Group 1: Report Overview - Report Title: Crude Oil and Refined Oil Morning Report [2] - Report Date: October 31, 2025 [2] - Research Team: Energy and Chemicals Team of the Research Center [2] Group 2: Market Data Crude Oil and Related Products - **Price Changes (Oct 24 - Oct 30)**: WTI increased by $0.09, BRENT by $0.08, OMAN by $2.56, and SC decreased by $3.70. Other products also showed various price changes [3] - **Differences**: WTI - BRENT was around -$4.4, and other spreads like DUBAI - BRT also had specific values and changes [3] Domestic Products - **Prices and Changes**: Domestic gasoline remained at 7420 (unchanged from Oct 24 - Oct 30), and domestic diesel had related price - BRT spreads and changes [3] Other Products - **Prices and Changes**: Japan naphtha - BRT had a change of 0.91, and Singapore fuel oil and other products also had price and spread changes [3] Group 3: Daily News Russia's Fuel Exports - Russia's refined oil exports dropped to the lowest level since the Russia - Ukraine conflict. The daily average export volume of seaborne petroleum products in the first 26 days of October was 1.89 million barrels. Sanctions, attacks, and bad weather affected exports [5] Saudi's Fiscal Situation - Saudi's Q3 fiscal deficit widened to 88.5 billion riyals ($23.6 billion), a 160% increase from the previous quarter. Oil revenue decreased by 0.1%, and total revenue dropped by about 13% year - on - year [5] Market Perception of Russia Sanctions - TotalEnergies' CEO said the oil market underestimated the impact of Western sanctions on Russia, and the sanctions were already affecting oil flows [6] Hungary's Request for Sanction Exemption - Hungary's Prime Minister Orban hopes to get an exemption from US sanctions on Russian oil through a meeting with Trump [6] Group 4: Regional Fundamentals US Data (Oct 24 Week) - Crude oil exports increased by 158,000 barrels/day to 4.361 million barrels/day, domestic production increased by 15,000 barrels to 13.644 million barrels/day, and commercial crude inventory decreased by 6.858 million barrels (1.62%) [7] - Strategic Petroleum Reserve (SPR) inventory increased by 533,000 barrels (0.13%), and commercial crude imports decreased by 867,000 barrels/day [7] China's Situation (Oct 16 - Oct 23 Week) - Main refinery and Shandong local refinery operating rates declined. Domestic gasoline and diesel production and inventory decreased. Main refinery comprehensive profit declined, and local refinery comprehensive profit decreased month - on - month [7] Group 5: Weekly View Price Movement - Oil prices rebounded significantly this week, with Brent oil closing above $65 [7] Supply Impact - US sanctions on Russian oil producers may lead to a near - zero supply of Russian oil to India in the short term. India has increased purchases of Middle Eastern crude since September, supporting the Dubai market [7] Geopolitical and Fundamental Factors - US military strikes on Venezuela's transportation raised geopolitical concerns. EIA crude inventory decreased, US refinery operations rebounded, and the US Energy Department planned to buy 1 million barrels of crude for the SPR [7] Market Outlook - Short - term oil prices may rebound with increased volatility. Mid - term upside is limited due to OPEC's potential increase in production, and the oversupply situation will continue in the fourth quarter [7]

Core Insights - Heshun Petroleum (603353.SH) reported its Q3 2025 results on October 31, 2025, highlighting significant institutional investment in the company [1] Institutional Holdings - As of October 30, 2025, four institutional investors disclosed holdings in Heshun Petroleum A-shares, totaling 75.8084 million shares, which represents 44.10% of the company's total equity [1] - The institutional investors include Hunan Heshun Investment Development Co., Shenzhen Dahua Xinan Private Securities Fund Management Co., Morgan Stanley & Co. International PLC, and another fund managed by Shenzhen Dahua Xinan [1] - Compared to the previous quarter, the total institutional holding percentage increased by 0.36 percentage points [1] Public Fund Disclosures - In this reporting period, nine public funds were disclosed, including CITIC Prudential Multi-Strategy Mixed (LOF) A, CITIC Prudential Economic Selection Mixed A, CITIC Prudential Anxin Return Bond A, Huatai-PineBridge CSI Oil and Gas Resources ETF, and Everbright Prudential Quantitative Stock A [1] Foreign Investment - One new foreign institutional investor disclosed in this period is Morgan Stanley & Co. International PLC [1]

