【冠通期货研究报告】 沥青日报：高开后震荡运行 发布日期：2025年12月30日 【行情分析】 供应端，上周沥青开工率环比回升3.7个百分点至31.3%，较去年同期高了5.4个百分点，处于近 年同期偏低水平。据隆众资讯数据，2026年1月份国内沥青预计排产200万吨，环比减少15.8万吨，减 幅为7.3%，同比减少27.6万吨，减幅为12.1%。上周，沥青下游各行业开工率多数下跌，其中道路沥 青开工环比下跌4个百分点至20%，受到资金和天气制约。上周，华南炼厂低价货源支撑下，其出货 量增加较多，全国出货量环比增加11.17%至27.18万吨，处于中性水平。沥青炼厂库存存货比环比小 幅上升，但仍处于近年来同期的最低位附近。由于美国财政部宣布对委内瑞拉实施新的制裁措施， 其中包括运输委内瑞拉石油的公司和船只，特朗普下令对进出委内瑞拉的受制裁油轮实施全面封锁。 委内瑞拉主要石油储存设施及码头停泊的油轮正在迅速装满原油，预计在数日后达到最大储存上限。 美国在委内瑞拉附近水域拦截第三艘油轮。市场担忧委内瑞拉重质原油的出口，影响国内沥青的生 产，委内瑞拉稀释沥青贴水幅度再次扩大。本周山东部分炼厂有转产渣油计划，中油高富计 ...

燃料油日报 | 2025-12-30 原油端反弹受阻，低硫油出口配额下发 市场分析 上期所燃料油期货主力合约日盘收跌1.76%，报2459元/吨；INE低硫燃料油期货主力合约日盘收跌1.62%，报2974 元/吨。 原油价格反弹受阻，油市供过于求的预期并未逆转，阶段性的超跌反弹难以形成上涨趋势，FU、LU成本端支撑偏 弱。 就燃料油自身基本面而言，当前市场多空因素交织，整体驱动有限。其中，高硫燃料油裂解价差与贴水下跌后， 带动炼厂端需求边际改善，中国高硫燃料油进口量近期有所回升。在美国扣压委内瑞拉油轮的背景下，委油对亚 洲地区原油发货量大幅减少，如果断供问题持续可能会导致国内地炼增加燃料油采购需求。不过目前来看，高硫 燃料油货源依然较为充裕，市场暂无紧缺预期。 低硫燃料油方面，由于装置检修状态的变动（阿祖尔和Dangote），科威特与尼日利亚地区供应存在回升预期。考 虑到汽柴油对组分的分流，低硫燃料油短期市场压力或有限。最后，我国2026年第一批低硫燃料油出口退税配额 已于近日下发，数量800万吨与去年同期持平。由于利润疲软，国内炼厂生产低硫燃料油的积极性依然有限，预计 国产量维持中低位，部分配额可能会转换到 ...

此外，近年来，本公司租赁该土地(连同竖立在上的房屋及建筑物及机器设备)用于本集团的生产经营。 支付事项将减少租赁费用和生产成本，有助于本公司生产经营稳定。 智通财经APP讯，山东墨龙(00568)发布公告，于2025年12月29日，本公司、华融农业及蔬菜批发公司订 立债务支付协议，蔬菜批发公司同意以向本公司转让该土地的方式，代华融农业支付金额为人民币3.61 亿元的该债务。 本公司认为，支付事项将有助于本公司回收该债务，减少坏账风险，改善本公司的财务状况，并确保资 金安全，对本集团未来的财务状况和经营成果产生相对积极的影响。 诚如本公司日期为2025年12月15日的公告所述，本公司正筹划新建高端石油专用管智能加工线项目，以 补足加工能力，提升位于该土地的厂房的生产效率。受让该土地能够满足本公司项目建设需求，完善产 业链条，为进一步市场开拓、节降生产成本提供重要基础，有助于本公司后期经营改善和盈利能力提 升。 ...

