Group 1 - The core viewpoint of the article highlights the record high crude oil processing volume in Yunnan Province during the first half of the year, reaching 6.07 million tons, representing a year-on-year growth of 6.7% [1] - The production of refined oil in Yunnan Province amounted to 4.59 million tons, with a year-on-year increase of 7.24%, contributing to a total output value of 34.097 billion yuan [1] - PetroChina Yunnan Petrochemical achieved an average monthly crude oil processing volume exceeding 1.01 million tons, marking a new high since its establishment [1] Group 2 - In the first half of the year, PetroChina Yunnan Sales Company sold 2.96 million tons of refined oil, reflecting a year-on-year growth of 1.02% [1] - The added value of the petroleum processing industry grew by 6%, contributing 0.8 percentage points to the overall increase in the added value of the energy industry in the province [1]

Group 1 - The stock price of International Industry (000159) closed at 5.79 yuan on August 15, 2025, down 3.02% from 5.97 yuan the previous week [1] - The highest intraday price reached 6.02 yuan on August 12, 2025, while the lowest intraday price was 5.72 yuan on August 15, 2025 [1] - The current total market capitalization of International Industry is 2.783 billion yuan, ranking 62nd out of 64 in the photovoltaic equipment sector and 4645th out of 5152 in the A-share market [1] Group 2 - As of August 8, 2025, the number of shareholders for International Industry was 44,200, an increase of 164 from July 31, 2025, representing a growth rate of 0.37% [1] - The average number of shares held per shareholder decreased to 10,900 shares from the previous period, with the average market value of shares held per shareholder being 64,900 yuan [1]

Group 1 - The core viewpoint of the report indicates a decline in China's gasoline production, with a projected output of 12.52 million tons in June 2025, representing a year-on-year decrease of 6.9% [1] - In the first half of 2025, China's cumulative gasoline production reached 76.12 million tons, showing a cumulative decline of 6.8% [1] Group 2 - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which has been deeply engaged in industry research for over a decade [2] - Zhiyan Consulting provides comprehensive industry research reports, business plans, feasibility studies, and customized services, focusing on delivering complete industry solutions to empower investment decisions [2]

Group 1 - The core viewpoint of the report indicates that China's kerosene production is projected to reach 5.09 million tons by June 2025, reflecting a year-on-year growth of 11.3% [1] - In the first half of 2025, China's cumulative kerosene production is reported to be 28.139 million tons, showing a slight decline of 0.5% compared to the previous year [1] Group 2 - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which has been dedicated to industry research for over a decade [2] - Zhiyan Consulting provides comprehensive industry research reports, business plans, feasibility studies, and customized services to empower investment decisions [2]

Report Industry Investment Rating - The industry investment rating is "Continue to bear pressure" [1] Core View of the Report - Last week's view: Asphalt demand is mainly driven by rigid needs. Affected by rainy weather and capital constraints, it is difficult to have unexpected performance. Although the refinery inventory is at a low level, the continuous lack of destocking in social inventory may continue to restrict the upside space. It is expected that the overall trend of asphalt will be volatile, weakly following the cost side [7]. - This week's market analysis: This week, asphalt fluctuated weakly, showing a weaker pattern than crude oil on the cost side [7]. - This week's industry data: This week, refinery supply increased while demand decreased, and refinery inventory increased slightly, which is bearish but with limited marginal change. However, the social inventory, which has been difficult to destock, continued to rise. Considering that it is currently the traditional peak consumption season for asphalt, the slow destocking of social inventory is a significant bearish factor [7]. - This week's view: Asphalt demand remains mainly rigid. Next week, the impact of rainfall is expected to decrease, but capital constraints will make it difficult for overall demand to have unexpected performance. Although the refinery inventory is at a low level, the continuous lack of destocking in social inventory may continue to suppress market sentiment. It is expected that the overall trend of asphalt will be volatile, weakly following the cost side [7]. Summary by Directory 1. Weekly View - Last week's main view was that asphalt demand was mainly rigid, affected by weather and capital, with limited upside due to social inventory. This week, asphalt trended weakly compared to crude oil. Industry data showed increased supply, decreased