巴西不仅是全球第七大人口国、第十大经济体,更是名 副其实的"世界粮仓"与资源宝库: 】 农业强国:大豆出口占全球近60%,咖啡、蔗糖等多种作 物出口位居世界第一 资源大国:铁矿石产量全球第二,石油探明储量达149亿 铜矿占全球90% 桶, + & 内需驱动:消费占GDP比重超过85%,人口结构年轻,消 费意愿强烈 11,700 铜矿产量 天然气配送 149 全球占比 运输管道 油探明储量 公里 图:巴西大豆出口占全球近60% 图:巴西铁矿石原产量位居世界第二 图:巴西多项农作物产量份额占全球第 Parti 30% 1400 19% 20% ENWANHONGYUA dsanc 美之星的投资机遇 LT 尽在申万宏源 星握全球会 DJTO t 人 大宗商品:巴西国家石油、淡水河谷等全球龙头聚集; l 公用事业与工业:反映巴西扎实的工业基础。 前十大成分股涵盖金融、能源、矿业等领域巨头,是把握巴 西经济增长的优质载体。 GYUAN ( HENWAN 169 图:消费支出占GDP比重超85% 图:消费支出持续拉动经济增速 图:农业板块重要性较高 巴西GDP实际增速拆解(%) 巴西市场GDP分项贡献(李调数据) 巴西人 ...

美国近期对俄罗斯两家石油公司进行制裁。同时在美国的压力下，印度HMEL公司表示，已经暂停进一步购买俄罗斯的原油。投资者需要重点关注俄罗斯在 欧美制裁下，其原油产量以及出口量是否下降。 供给端看，欧佩克以及美国等原油产油国将市场份额视为其战略重心，故而产油国们延续增产的政策将是大概率事件。美国的原油产量升至年内高位，欧佩 克大概率在12月份延续增产的政策。 百利好智升研究资深分析师辰宇认为，黄金在美元信用缺失的逻辑下，维持牛市不变。近期避险降温以及美联储内部分歧将令金价承压。 技术面：日在线，连续三个交易日行情在62日均线获得支撑，收较长下影线k线，黄金价格有望重回涨势。日内关注上方4085美元一线压力，下方关注3996 美元一线支撑。 黄金小时图 原油方面： 黄金方面： 近期美联储的鹰派降息，打压市场对美联储后续进一步宽松的乐观预期，短期金价承压。 需求端看，当前处于需求淡季，但是全球最大的两个经济体贸易磋商取得成果，有利于改善原油需求前景，短期将为油价提供支撑。 另外，中美两国元首在韩国会晤，美方将暂停实施9月29日公布的出口管制50%穿透性规则一年；中方将暂停实施10月9日公布的相关出口管制等措施一年。 ...

