Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - **Pure Benzene**: Short - term spot liquidity is tightening due to fewer imported shipments and potential unloading issues. In the long - term, domestic and imported supplies are expected to increase, leading to a high - supply situation in the fourth quarter that downstream industries can't fully absorb, and the inventory build - up pattern is hard to change [4]. - **Styrene**: Supply is tightening as more units are under maintenance and the return of Jingbo's styrene is uncertain. However, terminal demand recovery after the National Day holiday is limited, and port inventory remains high. With new plants coming into operation, the de - stocking pressure is expected to increase. In the short term, one can short the spread between pure benzene and styrene when prices are high, and consider widening the processing spread after seeing significant unplanned styrene production cuts or an increase in pure benzene imports. Given the large macro - level disturbances, it is advisable to take a wait - and - see approach for unilateral trading [4]. 3. Summary by Related Catalogs 3.1 Price Forecast and Hedging Strategies - **Price Forecast**: The monthly price range for pure benzene is predicted to be 5200 - 5800 yuan/ton, and for styrene, it is 6200 - 6800 yuan/ton. The current 20 - day rolling volatility of styrene is 29.40%, and its historical percentile over three years is 85.8% [3]. - **Hedging Strategies**: - **Inventory Management**: For high product inventories and concerns about price drops, one can short styrene futures (EB2512) at 25% with an entry range of 6600 - 6650 yuan/ton to lock in profits and cover production costs. Also, sell call options (EB2512C6700) at 50% with an entry range of 70 - 90 to collect premiums and reduce capital costs [3]. - **Procurement Management**: For low procurement inventories and the need to purchase based on orders, buy styrene futures (EB2512) at 50% with an entry range of 6350 - 6400 yuan/ton to lock in procurement costs. Sell put options (EB2512P6400) at 75% with an entry range of 55 - 70 to collect premiums and reduce procurement costs [3]. 3.2 Core Contradictions - **Pure Benzene**: Short - term supply tightness due to import issues, but long - term high supply and difficult de - stocking due to insufficient downstream demand [4]. - **Styrene**: Supply reduction due to maintenance, but limited demand recovery and high port inventory. New plant startups will increase de - stocking pressure. Macro factors drive price increases, but the rebound is weaker than that of crude oil [4]. 3.3利多解读 (Positive Factors) - In early October, South Korea's exports of pure benzene to China decreased to 4.7 tons, and some import cargoes faced unloading difficulties, tightening short - term spot liquidity [5]. - Dalian Hengli Petrochemical's 720,000 - ton styrene plant is planned to shut down for half a month starting in early November [7]. - US sanctions on Russian oil companies and geopolitical rumors in Venezuela have pushed up crude oil prices, strengthening the cost side [7]. 3.4利空解读 (Negative Factors) - As of October 20, 2025, the styrene port inventory in Jiangsu was 202,500 tons, an increase of 6,000 tons from the previous period, indicating difficulty in reducing high inventory [8]. - The 600,000 - ton styrene plants of Guangxi Petrochemical and Jilin Petrochemical were put into production around October 18 and 19 respectively [8]. 3.5 Price and Spread Data - **Basis Changes**: The daily basis changes of pure benzene and styrene in different regions and contracts are provided, showing various trends [8]. - **Industry Chain Spreads**: The spreads between pure benzene and styrene in the industry chain, including spot, paper - based, and different contract months, are presented, along with their daily changes [9]. - **Price Data**: The prices of various products in the pure benzene - styrene industry chain, such as crude oil, naphtha, ethylene, pure benzene, and styrene, are given for different dates, including daily and weekly changes [9][10].

