证券日报网讯 8月19日晚间，恒力石化发布公告称，公司于2024年8月16日在全国银行间市场成功发行 了2024年度第二期短期融资券（科创票据）。本期短期融资券发行总额10亿元人民币，票面利率 2.15%，期限为365日，兑付日期为2025年8月20日。截至本公告日，公司已完成2024年度第二期短期融 资券（科创票据）兑付工作，本息兑付总额为102，150万元人民币。 （编辑 任世碧） ...

Core Viewpoint - The domestic futures market for energy and chemicals shows mixed performance, with asphalt futures experiencing a slight decline, reflecting broader market sentiments influenced by geopolitical developments and weather conditions [1]. Market Performance - As of the report, the main asphalt futures contract decreased by 0.75%, settling at 3448.00 yuan/ton [1]. - The asphalt spot prices in various regions, including Northeast, North China, Shandong, South China, and Sichuan-Chongqing, have shown a downward trend, while other areas remain stable [1]. Geopolitical Influences - Recent meetings between the U.S. and Russia were productive but did not result in new agreements, with President Trump refraining from imposing further sanctions on Russia [1]. - The U.S.-Ukraine discussions are ongoing, with potential territorial exchanges being considered [1]. - Hamas has confirmed a ceasefire agreement in the Gaza Strip, which may also impact market sentiments [1]. Supply and Demand Dynamics - The typhoon "Yangliu" has caused intermittent rainfall, affecting demand in certain provinces, leading to a weak market outlook [1]. - Despite a temporary decline in overall domestic asphalt supply and a slight increase in demand in northern regions, downstream purchasing remains low, lacking significant positive support [1]. - Competition among brands persists, particularly in southern regions where weather conditions have hindered demand [1]. Future Market Outlook - Analysts suggest that the positive developments in U.S.-Russia talks and the significant downward pressure on crude oil prices will likely weaken asphalt costs, indicating a continued weak and volatile market for asphalt [1].

Group 1 - The company, Baoli International, stated that its current main business includes two directions: "asphalt + general aviation" [1] - The company does not engage in the field of high-performance composite materials such as PEEK [1]

Core Viewpoint - The company reported a significant decline in revenue and incurred a net loss in the first half of 2025 compared to the previous year [2] Financial Performance - The company's operating revenue for the first half of 2025 was approximately 1.529 billion yuan, representing a year-on-year decrease of 19.17% [2] - The net profit attributable to shareholders was a loss of approximately 29.48 million yuan [2] - The basic earnings per share showed a loss of 0.081 yuan [2]

岳阳兴长公告，2025年上半年营业收入15.29亿元，同比下降19.17%。归属于上市公司股东的净亏损 2948.33万元，上年同期净利润5304.88万元。 ...

8月18日，上期所发布通知，燃料油、石油沥青和纸浆期权自2025年9月10日（周三）起上市交易，当日 8:55-9:00集合竞价，9:00开盘。燃料油、石油沥青和纸浆期权每周一至周五，9:00-10:15、10:30-11:30和 13:30-15:00。连续交易时间，燃料油、石油沥青和纸浆期权每周一至周五21:00-23:00（与标的期货一 致）。法定节假日（不包含周六和周日）前第一个工作日的连续交易时间段不进行交易。挂牌合约月 份：燃料油期权首日挂牌FU2601、FU2602对应的期权合约；石油沥青期权首日挂牌BU2512、BU2601 对应的期权合约；纸浆期权首日挂牌SP2512、SP2601对应的期权合约。 ...

