| | | 燃料油早报 研究中心能化团队 2026/02/12 | 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 | | 2026/02/05 | 365.13 | 411.49 | -9.29 | 658.02 | -246.53 | 22.58 | 46.36 | | 2026/02/06 | 371.54 | 418.28 | -9.32 | 668.55 | -250.27 | 23.46 | 46.74 | | 2026/02/09 | 375.60 | 422.78 | -9.21 | 665.89 | -243.11 | 22.24 | 47.18 | | 2026/02/10 ...

Report Information - Report Name: Asphalt Daily Report [1] - Date: February 12, 2026 [2] - Research Team: Energy and Chemical Research Team [4] - Researchers: Li Jie, Ren Junchi, Peng Jinglin, Liu Youran, Feng Zeren [4] 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The asphalt market continues to have a pattern of weak supply and demand. The supply side is expected to see a decline in the operating load rate of asphalt plants, and there is an expectation of tightened raw material supply and potential price increases after the Spring Festival. The demand side is seasonally weak, and asphalt is expected to mainly follow the movement of oil prices [6]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: For BU2604, the opening price was 3347 yuan/ton, the closing price was 3373 yuan/ton, the highest was 3374 yuan/ton, the lowest was 3324 yuan/ton, the increase was 0.51%, and the trading volume was 132,000 lots. For BU2606, the opening price was 3365 yuan/ton, the closing price was 3370 yuan/ton, the highest was 3372 yuan/ton, the lowest was 3329 yuan/ton, the increase was 0.48%, and the trading volume was 30,300 lots [6]. - **Spot Market**: The spot prices of asphalt in various domestic regions were generally stable. Near the Spring Festival, the supply and demand in the asphalt spot market were both weak, and prices tended to be stable. The supply side is expected to see a decline in the operating load rate of asphalt plants, and there is an expectation of tightened raw material supply after the Spring Festival. The demand side is seasonally weak, and most projects in the south have gradually stopped work [6]. 3.2 Industry News - **Shandong Market**: The mainstream transaction price of 70 A-grade asphalt was 3180 - 3240 yuan/ton, remaining stable compared to the previous working day. International oil prices and asphalt futures maintained a range-bound trend, providing no obvious guidance to spot prices. Most transactions remained weak [7]. - **South China Market**: The mainstream transaction price of 70 A-grade asphalt was 3290 - 3350 yuan/ton, remaining stable compared to the previous working day. As the Spring Festival holiday approaches, most projects have stopped work, and asphalt demand is low. However, the inventory of asphalt in refineries and social warehouses is limited, and there is no pressure on the supply side [7]. 3.3 Data Overview - The report provides multiple data charts, including asphalt cracking, social inventory, daily operating rate, comprehensive profit in Shandong, spot price in South China, basis in Shandong, manufacturer inventory, and warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [12][13][18][21]

经济观察网 截至2026年2月11日，壳牌（SHEL.N）股价收于80.23美元，创历史新高，年初至今累计上 涨9.19%。其股价表现与化工业务的持续亏损形成分化，能否持续摆脱化工拖累需综合评估以下因素： 公司基本面 连续亏损：化工业务已连续四年年度亏损，2025年全年调整后亏损达11.2亿美元，第四季度单季亏损 5.89亿美元。 利润率低迷：2025年全球化工业务平均利润率为每吨148美元，同比下降4美元，四季度进一步降至140 美元/吨。 资产调整启动：公司已出售新加坡亏损资产，并计划对欧美高成本装置（如美国莫纳卡工厂）逐一评 估，可能关停或剥离。 股价异动原因 战略重心转移：公司优先发展液化天然气（LNG）和低碳能源，计划将2030年资本支出的10%投向低碳 业务，并提升股东回报至运营现金流的40-50%。 财务韧性：2025年第三季度自由现金流达100亿美元，支撑股息率3.60%及股份回购计划。 市场乐观预期：机构对LNG需求增长及成本削减（目标累计降本50-70亿美元）的看好，部分抵消化工 业务负面影响。 近期公司状况 化工遗留问题：欧洲装置面临高能源成本与碳关税压力，若剥离进度缓慢，可能继续消耗现 ...

