中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产和调运，确保市场稳定供 应，严格执行国家价格政策。各地相关部门要加大市场监督检查力度，严厉查处不执行国家价格政策的 行为，维护正常市场秩序。消费者可通过12315平台举报价格违法行为。 央视网消息：据国家发展改革委网站消息，自2025年7月15日国内成品油价格调整以来，国际市场 油价小幅波动，按现行国内成品油价格机制测算，7月29日的前10个工作日平均价格与7月15日前10个工 作日平均价格相比，调价金额每吨不足50元。根据《石油价格管理办法》第七条规定，本次汽、柴油价 格不作调整，未调金额纳入下次调价时累加或冲抵。 ...

自2025年7月15日国内成品油价格调整以来，国际市场油价小幅波动，按现行国内成品油价格机制测 算，7月29日的前10个工作日平均价格与7月15日前10个工作日平均价格相比，调价金额每吨不足50元。 根据《石油价格管理办法》第七条规定，本次汽、柴油价格不作调整，未调金额纳入下次调价时累加或 冲抵。 中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产和调运，确保市场稳定供 应，严格执行国家价格政策。各地相关部门要加大市场监督检查力度，严厉查处不执行国家价格政策的 行为，维护正常市场秩序。消费者可通过12315平台举报价格违法行为。 来源：中国政府网 转自：国家发展改革委微信、网站 2025年7月29日国内成品油价格按机制不作调整 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) announced that there will be no adjustment to domestic refined oil prices during the latest pricing window, despite fluctuations in international oil prices [1] Pricing Mechanism - Since the last adjustment on July 15, the average price of refined oil for the first ten working days leading up to July 29 showed a price change of less than 50 yuan per ton, which does not meet the threshold for a price adjustment according to the current pricing mechanism [1] - The prices for gasoline and diesel will remain at the levels set in the previous adjustment, with Beijing's 92-octane gasoline priced at 7.26 yuan per liter, 95-octane gasoline at 7.73 yuan per liter, and 0-octane diesel at 6.95 yuan per liter [1] Adjustment History - This marks the fifteenth pricing adjustment of the year, with three instances of price suspension. The overall trend for this year has been characterized by "six increases, six decreases, and three suspensions" [1] - The next pricing window will open at 24:00 on August 12 [1] Market Outlook - Analysts from Longzhong Information predict a higher probability of price increases in the next round of adjustments due to potential supply risks from the U.S. shortening the deadline for new sanctions on Russia, ongoing traditional fuel consumption peaks in the U.S., and eased concerns over tariffs following an agreement between the U.S. and the EU [1]

Group 1: Chemical Industry Performance - The chemical raw materials index increased by 4.45%, the chemical machinery index rose by 2.16%, the chemical pharmaceuticals index grew by 0.94%, and the pesticide and fertilizer index surged by 5.43% during the week of July 21 to 25 [1] - The oil processing index increased by 3.53%, while the oil extraction index decreased by 1.86%, and the oil trading index rose by 1.20% [1] Group 2: Oil Price Trends - As of July 25, the WTI crude oil futures settled at $65.16 per barrel, down 3.24% from July 18, while Brent crude oil futures settled at $68.44 per barrel, down 1.21% from July 18 [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases were Vitamin D3 (up 12.12%), battery-grade lithium carbonate (up 11.62%), organic silicon DMC (up 11.61%), raw rubber (up 9.76%), and 107 glue (up 8.33%) [1] - The top five petrochemical products with price decreases were Atrazine (down 14.73%), methyl acrylate (down 9.47%), hydrochloric acid (down 6.32%), cracked carbon nine (down 5.84%), and folic acid (down 5.66%) [1] Group 4: Capital Market Performance of Chemical Companies - The top five performing listed chemical companies were Shangwei New Materials (up 97.37%), Yokogawa Precision (up 64.42%), Poly United (up 52.73%), Gaozheng Mining Explosives (up 39.83%), and Subote (up 31.83%) [2] - The bottom five performing listed chemical companies were Pioneer New Materials (down 11.67%), Dazhongnan (down 9.90%), Qide New Materials (down 9.61%), Yueyang Xingchang (down 9.38%), and Qingdao Jinwang (down 8.50%) [2]

沥青期货早报 2025年7月29日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 交易咨询业务资格：证监许可【2012】1091号 供给端来看，根据隆众，2025年7月份国内沥青总计划排产量为253.9万吨，环比增幅5.9%, 同比增幅23.4%。本周国内石油沥青样本产能利用率为30.9204%，环比减少3.36个百分 点，全国样本企业出货26.9万吨，环比增加8.03%,样本企业产量为51.6万吨，环比减少 9.79%,样本企业装置检修量预估为64.2万吨，环比增加11.85%,本周炼厂有所减产，降低 供应压力。下周或将增加供给压力。 需求端来看，重交沥青开工率为28.8%，环比减少0.12个百分点，低于历史平均水平；建筑 沥青开工率为18.2%，环比持平，低于历史平均水平；改性沥青开 ...

