中国石化回应投资收益亏损38亿元：系衍生品结算会计表现及下游联合营公司业绩影响 金十数据4月29日讯，在2025年第一季度业绩说明会上，中国石化财务总监寿东华回应公司一季度投资 收益同比下降69.9%至16.47亿元、亏损38.25亿元时表示，中国石化开展商品类金融衍生品业务符合金 融衍生品业务的监管要求，配合实货经营需求，运行规范，实现了平抑价格波动、防范市场风险的目 标。一季度公司衍生品业务经营健康稳健，投资收益中的套期保值业务盈亏变动是衍生品业务结算在会 计上的体现。另外，中国石化联合营公司主要以下游业务为主，一季度业绩同比有所下降。 （一财） ...

Core Viewpoint - The new leadership of the China Petroleum and Chemical Industry Federation emphasizes the importance of the petroleum and chemical industry as a pillar of the national economy and its critical role in achieving China's modernization goals [5][6]. Group 1: Industry Importance - The petroleum and chemical industry is recognized as a vital support for national economic development, social stability, and national defense security [5]. - The industry has been highlighted by President Xi Jinping as essential for energy security and economic stability, with calls for high-quality development and contributions to national goals [5][6]. Group 2: Four Services - The Federation's mission includes serving the country, society, the public, and the industry, which are seen as fundamental responsibilities and the foundation of its existence [6][7][8]. - The focus on "Four Services" aims to align the Federation's work with national strategies and enhance its role in promoting high-quality development within the industry [6][7]. Group 3: Strategic Initiatives - The Federation plans to enhance its role as a strategic think tank, innovation platform, and service hub, focusing on seven key areas to support industry growth [10]. - Initiatives include improving industry monitoring, promoting modern industrial systems, fostering technological innovation, and advancing digital transformation [11][12][13][14][15][16][17]. Group 4: Governance and Compliance - Strengthening governance and compliance is deemed essential for the Federation's sustainable development, with a focus on establishing effective systems and enhancing operational transparency [19][20]. - The Federation aims to create a fair competitive environment through self-regulation and adherence to industry standards [19][20]. Group 5: Talent and Cultural Development - Emphasis is placed on talent development and cultural building within the industry to ensure a robust workforce capable of meeting future challenges [22][23]. - The Federation seeks to cultivate a culture of innovation and respect, drawing on historical industry values to enhance its brand and public image [23].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the context of trade conflicts, it is expected that starting from the April PMI, data will gradually reflect the pressure, increasing the urgency to boost domestic demand. A loose monetary environment is needed, and short - and medium - term treasury bond yields are expected to decline significantly, followed by long - term bond yields potentially breaking previous lows [28]. - The bond market may evolve in a volatile manner, more likely to break downward. Long - term bonds are more cost - effective, and it is recommended to maintain a duration above neutral [28]. - For REITs, project fundamentals show increasing differentiation. In the second quarter, rental housing, consumption, and public utility projects may maintain resilience, while industrial parks and logistics warehousing projects may face headwinds [28]. - The current fundamentals are favorable for the bond market. It is advisable to buy on dips. Interest rates are expected to be narrowly volatile before the end of April and more volatile from May to June, with a possibility of breaking previous lows [29]. - Since April, external tariff shocks have affected domestic manufacturing and emerging industries. In the future, attention should be paid to the recovery of external demand, the development of emerging markets, and the implementation of domestic stimulus policies [29]. 3. Summary by Directory 3.1 Macro Data Quick View - In March 2025, GDP at constant prices had a quarterly year - on - year growth of 5.40%, the same as the previous period and slightly higher than the same period last year [1]. - The manufacturing PMI was 50.50%, up from the previous period but lower than the same period last year; the non - manufacturing PMI for business activities was 50.80%, also up from the previous period but lower than the same period last year [1]. - The Caixin manufacturing PMI was 51.20%, and the Caixin service industry business activity index was 51.90%, both showing an upward trend from the previous period [1]. - The year - on - year growth rates of M0, M1, and M2 in March 2025 were 11.50%, 1.60%, and 7.00% respectively, with M0 and M1 increasing compared to the previous period, while M2 remained the same [1]. - The CPI in March 2025 had a year - on - year decline of 0.10%, narrowing from the previous period; the PPI had a year - on - year decline of 2.50%, slightly deeper than the previous period [1]. - The cumulative year - on - year growth rates of fixed - asset investment (excluding rural households) and total retail sales of consumer goods were 4.20% and 4.60% respectively, showing a slight