Group 1 - The company emphasizes the importance of addressing frontline employees' urgent needs through direct engagement and practical solutions [1][2] - A significant initiative involved cleaning and improving the environment around oil product storage areas, enhancing operational efficiency [1] - The company has successfully completed 105 practical improvements for employees, including resolving long-standing issues with restroom facilities and work environments [1] Group 2 - The company is focusing on mental health support for employees by providing psychological training to help manage stress and improve emotional well-being [2] - A new standardized restroom facility has been constructed for transportation staff, significantly reducing their time away from work and improving operational continuity [2] - The company plans to continue investing in employee work environment improvements, including restroom expansions and upgrades to changing rooms and rest areas [3]

Investment Rating - The industry investment rating is "Positive" as the industry index is expected to outperform the benchmark [123]. Core Insights - The report indicates that the cost influence on product prices is weak, leading to a narrowing of refining product price spreads [1]. - Domestic key refining project price spread is 2637.62 CNY/ton, with a week-on-week change of -23.83 CNY/ton (-0.90%), while the foreign key refining project price spread is 1631.26 CNY/ton, with a week-on-week change of +370.34 CNY/ton (+29.37%) [2]. - Brent crude oil weekly average price is 68.02 USD/barrel, with a week-on-week change of -1.78% [2]. Refining Sector Summary - In the refining sector, international oil prices experienced slight increases due to positive demand expectations, but were pressured by OPEC+ production increase plans [1][13]. - As of July 4, 2025, Brent and WTI crude oil prices were 68.30 and 66.50 USD/barrel, respectively, reflecting increases of 0.53 and 0.98 USD/barrel compared to June 27, 2025 [1][13]. - Domestic refined oil prices have decreased, with diesel, gasoline, and aviation kerosene averaging 7267.29, 8276.14, and 6222.57 CNY/ton, respectively [13]. Chemical Sector Summary - The report notes that the rise in crude oil prices has a weak guiding influence on product prices, leading to an overall decline in chemical product spreads [1]. - Polyethylene prices have decreased due to cautious purchasing behavior from downstream manufacturers, while polypropylene prices have shown some support due to supply-side contractions [53]. - The average price of MMA has decreased slightly, while the price spread has improved [67]. Polyester Sector Summary - The polyester sector has seen a slight decline in price levels, with upstream PX supply slightly decreasing due to planned maintenance [81]. - The average price of PTA is reported at 4960.71 CNY/ton, with an average profit margin of -161.86 CNY/ton [90]. - The report highlights that the demand for polyester products is weakening, leading to a decrease in prices and profitability [88][102]. Performance of Major Refining Companies - The stock price changes for six major refining companies as of July 4, 2025, include Rongsheng Petrochemical (+2.91%), Hengli Petrochemical (-0.35%), and others [1][110]. - Over the past month, stock performance shows mixed results, with Rongsheng Petrochemical down by 0.12% and Hengli Petrochemical down by 2.41% [110][111].

Group 1 - The stock of Delisted Haiyue (600387) increased by 1.08% today, with a turnover rate of 5.97% and a transaction amount of 22.86 million yuan, showing a fluctuation of 5.43% [2] - The stock was listed on the Shanghai Stock Exchange's daily trading information due to delisting arrangements, with a net buying amount of 7.07 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 20.45 million yuan, with a buying amount of 13.76 million yuan and a selling amount of 6.69 million yuan, resulting in a net buying of 7.07 million yuan [2] Group 2 - The largest buying brokerage was Guosen Securities Co., Ltd. Shaoxing Branch, with a buying amount of 5.73 million yuan, while the largest selling brokerage was Huachuang Securities Co., Ltd. Shanghai Jingzhou Road Securities Brokerage, with a selling amount of 3.27 million yuan [2] - Over the past six months, the stock has been listed on the daily trading information 20 times, with an average price drop of 1.05% the next day and an average drop of 2.39% over the following five days [2] - The stock saw a net inflow of 2.98 million yuan in main funds today, with a significant single net inflow of 4.46 million yuan and a large single fund outflow of 1.48 million yuan, totaling a net inflow of 9.69 million yuan over the past five days [2] Group 3 - The company's Q1 report released on April 30 showed a total revenue of 524 million yuan, representing a year-on-year growth of 12.75%, while the net profit was -14.08 million yuan [2]

