摘要：【图】2025年9月河南省石油焦产量统计分析 2025年1-9月石油焦产量分析： 据国家统计局数据，在2025年的前9个月，河南省规模以上工业企业石油焦产量累计达到了17.5万吨， 与2024年同期的数据相比，增长了0.4%，增速较2024年同期低0.7个百分点，增速放缓，增速较同期全 国高5.1个百分点，约占同期全国规模以上企业石油焦产量2342.9万吨的比重为0.7%。 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 2025年9月石油焦产量分析： 单独看2025年9月份，河南省规模以上工业企业石油焦产量达到了2.3万吨，与2024年同期的数据相比， 9月份的产量增长了45.6%，增速较2024年同期高73.4个百分点，增速较同期全国高48.8个百分点，约占 同期全国规模以上企业石油焦产量259.7万吨的比重为0.9%。 图表：河南省石油焦产量分月（当月值）统计 图表：河南省石油焦产量分月（累计值）统计 产业调研网为您提供更多 石油化工行业最新动态 石油市场现状及前景分析 化工市场调研与发展前景 日化发展现状及前景预测润滑油市场调研及发展趋势 ...

Group 1: Report Structure - The report includes sections on asphalt market trend review, upstream crude oil trend analysis, asphalt supply and demand analysis, supply - demand balance sheet prediction, asphalt option analysis, technical and seasonal analysis, market outlook, and related stock price and return statistics [4] Group 2: Supply Analysis - Asphalt raw materials have shifted to high - cost quota crude oil [4] - Domestic asphalt refinery operations have been continuously restricted [4] - Asphalt imports have declined significantly [4] Group 3: Demand Analysis - During the "15th Five - Year Plan", the incremental investment in highway construction is expected to further decline [4] - The growth of asphalt road demand has continued to slow down [4] - The sluggish real - estate market has curbed the waterproofing demand for asphalt [4] Group 4: Supply - Demand Balance Sheet - The supply - demand balance sheet provides data on asphalt production, imports, initial inventory, total supply, domestic demand, exports, total demand, ending inventory, and inventory changes from January to December 2025, with some data for November and December being estimates [37] Group 5: Price Seasonality - The monthly price change statistics of asphalt from 2015 to 2025 show significant fluctuations, with different trends in each month and year [53] Group 6: Related Stocks - The report lists the stock abbreviations, codes, latest prices, and year - to - date returns of multiple asphalt - related stocks, such as Huajin Co., Ltd. with a 6.45% return and Longzhou Co., Ltd. with a 125.53% return [57]

Group 1 - The core point of the article is that the industrial crude oil processing volume in November increased by 3.9% year-on-year, reaching 60.83 million tons [1] - The average daily processing volume in November was 2.028 million tons [1] - From January to November, the total industrial crude oil processing volume was 67.507 million tons, reflecting a year-on-year growth of 4.0% [1]

沥青：委内局势再升温， 王涵西 投资咨询从业资格号：Z0019174 wanghanxi@gtht.com 2025 年 12 月 15 日 商 品 研 究 【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 | | --- | --- | --- | --- | --- | --- | --- | | | BU2602 | 元/吨 | 2,962 | 0.07% | 2,963 | 0.03% | | | BU2603 | 元/吨 | 2,980 | 0.24% | 2,981 | 0.03% | | | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | 期货 | BU2602 | 手 | 311,581 | 55,579 | 214,417 | 6,116 | | | BU2603 | 手 | 89,676 | 18,263 | 95,747 | 1,889 | | | | | 昨日仓单 | 仓单变化 | | | | | 沥青全市场 | 手 | 54600 | 47920 | | | | | | | 昨日价差 | ...

Core Insights - In November, the industrial crude oil processing volume reached 60.83 million tons, representing a year-on-year increase of 3.9% [1] - The average daily processing volume for November was 2.028 million tons [1] - From January to November, the total industrial crude oil processing volume amounted to 675.07 million tons, with a year-on-year growth of 4.0% [1] Summary by Category Industrial Performance - The industrial crude oil processing volume in November was 60.83 million tons, showing a 3.9% increase compared to the same month last year [1] - The daily average processing volume for November was recorded at 2.028 million tons [1] Year-to-Date Performance - For the period from January to November, the total crude oil processing volume was 675.07 million tons, which reflects a 4.0% year-on-year growth [1]

新 加 坡 燃 料 油 现 货 | 日期 | FOB 380cst | FOB VLSFO | 380基差 | 高硫内外价差 | 低硫内外价差 | | --- | --- | --- | --- | --- | --- | | 2025/12/08 | 343.53 | 425.03 | -6.40 | 2.1 | 4.5 | | 2025/12/09 | 333.81 | 415.01 | -5.22 | 1.7 | 4.2 | | 2025/12/10 | 330.84 | 416.96 | -5.85 | -0.2 | 3.8 | | 2025/12/11 | 328.65 | 410.80 | -5.35 | 0.8 | 3.7 | | 2025/12/12 | 331.79 | 416.24 | -4.45 | 3.3 | 6.1 | | 变化 | 3.14 | 5.44 | 0.90 | 2.5 | 2.4 | | 国 内 F U | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 日期 | FU 01 | FU 05 | FU ...

