Core Insights - Yunnan Petrochemical successfully completed its first "five-year overhaul," marking a significant milestone as the first company in the China National Petroleum Corporation (CNPC) to transition from a "three-year overhaul" to a "five-year overhaul" [1] Group 1: Overhaul Achievements - The overhaul involved over 6,000 personnel and aimed for a successful initial operation with a focus on safety, environmental protection, quality, efficiency, and timely execution [2] - A total of over 23,000 repair tasks were completed within 50 days, demonstrating the company's commitment to operational excellence [2] - The company reduced energy and material consumption compared to pre-overhaul levels, indicating effective resource management [1] Group 2: Preparation and Execution - Yunnan Petrochemical prepared for the overhaul 18 months in advance, completing planning and project bidding to ensure a smooth process [2] - The leadership took an active role in overseeing the overhaul, with dedicated service teams established to support frontline workers [2] - A total of 16 specialized teams were formed, with over 1,390 experienced professionals selected for the project, and nearly 9,000 safety education sessions conducted [2] Group 3: Innovation and Technology - The company introduced the "smart overhaul" concept, utilizing a smart repair platform for the first time in similar enterprises, which integrates nine functional modules to enhance resource utilization [2] - The smart platform aims to provide intelligent decision-making support and create additional management value during the overhaul [2] - The overhaul also accelerated the localization of DCS, SIS, and CCS systems, reinforcing safety measures for core production data [2]

Group 1 - The core point of the article is that domestic refined oil retail prices in China will increase for the first time in 2026, with both gasoline and diesel prices rising by 85 yuan per ton, translating to an increase of 0.07 yuan per liter for 92-octane gasoline, 95-octane gasoline, and 0-octane diesel [1] - After this adjustment, the pricing trend for refined oil in 2026 will show a pattern of "one increase, zero decrease, and one stagnation" [1] - The highest retail price for gasoline in Beijing will be 8435 yuan per ton, while diesel will be priced at 7450 yuan per ton [1]

来源：央视财经 1月20日24时起，国内汽、柴油价格每吨均上调85元。全国平均来看：92号汽油、95号汽油、0号柴油每 升均上调0.07元。记者给您算了笔账，用92号汽油加满50升油箱将多花3.5元。 记者今天从国家发展改革委了解到，1月20日24时国内成品油调价窗口将开启。受国际油价上涨影响， 国内汽、柴油价格将上调，这也是2026年成品油价格首次上调。 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) announced an increase in domestic gasoline and diesel prices by 85 yuan per ton, effective from January 20, due to fluctuations in international oil prices [1]. Group 1: Price Adjustment - The price adjustment is based on the comparison of the average prices over the last ten working days with the previous adjustment period [1]. - The increase in fuel prices is a response to the recent rise in international oil prices, which have shown volatility [1]. Group 2: Market Stability Measures - Major oil companies, including PetroChina, Sinopec, and CNOOC, are required to ensure stable production and supply of refined oil products [1]. - Local authorities are tasked with enhancing market supervision and strictly enforcing national pricing policies to maintain normal market order [1]. Group 3: Market Conditions - The NDRC's price monitoring center indicates that geopolitical factors are the primary influence on the fluctuations of international oil prices, amidst a backdrop of oversupply in the global oil market [1].

Core Viewpoint - The domestic fuel price adjustment window will open on January 20, 2026, with an increase in gasoline and diesel prices due to rising international oil prices [1] Group 1: Price Adjustments - Starting from January 20, 2026, the price of gasoline and diesel will increase by 85 yuan per ton [1] - The national average price increase for 92-octane gasoline, 95-octane gasoline, and 0-diesel will be 0.07 yuan per liter [1] - Filling a 50-liter tank with 92-octane gasoline will cost an additional 3.5 yuan [1]

来源：央视财经 1月20日24时起，国内汽、柴油价格每吨均上调85元。全国平均来看：92号汽油、95号汽油、0号柴油每升均上调0.07元。 记者给您算了笔账，用92号汽油加满50升油箱将多花3.5元。 记者今天从国家发展改革委了解到，1月20日24时国内成品油调价窗口将开启。受国际油价上涨影响，国内汽、柴油价格将上 调，这也是2026年成品油价格首次上调。 ...

自1月20日24时起，国内汽、柴油价格每吨均上调85元。全国平均来看：92号汽油、95号汽油、0号柴油 每升均上调0.07元。若以92号汽油加满50升油箱来算，车主将多花3.5元。 【大河财立方消息】1月20日，国家发展改革委发布通知，国内成品油价格按机制调整，国内汽、柴油 价格将上调。这是2026年成品油价格首次上调。 责编:李文玉 | 审核:李震 | 监审:古筝 ...

