经济日报广州1月16日讯（记者 杨阳腾）近年来，广东省茂名市积极构建现代化产业体系，特色农 业、重点制造业等蓬勃发展。 数智化转型深入推进。依托广东省中小企业数字化转型城市试点，茂名加快推进"智改数转网联"， 710家企业完成数字化转型，757家企业实施技术改造。 王雄飞表示，"十五五"时期，茂名将一手抓新型工业化，一手抓新型城镇化，推动经济总量迈上 5000亿元新台阶。 产业集群集聚发展。依托茂名石化、零碳产业园、欣旺达电白基地、马店河新型储能产业园、华南 钛谷五大链主企业和项目引领带动，茂名开辟绿色化工、新材料、新能源新赛道，先进制造业增加值占 规上工业比重提升至74%。 新质生产力加快培育。茂名加快布局新型储能、电子信息、高端装备三大战略性新兴产业，开通低 空航线19条，新增国家高新技术企业78家。 茂名市委副书记、市长王雄飞介绍，"十四五"期间，茂名积极推动产业集聚发展，实施科技专项计 划支持产业创新，巩固提升石油化工、农业、建筑业三大千亿元级传统支柱产业，推进发展绿色化工、 新材料、新能源三大战略主导产业，引进培育新型储能、电子信息、高端装备三大战略性新兴产业，做 强做大食品加工、矿产金属加工、轻工 ...

Core Insights - Tajikistan's trade with Iran is projected to reach $484 million in 2025, marking a 28% increase [1] - Tajikistan imports $371 million worth of goods from Iran and exports $113 million to Iran [1] - Iran has become Tajikistan's fifth-largest trading partner [1] Trade Dynamics - Tajikistan's main imports from Iran include petrochemical products, construction materials, and food [1] - The primary exports from Tajikistan to Iran consist of raw materials such as aluminum ingots and cotton fibers [1]

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Holding Company (China Aviation Oil) aims to create a powerful entity in the energy sector, enhancing competitiveness on a global scale while aligning with China's dual carbon goals and ensuring supply chain autonomy [2][4]. Group 1: Restructuring Details - The restructuring announcement marks the beginning of a significant integration process, combining Sinopec's refining capabilities with China Aviation Oil's extensive airport network [2][3]. - A core principle of the restructuring is "professional integration," focusing on optimizing supply chain efficiency rather than merely expanding scale [3][4]. - Both companies have initiated the integration of production and procurement systems, forming working groups to streamline operations and enhance supply chain efficiency [2][5][6]. Group 2: Industry Impact - The restructuring is expected to shift competition in the aviation fuel market from channel-based competition to a comprehensive competition based on efficiency and cost across the entire supply chain [4][21]. - Smaller refining companies and independent traders are feeling pressure as the new entity may prioritize Sinopec's production capabilities, potentially reducing orders from these smaller players [13][19]. - Some companies are exploring partnerships or alliances to enhance their bargaining power in the evolving market landscape [13][19]. Group 3: User Perspective - Airlines are closely monitoring the restructuring, as aviation fuel costs represent over 30% of their total operating costs, and any changes in the supply chain could significantly impact their profitability [21][22]. - While the integration may enhance supply stability and reduce costs, airlines are concerned about their bargaining power being diminished due to the consolidation of suppliers [21][22]. - Airlines are also exploring alternative supply channels and considering sustainable aviation fuel (SAF) as a key variable in future negotiations [25][26]. Group 4: Regulatory Considerations - The new entity is expected to face scrutiny regarding market competition, with potential antitrust reviews to ensure fair practices and prevent monopolistic behaviors [27][28]. - The restructuring is seen as a critical step in China's broader state-owned enterprise reform, with success measured not just by financial metrics but by the optimization of the entire value chain [30][31].

