Core Viewpoint - The oil and chemical industry must actively adapt to the global green economic transformation by enhancing carbon sinks and reducing carbon emissions, while embracing low-carbon development principles and exploring new technologies and markets [1][2] Group 1: Industry Transformation - Companies need to proactively layout new technologies, industries, and markets to seize opportunities arising from policy changes and enhance their competitive resource base [1] - The development of green acetylene production technology by Zhejiang University’s plasma engineering team can significantly reduce carbon emissions, with potential annual reductions of at least 140 million tons of CO2 nationwide [1] Group 2: Energy Efficiency and Innovation - Chemical companies should accelerate the elimination of high-energy-consuming equipment and outdated production capacity, focusing on clean and efficient energy use [2] - Guangzhou Petrochemical has established a hydrogen fuel cell hydrogen supply center, producing high-purity hydrogen with a purity of 99.999% from by-products, enhancing production efficiency and safety [2] Group 3: Commitment to Sustainability - The industry is encouraged to establish carbon footprint management systems and pursue ecological and green development paths, promoting coordinated actions for carbon reduction, pollution reduction, and green expansion [2]

吉化数据中心党委、纪委组建4人专项监督检查组，制订《检修项目选商谈判专项监督检查实施方 案》，通过专题会议集中培训、明确分工，为监督工作提供制度与人员保障；采取列席会议、现场监 督、审阅材料、面对面交流等方式，进行"定期检查+不定期抽查"，对查出的问题下发监察建议书，督 促相关单位提交整改反馈报告；修订完善相关制度，着力构建"事前审核流程、事中监督过程、事后复 盘评估"的全链条监督机制，实现"问题整改—制度完善"闭环管理。 中化新网讯 日前，针对2家承包商在UPS抢修、蓄电池充放电及蓄电池拆除施工项目中存在管理不规范 的问题，吉林石化公司数据中心出台硬核措施，强化承包商监督管理。 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalog - **Commodity Prices** - Crude oil price on November 4, 2025, was $582.38 per ton, up 0.32% from the previous value of $580.50 [1] - Northeast Asia ethylene price index was $741.00 per ton on November 3, 2025, unchanged from the previous value [1] - East China ethylene oxide ex - factory price was $6000.00 per ton on November 4, 2025, up 50.00 from the previous value [1] - Inner Mongolia brown coal (tax - included) pit price was $290.00 per ton on November 3, 2025, unchanged from the previous value [1] - Main contract settlement price of a certain product was $4000.00 per ton on November 3, 2025, up 0.0% from the previous value, and the close price of the near - month contract was $3891.00 per ton, up 0.16% [1] - East China market intermediate price of ethylene glycol was $4110.00 per ton on November 3, 2025, up 100.00 from the previous value [1] - Near - far price difference was $35.00 per ton on November 3, 2025, and the basis difference was -$12.00 per ton [1] - Ethylene glycol comprehensive index was 64.41 on November 3, 2025, unchanged from the previous value [1] - Oil - based ethylene glycol operating rate was 66.57% on November 3, 2025, unchanged from the previous value; coal - based ethylene glycol operating rate was 61.16% on November 3, 2025, unchanged from the previous value [1] - PTA industry plant load rate was 89.68% on November 3, 2025, up 0.22% from the previous value; Jiangsu and Zhejiang PTA weaving machine industry load rate was 72.28% on November 3, 2025, unchanged from the previous value [1] - Outer - plate oil - based ethylene glycol price was $1362.11 per ton on November 1, 2025, down $145.90 from the previous value [1] - After - tax gross profit of a certain coal - based synthetic gas method device was $1450.33 per ton on November 3, 2025, up $37.29 from the previous value [1] - Polyester price index was $8500.00 per ton on November 3, 2025, up 0.9% from the previous value; polyester staple fiber price index was $6340.00 per ton on November 3, 2025, up 0.16% from the previous value; bottle - grade chip price index was $5730.00 per ton on November 3, 2025, up 0.3% from the previous value [1]

