证券研究报告 行业研究——周报 [Tabl Table_StockAndRank] 石油加工行业 e_ReportType] | ——看好 | | --- | | 行业评级 | 上次评级——看好 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 原油周报：伊朗局势未有缓和 [Table_T，国际油价 itle] 继续高位 [Table_ReportDate0] 2026 年 3 月 15 日 本期内容提要： [Table_Summary] ➢ 【油价回顾】截至 2026年 3月 13 日当周，地缘局势扰动剧烈，国际 油价大幅上涨。本周初，中东地缘紧张局势持续升级，霍尔木兹海峡 航运受阻，沙特、阿联酋等国生产与出口受到冲击；卡塔尔警告海湾 地区能源出口国或在数周内集体停产，市场对供应中断的 ...

Investment Rating - The report maintains a "Positive" investment rating for the oil refining industry [1]. Core Insights - The report highlights significant fluctuations in international oil prices due to escalating geopolitical tensions in the Middle East, particularly affecting the Strait of Hormuz, with Brent and WTI prices reaching $103.14 and $98.71 per barrel respectively as of March 13, 2026 [9][10]. - Short-term price volatility for certain petrochemical products is expected to increase due to the Iranian conflict, while medium-term price levels may rise, although long-term price increases are anticipated to be limited due to potential recovery of oil import channels and existing overcapacity [10]. - The importance of land-connected pipelines between the Red Sea and the Persian Gulf is expected to increase, prompting related countries to consider enhancing pipeline capacities in response to ongoing geopolitical uncertainties [10]. Summary by Sections Oil Price Review - As of March 13, 2026, Brent crude futures settled at $103.14 per barrel, up $10.45 (11.27%) from the previous week, while WTI crude futures rose to $98.71 per barrel, an increase of $7.81 (8.59%) [2][28]. - The report notes that the Urals crude price remained stable at $65.49 per barrel, while ESPO crude saw a significant increase of $19.50 (27.57%) to $90.22 per barrel [28]. Offshore Drilling Services - The global number of offshore self-elevating drilling platforms was reported at 372, a decrease of 4 from the previous week, while the number of floating drilling platforms remained stable at 134 [35]. Oil Supply - As of March 6, 2026, U.S. crude oil production was reported at 13.678 million barrels per day, a decrease of 18,000 barrels from the previous week [45]. - The number of active drilling rigs in the U.S. increased by 1 to 412, while the number of fracturing fleets rose by 2 to 172 [45]. Oil Demand - U.S. refinery crude processing increased to 16.169 million barrels per day, up 328,000 barrels from the previous week, with a refinery utilization rate of 90.80%, an increase of 1.6 percentage points [50]. Oil Inventory - As of March 6, 2026, total U.S. crude oil inventories stood at 858.9 million barrels, an increase of 3.825 million barrels (0.45%) from the previous week [61].

Investment Rating - The report provides a positive outlook for the oil refining industry, indicating a protective reduction in refinery loads that is driving up the price differentials of energy and chemical products [1]. Core Insights - The price differential for key domestic refining projects reached 2895.92 CNY/ton, with a week-on-week increase of 407.03 CNY/ton (+16.35%), while the international price differential was 2945.64 CNY/ton, up 1144.84 CNY/ton (+63.57%) as of March 13, 2026 [2][3]. - Brent crude oil averaged 97.18 USD/barrel for the week, reflecting a week-on-week increase of 18.49% [2]. - Geopolitical tensions in the Middle East have led to significant fluctuations in oil prices, with Brent and WTI prices reaching 103.14 USD/barrel and 98.71 USD/barrel respectively, marking increases of 10.45 USD and 7.81 USD from the previous week [15]. - The chemical sector is experiencing price increases due to high international oil prices and preventive load reductions at refineries, which have improved price differentials for chemical products [2][15]. Summary by Sections Refining Sector - The report highlights that geopolitical tensions have impacted oil production and exports from countries like Saudi Arabia and the UAE, leading to increased market concerns about supply disruptions [2][15]. - Domestic and international refined oil prices have risen significantly, with domestic diesel, gasoline, and aviation kerosene averaging 7780.29 CNY (+934.57), 9317.43 CNY (+1147.71), and 6642.31 CNY (+1195.86) per ton respectively [15]. Chemical Sector - The report notes that the prices of polyethylene (LDPE, LLDPE, HDPE) have increased, with average prices of 12350.00 CNY (+2257.14), 8066.57 CNY (+965.43), and 7600.00 CNY (no change) per ton respectively [55]. - EVA prices have risen due to tightening supply, with an average price of 11200.00 CNY (+771.43) per ton [55]. - The price of pure benzene has also increased significantly, with an average price of 8628.57 CNY (+1935.71) per ton, reflecting improved price differentials [55].

