Report Industry Investment Rating - Not provided Core View of the Report - The asphalt market is oscillating. Supply-side开工率 has declined, production is expected to increase, demand will gradually weaken, and the futures price is weakly oscillating due to factors such as crude oil price trends and the release of low-cost resources from refineries [1] Summary by Relevant Catalogs Market Analysis - Supply: Last week, the asphalt开工率 decreased by 1.8 percentage points to 31.5%, 3.5 percentage points higher than the same period last year, at a relatively low level in recent years. In November, the domestic asphalt production is expected to be 222.8 million tons, a decrease of 16.9% month-on-month and 11.0% year-on-year. The national shipment volume decreased by 6.79% to 30.88 million tons week-on-week. The inventory ratio of asphalt refineries continued to decline slightly and remained at the lowest level in recent years. Some refineries plan to resume production, and asphalt output will increase [1] - Demand: The开工率 of most downstream industries of asphalt increased last week, but was restricted by funds and weather. Northern projects are rushing to work, but subsequent demand will gradually weaken, and the south is inquiring about low-cost supplies due to increased rainfall [1] - Crude oil: The market digested the news of Russian oil sanctions, the Sino-US leaders' meeting met market expectations, OPEC+ decided to increase production by 137,000 barrels per day in December but suspend production increase in the first quarter of next year, and crude oil prices oscillated [1] - Price: The forward low-cost resources of refineries were released intensively, the basis of asphalt in Shandong weakened and is currently at a neutral level, the spot price followed the decline, and the asphalt futures price oscillated weakly [1] Futures and Spot Market - Futures: Today, the asphalt futures 2601 contract rose 0.86% to 3063 yuan/ton, near the 5-day moving average, with a minimum price of 3047 yuan/ton, a maximum price of 3076 yuan/ton, and the open interest increased by 4444 to 198,272 lots [2] - Basis: The mainstream market price in Shandong remained at 3010 yuan/ton, and the basis of the asphalt 01 contract fell to -53 yuan/ton, at a neutral level [3] Fundamental Tracking - Supply: Refineries such as Zhonghua Quanzhou and PetroChina Qinhuangdao stopped producing asphalt, and the asphalt开工率 decreased by 1.8 percentage points to 31.5%, 3.5 percentage points higher than the same period last year, at a relatively low level in recent years [4] - Investment: From January to September, the national highway construction investment decreased by 6.0% year-on-year, and the cumulative year-on-year growth rate rebounded slightly compared with January - August 2025 but was still negative. From January to September 2025, the cumulative year-on-year growth rate of the actual completed investment in fixed assets of the road transportation industry was -2.7%, a slight rebound from -3.3% from January - August 2025 but still in negative growth. From January to September 2025, the cumulative year-on-year growth rate of the completed investment in fixed assets of infrastructure construction (excluding electricity) was 1.1%, a further decline from 2.0% from January - August 2025 [4] - Downstream开工率: As of the week of November 7, the开工率 of most downstream industries of asphalt increased, with the road asphalt开工率 increasing by 1 percentage point to 34%, slightly exceeding the same period last year, restricted by funds and weather [1][4] - Social financing: From January to September 2025, the year-on-year growth rate of social financing stock was 8.7%, a 0.1 percentage point decline compared with January - August. In September, the new social financing was as high as 3.53 trillion, but year-on-year it was 233.5 billion less due to the high base [4] - Inventory: As of the week of November 7, the inventory ratio of asphalt refineries decreased by 1.2 percentage points to 14.1% compared with the week of October 31, remaining at the lowest level in recent years [4]

Core Insights - Daqing Huake experienced a decline of 1.96% in its stock price, with a turnover rate of 16.11% and a trading volume of 459 million yuan, showing a price fluctuation of 15.55% throughout the day [2] Trading Activity - Institutional investors net sold 3.67 million yuan, while total net selling from brokerage seats reached 26.36 million yuan [2] - The stock was listed on the Shenzhen Stock Exchange due to its daily price fluctuation exceeding 15.55%, with institutional proprietary seats contributing to the net selling [2] - The top five brokerage seats accounted for a total trading volume of 120 million yuan, with buying amounting to 44.81 million yuan and selling at 74.84 million yuan, resulting in a net selling of 30.03 million yuan [2] Fund Flow - The stock saw a net inflow of 8.54 million yuan from major funds, with a significant outflow of 12.40 million yuan from large orders, while large orders contributed a net inflow of 20.94 million yuan [2] - Over the past five days, the net inflow of major funds totaled 47.72 million yuan [2]

