Report Industry Investment Rating - Unilateral: Neutral, waiting for the market bottom to consolidate [2] - Inter - period: None [2] - Cross - variety: None [2] - Futures - spot: None [2] - Options: None [2] Core View - The asphalt market is in a low - level oscillation state. The cost side of crude oil is weak, and the fundamental situation lacks positive stimuli. Although there are some bottom signals, the rebound momentum is insufficient. The terminal demand for asphalt is generally dull, with an expected further decline after large - scale cooling. The market's willingness to buy at the bottom is limited, and the trading atmosphere is poor, lacking clear positive signals [1] Summary According to Related Content Market Analysis - On November 19, the closing price of the main BU2601 contract of asphalt futures in the afternoon session was 3045 yuan/ton, a 0.13% decline from the previous day's settlement price. The positions were 181,181 lots, a decrease of 10,781 lots from the previous day, and the trading volume was 182,054 lots, an increase of 24,911 lots from the previous day [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast, 3156 - 3650 yuan/ton; Shandong, 3030 - 3520 yuan/ton; South China, 3090 - 3210 yuan/ton; East China, 3200 - 3400 yuan/ton [1] - The asphalt spot price in Shandong rose slightly yesterday, while those in the Northeast, North China, South China, and Sichuan - Chongqing regions declined. Prices in other regions were relatively stable [1] Graphical Information - There are various graphs showing data such as the spot prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China, Southwest, Northwest), the closing prices of asphalt futures indices, main contracts, and near - month contracts, the trading volume and positions of asphalt futures, domestic and regional asphalt production, domestic asphalt consumption in different fields (road, waterproofing, coking, ship fuel), and asphalt refinery and social inventories [3]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - No relevant content Group 3: Summary by Related Catalogs 1. Basis and Spread - The Shandong basis (+80) (Hongrun) was 239 on 10/20, -9 on 11/13, -2 on 11/17, -2 on 11/18, and 15 on 11/19, with a daily change of 17 [3]. - The East China basis (Zhenjiang warehouse) was 189 on 10/20, 121 on 11/13, 118 on 11/17, 118 on 11/18, and 105 on 11/19, with a daily change of -13 [3]. - The South China basis (Foshan warehouse) was 199 on 10/20, 101 on 11/13, 88 on 11/17, 48 on 11/18, and 35 on 11/19, with a daily change of -13 [3]. - The 12 - 01 spread was 26 on 10/20, -1 on 11/13, 20 on 11/17, 1 on 11/18, and 4 on 11/19, with a daily change of 3 [3]. - The 12 - 03 spread was -5 on 10/20, -44 on 11/13, -29 on 11/17, -48 on 11/18, and -46 on 11/19, with a daily change of 2 [3]. - The 01 - 02 spread was -11 on 10/20, -16 on 11/13, -19 on 11/17, -20 on 11/18, and -23 on 11/19, with a daily change of -3 [3]. 2. Futures Contracts - The BU main contract (01) was 3141 on 10/20, 3029 on 11/13, 3032 on 11/17, 3032 on 11/18, and 3045 on 11/19, with a daily change of 13 [3]. - The trading volume was 261,470 on 10/20, 343,644 on 11/13, 198,831 on 11/17, 219,131 on 11/18, and 242,605 on 11/19, with a daily change of 23,474 [3]. - The open interest was 366,944 on 10/20, 344,455 on 11/13, 349,657 on 11/17, 349,644 on 11/18, and 338,791 on 11/19, with a daily change of -10,853 [3]. 3. Spot Prices - The spot price of Hongrun was 3300 on 10/20, 2940 on 11/13, 2950 on 11/17, 2950 on 11/18, and 2980 on 11/19, with a daily change of 30 [3]. - The spot price of Zhenjiang warehouse was 3330 on 10/20, 3150 on 11/13, 3150 on 11/17, 3150 on 11/18, and 3150 on 11/19, with a daily change of 0 [3]. - The spot price of Foshan warehouse was 3340 on 10/20, 3130 on 11/13, 3120 on 11/17, 3080 on 11/18, and 3080 on 11/19, with a daily change of 0 [3]. 4. Profits - The asphalt - Ma Rui profit was 497 on 10/20, 148 on 11/13, 74 on 11/17, 91 on 11/18, and decreased by 32 compared to the previous value [3]. - The comprehensive profit of Ma Rui - type refineries was 918 on 10/20, 747 on 11/13, 663 on 11/17, and 654 on 11/19, with a daily change of -12 [3].

