Core Insights - The eighth China International Import Expo (CIIE) featured a signing ceremony for China Petroleum & Chemical Corporation (Sinopec), where agreements were made with 34 partners from 17 countries and regions, covering 10 categories and 24 types of products [1] - The total procurement signing amount exceeded $40.9 billion during this event [1] - Since the first CIIE in 2018, Sinopec has cumulatively signed contracts worth over $325 billion [1]

累计回购股数：48,821,270股，占总股本0.04% 中国石化股份回购进展公告要点解读 回购方案概况 回购期限：2025年8月21日-11月20日 回购金额：5-10亿元 回购目的：维护公司价值及股东权益 回购执行进展 当月价格区间：5.27-5.50元/股 关键变化 公告显示回购股份最终用途为"注销并减少公司注册资本"，与原方案中的"维护公司价值及股东权益"用 途存在表述差异。 累计回购金额：2.70亿元（不含交易费用） 回购价格区间：5.27-5.86元/股 10月回购情况 当月回购股数：16,658,070股，占总股本0.01% 当月回购金额：9,023万元 ...

智通财经APP讯，中国石化(600028.SH)发布公告，截至2025年10月31日，公司本轮已累计回购A股股份 4882.13万股，占公司总股本的比例为0.04%，购买的最高价为人民币5.86元/股、最低价为人民币5.27元/ 股，支付的总金额为人民币2.7亿元(不含交易费用)。 ...

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has signed an agreement with LG Chem to jointly develop key materials for sodium-ion batteries, targeting the energy storage and low-speed electric vehicle markets [1][6]. Group 1: Company Collaboration - The partnership focuses on the development of sodium-ion battery cathode and anode materials, aiming to accelerate commercialization [1][6]. - Sinopec, as the largest refining and chemical enterprise in China, has been transitioning towards new energy materials, with battery materials being a key focus area [3][6]. - LG Chem is recognized as a leader in the commercialization of cathode and anode materials in the new energy battery sector [3][6]. Group 2: Technical Advancements - Sinopec has developed a wide-temperature sodium battery electrolyte that maintains over 95% capacity at -10°C, showcasing its technical capabilities [3][6]. - Research institutes under Sinopec have established solid technical foundations in sodium battery electrolytes and separator materials [3][6]. Group 3: Market Potential - Sodium-ion batteries exhibit advantages over lithium-ion batteries, such as lower cost (30%-40% cheaper) and better performance in low-temperature environments [6][7]. - The high safety profile of sodium-ion batteries, including no risk of over-discharge and good thermal stability, makes them ideal for large-scale energy storage [7]. - Currently, lithium batteries dominate the new energy storage market in China, accounting for 97%, but sodium batteries have the potential for differentiated competition, especially in the two-wheeler and A0-class electric vehicle markets [7].

