Macro Dynamics - Domestic gasoline and diesel prices will be reduced by 265 yuan and 255 yuan per ton respectively, effective from October 27, resulting in a decrease of approximately 0.21 yuan per liter for 92 octane gasoline [2] - The logistics industry will see a reduction in fuel costs of around 390 yuan for heavy trucks running 10,000 kilometers per month with a fuel consumption of 38 liters per 100 kilometers [2] Company Dynamics - CITIC Bank successfully issued a floating rate bond of 300 million USD, marking its first bond listing on the London Stock Exchange, with a subscription peak of over 2.4 billion USD, eight times the issuance size [5] - Agricultural Development Bank of China completed the allocation of 150 billion yuan in new policy financial tools, supporting 881 projects and expected to drive total project investment exceeding 1.93 trillion yuan [6] - Yongmaotai reported a net profit of 30.41 million yuan for Q3, a year-on-year increase of 6319.92%, driven by a significant rise in revenue and improved operational efficiency [12] - Nanjing Public Utilities achieved a net profit of 84.62 million yuan in Q3, up 2492%, attributed to increased project deliveries [13] - Kuaishou reported a net profit of 70.72 million yuan for Q3, a year-on-year increase of 1575.79%, due to increased product sales [14] - Delin Hai reported a Q3 revenue of 185 million yuan, a year-on-year increase of 94.96%, with net profit rising by 1322.74% due to major project revenue recognition [15] - Gaode Infrared reported a net profit increase of 1059% for the first three quarters, driven by the recovery of delayed project deliveries and expansion into civilian product fields [16]

折合升价，92#汽油、95#汽油、0#柴油分别降0.21元、0.22元、0.22元。调价后，私家车单次加满一箱50L的油后将少花10.5元。 文、图、海报/羊城晚报全媒体记者 董鹏程 10月27日，记者从国家发改委官网获悉，根据近期国际市场油价变化情况，按照现行成品油价格形成机制，自2025年10月27日24时起，国内 汽、柴油价格（标准品，下同）每吨分别降低265元和255元。 私家车方面，以月跑2000公里，百公里平均油耗8L的燃油汽车为例，下次调价窗口开启前，单辆车的燃油成本将下降16元左右。 物流行业以月跑10000公里，百公里油耗在38L的重型卡车为例，在下次调价窗口开启前，单辆车的燃油成本将下降390元左右。 本轮成品油零售价格"二连跌"后，公众自驾通勤和出行成本进一步降低，消费者可待调价窗口开启后再进站加油。 怎样才能更省油？请看下图攻略↓ 据卓创资讯成品油分析师许磊预计，近日国际原油低位宽幅反弹，重新计算后的原油变化率或正值开端，新一轮成品油零售调价窗口呈现上调 预期，预计首日对应的成品油零售限价调幅度在230元/吨，调价窗口在11月10日24时。 编辑：严哲川 ...

Core Viewpoint - The National Development and Reform Commission announced a reduction in domestic gasoline and diesel prices effective from October 27, with gasoline decreasing by 265 yuan per ton and diesel by 255 yuan per ton, reflecting recent fluctuations in international oil prices [1]. Price Adjustments - The average price of gasoline (92) decreased by 0.21 yuan per liter, 95 gasoline by 0.22 yuan per liter, and 0 diesel by 0.22 yuan per liter. Filling a 50-liter tank with 92 gasoline will save approximately 10.5 yuan [1]. Regional Price Details - The highest retail prices for gasoline and diesel in various provinces and cities are provided, with specific prices listed for regions implementing a one-price policy and those that do not [1]. - For example, in Beijing, the price for gasoline is 8520 yuan per ton and for diesel is 7530 yuan per ton, while in Chongqing, gasoline is priced at 8700 yuan per ton and diesel at 7705 yuan per ton [1].