Core Viewpoint - China Petroleum Guangxi Petrochemical Company has commenced the construction of two EVA production facilities, which are expected to enhance the domestic supply of high-end chemical materials and support the growth of strategic emerging industries in China [1][3]. Group 1: Project Details - The company is building a 300,000 tons/year EVA facility using tubular technology and a 100,000 tons/year H-EVA facility using kettle technology, both employing LUPOTECH technology from LyondellBasell [3]. - The tubular EVA facility is aimed at large-scale production of photovoltaic-grade EVA, scheduled for completion by the end of December 2027, while the H-EVA facility is focused on high-end specialty products, expected to be completed by the end of February 2028 [3]. Group 2: Market Impact - The produced EVA products will cater to key sectors such as photovoltaic film, high-end cables, foamed products, and medical devices, addressing the domestic supply gap for high-grade photovoltaic EVA and reducing reliance on imports [3]. - The photovoltaic-grade EVA products will meet top industry standards in terms of light transmittance, weather resistance, and cross-linking degree, ensuring the long-term stable operation of high-efficiency photovoltaic modules [3]. - High-end cable EVA will offer excellent temperature resistance, insulation, and aging resistance, suitable for applications in new energy vehicles and smart grids [3]. - The foamed products will provide lightweight, environmentally friendly, and cushioning properties, serving as alternatives to traditional materials in high-end packaging and automotive interiors [3].

摘要：【图】2025年1-8月上海市燃料油产量统计分析 2025年1-8月燃料油产量分析： 据国家统计局数据，在2025年的前8个月，上海市规模以上工业企业燃料油产量累计达到了34.2万吨， 与2024年同期的数据相比，下降了22.6%，增速较2024年同期高0.2个百分点，增速较同期全国低19.3个 百分点，约占同期全国规模以上企业燃料油产量2837.1万吨的比重为1.2%。 图表：上海市燃料油产量分月（累计值）统计 2025年8月燃料油产量分析： 单独看2025年8月份，上海市规模以上工业企业燃料油产量达到了3.6万吨，与2024年同期的数据相比， 8月份的产量下降了58.1%，增速较2024年同期低81.5个百分点，增速较同期全国低51.6个百分点，约占 同期全国规模以上企业燃料油产量343.7万吨的比重为1.0%。 图表：上海市燃料油产量分月（当月值）统计 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 石油现状及发展前景 化工发展前景趋势分析 日化的现状和发展趋势 润滑油行业现状与发展趋势汽油市场 ...

Core Viewpoint - The fuel oil futures market is experiencing a downward trend, with the main contract dropping by 3.63% to 2525.00 yuan/ton as of January 16 [1] Group 1: Market Inventory and Supply - As of the week ending January 14, Singapore's fuel oil inventory increased by 65,000 barrels to a two-week high of 2,547,300 barrels [2] - Singapore's light distillate oil inventory rose by 113,000 barrels to a two-week high of 1,552,400 barrels [2] - Singapore's middle distillate oil inventory increased by 272,000 barrels to a four-week high of 831,900 barrels [2] - In December, Russia's fuel oil export volume decreased by 110,000 barrels per day to 620,000 barrels per day [2] - The attack on Russia's Tuapse port and refinery on December 31 is expected to impact high-sulfur fuel oil exports in the coming weeks [2] Group 2: Market Analysis and Sentiment - Huatai Futures notes that the fuel oil market is influenced by mixed factors, with limited overall contradictions; concerns over Iranian supply are providing emotional premiums [3] - The current situation regarding low-sulfur fuel oil shows limited contradictions and driving factors, with a rebound in shipments from Kuwait and Nigeria due to changes in the status of the Azur and Dangote refineries [3] - Daguo Futures reports that the price spread for 0.5% sulfur marine fuel oil turned positive in early January after being negative for most of December, reaching the highest level since September 16, providing some price support [3] - The geopolitical concerns are receding, but there is a need to be cautious about the risk of fuel oil price corrections [3]

Core Viewpoint - On January 15, 2023, China's wholesale prices for gasoline and diesel both increased, with the average wholesale price for 92 gasoline at 7360 yuan per ton, up by 9 yuan per ton, and diesel at 6199 yuan per ton, up by 1 yuan per ton [1]. Market Overview - The rise in wholesale prices is attributed to an increase in international crude oil futures prices on January 14, which extended the positive price change rate for a basket of crude oils, providing support for price increases [1]. - Despite the price increases, downstream demand remains weak, leading to cautious market operations and limited purchasing activity [1]. Regional Price Changes - Gasoline wholesale prices increased in regions including Yunnan, Shaanxi, Anhui, Jiangxi, Hebei, Liaoning, Jiangsu, Shanxi, Henan, and Zhejiang, while prices decreased in Gansu, Beijing, Hubei, and Guizhou [1]. - Diesel wholesale prices rose in regions such as Shaanxi, Jiangxi, Anhui, Hebei, Henan, Shanxi, Guangxi, Shanghai, Gansu, and Sichuan, but fell in Heilongjiang, Jilin, Liaoning, Guangdong, Beijing, Hubei, Yunnan, and Guizhou [1]. - In Shandong, local refinery gasoline prices saw a slight increase, while diesel prices experienced a slight decrease [1]. Data Source - The wholesale price data is published by the Energy Big Data Laboratory of the China Economic Information Agency and the Shanghai Petroleum and Natural Gas Exchange Center, reflecting the overall situation of China's gasoline and diesel wholesale market [1].