upward trend compared to the previous period [1]. - The year - on - year growth rates of export and import values in March 2025 were 12.40% and - 4.30% respectively, with exports rebounding strongly from the previous period and imports declining [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - China will introduce measures to stabilize employment, the economy, and promote high - quality development, including supporting employment, stabilizing foreign trade, promoting consumption, expanding effective investment, and creating a stable development environment [2][3][17]. - On April 28, 38 domestic commodity varieties had positive basis, and 24 had negative basis. Yarn, Zhengzhou cotton, and pulp had the largest basis, while butadiene rubber, strong wheat, and common wheat had the smallest [4]. 3.2.2 Metals - Sichuan Yajiang has proven lithium ore resources of 2.2 billion tons, ranking first in the world in terms of proven pegmatite - type lithium ore reserves [6]. - In the first quarter of 2025, China increased its gold reserves by 12.75 tons, with a total of 2292.33 tons by the end of March. Domestic raw - material gold production increased by 1.49% year - on - year, while consumption decreased by 5.96%. The trading volume and turnover of the domestic gold market increased significantly [6]. - The global refined copper market is expected to have a supply surplus of 28.9 tons in 2025 and 20.9 tons in 2026 [6]. 3.2.3 Coal, Coke, Steel, and Minerals - The Indian government is working to ensure a fair competition environment to prevent the impact of cheap imports on the steel market, and the country's steel ministry plans to increase coking coal imports [8][9]. - The US and Ukraine may sign a mineral framework agreement this week [10]. 3.2.4 Energy and Chemicals - Sinopec's net profit attributable to shareholders in the first quarter of 2025 was RMB 13.975 billion, and the net cash flow from operating activities increased by RMB 21.9 billion year - on - year [12]. - The National Energy Administration issued measures to promote the development of the private economy in the energy sector, including exploring financing channels and supporting private enterprises in the energy field [12]. - In March 2025, there were 4455 new on - record new - energy power generation projects (excluding household photovoltaic) in China, mainly photovoltaic projects [12]. 3.2.5 Agricultural Products - Malaysia exported 923,893 tons of palm oil from April 1 to 25 [14]. - Japan may increase imports of US - produced corn as a bargaining chip in tariff negotiations [14]. 3.3 Financial News Compilation 3.3.1 Open Market - On April 28, the central bank conducted 279 billion yuan of 7 - day reverse repurchase operations, with a net investment of 103 billion yuan [16]. 3.3.2 Key News - China will introduce measures to stabilize employment, the economy, and promote high - quality development, with specific measures in multiple aspects [17]. - The central bank may cut reserve requirements and interest rates in a timely manner, and is researching new policy tools [17]. - In March 2025, local governments in China issued a total of 978.8 billion yuan in bonds, including 174.8 billion yuan in general bonds and 804 billion yuan in special bonds [18]. 3.3.3 Bond Market Review - Treasury bond futures mostly rose, and the yields of major interest - rate bonds in the inter - bank market mostly declined. The inter - bank market funds were generally stable [23]. - The CSI Convertible Bond Index closed down 0.54%, and the Wande Convertible Bond Equal - Weighted Index fell 0.86% [24]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.2995, down 163 points from the previous trading day. The RMB central parity rate against the US dollar was raised by 23 points [27]. - The US dollar index fell 0.65%, and non - US currencies generally rose [27]. 3.3.5 Research Report Highlights - Different securities firms have different views on the bond market and REITs, including yield trends, investment strategies, and project fundamentals [28][29]. 3.3.6 Today's Reminders - On April 29, 217 bonds were listed, 88 bonds were issued, 132 bonds were settled, and 302 bonds repaid principal and interest [30]. 3.4 Stock Market Key News - A - share major indices adjusted, with consumption and real - estate sectors performing poorly and bank stocks strengthening. The Shanghai Composite Index fell 0.2%, the Shenzhen Component Index fell 0.62%, and the ChiNext Index fell 0.65% [31][32]. - The Hong Kong Hang Seng Index fell 0.04%, and the Hang Seng Technology Index rose 0.12% [32]. - The Taiwan Weighted Index rose 0.81% [33]. - As of April 28, 4706 A - share listed companies disclosed their first - quarter reports, with about 45.07% achieving year - on - year profit growth [33]. - Since April, 236 A - share companies have been surveyed by foreign institutions, mainly in sectors such as overseas expansion, consumer electronics, and pet economy [33]. - Multiple fund companies received notices of index license fee reduction, with the fee generally discounted by 20% [34][35].