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core Views High-Sulfur Fuel Oil - **Core View**: Neutral with a slight positive bias. Recent drivers are on the supply side. OPEC+ is expected to increase production by about 550,000 barrels per day. Chevron has regained the license to produce oil in Venezuela, and Venezuelan crude oil shipments to Asia have decreased. As the deadline for the US-Russia agreement approaches and Russian refineries are attacked, the high-sulfur price is relatively supported. Attention should be paid to recent high-sulfur spot procurement and digestion, as well as tariff sanctions and crude oil quotas [4]. - **Spread**: Neutral with a slight negative bias. Affected by tariff sanctions, as the US-Russia negotiation deadline approaches and Russian oil exports are blocked, the supply risk premium rises. The high-sulfur spread fluctuates at a high level of around -$3 per ton, weaker than last week [4]. - **Price Difference**: Neutral with a slight negative bias. The decline in international crude oil prices drags down the fuel oil price [4]. - **Supply**: Negative. The global total shipment is expected to be loose. Western arbitrage cargoes are arriving in Singapore successively, and the arrivals in Singapore are high, with still large inventory pressure [4]. - **Demand**: Neutral with a slight negative bias. The power generation demand is gradually weakening [4]. - **Inventory**: Neutral. Singapore's fuel oil has started to destock but remains at a high level [4]. Low-Sulfur Fuel Oil - **Core View**: Neutral with a slight negative bias. OPEC+ continues to increase production, and the crude oil price weakens. In the short term, the low-sulfur fuel oil price is expected to fluctuate. The arrivals of low-sulfur fuel oil in Singapore in August are at a high level, and Kuwait's low-sulfur shipments are stable, with no obvious increase in low-sulfur supply. The low-sulfur market in China has sufficient supply, and the demand is dominated by rigid demand. The domestic marine fuel market is in a stalemate. In July, CNOOC's low-sulfur quota was exhausted, and the production scheduling expectations of Sinopec and PetroChina are weak. Attention should be paid to the recent adjustment or issuance of low-sulfur quotas [5]. - **Spread**: Neutral with a slight negative bias. Affected by tariff sanctions, as the US-Russia negotiation deadline approaches and Russian oil exports are blocked, the supply risk premium rises. The low-sulfur spread fluctuates slightly in the range of $8 - $9 per ton, slightly down from last week [5]. - **Price Difference**: Negative. The spot price difference of low-sulfur fuel oil is weak, and in the short term, it is under pressure. The price difference between high and low-sulfur fuel oils narrows [5]. - **Supply**: Neutral. The departures from Brazil in July and August are low. The early return of Dangote RFCC leads to a reduced expectation of low-sulfur supply. Continued attention should be paid to the arrivals [5]. - **Demand**: Neutral with a slight positive bias. The summer power generation demand for low-sulfur fuel oil is weakening, and the marine fuel demand is stable and improving, but due to sufficient supply, the bunkering profit is average [5]. - **Inventory**: Neutral. Singapore's fuel oil inventory remains at a high level [5]. 3. Summary by Relevant Catalogs Core Logic - **Russia**: In July, the offline refining capacity was adjusted upwards. From July to August, it reached the annual maintenance low, providing strong support for high-sulfur exports in the next three months. The offline primary refining capacity in August is expected to drop to 3.74 million tons (a month-on-month decrease of 260,000 tons). As of August 14, 2025, Russia's weekly high-sulfur exports are about 650,000 tons. The EU passed the 18th round of sanctions against Russia in July 2025, including a reduction in the Russian oil export price from $60 to $47.6 per barrel and a ban on new transactions of the Nord Stream 1 and 2 gas pipelines. The US imposed an additional 25% tariff on India, raising the tax rate to 50%. According to EA analysis, India may reduce its Russian crude oil imports to less than 1 million barrels per day [9]. - **Latin America**: As of August 10, 2025, the high-sulfur fuel oil exports from Latin America are about 270,000 tons, a month-on-month decrease. In July 2025, the crude oil processing volume of Mexican refineries increased slightly. On July 25, Chevron regained the license, and the crude oil flowing from Venezuela to Asia is expected to decrease. On August 7, 2025, a new coking unit of the Tula refinery started operation, with a residue processing capacity of 100,000 barrels per day. After the commissioning, the crude oil processing volume of Tula increased from the previous 150,000 tons per day to 170,000 barrels per day [11]. - **Middle East**: In July 2025, the high-sulfur fuel oil exports from the Middle East were 4.36 million tons, at a historical low for the same period. Saudi Arabia's high-sulfur fuel oil exports increased significantly to 210,000 tons in July (+34.5%), mainly shipped to Singapore, Malaysia, and South Asia. As of August 10, 2025, the floating storage of fuel oil in the Middle East increased slightly to 1.17 million tons (+140,000 tons). The power generation demand in July was not high. The tension in the Israel-Iran conflict has subsided, and there are no new variables in the high-sulfur fuel oil exports from the Middle East. The large-scale maintenance of Middle East refineries has ended, and the maintenance capacity of refineries in July was between 12.6 million and 18.9 million tons [14]. - **Singapore**: As of August 10, 2025, the floating storage of high-sulfur fuel oil in the Pan-Singapore region is about 1.18 million tons (a month-on-month increase of 60,000 tons), at a high level. This week, the arrivals of fuel oil in Singapore are 675,000 tons (a month-on-month increase of 100,000 tons), mainly from Russia and the Middle East. The departures are 100,000 tons (a month-on-month increase of 60,000 tons), mainly flowing to China and Southeast Asia [19][22]. - **China**: Shandong Province is piloting an increase in the tax refund amount for some independent refineries' fuel oil, and the expected increase in the fuel oil consumption tax deduction ratio is 25%, leading to a decline in the feedstock cost of fuel oil. Under the tax reform pilot, China's high-sulfur fuel oil imports rebounded from the low in May. The imports in June were about 1.05 million tons, and in July about 700,000 tons. As of August 10, 2025, the imports of high-sulfur fuel oil in China are about 390,000 tons (a month-on-month decrease of 140,000 tons) [37]. Inventory - As of August 15, 2025, the inventory in Singapore is 3.88 million tons (a month-on-month decrease of 260,000 tons), in the US 3.1 million tons (a month-on-month decrease of 10,000 tons), in Fujairah 1.16 million tons (a month-on-month decrease of 360,000 tons), in ARA 1.03 million tons (stable), and in Zhoushan 1.18 million tons (a decrease of 60,000 tons). As of August 14, 2025, the total fuel oil warehouse receipts are 80,710 tons (Yangshan Petroleum -5,000 tons, Sinochem Xingzhong -7,000 tons), and the total low-sulfur fuel oil warehouse receipts are 16,080 tons (Yangshan Petroleum -4,970 tons) [92][94][97].

