Core Insights - In April 2025, the naphtha production in Guangdong Province reached 922,000 tons, representing a year-on-year increase of 5.8%, but the growth rate has slowed down by 60.8 percentage points compared to the same month last year [1] - From January to April 2025, the total naphtha production in Guangdong Province was 4,079,000 tons, with a year-on-year growth of 9.7%, which is a decrease of 27.4 percentage points from the previous year [1] Monthly Production Analysis - The monthly naphtha production statistics indicate a cumulative value, showing a total of 922,000 tons for April 2025 [2] - The cumulative production from January to April 2025 is 4,079,000 tons, which accounts for 15.6% of the national total naphtha production of 26,127,000 tons during the same period [1] Industry Context - The reported figures are based on the production data from industrial enterprises with an annual main business income of 20 million yuan or more, indicating a focus on large-scale industrial operations [3]

Core Viewpoint - Fushun Petrochemical's Oil Plant No. 1 has been recognized as one of the first "Green Factories" in Fushun City, showcasing a new paradigm for green development in traditional petrochemical enterprises through technological innovation [1][3]. Group 1: Production and Environmental Impact - The Oil Plant No. 1 produces one-third of China's and one-seventh of the world's paraffin wax, while actively reducing energy and material consumption during production to achieve green development [1]. - The plant has implemented low-nitrogen combustion technology on all eight heating furnaces, ensuring that VOC emissions meet standards after treatment [2]. - The plant's 200,000 tons/year hydrogenation unit and 800,000 tons/year solvent extraction unit have successfully identified combustible medium leaks, preventing potential safety and environmental incidents [2]. Group 2: Technological Innovations - The plant has optimized the operation conditions of four ketone-benzene units, significantly reducing fresh solvent usage and improving steam condensate water recycling [1]. - A demonstration project for electric heating furnaces has been initiated, which is the first of its kind in China's petroleum refining sector, expected to improve heating efficiency by 15% and reduce fuel gas usage by 1,067 tons annually, saving production costs of 1.6 million yuan [2][3]. Group 3: Recognition and Future Plans - The recognition as a "Green Factory" is seen as both an honor and a responsibility, with the plant committing to continue driving green technological innovation for high-quality development [3]. - The experience of the Oil Plant No. 1 is viewed as a model for the green upgrade of the traditional chemical industry, encouraging more enterprises to join the green manufacturing movement [3].

行业 沥青日报 日期 2025 年 7 月 11 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 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 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 ...

Group 1: Report Industry Investment Rating - The report does not mention the industry investment rating Group 2: Core Viewpoints of the Report - The overall supply - demand situation of asphalt remains weak, with low inventory and relatively insignificant market contradictions. Terminal demand lacks highlights, and downstream buyers mainly purchase on - demand. Attention should be paid to the seasonal consumption improvement after the reduction of rainy weather. The short - term price of asphalt is affected by the strong trend of crude oil prices, but the medium - term upward space and driving force of crude oil are limited due to the expected loosening of the balance sheet [1] - The trading strategy for asphalt is a unilateral shock, with no strategies for inter - period, cross - variety, spot - futures, or options [2] Group 3: Market Analysis - On July 10, the closing price of the main asphalt futures contract BU2509 in the afternoon session was 3,629 yuan/ton, up 10 yuan/ton or 0.28% from the previous day's settlement price. The open interest was 226,788 lots, a net increase of 3,805 lots, and the trading volume was 125,635 lots, a decrease of 31,302 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 3,900 - 4,086 yuan/ton in Northeast China, 3,630 - 4,070 yuan/ton in Shandong, 3,600 - 3,700 yuan/ton in South China, and 3,700 - 3,850 yuan/ton in East China. The spot prices of asphalt in Shandong and North China markets declined slightly yesterday, while those in other regions remained generally stable [1] Group 4: Strategy - Unilateral: Volatility - Inter - period: None - Cross - variety: None - Spot - futures: None - Options: None [2] Group 5: Figures - There are figures showing the spot prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China, Southwest China, Northwest China), the closing prices of petroleum asphalt futures indices, main contracts, and near - month contracts, the price difference of near - month contracts, the trading volume and open interest of single - side and main contracts of petroleum asphalt futures, the weekly production of domestic asphalt, the production of independent refineries and in different regions (Shandong, East China, South China, North China), the consumption of domestic asphalt in different fields (road, waterproofing, coking, ship fuel), and the inventory of asphalt refineries and social inventory (Longzhong caliber) [3]