Investment Rating - The investment rating for the company is "Buy" [9][10] Core Views - The company's Q1 revenue was 735.4 billion RMB, showing a decrease of 7% quarter-on-quarter but an increase of 4% year-on-year. The net profit attributable to shareholders was 13.3 billion RMB, which is a decrease of 28% quarter-on-quarter but an increase of 119% year-on-year [1] - The report highlights that the traditional business faces profit pressure, while non-oil business shows promising performance. The chemical sector has reduced losses, and the marketing segment's non-oil business has exceeded expectations [1][4][5] - The report maintains a positive outlook for the company's profitability recovery in the refining industry post-2025, supported by its integrated advantages and transformation into new materials [6] Summary by Sections Financial Performance - Q1 oil production was 69.5 million barrels, down 1.2% year-on-year, with an average oil price of 71.5 USD/barrel, down 5.2%. Natural gas production increased by 5.1% to 368.4 billion cubic feet [2] - The refining segment's Q1 operating profit dropped significantly by 44.3 billion RMB to 19.8 billion RMB due to high oil inventory costs, with refining margins narrowing to 6.2 USD/barrel, down 13.9% year-on-year [3] - The marketing segment's total domestic refined oil sales decreased by 5.3% year-on-year, leading to a profit drop of 39.8 billion RMB to 39.7 billion RMB [4] Chemical Sector - The chemical segment's production of ethylene, synthetic resin, and fiber monomers increased by 18%, 17%, and 27% year-on-year, respectively. The segment's losses were reduced by 4.7 billion RMB year-on-year [5] Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 at 53.9 billion RMB, 58.8 billion RMB, and 61.6 billion RMB, respectively, with EPS projected at 0.44, 0.48, and 0.51 RMB [6] - The target prices are set at 6.82 RMB for A-shares and 4.73 HKD for H-shares, reflecting a valuation of 15.5x PE for 2025 [6]

液化石油气日报 | 2025-04-29 假期临近，厂家库存压力有限 市场分析 1、\t4月28日地区价格：山东市场，4790—4880；东北市场，4450—4630；华北市场，4760—4850；华东市场， 4750—4960；沿江市场，5200—5400；西北市场，4720—4900；华南市场，5050—5180。数据来源：卓创资讯 2、\t2025年5月下半月中国华东冷冻货到岸价格丙烷652美元/吨，涨6美元/吨，丁烷589美元/吨，稳定，折合人民 币价格丙烷5171元/吨，涨46元/吨，丁烷4671元/吨，跌2元/吨。（数据来源：卓创资讯） 3、\t2025年5月下半月中国华南冷冻货到岸价格丙烷649美元/吨，涨6美元/吨，丁烷586美元/吨，稳定，折合人民 币价格丙烷5147元/吨，涨46元/吨，丁烷4648元/吨，跌1元/吨。（数据来源：卓创资讯） 现货方面，市场整体价格稳中小涨，节前上游积极出货，下游有一定观望，逢低采购，整体厂家库存压力尚可。 国际原油价格近期呈现震荡反弹的态势，宏观情绪相比关税风波初期有所缓和，但不确定性仍然较多。供应方面， 上游整体供应充裕，近期随厂家大力出货，市场回归基本 ...

