| 安期货 | | --- | | IGAN FUTURES | 燃料油早报 研究中心能化团队 2025/12/31 新 加 坡 燃 料 油 现 货 | 日期 | FOB 380cst | FOB VLSFO | 380基差 | 高硫内外价差 | 低硫内外价差 | | --- | --- | --- | --- | --- | --- | | 2025/12/24 | 343.65 | 417.55 | -1.60 | 5.3 | 9.8 | | 2025/12/25 | - | - | - | - | - | | 2025/12/26 | 343.32 | 417.34 | -1.60 | - | - | | 2025/12/29 | 339.01 | 412.83 | -1.00 | 7.7 | 11.5 | | 2025/12/30 | 340.87 | 413.16 | -1.45 | 8.0 | 9.0 | | 变化 | 1.86 | 0.33 | -0.45 | 0.3 | -2.5 | | 国 内 F U | | | | | | | | --- | --- | --- | --- | --- | ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Report's Core View - The overseas market remains tight with an expected increase in the January CP official price. Domestically, the price difference between domestic and foreign markets is relatively high, and the basis is relatively low, and the driving force needs to be awaited. The profits of PDH are deteriorating, and the maintenance situation in January needs to be observed [1] Group 3: Summary by Relevant Catalog Price and Basis - **Daily Price Changes**: On Tuesday, for civil LPG, the price in East China was 4372 (-8), in Shandong was 4300 (-20), and in South China was 4510 (+0). The price of ether post - carbon four was 4440 (+10). The lowest delivery location was Shandong. At night, the basis was 119 (+155), the 02 - 03 monthly spread was 136 (+12), and the 03 - 04 monthly spread was -167 (+19). As of 9 p.m., FEI was 527.39, a decrease of 4 US dollars. The January CP official price increased more than expected, with propane and butane at 525/520 US dollars per ton respectively [1] - **Weekly Situation**: The domestic civil LPG prices were differentiated. The cheapest delivery product was Shandong civil LPG (-110). The East China price was 4384 (-10), and the South China price was 4510 (+10). The overseas EI fluctuated, MB weakened, and CP strengthened. According to the first - round recommended values of January CP, propane and butane were 505/495 (+10/+10) respectively. The domestic and foreign prices strengthened slightly. PG - CP reached 100 (+1.86), PG - FEI reached 89 (+4.86), FEI - MB reached 185.6 (+10.6), and FEI - CP reached 11 [1] Premium and Freight - The East China propane arrival premium was 4 (+1). The AFEI, Middle East, and US propane OB premiums were 18.75 (+5.75), 50 (-1), and 43 (+0) respectively. The freight increased slightly. The FEL - MORI price difference was -14 (a month - on - month increase of 4) [1] Inventory and Utilization Rate - The arrival rate of ships was 54.83%, and the port inventory decreased by 14.3%. The refinery's commercial volume increased by 1.18%, and the refinery inventory increased by 0.41%. The PDH utilization rate was 76.36% (+1.36 pct) [1]

同时，新标准也将促进煤电行业提升运行效率和智能化水平。随着风光发电的快速增长，煤电深度调峰 及锅炉启停越来越频繁，低负荷运行成为常态。锅炉启停与低负荷运行时，烟气温度不能满足脱硝温度 的要求，氮氧化物的排放浓度和排放量均较高，影响环境空气质量。部分地区已通过实施深度脱硝和深 度调峰改造，在降低排放的同时增强了电网调节与新能源消纳能力，实现了减污降碳协同增效。新标准 的实施，将推动更多机组升级改造，并通过智能运行技术优化操作、降低煤耗，保障电力系统安全稳 定，助力新型能源体系协调健康发展。 新标准实施如何驱动我国钢铁行业绿色低碳转型升级？ 宝武钢铁集团能环部部长马朝晖：现行《环境空气质量标准》（GB 3095—2012）颁布实施以来，我国 钢铁行业持续优化结构，大气污染治理成效显著。全国累计淘汰落后钢铁产能3亿吨，钢铁行业先进装 备产能占比大幅提升，产能利用率趋于合理，多污染物协同治理技术全面推广，节能环保产业迅猛发 展，行业绿色转型和利润增长实现同频共振。特别是全球领先的钢铁全流程超低排放管理政策和技术体 系，将我国钢铁行业主要大气污染物排放量从百万吨级下降到十万吨级，为打赢蓝天保卫战、推动空气 质量持续改善 ...

