1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The fuel oil market remains weak this week, with prices continuing a slight downward trend. For high - sulfur fuel oil, Middle East exports have increased again, and high - sulfur exports to Latin America are showing signs of recovery. However, the shipping volume from Singapore and Malaysia remains low, and the spot inventory in the Singapore market is still accumulating, keeping the spot price weak. But from the shipping schedule data, Russia's exports have started to decline continuously, and the number of floating storage has continued to rise, which may support the high - sulfur price. For low - sulfur fuel oil, Brazilian refineries are about to resume operation gradually this month, which will put pressure on the market. Meanwhile, the FCC unit maintenance of the Dangote refinery will last until January, and low - sulfur spot from Africa will continue to flow to Asia - Pacific. However, the latest news shows that the restart of the residue hydrotreating unit of the Al - Zour refinery will be postponed again, and there will still be a market gap until January, which will support the low - sulfur valuation [4]. - Valuation: FU is in the range of 2400 - 2500, and LU is in the range of 2900 - 3050 [4]. - Strategies: - Unilateral: Fuel oil prices will remain weak in the short term. - Inter - period: The contango structure of FU and LU month - spreads has returned, and it is difficult to reverse under the condition of loose supply. - Inter - variety: The short - term cracking spreads of FU and LU have reached a low level; the LU - FU spread will gradually decline in the short term [4]. 3. Summary According to the Table of Contents Supply - **Refinery Operation**: The document presents the capacity utilization rates of Chinese refineries, including overall Chinese refineries, independent refineries, and major refineries, from 2016 - 2025 [6]. - **Global Refinery Maintenance**: It shows the maintenance volumes of global CDU, hydrocracking, FCC, and coking units from 2018 - 2025 [9][11][13][14]. - **Domestic Refinery Fuel Oil Production and Commercial Volume**: The monthly production of fuel oil, low - sulfur fuel oil, and domestic commercial volume of fuel oil in China from 2018 - 2025 are presented [19][20]. Demand - **Domestic and Foreign Fuel Oil Demand Data**: The monthly actual consumption of marine fuel oil in China, the monthly sales volume of fuel oil for ship supply in Singapore, and the monthly apparent consumption of fuel oil in China from 2018 - 2025 are shown [23]. Inventory - **Global Fuel Oil Spot Inventory**: It includes the inventory data of heavy oil in Singapore, ARA fuel oil in Europe, heavy distillates in Fujairah, and residual fuel oil in the US from 2018 - 2025 [27][29][30]. Price and Spread - **Asia - Pacific Regional Spot FOB Prices**: The FOB prices of 3.5% and 0.5% fuel oil in Singapore and Fujairah from 2018 - 2025 are presented [35][36][37]. - **European Regional Spot FOB Prices**: The FOB prices of 3.5% and 1% fuel oil in the Mediterranean, Northwest Europe, and the FOB prices of 3.5% and 0.5% fuel oil in the US Gulf, as well as the cargo price of high - sulfur fuel oil in New York Harbor from 2018 - 2025 are shown [39][40][42][44][45]. - **Paper and Derivative Prices**: It shows the prices of high - sulfur and low - sulfur swaps in Northwest Europe and Singapore, as well as the prices of FU and LU futures from 2021 - 2025 [48][49][51][53]. - **Fuel Oil Spot Spreads**: The high - low sulfur spread and viscosity spread in Singapore from 2019 - 2025 are presented [55][56]. - **Global Fuel Oil Cracking Spreads**: The cracking spreads of high - sulfur and low - sulfur fuel oil in Singapore and Northwest Europe from 2019 - 2025 are shown [60][61][62]. - **Global Fuel Oil Paper Month - Spreads**: The month - spreads of high - sulfur and low - sulfur fuel oil in Singapore and Northwest Europe are presented [64][66][67]. Import and Export - **Domestic Fuel Oil Import and Export Data**: The monthly import