研究员：吴晓蓉 期货从业证号：F03108405 投资咨询证号：Z0021537 目录 | 第一章 | 综合分析与交易策略 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析 | 4 | | 第三章 | 周度数据追踪 | 10 | GALAXY FUTURES 沥青周报 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 1 227/82/4 228/210/172 181/181/181 87/87/87 68/84/105 210/10/16 221/221/221 208/218/234 综合分析与交易策略 【综合分析】 地缘动荡持续，原油成本宽幅震荡，国际大贸易商开始运输销售委内瑞拉原油给欧洲需求炼厂但暂无出现与中印的具体交 易，一月中旬彭博消息称原料贴水报价在-8美金/桶左右，据悉当前3月及5月原料报价仍在进一步上行。周四路透消息，美 国政府允许中国购买委内瑞拉石油但前提是必须以"公平的市场价格"购买，沥青盘面表现为跟随原油高位震荡。国内现 货市场价格维持稳定，受到低库存地图供应支撑，需求预期随着降温及临近春节继续转弱。 【策略】 单边： ...

燃料油日报 | 2026-01-27 伊朗局势升温，盘面大幅上涨 市场分析 上期所燃料油期货主力合约日盘收涨6.81%，报2791元/吨；INE低硫燃料油期货主力合约日盘收涨3.49%，报3156 元/吨。 近期中东局势显著升温，美国上周五加大了对伊朗的施压，对运输伊朗石油的船只实施更多制裁，并宣布一支舰 队正驶向这个中东国家。伊朗不同于委内瑞拉，由于其地缘位置的重要性，可能波及周边重要产油国以及霍尔木 兹海峡，因此油市对伊朗局势的敏感性远大于委内瑞拉。市场担忧美国、以色列对伊朗采取军事打击，从而造成 大规模石油断供，原油地缘溢价攀升，并带动下游能化商品上涨。 高硫燃料油是伊朗出口的主要油品，对伊朗的风险敞口在板块中尤为显著。此外，近期亚太高硫燃料油基本面与 市场结构边际走强，炼厂与船燃端需求表现相对坚挺，FU期货仓单也有部分注销。因此，基于现实基本面与地缘 风险敞口的缘故，如果地缘风险持续演绎，FU价格弹性将相对突出。 低硫燃料油方面，当前市场矛盾有限，主要跟随原油端被动上涨。站在供需层面，近期随着Dangote与阿祖尔炼厂 装置动态变动，尼日利亚与科威特供应出现较大回升，市场局部压力或有所增加。往前看，剩 ...

1、\t1月26日地区价格：山东市场，4440-4440；东北市场，3940-4100；华北市场，4250-4430；华东市场，4170-4340； 沿江市场，4680-4980；西北市场，4300-4360；华南市场，4740-4820。（数据来源：卓创资讯） 液化石油气日报 | 2026-01-27 地缘风险攀升，盘面强势反弹 市场分析 2、\t2026年2月下半月中国华东冷冻货到岸价格丙烷639美元/吨，涨19美元/吨，丁烷629美元/吨，涨19美元/吨，折 合人民币价格丙烷4913元/吨，涨140元/吨，丁烷4836元/吨，涨140元/吨。（数据来源：卓创资讯） 3、\t2026年2月下半月中国华南冷冻货到岸价格丙烷631美元/吨，涨19美元/吨，丁烷621美元/吨，涨19美元/吨，折 合人民币价格丙烷4852元/吨，涨141元/吨，丁烷4775元/吨，涨141元/吨。（数据来源：卓创资讯） 近期中东局势显著升温，美国上周五加大了对伊朗的施压，对运输伊朗石油的船只实施更多制裁，并宣布一支舰 队正驶向这个中东国家。伊朗不同于委内瑞拉，由于其地缘位置的重要性，可能波及周边重要产油国以及霍尔木 兹海峡，因此 ...

