Core Viewpoint - Shandong Molong experienced a decline of 1.54% in its stock price, with significant trading activity reflected in a turnover rate of 32.77% and a trading volume of 1.462 billion yuan, indicating high volatility and investor interest [2] Trading Activity - The stock was listed on the Dragon and Tiger List due to a daily fluctuation of 15.49% and a turnover rate of 32.77%, with institutional investors net buying 31.4188 million yuan and the Shenzhen Stock Connect net buying 15.0759 million yuan [2] - The top five trading departments accounted for a total transaction volume of 401 million yuan, with a net buying amount of 33.1127 million yuan [2] - Among the trading departments, three institutional special seats were active, with a total buying amount of 86.1628 million yuan and selling amount of 54.7440 million yuan, resulting in a net buying of 31.4188 million yuan [2] Fund Flow - The stock saw a net inflow of 31.9999 million yuan from major funds, with large orders contributing 18.3871 million yuan and big orders contributing 13.6128 million yuan [3] - Over the past five days, the stock experienced a net outflow of 7.5622 million yuan in major funds [3] Historical Performance - In the past six months, the stock has appeared on the Dragon and Tiger List 17 times, with an average price increase of 2.36% the day after being listed and an average increase of 2.06% over the following five days [2]

Core Viewpoint - Hengli Petrochemical reported a decline in revenue for the third quarter, while net profit showed significant growth compared to the previous year [1] Financial Performance - Q3 revenue was 53.496 billion yuan, a year-on-year decrease of 17.98% [1] - Q3 net profit was 1.972 billion yuan, an increase of 81.47% year-on-year [1] - Revenue for the first three quarters was 157.384 billion yuan, down 11.46% year-on-year [1] - Net profit for the first three quarters was 5.023 billion yuan, a decrease of 1.61% year-on-year [1]

Core Insights - The article discusses the recent developments in the oil processing industry, highlighting a rebound in international oil prices due to easing trade tensions and supportive inventory data [1][2]. Oil Price Review - As of October 24, 2025, Brent crude oil futures settled at $65.20 per barrel, up $3.91 per barrel (+6.38%) from the previous week, while WTI crude oil futures settled at $61.50 per barrel, up $4.35 per barrel (+7.61%) [2]. - The Urals crude oil spot price remained stable at $65.49 per barrel, while the ESPO crude oil spot price increased by $2.62 per barrel (+4.54%) to $60.35 per barrel [2]. Offshore Drilling Services - As of October 20, 2025, the number of global offshore self-elevating drilling rigs decreased by 3 to 370, with reductions in Africa, the Middle East, North America, and other regions, while Europe saw an increase of 1 rig [2]. - The number of global offshore floating drilling rigs remained unchanged at 132, with decreases in Africa and Europe, and increases in Southeast Asia and other regions [2]. U.S. Crude Oil Supply - As of October 17, 2025, U.S. crude oil production was 13.629 million barrels per day, a decrease of 0.07 million barrels per day from the previous week [3]. - The number of active drilling rigs in the U.S. increased by 2 to 420 as of October 24, 2025, while the number of hydraulic fracturing fleets increased by 3 to 178 [3]. U.S. Crude Oil Demand - As of October 17, 2025, U.S. refinery crude oil processing volume was 15.730 million barrels per day, an increase of 0.600 million barrels per day, with a refinery utilization rate of 88.60%, up 2.9 percentage points from the previous week [3]. U.S. Crude Oil Inventory - As of October 17, 2025, total U.S. crude oil inventory was 831 million barrels, a decrease of 0.142 million barrels (-0.02%) from the previous week [3]. - Strategic crude oil inventory increased by 0.819 million barrels (+0.20%) to 409 million barrels, while commercial crude oil inventory decreased by 0.961 million barrels (-0.23%) to 423 million barrels [3]. U.S. Refined Oil Inventory - As of October 17, 2025, U.S. gasoline, diesel, and jet fuel inventories were 21,667.9 million barrels, 11,555.1 million barrels, and 4,292.9 million barrels, respectively, with changes of -0.2147 million barrels (-0.98%), +0.028 million barrels (+0.18%), and -0.1485 million barrels (-3.34%) [4]. Biofuel Prices - As of October 24, 2025, the FOB price for ester-based biodiesel was $1,190 per ton, while hydrocarbon-based biodiesel was $1,900 per ton, both unchanged from the previous week [4]. - The FOB price for biojet fuel in China was $2,400 per ton, and in Europe, it was $2,710 per ton, both remaining stable [4].

