Market Performance - The Shanghai Composite Index (SSE) rose above 3600 points, closing at a new high for the year with a gain of 0.96% [1] - The Shenzhen Component Index and the ChiNext Index also saw increases of 0.59% and 0.39% respectively, with over 3900 stocks in the market rising [1][8] - The total trading volume in the Shanghai and Shenzhen markets reached 1.6 trillion yuan, an increase of 97.5 billion yuan compared to the previous trading day [1] Sector Performance - Leading sectors included PEEK materials, brain-machine interfaces, high-speed copper cables, and banking, while sectors such as Tibet, traditional Chinese medicine, film, and AI saw declines [1][18] - The banking sector showed signs of recovery, with positive earnings reports from several banks indicating a potential shift in market sentiment [19][21] Key Stocks - The stock of Upwind New Materials surged to a limit-up on its first day of resumption, reaching a price of 110.48 yuan and a market capitalization of 44.563 billion yuan, with a cumulative increase of 1320% since July 1 [12][14][15] - Major contributors to the SSE's rise included China Petroleum, Agricultural Bank, and Industrial Fulian, among others, indicating a diverse range of influential stocks [5][10] Investment Themes - Analysts suggest focusing on sectors such as technology and advanced manufacturing, with particular attention to military industry, low-altitude economy, AI, and humanoid robots [10][16] - The consumer electronics sector has also reached historical highs, driven by strong performance in electronic information manufacturing [17][19] Market Sentiment - Initial market reactions were cautious, with concerns about sustainability following rapid index gains, but confidence grew as the day progressed [10][8] - The overall market environment remains favorable, with domestic policy directions unchanged and positive fundamental expectations [10][22]

Investment Rating - The report does not explicitly state an investment rating for the oil processing industry Core Insights - The EIA and IEA have raised their global oil supply forecasts for 2025, with predictions of 10510.89 million barrels per day and 10460.15 million barrels per day respectively, reflecting an increase from 2024 [2][33] - Global oil demand is projected to increase in 2025, with IEA, EIA, and OPEC forecasting demand at 10368.24 million barrels per day, 10353.85 million barrels per day, and 10510.00 million barrels per day respectively [2][33] - Oil prices have shown a decline in the first half of 2025, with Brent crude down by 9.77% and WTI down by 10.78% since the beginning of the year [3][9] Summary by Sections Oil Supply - IEA, EIA, and OPEC predict global oil supply for 2025 at 10510.89, 10460.15, and 10396.00 million barrels per day respectively, with year-on-year increases of +209.60, +180.46, and +161.06 million barrels per day [2][33] - For Q3 2025, the predicted supply increases are +251.25, +226.71, and +171.59 million barrels per day [33] Oil Demand - The demand forecasts for 2025 are 10368.24 million barrels per day (IEA), 10353.85 million barrels per day (EIA), and 10510.00 million barrels per day (OPEC), with increases from 2024 of +70.42, +79.72, and +126.00 million barrels per day respectively [2][33] Oil Prices - As of July 23, 2025, Brent crude is priced at 68.51 USD/barrel, WTI at 65.25 USD/barrel, with respective declines of -2.85% and -4.76% over the past month [3][9] Oil Inventory - Predictions for global oil inventory changes in 2025 are +142.65 million barrels per day (IEA), +106.29 million barrels per day (EIA), and -114.00 million barrels per day (OPEC), with an average change of +44.98 million barrels per day [28][2] Related Companies - The report mentions several related companies including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and PetroChina [4]

Market Performance - The Shanghai Composite Index returned above 3600 points, closing at a new high for the year with a gain of 0.96% [2] - The Shenzhen Component Index rose by 0.59%, and the ChiNext Index increased by 0.39% [2] - Over 3900 stocks in the market saw gains, with total trading volume reaching 1.6 trillion yuan, an increase of 97.5 billion yuan from the previous trading day [2] Sector Performance - Leading sectors included PEEK materials, brain-computer interfaces, copper cable high-speed connections, and banking, while sectors like Tibet, traditional Chinese medicine, film, and AI saw declines [2] - The early morning saw a structural recovery, with certain sectors driving overall market sentiment [4] Key Contributors - Major contributors to the index's rise included not only bank stocks but also heavyweight stocks from sectors like PetroChina, BeiGene, Industrial Fulian, and China Life [6] - The banking sector showed signs of recovery, with several banks reporting positive growth in net profit for the first half of the year [24][25] Investment Themes - Focus areas for investment include technology and advanced manufacturing, with a particular emphasis on military industry, low-altitude economy, AI, humanoid robots, and self-controllable technologies [13] - The "anti-involution" policy combined with performance improvement is expected to drive market interest in related sectors [13] Notable Stocks - The stock of Upwind New Materials surged to a limit-up on its first day of resumption, reaching a price of 110.48 yuan, with a total market value of 44.563 billion yuan [17] - The stock has seen a cumulative increase of 1320% since July 1 [17] Industry Insights - The electronic information manufacturing industry in China maintained a good growth rate, with significant increases in integrated circuit production and exports [22] - The banking sector is experiencing a correction in pessimistic sentiment, supported by improving performance data [24]

