Core Viewpoint - The liquid paraffin market in China is expected to grow from approximately 1.834 billion yuan in 2024 to 2.039 billion yuan in 2025, driven by increasing demand in skincare, cosmetics, lubricants, and preservatives, alongside a shift towards greener and more specialized products due to stricter environmental regulations and evolving consumer preferences [1][17]. Industry Overview - Liquid paraffin, also known as white oil, is derived from kerosene or diesel fractions and is characterized by its chemical stability and inertness, making it essential in various applications such as lubricants, cosmetics, pharmaceuticals, and food packaging [3][17]. - The industry is witnessing a transition towards green, high-end, and specialized products, with technological innovations and market demands driving growth [1][17]. Market Size and Growth - The Chinese liquid paraffin market is projected to reach approximately 1.834 billion yuan in 2024, with an expected increase to 2.039 billion yuan in 2025 [1][17]. - The skincare industry is a significant growth driver, with the market size for skincare products in China estimated at around 295.9 billion yuan in 2024, reflecting a year-on-year growth of 5.01% [14]. Import and Export Dynamics - In 2024, China imported 138,000 tons of liquid paraffin and heavy liquid paraffin, marking a year-on-year increase of 32.83%, with an import value of 1 billion yuan, up 23.93% [19]. - Exports of liquid paraffin and heavy liquid paraffin saw a significant decline, with only 750 tons exported in 2024, a drop of 93.12% year-on-year, attributed to weak international demand and increased trade barriers [19]. Industry Policies - The Chinese government is focusing on sustainable development in the paraffin industry, implementing policies to reduce environmental pollution and enhance resource efficiency [8]. - Recent guidelines aim to support the digital transformation of the petrochemical industry, promoting advanced technologies and improving management levels [8]. Industry Chain Structure - The liquid paraffin industry chain consists of upstream raw materials (primarily petroleum), midstream processing (distillation and cracking), and downstream applications in pharmaceuticals, cosmetics, and industrial products [11][13]. Key Companies - Major players in the liquid paraffin market include China Petroleum, China Petrochemical, and various regional refineries such as Fushun Petrochemical and Daqing Petrochemical, which are involved in the production and supply of liquid paraffin [22][24][25][27].

Core Viewpoint - The launch of the China Securities Commodity Index Company's first sector-based commodity futures index series, the China Securities Energy and Chemical Industry Futures Index Series, aims to objectively reflect the price trends and industrial cycle changes of China's energy and chemical industry, which accounts for over 40% of the global market [1][2]. Group 1: Index Characteristics - The series includes three specific indices: the China Securities Energy and Chemical Industry Futures Price/Index, the China Securities Energy Chemical Finished Product Futures Price/Index, and the China Securities Organic Chemical Product Futures Price/Index [2]. - The indices are based on domestic listed futures varieties, covering important products from both the futures and spot markets, thus providing a comprehensive view of the energy and chemical industry chain [2][3]. - The series focuses on different segments of the industry chain and selects mature products in the futures market, offering reliable market dynamics for enterprises and investors to hedge against price volatility [2][4]. Group 2: Impact on Enterprises - The index design balances macroeconomic commonalities and microeconomic characteristics, aiding production companies in planning production and sales strategies based on market supply and demand trends [3][4]. - The series is expected to enhance the pricing power of Chinese commodities in the global market, filling the gap in pricing benchmarks for the industry chain [4][9]. - The index's comprehensive coverage allows for better price signals, enabling companies to manage production and procurement more effectively [6][7]. Group 3: Market Dynamics - The correlation and hedging efficiency of six energy and chemical futures varieties have remained above 90% from 2021 to 2024, indicating the importance of the pricing mechanism for upstream and downstream enterprises [5]. - The index provides a more intuitive and macro price signal, facilitating smoother cooperation between suppliers and buyers in the commodity market [6][7]. - The index's introduction is seen as a significant step towards a more systematic and diversified commodity futures market in China, enhancing the overall risk management capabilities of the industry [4][9][10].

