1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Short - term asphalt follows the upward trend of oil prices, but the sustainability is questionable. Traders with long positions should set flexible stop - profit points. The price may fall again later. The demand side of asphalt is seasonally weakening, and the actual demand continues to be weaker than expected [7] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: For BU2601, the opening price was 3295 yuan/ton, the closing price was 3279 yuan/ton, the highest was 3295 yuan/ton, the lowest was 3263 yuan/ton, the decline was 0.79%, and the trading volume was 16.66 million lots. For BU2512, the opening price was 3306 yuan/ton, the closing price was 3298 yuan/ton, the highest was 3306 yuan/ton, the lowest was 3272 yuan/ton, the decline was 0.75%, and the trading volume was 2.60 million lots [6] - **Spot Market**: In the spot market, the asphalt price in South China slightly increased, while those in North China and Shandong decreased. The rest of the regions remained relatively stable. The halt of the upward trend of crude oil and asphalt futures intensified the wait - and - see sentiment in the asphalt spot market [6] - **Supply and Demand**: Some refineries have production reduction or shutdown expectations, while others plan to increase production, and the overall start - up load rate is expected to remain basically the same. The demand side is seasonally weakening. The road projects in the Northeast and Northwest are coming to an end, and the rigid demand for asphalt is shrinking rapidly. In North China and Shandong, only some key projects are rushing to work, and the demand increment is scarce. The construction in the South is stable, but the slow resource consumption reflects weak demand. The lack of funds restricts project progress, and the actual demand for asphalt continues to be weaker than expected [7] 3.2 Industry News - **Shandong Market**: The mainstream transaction price of 70A grade asphalt was 3210 - 3620 yuan/ton, a decrease of 35 yuan/ton from the previous working day. The halt of the upward trend of international oil prices and asphalt futures, combined with the release of long - term contracts by Hongrun, led to an abundant supply of spot market resources and lower prices, causing other refineries to follow the price cut [8] - **South China Market**: The mainstream transaction price of 70A grade asphalt was 3360 - 3580 yuan/ton, an increase of 5 yuan/ton from the previous working day. The planned asphalt production of Maoming Petrochemical and Guangzhou Petrochemical in November is relatively small, and the price increase by major refineries boosted the market sentiment. However, the abundant social inventory and the approaching contract expiration at the end of the month limited the price increase [8] 3.3 Data Overview - The report presents multiple data charts, including the spot price of asphalt in South China, the basis of Shandong asphalt, the daily start - up rate of asphalt, the comprehensive profit of Shandong asphalt, 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 [12][15][19]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report expects PX, PTA, and PR to experience narrow - range fluctuations [3] Summary by Related Catalogs Price Changes - On October 28, 2025, the prices of WTI crude oil, Brent crude oil, and various upstream products such as naphtha and xylene decreased. The WTI crude oil futures settlement price was $60.15 per barrel, down 1.89% from the previous value; the Brent crude oil futures settlement price was $64.40 per barrel, down 1.86% [1]. - The prices of PTA and PX futures and spot showed mixed trends. For example, the CZCE TA main - contract settlement price was 4,614 yuan per ton, up 0.79%, and the CZCE PX main - contract settlement price was 6,612 yuan per ton, up 0.36% [1]. - The prices of PR futures and spot also changed. The CZCE PR main - contract settlement price was 5,720 yuan per ton, up 0.67%, and the prices of polyester bottle - chips in the East China and South China markets increased [1]. - The CCFEI price indices of various polyester products such as polyester staple fiber, polyester chips, and bottle - grade chips increased on October 28, 2025 [2]. Industry Information - Dushan Energy's 4 2.7 - million - ton PTA device started trial operation on October 25, 2025, and will shut down the old device after the new one runs stably [2]. - The market has initially priced in the impact of sanctions on Russia, and the upward momentum of oil prices is insufficient. In the medium - to - long - term, due to Saudi Arabia's push to regain market share, oil prices may face oversupply pressure [2]. - The domestic PX operating load is at a high level, and a device in the Northeast may complete capacity expansion at the end of the month. The demand from the PTA side is okay, and the market game atmosphere has intensified [2]. - The sentiment in the PTA market was boosted by the industry meeting. Although the new PTA capacity in East China started trial production, the expectation of anti - involution offset its impact. However, it may be difficult to coordinate a new production - cut plan [2]. - The polyester bottle - chip market in the Jiangsu - Zhejiang region had a mainstream negotiation price range of 5,730 - 5,830 yuan per ton on October 28, 2025, up 15 yuan