and export volumes of fuel oil (excluding biodiesel) in China from 2018 - 2025 are shown [71][73][74]. - **Global High - Sulfur Fuel Oil Import and Export Data**: The weekly changes in global high - sulfur fuel oil import and export volumes in regions such as China, the Middle East, the US, Russia, and Latin America are presented [76]. - **Global Low - Sulfur Fuel Oil Import and Export Data**: The weekly changes in global low - sulfur fuel oil import and export volumes in regions such as Singapore + Malaysia, China, the US, and the Middle East are shown [78]. Futures Market Indicators and Internal - External Spreads - **Review**: The Asia - Pacific fuel oil prices continued to decline during the week, and the Zhoushan market moved in sync. In terms of spreads, the domestic FU was relatively weak, while the internal - external spread of LU began to gradually rebound [81]. - **Logic**: For FU, short positions still lead long positions, and there are still a large number of warehouse receipts on the market, resulting in FU's performance being relatively weaker than that of the external spot, and the spread continues to shrink. For LU, the number of warehouse receipts decreased after the delivery, which supported the internal - external spread [82]. - **Internal - External Spreads Data**: The internal - external spreads of 380 spot, 0.5% spot, FU main contract, FU continuous contract, LU continuous contract, LU first - month contract, and LU second - month contract from December 8 - 12, 2025 are presented [83]. FU and LU Position and Volume Changes - **Fuel Oil Main Contract**: The trading volume and position volume of the fuel oil main contract from 2020 - 2025 are presented [95][97]. - **Low - Sulfur Fuel Oil Contracts**: The trading volume and position volume of low - sulfur fuel oil continuous and first - month contracts from 2020 - 2025 are presented [100][102][103]. FU and LU Warehouse Receipt Quantity Changes - The quantity changes of FU and LU warehouse receipts from 2020 - 2025 are presented [106][107].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, the crude oil showed a weak performance, but the escalating situation in Venezuela and Hebei's high - priced (3000 yuan/ton) attempt at winter storage drove BU to deviate from crude oil and strengthen slightly in the middle of the week [4] - The average weekly theoretical profit of domestic asphalt processing was - 453 yuan/ton, a week - on - week increase of 25 yuan/ton. The spot price fluctuation range of the asphalt market was between 3081 - 3086 yuan/ton. This week, the decline of the average spot price of asphalt slowed down, and the price fluctuation range narrowed [4] 3. Summary According to Relevant Catalogs Overview - Supply: From December 4 - 10, 2025, the capacity utilization rate of 92 asphalt refineries in China was 29.9%, a week - on - week decrease of 0.2%. The capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 27.8%, a week - on - week decrease of 0.1%. Although some refineries resumed production or increased production, the continuous shutdown of a large device in Hebei Xinhai and the low - to - medium - load production of major refineries in East China led to the decline [4] - Demand: From December 3 - 9, 2025, the total sample shipment volume of 54 domestic asphalt enterprises was 384,000 tons, a week - on - week decrease of 3.8%. In North China, the overall supply decreased, and refineries mainly controlled the volume to deliver previous contracts, resulting in a decrease in shipments. In Northeast and Northwest China, major refineries increased production, driving up the shipment volume [4] - Valuation: The average weekly theoretical profit of domestic asphalt processing was - 453 yuan/ton, a week - on - week increase of 25 yuan/ton. The spot price of the asphalt market fluctuated between 3081 - 3086 yuan/ton, with a slowdown in the decline of the average price and a narrowing of the fluctuation range. Five regions saw price drops with a decline of 0.9% - 5.4%, and the price in the Northwest