Core Viewpoint - Shanghai Petrochemical Company reported a significant decline in revenue and incurred a net loss for the first three quarters of 2025, primarily due to decreased sales of petroleum products [1] Financial Performance - The company achieved a revenue of 58.886 billion yuan, representing a year-on-year decrease of 10.77% [1] - The net loss attributable to shareholders was 432 million yuan, with a basic loss per share of 0.041 yuan [1] - For the first nine months of 2025, revenue decreased by 11% compared to the previous year, resulting in a net loss of 432 million yuan [1] Quarterly Analysis - In the third quarter, the company recorded a net profit of 31 million yuan, marking a recovery from previous losses due to a reduction in asset impairment losses [1] - Despite the quarterly profit, overall performance did not meet expectations due to weaker-than-expected sales of refined oil and a still-weak fundamental outlook for olefins [1] Industry Outlook - UBS noted that the long-term fundamentals of the refining and chemical industry may improve as the "anti-involution" trend progresses [1]

摘要：【图】2025年6月天津市硫酸产量数据分析 2025年1-6月硫酸产量分析： 单独看2025年6月份，天津市规模以上工业企业硫酸产量达到了1.7万吨，与2024年同期的数据相比，6 月份的产量下降了7.2%，增速较2024年同期低11.2个百分点，增速较同期全国低16.2个百分点，约占同 期全国规模以上企业硫酸产量922.35982万吨的比重为0.2%。 图表：天津市硫酸产量分月（当月值）统计 据国家统计局数据，在2025年的前6个月，天津市规模以上工业企业硫酸产量累计达到了11.0万吨，与 2024年同期的数据相比，增长了5.3%，增速较2024年同期高7.5个百分点，增速较同期全国低1.0个百分 点，约占同期全国规模以上企业硫酸产量5490.93572万吨的比重为0.2%。 图表：天津市硫酸产量分月（累计值）统计 2025年6月硫酸产量分析： 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现状及前景分析 柴油市场调研与发展前景 橡胶发展现状及前景预测 塑料市场调研及发展趋势 化妆品行业监测及发展趋势清洁护肤未来发展趋势预测 注： ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For the stock index, after a continuous rise, the hot sectors are rotating rapidly, with technology remaining the market's main line. Policy support for the capital market remains unchanged, and the medium - to long - term strategy is mainly to go long on dips [4]. - For treasury bonds, the central bank's restart of trading treasury bonds is short - term positive for the bond market sentiment. In the fourth quarter, the bond market is mainly affected by fundamentals, the implementation time of fund fee regulations, and institutional allocation power. The bond market is expected to oscillate and recover [7]. - For precious metals, with the Fed's indication of future easing policies, it is recommended to go long on silver on dips. The reference operating ranges for Shanghai gold and silver are provided [9]. - For non - ferrous metals, different metals have different outlooks. For example, copper prices are expected to be supported at the bottom; aluminum prices may be supported by supply - side disturbances; zinc and lead are expected to be strong in the short - term; nickel is recommended to be observed in the short - term; tin is expected to oscillate, and it is recommended to go long on dips; the lithium carbonate market is expected to oscillate after a correction; alumina is recommended to be observed; stainless steel is expected to continue to be weak; and casting aluminum alloy prices are expected to be strongly supported [12][14][17][19][21][24][26][29][30][32]. - For black building materials, steel demand is in the off - season, but future demand may recover. Iron ore prices are at risk of a phased decline. Glass and soda ash markets have different supply - demand situations and price trends. Manganese silicon and silicon iron are likely to follow the black sector's trend. Industrial silicon and polysilicon prices are affected by supply and demand and are expected to be weak in the short - term [35][37][39][41][45][47][50]. - For energy chemicals, rubber is recommended for short - term long trading with a stop - loss set. Oil prices are recommended to be observed in the short - term. Methanol, urea, and PVC are recommended to be observed. Pure benzene and styrene prices may stop falling. Ethylene glycol is recommended to be shorted on rallies. PTA is recommended to focus on processing fee repair opportunities. PX is recommended to be observed as it mainly follows crude oil fluctuations [56][58][60][63][65][70][72][75]. - For agricultural products, it is recommended to short pigs on rallies; eggs are expected to be strong in the short - term; bean and rapeseed meal are expected to rise in the short - term and be shorted on rebounds in the medium - term; palm oil is recommended to be treated as oscillating weakly before exports improve; sugar is