Report Industry Investment Rating - High-sulfur fuel oil: Neutral, with a short-term focus on observation [2] - Low-sulfur fuel oil: Neutral, with a short-term focus on observation [2] - Cross-variety: None [2] - Cross-period: None [2] - Spot-futures: None [2] - Options: None [2] Core Viewpoints - The market structure of high-sulfur fuel oil has slightly weakened, and the market structure of low-sulfur fuel oil has been weak recently. The strength pattern of high and low sulfur has changed marginally, and the high-low sulfur spread has rebounded slightly from a low level [1] - After the continuous rebound of crude oil prices, resistance has emerged again, and the FU and LU disk prices have followed suit. Currently, there are still macro uncertainties, so caution is advised [1] - If there are no major problems with Russian supply, there is no shortage expectation in the high-sulfur fuel oil market, and the upward valuation space is limited [1] - With the restart of the RFCC unit of the Dangote refinery, the local supply pressure of low-sulfur fuel oil is expected to ease marginally [1] Market Analysis Summary - The main contract of the Shanghai Futures Exchange fuel oil futures closed down 1.2% at 2,796 yuan/ton, and the main contract of the INE low-sulfur fuel oil futures closed down 0.55% at 3,246 yuan/ton [1] - The fundamentals of fuel oil recently show a pattern of "high-sulfur stronger than low-sulfur", but the market structure of high-sulfur fuel oil has shown signs of slight weakness. While the unilateral price has followed the decline of crude oil, the outer market month spread and crack spread have also declined [1] - The fundamentals and market structure of low-sulfur fuel oil have been weak recently [1]

Report Industry Investment Rating - No information provided Core Viewpoints - The report predicts that PX, PTA, and PR will experience narrow - range fluctuations. The PX view is scored 0, the PTA view is scored 0, and the PR view is scored 0 [2] Summary by Related Catalogs Price Information - **Upstream**: On October 29, 2025, the futures settlement price of WTI crude oil was $60.48 per barrel, up 0.55%; Brent crude oil was $64.92 per barrel, up 0.81%. The spot price of naphtha CFR Japan was $571.13 per ton, up 0.44%. The spot price of xylene (isomeric grade) FOB Korea was $681.00 per ton, up 0.22%. The spot price of PX CFR China Main Port was $818.00 per ton, up 0.49% [1] - **PTA**: The CZCE TA main - contract closing price was 4,636 yuan per ton, up 0.48%; the settlement price was 4,610 yuan per ton, down 0.09%. The domestic PTA spot price was 4,535 yuan per ton, down 0.04%. The CCFEI price index of PTA outer - market on October 28 was $601.00 per ton, down 2.12% [1] - **PX**: The CZCE PX main - contract closing price was 6,652 yuan per ton, up 0.51%; the settlement price was 6,614 yuan per ton, up 0.03%. The domestic PX spot price was 6,451 yuan per ton, down 1.13% [1] - **PR**: The CZCE PR main - contract closing price was 5,726 yuan per ton, up 0.25%; the settlement price was 5,710 yuan per ton, down 0.17%. The market price of polyester bottle - chips in the East China market was 5,740 yuan per ton, down 0.35%; in the South China market, it was 5,780 yuan per ton, down 0.34% [1] - **Downstream**: The CCFEI price index of polyester fiber DTY was 8,450 yuan per ton, up 0.30%; POY was 6,775 yuan per ton, up 0.37%; FDY68D was 6,950 yuan per ton, unchanged; FDY150D was 6,700 yuan per ton, unchanged; polyester staple fiber was 6,360 yuan per ton, up 0.08%; polyester chip was 5,605 yuan per ton, unchanged; bottle - grade chip was 5,740 yuan per ton, down 0.35% [2] Production and Sales - The production - sales ratio of polyester filament on October 29, 2025, was 48.87%, down 13.63 percentage points; polyester staple fiber was 43.57%, up 0.07 percentage points; polyester chip was 37.06%, down 20.55 percentage points [1] Operating Rate - On October 29, 2025, the operating rate of PX in the polyester industry chain was 86.21%, unchanged; the PTA industry chain load rate of PTA factories was 80.09%, up 0.63 percentage points; polyester factories was 89.28%, unchanged; bottle - chip factories was 73.31%, unchanged; Jiangsu and Zhejiang looms was 72.06%, up 0.20 percentage points [1] Device Information - The 2.7 - million - ton (design capacity) PTA device