近期，美联储官员释放"鹰派"信号，在9—10月连续两次降息后，部分官员甚至认为，在鲍威尔任期届 满前可能不再实施宽松举措。这一"强硬"转向意味着美国将维持高利率环境更长时间，进而提振美元指 数再度走强。尽管美国参议院已就结束联邦政府"停摆"达成一致，但长达数周的"停摆"已对经济活动造 成实质性拖累。宏观预期转弱，将给燃料油期货市场带来多层面影响。 自10月下旬以来，受供应端扰动与需求端季节性疲软影响，国内高硫燃料油期货2601合约维持在 2600~2850元／吨区间内宽幅震荡。受国内外原油期货价格大幅回落拖累，昨日燃料油期货2601合约重 挫4%，跌至2600元／吨一线下方。在偏空氛围主导下，预计后市燃料油将维持震荡偏弱态势。 美元再度走强 首先，高利率环境会抑制全球经济增长预期，叠加美元维持强势，将打压以美元计价的大宗商品需求， 对燃料油价格形成上行压制。其次，美国政府"停摆"导致CPI、非农等关键经济数据延迟发布，削弱了 市场对通胀水平和消费能力的判断依据，增加了交易的波动性与风险。最后，美国经济不确定性上升， 企业投资与航运贸易活动可能趋于谨慎，间接抑制了船用燃料油消费需求。 第一，俄罗斯炼厂遭遇的地缘 ...

Report Industry Investment Rating - Not provided Core Viewpoints - The asphalt market is experiencing a downward trend with weak oscillations. The supply - demand relationship, crude oil price changes, and capital constraints are influencing the market. With the expected increase in production from some refineries and the weakening of subsequent demand, along with the decline in crude oil prices, the asphalt futures price is showing a weak performance [1]. Summaries by Related Catalogs 1.行情分析 (Market Analysis) - Supply side: Last week, the asphalt operating rate dropped 1.8 percentage points to 31.5% week - on - week, 3.5 percentage points higher than the same period last year, at a relatively low level in recent years. In November, the domestic asphalt planned production is 2.228 million tons, a decrease of 454,000 tons (16.9%) month - on - month and 274,000 tons (11.0%) year - on - year. Some refineries plan to resume production, and asphalt output will increase [1]. - Demand side: Last week, the operating rates of most downstream asphalt industries increased, with the road asphalt operating rate rising 1 percentage point to 34% week - on - week, slightly exceeding the level of the same period last year, but restricted by funds and weather. The national shipping volume decreased 6.79% to 308,800 tons week - on - week, at a neutral level. The subsequent demand will gradually weaken [1]. - Crude oil factor: 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, and the oversupply pattern of crude oil has become more of a consensus, leading to a decline in crude oil prices [1]. - Market situation: The concentrated release of long - term low - price resources from refineries has weakened the asphalt basis in Shandong recently, and the spot price has followed the decline, resulting in a weak oscillation of asphalt futures prices [1]. 2.期现行情 (Futures and Spot Market) - Futures: Today, the asphalt futures 2601 contract fell 1.05% to 3029 yuan/ton, below the 5 - day moving average. The lowest price was 2999 yuan/ton, the highest was 3058 yuan/ton, and the open interest decreased by 4500 to 193,772 lots [2]. - Basis: The mainstream market price in Shandong dropped to 3000 yuan/ton, and the basis of the asphalt 01 contract dropped to - 29 yuan/ton, at a neutral level [3]. 3.基本面跟踪 (Fundamental Tracking) - Supply side: Some refineries such as Zhonghua Quanzhou and Zhongyou Qinhuangdao stopped asphalt production, and the asphalt operating rate dropped 1.8 percentage points to 31.5% week - on - week, 3.5 percentage points higher than the same period last year, at a relatively low level in recent years. From January to September, the national highway construction investment decreased 6.0% year - on - year, and the cumulative year - on - year growth rate slightly rebounded compared with January - August 2025 but was still negative [4]. - Demand - related investment: From January to September 2025, the cumulative year - on - year growth rate of the actual completed investment in fixed assets of the road transport industry was - 2.7%, a slight rebound from - 3.3% from January to August 2025 but still in negative growth. The cumulative year - on - year growth rate of the completed investment in fixed assets of infrastructure construction (excluding electricity) was 1.1%, a further decline from 2.0% from January to August 2025 [4]. - Downstream operating rate: As of the week of November 7, the operating rates of most downstream asphalt industries increased, with the road asphalt operating rate rising 1 percentage point to 34% week - on - week, slightly exceeding the level of the same period last year, restricted by funds and weather [4]. - Social financing: From January to September 2025, the year - on - year growth rate of social financing stock was 8.7%, a 0.1 - percentage - point decline compared with January - August. In September, the new social financing was 3.53 trillion yuan, but year - on - year it was 233.5 billion yuan less due to the high base [4]. - Inventory: As of the week of November 7, the inventory - to - sales ratio of asphalt refineries dropped 1.2 percentage points to 14.1% compared with the week of October 31, remaining at the lowest level in recent years [4]