1. Report Industry Investment Rating No relevant information provided in the report. 2. Core Viewpoints of the Report - Overall, the market shows a complex and diverse trend. After the Sino - US leaders' meeting, some macro - favorable factors are gradually implemented, but different sectors have different performances. Some sectors are affected by supply - demand fundamentals, while others are influenced by policy and cost factors [2][9][20]. - In the financial derivatives market, stock index futures are affected by Sino - US consensus and market expectations, and there are opportunities for short - term option operations; treasury bond futures are expected to have short - term trading opportunities with the implementation of risk - preference factors; precious metals are affected by geopolitical and economic factors and are expected to have a long - term bull market [2][6][9]. - In the commodity futures market, different varieties have different trends. For example, copper has long - term supply - demand contradictions to support the price, while aluminum is affected by macro and fundamental factors and maintains a high - level shock [20][26]. 3. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: After the Sino - US leaders' meeting, the market digested the expectations and adjusted. The A - share market declined, and the four major stock index futures contracts also fell. It is recommended to try to sell put options at the support level or construct a bullish call spread [2][3][5]. - **Treasury Bond Futures**: Negative factors are gradually implemented, and the bond market sentiment is enhanced. It is recommended to go long on dips and pay attention to the positive arbitrage strategy [6][8]. Precious Metals - **Gold and Silver**: After the Sino - US leaders' meeting, geopolitical concerns resurfaced, and precious metals fluctuated and rebounded. In the long - term, they are expected to have a bull market, while in the short - term, gold may face downward pressure, and silver maintains a shock pattern [9][12]. Container Shipping Index (European Line) - The spot market is cold, and the futures market is expected to fluctuate. It is recommended to go long on dips for the December contract [14][15]. Commodity Futures Non - ferrous Metals - **Copper**: The bullish expectations of interest rate cuts and tariffs are fulfilled, and the price fluctuates at a high level. In the long - term, the supply - demand contradiction supports the price, and in the short - term, it is affected by demand. It is recommended to pay attention to the support at 87,000 [20]. - **Alumina**: The spot price in the north shows signs of stopping falling, and the futures price stabilizes at a low level. The price is expected to continue to be under pressure in the short - term, and the main contract fluctuates between 2,750 - 2,950 [20][23]. - **Aluminum**: The price is strong, affected by macro and fundamental factors, and is expected to maintain a high - level shock. The main contract reference range is 20,800 - 21,400 [24][26]. - **Aluminum Alloy**: The spot price is firm, and the inventory accumulates slightly. The price is expected to maintain a strong shock, and the main contract reference range is 20,200 - 20,800 [26][28]. - **Zinc**: The spot transaction is average, and the price fluctuates. The supply increase may be limited, and the demand is stable. The price is expected to maintain a shock, and the main contract reference range is 21,800 - 22,800 [31][32]. - **Tin**: Powell's hawkish attitude on the December interest rate cut may cause the short - term price to fall. It is recommended to buy on dips, and the price is expected to be in a wide - range shock [32][35]. - **Nickel**: After the Sino - US meeting, the macro is stable, and the price fluctuates. The main contract reference range is 118,000 - 126,000 [35][38]. - **Stainless Steel**: The price fluctuates, and the supply pressure increases. The main contract reference range is 12,500 - 13,000 [39][42]. - **Lithium Carbonate**: The price center moves up, and the demand is strong. The main contract reference range is 83,000 - 87,000 [42][45]. Ferrous Metals - **Steel**: The supply and demand are neutral, and the inventory pressure is not large. It is recommended to pay attention to the supply of coking coal and reduce positions at high - pressure levels [47][48]. - **Iron Ore**: The supply and demand are weak, and the price falls after rising. It is recommended to close long positions and pay attention to the 1 - 5 positive arbitrage [49][51]. - **Coking Coal**: The price is strong, and the downstream replenishment demand is warm. It is recommended to go long on dips and pay attention to the long - coking coal and short - coke arbitrage [52][55]. - **Coke**: The mainstream coke enterprises start the third round of price increase, and the cost is supported by coking coal. It is recommended to go long on dips and pay attention to the long - coking coal and short - coke arbitrage [56][59]. Agricultural Products - **Meal**: China's confidence in purchasing US soybeans is enhanced, and the near - month soybeans have cost support. The domestic soybean meal trend is expected to be strong [60][62]. - **Pigs**: The entry of secondary fattening slows down, and the pig price tends to fluctuate. It is recommended to hold the 3 - 7 reverse arbitrage [63][64]. - **Corn**: The supply pressure still exists, and the price fluctuates weakly. The port price is affected by inventory and cost [65].

