Group 1 - The signing ceremony at the 31st Lanzhou Investment and Trade Fair resulted in 131 projects with a total signed amount of 109.379 billion yuan, representing an 8.7% increase compared to the previous session [1] - The projects are categorized into three industries: 11 projects in primary industry with a total of 4.342 billion yuan, 77 projects in secondary industry with a total of 76.696 billion yuan, and 43 projects in tertiary industry with a total of 28.341 billion yuan [1] - The advanced manufacturing sector, particularly the "6+X" projects, showed significant performance with 78 projects totaling 77.69 billion yuan, accounting for 71% of the total signed amount [1] Group 2 - The successful implementation of these signed projects is expected to provide strong momentum for the optimization and upgrading of Lanzhou's industrial structure, the construction of a modern industrial system, and the development of characteristic industrial clusters [2] - Since its inception in 1993, the Lanzhou Investment and Trade Fair has become one of the most influential investment and trade promotion activities in China, significantly promoting economic exchanges under the "Belt and Road" initiative [2]

Core Viewpoint - The listing of pure benzene futures and options on the Dalian Commodity Exchange is expected to stabilize production costs, hedge against price volatility, and enhance the risk management capabilities of the supply chain [1][2][3] Group 1: Market Participation and Initial Performance - Major industry players such as China National Petroleum International Company, Xuyang Group, and Shandong Jingbo Petrochemical participated actively in the first day of trading [2] - On the first day of trading, the main contract BZ2603 closed at 5,931 yuan/ton, reflecting a 0.53% increase from the listing benchmark price [1] - A total of 26,900 contracts were traded, amounting to 4.788 billion yuan, with a holding volume of 5,419 contracts [1] Group 2: Industry Impact and Benefits - The introduction of pure benzene futures is seen as a significant step for the petrochemical industry, providing a transparent and efficient risk management platform for upstream and downstream enterprises [3][4] - The futures market is expected to enhance price discovery mechanisms and improve market risk management capabilities for petrochemical companies [3][4] - The listing is anticipated to strengthen the international pricing influence of the Chinese petrochemical industry [3][4] Group 3: Future Outlook - Analysts predict that the price of pure benzene futures will remain anchored within the range of 5,800 to 6,200 yuan/ton in the short term, influenced by current supply pressures and demand factors [4] - The participation of industry players is expected to enhance market liquidity and the functionality of the pure benzene futures market over time [5]

Group 1 - The launch of pure benzene futures and options on July 8 at Dalian Commodity Exchange marks a significant development for the industry, providing essential tools for price risk management and enhancing the international pricing influence of China's pure benzene [1][2][3] - On the first trading day, four contracts (BZ2603, BZ2604, BZ2605, BZ2606) were listed, with a total trading volume of 26,900 lots and a transaction value of 4.788 billion yuan, indicating strong market participation [1] - The participation of 230 legal entities, with a holding ratio of 62.7%, highlights the interest from major industry players, including China National Petroleum International and Xuyang Group [1] Group 2 - China is the largest producer, consumer, and importer of pure benzene, with a projected production of 25.13 million tons and a consumption of 29.26 million tons in 2024, reflecting a significant market scale of 208.6 billion yuan [2] - The introduction of pure benzene futures and options is seen as a critical transition from "extensive competition" to "refined management" within the industry, enhancing profit locking and risk resistance for enterprises [2] - The establishment of a Chinese pricing system for pure benzene is anticipated to improve international market influence and pricing transparency, moving away from reliance on overseas pricing benchmarks [2][3]

Group 1 - In May 2025, the liquefied petroleum gas (LPG) production in Tianjin was 47,000 tons, representing a year-on-year decrease of 53.2% [1] - The growth rate in May 2025 was 69.9 percentage points lower than the same period last year, and 46.2 percentage points lower than the national average [1] - Tianjin's LPG production accounted for 1.1% of the national LPG production of 4.248 million tons during the same period [1] Group 2 - From January to May 2025, Tianjin's LPG production totaled 467,000 tons, with a year-on-year growth of 1.6% [2] - The growth rate for this period was 6.7 percentage points lower than the previous year, but it was 3.8 percentage points higher than the national average [2] - Tianjin's LPG production during this period represented 2.1% of the national LPG production of 2.19 million tons [2]

