8月18日，上期所发布通知，燃料油、石油沥青和纸浆期权自2025年9月10日（周三）起上市交易，当日 8:55-9:00集合竞价，9:00开盘。燃料油、石油沥青和纸浆期权每周一至周五，9:00-10:15、10:30-11:30和 13:30-15:00。连续交易时间，燃料油、石油沥青和纸浆期权每周一至周五21:00-23:00（与标的期货一 致）。法定节假日（不包含周六和周日）前第一个工作日的连续交易时间段不进行交易。挂牌合约月 份：燃料油期权首日挂牌FU2601、FU2602对应的期权合约；石油沥青期权首日挂牌BU2512、BU2601 对应的期权合约；纸浆期权首日挂牌SP2512、SP2601对应的期权合约。 ...

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core Views High-Sulfur Fuel Oil - **Core View**: Neutral with a slight positive bias. Recent drivers are on the supply side. OPEC+ is expected to increase production by about 550,000 barrels per day. Chevron has regained the license to produce oil in Venezuela, and Venezuelan crude oil shipments to Asia have decreased. As the deadline for the US-Russia agreement approaches and Russian refineries are attacked, the high-sulfur price is relatively supported. Attention should be paid to recent high-sulfur spot procurement and digestion, as well as tariff sanctions and crude oil quotas [4]. - **Spread**: Neutral with a slight negative bias. Affected by tariff sanctions, as the US-Russia negotiation deadline approaches and Russian oil exports are blocked, the supply risk premium rises. The high-sulfur spread fluctuates at a high level of around -$3 per ton, weaker than last week [4]. - **Price Difference**: Neutral with a slight negative bias. The decline in international crude oil prices drags down the fuel oil price [4]. - **Supply**: Negative. The global total shipment is expected to be loose. Western arbitrage cargoes are arriving in Singapore successively, and the arrivals in Singapore are high, with still large inventory pressure [4]. - **Demand**: Neutral with a slight negative bias. The power generation demand is gradually weakening [4]. - **Inventory**: Neutral. Singapore's fuel oil has started to destock but remains at a high level [4]. Low-Sulfur Fuel Oil - **Core View**: Neutral with a slight negative bias. OPEC+ continues to increase production, and the crude oil price weakens. In the short term, the low-sulfur fuel oil price is expected to fluctuate. The arrivals of low-sulfur fuel oil in Singapore in August are at a high level, and Kuwait's low-sulfur shipments are stable, with no obvious increase in low-sulfur supply. The low-sulfur market in China has sufficient supply, and the demand is dominated by rigid demand. The domestic marine fuel market is in a stalemate. In July, CNOOC's low-sulfur quota was exhausted, and the production scheduling expectations of Sinopec and PetroChina are weak. Attention should be paid to the recent adjustment or issuance of low-sulfur quotas [5]. - **Spread**: Neutral with a slight negative bias. Affected by tariff sanctions, as the US-Russia negotiation deadline approaches and Russian oil exports are blocked, the supply risk premium rises. The low-sulfur spread fluctuates slightly in the range of $8 - $9 per ton, slightly down from last week [5]. - **Price Difference**: Negative. The spot price difference of low-sulfur fuel oil is weak, and in the short term, it is under pressure. The price difference between high and low-sulfur fuel oils narrows [5]. - **Supply**: Neutral. The departures from Brazil in July and August are low. The early return of Dangote RFCC leads to a reduced expectation of low-sulfur supply. Continued attention should be paid to the arrivals [5]. - **Demand**: Neutral with a slight positive bias. The summer power generation demand for low-sulfur fuel oil is weakening, and the marine fuel demand is stable and improving, but due to sufficient supply, the bunkering profit is average [5]. - **Inventory**: Neutral. Singapore's fuel oil inventory remains at a high level [5]. 