Group 1: Carbon Industry Development - Sinopec established a carbon industry technology company to focus on carbon resource management and promote green low-carbon development [1] - The company has developed nine technologies for carbon capture and created a new path for large-scale carbon resource utilization [1] - It aims to build a carbon neutrality technology research center and a digital carbon credit platform to support low-carbon business models [1] Group 2: Green Supply Chain Initiatives - JD.com integrates green concepts into its development strategy, promoting green supply chain construction and advocating for green consumption [2] - The "Qingliu Plan" focuses on establishing industry standards in warehousing, transportation, and trading, leading to the creation of approximately 100 million green orders [2] - JD.com has developed a carbon footprint management platform that serves over 100 brands and manages more than 40 million shipping orders [2] Group 3: Ecological and Low-Carbon Development in Ordos - Ordos City promotes green low-carbon development, enhancing its livability, ecological, and low-carbon profiles [3][4] - The city has completed ecological construction on 22.05 million acres and achieved a vegetation coverage rate of over 70% [4] - Ordos has established 16 national-level green parks and factories, becoming one of the first cities in China to reach carbon peak [4] Group 4: Moutai's Environmental Commitment - Moutai prioritizes ecological protection and green development, investing 1.5% of its revenue into environmental protection [5] - The company implements water resource management and promotes a circular economy by utilizing 100% of its brewing by-products [5] - Moutai aims to achieve full lifecycle carbon tracking and has initiated several energy-saving technologies [5][6] Group 5: Carbon Sink Projects by Longjiang Forest Industry Group - Longjiang Forest Industry Group has completed afforestation on 3.015 million acres and developed voluntary carbon reduction projects [7] - The company has donated 10,000 tons of carbon reduction to support the "zero-carbon" Winter Olympics [7] - It aims to enhance carbon management capabilities and innovate carbon sink business models [7] Group 6: Green Development in Xifeng Group - Xifeng Group integrates green development into its entire production process, focusing on lifecycle management to reduce carbon emissions [9] - The company plans to achieve 60% clean energy usage within three years and promotes green supply chain initiatives [9] - Xifeng Group engages in environmental protection activities and collaborates with research institutions for industry transformation [9] Group 7: Zhongyuan Environmental Protection's Green Initiatives - Zhongyuan Environmental Protection focuses on innovative green low-carbon development, managing over 302 million tons of wastewater daily [10] - The company has transitioned traditional wastewater treatment plants into resource-oriented facilities [10] - It has developed technologies for low emissions and is involved in the clean energy sector [10] Group 8: Energy Supply and Green Transition by China National Petroleum Corporation - China National Petroleum Corporation emphasizes energy security and clean energy supply while implementing a three-step strategy for green transition [12] - The company aims to achieve a natural gas production of 140.36 billion cubic meters by 2024 and has installed over 10 million kilowatts of wind and solar power [12] - It is actively involved in carbon capture and storage projects, with over 9 million tons injected [13] Group 9: Chengdu Environment Group's Smart Environmental Management - Chengdu Environment Group is focusing on resource recycling and energy transition, aiming to reduce carbon emissions by 12% in three years [14] - The company is developing smart environmental management systems and enhancing digital technology applications [14] - It plans to establish zero-carbon benchmark facilities and promote carbon asset development [14] Group 10: Green Finance Initiatives by Industrial Bank - Industrial Bank is committed to supporting green low-carbon development through financial services and innovative products [15] - The bank aims to enhance the quality of green finance services and develop a climate risk management framework [15] - It has established a carbon account system with 18,000 corporate and 3.7 million personal accounts [16]

| | | | 伊朗对我国能化市场的影响统计2026年1月 | | 一德能化 | | --- | --- | --- | --- | --- | --- | | 品种 | 伊朗产能 | 全球产能 | 占全球产能比重 | 我国从伊朗年讲口虽 | 进口伊朗占国内表需比重 | | 原油 | 330 | 10190 | 3.24% | 150 | 10% | | 沥青 | 2000 | 22000 | 9% | 4 | 0.10% | | 尿素 | 900 | 24195 | 3.72% | 0 | 0 | | 用草 | 1716 | 18000 | 9.53% | 900 | 10% | | 給成 | 70 | 10648 | 0.66% | 0 | 0 | | РУС | 73 | 6256 | 1.17% | 0 | 0 | | 纯碱 | 120 | 8615 | 1.39% | 0 | 0 | | 受乙烯 | 500 | 17000 | 2.94% | 133 | 3.2% | | 聚内瑞 | 100 | 11800 | 0.85% | 0 | 0 | | PX | 142 | 8200 | 1.70% | ...

