根据国家统计局数据显示：2025年6月中国原油加工量产量为6225万吨，同比增长8.5%；2025年1-6月中 国原油加工量累计产量为36161.3万吨，累计增长1.6%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：国家统计局，智研咨询整理 上市企业：恒逸石化（000703）,荣盛石化（002493）,中国石化（600028）,中国石油（601857）,上海石 化（600688）,华锦股份（000059）,泰山石油（000554）,岳阳兴长（000819）,ST实华（000637）,沈阳 化工（000698） 相关报告：智研咨询发布的《2025-2031年中国原油行业市场行情监测及发展趋向研判报告》 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The report presents a comprehensive analysis of the asphalt market, including futures prices, spreads, spot market conditions, and industry trends. It shows that while the price of crude oil is slightly stronger, the cracking spread of asphalt is getting weaker. The market is influenced by factors such as production, inventory, and demand [1][9][15] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: The closing prices of BU2509 and BU2510 on the previous day were 3,496 yuan/ton and 3,465 yuan/ton respectively, with daily increases of 0.09% and 0.32%. The night - session closing prices were 3,500 yuan/ton and 3,468 yuan/ton, with night - session increases of 0.11% and 0.09% [1] - **Trading Volume and Open Interest**: The trading volume of BU2509 was 7,439 lots, a decrease of 834 lots, and the open interest was 20,537 lots, a decrease of 3,225 lots. The trading volume of BU2510 was 123,366 lots, a decrease of 22,655 lots, and the open interest was 211,461 lots, a decrease of 6,077 lots [1] - **Warehouse Receipts**: The total warehouse receipts in the asphalt market were 72,650 lots, with no change [1] - **Spreads**: The basis (Shandong - 09) was 14 yuan/ton, a decrease of 23 yuan/ton compared to the previous day; the 09 - 10 inter - period spread was 31 yuan/ton, a decrease of 8 yuan/ton; the Shandong - South China spread remained unchanged at 20; the East China - South China spread was 230 yuan/ton, an increase of 20 yuan/ton [1] - **Spot Market**: The Shandong wholesale price was 3,510 yuan/ton, a decrease of 20 yuan/ton; the Yangtze River Delta wholesale price was 3,720 yuan/ton, with no change. The refinery operating rate was 36.92%, an increase of 1.31% compared to the previous update, and the refinery inventory rate was 27.81%, an increase of 2.02% [1] 3.2 Market Information - **Production**: In September 2025, the domestic asphalt production plan of local refineries was 1.557 million tons, a month - on - month increase of 275,000 tons (21.5%) and a year - on - year increase of 467,000 tons (42.9%) [15] - **Shipment**: From August 13 - 19, 2025, the total shipment volume of 54 domestic asphalt manufacturers was 391,000 tons, a month - on - month decrease of 2.7%. The shipment volume in the East China region decreased significantly, while that in the Northwest region continued to decline [15] - **Capacity Utilization**: From August 14 - 20, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 30.7%, a month - on - month decrease of 2.2%. From August 13 - 19, 2025, the capacity utilization rate of 69 domestic modified asphalt sample enterprises was 17.0%, a month - on - month decrease of 0.1% and a year - on - year increase of 2.6% [15][16] 3.3 Trend Intensity - The trend intensity of asphalt is 0, indicating a neutral market outlook. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [9]

Group 1: Chemical Sector Performance - The chemical index experienced a significant increase, with the chemical raw materials index rising by 2.81%, the chemical machinery index by 1.53%, the chemical pharmaceuticals index by 3.70%, and the pesticide and fertilizer index by 1.03% [1] - In contrast, the oil index saw a decline across all categories, with the oil processing index down by 1.10%, the oil extraction index down by 1.22%, and the oil trading index down by 1.02% [1] Group 2: Oil Prices - International crude oil prices showed weakness, with the WTI crude oil futures settling at $62.80 per barrel, a decrease of 1.69% from August 8, and Brent crude oil futures settling at $65.85 per barrel, down by 1.11% [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases included liquid chlorine up by 29.05%, battery-grade lithium carbonate up by 18.57%, industrial-grade lithium carbonate up by 14.53%, folic acid up by 6.38%, and niacinamide up by 5.00% [1] - Conversely, the top five petrochemical products with price declines included butanone down by 8.91%, organic silicon DMC down by 8%, organic silicon D4 down by 7.69%, raw rubber down by 7.41%, and synthetic ammonia down by 6.95% [1] Group 4: Capital Market Performance of Chemical Companies - The top five listed chemical companies with the highest stock price increases were Shuangyi Technology up by 41.17%, Kaimete Gas up by 34.73%, Honghe Technology up by 33.09%, Weike Technology up by 31.54%, and Xinhang New Materials up by 31.43% [2] - The bottom five listed chemical companies with the largest stock price declines were Zhizheng Co. down by 13.04%, Donghua Energy down by 11.49%, Renzhi Co. down by 10%, Fengshan Group down by 8.51%, and Hehua Co. down by 8.20% [2]