3. Summary by Relevant Catalogs Core Logic - **Russia**: In July, the offline refining capacity was adjusted upwards. From July to August, it reached the annual maintenance low, providing strong support for high-sulfur exports in the next three months. The offline primary refining capacity in August is expected to drop to 3.74 million tons (a month-on-month decrease of 260,000 tons). As of August 14, 2025, Russia's weekly high-sulfur exports are about 650,000 tons. The EU passed the 18th round of sanctions against Russia in July 2025, including a reduction in the Russian oil export price from $60 to $47.6 per barrel and a ban on new transactions of the Nord Stream 1 and 2 gas pipelines. The US imposed an additional 25% tariff on India, raising the tax rate to 50%. According to EA analysis, India may reduce its Russian crude oil imports to less than 1 million barrels per day [9]. - **Latin America**: As of August 10, 2025, the high-sulfur fuel oil exports from Latin America are about 270,000 tons, a month-on-month decrease. In July 2025, the crude oil processing volume of Mexican refineries increased slightly. On July 25, Chevron regained the license, and the crude oil flowing from Venezuela to Asia is expected to decrease. On August 7, 2025, a new coking unit of the Tula refinery started operation, with a residue processing capacity of 100,000 barrels per day. After the commissioning, the crude oil processing volume of Tula increased from the previous 150,000 tons per day to 170,000 barrels per day [11]. - **Middle East**: In July 2025, the high-sulfur fuel oil exports from the Middle East were 4.36 million tons, at a historical low for the same period. Saudi Arabia's high-sulfur fuel oil exports increased significantly to 210,000 tons in July (+34.5%), mainly shipped to Singapore, Malaysia, and South Asia. As of August 10, 2025, the floating storage of fuel oil in the Middle East increased slightly to 1.17 million tons (+140,000 tons). The power generation demand in July was not high. The tension in the Israel-Iran conflict has subsided, and there are no new variables in the high-sulfur fuel oil exports from the Middle East. The large-scale maintenance of Middle East refineries has ended, and the maintenance capacity of refineries in July was between 12.6 million and 18.9 million tons [14]. - **Singapore**: As of August 10, 2025, the floating storage of high-sulfur fuel oil in the Pan-Singapore region is about 1.18 million tons (a month-on-month increase of 60,000 tons), at a high level. This week, the arrivals of fuel oil in Singapore are 675,000 tons (a month-on-month increase of 100,000 tons), mainly from Russia and the Middle East. The departures are 100,000 tons (a month-on-month increase of 60,000 tons), mainly flowing to China and Southeast Asia [19][22]. - **China**: Shandong Province is piloting an increase in the tax refund amount for some independent refineries' fuel oil, and the expected increase in the fuel oil consumption tax deduction ratio is 25%, leading to a decline in the feedstock cost of fuel oil. Under the tax reform pilot, China's high-sulfur fuel oil imports rebounded from the low in May. The imports in June were about 1.05 million tons, and in July about 700,000 tons. As of August 10, 2025, the imports of high-sulfur fuel oil in China are about 390,000 tons (a month-on-month decrease of 140,000 tons) [37]. Inventory - As of August 15, 2025, the inventory in Singapore is 3.88 million tons (a month-on-month decrease of 260,000 tons), in the US 3.1 million tons (a month-on-month decrease of 10,000 tons), in Fujairah 1.16 million tons (a month-on-month decrease of 360,000 tons), in ARA 1.03 million tons (stable), and in Zhoushan 1.18 million tons (a decrease of 60,000 tons). As of August 14, 2025, the total fuel oil warehouse receipts are 80,710 tons (Yangshan Petroleum -5,000 tons, Sinochem Xingzhong -7,000 tons), and the total low-sulfur fuel oil warehouse receipts are 16,080 tons (Yangshan Petroleum -4,970 tons) [92][94][97].