Report Industry Investment Rating - Not provided Core Viewpoints - The asphalt market is expected to oscillate weakly. Supply is decreasing, demand is weakening, and inventories are at a low level. The price of crude oil has rebounded slightly, but the overall market is still weak [1]. Summary by Relevant Catalogs Market Analysis - Last week, the asphalt operating rate decreased by 0.7 percentage points to 29.0% week-on-week, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years. In November, domestic asphalt production is expected to be 2.228 million tons, a decrease of 454,000 tons month-on-month, a decrease of 16.9%, and a decrease of 274,000 tons year-on-year, a decrease of 11.0% [1]. - Last week, the operating rates of most downstream asphalt industries were stable. The road asphalt operating rate decreased by 1 percentage point to 33% week-on-week, slightly higher than the same period last year, restricted by funds and weather. The supply in North China decreased, and its shipments decreased significantly. The national shipments decreased by 31.02% to 213,000 tons week-on-week, at a moderately low level [1]. - The inventory-to-sales ratio of asphalt refineries increased slightly week-on-week but remained at the lowest level in the same period in recent years. The crack spread of refined oil products in Europe and the United States increased, and the crude oil price rebounded slightly. This week, refineries such as Shandong Shengxing plan to switch to producing residual oil, and the asphalt operating rate will remain low. With the arrival of the cold wave, the temperature in the north continues to drop, road construction is gradually ending, and subsequent demand will further weaken. The increase in projects in the south is limited [1]. Futures and Spot Market - Today, the asphalt futures contract 2601 fell 0.13% to 3,045 yuan/ton, above the 5-day moving average. The lowest price was 3,025 yuan/ton, and the highest price was 3,066 yuan/ton. The open interest decreased by 10,781 to 181,181 lots [2]. - The mainstream market price in Shandong increased to 3,030 yuan/ton, and the basis of the asphalt 01 contract increased to -15 yuan/ton, at a neutral level [3]. Fundamental Tracking - On the supply side, refineries such as Qilu Petrochemical and Shanghai Petrochemical switched to producing residual oil. The asphalt operating rate decreased by 0.7 percentage points to 29.0% week-on-week, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years [1][4]. - From January to September, the national highway construction investment decreased by 6.0% year-on-year. The cumulative year-on-year growth rate rebounded slightly compared with January - August 2025 but was still negative. From January to October 2025, the cumulative year-on-year growth rate of the actual completed fixed - asset investment in the road transportation industry was -4.3%, a slight decline from -2.7% from January to September 2025, still in a cumulative year-on-year negative growth situation. From January to October 2025, the cumulative year-on-year growth rate of the completed fixed - asset investment in infrastructure construction (excluding electricity) decreased to -0.1% from 1.1% from January to September 2025 [4]. - As of the week of November 14, the operating rates of most downstream asphalt industries were stable. The road asphalt operating rate decreased by 1 percentage point to 33% week-on-week, slightly higher than the same period last year, restricted by funds and weather [1][4]. - From the perspective of social financing stock, from January to September 2025, the social financing stock increased by 8.7% year-on-year, and the growth rate slowed down by 0.1 percentage point compared with January - August. In September, the new social financing was as high as 3.53 trillion yuan, but year-on-year it was 233.5 billion yuan less due to the high base. Attention should be paid to the progress of forming physical workload [4]. Inventory - As of the week of November 14, the inventory - to - sales ratio of asphalt refineries increased by 0.4 percentage points to 14.5% compared with the week of November 7, but it was still at the lowest level in the same period in recent years [5]

上市企业：宝利国际（300135）,恒基达鑫（002492），中国石化（600028） 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2025-2031年中国乙醇汽油行业发展现状调查及市场分析预测报告》 根据国家统计局数据显示：2025年9月中国汽油产量为1324万吨，同比下降1.9%；2025年1-9月中国汽油 累计产量为11607.9万吨，累计下降5.3%。 2020-2025年1-9月中国汽油产量统计图 数据来源：国家统计局，智研咨询整理 ...