of Dushan Energy No. 4 started trial operation on October 25, 2025. After the new device runs stably, the new one will be put into operation and the old one will be shut down [2] Important News and Logic - **PX**: Overnight crude oil was weak. After short - term digestion of geopolitical and macro - emotions, there was no new positive news. The PX CFR China price on October 29 was $818 per ton, with cost - end oil prices fluctuating in a range. The domestic PX operating load remained high. The PTA main - supplier symposium was about to be held, and participants were still confident in the future supply - demand outlook. The PX2601 contract closed at 6,652 yuan per ton. Market rumors of a refinery's possible shutdown had no follow - up. Overseas devices were stable. The PX profit was expected to fluctuate stably in the short term [2] - **PTA**: The industry meeting continued to boost market sentiment. The TA2601 contract closed at 4,636 yuan per ton. Traders awaited PTA meeting news. Crude oil failed to recover losses. PTA prices fluctuated narrowly. Under the expectation of production cuts, the spot basis strengthened slightly. The new PTA device in East China started trial production. The anti - involution expectation offset the impact of new capacity. It might be difficult to coordinate new production - cut plans. The increase in the terminal loom operating rate and good polyester filament sales were positive for the market [2] - **PR**: The mainstream negotiation price of polyester bottle - chips in the Jiangsu and Zhejiang market was 5,710 - 5,830 yuan per ton, down 10 yuan per ton. The PTA and bottle - chip futures fluctuated, with a weak market atmosphere and low downstream purchasing willingness. The PR2601 contract closed at 5,726 yuan per ton. The bottle - chip market supply was relatively abundant, and downstream demand was weak [2]

Report Industry Investment Ratings - Cautiously bearish on crude oil, LPG, L, PP, ethylene glycol, methanol, urea, and natural gas [1][3][6] - Bearish consolidation on L and PP [1] - Bearish rebound on PVC, glass, and soda ash [1][6] - Cautiously bullish on PX and PTA [1][3] Core Views - The core drivers of the oil market are the supply surplus in the off - season and macro - positive factors, with the oil price center expected to decline [9]. - LPG is affected by the cost - end oil price correction and the low basis, with the price likely to correct [14]. - L and PP face cost support weakening and high inventory pressure, with bearish consolidation trends [19][24]. - PVC has low - valuation support but faces supply - demand surplus contradictions, with a bearish rebound situation [28]. - PX has short - term supply - demand improvement but limited cost - end rebound height, with opportunities for both long and short positions [30][31]. - PTA has slightly improved supply and demand, but the medium - and long - term supply is expected to be loose, with short - term rebound opportunities [33][34]. - Ethylene glycol has a low valuation but lacks upward drivers, with a short - term weakening trend [36][37]. - Methanol has high inventory pressure, but there are opportunities to go long on the 01 contract at low prices [40][42]. - Urea has a relatively loose supply, with short - term upward pressure and long - term opportunities to go long at low prices [44][46]. Summaries by Variety Crude Oil - **Market Review**: Overnight international oil prices rebounded slightly, with WTI up 0.55%, Brent up 0.77%, and SC down 1.54% [8]. - **Basic Logic**: Sanctions on Russia and macro - positive factors support the oil price, but the core driver is the supply surplus in the off - season, and the oil price center is expected to decline [9]. - **Fundamentals**: OPEC+ may increase production in December, Indian oil imports increased in September, and US commercial crude inventories decreased last week [10]. - **Strategy**: Hold previous short positions and consider adding short positions lightly. Focus on the SC range of [455 - 470] [11]. LPG - **Market Review**: On October 29, the PG main contract closed at 4,287 yuan/ton, up 0.61% [13]. - **Basic Logic**: The price is anchored to the cost - end oil price. The short - term geopolitical risk has eased, and the cost - end has corrected. The basis is at a low level [14]. - **Strategy**: Try