s 疯皮期货 沥青早报 研究中心能化团队 2025/6/30 | | 指标 | 5/29 | 6/19 | 6/25 | 6/26 | 6/27 | 日度变化 | 間度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3514 | 3738 | 3574 | 3563 | 3561 | -2 | -177 | | | BU06 | 3507 | 3448 | 3280 | 3274 | 3274 | 0 | -174 | | | BU09 | 3483 | 3738 | 3574 | 3563 | 3561 | -2 | -177 | | | BU12 | 3308 | 3577 | 3405 | 3396 | 3383 | -13 | -194 | | 播 1 | BU03 | 3266 | 3479 | 3321 | 3321 | 3326 | 5 | -153 | | | 成交量 | 510411 | 412737 | 381167 | 319183 | 228837 | -90346 | -183900 ...

交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年6月30日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 成本端来看，日度加工沥青利润为-441.76元/吨，环比增加13.60%，周度山东地炼延迟焦化利 润为1035.1614元/吨，环比增加29.22%，沥青加工亏损增加，沥青与延迟焦化利润差增加；原 油走弱，预计短期内支撑走弱。 炼厂近期排产有所增产，提升供应压力。旺季刺激需求恢复整体需求不及预期且低迷；库存持 6、预期: 续去库；原油走弱，成本支撑短期内有所走弱；预计盘面短期内窄幅震荡，沥青2509:在3526- 3596区间震荡。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，根据隆众，2025年6月份国内沥青总计划排产量为239.8万吨，环比增幅3.5%,同 比增幅12.7%。本周国内石 ...

| G | M | E | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 种 | 新 | 单 | ...

保证所依据的信息和建议不会发生任何变化。我们已力求报告内容的客观、公正，但文中的观点、结论和建议仅供 参考，不构成任何投资建议。投资者依据本报告提供的信息进行期货投资所造成的一切后果，本公司概不负责。本 报告版权仅为本公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需 注明出处为宏源期货，且不得对本报告进行有悖原意的引用、删节和修改。 风险提示：期市有风险，投资需谨慎！ 王江楠（F03108382，Z0021543），联系电话：010-82295006 | | PX&PTA&PR | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/6/30 | 品种 | 更新日期 | 单位 | 现值 | 前值 | 涨跌(幅) | | | 期货结算价(连续):WTI原油 | 2025/6/27 | 美元/桶 | 65.52 | 65.24 | 0.43% | | 上 | 期货结算价(连续):布伦特原油 | 2025/6/27 | 美元/桶 | 67.77 | 67.73 | 0.06% | | 游 | 现货价(中间价) ...

来自中欧各界的400余名代表，于26日齐聚德国南部经济重镇斯图加特市，共同参加第二届中欧企业环境、社会和 公司治理（ESG）最佳案例大会，并见证了本届大会各个类别奖项的揭晓。与会人士一致认为，大会不仅树立了 一批企业ESG建设的标杆，更重要的是搭建了一个中欧企业交流的平台，有力促进和推动了中欧双向经贸往来。 本届大会是由中国驻法兰克福总领馆主办，并由德国国际合作机构、德国巴登符腾堡州工商会、德国巴登符腾堡 中德经济协会、斯图加特会展中心、毕马威德国、德中经济联合会等德方机构，以及新华网、中欧企业联盟、中 国对外承包工程商会等多个中方机构共同联合举办。本届大会的主题是"凝心聚力向未来——为了更创新，更健 康，更智慧，可持续的未来"。 中国驻法兰克福总领事黄昳扬在大会上致辞。（潘婷摄） 中国驻法兰克福总领事黄昳扬在大会上致辞说，ESG不仅是技术术语，更是攸关未来的解决方案。面对动荡的世 界，中欧作为多边主义、开放合作和绿色转型的坚定捍卫者，应当挺身而出、共担责任，为全球ESG事业提供领 导力和信心。他强调，我们现在居住在一个万物互联的世界中，所谓的"脱钩"是完全错误的。举办此次大会的目 的，就是希望在中国和欧洲之 ...