Group 1 - Domestic refined oil price adjustment is expected to be suspended, with the new adjustment window opening on July 29. This year, there have been fourteen rounds of price adjustments, resulting in six increases, six decreases, and two suspensions. After adjustments, the domestic gasoline and diesel prices have decreased by 225 yuan and 215 yuan per ton compared to the end of last year. If this round is suspended, the adjustment pattern will change to six increases, six decreases, and three suspensions by 2025 [1] Group 2 - A total of 347.52 billion yuan in market value of restricted stocks will be unlocked today, with 13 companies having a total of 5.65 billion shares released. Four companies have more than 10 million shares unlocked, with Huada Jiutian, Xinghuo Technology, and Changrun Co., Ltd. leading in terms of unlocked shares at 281 million, 146 million, and 110 million shares respectively. In terms of market value, Huada Jiutian, Changrun Co., Ltd., and Xinghuo Technology have the highest unlocked values at 30.899 billion yuan, 1.856 billion yuan, and 1.184 billion yuan respectively [4]

墨西哥国家石油公司（PEMEX）第二季度原油加工量为98.7万桶/日，同比增长11%。 ...

Report Industry Investment Rating - The investment view of the asphalt industry is "oscillation", with a short - term trading strategy of "oscillation" for the single - side and an arbitrage strategy of paying attention to the 9 - 12 reverse spread [3]. Core View of the Report - The supply and demand of asphalt both increase, and there is no significant contradiction in its own supply - demand relationship, so it follows the trend of crude oil. The short - term supply - demand contradiction is not prominent, and it will move in line with crude oil [3]. Summary by Relevant Catalogs 1. Main Views and Strategy Overview - **Supply**: The asphalt production plan of local refineries in August 2025 is tentatively set at around 1.26 million tons, a year - on - year increase of 250,000 tons (27%) and a month - on - month increase of 60,000 tons (5%). The total asphalt production of local refineries from January to August 2025 is expected to be about 8.89 million tons, a year - on - year increase of 1.11 million tons (14%). The supply of imported asphalt is expected to shrink, supporting the import price. [3] - **Demand**: The release of demand falls short of expectations. Overall capital issues, the northern flood season, and the southern rainy season suppress demand. The downstream construction in the north is gradually recovering, while there is no obvious improvement in the south. The total shipment volume of 54 domestic asphalt enterprises this week is 415,000 tons, a slight month - on - month increase of 0.2%. [3] - **Inventory**: The factory inventory decreased significantly this week, from 773,000 tons last Thursday to 723,000 tons this Thursday. The social inventory increased slightly, from 1.827 million tons last Thursday to 1.857 million tons this Thursday. [3] - **Cost**: The current crude oil market is in an adjustment period after intense geopolitical fluctuations. In the short term, the market is likely to move sideways with support below and limited upside. In the medium term, it is unfavorable for the bulls. [3] 2. Price - The report presents the mainstream market prices of heavy - traffic asphalt in regions such as East China, South China, North China, and Shandong, as well as the import prices from South Korea and Singapore [5][12]. 3. Spread, Basis, and Delivery Profit - The report shows the trends of asphalt cracking spread, asphalt - coker feedstock spread, and the basis in major regions [17][21]. 4. Supply - **Scheduled Production Expectation**: It shows the monthly scheduled production and actual production of asphalt in China from 2025 - 01 to 2025 - 08, as well as the production in different regions in recent years [25]. - **Capacity Utilization**: It presents the capacity utilization rates of heavy - traffic asphalt in China and different regions from 2019 to 2025, and the weekly and monthly maintenance loss volumes of asphalt in China from 2018 to 2025 [34][40]. 5. Cost and Profit - It shows the production gross profit of asphalt in Shandong from 2021 to 2025, and the price, premium, and port inventory of diluted asphalt [43][46]. 6. Inventory - **Factory Inventory**: It shows the factory inventory and inventory rate of asphalt in China and different regions from 2019 to 2025 [51][54]. - **Social Inventory**: It shows the social inventory of asphalt in China and different regions from 2022 to 2025 [57]. 7. Demand - **Shipment Volume**: It shows the shipment volumes of asphalt in China and different regions from 2022 to 2025 [60]. - **Downstream Operating Rate**: It shows the operating rates of road - modified asphalt, modified asphalt, building asphalt, waterproofing membranes, and modified asphalt in different regions in recent years [62][66][69].