Group 1 - The core viewpoint of the article highlights the growth potential of the Chinese petroleum asphalt industry, with a projected production increase of 11.1% year-on-year by June 2025, reaching 315 million tons [1] - In the first half of 2025, the cumulative production of petroleum asphalt in China is expected to be 1,796.7 million tons, reflecting a growth of 7.7% [1] - The report by Zhiyan Consulting provides insights into the market operation trends and future development potential of the petroleum asphalt industry in China from 2025 to 2031 [1] Group 2 - Listed companies in the petroleum asphalt sector include Guochuang Gaoxin (002377), Baoli International (300135), Senyuan Co., Ltd. (300210), Luchang Technology (002813), Longzhou Co., Ltd. (002682), Guolian Aquatic Products (300094), Ningbo Fubang (600768), Binhua Co., Ltd. (601678), Yueyang Xingchang (000819), and Hengyi Petrochemical (000703) [1]

1. Report Industry Investment Rating - No information provided in the report 2. Core Views of the Report - The fundamentals of asphalt are bearish due to high supply pressure and weak demand recovery. The cost support is expected to weaken in the short - term, and the futures price is predicted to fluctuate within a narrow range. Specifically, the asphalt 2510 contract is expected to oscillate between 3432 - 3476 [7][9] - Bullish factors include relatively high - level crude oil costs providing some support [12] - Bearish factors are insufficient demand for high - priced goods, overall downward demand, and increasing expectations of an economic recession in Europe and the United States [13] - The main logic is that the supply pressure remains high on the supply side, and the demand recovery is weak on the demand side [14] 3. Summaries According to the Directory 3.1 Daily Views - **Supply Side**: In August 2025, the planned domestic asphalt production is 2.413 million tons, a 5.1% month - on - month decrease and a 17.1% year - on - year increase. The sample capacity utilization rate this week is 35.2349%, a 1.797 - percentage - point increase month - on - month. The sample enterprise output is 588,000 tons, a 5.38% increase month - on - month, and the device maintenance volume is estimated at 583,000 tons, a 5.35% decrease month - on - month. The refineries increased production this week, increasing supply pressure, but the supply pressure may decrease next week [7] - **Demand Side**: The heavy - traffic asphalt开工率 is 32.9%, a 0.04 - percentage - point increase month - on - month; the building asphalt开工率 is 18.2%, unchanged month - on - month; the modified asphalt开工率 is 17.1004%, a 1.23 - percentage - point increase month - on - month; the road - modified asphalt开工率 is 30.5%, a 1.50 - percentage - point increase month - on - month; the waterproofing membrane开工率 is 29.7%, a 2.20 - percentage - point increase month - on - month. Overall, the current demand is lower than the historical average [7] - **Cost Side**: The daily asphalt processing profit is - 498.38 yuan/ton, a 19.60% increase month - on - month. The weekly Shandong local refinery delayed coking profit is 904.0171 yuan/ton, a 6.90% increase month - on - month. The asphalt processing loss increases, and the profit difference between asphalt and delayed coking increases. With the weakening of crude oil, the support is expected to weaken in the short - term [8] - **Other Aspects**: On August 20, the Shandong spot price is 3530 yuan/ton, and the basis of the 10 - contract is 76 yuan/ton, with the spot at a premium to the futures. The social inventory is 1.343 million tons, a 1.75% decrease month - on - month; the in - factory inventory is 711,000 tons, a 4.71% increase month - on - month; the port diluted asphalt inventory is 190,000 tons, a 24.00% decrease month - on - month. The MA20 is downward, and the 10 - contract futures price closes below the MA20. The main positions are net short, and the short positions increase [10] 3.2 Asphalt Market Overview - The report provides the previous day's market overview data, including the values, previous values, and percentage changes of various contracts (such as 01 - 12 contracts), inventory (weekly inventory of social, factory, and port diluted asphalt), production, output, and profit - related indicators [17] 3.3 Asphalt Futures Market Analysis - **Basis Trend**: The report shows the historical trends of the Shandong and East China basis of asphalt [19][20] - **Spread Analysis**: It includes the spread trends of the main contracts (1 - 6, 6 - 12 contracts), the price trends of asphalt, Brent oil, and West Texas oil, the crude oil cracking spread, and the price - ratio trends of asphalt, crude oil, and fuel oil [22][25][28][32] 3.4 Asphalt Spot Market Analysis - The report presents the price trends of Shandong heavy - traffic asphalt [35][36] 3.5 Asphalt Fundamental Analysis - **Profit Analysis**: It shows the historical trends of asphalt profit and the profit - spread trend between coking and asphalt [37][40] - **Supply - Side Analysis**: It includes the weekly shipment volume, domestic diluted asphalt port inventory, weekly and monthly production, the price of Venezuelan Ma Rui crude oil and its monthly production, local refinery asphalt production, weekly开工率, maintenance loss volume estimation, etc. [43][45][48][52][55][58][60] - **Inventory Analysis**: It covers the exchange warehouse receipts, social inventory, in - factory inventory, in - factory inventory inventory ratio, etc. [63][67][71] - **Import - Export Analysis**: It shows the export and import trends of asphalt and the import price - spread trend of South Korean asphalt [74][77][79] - **Demand - Side Analysis**: It includes petroleum coke production, apparent consumption, downstream demand (such as highway construction traffic fixed - asset investment, new local special bonds, infrastructure investment completion amount year - on - year), downstream mechanical demand (asphalt concrete paver sales, excavator monthly operating hours, domestic excavator sales, roller sales), asphalt开工率 (heavy - traffic asphalt, classified by use), and downstream开工情况 (shoe - material SBS modified asphalt, road - modified asphalt, etc.) [80][83][86][90][95][98][101] - **Supply - Demand Balance Sheet**: It provides the monthly asphalt supply - demand balance sheet from August 2025 to September 2024, including downstream demand, port inventory, factory inventory, social inventory, export volume, import volume, and production [106][107]

Performance Disclosure - Muyuan Foods reported a revenue of 76.463 billion yuan for the first half of 2025, representing a year-on-year increase of 34.46%, with a net profit attributable to shareholders of 10.53 billion yuan, up 1169.77% year-on-year [1] - Shanghai Petrochemical reported a revenue of 39.52 billion yuan for the first half of 2025, a year-on-year decrease of 9.2%, with a net loss attributable to shareholders of 462 million yuan, transitioning from profit to loss [2] - Fuhuan Microelectronics reported a revenue of 688 million yuan for the first half of 2025, a year-on-year decrease of 14.04%, with a net profit attributable to shareholders of approximately 23.02 million yuan, down 78.1% year-on-year [3] Shareholding Changes - Botao Bio announced that its actual controller, Yu Xiuping, plans to reduce holdings by no more than 3% of the company's total shares, equating to approximately 4.48 million shares [4] - Sanbo Brain Science announced that shareholder TBP 3Doctors (HK) Limited plans to reduce holdings by no more than approximately 609,000 shares, accounting for 3% of the total share capital after excluding shares in the repurchase account [5] - Xiangshan Co. announced that two shareholders, Zhao Yukun and Chen Bo, reduced their holdings by a total of 5.45% of the company's shares, equating to 7.1996 million shares, with the reduction plan completed [6] Risk Matters - ST Zhongdi announced that 23.77% of the shares held by its controlling shareholder, totaling 71.1448 million shares, will be publicly auctioned from September 24 to 25, 2025, due to debt disputes, which may lead to a change in company control if the auction is successful [7] - Kailong Co. announced that its subsidiaries were fined a total of 1.762 million yuan for reaching a fixed price monopoly agreement, which is expected to reduce the company's net profit by approximately 1.3962 million yuan [8] - Tiansheng New Materials reported that Baoding Weishai New Materials Technology Co., Ltd. filed an appeal involving an amount of 802 million yuan, seeking to overturn a previous court ruling [9]

（文章来源：证券日报） 证券日报网讯 8月20日晚间，恒力石化发布公告称，公司于2025年8月19日在全国银行间市场发行了科 技创新债券。 ...