冠通期货-沥青2026年报 --原料及政策压力下的沥青供给格局重塑 研究咨询部 苏妙达 执业资格证号：F03104403/Z0018167 时间：2025年12月29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。 分析师苏妙达：F03104403/Z0018167 投资有风险，入市需谨慎。 核心观点 1 2025年，沥青加权整体重心下移，主要运行区间在2900-3900元/吨。沥青/原油比值上涨，主要运行区间在6.0-7.8。2025年1-2月 中旬，原油价格上涨叠加北方部分炼厂消费税抵扣下降，沥青成本走强，沥青期价上涨。2月下旬-4月上旬，原油价格大幅下跌， 华南地区的京博海南等炼厂供应增加，低价货源冲击市场，沥青期价大幅下跌。4月中旬-6月，沥青库存下降，叠加伊以冲突引发 原油价格上涨，沥青期价反弹。7-11月，沥青旺季不及预期，炼厂库存去化缓慢，转为同比增加，北方低价货源冲击，业者冬储谨 慎，沥青期价持续下跌。12月，委内瑞拉局势紧张叠加北方冬储需求释放，沥青期价企稳。 展望2026年，成本端，原油整体仍是供大于求，预计价格将在一季度有所下移。届时关注OPEC+ ...

高硫燃料油供应主要受地缘因素扰动，中东及俄罗斯装船节奏因制裁与冲突放缓，尽管上周俄乌谈判显现进展，但短期停战难度仍大。需求侧， 炼厂利润改善及美国封锁委内瑞拉石油出口可能提振高硫进料需求。新加坡库存持续累积，叠加浮舱增加，高库存压力依然显著。整体而言，地 缘政治为近期的价格提供了支撑，但是并未实质性改变基本的供应过剩叙事。低硫供应受海外炼厂开工主导。前期阿祖尔炼厂维修使得短期到港 压力尚可，但后续其装置重启及丹格特炼厂检修将推动供应恢复。2026年首批低硫出口配额规模与去年持平，整体充裕。需求端船燃消费受高硫 替代持续偏弱，年末传统旺季或带来边际恢复，但疲软格局难改。供应边际增加而需求缺乏强劲上行动力的背景下，预计将维持偏弱运行格局。 需关注俄罗斯柴油出口禁令延长是否会使成品油紧张间接支撑低硫走势。 瑞达期货（002961）： 总体而言，短期基本面没有亮点，成本方面主要跟随原油波动。FU主力合约下方关注2400附近支撑，LU主力合约下方关注2950附近支撑。 机构观点 国投安信期货： 消息面 伊朗官方媒体周五报道称，伊朗在海湾的伊朗格什姆岛附近扣押了一艘外国油轮，称其载有400万升走私燃料。 新加坡企业发展局 ...

Investment Rating - The report does not explicitly state an investment rating for the oil refining industry Core Insights - The domestic key refining project price difference is 2557.23 CNY/ton, with a week-on-week change of +11.87 CNY/ton (+0.47%), while the international key refining project price difference is 1254.57 CNY/ton, with a week-on-week change of -43.45 CNY/ton (-3.35%) [2][3] - Brent crude oil's average price for the week ending December 26, 2025, is 61.73 USD/barrel, reflecting a week-on-week increase of +2.74% [2][3] - The refining sector is affected by geopolitical tensions, particularly regarding Venezuela and Russia, which have led to supply concerns and fluctuations in oil prices [2][15] - The chemical sector is experiencing weak demand, leading to a downward shift in chemical product prices [2][49] - Polyester production has seen a significant increase in sales volume, with downstream demand improving, which has positively impacted upstream prices [2][55] Summary by Sections Refining Sector - The report highlights the impact of geopolitical events on oil prices, with Brent and WTI crude prices at 60.64 and 56.74 USD/barrel respectively, showing slight increases [2][15] - Domestic refined oil prices have slightly decreased, with diesel, gasoline, and aviation kerosene averaging 6566.86, 7622.14, and 5716.07 CNY/ton respectively [2][15] Chemical Sector - The report notes a decline in demand for chemical products, with prices for polyethylene and EVA showing downward trends [2][55] - The average price for LDPE, LLDPE, and HDPE is reported as 9000.00, 6329.29, and 8000.00 CNY/ton respectively, with corresponding price differences from crude oil [2][55] Polyester & Nylon Sector - The polyester sector has seen a significant increase in production and sales, with a notable reduction in inventory levels and a slight increase in prices for polyester filament yarn [2][55] - The report indicates that the nylon filament prices remain stable, with slight improvements in price differences [2][55] Stock Performance - The report provides stock performance data for six major refining companies, with notable increases in stock prices for companies like Hengli Petrochemical (+11.01%) and Rongsheng Petrochemical (+12.12%) over the past week [2]

