消息面 1月22日，上期所燃料油期货仓单0吨，环比上个交易日持平；低硫燃料油仓库期货仓单13000吨，环比 上个交易日持平。 消息人士：贸易公司维托尔正准备开始从委内瑞拉出口燃料油。 瑞达期货（002961）： 综合来看，燃料油市场供增需减，成本端主要跟随原油波动，美伊冲突带来的波动明显增加，高硫燃油 供应影响预期大于低硫燃料，波动更为剧烈，预计燃料油价格宽幅区间波动为主。FU主力合约隔夜报 2622元/吨，下方可关注2500附近支撑；LU主力合约隔夜报3100元/吨，下方关注3000附近支撑。 西南期货： 亚洲地区对西方国家燃料油进口持续增加，低硫燃料油市场的供应状况保持良好，从新加坡运来的低硫 燃料油的价格涨到了三周以来的最高水平。据交易员们称，亚洲低硫燃料油的现货价差已经升至四个月 以来的最高水平。这一价格上涨的背后，一是年末假期过后下游需求有所增加;二是人们预计在2月春节 前夕，燃料油的需求会进一步上升。策略方面，燃料油主力合约暂时观望。 新加坡企业发展局（ESG）：截至1月21日当周，新加坡燃料油库存下降209.5万桶，至13周低点2337.8 万桶。新加坡轻质馏分油库存上涨29.7万桶，达到41周 ...

Group 1 - The core viewpoint of the article highlights the significant increase in petroleum asphalt production in Guangxi Zhuang Autonomous Region for August 2025, with a production of 34,000 tons, representing a year-on-year growth of 119.9% and an increase of 147.0 percentage points compared to the previous year [1] - In contrast, the cumulative production of petroleum asphalt from January to August 2025 was 144,000 tons, showing a year-on-year decline of 37.5%, which is a decrease of 68.6 percentage points compared to the previous year [1] - The production in August 2025 accounted for 1.0% of the national production of 3,265,000 tons, while the cumulative production from January to August represented 0.6% of the national total of 24,279,000 tons [1]

中化新网讯 2025年，扬子石化"三苯"产量达150.6万吨，收率比上年提升2.42%，在中石化同类装置中排 名第二。 此外，该部组建党员攻关团队，针对吸附剂运行现状制定精细的参数调整计划，持续优化邻二甲苯塔操 作，最大限度减少物料损耗，确保了全年异构化碳八芳烃收率始终维持在96.5%以上，达到行业领先水 平。 芳烃部着力夯实装置运行稳定性，开展专项排查整治，对关键参数报警范围进行优化调整;成立防腐蚀 专业管理团队，制定腐蚀隐患专项排查方案，完成400余条压力管道、30余台关键设备的涡流检测，并 推广应用机泵离线智能监测系统，筑牢装置安稳运行防线。 ...

Core Viewpoint - In 2025, Daqing Petrochemical Company aims to drive transformation and high-quality development through deepened reforms in organizational structure, talent management, human resource allocation, and innovative compensation incentives [1] Group 1: Organizational Structure Optimization - Daqing Petrochemical is advancing organizational structure optimization by abolishing one secondary institution and adjusting the subordination of another, promoting a flatter management hierarchy [1] - The company has completed the repositioning of multiple departmental functions, optimizing staffing in public engineering and finance departments, and deepening the reform of professional technical sequences to establish an efficient and collaborative management system [1] Group 2: Talent Management - Daqing Petrochemical emphasizes strict selection and management of personnel, optimizing and adjusting 16 leadership teams throughout the year, and improving the structure of 69 middle management personnel [1] - A "theory + practice" training system has been established, with 80 middle management personnel and 87 key staff participating in political theory joint study and training [1] Group 3: Human Resource Allocation - The company focuses on regular assessments of operational personnel, updating the assessment question bank, and enhancing emergency drill evaluation criteria [1] - A "cross-position" training system has been built, effectively promoting skill learning among operational personnel through 51 assessment sessions [1] Group 4: Compensation Incentives - Daqing Petrochemical strengthens the basic salary guarantee function and raises reward standards for advanced models and high performers, further stimulating work enthusiasm across the board [1]

