国家统计局数据显示，2025年8月份，全国规上工业原油加工量6346万吨，同比增长7.6%；日均加工204.7万吨。2025年1-8月份，全国规上工 业原油加工量48807万吨，同比增长3.2%。 ...

(本文来自第一财经) 国家统计局数据显示，8月份，规上工业原油加工量6346万吨，同比增长7.6%；日均加工204.7万吨。1 —8月份，规上工业原油加工量48807万吨，同比增长3.2%。 ...

Group 1 - In the first five months of 2025, the petroleum coke production in Yunnan Province reached 129,000 tons, representing a 6.2% increase compared to the same period in 2024, with a growth rate 12.0 percentage points higher than 2024 and 11.2 percentage points higher than the national average [1] - The total petroleum coke production in China during the same period was 13,124,000 tons, with Yunnan's contribution accounting for 1.0% of the national total [1] Group 2 - In May 2025, Yunnan Province's petroleum coke production was 31,000 tons, marking a 24.5% increase from May 2024, with a growth rate 44.9 percentage points higher than the previous year and 32.5 percentage points higher than the national average [2] - The national petroleum coke production for May 2025 was 2,469,000 tons, with Yunnan's share being 1.3% of the total [2]

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry [1] Core Insights - International oil prices have risen due to geopolitical tensions, including OPEC+ production adjustments and potential U.S. sanctions on Russia [2][8] - As of September 12, 2025, Brent and WTI oil prices were $66.99 and $62.69 per barrel, respectively, reflecting increases of 2.27% and 1.33% from the previous week [2][29] - The oil and petrochemical sector showed a mixed performance, with the sector down 0.41% while the broader market (CSI 300) rose by 1.38% [9][12] Summary by Sections Oil Price Review - Brent crude futures settled at $66.99 per barrel, up $1.49 (+2.27%) from the previous week, while WTI crude futures rose to $62.69 per barrel, up $0.82 (+1.33%) [2][29] Offshore Drilling Services - As of September 1, 2025, the number of global offshore self-elevating drilling platforms was 372, a decrease of 1 from the previous week [38] U.S. Oil Supply - U.S. crude oil production reached 13.495 million barrels per day, an increase of 72,000 barrels per day from the previous week [57] - The number of active drilling rigs in the U.S. was 416, up by 2 rigs from the previous week [57] U.S. Oil Demand - U.S. refinery crude oil processing averaged 16.818 million barrels per day, down by 51,000 barrels per day from the previous week, with a refinery utilization rate of 94.90%, up 0.6 percentage points [69] U.S. Oil Inventory - Total U.S. crude oil inventories stood at 830 million barrels, an increase of 4.453 million barrels (+0.54%) from the previous week [78] Related Companies - Key companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [2]

Core Insights - The Xinjiang region is experiencing significant development in its power transmission capabilities, particularly through the ±1100 kV Changji Converter Station, which enhances the efficiency of electricity transmission across multiple provinces [1][2] - The Jiquan DC project has successfully integrated various energy sources, including coal, wind, and solar power, with a growing proportion of renewable energy being transmitted [2] - The collaboration between local government and companies like TBEA has been crucial in advancing technology and supporting sustainable development in the energy sector [2][3] Group 1: Infrastructure and Technology - The Changji Converter Station is a key component of the Jiquan DC project, with a total line length of 3,293 kilometers and an annual electricity transmission capacity exceeding 62 billion kWh [1] - TBEA has developed the highest voltage level and most advanced technology in the industry with its ±1100 kV converter transformer, showcasing the company's leadership in the power transmission sector [2] - The company has overcome over 20 technical challenges related to converter valves and transformers, demonstrating its innovation capabilities [2] Group 2: Resource Utilization and Innovation - The transformation of crude oil into specialized transformer oil at PetroChina Karamay has addressed issues related to corrosion, heat dissipation, and insulation, significantly increasing the value of the product [3] - The development of dielectric cooling liquids by Karamay Petrochemical has extended the application of oil products, contributing to the local cloud computing industry [3] - The region is shifting from resource dependency to innovation-driven development, reflecting a broader trend of industrial transformation in Xinjiang [3]

Group 1 - The core point of the article is that Bohui Co., Ltd. (SZ 300839) held its 28th meeting of the fourth board of directors on September 11, 2025, to discuss the proposal for issuing A-shares to specific targets for the year 2025 [1] - For the year 2024, the revenue composition of Bohui Co., Ltd. is as follows: self-produced refined petroleum products account for 99.16%, materials account for 0.57%, and trade accounts for 0.26% [1] - As of the time of reporting, the market capitalization of Bohui Co., Ltd. is 4.3 billion yuan [1]

Group 1 - As of September 12, asphalt futures showed a significant decline of 2.11%, settling at 3386.00 yuan/ton [1] - The average national asphalt price this week was 3783.14 yuan/ton, reflecting a decrease of 4.21 yuan/ton or 0.11% [2] - The capacity utilization rate of 92 asphalt refineries in China was 34.9%, an increase of 6.8% compared to the previous week, with a weekly production of 608,000 tons, up by 99,000 tons [2] Group 2 - In Shandong, the transition of certain refineries to residual oil has led to a noticeable decrease in inventory, with improved transaction conditions, although competition among brands remains fierce [3] - In East China, prices are relatively high, resulting in low purchasing willingness from downstream buyers, while in South China, there is an increase in reluctance to sell [3] - Overall demand is slow due to issues such as delayed funding, with a cautious purchasing attitude prevailing among downstream users and traders [3]

