0.00 171 本轮是2025年第二十一次调价，也是2025年的第九次下调。本次调价过后，2025年成品油调价将呈 现"六涨九跌六搁浅"的格局。下一次调价窗口将在2025年11月10日24时开启。 业内人士分析，以当前的国际原油价格水平计算，下一轮成品油调价开局将呈现大幅上调的趋势。展望 后市，中美经贸磋商出现积极进展，市场对美国关税及贸易争端的忧虑有所下降，叠加地缘局势的不稳 定性依然存在，整体来看，预计下一轮成品油调价上调的概率较大。 来源：人民网 据国家发展改革委网站消息，近期国际市场油价波动运行，根据10月27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10月27日24时起，国内汽、柴 油价格（标准品，下同）每吨分别降低265元和255元。按此计算，加满一箱50升的92号汽油，将少花10 元左右。 211 II 加满一箱50升92号汽油 少花10元左右 ...

Core Viewpoint - Domestic fuel prices have been reduced again following a previous decrease on October 13, with gasoline and diesel prices lowered by 265 yuan and 255 yuan per ton respectively, effective from October 27 [1][2]. Price Adjustment Details - The recent price drop is significant, marking the third-largest decline in fuel prices this year, with the current adjustment resulting in a cumulative decrease of 565 yuan per ton for gasoline and 540 yuan per ton since the beginning of the year [2][4]. - The new retail prices for gasoline and diesel are expected to be in the range of 6.5 to 6.9 yuan per liter, providing cost relief for private car owners and logistics companies [4]. International Oil Market Trends - The international oil market has experienced fluctuations, with initial price drops due to warnings of oversupply and geopolitical tensions, followed by a rebound influenced by sanctions on Russian oil and decreasing U.S. inventories [5][6]. - The average price of crude oil was reported at 60.77 USD per barrel, with a change rate of -5.71% leading to the current price adjustments [2]. Future Price Expectations - Analysts predict a potential increase in domestic fuel prices in the next adjustment cycle, with expectations of a price rise of approximately 230 yuan per ton, influenced by recent rebounds in international oil prices and easing trade tensions between the U.S. and China [1][7]. - Diesel prices are expected to see more upward pressure due to supply and demand dynamics, while gasoline prices may face limitations due to weak demand [8].

Group 1: Key Issues in Mineral Investment - Capital markets are inefficient in promoting critical mineral investments due to various risks, leading to significant discrepancies between mineral economics and general economics[1] - Key investment challenges include geopolitical risks, innovation risks, and supply-demand imbalances, with lithium, nickel, and cobalt prices dropping by 85%, 80%, and 60% respectively over the past three years[14] - The average global construction time for a mine is 18 years, while in the U.S., it takes 29 years due to lengthy approval processes[17] Group 2: U.S. Critical Mineral Strategy - The U.S. government has initiated several executive orders and legislation to address vulnerabilities in the critical mineral supply chain, including the Inflation Reduction Act and the Infrastructure Investment and Jobs Act, which provide billions in funding[16] - Supply-side solutions include price floors and government purchases, with a recent agreement setting a price floor of $110 for NdPr, significantly above the market price of $54[17] - Demand-side measures aim to promote the procurement of minerals from the U.S. or allied countries, ensuring sustainable domestic demand across various industries[19] Group 3: Focus on Rare Earth Elements - The tightening of rare earth export controls has accelerated efforts by the U.S. and allies to diversify and decentralize the global rare earth supply chain through joint procurement and increased mining projects[20] - Research is ongoing to find low-cost alternatives to rare earth magnets using metal alloys like iron, cobalt, and nickel[20]

