Group 1: Chemical Sector Performance - The chemical index and oil index primarily experienced a decline, while the chemical machinery index and chemical pharmaceutical index saw increases [1] - The chemical raw materials index fell by 1.60%, the chemical machinery index rose by 1.066%, the chemical pharmaceutical index increased by 5.11%, and the pesticide and fertilizer index dropped by 2.05% [1] - In the oil sector, the oil processing index decreased by 3.82%, the oil extraction index fell by 2.09%, and the oil trading index declined by 2.83% [1] Group 2: Oil Price Trends - International crude oil prices initially rose and then fell, with the overall average price significantly higher than the previous week [1] - As of August 1, the WTI crude oil futures settled at $67.33 per barrel, up 3.33% from July 25, while Brent crude oil futures settled at $69.67 per barrel, up 1.80% from July 25 [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases included liquid chlorine up 12.72%, soft foam polyether up 10.42%, epoxy chloropropane up 8.84%, coke up 8.06%, and epoxy propane up 7.47% [1] - The top five petrochemical products with price declines included methyl acrylate down 5.88%, natural rubber down 5.77%, battery-grade lithium carbonate down 5.48%, butadiene rubber down 4.78%, and butadiene down 4.71% [1] Group 4: Capital Market Performance of Chemical Companies - The top five listed chemical companies with the highest stock price increases were Upwind New Materials up 39.37%, Honghe Technology up 22.07%, Songjing Co. up 19.97%, Ketaobiotech up 18.88%, and Asia-Pacific Industry up 17.43% [2] - The top five listed chemical companies with the largest stock price declines were Poly United down 16.35%, Weike Technology down 13.75%, Gaozheng Mining down 13.75%, New Tide Energy down 12.99%, and Yahua Group down 11.80% [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply side shows that the planned domestic asphalt production in August 2025 is 2.413 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 17.1%. The sample capacity utilization rate has increased, and refineries have increased production, which will increase supply pressure next week [8]. - The demand side shows that the current demand is lower than the historical average level, with some types of asphalt and related product operating rates being lower than historical averages [8]. - The cost side shows that the daily asphalt processing profit has decreased, and the profit difference between asphalt and delayed coking has decreased. With the weakening of crude oil, the short - term support is expected to weaken [9]. - The main positions are net short, with a shift from long to short. It is expected that the futures price will fluctuate narrowly in the short term, with the asphalt 2510 fluctuating in the range of 3550 - 3596 [10]. 3. Summaries According to the Directory 3.1 Daily Views - **Fundamentals**: Supply increases and demand is lower than expected, so it is bearish [8]. - **Cost**: Crude oil weakens, and short - term cost support weakens, so it is bearish [9]. - **Basis**: On August 4th, the spot price in Shandong was 3785 yuan/ton, and the basis of the 10 - contract was 229 yuan/ton, with the spot at a premium to the futures, so it is bullish [11]. - **Inventory**: Social, factory, and port inventories are all decreasing, so it is bullish [11]. - **Disk**: The MA20 is upward, and the futures price of the 10 - contract is below the MA20, so it is neutral [11]. - **Main Positions**: The main positions are net short, with a shift from long to short, so it is bearish [10]. - **Expectation**: It is expected that the disk will fluctuate narrowly in the short term, with the asphalt 2510 fluctuating in the range of 3550 - 3596 [10]. 3.2 Asphalt Market Overview - The prices of most asphalt contracts decreased, and the inventories of different types of contracts also showed different degrees of decline [18]. 3.3 Asphalt Futures Market - Basis and Spread Analysis - **Basis Trend**: The report presents the historical trends of Shandong and East China asphalt basis [20][21]. - **Spread Analysis**: It includes the spread trends of main contracts (such as 1 - 6 and 6 - 12 contracts), asphalt - crude oil price trends, crude oil cracking spreads, and the price - to - price trends of asphalt, crude oil, and fuel oil [23][26][29][33]. 3.4 Asphalt Spot Market - It shows the price trends of Shandong heavy - traffic asphalt [36][37]. 3.5 Asphalt Fundamental Analysis - **Profit Analysis**: It includes asphalt profit and the profit spread trend between coking and asphalt [38][41]. - **Supply - Side Analysis**: It covers aspects such as shipment volume, diluted asphalt port inventory, production volume, Ma Rui crude oil price and Venezuelan crude oil monthly production, refinery asphalt production, operating rate, and estimated maintenance loss [44][46][49]. - **Inventory Analysis**: It includes exchange warehouse receipts, social inventory, factory inventory, and factory inventory inventory ratio [64][68][71]. - **Import and Export Situation**: It shows the export and import trends of asphalt and the import price difference trend of South Korean asphalt [74][77][79]. - **Demand - Side Analysis**: It includes petroleum coke production, apparent consumption, downstream demand (such as highway construction, new local special bonds, infrastructure investment), downstream machinery demand, asphalt operating rate, and downstream operating conditions [80][83][86]. - **Supply - Demand Balance Sheet**: It provides the monthly asphalt supply - demand balance table from January 2024 to August 2025 [104][105].

