Group 1 - The core point of the article is that the retail prices of refined oil in China are experiencing their ninth reduction of the year, with gasoline and diesel prices decreasing by 265 and 255 yuan per ton respectively, translating to a drop of 0.21 yuan for 92 gasoline, 0.22 yuan for 95 gasoline, and 0.22 yuan for 0 diesel [1] - The price adjustment is attributed to the recent strong rebound in international oil prices due to intensified sanctions against Russian oil by Europe and the United States [1] - There is an expectation for an increase in retail prices in the next cycle, with an anticipated rise of 230 yuan per ton, and the next price adjustment window is set for November 10 at 24:00 [1]

图表：海南省柴油产量分月（累计值）统计 摘要：【图】2025年1-6月海南省柴油产量数据分析 2025年1-6月柴油产量分析： 据国家统计局数据，在2025年的前6个月，海南省规模以上工业企业柴油产量累计达到了156.3万吨，与 2024年同期的数据相比，增长了24.2%，增速较2024年同期高44.4个百分点，增速较同期全国高29.8个 百分点，约占同期全国规模以上企业柴油产量9576万吨的比重为1.6%。 石油化工行业最新动态 石油未来发展趋势预测 化工现状及发展前景 日化发展前景趋势分析 润滑油的现状和发展趋势 汽油行业现状与发展趋势 柴油市场现状及前景分析 橡胶市场调研与发展前景 塑料发展现状及前景预测 化妆品市场调研及发展趋势清洁护肤行业监测及发展趋势 2025年6月柴油产量分析： 单独看2025年6月份，海南省规模以上工业企业柴油产量达到了28.5万吨，与2024年同期的数据相比，6 月份的产量增长了40.1%，增速较2024年同期高74.2个百分点，增速较同期全国高39.3个百分点，约占 同期全国规模以上企业柴油产量1633.5万吨的比重为1.7%。 图表：海南省柴油产量分月（当月值）统计 产业 ...

Core Viewpoint - The successful commissioning of the 1.2 million tons/year ethylene unit by China Petroleum Guangxi Petrochemical Company marks a significant transition from a "fuel-type" refinery to a "chemical products and organic materials-type" integrated refining and chemical enterprise, accelerating the development of a new industrial ecosystem in the Southwest region [1][4]. Group 1: Project Overview - The ethylene unit, constructed by China National Petroleum Corporation, utilizes proprietary large-scale ethylene technology and is capable of producing 1.2 million tons of polymer-grade ethylene, 616,000 tons of polymer-grade propylene, 400,000 tons of hydrogenated gasoline, and 35,000 tons of styrene annually, along with over 20 types of chemical raw materials and products [3][4]. - The project, which began construction in July 2023, faced significant climatic challenges but achieved ground-breaking in 8 months and a "soil-less" construction goal in 3 months, setting a benchmark for engineering projects in China [3]. Group 2: Economic Impact - The commissioning of the unit is expected to reduce oil product output by 3.49 million tons annually while increasing chemical product output by 3.06 million tons, directly addressing domestic supply gaps in high-end membrane materials and pipe materials [3][4]. - The project aims to transform Guangxi's industrial landscape from basic chemicals to high-end chemical new materials, leveraging the Western Land-Sea New Corridor to serve the Southwest, South China, and ASEAN markets, ultimately contributing to the establishment of a trillion-level green chemical new materials industry cluster [4].

中辉能化观点 | 品种 | 核心观点 | 主要逻辑 | | --- | --- | --- | | | | 地缘与宏观利好释放，油价反弹。地缘方面，欧美新增对俄罗斯制裁，印 | | | | 度或减少进口俄罗斯原油，油价反弹；宏观方面，中美在马来西亚达成"非 | | 原油 | 谨慎看多 | 常实质性的框架协议"；供需方面，消费淡季开启，OPEC+仍在扩产周期， | | ★ | | 原油供给过剩压力逐渐上升，油价下行压力较大，重点关注原油边际产量 | | | | 变化。策略：空单持有，买入看涨期权控制风险，同时买入看跌期权。 | | | | 成本端提振，液化气反弹。成本端油价受地缘扰动反弹，成本端利好；供 | | LPG | | 需基本面改善，供给量小幅下降，下游化工开工率提高，需求端韧性较强。 | | ★ | 谨慎看多 | 库存端，港口库存下降。策略：地缘驱动价格反弹，买入看跌期权等待风 | | | | 险释放。 | | | | 现货跟涨，基差走强，跟随成本端弱势反弹。社会去化缓慢，10 月进口到 | | L | | 港较多，后市仍存增加预期；广西石化 70 万吨装置计划本月底投产叠加 | | ★ | 空头反弹 ...

