2025年12月8日国内成品油价格按机制调整 近期国际市场油价波动运行，根据12月8日的前10个工作日平均价格与上次调价前10个工作日平均价格对比情况，按照现行成品油价格机制，自12月8日24 时起，国内汽、柴油价格（标准品，下同）每吨均降低55元。调整后，各省（区、市）和中心城市汽、柴油最高零售价格见附表。 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。 附：各省区市和中心城市汽、柴油最高零售价格 | 各省区市和中心城市汽、柴油最高零售价格 | | --- | | | | 单位:元/吨 | | --- | --- | --- | | | 汽油(标准品) | 柴油(标准品) | | 实行一省一价的地区 | | | | 北京市 | 8520 | 7530 | | 天津市 | 8485 | 7495 | | 河北省 | 8485 | 7495 | | 山西省 | 8555 | 7550 | | 辽宁省 | 8485 ...

研究咨询部苏妙达 执业资格证号：F03104403/Z0018167 发布时间：2025年12月08日 投资有风险，入市需谨慎，本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 冠通期货研究报告 --沥青周报 分析师苏妙达：F03104403/Z0018167 投资有风险，入市需谨慎。 行情分析 供应端，上周沥青开工率环比回升0.1个百分点至27.9%，较去年同期低了1.0个百分点，仍处于近年同期最低水 平。据隆众资讯数据，12月份国内沥青预计排产215.8万吨，环比减少7.0万吨，减幅为3.1%，同比减少34.4万吨， 减幅为13.8%。上周，沥青下游各行业开工率涨跌互现，其中道路沥青开工环比持平于29%，受到资金和天气制约。 上周，全国出货量环比增加7.06%至28.06万吨，处于中性水平。沥青炼厂库存存货比环比下降，仍处于近年来同期 的最低位附近。特朗普政府极力促成俄乌停火，泽连斯基表明对和谈持开放态度，不过近期俄乌和谈达成可能性不 大，里海管道联盟2号单点系泊严重受损，原油价格低位震荡。委内瑞拉Jose工业区发生火灾，20万桶/日的蒸馏装 置停运，不过美方对委内瑞拉军事威胁之下，稀释沥青贴 ...

中石油哈尔滨分公司8日发布消息， 根据国家发展改革委通知， 9日零时起， 来源：哈尔滨新闻网 记者：节永志 编辑：马云鹏 95号汽油售价每升下调0.04元，为7.33元/升； 98号汽油每升下调0.05元，为8.31元/升； -35号柴油每升下调0.06元，为7.26元/升。 哈市各号汽柴油价格均有所下调， 其中92号汽油售价每升下调0.05元。 记者粗略计算，此次油价调整后， 以一辆50升油量小汽车加满92号汽油为例，将比此前少花2.5元。 ...

Core Viewpoint - The domestic prices of gasoline and diesel in China will decrease by 55 yuan per ton starting from December 8, 2025, due to fluctuations in international oil prices and the application of the current pricing mechanism [1] Group 1: Price Adjustment - The average price comparison of the first 10 working days before December 8 led to the decision to lower fuel prices [1] - The new maximum retail prices for gasoline and diesel across provinces and major cities will be provided in an attached table [1] Group 2: Market Stability and Compliance - Major oil companies, including PetroChina, Sinopec, and CNOOC, are required to ensure stable supply and adhere to national pricing policies [1] - Local authorities are tasked with increasing market supervision and strictly enforcing compliance with national pricing regulations to maintain normal market order [1] - Consumers are encouraged to report price violations through the 12315 platform [1]

瑞达期货（002961）：燃料油盘面反弹空间受限制 预计美联储将于下周降息，提振经济和需求预期，叠加地缘局势不稳定，国际油价上涨，对化工品成本 构成支撑。供应方面，主营炼厂因检修开工率承压，地炼则因元旦备货高峰提前提负，供应格局呈现区 域分化。库存方面，山东地区油浆及渣油库存下降，蜡油库存则继续上涨。需求端除河北地炼采购积极 外，其他地区出货承压，全国成交量和船燃采购量均有所减少。总体而言，短期基本面略有好转，而低 硫因科威特短期供应相对紧张有所支撑跌幅较小。综上，高低硫燃料油自身供需面有压力，盘面反弹空 间受限制；技术上，燃料油延续震荡筑底态势，其中fu主力合约夜盘涨9收于2470元/吨，LU主力合约夜 盘涨36收于3048元/吨，整体跟随原油震荡运行为主。观望。 12月8日盘中，燃料油期货主力合约遭遇一波急速上涨，最高上探至2515.00元。截止发稿，燃料油主力 合约报2511.00元，涨幅2.03%。 瑞达期货 燃料油盘面反弹空间受限制 燃料油期货主力涨超2%，对于后市行情如何，相关机构该如何评价？ 国投安信期货：燃料油整体呈现震荡走势 机构 核心观点 近期燃料油市场整体呈现弱势震荡格局，高低硫裂解价差 ...