Report Industry Investment Rating No information provided. Core View of the Report The report focuses on the analysis of various energy and chemical products, including their market logic, technical analysis, and trading strategies. It suggests waiting for the end of the crude oil rebound and looking for opportunities in the low prices of weak energy and chemical products during the crude oil rebound. Summary by Related Catalogs 1. Crude Oil - **Logic**: The US Treasury's sanctions on two major Russian oil companies have shifted the short - term logic to geopolitical disturbances. After the market digests the short - term geopolitical benefits, it will return to supply - demand drivers [2]. - **Technical Analysis**: The daily - level shows a medium - term downward structure, and the hourly - level shows a short - term upward structure. Today, it continued to rebound with reduced positions, but the trading volume was insufficient after the intraday high, closing with a long upper shadow. Attention should be paid to the possibility of the end of the rebound, and the short - term support is at the 459 level [2]. - **Strategy**: Wait for the opportunity to cover short positions after breaking the short - term support [2]. 2. Benzene Styrene (EB) - **Logic**: Although the supply - demand situation has slightly improved due to increased maintenance and a small decline in production, the port inventory, a characteristic of hazardous chemicals, is still slowly accumulating and is at a sky - high level year - on - year. There is a risk of price collapse under the pressure of over - inventory. The market has already priced in some expectations, so no short - chasing is recommended [5]. - **Technical Analysis**: The hourly - level shows a short - term downward structure. Today, it tested the pressure from a high position, then moved lower and closed down with a large increase in positions. The short - term downward structure remains unchanged. After the contract change, the short - term pressure level for the December contract is at the 6630 level [5]. - **Strategy**: Hold the remaining short positions at the hourly level and consider shorting again if there is a rebound [5]. 3. Rubber - **Logic**: The weather in Southeast Asia has improved, and the supply is expected to increase significantly in the fourth quarter. The cost support is weakening, and the pressure of slow de - stocking of the large domestic inventory remains high [7]. - **Technical Analysis**: The daily - level shows a medium - term downward structure, and the hourly - level shows a short - term downward structure. Today, it fluctuated within the day. The short - term pressure level is at the 15450 level [7]. - **Strategy**: Hold short positions at the hourly level, with a stop - profit reference at the 15450 level [7]. 4. Synthetic Rubber (BR) - **Logic**: The short - term supply - demand contradiction of synthetic rubber is not significant. The tire enterprises' high - inventory pressure remains, and the supply is expected to increase. The price of butadiene may decline rapidly, driving the synthetic rubber price down [11]. - **Technical Analysis**: The daily - level shows a medium - term downward structure, and the hourly - level shows a short - term downward structure. Today, it fluctuated within the day. Pay attention to the suppression of the pressure level, with the short - term pressure at the 11300 level [11]. - **Strategy**: Hold short positions at the hourly level, with a stop - profit reference at the 11300 level [11]. 5. PX - **Logic**: The supply - demand situation of PX improved slightly last week, but the overall high - supply pattern remains unchanged. Its main logic follows the cost drive of crude oil [13]. - **Technical Analysis**: The hourly - level shows a short - term upward structure. Today, it fluctuated within the day, with the support at the 6425 level [13]. - **Strategy**: Wait and see at the hourly level [13]. 6. PTA - **Logic**: Under the expectation of new device production and restart, the supply pressure of PTA is still large, and the demand remains flat. The main logic follows the cost drive of crude oil [16]. - **Technical Analysis**: The hourly - level shows a short - term upward structure. Today, it fluctuated within the day, with the short - term support at the 4470 level [16]. - **Strategy**: Wait and see at the hourly level [16]. 7. PP - **Logic**: The expected commissioning of the Guangxi Petrochemical plant in mid - October will increase the supply pressure. The downstream demand is weak during the peak season, and the overseas demand is also low. The cost - side pressure is brought by the decline of crude oil [20]. - **Technical Analysis**: The hourly - level shows a short - term downward structure. Today, it fluctuated within the day, with the short - term pressure at the 6740 level. There was a reverse - wrapping pattern near the pressure, but the trading volume was insufficient [20]. - **Strategy**: Continue to wait and see at the hourly level [20]. 8. Methanol - **Logic**: The monthly - spread structure has strengthened this week, indicating potential long - trading opportunities. Due to seasonal factors, the 01 contract of methanol has some long - trading logic compared with other energy and chemical products. However, the short - term long - trading time has not arrived. The domestic supply is high, and the inventory is difficult to reduce [22][24]. - **Technical Analysis**: The daily - level shows a medium - term downward structure, and the short - term shows a downward structure. Today, it declined with increased positions, with the short - term pressure at the 2320 level [24]. - **Strategy**: Hold the remaining short positions at the hourly level cautiously, with the 2320 level on the hourly line as the final stop - profit level. Consider using methanol as a long - position in the hedging strategy after it breaks through the pressure level [24]. 9. PVC - **Logic**: Under the "subsidizing chlorine with alkali" model, the supply of PVC maintains high - level production. The domestic real - estate demand is still low year - on - year, and the social inventory continues to accumulate [26]. - **Technical Analysis**: The daily - level shows a medium - term downward structure, and the hourly - level shows a short - term downward structure. Today, it fluctuated within the day, and the downward structure remains unchanged. The short - term pressure is at the 4800 level [28]. - **Strategy**: Hold short positions at the hourly level [28]. 10. Ethylene Glycol (EG) - **Logic**: The restart of previously overhauled devices and the expected increase in production capacity have increased the supply pressure. The port inventory has started to accumulate, and the support of low inventory has disappeared [29]. - **Technical Analysis**: The daily - level shows a medium - term downward structure, and the hourly - level shows an upward structure. Today, it fluctuated within the day, with the short - term support below 4045 [29]. - **Strategy**: Stop - profit on short positions at the hourly level [29]. 11. Plastic - **Logic**: The expected commissioning of the Guangxi Petrochemical plant in mid - October will increase the supply pressure. The downstream demand is weak during the peak season, and the cost - side is affected by the decline of crude oil [31]. - **Technical Analysis**: The daily - level shows a medium - term downward structure, and the hourly - level shows an upward structure. Today, it rebounded with reduced positions and broke through the short - term pressure at the 6940 level. The short - term structure has turned bullish [31]. - **Strategy**: Stop - profit on the remaining short positions at the hourly level [31]. 12. Soda Ash - **Logic**: The high - supply and high - inventory pattern of soda ash has intensified. The demand from the glass industry is unlikely to improve significantly, and there is no substantial policy intervention on the supply side. The market is under downward pressure [35]. - **Technical Analysis**: The hourly - level shows a downward structure. Today, it fluctuated within the day, and the downward structure remains unchanged. The short - term pressure is at the 1260 level [35]. - **Strategy**: Hold the remaining short positions at the hourly level [35]. 13. Caustic Soda - **Logic**: The supply pressure will increase in the medium - term due to the recovery of previously overhauled devices and the commissioning of new devices. The downstream demand is weak, with limited profit in the alumina industry [36]. - **Technical Analysis**: The hourly - level shows a downward structure. Today, it fluctuated within the day, and the downward structure continues. The short - term pressure is at the 2470 level [36]. - **Strategy**: Wait and see after stopping - profit before the holiday, as there is no good entry point currently [36].

