Group 1: Report Industry Investment Rating - High - sulfur fuel oil: Short - term neutral, medium - term downward [2] - Low - sulfur fuel oil: Short - term neutral, medium - term downward [2] - Cross - variety: None [2] - Cross - period: Go long on the spread of FU2511 - 2512 at low prices [2] - Spot - futures: None [2] - Options: None [2] Group 2: Core View of the Report - The main contract of SHFE fuel oil futures rose 1.3% to 2,887 yuan/ton during the day session, and the main contract of INE low - sulfur fuel oil futures rose 1.56% to 3,450 yuan/ton [1] - Crude oil prices fluctuated strongly this week, with mixed long and short factors in the market. The short - term trend is still unclear, providing limited guidance for FU and LU [1] - In terms of the fundamentals of fuel oil itself, the market structure of high - sulfur fuel oil has strengthened marginally, and the previous supply pressure has eased. The supply of high - sulfur fuel oil in the Middle East has significantly declined, but there is still room for growth in the future. The upward driving force of the high - sulfur fuel oil market may be limited, and it is currently in a relatively balanced state [1] - For low - sulfur fuel oil, the local supply has increased significantly recently, but the overall supply pressure is limited. The trend of substitution of low - sulfur marine fuel demand share has not reversed, and there is still significant resistance above the market [1] Group 3: Summary by Relevant Content Market Analysis - The main contract of SHFE fuel oil futures closed up 1.3% at 2,887 yuan/ton during the day session, and the main contract of INE low - sulfur fuel oil futures closed up 1.56% at 3,450 yuan/ton [1] - Crude oil prices showed a fluctuating upward trend this week, with mixed long and short factors in the market. The short - term trend is still unclear, providing limited guidance for FU and LU [1] - The market structure of high - sulfur fuel oil has strengthened marginally, and the previous supply pressure has eased. The net export volume of high - sulfur fuel oil in the Middle East in September is expected to be 1.21 million tons, a decrease of 1.21 million tons compared with August. However, there is still room for supply growth in the Middle East in the future, and the upward driving force of the high - sulfur fuel oil market may be limited [1] - For low - sulfur fuel oil, the local supply has increased significantly due to the shutdown of the RFCC unit of the Nigerian Dangote refinery. However, the overall supply pressure is limited, and the resistance above the market is still large [1] Strategy - High - sulfur fuel oil: Short - term neutral, medium - term downward [2] - Low - sulfur fuel oil: Short - term neutral, medium - term downward [2] - Cross - variety: None [2] - Cross - period: Go long on the spread of FU2511 - 2512 at low prices [2] - Spot - futures: None [2] - Options: None [2] Charts - Multiple charts are provided, including those showing the spot prices, swap near - month contracts, and month - to - month spreads of Singapore high - sulfur and low - sulfur fuel oils, as well as the closing prices, trading volumes, and open interests of SHFE fuel oil and INE low - sulfur fuel oil futures contracts [3] Researcher Information - The researchers are Pan Xiang and Kang Yuanning, with practice qualification numbers F3023104 and F3049404 respectively, and investment consulting numbers Z0013188 and Z0015842 respectively [37]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The high - sulfur fuel oil market remains generally loose in supply and demand, with high inventories suppressing prices. The low - sulfur fuel oil supply is increasing, and downstream demand lacks specific drivers, but the supply pressure in the fourth quarter is less than expected [4][9][60]. - For trading strategies, it is recommended to expect the FU main contract to be in a short - term strong - side volatile state, the LU near - month contract to fluctuate within a range following crude oil, pay attention to the opportunity of expanding the spread between LU01 and FU01, and sell out - of - the - money call options of FU01 [5][60][61]. 3. Summary by Relevant Catalogs 3.1 First Part: Preface Summary 3.1.1 Market Review - In September, the high - sulfur fuel oil had positive drivers on both the supply and demand sides, with the high - sulfur crack steadily rising by about $1.8 per barrel to around - $3.2 per barrel. The low - sulfur fuel oil fluctuated weakly. The RFCC unit of Nigeria's Dangote refinery malfunctioned again at the end of August, increasing the near - term supply pressure of low - sulfur fuel oil [3][9]. 3.1.2 Market Outlook - The high - sulfur fuel oil exports from Russia are relatively stable, and the inventories in Singapore and China are still high. The expected increase in feedstock demand is not enough to quickly digest the existing inventories, so the overall supply - demand in the fuel oil market remains loose. The supply pressure of low - sulfur fuel oil in the fourth quarter is less than expected, with the Nigerian RFCC unit expected to return early and some refineries in China still restricted in supply [4]. 3.1.3 Strategy Recommendation - Unilateral: Expect a volatile market. - Arbitrage: Pay attention to the opportunity of expanding LU01 - FU01. - Options: Sell out - of - the - money call options of FU01 [5]. 3.2 Second Part: Fundamental Situation 3.2.1 Market Review - Similar to the preface summary, in September, the high - sulfur fuel oil had positive drivers on both supply and demand sides, but high inventories restricted the market. The low - sulfur fuel oil was weakly volatile, with increased near - term supply pressure and relatively abundant low - sulfur component supply [9]. 3.2.2 Supply Overview - **High - sulfur fuel oil supply**: - Russia: Despite continuous attacks on energy facilities, the recovery is fast, and fuel oil exports have increased. For example, in August, Russia's seaborne petroleum product exports increased by 8.9% month - on - month, and in September, the fuel oil flow increased by 22% month - on - month [18][20]. - Mexico: High - sulfur exports are continuously falling due to the commissioning of secondary units in Olmeca and Tula refineries [22]. - Middle East: High - sulfur exports have increased after the peak power - generation demand season. In August, high - sulfur exports reached the highest level this year, but Iran's exports are still restricted [26]. - **Low - sulfur fuel oil supply**: - Nigeria: The RFCC unit of Dangote refinery is still unstable in operation, and low - sulfur exports are increasing. The Harcourt refinery has been closed for two consecutive months, and the Warri refinery has no crude oil quota [45][47]. - Middle East: The Al - Zour refinery maintains high - level low - sulfur exports under stable operation. South Sudan's low - sulfur heavy feedstock exports to the Pan - Singapore region are expected to increase due to the conflict with the UAE [47][48]. - China: The third batch of low - sulfur fuel oil quotas has been issued, and the overall market supply is relatively abundant [50]. 3.2.3 Demand Overview - **High - sulfur fuel oil demand**: - Marine fuel bunkering demand: It provides stable support. As of mid - September 2025, the number of ships equipped with desulfurization towers has increased. In August 2025, high - sulfur marine fuel bunkering in Singapore decreased slightly month - on - month but was still at a high year - on - year level [34]. - Feedstock demand: Supported by the low cost of high - sulfur cracking decline and tax reform, but the support is not obvious. Import demand has been low since July and August [37][39]. - Power - generation demand: It has completely subsided. In Egypt and the Middle East, high - sulfur power - generation demand has decreased significantly [41][43]. - **Low - sulfur fuel oil demand**: - Marine fuel bunkering demand: It is stable without specific drivers. In August 2025, low - sulfur marine fuel bunkering in Singapore increased slightly month - on - month [49]. 3.2.4 Inventory and Valuation - No specific content provided in the given materials. 3.3 Third Part: Future Outlook and Strategy Recommendation - **Future Outlook**: - High - sulfur fuel oil: Supply from Russia, the Middle East, and Mexico shows different trends. Demand from power - generation has disappeared, and feedstock demand support is weak. High - level inventories suppress prices, and attention should be paid to new warrant generation and inventory digestion [60]. - Low - sulfur fuel oil: The spot window transaction price is low, and the supply continues to increase. The conflict between South Sudan and the UAE may change the logistics of low - sulfur heavy feedstock, and the Nigerian RFCC unit's operation is unstable. The overall supply in the Chinese market is abundant [60]. - **Strategy Recommendation**: - Unilateral: The FU main contract is expected to be strongly volatile in the short term, and the LU near - month contract will fluctuate within a range following crude oil. - Arbitrage: Pay attention to the opportunity of expanding the spread between LU01 and FU01. - Options: Sell out - of - the - money call options of FU01 [60][61].

