据CCTV国际时讯援引英国媒体报道，乌克兰官员表示，乌克兰无人攻击艇12月10日击毁了一艘从事俄罗斯石油贸易的油轮，当时这艘油轮正穿越乌克兰在 黑海的专属经济区前往俄罗斯的新罗西斯克港。近期俄罗斯船只多次遭袭，12月2日，一艘悬挂俄罗斯国旗的货轮在土耳其海岸附近遭无人机袭击。11月28 日，乌国家安全局和乌海军使用无人艇在黑海海域攻击了两艘油轮，据称遭袭的"凯罗丝"号和"维拉特"号均属于俄罗斯"影子舰队"。 每日经济新闻综合央视新闻、CCTV国际时讯 （文章来源：每日经济新闻） 据央视新闻，俄罗斯国防部12月11日表示，俄北部集团军部队采取积极行动，控制了哈尔科夫州的利曼村。 目前乌方对此暂无回应。 当地时间11日，总台记者获悉，乌克兰国家安全局消息人士称，乌方无人机击中了俄罗斯位于里海、由卢克石油-下伏尔加石油公司运营的菲拉诺夫斯基采 油平台，造成石油和天然气生产暂停。 消息人士称，这是乌克兰首次打击与俄罗斯在里海石油开采相关的基础设施。该平台至少遭到四次命中，平台服务的20余口油气井的开采作业因此停止。 目前俄方对此暂无回应。 ...

CPI Analysis - In November 2025, the Consumer Price Index (CPI) rose by 0.7% year-on-year, an increase of 0.5 percentage points, marking the highest level since March 2024[4] - The CPI decreased by 0.1% month-on-month, primarily influenced by non-food prices[4] - Food prices turned positive, contributing positively to the CPI, with fresh vegetable prices increasing by 14.5%[15] - Core CPI, excluding food and energy, remained stable at a 1.2% year-on-year increase, maintaining above 1% for three consecutive months[15] PPI Analysis - The Producer Price Index (PPI) decreased by 2.2% year-on-year, with a slight widening of the decline by 0.1 percentage points[12] - Month-on-month, PPI increased by 0.1%, marking two consecutive months of growth[20] - Key sectors such as black metal mining and coal mining saw a narrowing of price declines, while oil extraction and processing experienced expanded price drops[22] Economic Policy Implications - The low CPI and PPI levels create room for more proactive macroeconomic policies, including increased fiscal measures and moderate monetary easing[5] - The political bureau meeting emphasized the need for stronger counter-cyclical and cross-cyclical adjustments to promote effective qualitative and reasonable quantitative economic growth[5] Risk Factors - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in China-U.S. policies[6]

来源：央视新闻客户端 乌称首次用无人机击中俄里海石油平台，致其生产中断。 当地时间1 2月11日获悉，乌克兰国家安全局消息人士称，乌方无人机击中了俄罗斯位于 里海、由卢克石油-下伏尔加石油公司运营的菲拉诺夫斯基采油平台，造成石油和天然气 生产暂停。 消息人士称，这是乌克兰首次打击与俄罗斯在里海石油开采相关的基础设施。该平台至少 遭到四次命中，平台服务的20余口油气井的开采作业因此停止。 目前俄方对此暂无回应。 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c n e n e rg y） 责编丨李慧颖 ...