Core Viewpoint - The anti-involution policy is expected to reassess the Chinese chemical industry, leading to a significant slowdown in global chemical capacity expansion [1] Group 1: Industry Outlook - The Chinese chemical industry has abundant net operating cash flow, and the slowdown in capacity expansion will significantly enhance potential dividend yields, shifting the industry from a capital consumption model to a profit return model [1] - Supply-side optimization is anticipated to drive a rebound in industry prosperity, with chemical stocks exhibiting high elasticity and high dividend advantages [1] - Key areas of focus include petrochemicals, coal chemicals, organic silicon, phosphate chemicals, and glyphosate [1] Group 2: Opportunities and Trends - The industry presents four major opportunities: low-cost expansion, improvement in prosperity, breakthroughs in new materials, and high-dividend stocks [1] - The chromium salt industry is experiencing a value reassessment due to increased power demand from AI data centers and commercial aircraft engine demand, with a projected supply-demand gap of 340,900 tons by 2028, representing a 32% gap ratio [1] Group 3: Investment Index - The chemical leader ETF (516220) tracks the sub-sector chemical index (000813), which selects listed companies focused on the manufacturing of fertilizers, pesticides, and plastic products to reflect the overall performance of related listed companies in the chemical industry [1] - This index features cyclical and growth characteristics, concentrating on investment opportunities within the chemical sub-sectors [1]

分区域来看，山东、江苏、湖北汽油批发价格上涨，甘肃、青海、陕西、四川、上海、浙江、广东、山 西、河南、广西汽油批发价格下跌；河南柴油批发价格上涨，甘肃、陕西、北京、青海、浙江、广东、 吉林、广西、辽宁、福建柴油批发价格下跌。山东地炼方面，汽油价格小幅上涨，柴油价格上涨。 新华财经北京1月14日电中国汽、柴油批发价格显示，1月13日，中国汽、柴油批发价格均下跌。全国 92#汽油平均批发价格为7341元／吨，较前一日下跌11元／吨；柴油（含低凝点）平均批发价格为6193 元／吨，较前一日下跌17元／吨。 从市场整体情况来看，1月12日国际原油期货价格上涨，一揽子原油平均价格变化率负向区间大幅收 窄，消息面利好发展，但市场需求疲软，业者入市操作维持谨慎心态，大多按需采购，市场交投气氛平 平，汽、柴油价格难有支撑。 （文章来源：新华财经） 中国汽、柴油批发价格由中国经济信息社-中国石油经济技术研究院"能源大数据实验室"联合上海石油 天然气交易中心发布，基于对全国范围内主要经营单位和社会经营单位（不含炼厂）的批发价格数据采 集并计算形成，是反映中国汽、柴油批发市场整体情况的权威产品。 ...

摘要：【图】2025年1-9月陕西省煤油产量数据分析 2025年9月煤油产量统计： 煤油产量：11.7 万吨 同比增长：11.2% 增速较上一年同期变化：高16.9个百分点 同比增长：0.6% 增速较上一年同期变化：低16.4个百分点 据统计，2025年1－9月，陕西省规模以上工业企业煤油产量与上年同期相比增长了0.6%，达96.6万吨， 增速较上一年同期低16.4个百分点，增速放缓，增速较同期全国低3.4个百分点，约占同期全国规模以上 企业煤油产量4462.5万吨的比重为2.2%。详见下图： 图2：陕西省煤油产量分月（累计值）统计图 图1：陕西省煤油产量分月（当月值）统计图 据统计，2025年9月陕西省规模以上工业企业煤油产量与上年同期相比增长了11.2%，达11.7万吨，增速 较上一年同期高16.9个百分点，增速较同期全国高2.8个百分点，约占同期全国规模以上企业煤油产量 531万吨的比重为2.2%。 详见下图： 2025年1-9月煤油产量统计： 煤油产量：96.6 万吨 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。 产业调研网为您提供更多 石油 ...

