行 业 及 产 业 石油石化 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 刘子栋 A0230523110002 liuzd@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 陈悦 A0230524100003 chenyue@swsresearch.com 联系人 陈悦 (8621)23297818× chenyue@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 29 日 中美贸易存在好转预期，涤纶长丝 有望迎来修复 看好 ——石油化工行业周报(2025/6/23—2025/6/29) 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 - ⚫ 中美贸易存在好转预期，涤纶长丝有望迎来修复。2025 年在中美关税问题影响下，纺织 服装出口至美国比重已经出现一定下滑，若未来中美贸易限制逐步取消，预期纺织服装 出口有望修复，进而带动涤纶长丝需求提升。美国服装批发商库存自 2022 年四季度以 来持续下行，2024 年二季度以来基本平稳运行 ...

Core Insights - In the first four months of 2025, the liquefied petroleum gas (LPG) production in Jilin Province reached 37,000 tons, representing an 11.2% decrease compared to the same period in 2024, while the growth rate was 11.2 percentage points higher than in 2024, but 10.2 percentage points lower than the national average [1] Group 1: Monthly Production Analysis - In April 2025, Jilin Province's LPG production was 12,000 tons, marking a 42.1% increase year-on-year, with the growth rate 85.3 percentage points higher than in 2024, and 42.1 percentage points higher than the national average [2] - The LPG production in Jilin Province accounted for 0.3% of the national LPG production of 4,084,000 tons in April 2025 [2] Group 2: Statistical Context - The data pertains to large-scale industrial enterprises, defined as those with annual main business revenues of 20 million yuan or more [6]

Core Viewpoint - The article discusses the escalating trade tensions between the United States and China, highlighting China's firm opposition to U.S. tariffs and the broader implications for global trade dynamics [1][3]. Group 1: U.S. Tariff Strategy - Trump's "reciprocal tariffs" are characterized as a gamble, with a sudden increase of 10% tariffs on all trade partners and a 34% tariff on Chinese goods, aiming to reshape global trade rules through unilateral actions [4]. - The U.S. strategy involves a "divide and conquer" approach, attempting to isolate trade partners and force them into unequal agreements, as evidenced by the announcement of potential agreements with select countries while sidelining others [4][6]. - The European Union faces a dilemma, with leaders warning against accepting unequal agreements while preparing for potential high tariffs [4]. Group 2: China’s Response and Strategy - China has established a counter-strategy, including significant price reductions in semiconductor manufacturing and strengthening regional trade agreements, such as the China-ASEAN Free Trade Area [9]. - The Chinese government emphasizes its control over strategic resources, particularly rare earth elements, which are crucial for U.S. military applications, indicating a strategic leverage point in the trade conflict [7][11]. - China's response mechanisms have evolved, with quicker reaction times and a more sophisticated array of countermeasures, including tariffs and legal actions through the WTO [11]. Group 3: Global Trade Dynamics - The article highlights the shifting trade landscape, with ASEAN's trade with China surpassing that with the U.S., indicating a realignment of global trade relationships [9]. - The establishment of a cross-border payment system in RMB and various currency swap agreements signifies China's efforts to enhance its financial influence globally [9]. - The ongoing negotiations and strategic maneuvers reflect a broader struggle for dominance in global trade, with both nations seeking to secure their interests amid rising tensions [3][9].

增速较上一年同期变化：高203.9个百分点 据统计，2025年4月海南省规模以上工业企业燃料油产量与上年同期相比增长了129.9%，达4.5万吨，增 速较上一年同期高203.9个百分点，增速较同期全国高126.8个百分点，约占同期全国规模以上企业燃料 油产量356.3万吨的比重为1.3%。 详见下图： 摘要：【图】2025年1-4月海南省燃料油产量数据分析 2025年4月燃料油产量统计： 燃料油产量：4.5 万吨 同比增长：129.9% 2025年1-4月燃料油产量统计： 燃料油产量：23.5 万吨 同比增长：22.7% 增速较上一年同期变化：高57.4个百分点 据统计，2025年1－4月，海南省规模以上工业企业燃料油产量与上年同期相比增长了22.7%，达23.5万 吨，增速较上一年同期高57.4个百分点，增速较同期全国高29.6个百分点，约占同期全国规模以上企业 燃料油产量1440.8万吨的比重为1.6%。详见下图： 图2：海南省燃料油产量分月（累计值）统计图 图1：海南省燃料油产量分月（当月值）统计图 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。 ...