Report Summary 1) Report Industry Investment Rating - Unilateral: Oscillating weakly; Inter - period: None; Cross - variety: None; Futures - spot: None; Options: None [2] 2) Core View of the Report - The asphalt demand continues to be weak, and the market atmosphere is dull. The crude oil price fluctuates, with high short - term uncertainty and limited guidance for asphalt price direction. The terminal demand for asphalt is poor, especially in the southern region, with an unobvious peak - season feature. The supply of asphalt spot resources in some areas has increased, suppressing market sentiment. If the rebound of oil prices is insufficient, the upward driving force for the asphalt market is limited [1] 3) Summary by Relevant Catalog Market Analysis - On September 11, the closing price of the main asphalt futures contract BU2511 in the afternoon session was 3,463 yuan/ton, up 0.76% from the previous day's settlement price. The open interest was 252,780 lots, a net increase of 8,010 lots, and the trading volume was 186,437 lots, a net increase of 36,014 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3,806 - 4,086 yuan/ton; Shandong: 3,490 - 3,820 yuan/ton; South China: 3,480 - 3,540 yuan/ton; East China: 3,560 - 3,700 yuan/ton [1] - The asphalt prices in North China, South China, and Sichuan - Chongqing markets dropped yesterday, while that in the Shandong market rose slightly, and the prices in other regions remained generally stable [1] Strategy - Unilateral strategy: Oscillating weakly; no specific strategies for inter - period, cross - variety, futures - spot, and options [2] Figures - The report includes figures on asphalt spot prices in different regions (Shandong, East China, South China, North China, Southwest, Northwest), asphalt futures prices (index, main contract, near - month contract, near - month spread), trading volume and open interest of asphalt futures (unilateral, main contract), domestic asphalt weekly production, production of independent refineries and in different regions (Shandong, East China, South China, North China), domestic asphalt consumption in different fields (road, waterproof, coking, ship fuel), and asphalt inventories (refinery, social) [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No core viewpoints explicitly stated in the provided content 3. Summary by Relevant Catalogs Futures Data - The closing prices of BU main contract, BU06, BU09, BU12, and BU03 on September 11 were 3463, 3383, 3450, 3413, and 3382 respectively, with daily changes of 13, 13, 30, 14, and 8, and weekly changes of -87, -71, -85, -73, and -73 [4]. - The trading volume on September 11 was 268,488, a daily increase of 45,671 and a weekly increase of 24,191. The open interest was 443,831, a daily increase of 7,774 and a weekly decrease of 49,369. The futures inventory was 26,490, a daily decrease of 400 and a weekly decrease of 3,300 [4]. Spot Market - On September 11, the market prices in Shandong, East China, South China, North China, and Northeast China were 3540, 3640, 3500, 3650, and 3850 respectively. The daily changes were 0, 0, -20, 0, and -20, and the weekly changes were -10, -60, -30, 0, and -20 [4]. - The price differences between Shandong - East China, Shandong - Northeast, and East China - South China on September 11 were -100, -310, and 140 respectively, with daily changes of 0, 20, and 20, and weekly changes of 50, 10, and -30 [4]. Basis and Calendar Spread - The basis in Shandong, East China, and South China on September 11 were 77, 177, and 37 respectively, with daily changes of -13, -13, and -33, and weekly changes of 77, 27, and 57 [4]. - The calendar spreads of 03 - 06, 06 - 09, 09 - 12, and 12 - 03 on September 11 were 2, -67, 37, and 28 respectively, with daily changes of -5, -17, 16, and 6, and weekly changes of -2, 14, -12, and 0 [4]. Crack Spread and Profit - The asphalt - Brent crack spread on September 11 was 32, a daily decrease of 57 and a weekly decrease of 31. The asphalt - Ma Rui profit was -39, a daily decrease of 52 and a weekly decrease of 28 [4]. - The comprehensive profit of ordinary refineries and Ma Rui - type refineries on September 11 were 416 and 702 respectively, with daily changes of -43 and -46, and weekly changes of -19 and -23. The import profits from South Korea - East China and Singapore - South China were -101 and -940 respectively, with daily changes of 0 and -18, and weekly changes of -49 and -21 [4]. Related Prices - The price of Brent crude oil on September 11 was 67.5, a daily increase of 1.1 and a weekly increase of 0.5. The market prices of gasoline, diesel, and residue oil in Shandong on September 11 were 7557, 6478, and 3575 respectively, with daily changes of 10, 8, and 0, and weekly changes of 4, 8, and 40 [4].

Core Insights - Azerbaijan's oil product output value reached 30.6 billion manats (18 billion USD) from January to July this year, reflecting a year-on-year growth of 1.4% [1] Production Summary - Gasoline production totaled 811,000 tons, showing a year-on-year decrease of 3.8% [1] - Kerosene production was 405,000 tons, marking a year-on-year increase of 10.6% [1] - Diesel production reached 1,386,000 tons, with a year-on-year growth of 3.9% [1] - Heavy oil production was 57,000 tons, demonstrating a significant year-on-year increase of 3.3 times [1] - Lubricating oil production amounted to 22,000 tons, reflecting a year-on-year increase of 42.2% [1] - Liquefied gas production was 134,000 tons, with a year-on-year growth of 16.7% [1] - Asphalt production totaled 141,400 tons, showing a year-on-year decrease of 4.5% [1] - Petroleum coke production reached 127,500 tons, marking a year-on-year increase of 5.8% [1] Inventory Summary - As of August 1, gasoline inventory stood at 54,000 tons, kerosene inventory at 54,000 tons, and diesel inventory at 144,000 tons [1] - Fuel oil inventory was 900 tons, lubricating oil inventory was 2,200 tons, liquefied gas inventory was 3,200 tons, asphalt inventory was 8,700 tons, and petroleum coke inventory was 39,000 tons [1]