中化新网讯 日前，由中石油蓝海公司负责建设的中石油蓝海(南通)中试基地签署《工程中间交接证 书》，由建设方移交运营方，迈出从工程建设转向正式运营的关键一步。 建设过程中，项目部科学统筹、明确节点目标，全面推行"平行作业+交叉施工"组织模式，有效压缩工 序等待时间。面对梅雨连绵、高温酷暑、台风侵袭等不利天气影响，项目团队主动灵活调整施工方案， 科学统筹作业时段，抢抓可作业窗口期，在进度推进上争分夺秒，在现场管理上精准发力。 在技术应用层面，项目团队积极推动工艺创新升级。针对钢结构连接板除锈环节，创新采用激光除锈工 艺，借助精准激光束高效清除钢材表面锈蚀、氧化皮及杂质，不仅除锈彻底、不损伤母材，更兼具无粉 尘污染、作业效率高等显著优势。 该项目总投资500亿元，是中国石油天然气集团与江苏省战略合作协议的重要组成部分。作为蓝海新材 料项目重要组成部分，蓝海(南通)中试基地是中国石油落实"双碳三新"战略、推动炼化业务绿色低碳转 型的关键载体，将承担中石油上海新材料研究院、石化院等研究院新技术工业化转化任务，打通科技成 果转化"最后一公里"。 在安全与质量管控上，项目部始终坚守"质量第一、安全为本"核心理念，建立健全" ...

1月14日，国内期市原油系板块全线飘红，燃料油主力涨逾6%。具体来看，截止目前，原油主力上涨 2.47%，报448.50元/桶；燃料油主力上涨6.03%，报2585.00元/吨；低硫燃料油主力上涨3.28%，报 3121.00元/吨；沥青主力上涨1.79%，报3181.00元/吨。 备注：基差=现货价格-期货价格。 | 合约名称 | 开盘价 | 昨收价 | 昨结价 | | --- | --- | --- | --- | | SC原油 | 451.20 | 445.60 | 437.70 | | 燃料油 | 2496.00 | 2461.00 | 2438.00 | | 沥青 | 3168.00 | 3140.00 | 3125.00 | | 液化石油气 | 4245.00 | 4224.00 | 4169.00 | | 低硫燃料油 | 3090.00 | 3066.00 | 3022.00 | 截止北京时间1月13日，据基差数据显示：燃料油、液化石油气、低硫燃料油品种合约出现'期现倒 挂'(现货价格高于期货价格)现象。 | 商品名称 | 现货价格 | 合约 | 期货价格 | 基差 | 基差率 | | --- ...

