Core Viewpoints - The weak performance of PPI is attributed to two "dark lines": the timing of statistics and low capacity utilization in the mid and downstream sectors [2][8][69] - In July, PPI continued to bottom out, with a month-on-month decline of 0.2% and a year-on-year rate of -3.6%, which was below market expectations [2][8][69] - The rise in commodity prices did not fully reflect in the PPI due to the timing of price surveys, which did not capture late-month price increases [2][8][69] PPI Analysis - The PPI's month-on-month decline was influenced by a significant drag from mid and downstream prices, which contributed to a -0.3% impact on PPI [2][13][69] - The PPI performance was also affected by tariffs, with industries heavily reliant on exports experiencing downward price pressure [2][13][69] - High-frequency data showed a divergence from PPI trends, with coal and steel prices recovering, while coal mining and black metal processing remained negative [2][8][69] CPI Analysis - In July, the core CPI rose to its highest level in a year and a half, driven by demand recovery and the end of commodity subsidies [3][20][70] - The CPI's month-on-month increase of 0.4% was slightly above the average since 2017, with core CPI rising 0.8% year-on-year [3][20][70] - The demand for core services improved due to summer travel, although rental prices remained weak [3][28][70] Food Prices Impact - Food prices were weak, constraining the CPI's recovery, with food CPI down 1.6% year-on-year, a decline that expanded by 1.3 percentage points from the previous month [4][33][71] - Fresh vegetable prices fell significantly, contributing to the downward pressure on CPI [4][33][71] - The supply of pork continued to rise, leading to lower pork prices, which also impacted the overall food CPI [4][34][71] Future Outlook - The "anti-involution" policy is expected to boost commodity prices, but excess supply in the mid and downstream sectors may limit the transmission of upstream price increases [4][39][71] - The forecast suggests that inflation will remain weak throughout the year, with limited recovery in both PPI and CPI due to the current supply-demand dynamics [4][39][71] - Core commodity CPI may be suppressed by downstream PPI, and agricultural supply is expected to remain ample, leading to moderate improvements in CPI [4][39][71]

Inflation Data Summary - On August 9, the National Bureau of Statistics released July inflation data: CPI year-on-year at 0%, previous value 0.1%, expected -0.1%, month-on-month 0.4%; PPI year-on-year at -3.6%, previous value -3.6%, expected -3.4%, month-on-month -0.2%[8]. - The weak PPI performance is attributed to low capacity utilization in mid and downstream sectors, which hinders price transmission from upstream to downstream[1][2][4]. - July PPI continued to decline, with a month-on-month change of -0.2%, not meeting market expectations of -3.4%[9][13]. - The contribution of commodity prices to PPI was estimated at 0.1% month-on-month, despite some recovery in coal and steel prices[1][9]. CPI Insights - Core CPI in July rose to its highest level in 1.5 years, driven by demand recovery and the end of commodity subsidies, with a month-on-month increase of 0.4%[21]. - Food CPI decreased by 1.6% year-on-year, with fresh vegetable prices dropping by 7.6% and fresh fruit prices increasing by 2.8%[30][43]. - The core service CPI remained stable at 0.5% year-on-year, with significant increases in travel-related costs, such as airfares rising by 17.9% month-on-month[27]. Future Outlook - The "anti-involution" policy is expected to boost commodity prices, but excess supply in mid and downstream sectors may limit price transmission from upstream, keeping inflation weak throughout the year[4][33]. - Core commodity CPI may remain subdued due to pressure from downstream PPI and abundant agricultural supply, leading to only moderate improvements in CPI[4][33].