recommended to be shorted after a rebound; and cotton is expected to continue to oscillate [83][85][88][90][93][95]. Summary by Relevant Catalogs Macro - Financial Category Stock Index - **Market Information**: The central bank conducted 700 billion yuan of outright reverse repurchase operations on November 5th. The 2025 6G Development Conference will be held in Beijing from November 13th - 14th. Apple tightened its China - region distribution channels. Goldman Sachs and Morgan Stanley warned of a decline in the US stock market in the next two years, while expressing continued interest in China from global capital allocators [2]. - **Basis Ratio**: The basis ratios of IF, IC, IM, and IH for different terms are provided [3]. - **Strategy Viewpoint**: After a continuous rise, the hot sectors are rotating rapidly, with technology remaining the main line. The long - term strategy is to go long on dips [4]. Treasury Bonds - **Market Information**: On November 3rd, Fed governors mentioned potential interest rate cuts. US financial system liquidity is approaching a dangerous level. On Tuesday, the central bank conducted 117.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 357.8 billion yuan [5][6]. - **Strategy Viewpoint**: The central bank's restart of trading treasury bonds is short - term positive for the bond market. In the fourth quarter, the bond market is affected by multiple factors and is expected to oscillate and recover [7]. Precious Metals - **Market Information**: Shanghai gold and silver prices fell. COMEX gold and silver prices are provided. US 10 - year treasury bond yields and the US dollar index are given. The Fed is expected to expand its balance sheet, and silver demand in India is strong [8]. - **Strategy Viewpoint**: With the Fed's indication of future easing policies, it is recommended to go long on silver on dips, and the reference operating ranges for Shanghai gold and silver are provided [9]. Non - Ferrous Metals Category Copper - **Market Information**: The US dollar index reached 100, and copper prices continued to correct. LME copper inventory increased, and domestic spot trading showed different situations. The domestic copper spot import loss was about 700 yuan/ton [11]. - **Strategy Viewpoint**: Although sentiment is under pressure, it is expected to be supported. The copper supply is expected to be marginally tight, providing strong support for copper prices. The reference operating ranges for Shanghai copper and LME copper are provided [12]. Aluminum - **Market Information**: The decline in precious metals and copper prices led to a decline in aluminum price optimism. LME aluminum and Shanghai aluminum prices fell. Aluminum inventories showed different trends, and the spot was at a discount to the futures [13]. - **Strategy Viewpoint**: The increase in electrolytic aluminum production and the improvement in trade and inventory conditions are expected to support aluminum prices. Short - term support levels are to be noted [14]. Zinc - **Market Information**: Shanghai zinc index rose slightly, and LME zinc prices also increased. Zinc inventories and basis data are provided [15][16]. - **Strategy Viewpoint**: Domestic zinc mine inventory declined, and zinc production decreased. Downstream demand was stable, and inventories were slowly increasing. It is expected that Shanghai zinc will be strong in the short - term, but the upside space is limited [17]. Lead - **Market Information**: Shanghai lead index fell slightly, and LME lead prices decreased. Lead inventories and basis data are provided [18]. - **Strategy Viewpoint**: Lead ore inventory declined, and lead production showed different trends. Downstream demand was weak, and inventories were at a low level. It is expected that Shanghai lead will be strong in the short - term [19]. Nickel - **Market Information**: Nickel prices oscillated and fell. Spot prices and cost data are provided [20]. - **Strategy Viewpoint**: Refined nickel inventory pressure is significant, and nickel prices are dragged down. In the long - term, nickel prices may be supported. Short - term observation is recommended, and long positions can be considered at appropriate prices [21]. Tin - **Market Information**: Shanghai tin prices fell. Tin inventories increased, and supply was affected by raw material shortages. Demand from emerging fields provided support [23]. - **Strategy Viewpoint**: The short - term tin supply - demand is in a tight balance, and