dropped the most by 5.4%. Only one region, Northeast China, saw a price increase [4] Price & Spread - Cost Structure: The cost end involves Brent, WTI, imported diluted asphalt, and Ma Rui crude oil. There are also alternative raw materials such as SC, Oman crude oil, Basra heavy oil, and Kuwait heavy oil. Different raw materials have different asphalt yields, for example, Ma Rui crude oil has a yield of 55% - 60% [7] - Futures: Data on futures - related aspects such as trading volume, open interest, and price trends of Brent, WTI, and SC are presented through charts [11] - Spot: Information on the spot prices of heavy - traffic asphalt in different regions and the price differences between regions is shown, along with the production profit margin of asphalt in Shandong [12] - Spread: Data on the basis and monthly spread of asphalt are presented, including the basis in North China, Shandong, and the Yangtze River Delta, as well as the monthly spread between different contract months [14][15][16] Fundamental Data - Demand: The consumption of asphalt is distributed in the road market (including highway construction and maintenance), waterproof market, ship fuel market, coking market, and export market. Seasonal factors have a limited impact. This week, the total sample shipment volume of 54 domestic asphalt enterprises was 384,000 tons, a week - on - week decrease of 3.8%. The capacity utilization rate of 69 domestic sample modified asphalt enterprises was 9.0%, a week - on - week decrease of 0.2% and a year - on - year increase of 0.5% [20][24] - Supply: - Output: From December 2 - 8, 2025, the weekly total output of domestic asphalt was 514,000 tons, a week - on - week increase of 9,000 tons (1.8%) and a year - on - year decrease of 6,000 tons (1.2%). The cumulative output from January - December was 29.531 million tons, a year - on - year increase of 2.16 million tons (7.9%) [29] - Inventory: As of December 11, 2025, the total inventory of 54 domestic asphalt sample refinery warehouses was 618,000 tons, a 2.5% decrease from December 8. The total inventory of 104 domestic asphalt social warehouses was 1.036 million tons, remaining stable compared to December 8 [29] - Start - up: Data on the weekly start - up rates of 77 major asphalt refineries in different regions (total, Shandong, Yangtze River Delta, North China - Central China, South China - Southwest, and Northeast) are presented through charts [31][33][35] - Inventory Rate: Data on the weekly inventory rates of asphalt refineries and the asphalt market in different regions (total, North China - Shandong, Yangtze River Delta, Northeast, South China) are presented through charts [41]

Investment Rating - The report does not explicitly state an investment rating for the oil refining industry Core Insights - The report highlights a seasonal decline in demand and weak cost support, leading to a downward trend in chemical product price spreads [2] - Domestic key refining project price spread is 2527.61 CNY/ton, with a week-on-week increase of 22.27 CNY/ton (+0.89%), while the international key refining project price spread is 1330.98 CNY/ton, with a week-on-week decrease of 6.23 CNY/ton (-0.47%) [3] - Brent crude oil weekly average price is 62.00 USD/barrel, with a week-on-week decrease of 1.73% [2] Summary by Sections Refining Sector - Positive signals in China-US trade relations boosted market risk appetite, while concerns over Russian supply supported international oil prices [2] - Brent and WTI crude oil prices on December 12, 2025, were 61.12 USD/barrel and 57.44 USD/barrel, respectively, down by 2.63 USD/barrel and 2.64 USD/barrel from December 5, 2025 [2] - Domestic refined oil prices showed slight fluctuations, with diesel and aviation kerosene prices in Southeast Asia experiencing minor increases, while other regions saw price declines [2] Chemical Sector - The industry is entering a demand off-season, with weak cost support leading to a decline in chemical product prices and spreads [2] - Polyolefins prices and spreads