Core Insights - The company is focusing on technological innovation to enhance its "reduce oil and increase specialty" and "dual carbon and three new" development strategies, aiming for high-end, differentiated, and diversified industrial chain advancement [1] Group 1: New Product Development - The company has developed 11 new products that have generated over 100 million yuan in efficiency gains from January to November, achieving breakthroughs in the new energy and new materials sectors [1] - The first batch of EV140 cooling liquid products for electric vehicle charging stations has been shipped, showcasing the company's advancements in oil-based immersion liquid cooling technology [2] - The cooling liquid product can operate stably in extreme temperatures from -40°C to 65°C, is non-toxic, biodegradable, and has a core component lifespan 50% longer than traditional air-cooled devices [2] Group 2: Market Expansion - The sales volume of petroleum coke has increased by 17.59% year-on-year, reaching a historical high, as it is a key raw material for photovoltaic panels, electrodes, and lithium battery anodes [3] - The company has improved the quality of petroleum coke by optimizing formulations and adjusting process parameters, addressing previous challenges related to quality decline [3] - The company has successfully developed petroleum coke specifically for lithium-ion battery anodes, meeting customer demands and achieving industrial production [3] Group 3: High-End Product Development - The company has developed five high-end white oil products that meet import quality standards, becoming a new growth point for efficiency [4] - The customized white oil for defoamers has shown excellent performance in key indicators and has seen increasing procurement volumes since its trial in March [4] - As the largest high-end white oil production base in the country, the company has established a diverse product chain covering over 40 products across various sectors, capturing a significant share of the domestic high-end white oil market [4]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - This week, the high - sulfur crack in Singapore fluctuated, the monthly spread ran at a historical low, strengthened slightly on Friday, the basis weakened and then strengthened slightly on Friday. The European HSFO crack fluctuated weakly and the EW spread fluctuated. The 0.5% crack in Singapore weakened, the monthly spread and basis fluctuated at a low level. In terms of inventory, Singapore residue oil had a slight inventory build - up, high - sulfur floating storage had a slight inventory draw - down, ARA residue oil had a slight inventory build - up, Fujairah residue oil had a significant inventory build - up, high - sulfur floating storage had an inventory draw - down, and EIA residue oil had a slight inventory build - up. With the increasing expectation of Russia - Ukraine peace talks, the crack spreads of gasoline and diesel in the external market continued to fall this week, and the price difference between low - sulfur fuel oil and diesel continued to rebound. After the Al Zour refinery shut - down due to a fire on October 21st, the external low - sulfur fuel oil was supported, but the short - term upside space was limited. The global heavy - oil market entered the off - season with inventory build - up, the external crack spreads were affected by crude oil price fluctuations, and there was no improvement in the spot market. FU01 should be treated bearishly. The valuation of low - sulfur fuel oil was low, but there was no driving force [5][6]. Group 3: Data Summary Rotterdam Fuel Oil Swap Data | Type | 2025/12/01 | 2025/12/02 | 2025/12/03 | 2025/12/04 | 2025/12/05 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O swap M1 | 352.55 | 348.23 | 348.42 | 347.85 | 348.81 | 0.96 | | Rotterdam 0.5% VLS FO swap M1 | 394.14 | 390.52 | 390.01 | 388.30 | 391.67 | 3.37 | | Rotterdam HSFO - Brent M1 | - 7.12 | - 7.51 | - 7.90 | - 8.06 | - 8.45 | - 0.39 | | Rotterdam 10ppm Gasoil swap M1 | 645.54 | 645.64 | 632.71 | 