Core Viewpoint - Baomo Co., Ltd. reported that as of November 10, 2025, the total number of shareholders is 37,485 [2] Summary by Category - **Company Information** - Baomo Co., Ltd. has a total of 37,485 shareholders as of the specified date [2] - **Investor Interaction** - The company responded to investor inquiries on an interactive platform regarding shareholder numbers [2]

Industry Investment Rating - No information provided Core Viewpoints - The asphalt market is expected to fluctuate. The supply is likely to increase with some refineries planning to resume production, while the demand will gradually weaken. The crude oil price is also oscillating, and the asphalt futures price is showing a weak downward trend [1]. Summary by Relevant Catalogs Market Analysis - Last week, the asphalt operating rate decreased by 1.8 percentage points to 31.5% week-on-week, 3.5 percentage points higher than the same period last year, at a relatively low level in recent years. In November, the domestic asphalt production is expected to be 2.228 million tons, a decrease of 454,000 tons (16.9%) month-on-month and 274,000 tons (11.0%) year-on-year [1]. - Last week, most of the downstream industries' operating rates increased, with the road asphalt operating rate rising by 1 percentage point to 34% week-on-week, slightly exceeding the same period last year, but restricted by funds and weather [1]. - In the East China region, the supply and shipments decreased significantly last week. The national shipments decreased by 6.79% to 308,800 tons week-on-week, at a neutral level [1]. - The inventory-to-sales ratio of asphalt refineries continued to decline slightly, remaining at the lowest level in recent years. Some refineries such as Sinochem Quanzhou and Jincheng Petrochemical plan to resume production, which will increase asphalt production [1]. - The market has digested the news of Russian oil sanctions. The meeting between Chinese and US leaders basically met market expectations, and the relationship between the two countries has not changed fundamentally. OPEC+ decided to increase production by 137,000 barrels per day in December but suspend production increase in the first quarter of next year. The crude oil price is oscillating [1]. - The concentrated release of long-term low-price resources from refineries has led to a significant decline in the asphalt basis in Shandong recently, which is currently at a neutral level. The spot price has continued to decline, and the asphalt futures price has shown a weak downward trend [1]. Futures and Spot Market - Today, the asphalt futures contract 2601 rose 0.56% to 3,050 yuan/ton, below the 5-day moving average, with a minimum price of 3,015 yuan/ton and a maximum price of 3,064 yuan/ton. The open interest decreased by 14,840 to 193,828 lots [2]. - The mainstream market price in Shandong remained at 3,010 yuan/ton, and the basis of the asphalt 01 contract fell to -40 yuan/ton, at a neutral level [3]. Fundamental Tracking - On the supply side, some refineries such as Sinochem Quanzhou and PetroChina Qinhuangdao stopped asphalt production. The asphalt operating rate decreased by 1.8 percentage points to 31.5% week-on-week, 3.5 percentage points higher than the same period last year, at a relatively low level in recent years [1][4]. - From January to September, the national highway construction investment decreased by 6.0% year-on-year. The cumulative year-on-year growth rate slightly rebounded compared with January - August 2025 but remained negative. The fixed - asset investment in road transportation from January to September 2025 decreased by 2.7% year-on-year, slightly rebounding from -3.3% in January - August 2025 but still in a negative growth situation. The fixed - asset investment in infrastructure construction (excluding electricity) from January to September 2025 increased by 1.1% year-on-year, continuing to decline from 2.0% in January - August 2025 [4]. - As of the week of November 7, most of the downstream industries' operating rates increased, with the road asphalt operating rate rising by 1 percentage point to 34% week-on-week, slightly exceeding the same period last year, restricted by funds and weather [1][4]. - From January to September 2025, the year-on-year growth rate of social financing stock was 8.7%, 0.1 percentage point lower than that from January to August. In September, the new social financing reached 3.53 trillion yuan, but year-on-year it was 233.5 billion yuan less due to the high base. Attention should be paid to the progress of forming physical work volume [4]. - As of the week of November 7, the inventory-to-sales ratio of asphalt refineries decreased by 1.2 percentage points to 14.1% compared with the week of October 31, remaining at the lowest level in recent years [4].