Group 1: Stock and Bond - The data reflects China's economic resilience, market risk aversion eases, and it is recommended to hold long positions in stock index futures [2] - Market interest rates are consolidating, treasury bonds are rebounding slightly, and it is advisable to hold light long positions in treasury bonds [2] Group 2: Black Sector - Major steel mills in Shanxi Province have restricted crude steel production by about 6 million tons. Under the "anti - involution" situation, the supply of finished products may shrink. Attention should be paid to the implementation of specific policy documents. There is no obvious increase on the demand side, and the black sector has risen significantly driven by sentiment [3] Group 3: Gold - Trump's latest tariff policy has boosted the market's risk - aversion sentiment and the price of gold, but the rising US dollar has suppressed gold. The minutes of the Fed's June meeting are hawkish, and the market expects the Fed to postpone the time of interest rate cuts. Gold is expected to maintain high - level consolidation [4] Group 4: Logs - The spot market price is running weakly. The price in the Shandong market has dropped by 10 yuan, and the price in the Jiangsu market has remained stable. The expected arrival volume will decrease month - on - month, the supply center will move down, the supply pressure will ease, and the daily average outbound volume will remain above 60,000 cubic meters. The supply - demand contradiction is not significant. Attention should be paid to the impact of log futures delivery on log prices [5] Group 5: Natural Rubber - The weather in Southeast Asian producing areas has eased, and rubber tapping work has gradually resumed. The demand for glue series has dragged down, showing a differentiation from the price of raw material cup lump. The capacity utilization rate of tire sample enterprises has declined. The contradiction between supply and demand at both ends has not been significantly alleviated, and the price of natural rubber continues to be under pressure [6] Group 6: Soybean and Bean Meal - The weather in the US Midwest is good, and South American soybeans have a bumper harvest and continue to be exported. Due to the good performance of US soybean export sales, short - covering has boosted US soybeans. About 10 million tons of imported soybeans will arrive in July. The oil mill operating rate remains high, the oil mill pick - up volume has declined, the bean meal inventory has continued to rise, and bean meal is expected to fluctuate in the short term [7] Group 7: Oil and Chemicals - The oil price may return to narrow - range fluctuations due to the lack of clear guidance. PX is continuously destocking and fluctuates with the oil price; the supply - demand expectation of PTA is weakening and it will follow the cost fluctuations in the short term; although the raw materials have recovered in the short term, the supply - demand of MEG is weakening, and the upward space of the disk is suppressed [8] Group 8: Pig - Currently, the price - holding sentiment of the breeding side is strong, and the pig sales in many northern regions are smooth. The pig price may continue to rise in the short term. After entering July, the pig supply in the south is expected to be tight, which may take over from the north and lead a new round of price increases [9]

中国石化联党委常委、外资委主任委员兼秘书长庞广廉介绍了中国石化联的职能职责及石化产业近期、 中期、远期补链延链的发展方向，并同北海市政府在战略规划、招商引资、资源嫁接与落地等方面进行 未来合作探讨。 李莉和北海市委常委、统战部部长、副市长龙起云分别介绍了北海市石化产业发展现状及存在的问题。 石油和化学工业规划院副院长郑宝山在分析全国石化产业集约化、绿色化转型趋势的基础上，结合北海 市深水良港、毗邻东盟、清洁能源富集等核心优势，提出综合发展建议。他强调，北海市石化产业发展 需立足国家能源安全战略高度，主动承接国家战略布局，并尝试中外合资模式发展产业。在产业转型升 级方面，郑宝山认为应推动现有炼油产能向高端化学品转型，布局风电制氢耦合绿色甲醇、可持续航空 燃料(SAF)等低碳项目。 中化新网讯 7月8日，中国石油和化学工业联合会(下称中国石化联)同广西北海市政府进行交流座谈，双 方就北海石油化工产业总体发展形势、"十五五"时期发展规划等议题进行深入交流。北海市委副书记、 市长李莉，中国石化联党委书记、会长李云鹏参加座谈。 李云鹏对李莉一行的到访表示欢迎。他表示，中国石化联始终聚焦服务国家、服务社会、服务群众、服 ...