prices are expected to oscillate. It is recommended to go long on dips, and the reference operating ranges are provided [24]. Lithium Carbonate - **Market Information**: The lithium carbonate spot index and futures prices fell. The production and sales of new energy vehicles increased [25]. - **Strategy Viewpoint**: The fundamentals lack continuous positive factors. After a correction, the market is expected to oscillate. Attention should be paid to ore prices and production schedules [26]. Alumina - **Market Information**: The alumina index fell, and trading volume increased. Basis, overseas prices, and inventory data are provided [27][28]. - **Strategy Viewpoint**: Ore prices may be under pressure after the rainy season. Alumina production capacity is in excess, but the current price is close to the cost line. Short - term observation is recommended, and the reference operating range is provided [29]. Stainless Steel - **Market Information**: Stainless steel prices fell, and trading volume increased. Spot prices and raw material prices are provided [30]. - **Strategy Viewpoint**: The price of stainless steel spot is relatively firm, but the demand is expected to be weak in the short - term, and the price is expected to continue to be weak [30]. Casting Aluminum Alloy - **Market Information**: Casting aluminum alloy prices fell, and trading volume decreased. Inventory data are provided [31]. - **Strategy Viewpoint**: The cost of casting aluminum alloy has strong support, and supply is tight. Prices are expected to be strongly supported [32]. Black Building Materials Category Steel - **Market Information**: Rebar and hot - rolled coil prices fell. Futures and spot prices, as well as inventory and trading volume data, are provided [34]. - **Strategy Viewpoint**: The commodity market was weak, and steel prices oscillated weakly. Although demand is in the off - season, it may recover in the future with policy implementation and macro - environment changes [35]. Iron Ore - **Market Information**: Iron ore prices fell, and trading volume increased. Spot prices and basis data are provided [36]. - **Strategy Viewpoint**: Overseas iron ore shipments decreased, and demand weakened. Inventory pressure increased. There is a risk of a phased decline in ore prices [37]. Glass and Soda Ash - **Glass Market Information**: Glass prices rose, and inventory decreased. Trading volume data are provided [38]. - **Glass Strategy Viewpoint**: Market sentiment was boosted, but the fundamentals are weak. The impact of policies and production cuts needs to be observed [39]. - **Soda Ash Market Information**: Soda ash prices fell, and inventory decreased. Trading volume data are provided [40]. - **Soda Ash Strategy Viewpoint**: The industry's high - capacity utilization rate and weak demand lead to weak price trends. Prices are expected to oscillate weakly in the short - term [41]. Manganese Silicon and Silicon Iron - **Market Information**: Manganese silicon and silicon iron prices fell. Spot prices and basis data are provided [42]. - **Strategy Viewpoint**: Macro events did not provide strong support for the market. The black sector's rebound was adjusted. Manganese silicon and silicon iron are likely to follow the black sector's trend [43][44][45]. Industrial Silicon and Polysilicon - **Industrial Silicon Market Information**: Industrial silicon prices fell, and trading volume increased. Spot prices and basis data are provided [46]. - **Industrial Silicon Strategy Viewpoint**: The supply of industrial silicon is under pressure, and demand is weakening. Prices are expected to be weak in the short - term, but cost support exists [47]. - **Polysilicon Market Information**: Polysilicon prices fell, and trading volume decreased. Spot prices and basis data are provided [48][49]. - **Polysilicon Strategy Viewpoint**: Polysilicon production is expected to decline, and the supply - demand pattern may improve marginally. Attention should be paid to platform company progress [50]. Energy Chemicals Category Rubber - **Market Information**: Rubber prices were weakly sorted. There were different views on the rise and fall of rubber prices. Tire production and inventory data, as well as spot prices, are provided [52][53][54][55]. - **Strategy Viewpoint**: Rubber prices are near the previous low. Short - term long trading with a stop - loss set is recommended, and partial hedging positions can be established [56]. Crude Oil - **Market