Core Viewpoint - The legal opinion issued by Shanghai Jintiancheng Law Firm confirms that the 2025 fifth extraordinary general meeting of shareholders of Ningbo Bohui Chemical Technology Co., Ltd. was convened and conducted in accordance with relevant laws and regulations, and the resolutions passed during the meeting are deemed valid [1][5]. Group 1: Meeting Procedures - The general meeting was convened by the company's board of directors, with a notice published 15 days prior to the meeting date [2][3]. - The meeting took place on August 4, 2025, at the company's location in Ningbo, Zhejiang Province [2]. Group 2: Attendance and Voting - A total of 84 shareholders and their proxies attended the meeting, with 5 present at the venue and 79 participating via online voting, representing 12,048,666 shares, which is a significant portion of the total voting shares [3][4]. - The voting results showed that 115,317,234 shares (99.9587%) voted in favor of the resolutions, while 36,565 shares (0.0317%) opposed, and 11,100 shares (0.0096%) abstained [5]. Group 3: Legal Compliance - The qualifications of the meeting's convener and attendees were verified as legitimate and in compliance with the Company Law and relevant regulations [3][5]. - The resolutions discussed and passed during the meeting were within the authority of the shareholders' meeting and aligned with the announced agenda [5].

摘要：【图】2025年5月宁夏回族自治区石油沥青产量数据分析 2025年5月石油沥青产量统计： 石油沥青产量：4.6 万吨 同比增长：173.2% 增速较上一年同期变化：高156.2个百分点 据统计，2025年5月宁夏回族自治区规模以上工业企业石油沥青产量与上年同期相比增长了173.2%，达 4.6万吨，增速较上一年同期高156.2个百分点，继续保持增长，增速较同期全国高162.8个百分点，约占 同期全国规模以上企业石油沥青产量334.7万吨的比重为1.4%。 详见下图： 图1：宁夏回族自治区石油沥青产量分月（当月值）统计图 石油沥青产量：20.0 万吨 同比增长：178.8% 增速较上一年同期变化：高186.5个百分点 据统计，2025年1－5月，宁夏回族自治区规模以上工业企业石油沥青产量与上年同期相比增长了 178.8%，达20.0万吨，增速较上一年同期高186.5个百分点，增速较同期全国高171.8个百分点，约占同 期全国规模以上企业石油沥青产量1481.5万吨的比重为1.3%。详见下图： 图2：宁夏回族自治区石油沥青产量分月（累计值）统计图 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 ...