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 20.20 [1][4]. Core Views - The company's Q3 performance showed a slight revenue decline but overall operational improvement is expected due to the recovery of raw material supply and the competitive advantage of light hydrocarbon routes [2][3]. - The company reported Q3 revenue of RMB 11.31 billion, a year-on-year decrease of 12.15% but a quarter-on-quarter increase of 1.61%. The net profit attributable to the parent company was RMB 1.01 billion, down 38.21% year-on-year and 13.95% quarter-on-quarter [1][2]. - The overall industry remains under pressure, but improvements in supply and demand dynamics are anticipated to gradually enhance industry conditions [3]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved revenue of RMB 34.77 billion, a year-on-year increase of 7.73%, and a net profit of RMB 3.76 billion, up 1.69% year-on-year [1][2]. - The company's gross margin in Q3 was 21%, reflecting a quarter-on-quarter increase of 1.7% due to the recovery of raw material supply [2]. Industry Outlook - The ethylene-ethane and propylene-propane price spreads decreased by 10% and 5% respectively in Q3, indicating ongoing industry pressure [3]. - The company is actively advancing several projects, including a high-performance catalyst new material project with a total investment of approximately RMB 3 billion [3]. Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been adjusted to RMB 5.06 billion, RMB 6.81 billion, and RMB 8.29 billion respectively, reflecting a year-on-year growth rate of -17%, +35%, and +22% [4]. - The target price of RMB 20.20 corresponds to a 10x PE for 2026, considering the company's high dependence on raw material imports from the US [4].

Core Viewpoint - The Tianjin Petrochemical third-phase facility maintenance work, undertaken by Sinopec Fourth Construction Company, is progressing as planned, marking a significant phase in the maintenance of critical equipment [1] Group 1: Maintenance Progress - The maintenance work at the Daguang maintenance site has fully commenced, with various tasks advancing according to the predetermined schedule [1] - The key reactor of the vacuum residue hydrogenation unit in the Tianjin Petrochemical Joint No. 9 workshop has successfully completed the major cover removal operation, allowing for subsequent internal component inspections and catalyst replacements [1] - This completion signifies that the facility maintenance has entered the core construction phase [1] Group 2: Equipment Inspection and Upgrades - Multiple critical heat exchangers within the facility are undergoing simultaneous maintenance, with personnel conducting thorough cleaning, testing, and component replacements to eliminate operational risks [1] - This ensures high-efficiency heat exchange performance for the upcoming operational cycle [1] - Additionally, the dismantling of relevant process pipelines for technological upgrades is steadily progressing, creating conditions for the installation of new pipelines and optimization of the facility [1]

1. Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core View of the Report - Affected by the sharp rebound in crude oil prices and the cooling in coastal areas, the valuation of the LPG futures market has rebounded this week, with a high monthly spread and strong spot prices. However, the increase in raw material prices has also pressured the deep - processing plants. Although the previously shut - down plants have resumed normal operation and the operating rate has increased, the plant profit losses have intensified. Currently, the fundamental structure of LPG has not changed, traditional demand has not yet spread, and chemical demand shows rigid characteristics. Attention should be paid to the negative feedback effect of continuous losses in downstream plant profits and the impact of the PN spread remaining below $50 on the raw material procurement of cracking plants [5]. 3. Summary by Relevant Catalogs 3.1 Energy and Chemical Product Price Monitoring - The report provides the closing price, daily, weekly, monthly, and annual changes of various energy and chemical products such as exchange rates, precious metals, and energy commodities. For example, the current price of LPG is 4,258 yuan/ton, with a daily increase of 0.52%, a weekly increase of 0.90%, a monthly increase of 0.31%, and an annual decrease of 8.07% [3]. 3.2 LPG Market Analysis 3.2.1 Supply - Last week, the total commercial volume of liquefied gas was about [missing value] tons, including [missing value] tons of civil gas, [missing value] tons of industrial gas, and [missing value] tons of ether - post C4. The arrival volume of liquefied gas last week was [missing value] tons. Although some plants in East China, Northeast China, and Shandong resumed operation, a refinery in South China had partial equipment under maintenance and some enterprises used resources internally, resulting in a decrease in supply. This week, production enterprises have no plans to start or shut down, but some enterprises still use resources internally, so the domestic commercial volume is expected to decline [5]. 3.2.2 Demand - In October, the combustion demand for liquefied gas is in the off - season as the heating season has not yet arrived. In the C4 deep - processing sector, the demand for n - butane is insufficient, the plant profit losses have intensified, and the economic efficiency has weakened. In the C3 deep - processing sector, the demand for alkanes has rebounded month - on - month, but the continuous losses in plant profits have dampened the production enthusiasm of enterprises due to the sharp increase in raw material prices and unchanged terminal demand structure [5]. 