证券之星消息，截至2025年12月11日收盘，洲际油气(600759)报收于2.74元，下跌1.44%，换手率 8.31%，成交量344.53万手，成交额9.53亿元。 12月11日的资金流向数据方面，主力资金净流入5837.43万元，占总成交额6.13%，游资资金净流出 74.59万元，占总成交额0.08%，散户资金净流出5762.84万元，占总成交额6.05%。 近5日资金流向一览见下表： 该股主要指标及行业内排名如下： 洲际油气2025年三季报显示，前三季度公司主营收入15.37亿元，同比下降19.94%；归母净利润8307.61 万元，同比下降46.61%；扣非净利润9697.0万元，同比下降43.74%；其中2025年第三季度，公司单季度 主营收入4.81亿元，同比下降18.45%；单季度归母净利润3331.45万元，同比下降28.39%；单季度扣非 净利润4675.17万元，同比下降13.57%；负债率28.74%，投资收益-720.77万元，财务费用5413.12万元， 毛利率56.44%。洲际油气（600759）主营业务：石油勘探开发和石油化工项目的投资及相关工程的技 术开发、咨询、服务;石油 ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告有关现货市场的资讯与行情信息，来源于安云思、肥易通、国家统计局、隆众资讯、金十数 据、EIA、OPEC、IEA 等。 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 苏妙达，执业资格证号 F03104403/Z0018167。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 每日核心期货品种分析 发布日期：2025 年 12 月 11 日 商品表现 数据来源:Wind、冠通研究咨询部 期市综述 截止 12 月 11 日收盘，国内期货主力合约涨跌不一，碳酸锂、沪银 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - Overall, various sectors in the market show different trends and investment opportunities under the influence of macro - economic policies, supply - demand relationships, and geopolitical factors. The macro - economic environment is complex, with the Fed's monetary policy adjustments, China's economic data changes, and geopolitical events all affecting the market [5][6]. - Different commodities have different outlooks. For example, some are expected to be in a wide - range shock, some may continue to decline, while others may have short - term rebounds or long - term upward trends depending on their specific supply - demand and cost situations [12][14][20]. 3. Summary by Relevant Catalogs 3.1 Macro Information - The Fed cut interest rates by 25 basis points for the third time this year, lowering the federal funds rate target range to 3.50%–3.75%. It will start a short - term Treasury purchase program of about $40 billion per month from December 12. The Fed also raised its GDP growth expectations for 2025 - 2028 [5]. - China's November CPI rose 0.7% year - on - year, hitting the highest since March 2024, and the core CPI rose 1.2% year - on - year. The PPI rose 0.1% month - on - month but widened its year - on - year decline to 2.2% [6]. - The IMF expects China's economy to grow 5.0% and 4.5% in 2025 and 2026 respectively, raising the forecasts by 0.2 and 0.3 percentage points compared to October [7]. 3.2 Macro Finance 3.2.1 Stock Index Futures - The A - share market showed a trend of hitting bottom and rebounding. The Shanghai Composite Index closed down 0.23% at 3900.5 points, while the Shenzhen Component Index rose 0.29%, and the ChiNext Index fell 0.02%. The market turnover was 1.79 trillion yuan. Adopt a wide - range shock strategy and pay attention to the coordination of volume and price [12]. 3.2.2 Treasury Bond Futures - If there is a consensus on the decline of the capital - level center, short - and medium - term bonds may stabilize and rebound first, while the ultra - long - term bonds are neutral in the short term and still need caution in the medium term [13]. 3.3 Black Commodities 3.3.1 Coal and Coke - The prices of coking coal and coke may be in a short - term weak shock. In the future, pay attention to the production of coal mines, safety supervision, and the change of downstream molten iron output. Due to factors such as the approaching end of the year and environmental protection, coal production is expected to shrink, but the weakening demand for steel in the off - season restricts the price increase [14]. 3.3.2 Ferroalloys - For ferrosilicon, it is recommended to take a long - at - low strategy; for silicomanganese, a short - at - high strategy in the medium term. The fundamentals of the two have limited changes recently, and pay attention to the price changes of raw materials and the impact of steel mill procurement [15]. 3.3.3 Soda Ash and Glass - For soda ash, it is advisable to wait and see; for glass, try to go long after the market sentiment stabilizes. The soda ash industry has a supply recovery but weak upstream production willingness, while the glass industry has an increasing expectation of cold repair of production lines [16]. 3.4 Non - ferrous Metals and New Materials 3.4.1 Zinc - Zinc prices are expected to be in a wide - range shock. As of December 8, the domestic zinc inventory decreased. With frequent macro - positive news and an open export window, zinc prices may be supported, but weak downstream consumption drags them down. Aggressive investors can short at high prices [16]. 3.4.2 Lead - Short - term lead prices may remain in shock, and there is a risk of the center of operation moving down. As of December 8, the lead inventory decreased, but the factory inventory of primary lead enterprises increased. It is recommended to hold short positions [18]. 