Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Oil prices showed resilience, with Brent and WTI prices reaching $70.36 and $68.45 per barrel respectively as of July 11, 2025, supported by various factors including OPEC+ production increases and a decrease in refined oil inventories [2][8] - The report highlights a significant increase in oil prices, with Brent crude futures rising by $2.06 per barrel (+3.02%) and WTI crude futures increasing by $1.45 per barrel (+2.16%) in the week ending July 11, 2025 [28] - The report notes a decrease in U.S. crude oil production to 13.385 million barrels per day, a reduction of 48,000 barrels per day from the previous week [48] - 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 (CNPC) [2] Summary by Sections Oil Price Review - As of July 11, 2025, Brent crude futures settled at $70.36 per barrel, up $2.06 (+3.02%) from the previous week, while WTI crude futures settled at $68.45 per barrel, up $1.45 (+2.16%) [28][21] - The report indicates that the increase in oil prices is attributed to OPEC+ production adjustments and geopolitical factors affecting supply and demand [2][8] Offshore Drilling Services - The number of global offshore self-elevating drilling platforms increased to 385, with a net addition of 5 platforms, while the number of floating drilling platforms remained stable at 134 [33] U.S. Crude Oil Supply - U.S. crude oil production decreased to 13.385 million barrels per day, with active drilling rigs dropping to 424 [48][39] - The report notes an increase in the number of pressure pumping fleets to 180, indicating some activity in the sector despite the overall production decline [48] U.S. Crude Oil Demand - U.S. refinery crude processing decreased to 17.006 million barrels per day, with a refinery utilization rate of 94.70%, down 0.2 percentage points from the previous week [59] U.S. Crude Oil Inventory - As of July 4, 2025, total U.S. crude oil inventories rose to 829 million barrels, an increase of 7.308 million barrels (+0.89%) from the previous week [68] Refined Oil Prices - In North America, the average prices for diesel, gasoline, and jet fuel were $101.69, $91.13, and $94.08 per barrel respectively, with respective increases of $2.12, $2.86, and $1.96 [89][93]

Investment Rating - The industry investment rating is "Neutral" as the industry index is expected to be in line with the benchmark [127]. Core Insights - The price spread of refining products remains weak, with domestic key refining project price spread at 2534.93 CNY/ton, down by 101.49 CNY/ton (-3.85%) week-on-week, and international key refining project price spread at 1070.98 CNY/ton, down by 55.46 CNY/ton (-4.92%) [2][12]. - Brent crude oil weekly average price was 69.73 USD/barrel, with a week-on-week increase of 1.70% [2][12]. - The report highlights the impact of OPEC+ production increases and rising EIA crude oil inventories, which negatively affect market expectations, while U.S. tariff delays and Saudi Arabia's price adjustments provide some support to oil prices [13][12]. Refining Sector Summary - The refining sector is facing increased supply expectations due to OPEC+ production increases and rising crude oil inventories, which may negatively impact market conditions [13]. - Domestic refined oil prices have generally declined, while international prices have increased [13]. - The price spread for refined products in the domestic market has decreased, with diesel, gasoline, and aviation kerosene averaging 7174.29 CNY/ton, 8171.86 CNY/ton, and 6165.43 CNY/ton respectively [13]. Chemical Sector Summary - The chemical sector is experiencing overall price declines due to weak demand, with polyethylene prices showing limited increases despite cost support [48]. - EVA prices have decreased due to weak downstream demand, leading to price concessions from suppliers [48]. - The price of pure benzene has also decreased, with a narrowing price spread despite some market support from futures listings [48]. Polyester Sector Summary - The polyester sector is seeing a slight decline in price levels, with PX supply decreasing due to reduced operating rates in some factories [78]. - PTA prices have dropped, and the average profit per ton is negative, indicating challenging market conditions [90]. - The demand for polyester products is weak, with inventory levels rising and production cuts expected [89]. Performance of Major Refining Companies - As of July 11, 2025, the stock price changes for six major private refining companies were as follows: Rongsheng Petrochemical (+0.94%), Hengli Petrochemical (-1.62%), Dongfang Shenghong (+1.76%), Hengyi Petrochemical (+0.51%), Tongkun Co. (+3.51%), and Xin Fengming (+4.50%) [112][113]. - Over the past month, stock price changes were: Rongsheng Petrochemical (+1.18%), Hengli Petrochemical (-3.34%), Dongfang Shenghong (+4.71%), Hengyi Petrochemical (-1.00%), Tongkun Co. (+3.99%), and Xin Fengming (+6.91%) [112][113].