Core Viewpoint - Shandong Molong's stock price increased by 5.23% with a trading volume of 1.386 billion yuan and a volatility of 17.02% on the day, indicating significant market activity and interest in the stock [2]. Trading Activity - The stock had a turnover rate of 32.03% for the day, with institutional investors net selling 96,500 yuan and the Shenzhen Stock Connect net selling 11.42 million yuan [2]. - The top five trading departments had a combined transaction amount of 318 million yuan, with a net sell of approximately 72.24 million yuan [2]. - Among the trading departments, three institutional special seats were involved, with a total buy amount of 44.40 million yuan and a sell amount of 44.49 million yuan, resulting in a net sell of 96,500 yuan [2]. Fund Flow - The stock experienced a net inflow of 33.84 million yuan from major funds, with large orders contributing 12.92 million yuan and big orders contributing 20.92 million yuan [3]. - Over the past five days, the net inflow of major funds reached 212 million yuan [3]. Historical Performance - In the last six months, the stock has appeared on the trading list 16 times, with an average price increase of 3.04% the day after being listed and an average increase of 1.25% over the following five days [2].

11月13日，国内期市能化板块涨跌互现。其中，燃料油期货主力合约开盘报2675.00元/吨，今日盘中低 位震荡运行；截至午间收盘，燃料油主力最高触及2675.00元，下方探低2579.00元，跌幅达4.08%。 目前来看，燃料油行情呈现震荡下行走势，盘面表现偏弱。对于燃料油后市行情将如何运行，相关机构 观点汇总如下： 国投安信期货分析称，高硫燃料油虽受地缘局势支撑，俄罗斯10月装船量因设施遇袭有所回落，且俄乌 博弈再次面临激化的情况下供应风险仍存，但OPEC+的持续增产引发的中东高硫货源增加对此构成对 冲，中东炼化、发电需求亦进入淡季，加之市场预期2026年首批原油配额可能提前下发，或进一步削弱 配额限制带来的进料需求，高硫整体供应趋于宽松。低硫方面则因供应压力缓解而获支撑，因火情停产 部分装置的科威特阿祖尔炼厂本周能否如期恢复仍有不确定性，后期新加坡市场的低硫到货量存在减量 预期，海外柴油市场的裂解强势从转产逻辑强化低硫供应端支撑，而国内剩余低硫出口配额亦面临向成 品油出口的部分转化，需求端四季度船燃需求旺季及中美贸易战的阶段性缓和亦构成利好，低硫基本面 较三季度明显改善。前期高低硫价差做扩策略不断兑现，可 ...

Core Insights - The article highlights the rapid development and open policies of the Hainan Free Trade Port, particularly focusing on the Yangpu Economic Development Zone as a key area for international trade and investment opportunities [1][2][5]. Industry Overview - Yangpu Economic Development Zone has evolved from a barren land into a significant port city and a window for China's openness since its establishment in 1992, benefiting from preferential policies and integration into the Free Trade Port construction [1][2]. - The zone has implemented several pioneering policies, including the "China Yangpu Port" ship registration and various offshore trade facilitation measures, positioning itself as a model area for the Free Trade Port [1][2]. Company Developments - China Petroleum & Chemical Corporation (Sinopec) has leveraged the Free Trade Port's processing and value-added policies, resulting in over 8 million yuan in tax exemptions, enhancing its competitive product offerings [2][3]. - The Yangpu International Container Terminal has expanded its capacity, with new berths accommodating the world's largest container ships, and has opened 58 trade routes, achieving a 53.4% increase in container throughput year-on-year [4][5]. Future Prospects - The upcoming full island closure of the Hainan Free Trade Port on December 18 is expected to unleash greater open benefits, prompting more enterprises to establish operations in Yangpu [5][7]. - The Yangpu Cross-Border E-Commerce Industrial Park is set to facilitate trade between overseas brands and local businesses, with an expected annual trade volume exceeding 2 billion yuan, benefiting from favorable policies and its strategic location [7][8]. - Yangpu aims to enhance its role as a dual hub for domestic and international trade, focusing on new materials, new energy, digital economy, and biomedicine industries, while continuing to attract high-quality projects [7].