Core Viewpoint - During the "14th Five-Year Plan" period, the petrochemical industry in Henan Province has made significant progress in transformation and upgrading, focusing on the "dual carbon" goals and high-quality industrial development strategies, achieving breakthroughs in industrial upgrading, layout optimization, and green transformation [1] Group 1: Innovation-Driven Empowerment - The petrochemical industry in Henan has prioritized innovation development, establishing a deep integration of "production, education, research, and application" innovation system, with major breakthroughs in key core technologies [2] - By the end of the "14th Five-Year Plan," R&D investment of large-scale chemical enterprises in the province accounted for over 3% of their main business income, with significant technological breakthroughs in high-end polyolefins, electronic chemicals, lithium battery materials, and bio-based materials [2] - The China Nylon City park has gathered 37 R&D platforms and 26 high-tech enterprises, with R&D investment expected to reach 1.281 billion yuan in 2024, achieving over 90% coverage of R&D activities [2] Group 2: Accelerated Industry Integration - The Henan petrochemical industry has accelerated integration during the "14th Five-Year Plan," successfully constructing eight leading specialty chemical industry chains, forming a multi-point support and multi-polar development pattern [3] - A total investment of 27.8 billion yuan in a million-ton ethylene project will significantly enhance the petrochemical industry chain in Central and Western China, establishing an important high-end petrochemical industry base [3] - The merger of Henan Energy and Pingmei Shenma will result in an asset scale exceeding 550 billion yuan and a combined revenue of over 280 billion yuan by September 2025 [3] Group 3: Optimized Layout and Enhanced Park Level - Henan has continuously optimized the spatial layout of the petrochemical industry, promoting industrial concentration in parks, achieving a qualitative leap in base, park, and cluster levels [4] - By the end of the "14th Five-Year Plan," 50 chemical parks have been recognized in the province, with park output accounting for over 70% of the industry's total output value, and four parks ranked among the top 100 in national comprehensive competitiveness [4] - The Pingdingshan Nylon New Materials Development Zone has successfully created a national-level green chemical park, ranking 40th in the national comprehensive competitiveness list [4] Group 4: Green and Safe Transformation - The Henan petrochemical industry has integrated green and low-carbon transformation throughout its development process, with a continuous decrease in pollutant emissions and an increase in safety and environmental compliance rates [5] - The self-control rate of major production units in key sectors has reached over 95%, with approximately three smart chemical demonstration parks established, achieving precise management through digital carbon management centers [5] - The proportion of green products in industries such as fertilizers, tires, and coatings has continuously increased, with rapid development of biodegradable and bio-based materials, promoting the organic unity of economic, social, and ecological benefits [5]

Core Viewpoint - The wholesale prices of gasoline and diesel in China have decreased as of January 22, with average prices for 92 gasoline at 7335 yuan/ton (down 7 yuan/ton) and diesel at 6112 yuan/ton (down 17 yuan/ton) [1] Market Overview - International crude oil futures prices rose on January 21, indicating a positive trend in the average price change of a basket of crude oils. However, extreme weather conditions have suppressed transactions in some regions, leading to a cautious market atmosphere and limited trading activity, which continues to exert downward pressure on gasoline and diesel prices [1] Regional Price Changes - Gasoline wholesale prices increased in regions such as Jilin, Liaoning, Gansu, Anhui, and Henan, while prices decreased in Yunnan, Shaanxi, Shanghai, Xinjiang, Sichuan, Jiangsu, Heilongjiang, Guizhou, Inner Mongolia, and Ningxia. Diesel prices saw increases in Heilongjiang and Gansu, but declines in Yunnan, Shanghai, Zhejiang, Sichuan, Guizhou, Xinjiang, Ningxia, Shaanxi, Guangdong, and Inner Mongolia [1] Data Source - The wholesale price data for gasoline and diesel is published by the China Economic Information Agency and the China Petroleum Economic and Technological Research Institute's "Energy Big Data Laboratory," in collaboration with the Shanghai Petroleum and Natural Gas Exchange Center. This data reflects the overall situation of the gasoline and diesel wholesale market in China [1]

行业 沥青日报 日期 2026 年 1 月 23 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 每日报告 一、行情回顾与操作建议 表1： 行情回顾(元/吨) | | 开盘 | 收盘 | 最高 | 最低 | 涨跌幅% | 成交量（万手） | | --- | - ...

