数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年9月中国煤油产量为531万吨，同比增长8.4%；2025年1-9月中国煤油 累计产量为4462.5万吨，累计增长4%。 2020-2025年1-9月中国煤油产量统计图 上市企业：镇海股份（603637），中国石化（600028） 相关报告：智研咨询发布的《2025-2031年中国煤油行业市场运行格局及产业前景研判报告》 ...

Report Industry Investment Rating - No relevant content provided Core View - The asphalt market is facing a situation where supply is decreasing, demand is weakening, and prices are showing a weak and volatile trend. The supply side is affected by refinery conversions to produce other products, and the demand side is restricted by factors such as funds, weather, and overall infrastructure investment. Additionally, the excess supply of crude oil and the release of low - price resources from refineries are also contributing to the weakening of asphalt prices [1][4]. Summary by Directory Market Analysis - Supply: Last week, the asphalt operating rate dropped by 0.7 percentage points to 29.0% week - on - week, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years. In November, the estimated domestic asphalt production is 222.8 million tons, a decrease of 45.4 million tons (16.9%) month - on - month and 27.4 million tons (11.0%) year - on - year. Refineries such as Qilu Petrochemical and Shanghai Petrochemical have switched to producing residual oil [1][4]. - Demand: As of the week of November 14, most of the operating rates of downstream asphalt industries were stable. The operating rate of road asphalt decreased by 1 percentage point to 33% week - on - week, slightly higher than the same period last year, restricted by funds and weather. From January to September, the national highway construction investment decreased by 6.0% year - on - year. From January to October, the cumulative year - on - year growth rate of fixed - asset investment in road transportation was - 4.3%, and the cumulative year - on - year growth rate of infrastructure investment (excluding electricity) was - 0.1% [1][4]. - Price: OPEC adjusted the global oil market from a shortage of 400,000 barrels per day in the third quarter of 2025 to a surplus of 500,000 barrels per day, leading to a decline in crude oil prices. The release of low - price resources from refineries in the long - term has weakened the basis of asphalt in Shandong, and the spot price is weak. The futures price of asphalt is weakly volatile [1]. Futures and Spot Market Conditions - Futures: Today, the asphalt futures 2601 contract fell 0.36% to 3032 yuan/ton, below the 5 - day moving average. The lowest price was 3029 yuan/ton, the highest was 3072 yuan/ton, and the open interest decreased by 2515 to 191,962 lots [2]. - Basis: The mainstream market price in Shandong remained at 3010 yuan/ton, and the basis of the asphalt 01 contract rose to - 22 yuan/ton, at a neutral level [3]. Fundamental Tracking - Supply: Refineries such as Qilu Petrochemical and Shanghai Petrochemical have switched to producing residual oil, causing the asphalt operating rate to drop by 0.7 percentage points to 29.0% week - on - week, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years [4]. - Demand: From January to September, the national highway construction investment decreased by 6.0% year - on - year. From January to October, the cumulative year - on - year growth rate of fixed - asset investment in road transportation was - 4.3%, and the cumulative year - on - year growth rate of infrastructure investment (excluding electricity) was - 0.1%. As of the week of November 14, the operating rate of road asphalt decreased by 1 percentage point to 33% week - on - week, slightly higher than the same period last year, restricted by funds and weather [4]. - Inventory: As of the week of November 14, the inventory - to - sales ratio of asphalt refineries increased by 0.4 percentage points to 14.5% week - on - week, still at the lowest level in recent years [5].

Report Information - Release Date: November 18, 2025 [1] Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Indicators Production - related Indicators - Overall Asphalt开工率: 29%, down 0.70 from the previous value [1] - Shandong Asphalt开工率: 35.4%, up 6.80 from the previous value [1] - Overall Asphalt产量: 51.400,000 tons, down 3.38% from the previous value [1] - Shandong Asphalt产量: 18.300,000 tons, up 20.39% from the previous value [1] - Road Modified Asphalt开工率: 34%, unchanged from the previous value [1] - Waterproof Coil开工率: 33%, down 1.00 from the previous value [1] - Rubber Shoe Material开工率: 24.29%, unchanged from the previous value [1] Profit - related Indicator - Shandong Asphalt毛利: - 612.84 yuan/ton, down 19.67 from the previous value [1] Inventory - related Indicators - Social Inventory: 32.300,000 tons, down 10.77% from the previous value [1] - Factory Inventory: 43.700,000 tons, up 4.55% from the previous value [1] - Inventory - to - Stock Ratio: 14.5%, up 2.84% from the previous value [1] - Diluted Asphalt Port Inventory: 350,000 tons, up 118.75% from the previous value [1] Sales - related Indicator - Large - sample Sales Volume: 36.19%, down 8.35 from the previous value [1]

Core Viewpoint - The report highlights the current state and future trends of the biodiesel industry in China, emphasizing the production statistics of diesel and the implications for related companies [1]. Industry Summary - As of September 2025, China's diesel production reached 17.42 million tons, reflecting a year-on-year increase of 3.1% [1]. - From January to September 2025, the cumulative diesel production in China was 146.91 million tons, showing a cumulative decline of 2.5% compared to the previous year [1]. - The report is part of a comprehensive industry analysis provided by Zhiyan Consulting, which specializes in in-depth industry research and market insights [1]. Company Summary - Listed companies in the biodiesel sector include China Petroleum (601857), China Petrochemical (600028), Huajin Co. (000059), Longyu Co. (603003), and Hengyi Petrochemical (000703) [1].