石油沥青日报 | 2025-07-08 需求缺乏亮点，盘面震荡运行 市场分析 1、7月7日沥青期货下午盘收盘行情：主力BU2509合约下午收盘价3566元/吨，较昨日结算价下跌22元/吨，跌幅 0.61%；持仓217676手，环比下跌2381手，成交127222手，环比下降3466手。 2、卓创资讯重交沥青现货结算价：东北，3900—4086元/吨；山东，3640—4070元/吨；华南，3610—3750元/吨； 华东，3650—3850元/吨。 昨日华北、山东以及华南市场沥青现货价格有所下跌，华东地区沥青现货价格涨幅较为明显，其余地区沥青现货 价格大体企稳，盘面则维持区间震荡。就沥青自身基本面而言，整体供需两弱格局延续，库存维持低位，市场矛 盾有限。尽管月初个别市场挺价心态偏强，但整体需求表现缺乏亮点，下游多以按需采购为主，市场观望情绪浓 厚。 策略 单边：震荡 跨期：无 跨品种：无 期现：无 期权：无 风险 原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装置开工负荷变动等 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 | 图1：山东重交沥青现货价格 | 单位：元 ...

Group 1 - China Petroleum & Chemical Corporation (Sinopec) has applied for a patent related to resin compositions and their applications, indicating a focus on innovation in epoxy resin modification and preparation [1] - The patent application includes a resin composition that features components A and B, with specific chemical compositions aimed at enhancing flame resistance, heat resistance, and mechanical properties [1] - The resin composition contains phosphorus content of 0.3wt% to 0.7wt%, nitrogen content of 8wt% to 15wt%, and silicon content of 0.3wt% to 0.8wt%, showcasing a well-balanced formulation for performance [1] Group 2 - Sinopec was established in 2000 and is primarily engaged in oil and gas extraction, with a registered capital of approximately 12.17 billion RMB [2] - Sinopec has made investments in 263 companies and participated in 5000 bidding projects, indicating a strong market presence and operational scale [2] - Sinopec Shanghai Petrochemical Company, founded in 1993, focuses on oil, coal, and other fuel processing, with a registered capital of approximately 1.08 billion RMB and extensive administrative licenses [2]

| | | PX&PTA&PR | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/7/8 | 品种 | 更新日期 | 单位 | 现值 | 前值 | 涨跌(幅) | | | 期货结算价(连续):WTI原油 | 2025/7/7 | 美元/桶 | 67.93 | 66.50 | 2.15% | | | 期货结算价(连续):布伦特原油 | 2025/7/7 | 美元/桶 | 69.58 | 68.30 | 1.87% | | 上 | 现货价(中间价):石脑油:CFR日本 | 2025/7/7 | 美元/吨 | 577.00 | 578.75 | -0.30% | | 游 | | | | | | | | | 现货价(中间价):二甲苯(异构级):FOB韩国 | 2025/7/7 | 美元/吨 | 715.00 | 716.50 | -0.21% | | | 现货价:对二甲苯PX:CFR中国主港 | 2025/7/7 | 美元/吨 | 842.00 | 839.67 | 0.28% | | | CZCE TA 主力合约 收盘价 | 2025/7/7 ...

Core Insights - The article highlights the recognition of Sinopec's innovative efforts in the energy and chemical industry, particularly in the context of ESG (Environmental, Social, and Governance) initiatives, at the "Second China-Europe Enterprise ESG Best Practices Conference" held in Stuttgart, Germany [1] Group 1: Technological Innovation - Sinopec's project titled "Breakthrough to 'Deep' and Climb to 'New' Empowering the Development Blueprint of the Energy and Chemical Industry with Technological Innovation" won the "Best Case of Technological Innovation" award [1] - The company has made significant advancements in clean energy and low-carbon production processes, leveraging its integrated industry chain innovation advantages [1] Group 2: Deep Exploration - Sinopec has successfully developed China's first shale gas field with a storage capacity of 100 billion cubic meters and production capacity of 10 billion cubic meters, making China the first country outside North America to achieve large-scale commercial development of shale gas [1] - The company has established China's first million-ton CCUS (Carbon Capture, Utilization, and Storage) project, along with the world's first 100-kilometer transportation pipeline, and initiated a 10-million-ton open CCUS project in collaboration with Shell, China Baowu, and BASF [1] Group 3: New Materials and Applications - Sinopec's carbon fiber is used in the world's longest land-based wind turbine blades, showcasing a breakthrough in traditional material performance limits [2] - The company has developed low-sulfur marine fuel oil with sulfur content significantly below international standards, contributing to the green transformation of global shipping [2] - The first commercial passenger flight using bio-aviation fuel made from agricultural and forestry waste was completed in China [2] Group 4: Digital Transformation - The world's first digital twin intelligent ethylene plant, developed by Sinopec, is set to be operational by December 2024 [2] - The company has introduced its first AI digital employee, which is currently deployed in over 40 comprehensive energy stations [2] - Sinopec is actively building an open innovation ecosystem, establishing research centers in Houston and the Middle East, and collaborating with Imperial College London on resource geophysics research [2]