Group 1 - The core business of the company includes "asphalt + general aviation" and does not involve high-performance composite materials such as PEEK [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term asphalt market is expected to maintain a volatile and weak pattern, and prices may continue to be under pressure, considering factors such as loose supply - demand, weak costs, and bearish technical indicators [63] Group 3: Summary by Relevant Catalogs 1. Market Review - The main contract of asphalt futures, BU2510, fluctuated downward with a range decline of 0.86% and a range amplitude of 1.80% [6] - Information on Shandong heavy - traffic asphalt basis, Shandong - South China heavy - traffic asphalt spread, and Shandong - Northeast heavy - traffic asphalt spread is presented, but specific numerical summaries are not given in the provided text [9][12][16] 2. Asphalt Fundamentals - **Production Profits**: Shandong refineries' theoretical asphalt production profit was - 346.19 yuan/ton (after deductions for diluted asphalt processing), up 187.28 yuan/ton month - on - month; Hebei refineries' was - 306.66 yuan/ton, up 213.66 yuan/ton month - on - month; Jiangsu's major refineries had a profit of 489.31 yuan/ton [22] - **Price Spreads**: On August 15, the spread between the closing price of the BU main contract and the SC*6.6 main contract was 251.42 yuan/ton, down 6.1 yuan/ton from August 8. On August 14, the spread between the closing price of the BU main contract and the WTI closing price was 158.67 yuan/ton, down 8.79 yuan/ton from August 7 [24][26] - **开工率 and Output**: China's heavy - traffic asphalt operating rate was 32.9%, up 1.2% month - on - month and 6.4% year - on - year. Weekly output was 58.8 tons, up 5.38% month - on - month and 27.00% year - on - year. Shandong's asphalt operating rate was 36.5%, up 2% month - on - month and 4.3% year - on - year, and its weekly output was 23.1 tons, up 7.22% month - on - month and 8.18% year - on - year [29][32][40] - **Output by Ownership**: Weekly output of local refineries was 33.80 tons, up 7.30% month - on - month; CNPC's was 12.00 tons, up 11.11% month - on - month; Sinopec's was 10.30 tons, down 4.63% month - on - month; CNOOC's remained flat [35] - **Demand**: The operating rate of waterproofing membranes was 29.7%, up 2.2% month - on - month and down 0.22% year - on - year; the operating rate of road - modified asphalt was 30.5%, up 1.5% month - on - month and 7.77% year - on - year [44] - **Inventory**: The weekly social inventory of 104 sample asphalt enterprises was 185.3 tons, down 1.28% month - on - month. The weekly in - factory inventory of 54 sample enterprises was 75.3 tons, up 4.29% month - on - month. In Shandong, the in - factory inventory of 54 sample enterprises was 28.2 tons, up 4.83% month - on - month and down 40.88% year - on - year, and the social inventory of 70 sample enterprises was 40.1 tons, down 0.50% month - on - month and 35.01% year - on - year [47][49] - **Weather Forecast**: There were forecasts of moderate - to - heavy rain in various parts of China in the next three days [53] 3. Market Outlook - **Supply**: With refineries maintaining stable production, supply is expected to increase next week, and supply pressure may continue to accumulate [62] - **Demand**: The market remains weak with obvious seasonal off - peak characteristics. Although there is a slight improvement in local operations, overall demand recovery is insufficient. Road construction projects will be hindered by heavy rain or high temperatures in the next week, suppressing short - term demand [62] - **Inventory**: The current supply - demand pattern is loose. Factory inventories have significantly increased while social inventories have slightly decreased, indicating low terminal pick - up enthusiasm and poor resource transfer to downstream, with supply pressure shifting to manufacturers [62] - **Cost**: Crude oil prices continued to fall, weakening the bottom support for asphalt prices [62] - **Technical Analysis**: The price of the main asphalt futures contract BU2510 lacks trend - driving momentum, with a bearish arrangement on the technical chart and obvious suppression from the upper moving averages, continuing the downward trend [62]