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - The stock index is expected to maintain a high - level volatile trend. The bond market is not pessimistic in the medium - and short - term, but the repair rhythm may slow down. Different commodities have different trends based on their supply - demand fundamentals, macro - economic factors, and other aspects [19][23]. 3. Summary by Related Catalogs Financial Derivatives - **Stock Index Futures**: The Shanghai Composite Index has support at the 3950 gap. The stock index will maintain a volatile trend. It is recommended to go long at low levels near 3950 and reduce positions at high levels above 4000. Consider the IM/IC long 2512 + short ETF cash - and - carry arbitrage and bull spread options at low levels [19][20]. - **Treasury Futures**: The repair rhythm of treasury futures slows down, and there is a slight adjustment. It is recommended to go long on the TL contract at low levels on a short - term basis, short the 30Y - 7Y term spread and the current - next quarterly spread, and pay attention to the potential cash - and - carry arbitrage opportunities [22][23]. Agricultural Products - **Soybean Meal**: The supply remains high, and there is still inventory pressure. It is recommended to take a bearish view on the far - month contracts, stay on the sidelines for arbitrage, and use the short strangle strategy for options [27]. - **Sugar**: The new - season sugar is priced at 5700 yuan/ton, and the international sugar price rebounds. It is recommended to build long positions in the short - term for Zheng sugar, stay on the sidelines for arbitrage and options [35]. - **Oils and Fats**: The sector is in the bottom - grinding stage. It is recommended to try long positions at low levels after the bearish factors are exhausted, stay on the sidelines for arbitrage and options [38]. - **Corn/Corn Starch**: The spot price is stable, and the futures price fluctuates at the bottom. It is recommended to go long on the 12 - contract corn on dips, close the long positions of the 01 - contract corn and wait for dips for the 05 and 07 - contract corn, stay on the sidelines for arbitrage and options [40]. - **Hogs**: The supply pressure continues to be reflected, and the price continues to fall. It is recommended to build a small number of short positions, stay on the sidelines for arbitrage, and use the short strangle strategy for options [42][43]. - **Peanuts**: The spot price rebounds, and the futures price fluctuates at the bottom in the short - term. It is recommended to try long positions lightly on the 01 and 05 - contract peanuts, stay on the sidelines for arbitrage, and sell the pk601 - P - 7600 option [46]. - **Eggs**: The number of culled chickens increases, and the egg price stabilizes. It is recommended to close the previous short positions and stay on the sidelines, stay on the sidelines for arbitrage and options [51]. - **Apples**: The quality of the new - season apples is poor, but the merchants' procurement is active. It is recommended to go long on the far - month contracts, stay on the sidelines for arbitrage and options [55]. - **Cotton - Cotton Yarn**: The acquisition enters the peak period, and the cotton price fluctuates slightly stronger. It is recommended to expect the cotton price to fluctuate slightly stronger in the short - term, stay on the sidelines for arbitrage and options [60]. Ferrous Metals - **Steel**: The molten iron output shrinks, and the steel price fluctuates within a range. It is recommended to maintain the range - bound trading, go long on the coil - rebar spread at low levels, and stay on the sidelines for options [63][64]. - **Coking Coal and Coke**: They fluctuate at high levels. It is recommended to wait for the correction and then go long, stay on the sidelines for arbitrage and options [66]. - **Iron Ore**: Take a bearish view. It is recommended to go short, stay on the sidelines for arbitrage and options [68]. - **Ferroalloys**: The inventory continues to rise. It is recommended to go short on rallies, stay on the sidelines for arbitrage, and sell the out - of - the - money straddle option combination [71][72]. Non - ferrous Metals - **Precious Metals**: Multiple factors are intertwined, and the market is expected to continue to fluctuate and adjust. It is recommended to trade in a band - trading manner, stay on the sidelines for arbitrage and options [75]. - **Copper**: The manufacturing PMI in Europe and the US is lower than expected, and the copper price pulls back in the short - term. It is recommended to pay attention to the support level of 85000 - 86000 yuan/ton and the resistance level of 90000 yuan/ton, continue to hold the inter - market cash - and - carry arbitrage, and stay on the sidelines for options [79][81]. - **Alumina**: The supply - side production cut has not been implemented, and the price is weak. It is recommended to expect a weak and volatile trend, stay on the sidelines for arbitrage and options [85]. - **Electrolytic Aluminum**: The macro and fundamental factors resonate, and the aluminum price is strong. It is recommended to expect the aluminum price to rise in an oscillatory manner, stay on the sidelines for arbitrage and options [87]. - **Cast Aluminum Alloy**: The seasonal peak season arrives, and the alloy price rises with the aluminum price. It is recommended to expect the alloy price to rise with the aluminum price, consider the long AD short AL arbitrage, and stay on the sidelines for options [90]. - **Zinc**: Hold the profitable long positions. It is recommended to hold the long positions, consider the buy SHFE sell LME operation, and stay on the sidelines for options [95]. - **Lead**: Pay attention to the resumption of production of secondary lead. It is recommended to focus on the resumption process, stay on the sidelines for arbitrage and options [97].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The asphalt market is under pressure with local spot prices falling. The current fundamental situation of asphalt is weak, with sluggish terminal demand and concentrated release of long - term refinery resources, suppressing the spot market. Without significant fluctuations in the cost side, the market is expected to continue weak and volatile [2]. 3) Summary According to Related Catalogs Market Analysis - On November 3, the closing price of the main asphalt futures contract BU2601 in the afternoon session was 3,233 yuan/ton, down 19 yuan/ton or 0.58% from the previous settlement price. The open interest was 207,852 lots, a net increase of 7,905 lots, and the trading volume was 263,304 lots, a net increase of 82,215 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast 3,406 - 3,750 yuan/ton; Shandong 3,150 - 3,620 yuan/ton; South China 3,370 - 3,520 yuan/ton; East China 3,410 - 3,500 yuan/ton [1]. - Spot prices in North China, Shandong, South China, and Sichuan - Chongqing regions fell, while those in other regions remained relatively stable [2]. Strategy - Unilateral: Weak and volatile, with a short - term focus on waiting and seeing. - Inter - period: No strategy. - Cross - variety: No strategy. - Futures - spot: No strategy. - Options: No strategy [3].

Report Industry Investment Rating - Unilateral: Neutral; short - term weak and volatile [2] - Inter - period: None [2] - Inter - variety: None [2] Core Viewpoints - The peak of device maintenance has passed. Although there is a phased reduction in supply, the supply remains loose. Demand is mainly rigid, and it is difficult to see significant improvement. International oil prices have risen slightly, and the rise in the price of external propane has increased cost support and narrowed PDH profits. The supply - demand fundamentals of propylene remain loose, and attention should be paid to the impact of the cost side and the registration of warehouse receipts in South China [2] Summary by Directory 1. Propylene Basis Structure - Propylene basis data includes the closing price of the main contract, East China basis, North China basis, 01 - 05 contract price, East China market price, and Shandong market price [5][8][10] 2. Propylene Production Profit and Capacity Utilization - Data on propylene production profit and capacity utilization include the difference between China CFR propylene and Japan CFR naphtha, propylene capacity utilization, PDH production profit, PDH capacity utilization, MTO production profit, methanol - to - olefin capacity utilization, naphtha cracking production profit, and crude oil refinery capacity utilization [15][17][18] 3. Propylene Import and Export Profit - Data on propylene import and export profit include the price differences between South Korea FOB and China CFR, Japan CFR and China CFR, Southeast Asia CFR and China CFR, and propylene import profit [30][32] 4. Propylene Downstream Profit and Capacity Utilization - Data on propylene downstream profit and capacity utilization include the production profit and capacity utilization of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [38][40][47] 5. Propylene Inventory - Propylene inventory data includes propylene factory inventory and PP powder factory inventory [65]