Report Industry Investment Rating - Not provided in the document Core View - The asphalt market shows signs of slow shipment and pressured spot prices. The production has increased, while the inventory situation varies by region, with some areas experiencing inventory accumulation and others seeing inventory reduction [15]. Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: For BU2511, the yesterday's closing price was 3,440 yuan/ton with a daily increase of 1.42%, and the overnight closing price remained unchanged. The trading volume was 175,377 lots with an increase of 22,435 lots, and the open interest was 197,649 lots with a decrease of 19,248 lots. For BU2512, the yesterday's closing price was 3,385 yuan/ton with a daily increase of 1.44%, and the overnight closing price was 3,386 yuan/ton with an increase of 0.03%. The trading volume was 53,804 lots with an increase of 2,649 lots, and the open interest was 88,522 lots with a decrease of 1,800 lots [1]. - **Warehouse Receipts**: The total warehouse receipts in the asphalt market were 55,980 lots with no change [1]. - **Spreads**: The basis (Shandong - 11) was 60 yuan/ton, a decrease of 48 yuan compared to the previous day. The 11 - 12 inter - period spread was 55 yuan/ton with no change. The Shandong - South China spread was 0 with no change, and the East China - South China spread was 60 yuan/ton with no change [1]. - **Spot Market**: The Shandong wholesale price was 3,500 yuan/ton with no change, and the Yangtze River Delta wholesale price was 3,560 yuan/ton with no change. The refinery operating rate was 49.88%, an increase of 2.66% compared to the previous data. The refinery inventory rate was 27.11%, an increase of 0.37% [1]. Trend Strength - The asphalt trend strength is 0, indicating a neutral view. The trend strength ranges from - 2 (most bearish) to 2 (most bullish) [10]. Market Information - **Production**: From September 19 - 25, 2025, the weekly total domestic asphalt production was 699,000 tons, a week - on - week increase of 12,000 tons (1.7%) and a year - on - year increase of 213,000 tons (43.8%). The cumulative production from January to September was 2.3536 billion tons, a year - on - year increase of 271.1 million tons (13.0%) [15]. - **Inventory**: As of September 25, 2025, the total inventory of 54 asphalt sample refinery warehouses was 704,000 tons, a 0.9% increase from September 22. The inventory in South China increased significantly due to typhoon - affected shipments and stagnant downstream demand. The total inventory of 104 social warehouses was 1.541 million tons, a 1.8% decrease from September 22. The social inventory in East China decreased significantly due to low inbound volume, pre - holiday stocking demand, and low prices [15].