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry [1] Core Insights - International oil prices have continued to decline as the market awaits the outcome of the Trump-Putin meeting, with a notable increase in bearish sentiment due to EIA and IEA reports indicating record U.S. oil production and oversupply concerns [2][8] - As of August 15, 2025, Brent and WTI crude oil prices were reported at $65.85 and $62.80 per barrel, respectively, reflecting a decrease of 1.11% and 1.69% from the previous week [2][29] - The oil and gas extraction sector has seen a significant increase of 165.75% since 2022, while the refining and trading sector has increased by 27.75% during the same period [12] Summary by Sections Oil Price Review - Brent crude futures settled at $65.85 per barrel, down $0.74 (-1.11%), while WTI crude futures settled at $62.80 per barrel, down $1.08 (-1.69%) as of August 15, 2025 [2][29] Offshore Drilling Services - As of July 28, 2025, the number of global offshore self-elevating drilling platforms was 379, a decrease of 3 from the previous week, while the number of floating drilling platforms remained stable at 133 [35] U.S. Oil Supply - U.S. crude oil production reached 13.327 million barrels per day as of August 8, 2025, an increase of 43,000 barrels per day from the previous week [56] - The number of active drilling rigs in the U.S. was 412 as of August 15, 2025, with an increase of 1 rig from the previous week [56] U.S. Oil Demand - U.S. refinery crude oil processing averaged 17.18 million barrels per day as of August 8, 2025, an increase of 56,000 barrels per day from the previous week, with a refinery utilization rate of 96.40% [67] U.S. Oil Inventory - As of August 8, 2025, total U.S. crude oil inventories stood at 830 million barrels, an increase of 3.262 million barrels (+0.39%) from the previous week [78] Refined Oil Prices - In North America, the average weekly prices for diesel, gasoline, and jet fuel were $94.88, $87.43, and $85.68 per barrel, respectively, as of August 15, 2025 [100]