据国家发展改革委价格监测中心监测，本轮成品油调价周期内（10月13日至10月24日）国际油价大幅波动，呈先降后升走势。 调价周期内，国际油价平均水平较上一轮调价周期大幅下降。期初，受以色列和巴勒斯坦达成停火协议、胡塞武装与美国达成红 海休战协议影响，中东地缘政治紧张局势趋缓，油市风险溢价有所削减。与此同时，全球经贸环境不确定性上升，加之"欧佩克 +"持续增产，使得国际油价进一步走低。以伦敦布伦特原油期货价格为例，最低降至每桶61美元左右，为近半年来低位。后期， 美国加大对俄罗斯两大石油公司制裁，市场认为这将影响印度从俄罗斯原油进口。同时，俄乌冲突持续，美俄原定将举行的峰会 推迟。受此影响，国际油价快速回升，目前伦敦布伦特油价在每桶65美元左右波动。 国家发展改革委价格监测中心供图 上证报中国证券网讯（记者 于祥明）成品油价年内第九次下调。记者10月27日从国家发展改革委获悉，按照现行成品油价格机 制，自10月27日24时起，国内汽、柴油价格每吨分别降低265元和255元。此次调价后，油箱容量为50升的家用轿车加满一箱92号 汽油可节省10.5元。至此，今年国内油价已经历21轮调整，分别为"6涨9降6搁浅"。 ...

证券之星消息，截至2025年10月27日收盘，中国石油(601857)报收于9.17元，上涨1.21%，换手率 0.1%，成交量168.46万手，成交额15.35亿元。 | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净点比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-10-27 | 9.17 | 1.21% | -8987.42万 | -5.86% | 7069.82万 | 4.61% | 1917.60万 | 1.25% | | 2025-10-24 | 9.06 | -1.31% | -8463.41万 | -5.30% | 1929.39万 | 1.21% | 6534.02万 | 4.09% | | 2025-10-23 | | 9.18 3.15% | 1.42亿 | 5.86% | -1.08亿 | -4.46% | -3369.20万 | -1.39% | | 2025-10-22 | 8.90 | 1.60% | -2970.72万 | -1.8 ...

据央视财经，记者今天（10月27日）从国家发展改革委了解到，受国际油价下跌影响，国内汽、柴油价格将于10月27日24时下 调，每吨分别下调265元和255元。 全国平均来看，92号汽油、95号汽油、0号柴油每升分别降0.21元、0.22元、0.22元。用92号汽油加满50升油箱将少花10.5元。 转自：央视财经 来源：封面新闻 ...

Group 1 - The core viewpoint of the article is the recent reduction in domestic gasoline and diesel prices in China, effective from October 27, with gasoline prices decreasing by 265 yuan per ton and diesel by 255 yuan per ton, translating to a reduction of approximately 0.21 to 0.22 yuan per liter for consumers [1] - The international oil market has experienced fluctuations, with initial price declines due to warnings of oversupply and potential reductions in Russian oil imports by India, followed by a rebound due to U.S. sanctions on major Russian oil companies [2] - The overall global oil market is currently characterized by a supply surplus, with OPEC+ increasing production and high export levels from countries like Russia, while demand forecasts remain conservative due to anticipated global economic slowdowns [2] Group 2 - The next price adjustment window for oil is set to open on November 10, 2025, with expectations of potential price increases due to geopolitical tensions and ongoing sanctions against Russia [3] - Analysts predict that the combination of U.S.-China trade negotiations showing positive progress and the instability in geopolitical situations may lead to a higher probability of price increases in the next round of oil price adjustments [3]

Tabl e_Title 2025 年 10 月 27 日 丁沛舟 高级分析师 期货从业资格号：F3002969 投资咨询从业证书号：Z0012005 dingpz@essence.com.cn 010-58747724 相关报告 风险提示：美国通胀数据改善不及预期 大类资产运行周报（20250728 -20250801）-非农数据不及预期 权益资 产价格回落 大类资产运行周报（20250804 -20250808）-新一轮关税生效 权益资产 价格上涨 大类资产运行周报（20250811 -20250815）-俄美首脑会晤未达成协议 权益资产续涨 大类资产运行周报（20250818 -20250822）-鲍威尔表态偏鸽 美元指数 偏弱运行 大类资产运行周报（20250825 -20250829）-美联储独立性面临挑战 贵 金属价格收涨 大类资产运行周报（20250901 -20250905）- 8 月非农不及预期 权益资 产整体收涨 大类资产运行周报（20250908 -20250912）-美国通胀数据温和回升 风 险资产上涨 大类资产运行周报（20250915 -20250919）-美联储如期降息 美股周度 ...