short positions lightly. Focus on the PG range of [4250 - 4350] [15]. L - **Market Review**: The L2601 contract closed at 7,009 yuan/ton, up 24 yuan [18]. - **Basic Logic**: Cost support is weakening, supply is loose, and demand replenishment power is insufficient [19]. - **Strategy**: The industry sells hedges at high prices, and short positions are preferred at high prices in the high - production cycle. Focus on the L range of [6950 - 7100] [19]. PP - **Market Review**: The PP2601 contract closed at 6,691 yuan/ton, up 72 yuan [23]. - **Basic Logic**: The basis is weakening, upstream device maintenance has increased, but the demand side faces high de - stocking pressure, and oil - based cost support is insufficient [24]. - **Strategy**: The industry sells hedges at high prices, and short positions are followed by short - term cost rebounds. Focus on the PP range of [6600 - 6800] [24]. PVC - **Market Review**: The V2601 contract closed at 4,719 yuan/ton, up 20 yuan [27]. - **Basic Logic**: Low - valuation support exists, but the supply - demand surplus contradiction is prominent. Attention should be paid to whether upstream marginal devices can reduce production [28]. - **Strategy**: The industry conducts hedging at high prices, and short - term long positions can be lightly participated in. Focus on the V range of [4600 - 4800] [28]. PX - **Market Review**: The PX futures price showed an upward trend [29]. - **Basic Logic**: Supply - side devices have reduced their loads, demand has improved recently but is expected to weaken, and the cost - end oil price rebound is limited [30]. - **Strategy**: Try long positions lightly in the short term, pay attention to short - selling opportunities at high prices, and focus on expanding downstream processing fees. Focus on the PX range of [6620 - 6720] [31]. PTA - **Market Review**: The PTA futures price showed a slight increase [32]. - **Basic Logic**: New device production is imminent, but processing fees are low, and the supply - side pressure is expected to ease. Terminal demand has improved slightly but is unstable, and there is an inventory accumulation expectation in November [33]. - **Strategy**: Chase long positions lightly in the short term, focus on short - selling opportunities during rebounds in the medium and long term, and focus on expanding TA processing fees. Focus on the TA range of [4610 - 4680] [34]. Ethylene Glycol - **Market Review**: The ethylene glycol futures price showed a decline [35]. - **Basic Logic**: Domestic devices have reduced their loads, overseas devices have increased their loads slightly, supply pressure is expected to increase, and there is an inventory accumulation expectation in November. The valuation is low but lacks upward drivers [36]. - **Strategy**: Participate in short - term long positions lightly and pay attention to short - selling opportunities during rebounds. Focus on the EG range of [4060 - 4140] [37]. Methanol - **Market Review**: High inventory suppresses the spot price [40]. - **Basic Logic**: Supply - side pressure is still high, demand has improved slightly, and cost support is weak and stable. Pay attention to the impact of Iranian "gas restrictions" [40]. - **Strategy**: Hold short positions cautiously, focus on going long on the 01 contract at low prices, and focus on MA1 - 5 reverse spreads. Focus on the MA range of [2235 - 2285] [42]. Urea - **Market Review**: The urea futures price showed a slight increase [43]. - **Basic Logic**: Supply is relatively loose, demand has improved slightly, inventory is accumulating, and cost support exists. Be vigilant against downward risks [44]. - **Strategy**: Hold short positions cautiously, and try long positions lightly in the medium and long term. Focus on the UR range of [1635 - 1660] [46].

摘要：【图】2025年6月广西壮族自治区燃料油产量数据 2025年6月燃料油产量统计： 燃料油产量：3.7 万吨 同比增长：-48.1% 增速较上一年同期变化：低116.9个百分点 据统计，2025年6月广西壮族自治区规模以上工业企业燃料油产量与上年同期相比下降了48.1%，达3.7 万吨，增速较上一年同期低116.9个百分点，增速较同期全国低50.2个百分点，约占同期全国规模以上企 业燃料油产量362.8万吨的比重为1.0%。 详见下图： 图1：广西壮族自治区燃料油产量分月（当月值）统计图 2025年1-6月燃料油产量统计： 燃料油产量：26.2 万吨 同比增长：-37.7% 增速较上一年同期变化：低67.3个百分点 据统计，2025年1－6月，广西壮族自治区规模以上工业企业燃料油产量与上年同期相比下降了37.7%， 达26.2万吨，增速较上一年同期低67.3个百分点，增速较同期全国低34.9个百分点，约占同期全国规模 以上企业燃料油产量2160.8万吨的比重为1.2%。详见下图： 图2：广西壮族自治区燃料油产量分月（累计值）统计图 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2 ...