3.2.3 Inventory - Last week, the in - plant inventory of LPG was [missing value] tons, and the port inventory was [missing value] tons. This week, the storage capacity utilization rate of the domestic liquefied gas market has decreased. In some areas, the inventory has slightly increased due to the impact of imported resources and adverse weather conditions, while other areas have successfully reduced inventory through low prices and low supply. The port inventory has generally shown a downward trend [5]. 3.2.4 Basis and Position - The weekly average basis is [missing value] yuan/ton in East China, [missing value] yuan/ton in South China, and [missing value] yuan/ton in Shandong. The total number of LPG warehouse receipts has increased by [missing value] to [missing value] hands, and the lowest deliverable location is [missing value] [5]. 3.2.5 Chemical Downstream - The operating rates of PDH, MTBE, and alkylation are [missing value]%, [missing value]%, and [missing value]% respectively. The profits of PDH - to - propylene, MTBE isomerization, and alkylation in Shandong are [missing value] yuan/ton, [missing value] yuan/ton, and [missing value] yuan/ton respectively [5]. 3.2.6 Valuation - The PG - SC ratio is [missing value], and the PG monthly spread is [missing value] yuan/ton. Affected by geopolitical factors, the oil prices have rebounded sharply this week, and the PG - SC cracking spread has narrowed [5]. 3.2.7 Other Factors - The Fourth Plenary Session of the 20th Central Committee has clarified the development goals and key tasks for the 15th Five - Year Plan period. The meeting between the US and Russian presidents at the Budapest Summit in Hungary has been postponed, and there is currently no plan for a meeting between the two presidents. The military confrontation between the US and Venezuela has intensified, and there have been continuous market news disturbances. Europe and the US have imposed sanctions on two Russian refineries, and India has re - planned its energy procurement plan [5]. 3.3 LPG Price and Spread Analysis - The report provides the prices, price changes, and spreads of LPG futures contracts at different times. For example, on October 24, 2025, the price of PG01 is 4,050 yuan/ton, with a weekly increase of 2.92% and a monthly decrease of 5.42%. The monthly spread between PG01 and PG02 is 107 yuan/ton, with a weekly increase of 10.31% and a monthly increase of 67.19% [10]. 3.4 Refinery Equipment Maintenance Plan - The report lists the maintenance plans of major and local refineries in China, including the refinery name, location, maintenance equipment, maintenance capacity, start time, and end time [11]. 3.5 LPG Plant and PDH Device Maintenance Data - It provides the maintenance data of LPG plants and PDH devices, including the production enterprise, location, maintenance equipment, normal production volume, loss volume, start time, and end time [12]. 3.6 International LPG - Related Price and Spread Analysis - The report includes the price trends and spreads of CP propane, CP butane, FEI propane, FEI butane, MB propane, MB butane, etc., as well as the price ratios of these products to WTI and Brent crude oil [13][20][24]. 3.7 LPG Market Consumption and Inventory Analysis - It analyzes the consumption and inventory of LPG, including the apparent consumption, production, sales rate, and inventory in different regions such as North China, East China, South China, and Shandong [135][137]. 3.8 LPG Deep - Processing Profit Analysis - The report analyzes the profits of alkane and olefin deep - processing, including PDH - to - propylene, PDH - to - PP, MTBE, and alkylation oil [193][206][212].

Core Insights - The liquefied petroleum gas (LPG) production in Qinghai Province for June 2025 was 0.2 thousand tons, representing a year-on-year decline of 62.9% and a decrease of 169.8 percentage points compared to the same month last year [1][4] - For the first half of 2025, the total LPG production in Qinghai Province was 1.5 thousand tons, which is a 26.4% decrease year-on-year, with a decline of 30.4 percentage points compared to the previous year [4] Monthly Production Analysis - In June 2025, the LPG production in Qinghai Province accounted for 0.0% of the national LPG production of 4,359 thousand tons, indicating a significant drop in contribution [1] - The production decline in June was notably lower than the national average, which was 58.4 percentage points lower than the national growth rate [1] Cumulative Production Analysis - The cumulative LPG production from January to June 2025 was 1.5 thousand tons, which is 0.1% of the national total of 2,625.9 thousand tons [4] - The year-on-year decline of 26.4% in the first half of 2025 was also lower than the national average decline of 23.8 percentage points [4]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The PTA chain is superior to the styrene chain, and the profit distribution is biased towards the upstream. The processing fees of downstream styrene and TA are at low levels. With the end of the peak season, terminal demand may face a weakening trend [6]. - In terms of pure benzene, from the perspective of upstream and downstream production capacity investment, it is bullish in the medium and long - term. Although the downstream may have lower - than - expected production due to high inventory and low profit, the upside space may be similar to that in Q3 2025, and the downside space is limited [68]. 