本期（20260114-0120），国内69家样本改性沥青企业产能利用率为6.3%，环比减少0.5%，同比增加 3.5%。改性沥青对沥青周度消费量为3.7万吨，环比降幅8.1%。 机构观点汇总： 新湖期货：市场传山东某炼厂回购前期合同，部分市场参与者认为，当前炼厂存在原料紧缺的情况。近 期贸易商二季度原料报价偏高，市场预计后续难再采购到高经济性的原料，成本有所增加。目前，现货 市场基本保持稳定，北方需求基本停滞，以缓慢入库为主，南方地区发货稳定，市场低价资源减少。年 前需求难有起色，盘面价格跟随原油价格变动，关注原料情况。 建信期货：供应端，胜星石化16日开始计划转产沥青，但齐鲁石化（600002）15日开始转产渣油，下周 沥青装置开工负荷率预计基本持平。需求端，未来十天冷空气势力增强，黄淮至江南有明显雨雪过程。 华东、华中等地道路施工项目可能逐步进入收尾或停工阶段。北方地区冬储合同将持续到货，预计需求 端整体波动有限。伴随终端需求季节性回落，且缺乏新增利好因素支撑，沥青市场情绪或扔偏谨慎，投 机需求预计增量有限。总体来看沥青原料利多逐步消化后，供需再度回到均衡水平，预计价格震荡运 行，关注油价表现。 本周（ ...

Core Viewpoint - The successful large-scale production of high-end material polyolefin elastomer at Dushanzi Petrochemical in Xinjiang alleviates China's reliance on imports for this material, crucial for strategic emerging industries like photovoltaics [1] Group 1: Production Breakthrough - Polyolefin elastomer, known as "industrial gold," combines the processability of plastics with the elasticity of rubber, making it a core raw material for industries such as photovoltaics [1] - The technology development for polyolefin elastomer began in 2015, and by 2024, the transition from laboratory to industrial production was achieved [1] Group 2: Future Production Plans - Dushanzi Petrochemical is expected to produce a cumulative total of 58,000 tons of polyolefin elastomer by 2025, completing the full-chain construction of the technical process [1]

（来源：辽宁日报） 创新监管模式，让执法监督"更精准、少干扰"。抚顺消防将营商环境建设作为工作的重中之重，将其贯 穿消防监督检查全过程。以《抚顺消防"综合查一次"实施意见》为抓手，打破"多头检查、重复执法"壁 垒，整合跨部门检查任务，推行"进一次门、查多项事"的联合检查模式。针对抚顺石化、抚顺银行等集 团化企业量身定制"集团负责+抽样帮扶"方案，充分发挥企业集团化统一管理优势，形成"简单题"企业 自主答，"复杂题"消防帮忙解的良性机制。同时，结合物联网技术，探索"非现场监管"，保证监管不缺 位，最大限度减少对企业的干扰。差异化的抽查机制更显温度，对首次检查合规单位实行"本年度免 查"，对信用良好企业降低抽查频次，让"无事不扰"成为常态，"有事必到"成为承诺。 聚焦精准服务，政企同心"解难题、促发展"。抚顺消防坚持"监管与服务并重"，把企业的"急难愁盼"作 为工作出发点，组建消防专家团队，为大型商业综合体、易燃易爆企业等高危单位提供"会诊式体检"， 现场指导隐患整改；开通"邀约式上门服务"，企业通过微信公众号、电话即可申请技术帮扶，全程不纳 入行政处罚程序；建立"企业吹哨、部门报到"沟通机制，收集企业诉求并台账 ...

Core Viewpoint - The research team led by Academician Li Can from the Dalian Institute of Chemical Physics has developed a proprietary technology for the complete decomposition of hydrogen sulfide into hydrogen and sulfur, transforming a hazardous waste into valuable resources, achieving international leading standards in this field [1][4]. Group 1: Technology Overview - Hydrogen sulfide (H2S) is a toxic compound commonly produced in natural gas extraction, refining, and coal chemical processes, posing significant environmental and health risks [2]. - The traditional Claus process converts hydrogen sulfide into sulfur and water, which is seen as inefficient since it wastes the hydrogen component [2]. - The newly developed electrocatalytic technology allows for the separate recovery of both sulfur and hydrogen, effectively addressing the limitations of the Claus process [3]. Group 2: Implementation and Results - A pilot demonstration unit capable of processing 100,000 cubic meters of hydrogen sulfide annually has been established, achieving over 1,000 hours of stable operation with over 99.95% purity for sulfur and over 99.999% purity for hydrogen [4]. - This technology operates under mild conditions (room temperature and atmospheric pressure) without emitting carbon dioxide, making it suitable for various industries such as coal chemical, petrochemical, and oil and gas extraction [4]. Group 3: Economic and Environmental Impact - The International Hydrogen Association predicts that by 2030, China's green hydrogen production capacity will reach approximately 1.8 million tons, with the new technology potentially recovering about 730,000 tons of green hydrogen from the annual processing of 8 billion cubic meters of hydrogen sulfide, contributing significantly to carbon neutrality goals [5]. - The electrocatalytic technology's operational costs for hydrogen production are expected to be half that of current water electrolysis methods, with further cost reductions anticipated as the technology matures, benefiting the hydrogen energy industry and low-carbon energy systems [5].