石油沥青日报 | 2026-01-27 2、卓创资讯重交沥青现货结算价：东北，3406—3550元/吨；山东，3080—3240元/吨；华南，3200—3300元/吨； 华东，3160—3230元/吨。 近期中东局势显著升温，美国上周五加大了对伊朗的施压，对运输伊朗石油的船只实施更多制裁，并宣布一支舰 队正驶向这个中东国家。伊朗不同于委内瑞拉，由于其地缘位置的重要性，可能波及周边重要产油国以及霍尔木 兹海峡，因此油市对伊朗局势的敏感性远大于委内瑞拉。市场担忧美国、以色列对伊朗采取军事打击，从而造成 大规模石油断供，原油地缘溢价攀升，并带动下游能化商品上涨。 昨日山东、华东、华南沥青现货价格均出现上涨，市场当前主要驱动来自于成本端，盘面在定价委油供应收紧预 期后一度进入震荡阶段。近日地缘局势升温，稀释沥青贴水远月报价显著上涨，国内产业端远期备货积极性提升， 带动盘面再度走强。目前来看，在美国意图加强控制委内瑞拉资源的背景下，委内瑞拉原油对国内炼厂供应收紧 的预期已在逐步兑现，沥青成本端支撑较为坚挺，但终端需求的疲软与替代原料的可得性则将制约市场的上方空 间。 策略 原油情绪溢价上涨，成本端支撑稳固 市场分析 1 ...

Group 1 - The core point of the article highlights a significant decline in crude oil processing volume in Beijing during the first eight months of 2025, with a total of 351.5 thousand tons, representing a 33.9% decrease compared to the same period in 2024 [1] - The growth rate of crude oil processing in Beijing is 36.2 percentage points lower than that of the same period in 2024 and 37.1 percentage points lower than the national average [1] - Beijing's crude oil processing volume accounts for approximately 0.7% of the total national processing volume of 48,807.2 thousand tons during the same period [1] Group 2 - In August 2025, the crude oil processing volume in Beijing reached 54.0 thousand tons, which is a 13.1% decrease compared to August 2024 [2] - The growth rate for August 2025 is 11.6 percentage points lower than that of August 2024 and 20.7 percentage points lower than the national average [2] - Beijing's processing volume in August represents about 0.9% of the national total of 6,346.5 thousand tons for that month [2]

Group 1 - The China Securities Regulatory Commission (CSRC) announced the addition of 14 specific futures and options products for domestic trading, marking a significant expansion in the market [3] - The introduction of nickel futures and options, as well as other products like No. 20 rubber and low-sulfur fuel oil, is underway, indicating a proactive approach to market development [3] - The recent opening of the polyester sector, particularly with PTA futures, has been smooth since its introduction to foreign traders in 2018, showcasing the market's stability and functionality [3] Group 2 - The current expansion represents the highest number of products opened in a single instance, reflecting a mature institutional framework and an accelerated pace of opening [3] - This expansion is expected to attract global capital to participate in the Chinese futures market, enhancing the international influence of "Chinese prices" and moving towards becoming a global commodity pricing hub [3] - Related products include E Fund CSI Petrochemical Industry ETF Link A (020104.OF) and E Fund CSI Petrochemical Industry ETF Link C (020105.OF) [3]

2026年刚开年，国内高星酒店大宗交易市场就迎来一桩重磅交易——开业仅一年多的深圳宝安京基华邑酒店以6.5亿元易主。 接盘方仅是一位低调的自然人刘丹。 短短60天内，这位神秘女商人从京基集团手中接连接手两个"烫手山芋"：一是现金流枯竭、濒临退市的*ST阳光，二是已亏损一年多的深圳宝安京基华邑 酒店。 其实能源资本买酒店，早已不是头一回。 从陕西、内蒙古的"煤老板"横扫北京上海的奢华酒店，到现在做石油生意的"油老板"南下大湾区买高星酒店。 这帮能源大佬们，已成为当下国内酒店大宗交易市场里相当活跃的一股力量。 据仲量联行预测，2025年中国内地酒店投资交易总额约16亿美元，2026年有望小幅增长至17亿美元，市场正在慢慢回暖。 随着地产行业持续降温，酒店大宗交易的玩家也悄悄换了一批：随着地产商逐渐退出，能源和实业资本正走上前台。 01 为何盯上一家亏损酒店？ 说来也怪，这酒店账面不咋样：2025年前三季度营收3200万，净亏2000万，现金流才153万。 图源：携程 据悉，该酒店开业至今共获得20个奖项，如第21届"金橄榄"奖、星耀奖、年度艺术设计酒店、2025CHA中国酒店等多个奖项。 虽然现在亏着，但爬坡期还 ...

