Investment Rating - The industry investment rating is "Neutral" as the industry index is expected to be in line with the benchmark [137] Core Viewpoints - The report indicates that the supply and demand in the refining sector are weak, and the recent rise in oil prices has not significantly boosted the prices of refined products [1] - Brent crude oil prices increased significantly due to geopolitical tensions and optimistic market sentiment regarding US-China negotiations, but later faced downward pressure from revised supply and demand forecasts [1][13] - The report highlights that the chemical sector remains under pressure, with limited price increases for chemical products despite rising oil prices [1] - The polyester sector is experiencing a decline in prices and profitability due to weak demand and high supply levels [1] Summary by Sections Refining Sector - As of June 13, 2025, the domestic refining project price difference was 2394.77 CNY/ton, a decrease of 112.93 CNY/ton (-4.50%) from the previous week, while the international price difference was 933.65 CNY/ton, down 117.06 CNY/ton (-11.14%) [2] - Brent crude oil averaged 68.76 USD/barrel, up 5.52% week-on-week, with prices on June 13 reaching 74.23 USD/barrel [2][13] Chemical Sector - The report notes that the price of polyethylene and polypropylene has seen slight increases, but the price differences remain unchanged [1] - EVA prices are under pressure due to weak downstream demand, with the average price at 10957.14 CNY/ton, down 42.86 CNY/ton [49] - Pure benzene prices increased slightly, averaging 5978.57 CNY/ton, but the price difference narrowed [49] Polyester Sector - The PX price continues to decline due to high domestic supply and weak demand, with the average price at 5833.75 CNY/ton, down 142.37 CNY/ton [85] - The report indicates that the polyester filament market is facing a downturn, with prices decreasing and profitability declining [95] - PTA prices are stable with a slight increase, averaging 4869.29 CNY/ton, while the average profit margin is negative [97] Stock Performance of Major Refining Companies - As of June 13, 2025, the stock performance of six major refining companies showed mixed results, with Hengli Petrochemical up 1.40% and Dongfang Shenghong down 2.26% over the past week [123][124] - Over the past month, the stock performance varied significantly, with Dongfang Shenghong down 10.15% and Hengli Petrochemical down 2.75% [123][124]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views of the Report - The fundamentals of asphalt are slightly positive. The supply pressure is increasing as refineries have increased production recently, while the overall demand recovery is less than expected and remains sluggish. The inventory is continuously decreasing, and the strengthening of crude oil prices provides short - term cost support. It is expected that the futures price will fluctuate within a narrow range in the short term, with the asphalt 2509 contract oscillating between 3501 - 3553 [8][10]. - There are both positive and negative factors. The positive factor is that the relatively high cost of crude oil provides some support, while the negative factors include insufficient demand for high - priced goods, overall downward demand, and an increasing expectation of an economic recession in Europe and the United States [13][14]. 3. Summary According to the Directory 3.1 Daily Views - **Supply Side**: In June 2025, the total planned production of domestic asphalt is 2.398 million tons, with a month - on - month increase of 3.5% and a year - on - year increase of 12.7%. The sample capacity utilization rate of domestic petroleum asphalt this week is 32.2987%, a month - on - month increase of 3.655 percentage points. The sample enterprises' output is 539,000 tons, a month - on - month increase of 12.76%. The estimated maintenance volume of sample enterprise equipment is 738,000 tons, a month - on - month decrease of 3.40%. Refineries have increased production, raising supply pressure, and it may further increase next week [8]. - **Demand Side**: The operating rates of various types of asphalt, such as heavy - traffic asphalt, building asphalt, modified asphalt, and road - modified asphalt, are generally lower than the historical average levels. Although the operating rate of waterproofing membranes has increased, the overall demand is still below the historical average [8]. - **Cost**: The daily asphalt processing profit is - 474.54 yuan/ton, a month - on - month increase of 9.10%. The weekly delayed coking profit of Shandong local refineries is 671.8557 yuan/ton, a month - on - month decrease of 4.19%. The asphalt processing loss has increased, and the profit difference between asphalt and delayed coking has decreased. The strengthening of crude oil is expected to support the price in the short term [9]. - **Inventory**: On June 12, the social inventory is 1.351 million tons, a month - on - month decrease of 