3.4.3 Lithium Carbonate - In the short term, it is mainly in a wide - range shock. Although the demand is slightly weakening, the long - term demand is good, and the supply is increasing, limiting the short - term price increase space [20]. 3.4.4 Industrial Silicon - In the short term, it is difficult to see production cuts. Pay attention to the impact of environmental protection in Xinjiang and coking coal price fluctuations at the end of the month. The subsequent focus may shift to the expectation of polysilicon production cuts [22]. 3.4.5 Polysilicon - The spot price is expected to be strong, and the policy expectation has a strong impact on the price. Pay attention to the follow - up actions of the platform company [23]. 3.5 Agricultural Products 3.5.1 Cotton - There is a short - term supply surplus, but the demand expectation is improving. The high - cost factor supports the Zhengzhou cotton price. Look for opportunities to go long at low prices during the short - term adjustment [25]. 3.5.2 Sugar - The domestic sugar supply - demand situation is expected to be bearish. New sugar listing pressure weighs on prices, but cost support limits the decline. Adopt a wait - and - see strategy [27]. 3.5.3 Eggs - Before the festival, the spot price increase may be limited. The near - month contracts are dragged down by the weak spot, while the far - month contracts are supported by the expectation of a possible decline in inventory but are currently over - valued. Adopt a wait - and - see strategy [29]. 3.5.4 Apples - The price is expected to be in shock. The trading in the production area has slowed down, and the sales in the sales area are affected by the listing of citrus fruits [31]. 3.5.5 Corn - Pay attention to the change of spot prices and short at high prices. The current upward trend of corn is due to the "supply - demand mismatch," which is gradually alleviating [32]. 3.5.6 Red Dates - Consider going long on far - month contracts at low prices. The prices in the production and sales areas are stable and strong, and the futures price is in shock [33]. 3.5.7 Pigs - The spot market is in a pattern of strong supply and weak demand. It is recommended to hold short positions in near - month contracts and pay attention to risk control [34]. 3.6 Energy and Chemicals 3.6.1 Crude Oil - The current rebound of crude oil lacks sustainable driving force. Pay attention to the US sanctions on Venezuela. The price is mainly in shock [37]. 3.6.2 Plastics - Polyolefins have a large supply pressure. Adopt a weak - shock strategy and wait for the price to rebound before shorting [38]. 3.6.3 Rubber - The ru - nr spread may weaken from mid - December to January. The price is expected to be in shock. Pay attention to the raw material supply in the production area and the domestic demand [39]. 3.6.4 Synthetic Rubber - It is expected to continue to be in shock in the short term. Adopt a wait - and - see strategy and pay attention to the price of butadiene and downstream procurement sentiment [40]. 3.6.5 Methanol - The near - month contracts are expected to be in a weak - shock trend, and it is not recommended to be overly bearish. The far - month contracts can be considered for long positions after smooth inventory reduction [41]. 3.6.6 Caustic Soda - Adopt a short - term shock strategy. Avoid going long on near - month contracts and take profit on short positions. Wait and see for long positions in the main contract [43]. 3.6.7 Asphalt - The price fluctuation of asphalt is expected to increase. Pay attention to the price bottom after winter storage. The geopolitical situation and demand changes are the main influencing factors [45]. 3.6.8 Polyester Industry Chain - The polyester industry chain is in shock. Consider a strategy of going long on PTA and short on PF. Different products in the chain have different supply - demand and cost situations [47]. 3.6.9 Liquefied Petroleum Gas (LPG) - The LPG price is expected to change from high - level shock to decline. The previous upward - driving logic has been fulfilled, and pay attention to the decline of downstream chemical开工 rates [48]. 3.6.10 Pulp - After the positive news is exhausted, the pulp sentiment declines. The price is in shock. Pay attention to port inventory, warehouse receipt removal speed, and downstream procurement enthusiasm [49]. 3.6.11 Logs - The log market is in a weak - shock state. The spot price is under pressure, and the inventory is expected to increase. The basis provides some support, but the short - term price is still under pressure [50]. 3.6.12 Urea - The spot market is expected to be stable and weak. Adopt a shock strategy. The futures price is affected by spot transactions and the price of coking coal [51].