3. Summary by Relevant Catalogs 3.1 Aromatic Hydrocarbon Industry Chain Profit Distribution - **Overall Situation**: The PTA chain is better than the styrene chain, with profit concentrated upstream. Naphtha has weakened recently, while BZN has risen, and styrene profit has declined. PXN is neutral - high annually, and TA processing fee is at a low level [6][7]. - **Specific Indicators**: - **PXN**: The current value is 238.7, with a month - on - month decrease of 1.13 and a year - on - year increase of 61.25. The 1 - year rolling percentile is 67 [7]. - **TA Processing Fee**: The current value is 64.54, with a month - on - month decrease of 71.55 and a year - on - year decrease of 272.73. The 1 - year rolling percentile is 0 [7]. - **Styrene/Crude Oil**: At a low level, the current value is 2.02, with a month - on - month increase of 2.02 and a year - on - year decrease of 0.22. The 5 - year same - period percentile is 38, and the 1 - year rolling percentile is 27 [9]. - **PTA/Crude Oil**: It has declined recently. The current value is 1.29, with a month - on - month decrease of 0.08 and a year - on - year increase of 0.01. The 1 - year rolling percentile is 54 [9]. - **Crude Oil**: Bearish in the future. The current value is 65.99, with a month - on - month increase of 4.93 and a year - on - year decrease of 8.39. The 1 - year rolling percentile is 20 [10]. - **Naphtha Crack Spread**: In a downward trend. The current value is 89.42, with a month - on - month decrease of 8.51 and a year - on - year decrease of 45.25. The 1 - year rolling percentile is 31 [10]. - **BZN**: At a low level within the year, it started to rise in October after a continuous decline since mid - August and has declined recently. The current value is 103.87, with a month - on - month decrease of 26.63 and a year - on - year decrease of 114.25. The 1 - year rolling percentile is 2 [10]. - **Styrene Ethylbenzene Dehydrogenation Profit**: At a low level within the year, it started to decline oscillating at the end of June and has recovered recently. The current value is - 230.72, with a month - on - month increase of 108.2 and a year - on - year decrease of 767.86. The 1 - year rolling percentile is 6 [10]. 3.2 Spot Situation of Each Link - **Naphtha MOPJ**: After the RFCC unit of Dangote Refinery completed maintenance in early October and planned another one - month maintenance recently, naphtha strengthened, and the basis has rebounded recently [29]. - **BZ Paper Cargo Basis**: It has rebounded recently [29]. - **PX (01 Contract Basis)**: It has been running relatively smoothly recently [29]. - **Styrene (11 Contract Basis)**: Near 0, with little change [29]. - **PTA (01 Contract Basis)**: Relatively stable [29]. 3.3 Domestic Supply - **Upstream**: - **Cracking**: The cracking profit of naphtha in China and the profit of aromatic hydrocarbon combination have corresponding data performance, and the toluene disproportionation spread also has specific values [37][43][46]. - **Capacity and Maintenance**: The annual capacity has increased by 26 (current: 2787, previous: 2761), and the maintenance volume has increased by 0.55 (current: 5.32, previous: 4.77). Some enterprises have new maintenance, and some have ended maintenance [76]. - **Mid - stream**: - **Pure Benzene**: Multiple enterprises have put into production new capacities in 2025. The current annual production capacity growth rate of BZ is 6.5%, and the estimated annual production capacity growth rate is 10.1%. The current annual production capacity growth rate of downstream is 4.8%, and the estimated annual production capacity growth rate is 10.5% (or 22.8% considering some uncertain devices) [63][64]. - **PX**: The domestic start - up rate has corresponding data performance [85]. 3.4 Foreign Supply - China's aromatic hydrocarbons are mostly imported from South Korea. South Korea's production and export situation can reflect the marginal change of foreign supply. Currently, due to the weakening of gasoline blending, South Korean goods have flowed to China, and the domestic pure benzene supply has increased year - on - year. However, in the future, as South Korean maintenance increases, the goods sent to China will decrease marginally, which is bullish for pure benzene [99][100]. 3.5 Gasoline Blending - Related - **New - Malaysia Region**: Gasoline blending has weakened significantly in the past three months, and the region has returned to a net - import trend of gasoline [111]. - **US Gasoline**: The octane spread is weaker than the same period last year. The refinery profit is good, and high supply is expected to continue. The shutdown of a California refinery provides support for the gasoline crack spread [113]. 3.6 Downstream Demand - **Pure Benzene Downstream**: - **Styrene**: The profit is at a low level, the start - up rate has declined, and the inventory has increased recently [151][157]. - **Caprolactam**: The start - up rate is at a high level but has declined, the profit is at a low level, and the inventory is at a high level within a year [158]. - **Adipic Acid**: The start - up rate is relatively high, and the profit is at a low level [151]. - **Phenol**: The start - up rate is relatively neutral, and the profit level is low [151]. - **Aniline**: The start - up rate is okay, the profit is at a historical low but at a high level within the year [151]. - **PX Downstream (PTA)**: The spot processing fee is about 100 yuan/ton. With the commissioning of new devices, the supply pressure is increasing, and the processing fee is continuously compressed [200]. - **Terminal Demand**: - **Home Appliances**: The sales of four major home appliances (TVs, air conditioners, washing machines, and refrigerators) have different performance trends. TVs have good product and technology upgrades, air conditioners benefit from national subsidies, washing machines are driven by partition - washing, and refrigerators have different sales trends online and offline [209][210]. - **Automobiles**: In August 2025, automobile sales increased year - on - year and month - on - month, with new energy vehicle sales increasing significantly [221]. - **Clothing and Textiles**: Domestic sales in August were better than the same period last year, but exports were weaker [231].