Investment Rating - The report does not explicitly provide an investment rating for the oil processing industry Core Insights - The report indicates a more relaxed fundamental outlook for the oil market, with adjustments in supply and demand forecasts from IEA, EIA, and OPEC for 2025 and 2026 [1][2][3] Supply Overview - IEA, EIA, and OPEC predict global oil supply for 2025 to be 10,488.00, 10,434.42, and 10,410.62 million barrels per day respectively, showing increases from 2024 of +182.72, +154.73, and +175.68 million barrels per day [2][32] - For 2026, the supply predictions are 10,603.04, 10,513.81, and 10,505.26 million barrels per day, reflecting increases from 2025 of +115.04, +79.39, and +94.64 million barrels per day [2][32] - The average change in global oil supply for Q2 2025 is forecasted to be +70.56 million barrels per day, a significant increase from previous predictions [2][27] Demand Overview - Global oil demand predictions for 2025 are 10,376.27, 10,352.80, and 10,513.49 million barrels per day from IEA, EIA, and OPEC respectively, with year-on-year increases of +72.41, +78.67, and +129.49 million barrels per day [2][4] - For 2026, the demand forecasts are 10,450.19, 10,458.75, and 10,641.54 million barrels per day, indicating increases from 2025 of +73.92, +105.95, and +128.05 million barrels per day [2][4] Price Trends - As of July 2, 2025, Brent crude, WTI, Russian ESPO, and Urals crude prices are $69.11, $67.45, $62.59, and $65.49 per barrel respectively, with recent monthly changes of +6.93%, +7.89%, +3.54%, and 0.00% [9][10] - Year-to-date price changes show Brent crude at -8.98%, WTI at -7.77%, Russian ESPO at -13.01%, and Urals at -4.41% [9][10] Inventory Insights - IEA, EIA, and OPEC predict global oil inventory changes for 2025 to be +111.73, +81.62, and -102.87 million barrels per day respectively, with an average change of +30.16 million barrels per day [3][27] - For 2026, the inventory changes are forecasted at +152.85, +55.06, and -136.28 million barrels per day, averaging +23.88 million barrels per day [1][27] Related Companies - The report highlights several related companies including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (CNPC) among others [4]

Group 1: Company Performance and Strategy - In 2024, the company's performance faced pressure, but Q1 2025 showed significant improvement in profit, both year-on-year and quarter-on-quarter [2] - The company is actively adjusting its product structure, focusing on special oils and new chemical materials, enhancing product quality and value [2] - The introduction of transformer oil aims to expand its application to energy storage battery cooling and large computing center immersion cooling [2] Group 2: Cost Management and Efficiency - The company is accelerating global sourcing and improving procurement efficiency through an information system [2] - It has optimized its processing trade model to explore international markets, becoming the only private refinery operating bonded high-sulfur fuel oil [3] - The company is implementing cost reduction strategies across three dimensions: people, goods, and venues, to stabilize operations [3] Group 3: Product Performance - Overall product performance is balanced, with fuel oil series having a significant market share and export ratio [3] - The company is closely monitoring raw material prices and utilizing hedging strategies to mitigate profit impacts from market fluctuations [3] Group 4: Competitive Advantages - The company benefits from its location in a key chemical park, providing low logistics costs and proximity to major markets [4] - It has established a strong R&D foundation, including partnerships with leading institutions and a provincial engineering technology center [4] - The company has made significant investments in safety and environmental standards, achieving national-level green factory recognition [4] Group 5: Future Developments - The change in controlling shareholder to a state-owned platform is expected to enhance capital strength and reduce debt ratios [4] - The company has been recognized for its digital transformation, with multiple awards for its smart manufacturing initiatives [4] - The establishment of Wuxi Extreme Liquid Cooling Technology Co., Ltd. aims to capitalize on the growing demand for computing power cooling solutions [5]