Report Industry Investment Rating - Not provided in the document Core Views of the Report - Options: Hold off for now [5] - Supply side: As of the week of March 13, the asphalt开工率 decreased by 6.51 percentage points week-on-week to 24.75%; the weekly asphalt output decreased by 10.39 tons week-on-week to 37.94 tons. Affected by the conflict between the US, Israel, and Iran, the high valuation of asphalt continued to decline significantly to a low level. Most refineries' production raw materials were affected to varying degrees. Sinopec's main refineries in Shandong stopped producing and selling asphalt, major local refineries reduced production and limited shipments, and most other local refineries also maintained low production or stopped production [5]. - Demand side: As of the week of March 13, the domestic asphalt shipment volume was 17.61 tons, an increase of 1.98 tons week-on-week; the开工率 of road modified asphalt was 9%, an increase of 1 percentage point week-on-week; the开工率 of waterproofing membrane asphalt was 33%, an increase of 3 percentage points week-on-week. The asphalt shipment volume was at a low level year-on-year, and the seasonal recovery of the开工 rates of road and waterproofing modified asphalt was lower than the same period last year. The rapid rise in crude oil prices at the cost end, weak demand, and a wait-and-see attitude among middle and downstream players led to few transactions, and refineries and traders were reluctant to sell [5]. - Inventory side: Asphalt refineries slightly reduced their inventories by 2.7 tons, while social inventories continued to accumulate significantly by 11.13 tons [5]. - Unilateral: Driven by the cost side, the absolute price of asphalt strengthened, but due to weak demand, its performance was worse than that of crude oil, and its valuation declined significantly. With high uncertainty on the cost side, asphalt prices mainly fluctuated accordingly [5]. - Cross-variety arbitrage: Hold off for now [5] - Spot-futures and inter-period arbitrage: The risk-free arbitrage of BU2603 - 2604 can be held until maturity [5] Summary by Directory Supply Perspective - Domestic asphalt开工率 and weekly output are at a historically low level year-on-year. Multiple refineries have stopped production, including Shengxing Petrochemical, Qilu Petrochemical, Ningbo Keyuan, Fujian United, and Yunnan Petrochemical [6][7]. - The asphalt开工率 decreased by 6.51 percentage points week-on-week to 24.75% [9]. - The weekly asphalt output decreased by 10.39 tons week-on-week to 37.94 tons [20]. - There are numerous asphalt plant maintenance plans across different regions and enterprises, affecting asphalt production capacity and production schedules [23][24]. Demand Perspective - The rapid rise in crude oil prices at the cost end has led to weak demand. Middle and downstream players are waiting and watching, resulting in few transactions. Refineries and traders are reluctant to sell. Different regions have different market situations, such as in Shandong, North China, East China, Northeast China, Northwest China, South China, and Southwest China [26]. - The asphalt shipment volume is at a low level year-on-year. The seasonal recovery of the开工 rates of road and waterproofing modified asphalt is lower than the same period last year. As of the week of March 13, the domestic asphalt shipment volume was 17.61 tons, an increase of 1.98 tons week-on-week; the开工 rate of road modified asphalt was 9%, an increase of 1 percentage point week-on-week; the开工 rate of waterproofing membrane asphalt was 33%, an increase of 3 percentage points week-on-week [27]. - In the next ten days, strong cold air will affect areas north of the Yangtze River, and there will be more rainy days in the eastern part of Southwest China and the middle and lower reaches of the Yangtze River, which may further affect asphalt demand [29]. Inventory Perspective - Refineries' asphalt inventories slightly decreased. As of the week of March 13, the domestic asphalt refinery inventory was 90.4 (-2.7) tons, with different inventory changes in various regions [35]. - Social inventories continued to accumulate significantly. As of the week of March 13, the domestic asphalt social inventory was 205.94 (+11.13) tons, with different inventory changes in various regions [43]. Basis Perspective - The basis is moderately high driven by geopolitical factors [59]. Spread Perspective - Hold off on spread arbitrage for now [72]. Profit Perspective - The asphalt production gross profit has declined significantly. As of the week of March 13, the asphalt gross profit was -265 yuan/ton (-193), the asphalt production cost was 4022 yuan/ton (+643), and the domestic diluted asphalt port inventory was 80 tons (-5). The high valuation of asphalt continued to decline significantly to a low level under the influence of the Iranian geopolitical situation [86]. - The asphalt crack spread has declined from a high level to a relatively low level compared to the same period in previous years [87]. Warehouse Receipt Perspective - Warehouse receipts increased slightly [101]. - The virtual-to-real ratio is moderately low [104].