4月28日，京东汽车与埃克森美孚（中国）投资有限公司（以下称"美孚"）战略升级仪式暨新品发布会在北京举行。会上，双方宣布将在原有基 础上全面深化战略合作，美孚全新升级的美孚1号™曜石黑金系列产品在京东独家首发，同时包括美孚1号极光银在内的多款新品也可在京东线上线 下全渠道专享。活动现场，双方还签署了产品直供协议，通过精简仓储环节实现品牌产品仓库直发，让消费者养车服务效率快人一步。 除平台专供产品升级外，京东汽车与美孚以提升供应链效率和强化正品保障为核心，持续推动养车服务升级。双方签署直供合作协议，由美孚品牌大仓 直接向消费者发货，省去传统分销链路中的多级仓储与转运环节。这一模式通过京东汽车数字化供应链能力实现高效配送的同时，还深度融合"京东养车机 全链路服务再升级，产品直供实现养车服务"即买即装" 推新即爆，京东再次独家首发美孚旗下新品 自2020年达成战略合作以来，京东汽车与美孚的战略合作持续深化，基于京东汽车精准用户洞察与平台资源整合优势，双方成功打造出美孚1号、速霸 等多款平台专供爆品，实现新品上市即爆，斩获销量与口碑双丰收。2024年全新推出的京东线上专享美孚1号™曜石黑金系列表现尤为亮眼，不仅成为京 ...

Core Insights - The digital transformation of petrochemical equipment is crucial for enhancing production efficiency and ensuring safety in operations [1][2] - The integration of digital technologies across all stages of production and operation is reshaping the petrochemical industry [2][4] - The Chinese government is promoting the safety renovation of outdated petrochemical facilities as part of a broader strategy for sustainable development [1][2] Industry Developments - Digital technologies have been implemented in various scenarios, significantly improving production efficiency and product performance [2] - Companies like Chongqing Chuan Yi Automation Co., Ltd. have developed multiple products that break foreign technology monopolies, leading to the establishment of smart factories and digital production lines [2][3] - Jiangsu Huaying Valve Industry Co., Ltd. has utilized advanced computer technologies to enhance manufacturing efficiency and quality through interconnected data systems [3] Technological Advancements - High-precision and reliable smart instruments are essential for the digital and intelligent transformation of the petrochemical industry [4] - The application of digital technologies in equipment integrity management includes lifecycle optimization, real-time risk control, predictive maintenance, and data-driven decision-making [4] - The implementation of a two-level precision inspection system at Lanzhou Petrochemical has improved fault diagnosis accuracy from 10% to 75% [4] Challenges and Solutions - The industry faces challenges such as data silos, low interoperability of digital systems, and the need for comprehensive system redesigns [5][6] - The development of centralized control platforms for equipment management has shown to enhance operational efficiency and risk management [6] - Experts emphasize the importance of focusing on core data and key parameters rather than merely pursuing big data [7] Future Outlook - The transformation in the petrochemical sector is not just a technological upgrade but a comprehensive restructuring of production models, management thinking, and industrial ecosystems [7] - Continued improvement of standard systems and cross-industry collaboration will further support the digital transformation and high-quality development of the petrochemical industry [7]

// 热点聚焦 // 1、 我国将出台实施稳就业稳经济推动高质量发展的若干举措。在支持就业方面，主要包括鼓励企业积极稳定就业、加大职业技能培训力度、扩大以工代 赈等支持、加强就业公共服务等举措；在稳定外贸发展方面，主要包括"一业一策""一企一策"加大支持力度、帮助出口企业规避风险、扩大服务产品出 海、鼓励外资企业境内再投资等；在促进消费方面，主要包括扩大服务消费、强化失能老年人照护、推动汽车消费扩容、构建技能导向的薪酬分配制度 等；在积极扩大有效投资方面，主要包括完善消费基础设施、大力提振民间投资积极性、设立新型政策性金融工具等；在营造稳定发展的良好环境方面， 主要包括持续稳定和活跃资本市场、持续巩固房地产市场稳定态势、加大对实体经济的金融支持等。 这些若干举措将成熟一项、出台一项。 2、 中证协就《证券公司董事、监事、高级管理人员及证券从业人员投资行为管理指引（试行）（征求意见稿）》向行业征求意见。《意见稿》强化了关 键岗位人员管理。要求证券公司优化资源配置，加强对董事、监事、高级管理人员、部门及分支机构负责人、保荐代表人、财务顾问主办人、投资经理、 证券分析、证券投资顾问等关键岗位人员的投资行为管理。通过 ...

