摘要：【图】2025年6月北京市液化石油气产量统计分析 2025年6月液化石油气产量统计： 液化石油气产量：0.10 万吨 同比增长：-98.0% 增速较上一年同期变化：低70.2个百分点 据统计，2025年6月北京市规模以上工业企业液化石油气产量与上年同期相比下降了98.0%，达0.10万 吨，增速较上一年同期低70.20个百分点，增速较同期全国低93.50个百分点，约占同期全国规模以上企 业液化石油气产量435.9万吨的比重为0.02%。 详见下图： 图1：北京市液化石油气产量分月（当月值）统计图 同比增长：-20.9% 增速较上一年同期变化：低18.3个百分点 据统计，2025年1－6月，北京市规模以上工业企业液化石油气产量与上年同期相比下降了20.9%，达 36.00万吨，增速较上一年同期低18.30个百分点，增速较同期全国低18.30个百分点，约占同期全国规模 以上企业液化石油气产量2625.9万吨的比重为1.37%。详见下图： 图2：北京市液化石油气产量分月（累计值）统计图 2025年1-6月液化石油气产量统计： 液化石油气产量：36.00 万吨 注：主要能源产品产量月度统计范围为规模以上工业法人 ...

增速较上一年同期变化：低5.0个百分点 摘要：【图】2025年6月青海省原油产量数据分析 2025年6月原油产量统计： 原油产量：20.0 万吨 同比增长：-1.1% 据统计，2025年1－6月，青海省规模以上工业企业原油产量与上年同期相比增长了1.7%，达121.0万 吨，增速较上一年同期低0.7个百分点，增速放缓，增速较同期全国高0.4个百分点，约占同期全国规模 以上企业原油产量10847.8万吨的比重为1.1%。详见下图： 据统计，2025年6月青海省规模以上工业企业原油产量与上年同期相比下降了1.1%，达20.0万吨，增速 较上一年同期低5.0个百分点，增速较同期全国低2.5个百分点，约占同期全国规模以上企业原油产量 1819.8万吨的比重为1.1%。 详见下图： 2025年1-6月原油产量统计： 图2：青海省原油产量分月（累计值）统计图 图1：青海省原油产量分月（当月值）统计图 原油产量：121.0 万吨 同比增长：1.7% 增速较上一年同期变化：低0.7个百分点 产业调研网为您提供更多 石油化工行业最新动态 石油行业监测及发展趋势 化工未来发展趋势预测 日化现状及发展前景 润滑油发展前景趋势分析 ...

| 日期 | FOB 380cst | FOB VLSFO | 380基差 | 高硫内外价差 | 低硫内外价差 | | --- | --- | --- | --- | --- | --- | | 2025/10/13 | 374.29 | 438.87 | -0.50 | 9.8 | 5.8 | | 2025/10/14 | 363.63 | 432.26 | -0.65 | 9.4 | 7.5 | | 2025/10/15 | 368.34 | 432.14 | -0.75 | 8.9 | 6.3 | | 2025/10/16 | 369.96 | 430.47 | -0.50 | 9.7 | 5.7 | | 2025/10/17 | 361.29 | 421.95 | -0.65 | 9.0 | 7.0 | | 变化 | -8.67 | -8.52 | -0.15 | -0.7 | 1.3 | | 国 内 F U | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 日期 | FU 01 | FU 05 | FU 09 | FU 01-05 ...

□ 截至2025年9月，2521家A股上市公司发布2024年度ESG相关报告，这一数量较2021年同比增长71% □ 《强制披露主体2024年度可持续信息披露情况分析报告》显示，在389家已披露可持续发展相关报告 的强制披露主体中，有97.94%（381家）的上市公司已开展碳减排行动 □ 中国上市公司协会调研报告显示，67.16%的上市公司开展了社区服务，66.67%的公司对教育资源进 行了援助 □ "十四五"以来，东部8省市、310家中央单位、6000多家企业倾力支持巩固拓展脱贫攻坚成果工作 ◎中国证券报记者 刘丽靓 郑萃颖 新疆阿勒泰地区吉木乃县50万千瓦时风电项目配套输电线路建设现场。 新华社图文 增长71%!"十四五"时期A股上市公司ESG报告披露的增长率，亮出责任底色。从40%到60%！可再生能 源发电装机占比的大幅提升，标记"十四五"绿色发展新里程。已达6000多家！中国企业聚力乡村振兴， 润泽万里乡野…… 一组组跃动的数据，是中国经济告别粗放型增长、转向内涵式发展的"转型实证"，是经济结构优化升级 的有力注脚。站在"十五五"新起点，众多企业正以行动诠释责任，以创新驱动变革，在ESG的广阔实践 中 ...

