Group 1: Report Investment Ratings and Core Views - Report's industry investment suggestions: PX to follow oil price rebound and short PXN at high levels; PTA to go long on PX and short on PTA with a unilateral upward trend; MEG to expect demand improvement and short - term rebound [1] - Core view on PX: Cost - supported, with a unilateral upward - biased trend. PXN has declined as expected, and factories are advised to hedge when the spread is between $240 - $250. Supply - demand is slightly tight [7] - Core view on PTA: Demand is expected to improve marginally, supported by oil prices. New devices are planned to start, and the entire industrial chain's consumption is expected to improve [7] - Core view on MEG: Reduce short positions. Pay attention to the restart of Zhenhai Refining and Chemical's 800,000 - ton device in November and potential unplanned maintenance of coal - based devices [8] Group 2: Market Data Summary Futures Data - PX futures: Yesterday's closing price was 6496, up 46 (0.71%); PX1 - 5 spread was - 24, unchanged [2] - PTA futures: Yesterday's closing price was 4508, up 26 (0.58%); PTA1 - 5 spread was - 64, unchanged [2] - MEG futures: Yesterday's closing price was 4095, up 44 (1.09%); MEG1 - 5 spread was - 68, up 2 [2] - PF futures: Yesterday's closing price was 6160, up 24 (0.39%); PF12 - 1 spread was - 28, down 4 [2] - SC futures: Yesterday's closing price was 459.7, up 12.5 (2.80%); SC11 - 12 spread was - 3.9, up 0.2 [2] Spot Data - PX spot: Yesterday's price was $812/ton, up $13.67 [2] - PTA spot: Yesterday's price was 4430 yuan/ton, up 60 [2] - MEG spot: Yesterday's price was 4186 yuan/ton, up 64 [2] - Naphtha MOPJ: Yesterday's price was $573.12/ton, up $21.62 [2] - Dated Brent: Yesterday's price was $65.53/barrel, up $3.33 [2] Spot Processing Fee Data - PX - naphtha spread: Yesterday's price was $246.17, up $6.34 [2] - PTA processing fee: Yesterday's price was 144.83 yuan/ton, down 7.3 [2] - Short - fiber processing fee: Yesterday's price was 380.77 yuan/ton, down 0.5 [2] - Bottle - chip processing fee: Yesterday's price was 154.12 yuan/ton, up 14.48 [2] - MOPJ naphtha - Dubai crude spread: Yesterday's price was - 4.34, unchanged [2] Group 3: Market Dynamics Summary - Crude oil: Oil prices rose after the US imposed sanctions on major Russian oil companies [2][3] - PX: Asian PX prices rose on October 23, following the increase in crude oil prices and supported by the improved sentiment in the downstream polyester industry [2] - PTA: Yisheng Ningbo's 2.2 - million - ton device reduced its load, and some devices resumed. The PTA load on Thursday was 78.8%, and the current operating rate is around 84.6% [5] - MEG: A 500,000 - ton/year MEG device in South China stopped temporarily for 3 - 5 days. As of October 23, the overall operating load in mainland China was 73.28% (down 3.87% from the previous period). Two US MEG devices with a total capacity of 380,000 tons/year restarted [6] - Polyester: This week, there were no significant changes in polyester devices, and the polyester load remained stable. As of Thursday, the domestic polyester load was around 91.4%. The operating load of domestic polyester industrial yarn was around 75%. The sales volume of Jiangsu and Zhejiang polyester filaments increased locally today, with an average sales rate of around 100%. The sales of direct - spun polyester staple fibers declined, with an average sales rate of 77% [6] Group 4: Trend Intensity - PX trend intensity: 1 [7] - PTA trend intensity: 1 [7] - MEG trend intensity: 1 [7]

Core Viewpoint - The petrochemical industry, as a pillar of the national economy, faces unprecedented transformation pressures and development opportunities under the "dual carbon" goals, making green and low-carbon development a necessity rather than an option [1] Group 1: Enhancing Energy Resource Utilization Efficiency - The petrochemical industry is a key area of energy consumption, necessitating comprehensive energy efficiency benchmarking and optimization of energy systems [1] - Companies should focus on high-energy-consuming facilities and continuously promote energy-saving technology renovations [1] - Jilin Petrochemical has implemented energy-saving projects, resulting in a reduction of water, electricity, and steam consumption by 72,000 tons, 4.41 million kWh, and 68,000 tons respectively [1] - Ongoing measures such as waste steam recovery and regional steam network optimization are expected to further reduce steam consumption by 5% [1] Group 2: Increasing Clean Energy Consumption Levels - Accelerating energy structure adjustment and gradually increasing the proportion of green electricity consumption is key to the low-carbon transition in the petrochemical industry [2] - Companies can develop renewable energy sources like wind and solar power and expand the application of green electricity [2] - Jilin Petrochemical has consumed a total of 900 million kWh of green electricity, showing significant results [2] - The company has made breakthroughs in bio-chemical fields, achieving industrialization of high-concentration fuel ethanol with a concentration increase to 14% [2] Group 3: Increasing the Proportion of High-End Low-Carbon Products - Transitioning product structures towards greenness and high value is another important pathway for achieving energy savings and carbon reduction [2] - Companies should reduce the production of low-value, high-energy-consuming products and focus on developing environmentally friendly and low carbon intensity products [2] - Jilin Petrochemical is constructing a new materials production base with an expected output of 600,000 tons by 2025 [2] - The company has successfully developed large tow carbon fiber technology and is advancing a thousand-ton carbon fiber project, with high-value product output expected to increase by 30% year-on-year [2]

行业 PTA 日报 日期 2025 年 10 月 24 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 一、 行情回顾与操作建议 | 表1：期货行情 | ...