Information**: Crude oil and refined oil prices fell. Inventory data are provided [57]. - **Strategy Viewpoint**: Although geopolitical premiums have disappeared, oil prices should not be overly shorted in the short - term. A range strategy is maintained, and short - term observation is recommended [58]. Methanol - **Market Information**: Methanol prices fell, and basis data are provided [59]. - **Strategy Viewpoint**: Port prices fell, and inventory was high. Supply increased, and demand weakened. Observation is recommended [60]. Urea - **Market Information**: Urea prices showed different trends in different regions, and basis data are provided [61][62]. - **Strategy Viewpoint**: Urea supply and demand increased, but the market is in a relatively loose pattern. Observation is recommended [63]. Pure Benzene and Styrene - **Market Information**: Pure benzene and styrene prices showed different trends. Supply, demand, and inventory data are provided [64]. - **Strategy Viewpoint**: Pure benzene and styrene prices may stop falling. The BZN spread has room for upward repair [65]. PVC - **Market Information**: PVC prices fell, and cost, supply, demand, and inventory data are provided [66]. - **Strategy Viewpoint**: The fundamentals are poor, with strong supply and weak demand. Attention should be paid to short - selling opportunities on rallies [67][68]. Ethylene Glycol - **Market Information**: Ethylene glycol prices fell, and cost, supply, demand, and inventory data are provided [69]. - **Strategy Viewpoint**: Supply is high, and inventory is expected to increase. It is recommended to short on rallies [70]. PTA - **Market Information**: PTA prices rose, and cost, supply, demand, and inventory data are provided [71]. - **Strategy Viewpoint**: Supply is expected to decrease, and demand is expected to be stable. Attention should be paid to PTA processing fee repair opportunities [72]. p - Xylene - **Market Information**: p - Xylene prices rose, and cost, supply, demand, and inventory data are provided [73][74]. - **Strategy Viewpoint**: p - Xylene supply is high, and demand is weak. PXN is expected to be under pressure in November. Observation is recommended [75]. Polyethylene (PE) - **Market Information**: PE prices fell, and supply, demand, and inventory data are provided [76]. - **Strategy Viewpoint**: PE prices are expected to oscillate at a low level. The impact of cost and supply - demand factors needs to be considered [77]. Polypropylene (PP) - **Market Information**: PP prices fell, and supply, demand, and inventory data are provided [78]. - **Strategy Viewpoint**: PP prices are affected by cost and supply - demand factors. The market is in a weak pattern, and short - term observation is recommended [79][80]. Agricultural Products Category Pigs - **Market Information**: Pig prices continued to fall, and supply and demand factors are provided [82]. - **Strategy Viewpoint**: It is recommended to short pigs on rallies. Cautious investors can use reverse - spread positions [83]. Eggs - **Market Information**: Egg prices were stable, and supply and demand factors are provided [84]. - **Strategy Viewpoint**: Egg prices are expected to be strong in the short - term. Observation or short - term trading is recommended, and attention should be paid to upper - level pressure [85]. Bean and Rapeseed Meal - **Market Information**: CBOT soybean prices fell, and domestic soybean and bean meal supply, demand, and cost data are provided [86][87]. - **Strategy Viewpoint**: Bean meal prices are expected to rise in the short - term and be shorted on rebounds in the medium - term [88]. Oils - **Market Information**: Malaysian palm oil production and export data are provided. Domestic oil consumption is expected to enter the peak season, and inventory is expected to decrease seasonally [89]. - **Strategy Viewpoint**: Palm oil prices are expected to be oscillating weakly before exports improve. A change in strategy can be considered if production declines [90]. Sugar - **Market Information**: Sugar prices oscillated, and Brazilian sugar production data are provided [91][92]. - **Strategy Viewpoint**: It is recommended to short sugar after a rebound due to strong supply and weak external market trends [93]. Cotton - **Market Information**: Cotton prices oscillated, and supply, demand, and price data are provided [94]. - **Strategy Viewpoint**: Cotton prices are expected to continue to oscillate due to weak fundamentals [95].