截至2025年12月19日，公司股东户数为3.88万户，较12月10日增加495.0户，增幅1.29%。户均持股数量 由上期的1.25万股减少至1.24万股，户均持股市值为6.97万元。 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。 股本股东变化：截至2025年12月19日股东户数为3.88万户，较前期增加495.0户，增幅1.29% 股本股东变化：户均持股数量由1.25万股降至1.24万股，户均持股市值为6.97万元 股本股东变化 股东户数变动 截至2025年12月26日收盘，国际实业（000159）报收于5.81元，较上周的5.63元上涨3.2%。本周，国际 实业12月26日盘中最高价报5.97元。12月22日盘中最低价报5.55元。国际实业当前最新总市值27.93亿 元，在光伏设备板块市值排名62/64，在两市A股市值排名4672/5178。 本周关注点 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The asphalt futures price is expected to fluctuate, and attention should be paid to the situation in Venezuela [1] Group 3: Summary According to Relevant Catalogs 1. Market Analysis - Supply side: This week, the asphalt operating rate increased by 3.7 percentage points to 31.3% week - on - week, 5.4 percentage points higher than the same period last year, at a relatively low level in recent years. In January 2026, the domestic asphalt is expected to be produced at 2 million tons, a decrease of 158,000 tons (7.3%) month - on - month and 276,000 tons (12.1%) year - on - year. Next week, some refineries in Shandong have plans to switch to producing residual oil, and Zhongyou Gaofu plans to stop production, so asphalt supply will decline [1] - Demand side: This week, the operating rates of most downstream industries of asphalt declined. The road asphalt operating rate decreased by 4 percentage points to 20% week - on - week, restricted by funds and weather. The northern road construction is gradually ending, and the subsequent rigid demand will further slow down, but the winter storage demand in the north continues to be released. The overall demand in the south is average [1] - Inventory: As of the week of December 26, the inventory - to - sales ratio of asphalt refineries increased slightly week - on - week but remained near the lowest level in recent years [1][4] - Price: This week, the asphalt price in Shandong remained stable, and the basis was at a relatively low - to - neutral level [1][3] 2. Futures and Spot Market Conditions - Futures: Today, the asphalt futures 2602 contract fell 0.03% to 2,995 yuan/ton, above the 5 - day moving average, with a minimum price of 2,987 yuan/ton and a maximum price of 3,020 yuan/ton. The trading volume decreased by 23,893 to 157,219 lots [2] - Basis: The mainstream market price in Shandong remained at 2,920 yuan/ton, and the basis of the asphalt 02 contract remained at - 75 yuan/ton, at a relatively low - to - neutral level [3] 3. Fundamental Tracking - Supply side: Refineries such as Qilu Petrochemical switched to producing residual oil. The asphalt operating rate increased by 3.7 percentage points to 31.3% week - on - week, 5.4 percentage points higher than the same period last year, at a relatively low level in recent years [1][4] - Investment data: From January to October, the national highway construction investment decreased by 6.0% year - on - year, and the cumulative year - on - year growth rate was the same as that from January to September 2025 but still negative. From January to November 2025, the actual cumulative completed investment in fixed assets of the road transportation industry decreased by 4.7% year - on - year, a slight decline from - 4.3% from January to October 2025. From January to November 2025, the cumulative completed investment in fixed assets of infrastructure construction (excluding electricity) decreased by 1.1% year - on - year, a further decline from - 0.1% from January to October 2025 [4] - Downstream operating rate: As of the week of December 26, the operating rates of most downstream industries of asphalt declined, with the road asphalt operating rate decreasing by 4 percentage points to 20% week - on - week, restricted by funds and weather [1][4] - Social financing stock: From January to November 2025, the social financing stock increased by 8.5% year - on - year, with the same growth rate as from January to October [4] - Inventory: As of the week of December 26, the inventory - to - sales ratio of asphalt refineries increased by 0.4 percentage points to 13.6% compared with the week of December 19, near the lowest level in recent years [4]

证券日报网12月25日讯 ，统一股份在接受投资者提问时表示，公司三季度毛利率比去年同期微升，主 要是由于基础油成本的下降。 （文章来源：证券日报） ...

证券日报网12月25日讯 ，统一股份在接受投资者提问时表示，2025年三季度营业收入同比增长4.22%至 5.83亿元；归母净利润同比大幅增长294.04%至1565.74万元，扣非归母净利润同比增长304.65%。这一 业绩成果直接体现出公司低碳战略转型持续兑现、经营管理效率稳步提升的效果，印证了公司在传统业 务优化与新兴业务拓展上的双重成效。 （文章来源：证券日报） ...