Core Insights - The article highlights the breakthrough achieved by Henan Refining in the research and development of petroleum coke for prebaked anodes, which expands the company's growth opportunities [1] - The demand for high-quality petroleum coke in the prebaked anode manufacturing industry is increasing due to the steady development of the electrolytic aluminum industry [1] Group 1 - Henan Refining has successfully produced qualified YBYJJ-2 prebaked anode petroleum coke, marking a significant advancement in its product offerings [1] - The company established a specialized working group in March to focus on high-end carbon materials, including petroleum coke for prebaked anodes, and has engaged with key customers to understand their quality requirements [1] - The production of prebaked anode petroleum coke requires strict control over sulfur content, ash content, and trace elements such as sodium and calcium compared to regular petroleum coke [1] Group 2 - The working group at Henan Refining will continue to optimize key indicators such as crude oil processing varieties and coking furnace export temperature to improve petroleum coke yield [2] - The company aims to ensure that the quality indicators of sulfur content and ash content meet customer requirements while fully satisfying market demand [2]

石油沥青日报 | 2025-07-24 盘面走势转弱，沥青现货延续跌势 风险 原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装置开工负荷变动等 市场分析 1、7月23日沥青期货下午盘收盘行情：主力BU2509合约下午收盘价3594元/吨，较昨日结算价下跌17元/吨，跌幅 0.47%；持仓198184手，环比下降5747手，成交201956手，环比下跌36618手。 2、卓创资讯重交沥青现货结算价：东北，3900—4086元/吨；山东，3620—4070元/吨；华南，3560—3600元/吨； 华东，3660—3800元/吨。 近日原油价格连续回调，BU盘面走势也明显转弱。除了基准油价的回调外，稀释沥青原料供应增加的预期也对沥 青成本端形成一定压制。昨日华北以及山东市场沥青现货价格均有所下跌，其余区域沥青现货价格均以持稳为主， 整体情绪一般。就沥青自身基本面而言，整体供需两弱格局延续，库存处于低位，市场短期压力有限但上行驱动 不足，需要等待新的变量兑现。 策略 单边：震荡 跨期：无 跨品种：无 期现：无 期权：无 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 | 图1 ...

Group 1 - The domestic asphalt average price has decreased slightly, with a current average of 3856.71 CNY/ton, down by 10 CNY/ton or 0.26% compared to the previous period [1] - As of July 21, the main futures contract for asphalt closed at 3657.00 CNY/ton, with a daily increase of 0.27%, reaching a high of 3675.00 CNY/ton and a low of 3647.00 CNY/ton, with a trading volume of 141,580 lots [2] - The total shipment volume from 54 domestic asphalt manufacturers reached 414,000 tons, reflecting a week-on-week increase of 4.0% [3] Group 2 - The capacity utilization rate of 92 asphalt refineries in China reached 34.3%, an increase of 0.4% week-on-week, with a total production of 572,000 tons, up by 1.1% [3] - Recent reports indicate a noticeable decline in shipment volumes, with inventory depletion showing signs of reversal, and a slight downward trend in basis [4] - The overall performance during the peak demand season has been average, not exceeding market expectations, with a focus on inventory depletion in the near term [4]

Group 1 - In April 2025, Beijing's kerosene production reached 130,000 tons, representing a year-on-year growth of 20.6% [1] - The growth rate in April 2025 decreased by 14.6 percentage points compared to the same month last year, indicating a slowdown [1] - Beijing's kerosene production accounted for 3.0% of the national total of 4.36 million tons during the same period, which is 27.5 percentage points higher than the national growth rate [1] Group 2 - From January to April 2025, Beijing's kerosene production totaled 500,000 tons, with a year-on-year increase of 23.0% [4] - The growth rate for the first four months of 2025 decreased by 20.1 percentage points compared to the same period last year, also indicating a slowdown [4] - During this period, Beijing's kerosene production represented 2.7% of the national total of 18.349 million tons, which is 25.7 percentage points higher than the national growth rate [4]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Oil prices experienced a slight decline due to concerns over increased gasoline inventories in the U.S. and OPEC+ production increases, with Brent and WTI prices at $69.28 and $66.05 per barrel respectively as of July 18, 2025 [2][7] - The oil and petrochemical sector showed a positive performance, with the sector rising by 1.13% compared to the 1.09% increase in the CSI 300 index [8][11] - The oil and gas extraction sector has seen a significant increase of 162.26% since 2022, while the refining and trading sector has risen by 28.99% [11] Oil Price Review - As of July 18, 2025, Brent crude futures settled at $69.28 per barrel, down $1.08 (-1.53%) from the previous week, while WTI crude futures settled at $66.05 per barrel, down $2.40 (-3.51%) [23] - The Urals crude price remained stable at $65.49 per barrel, while ESPO crude increased by $0.55 (+0.85%) to $64.96 per barrel [23] Offshore Drilling Services - The number of global offshore self-elevating drilling platforms was 384, a decrease of 1 from the previous week, while the number of floating drilling platforms remained at 134 [30] U.S. Oil Supply - U.S. crude oil production was 13.375 million barrels per day, a decrease of 10,000 barrels from the previous week [43] - The number of active drilling rigs in the U.S. was 422, down by 2 rigs [43] - The number of hydraulic fracturing fleets in the U.S. was 174, down by 6 fleets [43] U.S. Oil Demand - U.S. refinery crude processing was 16.849 million barrels per day, down by 157,000 barrels from the previous week, with a refinery utilization rate of 93.90%, down 0.8 percentage points [56] U.S. Oil Inventory - Total U.S. crude oil inventory was 825 million barrels, a decrease of 4.159 million barrels (-0.50%) from the previous week [68] - Strategic oil inventory was 403 million barrels, down by 300,000 barrels (-0.07%) [68] - Commercial crude oil inventory was 422 million barrels, down by 3.859 million barrels (-0.91%) [68] Related Companies - Key companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [2]