Report Information - Report Type: Asphalt Daily Report [1] - Date: November 5, 2025 [2] Report Summary Investment Rating No investment rating is provided in the report. Core View - The adjustment of oil prices and the weak supply and demand of asphalt may lead to a continued decline in asphalt prices [7]. Section Summaries 1. Market Review and Operation Suggestions - Futures Market: The BU2601 contract opened at 3228 yuan/ton, closed at 3193 yuan/ton, with a maximum of 3245 yuan/ton, a minimum of 3189 yuan/ton, a decline of 2.00%, and a trading volume of 174,100 lots. The BU2512 contract opened at 3228 yuan/ton, closed at 3198 yuan/ton, with a maximum of 3248 yuan/ton, a minimum of 3182 yuan/ton, a decline of 2.24%, and a trading volume of 26,400 lots [6]. - Spot Market: The spot prices of asphalt in North China, Shandong, South China, and Sichuan and Chongqing regions have declined, while the spot prices of asphalt in other regions are relatively stable. The continuous decline of asphalt futures has a negative impact on the spot price of asphalt [6]. - Supply: Some refineries have production reduction or shutdown plans, but the increase in production of other refineries will form a hedge, and the overall operating load rate is expected to remain basically the same [6]. - Demand: The demand side has begun to decline seasonally. The road projects in the Northeast and Northwest are coming to an end, and the rigid demand for asphalt is shrinking rapidly. The demand in North China and Shandong is only supported by some key projects, and the demand increment is scarce. The construction in the South is stable, but the slow consumption of resources highlights the weak demand. The lack of funds is still the core factor restricting the project progress, and the actual demand for asphalt continues to be weaker than expected [6]. 2. Industry News No industry news is provided in the report. 3. Data Overview - South China Market: The mainstream transaction price of 70A grade asphalt is 3350 - 3520 yuan/ton, a decrease of 10 yuan/ton compared with the previous working day. The price adjustment of Sinopec's asphalt road transportation has a negative impact on the market sentiment, and the decline of asphalt prices in the north has led to some resources seizing the South China sales area, resulting in a sporadic decline in the social inventory quotation in South China [10]. - Shandong Market: The mainstream transaction price of 70A grade asphalt is 3130 - 3620 yuan/ton, a decrease of 10 yuan/ton compared with the previous working day. Although the international oil price has risen slightly, the asphalt futures have continued to decline. The spot and contracts sold by futures - spot traders and the pre - sale of forward contracts by refineries have led to an oversupply of market offers and a continuous decline in asphalt prices [10].

Summary of China Petroleum & Chemical Corporation (Sinopec) Conference Call Industry Overview - The conference call discusses the performance and outlook of the oil and gas industry, particularly focusing on Sinopec's operations in a challenging market environment characterized by fluctuating international oil prices and changing domestic demand. Key Financial Performance - For the first three quarters of 2025, Sinopec reported an EBITDA of 54.4 billion RMB, with Q3 contributing 14.9 billion RMB, reflecting a year-on-year growth of 3.3% [2][3] - The net profit attributable to shareholders for the first three quarters was 32.1 billion RMB, with Q3 net profit at 8.3 billion RMB, also showing a year-on-year increase of 3.5% [2][3] - Operating cash flow reached 114.8 billion RMB, marking a 13% year-on-year increase, while the debt-to-asset ratio stood at 54.8% [2][3] Upstream Operations - Sinopec enhanced exploration efforts, achieving a 2.2% year-on-year increase in oil and gas equivalent production to 394 million barrels, with natural gas production rising by 5% [2][4] - The upstream segment generated an EBITDA of 38.1 billion RMB, with unit cash operating costs decreasing by 4.6% [2][4] Refining and Sales - The refining segment processed 190 million tons of crude oil, producing 110 million tons of refined products, with refining margins at 6.1 USD per barrel, an 8% year-on-year increase [2][4] - However, the refined oil sales segment faced challenges due to declining international oil prices and weak domestic demand, resulting in an EBIT of 12.8 billion RMB, a 6.9% year-on-year decline when excluding inventory changes [2][4] Chemical Segment - The chemical segment faced difficulties, with ethylene production increasing by 15.4% to 11.59 million tons, but the segment reported an EBITDA loss of 8.2 billion RMB [2][4] Capital Expenditure - Capital expenditures for the first three quarters totaled 71.6 billion RMB, with the upstream segment accounting for the largest share at 41.6 billion RMB, primarily for oil and gas capacity and storage facility construction [2][4] Market Strategy and Future Outlook - Sinopec is focusing on a dual circulation development strategy, emphasizing refining integration, high-end differentiation, green digitalization, and international operations [3][10] - The company plans to strictly review project investments to enhance economic efficiency and green low-carbon levels, with an expected average annual growth rate of 3.9% in domestic ethylene consumption during the upcoming five-year plan [3][10] Challenges and Risks - The company is navigating a complex market with international oil prices showing a downward trend, with Brent crude averaging a 14.4% year-on-year decline [3][4] - The impact of sanctions on Russia and OPEC's production decisions are being monitored, but Sinopec maintains a diversified procurement strategy to mitigate supply chain risks [7][8] Inventory Management - Sinopec adheres to a low inventory strategy, maintaining raw material inventory at around 20 days to manage market volatility effectively [8] Future Projects and Collaborations - Sinopec is reviewing future project plans, including collaborations in high-end materials and cross-border e-commerce, while continuing to phase out smaller, outdated refining units [12][13] Conclusion - Sinopec's performance reflects resilience in a challenging environment, with strategic initiatives aimed at enhancing operational efficiency and adapting to market dynamics. The focus on sustainable growth and innovation positions the company for future opportunities despite current challenges in the oil and gas sector.