Report Industry Investment Rating - Not provided Core View of the Report - The asphalt market is oscillating. Supply-side开工率 has declined, production is expected to increase, demand will gradually weaken, and the futures price is weakly oscillating due to factors such as crude oil price trends and the release of low-cost resources from refineries [1] Summary by Relevant Catalogs Market Analysis - Supply: Last week, the asphalt开工率 decreased by 1.8 percentage points to 31.5%, 3.5 percentage points higher than the same period last year, at a relatively low level in recent years. In November, the domestic asphalt production is expected to be 222.8 million tons, a decrease of 16.9% month-on-month and 11.0% year-on-year. The national shipment volume decreased by 6.79% to 30.88 million tons week-on-week. The inventory ratio of asphalt refineries continued to decline slightly and remained at the lowest level in recent years. Some refineries plan to resume production, and asphalt output will increase [1] - Demand: The开工率 of most downstream industries of asphalt increased last week, but was restricted by funds and weather. Northern projects are rushing to work, but subsequent demand will gradually weaken, and the south is inquiring about low-cost supplies due to increased rainfall [1] - Crude oil: The market digested the news of Russian oil sanctions, the Sino-US leaders' meeting met market expectations, OPEC+ decided to increase production by 137,000 barrels per day in December but suspend production increase in the first quarter of next year, and crude oil prices oscillated [1] - Price: The forward low-cost resources of refineries were released intensively, the basis of asphalt in Shandong weakened and is currently at a neutral level, the spot price followed the decline, and the asphalt futures price oscillated weakly [1] Futures and Spot Market - Futures: Today, the asphalt futures 2601 contract rose 0.86% to 3063 yuan/ton, near the 5-day moving average, with a minimum price of 3047 yuan/ton, a maximum price of 3076 yuan/ton, and the open interest increased by 4444 to 198,272 lots [2] - Basis: The mainstream market price in Shandong remained at 3010 yuan/ton, and the basis of the asphalt 01 contract fell to -53 yuan/ton, at a neutral level [3] Fundamental Tracking - Supply: Refineries such as Zhonghua Quanzhou and PetroChina Qinhuangdao stopped producing asphalt, and the asphalt开工率 decreased by 1.8 percentage points to 31.5%, 3.5 percentage points higher than the same period last year, at a relatively low level in recent years [4] - Investment: From January to September, the national highway construction investment decreased by 6.0% year-on-year, and the cumulative year-on-year growth rate rebounded slightly compared with January - August 2025 but was still negative. From January to September 2025, the cumulative year-on-year growth rate of the actual completed investment in fixed assets of the road transportation industry was -2.7%, a slight rebound from -3.3% from January - August 2025 but still in negative growth. From January to September 2025, the cumulative year-on-year growth rate of the completed investment in fixed assets of infrastructure construction (excluding electricity) was 1.1%, a further decline from 2.0% from January - August 2025 [4] - Downstream开工率: As of the week of November 7, the开工率 of most downstream industries of asphalt increased, with the road asphalt开工率 increasing by 1 percentage point to 34%, slightly exceeding the same period last year, restricted by funds and weather [1][4] - Social financing: From January to September 2025, the year-on-year growth rate of social financing stock was 8.7%, a 0.1 percentage point decline compared with January - August. In September, the new social financing was as high as 3.53 trillion, but year-on-year it was 233.5 billion less due to the high base [4] - Inventory: As of the week of November 7, the inventory ratio of asphalt refineries decreased by 1.2 percentage points to 14.1% compared with the week of October 31, remaining at the lowest level in recent years [4]

Core Insights - Daqing Huake experienced a decline of 1.96% in its stock price, with a turnover rate of 16.11% and a trading volume of 459 million yuan, showing a price fluctuation of 15.55% throughout the day [2] Trading Activity - Institutional investors net sold 3.67 million yuan, while total net selling from brokerage seats reached 26.36 million yuan [2] - The stock was listed on the Shenzhen Stock Exchange due to its daily price fluctuation exceeding 15.55%, with institutional proprietary seats contributing to the net selling [2] - The top five brokerage seats accounted for a total trading volume of 120 million yuan, with buying amounting to 44.81 million yuan and selling at 74.84 million yuan, resulting in a net selling of 30.03 million yuan [2] Fund Flow - The stock saw a net inflow of 8.54 million yuan from major funds, with a significant outflow of 12.40 million yuan from large orders, while large orders contributed a net inflow of 20.94 million yuan [2] - Over the past five days, the net inflow of major funds totaled 47.72 million yuan [2]