Report Summary 1) Report Industry Investment Rating - Not mentioned in the provided content 2) Core Viewpoints - The asphalt market has limited contradictions, with the asphalt futures showing a slight decline and the spot price generally stable, except for small drops in North China and Shandong. The asphalt market has shifted to a volatile trend after pricing in the expectation of tightened Venezuelan oil supply. The expectation of tightened Venezuelan oil supply to domestic asphalt refineries is gradually being realized, and there is still support at the cost - end. However, the key lies in the increase in cost and the change in asphalt yield after refineries adjust raw material oil types, and continuous attention is needed due to the uncertainty of the Iranian situation [1]. - The trading strategy suggests being cautiously bullish on the single - side, buying the main BU contract on dips, and allowing early bottom - fishing long positions to take appropriate profit. For the inter - period strategy, it is recommended to buy the BU2303/2306 spread on dips (positive spread). There are no strategies for cross - varieties, spot - futures, and options [2]. 3) Summary by Relevant Catalogs Market Analysis - On January 15, the closing price of the main BU2603 contract of asphalt futures in the afternoon session was 3167 yuan/ton, a decrease of 2 yuan/ton or 0.06% from the previous settlement price. The open interest was 199,517 lots, a decrease of 3,810 lots from the previous day, and the trading volume was 159,746 lots, a decrease of 39,400 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3406 - 3500 yuan/ton; Shandong: 3030 - 3240 yuan/ton; South China: 3130 - 3250 yuan/ton; East China: 3180 - 3230 yuan/ton [1]. Strategy - Single - side: Cautiously bullish, buy the main BU contract on dips, and allow early bottom - fishing long positions to take appropriate profit [2]. - Inter - period: Buy the BU2303/2306 spread on dips (positive spread) [2]. - Cross - varieties: None [2]. - Spot - futures: None [2]. - Options: None [2]. Charts - The report contains multiple charts showing various aspects of the asphalt market, including spot prices in different regions (Shandong, East China, South China, North China, Southwest, Northwest), futures index and contract closing prices, trading volume and open interest, production, consumption, and inventory levels [3].