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core Viewpoints of the Report - The supply pressure of asphalt remains high. In March 2026, the total domestic asphalt production plan was 2.187 million tons, a month - on - month increase of 251,000 tons (13.0%) and a year - on - year decrease of 43,000 tons (1.9%). The sample capacity utilization rate of domestic petroleum asphalt this week was 25.0479%, a month - on - month increase of 1.977 percentage points. The refineries have increased production recently, which will increase the supply pressure next week [8]. - The overall demand for asphalt is weak. The current demand is lower than the historical average level. Although the开工 rate of various types of asphalt and related products has increased to varying degrees, they are still below the historical average [9]. - The cost support for asphalt is weakening in the short term. The daily processing profit of asphalt is - 337.86 yuan/ton, a month - on - month increase of 22.10%. The weekly delayed coking profit of Shandong local refineries is 168.4771 yuan/ton, a month - on - month increase of 59.94%. The processing loss of asphalt has increased, and the profit difference between asphalt and delayed coking has increased. Crude oil has weakened, and it is expected that the support will weaken in the short term [9]. - It is expected that the asphalt market will fluctuate narrowly in the short term. The asphalt 2606 contract is expected to fluctuate in the range of 3682 - 3810 [10]. 3. Summary According to the Directory 3.1 Daily Views - **Supply Side**: In March 2026, the total domestic asphalt production plan was 2.187 million tons, with a month - on - month increase of 251,000 tons (13.0%) and a year - on - year decrease of 43,000 tons (1.9%). The sample capacity utilization rate of domestic petroleum asphalt this week was 25.0479%, a month - on - month increase of 1.977 percentage points. The refineries have increased production, increasing the supply pressure [8]. - **Demand Side**: The current demand is lower than the historical average level. The开工 rate of various types of asphalt and related products has increased to varying degrees but is still below the historical average [9]. - **Cost**: The daily processing profit of asphalt is - 337.86 yuan/ton, a month - on - month increase of 22.10%. The weekly delayed coking profit of Shandong local refineries is 168.4771 yuan/ton, a month - on - month increase of 59.94%. The processing loss of asphalt has increased, and the profit difference between asphalt and delayed coking has increased. Crude oil has weakened, and it is expected that the support will weaken in the short term [9]. - **Analysis of Other Factors**: On March 10, the spot price in Shandong was 3720 yuan/ton, and the basis of the 06 contract was - 10 yuan/ton, with the spot at a discount to the futures. Social inventory, factory inventory, and port inventory are all increasing. The MA20 of the disk is upward, and the price of the 06 contract is above the MA20. The main positions are net long, and the long positions are increasing [10]. - **Market Expectation**: It is expected that the asphalt market will fluctuate narrowly in the short term, and the asphalt 2606 contract will fluctuate in the range of 3682 - 3810 [10]. 3.2 Asphalt Market Overview - **Futures Closing Price and Spread**: The report provides the closing prices, spreads, and changes of different asphalt futures contracts, including the 9 - 12, 6 - 12, 3 - 12, 6 - 9, 3 - 9, and 3 - 6 spreads, as well as the closing prices of various contracts from the 01 contract to the 12 contract [17]. - **Warehouse Receipts and Basis**: The report shows the number of registered warehouse receipts and the basis of heavy - traffic asphalt in Shandong, including the current value, previous value, change, and change rate [17]. - **Inventory, Production, and Shipment**: The social inventory is 1.149 million tons, a month - on - month increase of 4.84%. The factory inventory is 788,000 tons, a month - on - month increase of 8.09%. The port diluted asphalt inventory is 850,000 tons, a month - on - month increase of 10.39%. The production and shipment of sample enterprises have also changed to varying degrees [19]. 3.3 Asphalt Futures Market - Basis Trend - The report presents the historical trends of the Shandong and East China basis of asphalt from 2020 to 2026 [22][24]. 