Summary of BoHui Co., Ltd. Conference Call Company Overview - BoHui Co., Ltd. is located in Ningbo Zhenhai, with its production base in the Ningbo Chemical Park, a national first-class chemical park. The company specializes in deep processing of fuel oil and specialty oils, including transformer oil, lubricating base oil, heat transfer oil, and furnace fuel oil. The company operates in various sectors such as rubber processing, asphalt processing, and photovoltaic new materials. It is listed on the Shenzhen Stock Exchange [2][3]. Key Points and Arguments Profit Improvement in Q1 2025 - The profit improvement in Q1 2025 is attributed to several factors: - Shift in business model from domestic sales to international trade, leveraging the export advantages of the Zhoushan Free Trade Zone [2][3]. - Product structure optimization, including the development of transformer oil and positioning for the cooling needs of computing servers [2][3]. - Technical upgrades to enhance raw material stability and product added value, leading to improved capacity utilization [2][4]. - Internal management cost optimization, including reduced management costs and streamlined processes [2][4]. Product Performance - High-sulfur fuel oil and fuel oils numbered 5-7 performed well, with an increasing export ratio. White oil and base oil remained stable, while asphalt production may be paused due to poor initial demonstration performance, with flexibility to adjust production based on market demand [2][5]. Raw Material Price Volatility Management - BoHui Co., Ltd. manages raw material price volatility through inventory adjustments and hedging strategies. If import prices are too high, the company may reduce purchase volumes. A dedicated team is established for futures trading to mitigate price risks during the procurement to sales cycle [2][6][7]. Competitive Advantages - The company has several competitive advantages: - Advanced technology using the Dutch jump process, leading to high technical content and a shorter establishment time for the second plant [2][8]. - Significant investment in safety and environmental protection, reducing regulatory risks [2][8]. - International presence with branches in Singapore and a trading company in Beijing, enhancing procurement and market intelligence [2][8]. - Strong product R&D and quality control capabilities, ensuring stable product performance [2][8]. - A cash-on-delivery sales model that accelerates cash flow [2][9]. Impact of State-Owned Shareholder Change - The change of the controlling shareholder to a state-owned platform is expected to enhance the company's stability, increase funding availability, deepen business channels, improve employee welfare, and adjust strategic layouts for quality and scale enhancement [2][9][10]. Digital Transformation - BoHui Co., Ltd. has made significant investments in digitalization, achieving recognition as a future factory in Zhejiang Province and a national-level intelligent manufacturing demonstration factory. However, due to poor performance in 2025, future digital investment plans remain uncertain [2][18]. Market and Tax Policy Impacts - The change in the consumption tax policy for refined oil from amount-based to production-based has impacted the company's overall capacity [2][13]. The company plans to adjust production structures in response to the underperformance of asphalt products and aims to enhance the yield of high-value white oil products through technical upgrades [2][14][15]. Future Plans - Currently, BoHui Co., Ltd. does not have plans to expand into overseas markets but aims to establish more international cooperation for raw material procurement, focusing on direct sourcing from suppliers in the Middle East and Singapore [2][20][21]. Other Important Information - The BoYue New Materials project was closed due to funding constraints and potential policy adjustments, with the government refunding the land costs [2][11]. The company is focusing on stabilizing existing business segments before expanding [2][11]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic adjustments, product performance, competitive advantages, and future outlook.

供应压力有限，局部现货价格上涨 市场分析 石油沥青日报 | 2025-07-02 1、7月1日沥青期货下午盘收盘行情：主力BU2509合约下午收盘价3562元/吨，较昨日结算价上涨6元/吨，涨幅0.17%； 持仓226856手，环比下降8327手，成交155844手，环比下降9208手。 2、卓创资讯重交沥青现货结算价：东北，3900—4086元/吨；山东，3620—4030元/吨；华南，3600—3750元/吨； 华东，3650—3800元/吨。 昨日西北、华北以及山东市场沥青现货价格均出现上涨，川渝地区沥青现货价格小幅下跌，其余地区沥青现货价 格大体企稳，部分地区主营炼厂上调沥青结算价格。沥青盘面则延续震荡态势，波动率较小。就沥青自身基本面 而言，多空因素交织，缺乏突出矛盾。具体来看，整体供需两弱格局延续，库存维持低位。原油价格大幅回落后， 炼厂生产成本有所修复，炼厂生产积极性增强，另外部分企业消费税抵扣比例上调有利于提高开工负荷，但整体 增量并不多，当前沥青供应压力有限。与此同时，天气与资金因素制约下，沥青刚性需求缺乏亮点，情绪仍较为 谨慎，整体市场驱动不足。 策略 单边：震荡 跨期：无 跨品种：无 期 ...