Group 1: Report Overview - Report date: January 23, 2026 [1] - Report title: LPG: Internal and External Markets Resonate and Rise; Propylene: Spot Market Maintains Tight Balance [1][2] Group 2: Investment Ratings - Not provided in the report Group 3: Core Views - Not provided in the report Group 4: Fundamental Data Futures Market - LPG (PG) futures: On January 22, 2026, the closing prices of PG2602, PG2603, and PG2604 were 4,199, 4,134, and 4,398 respectively, with daily increases of 0.91%, 1.60%, and 1.20% [2] - Propylene (PL) futures: On January 22, 2026, the closing prices of PL2602, PL2603, and PL2604 were 6,021, 6,132, and 6,167 respectively, with daily increases of 2.12%, 2.32%, and 2.27% [2] Spot Market - LPG spot: On January 22, 2026, the prices of Shandong civil, East China imported, East China civil, South China imported, South China civil, Shandong ether - after, and FEI to - shore were 4,480, 4,914, 4,428, 4,910, 4,815, 4,360, and 5,025 respectively [2] - Propylene spot: On January 22, 2026, the prices of Shandong and East China were 6,175 and 6,325 respectively [2] Industrial Chain Start - up Rates - As of January 23, 2026, the PDH start - up rate was 62.25%, a decrease of 10.82% compared to last week; the alkylation start - up rate was 36.42%, unchanged; the MTBE start - up rate was 68.01%, an increase of 0.44% [2] LPG Shipment Volumes - On January 22, 2026, the global LPG shipment volume was 23.9 million tons, an increase of 2.7 million tons compared to the previous day; the Asian shipment volume was 9.4 million tons, a decrease of 4.7 million tons; the Chinese shipment volume was 4.4 million tons, a decrease of 0.3 million tons [2] Group 5: Trend Intensity - LPG trend intensity: 1; Propylene trend intensity: 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6] Group 6: Market Information - On January 22, 2026, the February CP paper cargo prices for propane and butane were 540 and 523 US dollars per ton respectively, both up 9 US dollars per ton compared to the previous trading day; the March CP paper cargo price for propane was 531 US dollars per ton, up 9 US dollars per ton [7] - There are multiple domestic PDH device maintenance plans and domestic liquefied gas factory device maintenance plans [7][8]

Group 1 - The core viewpoint of the article highlights a significant increase in petroleum coke production in Tianjin, with August 2025 production reaching 90,000 tons, marking a year-on-year growth of 50.3% and an acceleration of 86.0 percentage points compared to the previous year [1] - In the first eight months of 2025, Tianjin's petroleum coke production totaled 657,000 tons, reflecting a year-on-year increase of 4.0% and an improvement of 15.6 percentage points from the previous year [2] - The production growth in Tianjin outpaced the national average, with August's growth exceeding the national rate by 56.1 percentage points, and the cumulative growth for the first eight months surpassing the national average by 8.6 percentage points [2] Group 2 - Tianjin's petroleum coke production accounted for approximately 3.5% of the national output in August, which was 2,549,000 tons, and about 3.2% of the national output of 20,831,000 tons in the first eight months [1][2] - The statistics pertain to large-scale industrial enterprises, defined as those with annual main business revenues of 20 million yuan or more [3]

Core Viewpoint - The project by Huajin Group's Beili Company for the renovation of the wastewater discharge system has been completed and selected as one of the 124 national soil pollution source control projects, receiving 15 million yuan in central funding for soil pollution prevention [1] Group 1 - The renovation project took over two years to plan and construct, resulting in the establishment and modification of 3,020 meters of overhead green pipelines, along with the construction of five lift stations and inspection wells [1] - The upgrade allows for a visualized upgrade of the wastewater transport network from the tank area and production facilities to the treatment station, enhancing the safety of the soil and underground ecological environment [1] - The implementation of this upgrade effectively addresses issues related to the insufficient anti-seepage protection of the original transport pipelines and facilities, significantly reducing risks in the wastewater transport process [1] Group 2 - The project achieves precise management of rainwater and sewage separation, making daily operations more convenient and efficient [1] - The operational costs have been significantly reduced, with an estimated annual savings of approximately 500,000 yuan in related disposal and maintenance expenses [1]