3.4 Asphalt Futures Market - Spread Analysis - **Main Contract Spread**: The report shows the historical trends of the 1 - 6 and 6 - 12 contract spreads of asphalt from 2020 to 2026 [27]. - **Asphalt - Crude Oil Price Trend**: The report presents the historical price trends of asphalt, Brent crude oil, and West Texas Intermediate (WTI) crude oil from 2020 to 2026 [30]. - **Crude Oil Crack Spread**: The report shows the historical trends of the crack spreads of asphalt and different types of crude oil (SC, WTI, Brent) from 2020 to 2026 [33][34]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: The report presents the historical trends of the price ratios of asphalt, crude oil, and fuel oil from 2020 to 2026 [37]. 3.5 Asphalt Spot Market - Market Price Trend in Different Regions - The report shows the historical price trends of heavy - traffic asphalt in East China and Shandong from 2020 to 2026 [40]. 3.6 Asphalt Fundamental Analysis - **Profit Analysis**: - **Asphalt Profit**: The report presents the historical trends of asphalt profit from 2019 to 2026 [43]. - **Coking - Asphalt Profit Spread Trend**: The report shows the historical trends of the profit spread between coking and asphalt from 2020 to 2026 [47]. - **Supply Side**: - **Shipment Volume**: The report shows the historical trends of the weekly shipment volume of asphalt small - sample enterprises from 2020 to 2026 [49]. - **Diluted Asphalt Port Inventory**: The report presents the historical trends of domestic diluted asphalt port inventory from 2021 to 2026 [52]. - **Production**: The report shows the historical trends of the weekly and monthly production of asphalt from 2019 to 2026 [55]. - **Marey Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend**: The report presents the historical trends of Marey crude oil price and Venezuelan crude oil monthly production from 2018 to 2026 [60]. - **Local Refinery Asphalt Production**: The report shows the historical trends of local refinery asphalt production from 2019 to 2026 [62]. - **开工 Rate**: The report presents the historical trends of the weekly开工 rate of asphalt from 2023 to 2026 [65]. - **Estimated Maintenance Loss**: The report shows the historical trends of the estimated maintenance loss of asphalt from 2018 to 2026 [68]. - **Inventory**: - **Exchange Warehouse Receipts**: The report presents the historical trends of exchange warehouse receipts (total, social inventory, and factory inventory) from 2019 to 2026 [71]. - **Social Inventory and Factory Inventory**: The report shows the historical trends of social inventory (70 samples) and factory inventory (54 samples) of asphalt from 2022 to 2026 [75]. - **Factory Inventory Inventory Ratio**: The report presents the historical trends of the factory inventory inventory ratio of asphalt from 2018 to 2026 [78]. - **Import and Export Situation**: - **Export and Import Trends**: The report shows the historical trends of asphalt export and import from 2019 to 2025 [81]. - **Korean Asphalt Import Price Spread Trend**: The report presents the historical trends of the import price spread of Korean asphalt from 2020 to 2026 [84]. - **Demand Side**: - **Petroleum Coke Production**: The report shows the historical trends of petroleum coke production from 2019 to 2026 [87]. - **Apparent Consumption**: The report presents the historical trends of asphalt apparent consumption from 2019 to 2025 [89]. - **Downstream Demand**: - **Highway Construction and Fixed - Asset Investment in Transportation**: The report shows the historical trends of highway construction and fixed - asset investment in transportation from 2020 to 2025 [92]. - **New Local Special Bonds and Infrastructure Investment Completion**: The report presents the historical trends of new local special bonds and infrastructure investment completion from 2019 to 2026 [93]. - **Downstream Machinery Demand**: The report shows the historical trends of the sales volume of asphalt concrete pavers, domestic excavators, and road rollers from 2019 to 2026, as well as the monthly working hours of excavators from 2020 to 2026 [97][99]. - **Asphalt开工 Rate**: The report presents the historical trends of heavy - traffic asphalt开工 rate, asphalt开工 rate by use, and downstream开工 rate from 2019 to 2026 [101][103][105]. - **Supply - Demand Balance Sheet**: The report shows the monthly supply - demand balance sheet of asphalt from 2024 to 2026, including monthly production, import, export, downstream demand, social inventory, factory inventory, and diluted asphalt port inventory [109].