Group 1 - The core business of the company includes "asphalt + general aviation" and does not involve high-performance composite materials such as PEEK [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term asphalt market is expected to maintain a volatile and weak pattern, and prices may continue to be under pressure, considering factors such as loose supply - demand, weak costs, and bearish technical indicators [63] Group 3: Summary by Relevant Catalogs 1. Market Review - The main contract of asphalt futures, BU2510, fluctuated downward with a range decline of 0.86% and a range amplitude of 1.80% [6] - Information on Shandong heavy - traffic asphalt basis, Shandong - South China heavy - traffic asphalt spread, and Shandong - Northeast heavy - traffic asphalt spread is presented, but specific numerical summaries are not given in the provided text [9][12][16] 2. Asphalt Fundamentals - **Production Profits**: Shandong refineries' theoretical asphalt production profit was - 346.19 yuan/ton (after deductions for diluted asphalt processing), up 187.28 yuan/ton month - on - month; Hebei refineries' was - 306.66 yuan/ton, up 213.66 yuan/ton month - on - month; Jiangsu's major refineries had a profit of 489.31 yuan/ton [22] - **Price Spreads**: On August 15, the spread between the closing price of the BU main contract and the SC*6.6 main contract was 251.42 yuan/ton, down 6.1 yuan/ton from August 8. On August 14, the spread between the closing price of the BU main contract and the WTI closing price was 158.67 yuan/ton, down 8.79 yuan/ton from August 7 [24][26] - **开工率 and Output**: China's heavy - traffic asphalt operating rate was 32.9%, up 1.2% month - on - month and 6.4% year - on - year. Weekly output was 58.8 tons, up 5.38% month - on - month and 27.00% year - on - year. Shandong's asphalt operating rate was 36.5%, up 2% month - on - month and 4.3% year - on - year, and its weekly output was 23.1 tons, up 7.22% month - on - month and 8.18% year - on - year [29][32][40] - **Output by Ownership**: Weekly output of local refineries was 33.80 tons, up 7.30% month - on - month; CNPC's was 12.00 tons, up 11.11% month - on - month; Sinopec's was 10.30 tons, down 4.63% month - on - month; CNOOC's remained flat [35] - **Demand**: The operating rate of waterproofing membranes was 29.7%, up 2.2% month - on - month and down 0.22% year - on - year; the operating rate of road - modified asphalt was 30.5%, up 1.5% month - on - month and 7.77% year - on - year [44] - **Inventory**: The weekly social inventory of 104 sample asphalt enterprises was 185.3 tons, down 1.28% month - on - month. The weekly in - factory inventory of 54 sample enterprises was 75.3 tons, up 4.29% month - on - month. In Shandong, the in - factory inventory of 54 sample enterprises was 28.2 tons, up 4.83% month - on - month and down 40.88% year - on - year, and the social inventory of 70 sample enterprises was 40.1 tons, down 0.50% month - on - month and 35.01% year - on - year [47][49] - **Weather Forecast**: There were forecasts of moderate - to - heavy rain in various parts of China in the next three days [53] 3. Market Outlook - **Supply**: With refineries maintaining stable production, supply is expected to increase next week, and supply pressure may continue to accumulate [62] - **Demand**: The market remains weak with obvious seasonal off - peak characteristics. Although there is a slight improvement in local operations, overall demand recovery is insufficient. Road construction projects will be hindered by heavy rain or high temperatures in the next week, suppressing short - term demand [62] - **Inventory**: The current supply - demand pattern is loose. Factory inventories have significantly increased while social inventories have slightly decreased, indicating low terminal pick - up enthusiasm and poor resource transfer to downstream, with supply pressure shifting to manufacturers [62] - **Cost**: Crude oil prices continued to fall, weakening the bottom support for asphalt prices [62] - **Technical Analysis**: The price of the main asphalt futures contract BU2510 lacks trend - driving momentum, with a bearish arrangement on the technical chart and obvious suppression from the upper moving averages, continuing the downward trend [62]

