在河南炼化公司，专题宣传片与沙盘直观展示了中国石化及河南炼化的发展布局与规模，智能化生产系 统的高效运行让大家赞叹不已，乙烯项目则让公众对河南炼化高质量发展蓝图充满期待。 在洛阳工程公司，"时代楷模"陈俊武院士赤诚报国的家国情怀、敢为人先的创新精神与无私奉献的道德 风范传承着石化精神的力量。在洛阳石油公司第53加油站，便捷的服务设施与贴心的服务举措让公众切 实感受到中国石化扎根河南、服务民生的务实担当。 据介绍，此次开放日活动通过多元互动形式让公众近距离触摸石化企业的发展脉搏，不仅展现了中国石 化驻豫企业的创新实力与绿色担当，更搭建了企业与公众沟通的坚实桥梁，为企业在河南持续健康发展 营造了良好氛围。（刘贺娟 王东亮） 来源：环球网 11月12日，"中国石化在河南"公众开放日活动顺利举办。活动通过走进中国石化河南炼化公司、洛阳工 程公司及河南石油第53加油站，全方位体现了石化企业的创新发展与社会责任。 ...

Core Viewpoint - The company, Haixia Petrochemical (00852), announced a mid-term dividend of HKD 0.08 per share to be distributed on June 30, 2026 [1] Summary by Category - **Dividend Announcement** - The company will distribute a mid-term dividend of HKD 0.08 per share [1]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - In the North China market, weak demand and reduced cost support have led to a rise in market wait - and - see sentiment. Traders are cutting prices to stimulate downstream purchases. In the South China market, low - priced social inventory sources have emerged, and major refineries and PetroChina have successively cut prices, lowering the trading center. In the East China market, social inventory is decreasing, and asphalt prices are stable. Looking ahead, asphalt prices in the northern market are likely to be weak due to lower - than - expected demand and strong wait - and - see sentiment, while prices in the southern market may remain stable after major refineries' price adjustments have improved downstream purchasing enthusiasm [5] 3. Summary by Relevant Catalog Spot Market - In the spot market, prices in the East China, North China, Northeast, and Northwest regions remained unchanged at 3260, 3020, 3500, and 3940 respectively. The price in the South China region dropped from 3230 to 3170, a decrease of 60, and the price in the Shandong region dropped from 3020 to 3010, a decrease of 10 [1] Futures Market - In the futures market, the price of BU2511 rose from 2980 to 3020, an increase of 1.34%. The prices of BU2512, BU2601, and BU2602 decreased from 3063, 3063, and 3082 to 3028, 3029, and 3045 respectively, with decreases of 1.14%, 1.11%, and 1.20% [1]

Core Viewpoint - The stock of Heshun Petroleum reached a closing price of 28.03 yuan on November 14, with a significant increase of 10.01% due to various positive factors including advancements in its new energy strategy and improved corporate governance [1][2]. Company Developments - Heshun Petroleum is accelerating its new energy strategy by fully equipping existing and planned charging stations with Huawei's liquid-cooled ultra-fast charging equipment, aiming to operate six ultra-fast charging stations by the end of 2024, aligning with the trends in the electric vehicle industry [1]. - The company has optimized its governance structure by abolishing the supervisory board and revising 21 internal regulations to establish a modern management system, resulting in a significant decrease in management and financial expenses, and a year-on-year increase of 237.32% in net cash flow from operating activities [1]. - The introduction of AI models to optimize procurement and inventory decisions has enhanced the company's core competitiveness through digital transformation [1]. Industry Context - The oil and petrochemical sector is experiencing increased activity due to rising heating demand from the cold winter and an uptick in liquefied natural gas prices, benefiting companies within this industry [1]. - On the same day, the petrochemical concept sector saw a slight increase of 0.61% [4]. Market Activity - On November 14, the net inflow of main funds into Heshun Petroleum was 27.52 million yuan, accounting for 44.36% of the total transaction volume, while retail investors showed a net outflow of 15.94 million yuan, representing 25.7% of the total [1][2].