Inflation Data Summary - In July 2025, the CPI year-on-year changed from a 0.1% increase to flat, outperforming the Wind consensus expectation of -0.12%[2] - The food price index saw a year-on-year decline of 1.6%, while non-food prices increased by 0.3%[2] - Month-on-month, the CPI rose by 0.4%, slightly above the ten-year average increase of 0.34%[2] Food Price Dynamics - The year-on-year decline in fresh vegetable prices expanded to 7.6%, significantly impacting the CPI[2] - Pork prices saw a year-on-year decline of 9.5%, while beef prices increased by 3.6%[2] - The average wholesale price of 28 monitored vegetables continued to decline year-on-year in early August 2025[2] Non-Food Price Trends - Non-food prices increased by 0.3% year-on-year, with durable goods prices rising due to the end of promotional activities[3] - Transportation fuel prices decreased by 9% year-on-year, influenced by international oil price fluctuations[3] - Service prices rose by 0.5% year-on-year, remaining stable compared to the previous month[3] PPI Insights - The PPI year-on-year decline remained at -3.6%, with production materials down 4.3% and living materials down 1.6%[4] - The PPI month-on-month decreased by 0.2%, with production materials showing a smaller decline than living materials[4] - The price of oil and gas extraction increased by 3.0%, while electronic equipment manufacturing prices fell by 0.4%[4] Future Outlook - CPI is expected to remain stable in August 2025, with food CPI likely to continue its downward trend due to high base effects from the previous year[5] - PPI may show a narrowing year-on-year decline in August, driven by improved supply-demand dynamics in certain industries[5] - Risks include potential delays in policy implementation and unexpected fluctuations in international commodity prices[5]

Core Viewpoint - The article discusses the recent announcements by listed companies, specifically Liou Co. and Heshun Petroleum, regarding their plans to invest significant amounts of their own funds into the securities market, reflecting a positive outlook on the current capital market [2][3][12]. Group 1: Liou Co. Investment Plan - Liou Co. announced a plan to use up to 3 billion yuan (approximately 30 billion) of its own funds for securities investment, which includes methods such as new stock subscriptions, stock and depositary receipt investments, bond investments, and entrusted financial management [2][4][5]. - The investment aims to enhance the efficiency and returns of the company's capital while ensuring that normal operations are not affected and investment risks are effectively controlled [4][5]. - The authorization for this investment is valid for 12 months starting from August 8, and the company has established a management system for securities investment to mitigate risks [5] Group 2: Heshun Petroleum Investment Plan - Heshun Petroleum also announced a plan to invest up to 200 million yuan (approximately 2 billion) of its idle funds into the securities market, with similar investment types as Liou Co. [7][9]. - The company emphasized the importance of safeguarding daily operational funding needs while optimizing its investment structure to create greater economic benefits [9]. - Heshun Petroleum's investment plan allows for the funds to be recycled within the effective period, indicating a flexible approach to capital management [7]. Group 3: Market Context and Implications - The simultaneous announcements from Liou Co. and Heshun Petroleum suggest a growing trend among listed companies to allocate funds to the stock market, contrasting with the more conservative approach of investing in low-risk financial products [3][12]. - Analysts note that the current market conditions, including a favorable stock market performance and low bond yields, have encouraged companies to seek higher returns through equity investments [12]. - The article highlights that while such investments can optimize capital use, they also carry inherent risks, as evidenced by past experiences of companies like Yunnan Baiyao, which faced significant losses from stock investments [13][14].

