Group 1 - The company Shengbang Co., Ltd. (SZ 301233) announced the convening of its fifth board meeting on October 24, 2025, to review the proposal for amending the company's articles of association [1] - For the fiscal year 2024, the revenue composition of Shengbang Co., Ltd. is as follows: automotive industry accounts for 50.92%, electrical category 36.19%, aviation category 6.15%, petroleum industry 5.36%, and other businesses 1.39% [1] - As of the report date, the market capitalization of Shengbang Co., Ltd. is 3 billion yuan [1]

Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The performance of domestic futures main contracts on October 27, 2025 was mixed, with some rising and some falling. The overall market showed different trends for various commodities. The prices of some commodities were affected by factors such as supply - demand relationships, global economic conditions, and geopolitical events [6][7] 3. Summary by Commodity Metals - **Copper**: On October 27, 2025, Shanghai copper opened and closed higher. Optimistic market expectations from China - US - Malaysia talks, lower - than - expected US CPI, and copper mine supply shortages due to accidents led to an upward drive for copper prices. Although high copper prices suppressed downstream purchases, low inventory and rigid demand supported the upward trend [9] - **Lithium Carbonate**: It opened high and fluctuated strongly. In September 2025, China's lithium spodumene imports increased. The supply side was growing steadily, while the downstream demand for energy - storage batteries was strong, which supported the price. However, there were still market risks due to the absence of news about CATL's resumption of production [11] - **Gold and Silver**: For the domestic futures main contracts as of 15:20 on October 27, 2025, funds flowed out of Shanghai gold 2512 and Shanghai silver 2512, with outflows of 1.729 billion and 1.219 billion respectively [7] - **Nickel**: Funds flowed out of Shanghai nickel 2512, with an outflow of 299 million as of 15:20 on October 27, 2025 [7] - **Iron Ore**: The main iron ore futures contract rose nearly 2% on October 27, 2025 [6] Energy - **Crude Oil**: OPEC + decided to increase production in November, which would intensify the supply pressure in the fourth quarter. The demand peak season ended, and the market was worried about demand. However, due to factors such as the US sanctions on Russian oil companies and geopolitical events, the oil price was expected to rebound from a low level [12][14] - **Asphalt**: The asphalt production rate decreased, and the expected production in November decreased. The downstream construction rate increased, and the inventory was at a low level. With the rebound of crude oil prices, the asphalt futures price was expected to follow the upward trend [15] Chemicals - **PP**: The downstream construction rate of PP increased slightly, and the enterprise construction rate was at a neutral - low level. New production capacity was put into operation, and the cost increased. Although the downstream was in the peak season, the demand was less than expected. PP was expected to fluctuate weakly [16][17] - **Plastic**: The plastic construction rate increased, and the downstream construction rate was at a low - level in the same period. New production capacity was put into operation, and the cost increased. The agricultural film was in the peak season, but the demand was less than expected. Plastic was expected to fluctuate weakly [18] - **PVC**: The upstream calcium carbide price increased, the PVC production rate decreased slightly, and the downstream production rate increased. The export expectation in the fourth quarter decreased, and the inventory was high. PVC was expected to fluctuate [20] Agricultural Products - **Eggs**: The main egg futures contract rose more than 2% on October 27, 2025 [6] - **Red Dates**: The main red date futures contract fell more than 5% on October 27, 2025 [6] Others - **Container Shipping to Europe Line**: The main contract of container shipping to Europe line fell more than 2% on October 27, 2025 [7] - **Coal**: - **Coking Coal**: It opened low and fluctuated strongly. The import of Mongolian coal decreased, and the domestic supply was short. The demand from coking enterprises supported the price, but the demand from steel mills was pessimistic. It was expected to remain strong [21][22] - **Urea**: The urea futures closed flat on October 27, 2025. The spot price rose, and the production was expected to decrease in the future. The demand was gradually ending, and the inventory was high. It was expected to fluctuate at a low level [23] - **Stock Index Futures**: On October 27, 2025, the main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 stock index futures all rose, with increases of 1.24%, 0.74%, 1.76%, and 0.75% respectively [7] - **Treasury Bond Futures**: On October 27, 2025, the main contracts of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures all rose, with increases of 0.05%, 0.12%, 0.15%, and 0.32% respectively [7]