1. Report Information - Report Name: Asphalt Daily Report [1] - Date: November 14, 2025 [2] 2. Market Review and Operation Suggestions Market Review - Futures Market: BU2601 opened at 3052 yuan/ton, closed at 3029 yuan/ton, with a high of 3058 yuan/ton, a low of 2999 yuan/ton, a decline of 1.05%, and a trading volume of 26.99 million lots. BU2512 opened at 3053 yuan/ton, closed at 3028 yuan/ton, with a high of 3063 yuan/ton, a low of 3003 yuan/ton, a decline of 1.21%, and a trading volume of 0.64 million lots [6]. - Spot Market: The asphalt spot prices in North China, South China, and Sichuan-Chongqing regions continued to decline, while those in other regions remained relatively stable. The decline in crude oil and asphalt futures prices had a negative impact on the sentiment of the asphalt spot market [6]. Supply and Demand Analysis - Supply: Qilu Petrochemical plans to switch to producing residual oil, while Jincheng Petrochemical is expected to resume asphalt production. Jinling Petrochemical in East China and Shengxing Petrochemical in Shandong are likely to maintain stable production after resuming operations. Shanghai Petrochemical also plans to switch to asphalt production around November 9. The asphalt plant operating rate is expected to increase slightly [7]. - Demand: The demand pattern shows regional differentiation. In the Northeast and Northwest regions, the rigid demand has dropped to the lowest point of the year due to the suspension of road projects. In North China, Shandong, and surrounding areas, the rigid demand remains stable due to the construction rush before the heating season. In the South, some projects are entering the construction rush stage, and the demand is expected to be stable. Overall, downstream procurement is mainly based on demand, and the speculative demand remains weak, putting pressure on the market [7]. Market Outlook - The oil price lacks support, and the supply and demand of asphalt are both weak. After this round of decline, the basis has significantly narrowed. It is expected that the market will mainly fluctuate in the short term [7]. 3. Industry News - Shandong Market: The mainstream transaction price of 70 A-grade asphalt is 2980 - 3620 yuan/ton, remaining stable compared to the previous working day. Although the international oil price declined again, the asphalt futures showed strong performance during the session. Due to the queuing for loading at some refineries, the quotes of most traders remained stable, and only a few refineries raised their prices [8]. - East China Market: The mainstream transaction price of 70 A-grade asphalt is 3300 - 3400 yuan/ton, remaining stable compared to the previous working day. The asphalt futures weakened again during the session after two days of increase. The price of social inventories in Jiangsu is around 3200 yuan/ton, and the price increase is restricted by demand and regional price differences. Some refineries are under great inventory pressure, and the price difference between refineries and social inventories is large, so the prices are also under pressure. The ex-factory price for road transportation remains at 3300 - 3400 yuan/ton [8]. 4. 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 Jianxin Futures [11][13][15]

Group 1: General Information - The report is a PTA daily report dated November 14, 2025 [1][2] - The energy and chemical research team includes researchers for different products such as PTA, MEG, urea, etc [4] Group 2: Market Review and Operation Suggestions - On the 13th, the closing price of PTA's main futures contract TA2601 was 4,700 yuan/ton, up 30 yuan/ton (0.64%), with a settlement price of 4,644 yuan/ton and a daily reduction of 5,542 lots. The TA2605 contract closed at 4,754 yuan/ton, up 26 yuan/ton, with a trading volume of 99,774 lots, an increase of 4,801 lots [6] - With weak crude oil prices being bearish and India's BIS cancellation being bullish for the PTA market, the PTA market is expected to consolidate [6] Group 3: Industry News - OPEC reported that oil supply will meet demand in 2026. International oil prices ended a three - day rise and closed lower technically. On November 12, the settlement price of WTI crude oil December 2025 futures was $58.49/barrel, down $2.55/barrel (4.18%); Brent crude oil January 2026 futures settled at $62.71/barrel, down $2.45/barrel (3.76%) [7] - The assessed price of PX in the Chinese market was $824 - 826/ton, down $1/ton; in the South Korean market, it was $804 - 806/ton, down $1/ton. There was one transaction of any December shipment at $823/ton [7] - The PTA price in the East China market was 4,568 yuan/ton, down 23 yuan/ton. The average daily negotiation basis was at a discount of 77 yuan/ton to the futures 2601 contract, up 2 yuan/ton [7] Group 4: Data Overview - The report provides various data charts including PTA futures prices, international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA processing margins, etc [11][13][17]

