Core Insights - During the "14th Five-Year Plan" period, Maoming's economy has reached a new milestone with a total economic output surpassing 400 billion yuan, maintaining its leading position in the Guangdong's western and northern regions [1] - The city is expanding from "five-chain co-construction" to "multi-chain co-construction," establishing a modern industrial system characterized by "3336" [1] - Traditional industries remain robust, with the petrochemical sector's total output value stabilizing around 180 billion yuan, and agricultural output exceeding 120 billion yuan [1] Economic Performance - Maoming's industrial investment and technological transformation are expected to double from 2020 to 2024, with the added value of advanced manufacturing accounting for 74% of the industrial output [2] - The main platform for industrial transfer has been optimized, achieving an "excellent" rating in the provincial industrial park monitoring for 2024, with the industrial output value from this platform expected to account for 80.1% of the city's total [2] - High-tech manufacturing investment is projected to grow at an annual rate of 46.9% during the "14th Five-Year Plan" period, with significant advancements in strategic emerging industries [2] Development Resilience - A total of 241 enterprises have achieved "small to standard" status, and 757 enterprises have undergone technological upgrades, indicating a strong push towards digital transformation [3] - Maoming has been recognized as one of the new pilot cities for inclusive financial reform, enhancing its economic resilience [3] - The city aims to reach a total economic output of 500 billion yuan during the "15th Five-Year Plan" period, focusing on new industrialization and urbanization [3]

1月13日盘中，液化石油气期货主力合约高位震荡，最高上探至4336.00元。截止收盘，液化石油气主力 合约报4313.00元，涨幅1.82%。 液化石油气期货主力涨近2%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 银河期货 LPG短线或有反弹 新湖期货 LPG盘面偏强 中东货源偏紧导致1月沙特CP价格再次上涨，超出市场预期，叠加伊朗动荡驱动外盘上行的同时对内盘 形成支撑。但进口成本居高不下导致PDH利润持续亏损，后续需要持续关注亏损负反馈导致的开工率下 降。同时，跟石脑油比价持续高位说明经济性没有明显好转。燃烧需求方面，在气温下降的情况下有所 好转，供应端环比偏紧。整体来看，基本面不具备持续错配的条件，盘面上方仍有阻力，短线或有反 弹，长线仍然承压。 新湖期货：LPG盘面偏强 1月至2月中东现货紧张，3月份沙特和科威特的出口预计上涨，此外沙特Jafurah项目将在4月-6月开始出 口LPG。2月下半月前期延迟的美国货到达远东地区，供应端小幅增加。需求端，镇海炼化采购了2月上 半月到货的加拿大丙烷，为PDH新装置投产做准备。当前炼厂库存无压力，现货价格偏强。短期受伊朗 局势带动，盘面偏强。中期来看 ...

国泰海通发布研报称，中国石化（600028）(600028.SH)与中国航油实施重组，打通航空燃料从上游生 产到终端加注的全链条，加速我国SAF产业化落地，国内生物柴油生产商有望充分受益。受益SAF量价 齐升，原料端废油脂将越发紧俏，而我国每年理论产量仅1200万吨，目前每年收集量约为500万吨，随 着SAF产业投产加速，产业链矛盾将逐步从SAF供应向原料供应转移，因此，该行全面推荐废油脂-SAF 全产业链的投资机会。 国泰海通主要观点如下： 中国石化与中国航油实施重组 根据新华社，国务院国资委1月8日发布消息，经报国务院批准，中国石油化工集团有限公司与中国航空 油料集团有限公司实施重组。 1)中国航油是亚洲最大集航空油品采购、运输、储存、检测、销售、加注于一体的航空运输服务保障企 业，中国石化是全球第一大炼油公司和我国第一大航油生产商。 2)此项改革是央企重组整合的布局落子，也是应对国际竞争与绿色转型的主动作为。航空燃油提级管 理，战略地位提升，助力航空燃料降本，增强我国航空燃料产业竞争力。 3)本次重组将打通航空燃料从上游生产到终端加注的全链条，加速我国SAF产业化落地。 SAF全球需求旺盛，短期价格波动 ...

