图表：陕西省燃料油产量分月（当月值）统计 2025年8月燃料油产量分析： 单独看2025年8月份，陕西省规模以上工业企业燃料油产量达到了7.1万吨，与2024年同期的数据相比， 8月份的产量下降了59.2%，增速较2024年同期低72.5个百分点，增速较同期全国低52.7个百分点，约占 同期全国规模以上企业燃料油产量343.7万吨的比重为2.1%。 摘要：【图】2025年1-8月陕西省燃料油产量数据分析 2025年1-8月燃料油产量分析： 据国家统计局数据，在2025年的前8个月，陕西省规模以上工业企业燃料油产量累计达到了94.8万吨， 与2024年同期的数据相比，下降了18.8%，增速较2024年同期低29.7个百分点，增速较同期全国低15.5 个百分点，约占同期全国规模以上企业燃料油产量2837.1万吨的比重为3.3%。 图表：陕西省燃料油产量分月（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 石油发展前景趋势分析 化工的现状和发展趋势 日化行业现状与发展趋势润滑油市场现状及前景分析汽油 ...

石油沥青日报 | 2026-01-22 降温抑制刚需，局部现货下跌 市场分析 1、1月21日沥青期货下午盘收盘行情：主力BU2603合约下午收盘价3157元/吨，较昨日结算价上涨14元/吨，涨幅 0.45%；持仓187438手，环比下降3111手，成交148540手，环比上涨29623手。 2、卓创资讯重交沥青现货结算价：东北，3406—3500元/吨；山东，3000—3240元/吨；华南，3150—3250元/吨； 华东，3130—3230元/吨。 昨日华北、华南以及川渝地区沥青现货价格出现下跌，其余地区沥青现货价格基本持稳。随着南方地区大范围降 温，沥青刚性需求持续下滑，制约现货情绪。前来看，盘面在定价委油供应收紧预期后进入震荡阶段。在南美局 势升级、美国意图加强控制委内瑞拉资源的背景下，委内瑞拉原油对国内炼厂供应收紧的预期持续兑现，市场开 始关注替代原料的可获得性以及对成本的影响。目前来看，如果原本流向亚洲地区的委内瑞拉原油持续流向欧美， 在库存原料消耗后(预计能够用到3月份），未来国内炼厂需要从中东、加拿大、南美等地寻找替代重质原料，其中 可能包括俄罗斯与伊朗的折价资源，使得成本与产品收率的变化会更为 ...

Group 1: Report Industry Investment Ratings - **Crude Oil**: Bearish rebound [1] - **LPG**: Cautiously bearish [1] - **L**: Bearish rebound [1] - **PP**: Bearish rebound [1] - **PVC**: Bearish continuation [1] - **PX/PTA**: Range - bound [2] - **Ethylene Glycol (MEG)**: Cautiously bearish [2] - **Methanol**: Cautiously avoid shorting [2][3] - **Urea**: Cautiously avoid shorting [3] - **Natural Gas**: Cautiously bullish [6] - **Asphalt**: Cautiously bearish [6] - **Glass**: Bearish continuation [6] - **Soda Ash**: Bearish continuation [6] Group 2: Report's Core Views - **Crude Oil**: Extreme cold weather drives up gas prices, leading to an oil price rebound. However, there is a supply - surplus situation in the off - season, and geopolitical uncertainties remain [1][8][9]. - **LPG**: Follows the cost - end oil price. In the medium - to - long - term, the oil price is under pressure, and the LPG price has room for compression [1][14][15]. - **L**: Cost support improves, but the spot price has not stopped falling. It is expected to fluctuate with the cost in the short term [1][19]. - **PP**: Follows the cost to rebound in the short term. The fundamentals show both weak supply and demand, and the short - term supply pressure eases [1][23]. - **PVC**: The spot price of liquid caustic soda drops, and the cost support of marginal devices improves. There is a short - term export rush, but the long - term supply - demand situation is expected to weaken [1][26]. - **PX/PTA**: Valuation is not low, with supply and demand in a tight balance. It is expected to perform well, but there are risks of negative feedback from the demand side and excessive oil price drops before the Spring Festival [2][28]. - **MEG**: Valuation is low, but there is a lack of upward drivers. The supply increases, and the demand weakens seasonally. It is recommended to short on rebounds [2][31][32]. - **Methanol**: The valuation is not low, and the supply - demand situation is slightly loose. There is a game between weak reality and strong expectations, and the rebound height may be limited [2][35][37]. - **Urea**: The absolute valuation is not low. The comprehensive profit is good, and the supply load is rising. The demand is strong in the short term but may weaken during the holiday season [3][39][41]. - **Natural Gas**: Cold air drives up gas prices, but the supply is relatively sufficient, and the upward space of gas prices may be limited [6][45][46]. - **Asphalt**: The raw material end provides support, and the price remains stable. However, there are uncertainties in the supply of raw materials and the compression space for spreads [6][49][50]. - **Glass**: The supply and demand are both weak. In the absence of further cold - repair implementation, it should be treated bearishly [6][54]. - **Soda Ash**: The upstream production enterprises maintain high - level operation, and the demand support is insufficient. It should be treated bearishly before further intensification of maintenance [6][58]. Group 3: Summaries According to Related Catalogs Crude Oil - **Market Review**: Overnight, international oil prices rebounded. WTI rose by 0.43%, Brent fell by 0.60%, and the domestic SC rose by 0.59% [8]. - **Basic Logic**: Cold air drives up gas prices, pushing up oil prices. The Middle - East geopolitical situation eases but remains uncertain. There is a supply surplus in the off - season, and inventories are accumulating [9][10]. - **Strategy Recommendation**: In the medium - to - long - term, OPEC+ is expanding production, and the oil price