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]

Report Core View - This week, the crack spread of Singapore 380 fuel oil strengthened slightly, the monthly spread declined month-on-month, and the basis fluctuated at a low level. The high-low sulfur spread is at a historically low level year-on-year. The crack spread of Singapore 0.5 low-sulfur fuel oil weakened, and the monthly spread and basis fluctuated at historically low levels. In terms of inventory, Singapore's residual oil inventory decreased, the high-sulfur floating storage is higher than the historical average for the same period, and the low-sulfur floating storage increased slightly. The heavy oil inventory in Fujairah increased significantly to 8,520 thousand tons. The high-sulfur floating storage decreased but is still at a historically high level year-on-year. The ARA port's inventory decreased and is at a historically low level year-on-year. In terms of logistics, the total arrival of domestic fuel oil remained flat, and the arrival of low-sulfur fuel oil strengthened slightly. Saudi Arabia's shipments declined month-on-month, while the UAE's shipments increased month-on-month. Recently, the weak fundamentals of low-sulfur fuel oil continued, and it is expected to maintain a low-level oscillation pattern. The global high-sulfur fuel oil inventory began to accumulate. The crack spread of Singapore's high-sulfur fuel oil is still supported by purchasing demand, but it faces downward pressure in the medium term due to factors such as sanctions on Russia. The internal and external prices of FU oscillated mainly and weakened slightly this week. [4][5] Data Summary Rotterdam Fuel Oil Swap Data | Type | 2025/10/23 | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 396.75 | 400.88 | 400.43 | 389.26 | 390.21 | 0.95 | | Rotterdam 0.5% VLS FO Swap M1 | 420.88 | 424.62 | 423.42 | 411.42 | 415.93 | 4.51 | | Rotterdam HSFO - Brent M1 | -2.55 | -2.65 | -2.15 | -2.31 | -2.85 | -0.54 | | Rotterdam 10ppm Gasoil Swap M1 | 678.26 | 688.86 | 705.25 | 680.86 | 688.80 | 7.94 | | Rotterdam VLSFO - Gasoil M1 | -257.38 | -264.24 | -281.83 | -269.44 | -272.87 | -3.43 | | LGO - Brent M1 | 26.90 | 28.32 | 30.55 | 28.62 | 29.11 | 0.49 | | Rotterdam VLSFO - HSFO M1 | 24.13 | 23.74 | 22.99 | 22.16 | 25.72 | 3.56 | [2] Singapore Fuel Oil Swap Data | Type | 2025/10/23 | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 384.53 | 394.15 | 387.51 | 383.93 | 378.21 | -5.72 | | Singapore 180cst M1 | 392.53 | 402.15 | 394.51 | 389.68 | 384.21 | -5.47 | | Singapore VLSFO M1 | 442.26 | 448.43 | 446.68 | 443.72 | 445.43 | 1.71 | | Singapore GO M1 | 88.08 | 90.28 | 90.91 | 91.15 | 91.38 | 0.23 | | Singapore 380cst - Brent M1 | -3.87 | -3.30 | -3.68 | -3.23 | -4.74 | -1.51 | | Singapore VLSFO - Gasoil M1 | -209.53 | -219.64 | -226.05 | -230.79 | -230.78 | 0.01 | [2] Singapore Fuel Oil Spot Data | Type | 2025/10/23 | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 384.00 | 392.86 | 387.02 | 383.42 | 372.68 | -10.74 | | FOB VLSFO | 438.50 | 445.23 | 446.25 | 441.88 | 437.28 | -4.60 | | 380 Basis | -0.73 | -1.35 | -0.90 | -1.15 | -1.80 | -0.65 | | High - Sulfur Domestic - Foreign Spread | 8.6 | 7.9 | 8.1 | 10.2 | 10.4 | 0.2 | | Low - Sulfur Domestic - Foreign Spread | 6.9 | 7.2 | 7.6 | 13.4 | 12.6 | -0.8 | [3] Domestic FU Data | Type | 2025/10/23 | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2752 | 2814 | 2842 | 2818 | 2796 | -22 | | FU 05 | 2701 | 2741 | 2772 | 2756 | 2744 | -12 | | FU 09 | 2640 | 2663 | 2683 | 2675 | 2672 | -3 | | FU 01 - 05 | 51 | - | 70 | 62 | 52 | -10 | | FU 05 - 09 | 61 | 78 | 89 | 81 | 72 | -9 | | FU 09 - 01 | -112 | -151 | -159 | -143 | -124 | 19 | [3] Domestic LU Data | Type | 2025/10/23 | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3193 | 3224 | 3257 | 3273 | 3246 | -27 | | LU 05 | 3220 | 3230 | 3262 | 3237 | 3212 | -25 | | LU 09 | 3234 | 3235 | 3272 | 3262 | 3235 | -27 | | LU 01 - 05 | -27 | -6 | -5 | 36 | 34 | -2 | | LU 05 - 09 | -14 | -5 | -10 | -25 | -23 | 2 | | LU 09 - 01 | 41 | 11 | 15 | -11 | -11 | 0 | [4]