Core Points - Danhua Chemical Technology Co., Ltd. has established its Articles of Association to protect the rights of the company, shareholders, employees, and creditors, in accordance with relevant laws [2][3] - The company was founded as a joint-stock company in Shanghai and is registered with a capital of RMB 1,016,524,240 [3][4] - The company aims to create a leading platform for coal chemical and related chemical technology research and industrial development [5][6] Company Structure - The company is a permanent joint-stock company with a legal representative who is the chairman elected by the board of directors [4][5] - The company has issued a total of 1,016,524,240 shares, consisting of 822,730,634 domestic ordinary shares and 193,793,606 foreign shares [6][7] - The company does not provide financial assistance for others to acquire its shares, except for employee stock ownership plans [7][8] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends, attend meetings, supervise the company’s operations, and request information [12][13] - Shareholders are obligated to comply with laws and the Articles of Association, and they cannot withdraw their capital except as legally permitted [40][41] - The company’s shareholders are liable for the company’s debts only to the extent of their subscribed shares [4][5] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with the annual meeting required to be held within six months after the end of the previous fiscal year [48][49] - Shareholder meetings can be convened by the board of directors or at the request of shareholders holding more than 10% of the shares [24][25] - The company must provide legal opinions on the meeting's legality and the qualifications of attendees [21][22] Voting and Resolutions - Resolutions can be classified as ordinary or special, with ordinary resolutions requiring a simple majority and special resolutions requiring a two-thirds majority [80][81] - Shareholders can vote in person or by proxy, and the company must ensure that the voting process is transparent and fair [66][67] - Related party shareholders must abstain from voting on matters that constitute related transactions [84]

证券代码：603113 证券简称：金能科技 债券代码：113545 债券简称：金能转债 金能科技股份有限公司 公开发行 A 股可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）《金 能科技股份有限公司 2019 年度公开发行 A 股可转换公司债券受托管理协议》（以下简 称"《受托管理协议》"）《金能科技股份有限公司公开发行 A 股可转换公司债券募 集说明书》（以下简称"《募集说明书》"）《金能科技股份有限公司 2024 年年度报 告》等相关公开信息披露文件、第三方中介机构出具的专业意见等，由本期债券受托管 理人中信证券股份有限公司（以下简称"中信证券"或"受托管理人"）编制。中信证 券对本报告中所包含的从上述文件中引述内容和信息未进行独立验证，也不就该等引述 内容和信息的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事宜做 出独立判断，而不应将本报告中的任何内容据以作为中信证券所作的承诺或声明。在任 何情况下，投资者依据本报告 ...

据中国石化微信公众号消息，2025年6月27日，中国石油（601857）化工集团有限公司召开中层以上管 理人员大会。中央组织部有关负责同志宣布了中央关于中国石油化工集团有限公司董事长、党组书记调 整的决定：侯启军同志任中国石油化工集团有限公司董事长、党组书记，免去其中国石油天然气集团有 限公司董事、总经理、党组副书记职务；免去马永生同志的中国石油化工集团有限公司董事长、党组书 记职务。相关职务任免按有关法律和章程的规定办理。 原任中国石油化工集团有限公司董事长、党组书记马永生，出生于1961年。 公开信息显示，侯启军出生于1966年11月。他是教授级高级工程师，理学博士，国务院政府特殊津贴专 家。 2019年10月，侯启军任国家石油天然气管网集团有限公司党组副书记，2019年11月任董事、总经理、党 组副书记。 2021年7月，侯启军任中国石油天然气集团有限公司董事、总经理、党组副书记。 侯启军长期任职能源系统，2017年3月任中国石油天然气集团公司（2017年12月更名为中国石油天然气 集团有限公司）副总经理，2017年4月兼任中国石油勘探与生产分公司（板块）总经理、党委副书记， 2017年6月兼任中国石油 ...