Report Industry Investment Rating - Unilateral: Neutral, with a short - term focus on waiting and seeing; no suggestions for inter - period, inter - variety, spot - futures, and options strategies [2] Core Viewpoints - The fundamentals of asphalt remain weak and market drivers are limited. Crude oil price rebound is blocked, leading to an adjustment in the asphalt market and increasing the cautious sentiment in the spot market. The abundant supply of local refineries in Shandong continues to pressure the asphalt spot prices in Shandong and surrounding areas. The market is in a narrow - range oscillation state, waiting for important macro - events [1] Market Analysis - On October 29, the closing price of the main asphalt futures contract BU2601 in the afternoon session was 3,274 yuan/ton, down 7 yuan/ton or 0.21% from the previous settlement price. The open interest was 196,026 lots, a decrease of 1,242 lots from the previous day, and the trading volume was 173,766 lots, an increase of 7,144 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3,406 - 4,750 yuan/ton; Shandong: 3,200 - 3,620 yuan/ton; South China: 3,360 - 3,580 yuan/ton; East China: 3,410 - 3,500 yuan/ton. The asphalt spot prices in North China and Shandong decreased, while those in other regions remained relatively stable [1] Figures - Figures related to asphalt spot prices in different regions (Shandong, East China, South China, North China, Southwest, Northwest) are presented, with the unit of yuan/ton [3][10][5][7] - Figures related to asphalt futures (index closing price, main contract closing price, near - month contract closing price, near - month spread, unilateral trading volume and open interest, main contract trading volume and open interest) are presented, with the unit of yuan/ton or lots [3][23][20][24] - Figures related to asphalt production (domestic weekly production, independent refinery production, production in Shandong, East China, South China, North China) are presented, with the unit of 10,000 tons [3][32][30][38] - Figures related to asphalt consumption (road consumption, waterproof consumption, coking consumption, ship - fuel consumption) are presented, with the unit of 10,000 tons [3][39][40] - Figures related to asphalt inventory (refinery inventory and social inventory according to Longzhong) are presented, with the unit of 10,000 tons [3][41]

2025 年 10 月 30 日 公司研究 Q3 归母净利润环比小幅改善，静待炼化景气修复 ——中国石化（600028.SH/0386.HK）2025 年三季报点评 A 股：买入（维持） 当前价：5.52 元 H 股：买入（维持） 当前价：4.22 港元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 分析师：王礼沫 执业证书编号：S0930524040002 010-56513142 wanglimo@ebscn.com 市场数据 | 总股本(亿股) | 1211.78 | | --- | --- | | 总市值(亿元)： | 6689.00 | | 一年最低/最高(元)： | 5.25/6.78 | | 近 3 月换手率： | 1.09% | 要点 事件： 公司发布 2025 年三季报，2025 年前三季度，公司实现营业总收入 21134 亿元，同比-10.7%，实现归母净利润 300 亿元，同比-32. ...

