Report Summary 1) Report Industry Investment Rating - The report does not provide an industry investment rating. 2) Core View of the Report - The asphalt market is in a weak state with a lack of positive factors. The crude oil price has turned into a weak oscillation, resulting in insufficient cost - side support. The release of low - price forward resources from northern refineries has led to a pessimistic outlook for future asphalt demand, putting pressure on the spot market sentiment. The trading strategy suggests a cautious and bearish stance, with short - term waiting and seeing as the main approach [1][2]. 3) Summary by Related Catalogs Market Analysis - On November 5th, the closing price of the main asphalt futures contract BU2601 in the afternoon session was 3166 yuan/ton, down 50 yuan/ton or 1.55% from the previous day's settlement price. The position was 203,527 lots, a decrease of 3,433 lots compared to the previous period, and the trading volume was 178,534 lots, an increase of 4,477 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast 3306 - 3750 yuan/ton, Shandong 3100 - 3620 yuan/ton, South China 3330 - 3520 yuan/ton, and East China 3410 - 3500 yuan/ton. The spot prices in the Northeast, North China, Shandong, and South China regions have declined, while those in other regions are relatively stable [1]. Strategy - Unilateral: Cautiously bearish, mainly wait and see in the short term. There are no strategies for inter - period, inter - variety, spot - futures, and options [2]. Figures - The report includes figures related to asphalt spot prices in different regions (Shandong, East China, South China, North China, Southwest, Northwest), asphalt futures prices (index, main contract, near - month contract, near - month spread), trading volume and open interest of asphalt futures (unilateral, main contract), domestic asphalt weekly production, asphalt 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, social) [3]

2025年1-6月汽油产量分析： 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汽油产量累计达到了129.3万吨，与 2024年同期的数据相比，增长了16.8%，增速较2024年同期高17.0个百分点，增速较同期全国高23.6个 百分点，约占同期全国规模以上企业汽油产量7612.2万吨的比重为1.7%。 摘要：【图】2025年1-6月四川省汽油产量统计分析 图表：四川省汽油产量分月（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 石油行业现状与发展趋势 化工市场现状及前景分析 日化市场调研与发展前景润滑油发展现状及前景预测汽油市场调研及发展趋势 柴油行业监测及发展趋势橡胶未来发展趋势预测 塑料现状及发展前景 化妆品发展前景趋势分析清洁护肤的现状和发展趋势 图表：四川省汽油产量分月（累计值）统计 2025年6月汽油产量分析： 单独看2025年6月份，四川省规模以上工业企业汽油产量达到了21.7万吨，与2024年同期的数据相比，6 月份的产量增长了31.3%，增速较2024年同期 ...

Core Insights - The domestic futures market for crude oil-related products shows mixed performance, with asphalt futures declining over 2% while other products like liquefied petroleum gas see slight gains [1] Price Movements - As of November 6, 2023, the main crude oil futures contract decreased by 0.82% to 458.30 CNY per barrel, while low-sulfur fuel oil fell by 0.27% to 3268.00 CNY per ton. Asphalt futures dropped by 2.14% to 3106.00 CNY per ton, and liquefied petroleum gas rose by 0.16% to 4254.00 CNY per ton [1][2] Warehouse Inventory Data - As of November 5, 2023, the inventory data indicates a decrease of 732,000 barrels in medium-sulfur crude oil futures, totaling 3,470,000 barrels. The inventory for asphalt futures remained stable at 3,000 tons, while warehouse stocks for asphalt futures decreased by 5,230 tons to 4,690 tons. Low-sulfur fuel oil warehouse stocks increased by 29,770 tons to 34,730 tons, and fuel oil futures saw a reduction of 8,150 tons to 29,740 tons. Liquefied petroleum gas futures inventory rose by 1,098 contracts [3] Basis Data - The basis data as of November 5, 2023, shows that fuel oil, liquefied petroleum gas, and low-sulfur fuel oil contracts are experiencing a 'backwardation' phenomenon, where spot prices exceed futures prices. The basis for fuel oil is 2,610 CNY, with a basis rate of 48.90%. For asphalt, the basis is -20 CNY, indicating a slight negative basis rate of -0.63%. Liquefied petroleum gas has a basis of 253 CNY with a basis rate of 5.62%, while low-sulfur fuel oil shows a basis of 74 CNY and a basis rate of 2.19% [3]