Core Insights - The report by Zhiyan Consulting forecasts the operational pattern and industry outlook of the kerosene sector in China from 2025 to 2031 [1] Group 1: Production Data - In September 2025, China's kerosene production reached 5.31 million tons, marking an 8.4% year-on-year increase [1] - Cumulatively, from January to September 2025, China's kerosene production totaled 44.625 million tons, reflecting a 4% growth compared to the previous year [1] Group 2: Industry Analysis - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [2] - The firm emphasizes its professional approach, quality services, and keen market insights to provide comprehensive industry solutions that empower investment decisions [2]

Report Industry Investment Rating - No relevant content provided Core View - The asphalt market is facing a situation where supply is decreasing, demand is weakening, and prices are showing a weak and volatile trend. The supply side is affected by refinery conversions to produce other products, and the demand side is restricted by factors such as funds, weather, and overall infrastructure investment. Additionally, the excess supply of crude oil and the release of low - price resources from refineries are also contributing to the weakening of asphalt prices [1][4]. Summary by Directory Market Analysis - Supply: Last week, the asphalt operating rate dropped by 0.7 percentage points to 29.0% week - on - week, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years. In November, the estimated domestic asphalt production is 222.8 million tons, a decrease of 45.4 million tons (16.9%) month - on - month and 27.4 million tons (11.0%) year - on - year. Refineries such as Qilu Petrochemical and Shanghai Petrochemical have switched to producing residual oil [1][4]. - Demand: As of the week of November 14, most of the operating rates of downstream asphalt industries were stable. The operating rate of road asphalt decreased by 1 percentage point to 33% week - on - week, slightly higher than the same period last year, restricted by funds and weather. From January to September, the national highway construction investment decreased by 6.0% year - on - year. From January to October, the cumulative year - on - year growth rate of fixed - asset investment in road transportation was - 4.3%, and the cumulative year - on - year growth rate of infrastructure investment (excluding electricity) was - 0.1% [1][4]. - Price: OPEC adjusted the global oil market from a shortage of 400,000 barrels per day in the third quarter of 2025 to a surplus of 500,000 barrels per day, leading to a decline in crude oil prices. The release of low - price resources from refineries in the long - term has weakened the basis of asphalt in Shandong, and the spot price is weak. The futures price of asphalt is weakly volatile [1]. Futures and Spot Market Conditions - Futures: Today, the asphalt futures 2601 contract fell 0.36% to 3032 yuan/ton, below the 5 - day moving average. The lowest price was 3029 yuan/ton, the highest was 3072 yuan/ton, and the open interest decreased by 2515 to 191,962 lots [2]. - Basis: The mainstream market price in Shandong remained at 3010 yuan/ton, and the basis of the asphalt 01 contract rose to - 22 yuan/ton, at a neutral level [3]. Fundamental Tracking - Supply: Refineries such as Qilu Petrochemical and Shanghai Petrochemical have switched to producing residual oil, causing the asphalt operating rate to drop by 0.7 percentage points to 29.0% week - on - week, 2.0 percentage points lower than the same period last year, at a relatively low level in recent years [4]. - Demand: From January to September, the national highway construction investment decreased by 6.0% year - on - year. From January to October, the cumulative year - on - year growth rate of fixed - asset investment in road transportation was - 4.3%, and the cumulative year - on - year growth rate of infrastructure investment (excluding electricity) was - 0.1%. As of the week of November 14, the operating rate of road asphalt decreased by 1 percentage point to 33% week - on - week, slightly higher than the same period last year, restricted by funds and weather [4]. - Inventory: As of the week of November 14, the inventory - to - sales ratio of asphalt refineries increased by 0.4 percentage points to 14.5% week - on - week, still at the lowest level in recent years [5].

Report Information - Release Date: November 18, 2025 [1] Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Indicators Production - related Indicators - Overall Asphalt开工率: 29%, down 0.70 from the previous value [1] - Shandong Asphalt开工率: 35.4%, up 6.80 from the previous value [1] - Overall Asphalt产量: 51.400,000 tons, down 3.38% from the previous value [1] - Shandong Asphalt产量: 18.300,000 tons, up 20.39% from the previous value [1] - Road Modified Asphalt开工率: 34%, unchanged from the previous value [1] - Waterproof Coil开工率: 33%, down 1.00 from the previous value [1] - Rubber Shoe Material开工率: 24.29%, unchanged from the previous value [1] Profit - related Indicator - Shandong Asphalt毛利: - 612.84 yuan/ton, down 19.67 from the previous value [1] Inventory - related Indicators - Social Inventory: 32.300,000 tons, down 10.77% from the previous value [1] - Factory Inventory: 43.700,000 tons, up 4.55% from the previous value [1] - Inventory - to - Stock Ratio: 14.5%, up 2.84% from the previous value [1] - Diluted Asphalt Port Inventory: 350,000 tons, up 118.75% from the previous value [1] Sales - related Indicator - Large - sample Sales Volume: 36.19%, down 8.35 from the previous value [1]

Core Viewpoint - The report highlights the current state and future trends of the biodiesel industry in China, emphasizing the production statistics of diesel and the implications for related companies [1]. Industry Summary - As of September 2025, China's diesel production reached 17.42 million tons, reflecting a year-on-year increase of 3.1% [1]. - From January to September 2025, the cumulative diesel production in China was 146.91 million tons, showing a cumulative decline of 2.5% compared to the previous year [1]. - The report is part of a comprehensive industry analysis provided by Zhiyan Consulting, which specializes in in-depth industry research and market insights [1]. Company Summary - Listed companies in the biodiesel sector include China Petroleum (601857), China Petrochemical (600028), Huajin Co. (000059), Longyu Co. (603003), and Hengyi Petrochemical (000703) [1].

