Group 1 - The core viewpoint of the article is that there are concerns regarding the legitimacy of the transformation and upgrades at Bohui Co., with some investors questioning the effectiveness and progress of its initiatives in liquid cooling, computing power, and large models [2] - Bohui Co. responded to investor inquiries on an interactive platform, stating that its wholly-owned subsidiary, Wuxi Jizhi Liquid Cooling, was established in June and that various tasks are progressing in an orderly manner [2]

1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints - No clear core viewpoints are presented in the given content. It mainly provides a series of data on asphalt, including futures prices, trading volumes, positions, spot prices, basis, spreads, and profit margins. 3. Summary by Relevant Catalogs Futures Prices - On September 18, the BU main contract price was 3427, a daily decrease of 18 and a weekly decrease of 23 [4]. - BU06 was 3358, down 12 daily and 12 weekly [4]. - BU09 was 3349, down 13 daily and 71 weekly [4]. - BU12 was 3388, down 16 daily and 11 weekly [4]. - BU03 was 3377, down 1 daily and unchanged weekly [4]. Trading Volume and Position - The trading volume on September 18 was 210,608, an increase of 1,178 daily and a decrease of 12,209 weekly [4]. - The position was 408,756, an increase of 1,203 daily and a decrease of 27,301 weekly [4]. Spot Prices - The Shandong market price was 3,520, unchanged daily and down 20 weekly [4]. - The East China market price was 3,590, down 50 daily and 50 weekly [4]. - The South China market price was 3,490, unchanged daily and down 30 weekly [4]. - The North China market price was 3,660, unchanged daily and up 10 weekly [4]. - The Northeast market price was 3,850, unchanged daily and down 20 weekly [4]. Basis and Monthly Spreads - The Shandong basis was 93, an increase of 18 daily and 3 weekly [4]. - The East China basis was 163, down 32 daily and 27 weekly [4]. - The South China basis was 63, an increase of 18 daily and a decrease of 7 weekly [4]. - The 03 - 06 spread was 19, an increase of 11 daily and 12 weekly [4]. - The 06 - 09 spread was 9 [4]. - The 09 - 12 spread was -39, an increase of 3 daily and a decrease of 60 weekly [4]. - The 12 - 03 spread was 11, down 12 daily and 11 weekly [4]. Spreads and Profits - The asphalt Brent spread was -4, an increase of 27 daily and a decrease of 93 weekly [4]. - The asphalt Ma Rui profit was -71, an increase of 24 daily and a decrease of 84 weekly [4]. - The general refinery comprehensive profit was 384, an increase of 14 daily and a decrease of 76 weekly [4]. - The Ma Rui - type refinery comprehensive profit was 715, an increase of 18 daily and a decrease of 79 weekly [4]. - The import profit (South Korea - East China) was -137, down 44 daily and 36 weekly [4]. - The import profit (Singapore - South China) was -939, unchanged daily and down 16 weekly [4]. Related Prices - The Brent crude oil price was 68.0, down 0.5 daily and up 1.6 weekly [4]. - The Shandong gasoline market price was 7,511, down 9 daily and 36 weekly [4]. - The Shandong diesel market price was 6,468, down 17 daily and 1 weekly [4]. - The Shandong residual oil market price was 3,700, unchanged daily and up 125 weekly [4].

Market Overview - The three major indices experienced a rapid rise followed by a decline, with the Shanghai Composite Index dropping by 1.15%, the Shenzhen Component Index by 1.06%, and the ChiNext Index by 1.64% at the close [2] - Over 4,600 stocks in the market declined, with a total trading volume of 3.135 trillion yuan, an increase of 758.4 billion yuan compared to the previous trading day, marking the third highest volume of the year [2] Index Performance - The Shanghai Composite Index reached a peak of 3,899.96 points in the morning, nearing the 3,900-point mark, but fell to a low of 3,801 points in the afternoon, nearly erasing the gains from the previous Thursday [3] - The rise was primarily driven by technology stocks in the Shanghai market, while traditionally supportive sectors like banking and dividends lagged behind [4] Sector Analysis - The afternoon saw a significant decline in the financial sector, which dampened the bullish sentiment in technology stocks, leading to a drop in all three major indices [5] - There were indications of large sell orders from leading brokerages, suggesting that funds might be using the financial sector to control the market and suppress index gains [6] Investment Sentiment - The proximity of the Shanghai Composite Index to the 3,900-point threshold raises questions about market timing rather than capability, suggesting that the market may not be ready for a breakout yet [7] - The current market is characterized by a strong trend in stocks with consecutive gains, despite the overall index fluctuations [10] Stock Highlights - Certain stocks have shown remarkable performance, such as *ST Weir with a 5.02% increase over 18 days and Tian Guan shares with a 10% increase over 12 consecutive days [11] - The technology sector's leading stocks have shown signs of consolidation, transitioning from a strong upward trend to a more volatile phase [12] Future Outlook - Analysts suggest that the market's upward potential is currently limited, with a need for a transition from a liquidity-driven bull market to a fundamental-driven one [14] - Recent reports indicate that the Federal Reserve's potential interest rate cuts could support a slow bull market in A-shares, driven by improved domestic economic policies and market sentiment [14][15]