Market Overview - On July 9, the A-share market experienced a pullback after an initial rise, with the Shanghai Composite Index losing its earlier gains at the 3500-point mark, closing down 0.13% at 3493.05 points [1] - The Shenzhen Component Index fell 0.06% to close at 10581.80 points, while the ChiNext Index rose 0.16% to 2184.67 points [1] - Total trading volume in the Shanghai and Shenzhen markets reached 150.52 billion yuan, an increase of 51.2 billion yuan compared to the previous day [1] Sector Performance - The market saw more sectors decline than rise, with multi-financial, engineering consulting services, cultural media, medical services, and banking sectors showing the most significant gains [1] - Conversely, the insurance, small metals, precious metals, shipbuilding, and wind power equipment sectors experienced the largest declines [1] Individual Stock Performance - A total of 1856 stocks rose, with 61 hitting the daily limit, while 3327 stocks fell, with 6 hitting the lower limit [1] - Notable individual stock performances included Huayin Power and Jiuzi Tang hitting the daily limit, while Qidi Pharmaceutical rose over 9% [2] AI Education Sector - The knowledge payment sector saw the largest gains, driven by OpenAI's ChatGPT testing a new "learning together" mode, which enhances AI's role in education through interactive Q&A and personalized learning paths [2] - This technological breakthrough indicates a shift in AI education applications from simple knowledge retrieval to cognitive co-construction [2] Company Insights - Yueyang Xingchang, primarily engaged in the production of petroleum and petrochemical products, reported a net profit of 13.61 million yuan for Q1 2025, reflecting a year-on-year decline of 37% [3] - The company holds a 10% stake in the Jieyang Dongyue Chemical project, which is set to fully launch a 200,000-ton/year mixed waste plastic comprehensive utilization demonstration project, addressing waste plastic management challenges [3] - Yueyang Xingchang is recognized as the first domestic company to break the foreign monopoly on metallocene polypropylene catalyst technology, with its subsidiary Huizhou Litop currently ramping up production of qualified metallocene polypropylene products [3]

Group 1 - On July 8, New York crude oil futures for August rose by $0.4, settling at $68.33 per barrel, while Brent crude for September increased by $0.57, settling at $70.15 per barrel [1] - Asian isomer MX rose by $4 to $719 per ton FOB Korea, and Asian PX increased by $6 to $826 per ton FOB Korea and $847 per ton CFR China [1] - PTA futures experienced fluctuations on July 9, with Yisheng Petrochemical lowering PTA prices by $6 to $614 per ton [1] Group 2 - On July 9, the overall production and sales of polyester filament in Jiangsu and Zhejiang were weak, with an average sales rate above 40% [1] - The price range for semi-dull 1.4D direct-spun polyester was reported between 6,600 - 6,800 CNY per ton in Jiangsu, 6,800 - 6,950 CNY per ton in Fujian, and 6,700 - 6,900 CNY per ton in Shandong and Hebei [1] - The trading atmosphere for polyester chips was generally average, with mainstream transactions for semi-dull and bright chips around 5,780 - 5,850 CNY and 5,820 - 5,850 CNY per ton, respectively [1]

在工业生产与城市基础设施管理领域，巡检系统正逐步成为保障设备稳定运行、提升运维效率的关键支撑。随着物联网、大数据、人工智能等技术的深度融 合，巡检系统已从传统的人工记录模式，演变为集实时监测、智能分析、预测维护于一体的综合管理平台，为企业运维管理注入强劲动力。 一、巡检系统的核心功能 1. 实时监测与数据采集 巡检系统通过在设备关键部位部署传感器，实时采集温度、压力、振动、电流等运行参数，并将数据上传至云端管理平台。管理人员可通过电脑或移动终端 随时查看设备运行状态，实现远程监控与数据可视化。 2. 智能预警与故障诊断 系统内置智能算法，能够对采集到的数据进行实时分析，自动识别异常波动并触发预警机制。一旦发现设备运行参数超出设定阈值，系统立即通过短信、邮 件、APP推送等方式通知相关人员，帮助企业快速响应，避免故障扩大。 3. 巡检任务自动化管理 巡检系统支持巡检任务的自动派发与进度跟踪。管理人员可根据设备类型、运行环境及历史故障数据，灵活设定巡检周期与路线。巡检人员通过移动终端接 收任务，现场扫码签到并上传巡检结果，系统自动生成巡检报告，提升管理效率。 4. 数据分析与决策支持 系统对历史巡检数据进行深度挖 ...

Group 1 - In the first four months of 2025, Hunan Province's crude oil processing volume reached 245.7 million tons, a decrease of 17.4% compared to the same period in 2024, with a growth rate 25.1 percentage points lower than in 2024 and 18.2 percentage points lower than the national average [1] - The crude oil processing volume in April 2025 alone was 41.0 million tons, representing a decline of 47.7% year-on-year, with a growth rate 77.8 percentage points lower than in 2024 and 46.3 percentage points lower than the national average [2] - Hunan's crude oil processing accounted for approximately 1.0% of the national total of 24026.8 million tons in the first four months and 0.7% of the national total of 5803.4 million tons in April [1][2] Group 2 - The data pertains to large-scale industrial enterprises with annual main business income of 20 million yuan or more [6]