Core Viewpoint - The Hubei Provincial Development and Reform Commission announced an increase in fuel prices, with 92 gasoline, 95 gasoline, and 0 diesel rising by 0.19 yuan, 0.20 yuan, and 0.19 yuan per liter respectively, effective from July 1, 2025 [1][2]. Price Adjustment Details - The new prices for 92 gasoline, 95 gasoline, and 0 diesel will be 7.37 yuan, 7.89 yuan, and 7.00 yuan per liter respectively after the adjustment [1]. - This marks the 13th price adjustment in 2025, with a total of six increases, resulting in a pattern of "six increases, five decreases, and two stasis" for the year [4]. Market Outlook - Domestic analysts predict that due to the recent easing of the Israel-Palestine conflict and OPEC+ production increases, international oil prices may face downward pressure, suggesting a higher likelihood of price reductions in the next adjustment cycle [5]. - The National Development and Reform Commission emphasized the need for major oil companies to ensure stable supply and compliance with national pricing policies, while local authorities are urged to enhance market supervision [5][6].

Group 1: Chemical Industry Performance - The chemical index experienced a comprehensive increase, with the chemical raw materials index rising by 3.31%, chemical machinery index by 1.06%, pharmaceutical index by 1.06%, and pesticide and fertilizer index by 2.54% [1] - In contrast, the oil sector saw a decline, with the oil processing index down by 0.91%, oil extraction index down by 3.26%, and oil trading index down by 6.96% [1] Group 2: Oil Price Trends - International crude oil prices significantly decreased, with WTI settling at $65.52 per barrel, down 12.56% from June 20, and Brent at $67.77 per barrel, down 12% [1] - The top five rising petrochemical products included butanone up by 101.77%, liquid chlorine up by 7.35%, and isooctyl acrylate up by 5.71% [1] - The top five declining petrochemical products included US light crude down by 12.56%, vitamin D3 down by 12.50%, and propane down by 9.17% [1] Group 3: Capital Market Performance of Chemical Companies - The top five gaining listed chemical companies in the Shanghai and Shenzhen markets included Dazhongnan up by 50%, Taihe Technology up by 48.09%, and Tiancheng New Materials up by 31.41% [2] - The top five declining listed chemical companies included Tongyuan Petroleum down by 19.75%, Jinniu Chemical down by 14.44%, and Beiken Energy down by 17.74% [2]

Core Viewpoint - In June 2025, three soft indicators showed divergence: EPMI and BCI declined, while manufacturing PMI increased slightly by 0.2 points to 49.7, indicating mixed economic signals in the manufacturing sector [1][3][4]. Group 1: PMI Analysis - The increase in manufacturing PMI is attributed to sample differences, with EPMI focusing on strategic emerging industries and BCI primarily representing private small and medium enterprises. The structure of June's PMI indicates that large enterprises are experiencing improved conditions, while small enterprises are facing downturns [4][5]. - In June, large enterprises' PMI was 51.2, up from 50.7; medium enterprises' PMI was 48.6, up from 47.5; and small enterprises' PMI was 47.3, down from 49.3, highlighting the disparity in performance across different enterprise sizes [5]. Group 2: Industry Performance - Significant increases in PMI were observed in the petroleum processing, chemical, and pharmaceutical industries, with respective increases of 8.6, 7.2, and 4.0 points. These changes are expected to have a notable impact on overall data due to the substantial contribution of these industries to manufacturing value added [6][8]. - The rise in the petroleum and chemical sectors is linked to fluctuations in commodity prices, particularly due to recent increases in international crude oil prices [2][6]. Group 3: Employment and Expectations - Manufacturing employment and enterprise expectations both saw declines in June, indicating a slowdown in internal economic momentum when excluding the impacts of commodity price fluctuations [8][10]. - The manufacturing employment index was reported at 47.9, down from 48.1, while the production and business activity expectation index was at 52.0, down from 52.5, reflecting cautious sentiment among manufacturers [9][10]. Group 4: Positive Signals - Despite some negative indicators, there were positive signals in June, such as a slight increase in new export orders to 47.7, which contrasts with the direction of EPMI export orders, suggesting potential for future verification [11]. - The construction sector also showed improvement, with the construction PMI rising by 1.8 points to 52.8, driven by better orders and business activity expectations, likely influenced by recent policy measures aimed at stabilizing the real estate market [10][12].