demand, and rising social inventory. Next week, with less rainfall but capital constraints, asphalt is expected to remain volatile and follow the cost side weakly [7] 2. Data Overview 2.1 Asphalt Futures Trends, Monthly Spreads, and Basis - The section presents charts of asphalt futures trends, including the relationship between the main contract price, monthly spreads (e.g., BU9 - BU12), and basis in East China and Shandong. Data sources are Wind and Steel Union Data [9][10][11] 2.2 Asphalt Supply - Charts show asphalt plant operating rates, weekly production, refinery asphalt profits, and the profit difference between asphalt and fuel oil multiplied by the asphalt operating rate. Data is from Steel Union Data [12][13][14] 2.3 Asphalt Demand - The section includes charts of asphalt shipment volume, apparent consumption, paver sales, and their 12 - month moving averages. Data is sourced from Steel Union Data [15][16][17] 2.4 Asphalt Imports and Exports - Charts display asphalt import and export volumes, import windows in East China and South China, and the price differences between imported and domestic mainstream prices. Data is from Steel Union Data [18][19][20] 2.5 Asphalt Inventory - Charts present refinery inventory, social inventory, futures inventory, and monthly futures delivery volume. Data is from Steel Union Data [21][22][23] 2.6 Shandong Asphalt Supply, Demand, and Inventory - The section shows the operating rate, shipment volume, refinery inventory, and social inventory of asphalt in Shandong. Data is from Steel Union Data [24][25][26] 2.7 East China Asphalt Supply, Demand, and Inventory - Charts display the operating rate, shipment volume, refinery inventory, and social inventory of asphalt in East China. Data is from Steel Union Data [27][28][29] 2.8 South China Asphalt Supply, Demand, and Inventory - The section presents the operating rate, shipment volume, refinery inventory, and social inventory of asphalt in South China. Data is from Steel Union Data [30][31][32] 2.9 Refinery Maintenance Schedule - A table lists refineries under maintenance, including the production enterprise, maintenance device, production capacity, maintenance start time, and end - time (mostly undetermined). The total annual production capacity of refineries under maintenance is 1886 tons, and the maintenance loss is 583,400 tons. Data is from Steel Union Data [33]

2025 年 8 月 15 日 沥青：华东出货局部好转 王涵西 投资咨询从业资格号：Z0019174 wanghanxi@gtht.com 【基本面跟踪】 表 1：沥青基本面数据 | | 项目 | 单位 | 昨日收盘价 | 日涨跌 | 昨夜夜盘收盘价 | 夜盘涨跌 | | --- | --- | --- | --- | --- | --- | --- | | | BU2509 | 元/吨 | 3,510 | -0.68% | 3,510 | 0.00% | | | BU2510 | 元/吨 | 3,472 | -0.88% | 3,466 | -0.17% | | 期货 | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | BU2509 | 手 | 13,139 | 705 | 37,544 | (3,639) | | | BU2510 | 手 | 153,819 | 30,630 | 224,823 | (176) | | | | | 昨日仓单 | 仓单变化 | | | | | 沥青全市场 | 手 | 73550 | 0 | | | | | | | 昨日价差 | 前日价差 | 价差变动 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalogs Futures Contract Data - The BU main contract price decreased from 3623 on 7/16 to 3472 on 8/14, a daily change of -31 and an interval change of -57 [4]. - The trading volume increased from 151,019 on 7/16 to 222,526 on 8/14, with a daily increase of 45,805 and an interval increase of 3,002 [4]. - The open interest decreased from 468,408 on 7/16 to 438,140 on 8/14, a daily decrease of 6,340 and an interval decrease of 17,227 [4]. Spot Market Prices - The low - end price in the Shandong market remained at 3,520 on 8/12 - 8/14, with no daily change and an interval decrease of 10 compared to 7/16 [4]. - The low - end price in the East China market decreased from 3,670 on 7/16 to 3,600 on 8/14, a daily decrease of 50 and an interval decrease of 50 [4]. - The low - end price in the North China market was 3,680 on 8/13 - 8/14, with no daily change and an interval increase of 20 compared to 7/16 [4]. Basis and Spread - The Shandong basis increased from - 63 on 7/16 to 48 on 8/14, a daily increase of 31 and an interval increase of 47 [4]. - The 06 - 09 spread increased from - 235 on 7/16 to - 185 on 8/14, a daily increase of 11 and an interval increase of 0 [4]. Crack Spread and Profit - The asphalt Brent crack spread increased from - 38 on 7/16 to 82 on 8/14, a daily increase of 30 and an interval increase of 36 [4]. - The asphalt Ma Rui profit increased from - 102 on 7/16 to 7 on 8/14, a daily increase of 27 and an interval increase of 33 [4]. - The comprehensive profit of ordinary refineries increased from 446 on 7/16 to 533 on 8/14 [4]. Related Prices - Brent crude oil price decreased from 68.7 on 7/16 to 65.6 on 8/14, a daily decrease of 0.5 and an interval decrease of 0.8 [4]. - The Shandong market price of gasoline decreased from 7,810 on 7/16 to 7,715 on 8/14, a daily decrease of 17 and an interval decrease of 12 [4]. - The Shandong market price of diesel decreased from 6,692 on 7/16 to 6,557 on 8/14, a daily decrease of 5 and an interval decrease of 6 [4].

