1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The overall market shows a mixed trend, with different sectors having their own characteristics and influencing factors. For financial derivatives, the stock index futures need short - term shock consolidation and are expected to rise in the medium - term; the bond market may maintain a shock situation. In the agricultural products sector, the overall supply and demand situation varies, and prices are affected by factors such as international market supply, domestic demand, and weather. The black metal market is affected by factors such as macro - policies, supply and demand, and cost support, with steel prices continuing to fluctuate. The non - ferrous metal market is affected by factors such as geopolitics, tariffs, and inventory, and price trends vary. The shipping sector is affected by factors such as geopolitics, supply and demand, and seasonality. The energy and chemical sector is greatly affected by geopolitical risks and supply - demand relationships [21][25][59]. 3. Summary by Relevant Catalogs Financial Derivatives Stock Index Futures - Thursday's stock index showed a sideways shock. The stock index futures were differentiated with the spot, and the basis of each variety rose again. The market is expected to have short - term shock consolidation and medium - term upward potential. The trading strategies include short - term shock and grid operation, IM\IC long 2606 + short ETF cash - and - carry arbitrage, and double - buy option strategy [20][21][22]. Bond Futures - On Thursday, most bond futures closed higher. The central bank's structural interest rate cut was implemented, and the enterprise sector's credit expansion rebounded. The bond market may maintain a shock situation in the short - term. The trading strategies include temporary wait - and - see for unilateral trading and shorting the 30Y active bond basis trading [22][24][25]. Agricultural Products Protein Meal - The demand has improved stage by stage, and the disk has rebounded slightly. The international market is generally in a loose situation, and the domestic cost side still faces certain pressure. The trading strategy is mainly based on a bearish idea for unilateral trading, wait - and - see for arbitrage, and selling the wide - straddle strategy for options [29][30][31]. Sugar - International sugar prices are falling, and domestic sugar prices are fluctuating. The international sugar price is expected to bottom - out and fluctuate in the short - term, and the domestic sugar price will fluctuate within a range. The trading strategies include considering low - buying and high - selling within the range for unilateral trading, wait - and - see for arbitrage, and selling put options for options [33][35][36]. Oil and Fat Sector - The US biodiesel quota plan has an impact on the market, and the US soybean oil rose sharply overnight. The Malaysian palm oil is in the production - reduction period, and the domestic soybean oil is gradually destocking. The short - term trading strategy is to wait and see due to the shock operation and increased fluctuations [38]. Corn/Corn Starch - The US corn is weak in the short - term, and the domestic corn spot is stable in the short - term but has pressure in the later stage. The 03 corn is in a high - level shock. The trading strategies include a bullish idea for the 03 corn after stabilization and short - buying on dips for the 07 corn for unilateral trading, widening the spread between 05 corn and starch on dips for arbitrage, and wait - and - see for options [39][40][41]. Live Pigs - The supply pressure still exists, and the disk has a slight adjustment. The trading strategy is mainly based on a short - selling idea for unilateral trading, wait - and - see for arbitrage, and selling the wide - straddle strategy for options [42][43]. Peanuts - The peanut spot is stable, and the disk is bottom - out and fluctuating. The trading strategies include buying on dips for the 05 peanut for unilateral trading, wait - and - see for arbitrage, and selling the pk603 - C - 8200 option for options [44][45]. Eggs - The demand has improved, and the egg price has risen steadily. The trading strategy is to consider building long positions on dips for the 5 - month far - month contract for unilateral trading, wait - and - see for arbitrage, and options [47][48]. Apples - The cold - storage inventory is low, and the apple price is firm. The trading strategies include partial profit - taking for the 5 - month contract long positions and short - selling on rallies for the 10 - month contract for unilateral trading, long 5 and short 10 for arbitrage, and wait - and - see for options [50][51][52]. Cotton - Cotton Yarn - The sales progress is fast, and the cotton price fluctuates strongly. The trading strategies include considering building long positions on dips for Zheng cotton for unilateral trading, wait - and - see for arbitrage, and options [55][56]. Black Metals Steel - Demand provides support, and steel prices continue to fluctuate. The market sentiment may cause the steel price to fluctuate under pressure. The trading strategies include short - selling the spread between hot - rolled coil and coking coal on rallies and holding the short - position of the spread between hot - rolled coil and rebar for arbitrage, and wait - and - see for options [59][60]. Coking Coal and Coke - There is insufficient upward momentum and a risk of decline. The trading strategies include being bearish for unilateral trading, wait - and - see for arbitrage, and selling out - of - the - money call options for options [62][63][64]. Iron Ore - Market expectations are volatile, and the iron ore price should be treated bearishly at a high level. The trading strategy is to be bearish with a light position at a high level for unilateral trading, wait - and - see for arbitrage, and options [65][66]. Ferroalloys - Cost support is strong, and prices fluctuate strongly. The trading strategies include a bullish short - term shock for unilateral trading, wait - and - see for arbitrage, and selling out - of - the - money straddle options for options [67][68]. Non - Ferrous Metals Gold and Silver - Gold and silver fluctuate at a high level, and short - term high volatility continues. The trading strategies include holding long positions cautiously based on the support near the 5 - day moving average for unilateral trading, wait - and - see for arbitrage, and using the bull call spread strategy for options [70][71][72]. Platinum and Palladium - The tariff expectation has temporarily failed, and the disk has fallen from a high level. The trading strategies include waiting for the price to stabilize after the callback due to the failed tariff expectation and then going long for platinum for unilateral trading, and wait - and - see for palladium, wait - and - see for arbitrage, and options [73][74]. Copper - Short - term fluctuations intensify, but the long - term upward trend remains. The trading strategies include paying attention to profit protection and position control for unilateral trading, wait - and - see for arbitrage, and options [77][78][79]. Alumina - It is still weak in the short - term, and be vigilant against policy risks in Guinea. The trading strategies include being bearish in the shock, preventing Guinea's policy risks, and protecting profits for unilateral trading, wait - and - see for arbitrage, and options [80][81][83]. Electrolytic Aluminum - Market sentiment has cooled down, and the aluminum price has corrected. The trading strategies include being vigilant against the callback risk caused by capital outflows in the short - term and being bullish in the medium - term for unilateral trading, wait - and - see for arbitrage, and options [84][85][86]. Cast Aluminum Alloy - Market sentiment has cooled down, and the price has corrected with the sector. The trading strategies include being bearish in the short - term and bullish in the medium - term for unilateral trading, wait - and - see for arbitrage, and options [87][88][89]. Zinc - Pay attention to the impact of the capital side. The trading strategy