1. Report Industry Investment Ratings - Crude Oil: Cautiously bearish [1] - LPG: Bearish consolidation [1] - L: Bearish consolidation [1] - PP: Bearish consolidation [1] - PVC: Bearish continuation [1] - PX/PTA: Cautiously chase long [2] - Ethylene Glycol: Cautiously bearish [2] - Methanol: Cautiously chase long [2] - Urea: Bullish with oscillations [3] - Natural Gas: Cautiously bearish [6] - Asphalt: Cautiously bearish [6] - Glass: Bearish continuation [6] - Soda Ash: Bearish continuation [6] 2. Core Views of the Report - The overall energy and chemical market is affected by multiple factors such as geopolitical situations, supply - demand relationships, and cost changes. Different products show various trends due to their unique fundamentals. For example, crude oil prices are under pressure due to supply - demand imbalances and geopolitical tensions; while some products like PX/PTA and urea have certain upward expectations under specific supply - demand and cost conditions [1][2][3]. 3. Summaries According to Related Categories 3.1 Crude Oil - **Market Performance**: Overnight, WTI dropped 4.52%, Brent dropped 4.15%, and SC rose 0.60%. As of January 2, US crude inventories decreased by 3.8 million barrels to 419.1 million barrels, gasoline inventories increased by 7.7 million barrels to 242 million barrels, and distillate inventories increased by 5.6 million barrels to 129.3 million barrels [9][10][12]. - **Main Logic**: Geopolitical tensions in the Middle East have eased, but there is still uncertainty. In the off - season, there is an oversupply of oil, with global oil inventories accelerating accumulation, and US oil and refined product inventories both increasing, leading to significant downward pressure on oil prices [11]. - **Strategy Recommendation**: In the long - term, OPEC+ is expanding production and pressing down prices, and oil prices are entering a low - price range. Pay attention to the production changes in non - OPEC+ regions. In the short - term, there may be a rebound, but in the medium - and long - term, prices are under pressure. Focus on the range of SC [430 - 445] [13]. 3.2 LPG - **Market Performance**: On January 15, the PG main contract closed at 4244 yuan/ton, up 0.24% from the previous day. Spot prices in Shandong, East China, and South China remained unchanged [16]. - **Main Logic**: The price is mainly anchored to the cost of crude oil, and in the long - term, crude oil is under pressure. The commodity volume is stable, and downstream chemical demand has resilience, providing some support. As of January 16, the inventory in refineries and ports decreased [17]. - **Strategy Recommendation**: In the long - term, due to the oversupply of upstream crude oil, the price center is expected to continue to decline. In the short - term, the cost of crude oil has increased uncertainty. Focus on the range of PG [4100 - 4200] [18]. 3.3 L - **Market Performance**: The L05 contract price increased, the basis was 0 yuan/ton, and the L59 spread was - 35 yuan/ton [20][21]. - **Main Logic**: The upstream and mid - stream are destocking. In the short - term, it will follow the cost and fluctuate weakly. The shutdown ratio has risen to 14%, and the planned device maintenance is increasing this week, with expected production decline. The inventory of Sinopec and PetroChina has decreased to a low level in the same period. Considering the short - term supply - demand contradiction is not prominent and the chemical sector is in a bullish atmosphere, the market is expected to repair profits [22]. - **Strategy Recommendation**: Focus on the range of L [6800 - 6950] [22]. 3.4 PP - **Market Performance**: The PP05 contract price was stable, the basis was - 117 yuan/ton, and the PP59 spread was - 43 yuan/ton [24][25]. - **Main Logic**: The total commercial inventory is being destocked. In the short - term, it will follow the cost and fluctuate weakly. In January, the demand side is entering the off - season, the shutdown ratio is 19%, and the short - term supply pressure is relieved. The PDH profit is compressed, increasing the expectation of maintenance. Pay attention to the dynamics of PDH devices [26]. - **Strategy Recommendation**: Focus on the range of PP [6450 - 6650] [26]. 3.5 PVC - **Market Performance**: The V05 contract price decreased slightly, the basis was - 218 yuan/ton, and the V59 spread was - 124 yuan/ton [27][28]. - **Main Logic**: Social inventory has reached a high level, and the cancellation of export tax rebates may lead to weakening export demand in the long - term. In the short - term, there is an expectation of rush - exporting. The domestic operating rate has increased to 80%, and both domestic and foreign demand are in the off - season. The cost support is strengthening, increasing the expectation of future maintenance [29]. - **Strategy Recommendation**: Focus on the range of V [4700 - 4900] [29]. 3.6 PX/PTA - **Market Performance**: The TA05 contract price rose, the basis was - 70 yuan/ton, and the TA5 - 9 spread was 64 yuan/ton. The spot processing fee was 388.0 yuan/ton, and the disk processing fee was 402.0 yuan/ton [30]. - **Main Logic**: The valuation is not low. The supply side has high - intensity maintenance overall, and some devices have recovered this week. The downstream demand is relatively good but is expected to weaken. The short - term supply - demand balance is tight, with an expectation of inventory accumulation in January and February. Pay attention to the seasonal decline in polyester production [31]. - **Strategy Recommendation**: The supply - demand is in a tight balance. Pay attention to the opportunity to buy on dips for the 05 contract. Focus on the range of TA05 [4960 - 5080] [32]. 