Report Information - Report Title: Asphalt Daily Report [1] - Report Date: October 24, 2025 [2] Investment Rating - No investment rating information provided Core View - Oil prices rebounded, and asphalt followed suit. The previous strategy of going long on asphalt and short on crude oil was gradually stopped for profit. For the time being, take a wait - and - see approach on single - side trading [6] Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: For BU2601, the opening price was 3236 yuan/ton, the closing price was 3277 yuan/ton, the highest was 3300 yuan/ton, the lowest was 3236 yuan/ton, the increase was 2.31%, and the trading volume was 283,000 lots. For BU2512, the opening price was 3255 yuan/ton, the closing price was 3294 yuan/ton, the highest was 3311 yuan/ton, the lowest was 3255 yuan/ton, the increase was 2.01%, and the trading volume was 62,300 lots [6] - Spot Market: Prices in North China, Shandong, and South China rose, those in Northeast China fell significantly, and prices in other regions were relatively stable. The decline in Northeast was due to weakening road - oriented demand and falling low - sulfur asphalt prices [6] - Supply: Liaohe Petrochemical plans to increase production, but the reduction at East China's Jinling Petrochemical and the non - resumption plans of some refineries in Shandong and Henan may lead to a decline in this week's asphalt operating rate [6] - Demand: Rainfall decreased in the north, providing some support for rigid demand, but the capital problem of small and medium - sized projects remained severe, and speculative demand was also low [6] 2. Industry News - South China Market: The mainstream transaction price of 70A grade asphalt was 3340 - 3550 yuan/ton, remaining stable. Despite reduced supply from refineries, sufficient social inventory and low - price sales by some traders made it difficult to raise prices [7] - Shandong Market: The mainstream transaction price of 70A grade asphalt was 3270 - 3620 yuan/ton, up 10 yuan/ton. The rebound of international oil prices and asphalt futures boosted market sentiment. Although refinery quotes were stable, some traders raised prices, and good sales of low - price resources drove up the low - end price [7] 3. Data Overview - The report presented multiple data charts, including South China asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [9][13][15]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The current supply - demand outlook for ethylene glycol remains weak, but due to the boost from macro - sentiment, ethylene glycol is expected to show a slight upward trend [7]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - On the 23rd, the opening price of the main ethylene glycol futures contract was 4060 yuan/ton, the highest was 4119 yuan/ton, the lowest was 4052 yuan/ton, the settlement price was 4086 yuan/ton, and the closing price was 4095 yuan/ton, up 62 yuan from the previous trading day's settlement price. The total trading volume was 188,925 lots, and the open interest was 334,305 lots. The EG2601 contract closed at 4095 yuan/ton, up 62 yuan, with an open interest of 334,305 lots, a decrease of 11,222 lots. The EG2605 contract closed at 4163 yuan/ton, up 52 yuan, with an open interest of 18,730 lots, an increase of 1,853 lots [7]. 3.2 Industry News - Last week, the operating rate of US refineries increased, boosting crude oil demand. After three consecutive weeks of inventory growth, crude oil inventories declined, and international oil prices continued to rise. On Wednesday (October 22), the settlement price of the December 2025 West Texas Intermediate crude oil futures on the New York Mercantile Exchange was $58.50 per barrel, up $1.26 or 2.20% from the previous trading day, with a trading range of $57.34 - $59.83. The settlement price of the December 2025 Brent crude oil futures on the London Intercontinental Exchange was $62.59 per barrel, up $1.27 or 2.07% from the previous trading day, with a trading range of $61.38 - $64.17 [8]. - In the Zhangjiagang ethylene glycol market, the spot (October bottom) negotiation price this week was 4189 - 4190 yuan/ton, up 79.5 yuan/ton from the previous working day. The negotiation price before November 7 was 4168 - 4170 yuan/ton, and the negotiation price for late November was 4168 - 4173 yuan/ton. The basis of the current spot (October bottom) was at a premium of 94 - 95 yuan/ton compared to EG2601, the basis before November 7 was at a premium of 73 - 75 yuan/ton compared to EG2601, and the basis for late November was at a premium of 73 - 78 yuan/ton compared to EG2601 [8]. - The inventory of liquid ports in East China showed a downward trend, decreasing by 0.27 million tons or 0.14% compared to the previous period. The breakdown of inventory changes was as follows: ethylene glycol decreased by 2.30 million tons, methanol increased by 1.20 million tons, styrene decreased by 0.05 million tons, pure benzene increased by 1.20 million tons, diethylene glycol decreased by 0.43 million tons, toluene increased by 0.76 million tons, and xylene decreased by 0.65 million tons [8]. 