is in a low - price range. In the short - term, it is in a volatile adjustment, and the SC should be monitored in the range of [440 - 450] [11]. LPG - **Market Review**: On January 21, the PG main contract closed at 4064 yuan/ton, up 0.12% month - on - month [13]. - **Basic Logic**: It mainly follows the cost - end oil price, which is under pressure in the medium - to - long - term. The supply is stable, and the downstream chemical demand is resilient [14]. - **Strategy Recommendation**: In the medium - to - long - term, the upstream crude oil supply exceeds demand, and the LPG price has compression space. The PG should be monitored in the range of [3050 - 3150] [15]. L - **Market Review**: The L05 contract's related data shows certain price and volume changes [17]. - **Basic Logic**: Cost support improves, the linear production schedule increases, but the spot price has not stopped falling. The terminal replenishment is insufficient, and it is expected to follow the cost fluctuation [19]. - **Strategy Recommendation**: It is expected to fluctuate in the range of [6600 - 6800] [19]. PP - **Market Review**: The PP05 contract's related data shows price and volume changes [21]. - **Basic Logic**: It rebounds with the cost in the short term. The supply and demand are both weak, and the PDH profit is compressed, increasing the maintenance expectation [23]. - **Strategy Recommendation**: It is expected to fluctuate in the range of [6450 - 6600] [23]. PVC - **Market Review**: The V05 contract's related data shows price and volume changes [24]. - **Basic Logic**: The liquid caustic soda price drops, and the cost support of marginal devices improves. There is a short - term export rush, but the long - term supply - demand is expected to weaken, and the high - inventory structure is difficult to change [26]. - **Strategy Recommendation**: It is expected to fluctuate in the range of [4650 - 4850] [26]. PX/PTA - **Market Review**: The TA05 contract's related data shows price and volume changes [27]. - **Basic Logic**: Valuation is not low, the supply is affected by device maintenance, the downstream demand weakens seasonally, and the cost end is in a weak balance [28]. - **Strategy Recommendation**: Pay attention to the opportunity to buy on dips for the 05 contract, with the TA05 monitored in the range of [5130 - 5220] [29]. MEG - **Market Review**: The EG05 contract's related data shows price and volume changes [30]. - **Basic Logic**: Valuation is low, the domestic supply load increases, the demand weakens seasonally, and the inventory accumulates [31]. - **Strategy Recommendation**: Pay attention to the opportunity to short on rebounds, with the EG05 monitored in the range of [3680 - 3760] [32]. Methanol - **Market Review**: Not specifically mentioned in a prominent market - review section. - **Basic Logic**: Valuation is not low, the domestic and overseas device loads decline, the supply pressure eases, and the demand weakens slightly [35][36]. - **Strategy Recommendation**: The supply pressure eases in January, and the demand is suppressed by weak olefin demand. The MA05 should be monitored in the range of [2200 - 2250] [37]. Urea - **Market Review**: The UR05 contract's related data shows price and volume changes [38]. - **Basic Logic**: Valuation is not low, the supply load rises, the demand is strong in the short term but may weaken during the holiday season, and the inventory is still relatively high [39][40]. - **Strategy Recommendation**: The winter - storage benefit is limited, the supply pressure is expected to increase, and the UR05 should be monitored in the range of [1760 - 1790] [41]. Natural Gas - **Market Review**: On January 20, the NG main contract closed at 3.183 US dollars/million British thermal units, up 17.80% month - on - month [44]. - **Basic Logic**: Cold air drives up demand and gas prices. The supply is relatively sufficient, and the inventory situation is known [45]. - **Strategy Recommendation**: In the winter consumption season, the demand supports the gas price, but the upward space may be limited. The NG should be monitored in the range of [4.866 - 5.496] [46]. Asphalt - **Market Review**: On January 21, the BU main contract closed at 3157 yuan/ton, up 0.57% month - on - month [48]. - **Basic Logic**: The raw material end provides support, the cost profit declines, the supply is expected to decrease, and the inventory increases [49]. - **Strategy Recommendation**: The spread valuation returns to normal but still has compression space. There are uncertainties in the