Group 1: Chemical Sector Performance - The chemical index and oil index primarily experienced a decline, while the chemical machinery index and chemical pharmaceutical index saw increases [1] - The chemical raw materials index fell by 1.60%, the chemical machinery index rose by 1.066%, the chemical pharmaceutical index increased by 5.11%, and the pesticide and fertilizer index dropped by 2.05% [1] - In the oil sector, the oil processing index decreased by 3.82%, the oil extraction index fell by 2.09%, and the oil trading index declined by 2.83% [1] Group 2: Oil Price Trends - International crude oil prices initially rose and then fell, with the overall average price significantly higher than the previous week [1] - As of August 1, the WTI crude oil futures settled at $67.33 per barrel, up 3.33% from July 25, while Brent crude oil futures settled at $69.67 per barrel, up 1.80% from July 25 [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases included liquid chlorine up 12.72%, soft foam polyether up 10.42%, epoxy chloropropane up 8.84%, coke up 8.06%, and epoxy propane up 7.47% [1] - The top five petrochemical products with price declines included methyl acrylate down 5.88%, natural rubber down 5.77%, battery-grade lithium carbonate down 5.48%, butadiene rubber down 4.78%, and butadiene down 4.71% [1] Group 4: Capital Market Performance of Chemical Companies - The top five listed chemical companies with the highest stock price increases were Upwind New Materials up 39.37%, Honghe Technology up 22.07%, Songjing Co. up 19.97%, Ketaobiotech up 18.88%, and Asia-Pacific Industry up 17.43% [2] - The top five listed chemical companies with the largest stock price declines were Poly United down 16.35%, Weike Technology down 13.75%, Gaozheng Mining down 13.75%, New Tide Energy down 12.99%, and Yahua Group down 11.80% [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply side shows that the planned domestic asphalt production in August 2025 is 2.413 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 17.1%. The sample capacity utilization rate has increased, and refineries have increased production, which will increase supply pressure next week [8]. - The demand side shows that the current demand is lower than the historical average level, with some types of asphalt and related product operating rates being lower than historical averages [8]. - The cost side shows that the daily asphalt processing profit has decreased, and the profit difference between asphalt and delayed coking has decreased. With the weakening of crude oil, the short - term support is expected to weaken [9]. - The main positions are net short, with a shift from long to short. It is expected that the futures price will fluctuate narrowly in the short term, with the asphalt 2510 fluctuating in the range of 3550 - 3596 [10]. 3. Summaries According to the Directory 3.1 Daily Views - **Fundamentals**: Supply increases and demand is lower than expected, so it is bearish [8]. - **Cost**: Crude oil weakens, and short - term cost support weakens, so it is bearish [9]. - **Basis**: On August 4th, the spot price in Shandong was 3785 yuan/ton, and the basis of the 10 - contract was 229 yuan/ton, with the spot at a premium to the futures, so it is bullish [11]. - **Inventory**: Social, factory, and port inventories are all decreasing, so it is bullish [11]. - **Disk**: The MA20 is upward, and the futures price of the 10 - contract is below the MA20, so it is neutral [11]. - **Main Positions**: The main positions are net short, with a shift from long to short, so it is bearish [10]. - **Expectation**: It is expected that the disk will fluctuate narrowly in the short term, with the asphalt 2510 fluctuating in the range of 3550 - 3596 [10]. 3.2 Asphalt Market Overview - The prices of most asphalt contracts decreased, and the inventories of different types of contracts also showed different degrees of decline [18]. 3.3 Asphalt Futures Market - Basis and Spread Analysis - **Basis Trend**: The report presents the historical trends of Shandong and East China asphalt basis [20][21]. - **Spread Analysis**: It includes the spread trends of main contracts (such as 1 - 6 and 6 - 12 contracts), asphalt - crude oil price trends, crude oil cracking spreads, and the price - to - price trends of asphalt, crude oil, and fuel oil [23][26][29][33]. 3.4 Asphalt Spot Market - It shows the price trends of Shandong heavy - traffic asphalt [36][37]. 3.5 Asphalt Fundamental Analysis - **Profit Analysis**: It includes asphalt profit and the profit spread trend between coking and asphalt [38][41]. - **Supply - Side Analysis**: It covers aspects such as shipment volume, diluted asphalt port inventory, production volume, Ma Rui crude oil price and Venezuelan crude oil monthly production, refinery asphalt production, operating rate, and estimated maintenance loss [44][46][49]. - **Inventory Analysis**: It includes exchange warehouse receipts, social inventory, factory inventory, and factory inventory inventory ratio [64][68][71]. - **Import and Export Situation**: It shows the export and import trends of asphalt and the import price difference trend of South Korean asphalt [74][77][79]. - **Demand - Side Analysis**: It includes petroleum coke production, apparent consumption, downstream demand (such as highway construction, new local special bonds, infrastructure investment), downstream machinery demand, asphalt operating rate, and downstream operating conditions [80][83][86]. - **Supply - Demand Balance Sheet**: It provides the monthly asphalt supply - demand balance table from January 2024 to August 2025 [104][105].