per ton from the previous trading day. The supply - side offer intention increased, but the downstream buying was weak [2]. Production and Sales - On October 28, 2025, the operating rates of the PX, PTA, polyester, bottle - chip, and Jiangsu - Zhejiang loom industries in the polyester industry chain remained unchanged [1]. - The production - sales rates of polyester filament, polyester staple fiber, and polyester chips decreased. The polyester filament production - sales rate was 62.50%, down 7.50 percentage points; the polyester staple fiber production - sales rate was 43.50%, down 39.93 percentage points; and the polyester chip production - sales rate was 57.61%, down 164.56 percentage points [1]. Trading Volume - On October 28, 2025, the trading volume of the PX2601 contract was 162,800 lots, the trading volume of the TA2601 contract was 755,500 lots, and the trading volume of the PR2601 contract was 31,200 lots [2]

Report Information - Report Name: MEG Daily Report [1] - Date: October 29, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided Core View - The current fundamental drivers of ethylene glycol are weak, and with the weakening support from crude oil, the market price of ethylene glycol is expected to maintain a weak trend [7] Summary by Directory 1. Market Review and Operational Suggestions - Futures Quotes: EG2601 closed at 4069 yuan/ton, down 29 yuan, with a position of 318,056 contracts, an increase of 1,901 contracts; EG2605 closed at 4152 yuan/ton, down 25 yuan, with a position of 20,792 contracts, an increase of 341 contracts [7] - Market Performance: On the 28th, the main ethylene glycol futures opened at 4110 yuan/ton, reached a high of 4115 yuan/ton, a low of 4066 yuan/ton, settled at 4090 yuan/ton, and closed at 4069 yuan/ton, down 29 yuan from the previous trading day's settlement price. The total volume was 130,492 contracts, and the position was 318,056 contracts [7] 2. Industry News - Crude Oil: OPEC+'s plan to increase oil production may exceed expectations again. The boost from sanctions on a certain European country last week is fading, and traders doubt the implementation effect of the sanctions. The optimism surrounding Sino-US trade negotiations has little impact on oil prices. International oil prices rose in the early session and then closed lower for two consecutive days. On Monday (October 27), the settlement price of the December 2025 West Texas Intermediate crude oil futures on the New York Mercantile Exchange was $61.31 per barrel, down $0.19 or 0.31% from the previous trading day, with a trading range of $60.67 - $62.17; the settlement price of the December 2025 Brent crude oil futures on the London Intercontinental Exchange was $65.62 per barrel, down $0.32 or 0.49% from the previous trading day, with a trading range of $65.06 - $66.64 [8] - Ethylene Glycol Market: In the Zhangjiagang ethylene glycol market, the spot negotiation this week was 4144 - 4145 yuan/ton, down 40.5 yuan/ton from the previous working day; next week's spot negotiation was 4142 - 4144 yuan/ton, and the negotiation for November delivery was 4140 - 4142 yuan/ton. The current spot basis was at a premium of 75 - 76 yuan/ton over EG2601, next week's spot basis was at a premium of 73 - 75 yuan/ton over EG2601, and the November delivery basis was at a premium of 71 - 73 yuan/ton over EG2601 [8] - Industry Operating Rate: The operating rate of the Chinese ethylene glycol industry was 64.41%, an increase of 0.91 percentage points from the previous period. The operating rate of ethylene-based ethylene glycol was 66.57%, an increase of 1.52 percentage points from the previous period. The operating rate of syngas-based ethylene glycol remained unchanged at 61.16%. The main changes in plant operations this period were the restart of Fujian United and a slight adjustment in the load of Hainan Refining & Chemical's plant [8] 3. Data Overview - Multiple data charts are provided, including PTA - MEG spread, MEG price, MEG futures price, spot - futures 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 the Research and Development Department of CCB Futures [10][15][16][18]

Group 1: Industry Development in Xinjiang - Xinjiang has experienced significant industrial growth, with diverse sectors such as agriculture, renewable energy, and textiles becoming key pillars of high-quality development [1] - The insurance industry plays a crucial role in risk management, providing a safety net for workers and injecting strong momentum into regional economic growth [1] Group 2: Agricultural Insurance in Aksu - Aksu's "Ice Sugar Heart" apple production benefits from insurance participation, with over 250,000 acres of quality fruit trees and an annual yield of around 300,000 tons [2] - A pilot project for hail prevention nets in Aksu has been initiated, with a total investment of 16.6 million yuan, where farmers cover 40% of the costs [2] - The insurance company has established a "meteorology + insurance" mechanism to enhance disaster prevention and risk management [3] Group 3: Technological Advancements in Insurance - The establishment of a comprehensive database covering 120 million acres of farmland enhances the precision and efficiency of agricultural insurance [4] - Remote sensing technology has improved investigation efficiency by over 80% and reduced costs by 60%, ensuring