冠通期货研究报告 --2025年11月原油月度报告 发布日期：2025年10月27日 冠通期货研究咨询部 分析师：苏妙达 执业证书号：F03104403/Z0018167 联系电话：010-85356618 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。 1 行情分析 分析师苏妙达：F03104403/Z0018167 投资有风险，入市需谨慎。 10月5日，OPEC+八国决定将在11月进一步增产13.7万桶/日。下次会议将于11月2日举行。这将加剧四季度的原油供应压力。 原油需求旺季结束，不过EIA数据显示美国炼厂开工低位反弹，美国原油超预期去库，成品油去库幅度超预期，整体油品库存转而 有所减少。俄罗斯原油贴水扩大后，印度继续进口俄罗斯原油。不过印度有与美国达成新的关税协议而同意逐步减少对俄罗斯石 油进口的可能。在欧美制裁俄罗斯石油公司后，印度最大的私营炼油商信实工业表示将调整炼油厂的运营以满足合规要求。由于 乌克兰加大对俄罗斯石油基础设施的打击力度，俄罗斯副总理诺瓦克表示，俄罗斯将柴油和汽油出口禁令延长至年底。目前俄罗 斯原油出口量仍处高位。EIA月报预计2025年四季 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The short - term oil price is expected to rebound with oscillations, but the upside space remains limited. Supply - side geopolitical risk premiums and OPEC+ production cuts provide support, while long - term supply increases and demand substitution risks exist. Demand - side Asian seasonal restocking is nearing an end, and narrowing refinery profits in Europe and the United States suppress processing volume growth. Although the oil price may briefly break through the previous high under certain circumstances, it lacks continuous upward momentum due to the slowdown in global economic growth and non - OPEC supply elasticity [5]. Summary According to Related Catalogs 1. Daily Market Summary (1) Crude Oil Futures Market Data Changes - On October 24, 2025, the price of the SC crude oil futures main contract rose by 5.2 yuan/barrel (1.13%) to 464.9 yuan/barrel, continuing the recent upward oscillation trend. WTI and Brent prices remained stable at 61.75 dollars/barrel and 65.26 dollars/barrel respectively. The SC - Brent spread changed from - 0.71 dollars/barrel to 0.01 dollars/barrel, and the SC - WTI spread widened by 0.72 dollars to 3.52 dollars/barrel. The SC continuous - consecutive three spread narrowed from - 5.8 yuan/barrel to - 4.8 yuan/barrel [2]. - In the week of October 21, Brent crude oil speculative net long positions were significantly reduced by 57,085 contracts to 52,521 contracts, a recent low, and diesel net long positions decreased by 11,375 contracts, indicating weakening confidence in continuous oil price increases and weakening refined oil demand expectations [3]. (2) Industrial Chain Supply - Demand and Inventory Changes - Supply side: The pipeline fire in Iraq's Zubair Oilfield did not affect production, with September oil exports at a high of 102 million barrels. Saudi Arabia's August oil export value increased by 7% year - on - year. Russia's Ryazan refinery stopped a key processing unit due to a drone attack, which may affect refined oil exports but not crude oil production. The US opened Alaska for drilling, and India's Reliance Industries increased crude oil purchases, suggesting potential non - OPEC supply increases [4]. - Demand side: India's October services PMI preliminary value of 60.7 supported Asian crude oil import demand. However, the expected reduction in China's refined oil retail price limit may suppress refinery restocking willingness. Indonesia's plan to implement the E10 gasoline policy in 2027 may suppress traditional gasoline demand in the long term. The reduction of US diesel speculative long positions reflected weakening industrial demand expectations, and there was no significant rebound signal in EIA apparent demand [4]. - Inventory side: The Shanghai Futures Exchange's crude oil warehouse receipts remained unchanged at 5.211 million barrels, indicating limited delivery storage capacity pressure. US Cushing inventory decreased recently, but EIA commercial crude oil inventory was still at a seasonal high, and the overall OECD inventory level suppressed the upward movement of oil prices [4]. 