Group 1 - The eighth Oil Merchants Conference was held in Zhoushan, Zhejiang from October 21 to 23, focusing on "Deepening Open Cooperation to Build a Green, Low-Carbon, and Sustainable Bulk Commodity Market" with 366 domestic and international companies participating [1] - Keynote speeches were delivered by representatives from renowned international companies such as Saudi Aramco, Vitol Group, BP, Honeywell, and S&P Global, discussing industry trends and opportunities in the Chinese market [1] - Representatives from the China Petroleum and Chemical Industry Federation and China Merchants Energy Shipping provided insights into the latest developments in the oil and gas and shipping sectors, aiding Chinese companies in expanding internationally and foreign companies entering the domestic market [1] Group 2 - The China (Zhejiang) Free Trade Zone Bulk Commodity Resource Allocation Hub Full Industry Chain Alliance was officially launched, with Chen Xin, Chairman of Material Zhongda Group, serving as the first president [2] - The alliance consists of over a hundred leading bulk commodity enterprises, industry associations, research institutions, and financial institutions, aiming to create a collaborative development system covering the entire industry chain of bulk commodities [2] - The initiative focuses on efficient integration of information, logistics, finance, and other resources, promoting the construction of a bulk commodity resource allocation hub in Zhejiang [2] Group 3 - A special meeting on "Financial Innovation and Spot-Futures Linkage" was held during the conference, where a report on the path to building an international bulk commodity trading center was released [3] - The Zhejiang International Bulk Commodity Trading Center signed cooperation agreements with industry partners, and several significant projects were signed during the conference, totaling approximately 64.36 billion yuan [3] - The establishment of the China Green Ship Repair International Certification Innovation Alliance and the unveiling of the International Bulk Commodity College at Zhejiang Ocean University also took place, alongside the release of the "Green Ship Fuel Development Zhoushan Declaration (2025)" [3]

2025 年 10 月 27 日 沥青：跟随原油震荡运行 王涵西 投资咨询从业资格号：Z0019174 wanghanxi@gtht.com 【基本面跟踪】 表 1：沥青基本面数据 | | 项目 | 单位 | 昨日收盘价 | 日涨跌 | 昨夜夜盘收盘价 | 夜盘涨跌 | | --- | --- | --- | --- | --- | --- | --- | | | BU2511 | 元/吨 | 3,367 | 0.48% | 3,381 | 0.42% | | | BU2512 | 元/吨 | 3,315 | 0.64% | 3,332 | 0.51% | | 期货 | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | BU2511 | 手 | 19,319 | (3,942) | 14,021 | (6,815) | | | BU2512 | 手 | 41,182 | (21,086) | 55,925 | (6,402) | | | | | 昨日仓单 | 仓单变化 | | | | | 沥青全市场 | 手 | 12420 | 0 | | | | | | | 昨日价差 | 前日价差 | ...

乐山市委常委、政法委书记谭焰表示，乐山正围绕绿色化学品、化工新材料、电子化学品三大主导方 向，重点主攻电池材料、硅新材料、氟新材料等五大细分领域，推动绿色化工产业建圈强链。 湛江市人民政府副秘书长施维介绍说，东海岛化工园区已划定六大功能组团，依托中科炼化、巴斯夫两 大龙头，打造五大产业集群。 临海市委常委、副市长严齐军表示，临海正以医药化工产业为基础，大力发展高端聚烯烃、特种工程塑 料、特种橡胶等新材料产业，持续提升化工领域产业层次和精细化水平。 中化新网讯 10月23日，2025中国国际石油化工大会市长论坛举行，本次论坛以"绿色新动能：零碳园区 引领化工产业未来"为主题，共议零碳园区发展路径。 中国石油和化学工业联合会(下称中国石化联)党委副书记、副会长傅向升代为宣读中国石化联党委书 记、会长李云鹏的致辞。他指出，石化行业零碳园区建设已进入关键阶段。一方面，国家政策红利持续 释放、绿色金融工具不断丰富、新能源技术快速迭代为园区建设创造了有利条件。另一方面，零碳园区 建设也面临转型路径需因地制宜、资金压力较大、跨区域协同机制不足、关键技术尚待突破等挑战。他 强调，零碳园区建设一要构建绿色现代化产业体系，二要推 ...