Company Overview - Founded in 2005, the company specializes in green chemicals with a production base located in the Ningbo Petrochemical Economic and Technological Development Zone, a key area for the petrochemical industry in China [2][3] - The company has established a wholly-owned subsidiary in Wuxi, focusing on the liquid cooling industry [2][3] Core Technologies and Production Capacity - The company has localized the application of Shell technology and developed several core technologies, establishing a research and innovation moat [3] - With two major production bases, the annual production capacity can reach 1 million tons, and the company has self-sufficient hydrogen production capabilities [3] Product Range and Applications - Main products include specialty oils, base oils, white oils, fuel oils, and asphalt, widely used in energy storage materials, ship refueling, lubricating oil processing, and rubber processing [3] - Continuous development of new products will expand application scenarios [3] Market Strategy and Innovation - The company has set up branches in Beijing, Singapore, and Zhoushan Free Trade Zone to quickly grasp global fuel information trends and link global procurement channels [3] - It is the only private refinery in China operating bonded high-sulfur fuel oil, breaking the reliance on imports for this product [3] Safety and Environmental Initiatives - Significant investments in safety and environmental protection from the outset, resulting in a factory with no odor and energy-saving effects that exceed industry standards [3] - Recognized as a national green factory and a national industrial product green design demonstration enterprise [3] Talent Acquisition - The company has gathered a management team with outstanding professional capabilities and rich practical experience across manufacturing, research and development, and safety and environmental protection [3] Subsidiary Establishment - Two wholly-owned subsidiaries, Ningbo Qihang New Materials Technology Co., Ltd. and Ningbo Qicheng New Materials Technology Co., Ltd., were established with a capital of RMB 1 million each, focusing on chemical-related businesses [4] Stock Issuance and Fund Utilization - The company plans to issue A-shares to specific investors, pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, with funds primarily for working capital and repaying bank loans [4] Industry Collaboration - Recent discussions with industry leaders focused on the company's transformation and development path in the context of industrial change, particularly in the liquid cooling sector [4] Liquid Cooling Sector Development - The company aims to leverage the explosive growth in national computing power demand by establishing a liquid cooling company and building a professional team to capture development opportunities [4] Financial Reporting - The company will release its semi-annual report on August 26, 2025, detailing the second-quarter profits [4]

Report Title - Asphalt: Demand Recovery, Sufficient Supply — 20250711 [1] Report Analysts - Zhang Yongge, Qualification No.: F0282934, Investment Consulting License No.: Z0011351 [2] - Zhang Yanwen, Qualification No.: F03088843 [2] Report Industry Investment Rating - Not provided Core Viewpoints - International oil prices are expected to remain low due to factors such as US sanctions on oil - producing countries and OPEC+ production increases. In the short term, there is uncertainty in the change of asphalt production capacity utilization rate, but overall supply is expected to show an increasing trend. The demand is in the critical period of the "14th Five - Year Plan", with infrastructure projects progressing steadily. The demand in the north may increase after reduced rainfall, while the demand recovery in the south is not obvious. In the short term, asphalt spot prices will mainly remain stable due to the game between cost and demand [5] Summary by Directory Spot Market - **Price**: As of July 10, the reference prices of asphalt in different regions vary. In Shandong, the refinery reference price is 3580 - 3700 yuan/ton, and the main - business reference price is 4050 - 4070 yuan/ton; in East China, the trucking transaction range is 3670 - 3850 yuan/ton; in North China, the heavy - traffic asphalt reference price is 3750 - 3760 yuan/ton; in Northeast China, the mainstream reference price is 3850 - 4080 yuan/ton; in South China, the heavy - traffic asphalt reference price is 3600 - 3680 yuan/ton; in Northwest China, the heavy - traffic asphalt reference price is 3650 - 4350 