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint - This week, the 380 fuel oil crack spread fluctuated, the monthly spread weakened month-on-month, and the basis fluctuated weakly. The European HSFO crack spread strengthened, and the EW spread 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 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, and the UAE's shipments decreased month-on-month. Singapore's arrivals were neutral this week, and China's residual oil arrivals increased month-on-month. This week, the domestic and foreign spreads of high and low sulfur rebounded significantly. The low-sulfur situation in the external market remained weak. The fundamentals of high-sulfur in Singapore were poor, but the EW spread and raw material premiums supported the 380 crack spread, showing a short-term oscillating pattern [6][7]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 390.02 | 392.05 | 393.07 | 387.22 | 377.13 | -10.09 | | Rotterdam 0.5% VLS FO Swap M1 | 417.07 | 417.96 | 416.37 | 421.01 | 413.33 | -7.68 | | Rotterdam HSFO - Brent M1 | -3.04 | -2.63 | -2.40 | -3.40 | -4.53 | -1.13 | | Rotterdam 10ppm Gasoil Swap M1 | 689.14 | 691.99 | 688.48 | 679.38 | 683.70 | 4.32 | | Rotterdam VLSFO - Gasoil M1 | -272.07 | -274.03 | -272.11 | -258.37 | -270.37 | -12.00 | | LGO - Brent M1 | 29.11 | 29.43 | 28.89 | 27.83 | 27.98 | 0.15 | | Rotterdam VLSFO - HSFO M1 | 27.05 | 25.91 | 23.30 | 33.79 | 36.20 | 2.41 | [4] Singapore Fuel Oil Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 373.72 | 373.35 | 375.53 | 380.33 | 374.38 | -5.95 | | Singapore 180cst M1 | 380.28 | 378.91 | 382.28 | 388.78 | 380.63 | -8.15 | | Singapore VLSFO M1 | 438.46 | 443.70 | 449.25 | 456.36 | 452.30 | -4.06 | | Singapore Gasoil M1 | 89.63 | 90.58 | 92.03 | 89.51 | 90.09 | 0.58 | | Singapore 380cst - Brent M1 | -4.56 | -4.93 | -4.98 | -4.44 | -4.96 | -0.52 | | Singapore VLSFO - Gasoil M1 | -224.80 | -226.59 | -231.77 | -206.01 | -214.37 | -8.36 | [4] Singapore Fuel Oil Spot Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 372.68 | 372.56 | 374.81 | - | 369.12 | - | | FOB VLSFO | 437.28 | 442.83 | 448.61 | 456.00 | 448.83 | -7.17 | | 380 Basis | -1.80 | -1.95 | -1.75 | -3.75 | -6.00 | -2.25 | | High-Sulfur Domestic - Foreign Spread | 10.4 | 9.1 | - | 8.0 | 7.9 | -0.1 | | Low-Sulfur Domestic - Foreign Spread | 12.6 | 14.3 | - | 10.2 | 9.4 | -0.8 | [5] Domestic FU Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2796 | 2751 | 2745 | 2790 | 2764 | -26 | | FU 05 | 2744 | 2713 | 2712 | 2755 | 2732 | -23 | | FU 09 | 2672 | 2657 | 2653 | 2683 | 2671 | -12 | | FU 01 - 05 | 52 | 38 | 33 | 35 | 32 | -3 | | FU 05 - 09 | 72 | 56 | 59 | 72 | 61 | -11 | | FU 09 - 01 | -124 | -94 | -92 | -107 | -93 | 14 | [5] Domestic LU Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3246 | 3255 | 3268 | 3335 | 3290 | -45 | | LU 05 | 3212 | 3223 | 3239 | 3288 | 3261 | -27 | | LU 09 | 3235 | 3237 | 3252 | 3288 | 3254 | -34 | | LU 01 - 05 | 34 | 32 | 29 | 47 | 29 | -18 | | LU 05 - 09 | -23 | -14 | -13 | 0 | 7 | 7 | | LU 09 - 01 | -11 | -18 | -16 | -47 | -36 | 11 | [6]

Core Viewpoint - OPEC+ has decided to increase production by 137,000 barrels per day in December and will pause its production increase plan from January to March 2026, reflecting a balance between stabilizing oil prices and increasing production [4][5]. Group 1: OPEC+ Production Decisions - The decision to pause production increases indicates OPEC+'s effort to balance oil price stabilization amid low demand expectations and rising inventory risks for Q4 2025 to Q1 2026 [5]. - Since 2025, OPEC+ has significantly increased production to penalize overproducing member countries