上海市锦天城律师事务所 关于宁波博汇化工科技股份有限公司 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于宁波博汇化工科技股份有限公司 法律意见书 致：宁波博汇化工科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受宁波博汇化工科技股份 有限公司 （以下简称"公司"）委托，就公司召开 2025 年第五次临时股东大会 （以下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以 下简称《公司法》）《上市公司股东大会规则》等法律、法规、规章和其他规范 性文件以及《宁波博汇化工科技股份有限公司章程》（以下简称《公司章程》） 的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事 项进行了必要的核查和验证，核查了本所认为出具该 ...

摘要：【图】2025年5月宁夏回族自治区石油沥青产量数据分析 2025年5月石油沥青产量统计： 石油沥青产量：4.6 万吨 同比增长：173.2% 增速较上一年同期变化：高156.2个百分点 据统计，2025年5月宁夏回族自治区规模以上工业企业石油沥青产量与上年同期相比增长了173.2%，达 4.6万吨，增速较上一年同期高156.2个百分点，继续保持增长，增速较同期全国高162.8个百分点，约占 同期全国规模以上企业石油沥青产量334.7万吨的比重为1.4%。 详见下图： 图1：宁夏回族自治区石油沥青产量分月（当月值）统计图 石油沥青产量：20.0 万吨 同比增长：178.8% 增速较上一年同期变化：高186.5个百分点 据统计，2025年1－5月，宁夏回族自治区规模以上工业企业石油沥青产量与上年同期相比增长了 178.8%，达20.0万吨，增速较上一年同期高186.5个百分点，增速较同期全国高171.8个百分点，约占同 期全国规模以上企业石油沥青产量1481.5万吨的比重为1.3%。详见下图： 图2：宁夏回族自治区石油沥青产量分月（累计值）统计图 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 ...

Core Viewpoint - The new "Regulations" aim to enhance the management of refined oil circulation in China by replacing the approval system with a filing system, implementing strict separation between wholesale and retail markets, and enforcing comprehensive supervision of market participants [1][2][4] Group 1: Regulatory Changes - The new regulations will take effect on September 1 and are designed to address new challenges in the refined oil market, including declining demand and supply surplus [1] - The regulations will replace the approval system with a filing system for wholesale and storage, which is expected to shorten processing times and attract more market participants [3][4] - The regulations establish clear operational boundaries, prohibiting wholesalers from directly supplying end-users and requiring verification of oil sources in storage [3][4] Group 2: Market Dynamics - The refined oil market in China has evolved into a multi-faceted structure dominated by state-owned companies, with significant participation from foreign and domestic private enterprises since the market opened in 2007 [2] - The introduction of the filing system and strict operational boundaries is expected to eliminate the traditional "wholesale-retail integration" model, thereby reducing price competition and protecting the profitability of various market segments [3][4] - The regulations are anticipated to enhance market transparency and facilitate cross-departmental data sharing, leading to improved oversight and governance in the refined oil sector [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、回购股份基本情况 恒逸石化股份有限公司（以下简称"公司"或"恒逸石化"）于2024年10月22日召开的第十二届董事会第十 五次会议审议通过了《关于以集中竞价交易方式回购公司股份方案（第五期）的议案》。同意公司使用 自有资金及股票回购专项贷款资金，以集中竞价交易方式回购公司股份，回购资金总额不低于人民币 12,500万元，不超过人民币25,000万元；回购价格为不超过人民币9.00元/股；回购期限为公司自董事会 审议通过本回购方案之日起12个月内，具体内容详见公司在巨潮资讯网上披露的《关于以集中竞价交易 方式回购股份方案（第五期）暨取得金融机构股票回购专项贷款的公告》（公告编号：2024-110）、 《关于以集中竞价交易方式回购股份（第五期）的回购报告书》（公告编号：2024-111）。由于公司注 销完成回购股份，本次回购价格上限由不超过人民币9.00元/股调整为不超过人民币8.94元/股，具体内 容详见公司在巨潮资讯网上披露的《关于调整股份回购价格上限的公告》 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Last week's main view was that anti - involution had little impact on the cost - end crude oil, asphalt was mainly for rigid demand, and it was difficult to have an unexpected performance due to capital constraints. The refinery's weekly operation rate decreased, but it was expected to rebound slightly next week. Although the refinery inventory was at a low level, the continuous non - reduction of social inventory might limit the overall upside space. The asphalt price was expected to fluctuate and follow the cost - end [7]. - This week, the asphalt price rose slightly, generally following the trend of cost - end crude oil but relatively weakly. This week, the