yuan/ton [3] - **Cost End**: The US plan to impose high tariffs on multiple countries has increased market concerns about demand prospects. The market expects OPEC+ to maintain a large production increase in September, raising concerns about supply surplus [3] - **Supply**: This week, some refineries in the Northwest and Southwest slightly increased production, and major refineries in South China and Shandong resumed asphalt production. The capacity utilization rate of 77 heavy - traffic asphalt enterprises was 32.7%, a 1.0% increase from the previous week. The weekly total asphalt output was 56.7 tons, a decrease of 0.8 tons or 1.4% from the previous week. Next week, Jiangsu Xinhai is expected to resume production, but some refineries in Shandong will continue to switch to producing residual oil, and main - business refineries in East China will operate at low loads [3] Demand - The total shipment volume of domestic asphalt enterprises was 39.8 tons, a 2.6% increase from the previous week. The shipment volume growth in East and Southwest China was prominent. In East China, the main refineries mainly shipped by ship, which increased the shipment volume; in Southwest China, some refineries increased production capacity and sold some goods externally, promoting the increase in shipment volume. The capacity utilization rate of modified asphalt was 14.4%, a 0.4% increase from the previous week. Next week, due to rainfall in some southern regions, the actual rigid demand is limited, while in the north, with less rainfall, market demand is expected to be slightly supported [4] Market Outlook - International oil prices are expected to remain low. The supply may increase, and the demand in the north may be slightly supported after reduced rainfall, while the demand recovery in the south is not obvious. In the short term, asphalt spot prices will mainly remain stable due to the game between cost and demand [5] Data Sources - Steel Union, Longzhong Information, Hongye Financial Research Institute [8][10][12]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. 3. Summary by Relevant Catalogs Futures Contracts - The price of BU main contract on 7/10 was 3629, with a daily change of 6 and an interval change of 58 [4]. - The price of BU06 on 7/10 was 3370, with a daily change of 16 and an interval change of 100 [4]. - The price of BU09 on 7/10 was 3629, with a daily change of 6 and an interval change of 58 [4]. - The price of BU12 on 7/10 was 3447, with a daily change of 7 and an interval change of 70 [4]. - The price of BU03 on 7/10 was 3384, with a daily change of 1 and an interval change of 69 [4]. Trading Volume and Open Interest - The trading volume on 7/10 was 176,852, a decrease of 46,382 from the previous day and a decrease of 30,278 from the interval [4]. - The open interest on 7/10 was 471,972, an increase of 2,951 from the previous day and a decrease of 12,902 from the interval [4]. Spot Prices - The low - end price in the Shandong market on 7/10 was 3580, a decrease of 20 from the previous day and an increase of 20 from the interval [4]. - The low - end price in the East China market on 7/10 was 3670, with no daily change and an increase of 20 from the interval [4]. - The low - end price in the South China market on 7/10 was 3600, with no daily and interval change [4]. - The low - end price in the North China market on 7/10 was 3750, with no daily and interval change [4]. - The low - end price in the Northeast market on 7/10 was 3850, with no daily change and a decrease of 50 from the interval [4]. Basis and Spread - The Shandong basis on 7/10 was - 49, a decrease of 26 from the previous day and a decrease of 38 from the interval [4]. - The East China basis on 7/10 was 41, a decrease of 6 from the previous day and a decrease of 38 from the interval [4]. - The South China basis on 7/10 was - 29, a decrease of 6 from the previous day and a decrease of 28 from the interval [4]. - The 03 - 06 spread on 7/10 was 14, a decrease of 15 from the previous day and a decrease of 31 from the interval [4]. - The 06 - 09 spread on 7/10 was - 259, an increase of 10 from the previous day and an increase of 42 from the interval [4]. - The 09 - 12 spread on 7/10 was 182, a decrease of 1 from the previous day and a decrease of 12 from the interval [4]. - The 12 - 03 spread on 7/10 was 63, an increase of 6 from the previous day [4]. Crack Spread and Profit - The asphalt Brent crack spread on 7/10 was - 97, a decrease of 21 from the previous day and a decrease of 59 from the interval [4]. - The asphalt Ma Rui profit on 7/10 