截至11月9日，沧州炼化当月就已完成5000吨高附加值石油焦的生产任务，产品陆续发往河南、山西、 山东等地区的下游客户。 创新管理 持续改进撬动大效益 "储能焦不是终点，我们会持续攻关，向更优指标迈进。"储能专用炭材料优化项目负责人张加锋说。石 油焦的核心竞争力在于产品品质，经过实际验证，该公司生产的储能专用炭材料克容量指标达359.6毫 安时/克，实现了性能新突破，可满足新能源汽车超快充电池对高端储能焦材料的需求。 为提升储能焦性能，沧州炼化优化团队动态响应，依托客户实测反馈，与石科院及下游客户深度协作攻 关，通过精准工艺调控，实现产品性能阶梯式提升，部分指标达到动力焦水平。 从"守着传统产品"到"瞄准高端市场"，沧州炼化加快推动石油焦产品转型升级，目前已研发生产储能专 用炭材料、预焙阳极石油焦这两种高附加值石油焦。前10个月，该公司高附加值石油焦产品出厂量近12 万吨，实现量效双升，为企业高质量发展注入新动能。 精准攻坚 产品稳定性大幅提升 近年来，随着新能源行业迅猛发展，储能专用材料应用前景及创效空间广阔。为此，沧州炼化组建由管 理、技术、操作人员组成的优化攻关团队，围绕"提品质、增效益"展开全链条攻关 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The refinery has reduced production recently to ease supply pressure, and the supply pressure may decrease next week. The overall demand is affected by the off - season and fails to meet expectations. The inventory remains stable, and the cost support from crude oil strengthens in the short term. It is expected that the asphalt 2601 will fluctuate in the range of 3008 - 3056 [8]. - The positive factor is that the relatively high cost of crude oil provides some support, while the negative factors are the insufficient demand for high - priced goods, the overall downward demand, and the increasing expectation of economic recession in Europe and the United States [10][11]. 3. Summary According to the Directory 3.1 Daily Viewpoints - **Fundamentals**: In November 2025, the total planned output of refinery asphalt was 1.312 million tons, a month - on - month increase of 18.2% and a year - on - year decrease of 6.5%. This week, the utilization rate of domestic petroleum asphalt sample production capacity was 30.8006%, a month - on - month decrease of 1.08 percentage points. The shipment of national sample enterprises was 213,000 tons, a month - on - month decrease of 31.02%. The sample enterprise output was 514,000 tons, a month - on - month decrease of 3.38%. The estimated maintenance volume of sample enterprise equipment was 836,000 tons, a month - on - month increase of 12.21%. The heavy - traffic asphalt开工率 was 29%, a month - on - month decrease of 0.02 percentage points, lower than the historical average. The construction asphalt开工率 was 6%, unchanged month - on - month, lower than the historical average. The modified asphalt开工率 was 11.2169%, a month - on - month increase of 0.79 percentage points, lower than the historical average. The road - modified asphalt开工率 was 34%, unchanged month - on - month, higher than the historical average. The waterproofing membrane开工率 was 33%, a month - on - month decrease of 1.00 percentage point, lower than the historical average. The daily processing profit of asphalt was - 562.55 yuan/ton, a month - on - month increase of 3.80%. The weekly delayed coking profit of Shandong refineries was 915.1743 yuan/ton, a month - on - month increase of 14.48% [8]. - **Basis**: On November 17, the spot price in Shandong was 3020 yuan/ton, and the basis of the 01 contract was - 12 yuan/ton, with the spot at a discount to the futures [8]. - **Inventory**: The social inventory was 825,000 tons, a month - on - month decrease of 8.02%. The in - plant inventory was 647,000 tons, a month - on - month increase of 0.94%. The port - diluted asphalt inventory was 350,000 tons, a month - on - month increase of 18.75%. The social inventory continued to decline, while the in - plant and port inventories continued to accumulate [8]. - **Disk**: The MA20 was downward, and the futures price of the 01 contract closed below the MA20 [8]. - **Main Position**: The main position was net short, and the short position increased [8]. - **Expectation**: It is expected that the asphalt 2601 will fluctuate in the range of 3008 - 3056 in the short term [8]. 3.2 Asphalt Futures Market - Basis Trend - The document provides the historical basis trends of asphalt in Shandong and East China from 2020 to 2025 [17][18][19] 3.3 Asphalt Futures Market - Spread Analysis - **Main Contract Spread**: The document shows the historical spread trends of asphalt 1 - 6 and 6 - 12 contracts from 2020 to 2025 [22][23] - **Asphalt - Crude Oil Price Trend**: It presents the historical price trends of asphalt, Brent crude oil, and WTI crude oil from 2020 to 2025 [25][26] - **Crude Oil Crack Spread**: The historical crack spreads of asphalt - SC, asphalt - WTI, and asphalt - Brent from 2020 to 2025 are provided [28][29][30] - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: The historical price - ratio trends of asphalt, crude oil, and