Core Viewpoint - Baomo Co., Ltd. reported that as of November 10, 2025, the total number of shareholders is 37,485 [2] Summary by Category - **Company Information** - Baomo Co., Ltd. has a total of 37,485 shareholders as of the specified date [2] - **Investor Interaction** - The company responded to investor inquiries on an interactive platform regarding shareholder numbers [2]

Industry Investment Rating - No information provided Core Viewpoints - The asphalt market is expected to fluctuate. The supply is likely to increase with some refineries planning to resume production, while the demand will gradually weaken. The crude oil price is also oscillating, and the asphalt futures price is showing a weak downward trend [1]. Summary by Relevant Catalogs Market Analysis - Last week, the asphalt operating rate decreased by 1.8 percentage points to 31.5% week-on-week, 3.5 percentage points higher than the same period last year, at a relatively low level in recent years. In November, the domestic asphalt production is expected to be 2.228 million tons, a decrease of 454,000 tons (16.9%) month-on-month and 274,000 tons (11.0%) year-on-year [1]. - Last week, most of the downstream industries' operating rates increased, with the road asphalt operating rate rising by 1 percentage point to 34% week-on-week, slightly exceeding the same period last year, but restricted by funds and weather [1]. - In the East China region, the supply and shipments decreased significantly last week. The national shipments decreased by 6.79% to 308,800 tons week-on-week, at a neutral level [1]. - The inventory-to-sales ratio of asphalt refineries continued to decline slightly, remaining at the lowest level in recent years. Some refineries such as Sinochem Quanzhou and Jincheng Petrochemical plan to resume production, which will increase asphalt production [1]. - The market has digested the news of Russian oil sanctions. The meeting between Chinese and US leaders basically met market expectations, and the relationship between the two countries has not changed fundamentally. OPEC+ decided to increase production by 137,000 barrels per day in December but suspend production increase in the first quarter of next year. The crude oil price is oscillating [1]. - The concentrated release of long-term low-price resources from refineries has led to a significant decline in the asphalt basis in Shandong recently, which is currently at a neutral level. The spot price has continued to decline, and the asphalt futures price has shown a weak downward trend [1]. Futures and Spot Market - Today, the asphalt futures contract 2601 rose 0.56% to 3,050 yuan/ton, below the 5-day moving average, with a minimum price of 3,015 yuan/ton and a maximum price of 3,064 yuan/ton. The open interest decreased by 14,840 to 193,828 lots [2]. - The mainstream market price in Shandong remained at 3,010 yuan/ton, and the basis of the asphalt 01 contract fell to -40 yuan/ton, at a neutral level [3]. Fundamental Tracking - On the supply side, some refineries such as Sinochem Quanzhou and PetroChina Qinhuangdao stopped asphalt production. The asphalt operating rate decreased by 1.8 percentage points to 31.5% week-on-week, 3.5 percentage points higher 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 slightly rebounded compared with January - August 2025 but remained negative. The fixed - asset investment in road transportation from January to September 2025 decreased by 2.7% year-on-year, slightly rebounding from -3.3% in January - August 2025 but still in a negative growth situation. The fixed - asset investment in infrastructure construction (excluding electricity) from January to September 2025 increased by 1.1% year-on-year, continuing to decline from 2.0% in January - August 2025 [4]. - As of the week of November 7, most of the downstream industries' operating rates increased, with the road asphalt operating rate rising by 1 percentage point to 34% week-on-week, slightly exceeding the same period last year, restricted by funds and weather [1][4]. - From January to September 2025, the year-on-year growth rate of social financing stock was 8.7%, 0.1 percentage point lower than that from January to August. In September, the new social financing reached 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 work volume [4]. - As of the week of November 7, the inventory-to-sales ratio of asphalt refineries decreased by 1.2 percentage points to 14.1% compared with the week of October 31, remaining at the lowest level in recent years [4].

Group 1 - The core viewpoint of the article is that Southwest Securities has given a "buy" rating to Rongsheng Petrochemical (002493.SZ) with a target price of 13.33 yuan, based on its strong industry position and effective cost control [1] - The report highlights that Rongsheng Petrochemical has a comprehensive layout in the refining and chemical industry, indicating its leadership in the sector [1] - It notes that while crude oil prices are declining, which may pressure refining products in the short term, the company's profitability is improving due to good expense management [1] Group 2 - The report mentions potential risks, including the risk of falling crude oil prices, rapid increases in refining capacity, and declining downstream demand [1]