accurate claims processing [4] Group 4: Cotton Industry Insurance - The cotton industry in Xinjiang is supported by a comprehensive insurance network, providing 12.789 billion yuan in risk coverage and paying out 307 million yuan in claims [5][8] - A combination of policy-based agricultural insurance and commercial income insurance allows farmers to cover 80% of their premiums through government subsidies [6] Group 5: Green Hydrogen Energy Development - The Xinjiang Kuqa Green Hydrogen Demonstration Project is the largest photovoltaic power-to-green hydrogen project in China, aiming for a production capacity of 20,000 tons of green hydrogen annually [9][10] - The project is expected to reduce carbon dioxide emissions by 485,000 tons per year, equivalent to the carbon absorption of 280,000 trees [10] - Insurance services for the project include comprehensive coverage exceeding 2.2 billion yuan, ensuring risk management throughout the project lifecycle [10][11] Group 6: Support for Renewable Energy - The insurance sector has provided 21.585 billion yuan in risk coverage for energy and new power system construction, supporting the region's green development and carbon reduction goals [11]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - 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 residue oil was de-stocked, the high-sulfur floating storage was higher than the historical average for the same period, and the low-sulfur floating storage increased slightly. [3] - The heavy oil inventory in Fujairah increased significantly to 8,520 thousand tons. The high-sulfur floating storage was de-stocked but remained at a historically high level year-on-year. The ARA port was de-stocked, and the inventory was 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 fluctuating pattern. The high-sulfur fuel oil has started to accumulate inventory globally. The crack spread in Singapore is still supported by purchasing demand, but in the medium term, it faces downward pressure due to factors such as sanctions on Russia. The internal and external spread of FU mainly fluctuated, and it weakened slightly this week. [4] Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From October 22 to October 28, 2025, the prices of Rotterdam 3.5% HSF O swap M1, Rotterdam 0.5% VLS FO swap M1, etc. showed certain fluctuations. For example, the price of Rotterdam 3.5% HSF O swap M1 decreased from 373.89 on October 22 to 389.95 on October 28, a decrease of 10.48. [1][8] Singapore Fuel Oil Spot Data - From October 22 to October 28, 2025, the FOB prices of Singapore 380cst and FOB VLSFO showed fluctuations. The FOB 380cst price decreased from 364.70 to 383.42, a decrease of 3.60, and the FOB VLSFO price decreased from 427.30 to 441.88, a decrease of 4.37. The 380 basis, high-sulfur internal and external spread, and low-sulfur internal and external spread also changed accordingly. [2] Domestic FU Data - From October 22 to October 28, 2025, the prices of domestic FU 01, FU 05, and FU 09 showed fluctuations. The price of FU 01 decreased from 2691 to 2818, a decrease of 24, and the price differences between different contracts also changed. [2] Domestic LU Data - From October 22 to October 28, 2025, the prices of domestic LU 01, LU 05, and LU 09 showed fluctuations. The price of LU 01 increased from 3136 to 3273, an increase of 16, and the price differences between different contracts also changed significantly. [3]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, but showed signs of recovery in Q3 due to improved margins on petrochemical products [4][5]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 58.9 billion yuan, a year-on-year decrease of 10.8%. The net profit attributable to shareholders was -432 million yuan, down from -467 million yuan year-on-year [4]. - In Q3 alone, the company recorded operating revenue of 19.4 billion yuan, a year-on-year decline of 13.8% and a quarter-on-quarter decrease of 3.2%. However, the net profit attributable to shareholders was 31 million yuan, an increase of 240 million yuan year-on-year and a quarter-on-quarter increase of 400 million yuan [4]. Product Sales and Pricing - The sales volumes for gasoline, diesel, and aviation kerosene in the first three quarters of 2025 were 2.47 million tons, 1.79 million tons, and 1.03 million tons, respectively, with average selling prices of 7,990 yuan/ton, 6,445 yuan/ton, and 4,851 yuan/ton, reflecting year-on-year decreases of 8%, 7%, and 12% [5]. - The sales volumes for paraxylene, polyethylene, and polypropylene were 530,000 tons, 410,000 tons, and 300,000 tons, with average selling prices of 6,037 yuan/ton, 7,638 yuan/ton, and 7,342 yuan/ton, showing year-on-year declines of 17%, 5%, and 2% [5]. - The average crude oil processing cost was 3,921 yuan/ton, down 10% year-on-year [5]. Strategic Initiatives - The company is accelerating its carbon fiber project layout, with a new facility in Ordos, Inner Mongolia, set to produce 30,000 tons of large tow carbon fiber annually. This project is expected to be completed by 2027 and will support various sectors, including wind energy and energy storage [6]. - The company aims to strengthen its core industries in high-end new materials, focusing on polyolefins, elastomers, and fine chemicals, while promoting digitalization and green innovation for high-quality development [6].