Report Investment Rating - Not provided Core Views - Terminal demand for asphalt is gradually declining, while spot prices remain generally stable. The rigid demand for asphalt continues to decline, suppressing the sentiment in the asphalt spot market. Currently, there is a tug - of - war between cost - side support and weak demand. After pricing in the expectation of tightened Venezuelan crude oil supply, the market has shifted to a volatile trend [1]. - In the context of escalating South American situation and the US intention to strengthen control over Venezuelan resources, the expectation of tightened supply of Venezuelan crude oil to domestic refineries is continuously materializing. If Venezuelan crude oil that originally flowed to Asia continues to flow to Europe and the US, domestic refineries will need to seek alternative heavy - quality raw materials from the Middle East, Canada, South America, etc. after depleting inventory raw materials (expected to last until March), which will make cost and product yield changes more complex and require dynamic tracking [1]. Market Analysis - On January 13th, the closing price of the main BU2603 asphalt futures contract in the afternoon session was 3,125 yuan/ton, down 21 yuan/ton or 0.66% from the previous day's settlement price. The open interest was 207,908 lots, a decrease of 14,617 lots compared to the previous day, and the trading volume was 280,447 lots, an increase of 59,521 lots compared to the previous day [1]. - According to Zhuochuang Information, the spot settlement prices of heavy - traffic asphalt are as follows: 3,406 - 3,500 yuan/ton in Northeast China; 3,020 - 3,240 yuan/ton in Shandong; 3,130 - 3,250 yuan/ton in South China; 3,180 - 3,230 yuan/ton in East China. The spot price of asphalt in North China declined slightly yesterday, while prices in other regions remained basically stable [1]. Strategy - Unilateral: Cautiously bullish. Buy the main BU contract on dips, and early bottom - fishing long positions can be appropriately closed for profit [2]. - Inter - delivery spread: Buy the BU2303/2306 spread on dips (positive spread trading) [2]. - Inter - commodity spread: None [2]. - Futures - cash: None [2]. - Options: None [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - PX is expected to be unilaterally strong. Attention should be paid to the positive spread arbitrage of monthly differentials, and hedging strategies such as going long on PX and short on PTA, and going long on SC and short on PX. Although PX supply is currently loose and downstream PTA polyester's future operation may decline, the rising oil price provides cost support, and the unilateral price is expected to follow the upward trend [7]. - PTA has strong cost support. The strategy of going long on SC and short on PTA is recommended. The unilateral valuation is expected to be strong following the cost - end trends of crude oil and PX. Pay attention to reducing the processing fee position. The supply increase is limited, and the impact of polyester's planned production cut needs to be observed. PTA is expected to remain in a tight - balance state [7]. - MEG is expected to have a short - term unilateral strong rebound, and short positions should be closed. Attention should be paid to the implementation of the spring maintenance plan of coal - chemical ethylene glycol plants [8]. Summary by Related Catalogs Futures Market - **PX**: The previous day's closing price of the PX main contract was 7282, with a decline of 26 and a decline rate of 0.36%. The PX5 - 9 spread was 58, down 12 from the previous day [2]. - **PTA**: The previous day's closing price of the PTA main contract was 5140, with a decline of 2 and a decline rate of 0.04%. The PTA5 - 9 spread was 52, up 4 from the previous day [2]. - **MEG**: The previous day's closing price of the MEG main contract was 3815, with a decline of 65 and a decline rate of 1.68%. The MEG5 - 9 spread was - 118, down 14 from the previous day [2]. - **PF**: The previous day's closing price of the PF main contract was 6506, with an increase of 4 and an increase rate of 0.06%. The PF3 - 4 spread was - 58, unchanged from the previous day [2]. - **SC**: The previous day's closing price of the SC main contract was 446.7, with an increase of 9.2 and an increase rate of 2.10%. The SC2 - 3 spread was - 1.1, unchanged from the previous day [2]. Spot Market - **PX**: The previous day's price of PX CFR China was 898.67 dollars/ton, up 0.5 dollars/ton from the previous day. The PX - naphtha price difference was 339.75 dollars/ton, down 6.17 dollars/ton from the previous day [2]. - **PTA**: The previous day's price of PTA in East China was 5060 yuan/ton, down 35 yuan/ton from the previous day. The PTA processing fee was 320.45 yuan/ton, down 52.31 yuan/ton from the previous day [2]. - **MEG**: The previous day's price of MEG spot was 3682 yuan/ton, down 44 yuan/ton from the previous day [2]. - **Naphtha**: The previous day's price of naphtha MOPJ was 561.25 dollars/ton, up 3.25 dollars/ton from the previous day. The MOPJ naphtha - Dubai crude oil price difference was - 4.34 dollars/ton, unchanged from the previous day [2]. - **Brent Oil**: The previous day's price of Dated Brent was 68.56 dollars/barrel, up 3.15 dollars/barrel from the previous day [2]. Fundamental Data - **PX**: On January 13, the PX price rose. The estimated price of PX was 899 dollars/ton, up 2 dollars from January 12. The Asian PX CFR Unv1/China and FOB Korea prices assessed by Platts on January 13 were 898.67 dollars/ton and 877.67 dollars/ton respectively, both up 50 cents/ton. South Korea's S - Oil will shut down its No. 1 xylene production line with an annual output of 800,000 tons for planned maintenance in March [3][5]. - **PTA**: The current PTA operation rate is maintained at 78%. There is an overhaul plan for Yisheng New Materials' device in January, so the load increase space is limited. Polyester filament factories discussed production cuts, with a planned reduction of 15% in FDY production, and the impact on the overall polyester load depends on the implementation of the production - cut plan [7]. - **MEG**: The restart time of a 200,000 - ton/year syngas - to - ethylene glycol device in Henan is to be determined. It was shut down around the end of 2025 to replace the catalyst, with an expected shutdown time of about two weeks [5]. - **Polyester**: On January 13, the sales of polyester yarn in Jiangsu and Zhejiang were generally weak, with an average sales rate of 40 - 50% by around 3:45 pm. The sales of direct - spun polyester staple fiber were highly differentiated, with an average sales rate of 87% by around 3:00 pm [5][6]. Trend Intensity - The trend intensity of p - xylene, PTA, and MEG is all 1, indicating a neutral trend [6].

| | | | | 燃料油早报 | | 研究中心能化团队 2026/01/14 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2026/01/07 | 315.72 | 370.14 | -10.22 | 580.60 | -210.46 | 20.31 | 54.42 | | 2026/01/08 | 311.91 | 370.97 | -11.52 | 590.00 | -219.03 | 19.45 | 59.06 | | 2026/01/09 | 325.44 | 384.81 | -11.82 | 612.35 | -227.54 | 21.06 | 59.37 ...