3.7 Ethylene Glycol - **Market Performance**: The EG05 contract price decreased, the basis was - 157 yuan/ton, and the EG5 - 9 spread was - 94 yuan/ton [33]. - **Main Logic**: The overall valuation is low. The domestic operating load has increased, and the overseas devices have changed little. The downstream demand is relatively good but is expected to weaken seasonally. The port inventory has continued to increase. It has no upward momentum in the short - term and will fluctuate following the cost [34]. - **Strategy Recommendation**: Stop losses on short positions and pay attention to the opportunity to short on rebounds. Focus on the range of EG05 [3730 - 3820] [35]. 3.8 Methanol - **Market Performance**: The main contract reduced positions and rose, the port basis weakened, and the 5 - 9 spread strengthened [38]. - **Main Logic**: The valuation is not low. The domestic methanol device operating load remains at a high level in the same period, and overseas devices have slightly increased their loads. The import volume in January is expected to be about 750,000 tons, and the supply pressure still exists. The demand side has slightly improved, but the overall supply - demand is slightly loose, and the downside space may be limited [38]. - **Strategy Recommendation**: There is a game between the weak reality and strong expectation. The geopolitical conflict has cooled down, and the trading logic should return to the fundamentals. Focus on the range of MA05 [2210 - 2280] [40]. 3.9 Urea - **Market Performance**: The UR05 contract price was stable, the basis was - 27 yuan/ton, and the UR5 - 9 spread was 23 yuan/ton. The weighted comprehensive profit was 57.41 yuan/ton [41][43]. - **Main Logic**: The absolute valuation is not low. The overall operating load has increased, and the inventory is still at a relatively high level. The demand side is weakening, and the winter off - season storage has limited positive effects. However, the domestic and foreign arbitrage window is still open, and there is an expectation of spring fertilizer use [42][43]. - **Strategy Recommendation**: The positive impact of winter storage is limited, but the export window is still open, and there is an expectation of spring fertilizer use. Pay attention to the opportunity to buy on dips for the 05 contract, but the rebound height is restricted by the increasing supply pressure. Focus on the range of UR05 [1770 - 1810] [44]. 3.10 Natural Gas - **Market Performance**: On January 15, the NG main contract closed at 3.120 US dollars per million British thermal units, down 8.75% from the previous day [47]. - **Main Logic**: The supply side is relatively abundant, and the demand remains stable. The price is under pressure. The domestic LNG retail profit has increased. The US natural gas inventory has decreased [48]. - **Strategy Recommendation**: In winter, the demand for heating provides support, but the supply is relatively sufficient, and the price is under pressure. Focus on the range of NG [2.725 - 3.370] [48]. 3.11 Asphalt - **Market Performance**: The BU main contract closed at 3167 yuan/ton on January 15, down 0.03%. The spot prices in Shandong, East China, and South China remained unchanged [51]. - **Main Logic**: The export of Venezuelan crude oil is still uncertain, and the raw material is tight. The geopolitical situation in the Middle East has eased, and the oil price has fallen. The comprehensive profit is stable. The supply has increased, and the demand is in the off - season, and the inventory has increased [52]. - **Strategy Recommendation**: The valuation has returned to normal, but there is still room for compression. The supply side has increased uncertainty. Pay attention to risks. Focus on the range of BU [3150 - 3250] [53]. 3.12 Glass - **Market Performance**: The FG05 contract price decreased, the basis was - 66 yuan/ton, and the FG59 spread was - 110 yuan/ton [55][56]. - **Main Logic**: The inventory of traders in Shahe is at the highest level in the same period, and the market fluctuates weakly. The supply - demand is weak, and the three - process profit has turned negative. The weak demand restricts the upward space [57]. - **Strategy Recommendation**: Focus on the range of FG [1050 - 1100] [57]. 3.13 Soda Ash - **Market Performance**: The SA05 contract price decreased, the basis was - 43 yuan/ton, and the SA59 spread was - 63 yuan/ton [59][60]. - **Main Logic**: The factory inventory has increased against the season, and the market has returned to weak oscillations. The demand support for heavy soda ash is insufficient. The long - term supply is loose, and the demand support is weak [61]. - **Strategy Recommendation**: Focus on the range of SA [1150 - 1200] [61].

单独看2025年9月份，浙江省规模以上工业企业原油加工量达到了708.4万吨，与2024年同期的数据相 比，9月份的原油加工量增长了7.6%，增速较2024年同期高9.4个百分点，增速较同期全国高0.8个百分 点，约占同期全国规模以上企业原油加工量6268.7万吨的比重为11.3%。 摘要：【图】2025年9月浙江省原油加工量统计分析 2025年1-9月原油加工量分析： 据国家统计局数据，在2025年的前9个月，浙江省规模以上工业企业原油加工量累计达到了6089.0万 吨，与2024年同期的数据相比，增长了8.9%，增速较2024年同期高9.7个百分点，增速较同期全国高5.2 个百分点，约占同期全国规模以上企业原油加工量55081.5万吨的比重为11.1%。 图表：浙江省原油加工量分月（累计值）统计 2025年9月原油加工量分析： 图表：浙江省原油加工量分月（当月值）统计 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 ...