截至11月9日，沧州炼化当月就已完成5000吨高附加值石油焦的生产任务，产品陆续发往河南、山西、 山东等地区的下游客户。 创新管理 持续改进撬动大效益 "储能焦不是终点，我们会持续攻关，向更优指标迈进。"储能专用炭材料优化项目负责人张加锋说。石 油焦的核心竞争力在于产品品质，经过实际验证，该公司生产的储能专用炭材料克容量指标达359.6毫 安时/克，实现了性能新突破，可满足新能源汽车超快充电池对高端储能焦材料的需求。 为提升储能焦性能，沧州炼化优化团队动态响应，依托客户实测反馈，与石科院及下游客户深度协作攻 关，通过精准工艺调控，实现产品性能阶梯式提升，部分指标达到动力焦水平。 从"守着传统产品"到"瞄准高端市场"，沧州炼化加快推动石油焦产品转型升级，目前已研发生产储能专 用炭材料、预焙阳极石油焦这两种高附加值石油焦。前10个月，该公司高附加值石油焦产品出厂量近12 万吨，实现量效双升，为企业高质量发展注入新动能。 精准攻坚 产品稳定性大幅提升 近年来，随着新能源行业迅猛发展，储能专用材料应用前景及创效空间广阔。为此，沧州炼化组建由管 理、技术、操作人员组成的优化攻关团队，围绕"提品质、增效益"展开全链条攻关 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The refinery has reduced production recently to ease supply pressure, and the supply pressure may decrease next week. The overall demand is affected by the off - season and fails to meet expectations. The inventory remains stable, and the cost support from crude oil strengthens in the short term. It is expected that the asphalt 2601 will fluctuate in the range of 3008 - 3056 [8]. - The positive factor is that the relatively high cost of crude oil provides some support, while the negative factors are the insufficient demand for high - priced goods, the overall downward demand, and the increasing expectation of economic recession in Europe and the United States [10][11]. 3. Summary According to the Directory 3.1 Daily Viewpoints - **Fundamentals**: In November 2025, the total planned output of refinery asphalt was 1.312 million tons, a month - on - month increase of 18.2% and a year - on - year decrease of 6.5%. This week, the utilization rate of domestic petroleum asphalt sample production capacity was 30.8006%, a month - on - month decrease of 1.08 percentage points. The shipment of national sample enterprises was 213,000 tons, a month - on - month decrease of 31.02%. The sample enterprise output was 514,000 tons, a month - on - month decrease of 3.38%. The estimated maintenance volume of sample enterprise equipment was 836,000 tons, a month - on - month increase of 12.21%. The heavy - traffic asphalt开工率 was 29%, a month - on - month decrease of 0.02 percentage points, lower than the historical average. The construction asphalt开工率 was 6%, unchanged month - on - month, lower than the historical average. The modified asphalt开工率 was 11.2169%, a month - on - month increase of 0.79 percentage points, lower than the historical average. The road - modified asphalt开工率 was 34%, unchanged month - on - month, higher than the historical average. The waterproofing membrane开工率 was 33%, a month - on - month decrease of 1.00 percentage point, lower than the historical average. The daily processing profit of asphalt was - 562.55 yuan/ton, a month - on - month increase of 3.80%. The weekly delayed coking profit of Shandong refineries was 915.1743 yuan/ton, a month - on - month increase of 14.48% [8]. - **Basis**: On November 17, the spot price in Shandong was 3020 yuan/ton, and the basis of the 01 contract was - 12 yuan/ton, with the spot at a discount to the futures [8]. - **Inventory**: The social inventory was 825,000 tons, a month - on - month decrease of 8.02%. The in - plant inventory was 647,000 tons, a month - on - month increase of 0.94%. The port - diluted asphalt inventory was 350,000 tons, a month - on - month increase of 18.75%. The social inventory continued to decline, while the in - plant and port inventories continued to accumulate [8]. - **Disk**: The MA20 was downward, and the futures price of the 01 contract closed below the MA20 [8]. - **Main Position**: The main position was net short, and the short position increased [8]. - **Expectation**: It is expected that the asphalt 2601 will fluctuate in the range of 3008 - 3056 in the short term [8]. 