Group 1 - The company Shanghai Petrochemical announced a revenue of 39.523 billion yuan for the first half of 2025, representing a year-on-year decline of 9.21% [1] - The company reported a net loss of 462 million yuan for the same period [1]

Group 1: Chemical Sector Performance - The chemical index experienced an overall increase, with the chemical raw materials index rising by 2.81%, the chemical machinery index by 1.53%, the chemical pharmaceuticals index by 3.70%, and the pesticide and fertilizer index by 1.03% [1] - In contrast, the oil index saw a decline across all categories, with the oil processing index down by 1.10%, the oil extraction index down by 1.22%, and the oil trading index down by 1.02% [1] Group 2: Oil Price Trends - International crude oil prices showed weak fluctuations, with the WTI crude oil futures settling at $62.80 per barrel, a decrease of 1.69% from August 8, and Brent crude oil futures settling at $65.85 per barrel, down by 1.11% [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases included liquid chlorine up by 29.05%, battery-grade lithium carbonate up by 18.57%, industrial-grade lithium carbonate up by 14.53%, folic acid up by 6.38%, and niacinamide up by 5.00% [1] - Conversely, the top five petrochemical products with price declines included butanone down by 8.91%, organic silicon DMC down by 8%, organic silicon D4 down by 7.69%, raw rubber down by 7.41%, and synthetic ammonia down by 6.95% [1] Group 4: Capital Market Performance of Chemical Companies - The top five listed chemical companies with the highest stock price increases were Shuangyi Technology up by 41.17%, Kaimete Gas up by 34.73%, Honghe Technology up by 33.09%, Weike Technology up by 31.54%, and Xinhang New Materials up by 31.43% [2] - The bottom five listed chemical companies with the largest stock price declines were Zhizheng Co. down by 13.04%, Donghua Energy down by 11.49%, Renzhi Co. down by 10%, Fengshan Group down by 8.51%, and Hehua Co. down by 8.20% [2]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The supply pressure is high as refineries have increased production recently, and the overall demand recovery is less than expected and remains sluggish. The inventory is flat, and the cost support from crude oil has weakened in the short - term. It is expected that the futures price will fluctuate narrowly in the short - term, with the asphalt 2510 contract oscillating in the range of 3430 - 3476 [7][9]. - The bullish factor is that the relatively high crude oil cost provides some support, while the bearish factors include insufficient demand for high - priced goods and a downward trend in overall demand along with an increasing expectation of an economic recession in Europe and the United States [12][13]. - The main logic is that the supply pressure remains at a high level, and the demand recovery is weak [14]. 3. Summary by Relevant Catalogs 3.1 Daily Views - **Supply Side**: In August 2025, the total planned domestic asphalt production is 2413,000 tons, a 5.1% decrease from the previous month and a 17.1% increase year - on - year. The capacity utilization rate of domestic petroleum asphalt samples this week is 35.2349%, a 1.797 - percentage - point increase from the previous week. The sample enterprises' output is 588,000 tons, a 5.38% increase from the previous week, and the estimated device maintenance volume is 583,000 tons, a 5.35% decrease from the previous week. Refineries have increased production this week, increasing supply pressure, but it may decrease next week [7]. - **Demand Side**: The heavy - traffic asphalt开工率 is 32.9%, a 0.04 - percentage - point increase from the previous week, lower than the historical average. The construction asphalt开工率 is 18.2%, unchanged from the previous week, lower than the historical average. The modified asphalt开工率 is 17.1004%, a 1.23 - percentage - point increase from the previous week, higher than the historical average. The road - modified asphalt开工率 is 30.5%, a 1.50 - percentage - point increase from the previous week, higher than the historical average. The waterproofing membrane开工率 is 29.7%, a 2.20 - percentage - point increase from the previous week, lower than the historical average. Overall, the current demand is lower than the historical average [7]. - **Cost Side**: The daily asphalt processing profit is - 498.38 yuan/ton, a 19.60% increase from the previous day. The weekly Shandong local refinery delayed coking profit is 904.0171 yuan/ton, a 6.90% increase from the previous week. The asphalt processing loss has increased, and the profit difference between asphalt and delayed coking has widened. With the weakening of crude oil, the support is expected to weaken in the short - term [8]. - **Other Aspects**: On August 19, the Shandong spot price was 3550 yuan/ton, and the basis of the 10 - contract was 97 yuan/ton, with the spot price higher than the futures price. The social inventory is 1,343,000 tons, a 1.75% decrease from the previous week. The in - plant inventory is 711,000 tons, a 4.71% increase from the previous week. The port diluted asphalt inventory is 190,000 tons, a 24.00% decrease from the previous week. The MA20 is downward, and the price of the 10 - contract closed below the MA20. The net position of the main players is short, and the short positions have decreased [10]. 