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry [1] Core Insights - International oil prices have continued to decline as the market awaits the outcome of the Trump-Putin meeting, with a notable increase in bearish sentiment due to EIA and IEA reports indicating record U.S. oil production and oversupply concerns [2][8] - As of August 15, 2025, Brent and WTI crude oil prices were reported at $65.85 and $62.80 per barrel, respectively, reflecting a decrease of 1.11% and 1.69% from the previous week [2][29] - The oil and gas extraction sector has seen a significant increase of 165.75% since 2022, while the refining and trading sector has increased by 27.75% during the same period [12] Summary by Sections Oil Price Review - Brent crude futures settled at $65.85 per barrel, down $0.74 (-1.11%), while WTI crude futures settled at $62.80 per barrel, down $1.08 (-1.69%) as of August 15, 2025 [2][29] Offshore Drilling Services - As of July 28, 2025, the number of global offshore self-elevating drilling platforms was 379, a decrease of 3 from the previous week, while the number of floating drilling platforms remained stable at 133 [35] U.S. Oil Supply - U.S. crude oil production reached 13.327 million barrels per day as of August 8, 2025, an increase of 43,000 barrels per day from the previous week [56] - The number of active drilling rigs in the U.S. was 412 as of August 15, 2025, with an increase of 1 rig from the previous week [56] U.S. Oil Demand - U.S. refinery crude oil processing averaged 17.18 million barrels per day as of August 8, 2025, an increase of 56,000 barrels per day from the previous week, with a refinery utilization rate of 96.40% [67] U.S. Oil Inventory - As of August 8, 2025, total U.S. crude oil inventories stood at 830 million barrels, an increase of 3.262 million barrels (+0.39%) from the previous week [78] Refined Oil Prices - In North America, the average weekly prices for diesel, gasoline, and jet fuel were $94.88, $87.43, and $85.68 per barrel, respectively, as of August 15, 2025 [100]

Group 1 - The core viewpoint of the article highlights the record high crude oil processing volume in Yunnan Province during the first half of the year, reaching 6.07 million tons, representing a year-on-year growth of 6.7% [1] - The production of refined oil in Yunnan Province amounted to 4.59 million tons, with a year-on-year increase of 7.24%, contributing to a total output value of 34.097 billion yuan [1] - PetroChina Yunnan Petrochemical achieved an average monthly crude oil processing volume exceeding 1.01 million tons, marking a new high since its establishment [1] Group 2 - In the first half of the year, PetroChina Yunnan Sales Company sold 2.96 million tons of refined oil, reflecting a year-on-year growth of 1.02% [1] - The added value of the petroleum processing industry grew by 6%, contributing 0.8 percentage points to the overall increase in the added value of the energy industry in the province [1]

Group 1 - The stock price of International Industry (000159) closed at 5.79 yuan on August 15, 2025, down 3.02% from 5.97 yuan the previous week [1] - The highest intraday price reached 6.02 yuan on August 12, 2025, while the lowest intraday price was 5.72 yuan on August 15, 2025 [1] - The current total market capitalization of International Industry is 2.783 billion yuan, ranking 62nd out of 64 in the photovoltaic equipment sector and 4645th out of 5152 in the A-share market [1] Group 2 - As of August 8, 2025, the number of shareholders for International Industry was 44,200, an increase of 164 from July 31, 2025, representing a growth rate of 0.37% [1] - The average number of shares held per shareholder decreased to 10,900 shares from the previous period, with the average market value of shares held per shareholder being 64,900 yuan [1]

Group 1 - The core viewpoint of the report indicates a decline in China's gasoline production, with a projected output of 12.52 million tons in June 2025, representing a year-on-year decrease of 6.9% [1] - In the first half of 2025, China's cumulative gasoline production reached 76.12 million tons, showing a cumulative decline of 6.8% [1] Group 2 - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which has been deeply engaged in industry research for over a decade [2] - Zhiyan Consulting provides comprehensive industry research reports, business plans, feasibility studies, and customized services, focusing on delivering complete industry solutions to empower investment decisions [2]

Group 1 - The core viewpoint of the report indicates that China's kerosene production is projected to reach 5.09 million tons by June 2025, reflecting a year-on-year growth of 11.3% [1] - In the first half of 2025, China's cumulative kerosene production is reported to be 28.139 million tons, showing a slight decline of 0.5% compared to the previous year [1] Group 2 - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which has been dedicated to industry research for over a decade [2] - Zhiyan Consulting provides comprehensive industry research reports, business plans, feasibility studies, and customized services to empower investment decisions [2]