3.2 Asphalt Futures Market - Basis Trend - The document provides the historical basis trends of asphalt in Shandong and East China from 2020 to 2025 [17][18][19] 3.3 Asphalt Futures Market - Spread Analysis - **Main Contract Spread**: The document shows the historical spread trends of asphalt 1 - 6 and 6 - 12 contracts from 2020 to 2025 [22][23] - **Asphalt - Crude Oil Price Trend**: It presents the historical price trends of asphalt, Brent crude oil, and WTI crude oil from 2020 to 2025 [25][26] - **Crude Oil Crack Spread**: The historical crack spreads of asphalt - SC, asphalt - WTI, and asphalt - Brent from 2020 to 2025 are provided [28][29][30] - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: The historical price - ratio trends of asphalt, crude oil, and fuel oil from 2020 to 2025 are shown [32][34] 3.4 Asphalt Spot Market - Market Price Trends in Various Regions - The document shows the historical price trends of Shandong heavy - traffic asphalt from 2020 to 2025 [35][36] 3.5 Asphalt Fundamental Analysis - **Profit Analysis** - **Asphalt Profit**: The historical profit trends of asphalt from 2019 to 2025 are presented [38][39] - **Coking - Asphalt Profit Spread Trend**: The historical spread trends of coking - asphalt profits from 2020 to 2025 are shown [41][42][43] - **Supply - Side Analysis** - **Shipment Volume**: The historical weekly shipment volumes of asphalt from 2020 to 2025 are provided [44][45] - **Diluted Asphalt Port Inventory**: The historical port inventories of diluted asphalt from 2021 to 2025 are presented [46][47] - **Output**: The historical weekly and monthly output trends of asphalt from 2019 to 2025 are shown [49][50] - **Marine Crude Oil Price and Venezuelan Crude Oil Monthly Output Trend**: The historical price trends of Marine crude oil and the monthly output trends of Venezuelan crude oil from 2018 to 2025 are provided [53][55] - **Refinery Asphalt Output**: The historical output trends of refinery asphalt from 2019 to 2025 are presented [56][57] - **Capacity Utilization Rate**: The historical weekly capacity utilization rates of asphalt from 2021 to 2025 are shown [59][60] - **Maintenance Loss Estimate**: The historical estimated trends of maintenance losses from 2018 to 2025 are provided [61][62] - **Inventory Analysis** - **Exchange Warehouse Receipt**: The historical trends of exchange warehouse receipts from 2019 to 2025 are presented [64][65][66] - **Social Inventory and In - Plant Inventory**: The historical trends of social and in - plant inventories from 2022 to 2025 are shown [68][69] - **In - Plant Inventory - to - Stock Ratio**: The historical trends of the in - plant inventory - to - stock ratio from 2018 to 2025 are provided [71][72] - **Import and Export Situation** - The historical export and import trends of asphalt from 2019 to 2025 are presented [74][75] - The historical spread trends of South Korean asphalt imports from 2020 to 2025 are shown [77][78][79] - **Demand - Side Analysis** - **Petroleum Coke Output**: The historical output trends of petroleum coke from 2019 to 2025 are provided [80][81] - **Apparent Consumption**: The historical apparent consumption trends of asphalt from 2019 to 2025 are presented [83][84] - **Downstream Demand** - The historical trends of highway construction fixed - asset investment, new local special bonds, and infrastructure investment completion year - on - year from 2019 to 2025 are shown [86][87][88] - The historical sales trends of asphalt concrete pavers, domestic excavators, and road rollers from 2019 to 2025 are provided [90][91][92] - The historical monthly working - hour trends of excavators from 2020 to 2025 are presented [94] - **Asphalt Capacity Utilization Rate** - The historical capacity utilization rates of heavy - traffic asphalt from 2019 to 2025 are shown [95][96] - The historical capacity utilization rates of construction asphalt and modified asphalt from 2019 to 2025 are presented [98][99] - **Downstream Capacity Utilization Situation** - The historical capacity utilization rates of shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane - modified asphalt from 2019 to 2025 are provided [100][101][103] - **Supply - Demand Balance Sheet**: The monthly supply - demand balance sheet of asphalt from January 2024 to November 2025 is presented, including monthly output, import, export, social inventory, in - plant inventory, port - diluted asphalt inventory, and downstream demand [105][106]