落户通州湾示范区的中石油蓝海新材料项目总投资500亿元，是中国石油天然气集团与江苏省战略合作 协议的重要组成部分。作为蓝海新材料项目重要组成部分，蓝海（南通）中试基地是中国石油落实"双 碳三新"战略、推动炼化业务绿色低碳转型的关键载体，构建新材料科技创新体系的重要支撑平台，将 承担中石油上海新材料研究院、石化院等研究院新技术工业化转化任务，打通科技成果转化"最后一公 里"。 本报讯 （记者 徐超 李世杰） 12月30日，中石油蓝海（南通）中试基地签署《工程中间交接证书》，由 建设方移交运营方，迈出从工程建设转向正式运营的关键一步。 ...

Core Insights - The article highlights Guangzhou's economic resilience and urban development as it transitions into 2025, emphasizing innovation, social welfare, and infrastructure improvements [2][3]. Economic Resilience - Guangzhou's economy demonstrated a U-shaped recovery, with growth rates increasing from 3.0% in Q1 to 4.1% in Q3, indicating a return to normal economic conditions [7]. - The city has completed a two-year economic adjustment, showcasing strong resilience amid challenges in the automotive and real estate sectors [7]. - Industrial output, urban renewal, and the financial sector have been key contributors to this economic rebound, with industrial value added growing by 1.4% year-on-year in Q3 [7][9]. - The automotive industry is increasing R&D investments, maintaining double-digit growth, which supports its transformation [8]. - Real estate investment in urban renewal projects rose by 4.1% in H1 and 2.4% in Q3, contrasting with a broader provincial decline [8]. Social Resilience - Urban renewal projects, particularly in village renovations, have enhanced social inclusivity and safety, with significant progress in the 康鹭片区 and other areas [11][14]. - The successful hosting of the 15th National Games and the Special Olympics has improved urban functionality and social cohesion [14]. - The implementation of a "zero-barrier" initiative during the events has made the city more accessible for disabled individuals and the elderly, contributing to a more inclusive urban environment [16].

Core Viewpoint - The stock of Maohua Shihua (000637) has shown a decline in both price and trading volume, indicating a negative trend in investor sentiment and market performance as of December 30, 2025 [1][2]. Financial Performance - As of the third quarter of 2025, Maohua Shihua reported a main business revenue of 2.304 billion yuan, a year-on-year decrease of 19.24% [3]. - The net profit attributable to shareholders was -93.73 million yuan, which represents an increase of 18.15% year-on-year [3]. - The company’s gross profit margin stands at 2.51%, significantly lower than the industry average of 18.66% [3]. - The debt ratio is reported at 68.65%, indicating a high level of leverage [3]. Market Activity - On December 30, 2025, the stock closed at 4.33 yuan, down 0.46%, with a trading volume of 93,400 hands and a total transaction amount of 40.5631 million yuan [1]. - The net inflow of main funds was 937,800 yuan, accounting for 2.31% of the total transaction amount, while retail investors showed a net outflow of 743,600 yuan, representing 1.83% of the total [1][2]. Industry Comparison - Maohua Shihua's total market capitalization is 2.251 billion yuan, compared to the industry average of 221.232 billion yuan [3]. - The company's price-to-earnings ratio (P/E) is -18.01, while the industry average is 34.65, indicating a significant underperformance relative to peers [3]. - The return on equity (ROE) for Maohua Shihua is -15.58%, contrasting sharply with the industry average of 1.3% [3].

Group 1 - The three major indices showed mixed performance, with the oil and petrochemical sector continuing its strong trend, while the non-ferrous metals sector opened low but closed higher, highlighting the performance of high cash flow assets [1][6] - The 300 cash flow index, focusing on large-cap "cash cow" stocks, opened low but closed up 0.90%, outperforming the entire A-share market [1][6] - From a free cash flow perspective, the petrochemical industry is expected to see significant cash flow improvement by 2025 due to a recovery in market conditions and reduced capital expenditures, with operating cash flow net amounts for the petrochemical and basic chemical industries increasing by 5.8% and 20.9% year-on-year, respectively [19][21] Group 2 - The non-ferrous metals industry has also shown improvement in its fundamentals, supported by cash flow, with operating net cash flow in the A-share non-ferrous metals sector increasing by 10.12% year-on-year in Q3 2025, despite a slight quarter-on-quarter decline of 1.59% [3][21] - The 300 cash flow index employs a free cash flow stock selection strategy, currently having a price-to-book ratio (PB) of 1.71, which is below the index for over 96.15% of the past year, indicating strong valuation appeal [5][23] - The flagship product tracking the 300 cash flow index, the 300 cash flow ETF (562080), saw a premium increase of 0.83% with a trading volume exceeding 41.83 million yuan, reflecting the attractiveness of high cash flow assets [6][24] Group 3 - As of December 30, 2025, the 300 cash flow total return index has achieved a return of over 421% since 2014, with an annualized return exceeding 15%, making it an efficient way for investors to access high-quality "cash cow" assets in the A-share market [31][32] - The 300 cash flow index underwent a quarterly rebalancing on December 15, focusing on characteristics of "high cash flow, high dividend, and low valuation," with the top five weighted industries being oil and petrochemicals, home appliances, non-ferrous metals, transportation, and communications [30][31] - Notable stock performances include Yun Aluminum Co., which rose over 6%, and China Aluminum, which increased over 4%, among others, indicating strong market interest in these sectors [28][30]