Core Viewpoint - The petrochemical ETF (159731) has seen a significant increase in both share price and net inflow, indicating strong market confidence and investment interest in the sector, particularly following the launch of a major ethylene project in Guangxi, China [1][2]. Group 1: Market Performance - As of November 6, the petrochemical ETF (159731) rose by 2.02%, with notable gains from stocks like Yuntianhua, Yangnong Chemical, and Xingfa Group [1]. - The ETF has experienced continuous net inflows over the past nine days, totaling 104 million yuan, with its latest share count reaching 191 million and total assets at 151 million yuan, both marking a one-year high [1]. Group 2: Industry Developments - The launch of China's largest million-ton ethylene project in Guangxi is a key driver for the shift from "oil reduction to chemical increase" and the transition from basic chemicals to high-end chemical new materials [1]. - The project has laid a solid foundation for the domestic replacement of high-end chemical equipment during the 14th Five-Year Plan period, supported by technological innovations [1]. Group 3: Investment Outlook - China Galaxy Securities highlights that the OPEC+ decision to pause production increases has boosted market confidence, with a relatively stable cost structure expected in the industry [1]. - The recent release of the 14th Five-Year Plan draft suggests a focus on restructuring competition and fostering emerging industries, with investment opportunities seen in sectors like PTA, polyester filament, and robotic materials [1].

Core Insights - Recent evaluations of information disclosure by the Shanghai, Shenzhen, and Beijing stock exchanges have been released, highlighting the performance of listed companies in this regard [1] Group 1: Evaluation Results - A total of 89 listed companies in the Shanghai jurisdiction received an 'A' rating for their information disclosure, including 44 from the Shanghai main board, 4 from the Shenzhen main board, 12 from the ChiNext board, 25 from the Sci-Tech Innovation board, and 4 from the Beijing Stock Exchange [1] - Among these, 44 companies have achieved an 'A' rating for three consecutive years, while 17 companies have maintained this rating for five consecutive years [1] - Shanghai Petrochemical (600688) received an 'A' rating in the 2024-2025 information disclosure evaluation by the Shanghai Stock Exchange [1]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The A - share market showed a pattern of opening low and closing high, with the storage and new - energy sectors leading the gains. The domestic economic data in October is expected to face a decline in pressure, and the monetary policy is expected to be further loosened in the fourth quarter [9]. - For the black industry, the medium - term (winter) view remains to be bearish on rallies. The coal - coke prices may continue to fluctuate in the short term, and the prices of iron alloys are recommended to be shorted on rallies in the medium - term [14][15][17]. - In the non - ferrous and new materials sector, the demand for lithium carbonate continues to support the price, and the zinc price can be considered to be shorted on rallies. Industrial silicon and polysilicon are expected to trade within a range [20][21][24]. - In the agricultural products sector, cotton and sugar are under supply pressure, eggs may be strong in the short - term but the increase is limited, and the prices of other products such as corn, jujubes, and live pigs are affected by various factors and need attention [27][30][33]. - In the energy and chemical sector, the oil price is expected to fluctuate, and the prices of various chemical products such as plastics, rubber, and methanol are affected by factors such as supply and demand and cost, with different trends and trading suggestions [39][42][46]. 3. Summary by Relevant Catalogs 3.1 Macro Information - China has announced specific measures to implement the consensus of the China - US economic and trade consultations in Kuala Lumpur, including tariff adjustments and the relaxation of export controls on some US entities [6]. - The US Supreme Court is debating the legality of Trump's large - scale tariff measures, and the results may be announced in December. The US federal government's "shutdown" has broken the historical record, which may reduce the economic growth rate in the fourth quarter [6][8]. - The ADP employment and service industry PMI in the US in October were better than expected, which added uncertainty to the Fed's decision on whether to cut interest rates in December [8]. - Guizhou Moutai has launched a second - round share repurchase and announced a mid - year profit distribution plan. The scope of institutions participating in the stock repurchase and increase loan business is expected to expand [7]. 3.2 Stock Index Futures - The A - share market opened low and closed high, with the storage and new - energy sectors leading the gains. The Shanghai Composite Index rose 0.23% to 3969.25 points, and the daily trading volume was 1.89 trillion yuan. The domestic economic data in October is expected to face a decline in pressure, and the monetary policy is expected to be further loosened in the fourth quarter [9]. 