Group 1 - The core point of the article is that Baose Co., Ltd. announced the convening of its sixth board meeting to review the third quarter report for 2025, indicating ongoing corporate governance and financial oversight [1] - For the fiscal year 2024, Baose Co., Ltd.'s revenue composition is as follows: 78.44% from petrochemicals, 15.08% from new energy, 4.04% from military products, 1.6% from other sectors, and 0.85% from environmental protection [1] - As of the report, Baose Co., Ltd. has a market capitalization of 4.5 billion yuan [1]

Core Viewpoint - The company is actively responding to national policy directions through technological innovation, green transformation, and strategic layout, promoting its transformation and upgrading efforts [1] Group 1: Business Strategy - The company is focusing on vertical integration to strengthen its refining and chemical integration resource integration and scale effect [1] - It is leveraging the cost reduction and efficiency enhancement advantages of the "refining and chemical integration" model and the potential of "oil conversion" to continuously improve operational efficiency [1] Group 2: Financial Health - The company has excellent cash flow and strong debt repayment capability, indicating stable business operations and financial health [1] - Both short-term and long-term debt repayment arrangements are well managed, with ongoing attention to debt repayment capability indicators to control repayment risks [1] - The company aims to enhance cash flow management while ensuring high-quality development and maintaining a reasonable level of debt [1]

Core Viewpoint - The article discusses tax incentives provided by the Chinese government to support the development of the manufacturing industry, specifically focusing on the exemption of consumption tax for ethanol gasoline produced from already taxed gasoline [1][2]. Tax Incentives for Manufacturing - The tax exemption applies to ethanol gasoline produced from already taxed gasoline that is either purchased or processed through outsourcing [1][4]. - This policy has been in effect since January 1, 2009, allowing eligible taxpayers to benefit continuously [3]. - Eligible taxpayers must meet specific conditions related to the source of the gasoline used for ethanol production [4]. Application Process - Taxpayers are required to declare their eligibility based on the timing of their consumption tax obligations and must submit their claims during the corresponding tax period [5]. - The application for the tax exemption can be processed through various channels, including the electronic tax bureau and tax service halls, both online and offline [6]. Policy Reference - The tax incentive is based on the notification issued by the Ministry of Finance and the State Administration of Taxation regarding the adjustment of consumption tax rates on refined oil products [6].

Group 1 - In the first half of 2025, the liquefied petroleum gas (LPG) production in Xinjiang Uyghur Autonomous Region reached 194,000 tons, a decrease of 5.1% compared to the same period in 2024, with a growth rate 21.5 percentage points lower than that of 2024 and 2.5 percentage points lower than the national average [1] - In June 2025, the LPG production in Xinjiang was 29,000 tons, representing a decline of 17.7% year-on-year, with a growth rate 52.0 percentage points lower than that of 2024 and 13.2 percentage points lower than the national average [2] - The LPG production in Xinjiang accounted for approximately 0.7% of the national LPG production of 2,625,900 tons in the first half of 2025 and 0.7% of the national production of 435,900 tons in June 2025 [1][2] Group 2 - The monthly statistics for major energy products are based on large-scale industrial enterprises, defined as those with annual main business income of 20 million yuan or more [6]

格隆汇10月24日丨恒逸石化(000703.SZ)在投资者互动平台表示，，公司文莱炼化项目一期、广西新材 料项目一期中配套了部分制氢产能，均为自用于公司产品生产。此外公司暂无制氢产能和氢能应用布 局。 ...