have decreased due to a continuous decline in terminal operating levels [2] - EVA prices have dropped due to supply pressure from new installations and weak demand, with the average price at 10028.57 CNY/ton [2] - Benzene prices remained stable, with a slight increase in spreads, while styrene prices increased due to tight supply [2] Major Refining Companies - Stock price changes for six major private refining companies as of December 12, 2025, include: Rongsheng Petrochemical (-4.69%), Hengli Petrochemical (-5.22%), Dongfang Shenghong (-0.96%), Hengyi Petrochemical (-1.09%), Tongkun Co. (-6.62%), and Xin Fengming (-9.99%) [2]

根据国家统计局数据显示：2025年10月中国石油焦产量为268万吨，同比下降0.5%；2025年1-10月中国 石油焦累计产量为2617.4万吨，累计下降4%。 2020-2025年1-10月中国石油焦产量统计图 上市企业：华锦股份（000059）,远兴能源（000683）,上海石化（600688）,华西能源（002630）,万华化 学（600309）,恒力石化（600346）,荣盛石化（002493）,新奥股份（600803）,中油资本（000617） 相关报告：智研咨询发布的《2026-2032年中国石油焦行业发展形势分析及投资潜力研究报告》 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

研究品种:燃料油 成文日期：20251208 报告周期:周报 研究员：何宁（从业资格号：F0238922；投资咨询从业证书号：Z0001219) 料油期货周报 核心观点: 本周燃料油合约整体呈现震荡下跌态势,整体跟随国际原油波 动节奏。主要受国际原油波动及地缘政治情绪主导,自身基本面矛 盾不突出。市场呈现"上有压力,下有支撑"的特点。上方压力来 自充裕的现货供应与趋弱的国际原油市场情绪；下方支撑则源于相 对稳定的船燃需求及潜在的供应端扰动风险。 1 期货市场 1.1 合约行情 本周燃料油主力合约 FU2601 收于 2455 元/吨，较前一交易周 结算价下跌 46元/吨, 跌幅为 1.84%。本周最高价为 2504 元/吨, 最低价为 2394 元/吨，成交量为 1884521 手，持仓量为 185625 手，减少 16267 手。 图 1：FU 燃油主力合约分时图 研究咨询：028 6130 3163 邮箱：institute@gjqh.com.cn 投诉热线：4006821188 请务必阅读文末风险揭示及免责声明 数据来源：国金期货博易云 1.2 品种价格 燃料油期货各合约价差进一步收窄趋于一致。可能都原 ...

经济观察网统一股份（600506）耗时三年研发出无烟、健康、燃烧持久且带莲花香味的贡灯专用油，解 决寺庙长明灯黑烟熏墙、危害僧人健康的难题。该项目不仅是技术攻关，更是社会责任的具体体现。李 嘉称："不好用的产品谈责任是空话。"这一案例展现了企业如何以科技创新回应真实社会需求，实 现"科技向善"的价值闭环。 ...

Core Insights - The company, Unified Corporation, has invested in building an internal AI research and development platform to address the long R&D cycle issue [1] - The integration of nearly 200,000 R&D data points and formula libraries over the past decade has significantly reduced the development cycle for specific hydraulic oils from 6 months to 1 month [1] - The company has launched a hydraulic oil product that reduces carbon footprint by 43%, while maintaining cost and lifespan comparable to high-carbon products, ensuring customers do not incur additional costs for carbon reduction [1] - The company emphasizes the importance of face-to-face communication, believing that in the "AI + customer relationship" era, trust and understanding of pain points in B2B business must be established through personal interactions [1] - The combination of technology and relationships allows the company to achieve both green initiatives and profitability [1]

Report Industry Investment Rating - Not provided Core Viewpoints - The asphalt futures price is expected to fluctuate. The supply is affected by factors such as the resumption of production in some refineries and the potential impact on Venezuelan heavy - crude exports, while demand will further weaken as road construction in the north winds down due to the drop in temperature and the increase in southern projects is limited. The current market is cautious about winter - storage contracts [1]. Summary by Related Catalogs Market Analysis - Supply: Last week, the asphalt operating rate increased 0.1 percentage points to 27.9% week - on - week, 1.0 percentage point lower than the same period last year, remaining at the lowest level in recent years. In December, the expected domestic asphalt production is 2.158 million tons, a decrease of 70,000 tons (3.1%) month - on - month and 344,000 tons (13.8%) year - on - year. This week, Qilu Petrochemical will switch to asphalt production, and the asphalt operating rate will rise slightly [1]. - Demand: Last week, the operating rates of downstream asphalt industries showed mixed results. The road - asphalt operating rate remained flat at 29%, restricted by funds and weather. The national shipment volume increased 7.06% to 280,600 tons week - on - week, at a neutral level. With the drop in northern temperatures, road construction is gradually ending, future demand will further