Core Insights - Suzhou has entered the "trillion club" with seven private enterprises achieving over 100 billion yuan in revenue, showcasing the vitality of its private economy [1][2] - The "2025 Suzhou Top 100 Private Enterprises" list reflects the robust growth of private enterprises in Suzhou, with total revenue reaching 37,457.36 billion yuan, a 6.82% increase from the previous year [2][3] - The private sector in Suzhou contributes significantly to the local economy, accounting for over 60% of tax revenue and 80% of urban employment [3][4] Group 1: Company Performance - Seven companies in Suzhou reported revenues exceeding 100 billion yuan, with Hengli Group leading at 871.52 billion yuan [2] - The revenue threshold for the list was set at 3.32 billion yuan, with an average revenue of 374.57 million yuan per company [2] - The total tax contribution from these enterprises was 90.71 billion yuan, averaging 9.07 million yuan per company [2] Group 2: Industry Distribution - The top companies span various sectors, including petroleum processing, electronics manufacturing, and internet services, indicating a diverse economic landscape [3] - Manufacturing firms dominate the list with 65 companies, highlighting Suzhou's strength in this sector [3] - The rise of internet and emerging industries reflects the successful economic transformation in Suzhou [3] Group 3: Economic Environment - Suzhou has improved its business environment, recognized as a top investment destination in China, and has received accolades from the World Bank and Forbes [4] - The city has focused on modern enterprise systems and enhancing core competitiveness, contributing to high-quality economic development [4] - Continuous policy support and a favorable business climate have attracted both domestic and international investments [4][8] Group 4: National Trends - Nationwide, the number of private enterprises with revenues exceeding 100 billion yuan has increased to 97, up from 56 in 2019, indicating a significant expansion [6][7] - The private sector's innovation capabilities have improved, with many companies leading in technology and industry upgrades [7] - Recent policies have aimed to bolster private enterprises, with notable growth in infrastructure and manufacturing investments [8]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report focuses on the asphalt market, showing that the asphalt market is experiencing slow shipments and repeated fluctuations. The current trend strength is neutral, and the market is following the oil price to fluctuate within a range, while regional spot price differences are stabilizing with fluctuations. 3. Content Summary by Section 3.1 Fundamental Tracking - **Futures Data**: - BU2508 yesterday's closing price was 3,641 yuan/ton, with a daily increase of 0.17%, and the overnight closing price was 3,620 yuan/ton, a decrease of 0.58%. The trading volume was 391 lots, a decrease of 733 lots, and the open interest was 3,570 lots, a decrease of 87 lots. - BU2509 yesterday's closing price was 3,615 yuan/ton, with a daily increase of 0.36%, and the overnight closing price was 3,591 yuan/ton, a decrease of 0.66%. The trading volume was 205,894 lots, an increase of 38,916 lots, and the open interest was 171,367 lots, a decrease of 15,043 lots. - The total market asphalt warehouse receipts were 82,180 lots, a decrease of 120 lots [1]. - **Spread Data**: - The basis (Shandong - 08) was 139 yuan/ton, a decrease of 11 yuan from the previous day. - The 08 - 09 inter - period spread was 26 yuan/ton, a decrease of 7 yuan from the previous day. - The Shandong - South China spread was 190, a decrease of 5 from the previous day. - The East China - South China spread was 190 yuan/ton, unchanged from the previous day [1]. - **Spot Market Data**: - The Shandong wholesale price was 3,780 yuan/ton, a decrease of 5 yuan, with the factory - warehouse spot equivalent to the futures price of 3,913 yuan/ton and the warehouse spot equivalent to the futures price of 4,058 yuan/ton. - The Yangtze River Delta wholesale price was 3,780 yuan/ton, unchanged, with the factory - warehouse spot equivalent to the futures price of 3,701 yuan/ton and the warehouse spot equivalent to the futures price of 3,739 yuan/ton. - As of July 24, the refinery operating rate was 31.95%, a decrease of 1.29% from July 21, and the refinery inventory rate was 25.10%, a decrease of 0.79% from July 21 [1]. 3.2 Market Information - **Production Data**: In the week of 20250718 - 20250724, the domestic weekly asphalt production was 51.7 million tons, a 1.5% decrease from the previous week and a 12.1% increase year - on - year. The cumulative production from January to July was 1,755.4 million tons, a 7.7% increase year - on - year [14]. - **Inventory Data**: - As of July 24, 2025, the total inventory of 54 domestic asphalt sample factories was 72.3 million tons, a 4.0% decrease from July 21. The East China region had the largest de - stocking amplitude. - As of July 24, 2025, the total inventory of 104 domestic asphalt social warehouses was 185.7 million tons, a 0.1% decrease from July 21. The East China region's social warehouses had obvious de - stocking [14]. 3.3 Trend Strength The asphalt trend strength is 0, indicating a neutral view, with the strength range from - 2 (most bearish) to 2 (most bullish) [9].