Report Industry Investment Rating - Unilateral: Cautiously bearish, mainly on short - term wait - and - see [2] - Inter - period: None [2] - Inter - variety: None [2] - Futures - spot: None [2] - Options: None [2] Core View - The sharp decline in the crude oil end weakened the cost - side support, driving the asphalt futures market lower. The terminal demand for asphalt remained weak, the downstream procurement was cautious, and the market trading atmosphere was average. After the sharp drop in oil prices, the profits of refineries with quotas were boosted, which would continue to suppress asphalt prices, and there was no signal of a reversal in the market weakness [1] Market Analysis - On November 13, the closing price of the main BU2601 contract of asphalt futures in the afternoon session was 3029 yuan/ton, a decrease of 32 yuan/ton or 1.05% from the previous settlement price. The open interest was 193,772 lots, a decrease of 4,500 lots from the previous day, and the trading volume was 269,855 lots, an increase of 86,160 lots from the previous day [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information were: 3,156 - 3,700 yuan/ton in Northeast China, 2,980 - 3,620 yuan/ton in Shandong, 3,150 - 3,210 yuan/ton in South China, and 3,300 - 3,400 yuan/ton in East China [1] - The spot prices of asphalt in North China, South China, and Sichuan - Chongqing regions continued to decline, while those in other regions were relatively stable [1] Figures - The figures cover various aspects of asphalt, including spot prices in different regions (Shandong, East China, South China, North China, Southwest, and Northwest), futures prices (index, main contract, near - month contract), trading volume and open interest of futures, domestic and regional asphalt production, domestic asphalt consumption in different fields (road, waterproof, coking, ship - fuel), and asphalt refinery and social inventories [3]

Core Insights - Algeria is seeking to leverage China's advanced technology for resource development, particularly in the solar energy sector, presenting significant investment opportunities for Chinese companies [1][2] - The bilateral trade between China and Algeria reached $12.48 billion in 2024, with China exporting $11.68 billion and importing $0.8 billion, indicating a strong trade relationship [1] - Algeria aims to become a regional hub for trade and investment, especially as a gateway for Chinese companies to access the African and European markets [2][4] Investment Opportunities - Algeria is focusing on local production and sustainable economic development, creating a favorable environment for Chinese investments in various sectors, including manufacturing, services, and agriculture [5] - The simplification of administrative processes has significantly improved the investment climate in Algeria, making it an attractive destination for foreign investors [2][5] - High-tech and high-value collaborations, particularly in desert resource development and sustainable economic practices, are emphasized as key areas for partnership with China [1][6][7] Strategic Positioning - Algeria's geographical location at the crossroads of Europe and Africa enhances its role as a strategic platform for Chinese enterprises looking to expand into these markets [2][4] - The establishment of the African Continental Free Trade Area further solidifies Algeria's position as an ideal entry point for Chinese businesses into the African market [2] Cultural Exchange - Increasing interest in Chinese culture among Algerians, including the learning of the Chinese language and cultural events like the upcoming Chinese Film Festival, highlights the importance of cultural exchange alongside economic cooperation [8]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The cancellation of India's BIS certification is beneficial for the export of PTA and filaments, but the new production capacity in India and Indonesia in 2026 may reduce their import volume. The export of filaments may increase by 2 - 30,000 tons per month in 2026 [2]. - The low price of ethylbenzene drives the expectation of blending oil, and the aromatics arbitrage between Asia and America has started, leading to the rise of PX and PTA prices [2]. - The supply of oil from the Middle East, Latin America, and Russia has increased significantly since Q3, with a bearish impact on oil prices. However, market differentiation due to sanctions still exists, and geopolitical and macro - events may affect market sentiment [2]. - For PX, the domestic PX plant load has reached a high level in recent years, and PXN has support but limited rebound space. For TA, there is limited inventory accumulation pressure in November, but it will increase after December. In the long - term, PTA processing fees are expected to improve [2][3][5][6]. - The polyester开工率 is 91.3% (down 0.4% month - on - month), with improved domestic sales orders since late October. The polyester load in November is expected to remain around 91% [3]. - For PF, the spot production profit is 156 yuan/ton (down 26 yuan/ton month - on - month), with high load and low inventory. The processing fee is expected to remain stable. For PR, the bottle - chip processing fee is expected to fluctuate within a range, and attention should be paid to raw material price fluctuations [3][6]. - The strategy is to be cautiously bullish on PX/PTA/PF/PR. The 01 contract has limited upside space due to inventory accumulation pressure, and attention should be paid to the 05 contract in the long - term. There are no cross - variety and cross - period strategies [5][6]. 