Report Title - The report is titled "Asphalt Weekly Report: Return to a Relatively Strong Fundamental Situation" [1] Report Date - The report is dated June 27, 2025 [2] 1. Report Industry Investment Rating - No industry investment rating is provided in the report 2. Report's Core View - Last week's view: Although asphalt prices were rising, it had the smallest increase among crude oil products and was a suitable short - allocation variety during significant oil price fluctuations. Its recent trend mainly followed the cost - end crude oil, and despite good fundamentals, it was difficult to stand out in the sharply rising oil prices due to short - term events [7] - This week's trend analysis: This week, asphalt prices continued to rise in a volatile manner, generally following the sharp increase in cost - end crude oil [7] - This week's industry data: This week, both supply and demand from refineries increased. Refinery inventories decreased to a certain extent and remained at a low level compared to the same period. Social inventories also decreased slightly. Overall data this year is significantly better than last year and shows a marginal improvement [7] - This week's view: With the end of the Middle East conflict, asphalt is no longer a suitable short - allocation variety during significant oil price fluctuations. After reverting to its own logic, asphalt with good fundamentals is expected to have a volatile and upward - trending price [7] 3. Summary by Directory 2.1 Asphalt Futures Trends, Spreads, and Basis - The section presents graphs of asphalt futures trends, including the main asphalt price, the spread between September and December contracts, and the basis in East China and Shandong regions. The data sources are Wind and Steel Union Data [9][10][11] 2.2 Asphalt Supply - It shows graphs of asphalt plant operating rates, weekly asphalt production, refinery asphalt profits, and the profit difference between asphalt and fuel oil multiplied by the asphalt operating rate. The data source is Steel Union Data [12][13][14] 2.3 Asphalt Demand - This part includes graphs of asphalt shipment volume, apparent asphalt consumption, paver sales, and paver sales multiplied by apparent asphalt consumption. The data source is Steel Union Data [15][16][17] 2.4 Asphalt Imports and Exports - It presents graphs of asphalt imports, exports, and import windows in East China and South China. The data source is Steel Union Data [18][19][20] 2.5 Asphalt Inventory - The section shows graphs of refinery inventories, social inventories, futures inventories, and monthly futures delivery volumes. The data source is Steel Union Data [21][22][23] 2.6 Shandong Asphalt Supply, Demand, and Inventory - It includes graphs of operating rates, shipment volumes, refinery inventories, and social inventories in Shandong. The data source is Steel Union Data [24][25][26] 2.7 East China Asphalt Supply, Demand, and Inventory - This part presents graphs of operating rates, shipment volumes, refinery inventories, and social inventories in East China. The data source is Steel Union Data [27][28][29] 2.8 South China Asphalt Supply, Demand, and Inventory - It shows graphs of operating rates, shipment volumes, refinery inventories, and social inventories in South China. The data source is Steel Union Data [30][31][32] Asphalt Production Enterprise Maintenance Information - Multiple enterprises are undergoing maintenance, including Jiangsu Xinhai, Xinjiang Tianzhize, etc. The total annual production capacity of the maintained units is 18.16 million tons, and the maintenance loss is 681,000 tons [33]

2025年4月液化石油气产量统计： 摘要：【图】2025年1-4月湖南省液化石油气产量统计分析 液化石油气产量：3.9 万吨 同比增长：-47.1% 增速较上一年同期变化：低84.3个百分点 据统计，2025年4月湖南省规模以上工业企业液化石油气产量与上年同期相比下降了47.1%，达3.9万 吨，增速较上一年同期低84.3个百分点，增速较同期全国低47.1个百分点，约占同期全国规模以上企业 液化石油气产量408.4万吨的比重为1.0%。 详见下图： 图1：湖南省液化石油气产量分月（当月值）统计图 2025年1-4月液化石油气产量统计： 液化石油气产量：26.0 万吨 同比增长：-9.9% 增速较上一年同期变化：低19.4个百分点 据统计，2025年1－4月，湖南省规模以上工业企业液化石油气产量与上年同期相比下降了9.9%，达26.0 万吨，增速较上一年同期低19.4个百分点，增速较同期全国低8.9个百分点，约占同期全国规模以上企业 液化石油气产量1765.3万吨的比重为1.5%。详见下图： 图2：湖南省液化石油气产量分月（累计值）统计图 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 ...

利好不足，市场氛围平淡 液化石油气日报 | 2025-06-27 市场分析 单边：震荡 跨期：无 跨品种：无 期现：无 期权：无 风险 宏观政策、关税政策、港口装船延迟、炼厂装置检修超预期等。 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 1、\t6月26日地区价格：山东市场，4600—4830；东北市场，4160—4310；华北市场，4600—4650；华东市场， 4530—4700；沿江市场，4750—4960；西北市场，4300—4350；华南市场，4700—4798。数据来源：卓创资讯 2、\t2025年7月下半月中国华东冷冻货到岸价格丙烷596美元/吨，跌9美元/吨，丁烷540美元/吨，跌5美元/吨，折合 人民币价格丙烷4699元/吨，跌74元/吨，丁烷4258元/吨，跌42元/吨。（数据来源：卓创资讯） 3、\t2025年7月下半月中国华南冷冻货到岸价格丙烷590美元/吨，跌17美元/吨，丁烷540美元/吨，跌5美元/吨，折 合人民币价格丙烷4652元/吨，跌137元/吨，丁烷4258元/吨，跌42元/吨。（数据来源：卓创资讯） 随着中东局势缓和，能源板块波动率下滑，LP ...