Core Insights - China Petrochemical Corporation (Sinopec) is accelerating the development of strategic emerging industries, focusing on clean energy and innovative technologies to transform its traditional energy and chemical operations into a more sustainable model [1][4]. Group 1: Strategic Emerging Industries - Strategic emerging industries represent the direction of a new round of technological revolution and industrial transformation, with significant emphasis on new-generation information technology, artificial intelligence, biotechnology, new energy, and new materials [1]. - Sinopec is actively cultivating and expanding these industries, transitioning from traditional chemical production to a model that integrates traditional and emerging sectors [1][4]. Group 2: Geothermal Energy Development - Sinopec's geothermal heating capacity has reached 12 million square meters, replacing approximately 2.3 million tons of standard coal annually and reducing carbon dioxide emissions by over 5.9 million tons [4]. - The company has successfully implemented deep geothermal exploration projects, enhancing its capabilities in geothermal heating and power generation [2][4]. Group 3: Hydrogen Energy Initiatives - Sinopec's hydrogen production capacity currently stands at 4.45 million tons per year, with ongoing projects in seawater hydrogen production and integrated wind-solar hydrogen production [11]. - The company aims to establish itself as China's leading hydrogen energy company, with plans to create a comprehensive hydrogen energy industry chain that includes production, infrastructure, and application scenarios [10][12]. Group 4: Technological Innovation - Sinopec is focusing on technological innovation as a core driver for both traditional industry upgrades and the growth of emerging sectors, particularly in high-end materials [6]. - The company has made significant advancements in carbon fiber technology, achieving breakthroughs in large tow carbon fiber production, which is crucial for various high-tech applications [7]. Group 5: Clean Energy Projects - The Xinjiang Kuqa green hydrogen demonstration project is China's first large-scale initiative utilizing photovoltaic power for hydrogen production, showcasing a complete process from solar energy generation to hydrogen storage and transportation [8][9]. - Sinopec is also expanding its clean energy portfolio with projects in wind, solar, and other renewable energy sources, contributing to a low-carbon industrial system [5][12].

Report Overview - The report is a fuel oil morning report released by the Energy and Chemicals Team of the Research Center on November 4, 2025, focusing on fuel oil market data and analysis [3]. Report Industry Investment Rating - Not provided in the report. Core Viewpoints - This week, the 380 fuel oil crack spread fluctuated, the monthly spread weakened month-on-month, the basis fluctuated weakly, the European HSFO crack spread strengthened, and the EW weakened significantly. The 0.5 low-sulfur crack spread in Singapore fluctuated at a low level, and the monthly spread and basis fluctuated at a low level [6]. - In terms of inventory, Singapore's residual fuel oil stocks increased, floating storage increased, ARA's residual fuel oil stocks decreased, floating storage increased, and EIA's residual fuel oil stocks decreased slightly [6]. - In terms of shipments, Russia's residual fuel oil shipments rebounded this week but were still low year-on-year. In October, Russia's overall residual fuel oil shipments decreased month-on-month. Saudi Arabia's residual fuel oil shipments fluctuated at a high level, the UAE's shipments decreased month-on-month. Singapore's arrivals were neutral this week, and China's residual fuel oil arrivals increased month-on-month [7]. - This week, the domestic and foreign spreads of high and low sulfur rebounded significantly. The external low-sulfur market remained weak. The fundamentals of high-sulfur in Singapore were poor, but the EW and raw material premiums supported the 380 crack spread, showing a short-term fluctuating pattern [7]. Market Data Summary Rotterdam Fuel Oil Swap Data | Type | 2025/10/28 | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 389.26 | 390.02 | 392.05 | 393.07 | 384.30 | -8.77 | | Rotterdam 