0.29%; the in - plant inventory is 797,000 tons, a month - on - month decrease of 2.08%; the port diluted asphalt inventory is 390,000 tons, a month - on - month increase of 60.00%. Social and in - plant inventories are decreasing, while port inventory is increasing [11]. - **Basis**: On June 12, the spot price in Shandong is 3725 yuan/ton, and the basis of the 09 contract is 198 yuan/ton, with the spot price higher than the futures price [11]. - **Expected Outlook**: The refinery's recent production increase raises supply pressure. The overall demand recovery is less than expected and remains sluggish during the peak season. The inventory is continuously decreasing. The strengthening of crude oil provides short - term cost support. It is expected that the futures price will fluctuate within a narrow range in the short term, with the asphalt 2509 contract oscillating between 3501 - 3553 [10]. 3.2 Asphalt Futures Market Analysis - **Basis Trend**: The report presents the historical trends of the Shandong and East China asphalt basis from 2020 to 2025, which helps to understand the price relationship between the spot and futures markets [20][21]. - **Spread Analysis**: - **Main Contract Spread**: The historical trends of the 1 - 6 and 6 - 12 contract spreads from 2020 to 2025 are shown, which is useful for spread trading analysis [23][24]. - **Asphalt - Crude Oil Price Trend**: The historical price trends of asphalt, Brent crude oil, and WTI crude oil from 2020 to 2025 are presented, showing the relationship between asphalt and crude oil prices [26][27]. - **Crude Oil Cracking Spread**: The historical trends of the asphalt - SC, asphalt - WTI, and asphalt - Brent cracking spreads from 2020 to 2025 are shown, reflecting the profitability of asphalt production from crude oil [29][30][31]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: The historical trends of the asphalt - SC price ratio and asphalt - fuel oil price ratio from 2020 to 2025 are presented, which helps to analyze the relative price relationships among different products [33][34]. 3.3 Asphalt Spot Market Analysis The report shows the historical trends of the market prices of heavy - traffic asphalt in the East China and Shandong regions from 2020 to 2025, which helps to understand the price fluctuations in the spot market [36][37]. 3.4 Asphalt Fundamental Analysis - **Profit Analysis**: - **Asphalt Profit**: The historical trends of asphalt profit from 2019 to 2025 are presented, showing the profitability of asphalt production [39][40]. - **Coking - Asphalt Profit Spread Trend**: The historical trends of the coking - asphalt profit spread from 2020 to 2025 are shown, which is related to the production choice between asphalt and coking products [42][43][44]. - **Supply - Side Analysis**: - **Shipment Volume**: The historical trends of the weekly shipment volume of asphalt small - sample enterprises from 2020 to 2025 are presented, reflecting the market supply situation [45][46]. - **Diluted Asphalt Port Inventory**: The historical trends of domestic diluted asphalt port inventory from 2021 to 2025 are shown, which is an important part of the asphalt supply [47][48]. - **Production Volume**: The historical trends of the weekly and monthly production volumes of asphalt from 2019 to 2025 are presented, showing the overall supply capacity [50][51]. - **Marine Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend**: The historical trends of the Marine crude oil price and Venezuelan crude oil monthly production from 2018 to 2025 are shown, which are related to the raw material supply of asphalt production [54][56]. - **Refinery Asphalt Production**: The historical trends of refinery asphalt production from 2019 to 2025 are presented, showing the production situation of refineries [57][59]. - **Operating Rate**: The historical trends of the weekly operating rate of asphalt from 2023 to 2025 are presented, reflecting the production activity level [60][61]. - **Maintenance Loss Estimation**: The historical trends of the maintenance loss estimation of asphalt from 2018 to 2025 are shown, which affects the actual supply [63][64]. - **Inventory Analysis**: - **Exchange Warehouse Receipts**: The historical trends of exchange warehouse receipts (total, social inventory, and in - plant inventory) from 2019 to 2025 are presented, which is related to the market's deliverable inventory [66][67][68]. - **Social Inventory and In - Plant Inventory**: The historical trends of social inventory (70 samples) and in - plant inventory (54 samples) from 2022 to 2025 are shown, reflecting the inventory situation at different locations [71][72]. - **In - Plant Inventory - to - Stock Ratio**: The historical trends of the in - plant inventory - to - stock ratio from 2018 to 2025 are presented, which helps to understand the inventory management of refineries [74][75]. - **Import and Export Situation**: - **Export and Import Trends**: The historical trends of