液化石油气日报 | 2025-04-18 缺乏支撑，开工逐步下滑 市场分析 1、\t4月17日地区价格：山东市场，4940—5050；东北市场，4650—4880；华北市场，5000—5170；华东市场， 4900—5045；沿江市场，5090—5480；西北市场，4800—5000；华南市场，5048—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629美元/吨，涨21美元/吨，丁烷580美元/吨，跌3美元/吨，折 合人民币价格丙烷4968元/吨，涨140元/吨，丁烷4587元/吨，跌43元/吨。（数据来源：卓创资讯） 3、\t2025年5月下半月中国华东冷冻货到岸价格丙烷629美元/吨，涨21美元/吨，丁烷580美元/吨，跌3美元/吨，折 合人民币价格丙烷4968元/吨，涨140元/吨，丁烷4587元/吨，跌43元/吨。（数据来源：卓创资讯） 现货方面，主流价格稳定，华北区域有所上调，受原油反弹影响，下游采购热情有所提升。供应方面，整体供应 充裕，但进口成本有所上升。需求方面，燃烧消费季节性下滑，化工端受原料供应及利润影响开工逐步下滑。当 前来看，LPG自身市场多空因 ...

Core Viewpoint - Guangdong Petrochemical has secured an export order of 8,000 tons of Grade A road petroleum asphalt to Southeast Asia, marking the third export order for asphalt products this year, demonstrating its commitment to enhancing brand value and expanding its international market presence [1][2] Group 1: Market Expansion - Guangdong Petrochemical has produced 187,600 tons of Grade A road petroleum asphalt, focusing on "zero excess, zero pollution, and zero error" to enhance brand value and strengthen its marketing network in Asia [1] - The company has adopted a "bonded processing" model to capture international market opportunities, collaborating with affiliated units to sign export orders at competitive prices, thereby reducing costs and enhancing efficiency [1][2] Group 2: Quality Improvement - The company has established a technical task force to optimize production processes, addressing the challenges posed by stringent customer requirements and the complexity of raw materials [1] - A dynamic correlation model linking crude oil properties, process parameters, and product indicators has been developed, allowing for real-time monitoring and precise adjustment of blending ratios, resulting in key indicators exceeding customer expectations [1] Group 3: Operational Efficiency - Guangdong Petrochemical has implemented strategies to enhance operational efficiency, including optimizing shipping processes to reduce loading time by 20% and ensuring zero loss and pollution during storage and transportation [2] - The company has improved production efficiency by 30% through the optimization of process parameters in its vacuum distillation unit [2] Group 4: Future Strategy - The company plans to deepen its "technology + service" dual-driven strategy, leveraging digitalization and green initiatives to accelerate its expansion into markets along the "Belt and Road" initiative [2] - The goal is to steadily progress towards becoming a globally leading green and intelligent energy enterprise [2]

Report Summary 1. Report Information - Report Name: Asphalt Daily Report [1] - Date: April 18, 2024 [2] 2. Investment Rating - No investment rating provided in the report. 3. Core View - The fundamentals of asphalt continue to show a situation of weak supply and demand. With oil prices bottoming out, asphalt is expected to fluctuate. [7] 4. Summary by Directory 4.1 Market Review and Operation Suggestions - **Futures Market**: BU2506 opened at 3308 yuan/ton, closed at 3343 yuan/ton, with a maximum of 3370 yuan/ton, a minimum of 3301 yuan/ton, a rise of 1.55%, and a trading volume of 25.77 million lots. BU2507 opened at 3322 yuan/ton, closed at 3338 yuan/ton, with a maximum of 3364 yuan/ton, a minimum of 3297 yuan/ton, a rise of 1.61%, and a trading volume of 3.60 million lots. [6] - **Spot Market**: As of the noon of the day, asphalt spot prices in North China and Shandong increased slightly, those in South China decreased slightly, and prices in other regions remained generally stable. The rise in crude oil and asphalt futures boosted the sentiment of the asphalt spot market. [6] - **Supply**: Refineries in Southwest and Northwest China plan to produce asphalt stably in the short term. Some refineries in Shandong and Henan may resume asphalt production, and the average operating load rate of asphalt plants is expected to continue to rise. [7] - **Demand**: Rainfall in South China and cold air in the central and eastern regions will affect road construction projects, weakening the rigid demand. The international oil price fluctuates greatly, and the speculative demand for asphalt is released cautiously. [7] 4.2 Industry News - **Shandong Market**: The mainstream intended price of 70 A-grade asphalt is 3350 - 3500 yuan/ton, up 5 yuan/ton from the previous workday. The rise in international oil prices and asphalt futures boosted the market sentiment, and the rigid demand improved steadily, driving up the market price. [8] - **East China Market**: The mainstream transaction price of 70 A-grade asphalt is 3500 - 3570 yuan/ton, remaining stable from the previous workday. Although the shipment in Shandong has improved, the supply in East China is still abundant, and the price is difficult to rise. [8] 4.3 Data Overview - The report provides data on asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures. [10][16][20]