Report Investment Rating - PX: Unilateral oscillating market [1] - PTA: Pay attention to the results of the anti - involution meeting, unilateral is relatively strong [1] - MEG: Cost - supported, short - term trend is relatively strong [1] Core Views - The trend intensity of PX, PTA, and MEG is all 1, indicating a neutral - to - slightly - bullish view [5] - For PX, go short on PXN at high levels. PX supply and demand both increase. Lock in profits when PXN is above 230 US dollars [5] - For PTA, the anti - involution policy creates supply contraction expectations. The market is in a positive feedback pattern, and PTA processing fees are expected to expand in the short term [5] - For MEG, due to rising coal prices, the cost support is strong, and it is expected to run strongly unilaterally. Consider a calendar spread long position [6] Market Dynamics Summary PX - End - of - day naphtha prices are weak, with November MOPJ currently estimated at 564 US dollars/ton CFR. PX prices rebounded today, with a December Asian spot deal at 820. The current PX valuation is 818 US dollars/ton, up 4 US dollars from yesterday [3] MEG - A 400,000 - ton/year MEG plant in Fujian has been restarted and is producing, with a subsequent load of around 90%. A 500,000 - ton/year MEG plant in Canada has also restarted [3] Polyester - The sales of polyester yarn in Jiangsu and Zhejiang are generally weak today, with an estimated average sales rate of just over 40% by 3:45 pm [3] Price and Spread Data Futures - PX, PTA, MEG, and PF futures prices rose, while SC futures prices fell slightly [2] - The month - spreads of PX, PTA, and MEG increased, while those of PF and SC decreased [2] Spot - PX and naphtha prices rose, MEG prices fell, and PTA prices remained unchanged [2] - PX - naphtha spread, short - fiber processing fee, and bottle - chip processing fee decreased, while PTA processing fee increased [2] Supply and Demand Outlook PX - Supply: Fushun Fushun Petrochemical's 1.4 - million - ton PX plant is gradually restarting, Saudi Satorp's 700,000 - ton plant's maintenance is postponed to November, and PTTG's 540,000 - ton plant will be under maintenance for about 50 days starting at the end of October [5] - Demand: Xin Fengming's new PTA plant has recently started operation [5] PTA - Supply: The anti - involution policy may lead to supply contraction [5] - Demand: Downstream orders are improving, polyester sales are getting better, and polyester load is expected to remain high in the coming months [5] MEG - Supply: Domestic supply is expected to contract marginally as Zhejiang Petrochemical plans to reduce its load in December and Sichuan Zheng Dakai plans to conduct maintenance in November. However, imports are increasing, and port inventories are expected to be high [6] - Demand: Not specifically mentioned in the report

Report Information - Report Name: PTA Daily Report [1] - Date: October 30, 2025 [2] Core View - The PTA market is expected to consolidate as there is a game between the weak reality of sufficient spot supply and the expectation of possible production cuts, while the crude oil market shows weak and volatile trends and awaits PTA meeting news [6] Summary by Section 1. Market Review and Operation Suggestions - On the 29th, the closing price of the PTA main futures contract TA2601 was 4,636 yuan/ton, up 22 yuan/ton (0.48%), with a settlement price of 4,610 yuan/ton and a daily reduction of 14,817 lots. The TA2605 contract closed at 4,688 yuan/ton, up 14 yuan/ton, with a trading volume of 35,038 lots, an increase of 548 lots [6] 2. Industry News - International oil prices have closed lower for three consecutive trading days as investors weigh the impact of US sanctions on two major European oil companies and OPEC+'s possible production increase plan. On Tuesday (October 28), the settlement price of WTI crude oil futures for December 2025 was $60.15 per barrel, down $1.16 (1.89%), and the settlement price of Brent crude oil futures for December 2025 was $64.4 per barrel, down $1.22 (1.86%) [7] - The assessed price of PX in the Chinese market is $817 - 819 per ton, up $4 per ton; the assessed price in the South Korean market is $797 - 799 per ton, up $4 per ton. The domestic PX operating load remains high, and the PTA main suppliers' symposium is about to be held, with participants still confident in the future supply - demand prospects [7] - The PTA price in the East China market is 4,535 yuan/ton, down 2 yuan/ton. The average daily negotiation basis is a discount of 76 yuan/ton compared to futures 2601, up 1 yuan/ton [7] 3. Data Overview - The report provides multiple data charts, including PTA futures prices, international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipt numbers, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories, with data sources from Wind and the Research and Development Department of CCB Futures [11][13][17]