Core Insights - The Qingdao Municipal Market Supervision Administration recently announced the results of the second batch of industrial product quality supervision and random inspections for 2025, indicating that all tested vehicle diesel products passed the quality standards [2] Group 1: Inspection Results - Two batches of vehicle diesel products were sampled, and both were found to be compliant with the quality standards [2] - The inspected products were from China Petroleum & Chemical Corporation (Sinopec) Qingdao Refining & Chemical Company and China Petroleum & Chemical Corporation (Sinopec) Qingdao Petrochemical Company, both of which met the National VI standards [2][2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The supply side shows that the planned production of domestic asphalt in August 2025 is 2.413 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 17.1%. The capacity utilization rate decreased this week, and the refinery cut production to reduce supply pressure, but supply pressure may increase next week. The demand side indicates that the current overall demand is lower than the historical average. The cost support is expected to weaken in the short term. It is predicted that the asphalt 2510 contract will fluctuate in the range of 3480 - 3526 in the short term [7][8][9]. - The bullish factor is that the relatively high price of crude oil provides some support, while the bearish factors include insufficient demand for high - priced goods, overall downward demand, and strengthened expectations of an economic recession in Europe and the United States [11][12]. 3. Summary According to the Table of Contents 3.1 Daily Views - **Supply - side**: In August 2025, the total planned production of domestic asphalt is 2.413 million tons, with a month - on - month decrease of 5.1% and a year - on - year increase of 17.1%. This week, the capacity utilization rate of domestic petroleum asphalt samples is 33.4372%, a month - on - month decrease of 1.32 percentage points. The sample enterprise output is 558,000 tons, a month - on - month decrease of 3.79%, and the refinery cut production to reduce supply pressure, but supply pressure may increase next week [7]. - **Demand - side**: The heavy - traffic asphalt开工率 is 31.7%, a month - on - month decrease of 0.04 percentage points; the construction asphalt开工率 is 18.2%, unchanged from the previous month; the modified asphalt开工率 is 15.8681%, a month - on - month decrease of 0.33 percentage points; the road - modified asphalt开工率 is 29%, a month - on - month increase of 2.00 percentage points; the waterproofing membrane开工率 is 27.5%, a month - on - month decrease of 1.50 percentage points. Overall, the current demand is lower than the historical average [7]. - **Cost - side**: The daily asphalt processing profit is - 449.48 yuan/ton, a month - on - month decrease of 6.00%. The weekly delayed coking profit of Shandong local refineries is 845.6671 yuan/ton, a month - on - month increase of 11.25%. The asphalt processing loss is reduced, 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]. - **Basis**: On August 13, the Shandong spot price is 3640 yuan/ton, and the basis of the 10 - contract is 137 yuan/ton, with the spot at a premium to the futures [8]. - **Inventory**: The social inventory is 1.367 million tons, a month - on - month increase of 1.79%; the in - plant inventory is 679,000 tons, a month - on - month decrease of 2.99%; the port diluted asphalt inventory is 250,000 tons, a month - on - month increase of 27.27%. The social inventory continues to accumulate, the in - plant inventory continues to deplete, and the port inventory continues to accumulate [8]. - **Expected**: The refinery's recent production cut reduces supply pressure. The demand recovery is stimulated by the peak season, but the overall demand falls short of expectations and remains sluggish. The inventory is flat. With the weakening of crude oil, the cost support weakens in the short term. It is expected that the futures price will fluctuate narrowly in the short term, and the asphalt 2510 contract will fluctuate in the range of 3480 - 3526 [9]. - **Futures Disk**: The MA20 is downward, and the price of the 10 - contract closes below the MA20 [9]. - **Main Position**: The main position is net short, and the short position increases [9]. 