Core Viewpoint - The stock of Maohua Shihua (000637) has shown fluctuations in trading volume and capital flow, indicating mixed investor sentiment and performance in the chemical industry [1][2]. Group 1: Stock Performance - As of February 11, 2026, Maohua Shihua closed at 4.86 yuan, with an increase of 0.41% and a trading volume of 96,100 hands, resulting in a transaction amount of 46.69 million yuan [1]. - The stock experienced a net outflow of 25.39 thousand yuan from main funds, accounting for 0.54% of the total transaction amount, while retail investors saw a net inflow of 317.73 thousand yuan, representing 6.80% of the total [1][2]. Group 2: Recent Capital Flow - Over the past five days, the stock has seen varying capital flows, with notable net outflows from main and speculative funds on February 10 and 11, while retail investors have consistently shown net inflows [2]. - On February 10, the stock had a closing price of 4.84 yuan, with a net outflow of 140.71 thousand yuan from main funds and a net inflow of 483.65 thousand yuan from retail investors [2]. Group 3: Financial Metrics and Industry Comparison - Maohua Shihua's total market value is 2.527 billion yuan, with a net asset value of 658 million yuan and a net profit of -93.73 million yuan, indicating a challenging financial position compared to the industry average [3]. - The company's gross margin stands at 2.51%, significantly lower than the industry average of 18.66%, and its net profit margin is -4.55%, contrasting with the industry average of 4.47% [3]. - The company's return on equity (ROE) is -15.58%, which is considerably below the industry average of 1.3% [3].

| | | | 原油 | ☆☆☆ | | --- | --- | | 燃料油 | ☆☆☆ | | 低硫燃料油 ☆☆☆ | | | 沥青 | ☆☆☆ | 能源日报 2026年02月11日 王盈敏 中级分析师 F3066912 Z0016785 李海群 中级分析师 F03107558 Z0021515 010-58747784 gtaxinstitute@essence.com.cn 【原油】 2月10日，特朗普表示若与伊朗的谈判未能取得进展。美方考虑向中东地区再派遣一支航母打击群，为潜在军事 行动做准备。面对美国进一步施压，伊朗方面亦展现强硬立场。双方在伊朗铂浓缩权利等问题上分歧显著。僵 局持续，短期内对峙局面难以突破。受谈判前景不明与地缘紧张局势持续影响，布伦特原油价格在68-70美元/ 桶区间大幅波动,市场持续计入地缘政治风险溢价。预计油价将保持高波动性,且仍蕴含显著的地缘政治风险 溢价。 【燃料油&低硫燃料油】 近期燃料油市场走势仍紧密跟随地缘局势波动。昨日特朗普表示，若美伊谈判无进展，可能向中东增派航母打 击群，此举加剧了美伊关系的不确定性,市场持续计价地缘政治风险。受此影响，今日高低硫燃料油价格均呈 ...

【冠通期货研究报告】 沥青日报：震荡运行 今日沥青期货2604合约上涨0.51%至3373元/吨，5日均线上方，最低价在3324元/吨，最高价 3374元/吨，持仓量增加4115至16054手。 基差方面： 山东地区主流市场价维持在3210元/吨，沥青04合约基差下跌至-163元/吨，处于偏低水平。 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 发布日期：2026年2月11日 【行情分析】 供应端，上周沥青开工率环比回落1.0个百分点至24.5%，较去年同期高了0.1个百分点，处于近 年同期偏低水平。据隆众资讯数据，2026年2月份国内沥青预计排产193.6万吨，环比减少6.4万吨， 减幅为3.2%，同比减少13.5万吨，减幅为6.5%。上周，临近春节，沥青下游各行业开工率多数下跌， 其中道路沥青开工环比下跌5个百分点至9%。上周，山东地区在价格上涨后终端需求疲软，其出货量 减少较多，全国出货量环比减少1.33%至21.16万吨，处于中性偏低水平。沥青炼厂库存率环比小幅下 降，处于近年来同期的最低位。委内瑞拉重质原油流向国内地炼严重受限，这将影响国内沥青的生 产和 ...

（文章来源：证券日报） 证券日报网讯 2月11日，荣盛石化在互动平台回答投资者提问时表示，公司原油等主要原材料进口以美 元结算为主，人民币兑美元升值有助于降低采购成本，对公司经营产生积极影响。公司将持续强化外汇 风险管理，积极应对汇率波动，保障公司稳健经营。 ...

截至收盘，中证稀土产业指数上涨2.5%，中证石化产业指数上涨1.9%。Wind数据显示，化工行业ETF易方达（516570）近一月合计"吸金"近15亿元。 每日经济新闻 华泰证券认为，近年来行业盈利已处底部，在"反内卷"等政策引导下，供给侧有望加快调整，大宗化工品盈利或迎改善。中长期而言，伴随欧美高能耗装置 退出、亚非拉地区经济增长等需求增量驱动下，出海/出口成为国内化工行业的重要增长引擎，供需修复下2026年行业景气有望上行。 ...

每经AI快讯，有投资者在投资者互动平台提问：请问假设2026年相较于2025年其他因素保持不变，在 人民币相对美元汇率增值1%的情况下，能对贵公司净利润增加多少？ （文章来源：每日经济新闻） 荣盛石化（002493.SZ）2月11日在投资者互动平台表示，您好，感谢您对公司的关注！公司原油等主要 原材料进口以美元结算为主，人民币兑美元升值有助于降低采购成本，对公司经营产生积极影响。公司 将持续强化外汇风险管理，积极应对汇率波动，保障公司稳健经营。谢谢！ ...

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