Group 1 - The company actively responds to national policy directives and explores the use of digital technology to optimize production and management [2] - The company has received several honors, including national-level green factory, national intelligent manufacturing demonstration factory, and Zhejiang Province's first batch of advanced intelligent factories [2] - The company aims to strengthen cooperation with financial institutions and align with policy guidance to promote high-quality development [2]

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - As the number of refinery maintenance continues to decrease, the global fuel oil production has increased month - on - month. The export volume of high - sulfur fuel oil in the Middle East has rapidly recovered, and the global high - sulfur supply will gradually shift to a loose pattern. However, the significant decrease in Brazil's export volume has provided some support for the global low - sulfur market [7]. - In the bunker market, the spread between Bunker and FOB has widened again. The decrease in fuel oil imports and increase in exports in Saudi Arabia and Kuwait may indicate that the power generation demand is gradually coming to an end. In China, fuel oil demand remains low, and the overall processing and bunker demand is weak [7]. - The fuel oil prices around the world have generally declined this month. In the first half of the month, the low - sulfur prices performed relatively strongly, and the low - sulfur cracking in Singapore, Fujairah and other places maintained an upward trend. However, there were obvious signs of weakness in low - sulfur fuel oil in the second half of the month. The increase in supply - side pressure in the near - term has led to a rapid decline in the paper - cargo monthly spreads of fuel oil in various regions [7]. - As previously predicted, with the fading of the impact of geopolitical risk events in June, the trading logic of the fuel oil market has returned to the fundamentals of supply and demand. The increase in refinery operations has led to a gradual recovery in fuel oil production, and the increasing supply pressure is the core factor leading to the decline in prices, cracking spreads, and monthly spreads. August is the turning point between the off - season and peak season of refined oil consumption in the Northern Hemisphere, which means that the seasonal demand benefits will continue to decline this month, further exerting downward pressure on fuel oil valuations [7]. - For high - sulfur fuel oil, the significant increase in Middle East exports is one of the biggest negative factors. Due to the abundance of spot goods, there were few transactions in the Platts window in August, and it is expected that the weakness of the spot market will continue to suppress prices. In addition to the Middle East, the large - scale maintenance of Russian refineries will end this month, and the export volume from Russia is expected to continue to rise at the end of the month. The entire high - sulfur market may gradually shift from supply - side looseness to a phase of oversupply [7]. - For low - sulfur fuel oil, although there has been no obvious increase in Brazil's exports, the export volumes of Kuwait and Indonesia are still rising, and the low - sulfur prices in the Asia - Pacific region have started to weaken month - on - month. In China, the production schedule of major refineries has continued to increase, and the bonded area has continued to accumulate inventory. The slow digestion of port spot goods has led to obvious weakness in the LU futures market. However, as the exports of major refineries increase, the remaining quota will gradually run out. Therefore, the quantity of the next batch of quotas will be a key focus in the future, which will determine the tightness of the deliverable resource supply for LU in the follow - up. Overall, it is believed that the cracking spreads and monthly spreads of high - sulfur fuel oil in August may continue to decline due to negative supply - side factors, and the weakness of low - sulfur fuel oil will also continue. Attention is recommended to the possibility of further narrowing of the spread between high - and low - sulfur fuel oil [7]. 