9月25日，沥青期货偏强震荡，截至发稿主力合约小幅上涨1.27%，报3439.00元/吨。 机构观点 国信期货：供给方面，9月24日中国沥青日度开工负荷率为45.03%，环比上周三下降3.80%；需求方 面，旺季特征并不明显，多地道路施工项目进度有所延缓，终端沥青消耗节奏偏慢，整体需求表现仍显 乏力。下游用户及贸易商多持谨慎观望态度，按需采购为主。近期国际原油价格震荡运行，沥青期货价 格中枢跟随成本端波动。操作上建议以震荡思路操作为主。 建信期货：海石化转产渣油预期及部分炼厂降负计划可能削减供应，但江苏新海石化与山东胜星石化沥 青转产计划落地，叠加已转产的金诚石化、东明石化持续稳定运行，预计沥青装置开工负荷率将继续回 升。需求端北方和中部市场天气配合，叠加项目赶工驱动，需求存在一定韧性，而南方地区需求则受到 台风天气影响。需求总体保持平稳。沥青供需两弱，震荡偏弱运行，同样偏空思路为主。 截至9月24日当周，中国92家沥青炼厂产能利用率为42.0%，环比增加5.7%，沥青周产量为70.1万吨，环 比增加15.5%。其中，国内重交沥青77家企业产能利用率为40.1%，环比增加5.7%。 截至9月23日当周，国内沥 ...

2025 年 9 月 25 日 沥青：跟随原油小幅偏强 王涵西 投资咨询从业资格号：Z0019174 wanghanxi@gtht.com 【基本面跟踪】 表 1：沥青基本面数据 | | 项目 | 单位 | 昨日收盘价 | 日涨跌 | 昨夜夜盘收盘价 | 夜盘涨跌 | | --- | --- | --- | --- | --- | --- | --- | | | BU2511 | 元/吨 | 3,392 | 0.56% | 3,415 | 0.68% | | | BU2512 | 元/吨 | 3,337 | 0.51% | 3,362 | 0.75% | | 期货 | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | BU2511 | 手 | 152,942 | (29,145) | 216,897 | (14,925) | | | BU2512 | 手 | 51,155 | (4,666) | 90,322 | (2,055) | | | | | 昨日仓单 | 仓单变化 | | | | | 沥青全市场 | 手 | 55980 | 0 | | | | | | | 昨日价差 | 前日价差 ...