Core Viewpoint - The "9+5" industry is the main support for the high-quality economic development of Zhangzhou, with a focus on new industrialization and the cultivation of strategic emerging industries [1][28]. Economic Overview - Zhangzhou's GDP is projected to exceed 600 billion yuan, reaching 606.37 billion yuan in 2024, with a year-on-year growth of 6.1% [3]. - The primary industry added value is 61.50 billion yuan (3.7% growth), the secondary industry is 272.82 billion yuan (7.2% growth), and the tertiary industry is 272.05 billion yuan (5.4% growth) [3]. - Per capita GDP is 119,612 yuan, reflecting a 6.0% increase [3]. Industrial Structure - Zhangzhou is focusing on the "9+5" industry clusters, which include nine trillion-yuan industries such as food processing and petrochemicals, and five industries exceeding 500 billion yuan, including electronic information and digital services [11][13]. - The industrial added value of the nine major industries is expected to grow by 7.5% in 2024, with a growth of 8.8% in the first quarter of 2025 [28][17]. Investment and Infrastructure - In 2024, Zhangzhou added 1,987 fixed asset investment projects with a total investment of 224.54 billion yuan, marking an 8.5% year-on-year growth [7]. - Investment in the primary industry grew by 53.7%, while the secondary industry saw a 21.7% increase, with industrial investment specifically rising by 21.8% [7]. Foreign Trade - Zhangzhou's total import and export volume reached 127.68 billion yuan in 2024, a 4.9% increase from the previous year, with exports at 88.46 billion yuan (3.2% growth) and imports at 39.22 billion yuan (8.9% growth) [9]. - The actual use of foreign capital increased by 100.4% in 2024 [9]. Key Enterprises - As of the end of 2024, Zhangzhou has six A-share listed companies, including Pianzaihuang, Longxi Co., Zhangzhou Development, Aonong Bio, Wancheng Group, and Tailong Co. [23]. - The city has 949 enterprises with an output value exceeding 100 million yuan, with a 12.9% increase in added value [25]. Policy Support - Zhangzhou has implemented the "Thousand Billion Industry Cultivation Action Plan" to support the development of the "9+5" industry clusters, aiming for a scale industrial output value to exceed one trillion yuan by 2025 [13][28]. - The government is focusing on enhancing service levels and optimizing the business environment to support project construction and enterprise development [28].

据统计，2025年5月广东省规模以上工业企业汽油产量与上年同期相比增长了0.8%，达144.0万吨，增速 与上一年同期持平，增速较同期全国高10.3个百分点，约占同期全国规模以上企业汽油产量1242.7万吨 的比重为11.6%。 详见下图： 摘要：【图】2025年1-5月广东省汽油产量数据分析 2025年5月汽油产量统计： 汽油产量：144.0 万吨 同比增长：0.8% 增速较上一年同期变化：与上年同期持平 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 产业调研网为您提供更多 2025年1-5月汽油产量统计： 增速较上一年同期变化：低11.6个百分点 据统计，2025年1－5月，广东省规模以上工业企业汽油产量与上年同期相比增长了2.4%，达742.8万 吨，增速较上一年同期低11.6个百分点，增速放缓，增速较同期全国高9.1个百分点，约占同期全国规模 以上企业汽油产量6360.7万吨的比重为11.7%。详见下图： 图2：广东省汽油产量分月（累计值）统计图 图1：广东省汽油产量分月（当月值）统计图 汽油产量：742.8 万吨 同比增长：2.4% 石油化 ...