3.3 Data Overview The report provides multiple data charts, including the PTA - MEG price difference, MEG price, MEG futures price, futures - spot price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16][18].

Group 1 - The "Spark" Innovation and Creativity Competition in Liaoning Province aims to promote technological innovation and economic development, with a focus on enhancing R&D investment in state-owned enterprises [1][2] - The competition has attracted 326 state-owned enterprises and over 1,200 teams, resulting in 152 outstanding projects and a total investment of 1.009 billion yuan across 75 projects [1] - Notable projects include the "Intelligent Mining 5G + Unmanned Mining System" and the "Digital Twin Platform for Petrochemical Equipment," which have reached advanced domestic levels [1] Group 2 - This year's competition includes participation from research institutes, universities, medical institutions, and private enterprises, expanding the scope and diversity of the projects [2] - An online voting system with external judges has been introduced to enhance the social impact of the projects and accelerate the commercialization of innovative results [2] - The competition features a "Demand List" segment where provincial enterprises can publish key technology challenges, inviting experts to provide targeted solutions [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - PG main contract rose significantly due to news disturbances in macro and geopolitical aspects. Despite large pressure on spot supply and a sharp drop in PG basis turning negative, the futures market may not decline significantly in the short - term under the influence of tariff policies and geopolitical disturbances because of concerns about future supply. There is high inventory pressure and short - term supply pressure, but chemical demand provides support and combustion demand is expected to pick up [4]. 3. Summary by Related Catalogs Daily Changes - On Thursday, the price of civil LPG rebounded. In East China, it was 4267 (+8), in Shandong 4340 (+90), and in South China 4400 (+0). The price of ether - after carbon four was 4440 (+50). The lowest delivery location was East China, with a basis of - 89 (-21), and the November - December spread was 122 (-22). FEI and CP increased to 494.5 (+16.5) and 456 (+9) dollars/ton respectively [4]. Weekly Views - The PG main contract rose significantly due to news disturbances in macro and geopolitical aspects. The basis was - 20 (-334), and the November - December spread was 137 (+59). Domestic civil LPG prices dropped significantly. The cheapest deliverable was Shandong civil LPG at 4200 (-250); in East China it was 4345 (-39), and in South China 4460 (-110). Wanhua added 2300 lots of warehouse receipts. The overseas market prices dropped sharply. The FEI monthly spread was - 10 dollars (+5), and the CP monthly spread was - 4 dollars (+5). The internal - external price difference PG - CP reached 132 (+27); PG - FEI reached 112 (+14). FEI - CP reached 20 (+12.5). The US - Asia arbitrage window was closed. The arrival discount of CP propane and butane in South China increased significantly to 78 (+26). Freight rates dropped significantly, with the US Gulf - Japan at 108 (-18) and the Middle East - Far East at 60.5 (-2.5). The FEI - MOPJ spread narrowed but the switching window remained open at - 71 (-12). The profit of PDH to produce propylene decreased. The PDH operating rate was 68.76% (-2.12 pct), with Zhongjing Phase II resuming production, but Bohua under maintenance and Wanda Tianhong having a short - term shutdown; enterprises are expected to increase production in the coming week [4].