supply of raw materials. The BU should be monitored in the range of [3150 - 3250] [50]. Glass - **Market Review**: The FG05 contract's related data shows price and volume changes [52]. - **Basic Logic**: The supply and demand are both weak, the demand is in the off - season, and the weak demand suppresses the upward space [54]. - **Strategy Recommendation**: It is expected to fluctuate in the range of [1030 - 1080] [54]. Soda Ash - **Market Review**: The SA05 contract's related data shows price and volume changes [56]. - **Basic Logic**: The upstream production enterprises maintain high - level operation, the demand support from float glass is insufficient, and the supply is under pressure [58]. - **Strategy Recommendation**: It is expected to fluctuate in the range of [1150 - 1200] [58].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - After the bullish factors of asphalt raw materials are gradually digested, the supply and demand return to an equilibrium level, and the price is expected to fluctuate. Attention should be paid to the performance of oil prices [7] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: The opening price of BU2603 was 3150 yuan/ton, the closing price was 3157 yuan/ton, the highest was 3167 yuan/ton, the lowest was 3134 yuan/ton, the increase was 0.45%, and the trading volume was 148,500 lots. The opening price of BU2604 was 3164 yuan/ton, the closing price was 3170 yuan/ton, the highest was 3180 yuan/ton, the lowest was 3147 yuan/ton, the increase was 0.51%, and the trading volume was 16,900 lots [6] - **Spot Market**: The asphalt spot prices in North China, South China, and Sichuan-Chongqing regions decreased, while those in other regions remained stable. Affected by cooling and rain-snow weather, the rigid demand for asphalt continued to decline [6] - **Supply**: Shengxing Petrochemical planned to switch to asphalt production on the 16th, but Qilu Petrochemical switched to residue production on the 15th. The operating load rate of asphalt plants is expected to remain basically the same next week [7] - **Demand**: In the next ten days, the cold air will strengthen, and there will be obvious rain-snow processes from the Huanghuai region to the Yangtze River. Road construction projects in East China and Central China may gradually enter the final or suspension stage. Winter storage contracts in the northern region will continue to arrive, and the overall demand is expected to fluctuate limitedly. With the seasonal decline in terminal demand and the lack of new positive factors, the sentiment in the asphalt market may remain cautious, and the speculative demand is expected to increase limitedly [7] 3.2 Industry News - **Shandong Market**: The mainstream transaction price of 70A grade asphalt was 3000 - 3240 yuan/ton, remaining stable compared with the previous working day. International oil prices and asphalt futures maintained a narrow range of fluctuations, providing no directional guidance for the asphalt spot market. Affected by the low temperature in Shandong and surrounding areas, the market demand was weak, and the spot trading remained light. The mainstream quotations of traders were mainly stable [8] - **East China Market**: The mainstream transaction price of 70A grade asphalt was 3130 - 3230 yuan/ton, remaining stable compared with the previous working day. The rise in crude oil provided some support for the asphalt market, but affected by the rain-snow weather, the terminal demand for asphalt in the East China region continued to weaken, and downstream purchases were rare. The market trading was light, and the mainstream spot transaction price in East China remained stable today [8] 3.3 Data Overview - The report presents multiple data charts, including asphalt cracking, social inventory, daily operating rate, comprehensive profit in Shandong, spot price in South China, basis in Shandong, manufacturer inventory, and warehouse receipts, with data sources from wind and the Research and Development Department of CCB Futures [13][14][19][22]

内容概要：丁二烯作为合成橡胶、ABS树脂等材料的核心原料，下游需求与汽车、家电、建材等支柱产 业高度绑定，近年来，随着新能源汽车轻量化进程加快、家电产品升级迭代，以及基建投资对橡胶制品 的刚性需求，丁二烯基础消费需求长期保持稳定，同时，高端合成橡胶、特种树脂等新兴应用领域的技 术突破，进一步打开了丁二烯的增量需求空间，据统计，2024年我国丁二烯表观消费量达486.2万吨， 同比增长2.8%，同年产量完成455.6万吨，同比增长4.2%，需求缺口主要来源于进口。 相关上市企业：中国石油（601857）、万华化学（600309）、中国石化（600028） 相关企业：浙江石油化工有限公司、中海壳牌石油化工有限公司、山东裕龙石化有限公司、埃克森美孚 （中国）投资有限公司、盛虹石化集团有限公司、福建联合石油化工有限公司、上海赛科石油化工有限 责任公司 关键词：丁二烯生产工艺、丁二烯行业发展历程、丁二烯产业链图谱、丁二烯供需现状、丁二烯进出口 贸易、丁二烯竞争格局、丁二烯发展趋势 一、概述 丁二烯，化学名称为1,3-丁二烯，化学式为C₄H₆，是一种带有轻微芳香味的无色气体，不溶于水，溶于 丙酮、苯、乙酸、酯等多数有机溶 ...