今天（12月30日）A股截至收盘，沪指实现日线"十连阳"，创下今年以来最长连阳纪录。 值得注意的是，机器人产业链近期利好不断，午后个股迎来集体大爆发，人形机器人板块指数创2个半月新高，并逼近历史最高点。 利好不断！直线涨停 机器人产业链，太牛了 今天，机器人产业链午后集体放量拉升，万向钱潮午后1分钟直线拉升涨停，步科股份下午开盘仅约2分钟直线20%涨停，连续第2日封板，股价创历史新 高；海昌新材则在临近收盘20cm涨停，三花智控等近20股也强势涨停或涨超10%。 | | | 人形机器人 | | | | --- | --- | --- | --- | --- | | | | 2541.05 1.94% | | | | 涨幅榜 | 跌幅榜 | 盟口 | 新闻 | 概念解析 | | 步科股份 | | 145.99 | | 20.00% | | 688160 | | | | | | 海昌新材 | | 30.98 | | 19.98% | | 300885 | | | | | | 昊志机电 | | 63.80 | | 18.59% | | 300503 | | | | | | 丰光精密 | | 23.48 | | 17 ...

12月30日，省委书记刘宁到濮阳台前县、华龙区调研推动工作并看望基层干部群众，强调要深入学习党的二十届四中全会和中央经济工作会议精神，贯彻落 实习近平总书记在河南考察时关于"着力改善民生、加强社会治理"的重大要求，按照省委十一届十次全会和省委经济工作会议部署，聚焦推动高质量发展和 高效能治理，统筹做好防风险、保安全、护稳定、促发展各项工作，用心用情用力保障和改善民生，让广大人民群众共享发展成果。 陈星参加。（记者 刘婵 张笑闻/文 董亮/图） 责任编辑： 何山 濮阳市因油而建、因油而兴，近年来走出了一条能源城市高质量发展新路径。在位于华龙区的中国石化中原油田石油工程技术研发中心，刘宁询问石油化工 产业技术创新、转型升级情况，希望企业进一步与地方深化合作，加强人才团队建设，打通产学研用链条，加大油田专业高效勘探技术开发，助力能源稳定 可靠供应和产业绿色化、低碳化发展。台前县以羽绒产业而闻名，目前已汇聚200余家企业，羽绒产量占全国羽绒总产量的三分之一。在河南省中威新塘羽 绒有限公司，刘宁察看工艺陈列室、产品展示间，了解羽绒特色产业培育、电商销售等情况。他强调，要深化与国内知名电商平台合作，以新技术推动产业 发展 ...

摘要：【图】2025年9月天津市纯碱(碳酸钠)产量数据分析 2025年1-9月纯碱(碳酸钠)产量分析： 据国家统计局数据，在2025年的前9个月，天津市规模以上工业企业纯碱(碳酸钠)产量累计达到了60.9万 吨，与2024年同期的数据相比，增长了20.6%，增速较2024年同期高34.9个百分点，增速较同期全国高 16.3个百分点，约占同期全国规模以上企业纯碱(碳酸钠)产量2961.14735万吨的比重为2.1%。 图表：天津市纯碱(碳酸钠)产量分月（累计值）统计 2025年9月纯碱(碳酸钠)产量分析： 单独看2025年9月份，天津市规模以上工业企业纯碱(碳酸钠)产量达到了7.1万吨，与2024年同期的数据 相比，9月份的产量增长了740.0%，增速较2024年同期高827.6个百分点，增速较同期全国高729.5个百 分点，约占同期全国规模以上企业纯碱(碳酸钠)产量335.71315万吨的比重为2.1%。 图表：天津市纯碱(碳酸钠)产量分月（当月值）统计 注：从2011年起，我国规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务 收入2000万元。 产业调研网为您提供更多 石油化工行业最 ...