国泰君安期货·能源化工 燃料油、低硫燃料油周度报告 国泰君安期货研究所·梁可方 投资咨询从业资格号：Z0019111 日期：2025年10月26日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 本周观点总结 01 供应 02 需求 03 库存 04 价格及价差 05 炼厂开工 全球炼厂检修 国内炼厂产量与商品量 国内外燃料油需求数据 全球燃料油现货库存 亚太区域现货FOB价格 欧洲区域现货FOB价格 美国地区燃料油现货价格 纸货与衍生品价格 燃料油现货价差 全球燃料油裂解价差 全球燃料油纸货月差 进出口 06 国内燃料油进出口数据 全球高硫燃料油进出口数据 全球低硫燃料油进出口数据 Special report on Guotai Junan Futures 2 综述 1 本周燃料油、低硫燃料油观点：价格大幅反弹，FU强势明显 观点 本周燃料油价格大幅反弹，价格逐步脱离前期的低价区间。高硫方面，美国再次发布针对俄罗斯的制裁，由于这次制裁将两家全俄罗斯最大 的石油公司纳入制裁名单，市场开始计价俄罗斯燃料油出口继续 ...

关于独立董事取得独立董事资格证书的公告 新疆国际实业股份有限公司于2025年9月5日召开第九届董事会第八次临时会议，审议通过增补杨玉青为 独立董事候选人的议案。2025年9月22日，公司2025年第三次临时股东会选举杨玉青为第九届董事会独 立董事，任期至本届董事会届满。杨玉青此前未取得独立董事资格证书，但已承诺参训。近期，其已完 成深圳证券交易所举办的上市公司独立董事任前培训，并取得创业企业培训中心颁发的《上市公司独立 董事培训证明》。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 本周关注点 股本股东变化 股东户数变动 截至2025年10月20日，国际实业股东户数为4.1万户，较10月10日减少653户，减幅1.57%。户均持股数 量由1.15万股增至1.17万股，户均持股市值为6.99万元。 公司公告汇总 截至2025年10月24日收盘，国际实业（000159）报收于6.08元，较上周的5.81元上涨4.65%。本周，国 际实业10月23日盘中最高价报6.23元。10月20日盘中最低价报5.82元。国际实业当前最新总市值29. ...

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The asphalt market shows an upward - trending volatility. The supply side has a lower - than - normal capacity utilization rate, and the downstream industry's capacity utilization rate has mostly increased. The inventory ratio of asphalt refineries is at a historical low. Considering factors such as international political and economic situations and the current state of the domestic market, it is recommended to cautiously observe the asphalt futures price [1]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - Supply side: This week, the asphalt capacity utilization rate dropped 4.7 percentage points to 31.1% week - on - week, 2.4 percentage points higher than the same period last year, at a relatively low level in recent years. In October, the domestic asphalt production is expected to be 268.2 million tons, a decrease of 0.4 million tons month - on - month (a 0.1% decline) and an increase of 35.0 million tons year - on - year (a 15.0% increase). Shandong Shengxing, Guangzhou Petrochemical and other refineries are under maintenance [1][4]. - Demand side: This week, the capacity utilization rates of most downstream asphalt industries increased. The capacity utilization rate of road asphalt rose 3 percentage points to 32% week - on - week, slightly higher than the same period last year, but is restricted by funds and rainfall in some areas. From January to August, the national highway construction investment decreased 7.1% year - on - year. From January to September 2025, the cumulative year - on - year growth rate of fixed - asset investment in road transportation was - 2.7%, still in negative growth. The cumulative year - on - year growth rate of fixed - asset investment in infrastructure construction (excluding electricity) from January to September 2025 was 1.1%, down from 2.0% from January to August [1][4]. - Inventory: As of the week of October 24, the inventory - to - sales ratio of asphalt refineries decreased 0.6 percentage points to 16.0% week - on - week, remaining at the lowest level in recent years [5]. - Market shipment: This week, the refinery supply in East China increased, and the national shipment volume increased 14.73% week - on - week to 29.07 million tons, at a neutral level. Projects in many northern regions are rushing to work, and the market is actively shipping, but funds are still a constraint [1]. - International situation: There will be a new round of economic and trade consultations between China and the United States. The US has imposed sanctions on important Russian oil companies, and the military confrontation between the US and Venezuela has escalated, causing a significant rebound in crude oil prices from a low level [1]. - Suggestion: The basis of asphalt in Shandong has dropped significantly from a high level in recent days and is currently at a moderately high level. It is recommended to cautiously observe the asphalt futures price [1]. 3.2 Futures and Spot Market Conditions - Futures: Today, the asphalt futures 2601 contract rose 0.92% to 3,299 yuan/ton, above the 5 - day moving average. The lowest price was 3,279 yuan/ton, the highest was 3,315 yuan/ton, and the open interest increased by 1,049 to 195,746 lots [2]. - Basis: The mainstream market price in Shandong has risen to 3,350 yuan/ton, and the basis of the asphalt 01 contract has dropped to 51 yuan/ton, at a moderately high level [3]. 3.3 Fundamental Tracking - Supply side: The capacity utilization rate of asphalt dropped 4.7 percentage points to 31.1% week - on - week, 2.4 percentage points higher than the same period last year, at a relatively low level in recent years [4]. - Demand - related investment data: From January to August, the national highway construction investment decreased 7.1% year - on - year. From January to September 2025, the cumulative year - on - year growth rate of fixed - asset investment in road transportation was - 2.7%, slightly up from - 3.3% from January to August. The cumulative year - on - year growth rate of fixed - asset investment in infrastructure construction (excluding electricity) from January to September 2025 was 1.1%, down from 2.0% from January to August [4]. - Social financing: From January to September 2025, the year - on - year growth rate of social financing stock was 8.7%, 0.1 percentage points lower than that from January to August. In September, the new social financing reached 3.53 trillion yuan, but with a high base, it was 233.5 billion yuan less year - on - year [4].