Group 1 - The core viewpoint of the article is that Southwest Securities has given a "buy" rating to Rongsheng Petrochemical (002493.SZ) with a target price of 13.33 yuan, based on its strong industry position and effective cost control [1] - The report highlights that Rongsheng Petrochemical has a comprehensive layout in the refining and chemical industry, indicating its leadership in the sector [1] - It notes that while crude oil prices are declining, which may pressure refining products in the short term, the company's profitability is improving due to good expense management [1] Group 2 - The report mentions potential risks, including the risk of falling crude oil prices, rapid increases in refining capacity, and declining downstream demand [1]

Group 1: Chemical Industry Performance - The chemical raw materials index increased by 3.79%, and the chemical machinery index rose by 8.33% last week, while the chemical pharmaceuticals index decreased by 2.91% [1] - The pesticide and fertilizer index saw an increase of 4.32% [1] - In the oil sector, the oil processing index rose by 3.72%, the oil extraction index increased by 5.63%, and the oil trading index went up by 4.41% [1] Group 2: Oil Price Trends - International crude oil prices experienced slight fluctuations downward, with West Texas Intermediate crude oil futures settling at $59.75 per barrel, down 2.02% from October 31 [1] - Brent crude oil futures settled at $63.63 per barrel, down 2.21% from October 31 [1] Group 3: Chemical Product Price Changes - The top five chemical products with the highest price increases included folic acid up 20%, nitric acid up 10.43%, sulfur up 9.95%, industrial-grade lithium carbonate up 9.51%, and petroleum coke up 7.23% [1] - The top five chemical products with the largest price decreases included liquid chlorine down 34%, butadiene down 7.69%, trichloroethylene down 6%, styrene-butadiene-styrene copolymer (SBS) down 5.9%, and carbon black down 5.53% [1] Group 4: Capital Market Performance of Chemical Companies - The top five chemical companies in the capital market with the highest stock price increases were Qing Shui Yuan up 47.78%, Zhenhua Co. up 37.19%, Fuluo Technology up 33.38%, Unified Co. up 32.93%, and Zhuoyue New Energy up 26.38% [2] - The bottom five chemical companies with the largest stock price decreases were Huidet Technology down 24.78%, Yashichuang Energy down 19.09%, Kaimete Gas down 18.64%, Weike Technology down 8.98%, and Yokogawa Precision down 8.86% [2]

Report Title - "Asphalt: Factory Inventory Continues to Accumulate, Sentiment is Weak" [1] Industry Investment Rating - Not provided Core Viewpoints - The asphalt market shows weak sentiment with factory inventory accumulation [1] - The trend strength of asphalt is neutral with a value of 0 [9] Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: For BU2512, the yesterday's closing price was 3,034 yuan/ton with a daily decline of 0.59%, and the overnight closing price was 3,022 yuan/ton with a decline of 0.40%. For BU2601, the yesterday's closing price was 3,036 yuan/ton with a decline of 0.39%, and the overnight closing price was 3,022 yuan/ton with a decline of 0.46%. The trading volume and open interest of both contracts decreased [1] - **Spot Market Data**: The Shandong wholesale price was 3,050 yuan/ton, down 50 yuan; the Yangtze River Delta wholesale price was 3,390 yuan/ton, down 40 yuan. The refinery operating rate was 33.50%, down 0.36% from the previous period, and the refinery inventory rate was 28.45%, up 0.60% [1] - **Spread Data**: The basis (Shandong - 12) was 16 yuan/ton, down 32 yuan; the 12 - 01 inter - period spread was - 2 yuan/ton, down 6 yuan; the Shandong - South China spread was - 300, down 40; the East China - South China spread was 40 yuan/ton, down 30 yuan [1] Market Information - **Production**: In the week of 20251104 - 20251110, the domestic asphalt weekly total output was 52.5 tons, a week - on - week decrease of 0.4 tons (0.8%) and a year - on - year decrease of 0.1 tons (0.2%). The cumulative output from January to November was 2715.6 tons, a year - on - year increase of 310.7 tons (12.9%) [15] - **Inventory**: As of November 10, 2025, the inventory of 54 asphalt sample factory warehouses was 68.8 tons, up 0.4% from November 6. The inventory of 104 asphalt social warehouses was 116.7 tons, down 3.5% from November 6 [15]