is to wait and see and pay attention to capital flow for unilateral trading, wait - and - see for arbitrage, and options [90][91][93]. Lead - Pay attention to capital sentiment. The trading strategies include partial profit - taking for profitable long positions and partial holding for unilateral trading, wait - and - see for arbitrage, and appropriate profit - taking for out - of - the - money call options for options [94][95][96]. Nickel - The nickel price adjusts with non - ferrous metals. The trading strategy is to pay attention to the overall atmosphere of the non - ferrous metal sector for unilateral trading, wait - and - see for arbitrage, and options [97][98]. Stainless Steel - It follows the nickel price. The trading strategy is to follow the nickel price for unilateral trading, wait - and - see for arbitrage [99][100][101]. Industrial Silicon - Sell short at the upper edge of the range. The trading strategy is to sell short at the upper edge of the range for unilateral trading [102]. Polysilicon - Wait and see in the short - term. The trading strategy is to be cautious in participating and pay attention to risk control for unilateral trading [104]. Lithium Carbonate - It is running at a high level, and operate cautiously. The trading strategies include partial profit - taking for long positions and paying attention to the support of the 5 - day line and the atmosphere of the non - ferrous metal market for unilateral trading, wait - and - see for arbitrage, and using a protective strategy with futures long positions for options [106][108][110]. Tin - The tin price has fallen, and pay attention to capital flow. The trading strategies include partial long - position exit due to the digestion of long sentiment for unilateral trading, wait - and - see for options [111][112][113]. Shipping Sector Container Shipping - The MSK's India - US East MECL route's return plan to pass through the Suez Canal strengthens the resumption of navigation expectation. The trading strategies include waiting and seeing and paying attention to the long - term resumption of navigation risk for unilateral trading, and maintaining a long - position idea for the 6 - 10 calendar spread arbitrage [115][116]. Energy and Chemicals Crude Oil - It gives back part of the geopolitical premium. The trading strategy is to pay attention to the follow - up of the Iranian event and expect wide - range fluctuations for unilateral trading, wait - and - see for arbitrage, and options [117][118]. Asphalt - The cost fluctuation of crude oil expands, and the supply and demand run weakly. The trading strategies include high - level shock and wide - range geopolitical risk for unilateral trading, paying attention to the BU4 - 6 calendar spread arbitrage, wait - and - see for options [120][121][122]. Fuel Oil - Geopolitical risks fluctuate widely. The trading strategies include being vigilant against geopolitical risks, wide - range fluctuations, and waiting and seeing for unilateral trading, paying attention to the FU59 calendar spread arbitrage, wait - and - see for options [123][124][125]. Natural Gas - TTF/JKM rebounds, and HH's downward trend continues. The trading strategies include continuing to hold short positions in the third - quarter TTF and JKM contracts and adding more positions for the aggressive for unilateral trading, wait - and - see for arbitrage, and long - term rolling selling of out - of - the - money call options of TTF or JKM for options [126][127][128]. LPG - It gives back the geopolitical gains. The trading strategy is to pay attention to the follow - up of the Iranian event and expect wide - range fluctuations for unilateral trading, wait - and - see for arbitrage, and options [129][130]. PX&PTA - Cost support weakens. The trading strategy is wide - range fluctuations for unilateral trading, wait - and - see for arbitrage, and options [131][132][133]. BZ&EB - Pure benzene has a reduction expectation, and the short - stop of the styrene device boosts the price increase. The trading strategies include short - term shock and a bullish trend for unilateral trading, shorting pure benzene and going long on styrene for arbitrage, wait - and - see for options [133][134][135]. Ethylene Glycol - Seasonal inventory accumulation is obvious. The trading strategies include being bearish in the shock due to weak supply - demand structure and large inventory pressure for unilateral trading, wait - and - see for arbitrage, and selling call options for options [137][138][139]. Short - Fiber - Supply is sufficient, and terminal demand weakens. The trading strategy is wide - range fluctuations for unilateral trading, wait - and - see for arbitrage, and options [140]. Bottle Chips - Wide - range fluctuations. The trading strategy is wide - range fluctuations for unilateral trading, wait - and - see for arbitrage, and options [142][143]. Propylene - Supply pressure eases. The trading strategy is a bullish shock for unilateral trading, wait - and - see for arbitrage, and options [144][146]. Plastic PP - The PPI of plastic products declines. The trading strategies include waiting and seeing for the L 2605 contract and paying attention to the support at the recent low of 6500 points for the PP 2605 contract for unilateral trading, wait - and - see for arbitrage, and reducing the position and waiting and seeing for the PP2605 put 6100 contract for options [147][148]. Caustic Soda - The caustic soda price weakens. The trading strategies include a bearish trend for unilateral trading, wait - and - see for arbitrage, and options [150][151][152]. PVC - Mainly fluctuates. The trading strategy is to wait and see for unilateral trading, wait - and - see for arbitrage, and options [155][156]. Soda Ash - The futures price falls. The trading strategies include short - selling on rallies in the next week for unilateral trading, shorting glass and going long on soda ash for arbitrage, and selling out - of - the - money call options on rallies for options [157][158][159]. Glass - The futures price falls. The trading strategies include short - selling on rallies before the Spring Festival for unilateral trading, shorting glass and going long on soda ash for arbitrage, and selling call options for options [160][161][162]. Methanol - It rises strongly. The trading strategies include waiting and seeing and paying attention to the Middle - East situation for unilateral trading, paying attention to the 59 calendar spread arbitrage, and selling put options on dips for options [163]. Urea - It cools down slightly. The trading strategy is to wait and see for unilateral trading, wait - and - see for arbitrage, and options [165][166]. Pulp - The pulp price falls from a high level. The trading strategy is to continue to hold short positions for unilateral trading, wait - and - see for arbitrage, and options [167][169][170]. Logs - The spot is stable and strong. The trading strategies include building a small number of long positions for unilateral trading, paying attention to the LG03 - 05 reverse calendar spread arbitrage, wait - and - see for options [172][173][174]. Offset Printing Paper - The cultural paper rebounds weakly. The trading strategies include waiting and seeing for unilateral trading, wait - and - see for arbitrage, and selling the OP2602 - C - 4200 option for options [176][177]. Natural Rubber - The output growth rate of ANRPC slows down. The trading strategies include short - selling a small amount of the RU 05 contract and setting a stop - loss at the recent high of 16275 points, waiting and seeing for the NR 03 contract for unilateral trading, reducing the position and waiting and seeing for the RU2605 - NR2605 spread for arbitrage, wait - and - see for options [178][180][181]. Butadiene Rubber - The tire production increases significantly month - on - month. The trading strategies include waiting and seeing and paying attention to the pressure at the recent high of 12425 points for the BR 03 contract for unilateral trading, holding the BR2603 - NR2603 spread with a stop - loss at the recent low of - 790 points for arbitrage, wait - and - see for options [182][183][184].