3. Summaries According to Relevant Catalogs 3.1 Global Fuel Oil Spot Prices and Spreads - **Price and Spread Fluctuations**: The FOB prices of fuel oil in various regions around the world generally declined this month. For example, the FOB price of 3.5% fuel oil in Singapore decreased by 2.29%, and the FOB price of 0.5% fuel oil decreased by 3.40%. The cracking spreads also showed different trends, with the high - sulfur cracking spreads in some regions increasing (e.g., Singapore's high - sulfur cracking spread increased by 16.41%), while the low - sulfur cracking spreads in some regions decreased (e.g., Singapore's low - sulfur cracking spread decreased by 2.00%) [9]. - **Regional Price Charts**: Provided historical price charts of fuel oil in different regions such as Asia - Pacific, Middle East, Northwest Europe, Mediterranean, and the United States, including FOB and CIF prices of different sulfur - content fuel oils [13][19][26][33]. - **Feedstock Market Prices**: Presented the FOB and CIF prices of VGO in the European and American markets, such as the FOB price of 0.5% - 0.6% VGO in Northwest Europe and the CIF price of 0.5% VGO barge in the US Gulf [39][43]. - **Bunker Prices in Asia - Pacific Ports**: Showed the bunker prices of high - sulfur, low - sulfur heavy - fuel oil, and marine diesel in major Asia - Pacific ports, including Singapore, Fujairah, Zhoushan, South Korea, etc. [49][52][56]. - **Regional Arbitrage and Grade Spreads**: Analyzed the regional arbitrage margins and grade spreads of fuel oil, such as the high - and low - sulfur spread in Singapore, the viscosity spread, and the arbitrage margins between different regions (e.g., Middle East - Singapore, Mediterranean - Singapore) [60]. - **Spot Premiums and Discounts**: Displayed the spot premiums and discounts in Asia - Pacific and Middle East regions, such as the 380CST transaction premiums and discounts in Singapore and the Arabian Gulf [63]. - **Cracking Spreads in Major Markets**: Presented the cracking spreads of fuel oil in major global markets, including Asia - Pacific, Middle East, Europe, and the United States [70][77]. - **Fuel Oil Swap Market Term Structure**: Analyzed the term structure of the fuel oil swap market, including the spreads between different contract months in Singapore and Northwest Europe for high - and low - sulfur fuel oils [83]. 3.2 Global Main Region Fuel Oil Supply Situation - **Refinery Operations**: Showed the refinery operation rates in different regions around the world, including Northeast Asia (Japan, South Korea, China), Middle East, South Asia, Latin America, Europe, and the United States. For example, the refinery operation rate in Japan, South Korea, and the capacity utilization rates of independent and major refineries in China [91][99][102]. - **Refinery Maintenance**: Presented the maintenance situation of global major refining units, including CDU, hydrocracking, FCC, and coking units [104]. - **Production Changes in Main Producing Countries**: Displayed the production changes of fuel oil in main producing countries around the world, such as China, India, Saudi Arabia, Iraq, Iran, Mexico, the United States, Brazil, and Russia [111][113][117]. 3.3 Global Main Region Fuel Oil Demand Situation - **Global Fuel Oil Demand Changes**: Showed the historical demand changes of fuel oil in different regions around the world, including China, the Middle East, Asia - Pacific, Latin America, the Commonwealth of Independent States, Europe, North America, and Africa [121]. - **Singapore Bunker Market Sales**: Presented the sales volume of fuel oil in the Singapore bunker market, including the sales volume of high - sulfur, low - sulfur fuel oil, and marine diesel [134]. 3.4 Global High - and Low - Sulfur Fuel Oil Import and Export Logistics Situation - **High - Sulfur Fuel Oil Import and Export**: Showed the weekly and monthly import and export volumes of high - sulfur fuel oil in different regions around the world, including China, the Middle East, the United States, Singapore + Malaysia, India, Northwest Europe, and the Mediterranean + Black Sea regions [143][146]. - **Low - Sulfur Fuel Oil Import and Export**: Presented the weekly and monthly import and export volumes of low - sulfur fuel oil in different regions around the world, including Singapore + Malaysia, China, the United States, the Mediterranean + Black Sea, Northwest Europe, and the Middle East regions [149][152]. 3.5 Global Main Region Fuel Oil Inventory and Floating Storage Situation - **Fuel Oil Spot Inventory**: Showed the historical inventory data of fuel oil in major regions around the world, including Singapore, Fujairah, the European ARA region, and the United States. This month, the inventory in Singapore decreased by 0.16%, Fujairah increased by 0.87%, the European ARA region decreased by 3.73%, and the United States decreased by 1.69% [157][159]. - **Floating Storage in Singapore**: Presented the floating storage situation of fuel oil in the Singapore region [164]. 3.6 Domestic Fuel Oil Market Supply and Consumption Situation - **Domestic Production and Supply**: Showed the monthly production volume of fuel oil in China, the capacity utilization rate of catalytic units in Shandong refineries, and the monthly commercial volume of fuel oil [169][170][173]. - **Bonded Port Supply, Consumption, and Inventory**: Presented the total inventory of bonded - area fuel oil, the monthly production volume of low - sulfur fuel oil from Chinese refineries, the port inventories of Dalian, Qingdao, and Zhoushan ports, and the monthly actual consumption volume of marine fuel oil in China [174][175].

