Core Insights - Inner Mongolia Baotou Steel Union Co., Ltd. announced the pre-award notice for the sixth batch of collaborative procurement of -35 diesel for the mining system on February 9, 2026 [1] - The company has made investments in 34 enterprises and participated in 76,296 bidding projects [1] - The company holds 18 trademark registrations and 1,825 patents, along with 583 administrative licenses [1] Procurement Details - The procurement was awarded to Sinopec Zhonghai Ship Fuel Supply Co., Ltd. Hebei Branch [2] - The winning bid amount is 6,388,000 [2] - The procurement is located in Inner Mongolia Autonomous Region [2]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The prices of various energy and chemical products are expected to fluctuate. For crude oil, the market will be affected by factors such as inventory changes, OPEC+ decisions, and geopolitical uncertainties. For other products like fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and PVC, their prices will be influenced by supply - demand relationships, cost factors, and geopolitical situations. Traders are advised to participate with light positions before the Spring Festival to control risks [1][3][5]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Wednesday, oil prices rose. The WTI March contract closed up $0.67 to $64.63 per barrel, a 1.05% increase. The Brent April contract closed up $0.6 to $69.4 per barrel, a 0.87% increase. SC2604 closed at 479.8 yuan per barrel, up 3.9 yuan, a 0.82% increase. In January, non - farm payrolls increased by 130,000. EIA data showed that last week, US crude and gasoline inventories increased while distillate inventories decreased. OPEC reported that global demand for OPEC+ oil in Q2 would decrease by 400,000 barrels per day, and there would be a slight surplus. The oil market is expected to be volatile, and traders are advised to use light positions [1]. - **Fuel Oil**: On Wednesday, the main fuel oil contract FU2605 on the SHFE rose 1.38% to 2,860 yuan per ton, and the low - sulfur fuel oil contract LU2604 rose 2.32% to 3,357 yuan per ton. As of February 11, the operating rate of Chinese local refineries' atmospheric and vacuum distillation units was 68.31%, up 0.26 percentage points from last week. The Singapore low - sulfur market is under pressure, but the high - sulfur fuel oil market fundamentals are strengthening. The market is expected to be volatile, and light positions are recommended before the Spring Festival [3]. - **Asphalt**: On Wednesday, the main asphalt contract BU2603 on the SHFE rose 0.51% to 3,358 yuan per ton. This week, the total inventory of domestic refineries' asphalt was 24.67%, up 0.72% month - on - month; the social inventory rate was 25.87%, up 0.24% month - on - month; the operating rate of domestic asphalt plants was 29.93%, down 1.76% month - on - month. The asphalt market shows a pattern of weak supply and demand, and the price is expected to be volatile. Light positions are recommended before the Spring Festival [3][5]. - **Polyester**: TA605 closed at 5,260 yuan per ton, up 0.57%; EG2605 closed at 3,764 yuan per ton, up 0.83%. PX, PTA are expected to follow the cost and fluctuate weakly. Ethylene glycol is expected to fluctuate at a low level. Attention should be paid to crude oil price fluctuations and potential unplanned shutdowns of polyester raw materials during the Spring Festival [5]. - **Rubber**: On Wednesday, the main rubber contract RU2605 rose 240 yuan per ton to 16,575 yuan per ton. The cost - end raw material prices are supported by inventory building, but the fundamentals show weak supply and demand, and port inventories are slightly increasing. The rubber price is expected to fluctuate, and attention should be paid to risks during the Spring Festival [7]. - **Methanol**: The supply is at a high - level shock, and Iranian supply remains low. The demand has rigid support, but the MTO unit load is still low. Iranian shipments are expected to decline in February, which may support prices. The methanol price is expected to fluctuate narrowly [7][9]. - **Polyolefins**: The upstream production is high as there are no large - scale maintenance plans for upstream units, and downstream factories are gradually shutting down. Polyolefins are expected to start accumulating inventory, and the price is expected to fluctuate narrowly [9]. - **Polyvinyl Chloride (PVC)**: The PVC market in different regions shows different trends. The demand is weakening as domestic real - estate construction slows down before the Spring Festival. The supply is at a high - level shock, and the price is expected to be volatile [9]. 3.2 Daily Data Monitoring - The document provides the basis price data of various energy and chemical products on October 27, 2025, including spot prices, futures prices, basis, basis rate, and the change in basis rate compared to the previous day, as well as the quantile of the latest basis rate in historical data [11]. 3.3 Market News - On February 11, US President Trump met with Israeli Prime Minister Netanyahu. Trump insisted that negotiations with Iran continue. In January, non - farm payrolls increased by 130,000, higher than the economist's forecast of 70,000, and the December data was revised downward to an increase of 48,000. The severe cold and snowstorms in the US did not affect the enterprise survey for calculating employment [15]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The document presents charts of the closing prices of main contracts for various energy and chemical products from 2022 to 2026, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, etc. [17][19][21][23] - **4.2 Main Contract Basis**: The document shows charts of the basis of main contracts for various products such as crude oil, fuel oil, low - sulfur fuel oil, asphalt, etc. from 2022 to 2026 [34][37][41] - **4.3 Inter - period Contract Spreads**: The document provides charts of the spreads between different contracts for various products, such as fuel oil, asphalt, PTA, ethylene glycol, etc. [48][50][53] - **4.4 Inter - variety Spreads**: The document presents charts of the spreads and ratios between different varieties, such as crude oil's internal and external spreads, B - W spreads, fuel oil's high - low sulfur spreads, etc. [64][67][69] - **4.5 Production Profits**: The document shows charts of production profits and processing fees for products like LLDPE, PP, PTA, and ethylene - made ethylene glycol [71][73] 3.5 Team Member Introduction - The research team includes the deputy director of Everbright Futures Research Institute Zhong Meiyan, the director of energy and chemical research Du Bingqin, the natural rubber/polyester analyst Di Yilin, and the methanol/propylene/pure benzene PE/PP/PVC analyst Peng Haibo, along with their work experience, achievements, and qualification numbers [76][77][78][79] 3.6 Contact Information - The company is located at Unit 703, 6th Floor, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. The company phone is 021 - 80212222, the fax is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [81]