was - 157, a decrease of 18 from the previous day and a decrease of 53 from the interval [4]. - The ordinary refinery comprehensive profit on 7/10 was 419, a decrease of 10 from the previous day and a decrease of 46 from the interval [4]. - The import profit (South Korea - East China) on 7/10 was - 153, with no daily change and an increase of 12 from the interval [4]. - The import profit (Singapore - South China) on 7/10 was - 961, an increase of 2 from the previous day and a decrease of 7 from the interval [4]. Related Prices - The Brent crude oil price on 7/10 was 70.2, with no daily change and an increase of 1.4 from the interval [4]. - The gasoline market price in Shandong on 7/10 was 7831, with no daily change and an increase of 81 from the interval [4]. - The diesel market price in Shandong on 7/10 was 6788, a decrease of 23 from the previous day and a decrease of 19 from the interval [4]. - The residue oil market price in Shandong on 7/10 was 3625, an increase of 10 from the previous day and a decrease of 15 from the interval [4].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - Fundamental analysis shows a short - term bearish outlook for asphalt due to high supply pressure and weak demand recovery. However, high - level crude oil prices provide some support. The market is expected to fluctuate narrowly in the short term, with the asphalt 2509 contract fluctuating in the range of 3592 - 3654 [8][10][15] - Bullish factors include relatively high crude oil costs, which provide some support. Bearish factors are insufficient demand for high - priced goods, overall downward demand, and increasing expectations of an economic recession in Europe and the United States [13][14] 3. Summary According to the Directory 3.1 Daily Views - **Supply Side**: In June 2025, the domestic total planned asphalt production was 2.398 million tons, with a month - on - month increase of 3.5% and a year - on - year increase of 12.7%. This week, the sample capacity utilization rate of domestic petroleum asphalt was 33.1376%, a month - on - month increase of 0.359 percentage points. Refineries have increased production recently, increasing supply pressure, but supply pressure may decrease next week [8] - **Demand Side**: The current demand is lower than the historical average. The heavy - traffic asphalt开工率 was 31.7%, a month - on - month increase of 0.01 percentage points; the construction asphalt开工率 was 18.2%, unchanged from the previous month; the modified asphalt开工率 was 14.0382%, a month - on - month decrease of 0.72 percentage points; the road - modified asphalt开工率 was 26%, a month - on - month increase of 2.00 percentage points; and the waterproofing membrane开工率 was 33%, a month - on - month decrease of 6.00 percentage points [8] - **Cost Side**: The daily asphalt processing profit was - 452.13 yuan/ton, a month - on - month decrease of 14.00%. The weekly delayed coking profit of Shandong local refineries was 1113.1829 yuan/ton, a month - on - month increase of 7.54%. The loss of asphalt processing decreased, and the profit difference between asphalt and delayed coking increased. With the strengthening of crude oil, it is expected to provide short - term support [9] - **Expectation**: It is expected that the asphalt market will fluctuate narrowly in the short term, with the asphalt 2509 contract fluctuating in the range of 3592 - 3654 [10] 3.2 Asphalt Market Overview - The report provides yesterday's market overview, including data on various contracts such as 01 - 12 contracts, covering indicators such as futures closing prices, price changes, basis, weekly production, and weekly operating rates [18] 3.3 Asphalt Futures Market - Basis Trend - The report shows the historical trends of Shandong and East China asphalt basis from 2020 to 2025, reflecting the relationship between spot and futures prices [21] 3.4 Asphalt Futures Market - Spread Analysis - **主力合约价差**: It presents the historical trends of 1 - 6 and 6 - 12 contract spreads from 2020 to 2025, which is helpful for analyzing the price differences between different contracts [25] - **沥青原油价格走势**: It shows the historical price trends of asphalt, Brent crude oil, and WTI crude oil from 2020 to 2025, reflecting the relationship between asphalt and crude oil prices [27] - **原油裂解价差**: It presents the historical trends of asphalt - SC, asphalt - WTI, and asphalt - Brent crude oil cracking spreads from 2020 to 2025, which is useful for analyzing the profitability of asphalt refining [30][31] - **沥青、原油、燃料油比价走势**: It shows the historical trends of the price ratios of