（文章来源：证券日报） 证券日报网讯 9月17日晚间，恒力石化发布公告称，2025年半年度利润分配方案为A股每股现金红利 0.08元（含税），股权登记日为2025年9月23日，除权（息）日及现金红利发放日均为2025年9月24日。 ...

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry [1] Core Insights - The report highlights that OPEC+ has implemented production increases as planned in August 2025, indicating a recovery in oil supply [1] - Predictions for global oil supply and demand are optimistic, with significant increases expected in 2025 and 2026 [2][32] - The report emphasizes the importance of geopolitical factors and OPEC+ production policies in influencing oil prices and market stability [4] Supply and Demand Overview - IEA, EIA, and OPEC predict global oil supply for 2025 to be 10582.51, 10552.82, and 10460.46 million barrels per day respectively, showing increases from 2024 [2][32] - For 2026, the predicted supply is 10787.62, 10664.34, and 10618.42 million barrels per day, indicating continued growth [2][32] - Global oil demand predictions for 2025 are 10387.45, 10380.99, and 10513.52 million barrels per day, with increases from 2024 [2][32] Price Trends - As of September 16, 2025, Brent crude oil is priced at $68.47, WTI at $64.52, and Russian ESPO at $63.69, with recent price changes showing slight increases [9][10] - Year-to-date price changes show Brent down by 9.82%, WTI down by 11.77%, and Russian ESPO down by 11.48% [9][10] Inventory Insights - Global oil inventory changes are predicted to be +195.06, +171.83, and -53.06 thousand barrels per day for 2025, with an average increase of +104.61 thousand barrels per day [27] - For 2026, the average inventory change is expected to be +150.95 thousand barrels per day [27] Related Companies - Key companies in the industry include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [4]

Group 1: Coal and Oil Production - In August, the industrial raw coal production in Henan Province reached 8.8748 million tons, showing a year-on-year increase of 0.6%, but the growth rate decreased by 3.8 percentage points compared to July [2] - From January to August, the total industrial raw coal production was 71.0986 million tons, with a year-on-year growth of 2.7% [2] - The industrial crude oil processing in August was 0.9641 million tons, marking a year-on-year increase of 20.7%, with the growth rate improving by 6.1 percentage points from July [2] Group 2: Electricity Production - In August, the industrial electricity generation was 37.935 billion kWh, reflecting a year-on-year increase of 7.7%, but the growth rate fell by 19.6 percentage points compared to July [3] - From January to August, the total industrial electricity generation was 241.395 billion kWh, with a year-on-year growth of 4.0% [4] - Breakdown of electricity generation in August: thermal power increased by 7.6% (down 25.1 percentage points from July), hydropower turned from a decline of 27.1% in July to a growth of 6.4%, wind power grew by 9.9% (up 6.5 percentage points), and solar power increased by 7.0% (down 29.8 percentage points) [4]