3. Summary by Relevant Catalogs 3.1 Price and Basis - Figures include TA main contract, basis, and inter - period spread trends; PX main contract trends, basis, and inter - period spread; PTA East China spot basis; and short - fiber basis [10][13][15] 3.2 Upstream Profits and Spreads - Figures cover PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [18][21] 3.3 International Spreads and Import - Export Profits - Figures involve toluene Asia - America spread, toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit [26][28] 3.4 Upstream PX and PTA Start - up - Figures show the operating rates of Chinese, South Korean, and Taiwanese PTA plants, as well as Chinese and Asian PX plants [29][32][33] 3.5 Social Inventory and Warehouse Receipts - Figures display PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [38][41][42] 3.6 Downstream Polyester Load - Figures include filament sales volume, short - fiber sales volume, polyester load, direct - spinning filament load, polyester staple fiber load, polyester bottle - chip load, filament factory inventory days, Jiangsu and Zhejiang loom start - up rate, Jiangsu and Zhejiang texturing machine start - up rate, Jiangsu and Zhejiang dyeing start - up rate, and filament profit [49][51][60] 3.7 PF Detailed Data - Figures cover polyester staple fiber load, polyester staple fiber factory equity inventory days, 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple fiber load, original - recycled price difference, pure polyester yarn start - up rate, pure polyester yarn production profit, polyester - cotton yarn start - up rate, and polyester - cotton yarn processing fee [70][80][84] 3.8 PR Fundamental Detailed Data - Figures include polyester bottle - chip load, bottle - chip factory inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, price difference between East China water bottle chips and recycled 3A - grade white bottle chips, bottle - chip next - month spread, and bottle - chip next - next - month spread [88][90][98]

Group 1: Report Industry Investment Ratings - Crude oil: Cautiously bearish [2] - LPG: Cautiously bullish [2] - L: Bearish rebound [2] - PP: Bearish rebound [2] - PVC: Bearish consolidation [2] - PX: Cautiously bullish [2] - PTA: Cautiously bullish [4] - Ethylene glycol: Cautiously bearish [4] - Methanol: Sideways bottoming [4] - Urea: Rebound to short [4] - Natural gas: Cautiously bullish [7] - Asphalt: Cautiously bearish [7] - Glass: Bearish consolidation [7] - Soda ash: Bearish rebound [7] Group 2: Report's Core Views - The core driver for the energy and chemical industry is the supply - demand imbalance, with some products facing supply surpluses during the off - season and others having potential demand improvements [2][10][15] - Crude oil prices are under pressure due to supply surplus and OPEC's production plans; LPG may rebound due to inventory factors; other products' trends are affected by factors such as capacity utilization, demand changes, and cost support [2][10][15] Group 3: Summaries by Catalog Crude Oil - **Market Quotes**: Overnight, international oil prices stabilized, with WTI up 0.26%, Brent up 0.48%, and SC down 2.43%. As of November 7, the US commercial crude inventory increased by 6.4 million barrels to 427.58 million barrels [8][9] - **Basic Logic**: The core driver is the off - season supply surplus and global inventory accumulation. OPEC's latest monthly report predicts an oversupply in 2026, leading to a significant drop in oil prices [10] - **Fundamentals**: OPEC expects non - OPEC regions' crude production to increase by 600,000 barrels per day in 2026. IEA predicts global oil supply growth. OPEC's November report forecasts global crude demand increments [11] - **Strategy Recommendation**: Partially close previous short positions. Pay attention to the price range of SC at [445 - 460] [12] LPG - **Market Quotes**: On November 13, the PG main contract closed at 4,303 yuan/ton, down 1.06% [14] - **Basic Logic**: The price is anchored to crude oil. The cost is weak, limiting the upside. The supply has decreased, and the demand has mixed performance. The inventory has decreased [15] - **Strategy Recommendation**: Buy put options. Pay attention