asphalt, crude oil, and fuel oil from 2020 to 2025, helping to understand the relative price relationships among these products [35] 3.5 Asphalt Spot Market - Market Price Trends in Various Regions - It shows the historical price trend of Shandong heavy - traffic asphalt from 2020 to 2025, reflecting the price changes in the local asphalt market [37] 3.6 Asphalt Fundamental Analysis - **Profit Analysis**: - **沥青利润**: It presents the historical trend of asphalt profit from 2019 to 2025, showing the profitability of asphalt production [40] - **焦化沥青利润价差走势**: It shows the historical trend of the profit spread between coking and asphalt from 2020 to 2025, which is important for analyzing the profit differences between different refining processes [44] - **Supply Side**: - **出货量**: It shows the historical trend of weekly asphalt shipments from 2020 to 2025, reflecting the sales situation of asphalt [46] - **稀释沥青港口库存**: It presents the historical trend of domestic diluted asphalt port inventories from 2021 to 2025, which is related to the supply of raw materials [48] - **产量**: It shows the historical trends of weekly and monthly asphalt production from 2019 to 2025, reflecting the overall supply capacity of asphalt [51] - **马瑞原油价格及委内瑞拉原油月产量走势**: It presents the historical trends of the price of Marruán crude oil and the monthly production of Venezuelan crude oil, which is related to the supply of raw materials for asphalt production [56] - **地炼沥青产量**: It shows the historical trend of asphalt production from local refineries from 2019 to 2025, reflecting the production capacity of local refineries [58] - **开工率**: It presents the historical trend of weekly asphalt operating rates from 2021 to 2025, reflecting the production activity of asphalt [61] - **检修损失量预估**: It shows the historical trend of estimated maintenance losses from 2018 to 2025, which is related to the supply reduction caused by refinery maintenance [63] - **Inventory**: - **交易所仓单**: It presents the historical trend of exchange warehouse receipts from 2019 to 2025, reflecting the inventory situation in the futures market [66] - **社会库存和厂内库存**: It shows the historical trends of social and factory - level asphalt inventories from 2022 to 2025, reflecting the overall inventory situation [70] - **厂内库存存货比**: It presents the historical trend of the inventory - to - stock ratio in factories from 2018 to 2025, which is related to the inventory management of factories [73] - **进出口情况**: - It shows the historical trends of asphalt exports and imports from 2019 to 2025, as well as the historical trend of the import price difference of South Korean asphalt from 2020 to 2025, reflecting the international trade situation of asphalt [76][79] - **Demand Side**: - **石油焦产量**: It shows the historical trend of petroleum coke production from 2019 to 2025, which is related to the demand for asphalt in the related industries [82] - **表观消费量**: It presents the historical trend of asphalt apparent consumption from 2019 to 2025, reflecting the overall market demand [85] - **下游需求**: - It shows the historical trends of highway construction traffic fixed - asset investment, new local special bonds, and infrastructure investment completion year - on - year growth rate, as well as the sales volume of asphalt concrete pavers, the monthly operating hours of excavators, the sales volume of domestic excavators, and the sales volume of road rollers, reflecting the demand for asphalt in the downstream construction industry [88][92][94] - **沥青开工率**: - **重交沥青开工率**: It presents the historical trend of heavy - traffic asphalt operating rates from 2019 to 2025, reflecting the production activity of heavy - traffic asphalt [97] - **按用途分沥青开工率**: It shows the historical trends of construction asphalt, modified asphalt, and other types of asphalt operating rates from 2019 to 2025, reflecting the production activities of different types of asphalt [99] - **下游开工情况**: It presents the historical trends of the operating rates of shoe - material SBS - modified asphalt, road - modified asphalt, waterproofing membrane - modified asphalt, and other downstream products from 2019 to 2025, reflecting the demand for asphalt in the downstream industries [101][103] - **供需平衡表**: It provides the monthly asphalt supply - demand balance table from January 2024 to July 2025, including data on production, imports, exports, social inventories, and factory inventories, which is helpful for analyzing the overall supply - demand situation of the asphalt market [106]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The supply side has increased recently, raising supply pressure, but it is expected to reduce next week. The overall demand recovery is lower than expected and remains sluggish, with inventory continuously decreasing. Crude oil prices are rising, providing short - term cost support. The futures price of asphalt is expected to fluctuate narrowly in the short term, with the asphalt 2509 contract oscillating between 3558 - 3620 [8][10]. 