Report Title - "Naphtha - Aromatics Industry Chain Weekly Report 20251026: Styrene Successfully Put into Production, but Seasonal Decline of Pure Benzene Still Needs Attention" [1][2][57] Core Viewpoints - The PTA chain is superior to the styrene chain, and the profit distribution is biased towards the upstream. The processing fees of downstream styrene and TA are at low levels. The terminal demand may face a weakening trend after the peak season of "Golden September and Silver October" [6]. - From the perspective of upstream and downstream production capacity investment, pure benzene is bullish in the medium - long term, but in the short term, the upward space may be limited due to high downstream inventory and low profit [68]. Industry Investment Rating - Not mentioned in the report Industry Chain Profit Distribution Overall Situation - The PTA chain is better than the styrene chain, with profit distribution skewed upstream. Styrene and TA processing fees are low. Naphtha has weakened recently, while BZN has risen, and styrene profit has continued to decline. PXN is neutral - high annually, and TA processing fee is at a low level [6]. Specific Indicators - PXN: Currently at 238.7, down 1.13 month - on - month, up 61.25 year - on - year, with a 1 - year rolling percentile of 67 [7]. - TA processing fee: Currently at 64.54, down 71.55 month - on - month, down 272.73 year - on - year, with a 1 - year rolling percentile of 0 [7]. - Styrene/crude oil: Currently at 2.02, up 2.02 month - on - month, down 0.22 year - on - year, with a 5 - year same - period percentile of 38 and a 1 - year rolling percentile of 27 [9]. - PTA/crude oil: Currently at 1.29, down 0.08 month - on - month, up 0.01 year - on - year, with a 1 - year rolling percentile of 54 [9]. - Crude oil: Bearish in the future. Currently at 65.99, up 4.93 month - on - month, down 8.39 year - on - year, with a 1 - year rolling percentile of 20 [10]. - Naphtha crack spread: In a downward trend. Currently at 89.42, down 8.51 month - on - month, down 45.25 year - on - year, with a 1 - year rolling percentile of 31 [10]. - BZN: At a low level within the year. Currently at 103.87, down 26.63 month - on - month, down 114.25 year - on - year, with a 1 - year rolling percentile of 2 [10]. - Styrene ethylbenzene dehydrogenation profit: At a low level within the year. Currently at - 230.72, up 108.2 month - on - month, down 767.86 year - on - year, with a 1 - year rolling percentile of 6 [10]. Spot Situation of Each Link General Principle - The strength of the spot end is mainly reflected by the strength of the basis [26]. Specific Situation - Naphtha MOPJ: After the RFCC unit of Dangote Refinery completed maintenance in early October and planned another one - month maintenance recently, naphtha strengthened, and the basis rebounded [29]. - BZ paper cargo basis: Recently rebounded [29]. - PX (01 contract basis): Recently stable [29]. - Styrene (11 contract basis): Near 0, with little change [29]. - PTA (01 contract basis): Relatively stable [29]. Domestic Supply Upstream - Refinery cracking profit: Data shows the situation of cracking profit, capacity utilization, and output of ethylene from naphtha cracking in China [37]. - Aromatic combination profit: Data shows the profit of aromatic combination in China [43]. - Toluene disproportionation spread: Data shows the toluene disproportionation spread in China and Asia [46][51]. - PX domestic operating rate: There are data on the domestic operating rate of PX [55]. Mid - stream (Pure Benzene) - Capacity investment progress: As of October 3, 2025, the annual production capacity growth rate of BZ (petroleum benzene) was 6.5%, and the estimated annual production capacity growth rate for 2025 was 10.1%. The production capacity growth rate of the five major downstream industries of pure benzene was 4.8% as of September 2025, and the estimated