Core Viewpoint - The announcement details a guarantee provided by a wholly-owned subsidiary of Haiyue Energy Group Co., Ltd. to the parent company, involving a guarantee amount of 125 million yuan and related interest, with no overdue guarantees reported [1][5]. Group 1: Guarantee Overview - The guarantee amount is set at 125 million yuan, which includes the principal and corresponding interest [1]. - There are no overdue guarantees reported by the company [1]. - The guarantee involves a pledge of 50% equity in Zhuji Yuedu Petroleum Co., Ltd. by the company, along with joint liability from Zhuji Haiyue [1][3]. Group 2: Company Background - Haiyue Energy Group Co., Ltd. is registered in Zhuji City, Zhejiang Province, with a registered capital of 468 million yuan and was established on July 26, 1993 [2]. - The company operates in various sectors, including gas operations, refined oil wholesale, hazardous chemicals management, and port operations [2]. - Recent financial data shows total assets of approximately 3.72 billion yuan, total liabilities of about 946.61 million yuan, and a net asset value of around 2.58 billion yuan as of March 31, 2025 [2]. Group 3: Guarantee Agreement Details - The guarantee agreement includes provisions for equity pledge and joint guarantee, covering the principal debt, interest, penalties, and all reasonable expenses incurred by the creditor [3][4]. - The guarantee period extends for two years following the maturity of the principal debt [4]. - The guarantee is deemed necessary and reasonable for the company's operational needs, as it secures the payment of 125 million yuan to the creditor [4]. Group 4: Cumulative Guarantee Information - As of the announcement date, the total amount of external guarantees provided by the company and its subsidiaries, excluding this guarantee, is 10 million yuan, which represents 0.39% of the latest audited net assets [5].

Core Viewpoint - The article discusses various sectors in the market, highlighting trends and potential investment opportunities, particularly in the context of recent geopolitical developments and market dynamics. Financial Market Overview - A-shares have shown strong growth, with the North China 50 index rising by 6.84% weekly, leading major broad-based indices. Market sentiment is positive, with trading volume steadily increasing, indicating a shift towards bullish signals for most indices, except for the North China 50 which remains cautious [3]. Oil and Gas Sector - Geopolitical risks have eased, with reports of a ceasefire agreement between Israel and Iran, which may lead to a restart of consolidation among overseas oil and gas giants. As of June 27, Brent and WTI crude oil prices were reported at $66.34 and $65.07 per barrel, reflecting declines of 12.5% and 12.1% respectively from the previous week [4]. Agriculture Sector - In the pig farming sector, the industry capacity cycle has reached a bottom, but high inventory levels continue to impact market dynamics. Recent policy initiatives are accelerating the process of reducing inventory, which is expected to realign supply and demand. A long-term perspective suggests that after inventory reduction, the sector may enter a prolonged period of profitability [6]. Coal Mining Sector - There are signs of a turning point in coking coal inventories, with a reported decrease in both raw and refined coal stocks for the first time since May. As of the week of June 23-29, the inventory of raw coal was 683.5 million tons, down by 17.9 million tons, and refined coal was 463.1 million tons, down by 36.1 million tons. Additionally, the average price of thermal coal at Qinhuangdao port increased by 7 yuan to 616 yuan per ton, indicating the start of a seasonal price rise [7].

Group 1 - The core viewpoint of the article highlights the easing of geopolitical risks in the Middle East, leading to a decline in oil prices, with Brent and WTI crude oil prices dropping by 12.5% and 12.1% respectively, settling at $66.34 and $65.07 per barrel as of June 27, 2025 [3] Group 2 - The ceasefire between Israel and Iran does not address the ongoing nuclear negotiations, with Iran continuing to assess its nuclear program and asserting it will not abandon its nuclear ambitions, which poses significant geopolitical risks [4] - OPEC+ is expected to continue its large-scale production increase plan, with a proposed increase of 411,000 barrels per day, which is three times the original plan, although actual increases may be lower due to some members exceeding their quotas [5] Group 3 - Shell is reportedly in preliminary acquisition talks with BP, which could lead to the largest energy sector merger since the Exxon-Mobil deal in 1999, as BP is seen as a potential acquisition target due to its underperformance and strategic shift back to oil and gas [6]