asphalt export and import from 2019 to 2025 are presented, showing the international trade situation of asphalt [77][78]. - **South Korean Asphalt Import Price Difference Trend**: The historical trends of the South Korean asphalt import price difference from 2020 to 2025 are shown, which affects the competitiveness of imported asphalt [80][81][82]. - **Demand - Side Analysis**: - **Petroleum Coke Production**: The historical trends of petroleum coke production from 2019 to 2025 are presented, which is related to the demand for related products in the asphalt industry [83][84]. - **Apparent Consumption**: The historical trends of asphalt apparent consumption from 2019 to 2025 are presented, reflecting the overall market demand [86][87]. - **Downstream Demand**: - **Highway Construction and Transportation Fixed - Asset Investment**: The historical trends of highway construction and transportation fixed - asset investment from 2020 to 2025 are presented, which is an important factor affecting asphalt demand [89][90]. - **New Local Special Bonds and Infrastructure Investment Completion Year - on - Year**: The historical trends of new local special bonds and infrastructure investment completion year - on - year from 2019 to 2025 are shown, which also affect asphalt demand [91]. - **Downstream Machinery Demand**: The historical trends of asphalt concrete paver sales, excavator monthly operating hours, domestic excavator sales, and roller sales from 2020 to 2025 are presented, reflecting the demand for asphalt in construction machinery [93][94][96]. - **Asphalt Operating Rate**: - **Heavy - Traffic Asphalt Operating Rate**: The historical trends of the heavy - traffic asphalt operating rate from 2019 to 2025 are presented, showing the production activity level of heavy - traffic asphalt [98][99]. - **Asphalt Operating Rate by Use**: The historical trends of the building asphalt operating rate and modified asphalt operating rate from 2019 to 2025 are shown, reflecting the production situation of different types of asphalt [101][102]. - **Downstream Operating Situation**: The historical trends of the operating rates of shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane modified asphalt from 2019 to 2025 are presented, which are related to the demand for asphalt in different downstream industries [103][104][106]. - **Supply - Demand Balance Sheet**: The report provides a monthly asphalt supply - demand balance sheet from January 2024 to June 2025, including production, import, export, inventory, and downstream demand data, which helps to comprehensively understand the market's supply - demand relationship [108][109].

Group 1: Industry Performance - The petrochemical and chemical indices showed nearly all positive performance last week, with the chemical raw materials index rising by 2.17%, the chemical machinery index increasing by 1.28%, the chemical pharmaceuticals index up by 0.45%, and the pesticide and fertilizer index climbing by 3.93% [1] - In the oil sector, the oil processing index decreased by 0.34%, while the oil extraction index rose by 2.37% and the oil trading index increased by 0.37% [1] Group 2: Commodity Prices - International crude oil prices experienced an overall increase due to multiple favorable factors, with WTI crude oil futures settling at $64.58 per barrel, up 6.23% from May 30, and Brent crude oil futures settling at $66.47 per barrel, up 4.02% from May 30 [1] - The top five petrochemical products with the highest price increases included liquid chlorine up by 11.83%, US light crude oil up by 6.23%, hydrochloric acid up by 4.62%, Brent crude oil up by 4.02%, and acrylic acid ester up by 2.48% [1] - The top five petrochemical products with the largest price declines included high hydrogen silicone oil down by 11.11%, vitamin E down by 8.51%, adipic acid down by 7.50%, organic silicon D4 down by 7.41%, and 2% biotin down by 6.90% [1] Group 3: Capital Market Performance - In the capital market, the top five listed chemical companies in terms of stock price increase were Lianhua Technology up by 39.13%, *ST Dazhi up by 28.99%, Zhongyida up by 22.51%, Suli Co. up by 21.56%, and Weike Technology up by 19.86% [2] - The bottom five listed chemical companies in terms of stock price decline were Hengtian Hailong down by 15.91%, Suzhou Longjie down by 12.58%, Wanlang Magnetic Plastic down by 8.66%, Suqian Liansheng down by 8.31%, and Lafang Cosmetics down by 8.06% [2]

中石化（上海）石油化工研究院有限公司，成立于2022年，位于上海市，是一家以从事科技推广和应用 服务业为主的企业。企业注册资本49800万人民币。通过天眼查大数据分析，中石化（上海）石油化工 研究院有限公司共对外投资了2家企业，参与招投标项目118次，专利信息673条，此外企业还拥有行政 许可123个。 来源：金融界 金融界2025年6月10日消息，国家知识产权局信息显示，中国石油化工股份有限公司、中石化（上海） 石油化工研究院有限公司申请一项名为"一种环状酯精制后的废液的回收处理方法及系统与应用"的专 利，公开号CN120117986A，申请日期为2023年12月。 专利摘要显示，本发明公开了一种环状酯精制后的废液的回收处理方法及系统与应用，所述废液中含有 所述精制用溶剂和低聚物，所述方法包括：(1)在重质有机物存在下于精馏塔A内对所述废液进行精馏处 理，塔顶采出回用溶剂，塔釜采出含重质有机物和低聚物的精馏塔A塔釜料；(2)所述精馏塔A塔釜料与 醇解试剂混合进行醇解反应得到醇解液；(3)所述醇解液于精馏塔B内进行精馏，塔顶采出回用醇解试 剂，塔釜采出精馏塔B塔釜料；(4)所述精馏塔B塔釜料进入精馏塔C内进行 ...