Core Viewpoint - The Daqing Gulong continental shale oil national demonstration zone has achieved an annual production of over 1 million tons, marking a significant milestone in the large-scale extraction of shale oil in China [2][4] Group 1: Production and Development - The Gulong shale oil demonstration zone's annual production increased from 15,000 tons in 2021 to over 1 million tons by 2025, demonstrating a historic leap from "oil generation" to "oil production" [4] - The single well lifecycle production has risen from 11,000 tons to 32,000 tons over five years, indicating improved extraction efficiency [4] Group 2: Technological and Strategic Advances - The Daqing Oilfield has confirmed the significant theoretical breakthrough that "shale can also produce oil," which is expected to greatly enhance the prospects for oil and gas resources in China [4] - The development of Gulong shale oil has been supported by national investment and technology, with local policies facilitating the establishment of 18 oil service companies, creating a complete industrial chain [4] Group 3: Challenges and Innovations - The Gulong shale oil, recognized as a typical representative of mudstone-type shale oil, faced significant development challenges, which were overcome through innovative drilling techniques [2][4] - The successful drilling of the "Guyu Oil Ping 1 Well" marked a turning point, leading to the first industrial oil and gas flow in June 2020 after overcoming various geological challenges [2]

12月10日午后，A股延续调整，石化ETF（159731）震荡跌约0.25%，持仓股蓝晓科技、藏格矿业、盐 湖股份等领涨，金发科技、坤彩科技、圣泉集团等领跌。 中国石油集团12月9日发布消息，我国首个国家级陆相页岩油示范区——新疆吉木萨尔国家级陆相页岩 油示范区今年原油产量突破170万吨，页岩油是国际上公认的极难开采的非常规油气资源，此次产量突 破标志着其国家级示范工程建设任务全面完成。 银河证券表示，预计12月原油价格震荡偏弱，行业成本压力或略有下降，重点关注供需格局优化。当前 化工行业景气仍处低位，预计整治"内卷式"竞争、培育壮大新兴产业等仍将是未来一段时间投资主线， 推荐PTA、涤纶长丝、机器人材料等领域投资机会。 石化ETF（159731）及其联接基金（017855/017856）紧密跟踪中证石化产业指数，从申万一级行业分 布来看，基础化工行业占比为60.39%，石油石化行业占比为32.71%，"反内卷"政策是石化产业核心主 线，行业供需与盈利能力有望持续改善。 每日经济新闻 ...

中国石油新疆油田公司吉庆油田作业区高级工程师 王海明：2020年以来，我们累计新钻井472口，压裂451口，推动示范区年产量从2019年的11.6万吨增产到 今年的170万吨以上，提前22天完成产量任务。 新疆吉木萨尔国家级陆相页岩油示范区页岩油深埋在3800米的地下，属于典型的陆相沉积，具有厚度薄、孔渗低、黏度高等特点，目前示范区的产量和效率 等核心指标达到行业领先水平。 今天，我国首个国家级陆相页岩油示范区——吉木萨尔国家级陆相页岩油示范区提前完成建设任务目标，年产量首次突破170万吨，创历史新高。 页岩油是赋存于页岩层系中的石油资源，其渗透率仅为常规油藏的万分之一，开采难度极高。位于新疆准噶尔盆地东部的吉木萨尔国家级陆相页岩油示范 区，面积1278平方公里，资源量超过10亿吨。截至目前，示范区年产量首次突破170万吨，创历史同期最高水平，累计产量已突破530万吨。 ...

页岩油是国际上公认的极难开采的非常规油气资源。吉木萨尔页岩油藏具有埋藏深(超过3800米)、渗透 率极低(仅为常规油藏的万分之一)等特点，勘探开发面临多项世界级技术挑战。新疆吉木萨尔国家级陆 相页岩油示范区面积达1278平方公里，资源量超过10亿吨。 本报昌吉12月9日电(记者韩立群、尚嵘峥)中国石油（601857）集团发布消息，我国首个国家级陆相页 岩油示范区——新疆吉木萨尔国家级陆相页岩油示范区今年原油产量突破170万吨，标志着其国家级示 范工程建设任务全面完成。 ...