黄金方面：亚盘黄金维持震荡走势，但短线颓势已经显露，形态有恶化的迹象。美国在关税问题上可能 有重大让步，关税战有望在近期结束，投资者应谨防避险情绪消退对黄金的冲击。 最近，特朗普曾威胁要对中国商品加征100%的新关税，计划从11月1日生效，但他迅速改变了立场，暗 示可能会取消这些关税。美国财长贝森特也曾表态，对中美谈判持乐观态度，美国不再考虑对华加征 100%关税，种种迹象表明关税问题可能接近尾声。 智昇研究市场策略师鹏程认为，目前美国的最新通胀数据已经上升到3%，而圣诞前后是美国的消费高 峰期，美国的通胀问题可能会更加严峻，同时降息已经是确定性事件，这些将迫使美国不得不结束关税 大战，短期内市场避险情绪可能会消退，黄金短期可能受挫。 技术面：黄金日线收小阴线，前期反弹势头被打破，重心有下移的迹象。1小时周期高点下移，低点保 持水平，下降中继形态明显，短线大概率还有低点，日内可关注上方4095美元一线的压力。 原油方面：上周原油出现强势反弹，目前价格在重要阻力区域受阻，价格出现调整迹象，但油价前景依 旧不太乐观，油价若要保持反弹势头，消费端必须有明显改善。 来源：智昇财论 技术面：美元指数日线连续收小阳线，上 ...

Group 1 - The core point of the article is that domestic gasoline and diesel prices in China will be reduced due to the decline in international oil prices, effective from October 27 at 24:00 [1] - The price adjustments are as follows: gasoline will decrease by 265 yuan per ton, and diesel will decrease by 255 yuan per ton [1] - The average national price reduction for 92-octane gasoline, 95-octane gasoline, and 0-octane diesel is 0.21 yuan, 0.22 yuan, and 0.22 yuan per liter, respectively [1] Group 2 - Filling a 50-liter tank with 92-octane gasoline will result in a savings of 10.5 yuan [1]

编辑丨巫燕玲 年内成品油价走势（截至10月14日） 来源：Wind 而此次调价为年内的第九次下调，下调确认后，私家车单次加满一箱50L的油后将少花10.5元。 私家车方面，以月跑2000公里，百公里平均油耗8L的燃油汽车为例，下次调价窗口开启前，单辆车的燃油成本将下降16元左右。物流行业以月 跑10000公里，百公里油耗在38L的重型卡车为例，在下次调价窗口开启前，单辆车的燃油成本将下降390元左右。 记者丨费心懿 成品油价今晚将大幅下调。 10月27日，国家发改委发布消息，自24时起，国内汽油价格和柴油价格分别下调265元/吨、255元/吨，折升价89 #下调0 .20元、92 #下调0 .21 元、95 #下调0 .22元、0 #下调0 .22元。 2025年以来，国内成品油零售限价目前已经历二十轮调整窗口，分别为"六涨八跌六搁浅"。上轮调价后，国内汽、柴油价格每吨较去年底分别 下跌480元、460元。 金联创成品油分析师王延婷认为，本轮计价周期内，国际原油整体呈现跌后反弹趋势，但价格下跌幅度更为明显。 具体来看，计价周期初期，国际能源署警告明年将出现供应过剩，且美中的贸易紧张局势持续，另外，市场评估印度 ...

智通财经记者 | 田鹤琪 国内成品油价迎年内第九次下调。 10月27日，国家发改委发布消息称，自24时起，国内汽油价格和柴油价格分别下调265元/吨和255元/吨。折合升价，92号汽油下调0.21元，95 号汽油和0号柴油均下调0.22元。 此次调价落实后，消费者出行成本将有所下降。 按照油箱容量为50L的家用轿车为例，加满一箱92号汽油节省10.5元；物流行业中，以月跑1万公里、百公里油耗在38L的重型卡车为例，在下 次调价窗口开启前，单辆车的燃油成本将下降390元左右。 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！ 图片来源：界面图库 后期，特朗普宣布原定的美俄领导人会面计划被搁置，且美国决定对俄罗斯石油公司（Rosneft）和卢克石油公司（Lukoil）实施制裁，俄油供 应前景不确定性增加，加之美国原油与成品油库存减少，对油价形成提振，原油价格开始宽幅反弹，但整体均价依然远低于上周期价格。 截至10月27日北京时间上午7时，WTI即月原油期货收涨1.02%，报62.04美元/桶；布伦特即月原油期货收涨1.37%，报65.76美元/桶。 下一轮成品油价上调趋势概率较大。 隆众资 ...