3.3 Treasury Bond Futures - The capital market is balanced and loose, and the price is stable. The treasury bond futures opened high and closed low, showing a seesaw effect with the A - share market. The symbolic meaning of the central bank's bond - buying is more positive than the actual scale, and the monetary policy is expected to be further loosened in the fourth quarter [11]. 3.4 Black Industry 3.4.1 Iron Ore and Steel - The spot prices of steel and iron ore fluctuated. The prices were affected by factors such as environmental protection restrictions and steel mill maintenance. In the medium - term, the winter market may show a pattern of first rising and then falling, and the steel price is expected to have limited rebound space. The medium - term view is to be bearish on rallies [12][13][14]. 3.4.2 Coal - Coke - The short - term iron - making volume has a downward space, and the coal - coke prices continue to fluctuate at a high level. In the short - term, the supply of coking coal is expected to shrink, but the weakening demand for steel during the off - season will restrict the price [15]. 3.4.3 Ferroalloys - Affected by the price increase of动力煤 and lump coal, the cost of ferrosilicon is expected to increase, but the black sector is weak, and the price is recommended to be shorted on rallies in the medium - term [17]. 3.5 Non - ferrous and New Materials 3.5.1 Zinc - The zinc price fluctuated. The import of refined zinc in China decreased in September. The downstream demand is cautious, and the price can be considered to be shorted on rallies [20]. 3.5.2 Lithium Carbonate - The demand for lithium carbonate continues to increase, and the supply increase is less than the demand increase. Although the expected resumption of production of the Jiaxiawo lithium mine affects the market sentiment, the strong demand in the short - term still supports the price [21]. 3.5.3 Industrial Silicon - The contradiction of industrial silicon is not prominent. It is affected by the macro - environment and coal prices. It is expected to trade within a range, and small - position long positions can be tried at the lower end of the range [24]. 3.5.4 Polysilicon - The spot trading of polysilicon is in a stalemate. The market is affected by policies and fundamentals, and it is expected to trade within a range [25]. 3.6 Agricultural Products 3.6.1 Cotton - The supply of cotton is relatively loose, and the demand is weak. The price is expected to fluctuate at a low level, and it is recommended to wait and see [27]. 3.6.2 Sugar - The global sugar supply is in surplus, and the domestic sugar price is affected by factors such as import cost and domestic production cost. It is recommended to operate with a short - selling strategy or wait and see [30]. 3.6.3 Eggs - The futures price of eggs is strong due to the expectation of "capacity reduction". The spot price may be strong in November, but the increase is limited. It is recommended to operate according to the range - trading idea [33]. 3.6.4 Apples - The acquisition of apples is in the middle - late stage, and the price is stable. The market is expected to be strong with fluctuations [35]. 3.6.5 Corn - The spot price of corn has rebounded to some extent, but the supply pressure is still accumulating. It is recommended to wait and see [36]. 3.6.6 Jujubes - The spot price of jujubes in the sales area is weak, which affects the new - jujube ordering price. It is recommended to wait and see [37]. 3.6.7 Live Pigs - The supply pressure of live pigs continues, and the spot price is expected to fluctuate weakly. It is recommended to wait and see in the short - term [38]. 3.7 Energy and Chemical Industry 3.7.1 Crude Oil - The US commercial crude oil inventory has increased, and the oil price is under pressure. The OPEC+ measure to delay the increase in production in the first quarter has limited impact, and the oil price is expected to fluctuate [39]. 3.7.2 Fuel Oil - The fuel oil price fluctuates with the oil price. The supply is loose, and the demand is flat. The short - term trading focus is on the impact of sanctions on the supply [41]. 3.7.3 Plastics - The supply pressure of polyolefins is large, and the price is expected to fluctuate weakly. It is recommended to adopt a bearish - on - rallies trading idea [42]. 3.7.4 Rubber - The raw material price in the Yunnan region of China has slightly decreased, and the price in Thailand is firm. The fundamental situation is still slightly weak, and it is recommended to hold short - call option strategies [43]. 3.7.5 Synthetic Rubber - The price of synthetic rubber is expected to continue to fluctuate weakly due to the decline in raw material prices. It is recommended to be cautious about going long [44]. 