Core Viewpoint - Shandong Province is implementing a "financial chain master" strategy to support 19 key industrial chains by designating specific banks to provide targeted financial services, thereby facilitating capital flow to small and medium-sized enterprises (SMEs) within these chains [1][2]. Group 1: Financial Chain Master Strategy - Shandong has selected 14 banks, including Industrial and Commercial Bank of China, Hengfeng Bank, and Qilu Bank, to serve as financial chain masters for its 19 key industrial chains [2]. - Qilu Bank has been designated as the financial chain master for the petrochemical industry, leveraging the credit of major companies like Jingbo Holdings Group to support their suppliers [2][3]. Group 2: Financial Products and Services - Qilu Bank introduced a new financial product called "Quanshin Chain," allowing suppliers to receive immediate cash against electronic payment certificates issued by core enterprises like Jingbo Holdings [2][3]. - The product provides Jingbo Holdings with a supply chain financing credit of 150 million yuan, which helps stabilize the supply chain by enabling quick payments to suppliers [3]. Group 3: Impact on SMEs - The "Quanshin Chain" service has already covered nearly 100 suppliers of Jingbo Holdings, with average loans around 500,000 yuan, and the lowest being 20,000 yuan, offering lower interest rates compared to traditional corporate loans [3]. - This initiative has created a "1+N" model in Shandong, where one financial chain master collaborates with multiple financial institutions to provide tailored financial services to enterprises [3][4]. Group 4: Future Plans - The Shandong Provincial Financial Office aims to promote comprehensive service plans tailored to the 19 key industrial chains, focusing on various financial instruments such as loans, equity, guarantees, and insurance [4].