燃料油日报 | 2026-02-12 盘面震荡偏强运行，节前注意地缘风险 市场分析 上期所燃料油期货主力合约日盘收涨1.38%，报2860元/吨；INE低硫燃料油期货主力合约日盘收涨2.32%，报3357 元/吨。 高硫方面：中性，关注伊朗局势发展，尽量规避地缘风险，节前轻仓运行 低硫方面：中性，关注伊朗局势发展，尽量规避地缘风险，节前轻仓运行 跨品种：无 跨期：无 期现：无 期权：无 风险 宏观风险、关税风险、制裁风险、原油价格大幅波动等、发电端需求超预期、欧佩克增产幅度不及预期、船燃需 求超预期 近期能源板块波动受到伊朗局势影响较大，目前来看形势仍未完全明朗。短期需要保持谨慎，密切关注局势发展。 站在品种自身基本面的角度来看，高硫燃料油近期市场结构偏强运行，下游船燃需求良好，国内炼厂对委油的原 料替代也促进了燃料油的进口需求。但市场暂无短缺预期，俄罗斯1月发货量明显回升，将传递到亚洲2月份到港 量的增加上。整体来看，在地缘局势相对可控的前提下，高硫燃料油自身基本面不具备持续走强的动力，尤其在 高运费的环境下，估值过高会抑制下游炼厂端需求。 低硫燃料油方面，当前基本面矛盾不明显，科威特等局部地区供应存在增量 ...