Core Insights - The company, Maohua Shihua (000637), reported a revenue of 823 million yuan for Q3 2025, reflecting a year-on-year decline of 11.88% [1] - The net profit for the same period was -11.07 million yuan, which represents a year-on-year increase of 45.76% [1] Financial Performance - Q3 2025 revenue: 823 million yuan, down 11.88% year-on-year [1] - Q3 2025 net profit: -11.07 million yuan, up 45.76% year-on-year [1]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - This week, the high - sulfur cracking of Singapore 380cst fluctuated at a high level. The near - month spread weakened, the basis weakened month - on - month, the EW spread continued to weaken, the high - sulfur in the ARA region strengthened, and the FU internal - external spread oscillated between 8 - 10 US dollars. The low - sulfur cracking weakened month - on - month but was at a historical low year - on - year. The month - spread weakened slightly, and the LU internal - external spread dropped to 7 - 8 US dollars. The basis stabilized in the second half of the week. From a fundamental perspective, Singapore's residue oil inventory increased, at a historical high year - on - year. The floating storage inventory stabilized after destocking, also at a high level year - on - year. The residue oil in the ARA region increased slightly, with inventory at a historical low for the same period. The EIA residue oil inventory increased slightly at a low level. The inventory in Fujairah increased month - on - month, at a low level year - on - year. The high - sulfur floating storage in the Middle East increased significantly this week. Recently, the high - sulfur spot in Singapore has weakened, but the cracking is supported by raw material procurement, with limited short - term downside. It is expected that the 380 cracking will maintain an oscillating pattern. The FU internal - external spread should be viewed within a range recently, and the end - point of the 01 contract is bearish. This week, the LU futures remained weak. In the fourth quarter, the overseas low - sulfur market has a short - selling pattern on rallies, and the internal - external spread should focus on quota usage [3][6] Group 3: Data Summaries Rotterdam Fuel Oil Swap Data - From October 17 to October 23, 2025, the 3.5% HSF O swap M1 in Rotterdam increased from 367.92 to 395.67, a change of 21.78; the 0.5% VLS FO swap M1 increased from 393.96 to 420.75, a change of 18.09; the HSFO - Brent M1 changed from - 2.92 to - 2.95, a change of 0.17; the 10ppm Gasoil swap M1 increased from 607.89 to 677.93, a change of 45.67; the VLSFO - GO M1 changed from - 213.93 to - 257.18, a change of - 27.58; the VLSFO - H SFO M1 changed from 22.57 to 25.08, a change of 2.48; the VLSFO - H SFO M1 spread changed from 26.04 to 25.08, a change of - 3.69 [1] Singapore Fuel Oil Swap Data - From October 17 to October 23, 2025, the Singapore 380cst M1 increased from 359.76 to 384.53, a change of 17.57; the Singapore 180cst M1 increased from 369.96 to 392.53, a change of 17.57; the Singapore VLSFO M1 increased from 420.01 to 442.26, a change of 10.97; the Singapore GO M1 increased from 80.60 to 88.08, a change of 4.36; the Singapore 380cst - Brent M1 changed from - 3.71 to - 3.34, a change of 0.76; the Singapore VLSFO - GO M1 changed from - 176.43 to - 209.53, a change of - 21.29 [1] Singapore Fuel Oil Spot Data - From October 17 to October 23, 2025, the FOB 380cst in Singapore increased from 361.29 to 384.00, a change of 19.30; the FOB VLSFO increased from 421.95 to 438.50, a change of 11.20; the 380 basis changed from - 0.65 to - 0.73, a change of 0.73; the high - sulfur internal - external spread remained unchanged at 8.9; the low - sulfur internal - external spread increased from 6.8 to 6.9, a change of 0.1 [2] Domestic FU Data - From October 17 to October 23, 2025, the FU 01 increased from 2627 to 2752, a change of 61; the FU 05 increased from 2600 to 2701, a change of 53; the FU 09 increased from 2560 to 2640, a change of 44; the FU 01 - 05 spread increased from 27 to 51, a change of 8; the FU 05 - 09 spread increased from 40 to 61, a change of 9; the FU 09 - 01 spread changed from - 67 to - 112, a change of - 17 [2] Domestic LU Data - From October 17 to October 23, 2025, the LU 01 increased from 3064 to 3193, a change of 57; the LU 05 increased from 3099 to 3220, a change of 62; the LU 09 increased from 3110 to 3234, a change of 59; the LU 01 - 05 spread changed from - 35 to - 27, a change of - 5; the LU 05 - 09 spread changed from - 11 to - 14, a change of 3; the LU 09 - 01 spread changed from 46 to 41, a change of 2 [3]