3.7.6 Methanol - The methanol market fluctuates greatly due to factors such as the arrival of Iranian goods and potential plant maintenance. The supply pressure is large, and it is recommended to be bearish on rallies in the near - term and wait for a rebound in the far - term [46]. 3.7.7 Caustic Soda - The spot price of caustic soda is weak, and the supply exceeds demand. The price is expected to fluctuate, and it is recommended to adopt a range - trading idea [48]. 3.7.8 Asphalt - The asphalt price is expected to have a larger fluctuation range due to factors such as the change in oil price focus, production increase, and geopolitical risks [48]. 3.7.9 Polyester Industry Chain - The polyester industry chain lacks a clear driving direction and is expected to follow the cost - end movement. It is recommended to pay attention to the 1 - 5 reverse spread opportunity of ethylene glycol [50]. 3.7.10 Liquefied Petroleum Gas (LPG) - The supply of LPG is abundant, and the demand is affected by different factors. The price is expected to be bearish in the medium - long term [52]. 3.7.11 Pulp - The pulp spot price is stable, and the market has rigid demand. The price is expected to be supported but has limited upside space. It is recommended to establish long positions at low prices after observing the port inventory and spot trading [53]. 3.7.12 Logs - The spot trading of logs is weak, and the supply pressure exists. The price is expected to be under pressure [54]. 3.7.13 Urea - The spot price of urea has increased, and the futures price fluctuates strongly. It is recommended to adopt a range - trading idea [55].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the cracking of 380 fuel oil oscillated, the monthly spread weakened month - on - month, the basis oscillated and weakened, the cracking of European HSFO strengthened, and the EW weakened significantly. The cracking of Singapore 0.5 low - sulfur fuel oil oscillated at a low level, and the monthly spread and basis oscillated at a low level [6]. - In terms of inventory, Singapore's residual oil inventory increased, floating storage increased, ARA's residual oil inventory decreased, floating storage increased, and EIA's residual oil inventory decreased slightly. In terms of shipments, Russia's residual oil shipments rebounded this week but were still low year - on - year. Overall, Russia's residual oil shipments decreased month - on - month in October. Saudi Arabia's residual oil shipments oscillated at a high level, UAE's shipments decreased month - on - month. Singapore's arrivals were neutral this week, and domestic residual oil arrivals increased month - on - month [6][7]. - This week, the domestic - foreign spread of high - and low - sulfur fuel oil rebounded significantly. The external low - sulfur market remained weak, the fundamentals of high - sulfur fuel oil in Singapore were poor, but EW and raw material premiums supported the 380 cracking. In the short term, it is in a volatile pattern [7]. 3. Summary by Related Data Rotterdam Fuel Oil Swap Data | Type | Change | | ---- | ---- | | Rotterdam 3.5% HSF O Swap M1 | -1.59 | | Rotterdam 0.5% VLS FO Swap M1 | -4.56 | | Rotterdam HSFO - Brent M1 | 0.58 | | Rotterdam 10ppm Gasoil Swap M1 | 0.66 | | Rotterdam VLSFO - Gasoil M1 | -5.22 | | LGO - Brent M1 | 2.43 | | Rotterdam VLSFO - HSFO M1 | -2.97 | [4] Singapore Fuel Oil Swap Data | Type | Change | | ---- | ---- | | Singapore 380cst M1 | -3.82 | | Singapore 180cst M1 | -3.81 | | Singapore VLSFO M1 | -1.45 | | Singapore GO M1 | 0.73 | | Singapore 380cst - Brent M1 | 0.00 | | Singapore VLSFO - Gasoil M1 | -6.85 | [4] Singapore Fuel Oil Spot Data | Type | Change | | ---- | ---- | | FOB 380cst | -3.99 | | FOB VLSFO | -1.07 | | 380 Basis | 0.00 | | High - sulfur Domestic - Foreign Spread | -0.1 | | Low - sulfur Domestic - Foreign Spread | 1.6 | [5] Domestic FU Data | Type | Change | | ---- | ---- | | FU 01 | -21 | | FU 05 | -7 | | FU 09 | -6 | | FU 01 - 05 | -14 | | FU 05 - 09 | -1 | | FU 09 - 01 | 15 | [5] Domestic LU Data | Type | Change | | ---- | ---- | | LU 01 | 7 | | LU 05 | -1 | | LU 09 | -8 | | LU 01 - 05 | 8 | | LU 05 - 09 | 7 | | LU 09 - 01 | -15 | [6]

沥青早报 | | 指标 | 10/9 | 10/30 | 11/3 | 11/4 | 11/5 | 日度变化 | 筒 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 山东基差(+80)(弘润) | ારિટ | 6 | 7 | 17 | -16 | -33 | | | | 华东基差(镇江库) | 105 | 106 | 117 | 157 | 124 | -33 | | | 基差&月差 | 华南县差(佛山库) | રે ર | 126 | 87 | 107 | 134 | 27 | | | | 12-01 | 20 | 15 | 0 | -4 | -2 | 2 | | | | 12-03 | 3 | -6 | -32 | -35 | -40 | -5 | | | | 01-02 | -8 | -5 | -13 | -15 | -19 | -4 | | | | BU主力合约(01) | 3375 | 3254 | 3233 | 3193 | 3166 | -27 | | | 4:11:1 | 成交量 | 216059 | 212219 ...