Core Insights - Rongsheng Petrochemical (002493) reported a strong performance in Q3 2025, with a net profit of 2.86 billion yuan, marking a year-on-year increase of 1427.94% and a quarter-on-quarter increase of 1942.86% [1] - The company achieved a total revenue of 227.81 billion yuan in the first three quarters of 2025, with a net profit attributable to shareholders of 0.88 billion yuan [1] - The net cash flow from operating activities reached 23.65 billion yuan, reflecting a year-on-year growth of 19.93% [1] Financial Performance - In Q3 2025, the company demonstrated significant growth in net profit, achieving both year-on-year and quarter-on-quarter increases [1] - The total revenue for the first three quarters of 2025 was 227.81 billion yuan, indicating robust business operations [1] - The net cash flow from operating activities was 23.65 billion yuan, showcasing improved cash generation capabilities [1] Share Buyback and Stakeholder Confidence - Rongsheng Petrochemical completed the first phase of its share buyback program on July 18, 2025, with 136 million shares canceled, accounting for 1.3440% of the total share capital, at a cost of 1.998 billion yuan [1] - The company has initiated three phases of share buyback from 2022 to 2024, totaling 553 million shares, which is 5.46% of the total share capital, with a total expenditure of 6.988 billion yuan [1] - The controlling shareholder, Zhejiang Rongsheng Holding Group, has shown strong confidence in the company's future by increasing its stake with a total investment of approximately 2.706 billion yuan from January 2024 to September 2025 [1]

Group 1 - In the first half of 2025, Shanxi Province's industrial enterprises produced a total of 95,000 tons of naphtha, representing a year-on-year increase of 14.9%, which is 21.0 percentage points higher than the growth rate in 2024 and 14.1 percentage points higher than the national average [1] - In June 2025, the naphtha production in Shanxi Province reached 17,000 tons, marking a 17.6% increase compared to June 2024, with the growth rate being 31.6 percentage points higher than the previous year and 8.7 percentage points higher than the national average [2] - The naphtha production in Shanxi Province accounted for 0.2% of the national total naphtha production of 39,847,000 tons in the first half of 2025 and 0.2% of the national total of 6,866,000 tons in June 2025 [1][2] Group 2 - The data pertains to large-scale industrial enterprises, defined as those with annual main business revenues of 20 million yuan or more [6]

Core Insights - In the first half of 2025, the naphtha production in Ningxia Hui Autonomous Region reached 760,000 tons, marking a 0.8% increase compared to the same period in 2024, with a slowdown of 13.3 percentage points in growth rate [1] - The naphtha production accounted for 1.9% of the national output of 39,847,000 tons during the same period [1] Monthly Analysis - In June 2025, the naphtha production in Ningxia was 122,000 tons, representing an 11.2% increase year-on-year, with a growth rate that was 39.0 percentage points higher than June 2024 [2] - The June production accounted for 1.8% of the national naphtha output of 6,866,000 tons [2]

Group 1: Economic Policies and Developments - The Chinese government is committed to deepening capital market reforms and expanding high-level financial openness to support modernization, welcoming foreign financial institutions and long-term capital investments [1] - The State Administration of Foreign Exchange announced nine policy measures to facilitate cross-border trade and support trade development [1] - The Central Enterprise Strategic Emerging Industry Development Fund has officially launched, raising 51 billion yuan in its first phase [1] Group 2: Corporate Earnings and Financial Performance - Guizhou Moutai reported Q3 revenue of 39.064 billion yuan, a year-on-year increase of 0.56%, and a net profit of 19.224 billion yuan, up 0.48% [4] - Industrial Fulian's net profit for the first three quarters reached 22.487 billion yuan, a year-on-year increase of 48.52% [4] - China Petroleum & Chemical Corporation (Sinopec) reported a net profit of 29.984 billion yuan for the first three quarters, a year-on-year decrease of 32.2% [4] Group 3: Employment and Labor Market - In the first three quarters, China added 10.57 million urban jobs, maintaining overall employment stability, with a September urban survey unemployment rate of 5.2%, down 0.1 percentage points from the previous month [1] Group 4: Market Performance - The Shanghai Composite Index rose by 0.7% to 4016.33, while the Shenzhen Component Index increased by 1.95% to 13691.38 [3] - The onshore RMB was quoted at 7.0993, down 3 points, and the offshore RMB at 7.0964, down 22 points [3]