"越是天气恶劣，越要守住安全质量底线，绝不能因赶进度降低作业标准。"炼油配套工程负责人王冬反复叮 嘱。他对记者说，按照施工计划，雪停后，施工人员将进行加氢裂化反应器吊装作业。反应器的高度和重量 虽然比精制反应器略小，但也是个"大块头"，容不得丝毫马虎。 这片风雪中的工地，承载着河南石化产业升级的重任。作为中石化集团与省区市联动的重大项目，也是黄河 流域生态保护和高质量发展的引领性工程，百万吨乙烯项目总投资278亿元，规划建设13套生产装置，含100 万吨/年乙烯装置。项目投产后，年总产量达281万吨，可新增产值200亿元、税收18亿元。 1月19日，洛阳孟津，雪下得正紧。中国石化河南炼化公司百万吨乙烯项目炼油配套工程现场，橙红色大型履 带吊、重达740余吨的精制反应器等钢铁巨物，在雪中静静矗立。工人们穿梭在作业面上，脚步匆匆却井然有 序，人人争分夺秒抢时间、赶进度。 "大家多留点神！雪势太猛、气温偏低，注意安全！"监理公司总监韩雪踩着近脚踝深的积雪走来，手中攥着 安全巡查本，目光扫过各个作业区。 为应对极端天气，项目部第一时间启动雨雪天气应急预案，果断暂停吊装、脚手架搭设等高风险作业，将安 全放在首位。韩雪叮 ...

Core Viewpoint - The merger between Sinopec and China Aviation Oil aims to create a national energy powerhouse that can compete with international giants while focusing on carbon neutrality and supply chain security [4][6]. Group 1: Merger Announcement and Initial Actions - The merger announcement on January 8, 2026, revealed the formation of a new entity with total assets of nearly 2.8 trillion yuan and annual revenue exceeding 3 trillion yuan [4]. - Both companies have initiated the integration of their production and procurement systems, establishing a working group to optimize the supply chain from refineries to fuel pumps [5][9]. - The core principle of the merger is "professional integration" rather than mere scale expansion, indicating a shift in competition from channel-based to efficiency and cost-based [6][7]. Group 2: Industry Impact and Reactions - The merger has triggered a restructuring of the aviation fuel supply chain, affecting upstream suppliers, midstream refiners, and downstream airlines [5][16]. - Smaller refining companies and independent traders are feeling pressure as the procurement system is expected to favor Sinopec, potentially reducing orders from China Aviation Oil by at least 30% in the next couple of years [19]. - Some companies are exploring alliances with other large refiners to enhance their bargaining power and are reassessing direct supply options to airports [19][20]. Group 3: User Perspective and Concerns - Airlines, as the end users of aviation fuel, are closely monitoring the merger's impact on their procurement costs, which typically account for over 30% of their total operating expenses [28]. - While the merger could enhance supply stability and reduce costs, there are concerns about diminished bargaining power as China Aviation Oil and Sinopec become a single entity [28][29]. - Airlines are exploring alternative supply channels and considering sustainable aviation fuel (SAF) as a key variable in future negotiations [32][33]. Group 4: Regulatory and Future Considerations - The merger raises questions about market competition and potential monopolistic behavior, prompting expectations of regulatory scrutiny from the State Administration for Market Regulation [35][36]. - The integration is also seen as a step towards accelerating the decarbonization of the aviation industry, with both companies having complementary strengths in SAF technology and distribution networks [36][37]. - Successful implementation of the merger will depend on optimizing the value chain and enhancing global competitiveness while navigating regulatory challenges [38].