冠通期货研究报告 --沥青周报 研究咨询部苏妙达 执业资格证号：F03104403/Z0018167 发布时间：2025年10月20日 投资有风险，入市需谨慎，本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 分析师苏妙达：F03104403/Z0018167 投资有风险，入市需谨慎。 行情分析 供应端，上周沥青开工率环比回升1.3个百分点至35.8%，较去年同期高了8.0个百分点，处于近年同期中性偏低 水平。据隆众资讯数据，10月份国内沥青预计排产268.2万吨，环比减少0.4万吨，减幅为0.1%，同比增加35.0万吨， 增幅为15.0%。上周，沥青下游各行业开工率多数稳定，其中道路沥青开工环比持平于29.0%，仍处于近年同期最低 水平，受到资金和部分地区降雨制约。上周，国庆假期归来，全国出货量环比增加14.48%至25.33万吨，处于中性偏 低水平。沥青炼厂库存存货比环比继续上升，但仍处于近年来同期的最低位。无棣鑫岳等炼厂有检修计划，沥青产 量将有所减少，但仍处高位。北方多地项目赶工，只是个别地区降温明显，南方降雨增加，另外，资金端制约，市 场谨慎，影响沥青需求。近日中美即将进行新一轮的经贸磋 ...

第1笔成交价格为16.41元，成交1,339.76万股，成交金额21,985.44万元，溢价率为0.86%，买方营业部为 华泰证券股份有限公司南京长江路证券营业部，卖方营业部为华泰证券股份有限公司上海分公司。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 10月20日，恒力石化收跌0.85%，收盘价为16.27元，发生1笔大宗交易，合计成交量1339.76万股，成交 金额2.2亿元。 进一步统计，近3个月内该股累计发生10笔大宗交易，合计成交金额为17.7亿元。该股近5个交易日累计 下跌5.30%，主力资金合计净流出3290.88万元。 责任编辑：小浪快报 ...