Core Points - The stock of Maohua Shihua experienced a limit down today, with a turnover rate of 19.33% and a trading volume of 343 million yuan, showing a fluctuation of 8.33% [2] - Institutional investors net bought 18.70 million yuan, while brokerage seats collectively net sold 10.15 million yuan [2] - The stock was listed on the Shenzhen Stock Exchange's watch list due to a daily price deviation of -10.22% [2] Trading Data - The top five trading departments accounted for a total transaction of 97.65 million yuan, with a buying amount of 53.10 million yuan and a selling amount of 44.55 million yuan, resulting in a net buying of 8.55 million yuan [2] - Among the trading departments, two institutional special seats were present, with a total buying amount of 25.27 million yuan and a selling amount of 6.57 million yuan, leading to a net buying of 18.70 million yuan [2] Historical Performance - Over the past six months, the stock has appeared on the watch list seven times, with an average price drop of 3.13% the day after being listed and an average drop of 9.57% in the following five days [2] Capital Flow - The stock saw a net outflow of 24.77 million yuan in main funds today, with a significant outflow of 13.57 million yuan from large orders and 11.20 million yuan from big orders [2] - In the last five days, the main funds experienced a net inflow of 22.96 million yuan [2]

Core Viewpoint - Jiangsu Baoli International Investment Co., Ltd. is facing operational pressure in Q3, with a significant decline in revenue and net losses, prompting the company to adjust its business strategy and explore new directions for future growth [1][2]. Financial Performance - The company's revenue for the first three quarters was 1.067 billion yuan, a year-on-year decrease of 36.42% [1]. - The net loss attributable to shareholders was 10.1287 million yuan, with a net loss of 50.4023 million yuan after excluding non-recurring gains and losses [1][2]. - There is increased pressure on liquidity, with accounts receivable rising, impacting cash flow efficiency [2]. Business Operations - The main business areas include asphalt products and general aviation services, both of which have been affected by external economic conditions and industry demand [1]. - The asphalt sector has not met industry expectations, leading to a slowdown in business progress [1]. - However, there was a quarter-on-quarter recovery in business volume in Q3, indicating signs of stabilization [1]. Strategic Adjustments - The company is transitioning towards a light asset operation model in its general aviation business, reducing the scale of some aviation subsidiaries to improve resource utilization [1]. - Baoli International is also venturing into the semiconductor testing equipment sector by investing in a company focused on semiconductor technology research and development, marking a key step in diversifying its business [2]. - The company aims to stabilize its core business while exploring new fields aligned with policy directions and market trends, gradually advancing its transformation and upgrade [2].