3. Summary by Relevant Catalogs 3.1 Daily Views - **Supply**: In June 2025, the domestic total planned asphalt production was 2.398 million tons, a month - on - month increase of 3.5% and a year - on - year increase of 12.7%. This week, the sample capacity utilization rate of domestic petroleum asphalt was 33.1376%, a month - on - month increase of 0.359 percentage points. The sample enterprise output was 553,000 tons, a month - on - month increase of 1.10%, and the estimated device maintenance volume was 597,000 tons, a month - on - month decrease of 12.33%. Refineries have increased production recently, increasing supply pressure, but it may decrease next week [8]. - **Demand**: The heavy - traffic asphalt开工率 was 31.7%, a month - on - month increase of 0.01 percentage points; the construction asphalt开工率 was 18.2%, unchanged from the previous month; the modified asphalt开工率 was 14.0382%, a month - on - month decrease of 0.72 percentage points; the road - modified asphalt开工率 was 26%, a month - on - month increase of 2.00 percentage points; the waterproofing membrane开工率 was 33%, a month - on - month decrease of 6.00 percentage points. Overall, the current demand is lower than the historical average [8]. - **Cost**: The daily asphalt processing profit was - 452.13 yuan/ton, a month - on - month decrease of 14.00%. The weekly delayed coking profit of Shandong local refineries was 1,113.1829 yuan/ton, a month - on - month increase of 7.54%. The asphalt processing loss decreased, and the profit difference between asphalt and delayed coking increased. Crude oil prices are rising, and short - term support is expected to strengthen [9]. - **Inventory**: On July 8, the social inventory was 1.318 million tons, a month - on - month decrease of 2.08%; the factory inventory was 748,000 tons, a month - on - month increase of 4.03%; the port diluted asphalt inventory was 160,000 tons, a month - on - month decrease of 30.43%. Social inventory is continuously decreasing, factory inventory is continuously increasing, and port inventory is continuously decreasing [11]. - **Expected**: The futures price of asphalt is expected to fluctuate narrowly in the short term, with the asphalt 2509 contract oscillating between 3558 - 3620 [10]. 3.2 Asphalt Futures Market Analysis - **Base - spread**: On July 8, the Shandong spot price was 3,825 yuan/ton, and the 09 - contract base - spread was 236 yuan/ton, with the spot price higher than the futures price [11]. - **Spread Analysis**: Analyzed the price trends and spreads of asphalt, crude oil, and fuel oil, including the price trends of asphalt and Brent oil, WTI oil, as well as the cracking spreads of asphalt and different types of crude oil, and the price - ratio trends of asphalt, crude oil, and fuel oil [27][30][34]. 3.3 Asphalt Spot Market Analysis - Presented the price trends of asphalt in different regions, such as the price trend of Shandong heavy - traffic asphalt [37]. 3.4 Asphalt Fundamental Analysis - **Profit Analysis**: Analyzed the profit trends of asphalt and the profit - spread trends between coking and asphalt [40][43]. - **Supply - side Analysis**: Included aspects such as shipment volume, diluted asphalt port inventory, production volume, Ma Rui crude oil price and Venezuelan crude oil monthly production, local refinery asphalt production, and capacity utilization rate [46][51][61]. - **Inventory Analysis**: Analyzed the exchange warehouse receipts, social inventory, factory inventory, and factory inventory inventory - ratio [66][70][73]. - **Import - Export Analysis**: Analyzed the export and import trends of asphalt and the import price - spread trends of South Korean asphalt [76][79][81]. - **Demand - side Analysis**: Covered aspects such as petroleum coke production, apparent consumption, downstream demand (including highway construction, new local special bonds, infrastructure investment, and downstream machinery demand), asphalt开工率, and downstream开工情况 [82][85][92]. - **Supply - Demand Balance Sheet**: Provided the monthly supply - demand balance sheet of asphalt, including monthly production, import, export, and downstream demand [106].