Investment Rating - The report maintains an "Accumulate" rating for the petrochemical industry [1] Core Insights - The report emphasizes the initiation of a "second entrepreneurship" journey for China Petroleum & Chemical Corporation (Sinopec), focusing on high-quality development as the central task during the 14th Five-Year Plan period [4] - The strategic framework proposed includes "One Foundation, Two Wings, Three Chains, and Four New" to enhance the industry structure and competitiveness [4] - Sinopec aims to strengthen its core capabilities in oil, gas, and coal resources while promoting the development of new energy and materials [4][5] Summary by Sections Industry Overview - Sinopec's 2026 work meeting highlighted the achievements of 2025 and outlined the goals for the 15th Five-Year Plan, focusing on high-quality development and strategic initiatives [3] Strategic Initiatives - Six strategic initiatives will be implemented during the 15th Five-Year Plan: 1. Innovation-driven strategy to enhance technological independence and market responsiveness [5] 2. Transformation and upgrading strategy focusing on high-end, intelligent, and green development [5] 3. Resource assurance strategy to strengthen the oil and gas supply chain [5] 4. Market expansion strategy centered on customer needs [5] 5. Cost leadership strategy to improve cost competitiveness [5] 6. Open cooperation strategy to enhance international operations [5] Key Focus Areas for 2026 - The report identifies six key battles for 2026, including safety and environmental protection, energy security, market marketing, quality and efficiency improvement, innovation in finance and technology, and governance reform [6] Financial Performance - In 2024, Sinopec reported total revenue of 3,138.8 billion yuan, a decrease of 3.3% year-on-year, and a net profit of 57.8 billion yuan, down 13.0% year-on-year [7] Competitive Advantages - Sinopec's integrated business model across the entire industry chain is highlighted as a competitive advantage, with significant investments in upstream, midstream, and downstream operations [8] Investment Recommendations - The report suggests focusing on several key companies within the industry, including Sinopec, Sinopec Engineering, and others, due to their strong market positions and growth potential [9]

石化ETF紧密跟踪中证石化产业指数，数据显示，截至2025年12月31日，中证石化产业指数前十大权重股分别为万华化学、中国石油、中国石化、盐湖股 份、中国海油、藏格矿业、巨化股份、恒力石化、华鲁恒升、宝丰能源，前十大权重股合计占比56.73%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600309 | 万华化学 | 2.32% | 10.61% | | 601857 | 中国石油 | 2.50% | 8.68% | | 600028 | 中国石化 | 1.10% | 6.62% | | 000792 | 盐湖股份 | -1.31% | 6.58% | | 600938 | 甲国海海 | 0.39% | 5.31% | | 000408 | 藏格矿业 | -2.17% | 4.87% | | 600160 | 巨化股份 | 2.53% | 3.82% | | 600346 | 恒力石化 | 1.57% | 3.50% | | 600426 | 华鲁恒升 | 0.55% | 3.44% | | 600989 | 宝幸能源 | 2.11% | 3 ...

陈鑫超 投资咨询从业资格号：Z0020238 chenxinchao@gtht.com 赵书岑（联系人） 期货从业资格号：F03147780 zhaoshucen@gtht.com 2026 年 1 月 27 日 LPG：短期地缘扰动偏强 丙烯：需求支撑坚挺，现货强势走高 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 研 究 所 请务必阅读正文之后的免责条款部分 2 期货研究 【基本面跟踪】 LPG、丙烯基本面数据 | | | | 昨日收盘价 | 日涨幅 | 夜盘收盘价 夜盘涨幅 | | | | | | 昨日成交 较前日变动 昨日持仓 较前日变动 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | PG | 2602 | 4,364 | 2.92% | 4,336 | -0.64% | | 2602 | 1,831 | -467 | 2,469 | -736 | | | | 2603 | 4,340 | 3.98% | 4,298 | -0.97% | PG | 260 ...