图1：陕西省石脑油产量分月（当月值）统计图 摘要：【图】2025年1-6月陕西省石脑油产量数据分析 2025年6月石脑油产量统计： 石脑油产量：7.7 万吨 同比增长：8.8% 增速较上一年同期变化：高18.3个百分点 据统计，2025年6月陕西省规模以上工业企业石脑油产量与上年同期相比增长了8.8%，达7.7万吨，增速 较上一年同期高18.3个百分点，增速较同期全国低0.1个百分点，约占同期全国规模以上企业石脑油产量 686.6万吨的比重为1.1%。 详见下图： 据统计，2025年1－6月，陕西省规模以上工业企业石脑油产量与上年同期相比下降了22.8%，达38.8万 吨，增速较上一年同期低35.1个百分点，增速较同期全国低23.6个百分点，约占同期全国规模以上企业 石脑油产量3984.7万吨的比重为1.0%。详见下图： 图2：陕西省石脑油产量分月（累计值）统计图 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 产业调研网为您提供更多 2025年1-6月石脑油产量统计： 石脑油产量：38.8 万吨 同比增长：-22.8% 增速较上一年同期变化：低35. ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report 2.1 Weekly Summary - PX prices declined during the week due to lack of cost support. International oil prices dropped continuously because of signs of easing geopolitical conflicts and Sino - US trade frictions. Domestic PX开工 was at a high level for the year, and although there was a fire at a South Korean refinery, the PX device was not affected. Downstream demand did not improve significantly, leading to a price decline under weak cost and fundamentals [9]. - PTA prices also fell during the week due to the lack of cost support and the expectation of new device commissioning. The weakness of crude oil and PX negatively affected the PTA market sentiment. The potential trial - run of 2.7 million tons of new PTA production capacity in East China would increase the supply pressure. Although downstream开工 increased driven by the demand for warm - keeping products, the subsequent upward space was limited, and the fundamental boost to PTA was weakening [9]. 2.2 Market Forecast - Crude oil prices will fluctuate within a narrow range, waiting for the follow - up development of Sino - US trade issues. - For PX, due to sanctions, trade wars and other factors, the short - term production of some factories may be affected, thus affecting PX supply, but the overall开工 will remain at a high level. - For PTA, PTA factories have not further reduced production even under low - efficiency conditions, and the expectation of new device commissioning in East China suppresses market sentiment. It is expected that the开工 will remain at a high level. - For polyester, the polyester开工 load will be generally stable, and there are no planned start - up or shutdowns of polyester devices. At the end of the traditional peak demand season, it is estimated that polyester factories will not actively reduce production to maintain market share. - For the weaving industry, foreign customers are conservative in placing orders due to uncertain factors, resulting in slow placement of recent export orders. Domestic demand has increased, but factories are not optimistic about the subsequent market. - Overall, PX will operate weakly in the range of 6,150 - 6,350 yuan/ton; PTA will also operate weakly in the range of 4,300 - 4,500 yuan/ton. The recommended strategy is to stay on the sidelines [10]. 3. Summary by Relevant Catalogs 3.1 Price Situation 3.1.1 PX - **Futures**: On October 17, the closing price of the PX main contract was 6,292 yuan/ton, down 212 yuan/ton from October 10, a change of - 3.26%. The settlement price on October 17 was 6,334 yuan/ton, down 198 yuan/ton from October 10, a change of - 3.03% [14]. - **Spot**: The market negotiation and trading atmosphere were acceptable, with a differentiated trend in the paper - spot market. From October 13 - 17, the average basis of the main contract was - 131 yuan/ton; the average domestic PX spot price was 6,250 yuan/ton, a decrease of 125.50 yuan/ton from the previous period, a change of - 1.97% [15][17]. 3.1.2 PTA - **Futures**: The price decline was dominated by cost. On October 17, the closing price of the PTA main contract was 4,402 yuan/ton, down 132 yuan/ton from October 10, a change of - 2.91%. The settlement price on October 17 was 4,424 yuan/ton, down 130 yuan/ton from October 10, a change of - 2.85% [19][21]. - **Spot**: The negotiation atmosphere was average, mainly among traders, with individual polyester factories making inquiries. There was concentrated trading on Friday, with an average daily trading volume of about 2 - 3 million tons. From October 13 - 17, the average basis of the main contract was - 70 yuan/ton. The weekly average CIF price of PTA in the Chinese market was 549.2 US dollars/ton, down 17.8 US dollars/ton from the previous period, a change of - 3.13%. The average spot price of PTA in the East China market was 4,371.6 yuan/ton, down 108.07 yuan/ton from the previous period, a change of - 2.41% [22][24]. 3.2 Device Operation Situation 3.2.1 PX Devices - There were changes in the operation of PX devices in different regions. For example, in East China, some enterprises such as Ningbo Daxie, Sheng Hong Refining and Chemical, and Zhejiang Petrochemical had different load - operation conditions. In North China, Urumqi Petrochemical stopped for maintenance on October 14, expected to last for 15 days. The overall domestic PX开工 rate remained at a high level, and the planned maintenance of domestic and foreign PX devices in the fourth quarter was limited [29][33]. 3.2.2 PTA Devices - Some large - scale PTA devices were under maintenance, such as those of Ningbo Taihua, Hainan Yisheng, and Yisheng Dahua. The weekly开工 rate decreased by 1.92% [36][37]. 3.3 Fundamental Analysis 3.3.1 Cost - **Crude Oil**: European and American crude oil futures fell for three consecutive weeks, with a cumulative decline of more than 12%. The WTI crude oil futures settlement price on October 17 was 57.15 US dollars/barrel, down 1.75 US dollars/barrel from October 10. The Brent crude oil futures settlement price on October 17 was 61.29 US dollars/barrel, down 1.44 US dollars/barrel from October 10. The market was concerned about the resolution of the Russia - Ukraine conflict, and the price was affected by factors such as trade relations, supply and demand expectations, and geopolitical situations [42][44]. - **Naphtha**: The price continued to decline this week, and the economy rebounded slightly. The weekly average CFR price of naphtha in Japan was 550.25 US dollars/ton, and the weekly average production profit was 60.72 US dollars/ton. The fundamental situation of naphtha did not change significantly, and the East - West arbitrage window remained open, with European naphtha flowing to Asia. The substitution effect of downstream LPG on naphtha affected some demand expectations, and the subsequent impact of sanctions and trade wars on naphtha remained to be evaluated [47][49]. 3.3.2 Supply - **PX Processing Margin**: The PXN margin rebounded slightly, and the short - process efficiency narrowed. The weekly average PXN was 236.92 US dollars/ton, a change of 7.36% from the previous period. The PX - MX margin remained at a high level, with a weekly average of 98.75 US dollars/ton. Due to the high domestic开工 rate and insufficient demand, the decline of PX was obvious, and the cash flow continued to narrow during the week, with short - process devices near the break - even point [50][52]. - **PTA Processing Fee**: The boost of device short - stops to the processing fee was limited. From October 13 - 17, the average spot processing fee of PTA was 169.05 yuan/ton, compared with 202.90 yuan/ton last week. Although the production reduction plan temporarily increased the processing fee, the demand did not improve significantly, and it was difficult to improve the processing fee under weak cost and demand [54][56]. - **Inventory**: As of October 16, the PTA social inventory was 4.126 million tons, a decrease of 72,000 tons from the previous week, a change of - 0.47% in the month - on - month growth rate. The decrease in inventory was due to device maintenance rather than demand improvement. The inventory days of PTA factories decreased by 0.14 days, while those of polyester factories increased by 1.15 days. As of October 16, the average inventory usage days of domestic PTA manufacturers were 4.08 days, and the raw material inventory days of polyester factories were 7.35 days. It was estimated that the upward space of the polyester开工 rate was limited in the later period, and the inventory - reduction rhythm would slow down [59][65]. 3.3.3 Demand - **Polyester**: The average weekly price of PTA declined, and the overall demand was weak, which was negative for the polyester market. The average market prices of semi - bright POY150D/48F, DTY150D/48F, and FDY150D/96F decreased by 1.47%, 0.82%, and 1.13% respectively from the previous period. The average price of polyester staple fiber in the East China market was 6,326 yuan/ton, a decrease of 93 yuan/ton from the previous period, a change of - 1.45%. The negotiation range of polyester bottle chips in the East China region was 5,600 - 5,730 yuan/ton, and the average weekly price was 5,710.00 yuan/ton, a decrease of 2.14% from the previous period. The average weekly polyester production and sales were estimated to be 70%. The average weekly load of polyester factories was 89.38%, and the average weekly load of Jiangsu and Zhejiang looms was 68.22% [67][75]. - **Weaving**: The new export orders were placed slowly, and the weaving market lacked confidence in the future market. With the significant drop in temperature in the north, the online sales of autumn and winter textile and clothing accelerated, driving the sales of thick fabrics such as autumn and winter velvet and woolen fabrics. The starting rate of warp - knitting enterprises increased steadily. However, there was a risk of escalation of Sino - US trade frictions after the festival, and some export enterprises were accelerating the production of existing orders to avoid potential impacts [81][83].