【环球时报报道 记者 周扬】据路透社30日报道，印度国有炼油企业印度斯坦石油公司29日发布声明 称，其已暂停购买俄原油。此前不久，《金融时报》称，印度斯坦石油公司购买了价值近2.8亿美元的 俄原油，而且这些原油是通过受美国制裁的船只运输的。法新社称，自8月美国决定将对印关税提高至 50%以来，美印关系迅速恶化，美官员指责印度通过购买俄折价出售的原油，助推俄的军事行动。 路透社称，上周美欧对俄石油出口实施一系列新制裁。美方将矛头指向了俄最大的石油生产商卢克石油 公司和俄罗斯石油公司。因此，印度炼油商决定暂停购买俄原油，等待局势明朗。 《金融时报》29日称，印度斯坦石油公司位于旁遮普邦的一家炼油厂自7月以来至少收到4批俄罗斯原 油，这些原油大部分是从摩尔曼斯克用受到美国制裁的船只运输过来的。印度斯坦石油公司称，这批原 油是以目的地交货模式出售给该公司的，因此该公司不知道用于运输的具体船只是否受到制裁，也不知 道船只是否采取了掩盖其位置的行动。该公司还补充称，向其运送原油的船只在原油交付时尚未受到美 国制裁。 美媒称，在美国决定制裁俄两家石油公司后，印度最大的俄原油买家、私营企业信实工业上周已决定停 止购买俄原油。 ...

每日经济新闻 每经AI快讯，10月30日，美油主力合约收跌0.31%，报60.29美元/桶；布伦特原油主力合约跌0.42%，报 64.05美元/桶。世界银行报告显示全球原油供应过剩加剧，预计2025年和2026年大宗商品价格分别下跌 7%，2026年原油过剩规模将达近年高点的165%，叠加市场对OPEC+可能增产的担忧，共同施压油价。 ...

由于布伦特原油价格走弱和石油收入下降，沙特阿拉伯的预算赤字在第三季度有所加深，对其这个石油 出口国的财政造成压力。截至9月的三个月内，沙特的预算缺口达到885亿里亚尔（折合236亿美元）， 使得今年年初以来的总赤字接近500亿美元。财政部的预测显示，第三季度的非石油收入约为317亿美 元，与去年同期持平；而石油收入则从略低于510亿美元下降至约400亿美元。 ...

Operator–Terminali公司董事会主席达米尔·克雷索强调，签署该合同将显著加强波 黑联邦的石油战略储备，确保了石油产品的供应稳定性和能源系统在危机情况下的韧 性，并在供应链中断时协助波黑联邦维持能源价格稳定。这些石油将通过铁路直达存 储地，进一步提高能源储备效率和安全性。 据Operator–Terminali公司介绍，该项目在波黑联邦政府的支持下实施，证明波黑联 邦正在为实现加强能源系统和基础设施能力现代化这一战略目标而努力。公司还将继 续开展对波黑联邦具有战略意义的储备系统和基础设施项目，以确保能源供应的长期 稳定与安全。（驻波黑使馆经商处） （原标题：波黑联邦与HIFA油业公司签署890万马克合同以加强能源储备） 波黑国家台10月28日报道。波黑联邦政府控股的"Operator–Terminali"石油存储公司 与泰沙尼的HIFA油业公司在萨拉热窝签署了一份价值890万马克的合同，宣布将采购 400万升石油及石油衍生品，作为波黑联邦燃料储备的重要组成部分。 ...

Core Insights - The United Arab Emirates and Saudi Arabia possess competitive advantages in the data center market due to their access to cheap energy and substantial financial resources [1] Group 1 - The UAE and Saudi Arabia are well-positioned in the data center competition [1] - Cheap energy is a significant factor contributing to their advantages [1] - Both countries have deep capital pockets, enhancing their investment capabilities in the sector [1]