2. Industrial Chain Price Monitoring (1) Crude Oil - Futures prices: On October 24, 2025, the SC crude oil futures price was 464.9 yuan/barrel, up 1.13% from the previous day. WTI was 61.44 dollars/barrel, down 0.50%, and Brent was 64.92 dollars/barrel, down 0.52% [7]. - Spot prices: Most crude oil spot prices showed an upward trend, with the Brent spot price rising by 1.61%, the Oman spot price rising by 1.37%, etc. [7]. - Spreads: The SC - Brent spread increased by 149.30% to 0.35 dollars/barrel, the SC - WTI spread increased by 36.79% to 3.83 dollars/barrel, and the Brent - WTI spread decreased by 0.85% to 3.48 dollars/barrel [7]. - Other assets: The US dollar index increased by 0.01%, the S&P 500 increased by 0.79%, the DAX index increased by 0.13%, and the RMB exchange rate remained unchanged [7]. - Inventory and开工: US commercial crude oil inventory decreased by 0.23%, Cushing inventory decreased by 3.50%, and the US strategic reserve inventory increased by 0.20%. The US refinery weekly开工 rate increased by 3.38%, and the crude oil processing volume increased by 3.97% [7]. (2) Fuel Oil - Futures prices: On October 24, 2025, the FU fuel oil futures price was 2,814 yuan/ton, up 2.25% from the previous day, the LU was 3,224 yuan/ton, up 0.97%, and NYMEX fuel oil was 239.7 cents/gallon, up 0.57% [8]. - Spot prices: Some fuel oil spot prices increased, such as the high - sulfur 180 in Singapore rising by 2.28%, and the Russian M100 to - shore price rising by 4.75% [8]. - Paper - cargo prices: The high - sulfur 380 in Singapore (near - month) increased by 2.51% [8]. - Spreads: The Singapore high - low sulfur spread data was not provided, and the Chinese high - low sulfur spread decreased by 7.03% [8]. - Inventory: Singapore's fuel oil inventory decreased by 8.12% [8]. 3. Industrial Dynamics and Interpretation (1) Supply - On October 26, the fire in an oil pipeline in Iraq's Zubair Oilfield did not affect production, with the current daily output remaining at 400,000 barrels. Iraq's September total oil exports were 102.15 million barrels. Saudi Arabia's August oil export value increased by 7% year - on - year [9][10]. - On October 24, Russia's Ryazan refinery stopped a key processing unit after a drone attack. India's Reliance Industries bought millions of barrels of crude oil from the Middle East and the US. Italy's Eni Group raised its 2025 oil and gas production guidance, expecting an output of 171 - 172 million barrels of oil equivalent per day in 2025 and about 1.8 million barrels of oil equivalent per day in the fourth quarter. The US announced the opening of the Alaska coastal plain for oil drilling [10]. (2) Demand - Indonesia plans to implement a policy in 2027 to make the bio - ethanol content in gasoline reach 10% [11]. (3) Inventory - On October 24, the Shanghai Futures Exchange's medium - sulfur crude oil futures warehouse receipts remained unchanged at 5.211 million barrels, the low - sulfur fuel oil futures warehouse receipts remained unchanged at 4,960 tons, and the fuel oil futures warehouse receipts decreased by 1,500 tons [12]. (4) Market Information - As of the week of October 21, diesel speculative net long positions decreased by 11,375 contracts to 45,766 contracts, and Brent crude oil speculative net long positions decreased by 57,085 contracts to 52,521 contracts [13]. - Ukrainian President Zelensky called for sanctions on all Russian oil companies, shadow fleets, and oil terminals. China's refined oil retail price limit is likely to be reduced on October 27 [13]. - India's October services PMI preliminary value was 60.7 [13]. 4. Industrial Chain Data Charts The report provides multiple data charts, including the prices and spreads of WTI and Brent first - line contracts, the SC - WTI spread statistics, US crude oil weekly production, US and Canadian oil rig numbers, OPEC crude oil production, etc., with data sources from WIND, EIA, iFinD, etc. [14][16][18]