年内成品油价走势（截至10月14日） 来源：Wind 而此次调价为年内的第九次下调，下调确认后，私家车单次加满一箱50L的油后将少花10.5元。 私家车方面，以月跑2000公里，百公里平均油耗8L的燃油汽车为例，下次调价窗口开启前，单辆车的燃油成本将下降16元左右。物流行业以月跑10000公 里，百公里油耗在38L的重型卡车为例，在下次调价窗口开启前，单辆车的燃油成本将下降390元左右。 21世纪经济报道记者费心懿 成品油价今晚将大幅下调。 10月27日，国家发改委发布消息，自24时起，国内汽油价格和柴油价格分别下调265元/吨、255元/吨，折升价89#下调0.20元、92#下调0.21元、95#下调0.22 元、0#下调0.22元。 2025年以来，国内成品油零售限价目前已经历二十轮调整窗口，分别为"六涨八跌六搁浅"。上轮调价后，国内汽、柴油价格每吨较去年底分别下跌480元、 460元。 具体来看，计价周期初期，国际能源署警告明年将出现供应过剩，且美中的贸易紧张局势持续，另外，市场评估印度停止进口俄罗斯石油的可能性，多重利 空打压，国际原油价格持续走低。据央视报道，原定的美俄领导人会面计划暂被搁置，且美国 ...

记者今天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、0.22、0.22元。 记者算了一笔账，用92号汽油加满50升油箱将少花10.5元。 来源｜央视财经 编辑｜瑜见 ...