Market Overview - The equity-like market experienced a volatile upward trend from January 19 to 23, with the overall market index rising by 1.81% and the convertible bond index increasing by 2.92% during this period [5] - The convertible bond market saw a significant increase in trading activity, with the average daily trading volume dropping from 1045.15 billion to 932.94 billion [25] Convertible Bond Valuation - As of January 23, 2026, the median price of convertible bonds surpassed 140 yuan, indicating a shift in the reference significance of absolute prices [20] - The valuation of convertible bonds has shown a divergence, with debt-type bonds experiencing a slight decline in valuation while equity-type bonds continued to stretch [10][18] - The pricing anchor for convertible bonds has weakened, with a notable decrease in the proportion of low-priced convertible bonds, particularly those priced below 120 yuan [18] Sector Performance - The performance of convertible bonds varied by sector, with notable gains in upstream resources and high-end manufacturing sectors, such as textiles and apparel, which rose by 7.44%, and steel and petrochemicals, which increased by 6.67% and 6.65%, respectively [8] - Conversely, sectors like social services and media showed weaker performance, with declines of 7.53% and 1.93% [8] Investment Strategy - The current market conditions suggest that investors should focus more on equity timing indicators rather than relying solely on convertible bond metrics, as the significance of various convertible bond indicators is diminishing [20] - Despite the high valuation levels, the internal momentum for buying remains strong, and investors seeking relative returns are encouraged to continue participating in the market [20] Supply and Issuance - The total issuance of convertible bonds in 2026 reached 57.80 billion yuan, which is relatively low compared to recent years, with new issuances including Aiwei Convertible Bond at 19.01 billion yuan and Longjian Convertible Bond at 10.00 billion yuan [25]

BZ&EB周报：短期EB高位震荡 国泰君安期货研究所·黄天圆 投资咨询从业资格号：Z0018016 日期：2026年01月25日 Guotai Junan Futures all rights reserved, please do not reprint 本周纯苯、苯乙烯总结：短期EB高位震荡 | | • | 纯苯国产：12月检修11万吨，1月检修维持11万吨（假设考虑浙石化检修带来4.5万吨减量），主要是中化泉州、丽东、浙石化等装置检修量大。部分山 | | --- | --- | --- | | 供应 | | 东地炼在解决了配额问题之后仍会提高负荷，弥补部分产量损失。1月关注巴斯夫湛江新投产带来的纯苯增量。 | | | • | 纯苯进口：虽然海外库存压力仍然偏大，但是整体进口量下调。26年1-3月纯苯单月进口量平均约43万吨左右。美韩关税仍在，但是后续美亚芳烃物流在 | | | | 春节后可能继续发生，预估影响每个月3-4万吨纯苯。 | | | • | 苯乙烯：12月检修8.5万吨，1月检修6.5万吨。12月之后装置开工逐步恢复，关注山东国恩化工装置开工带来的增量。 | | | • | 己内酰胺：CPL负 ...

摘要：【图】2025年9月江西省石脑油产量统计分析 2025年9月石脑油产量统计： 石脑油产量：2.0 万吨 同比增长：-12.0% 增速较上一年同期变化：高8.7个百分点 据统计，2025年9月江西省规模以上工业企业石脑油产量与上年同期相比下降了12.0%，达2.0万吨，增 速较上一年同期高8.7个百分点，增速较同期全国低11.6个百分点，约占同期全国规模以上企业石脑油产 量667.4万吨的比重为0.3%。 详见下图： 图1：江西省石脑油产量分月（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。 2025年1-9月石脑油产量统计： 石脑油产量：21.6 万吨 同比增长：-27.3% 增速较上一年同期变化：低42.6个百分点 据统计，2025年1－9月，江西省规模以上工业企业石脑油产量与上年同期相比下降了27.3%，达21.6万 吨，增速较上一年同期低42.6个百分点，增速较同期全国低26.7个百分点，约占同期全国规模以上企业 石脑油产量5951.8万吨的比重为0.4%。详见下图： 图2：江西省石脑油产量分月（累计值）统计图 产业调研网为 ...