中石化（上海）石油化工研究院有限公司，成立于2022年，位于上海市，是一家以从事科技推广和应用 服务业为主的企业。企业注册资本49800万人民币。通过天眼查大数据分析，中石化（上海）石油化工 研究院有限公司共对外投资了2家企业，参与招投标项目115次，专利信息660条，此外企业还拥有行政 许可123个。 金融界2025年6月10日消息，国家知识产权局信息显示，中国石油化工股份有限公司;中石化（上海）石 油化工研究院有限公司申请一项名为"芳烃转化反应过程降低循环气量的方法及系统和应用"的专利，公 开号CN120117951A，申请日期为2023年12月。 专利摘要显示，本发明公开了芳烃转化反应过程降低循环气量的方法及系统和应用。本发明的方法包括 以下步骤：所述芳烃转化反应包括临氢和/或加氢反应；对芳烃转化反应后的产物分离，得到液相产物 和气相产物；在所述气相产物中补入氢气，然后进行氢气提纯处理，得到富甲烷气和提纯后的氢气；将 提纯后的氢气作为循环气用于芳烃转化反应中。 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油、煤炭 及其他燃料加工业为主的企业。企业注册资本1217 ...

s 加蒙期货 沥青早报 研究中心能化团队 2025/6/10 | | 指标 | 5/9 | 5/30 | 6/5 | 6/6 | 6/9 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3453 | 3457 | 3497 | 3209 | 3488 | -21 | 31 | | | BU06 | 3453 | 3452 | 3493 | 3509 | 3516 | 7 | 64 | | | BU09 | 3377 | 3414 | 3460 | 3478 | 3488 | 10 | 74 | | | BU12 | 3209 | 3237 | 3290 | 3312 | 3320 | 8 | 83 | | 1:1 | BU03 | 3210 | 3201 | 3231 | 3247 | 3267 | 20 | 66 | | | 成交量 | 355627 | 579926 | 297241 | 269123 | 463328 | 194205 | -116598 | | | 持仓量 | 38 ...

Core Viewpoint - The article discusses the weak performance of CPI and PPI in May 2025, highlighting a deflationary trend and the factors contributing to this situation, including energy and food prices, as well as the broader economic implications for GDP growth and investment opportunities [1][4][11]. CPI Analysis - In May 2025, the CPI year-on-year was -0.1%, unchanged from the previous value, while the PPI year-on-year was -3.3%, lower than the previous -2.7% [1][4]. - The simulated deflation index, based on CPI and PPI weights of 60% and 40%, was -1.38%, the lowest in the past 16 months [1][4]. - The decline in CPI is attributed to a 1.7% month-on-month decrease in energy prices, which negatively impacted CPI by approximately 0.13 percentage points, primarily due to the transmission of commodity price declines influenced by tariffs [6][7]. - Food prices also saw a month-on-month decrease of 0.2%, contributing to a 0.04 percentage point drag on CPI, with weak demand in the restaurant sector being a significant factor [6][7]. PPI Analysis - The PPI decline was exacerbated by two main factors: a decrease in global pricing raw materials and weak domestic construction product pricing [8][9]. - The oil extraction, processing, and chemical industries experienced expanded declines due to falling oil prices, with year-on-year price drops of -17.3% for oil extraction and -14.7% for oil processing [8][9]. - New industry products made a slight positive contribution to PPI, with some sectors like automotive and electronics showing a slight narrowing in their year-on-year decline [8][9]. Future Price Trends - Looking ahead, there is a potential for a slight narrowing of PPI declines in June due to recent rebounds in oil and copper prices, indicating a possible improvement in global pricing factors [10]. - However, to significantly alter the low PPI situation, prices in the construction and emerging industries need to exit the negative growth range, which requires effective local government investment strategies [10]. Economic Outlook - The macroeconomic environment since the "924" policy has shown signs of stabilization, with actual GDP growth expected to remain above 5% in the second quarter of 2025, despite pressures from exports to the U.S. [11]. - The current economic challenges are primarily related to low prices and nominal GDP, leading to high real interest rates and a heavier debt burden, which could affect investment and consumption opportunities [11].