行业 沥青日报 日期 2026 年 1 月 16 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（碳市场工业硅） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 每日报 ...

| | | | | 燃料油早报 | | 研究中心能化团队 2026/01/16 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2026/01/09 | 325.44 | 384.81 | -11.82 | 612.35 | -227.54 | 21.06 | 59.37 | | 2026/01/12 | 319.41 | 381.51 | -12.48 | 606.35 | -224.84 | 19.89 | 62.10 | | 2026/01/13 | 338.39 | 393.07 | -11.61 | 634.60 | -241.53 | 21.98 | 54.68 ...

Group 1: Central Enterprises' Responsibilities and Innovations - Central enterprises are urged to recognize their responsibilities and contribute to high-quality economic and social development, improve people's livelihoods, and support the modernization of China [1] - The State-owned Assets Supervision and Administration Commission has selected the top ten national key projects and super-engineering initiatives for central enterprises in 2025 [1] Group 2: China National Petroleum Corporation (CNPC) - CNPC's ethylene project in Dushanzi, Tarim, with a capacity of 1.2 million tons/year, is set to be completed in 2026, featuring over 98% localization of equipment and a green production model [2] - CNPC aims to enhance energy security by accelerating domestic oil and gas exploration and development, and expanding international energy cooperation [2] Group 3: National Petroleum and Natural Gas Pipeline Group - The Sichuan section of the "West-to-East Gas Transmission" project has been completed, increasing gas transmission capacity by approximately 14 billion cubic meters annually [4] - The company plans to implement innovative actions to support the construction of a new energy infrastructure focused on flexible energy conversion and efficient distribution [5] Group 4: China Electronics Corporation - The company aims to develop a complete domestic EDA tool system and high-performance chips by 2026, enhancing the "China Chip" capability [6] - China Electronics will focus on integrating the entire semiconductor industry chain, including design, manufacturing, and supply chain [7] Group 5: China Coal Energy Group - The liquid sunshine demonstration project in Inner Mongolia is expected to be operational in 2026, utilizing renewable energy to produce green hydrogen and methanol [8] - The company emphasizes the importance of technological innovation and aims to optimize its industrial layout towards clean and efficient coal utilization [9] Group 6: China National Building Material Group - The world's first zero-carbon intelligent manufacturing base for fiberglass is expected to be operational in 2026, using 100% green electricity [10] - The company plans to enhance its research and development efforts to support the modernization of the materials industry [11] Group 7: China Railway Rolling Stock Corporation (CRRC) - The CR450 high-speed train, capable of reaching speeds of 400 km/h, will undergo comprehensive testing in 2026, marking a significant advancement in China's high-speed rail technology [12] - CRRC aims to strengthen its innovation capabilities and maintain its leadership in the rail transportation equipment sector [12]

