祭出"二级制裁"威胁。全球金融市场应声震荡，布伦特油价一度 突破每桶97美元。 不到一周，全球能源流向、国际贸易秩序、地缘政治博弈全部被推倒重来。印度转身，特朗普出招，俄罗斯被动，欧洲观望，中东谋变。 全球贸易的神经，突然被紧紧绷住。 7月末，印度新德里气氛陡然紧张。根据印度《经济时报》独家披露，印度总理莫迪召开紧急能源安全会议，要求国有炼油企业——印度 石油公司、印度斯坦石油公司、芒格洛尔炼油石化公司等——暂停与俄罗斯的全部新订单，并加快与中东和美国的替代采购谈判。同期， 印度西海岸港口滞留的俄罗斯油轮数量达到历史新高，数百万吨原油陷入"无人可提"的僵局。 印度炼油厂负责人在接受路透社采访时坦言："折扣没了，风险剧增，成本反而更高。"俄乌冲突爆发后，俄罗斯为打破西方能源封锁，曾 以每桶低1 ...

Core Viewpoint - India has not indicated to its refiners to stop purchasing Russian oil [1] Group 1 - The Indian government continues to support its refiners in sourcing oil from Russia despite international pressures [1]

Core Viewpoint - The petrochemical industry is currently facing significant "involution" competition, leading to a widespread dilemma of increasing production without increasing profits, with the industry's operating revenue profit margin declining from 8.03% in 2021 to 4.85% in 2024, and remaining low in the first half of 2025 [1] Group 1: Industry Challenges - The low-quality and homogeneous competition is primarily due to excessive investment and repeated construction, resulting in product homogenization, along with local governments' blind investment promotion exacerbating overcapacity [1] - The central government has proposed comprehensive rectification requirements to address these issues, including strengthening self-discipline, promoting innovation, and eliminating non-compliant capacity based on energy efficiency and environmental standards [2] Group 2: Policy Developments - The chemical industry has seen a gradual deepening of anti-involution policies this year, with significant measures introduced such as the "National Unified Market Construction Guidelines" aimed at curbing repeated construction and market segmentation [2] - In June, a joint notice was issued by five ministries to assess old facilities in the refining and fertilizer sectors, focusing on safety, environmental protection, and energy efficiency to promote the exit of inefficient capacity [2] Group 3: Market Outlook - The industry is expected to see opportunities for supply-side reforms in areas with significant homogeneous competition, such as refining and certain pesticide varieties, as state-owned enterprises control capacity and new project approvals are restricted [3] - By August 2025, a recovery in overseas demand for certain chemical products and further domestic demand growth is anticipated, with a focus on investment in sectors with improved supply-demand dynamics and scarce resource attributes, particularly electronic resins [4] Group 4: Price Trends - As of July 2025, the China Chemical Product Price Index (CCPI) reported a decline of 5.6% from the beginning of the year, indicating a slight decrease in the prices of major chemical products [3] - International crude oil prices showed an upward trend in July, with Brent crude rising from $67.11 to $73.24 per barrel, influenced by geopolitical tensions and seasonal fuel consumption [4] Group 5: Sector-Specific Insights - The electronic resin sector is poised for growth due to increasing demand for high-frequency and high-speed copper-clad laminates, with a projected compound annual growth rate of 26% from 2024 to 2026 [5] - The phosphate fertilizer market is experiencing price increases driven by overseas agricultural recovery and supply disruptions, while the pesticide sector is expected to see price recovery due to increased demand and limited supply growth [5][6]

Group 1 - Ukrainian military conducted drone strikes on multiple Russian targets, including a major oil refinery and military facilities [1][2] - Specific targets included the Ryazan oil refinery, the New Khabarovsk oil refinery, a fuel storage facility in Voronezh, and an electronic instrument factory in Penza [2][3] - The electronic instrument factory is crucial for Russia's military and intelligence sectors, producing encryption devices used in aerospace and military applications [1] Group 2 - Russian defense ministry reported the downing of 338 Ukrainian drones within a 24-hour period [3] - Russian military launched offensives in various regions, resulting in casualties among Ukrainian forces and targeting production facilities and control points for drones [3]

Group 1 - Indian Oil Corporation has purchased at least 5 million barrels of US crude oil and 2 million barrels from the UAE, marking a significant shift away from Russian oil [2] - The company also acquired 4 million barrels of West African crude oil and additional UAE oil for simultaneous delivery [2] - Following the announcement of a 25% tariff on India by Trump, Indian state-owned companies ceased purchasing Russian oil, which previously amounted to approximately 5.2 million barrels per day [4] Group 2 - Four tankers carrying Russian oil were rejected by India, indicating a complete halt in Russian oil imports [6] - The decision to stop purchasing Russian oil is seen as a strategic move by India in response to increasing pressure from the US and EU [6] - The loss of the Indian market represents a significant setback for Russian oil exports [6]