王江楠（F03108382，Z0021543），联系电话：010-82295006 | | PX&PTA&PR | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/7/11 | 品种 | 更新日期 | 单位 | 现值 | 前值 | 涨跌(幅) | | | 期货结算价(连续):WTI原油 | 2025/7/10 | 美元/桶 | 66.57 | 68.38 | -2.65% | | 上 | 期货结算价(连续):布伦特原油 | 2025/7/10 | 美元/桶 | 68.64 | 70.19 | -2.21% | | 游 | 现货价(中间价):石脑油:CFR日本 | 2025/7/10 | 美元/吨 | 591.00 | 598.25 | -1.21% | | | 现货价(中间价):二甲苯(异构级):FOB韩国2025/7/10 | | 美元/吨 | 726.00 | 724.50 | 0.21% | | | 现货价:对二甲苯PX:CFR中国主港 | 2025/7/10 | 美元/吨 | 852.00 | 849.67 | 0.27% | ...

Group 1 - The article emphasizes the significant role of state-owned enterprises (SOEs) in China's industrialization and economic development since the establishment of the new China and the reform and opening-up policy [2][3] - It highlights the importance of a unified and ambitious government in achieving industrialization, contrasting China's efforts with earlier attempts during the Self-Strengthening Movement [3] - The strategic choice to prioritize heavy industry in the early years of the new China is discussed, showcasing the influence of Soviet models and the resulting structure of SOEs [3][4] Group 2 - The article outlines the advantages of China's socialist system in mobilizing resources for large-scale projects, citing examples like the "Two Bombs, One Satellite" and major infrastructure achievements [4] - It discusses the role of party leadership in building a dedicated workforce, exemplified by the spirit of workers and scientists who contributed to the industrial system's resilience and growth [5] - The narrative of reform and opening-up is presented, illustrating how China capitalized on technological advancements and market opportunities to develop a comprehensive industrial system [5][6] Group 3 - The article addresses the current challenges posed by Western pressures on China's industrialization, emphasizing the critical role of SOEs as the backbone of the socialist economy [6] - It advocates for the digital transformation of SOEs, highlighting the need for innovation and modernization in traditional industries to enhance productivity [6][7] - The importance of strategic emerging industries is discussed, with examples of SOEs diversifying into renewable energy, biotechnology, and new materials [7] Group 4 - The article stresses the pivotal role of SOEs in the new type of national system, which combines market mechanisms with government initiatives to foster innovation [7][8] - It emphasizes the need for talent development and the cultivation of skilled professionals to support the long-term goals of new industrialization [8] - The publication of the book "National Industrial Code" is positioned as a guide for future industrial development, aiming to inspire collaboration among stakeholders in the industrial sector [8]

策略早餐 主要品种策略早餐 （2025.07.10） 商品期货和期权 金属及新能源材料板块 品种：铜 日内观点：77300-79000 中期观点：60000-90000 参考策略：震荡操作思路 核心逻辑： 1、宏观方面，特朗普拟对美国铜进口征收50%关税。 2、供给方面，智利6月份铜出口额为46.7亿美元，较去年同期增长17.5%。据SMM了 解，印尼内政部长 Tito Karnavian表示，他已要求该国矿业部放宽对安曼国际矿业公司 (AmmanMineral International)的铜精矿出口禁令，理由是这对当地经济造成了影 响。Tito 称，安曼国际矿业公司所在的Nusa Tenggara Barat省的第一季度经济同比萎缩 1.47%，受到该公司无法出口其精矿产的影响，而其冶炼厂正在增加产能。印尼已禁止出口 铜精矿和其他原料矿物，以鼓励国内的金属加工。从2023年中期开始，对一些矿物实行出 口禁令，但安曼被允许出口，直至2024年12月，届时预计将启用一家新治炼厂 3、需求方面，2025年5月，中国家用空调出口量为969.5万台，同比微增0.1%。5月 出口量额维持微幅增长，一方面是因为去年的高 ...

Group 1 - The core viewpoint indicates that Gansu Province's naphtha production in May 2025 experienced a decline of 2.2% year-on-year, totaling 0.8 thousand tons, with a significant decrease in growth rate compared to the previous year [1] - In the first five months of 2025, Gansu Province's naphtha production reached 4.9 thousand tons, reflecting a substantial year-on-year increase of 56.7%, which is 35.0 percentage points higher than the same period last year [2] - The naphtha production in Gansu accounted for 0.1% of the national output of 630.9 million tons in May 2025 and 0.2% of the national output of 3243.6 million tons in the first five months of 2025 [1][2] Group 2 - The data is derived from large-scale industrial enterprises, defined as those with annual main business revenues of 20 million yuan or more [4]