Macroeconomic News - The meeting between Chinese President Xi Jinping and U.S. President Trump is scheduled for October 30 in Busan, South Korea, focusing on strategic and long-term issues in China-U.S. relations [1][2] - The People's Bank of China is committed to deepening capital market reforms and expanding high-level financial openness to attract foreign investment [1][2] Industry News - The Federal Reserve has lowered the benchmark interest rate by 25 basis points to 3.75%-4.00%, marking the fifth rate cut since September 2024 [4] - A strategic emerging industry development fund with a scale of 51 billion yuan has been launched, focusing on supporting industries such as artificial intelligence, quantum technology, and future energy [4][5] - The Ministry of Commerce and other departments have issued a notice to enhance the integration of technologies like AI and blockchain in urban commercial systems [5] Company News - Kweichow Moutai reported a net profit of 19.224 billion yuan for the third quarter, a year-on-year increase of 0.48% [7] - Sinopec announced a third-quarter net profit of 8.3 billion yuan, up 3.5% year-on-year, and is continuing share buybacks [7] - NewEase reported a net profit of 6.327 billion yuan for the first three quarters, a significant increase of 284% [7] - Tianfu Communication announced a net profit of 1.465 billion yuan for the first three quarters, up 50.07% year-on-year [7] - Tianqi Lithium reported a net profit of 180 million yuan for the first three quarters, marking a return to profitability [7] - Industrial Fulian reported a net profit of 22.487 billion yuan for the first three quarters, a 49% increase, driven by high-growth products like AI servers [7] - WuXi AppTec's major shareholder plans to reduce its stake by up to 2% [7] - Dongni Electronics disclosed that its annual report contained false records, leading to a name change to ST Dongni starting October 31 [7] - Guokai Military Industry signed a 466 million yuan annual order contract for military trade products, expected to positively impact the company's performance [8] - Dayou Energy reported a net loss of 1.122 billion yuan for the first three quarters due to declining product prices [9] - Midea Group announced a net profit of 37.883 billion yuan for the first three quarters, a year-on-year increase of 19.51% [9] - Peking University Pharmaceutical's chairman has been criminally detained and is temporarily unable to perform duties [9] - China Rare Earth reported a net profit of 192 million yuan for the first three quarters, a year-on-year increase of 195% [10] - Shandong Gold reported a net profit increase of 92% for the first three quarters, benefiting from rising gold prices and sales volume [10] - Huizhou Intelligent announced that its 2019 and 2020 annual reports contained false records, leading to a name change to ST Huizhou [10] - China Unicom's subsidiary participated in the investment of the central enterprise strategic emerging fund [11] - Shikang Co. reported a net loss of 3.105 billion yuan for the first three quarters [11] - Hangyang Co. received a stake increase from CITIC Financial Assets, reaching a 5% holding [11] - Western Gold reported a net profit increase of 168% for the first three quarters, driven by increased sales and prices of gold products [11] Investment Opportunities - The demand for AI server storage is exceeding expectations, with major companies like Samsung and SK Hynix operating at full capacity [15][16] - The market for enterprise-level SSDs is expected to grow significantly due to the increasing requirements for data transmission and computation in AI applications [16] - The price of tungsten has surged, leading to significant price increases for hexafluoride tungsten suppliers targeting semiconductor manufacturers [17]

Core Insights - Jiangsu Province is a key area for Sinopec, covering the entire petrochemical industry chain and housing several major subsidiaries [1][2] - During the 14th Five-Year Plan period, Sinopec's subsidiaries in Jiangsu achieved significant revenue growth, exceeding 1.7 trillion yuan, a 20% increase compared to the previous five-year period [1][2] Group 1: Production and Revenue - Sinopec's subsidiaries in Jiangsu have a production capacity of over 330 million tons/year of oil and gas equivalent, 30.5 million tons/year of refining, and 8 million tons/year of ethylene [1] - Jinling Petrochemical is projected to process 17.29 million tons of crude oil in 2024, ranking second among Nanjing's top manufacturing enterprises [2] - Yangzi Petrochemical supplies approximately 12 million tons of high-quality petrochemical products annually [2] Group 2: Technological Innovation - The East China Petroleum Bureau has made significant advancements in shale oil exploration, with cumulative production exceeding 350,000 tons and resource estimates of 350 million tons [2][3] - Various subsidiaries have developed cutting-edge technologies, including a major PTA project and advanced imaging techniques for deep reservoirs [3][4][5] Group 3: Green Development Initiatives - Sinopec is committed to achieving carbon neutrality, with Jiangsu subsidiaries implementing CCUS projects and developing environmentally friendly products [6][7] - Jinling Petrochemical has established a carbon emission monitoring system and zero-emission projects [8] Group 4: Community Engagement and Social Responsibility - Sinopec's subsidiaries actively engage in community support, with initiatives such as educational assistance and environmental protection projects [11] - The company emphasizes the importance of the petrochemical industry in contributing to national economic development and improving people's lives [11][12]

智通财经APP讯，中国石化(600028.SH)披露2025年第三季度报告，公司前三季度实现营收2.11万亿元， 同比下降10.7%;归母净利润299.84亿元，同比下降32.2%;扣非净利润305.52亿元，同比下降30.5%;基本 每股收益0.247元。 ...