Investment Rating - The industry investment rating is "Cautious" based on the current market conditions and projections for the petrochemical sector [127]. Core Insights - The report highlights a weak demand for polyester end products, leading to a decline in prices and profitability [1]. - The Brent crude oil average price for the week ending July 18, 2025, was $69.09 per barrel, reflecting a decrease of 0.91% from the previous week [1][2]. - Domestic and international refining project price differentials are tracked, with domestic projects showing a price differential of 2462.77 CNY/ton, down 1.21% week-on-week, while international projects increased by 3.84% to 1100.64 CNY/ton [2]. Refining Sector Summary - The report discusses the impact of U.S. tariffs on Brazil and OPEC's downward revision of global oil demand growth forecasts, which raised concerns about future demand [1]. - International oil prices experienced fluctuations, with Brent and WTI prices at $69.28 and $67.34 per barrel, respectively, as of July 18, 2025 [1]. - Domestic refined oil prices have generally declined, while Southeast Asian refined oil prices remain relatively stable [1]. Chemical Sector Summary - The report notes a weak performance in chemical product prices due to anticipated supply increases, with polyolefins showing slight price declines [1]. - Specific chemical products such as EVA and styrene have shown stable yet declining prices, while pure benzene prices have increased slightly [1]. Polyester Sector Summary - The polyester sector is experiencing a downward shift in price levels, with PX market supply remaining tight but raw material support weakening [1]. - The average price for PTA is reported at 4732.14 CNY/ton, with an average loss of 253.97 CNY/ton in profitability [1][91]. - The report indicates that the demand for polyester products remains weak, with textile market orders being low [1]. Performance of Major Refining Companies - The report tracks the stock performance of six major refining companies, with notable weekly changes including Rongsheng Petrochemical (+2.33%) and Xin Fengming (+2.11%) [1][114]. - Over the past month, Rongsheng Petrochemical has increased by 5.28%, while Hengli Petrochemical has decreased by 2.81% [1][114].

Group 1: Company Strategy and Development - The company is shifting its development philosophy from "large and strong" to "specialized and precise" [2] - Key initiatives in the past six months include enhancing supply chain resilience and accelerating global sourcing, particularly direct supply from sources [2][3] - The company has adjusted its product structure to focus on technical research and innovation in specialty oils and new chemical materials [2][3] Group 2: New Business Ventures - The establishment of a wholly-owned subsidiary in Wuxi for liquid cooling is based on the explosive growth in national computing power demand [4] - The liquid cooling subsidiary aims to provide comprehensive solutions for IDC and AIDC intelligent computing center liquid cooling management systems [4] - The subsidiary is currently in its initial stage, with team building and business development progressing in an orderly manner [4] Group 3: Financial and Market Position - The company is the only private refinery operating bonded high-sulfur fuel oil, breaking the reliance on imports for this product [3] - The company has received acceptance notification from the Shenzhen Stock Exchange for a private placement of shares, pending further regulatory approvals [5] - The company is monitoring its stock price closely, with potential triggers for early redemption of convertible bonds based on specific price thresholds [6]