策略 石油沥青日报 | 2026-02-12 现货端矛盾有限，节前注意地缘风险 市场分析 1、2月11日沥青期货下午盘收盘行情：主力BU2603合约下午收盘价3358元/吨，较昨日结算价上涨17元/吨，涨幅 0.51%；持仓41191手，环比下跌16545手，成交58932手，环比下跌23976手。 2、卓创资讯重交沥青现货结算价：东北，3506—3600元/吨；山东，3180—3240元/吨；华南，3290—3350元/吨； 华东，3250—3280元/吨。 昨日沥青现货价格整体企稳。临近春节，沥青现货市场供需双弱，产业端对价格指引有限。就期货盘面而言，由 于中东地缘风险并未完全消退，地缘风险溢价仍存，盘面震荡偏强运行。然而伊朗局势是加剧还是缓和目前缺乏 确定性信号，包括沥青在内的能化板块商品可能受到消息面的反复扰动，需要保持谨慎。此外，国内炼厂已经开 始准备3月份之后的原料切换，已经有炼厂采购浮仓与保税罐中的伊朗原油来替代马瑞原油，还有炼厂在竞标加拿 大冷湖原油。整体来看，原料端替代并无绝对瓶颈，但成本相比过去的抬升或难以避免。此外，如果中东局势恶 化，则替代原料供应也将面临更大威胁，市场上行风险仍存。 ...

Market Performance - The Hong Kong stock market opened lower, with the Hang Seng Technology Index experiencing the largest decline, down 1.68% at midday [1] - The Hang Seng Index and the Hang Seng China Enterprises Index fell by 0.89% and 0.96%, respectively, with the Hang Seng Index narrowly holding above the 27,000-point mark [1] Sector Performance - Major technology stocks collectively underperformed, contributing to the market decline, with Meituan dropping over 4% and Baidu down 3.5% [1] - The film and television sector continued its downward trend from the previous day, while AI application concept stocks showed mixed performance [1] - Insurance and domestic banking stocks also exhibited weakness [1] Positive Developments - The electricity market reform is seen as beneficial, leading to a collective rise in power equipment stocks, with Dongfang Electric surging over 11% [1] - Rising international oil prices boosted the performance of oil stocks, with China Petroleum and Chemical Corporation reaching a new high [1]

Core Insights - In August 2025, Guangdong Province's kerosene production reached 1.163 million tons, reflecting a year-on-year growth of 6.3%, although the growth rate decreased by 1.0 percentage points compared to the same period last year [1] - From January to August 2025, the total kerosene production in Guangdong Province was 8.511 million tons, with a year-on-year increase of 5.7%, but the growth rate declined by 27.2 percentage points compared to the previous year [1] Monthly Production Analysis - The kerosene production for August 2025 was 1.163 million tons, which accounted for 20.9% of the national kerosene production of 5.556 million tons during the same period [1] - The cumulative kerosene production from January to August 2025 was 8.511 million tons, representing 21.6% of the national total of 39.315 million tons [1] Growth Rate Comparison - The growth rate of kerosene production in August 2025 was 4.4 percentage points lower than the national average [1] - The growth rate for the first eight months of 2025 was 2.3 percentage points higher than the national average [1]

Core Insights - The crude oil processing volume in Shaanxi Province for August 2025 was 1.326 million tons, representing a year-on-year decrease of 6.8% [1] - The processing volume for January to August 2025 totaled 13.178 million tons, with a year-on-year decline of 0.7% [4] Group 1: August 2025 Data - The crude oil processing volume in August 2025 was 1.326 million tons, which is a decrease of 6.8% compared to the same month last year [1] - The growth rate for August 2025 was 12.2 percentage points higher than the same month in the previous year [1] - The processing volume accounted for 2.1% of the national total of 63.465 million tons for the same period [1] Group 2: January to August 2025 Data - The total crude oil processing volume from January to August 2025 was 13.178 million tons, reflecting a year-on-year decrease of 0.7% [4] - The growth rate for this period was 8.9 percentage points lower than the same period last year [4] - The processing volume represented 2.7% of the national total of 48.807 million tons for the same timeframe [4]