3.2 Asphalt Market Overview - The report presents the price, change, and other information of different asphalt contracts (such as 01 - 12 contracts), including price, previous value, increase/decrease, and percentage change. It also shows data on inventory, production, output, and profit, etc [16]. 3.3 Asphalt Futures Market - Basis Trend - The report provides the historical trends of the Shandong and East China basis of asphalt from 2020 to 2025 [18][19]. 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 [21][22]. - **Asphalt - Crude Oil Price Trend**: It presents the price trends of asphalt, Brent crude oil, and West Texas crude oil from 2020 to 2025 [24][25]. - **Crude Oil Crack Spread**: It shows the crack spreads of asphalt against SC, WTI, and Brent crude oil from 2020 to 2025 [27][28][29]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: It provides the price ratio trends of asphalt, crude oil, and fuel oil from 2020 to 2025 [31][33]. 3.5 Asphalt Spot Market - Market Price Trends in Different Regions - It shows the historical price trends of Shandong heavy - traffic asphalt from 2020 to 2025 [34][35]. 3.6 Asphalt Fundamental Analysis - **Profit Analysis** - **Asphalt Profit**: It shows the historical profit trends of asphalt from 2019 to 2025 [36][37]. - **Coking - Asphalt Profit Spread Trend**: It presents the historical trends of the profit spread between coking and asphalt from 2020 to 2025 [39][40][41]. - **Supply - side Analysis** - **Shipment Volume**: It shows the weekly shipment volume trends of small - sample asphalt enterprises from 2020 to 2025 [42][43]. - **Diluted Asphalt Port Inventory**: It presents the historical trends of domestic diluted asphalt port inventory from 2021 to 2025 [44][45]. - **Production Volume**: It shows the weekly and monthly production volume trends of asphalt from 2019 to 2025 [47][49]. - **Marey Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend**: It presents the price trends of Marey crude oil and the monthly production trends of Venezuelan crude oil from 2018 to 2025 [50][52]. - **Local Refinery Asphalt Production**: It shows the historical production trends of local refinery asphalt from 2019 to 2025 [53][54]. - **Capacity Utilization Rate**: It presents the weekly capacity utilization rate trends of asphalt from 2021 to 2025 [56][57]. - **Maintenance Loss Estimation**: It shows the historical trends of maintenance loss estimation from 2018 to 2025 [58][59]. - **Inventory Analysis** - **Exchange Warehouse Receipts**: It shows the historical trends of exchange warehouse receipts (total, social inventory, and in - plant inventory) from 2019 to 2025 [61][62][64]. - **Social Inventory and In - plant Inventory**: It presents the historical trends of social inventory (70 samples) and in - plant inventory (54 samples) from 2022 to 2025 [65][66]. - **In - plant Inventory - to - Stock Ratio**: It shows the historical trends of the in - plant inventory - to - stock ratio from 2018 to 2025 [69][70]. - **Import and Export Situation** - **Export and Import Trends**: It presents the historical export and import trends of asphalt from 2019 to 2025 [72][73]. - **Korean Asphalt Import Spread Trend**: It shows the historical trends of the import spread of Korean asphalt from 2020 to 2025 [76][77]. - **Demand - side Analysis** - **Petroleum Coke Production**: It shows the historical production trends of petroleum coke from 2019 to 2025 [78][79]. - **Apparent Consumption**: It presents the historical trends of asphalt apparent consumption from 2019 to 2025 [81][82]. - **Downstream Demand** - **Highway Construction and Fixed - Asset Investment**: It shows the historical trends of highway construction fixed - asset investment from 2020 to 2025 [84][85]. - **New Local Special Bonds and Infrastructure Investment Completion**: It presents the historical trends of new local special bonds and infrastructure investment completion from 2019 to 2025 [86]. - **Downstream Machinery Demand**: It shows