今年以来，全球原油市场供应格局深度调整，广东石化加工的原油性质进入高频波动期，硫含量、黏度 等关键指标持续漂移，给沥青生产稳定性维持和针入度、软化点等核心质量指标控制带来严峻挑战。 中化新网讯 10月26日，随着最后一罐沥青确认全项指标合格，广东石化单月沥青产量突破10万吨大 关，创该公司沥青生产最高纪录，较去年同期增长67%，比9月提升50%。 面对这一难题，广东石化快速响应，通过建立原油性质动态数据库，实时跟踪原油指标变化，量身打 造"一油一策"精细化生产方案，核心通过精准调控常减压装置渣油与蜡油配比，实现原料特性与装置工 艺最优适配，确保沥青产品质量始终稳定达标，为高产优质筑牢技术根基。 ...

2025清华大学"碳中和经济"论坛由清华大学、中国石化指导，清华大学经济管理学院、清华大学碳中和 研究院、国际CCUS技术创新合作组织与中国经济出版社共同主办。来自相关单位的400余人参加论 坛。论坛已连续举办5届，汇聚了清华大学和产业界的前沿研究和产业实践成果，致力于打造高水平交 流平台，为实现"双碳"目标贡献方案、智慧和力量。 清华大学校长李路明表示，推进碳达峰、碳中和是党中央作出的重大战略决策，是推动高质量发展的内 在要求。大学是教育、科技、人才天然的结合点，在服务"双碳"战略中承担重要责任。 论坛当天上午，2025"碳中和生态伙伴"计划开班。该计划是中国石化与清华大学共同探索的校企合作、 产教融合新路径，旨在搭建跨学科、跨领域交流平台。此次开班的研学计划将着力培养一批具有国际视 野、创新精神和实战能力的碳中和领域领军人才，为我国碳中和政策制定提供技术支撑，推动碳中和产 业链合作，促进绿色低碳产业发展。 转自：北京日报客户端 10月31日，2025清华大学"碳中和经济"论坛在北京举办。论坛以"新起点 碳未来"为主题，设有"碳未 来：共探产业机遇""新起点：创新破万卷"两个主题论坛，来自相关领域的知名专家 ...

Market Overview - On November 3, the pure benzene market price experienced a rise followed by a correction, with the index still up compared to last Friday. The overnight price of raw materials increased, and the futures prices of pure benzene and styrene saw significant gains, leading to higher trading levels for pure benzene. However, in the afternoon, the futures prices of styrene and increased dock arrivals led to a gradual reversal of gains, with a short maintenance plan for a reforming and disproportionation unit in South China. The forward structure of pure benzene remains in a premium state [1] Supply and Demand - As of October 30, the production of petroleum benzene reached 428,900 tons, an increase of 2,800 tons, with an operating rate of 74.10%, up by 1.37%. This period saw the restart of reforming units in Sinopec and others. The capacity statistics now include the reforming unit of Henan Fengli Petrochemical, while the cracking and reforming units of Qilu Petrochemical and Dalian Petrochemical are no longer included, changing the capacity base to 27.54 million tons per year [2] - As of November 3, the total commercial inventory of pure benzene at Jiangsu ports was 121,000 tons, an increase of 36,000 tons from the previous period. The overall operating rate of downstream sectors has decreased. The operating rate for styrene is at 66.72%, down by 2.5%, phenol at 78.00%, unchanged, caprolactam at 86.06%, down by 2.6%, and aniline at 78.57%, up by 1.2% [3] Market Outlook - In November, several units for pure benzene are expected to restart, coupled with anticipated new capacity, leading to a continued loose supply of pure benzene domestically. On the demand side, most downstream products are operating at a loss, and some secondary downstream inventories are high, particularly as styrene units face shutdowns and planned maintenance, limiting demand support. Due to the high number of shutdowns in the northern downstream, surplus pure benzene is being smoothly sold to East China, resulting in an increase in inventory at East China ports. Overall, the supply-demand outlook for pure benzene remains loose, with expectations of weak price drivers. However, considering the low valuation of pure benzene, attention should be paid to unit changes. In the short term, BZ2603 is expected to have weak self-driven momentum, with a strategy to short on price increases [4]