Core Insights - The stock of Maohua Shihua (000637) closed at 4.99 yuan on October 28, 2025, with a 1.42% increase and a trading volume of 513,400 hands, resulting in a total transaction amount of 255 million yuan [1] Fund Flow Analysis - On October 28, 2025, the net inflow of main funds was 11.44 million yuan, accounting for 4.48% of the total transaction amount, while retail investors experienced a net outflow of 8.58 million yuan, representing 3.36% of the total transaction amount [1][2] - Over the past five days, the stock has seen fluctuations in fund flows, with notable net inflows and outflows from main and retail investors [2] Company Financial Performance - As of the third quarter of 2025, Maohua Shihua reported a main revenue of 2.304 billion yuan, a year-on-year decrease of 19.24%, and a net profit attributable to shareholders of -93.73 million yuan, which is an 18.15% increase year-on-year [3] - The company's gross profit margin stands at 2.51%, significantly lower than the industry average of 18.87%, indicating challenges in profitability [3] - The company has a debt ratio of 68.65%, with financial expenses amounting to 26.57 million yuan [3] Industry Comparison - Maohua Shihua's total market capitalization is 2.594 billion yuan, which is considerably lower than the industry average of 199.785 billion yuan [3] - The company's price-to-earnings ratio (P/E) is -20.76, while the industry average is 36.78, reflecting a negative earnings situation [3] - In terms of return on equity (ROE), Maohua Shihua has a rate of -15.58%, compared to the industry average of 0.7% [3]

Core Viewpoint - The chairman of Zige Investment, Wang Huan, indicated that under the influence of "anti-involution," certain cyclical commodities are experiencing a turning point in supply-demand dynamics, with coal and petrochemicals being prime examples [1] Group 1: Coal Industry - In the third quarter of this year, the national raw coal production decreased, and expectations for supply-side contraction are expected to strengthen further, leading to a significant increase in the prices of thermal coal and coking coal [1] Group 2: Petrochemical Industry - The turning point for the petrochemical industry is likely to occur around 2026. On one hand, the pressure for OPEC to increase production will largely materialize by 2025; on the other hand, both domestic and international situations are expected to show positive changes [1] - Nearly half of the domestic refining capacity is considered outdated, and the introduction of relevant aging assessment standards is expected to accelerate the exit of inefficient capacity. If the supply side contracts as anticipated, the profitability of the petrochemical industry may soon see an upward turning point [1]

Core Insights - Ningxia Runying Industrial and Trade Co., Ltd. has recently been established with a registered capital of 10 million RMB [1] - The company is involved in a wide range of business activities, including the sale of petroleum products, chemical products, lubricants, and various materials [1] Company Overview - The legal representative of the company is Feng Runjun [1] - The registered capital is 10 million RMB [1] Business Scope - The company operates in general projects such as: - Sales of petroleum products (excluding hazardous chemicals) [1] - Sales of chemical products (excluding licensed chemical products) [1] - Sales of lubricants and specialized chemical products (excluding hazardous chemicals) [1] - Sales of metal materials and non-ferrous metal alloys [1] - Wholesale of automotive parts and rubber products [1] - Sales of environmental protection equipment, construction materials, electronic products, and hardware [1] - Internet sales (excluding licensed products) [1] - Leasing of machinery and equipment [1] - Sales of textiles, plastics, and various technical services [1] Licensing and Regulatory Compliance - The company is authorized to engage in licensed projects such as: - Onshore oil and natural gas extraction [1] - Transportation of hazardous goods by road [1] - Transportation of goods by road (excluding hazardous goods) [1] - The company must obtain approval from relevant authorities to conduct licensed activities [1]

Core Insights - The global economic circularity rate is projected to be only 6.9% in 2024, continuing a downward trend [1] - The "2025 China Petrochemical Industry Circular Economy Blue Book" highlights significant challenges in global circular economy development, including inefficient recycling systems and a predominance of linear product design [4] - If current trends persist, global resource extraction is expected to increase by 60% by 2060, leading to systemic risks such as climate instability and biodiversity loss [4] Group 1: Global Circular Economy Challenges - Key challenges include low recycling efficiency, slow decoupling of economic growth from resource consumption, and the lack of substantial agreements on global plastic pollution [4] - The European Union and China are leading efforts in promoting circular economy, with projections for the global plastic recycling market to grow by 8.3% and the biobased materials market by 25.7% by 2025 [4] Group 2: China's Circular Economy Initiatives - China aims to establish a green, low-carbon circular economy system by 2035, supported by over 300 standards and policies targeting various waste sectors [5] - The development of circular economy in China is expected to reduce carbon dioxide emissions by over 3.5 billion tons in 2024, contributing more than 35% to carbon reduction by 2030 [6] Group 3: Challenges in the Petrochemical Sector - The petrochemical industry faces five major challenges in developing circular economy, including technological maturity, raw material supply issues, and insufficient market premium for green low-carbon value [6] - Recommendations for petrochemical companies include focusing on key technological breakthroughs, establishing stable raw material supply chains, and enhancing market competitiveness through environmental benefits [7]