Core Insights - The core CPI shows improvement year-on-year, while the PPI continues to expand its year-on-year decline. In May, the CPI decreased month-on-month, but the core CPI's year-on-year growth rate increased. The PPI's month-on-month decline remained stable, with a year-on-year decline expanding by 0.6 percentage points, both influenced by fluctuations in international energy prices [1][3]. CPI Analysis - In May, the CPI decreased by 0.1% year-on-year, consistent with the previous month. The core CPI recorded a year-on-year growth of 0.6%, an increase of 0.1 percentage points from last month. The CPI's year-on-year growth was affected by a tail effect contributing approximately -0.2 percentage points, while new price changes contributed about 0.1 percentage points [5][11]. - Food prices fell by 0.4% year-on-year, with fresh fruits, pork, and seafood prices rising, collectively impacting the CPI by 0.21 percentage points. Conversely, fresh vegetables and egg prices decreased, affecting the CPI by -0.19 percentage points. Non-food prices remained stable compared to last month [5][8]. - Energy prices decreased by 6.1% year-on-year, with a decline of 1.7% month-on-month, impacting the CPI's year-on-year decline by approximately 0.47 percentage points. However, some sectors showed positive price changes, such as gold jewelry and household textiles, which increased by 40.1% and 1.9%, respectively [5][8]. PPI Analysis - The PPI's year-on-year decline recorded -3.3% in May, with the decline expanding by 0.6 percentage points from the previous month. The tail effect contributed approximately -1.8 percentage points, while new price changes contributed about -1.5 percentage points. The production materials price decreased by -4.0% year-on-year, while the living materials price decreased by -1.4% [11][13]. - Major industries such as coal mining (-18.2%), oil and gas extraction (-17.3%), and kerosene processing (-14.7%) experienced significant price declines. However, prices in sectors like washing machine manufacturing and automobile manufacturing saw a reduction in their decline rates compared to last month [11][13]. - The PPI's month-on-month decline remained at 0.4%, with production materials prices decreasing by 0.6%. The oil and gas extraction industry saw a price drop of 5.6%, while refined petroleum products and chemical industries also experienced declines [13].

6月9日，国家统计局发布数据显示，5月份，居民消费价格指数（CPI）环比下降0.2%，同比下降 0.1%，扣除食品和能源价格的核心CPI同比上涨0.6%，涨幅比上月扩大0.1个百分点。工业生产者出厂价 格指数（PPI）环比下降0.4%，降幅与上月相同，同比下降3.3%，降幅比上月扩大0.6个百分点。我国以 更大力度和更精准措施提振消费，新质生产力成长壮大，部分领域供需关系有所改善，价格呈现积极变 化。 CPI略有下降，核心CPI同比涨幅扩大 国家统计局城市司首席统计师董莉娟表示，CPI环比由涨转降主要受能源价格下降影响。能源价格环比 下降1.7%，影响CPI环比下降约0.13个百分点，占CPI总降幅近七成。 其中，汽油价格下降3.8%，降幅比上月扩大1.8个百分点。食品价格下降0.2%，降幅小于季节性水平1.1 个百分点，影响CPI环比下降约0.04个百分点。其中，应季蔬菜上市量增加，鲜菜价格下降5.9%；鸡 蛋、猪肉和禽肉类价格稳中略降，降幅在0.3%—1.0%之间；受部分地区暴雨天气、伏季休渔期等因素 影响，鲜果、淡水鱼和海水鱼供应有所减少，价格分别上涨3.3%、3.1%和1.5%。消费需求持续回暖， 叠 ...

Group 1 - China Petroleum & Chemical Corporation (Sinopec) has applied for a patent for a modified Hβ molecular sieve catalyst, with the patent application number CN120094631A, filed on December 2023 [1] - The catalyst composition includes 60%-85% Hβ molecular sieve, 0.1%-6% sodium oxide and/or potassium oxide, and 13%-35% aluminum oxide, with a silicon-aluminum molar ratio of 25-180 and a characteristic constant k of 100-550 [1] - The preparation method involves dissolving cinnamic acid salt in benzene, purging with hot nitrogen, and using conventional methods to produce the catalyst [1] Group 2 - China Petroleum & Chemical Corporation was established in 2000, located in Beijing, with a registered capital of approximately 12.17 billion RMB [2] - The company has invested in 250 enterprises, participated in 5000 bidding projects, and holds 5000 patent records [2] - Sinopec (Dalian) Petrochemical Research Institute, established in 2022, has a registered capital of approximately 338.46 million RMB and has invested in 1 enterprise, participated in 773 bidding projects, and holds 4659 patent records [2]