苯乙烯产业链期货周报 研究员：隋斐 期货从业证号：F3019741 投资咨询证号：Z0017025 单边：中长期原油过剩预期难以证伪，成本支撑不足，供需格局偏弱，纯苯价格仍有向下压力。思路上维持逢高做空。 套利：观望 目录 第二章 核心逻辑分析 4 第一章 综合分析与交易策略 2 第三章 周度数据追踪 17 GALAXY FUTURES 1 综合分析与交易策略 【综合分析-纯苯】 【交易策略】 期权：观望 GALAXY FUTURES 2 纯苯：上游方面，美国原油库存连续三周累库，地缘冲突影响反复，油价缺乏确定性的上行驱动，中长期原油过剩的预期难以证伪；纯苯&苯 乙烯成本支撑不足。节后中石化纯苯挂牌价较节前继续下调，本周纯苯华东港口库存下降，下旬纯苯抵港货源不多，后半周受英国制裁消息影 响华东现货市场成交气氛有所改善， 山东市场低价买气增加，成交有一定放量，加氢苯市场粗苯成交价格大幅回落带动加氢苯价格下调，山 东苯乙烯主流工厂检修，纯苯供应宽松，山东对华东市场纯苯贴水扩大，套利窗口打开。 节后京博石化裂解装置计划外停车，涉及纯苯年产能7万吨，本周广州石化10万吨纯苯计划内检修，计划检修至12月上旬，裕龙石化2 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - 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 price difference between high and low sulfur fuels is at a historically low level compared to the same period. The crack spread of Singapore 0.5 low-sulfur fuel weakened, and the monthly spread and basis fluctuated at historically low levels. In terms of inventory, the residue oil in Singapore decreased, 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 fuel inventory in Fujairah increased significantly to 8,520 thousand tons. The high-sulfur floating storage decreased, but it was still at a historically high level compared to the same period. The ARA port decreased its inventory, and the inventory was at a historically low level compared to the same period. In terms of logistics, the total arrival of domestic fuel oil remained flat, and the arrival of low-sulfur fuel oil strengthened slightly. The shipment from Saudi Arabia decreased month-on-month, and the shipment from the UAE increased month-on-month. Recently, the weak fundamentals of low-sulfur fuel oil continued, and it is expected to maintain a low-level fluctuation pattern. High-sulfur fuel oil began to accumulate inventory globally. The crack spread of Singapore is still supported by purchasing demand, but it faces downward pressure in the medium term due to factors such as sanctions on Russia. The domestic and international prices of FU mainly fluctuated, and weakened slightly this week. [4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From October 20 to October 24, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from 365.63 to 400.88, with a change of 4.13. The price of Rotterdam 0.5% VLS FO swap M1 increased from 394.21 to 424.62, with a change of 3.74. [1] Singapore Fuel Oil Swap Data - From October 20 to October 24, 2025, the price of Singapore 380cst M1 increased from 362.82 to 394.15, with a change of 9.62. The price of Singapore 180cst M1 increased from 370.44 to 402.15, with a change of 9.62. The price of Singapore VLSFO M1 increased from 420.94 to 448.43, with a change of 6.17. [1] Singapore Fuel Oil Spot Data - From October 20 to October 24, 2025, the FOB price of 380cst increased from - to 392.86, with a change of 8.86. The FOB price of VLSFO increased from - to 445.23, with a change of 6.73. [2] Domestic FU Fuel Oil Data - From October 20 to October 24, 2025, the price of FU 01 increased from 2646 to 2814, with a change of 62. The price of FU 05 increased from 2616 to 2741, with a change of 40. The price of FU 09 increased from 2575 to 2663, with a change of 23. [2] Domestic LU Fuel Oil Data - From October 20 to October 24, 2025, the price of LU 01 increased from 3081 to 3224, with a change of 31. The price of LU 05 increased from 3117 to 3230, with a change of 10. The price of LU 09 increased from 3139 to 3235, with a change of 1. [3]

2025年6月乙烯产量统计： 乙烯产量：21.9 万吨 同比增长：18.3% 增速较上一年同期变化：高36.8个百分点 据统计，2025年6月浙江省规模以上工业企业乙烯产量与上年同期相比增长了18.3%，达21.9万吨，增速 较上一年同期高36.8个百分点，增速较同期全国高12.5个百分点，约占同期全国规模以上企业乙烯产量 284.92852万吨的比重为7.7%。 详见下图： 摘要：【图】2025年1-6月浙江省乙烯产量数据分析 乙烯产量：137.8 万吨 同比增长：14.3% 增速较上一年同期变化：高3.7个百分点 据统计，2025年1－6月，浙江省规模以上工业企业乙烯产量与上年同期相比增长了14.3%，达137.8万 吨，增速较上一年同期高3.7个百分点，继续保持增长，增速较同期全国高3.4个百分点，约占同期全国 规模以上企业乙烯产量1814.37427万吨的比重为7.6%。详见下图： 图2：浙江省乙烯产量分月（累计值）统计图 图1：浙江省乙烯产量分月（当月值）统计图 2025年1-6月乙烯产量统计： 注：从2011年起，我国规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务 收入2 ...