Core Viewpoint - A modern chemical industrial city is emerging in the Tianjin South Port Industrial Zone, with a focus on a 1.2 million tons/year ethylene and downstream high-end new materials industry cluster project, which is expected to drive a trillion-level downstream industrial chain development [1] Group 1: Quality Assurance - The Tianjin South Port Ethylene Project Supervisory Team has adopted a three-in-one regulatory model combining daily inspections, special checks, and joint supervision, identifying 3,654 issues and completing over 300 acceptance checks in the past two years [1][2] - The team emphasizes not only the physical quality but also the management system, implementing a strict entry mechanism for supervisory engineers, with 22 passing written tests and 35 undergoing on-site assessments [2] Group 2: Technological Innovation - The use of drones for aerial inspections has allowed the team to create 3D models of the project, completing over 100 panoramic models and accumulating more than 3,000 minutes of flight time [2] - A "sky and ground" regulatory system has been established, with over 600 issues identified through a visual management platform, and a mobile enforcement platform ensuring problem rectification [2] Group 3: Talent Development - The supervisory team has developed a unique training system, including a "dual mentor system" for new employees, pairing them with professional and ideological mentors [4] - The team has organized over 50 technical training sessions in the past two years, fostering a competitive atmosphere of learning and improvement [4] Group 4: Team Dynamics - The average age of the supervisory team is 35, showcasing a young and dynamic workforce dedicated to ensuring the quality of the trillion-level chemical city construction [5]

Group 1 - The domestic futures market for fuel oil is experiencing a strong upward trend, with the main contract opening at 2940.00 CNY/ton and reaching a high of 2985.00 CNY, reflecting an increase of approximately 1.85% [1] - Analysts from Galaxy Futures indicate that fuel oil prices are primarily influenced by fluctuations in crude oil prices, with a positive medium-term outlook due to geopolitical factors and sanctions affecting major supply regions [1] - Heng Tai Futures notes that while high-sulfur fuel oil faces pressure from U.S. tariff policies and OPEC+ production increases, low supply from Iran and Russia, along with the approaching peak demand season in the Middle East, presents short-term buying opportunities [1] Group 2 - New Lake Futures reports that the high-sulfur fuel oil supply in the Asia-Pacific region remains ample, with stable import volumes despite reduced exports from the Middle East and high export levels from Russia [2] - The impact of sanctions has led to a significant decrease in Iranian exports, and upcoming negotiations between Iran and the U.S. may influence future supply dynamics [2] - Inventory levels for fuel oil are increasing across various regions, with Singapore and ARA inventories up by 4% and U.S. residual fuel oil inventories increasing by 4.3%, indicating a tightening of the high-sulfur fundamentals as demand in the Middle East rises in May [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - This week, due to the tightening supply of crude oil and rising oil prices, asphalt prices have increased. Shandong's spot prices have risen slightly, and the futures market has strengthened marginally. With low production levels and a slight increase in shipments, factory inventories have continued to decline while social inventories have increased, resulting in overall stable inventories and a generally positive trend. The market in the north is tight, while supply in the east and south is relatively ample. Positive factors include low inventory levels, tight and expensive heavy - oil raw materials, and a decrease in April production schedules. Negative factors are the lack of demand improvement, weak spot prices in the east and south, and price cuts by Sinopec. The fundamentals have slightly improved, and the short - term outlook is weakly stable. Inventories are expected to gradually increase at a low level in the first half of the year. Attention should be paid to actual inventory levels and the impact of US sanctions on raw materials. Prices are expected to fluctuate with crude oil, and long positions in distant contracts such as the 09 contract are recommended [1] Group 3: Summary by Relevant Catalogs 1. Daily Data - From April 10th to April 16th, the low - end spot prices in East China and Shandong remained unchanged at 3550 yuan/ton and 3330 yuan/ton respectively, and the low - end spot price in Northeast China remained at 3750 yuan/ton. The futures price decreased by 23 yuan to 3278 yuan/ton, and the basis of the main contract increased by 23 yuan to 132 yuan/ton. The CFR price of South Korean asphalt in East China remained at 465 dollars/ton, and the RMB - denominated price increased by 2 yuan to 4104 yuan/ton. The price of Shandong coker feedstock remained at 4310 yuan/ton [1] 2. Daily Review - Shandong's spot prices remained stable, with a market reference price of 3510 - 3700 yuan/ton. The asphalt futures market fluctuated, and crack spread profits were at a moderate level. Gasoline and diesel prices in Shandong increased slightly. The daily asphalt production was 6.3 (+0) million tons [1] 3. Weekly Viewpoint - This week, with tightening crude oil supply and rising oil prices, asphalt prices have increased. Shandong's spot prices have risen slightly, and the futures market has strengthened marginally. With low production levels and a slight increase in shipments, factory inventories have continued to decline while social inventories have increased, resulting in overall stable inventories and a generally positive trend. The market in the north is tight, while supply in the east and south is relatively ample. Positive factors include low inventory levels, tight and expensive heavy - oil raw materials, and a decrease in April production schedules. Negative factors are the lack of demand improvement, weak spot prices in the east and south, and price cuts by Sinopec. The fundamentals have slightly improved, and the short - term outlook is weakly stable. Inventories are expected to gradually increase at a low level in the first half of the year. Attention should be paid to actual inventory levels and the impact of US sanctions on raw materials. Prices are expected to fluctuate with crude oil, and long positions in distant contracts such as the 09 contract are recommended [1]