Core Viewpoint - Rongsheng Petrochemical has rapidly transformed from a fiber industry player to a global leader in the petrochemical sector, achieving significant milestones in its development and industry positioning [1]. Group 1: Company Development - Rongsheng Petrochemical has maintained its focus on core business and continuously strengthened its industrial capabilities over 30 years, achieving multiple upgrades in its industrial chain from weaving to refining [1]. - The company has broken the long-standing monopoly of Japan and South Korea in key petrochemical products, establishing a comprehensive industrial layout that emphasizes the integration of various processes [1]. - The completion of the Zhejiang Petrochemical 40 million tons integrated refining and chemical project marks a key milestone in the company's development and is vital for the region's economic growth [2]. Group 2: Project Achievements - The Zhejiang Petrochemical project, which began construction in July 2017, has achieved a processing capacity of 40 million tons per year for refining and 880,000 tons per year for paraxylene, among other capabilities [2]. - Since its commissioning in 2019, the project has processed a total of 180 million tons of crude oil and generated an industrial output value exceeding 1 trillion yuan, with fixed asset investment surpassing 270 billion yuan [2]. - The project has contributed over 160 billion yuan in total tax revenue, significantly boosting the local economy [2]. Group 3: Industry Positioning - Despite being a major player in the global petrochemical industry, there remains a supply gap in high-end materials, leading to reliance on imports from countries like the US, Japan, and South Korea [3]. - Rongsheng Petrochemical aims to leverage its existing industrial platform to expand into high-end materials, aligning with national development strategies and enhancing its competitive edge [3]. - The company is actively developing high-end new materials and high-performance resin projects, with a focus on expanding its production capacity in specialized synthetic materials and high-end synthetic materials [3].

第一财经每日精选最热门大公司动态。 【今日推荐】 美的格力都说自己是"空调第一名"， 数据提供方：引用数据为不同维度 4月27日晚间，美的集团和格力电器分别发布各自的2024年年度报告。在双方的财报中，美的集团 的表述为，"2024年，美的集团在家用空调等9个品类在国内线上与线下市场份额均列行业第一"；而 格力电器的表述为，"2024年格力品牌家用空调线上零售额份额为25.40%，位居行业第一"。针对两 家公司上述表述，引发许多股民和消费者质疑。对此，两家公司财报的数据提供方奥维云网回应媒体 称，两家公司财报引用数据维度有所不同。 时隔十年，小米再度登顶 库克对苹果AI进展失望？再次重组团队 据业内消息，库克已经将苹果的机器人团队转移至该公司的硬件部门，该部门由苹果高管约翰·特努 斯领导。在苹果智能（Apple Intelligence）功能推迟发布以来，库克一直在努力重组部分团队，例 如将Siri团队移交给苹果VisionPro部门主管迈克·罗克韦尔领导。最新的重组也暗示库克对该公司人 工智能和机器学习主管约翰·詹南德雷亚的失望。 赛力斯向港交所提交上市申请书 据港交所文件，赛力斯集团股份有限公司向港交所提 ...