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The report highlights the impact of fluctuating international oil prices and the recent decline in methionine prices, while lithium hexafluorophosphate prices have increased [2] - Key investment suggestions for October include focusing on Q3 earnings reports, undervalued leading companies in the industry, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials companies [2][11] - The long-term investment themes include sustained high oil prices benefiting the oil and gas extraction sector, rapid development in downstream industries, and policy support for demand recovery [2][11] Summary by Sections Industry Dynamics - As of October 17, the TTM price-to-earnings ratio for the SW basic chemicals sector is 24.76, at the 73.39 percentile historically, while the price-to-book ratio is 2.16, at the 49.29 percentile historically [2][11] - The SW oil and petrochemical sector has a TTM price-to-earnings ratio of 11.53, at the 24.01 percentile historically, and a price-to-book ratio of 1.14, at the 19.57 percentile historically [2][11] - The report notes significant impacts from tariff policies and oil price volatility on the industry this year [2][11] Investment Recommendations - The report recommends focusing on leading companies with strong earnings elasticity and high-growth sub-industries, particularly in 2025 as policies are expected to support demand recovery [2][11] - Specific companies recommended for investment include China Petroleum, China National Offshore Oil Corporation, China Petrochemical Corporation, and several others in the electronic materials and new energy sectors [2][11] Price Trends - In the week of October 13-19, 17 out of 100 tracked chemical products saw price increases, while 52 experienced declines, and 31 remained stable [9][33] - The report identifies significant price movements, with sulfuric acid, vinyl acetate, and propylene oxide showing notable increases, while WTI crude oil and acetone saw the largest declines [9][33]

摘要：【图】2025年6月山东省石油焦产量数据 2025年1-6月石油焦产量分析： 据国家统计局数据，在2025年的前6个月，山东省规模以上工业企业石油焦产量累计达到了474.9万吨， 与2024年同期的数据相比，下降了14.4%，增速较2024年同期低15.1个百分点，增速较同期全国低9.9个 百分点，约占同期全国规模以上企业石油焦产量1567.4万吨的比重为30.3%。 图表：山东省石油焦产量分月（累计值）统计 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 石油化工行业最新动态 石油发展前景趋势分析 化工的现状和发展趋势 日化行业现状与发展趋势润滑油市场现状及前景分析汽油市场调研与发展前景 柴油发展现状及前景预测橡胶市场调研及发展趋势 塑料行业监测及发展趋势 化妆品未来发展趋势预测清洁护肤现状及发展前景 单独看2025年6月份，山东省规模以上工业企业石油焦产量达到了72.3万吨，与2024年同期的数据相 比，6月份的产量下降了9.6%，增速较2024年同期高3.3个百分点，增速较同期全国低7.2个百分点，约 占同期全国规模以上企业石油焦产量254 ...