3.2 Asphalt Market Overview - The report provides the current values, previous values, changes, and change rates of various indicators such as different contracts' prices, weekly inventories, weekly output, and weekly开工率 of asphalt [17]. 3.3 Asphalt Futures Market - Basis Trend - The report presents the historical trends of the Shandong and East China asphalt basis from 2020 to 2025 [20]. 3.4 Asphalt Futures Market - Spread Analysis - **Main - Contract Spread**: It shows the historical trends of the 1 - 6 and 6 - 12 contract spreads of asphalt from 2020 to 2025 [24]. - **Asphalt - Crude Oil Price Trend**: It displays the historical price trends of asphalt, Brent crude oil, and WTI crude oil from 2020 to 2025 [27]. - **Crude Oil Crack Spread**: It presents the historical trends of the asphalt - SC, asphalt - WTI, and asphalt - Brent crude oil crack spreads from 2020 to 2025 [30][31]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: It shows the historical trends of the asphalt - SC and asphalt - fuel oil price ratios from 2020 to 2025 [35]. 3.5 Asphalt Spot Market - Market Price Trends in Different Regions - It shows the historical price trend of Shandong heavy - traffic asphalt from 2020 to 2025 [37]. 3.6 Asphalt Fundamental Analysis - **Profit Analysis** - **Asphalt Profit**: It presents the historical trend of asphalt profit from 2019 to 2025 [39]. - **Coking - Asphalt Profit Spread**: It shows the historical trend of the coking - asphalt profit spread from 2020 to 2025 [43]. - **Supply Side** - **Shipment Volume**: It shows the historical trend of the weekly shipment volume of small - sample asphalt enterprises from 2020 to 2025 [45]. - **Diluted Asphalt Port Inventory**: It presents the historical trend of the domestic diluted asphalt port inventory from 2021 to 2025 [47]. - **Output**: It shows the historical trends of the weekly and monthly asphalt output from 2019 to 2025 [50]. - **Maya Crude Oil Price and Venezuelan Crude Oil Monthly Output**: It presents the historical trends of the Maya crude oil price and Venezuelan crude oil monthly output from 2018 to 2025 [55]. - **Local Refinery Asphalt Output**: It shows the historical trend of local refinery asphalt output from 2019 to 2025 [57]. - **Capacity Utilization Rate**: It presents the historical trend of the asphalt capacity utilization rate from 2021 to 2025 [60]. - **Estimated Maintenance Loss Volume**: It shows the historical trend of the estimated maintenance loss volume from 2018 to 2025 [62]. - **Inventory** - **Exchange Warehouse Receipts**: It presents the historical trends of the total, social, and in - plant exchange warehouse receipts from 2019 to 2025 [67]. - **Social and In - Plant Inventories**: It shows the historical trends of the social inventory (70 samples) and in - plant inventory (54 samples) from 2022 to 2025 [69]. - **In - Plant Inventory - to - Stock Ratio**: It presents the historical trend of the in - plant inventory - to - stock ratio from 2018 to 2025 [73]. - **Import and Export Situation** - **Export and Import Trends**: It shows the historical trends of asphalt export and import from 2019 to 2025 [76]. - **Korean Asphalt Import Spread**: It presents the historical trend of the Korean asphalt import spread from 2020 to 2025 [79]. - **Demand Side** - **Petroleum Coke Output**: It shows the historical trend of petroleum coke output from 2019 to 2025 [82]. - **Apparent Consumption**: It presents the historical trend of asphalt apparent consumption from 2019 to 2025 [85]. - **Downstream Demand** - **Infrastructure - Related**: It shows the historical trends of highway construction fixed - asset investment, new local special bonds, and infrastructure investment completion year - on - year from 2019 to 2025 [88][89]. - **Mechanical Equipment - Related**: It presents the historical trends of asphalt concrete paver sales, excavator monthly working hours, domestic excavator sales, and road roller sales from 2019 to 2025 [92][94]. - **Asphalt Capacity Utilization Rate** - **Heavy - Traffic Asphalt**: It shows the historical trend of heavy - traffic asphalt capacity utilization rate from 2019 to 2025 [97]. - **By - Use Classification**: It presents the historical trends of modified asphalt, construction asphalt, and other types of asphalt capacity utilization rates from 2019 to 2025 [101]. - **Downstream Capacity Utilization**: It shows the historical trends of shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane - modified asphalt capacity utilization rates from 2019 to 2025 [103][105]. - **Supply - Demand Balance Sheet**: It provides the monthly asphalt supply - demand balance sheet from January 2024 to August 2025, including downstream demand, diluted asphalt port inventory, factory inventory, social inventory, export volume, import volume, and output [108].