Group 1 - In the first nine months of 2025, the ethylene production in Liaoning Province reached 278.7 thousand tons, representing a decrease of 5.1% compared to the same period in 2024, with a growth rate 8.2 percentage points lower than 2024 and 12.1 percentage points lower than the national average [1] - The ethylene production in Liaoning accounted for 10.2% of the national total production of 2739.93 thousand tons during the same period [1] Group 2 - In September 2025, Liaoning's ethylene production was 26.1 thousand tons, which is a decline of 13.4% compared to September 2024, with a growth rate 27.6 percentage points lower than 2024 and 18.7 percentage points lower than the national average [2] - Liaoning's September production represented 8.7% of the national ethylene production of 299.22 thousand tons for that month [2]

Group 1 - The core idea of the news is the introduction of a "carbon footprint" labeling system in Shandong Province, allowing consumers to easily identify the carbon emissions associated with products throughout their lifecycle [1][2] - The carbon footprint is defined as the total greenhouse gas emissions, expressed in carbon dioxide equivalents, resulting from specific entities or products over a certain period [1] - The implementation of the "Action Plan" aims to promote low-carbon lifestyles, provide clear environmental purchasing references for consumers, and enhance the international competitiveness of Shandong products in the green market [2][3] Group 2 - The "Action Plan" outlines a phased approach to establish a carbon footprint management system, with initial pilot projects by 2027 and a more comprehensive policy framework by 2030 [2] - Different cities in Shandong will adopt tailored strategies for carbon footprint management, such as Qingdao focusing on green finance and international trade, while Yantai will concentrate on key export industries [3] - The plan encourages other cities to explore innovative approaches based on their unique industrial structures and development conditions [3]

Core Viewpoint - The 2025 China Enterprise ESG "Golden Responsibility Award" aims to recognize companies that have made significant contributions to ESG (Environmental, Social, and Governance) practices, with over 5,000 enterprises participating in the evaluation process [1][4]. Group 1: ESG Services and Initiatives - Sina Finance ESG Rating Center offers 14 ESG services, including information, reports, training, and consulting, to help listed companies promote ESG concepts and enhance their sustainable development performance [1][4]. - In 2025, many quality enterprises in China are actively practicing their responsibilities in environmental, social, and governance aspects, while domestic financial institutions are steadily integrating ESG investment concepts into their entire business processes [1][4]. Group 2: Award Selection and Winners - The award selection process involved over three months of competition, combining ESG performance, professional evaluation scores, and online voting results [1][4]. - The winners of the 2025 China Enterprise ESG "Golden Responsibility Award" for Best Social Responsibility include China Shenhua, China General Nuclear Power, China Resources Sanjiu, Sinopec, Shougang, Wuliangye, Yangtze Power, China Telecom, CNOOC Services, and LONGi Green Energy [2][5]. Group 3: ESG Rating Center Overview - The Sina Finance ESG Rating Center is the first Chinese ESG professional information and rating aggregation platform, dedicated to promoting sustainable development and responsible investment [3][6]. - The center aims to establish ESG evaluation standards suitable for China's characteristics and enhance corporate ratings, while also launching multiple ESG innovation indices for investors [3][6].

福建石油化工集团有限责任公司成立于1998年3月，法定代表人为陈华泽，经营范围为从事对炼油、化 工的投资开发，化工产品的经营。股东信息显示，该公司由福建省能源石化集团有限责任公司、福建省 能化石化产业股权投资合伙企业(有限合伙)共同持股。 天眼查工商信息显示，近日，福建石油化工集团有限责任公司发生工商变更，注册资本由91亿人民币增 至约102.65亿人民币，增幅约13%，同时部分主要人员发生变更。 ...

天眼查工商信息显示，近日，福建石油化工集团有限责任公司发生工商变更，注册资本由91亿人民币增 至约102.65亿人民币，同时部分主要人员发生变更。福建石油化工集团有限责任公司成立于1998年3 月，法定代表人为陈华泽，经营范围为从事对炼油、化工的投资开发，化工产品的经营。股东信息显 示，该公司由福建省能源石化集团有限责任公司、福建省能化石化产业股权投资合伙企业（有限合伙） 共同持股。 ...