Core Viewpoint - The stock of Maohua Shihua (000637) has shown significant volatility, with a recent closing price of 5.15 yuan, marking a 10.04% increase and hitting the upper limit of the trading range on October 24, 2025 [1] Financial Performance - The company reported a main revenue of 1.48 billion yuan for the first half of 2025, a year-on-year decrease of 22.83% [3] - The net profit attributable to shareholders was -82.66 million yuan, which is a year-on-year increase of 12.15% [3] - The second quarter of 2025 saw a main revenue of 692 million yuan, down 4.42% year-on-year, with a net profit of -47.59 million yuan, up 5.02% year-on-year [3] - The company has a debt ratio of 69.18% and reported investment income of 2.47 million yuan [3] Market Activity - On October 24, 2025, the stock experienced a trading volume of 717,100 hands and a total transaction amount of 347 million yuan [1] - The net inflow of main funds was 38.31 million yuan, accounting for 11.05% of the total transaction amount, while retail investors saw a net outflow of 26.67 million yuan, representing 7.69% of the total [1][2] Industry Comparison - Maohua Shihua's total market value is 2.677 billion yuan, significantly lower than the industry average of 199.487 billion yuan [3] - The company's price-to-earnings ratio (P/E) stands at -16.2, compared to the industry average of 36.1, indicating a challenging profitability outlook [3] - The gross margin of Maohua Shihua is 2.09%, which is substantially below the industry average of 18.86% [3]

Core Viewpoint - UBS has downgraded the earnings forecast for Shanghai Petrochemical Company (00338) to a loss of 385 million RMB for the year, while also reducing the earnings per share estimates for 2026 to 2027 by 7% to 10% [1] Company Performance - In the first nine months of the year, Shanghai Petrochemical's revenue decreased by 11% year-on-year, resulting in a net loss of 432 million RMB [1] - The company recorded a net profit of 31 million RMB in the third quarter, marking a return to profitability compared to the previous quarter, attributed to a reduction in asset impairment losses [1] Market Outlook - Despite the recent quarterly profit, the company's performance has not met UBS's expectations due to weaker-than-expected sales of refined oil products and a still weak fundamental outlook for olefins [1] - UBS believes that the long-term fundamentals of the refining and chemical industry may improve with the advancement of "anti-involution" initiatives [1] Target Price Adjustment - UBS has adjusted the target price for Shanghai Petrochemical from 1.89 HKD to 1.87 HKD while maintaining a "Buy" rating [1]

Core Viewpoint - The press conference highlighted the successful implementation of the new development philosophy in Karamay, showcasing its economic and social high-quality development progress and achievements under the guidance of the Party's governance strategy in Xinjiang [1][3]. Economic Development - Karamay's economy is driven by oil, with significant advancements in public services and living standards, maintaining over 70% of fiscal expenditure on people's livelihoods [3][4]. - The city has produced over 450 million tons of crude oil and 1100 billion cubic meters of natural gas over the past 70 years, with recent discoveries of major oil and gas fields [4][5]. Innovation and Education - Karamay has established three universities with 27,000 enrolled students, over 70% of whom choose to work in the region after graduation, and has built over 200 innovation platforms [4][5]. - The city is a leader in oil and gas production in China, with significant contributions to the national energy supply [5]. Digital Economy and Infrastructure - Karamay is transforming into a digital economy hub, with six data centers and a storage capacity of 6200PB, positioning itself as a key player in the national "East Data West Computing" strategy [5]. - The city has made a historical leap from an "oil city" to a "computing city," enhancing its technological capabilities [5]. Environmental Initiatives - As one of the first cities in China to pilot carbon peak initiatives, Karamay is committed to ecological and green development, aiming to capture over 500,000 tons of CO2 through CCUS technology by 2024 [5]. - The city exemplifies a harmonious coexistence of industrial and ecological civilization, with initiatives that reflect a commitment to environmental sustainability [5]. Cultural and Tourism Development - Karamay boasts rich cultural and tourism resources, promoting unique experiences through various attractions and events, enhancing its appeal as a tourist destination [6].