0.5% VLS FO Swap M1 | 411.42 | 417.07 | 417.96 | 416.37 | 419.61 | 3.24 | | Rotterdam HSFO - Brent M1 | -2.31 | -3.04 | -2.63 | -2.40 | -3.40 | -1.00 | | Rotterdam 10ppm Gasoil Swap M1 | 680.86 | 689.14 | 691.99 | 688.48 | 675.04 | -13.44 | | Rotterdam VLSFO - Gasoil M1 | -269.44 | -272.07 | -274.03 | -272.11 | -255.43 | 16.68 | | LGO - Brent M1 | 28.62 | 29.11 | 29.43 | 28.89 | 27.83 | -1.06 | | Rotterdam VLSFO - HSFO M1 | 22.16 | 27.05 | 25.91 | 23.30 | 35.31 | 12.01 | [4] Singapore Fuel Oil Swap Data | Type | 2025/10/28 | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 383.93 | 373.72 | 373.35 | 375.53 | 381.30 | 5.77 | | Singapore 180cst M1 | 389.68 | 380.28 | 378.91 | 382.28 | 391.34 | 9.06 | | Singapore VLSFO M1 | 443.72 | 438.46 | 443.70 | 449.25 | 456.36 | 7.11 | | Singapore Gasoil M1 | 91.15 | 89.63 | 90.58 | 92.03 | 89.03 | -3.00 | | Singapore 380cst - Brent M1 | -3.23 | -4.56 | -4.93 | -4.98 | -4.30 | 0.68 | | Singapore VLSFO - Gasoil M1 | -230.79 | -224.80 | -226.59 | -231.77 | -202.46 | 29.31 | [4] Singapore Fuel Oil Spot Data | Type | 2025/10/28 | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 383.42 | 372.68 | 372.56 | 374.81 | - | - | | FOB VLSFO | 441.88 | 437.28 | 442.83 | 448.61 | 456.00 | 7.39 | | 380 Basis | -1.15 | -1.80 | -1.95 | -1.75 | -3.75 | -2.00 | | High - Sulfur Domestic - Foreign Spread | 10.2 | 10.4 | 9.1 | - | 8.0 | - | | Low - Sulfur Domestic - Foreign Spread | 13.4 | 12.6 | 14.3 | - | 10.2 | - | [5] Domestic FU Data | Type | 2025/10/28 | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2818 | 2796 | 2751 | 2745 | 2790 | 45 | | FU 05 | 2756 | 2744 | 2713 | 2712 | 2755 | 43 | | FU 09 | 2675 | 2672 | 2657 | 2653 | 2683 | 30 | | FU 01 - 05 | 62 | 52 | 38 | 33 | 35 | 2 | | FU 05 - 09 | 81 | 72 | 56 | 59 | 72 | 13 | | FU 09 - 01 | -143 | -124 | -94 | -92 | -107 | -15 | [5] Domestic LU Data | Type | 2025/10/28 | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3273 | 3246 | 3255 | 3268 | 3335 | 67 | | LU 05 | 3237 | 3212 | 3223 | 3239 | 3288 | 49 | | LU 09 | 3262 | 3235 | 3237 | 3252 | 3288 | 36 | | LU 01 - 05 | 36 | 34 | 32 | 29 | 47 | 18 | | LU 05 - 09 | -25 | -23 | -14 | -13 | 0 | 13 | | LU 09 - 01 | -11 | -11 | -18 | -16 | -47 | -31 | [6]

Macro Analysis - The report indicates that the current macro environment in Japan is conducive to moderate economic growth, with manageable debt sustainability, improving consumer sentiment, and favorable manufacturing investment trends [1] - The report anticipates an upward potential for the yen by 2026, while the Japanese stock market's previous gains have largely reflected policy expectations, suggesting that future market momentum will depend on the effectiveness of policy implementation [1] Financial Engineering - The report predicts a year-on-year decline in profit for the coal, steel, and cement industries, while float glass profitability is expected to show positive growth [2] - A slight decrease in the breeding sow inventory is noted, with stable recovery potential for pork prices expected until Q1 of next year [2] - Weak PMI data and housing sales indicate a need to monitor the potential resumption of infrastructure support expectations [2] Real Estate - In October, the sales of the top 10 and top 100 real estate companies increased by 6% and 4% month-on-month, respectively, but year-to-date sales show a decline of 16% and 17% year-on-year [3] - The report recommends focusing on structurally strong companies with high product reputation and strong sales rankings in core cities, such as China Merchants Shekou and China Jinmao [3] - Long-term growth potential in property services is highlighted, with recommendations for companies like China Merchants Jiyu and Greentown Service [3] Petrochemical - OPEC+ announced a production increase of 137,000 barrels per day in December and a pause in production plans from January to March 2026, which is expected to support oil prices in the short term [4] - The report maintains a positive outlook on the long-term investment value of major oil companies amid ongoing geopolitical uncertainties [4] Company Research - Sanyou Chemical's profitability has declined due to falling soda ash prices, leading to a downward revision of profit forecasts for 2025-2027 [7] - Aokai Co. has seen a continuous improvement in performance, although profit forecasts for 2025-2027 have been adjusted downward due to weaker-than-expected downstream demand [8] - Qiaoyuan Co. has optimized its product structure and expanded its market, resulting in an upward revision of profit forecasts for 2025-2026 [9] - Xiyes Co. reported a 17.81% year-on-year increase in revenue for the first three quarters of 2025, with a 35.99% increase in net profit [10] - China Metallurgical Group's revenue and net profit have declined significantly, but new contracts have shown positive growth [11] - Times Electric's revenue grew by 14.9% year-on-year, with a stable growth outlook for its rail transit equipment business [12] - Oulutong's revenue reached a record high in Q3, driven by strong demand for high-power server power supplies [13] - Junshi Biosciences has adjusted its profit forecasts downward due to ongoing R&D investments and the gradual ramp-up of product sales [14] - Jinjiang Hotels reported a decline in revenue but an increase in net profit margin, leading to a downward revision of profit forecasts for 2025-2027 [15]

s 加安期货 沥青早报 | | 指标 | 9/30 | 10/28 | 10/30 | 10/31 | 11/3 | 日度变化 | 팀 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基差&月差 | 山东基差(+80)(弘润) | 126 | 11 | 6 | 6 | 7 | | | | | 华东基差(镇江库) | 66 | 121 | 106 | 106 | 117 | 11 | | | | 华南县差(佛山库) | 56 | 101 | 126 | 146 | 87 | -59 | | | | 12-01 | 17 | 10 | 15 | 10 | 0 | -10 | | | | 12-03 | 5 | -12 | -6 | -16 | -32 | -16 | | | | 01-02 | -5 | -7 | -5 | -12 | -13 | - 1 | | | | BU主力合约(01) | 3424 | 3279 | 3254 | 3244 | 3233 | -11 | | | | 成交量 | 229798 | 225747 | 212 ...

Core Viewpoint - The strategic share transfer between China Mobile and China National Petroleum Corporation (CNPC) aims to deepen cooperation and enhance collaboration in technology and energy sectors, with both companies emphasizing the potential for mutual benefits and development opportunities [2][4]. Group 1: Share Transfer Details - China Mobile announced the transfer of 41.9813 million A-shares to CNPC, which represents 0.19% of its total shares. Following the transfer, China Mobile Group's ownership will decrease from 69.05% to 68.85% [3]. - CNPC will hold 0.19% of China Mobile's total shares after the transfer, which is subject to approval from the State-owned Assets Supervision and Administration Commission [3]. Group 2: Strategic Cooperation - The share transfer is intended to strengthen strategic collaboration between China Mobile and CNPC, particularly in areas such as information technology and smart energy, aiming to unlock new potential in digital integration [4]. - In September, CNPC announced a similar transfer of 541 million A-shares to China Mobile, representing 0.30% of its total shares, with the goal of enhancing strategic cooperation and optimizing the shareholding structure [4]. Group 3: AI and Digital Transformation Initiatives - In May, China Mobile and CNPC, along with Huawei and iFlytek, signed an agreement to promote the development and application of large AI models in the energy and chemical industries [5]. - A strategic cooperation agreement was signed in January 2024, focusing on integrating new information technologies with the energy sector, covering areas such as digital transformation, 5G applications, and financial services [5]. - China Mobile views AI as a key growth driver, with plans to increase investment in AI initiatives, expecting a rise in direct revenue from AI solutions, including those tailored for CNPC [5][6]. Group 4: Market Implications and Benefits - The share transfer is expected to yield dual benefits of strategic synergy and market value management, enhancing the financial stability and market vitality of both companies [6]. - The cross-holding model is seen as a stabilizing factor, reducing the likelihood of share sell-offs and improving the companies' financing capabilities [6].