Group 1: Macro and Market Overview - The financial data for November shows a recovery due to increased fiscal efforts, with social financing growth supported by accelerated government bond issuance and faster conversion of fiscal spending into general deposits [2] - A favorable liquidity environment is highlighted, with significant growth in corporate bond financing contributing positively to social financing [2] - The A-share market is expected to perform well in the upcoming year-end, supported by ongoing domestic economic policy efforts and historical trends indicating strong performance in the first year of the 13th and 14th Five-Year Plans [3] Group 2: Bond Market Insights - The secondary market for REITs has seen a decline in prices, with the weighted REITs index closing at 180.06 and a weekly return of -0.23% [5] - Credit bond issuance increased significantly, with 369 bonds issued totaling 459.51 billion yuan, a 35.34% increase from the previous period [6] - Investors are advised to adopt a comprehensive view when analyzing financial aggregate data, focusing on a balanced understanding of the market [4] Group 3: Industry-Specific Research - In the float glass industry, the trend of increasing concentration among leading companies is expected to continue, with recommendations to focus on Xinyi Glass and Qingdao Huadong Glass [10] - The photovoltaic glass sector is anticipated to see a clearing out of smaller companies at the industry cycle's bottom, leading to increased concentration among leading firms, with a focus on Xinyi Solar and Flat Glass Group [10] - The banking sector is experiencing a slowdown in credit expansion, with social financing in November at 2.5 trillion yuan, maintaining an 8.5% growth rate [11] Group 4: Company-Specific Analysis - Zhongyou Engineering has successfully launched a new material project, with projected net profits of 738 million yuan, 825 million yuan, and 929 million yuan for 2025-2027, respectively [20] - The company is rated as "buy" due to its strategic expansion into emerging business areas [20] - Hualan Biological is increasing its investment in innovative products and has a high dividend payout ratio, enhancing its long-term investment value [22]

Investment Rating - The industry investment rating is "Positive" [1] Core Views - The report highlights that international oil prices have been fluctuating downwards due to oversupply pressures and geopolitical tensions, despite support from the Federal Reserve's interest rate cuts [2][9] - Brent crude oil futures settled at $61.12 per barrel, down $2.63 (-4.13%) from the previous week, while WTI crude oil futures settled at $57.44 per barrel, down $2.64 (-4.39%) [23] - The report indicates a significant increase in U.S. crude oil production, reaching 13.853 million barrels per day, with active drilling rigs increasing to 414 [40][41] Summary by Sections Oil Price Review - As of December 12, 2025, Brent and WTI oil prices were $61.12 and $57.44 per barrel, respectively, reflecting a decline of 4.13% and 4.39% from the previous week [23][9] Offshore Drilling Services - The number of global offshore self-elevating drilling platforms remained at 368, while floating drilling platforms decreased to 129 [26] U.S. Crude Oil Supply - U.S. crude oil production was reported at 13.853 million barrels per day, an increase of 38,000 barrels from the previous week [40] - The number of active drilling rigs in the U.S. increased by one to 414 [40] U.S. Crude Oil Demand - U.S. refinery crude oil processing decreased to 16.86 million barrels per day, with a refinery utilization rate of 94.50%, up 0.4 percentage points from the previous week [51] U.S. Crude Oil Inventory - Total U.S. crude oil inventory was 838 million barrels, a decrease of 1.564 million barrels (-0.19%) from the previous week [58] - Strategic oil reserves increased by 248,000 barrels (+0.06%) to 412 million barrels [58] Related Stocks - Key stocks in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (CNPC) [3]