632.46 | 648.64 | 16.18 | | Rotterdam VLSFO - Gasoil M1 | - 251.40 | - 255.12 | - 242.70 | - 244.16 | - 256.97 | - 12.81 | | LGO - Brent M1 | 25.52 | 26.31 | 24.34 | 23.85 | 25.44 | 1.59 | | Rotterdam VLSFO - HSFO M1 | 41.59 | 42.29 | 41.59 | 40.45 | 42.86 | 2.41 | [3] Singapore Fuel Oil Swap Data | Type | 2025/12/01 | 2025/12/02 | 2025/12/03 | 2025/12/04 | 2025/12/05 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 350.01 | 349.17 | 345.72 | 343.12 | 349.04 | 5.92 | | Singapore 180cst M1 | 358.26 | 356.17 | 350.42 | 350.87 | 355.79 | 4.92 | | Singapore VLSFO M1 | 425.66 | 424.47 | 419.63 | 418.98 | 421.83 | 2.85 | | Singapore Gasoil M1 | 85.73 | 84.91 | 83.93 | 83.91 | 84.31 | 0.40 | | Singapore 380cst - Brent M1 | - 7.95 | - 7.76 | - 7.87 | - 8.37 | - 7.76 | 0.61 | | Singapore VLSFO - Gasoil M1 | - 208.74 | - 203.86 | - 201.45 | - 201.95 | - 202.06 | - 0.11 | [3] Singapore Fuel Oil Spot Data | Type | 2025/12/01 | 2025/12/02 | 2025/12/03 | 2025/12/04 | 2025/12/05 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 338.62 | 337.62 | 334.01 | 334.75 | - | - | | FOB VLSFO | 425.18 | 423.98 | 418.67 | 418.44 | - | - | | 380 basis | - 7.00 | - 8.10 | - 7.15 | - 5.70 | - | - | | High - sulfur domestic - foreign price difference | 6.1 | - 1.2 | - 2.1 | 0.7 | 0.4 | - 0.3 | | Low - sulfur domestic - foreign price difference | 1.2 | 1.0 | 2.8 | 2.8 | 5.1 | 2.3 | [4] Domestic FU Data | Type | 2025/12/01 | 2025/12/02 | 2025/12/03 | 2025/12/04 | 2025/12/05 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2495 | 2469 | 2437 | 2442 | 2455 | 13 | | FU 05 | 2552 | 2532 | 2499 | 2505 | 2525 | 20 | | FU 09 | 2527 | 2504 | 2468 | 2476 | 2490 | 14 | | FU 01 - 05 | - 57 | - 63 | - 62 | - 63 | - 70 | - 7 | | FU 05 - 09 | 25 | 28 | 31 | 29 | 35 | 6 | | FU 09 - 01 | 32 | 35 | 31 | 34 | 35 | 1 | [4] Domestic LU Data | Type | 2025/12/01 | 2025/12/02 | 2025/12/03 | 2025/12/04 | 2025/12/05 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3049 | 3030 | 3010 | 3009 | 3018 | 9 | | LU 05 | 3068 | 3053 | 3021 | 3029 | 3037 | 8 | | LU 09 | 3095 | 3086 | 3060 | 3062 | 3062 | 0 | | LU 01 - 05 | - 19 | - 23 | - 11 | - 20 | - 19 | 1 | | LU 05 - 09 | - 27 | - 33 | - 39 | - 33 | - 25 | 8 | | LU 09 - 01 | 46 | 56 | 50 | 53 | 44 | - 9 | [5]

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry, consistent with the previous rating [1]. Core Insights - International oil prices experienced slight fluctuations due to geopolitical factors, with Brent and WTI prices reaching $63.75 and $60.08 per barrel, respectively, as of December 5, 2025 [2][9]. - The report highlights an increase in U.S. crude oil production to 13.815 million barrels per day, with active drilling rigs rising to 413 [40]. - The refining capacity utilization in the U.S. increased to 94.10%, indicating strong demand for crude oil processing [51]. - The report identifies key companies in the sector, including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [3]. Summary by Sections Oil Price Review - As of December 5, 2025, Brent crude futures settled at $63.75 per barrel, up $1.37 (+2.20%) from the previous week, while WTI crude futures rose to $60.08 per barrel, an increase of $1.53 (+2.61%) [26]. Offshore Drilling Services - The number of global offshore self-elevating drilling platforms increased to 368, with a net addition of 2 platforms, while floating drilling platforms rose to 130 [29]. Crude Oil Supply - U.S. crude oil production reached 13.815 million barrels per day, with a slight increase of 0.1 million barrels per day from the previous week [40]. Crude Oil Demand - U.S. refinery crude oil processing volume increased to 16.876 million barrels per day, with a utilization rate of 94.10% [51]. Crude Oil Inventory - As of November 28, 2025, total U.S. crude oil inventories stood at 839 million barrels, reflecting a weekly increase of 824,000 barrels (+0.10%) [60]. Refined Oil Prices - In the North American market, as of December 5, 2025, average prices for diesel, gasoline, and jet fuel were $97.93, $77.61, and $87.74 per barrel, respectively [82].