Investment Rating - The report maintains a "Positive" investment rating for the oil refining industry [1] Core Insights - The report highlights significant increases in oil prices, with Brent crude, WTI, and Russian ESPO prices rising by 36.21%, 43.04%, and 28.79% respectively over the past month [7] - Global oil supply is projected to increase in 2026, with IEA, EIA, and OPEC forecasting supply levels of 10853.45, 10784.03, and 10669.55 million barrels per day respectively, reflecting year-on-year increases [37] - The report indicates a more optimistic outlook for global oil demand, with IEA, EIA, and OPEC predicting demand levels of 10487.15, 10479.68, and 10651.50 million barrels per day for 2026 [37] Summary by Sections Oil Price Overview - As of March 6, 2026, Brent crude, WTI, and Russian ESPO prices were reported at $92.69, $90.90, and $70.72 per barrel, with year-to-date increases of 52.58%, 58.58%, and 44.83% respectively [7][8] Global Oil Inventory - As of February 27, 2026, total U.S. crude oil inventory stood at 85472.0 million barrels, with a month-on-month increase of 1920.8 million barrels [15] - IEA, EIA, and OPEC predict global oil inventory changes of +366.30, +304.36, and +18.05 thousand barrels per day for 2026 [29] Global Oil Supply - The report forecasts global oil supply for 2026 at 10853.45 million barrels per day, with increases from 2025 levels [37] - For Q1 2026, the predicted supply increases are +386.71, +315.31, and +253.68 thousand barrels per day according to IEA, EIA, and OPEC respectively [37] Global Oil Demand - The demand forecast for 2026 is set at 10487.15 million barrels per day, with year-on-year increases noted [37] - For Q1 2026, the demand increases are projected at +76.92, +152.10, and +131.59 thousand barrels per day [37] Related Listed Companies - The report mentions several related companies including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and PetroChina [1]

Group 1: Economic Indicators - In January and February 2026, China's CPI and PPI recorded year-on-year changes of 0.8% and -1.2%, respectively, indicating a potential negative GDP deflator in Q1[1] - The government aims to shift the price level from negative to positive and achieve a moderate recovery in consumer prices[1] Group 2: Oil Price Impact - International oil prices surged from around $70 per barrel in late February to nearly $120 per barrel by March 9, before retreating below $100 due to political statements[2] - A 10% increase in oil prices is estimated to raise domestic PPI and CPI by 0.4 and 0.1 percentage points, respectively[6] Group 3: Inflation Dynamics - The desired inflation is demand-driven, contrasting with the current cost-push inflation caused by rising oil prices, which could harm consumer purchasing power[7] - The report emphasizes the need for a sustainable economic cycle where moderate inflation reflects genuine economic recovery rather than mere price increases[3] Group 4: Policy Recommendations - To mitigate cost-push inflation, the report suggests enhancing energy security, providing targeted subsidies to affected industries, and maintaining a stable macroeconomic policy focus[10] - The government should manage public expectations regarding inflation and monetary policy to prevent misinterpretations of price data[10]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The asphalt market shows a situation of both supply and demand increasing. It is expected that the asphalt price will follow the rise of crude oil prices in the near future, and attention should be paid to the development of the Middle - East situation [3] 3. Summary According to Relevant Catalogs 3.1 Supply - Last week, the asphalt开工率 increased by 1.9 percentage points to 23.3% week - on - week, 3.1 percentage points lower than the same period last year, at a relatively low level in recent years [3][19] - In March 2026, the domestic asphalt is expected to have a production volume of 2.187 million tons, a month - on - month increase of 251,000 tons, an increase of 13.0%, and a year - on - year decrease of 43,000 tons, a decrease of 1.9% [3] - Henan Fengli plans to resume production this week, and the asphalt开工率 will increase slightly [3] 3.2 Demand - As of the week of March 6, after the Spring Festival holiday, downstream industries gradually resumed work, and the开工 rates of most downstream asphalt industries increased. The road asphalt开工率 increased by 4 percentage points to 8% week - on - week, still lower than the level at the end of January [3][29] - From January to November, the national highway construction investment decreased by 5.9% year - on - year. The cumulative year - on - year growth rate increased by 0.1 percentage points compared with that from January to October 2025, but it was still negative. In 2025, from January to December, the actual completed fixed - asset investment in the road transport industry decreased by 6.0% year - on - year, continuing to decline compared with - 4.7% from January to November 2025. From January to December 2025, the completed fixed - asset investment in infrastructure construction (excluding electricity) decreased by 2.2% year - on - year, continuing to decline compared with - 1.1% from January to November 2025 [29] 3.3 Market Conditions - The asphalt 2604 contract showed a strong upward trend [4] - The asphalt/原油 ratio dropped significantly to 5.67 [12] - The mainstream market price in Shandong region rose to 3,570 yuan/ton, and the basis of the asphalt 04 contract dropped to - 201 yuan/ton, at a relatively low level [15] 3.4 Shipping Volume - As of the week of March 6, refineries in Shandong region resumed production, and the continuous price increase promoted the downstream stocking sentiment. The shipping volume increased significantly, and the national shipping volume increased by 19.86% week - on - week to 156,300 tons, at a relatively low level [3][24] 3.5 Inventory - As of the week of March 6, the asphalt refinery inventory rate increased by 1.3 percentage points to 17.7% compared with the week of February 27. After the Spring Festival holiday, the downstream has not fully resumed production, and the asphalt plant inventory increased significantly, but the asphalt refinery inventory rate is still at the lowest level in recent years [33] 3.6 Raw Materials - The flow of Venezuelan heavy crude oil to domestic refineries is severely restricted, which will affect the production and cost of domestic asphalt. There is news that the large trader Vitol China quotes a discount of $5/barrel for Venezuelan crude oil, which is significantly smaller than the discount of $13/barrel in December 2025. The possibility of domestic refineries obtaining Venezuelan crude oil has increased, but it is expected that the flow of Venezuelan crude oil to the Indian market will increase, and China's imports of Venezuelan crude oil are still significantly lower than before the US intervention. In addition, due to the attacks on Iran by the US and Israel, the raw material supply from Iran will be affected, and the market is worried about the shortage of raw materials for domestic refineries in March [3] - China imports relatively little asphalt from Iran. Imports of asphalt from the Middle - East such as the UAE and Iraq account for half of the total asphalt imports, but only about 6% compared with China's asphalt production [3]

来源： 国家发展改革委网站 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 2026年3月9日国内成品油价格按机制调整 近期国际市场油价震荡上升。根据3月9日的前10个工作日平均价格与上次调价前10个工作日平均价格对比情况，按照现行成品油价格机 制，自3月9日24时起，国内汽、柴油价格（标准品，下同）每吨分别上涨695元和670元。调整后，各省（区、市）和中心城市汽、柴油 最高零售价格见附表。 中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产和调运，确保市场稳定供应，严格执行国家价格政策。各地相 关部门要加大市场监督检查力度，严厉查处不执行国家价格政策的行为，维护正常市场秩序。消费者可通过12315平台举报价格违法行 为。 附：各省（区、市）和中心城市汽、柴油最高零售价格 多家黄金品牌宣布：调价！ 寿司郎回应消费者吃出金枪鱼寄生虫卵 ...

Group 1: Company Performance and Developments - The company has completed raw material adaptability modifications, leading to stable raw material quality and a production capacity of 1 million tons for bonded high-sulfur fuel oil [2] - The environmental aromatic oil unit achieved stable high production levels in 2025, with increased output and sales for transformer oil, base oil, and white oil [2] - The company expects to achieve an operating income of 2.73 to 2.92 billion yuan in 2025, representing a year-on-year growth of 19.76% to 28.10% [3] - The net profit attributable to shareholders is projected to increase by 77.19% to 84.36%, indicating a significant reduction in losses and a steady improvement in operational fundamentals [3] Group 2: Market Conditions and Strategic Initiatives - The company maintains a two-month inventory of fuel oil, ensuring normal operations despite recent fluctuations in raw material prices [3] - The establishment of a liquid cooling subsidiary, Wuxi Extreme Liquid Cooling, aims to capitalize on the explosive growth in computing power demand, with ongoing development in this sector [3] - The company is actively exploring new business opportunities in the liquid cooling industry, focusing on technology accumulation and resource integration for future growth [3] Group 3: Financial and Regulatory Updates - The company has completed the first round of review inquiries for its 2025 private placement of shares, with ongoing processes and commitments to timely information disclosure [3] - The annual report for 2025 is scheduled for release on April 23, providing detailed insights into overall profit and business contributions [3] Group 4: Investor Relations Activity - The investor relations activity took place from March 4 to 6, 2026, involving discussions with various financial institutions and stakeholders [2] - The company’s management, including the Deputy General Manager and Board Secretary, participated in the discussions, focusing on recent changes and future strategies [2]