fuel oil from 2020 to 2025 are shown [32][34] 3.4 Asphalt Spot Market - Market Price Trends in Various Regions - The document shows the historical price trends of Shandong heavy - traffic asphalt from 2020 to 2025 [35][36] 3.5 Asphalt Fundamental Analysis - **Profit Analysis** - **Asphalt Profit**: The historical profit trends of asphalt from 2019 to 2025 are presented [38][39] - **Coking - Asphalt Profit Spread Trend**: The historical spread trends of coking - asphalt profits from 2020 to 2025 are shown [41][42][43] - **Supply - Side Analysis** - **Shipment Volume**: The historical weekly shipment volumes of asphalt from 2020 to 2025 are provided [44][45] - **Diluted Asphalt Port Inventory**: The historical port inventories of diluted asphalt from 2021 to 2025 are presented [46][47] - **Output**: The historical weekly and monthly output trends of asphalt from 2019 to 2025 are shown [49][50] - **Marine Crude Oil Price and Venezuelan Crude Oil Monthly Output Trend**: The historical price trends of Marine crude oil and the monthly output trends of Venezuelan crude oil from 2018 to 2025 are provided [53][55] - **Refinery Asphalt Output**: The historical output trends of refinery asphalt from 2019 to 2025 are presented [56][57] - **Capacity Utilization Rate**: The historical weekly capacity utilization rates of asphalt from 2021 to 2025 are shown [59][60] - **Maintenance Loss Estimate**: The historical estimated trends of maintenance losses from 2018 to 2025 are provided [61][62] - **Inventory Analysis** - **Exchange Warehouse Receipt**: The historical trends of exchange warehouse receipts from 2019 to 2025 are presented [64][65][66] - **Social Inventory and In - Plant Inventory**: The historical trends of social and in - plant inventories from 2022 to 2025 are shown [68][69] - **In - Plant Inventory - to - Stock Ratio**: The historical trends of the in - plant inventory - to - stock ratio from 2018 to 2025 are provided [71][72] - **Import and Export Situation** - The historical export and import trends of asphalt from 2019 to 2025 are presented [74][75] - The historical spread trends of South Korean asphalt imports from 2020 to 2025 are shown [77][78][79] - **Demand - Side Analysis** - **Petroleum Coke Output**: The historical output trends of petroleum coke from 2019 to 2025 are provided [80][81] - **Apparent Consumption**: The historical apparent consumption trends of asphalt from 2019 to 2025 are presented [83][84] - **Downstream Demand** - The historical trends of highway construction fixed - asset investment, new local special bonds, and infrastructure investment completion year - on - year from 2019 to 2025 are shown [86][87][88] - The historical sales trends of asphalt concrete pavers, domestic excavators, and road rollers from 2019 to 2025 are provided [90][91][92] - The historical monthly working - hour trends of excavators from 2020 to 2025 are presented [94] - **Asphalt Capacity Utilization Rate** - The historical capacity utilization rates of heavy - traffic asphalt from 2019 to 2025 are shown [95][96] - The historical capacity utilization rates of construction asphalt and modified asphalt from 2019 to 2025 are presented [98][99] - **Downstream Capacity Utilization Situation** - The historical capacity utilization rates of shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane - modified asphalt from 2019 to 2025 are provided [100][101][103] - **Supply - Demand Balance Sheet**: The monthly supply - demand balance sheet of asphalt from January 2024 to November 2025 is presented, including monthly output, import, export, social inventory, in - plant inventory, port - diluted asphalt inventory, and downstream demand [105][106]

Group 1: Industry Performance - The petrochemical index saw an overall increase, with six indices rising and only the chemical machinery index declining by 4.02% [1] - The chemical raw materials index rose by 3.44%, the pharmaceutical index increased by 3.09%, and the pesticide and fertilizer index went up by 3.18% [1] - In the oil sector, the oil processing index increased by 1.84%, the oil extraction index rose by 1.42%, and the oil trading index surged by 7.39% [1] Group 2: Commodity Prices - International crude oil prices experienced slight upward fluctuations, with WTI settling at $60.09 per barrel, up 0.57% from November 7, and Brent at $64.39 per barrel, up 1.19% [1] - The top five petrochemical products with the highest