annual production capacity growth rate for 2025 was 10.5% (or 2.8% considering some uncertain projects) [63][64]. - Production and operation situation: The recent start - up is still at a relatively high level compared with the same period in previous years, but there may be a marginal seasonal decline in the future. The weekly output decreased, the start - up rate increased, and the inventory decreased recently [75][78]. Foreign Supply General Principle - China's aromatics are mostly imported from South Korea, so South Korea's production and export situation can reflect the marginal change of foreign supply [99]. Recent Situation - Logistics has a great impact on the pricing of pure benzene. China's import dependence on pure benzene is 15% - 20%. From January to September, the cumulative pure benzene production increased by 5%, and the total supply (production + net import) increased by 11%. However, in the future, South Korea's maintenance will increase, and the goods sent to China will decrease marginally, which is bullish for pure benzene [100]. Blending - related Singapore Blending - The Singapore and Malaysia regions have changed from a net gasoline - importing region to a net - exporting region due to naphtha blending. Recently, blending has weakened significantly, and the gasoline in the Singapore - Malaysia region has returned to a net - importing trend [110][111]. US Gasoline Fundamentals - The octane spread of US gasoline is weaker than the same period last year, close to the level before 2022. The gasoline crack spread is currently supported by unexpected maintenance of Nigerian refineries and demand recovery at the end of the summer peak season. The refinery profit in the US is good, and high supply is expected to continue [113]. Blending Economics - The blending economics of toluene, MX, and PX in the Americas and Asia are presented in the report [132][141]. Downstream Demand Pure Benzene Downstream - Styrene: Low profit, declining start - up rate, and increasing inventory [151][157]. - Caprolactam: High start - up rate, low profit, and high inventory [158]. - Adipic acid: High start - up rate, low profit [151]. - Phenol: Neutral start - up rate, low profit level [151]. - Aniline: Good start - up rate, historical low profit but high within the year [151]. PX Downstream (PTA) - PTA profit: The spot processing fee is at a level of about 100 yuan/ton, and the processing fee is continuously compressed due to the future supply pressure after the commissioning of new plants [200]. - PTA start - up rate and inventory: There are data on the start - up rate, spot processing fee, and social total inventory of PTA [201]. Terminal Demand - Home appliance industry: The sales of color TVs, air conditioners, washing machines, and refrigerators have different trends. Color TV sales have good product and technology upgrades, air conditioners benefit from national subsidies, washing machines are driven by partition - washing functions, and refrigerators are affected by previous over - consumption [209][210]. - Automobile industry: In August 2025, automobile sales increased by 16.4% year - on - year and 10.1% month - on - month, with new energy vehicle sales increasing by 26.8% year - on - year [221]. - Clothing and textile industry: Domestic sales in August were better than the same period last year, but exports were weaker [231].

截至10月23日收盘，即国内成品油本轮计价周期的第9个工作日，按照最新价格计算，参考的原油变化 率为-6.93%，预计汽、柴油价格均应下调300元/吨，折合成升价后，对应的92号汽油、0号柴油价格将 分别下调0.24元/升、0.26元/升。 目前，距离本轮国内成品油调价窗口开启仅剩下1个工作日。隆众资讯成品油分析师刘炳娟表示，本轮 国内成品油零售限价下调基本已是"板上钉钉"。此次成品油零售限价措施落地后，预计将是今年以来国 内成品油零售限价的第9次下调，届时消费者用油成本有望进一步降低。 按照成品油调价时间表，10月27日（星期一）24时，国内成品油零售限价将迎来新一轮调整时间窗口。 根据相关机构测算，本轮油价大概率下调。 机构跟踪的最新国际原油价格变动状况预测数据显示，本轮成品油零售限价下调幅度远超50元/吨的红 线要求，本轮成品油零售限价大概率将下调，这也意味着将迎来今年以来第9次下调。 国内成品油本轮计价周期以来，国际原油价格运行重心先跌后涨，导致国内参考的原油变化率在负值范 围内有所收窄。 编辑丨吕橙雪 责编 | 张雅雪 编校 | 张义 审核 | 包勇 2025年以来，国内成品油零售限价目前已经历二十 ...