央视财经（记者 平凡 张娅芳）记者今天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。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—10月24日）国际油价大幅波动，呈先降后升走势。 总体将维持宽幅震荡走势 调价周期内，国际油价大幅波动，呈先降后升走势，平均水平较上一轮调价周期大幅下降。前期，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认为，当前巴以、俄乌局势不稳定性较大，欧美对部分产油国制裁政策延续，这将对短期油价提供支撑并加大波动幅度。但全 球原油市场处于供应过剩格局较难改变，国际能源署最新《 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The current crude oil market is in a stage of game between short - term geopolitical bullish factors and long - term supply - demand fundamental bearish factors. Short - term low - position long ideas are recommended, and the actual impact of sanctions on Russian supply should be continuously monitored [2][35] 3. Summary by Relevant Catalogs 3.1 Market Review - Crude oil showed a volatile and strong trend. SC2512 opened at 438 for the week, reached a high of 471, a low of 431, and closed at 465, with a weekly increase of 29.9 or 6.87% [3] 3.2 Price Influence Factor Analysis 3.2.1 OPEC - OPEC+ maintains its stance of increasing production. In September, OPEC's daily crude oil production was 28.44 million barrels, a month - on - month increase of 524,000 barrels, with Saudi Arabia's daily production increasing by 248,000 barrels. OPEC+ member countries' daily crude oil production was 43.05 million barrels, a month - on - month increase of 630,000 barrels. The global daily oil supply reached 108 million barrels in September, a month - on - month increase of 760,000 barrels, with OPEC+ countries' production increasing by 1 million barrels. It is expected that the global daily oil supply will increase by 3 million barrels this year to 106.1 million barrels per day and by 2.4 million barrels next year. Non - OPEC+ countries' production is expected to increase by 1.6 million barrels and 1.2 million barrels respectively in the next two years [5] - On October 1, the 62nd JMMC meeting was held, and Iran, Kuwait, UAE, Kazakhstan, Oman, and Russia updated their compensation production cut plans from September 2025 to June 2026. From September to December 2025, the planned compensation production cuts are 232,000, 203,000, 266,000, and 303,000 barrels per day respectively. The 63rd JMMC meeting will be held on November 30. On October 5, eight voluntary production - cut OPEC+ countries will increase production by 137,000 barrels per day in November, and the next eight - country meeting will be held on November 2 [6] - In September, the output of above - scale industrial crude oil was 17.77 million tons, a year - on - year increase of 4.1%, with a daily output of 592,000 tons. From January to September, the output was 162.63 million tons, a year - on - year increase of 1.7% [6] 3.2.2 Russia - In 2024, Russia's crude oil production was 516 million tons (about 9.9 million barrels per day). In 2025, it is expected to reach 515 - 520 million tons. President Putin said on October 16 that the oil production in 2025 is expected to be 5.1 billion tons, about 1% less than last year, but the overall supply remains high [7] - In August 2025, Russia's crude oil production was 9.28 million barrels per day, a month - on - month decrease of 30,000 barrels per day, and the remaining production capacity was 120,000 barrels per day, a month - on - month increase of 30,000 barrels per day. Deputy Prime Minister Novak said that Russia has the potential to increase oil production [7] - In September, Russia's crude oil exports increased by 370,000 barrels per day to 5.1 million barrels per day. In September 2025, Russia's seaborne oil exports increased by 12.8% compared with August, with ESPO crude oil exports increasing by 22.6% to 146,000 tons per day, reaching the highest level since 2025. The seaborne volume of the main export variety, Urals crude oil, increased by 7.7% to 290,000 tons per day. In the four weeks ending October 19, Russia's seaborne crude oil exports reached a 29 - month high [8] - The US Treasury Department announced sanctions on two large Russian oil companies on October 22, and the EU approved the 19th round of sanctions against Russia, including a ban on importing Russian liquefied natural gas. After the US sanctions, India's Reliance Industries decided to stop buying Russian crude oil [8][9] 3.2.3 United States - As of the week ending October 17, the US daily crude oil production was 13.629 million barrels, a decrease of 7,000 barrels from the previous week and an increase of 129,000 barrels from the same period last year. The average daily production in the four weeks ending October 17 was 13.6 million barrels, 1.3% higher than the same period last year. This year, the average daily production was 13.454 million barrels, 1.9% higher than last year [10] - As of the week ending October 24, the number of active oil - drilling rigs in the US was 420, an increase of 2 from the previous week and a decrease of 60 from the same period last year. The number of natural gas - drilling rigs was 121, the same as the previous week and an increase of 20 from the same period last year. The total number of oil and gas drilling platforms was 550, an increase of 2 from the previous week and a decrease of 35 from the same period last year [10][12] - The EIA estimates that from 3Q25 to 2Q26, the global oil inventory will increase by more than 2 million barrels per day on average. It is predicted that the low oil price at the beginning of 2026 will lead to a decline in the supply of OPEC+ and some non - OPEC producers, and the inventory will be adjusted later in 2026. The average price of Brent crude oil next year is predicted to be $51 per barrel [12] 3.2.4 America's Production Increase - The IEA expects non - OPEC+ countries' daily crude oil production to increase by 1.6 million barrels and 1.2 million barrels in the next two years respectively, with significant increases in the US, Brazil, Canada, Guyana, and Argentina. According to the current production agreement, OPEC+ will increase production by 1.4 million barrels per day in 2025 and a further 1.2 million barrels per day next year. The IEA believes that the global daily oil supply will be about 4 million barrels higher than the demand next year [18] 3.2.5 Inventory - As of July 2025, the OECD's commercial inventory was 2.761 billion barrels, an increase of 2.4 million barrels from the previous month. Compared with the same period last year, it decreased by 66.5 million barrels, less than the average of the past five years by 128.5 million barrels and less than the average of 2015 - 2019 by 208.6 million barrels [19] - As of the week ending October 17, the total US crude oil inventory including strategic reserves was 831.388 million barrels, a decrease of 142,000 barrels from the previous week. The commercial crude oil inventory was 422.824 million barrels, a decrease of 961,000 barrels from the previous week. The gasoline inventory was 216.679 million barrels, a decrease of 2.146 million barrels from the previous week [19] 3.2.6 Consumption - OPEC estimates that the global daily oil demand will increase by 1.3 million barrels this year and 1.38 million barrels next year, and the global economic growth expectations for 2025 and 2026 are maintained at 3% and 3.1% respectively [25] - The IEA estimates that in the third quarter of 2025, the global daily oil demand increased by 750,000 barrels year - on - year. However, in the remaining time of 2025 and 2026, the global daily oil consumption will remain low, with an expected annual increase of about 700,000 barrels per day [25] - As of the four weeks ending October 17, the average daily total demand for refined oil in the US was 20.474 million barrels, 0.1% lower than the same period last year. The four - week average daily demand for gasoline was 8.587 million barrels, 3.6% lower than the same period last year [25] 3.2.7 Refined Oil Processing Fee - The average refining profit margin of Shandong local refineries in this cycle was 154 yuan/ton, a decrease of 271 yuan/ton from the previous cycle. The average refining profit margin of major refineries was 512 yuan/ton, a decrease of 35 yuan/ton from the previous cycle [27] 3.2.8 Refinery Operating Rate - As of the week ending October 9, 2025, the US refinery's crude oil processing volume was 16.476 million barrels per day, an increase of 52,000 barrels per day from the previous week, and the operating rate was 93.16% [29] - This week, the average operating load of domestic major refineries in China was 80.89%, a decrease of 0.45 percentage points from the previous week. The average operating load of Shandong local refineries' atmospheric and vacuum distillation units was 50.04%, a decrease of 0.14 percentage points from the previous week [29] 3.3 Market Outlook and Investment Strategy - The US sanctions on Russian suppliers and India's review of Russian oil purchases have led to concerns about short - term supply reduction and pushed up crude oil prices. Based on past experience, the actual impact is limited, and attention should be paid to whether Russia can restructure its trade flows. The short - term strategy is to be bullish at low positions and continue to monitor the actual impact of sanctions on Russian supply [35]