Core Viewpoint - Ukraine's intelligence agency reported a drone attack on a Russian oil refinery in the Krasnodar region, indicating ongoing military tensions and strategic targeting of energy infrastructure [1] Group 1: Attack Details - The drone strike targeted a technical workshop at the oil refinery, confirming the effectiveness of Ukraine's long-range drone capabilities [1] - Local media corroborated the reports of the refinery being attacked, highlighting the incident's significance in the context of the ongoing conflict [1] Group 2: Company and Industry Context - The attacked refinery is a major oil processing facility in southern Russia, involved in the reception, storage, and processing of hydrocarbons [1] - The refinery also plays a crucial role in the transportation of refined oil products via road and rail, emphasizing its importance in the regional energy supply chain [1]

Report Industry Investment Rating No relevant content provided. Core Views - Crude oil: The weak retaliatory action by Iran and the full ceasefire between Iran and Israel have significantly reduced the geopolitical risks in the Middle East, alleviating concerns about crude oil supply disruptions. However, the geopolitical risks in the Middle East cannot be completely ruled out. Crude oil has entered the seasonal travel peak season, and U.S. crude oil inventories have dropped to a low level. But the latest EIA report shows an unexpected increase in U.S. crude oil and gasoline inventories, and OPEC+ has agreed to increase oil production by 548,000 barrels per day in August. It is recommended to temporarily exit the previous short positions in crude oil [7][14]. - Bitumen: The bitumen开工率 has rebounded slightly, but the downstream demand is still affected by factors such as funds and weather. The geopolitical risks in the Middle East have cooled down, and OPEC+ plans to increase production in August, which puts pressure on the crude oil market sentiment. As it gradually enters the peak season, it is recommended to go long on the 09 - 12 spread of bitumen at low prices [8][81]. - PVC: The upstream calcium carbide price has been slightly reduced. The PVC开工率 has decreased slightly, and the downstream demand has not improved substantially. The inventory pressure is still large, and the real - estate market improvement still takes time. It is expected that PVC will fluctuate at a low level in the near future, and it is mainly recommended to go short at high prices [9][100]. - L&PP: The plastic and PP开工率 have declined to a moderately low level. The downstream demand is weak, and the inventory pressure is still large. The U.S. government's cancellation of ethane - related restrictions is beneficial to the recovery of Sino - U.S. trade. It is expected that polyolefins will fluctuate at a low level, and attention should be paid to the progress of the global trade war [10][126]. Summaries According to Related Catalogs Crude Oil - Supply: OPEC's crude oil production increased in April and May 2025, mainly driven by Saudi Arabia. U.S. crude oil production decreased slightly in the week ending June 27, 2025, and the strategic petroleum reserve inventory increased [20]. - Demand: According to the latest data from the U.S. Energy Agency, the four - week average supply of U.S. crude oil products increased, but was lower than the same period last year. Gasoline weekly demand decreased, while diesel weekly demand increased [36]. - Inventory: As of the week ending June 27, 2025, U.S. crude oil and gasoline inventories increased unexpectedly, while Cushing crude oil inventory decreased [45]. - Geopolitical Risks: The ceasefire between Iran and Israel has reduced geopolitical risks, but risks still exist, such as Iran's uranium - enrichment activities and the situation in the Israel - Hamas negotiations [49][52]. Bitumen - Supply: The bitumen开工率 rebounded slightly last week, and the expected production in July is expected to increase compared with the previous month and the same period last year [67][81]. - Demand: The downstream demand for bitumen is affected by factors such as funds and weather. The road - bitumen开工率 increased slightly, but is still at a relatively low level [74]. - Inventory: As of the week ending July 4, 2025, the bitumen refinery inventory - to - sales ratio increased slightly, but is still at the lowest level in recent years [78]. PVC - Supply: The PVC开工率 decreased slightly, and new production capacity is about to be put into operation. The upstream calcium carbide price has been slightly reduced [91][100]. - Demand: The downstream demand for PVC has not improved substantially, and the real - estate market improvement still takes time. The export of PVC to India is restricted by policies and the rainy season [9][100]. - Inventory: As of the week ending July 3, 2025, PVC social inventory increased slightly and is still at a relatively high level [97]. L&PP - Supply: The plastic and PP开工率 have declined. New production capacity has been put into operation, and recent maintenance devices have increased, alleviating some pressure [112][126]. - Demand: The downstream demand for polyolefins is weak. The PE and PP downstream开工率 are at relatively low levels, and the recovery is slow [118][126]. - Inventory: The petrochemical inventory is at a moderately low level, and the de - stocking speed is average [123][126].

荣盛石化（002493）公告，截至本公告披露日，控股股东荣盛控股通过深交所交易系统以集中竞价方式 累计增持公司股份7369.59万股，占目前公司总股本的0.73%，增持金额约为6.17亿元。本次增持计划尚 未实施完毕，荣盛控股将继续按照增持计划增持公司股份。 ...