Guotai Junan Futures all rights reserved, please do not reprint 国泰君安期货·能源化工 燃料油、低硫燃料油周度报告 国泰君安期货研究所·梁可方 投资咨询从业资格号：Z0019111 日期：2025年12月14日 Special report on Guotai Junan Futures 2 综述 1 本周燃料油、低硫燃料油观点：弱势仍在，底部初现 | 本周燃料油市场仍然偏弱，价格延续小幅下跌趋势。高硫方面，中东出口量再次增长，同时拉美方向高硫出口也有回升迹象，但新加坡、马 | 观点 | 来西亚发货数量维持低位，整个新加坡市场现货库存仍在累积，导致现货价格维持弱势。但同时，从船期数据来看，俄罗斯的出口已经开始 持续下滑，浮仓数量继续上升，意味着后续俄罗斯的供应可能将无法向此前一样流入现货市场，这将对高硫价格形成支撑。低硫方面，巴西 炼厂即将在本月逐步恢复开工，从而对市场产生压力，同时Dangote炼厂的FCC装置检修将持续至1月，非洲方向的低硫现货也将继续流向亚 | | --- | --- | --- | | 太。但最新消息显示，Al-Zour炼 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, the crude oil showed a weak performance, but the escalating situation in Venezuela and Hebei's high - priced (3000 yuan/ton) attempt at winter storage drove BU to deviate from crude oil and strengthen slightly in the middle of the week [4] - The average weekly theoretical profit of domestic asphalt processing was - 453 yuan/ton, a week - on - week increase of 25 yuan/ton. The spot price fluctuation range of the asphalt market was between 3081 - 3086 yuan/ton. This week, the decline of the average spot price of asphalt slowed down, and the price fluctuation range narrowed [4] 3. Summary According to Relevant Catalogs Overview - Supply: From December 4 - 10, 2025, the capacity utilization rate of 92 asphalt refineries in China was 29.9%, a week - on - week decrease of 0.2%. The capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 27.8%, a week - on - week decrease of 0.1%. Although some refineries resumed production or increased production, the continuous shutdown of a large device in Hebei Xinhai and the low - to - medium - load production of major refineries in East China led to the decline [4] - Demand: From December 3 - 9, 2025, the total sample shipment volume of 54 domestic asphalt enterprises was 384,000 tons, a week - on - week decrease of 3.8%. In North China, the overall supply decreased, and refineries mainly controlled the volume to deliver previous contracts, resulting in a decrease in shipments. In Northeast and Northwest China, major refineries increased production, driving up the shipment volume [4] - Valuation: The average weekly theoretical profit of domestic asphalt processing was - 453 yuan/ton, a week - on - week increase of 25 yuan/ton. The spot price of the asphalt market fluctuated between 3081 - 3086 yuan/ton, with a slowdown in the decline of the average price and a narrowing of the fluctuation range. Five regions saw price drops with a decline of 0.9% - 5.4%, and the price in the Northwest dropped the most by 5.4%. Only one region, Northeast China, saw a price increase [4] Price & Spread - Cost Structure: The cost end involves Brent, WTI, imported diluted asphalt, and Ma Rui crude oil. There are also alternative raw materials such as SC, Oman crude oil, Basra heavy oil, and Kuwait heavy oil. Different raw materials have different asphalt yields, for example, Ma Rui crude oil has a yield of 55% - 60% [7] - Futures: Data on futures - related aspects such as trading volume, open interest, and price trends of Brent, WTI, and SC are presented through charts [11] - Spot: Information on the spot prices of heavy - traffic asphalt in different regions and the price differences between regions is shown, along with the production profit margin of asphalt in Shandong [12] - Spread: Data on the basis and monthly spread of asphalt are presented, including the basis in North China, Shandong, and the Yangtze River Delta, as well as the monthly spread between different contract months [14][15][16] Fundamental Data - Demand: The consumption of asphalt is distributed in the road market (including highway construction and maintenance), waterproof market, ship fuel market, coking market, and export market. Seasonal factors have a limited impact. This week, the total sample shipment volume of 54 domestic asphalt enterprises was 384,000 tons, a week - on - week decrease of 3.8%. The capacity utilization rate of 69 domestic sample modified asphalt enterprises was 9.0%, a week - on - week decrease of 0.2% and a year - on - year increase of 0.5% [20][24] - Supply: - Output: From December 2 - 8, 2025, the weekly total output of domestic asphalt was 514,000 tons, a week - on - week increase of 9,000 tons (1.8%) and a year - on - year decrease of 6,000 tons (1.2%). The cumulative output from January - December was 29.531 million tons, a year - on - year increase of 2.16 million tons (7.9%) [29] - Inventory: As of December 11, 2025, the total inventory of 54 domestic asphalt sample refinery warehouses was 618,000 tons, a 2.5% decrease from December 8. The total inventory of 104 domestic asphalt social warehouses was 1.036 million tons, remaining stable compared to December 8 [29] - Start - up: Data on the weekly start - up rates of 77 major asphalt refineries in different regions (total, Shandong, Yangtze River Delta, North China - Central China, South China - Southwest, and Northeast) are presented through charts [31][33][35] - Inventory Rate: Data on the weekly inventory rates of asphalt refineries and the asphalt market in different regions (total, North China - Shandong, Yangtze River Delta, Northeast, South China) are presented through charts [41]