Report Industry Investment Rating - The industry investment rating is "Continue to bear pressure" [1] Core View of the Report - Last week's view: Asphalt demand is mainly driven by rigid needs. Affected by rainy weather and capital constraints, it is difficult to have unexpected performance. Although the refinery inventory is at a low level, the continuous lack of destocking in social inventory may continue to restrict the upside space. It is expected that the overall trend of asphalt will be volatile, weakly following the cost side [7]. - This week's market analysis: This week, asphalt fluctuated weakly, showing a weaker pattern than crude oil on the cost side [7]. - This week's industry data: This week, refinery supply increased while demand decreased, and refinery inventory increased slightly, which is bearish but with limited marginal change. However, the social inventory, which has been difficult to destock, continued to rise. Considering that it is currently the traditional peak consumption season for asphalt, the slow destocking of social inventory is a significant bearish factor [7]. - This week's view: Asphalt demand remains mainly rigid. Next week, the impact of rainfall is expected to decrease, but capital constraints will make it difficult for overall demand to have unexpected performance. Although the refinery inventory is at a low level, the continuous lack of destocking in social inventory may continue to suppress market sentiment. It is expected that the overall trend of asphalt will be volatile, weakly following the cost side [7]. Summary by Directory 1. Weekly View - Last week's main view was that asphalt demand was mainly rigid, affected by weather and capital, with limited upside due to social inventory. This week, asphalt trended weakly compared to crude oil. Industry data showed increased supply, decreased demand, and rising social inventory. Next week, with less rainfall but capital constraints, asphalt is expected to remain volatile and follow the cost side weakly [7] 2. Data Overview 2.1 Asphalt Futures Trends, Monthly Spreads, and Basis - The section presents charts of asphalt futures trends, including the relationship between the main contract price, monthly spreads (e.g., BU9 - BU12), and basis in East China and Shandong. Data sources are Wind and Steel Union Data [9][10][11] 2.2 Asphalt Supply - Charts show asphalt plant operating rates, weekly production, refinery asphalt profits, and the profit difference between asphalt and fuel oil multiplied by the asphalt operating rate. Data is from Steel Union Data [12][13][14] 2.3 Asphalt Demand - The section includes charts of asphalt shipment volume, apparent consumption, paver sales, and their 12 - month moving averages. Data is sourced from Steel Union Data [15][16][17] 2.4 Asphalt Imports and Exports - Charts display asphalt import and export volumes, import windows in East China and South China, and the price differences between imported and domestic mainstream prices. Data is from Steel Union Data [18][19][20] 2.5 Asphalt Inventory - Charts present refinery inventory, social inventory, futures inventory, and monthly futures delivery volume. Data is from Steel Union Data [21][22][23] 2.6 Shandong Asphalt Supply, Demand, and Inventory - The section shows the operating rate, shipment volume, refinery inventory, and social inventory of asphalt in Shandong. Data is from Steel Union Data [24][25][26] 2.7 East China Asphalt Supply, Demand, and Inventory - Charts display the operating rate, shipment volume, refinery inventory, and social inventory of asphalt in East China. Data is from Steel Union Data [27][28][29] 2.8 South China Asphalt Supply, Demand, and Inventory - The section presents the operating rate, shipment volume, refinery inventory, and social inventory of asphalt in South China. Data is from Steel Union Data [30][31][32] 2.9 Refinery Maintenance Schedule - A table lists refineries under maintenance, including the production enterprise, maintenance device, production capacity, maintenance start time, and end - time (mostly undetermined). The total annual production capacity of refineries under maintenance is 1886 tons, and the maintenance loss is 583,400 tons. Data is from Steel Union Data [33]