Core Viewpoint - The retail price of refined oil in China will see its first increase in 2026, with gasoline and diesel prices rising by 85 yuan per ton, translating to an increase of 0.07 yuan per liter for 92 gasoline, 95 gasoline, and 0 diesel, effective from 24:00 tonight [1]. Group 1: Price Adjustment Details - The price adjustment is triggered by a shift in the crude oil price change rate from negative to positive during the current pricing cycle [1]. - After the adjustment, the cost for filling a 50-liter tank in a small private car will increase by approximately 3.5 yuan, and for a small car running 2,000 kilometers per month with an 8-liter fuel consumption per 100 kilometers, the total fuel cost will rise by 5 yuan before the next price adjustment window [1]. - For heavy trucks running 10,000 kilometers per month with a fuel consumption of 38 liters per 100 kilometers, the fuel cost will increase by around 124 yuan before the next adjustment [1]. Group 2: Market Analysis and Future Outlook - Geopolitical risks in the Middle East and South America have provided support for oil prices, leading to a cumulative increase of over 10% in crude oil prices over five days, but subsequent easing signals from the U.S. have led to a price decline [3]. - Analysts expect ongoing geopolitical uncertainties to continue affecting international oil prices, while macroeconomic pressures and industry oversupply may suppress upward momentum, resulting in a volatile market [3]. - As the Spring Festival approaches, there is a certain demand for gasoline, which may support prices, but diesel consumption is expected to decline due to reduced activity in industries like mining and construction [3].

据央视财经消息，记者今天从国家发展改革委了解到，1月20日24时国内成品油调价窗口将开启。受国 际油价上涨影响，国内汽、柴油价格将上调，这也是2026年成品油价格首次上调。1月20日24时起，国 内汽、柴油价格每吨均上调85元。全国平均来看：92号汽油、95号汽油、0号柴油每升均上调0.07元。 央视财经记者给您算了笔账，用92号汽油加满50升油箱将多花3.5元。 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoint of the Report - No explicit core viewpoint is presented in the provided content 3. Summary by Relevant Catalog 3.1 Basis and Calendar Spread - The Shandong basis (+80) (non - Jingbo) was -42 on 12/18, 10 on 1/13, -7 on 1/15, 30 on 1/16, and -2 on 1/19, with a daily change of -32 and a weekly change of -12 [4][12] - The East China basis (Zhenjiang warehouse) was -52 on 12/18, 30 on 1/13, 3 on 1/15, 20 on 1/16, and 8 on 1/19, with a daily change of -12 and a weekly change of -22 [4][12] - The South China basis (Foshan warehouse) was -132 on 12/18, -10 on 1/13, -37 on 1/15, -30 on 1/16, and -42 on 1/19, with a daily change of -12 and a weekly change of -32 [4][12] - The 01 - 03 spread was -29 on 12/18, -59 on 1/13, -68 on 1/15, -28 on 1/16, and -60 on 1/19, with a daily change of -2 and a weekly change of -1 [4][12] - The 02 - 03 spread was -17 on 12/18, -14 on 1/13, -21 on 1/15, -19 on 1/16, and -18 on 1/19, with a daily change of 1 and a weekly change of -4 [4][12] - The 03 - 06 spread was -20 on 12/18, -15 on 1/13, -7 on 1/15, -17 on 1/16, and -16 on 1/19, with a daily change of 7 and a weekly change of -1 [4][12] 3.2 BU Main Contract (02) - The price of the BU main contract (02) was 2952 on 12/18, 3140 on 1/13, 3167 on 1/15, 3130 on 1/16, and 3142 on 1/19, with a daily change of 12 and a weekly change of 2 [4][12] - The trading volume was 612865 on 12/18, 409443 on 1/13, 240295 on 1/15, 204852 on 1/16, and 184869 on 1/19, with a daily change of -19983 and a weekly change of -224574 [4][12] - The open interest was 472355 on 12/18, 434852 on 1/13, 427132 on 1/15, 416491 on 1/16, and 414788 on 1/19, with a daily change of -1703 and a weekly change of -20064 [4][12] - The contract value was 4180 on 12/18, 15840 on 1/13, 16910 on 1/15, 16110 on 1/16, and 16110 on 1/19, with a daily change of 0 and a weekly change of 270 [4][12] 3.3 Crude Oil and Asphalt Prices - Brent crude oil was priced at 59.8 on 12/18, 63.9 on 1/13, 66.5 on 1/15, 63.8 on 1/16, and 64.1 on 1/19, with a daily change of 0.4 and a weekly change of 0.3 [4][12] - The price of Jingbo asphalt was 2950 on 12/18, 3110 on 1/13, 3130 on 1/15, 3110 on 1/16, and 3100 on 1/19, with a daily change of -10 and a weekly change of -10 [4][12] - The price of Shandong (non - Jingbo) asphalt was 2830 on 12/18, 3070 on 1/13, 3080 on 1/15, 3080 on 1/16, and 3060 on 1/19, with a daily change of -20 and a weekly change of -10 [4][12] - The price of Zhenjiang warehouse asphalt was 2900 on 12/18, 3170 on 1/13, 3170 on 1/15, 3150 on 1/16, and 3150 on 1/19, with a daily change of 0 and a weekly change of -20 [4][12] - The price of Foshan warehouse asphalt was 2820 on 12/18, 3130 on 1/13, 3130 on 1/15, 3100 on 1/16, and 3100 on 1/19, with a daily change of 0 and a weekly change of -30 [4][12] 3.4 Profit - The asphalt Ma Rui profit was 399 on 12/18, 384 on 1/13, 280 on 1/15, and then unavailable data from 1/16 onwards [4][12]