Report Information - Report Type: Fixed Income Report - Release Time: January 13, 2026 - Analysts: Liang Weichao (SAC Registration No.: S1340523070001), Cui Chao (SAC Registration No.: S1340523120001) [1][2] Investment Rating - The provided content does not mention the report's industry investment rating. Core Viewpoints - High - frequency economic data focuses on: production - end heat differentiation with increased coke oven, blast furnace, and PX operating rates and increased rebar production, but decreased asphalt and automobile tire operating rates; decreased commercial housing transactions and land supply areas; overall price recovery with rising energy and metal prices (copper prices hitting new highs) and falling agricultural product prices (except for rising pork prices). Short - term focus on the implementation of fiscal and monetary coordinated policies [3][35] Section Summaries Production - Steel: In the week of January 9, coke oven capacity utilization increased by 0.87 pct, blast furnace operating rate increased by 0.37 pct, and rebar production increased by 8.56 tons. - Petroleum Asphalt: In the week of January 7, the operating rate continued to decline by 2.0 pct at a low level. - Chemicals: On January 9, the PX operating rate increased by 1.67 pct, and the PTA operating rate remained flat. - Automobile Tires: In the week of January 8, the all - steel tire operating rate decreased by 0.13 pct, and the semi - steel tire operating rate decreased by 2.36 pct [4][13][14] Demand - Real Estate: In the week of January 11, commercial housing transaction area decreased, inventory - to - sales ratio increased, land supply area decreased, and residential land transaction premium rate increased. - Movie Box Office: In the week of January 4, it increased by 515 million yuan compared with the previous week. - Automobile: In the week of December 31, the daily average retail sales of automobile manufacturers increased by 33,000 vehicles, and the daily average wholesale sales increased by 91,000 vehicles. - Shipping Freight Rates: In the week of January 9, the SCFI index decreased by 0.54%, the CCFI index increased by 4.21%, and the BDI index dropped significantly by 10.31% at a high level [5][17][21][24] Prices - Energy: On January 9, Brent crude oil prices rose by 4.26% to $63.34 per barrel, and coking coal futures prices rose by 6.5% to 1,188 yuan per ton. - Metals: On January 9, LME copper, aluminum, and zinc futures prices changed by +4.31%, +3.81%, and +0.85% respectively, and domestic rebar futures prices rose by 0.61%. - Agricultural Products: On January 9, the overall price of agricultural products declined, with the 200 - index of agricultural product wholesale prices dropping by 0.56%. Pork, eggs, vegetables, and fruits prices changed by +1.18%, +2.03%, -1.43%, and -0.63% respectively compared with the previous week [6][26][28] Logistics - Subway Passenger Volume: On January 11, the seven - day moving average of subway passenger volume in Beijing and Shanghai increased. - Flight Volume: On January 11, the seven - day moving average of domestic and international flight volumes decreased. - Urban Traffic: On January 11, the seven - day moving average of the peak congestion index in first - tier cities increased [7][31][33]

作者：情报员 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 国家知识产权局信息显示，埃克森美孚化学专利公司取得一项名为"提质烃的方法和系统"的专利，授权 公告号CN116806254B，申请日期为2022年1月。 ...

Group 1: Investment Ratings - High - sulfur fuel oil: Short - term neutral, slightly bearish [3] - Low - sulfur fuel oil: Short - term neutral, slightly bearish [3] - Cross - variety: None [3] - Cross - period: None [3] - Spot - futures: None [3] - Options: None [3] Group 2: Core Views - The market of high - sulfur fuel oil in the US Gulf has weakened, and the price spread between high - and low - sulfur fuel oils has rebounded. The main contract of SHFE fuel oil futures closed down 1.32% at 2,461 yuan/ton, while the main contract of INE low - sulfur fuel oil futures closed up 0.93% at 3,026 yuan/ton [1] - With the escalating situation in Iran, the short - term oil price trend is volatile and bullish, but it is greatly affected by news, and the market may fluctuate repeatedly. The fundamentals of fuel oil have both long and short factors, with limited overall contradictions [2] - The large inflow of heavy oil from Venezuela to the US has increased the production of high - sulfur fuel oil in US Gulf refineries, leading to a significant decline in crack spreads, a wider price spread between the East and West regions of fuel oil, and potential growth in cargo inflows. The Singapore and domestic markets may face potential resistance. After the decline in crack spreads, refinery demand is expected to be boosted, providing support to the market. If the conflict in the Iranian region escalates, high - sulfur fuel oil supply may face a downward risk [2] - For low - sulfur fuel oil, the overall contradictions are currently limited. With the changes in the refinery operations in Nigeria and Kuwait, local supply may increase, and market pressure may rise. In the long run, the contradictions of large surplus capacity and the replacement of the ship - fuel demand share will continue to be a resistance factor, but the high premium of gasoline and diesel will continue to divert low - sulfur oil components, providing some support to the market [2] Group 3: Figures and Data - Figures related to Singapore fuel oil: Singapore high - sulfur 380 fuel oil spot price, Singapore low - sulfur fuel oil spot price, Singapore high - sulfur fuel oil swap near - month contract, Singapore low - sulfur fuel oil swap near - month contract, Singapore high - sulfur fuel oil near - month spread, Singapore low - sulfur fuel oil near - month spread [4] - Figures related to fuel oil FU futures: Main contract closing price, index closing price, near - month contract closing price, near - month contract spread, main contract trading volume and open interest, total trading volume and open interest [4] - Figures related to low - sulfur fuel oil LU futures: Main contract closing price, index closing price, near - month contract price, near - month spread, main contract trading volume and open interest, total trading volume and open interest [4]