the historical sales trends of asphalt concrete pavers, the monthly working hours of excavators, the sales trends of domestic excavators, and the sales trends of road rollers from 2019 to 2025 [88][89][91]. - **Asphalt Capacity Utilization Rate** - **Heavy - traffic Asphalt Capacity Utilization Rate**: It presents the historical trends of heavy - traffic asphalt capacity utilization rate from 2019 to 2025 [93][94]. - **Asphalt Capacity Utilization Rate by Purpose**: It shows the historical trends of construction asphalt, modified asphalt capacity utilization rate from 2019 to 2025 [96][97]. - **Downstream Capacity Utilization Situation**: It presents the historical trends of shoe - material SBS - modified asphalt, road - modified asphalt, waterproofing membrane - modified asphalt capacity utilization rate from 2019 to 2025 [98][99][101]. - **Supply - Demand Balance Sheet**: It shows the monthly supply - demand balance sheet of asphalt from January 2024 to August 2025, including downstream demand, port inventory, in - plant inventory, social inventory, export volume, import volume, and production volume [103][104].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Asian near - term high - sulfur supply and inventory remain at a high level. Ukrainian bombings of Russian refineries have entered a continuous stage, affecting some refinery capacities and favoring high - sulfur to some extent. Mexican high - sulfur exports are continuously declining, and the supply pressure of high - sulfur in the third quarter is slightly less than expected. On the demand side, the decline in high - sulfur cracking and the increase in China's fuel oil consumption tax deduction are beneficial to the growth of high - sulfur feedstock demand, while the seasonal power generation demand for high - sulfur is gradually decreasing. [7] - Low - sulfur fuel oil spot premiums continue to decline. The increase in spot window sellers and near - term supply growth have hit low - sulfur spot prices. Low - sulfur supply continues to recover, and there is no specific driver for downstream demand. Attention should be paid to the near - term low - sulfur export logistics changes and the adjustment and issuance rhythm of low - sulfur quotas in the Chinese market. [7] Group 3: Summary by Relevant Catalogs First Part: Relevant Data - On August 13, 2025, the FU main contract was 2730, down 40 from the previous day; the LU main contract was 3463, down 39 from the previous day. The FU main contract position was 145,000 lots, down 4,000 lots from the previous day; the LU main contract position was 51,000 lots, unchanged from the previous day. The FU warehouse receipt was 92,710 tons, unchanged from the previous day; the LU warehouse receipt was 21,050 tons, unchanged from the previous day. [3] - The FU9 - 1 spread was - 42, down 12 from the previous day; the LU10 - 11 spread was 12, up 5 from the previous day. The LU - FU main contract spread was 733, up 1 from the previous day. The FU09 - foreign market 08 spread was - 15.8, up 0.2 from the previous day; the LU10 - foreign market 09 spread was 7.6, up 4.8 from the previous day. [3] Second Part: Market Research and Judgment - **Market Overview**: A piece of important news is that on Wednesday, the Russian authorities said that the debris of a destroyed drone caused a small fire at the Slaviansk refinery in the Krasnodar region of Russia, and the fire was quickly extinguished. [6] - **Market Judgment**: As mentioned in the core views, the supply and demand situation of high - sulfur and low - sulfur fuel oil is analyzed, and the changes in spreads in the Singapore paper market are also mentioned, such as the high - sulfur Sep/Oct month - spread dropping from 4.8 to 3.3 US dollars/ton, and the low - sulfur Sep/Oct month - spread dropping from 3.5 to 2.0 US dollars/ton. [7] Third Part: Relevant Attachments - There are six graphs including Singapore high - sulfur spot premium, Singapore low - sulfur spot premium, Singapore high - and low - sulfur spread, Singapore LSFO - GO, high - sulfur fuel oil cracking, and low - sulfur fuel oil cracking, with data sources from Galaxy Futures and Reuters. [9]