期 货 研 究 国 泰 君 安 期 货 研 究 所 对二甲苯：PTA 新装置投产在即，PX 供需仍 PX：据悉，华东一炼厂一套常减压装置着火，该工厂一套 70 万吨 PX 装置目前仍在运行中，后续是否 停车需要关注受灾程度。 市场参与者表示，价格上涨缺乏明显的看涨催化剂，可能是常规市场波动的一部分。 "今天的涨幅只是 [每日] 波动，"一位 PX 交易员说。 PTA：多 PX 空 PTA 止盈，月差反套 MEG：单边震荡市，月差逢低正套 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin@gtht.com | 期货 | PX 主力 | PTA 主力 | MEG 主力 | PF 主力 | SC 主力 | | --- | --- | --- | --- | --- | --- | | 昨日收盘价 | 6696 | 4710 | 4267 | 6518 | 510.7 | | 涨跌 | 6684 | 0 | -12 | 0 | 8.4 | | 涨跌幅 | 12 | 0.00% | -0.28% | 0.00% | 1.67% | | 月差 | PX9-1 | PTA9-1 | MEG9-1 | PF8 ...

Core Viewpoint - The launch of pure benzene futures and options on the Dalian Commodity Exchange is expected to enhance price discovery, risk management, and the overall competitiveness of the chemical industry in China [2][3][5]. Group 1: Market Overview - Pure benzene futures began trading on July 8, with the main contract closing at 5931 yuan/ton, reflecting a 0.53% increase from the opening price [2]. - China is the world's largest producer and consumer of pure benzene, with a total production capacity of approximately 33.11 million tons by the end of 2024 [7]. Group 2: Industry Significance - Pure benzene is a crucial intermediate in the chemical industry, linking upstream oil and coal resources to a wide range of downstream applications, including synthetic rubber and pharmaceuticals [3][4]. - The introduction of futures and options is seen as a necessary tool for companies to hedge against price volatility, thereby improving operational stability [5][6]. Group 3: Pricing and Risk Management - The current pricing mechanisms for pure benzene are primarily based on domestic supplier prices, Korean offshore prices, and styrene price differentials, which often leave domestic companies at a disadvantage [5][6]. - The futures market is expected to provide a more transparent pricing framework, gradually shifting pricing power towards domestic producers and enhancing China's influence in international markets [6][10]. Group 4: Supply and Demand Dynamics - The supply structure of pure benzene in China consists of approximately 80% from petroleum benzene and 20% from hydrogenated benzene, with production closely tied to refining operations and environmental regulations [3][7]. - Demand for pure benzene is projected to grow, with an average consumption growth rate of around 13% from 2020 to 2024, driven by downstream products like styrene [7][11]. Group 5: Future Outlook - The upcoming months are expected to see increased production and demand for pure benzene, particularly with new styrene production facilities coming online [11]. - Market participants are advised to consider strategies such as long positions in near-term contracts and short positions in longer-term contracts to capitalize on seasonal supply dynamics [11].

Summary of Key Points from the Conference Call Industry Overview - The oil and petrochemical industry is expected to see oil prices peak at $90 per barrel in 2024, followed by a decline to the $70-$80 range due to OPEC policies and demand support [1][2] - Global refining capacity growth is slowing, with China, India, the Middle East, and Africa becoming the main sources of new capacity, although long-term growth is significantly decelerating [1][4] Core Insights and Arguments - China's petrochemical industry faces new energy-saving and carbon reduction requirements, with small-scale refineries and ethylene units under pressure to be phased out [1][5] - Gasoline consumption in China has declined year-on-year, nearing its peak due to the impact of electric vehicle adoption [1][8] - The U.S. shale oil production growth may slow down due to low oil prices and rising costs, with many companies' marginal costs nearing $55-$60 per barrel [1][9] - OPEC's recent production increases have exceeded market expectations, aimed at meeting demand growth, but actual execution may be limited [3][11] Additional Important Content - The global fuel demand is expected to grow steadily by 700,000 to 1 million barrels per year, primarily driven by demand from Latin America and developed countries [3][13] - The refining industry is currently in a bottoming phase, with high oil price levels and weak market conditions affecting profitability [1][17] - Investment recommendations include companies like Baofeng Energy and Satellite Chemical, which are positioned well due to cost advantages and growth potential [3][14][15] - In the high-end materials import substitution sector, companies like Akerley are highlighted for their production capabilities and expected growth [1][18] - The oil service sector is projected to benefit from both policy and oil price drivers, making it a promising area for investment [1][21]

行业 沥青日报 日期 2025 年 7 月 9 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（碳市场工业硅） 研究员： ...