Report General Information - Report Name: MEG Daily Report [1] - Date: October 30, 2025 [2] - Research Team: Energy and Chemical Research Team of Jianxin Futures [4] 1. Report Industry Investment Rating - Not mentioned in the report 2. Report's Core View - Currently, the fundamental drivers of ethylene glycol are insufficient, but the macro - market sentiment has weakened. With the continuous progress of Sino - US trade negotiations this week, it is expected that the market risk appetite may continue to return, and ethylene glycol is expected to rise slightly [7] 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 - Futures market: For the ethylene glycol futures on the 29th, the opening price of the main contract was 4058 yuan/ton, the highest was 4105 yuan/ton, the lowest was 4052 yuan/ton, the settlement price was 4081 yuan/ton, and the closing price was 4100 yuan/ton, up 10 yuan/ton from the previous trading day's settlement price. The total volume was 139,397 lots, and the open interest was 312,509 lots. Specifically, the closing price of EG2601 was 4100 yuan/ton, up 10 yuan, with an open interest of 312,509 lots and a decrease of 5547 lots; the closing price of EG2605 was 4175 yuan/ton, up 4 yuan, with an open interest of 21,127 lots and an increase of 335 lots [7] 3.2行业要闻 - Oil price: Investors weighed the impact of US sanctions on two major European oil companies on global supply and the possible production - increasing plan of OPEC+. International oil prices closed lower for three consecutive trading days. On Tuesday (October 28), the settlement price of the December 2025 West Texas Intermediate crude oil futures on the New York Mercantile Exchange was $60.15 per barrel, down $1.16 or 1.89% from the previous trading day, with a trading range of $59.76 - $61.50; the settlement price of the December 2025 Brent crude oil futures on the London Intercontinental Exchange was $64.4 per barrel, down $1.22 or 1.86% from the previous trading day, with a trading range of $64 - $65.76 [8] - Ethylene glycol market: In the Zhangjiagang ethylene glycol market, the spot negotiation price this week was 4175 - 4180 yuan/ton, up 17.5 yuan/ton from the previous working day; the spot negotiation price next week was 4173 - 4175 yuan/ton, and the negotiation price for November was 4172 - 4175 yuan/ton. The basis of this week's spot was at a premium of 75 - 80 yuan/ton to EG2601, the basis of next week's spot was at a premium of 73 - 75 yuan/ton to EG2601, and the basis for November was at a premium of 72 - 75 yuan/ton to EG2601. In the Fujian ethylene glycol market, the negotiation range was 4300 - 4400 yuan/ton, remaining flat from the previous working day. The short - term trading atmosphere in the ethylene glycol market has improved, and the price in the Fujian ethylene glycol market is mainly stable and under observation [8] 3.3数据概览 - The report provides multiple data charts, including PTA - MEG price difference, MEG price, MEG futures price, futures - spot price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory, with data sources from Wind and Jianxin Futures Research and Development Department [10][15][16][18]

Group 1: General Information - Report Name: Asphalt Daily Report [1] - Date: October 30, 2025 [2] Group 2: Market Review and Operation Suggestions - Futures Market: BU2601 opened at 3265 yuan/ton, closed at 3274 yuan/ton, with a high of 3283 yuan/ton, a low of 3252 yuan/ton, a decline of 0.21%, and a trading volume of 173,800 lots; BU2512 opened at 3274 yuan/ton, closed at 3291 yuan/ton, with a high of 3300 yuan/ton, a low of 3270 yuan/ton, a flat change, and a trading volume of 26,400 lots [6] - Spot Market: Asphalt spot prices in North China and Shandong declined, while those in other regions remained stable. The decline in crude oil and asphalt futures prices dampened market sentiment, and ample local refinery resources in Shandong pressured prices [6] - Supply and Demand: Overall refinery operating rate is expected to remain flat. Demand is seasonally weakening, with rigid demand shrinking in the Northeast and Northwest, limited demand growth in North China and Shandong, and slow resource consumption in the South. Insufficient funds are restricting project progress [7] - Operation Suggestion: Consider going long on BU and short on SC due to the relatively stronger supply - demand situation of asphalt compared to crude oil [7] Group 3: Industry News - Shandong Market: The mainstream transaction price of 70A grade asphalt was 3200 - 3620 yuan/ton, down 5 yuan/ton from the previous trading day. The market sentiment was bearish, and ample resources led to price declines [8] - South China Market: The mainstream transaction price of 70A grade asphalt was 3360 - 3580 yuan/ton, remaining stable. Sinopec's planned production cut in November and other refineries' price hikes boosted the market, but unsold resources limited price increases [8] Group 4: Data Overview - The report provides multiple data charts including asphalt cracking spread, social inventory, daily operating rate, Shandong comprehensive profit, etc., with data sources from wind and the research and development department of Jianxin Futures [11][13][15]