supply and demand of refineries both increased, but the increase in demand was less than that in the operation rate. After the reduction of refinery inventory, it was at a low level in the same period, but the reduction speed of social inventory was slow. After entering the peak season, the reduction speed of social inventory would restrict the upward space of asphalt prices. The main view this week was that asphalt was still mainly for rigid demand, and it was difficult to have an unexpected performance due to capital constraints. Although the refinery inventory was at a low level, the continuous non - reduction of social inventory might limit the overall upside space. The asphalt price was expected to fluctuate and weakly follow the cost - end [7]. 3. Summary According to the Directory 3.1 Weekly Viewpoint - Last week's main view: Anti - involution had little impact on the cost - end crude oil. Asphalt was mainly for rigid demand and was restricted by capital. The refinery's weekly operation rate decreased, and it was expected to rebound slightly next week. Low refinery inventory and non - reducing social inventory might limit the upside [7]. - This week's situation: The asphalt price rose slightly, following the crude oil trend weakly. Supply and demand of refineries both increased, with demand growth lower than the operation rate increase. Refinery inventory was at a low level after reduction, and slow social inventory reduction would restrict price increases [7]. - This week's main view: Asphalt was for rigid demand, restricted by capital. Low refinery inventory and non - reducing social inventory might limit the upside. The price was expected to fluctuate and weakly follow the cost - end [7]. 3.2 Data Overview 3.2.1 Asphalt Futures Trends, Monthly Spreads, and Basis - The data includes asphalt's main price, the spread between September and December contracts, and the basis in East China and Shandong regions. The data sources are Wind and Steel Union Data [9][10][11]. 3.2.2 Asphalt Supply - The data shows asphalt device operation rate, weekly output, refinery asphalt profit, and the profit difference between asphalt and fuel oil multiplied by the asphalt operation rate. The data source is Steel Union Data [12][13][14]. 3.2.3 Asphalt Demand - The data covers asphalt shipment volume, apparent consumption, paver sales, and paver sales multiplied by asphalt apparent consumption. The data source is Steel Union Data [15][16][17]. 3.2.4 Asphalt Import and Export - The data includes asphalt import and export volumes, and the import windows in East China and South China. The data source is Steel Union Data [18][19][20]. 3.2.5 Asphalt Inventory - The data shows refinery inventory, social inventory, futures inventory, and monthly futures delivery volume. The data source is Steel Union Data [21][22][23]. 3.2.6 Shandong Asphalt Supply, Demand, and Inventory - The data includes operation rate, shipment volume, refinery inventory, and social inventory in Shandong. The data source is Steel Union Data [24][25][26]. 3.2.7 East China Asphalt Supply, Demand, and Inventory - The data includes operation rate, shipment volume, refinery inventory, and social inventory in East China. The data source is Steel Union Data [27][28][29]. 3.2.8 South China Asphalt Supply, Demand, and Inventory - The data includes operation rate, shipment volume, refinery inventory, and social inventory in South China. The data source is Steel Union Data [30][31][32]. 3.2.9 Production Enterprise Maintenance Information - Multiple enterprises had their atmospheric and vacuum distillation units under maintenance. The total annual production capacity of these enterprises was 1936 tons, and the maintenance loss was 604,000 tons [33].