and capture global market share, with production rising by 2.39 million barrels per day from December 2024 to September 2025 [5]. - OPEC+ has reiterated that production levels will be determined based on market changes, and the pause in production increases is expected to alleviate concerns regarding oil supply [5]. Group 2: Supply and Demand Outlook - The current oil market faces a supply-demand surplus, and OPEC+'s decision to slow production increases may help mitigate this surplus risk [6]. - The IEA projects a demand growth of 700,000 barrels per day for 2026, but this growth is significantly lower than historical trends due to a sluggish macroeconomic environment and the electrification of transportation [6]. - On the supply side, the IEA anticipates a global oil supply increase of 2.4 million barrels per day in 2026, with both non-OPEC+ and OPEC+ contributing 1.2 million barrels per day each [6]. Group 3: Geopolitical Risks and Oil Prices - Recent escalations in sanctions against Russia by the US and EU are expected to provide ongoing geopolitical risk premiums that support oil prices [7][8]. - The US Treasury has blacklisted two Russian state oil companies, and the EU has implemented a comprehensive ban on Russian LNG, indicating a tightening of energy sanctions [7][8]. Group 4: Investment Opportunities in Chinese Oil Companies - The "Big Three" Chinese oil companies are focusing on increasing reserves and production while enhancing cost control to navigate the new cycle of oil price volatility [9]. - China National Petroleum Corporation, China Petroleum & Chemical Corporation, and China National Offshore Oil Corporation are expected to see production growth rates of 1.6%, 1.5%, and 5.9% respectively in 2025 [9]. - These companies are also transitioning their refining businesses to low-cost and high-value operations, positioning themselves for long-term growth despite oil price fluctuations [9].

Group 1 - The company has approved a share buyback plan to maintain its value and protect shareholder interests, with the decision made during the board meeting on August 21, 2025 [1] - As of October 31, 2025, the company has repurchased a total of 48,821,270 A-shares, representing 0.04% of its total share capital, with a total expenditure of RMB 269,601,850.77 (excluding transaction fees) [1] - The highest purchase price for the repurchased shares was RMB 5.86 per share, while the lowest was RMB 5.27 per share [1] Group 2 - The repurchased shares will be used for cancellation and reduction of the company's registered capital [2] - The company will comply with relevant regulations and timely fulfill its information disclosure obligations regarding the share buyback [2]

Group 1 - The core point of the article is that Sinopec has completed a share buyback program, repurchasing a total of 48.8213 million A-shares, which represents 0.04% of the company's total share capital [1] - The highest purchase price during the buyback was RMB 5.86 per share, while the lowest was RMB 5.27 per share [1] - The total amount spent on the buyback reached RMB 270 million, excluding transaction fees [1]

（港元） 回购最低价 （港元） 回购金额 中国石油化工股份回购明细 日期 回购股数 （万股） 回购最高价 证券时报•数据宝统计，中国石油化工股份在港交所公告显示，11月4日以每股4.200港元至4.280港元的 价格回购514.80万股，回购金额达2184.35万港元。该股当日收盘价4.230港元，上涨0.48%，全天成交额 7.29亿港元。 自10月30日以来公司已连续4日进行回购，合计回购1782.60万股，累计回购金额7452.76万港元。 其间 该股累计上涨0.24%。 今年以来该股累计进行26次回购，合计回购2.00亿股，累计回购金额9.11亿港元。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （万港元） 2025.11.04 514.80 4.280 4.200 2184.35 2025.11.03 425.00 4.230 4.150 1783.64 2025.10.31 365.20 4.170 4.110 1512.48 2025.10.30 477.60 4.220 4.100 1972.30 2025.09.26 453.00 4.070 4.050 1840 ...