新华财经北京9月16日电（记者安娜）中国石化集团公司16日组织驻新疆企业联合发布的《同心筑梦中 国石化在新疆社会责任报告（1978-2025）》显示，目前中国石化在新疆年原油加工能力达500万吨。 根据这份报告，自改革开放以来，中国石化先后发现并建设塔河油田、顺北油气田等油气田，累计探明 石油地质储量21.67亿吨、天然气地质储量3387.03亿立方米，累计生产原油1.77亿吨、天然气418亿立方 米，累计加工原料油7647.06万吨，生产成品油7201万吨。 中国石化在新疆深耕油气主营业务的同时，着力守护生态绿洲。报告显示，多年来，中国石化累计投资 8.9亿元实施生态恢复工程。中国石化西北油田分公司在塔里木胡杨林国家级自然保护区清退油井105 口，在塔克拉玛干沙漠累计绿化面积256.3万平方米；新疆石油投运充电站113座、分布式光伏发电站36 座，组织员工造林36.7万平方米；新星公司布局的我国首个万吨级光伏绿氢示范项目2023年在新疆库车 全面投产。 在助力乡村振兴方面，"阳光巴扎"品牌依托全国2.8万座易捷便利店销售新疆特色农产品超1.2亿元；中 国石化定点帮扶的岳普湖县实现脱贫，帮扶78个村从"脱贫" ...

Market Overview - The Hang Seng Index fell by 8.05 points, a decrease of 0.03%, closing at 26,438.51 points [1] - The total turnover for the day on the main board was 294.069 billion HKD [1] - The Hang Seng China Enterprises Index increased by 1.63 points, up 0.02%, closing at 9,386.39 points [1] - The Hang Seng Tech Index rose by 34.05 points, an increase of 0.56%, closing at 6,077.66 points [1] Blue-Chip Stocks - Tencent Holdings rose by 0.23%, closing at 645 HKD [1] - Hong Kong Exchanges and Clearing increased by 0.53%, closing at 451.8 HKD [1] - China Mobile decreased by 0.63%, closing at 87.1 HKD [1] - HSBC Holdings rose by 0.66%, closing at 107.2 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings fell by 0.42%, closing at 37.76 HKD [1] - Sun Hung Kai Properties decreased by 1.34%, closing at 95.55 HKD [1] - Henderson Land Development rose by 0.5%, closing at 28.18 HKD [1] Chinese Financial Stocks - Bank of China increased by 0.23%, closing at 4.43 HKD [1] - China Construction Bank rose by 0.26%, closing at 7.77 HKD [1] - Industrial and Commercial Bank of China fell by 0.34%, closing at 5.95 HKD [1] - Ping An Insurance decreased by 2.22%, closing at 55.05 HKD [1] - China Life Insurance fell by 2.44%, closing at 22.36 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation remained unchanged, closing at 4.22 HKD [1] - China National Petroleum Corporation fell by 0.81%, closing at 7.35 HKD [1] - CNOOC Limited decreased by 0.87%, closing at 19.31 HKD [1]

交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年9月16日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，根据隆众，2025年8月份国内沥青总计划排产量为241.3万吨，环比降幅5.1%, 同比增幅17.1%。本周国内石油沥青样本产能利用率为30.501%，环比减少0.90个百分点，全 国样本企业出货26.35万吨，环比减少0.11%,样本企业产量为50.9万吨，环比减少2.86%,样 本企业装置检修量预估为68.5万吨，环比增加0.44%,本周炼厂有所减产，降低供应压力。下 周或将减少供给压力。 需求端来看，重交沥青开工率为28.1%，环比减少0.04个百分点，低于历史平均水平；建筑沥 青开工率为18.2%，环比持平，低于历史平均水平；改性沥青开工 ...

Group 1: Chemical Sector Performance - The chemical raw materials index increased by 1.90%, while the chemical machinery index rose by 1.43%. However, the chemical pharmaceuticals index decreased by 2.04%, and the pesticide and fertilizer index increased by 3.16% [1] - The top five rising petrochemical products included liquid chlorine, which rose by 28.88%, and epoxy chloropropane, which increased by 6.02%. The top five declining products included vitamin E, which fell by 10.00%, and paraffin, which decreased by 6.49% [1] Group 2: Oil Sector Performance - The oil processing index decreased by 1.15%, and the oil extraction index fell by 1.70%. Conversely, the oil trading index increased by 1.09% [1] - International crude oil prices fluctuated, with WTI settling at $62.69 per barrel, up 1.33% from September 5, and Brent settling at $66.99 per barrel, up 2.27% [1] Group 3: Capital Market Performance of Chemical Companies - The top five rising listed chemical companies included Dongfang Tower, which increased by 31.79%, and Asia-Pacific Industry, which rose by 27.62%. The top five declining companies included Runpu Food, which fell by 16.71%, and Qide New Materials, which decreased by 14.96% [2]