weaken, and the increase in southern projects is limited, so overall demand is average [1]. - Inventory: The inventory - to - stock ratio of asphalt refineries decreased week - on - week and is still near the lowest level in recent years [1]. - Crude Oil: Some previously malfunctioning oil fields in Iraq have resumed production, and the crack spreads of refined oil products in Europe and the United States have continued to decline, causing crude - oil prices to fluctuate weakly. The market is worried that the US seizure of a large tanker off the Venezuelan coast will affect the export of Venezuelan heavy crude and domestic asphalt production [1]. Futures and Spot Market Conditions - Futures: Today, the asphalt futures contract 2602 rose 0.92% to 2,960 yuan/ton, above the 5 - day moving average. The lowest price was 2,943 yuan/ton, and the highest was 2,997 yuan/ton. The open interest increased by 2,329 to 208,301 lots [2]. - Basis: The mainstream market price in Shandong region remained at 2,930 yuan/ton. The basis of the asphalt 02 contract fell to - 30 yuan/ton, at a neutral level [3]. Fundamental Tracking - Supply: Refineries such as Shandong Shengxing have resumed asphalt production, and the asphalt operating rate increased 0.1 percentage points to 27.9% week - on - week, 1.0 percentage point lower than the same period last year, remaining at the lowest level in recent years [1][4]. - Investment: From January to October, the investment in national highway construction decreased 6.0% year - on - year, with the same cumulative year - on - year growth rate as from January to September. The cumulative year - on - year growth rate of the actual completed fixed - asset investment in the road - transport industry from January to October decreased slightly to - 4.3% from - 2.7% from January to September. The cumulative year - on - year growth rate of the completed fixed - asset investment in infrastructure construction (excluding electricity) from January to October dropped to - 0.1% from 1.1% from January to September [4]. - Social Financing: From January to October, the year - on - year growth rate of social - financing stock was 8.5%, 0.2 percentage points lower than that from January to September. The new social financing in October was lower than market expectations [4]. - Inventory: As of the week of December 5, the inventory - to - stock ratio of asphalt refineries decreased 1.3 percentage points to 13.2% compared with the week of November 28 and is near the lowest level in recent years [4].

光大期货表示，炼厂冬储政策逐渐落地，百川盈孚预计，综合炼厂产能利用率、库存率以及成本利润情 况，今年冬储价格大概率会下跌至近五年较低水平，预测冬储沥青价格在2800-2900元/吨。近期沥青价 格在3000元/吨左右反复震荡，暂时有一定支撑，但也不排除油价重心继续下移之下拖累沥青价格下 跌，短期对盘面仍以低位震荡的观点对待，关注冬储释放情况。 建信期货分析称，扬子石化短暂复产后暂未有继续生产沥青的计划，镇海炼化以、东明石化和胜星石化 均有计划复产沥青，预计沥青装置开工率将出现小幅反弹。需求端冷空气再度影响我国大部分地区，东 北西北道路需求已经停滞，但山东等地区仍有赶工需求，预计需求稳定。油价暂无支撑，沥青供需两 弱，短期市场偏谨慎，观望为主。 12月11日，国内期市能化板块多数飘绿。其中，沥青期货主力合约开盘报2954.00元/吨，今日盘中高位 震荡运行；截至午间收盘，沥青主力最高触及2997.00元，下方探低2943.00元，涨幅达1.81%。 目前来看，沥青行情呈现震荡上行走势，盘面表现偏强。对于沥青后市行情将如何运行，相关机构观点 汇总如下： 新湖期货指出，山东市场部分品牌推涨情绪明显，市场挺价氛围初步 ...

Group 1 - Fuel oil futures showed a downward trend, with the main contract down 1.45% to 2385.00 yuan/ton as of the report [1] - Hindustan Petroleum Corporation is selling 30,000 tons of high-sulfur fuel oil via tender for shipment at Visakhapatnam port in late December [2] - Fujairah's total refined oil inventory increased by 476,000 barrels to 23.512 million barrels as of December 8, 2025, with specific changes in inventory levels for different oil types [2] Group 2 - The RFCC unit at Dangote refinery began scheduled maintenance on December 8, expected to last until January 26, which may lead to a rebound in Nigeria's low-sulfur fuel oil exports [2] - Market volatility was influenced by geopolitical tensions and a 25 basis point rate cut by the Federal Reserve, leading to a rebound in oil prices [4] - Supply dynamics are affected by refinery maintenance and regional variations, with a decrease in oil and sludge inventory in Shandong, while wax oil inventory continues to rise [4]