Investment Rating - The report indicates a positive outlook for the petrochemical sector, with the oil and petrochemical index outperforming the Shanghai Composite Index by 6.87% this week [10]. Core Insights - The report highlights that geopolitical risks are the primary drivers of oil price fluctuations, with current prices reflecting a rebound due to tensions involving Iran and production delays in Kazakhstan [15][16]. - The report notes that while supply fundamentals remain weak, geopolitical factors are currently dominating market sentiment, suggesting that unless there is a miscalculation regarding Iran, price increases driven by geopolitical conflicts may not be sustainable [15]. Market Overview - The oil and petrochemical sector indices showed significant weekly gains, with the petrochemical index rising by 8.16% and the refining and chemical index increasing by 7.58% [10]. - As of January 23, WTI crude oil was priced at $61.07 per barrel, up by $1.63, while Brent crude was at $68.73, up by $0.95 [16]. - The EIA reported a weekly increase in commercial crude oil inventories by 3.602 million barrels, with gasoline inventories also rising [16]. Oil Sector Analysis - The report indicates that U.S. crude oil production is at 13.732 million barrels per day, with a slight decrease in net imports [16]. - The active oil rig count in the U.S. increased by one to 411 rigs as of January 23 [16]. Refining Sector Insights - The average operating rate of domestic refineries increased to 78.78%, while independent refineries in Shandong saw a slight decrease in operating rates [16]. - The average refining margin for major refineries was reported at 761.48 yuan per ton, reflecting a slight decrease from the previous period [14]. Petrochemical Sector Insights - The PX-Naphtha spread has decreased to $330 per ton, while PTA processing fees have increased to 402 yuan per ton [15]. - The report notes that polyester production margins are showing signs of recovery, with POY150D average profit levels rising significantly [15]. Olefins Market Overview - The average price of ethylene decreased to 5,788 yuan per ton, while propylene prices in Shandong increased to 6,175 yuan per ton [15].

2025年8月汽油产量分析： 单独看2025年8月份，吉林省规模以上工业企业汽油产量达到了19.9万吨，与2024年同期的数据相比，8 月份的产量增长了34.9%，增速较2024年同期高60.3个百分点，增速较同期全国高36.6个百分点，约占 同期全国规模以上企业汽油产量1347.7万吨的比重为1.5%。 图表：吉林省汽油产量分月（当月值）统计 摘要：【图】2025年1-8月吉林省汽油产量统计分析 2025年1-8月汽油产量分析： 据国家统计局数据，在2025年的前8个月，吉林省规模以上工业企业汽油产量累计达到了161.5万吨，与 2024年同期的数据相比，下降了4.9%，增速较2024年同期低17.4个百分点，增速较同期全国高0.8个百 分点，约占同期全国规模以上企业汽油产量10283.6万吨的比重为1.6%。 图表：吉林省汽油产量分月（累计值）统计 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 石油化工行业最新动态 石油市场现状及前景分析 化工市场调研与发展前景 日化发展现状及前景预测润滑油市场调研及发展趋势 汽油行业监测 ...

Market Performance - The Sci-Tech 50 Index increased by 2.62% over the last five trading days, while the ChiNext Index decreased by 0.34%. The large-cap value index fell by 1.64%, and the large-cap growth index dropped by 1.34%. The Shanghai 50 Index declined by 1.54%, whereas the small-cap index represented by the CSI 2000 rose by 3.33%. The building materials and oil & petrochemical sectors performed well, while banks and telecommunications lagged behind [1]. Risk Premium and Valuation Levels - As of January 23, 2026, the static PE of the CSI All Share Index minus the yield of 10-year government bonds indicates a risk premium of 2.46%, with a two-standard deviation boundary at 4.68%. The valuation levels show that the CSI All Share Index's PETTM is at the 84th percentile, with the Shanghai 50 and CSI 300 at 72% and 73%, respectively. The ChiNext Index is close to 63%, while the CSI 500 and CSI 1000 are at 70% and 68%, respectively. The ChiNext Index's valuation is relatively at the historical median level [1]. ETF Fund Flow - In the last five trading days, ETF funds experienced an outflow of 326.5 billion yuan, while the financing balance increased by approximately 6.5 billion yuan. The average daily trading volume across the two markets was 27.727 billion yuan [2]. Industry Themes and Indices - The latest thematic allocation includes sectors such as petrochemicals, chemicals, machine tools, semiconductors, and non-ferrous metals. Specific indices mentioned are the CSI Petrochemical Industry Index, CSI Sub-segment Chemical Industry Theme Index, CSI Machine Tool Index, CSI Semiconductor Materials and Equipment Theme Index, and the National Non-ferrous Metals Index [2][3]. Long-term Market Sentiment - The report includes observations on the proportion of stocks above the 200-day long-term moving average, indicating market sentiment trends [13]. Financing Balance - The report tracks the financing balance, which is a critical indicator of market liquidity and investor sentiment [16]. Individual Stock Performance - A statistical distribution of individual stocks based on their return ranges since the beginning of the year is provided, highlighting performance variations across different stocks [18]. Oversold Indices - The report notes instances of indices being oversold, which may present potential buying opportunities [20].