Core Viewpoint - The asphalt market is experiencing a price surge due to international supply disruptions, but this is expected to be temporary as demand remains weak and inventory levels are high [1][4]. Group 1: Price Movements - In late December 2025, the average ex-factory price of 70 asphalt in Shandong was 2900 yuan per ton, which rose to a peak of 3150 yuan by January 5, 2026, marking a significant increase [2]. - The futures market also reflected this trend, with the asphalt 2602 contract rising by 4.4% within a week [2]. - The price fluctuations are linked to a significant reduction in Venezuelan crude oil exports, which have decreased sharply, impacting regional raw material availability [2][3]. Group 2: Supply and Demand Dynamics - The asphalt market is currently constrained by weak demand and high inventory levels, with a reported asphalt production of 553,000 tons in the last week before New Year's, a 14% increase week-on-week [4]. - The operating rate for modified asphalt production was only 20%, continuing a four-week decline, while Shandong's refineries reported a 19% increase in shipments to 148,600 tons [4]. - Social and factory inventories reached 666,000 tons, up 4% week-on-week, indicating a weak fundamental structure in the off-season [4]. Group 3: Future Outlook - Domestic asphalt consumption is projected to reach 30.78 million tons in 2025, an increase of 1.88 million tons or 6.49% year-on-year [5]. - However, the real estate market is expected to slow down, and infrastructure investments will focus more on quality and efficiency, leading to a decline in overall asphalt demand [5]. - The total asphalt supply for the year is estimated at 31.43 million tons, with a supply-demand gap of approximately 880,000 tons, indicating a trend of oversupply [5][6].

在稳步推进现有液态运输业务的同时，荆门石化正加速推进微晶蜡小包装出厂项目，以满足下游客户多 样化采购需求，进一步拓展国际市场空间。 中化新网讯 近日，荆门石化首批采用液态集装箱运输的微晶蜡抵达欧洲市场。 此前，荆门石化的微晶蜡出口采用固态方式。为拓展国际市场，该公司深化"产销研运"一体化协同机 制，通过与战略合作伙伴协同创新，为客户量身打造"门到门"全流程物流方案及实施液态集装箱运输方 式，减少了中间分装环节，提升了品质管控精度，并大幅降低了成本，相较于传统固体包装模式更具竞 争优势。 ...

荆门石化针对渣油加氢、催化裂化等关键装置开展优化攻关，从源头提升优质汽油组分收率;同时持续 优化汽油调和方案，精准把控关键质量指标，确保产品质量优于国家标准，最大限度提高95号汽油产出 率。此外，该公司建立精细化客户数据库，实施"一省一策"差异化营销;完善快速响应机制，针对不同 客户群体设计差异化权益组合，深化"炼销一体"协同机制，确保资源高效配置;统筹仓储与运力资源， 灵活调配管输、铁路、公路等多种出厂方式，确保高产情况下的高效交付。 中化新网讯 2025年，荆门石化95号高标号汽油产销量首次达到50.03万吨，比上年提高7.5%，创历史新 高。 ...

Group 1 - The RCEP has provided continuous policy dividends over the past four years, injecting new development momentum into China's petrochemical industry and promoting a transition from scale expansion to quality improvement [1] - From January to November 2025, the trade volume of oil and chemical products between China and other RCEP countries reached $239.3 billion, with imports at $140.7 billion and exports at $98.6 billion [1] - The petrochemical trade volume within the RCEP region reached $292.8 billion in 2022, accounting for 27.8% of China's total petrochemical foreign trade, and increased to 28.3% in 2024 [1] Group 2 - China, as the world's largest energy consumer, relies heavily on imports, with RCEP countries like Australia and ASEAN nations being significant energy suppliers [2] - Over 80% of China's imports from RCEP countries consist of energy resources and high-end chemicals [2] - The number of RCEP origin certificates declared by companies like Bettery New Materials Group increased to 207 in 2025, with a total value of 370 million yuan, resulting in a tax reduction of approximately 7.3 million yuan [2] Group 3 - The lithium battery sector exemplifies the integration of regional production networks, with China's exports of lithium battery products to ASEAN rising from $3.505 billion in 2021 to $5.511 billion in 2024, reflecting an annual growth rate of 16.28% [3] - In the first eleven months of 2025, the export value reached a record high of $6.828 billion, showcasing the collaborative effects of the regional production network [3] - The issuance of RCEP origin certificates by Hangzhou Customs increased from 52,800 in 2022 to 87,100 in the first eleven months of 2025, benefiting industries like plastics and chemicals [3] Group 4 - Experts suggest that China should leverage RCEP as a strategic pivot to optimize energy layout and export structure, deepen regional technological cooperation, and enhance the resilience and competitiveness of the regional industrial chain [4]