Core Viewpoint - The price spread between gasoline and diesel in China has shown divergent trends since late October, with gasoline prices increasing while diesel prices have decreased [1] Group 1: Price Trends - As of November 10, the gasoline price spread for major domestic and Shandong independent refineries was 1776 and 2018 CNY/ton, respectively, reflecting an increase of 51 and 10 CNY/ton since the beginning of the period [1] - The diesel price spread was recorded at 950 and 1118 CNY/ton, showing a decrease of 105 and 165 CNY/ton since the start of the period [1] Group 2: Market Influences - The overall trend in crude oil prices has been weak since late October, contributing to soft terminal demand for gasoline [1] - The logistics and transportation sector has supported diesel demand, leading to an increase in diesel wholesale prices [1] - Consequently, the gasoline wholesale price has experienced fluctuations downward, while diesel wholesale prices have shown an upward trend, resulting in an expanding gasoline price spread and a narrowing diesel price spread [1]

Core Insights - Delek US Holdings, Inc. reported third-quarter sales of $2.887 billion, exceeding analyst expectations of $2.763 billion [1] - The company posted adjusted earnings of $7.13 per share, a significant improvement from a loss of $1.45 per share in the same quarter last year [1] Financial Performance - The strong performance in the third quarter is attributed to effective EOP (End of Period) contributions, which have exceeded previous guidance [2] - Delek US's free cash flow generation is expected to improve significantly in both the short and long term due to clarity on SREs (Strategic Resource Enhancements) [2] Market Position and Future Outlook - Delek US is strengthening its position in the Permian basin, with a raised guidance for processing plant contributions to $500 – $520 million [2] - The company is making progress on its midstream assets, with ongoing AGI (Asset Growth Initiatives) and increasing economic separation from DK [2] Analyst Ratings and Price Targets - Wells Fargo analyst Sam Margolin maintained an Overweight rating on Delek US and raised the price target from $43 to $53 [5] - Scotiabank analyst Paul Cheng maintained a Sector Perform rating and increased the price target from $33 to $40 [5]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In terms of refinery operations and production, multiple regions globally underwent maintenance, leading to a decline in global fuel oil production as refinery operations decreased. Low - sulfur production regions such as Kuwait, Japan, and Brazil had significant refinery maintenance, resulting in a supply shortage of low - sulfur components. The bunker fuel market showed a lackluster performance, while the feedstock demand in India and China marginally increased [6]. - Regarding prices and spreads, global fuel oil prices generally declined during the month. Low - sulfur fuel oil was more resistant to price drops due to the supply shortage, causing a significant upward trend in the cracking spread of low - sulfur fuel oil in the Asia - Pacific region. For high - sulfur fuel oil, spot transactions in the entire Asia - Pacific region were more active in October compared to September, but the spot premium remained low, suggesting relatively ample supply. Some refineries in the Middle East are expected to resume operations in November, increasing high - sulfur output and continuing to put pressure on prices. For low - sulfur fuel oil, refinery maintenance in Brazil, Japan, and Kuwait in October led to a sudden strengthening of the overseas low - sulfur market. Meanwhile, Chinese state - owned enterprises converted some low - sulfur export quotas to refined oil exports, causing a strengthening trend in the domestic LU market. However, overseas refineries will resume operations in mid - to late November, and the remaining export quota is still relatively sufficient. Once the overseas low - sulfur market drops due to increased supply, the opening of the internal - external arbitrage window will attract more spot goods to flow into China, pressuring the domestic spot and LU markets [6]. - In summary, high - sulfur fuel oil is expected to show a volatile trend in November, unless there are new supply - side emergencies. The positive supply - side factors for low - sulfur fuel oil have basically been priced in by the market as of early November. Subsequently, as overseas supply resumes, there is a possibility of a weakening in both domestic and overseas low - sulfur fuel oil markets, and risks of price and spread retracements need to be guarded against [6]. 