Report Industry Investment Rating - Not provided in the document Core Views of the Report - The mid - term weakness of crude oil may not support large - scale winter storage of asphalt. Refinery profits offer limited room for price cuts, suppressing the enthusiasm for winter storage, which may face a "lack of volume" problem. The winter storage policy in Shandong is expected to be announced next week, with prices likely around 2750 - 2830 yuan/ton [2]. - This week, the overall asphalt supply slightly decreased due to adjustments in North China refineries. The demand improved as prices dropped, mainly consuming social inventories. The peak season in the south did not exceed expectations. Factory inventories slightly increased, while social inventories decreased. Crude oil prices were weakly volatile, and the spot basis continued to weaken. In the long - term, northern demand will end with falling temperatures, while southern demand may increase after rainfall decreases [3]. - The asphalt market is expected to be weakly volatile in the short term, and attention should be paid to winter storage and whether refineries will adjust prices to stimulate purchases. The long - term market will be affected by macro factors, policies, winter storage, and geopolitical situations [8]. Summary by Relevant Catalogs Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - The mid - term weakness of crude oil and limited refinery profit margins may lead to insufficient winter storage volume. The winter storage price in Shandong is expected to be around 2750 - 2830 yuan/ton. After the policy is announced, it may be the valuation anchor for BU01. Options sellers can be used for two - way strategies, or opportunities for long - position in BU03 basis can be considered [2]. - Other factors remain unchanged. Supply decreased slightly this week, demand improved as prices dropped, and the market is in a weakly volatile state. Attention should be paid to winter storage and price adjustments by refineries [3]. 1.2 Trading - Type Strategy Recommendations - The market is expected to be weakly volatile. Technical analysis suggests paying attention to the pressure level of 3050 and support level of 2950 for BU2601. The basis is expected to be bearish, the monthly spread may weaken seasonally, and there is no obvious driver for the crack spread between asphalt and crude oil, so it is recommended to wait and see [12]. 1.3 Industrial Customer Operation Recommendations - For inventory management, when product inventories are high, short - selling asphalt futures or selling call options can be used to lock in profits and reduce costs. For procurement management, when inventory is low, buying asphalt futures or selling put options can be used to lock in purchase costs and reduce expenses [11]. Chapter 2: This Week's Important Information and Next Week's Attention Events 2.1 This Week's Important Information - **Domestic Asphalt Market Review**: Prices in South China, Shandong, Northwest, Northeast, and North China decreased by 25 - 350 yuan/ton this week. Northern demand decreased, and some refineries in the Northwest offered low - price winter storage. In South China, supply increased, and prices decreased. The East China market had sufficient supply [18]. - **Spot Market Outlook**: Asphalt consumption is entering the off - season, demand is under pressure, Shandong refineries have复产 plans, and the geopolitical premium of crude oil may decline [18]. 2.2 Next Week's Important Events to Follow - Geopolitical situation changes, including the shipping and arrival of Venezuelan crude oil, Russian crude oil exports, the possibility of the end of the Russia - Ukraine conflict, and changes in floating storage inventories at sea. Also, pay attention to the asphalt winter storage policy [20]. Chapter 3: Disk Interpretation 3.1 Price - Volume and Fund Interpretation - **Unilateral Trend and Fund Movement**: This week, the asphalt price fluctuated, and market sentiment was cautious. The net short - position of key profitable seats decreased, indicating that some institutions are more optimistic about the future, and the market may continue to fluctuate in the short term [22]. - **Basis Structure**: The asphalt basis structure weakened significantly this week, with the spot price close to the futures price. This is because spot trading was dull, and low - price contract resources supported market activity [26]. - **Monthly Spread Structure**: The monthly spread structure of asphalt continued to weaken, which is in line with the characteristics of the off - season [37]. Chapter 4: Valuation and Profit Analysis 4.1 Upstream and Downstream Profit Tracking in the Industry Chain - In the coking material market, the price of Shandong coking material increased by 75 to 3500 yuan/ton as of December 4. The profit of coking units improved, but high - price resource transactions were limited. The mainstream transaction price of Shandong heavy - traffic asphalt decreased by 25 to 2960 - 3450 yuan/ton. The demand decreased, supply increased, and the price may continue to fall. The price difference between asphalt and coking material widened, but most asphalt plants have no plans to switch to producing coking materials in the short term [41]. 4.2 Import and Export Profit Tracking - **South Korea Market**: The CIF price of South Korean asphalt in East China is 400 - 410 US dollars/ton, and the RMB duty - paid price is 3300 - 3380 yuan/ton. Some high - speed projects in East China are driving the consumption of imported asphalt, while demand in the North has decreased significantly [51]. - **New - Malaysia - Thailand Market**: The CIF price of Singaporean asphalt in South China is 500 - 520 US dollars/ton, and the RMB duty - paid price is 4030 - 4190 yuan/ton. The CIF price of Thai asphalt in South China is 515 - 525 US dollars/ton, and the RMB duty - paid price is 4150 - 4230 yuan/ton. The overall demand is stable, but the consumption of imported asphalt is limited due to competition from domestic resources [51]. Chapter 5: Supply - Demand and Inventory Deduction 5.1 Supply Side and Deduction - From January to October 2025, China's asphalt production was 2361 million tons, a year - on - year increase of 267 million tons or 13%. From January to November, the expected production is about 2585 million tons, a year - on - year increase of 260 million tons or 11% [54]. 5.2 Demand Side and Deduction - Most modified asphalt plants in the North have stopped production, while demand in the South has increased due to construction rush, leading to an increase in the local modified asphalt operating rate [74]. 5.3 Inventory Side and Deduction - Some social warehouses in the Northeast and Northwest will gradually receive refinery resources, and inventory levels will slowly rise. In the South, stable project construction has led to a continuous decline in social inventory levels [88]. 5.4 Supply - Demand Balance Sheet - The asphalt monthly supply - demand balance sheet shows the production, import, export, apparent consumption, actual demand, and inventory changes from January to October 2025 [111]. 5.5 Weather Outlook - In the next 10 days (December 6 - 15), many regions in China will have precipitation, with some areas having higher precipitation than the same period of the year, while some areas will have less precipitation [112].

Group 1 - The core viewpoint of the article highlights the current state and future projections of China's gasoline production, indicating a slight increase in production for October 2025 but an overall decline in cumulative production for the year [1][2]. - According to the National Bureau of Statistics, China's gasoline production in October 2025 is projected to be 13.46 million tons, representing a year-on-year increase of 1.7% [1]. - For the period from January to October 2025, the cumulative gasoline production in China is reported to be 129.533 million tons, reflecting a cumulative decrease of 4.5% compared to the previous year [1]. Group 2 - The article references a market analysis report by Zhiyan Consulting, which covers the development status and market forecast of the ethanol gasoline industry in China from 2025 to 2031 [1]. - Zhiyan Consulting is noted as a leading industry consulting firm in China, specializing in in-depth industry research reports and providing comprehensive industry solutions to support investment decisions [2].