Core Insights - The State-owned Assets Supervision and Administration Commission (SASAC) disclosed the 2024 salary information for 87 central enterprise leaders, including seven energy and chemical companies [1] Group 1: Salary Information - The pre-tax salary of central enterprise leaders consists of three parts: payable annual salary, employer contributions to social insurance, enterprise annuities, supplementary medical insurance, and housing provident fund, as well as other monetary income [1] - The disclosed salaries for the seven energy and chemical central enterprise leaders range from 650,000 to 1,000,000 yuan, with the total annual salary for these leaders falling between 800,000 and 1,260,000 yuan [2][3] Group 2: Top Earners - The top three earners among the seven energy and chemical central enterprise leaders are from the "Big Three" oil companies: China National Petroleum Corporation (CNPC) Chairman Dai Houliang (978,500 yuan), China National Offshore Oil Corporation (CNOOC) Chairman Wang Dongjin (966,900 yuan), and China Petroleum and Chemical Corporation (Sinopec) Chairman Ma Yongsheng (935,500 yuan) [3] - The remaining leaders' salaries are as follows: China Coal Energy Group Chairman Wang Shudong (910,200 yuan), National Oil and Gas Pipeline Group Chairman Zhang Wei (872,900 yuan), China Sinochem Holdings Chairman Li Fanrong (650,700 yuan), and China Chemical Engineering Group Chairman Mo Dingge (635,600 yuan) [3] Group 3: Salary Changes - The total salary for the leaders of the seven energy and chemical central enterprises has shown an increase, with the exception of the National Oil and Gas Pipeline Group Chairman's salary, which declined compared to 2023 [3] - The top three salary increases for 2024 were recorded by China Sinochem Holdings Chairman Li Fanrong (4.08%), CNPC Chairman Dai Houliang (3.89%), and CNOOC Chairman Wang Dongjin (3.57%) [4] Group 4: Company Performance - In 2024, the "Big Three" oil companies collectively achieved a net profit of over 352.93 billion yuan, averaging approximately 964 million yuan per day [5] - CNOOC reported a revenue of 420.51 billion yuan, a year-on-year increase of 0.9%, and a net profit of 137.94 billion yuan, up 11.4%, marking the second-highest performance in the company's history [5] - CNPC's revenue was 2.94 trillion yuan, a decrease of 2.5% year-on-year, primarily due to falling prices of oil, natural gas, and refined oil products, while achieving a net profit of 164.68 billion yuan, a 2.0% increase [6]

Core Viewpoint - In December 2025, China's diesel exports showed a significant increase both month-on-month and year-on-year, while the cumulative annual export volume experienced a decline. The market dynamics indicate a shift towards alternative energy sources impacting diesel demand, despite a temporary rebound in exports due to stable logistics and construction activities [1][2][3]. Group 1: Export Data - In December 2025, diesel export volume reached 427,200 tons, marking a month-on-month increase of 2.82% and a year-on-year increase of 483.61% [1][2]. - The cumulative diesel export volume for the year 2025 was 6,667,100 tons, reflecting a year-on-year decline of 16.74% [1][2]. - The export destinations expanded from 18 to 26 countries, with Bangladesh, the Philippines, and Singapore being the top three destinations [3]. Group 2: Import Data - There were no diesel imports recorded in December 2025, while the cumulative import volume for the year was 234,800 tons, representing a year-on-year increase of 95.76% [1][2]. Group 3: Market Dynamics - The logistics and construction industry showed stable performance, contributing to the slight rebound in diesel exports [2]. - The penetration of alternative energy vehicles, particularly in the logistics sector, is increasingly suppressing diesel demand, with new energy heavy truck sales rising by 198% year-on-year in December [2]. - The current export quota remains similar to the previous year, with no significant easing of export policies, which may limit future diesel export volumes [3].

摘要：【图】2025年8月上海市柴油产量数据 2025年1-8月柴油产量统计： 柴油产量：296.2 万吨 2025年8月柴油产量统计： 柴油产量：45.4 万吨 同比增长：5.2% 增速较上一年同期变化：高23.0个百分点 据统计，2025年8月上海市规模以上工业企业柴油产量与上年同期相比增长了5.2%，达45.4万吨，增速 较上一年同期高23.0个百分点，增速较同期全国高0.6个百分点，约占同期全国规模以上企业柴油产量 1705.8万吨的比重为2.7%。 详见下图： 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。 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 汽油行业监测及发展趋势 柴油未来发展趋势预测 橡胶现状及发展前景 塑料发展前景趋势分析 化妆品的现状和发展趋势清洁护肤行业现状与发展趋势 同比增长：-19.7% 增速较上一年同期变化：低5.7个百分点 据统计，2025年1－8月，上海市规模以上工业企业柴油产量与上年同期相比下降了19.7%，达296 ...