3. Summaries by Relevant Catalogs 3.1 Global Fuel Oil Spot Prices and Spreads - **Price Changes**: Global fuel oil prices generally declined during the month. For example, the FOB price of 3.5% fuel oil in Singapore decreased by 7.78%, and the FOB price of 0.5% fuel oil in Singapore decreased by 3.02%. Different regions and grades of fuel oil showed varying degrees of price declines [8]. - **Spread Changes**: The cracking spreads of low - sulfur fuel oil in many regions showed an upward trend, while those of high - sulfur fuel oil mostly declined. For instance, the Singapore low - sulfur cracking spread increased by 55.75%, and the Singapore high - sulfur cracking spread decreased by 8.58% [8][10]. 3.2 Global Main Region Fuel Oil Supply - **Refinery Operations**: Refinery operations in multiple regions globally decreased due to maintenance. In Northeast Asia, regions such as Japan and South Korea, as well as in the Middle East, South Asia, and Latin America, showed varying degrees of refinery operation declines. In Europe and the United States, refinery operations also had different trends [91][98][101]. - **Production Changes**: The production of major fuel oil - producing countries globally showed different trends. Some countries' production decreased due to refinery maintenance, while others' production was affected by various factors such as market demand and policy adjustments [110][112][119]. 3.3 Global Main Region Fuel Oil Demand - **Regional Demand**: The fuel oil demand in different regions showed different trends. The bunker fuel market demand was lackluster, while the feedstock demand in India and China marginally increased. The demand in regions such as the Asia - Pacific, the Middle East, and North America also had their own characteristics [6][122]. - **Singapore Bunker Fuel Market**: The sales volume of Singapore's bunker fuel market showed different trends for high - sulfur, low - sulfur, and marine diesel fuel [134]. 3.4 Global High - and Low - Sulfur Fuel Oil Import and Export Logistics - **High - Sulfur Fuel Oil**: The import and export volumes of high - sulfur fuel oil in different regions showed different trends. Russia, the Middle East, and Latin America were major high - sulfur fuel oil exporters, while China, the Middle East, and the United States were major importers [143][147]. - **Low - Sulfur Fuel Oil**: The import and export volumes of low - sulfur fuel oil in different regions also showed different trends. The Middle East, Northwest Europe, and Latin America were major low - sulfur fuel oil exporters, while Singapore + Malaysia, China, and the United States were major importers [150][153]. 3.5 Global Main Region Fuel Oil Inventory and Floating Storage - **Inventory Changes**: The fuel oil inventories in regions such as Singapore, Fujeirah, Europe ARA, and the United States showed different trends. For example, Singapore's heavy oil inventory decreased by 2.32%, while Fujeirah's heavy distillate oil inventory increased by 41.16% [158][164]. - **Singapore Floating Storage**: The floating storage situation of fuel oil in Singapore showed different trends for different grades [166]. 3.6 Domestic Fuel Oil Market Supply and Consumption - **Production and Supply**: China's fuel oil production, commodity volume, and the capacity utilization rate of catalytic units in Shandong refineries showed different trends. The production and supply were affected by factors such as refinery operations and market demand [171]. - **Bonded Port Supply, Consumption, and Inventory**: The supply, consumption, and inventory of fuel oil in bonded ports in China, including the total inventory in bonded areas, the production of low - sulfur fuel oil in Chinese refineries, and the port inventory of bonded warehouses in Dalian, Qingdao, and Zhoushan, showed different trends [177].