连日来，我国多地出现持续高温天气，给石油和化工行业安全生产带来极大挑战。面对"烤"验，石化企 业一手抓安全生产，一手抓防暑降温，掀起一场战高温、斗酷暑、保安全、稳生产的攻坚战。 面对高温天气，中国石油渤海钻探第四钻井公司第一时间启动高温天气专项应急预案，通过实施钻井错 峰作业策略，科学调整员工作业班次，有效降低员工疲劳作业风险。同时，该公司构建"动态监测+灵 活调度"机制，精准优化钻井生产排程，在井场与营地多点位升级防暑降温设施，严格执行夏季安全生 产规章制度，增加对柴油机、泥浆泵等关键设备的巡检频次，重点监测冷却系统效能，严防因高温导致 设备过热、性能下降、润滑失效甚至火灾隐患。 太化集团积极落实防暑降温安全防范措施，增强作业人员、上岗人员的安全防范意识，防患于未然；落 实安全责任制，强化每日安全检查和安检记录，加强对重点部位的巡查，及时消除隐患；严格按照规程 作业，防止设备超温超压，及时采取降温措施，加强对锅炉、压力容器等安全设施的检查，强化对安全 阀、压力表等设备的维护，保持完好且100%能及时投用。 针对近来东北地区出现的罕见高温天气，昆仑大连分公司生产运行部要求总包项目部"要合理安排作息 时间，避免 ...

Group 1: Market Data - The prices of South China LPG, East China LPG, and Shandong LPG on July 7, 2025, were 4660, 4529, and 4590 respectively [1] - The propane CFR South China was 580, propane CIF Japan was 539, and MB propane spot was 74 on July 7, 2025 [1] - The CP forecast contract price was 560 on July 7, 2025, and the paper import profit was -122, with a daily change of -46 [1] - The main contract basis was 440 on July 7, 2025, with a daily change of -9 [1] Group 2: Market Trends - The PG futures slightly strengthened, and the monthly spread widened. The 08 - 09 spread was 111 [1] - The US - Far East arbitrage window was closed [1] - The cheapest deliverable was East China civil LPG at 4529 [1] - The PP price declined, FEI and CP prices dropped, while the CP discount increased, and the production profit of PP made from FEI and CP rose [1] - The overall futures market was in a weak and volatile state, with a small change in the basis (349) and a slight increase in the August - September spread (97) [1] - The import cost decreased significantly, the FEI offshore discount declined, and the CP propane - butane arrival discount strengthened [1] - The outer - market monthly spread weakened significantly, and the oil - gas ratio increased [1] - The domestic - foreign price difference strengthened, with PG - CP reaching 22.5 (+26.5) and FEI - CP reaching -22.75 (+35) [1] Group 3: Fundamental Analysis - Domestically, port inventory, factory inventory, and external sales volume remained basically flat [1] - PDH operating rate decreased to 65.49% (-5.05pct), with improved profit, and it was expected to increase slightly in the future [1] - The alkylation operating rate remained unchanged, and it was expected to increase due to the planned restart of some devices [1] - Shandong civil LPG price first decreased and then increased (4610), with low domestic gas supply, sufficient arrivals, weak combustion demand, and chemical demand support [1] - East China civil LPG price declined (4529), with a general trading atmosphere, and it was expected to remain weak due to more arrivals and off - season demand [1] - South China civil LPG price fluctuated downward (4660) due to high import cost and weak terminal demand [1]