Core Viewpoint - The potential delisting of Chinese companies from U.S. stock markets has significant implications for both the U.S. and global capital markets, driven by regulatory changes, geopolitical tensions, and strategic adjustments by companies [1][4][12]. Group 1: Reasons for Delisting - Regulatory changes, particularly the 2020 Foreign Companies Accountability Act, have created a dilemma for Chinese companies, forcing them to choose between compliance with U.S. regulations and adherence to Chinese laws [4]. - Geopolitical factors have intensified scrutiny on Chinese enterprises, especially state-owned enterprises (SOEs), with increasing calls from U.S. lawmakers for their delisting [4]. - Companies are reassessing the costs and benefits of being listed in the U.S. due to rising compliance costs and lower market valuations, leading to a trend of returning to domestic markets [5]. Group 2: Market Impact - The delisting of SOEs could reduce liquidity and diversity in the U.S. capital markets, as Chinese companies have become a significant part of exchanges like NASDAQ and NYSE [5]. - In 2024, 61 Chinese companies raised $3.02 billion in the U.S., a substantial increase from $931 million in 2023, indicating the importance of this financing channel [5]. - The global market landscape is shifting, with the total market capitalization of Chinese markets (including mainland and Hong Kong) exceeding $17.6 trillion, reflecting a growing share of the global market [5][9]. Group 3: Investor Reactions - The potential delisting of major companies like Alibaba could lead to a 7% loss in market value that cannot be recovered through the Hong Kong market, affecting international investors [6]. - In extreme scenarios, U.S. investors might be forced to sell up to $800 billion in Chinese assets, while Chinese investors could withdraw up to $1.7 trillion from U.S. financial assets [8]. - The shift in capital flows may create both challenges and opportunities for the Chinese capital market, with a potential influx of high-quality companies returning to domestic exchanges [8][9]. Group 4: Long-term Outlook - While the U.S. capital market remains dominant, its relative share may decline over time as emerging markets like China and India grow [12]. - The current situation reflects a broader trend towards a more multipolar global financial system, necessitating adaptability from both investors and companies [10][12].

Investment Rating - The report suggests a strong upward expectation for oil prices in the medium to long term, indicating a potential for significant investment opportunities in the sector [6]. Core Insights - OPEC+ has agreed to maintain its production increase of 137,000 barrels per day for December, with a pause in production increases expected in Q1 2026 due to seasonal demand factors [2][3]. - The cumulative production increase by OPEC+ is projected to reach approximately 2.9 million barrels per day by April 2025, with actual increases as of September 2023 at 2.11 million barrels per day, leaving room for an additional 800,000 barrels per day [3]. - The report highlights that geopolitical factors and the pace of domestic strategic oil reserve replenishment are key variables that could alter the supply-demand balance expected in 2026 [4]. - Non-OPEC supply, particularly from U.S. shale oil and offshore production in Brazil and Guyana, is a focal point for market observers, with U.S. production in October 2023 averaging 13.64 million barrels per day, an increase of 110,000 barrels per day year-on-year [5]. Summary by Sections OPEC+ Production Strategy - OPEC+ has decided to pause production increases in Q1 2026, which is seen as a response to seasonal demand trends rather than a shift towards a price war [3]. - The report anticipates that OPEC+ may resume production increases after Q1 2026, influenced by ongoing developments in non-OPEC production and geopolitical dynamics [3][4]. Geopolitical and Market Dynamics - The report notes that geopolitical tensions, particularly sanctions on Russia, could lead to short-term supply shortages but are more likely to result in shifts in trade routes rather than a significant reduction in supply [4]. - The potential for actual supply losses from Venezuela and Nigeria, along with the pace of U.S. strategic reserve replenishment, could significantly impact the supply-demand outlook for 2026 [4]. Non-OPEC Supply Trends - The report emphasizes the rapid growth of offshore oil production, particularly in Brazil and Guyana, with Brazil's production in September 2023 increasing by 410,000 barrels per day year-on-year [5]. - The performance of large oil companies versus independent producers in the U.S. shale sector shows a divergence, with larger firms generally performing better [5]. Investment Recommendations - The report suggests that if the pace of U.S. strategic reserve replenishment exceeds expectations or if geopolitical risks escalate, the outlook for supply-demand balance in 2026 could be revised positively [6]. - The midstream and downstream sectors are expected to stabilize and improve, with a focus on leading companies in these areas for long-term investment value [6].