price increases included DMC (up 18.18%), natural rubber (up 13.22%), D4 (up 13.04%), 107 glue (up 12.71%), and methyl acrylate (up 8.03%) [1] - The five petrochemical products with the largest price declines were isooctyl acrylate (down 7.69%), 2,4-dichlorophenoxyacetic acid (down 4.29%), dichloromethane (down 3.64%), diethylene glycol (down 3.53%), and vitamin D3 (down 3.33%) [1] Group 3: Capital Market Performance - The top five listed chemical companies with the highest stock price increases were Shida Shenghua (up 43.44%), Yongtai Technology (up 33.89%), Aoke Shares (up 23.36%), Taihe Technology (up 23.59%), and Kaisheng New Materials (up 23.03%) [2] - The five listed chemical companies with the largest stock price declines included Xiangyuan New Materials (down 15.42%), Xinhang New Materials (down 14.15%), Dongcai Technology (down 13.52%), Kaili New Materials (down 12.60%), and Asia-Pacific Industry (down 11.16%) [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The asphalt market is in a state of weak shock. Factors such as reduced supply, weakened demand, and falling crude oil prices have jointly influenced the market, with the spot price being weak and the futures price showing a weak shock trend [3] 3. Summary by Related Catalogs Supply - The asphalt production rate decreased by 0.7 percentage points to 29.0% week - on - week, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years. Some refineries like Qilu Petrochemical and Shanghai Petrochemical switched to producing residue oil. It is planned that refineries such as Shandong Shengxing will also switch to residue oil production, and the asphalt production rate will remain low [3][19] - In November, the domestic asphalt production is expected to be 2.228 million tons, a decrease of 454,000 tons (16.9%) month - on - month and a decrease of 274,000 tons (11.0%) year - on - year [3] Demand - The start - up rates of most downstream asphalt industries were stable last week. The start - up rate of road asphalt decreased by 1 percentage point to 33%, slightly higher than the same period last year, restricted by funds and weather [3] - From January to September, the national highway construction investment decreased by 6.0% year - on - year. From January to October, the cumulative actual completed fixed - asset investment in the road transport industry decreased by 4.3% year - on - year. The infrastructure construction investment (excluding electricity) from January to October decreased by 0.1% year - on - year [27] - With the continuous decline in northern temperatures, road construction is gradually ending, and subsequent demand will further weaken. The increase in southern projects is limited [3] Market Conditions - As of the week of November 14, due to the reduced supply in North China, the national asphalt shipment volume decreased by 31.02% week - on - week to 213,000 tons, at a moderately low level [3][23] - The inventory - to - sales ratio of asphalt refineries increased slightly week - on - week but remained at the lowest level in the same period in recent years [3][29] - OPEC adjusted the global oil market from a shortage of 400,000 barrels per day in the third quarter of 2025 to a surplus of 500,000 barrels per day, and the pattern of crude oil supply surplus has become more widely recognized, leading to a decline in crude oil prices [3] - The forward low - price resources of refineries were released intensively. Recently, the basis of asphalt in Shandong has weakened and is currently at a neutral level. The spot price is weak, the market is cautious, and the asphalt futures price is in a weak shock [3] - The mainstream market price in Shandong dropped to 3,010 yuan/ton, and the basis of the asphalt 01 contract dropped to - 27 yuan/ton, at a neutral level [14]