to the price range of PG at [4300 - 4400] [16] L - **Market Quotes**: The L2601 contract closed at 6,818 yuan/ton, up 30 yuan [18][19] - **Basic Logic**: The basis has been repaired, and the monthly spread is moving towards a positive spread. The supply is loose, and the demand has weak replenishment motivation. The oil price may decline, lacking cost support [20] - **Strategy Recommendation**: Partially reduce short positions in the short term. Wait for a rebound to go short in the medium - long term. Pay attention to the price range of L at [6800 - 6950] [20] PP - **Market Quotes**: The PP2601 closed at 6,429 yuan/ton, down 51 yuan [23] - **Basic Logic**: The fundamentals are weak due to cost. The inventory is high, and the demand is insufficient. The oil price may continue to fall [24] - **Strategy Recommendation**: Reduce short positions in the short term. Wait for a rebound to go short in the medium - long term. Pay attention to the price range of PP at [6350 - 6500] [24] PVC - **Market Quotes**: The V2601 closed at 4,586 yuan/ton, up 5 yuan [27] - **Basic Logic**: The futures price is at a premium, and the warehouse receipts are at a new high. The market is in a weak fundamental situation during the off - season, but the low valuation limits the downside [28] - **Strategy Recommendation**: Industries should hedge at high prices. Be cautious about short - chasing. Pay attention to the price range of V at [4500 - 4650] [28] PX - **Market Quotes**: The PXN spread is 250.3 (+11.8) dollars/ton, and the short - process PX - MX spread is 112.0 (+5.0) dollars/ton [29] - **Basic Logic**: The supply side has increased production, and the demand has improved recently but is expected to weaken. The cost side has a loose supply - demand pattern for crude oil [29] - **Strategy Recommendation**: Be cautious about chasing up on a single - side trade. Pay attention to expanding downstream processing fees (long PTA, short PX). Pay attention to the price range of PX at [6810 - 6920] [30] PTA - **Market Quotes**: TA05 is at 4,728 yuan/ton, TA11 at 4,616 yuan/ton, and TA01 at 4,664 yuan/ton [31] - **Basic Logic**: The processing fee is low, and the supply pressure is expected to ease due to potential device maintenance. The terminal demand has slightly improved, but the stability needs to be tracked. There is an expected inventory build - up in November [32] - **Strategy Recommendation**: Look for opportunities to go long on a single - side trade at low prices. Pay attention to expanding TA processing fees (long PTA, short PX). Pay attention to the price range of TA at [4600 - 4670] [33] Ethylene Glycol - **Market Quotes**: EG05 is at 3,942 yuan/ton, EG11 at 3,848 yuan/ton, and EG01 at 4,019 yuan/ton [34] - **Basic Logic**: Domestic device maintenance has increased, and new device production and the resumption of maintenance devices will increase supply pressure. The demand has improved but is expected to weaken. There is an expected inventory build - up in November [35] - **Strategy Recommendation**: Look for opportunities to go short on rebounds. Pay attention to the price range of EG at [3880 - 3960] [36] Methanol - **Market Quotes**: Not specifically mentioned in a significant way [39] - **Basic Logic**: High inventory suppresses the price. The supply side has increased production, and the demand is average. The cost support is weak but may be stable in the fourth quarter [39] - **Strategy Recommendation**: Hold short positions cautiously. Pay attention to the MA1 - 5 reverse spread [39] Urea - **Market Quotes**: UR05 is at 1,734 yuan/ton, UR09 at 1,753 yuan/ton, and UR01 at 1,667 yuan/ton [42] - **Basic Logic**: The supply pressure is expected to increase, and the demand has slightly improved. The inventory is high, and the export has maintained a high growth rate. There are upside and downside limits [43] - **Strategy Recommendation**: Be cautious about the risk of the price falling after rising. Look for opportunities to go short at high prices. Pay attention to the price range of UR at [1630 - 1655] [44] Natural Gas - **Market Quotes**: On November 13, the NG main contract closed at 4.744 dollars/million British thermal units, down 0.42% [46] - **Basic Logic**: The demand increases during the heating season as the temperature drops. The cost - profit situation shows an increase in domestic LNG retail profit. The supply and demand and inventory have certain characteristics [47] - **Strategy Recommendation**: The price is likely to rise but has limited upside. Pay attention to the price range of NG at [4.511 - 4.688] [48] Asphalt - **Market Quotes**: On November 13, the BU main contract closed at 3,029 yuan/ton, down 1.11% [51] - **Basic Logic**: The price is mainly driven by crude oil. The cost support weakens as the oil price falls. The supply and demand are both weak, and the inventory has decreased [52] - **Strategy Recommendation**: Hold short positions. [52]