Group 1 - The upcoming Spring Festival is expected to influence market sentiment, with a consensus among institutions favoring a "hold stocks during the festival" strategy, reflecting a balanced defensive approach [1][3] - Historical data indicates that the probability of the Shanghai Composite Index rising exceeds 60% in the first five trading days before the Spring Festival, increasing to 70% in the following five days [2] - The macroeconomic environment remains supportive, with stable growth policies and a generally loose liquidity situation expected to bolster market performance [2] Group 2 - The public fund market is witnessing significant activity, with 166 new funds launched in early 2023, raising a total of 154.87 billion yuan, surpassing the previous year's figures [3] - The ETF market is seeing a notable increase in investment, with a net increase of 552.48 million shares in the first seven trading days of February, indicating strong interest in index-based products [3][4] - The chemical sector, particularly petrochemicals, is attracting attention, with a net inflow of 76 million shares into the petrochemical ETF, reflecting a positive outlook for the industry [4][5] Group 3 - The technology sector, especially robotics, is identified as a key growth area, with significant capital inflows observed, indicating a recovery in investor sentiment [5][6] - The film and tourism sectors are also gaining traction, with ETFs in these areas seeing substantial growth, driven by seasonal effects and AI-related investments [6] - High-dividend strategies are becoming increasingly popular among investors, with the Free Cash Flow ETF experiencing a notable increase in shares, highlighting a preference for defensive and balanced investment approaches [6][7] Group 4 - The market is currently experiencing a rebalancing of investment styles, with a shift towards dividend-paying assets, particularly in the Hong Kong market, where certain ETFs are showing significant yield advantages [7]

中辉能化观点 | 品种 | 核心观点 | 主要逻辑 | | --- | --- | --- | | | | 中东地缘反反复复，油价短期震荡偏强。地缘：中东地缘拉扯，下周美伊 | | 原油 | 震荡调整 | 将继续谈判，地缘不确定性较大，短期防风险为主；核心驱动：供给过剩 | | ★ | | 格局仍未扭转，需求淡季到来，油价仍有下行压力；关注变量：美国页岩 | | | | 油产量变化，俄乌以及中东地缘进展。 | | | | 成本端油价短期受地缘扰动反弹偏强，短期带动气价回升。成本端油价短 | | LPG | | 期受地缘扰动震荡盘整，但地缘溢价下降，后续支撑下降；供需方面，液 | | ★ | 空头反弹 | 化气商品量出现下降，PDH 开工率连续下降，降至 70%以下，化工需求 | | | | 支撑降低；库存端利多，港口库存环比下降。 | | L | | 上中游库存窄幅波动，装置回归，基差延续偏弱震荡，假期临近，谨慎操 | | ★ | 空头盘整 | 作，关注节后需求验证情况。线性产量维持同期高位，本周中英石化等装 | | | | 置计划重启，预计供给延续增加趋势，基本面偏空。 | | | | 成本端丙烷、丙烯延续 ...

Group 1 - In the first nine months of 2025, the crude oil processing volume in Ningxia Hui Autonomous Region reached 306.6 million tons, representing a growth of 16.3% compared to the same period in 2024, which is 41.9 percentage points higher than the growth rate in 2024 and 12.6 percentage points higher than the national average [1] - The crude oil processing volume accounted for 0.6% of the total crude oil processing volume of 55,081.5 million tons in the same period nationwide [1] Group 2 - In September 2025, the crude oil processing volume in Ningxia was 35.0 million tons, showing a decrease of 7.9% compared to September 2024, but the growth rate was 1.3 percentage points higher than the same month in 2024 [2] - The processing volume in September accounted for 0.6% of the total nationwide crude oil processing volume of 6,268.7 million tons [2]