Report Investment Rating - The investment view of the asphalt industry is "oscillation" [4] Core View - This week, asphalt fluctuated following crude oil. Supply, demand, inventory, and cost factors all influenced the asphalt market, with overall supply contracting, demand declining, inventory showing mixed trends, and cost affected by international oil price fluctuations. The asphalt market is expected to continue to fluctuate following crude oil [4] Summary by Directory Part One: Main Views and Strategy Overview - **Supply**: Affected by season and equipment maintenance, the total domestic asphalt production plan in November was 2.25 million tons, a month - on - month decrease of 18% and a year - on - year decrease of 3%. The capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 29%, a 0.7% month - on - month decrease [4] - **Demand**: Affected by capital and cold air, demand declined overall. This week, the domestic shipment volume was 362,000 tons, a month - on - month decrease of 18.7%. Terminal demand rebounded slightly, and subsequent shipments are expected to increase to about 380,000 tons [4] - **Inventory**: Factory inventories showed mixed trends but overall increased. Social inventories in most regions decreased, especially in Shandong [4] - **Cost**: International oil prices fluctuated downward this week, with Brent crude closing at $63.92 per barrel, affected by OPEC supply signals, regional events, and supply - demand expectations [4] - **Investment and Trading Strategy**: The investment view is "oscillation". The unilateral trading strategy is also "oscillation", and there is no arbitrage strategy. Key risks to watch include OPEC+ production increases, geopolitical disturbances, and Trump's policies [4] Part Two: Price - The report presents price trends of heavy - traffic asphalt in different regions such as East China, South China, North China, and Shandong from 2021 to 2025 [9] Part Two: Spread & Basis & Delivery Profit - It shows the trends of asphalt cracking spread, asphalt - coker feedstock spread, and asphalt basis in main regions from 2021 to 2025 [13][14][15] Part Two: Supply - **Production Forecast**: The report shows monthly asphalt production and production forecasts in China from 2025 - 01 to 2025 - 10 [18] - **Capacity Utilization**: It presents the capacity utilization rates of heavy - traffic asphalt in China, Shandong, East China, North China, and South China from 2021 to 2025. This week, the capacity utilization rate was 29% [30][34][36] - **Maintenance Loss**: It shows weekly and monthly asphalt maintenance loss volumes in China from 2018 to 2025 [41] Part Two: Cost & Profit - It shows the production gross profit of asphalt in Shandong from 2021 to 2025, as well as the price, premium, and port inventory of diluted asphalt from 2022 to 2025 [44][45][48] Part Three: Inventory - **Factory Inventory**: It shows the factory inventory volumes and inventory rates in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [53][56] - **Social Inventory**: It shows the social inventory volumes in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [59] Part Three: Demand - **Shipment Volume**: It shows the asphalt shipment volumes in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [62] - **Downstream Operating Rate**: It shows the operating rates of road modified asphalt, modified asphalt, building asphalt, and waterproofing membranes from 2018 to 2025, as well as the operating rates of modified asphalt in different regions from 2022 to 2025 [64][65][68][71]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - International oil prices experienced slight fluctuations, with Brent crude oil price at $64.39 per barrel (up 1.19%) and WTI at $59.39 per barrel (down 0.75%) as of November 14, 2025 [2][19] - The oil and petrochemical sector outperformed the market, with a 2.29% increase compared to a 1.08% decline in the CSI 300 index [10] - The oil and gas extraction sector has seen a significant increase of 210.63% since 2022, indicating strong growth potential [12] Summary by Sections Oil Price Review - Brent crude oil futures settled at $64.39 per barrel, increasing by $0.76 per barrel, while WTI crude oil futures settled at $59.39 per barrel, decreasing by $0.45 per barrel [2][19] Offshore Drilling Services - As of November 10, 2025, the number of global offshore self-elevating drilling platforms was 370, an increase of 1 from the previous week, while floating drilling platforms decreased to 128 [21] Oil Supply - As of November 7, 2025, U.S. crude oil production was 13.862 million barrels per day, an increase of 211,000 barrels per day from the previous week [35] - The number of active drilling rigs in the U.S. was 417, with an increase of 3 rigs [35] Oil Demand - U.S. refinery crude oil processing volume was 15.973 million barrels per day, an increase of 717,000 barrels per day, with a refinery utilization rate of 89.40% [47] Oil Inventory - As of November 7, 2025, total U.S. crude oil inventory was 838 million barrels, an increase of 7.211 million barrels [55]