Summary of the Conference Call for Unified Co., Ltd. Company Overview - The conference call was hosted by Unified Co., Ltd. to discuss the 2024 annual and 2025 Q1 performance reports [1] - The management team included General Manager Li Jia and Financial Officer Yue Peng [1] Key Financial Performance - **2024 Financial Results**: - Revenue reached 2.314 billion CNY, a year-on-year increase of 3.35% [4] - Main business revenue was 2.305 billion CNY, also up by 3.4% [4] - Total profit was 415.87 million CNY, with net profit at 313.88 million CNY [4] - **2025 Q1 Financial Results**: - Revenue was 747 million CNY, a slight decrease of 1.28% year-on-year [11] - Net profit for Q1 was 41.36 million CNY, up by 4.81% from the previous year [11] - Gross margin improved to 21.74%, an increase of 1.77 percentage points [19] Market and Product Highlights - **Sales Growth**: - Total sales volume exceeded 200 million liters, a growth of 4.7% year-on-year [4] - The company focused on expanding its market presence through innovative marketing and product optimization [4] - **Low-Carbon and New Energy Products**: - Unified Co. is committed to low-carbon solutions, launching various products for the new energy sector, including special oils for electric vehicles and energy storage [5] - The company achieved a leading position in global low-carbon lubricant sales [5] International Expansion - Unified Co. has successfully entered international markets, including countries like the UAE, Mexico, and Nigeria, aligning with national strategies for overseas expansion [6] Research and Development - R&D investment increased by 149.9% year-on-year, focusing on low-carbon and new energy technologies [6] - The T-Lab laboratory developed 27 new products related to low-carbon lubricants and energy storage, with 17 patents filed [7] Sustainability and ESG Initiatives - The company aims to reduce carbon emissions, achieving a 31.82% reduction in 2024 [10] - Unified Co. has received recognition for its ESG practices, improving its rating from BB to BBB and aiming for AA in 2024 [10] Future Strategy - Plans to deepen low-carbon initiatives and expand globally, with a focus on technological innovation and collaboration with industry standards organizations [12][13] - Continued commitment to using renewable energy, with expectations that solar power will cover 60% of the Beijing plant's electricity needs by 2025 [13] Operational Efficiency - Supply chain efficiency improved, with a response rate of 96.8% [9] - Inventory turnover rate optimized to 13.53 times per year, with a reduction in procurement costs by 2.7% [9] Conclusion - Unified Co. is positioned for growth through strategic market expansion, innovative product development, and a strong commitment to sustainability and ESG principles, aiming for high-quality development in the future [21]

Core Viewpoint - The Hubei Provincial Development and Reform Commission announced a reduction in fuel prices, with 92 gasoline, 95 gasoline, and 0 diesel decreasing by 0.1 yuan, 0.11 yuan, and 0.1 yuan per liter respectively, effective from July 15, 2025 [1] Price Adjustments - The new prices for gasoline and diesel in Hubei will be 7.27 yuan per liter for 92 gasoline, 7.78 yuan for 95 gasoline, and 6.9 yuan for 0 diesel after the adjustment [1] - This marks the 14th price adjustment in 2025, with a total of six increases and six decreases so far [4] Market Analysis - Domestic institutions predict that the next round of fuel price adjustments is likely to remain unchanged due to ongoing U.S. sanctions on oil-producing countries and the traditional peak season for fuel consumption in the U.S. [5] - OPEC+ is expected to increase production from July to September, which may influence market dynamics [5] Regulatory Measures - The National Development and Reform Commission emphasized the need for major oil companies to ensure stable supply and compliance with national pricing policies [5][6] - Local authorities are urged to enhance market supervision and strictly enforce price policies to maintain normal market order [5]

Core Viewpoint - The recent adjustment in fuel prices reflects the ongoing fluctuations in international oil markets, with a notable decrease in retail prices for gasoline and diesel, which is expected to impact consumer costs and logistics expenses positively [1][2]. Group 1: Price Adjustments - As of July 15, 2025, retail prices for gasoline and diesel will decrease by 130 yuan and 125 yuan respectively, translating to reductions of 0.10 yuan for 92 gasoline, 0.11 yuan for 95 gasoline, and 0.11 yuan for 0 diesel per liter [1]. - For a typical family car with a 50L fuel tank, filling up with 92 gasoline will save approximately 5 yuan [1]. - For a heavy-duty truck running 10,000 kilometers monthly with a fuel consumption of 38L per 100 kilometers, the fuel cost will decrease by around 195 yuan before the next price adjustment [1]. Group 2: Market Dynamics - The current pricing cycle has seen a weak fluctuation in international oil prices due to a combination of seasonal demand in the U.S. and easing geopolitical tensions in the Middle East, alongside an unexpected production increase from OPEC+ [1]. - Analysts predict that the upcoming price adjustments will lead to a negative change rate, indicating potential downward pressure on future market conditions [1][2]. - Domestic supply of refined oil is expected to increase as major refineries resume operations, while demand for diesel may decline due to seasonal factors and adverse weather conditions affecting construction activities [2]. Group 3: Future Outlook - The next price adjustment window is scheduled for July 29, 2025, which will provide further insights into market trends and pricing strategies [3].