摘要：【图】2025年5月云南省柴油产量数据分析 2025年5月柴油产量统计： 柴油产量：37.5 万吨 同比增长：7.5% 2025年1-5月柴油产量统计： 柴油产量：174.8 万吨 同比增长：8.5% 增速较上一年同期变化：高4.7个百分点 据统计，2025年1－5月，云南省规模以上工业企业柴油产量与上年同期相比增长了8.5%，达174.8万 吨，增速较上一年同期高4.7个百分点，继续保持增长，增速较同期全国高15.6个百分点，约占同期全国 规模以上企业柴油产量7924.8万吨的比重为2.2%。详见下图： 增速较上一年同期变化：高6.3个百分点 据统计，2025年5月云南省规模以上工业企业柴油产量与上年同期相比增长了7.5%，达37.5万吨，增速 较上一年同期高6.3个百分点，继续保持增长，增速较同期全国高14.9个百分点，约占同期全国规模以上 企业柴油产量1591.2万吨的比重为2.4%。 详见下图： 图2：云南省柴油产量分月（累计值）统计图 图1：云南省柴油产量分月（当月值）统计图 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 产业调研网为 ...

在杨家明看来，相较于低硫燃料油，高硫燃料油有着更强的地缘属性。俄罗斯是全球主要的高硫燃料油 出口国。近年来，俄乌冲突以及美国和欧盟持续打击俄罗斯"影子油轮舰队"等事件都对其出口造成了较 大影响。尤其是今年5月以来，乌克兰持续袭击俄罗斯炼厂和港口，造成俄罗斯约5000万吨炼化产能受 损，影响燃料油产量约925万吨。相关数据显示，9月上半月俄罗斯石油制品总出口量降至194万桶／ 天，为2022年俄乌冲突爆发以来的最低值。 9月24日，国际油价持续上涨带动内盘燃料油期货价格同步上行。截至午盘收盘，主力2601合约上涨 3.70%，报2860元／吨；2510合约大涨5.45%，报2921元／吨。低硫燃料油主力2511合约收涨1.26%，报 3387元／吨。 市场人士表示，燃料油期货价格大幅波动是多因素共同作用的结果。 消息面上，据南华期货能源化工分析师凌川惠介绍，俄罗斯表示可能限制燃料油出口以保障国内供应， 同时美国总统特朗普近期的公开立场发生了明显转变，展现出对俄罗斯的不满。市场担忧俄罗斯原油供 应中断，国际油价和内盘原油系品种价格随之上涨。 光大期货能源化工分析师杜冰沁表示，8月至9月中旬，乌克兰的无人机袭击已导 ...

Group 1 - The company, Bohui Co., Ltd. (300839), primarily produces white oil, lubricating oil base oil, furnace fuel oil, and marine fuel oil [1]

海关数据显示，8月中国保税船用燃料油进口量为48.96万吨，环比下跌23.88%，同比上涨38.77%；8月 中国保税船用油出口量为164.32万吨，环比上涨13%，同比上涨6.02%。 市场消息：俄罗斯考虑对燃料经销商实施柴油出口禁令，以应对袭击事件。 9月23日，上期所低硫燃料油期货仓库仓单10020吨，环比上个交易日持平；燃料油期货仓单97230吨， 环比上个交易日减少29910吨。 后市来看，燃料油期货行情将如何运行，相关机构观点汇总如下： 光大期货分析称，从基本面看，低硫燃料油市场结构维持当前水平，高硫燃料油市场短期仍有支撑。亚 洲高硫燃料油市场继续受到地区原料需求和中东夏季发电需求最后阶段的支撑。但高、低硫不断增长的 供应将在未来几周对市场基本面构成压力。短期来看，FU和LU基本面暂无明显单边驱动，中东地缘局 势扰动之下关注成本端原油的波动。 9月24日，国内期市能化板块多数飘红。其中，燃料油期货主力合约开盘报2797.00元/吨，今日盘中高 位震荡运行；截至午间收盘，燃料油主力最高触及2878.00元，下方探低2790.00元，涨幅达3.95%。 瑞达期货（002961）指出，地缘局势紧张与美国 ...

每经AI快讯，9月24日，港股山东墨龙(00568.HK)涨超8%，公司A股涨停。截至发稿，涨8.35%，报4.41 港元，成交额3.37亿港元。 ...