本报告期，归属于上市公司股东的净利润同比减少，主要系上年同期出售两家子公司股权产生的投资收 益(为一次性的非经常性收益)影响所致。 据山东墨龙发布公告，该公司预计2025年上半年归属于上市公司股东的净利润1000万元-1300万元，同 比下降92.36%-94.12%。 香港联交所最新资料显示，8月7日，山东墨龙（002490）(00568)股东将股票由富途证券国际香港转入 港股通(沪)，转仓市值7585.61万港元，占比6.52%。 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. The report mainly provides data on asphalt futures and spot markets. 3. Summary by Related Catalogs Futures Contract Prices - The prices of various asphalt futures contracts (BU主力合约, BU06, BU09, etc.) showed different degrees of change on August 6th compared to the previous day and week. For example, the BU主力合约 price was 3529, with a daily change of -15 and a weekly change of -90 [2][4]. Trading Volume and Open Interest - The trading volume on August 6th was 219,521, a decrease of 66,617 from the previous day and 107,608 from the previous week. The open interest was 455,367, a decrease of 8,506 from the previous day but an increase of 10,318 from the previous week [4]. Spot Market Prices - The low - end prices in different regional spot markets (Shandong, East China, South China, etc.) also changed. For instance, the low - end price in the Shandong market was 3,530, a daily decrease of 40 and a weekly decrease of 50 [4]. Basis and Spread - Basis values in different regions (Shandong, East China, South China) and spread values between different contract months (03 - 06, 06 - 09, etc.) had various changes. For example, the East China basis was 121, a daily decrease of 5 and a weekly increase of 70 [4]. Crack Spread and Profit - The asphalt Brent crack spread was -17 on August 6th, with a daily increase of 19 and a weekly increase of 240. The ordinary refinery comprehensive profit was 427, a daily increase of 34 and a weekly increase of 177 [4].

成品油是指由原油加工提炼后符合国家产品质量标准的石油产品，主要包括汽油、煤油、柴油及乙醇汽油、生物柴油等替代燃料。成品油是关系国计民生的 基础性和战略性资源。当前，我国成品油流通行业正处于高质量发展的关键节点。 商务部消费促进司相关负责人表示，近年来，随着我国经济社会发展，国内成品油市场出现了一些新情况新问题，对行业管理提出了新要求。 红星资本局8月6日消息，近日商务部印发了《成品油流通管理办法》（以下简称《办法》），完善成品油流通管理体制机制，新《办法》将于9月1日起实 施。 例如，企业以欺骗、贿赂等不正当手段取得成品油零售经营资格许可的，作出许可决定的市级政府指定部门或者其上级行政机关应当撤销其成品油零售经营 资格许可，并给予警告、通报批评或处10万元以下罚款；该企业在三年内不得再次申请成品油零售经营资格许可。 北京科技大学文法学院副教授，法学博士曹冬媛告诉红星资本局，此处的"撤销"属于行政许可的纠错机制，既包括行政机关自身违法导致的撤销，也包括企 业违法取得许可的撤销。对"欺骗、贿赂"行为设定更高罚款（10万元）和更长禁入期（3年），体现了对严重违法失信行为的严厉打击。 新《办法》中还提到了经营环节的违 ...

General Overview - The company establishes a Strategic and Sustainable Development Committee to enhance core competitiveness and improve decision-making processes [1][2] Committee Composition - The committee consists of at least three directors, including at least one independent director [2] - The chairman of the board serves as the committee's chairperson [2] Responsibilities and Authority - The committee is responsible for researching and proposing suggestions on the company's long-term strategic planning and operational strategies, including product, market, marketing, R&D, and talent strategies [2] - It also reviews major capital operations and investment projects requiring approval from the shareholders' meeting or board of directors [2] - The committee addresses significant matters affecting the company's development and provides guidance on sustainable development strategies and ESG policies [2] Work Procedures - The board office is responsible for coordinating the committee's daily operations and preparing necessary materials for meetings [2][3] - Meetings can be called by the chairman, general manager, or a majority of committee members [3][4] Meeting Rules - Meetings require the presence of more than half of the committee members to be valid, and decisions must be approved by a majority [4][5] - The committee can invite other directors, management personnel, and external experts to attend meetings if necessary [4][5] Documentation and Confidentiality - Meeting resolutions and voting results must be documented and reported to the board [5] - All attendees are bound by confidentiality regarding the matters discussed in meetings [5] Implementation and Amendments - The rules take effect upon approval by the board and are subject to amendments based on national laws and regulations [5]