| LPG早报 | 研究中心能化团队 2025/04/17 | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | L P G | 丙烷CIF | MB丙烷 | CP预测合 | 华东液化 | 纸面进口 | | | | | | | | | | | | | | | | | | | | 山东液化气 丙烷CFR华南 | 日期 | 华南液化气 | 山东醚后碳四 山东烷基化油 | 主力基差 | 气 | 日本 | 现货 | 同价 | 利润 | 2025/04/1 | | | | | | | | | | | | | | | 5380 | 5425 | 4960 | 570 | 422 | 76 | 568 | 5130 | 8000 | 588 | 669 | 0 | 2025/04/1 | | | ...

行业 沥青日报 日期 2024 年 4 月 17 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 ...

易捷"外贸优品"项目已开放绿色招商通道，符合条件的供应商引入后，可以通过中国石化易捷便利店网络、线上商城等线上及线下资源，推广并销售产品。 4月16日，第一财经记者从中国石化新闻办获悉，为落实商务部《提振消费专项行动方案》，中国石化推出"外贸优品"项目，借助遍布全国的易捷便利店网 络，为外贸企业开辟内销通道。 "我们希望通过央企资源，为外贸企业提供'一站式'解决方案。"中国石化易捷公司相关负责人表示，易捷将持续构建"易捷自提、易捷到车、易捷到家"等全 渠道消费场景，加速外贸商品流通，助力外贸企业转内销、拓市场。 当前，中国石化易捷的"外贸优品"项目已经开放了绿色招商通道，涵盖粮油副食、休闲食品、日用百货、水饮和汽车用品等多个品类。符合条件的供应商引 入后，将能够充分利用中国石化易捷便利店网络、线上商城、会员体系和B端客户等线上及线下资源，推广并销售产品。该项目报名时间截至今年4月30 日。 据悉，中国石化浙江石油已经率先启动上述专项行动，通过覆盖全省1800多家易捷便利店，为外贸企业提供"零门槛入驻+闪电上架"专属通道。 易捷是中国石化旗下的非油品服务品牌，创立于2008年。据光大证券研报，该品牌孵化了卓玛泉 ...

Group 1: Report Overview - Report Title: Asphalt Daily Report [1] - Report Date: April 16, 2024 [2] Group 2: Market Review and Operation Suggestions Futures Market - For BU2506, the opening price was 3340 yuan/ton, closing at 3301 yuan/ton, with a high of 3342 yuan/ton, a low of 3293 yuan/ton, a decline of 0.12%, and a trading volume of 20.19 million lots [6] - For BU2507, the opening price was 3318 yuan/ton, closing at 3293 yuan/ton, with a high of 3328 yuan/ton, a low of 3287 yuan/ton, an increase of 0.09%, and a trading volume of 2.60 million lots [6] Spot Market - As of the noon market today, asphalt spot prices in North China, Shandong, and East China declined, while those in Northeast and South China rose slightly, and prices in other regions remained stable [6] Supply and Demand Analysis - Supply: Sinopec Sichuan in Southwest China and Tianzhize in Northwest China plan to produce asphalt stably. Shandong Shengxing Petrochemical's 1.5 million - ton plant and Henan Fengli's 1.3 million - ton plant may resume asphalt production, and the average operating load rate of asphalt plants is expected to continue rising [7] - Demand: Rain in Jiangnan and South China will affect road construction, weakening the rigid demand in these areas. Cold air in central and eastern China will impact some northern projects. With significant fluctuations in international oil prices, the spot market is cautious, and speculative demand is released conservatively [7] Market Outlook - The asphalt market fundamentals remain weak in both supply and demand. With oil prices bottoming out, asphalt is expected to fluctuate weakly [7] Group 3: Industry News Shandong Market - The mainstream intended price of 70A asphalt is 3330 - 3500 yuan/ton, down 20 yuan/ton from the previous day. Low - price resource transactions are okay, and some local refineries raised prices, but Qilu Petrochemical's settlement price decline pulled down high - end prices [8] East China Market - The mainstream intended price of 70A asphalt is 3500 - 3570 yuan/ton, down 95 yuan/ton from the previous day. Demand is weak, and social inventory shipments have not improved significantly. Sinopec's price cuts narrowed the price gap between its plants and local refineries and social inventories [8] Group 4: Data Overview - The report presents multiple figures including asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and Jianxin Futures Research and Development Department [10][16][23]