Core Points - China Petroleum & Chemical Corporation (Sinopec) has been actively repurchasing its shares, with a total of 2.07 billion shares repurchased this year, amounting to HKD 9.45 billion [2] - The company repurchased 2.928 million shares on November 5 at a price range of HKD 4.170 to HKD 4.220, totaling HKD 12.2721 million [2] - The stock price closed at HKD 4.200 on the same day, reflecting a decrease of 0.71% [2] Repurchase Summary - Since October 30, Sinopec has conducted share repurchases for five consecutive days, totaling 20.754 million shares and HKD 86.7997 million [2] - The stock has seen a cumulative decline of 0.47% during this repurchase period [2] - Detailed repurchase data shows varying amounts and prices, with the highest repurchase price recorded at HKD 4.430 on August 22, involving 6.7624 million shares [2]

Group 1: New Energy Vehicle Sales - In October, the estimated wholesale sales of new energy passenger vehicles in China reached 1.61 million units, representing a year-on-year increase of 16% and a month-on-month increase of 7% [2] - Cumulatively, from January to October, the total wholesale sales reached 12.054 million units, showing a year-on-year growth of 30% [2] - Tesla's wholesale sales in China for October were reported at 61,497 units [2] Group 2: Sinopec's Import Expo Procurement - At the China International Import Expo, Sinopec signed procurement agreements exceeding $40.9 billion with 34 partners from 17 countries and regions, covering 10 categories and 24 types of products [3] - Since the first expo in 2018, Sinopec's cumulative signing amount has surpassed $325 billion [3] Group 3: Starbucks China Joint Venture - Starbucks announced a strategic partnership with Chinese alternative asset management firm Boyu Capital to establish a joint venture for retail operations in China [4] - Boyu will hold up to 60% equity in the joint venture, while Starbucks retains 40% and continues to own the brand and intellectual property [5] Group 4: AI Investment Competition - The AI investment competition "Alpha Arena" concluded with Alibaba's Qwen emerging as the champion [5] - The competition involved six AI models trading autonomously in real markets with an initial capital of $10,000 each [5] Group 5: Market Dynamics in the Camera Sector - In a recent earnings call, Yingshi Innovation addressed concerns regarding market share decline due to competition from DJI, which captured 43% of the global panoramic camera market, while Yingshi's share dropped to 49% from a previous 85%-92% [7] Group 6: Changes in Corporate Leadership - Fuyao Glass announced a change in its legal representative from Cao Dewang to his son, Cao Hui, with no other changes to the business license [8] Group 7: Pricing Trends for Moutai - The price of 53-degree Feitian Moutai has dropped to 1,499 yuan per bottle on e-commerce platforms, influenced by promotional activities [9] - The wholesale reference price for 2025 53-degree 500ml Feitian Moutai is reported at 1,670 yuan per bottle [9] Group 8: Nokia's Delisting Plans - Nokia plans to apply for delisting its shares from the Paris Euronext exchange, citing a comprehensive assessment of trading volume, costs, and administrative requirements [15] - Nokia's shares will continue to be listed on the Helsinki Nasdaq and its American Depositary Receipts will remain on the New York Stock Exchange [15]