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - No relevant content Group 3: Summary by Related Catalogs 1. Basis and Spread - On October 23, the Shandong basis (+80) (Hongrun) was 113, a daily decrease of 28; the East China basis (Zhenjiang Warehouse) was 123, a daily increase of 42; the South China basis (Foshan Warehouse) was 83, a daily increase of 12 [3]. - The 12 - 01 spread was 17, a daily decrease of 2; the 12 - 03 spread was 2, a daily decrease of 7; the 01 - 02 spread was -6, a daily decrease of 2 [3]. 2. BU Main Contract (01) - On October 23, the price of the BU main contract (01) was 3277, a daily increase of 28; the trading volume was 404474, a daily increase of 14514; the open interest was 356221, a daily decrease of 12596; the contract free - of - the - property was 12420, a daily decrease of 620 [3]. 3. Crude Oil and Asphalt Prices - On October 23, Brent crude oil was at 62.6, a daily increase of 1.3; the price of Jingbo asphalt was 3330, a daily increase of 20; the price of Hongrun asphalt was 3310, unchanged; the price of Zhenjiang Warehouse asphalt was 3400, a daily increase of 70; the price of Foshan Warehouse asphalt was 3360, a daily increase of 40 [3]. 4. Profits - On October 23, the asphalt - Ma Rui profit was 413, a daily decrease of 51; the Ma Rui - type refinery comprehensive profit was 862, a daily decrease of 44 [3].

Group 1 - Ye's Chemical Group (00408.HK) announced a conditional acquisition agreement to purchase approximately 60.0% equity interest in the target company for an initial consideration of RMB 288 million [1] - The maximum potential consideration could reach RMB 384 million, while the minimum consideration is set at RMB 254.4 million, with all payments to be made in cash [1] - The target company, Beijing Xinnuo Haibo Petrochemical Technology Development Co., Ltd., is a national high-tech enterprise engaged in the research, design, manufacturing, and provision of professional system solutions for managing chemical gas emissions in the chemical and oil and gas production and storage processes [2] Group 2 - The target group holds over 10 invention patents and 20 software copyrights, covering various technologies for the recovery and treatment of chemical gases [2] - The technologies are widely applied in industries such as petrochemicals, coal chemicals, oil depots, and shipping terminals for managing chemical gas emissions [2] - The target group offers comprehensive solutions that include equipment, monitoring, and control systems aimed at improving chemical gas recovery efficiency and reducing emissions [2]

Core Insights - The company, Taishan Petroleum, reported a total revenue of 2.395 billion yuan for Q3 2025, a year-on-year decrease of 5.6%, while the net profit attributable to shareholders increased by 112.32% to 113 million yuan [1] - The gross margin improved significantly by 47.39% year-on-year, reaching 16.41%, and the net margin increased by 123.22% to 4.75% [1] - The company has implemented various strategies to enhance its market position and operational efficiency, contributing to its recent performance [2] Financial Performance - Total revenue for Q3 2025 was 807 million yuan, down 5.54% year-on-year, while net profit for the same period was 21.726 million yuan, up 24.95% [1] - The company’s total expenses for sales, management, and finance amounted to 209 million yuan, representing 8.72% of revenue, an increase of 16.17% year-on-year [1] - Earnings per share rose to 0.24 yuan, a 112.26% increase year-on-year, while operating cash flow per share decreased by 60.99% to 0.33 yuan [1] Strategic Initiatives - The company has optimized its market strategy and improved procurement efficiency, responding flexibly to the "N" shaped fluctuations in refined oil prices [2] - Taishan Petroleum is focusing on new energy transformation and digital upgrades, with plans to operate two LNG refueling stations and enhance operational quality through technology improvements [4] - The establishment of a strategic customer department aims to enhance customer relationship management and innovate business models [4] Risk Management and Compliance - The company has implemented rigorous risk control measures, achieving zero risk events in 2024 and continuing to strengthen environmental compliance and internal financial controls [4] - Ongoing upgrades to quality inspection and hazard management systems are part of the company's commitment to operational safety and compliance [4] Organizational Development - The company is focusing on reform and incentive mechanisms, particularly in the areas of work culture, employment systems, and performance evaluation to enhance organizational vitality [4]