Core Viewpoint - The new "Regulations" aim to enhance the management of refined oil circulation in China by replacing the approval system with a filing system, implementing strict separation between wholesale and retail markets, and enforcing comprehensive supervision of market participants [1][2][4] Group 1: Regulatory Changes - The new regulations will take effect on September 1 and are designed to address new challenges in the refined oil market, including declining demand and supply surplus [1] - The regulations will replace the approval system with a filing system for wholesale and storage, which is expected to shorten processing times and attract more market participants [3][4] - The regulations establish clear operational boundaries, prohibiting wholesalers from directly supplying end-users and requiring verification of oil sources in storage [3][4] Group 2: Market Dynamics - The refined oil market in China has evolved into a multi-faceted structure dominated by state-owned companies, with significant participation from foreign and domestic private enterprises since the market opened in 2007 [2] - The introduction of the filing system and strict operational boundaries is expected to eliminate the traditional "wholesale-retail integration" model, thereby reducing price competition and protecting the profitability of various market segments [3][4] - The regulations are anticipated to enhance market transparency and facilitate cross-departmental data sharing, leading to improved oversight and governance in the refined oil sector [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、回购股份基本情况 恒逸石化股份有限公司（以下简称"公司"或"恒逸石化"）于2024年10月22日召开的第十二届董事会第十 五次会议审议通过了《关于以集中竞价交易方式回购公司股份方案（第五期）的议案》。同意公司使用 自有资金及股票回购专项贷款资金，以集中竞价交易方式回购公司股份，回购资金总额不低于人民币 12,500万元，不超过人民币25,000万元；回购价格为不超过人民币9.00元/股；回购期限为公司自董事会 审议通过本回购方案之日起12个月内，具体内容详见公司在巨潮资讯网上披露的《关于以集中竞价交易 方式回购股份方案（第五期）暨取得金融机构股票回购专项贷款的公告》（公告编号：2024-110）、 《关于以集中竞价交易方式回购股份（第五期）的回购报告书》（公告编号：2024-111）。由于公司注 销完成回购股份，本次回购价格上限由不超过人民币9.00元/股调整为不超过人民币8.94元/股，具体内 容详见公司在巨潮资讯网上披露的《关于调整股份回购价格上限的公告》 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Last week's main view was that anti - involution had little impact on the cost - end crude oil, asphalt was mainly for rigid demand, and it was difficult to have an unexpected performance due to capital constraints. The refinery's weekly operation rate decreased, but it was expected to rebound slightly next week. Although the refinery inventory was at a low level, the continuous non - reduction of social inventory might limit the overall upside space. The asphalt price was expected to fluctuate and follow the cost - end [7]. - This week, the asphalt price rose slightly, generally following the trend of cost - end crude oil but relatively weakly. This week, the supply and demand of refineries both increased, but the increase in demand was less than that in the operation rate. After the reduction of refinery inventory, it was at a low level in the same period, but the reduction speed of social inventory was slow. After entering the peak season, the reduction speed of social inventory would restrict the upward space of asphalt prices. The main view this week was that asphalt was still mainly for rigid demand, and it was difficult to have an unexpected performance due to capital constraints. Although the refinery inventory was at a low level, the continuous non - reduction of social inventory might limit the overall upside space. The asphalt price was expected to fluctuate and weakly follow the cost - end [7]. 3. Summary According to the Directory 3.1 Weekly Viewpoint - Last week's main view: Anti - involution had little impact on the cost - end crude oil. Asphalt was mainly for rigid demand and was restricted by capital. The refinery's weekly operation rate decreased, and it was expected to rebound slightly next week. Low refinery inventory and non - reducing social inventory might limit the upside [7]. - This week's situation: The asphalt price rose slightly, following the crude oil trend weakly. Supply and demand of refineries both increased, with demand growth lower than the operation rate increase. Refinery inventory was at a low level after reduction, and slow social inventory reduction would restrict price increases [7]. - This week's main view: Asphalt was for rigid demand, restricted by capital. Low refinery inventory and non - reducing social inventory might limit the upside. The price was expected to fluctuate and weakly follow the cost - end [7]. 3.2 Data Overview 3.2.1 Asphalt Futures Trends, Monthly Spreads, and Basis - The data includes asphalt's main price, the spread between September and December contracts, and the basis in East China and Shandong regions. The data sources are Wind and Steel Union Data [9][10][11]. 3.2.2 Asphalt Supply - The data shows asphalt device operation rate, weekly output, refinery asphalt profit, and the profit difference between asphalt and fuel oil multiplied by the asphalt operation rate. The data source is Steel Union Data [12][13][14]. 3.2.3 Asphalt Demand - The data covers asphalt shipment volume, apparent consumption, paver sales, and paver sales multiplied by asphalt apparent consumption. The data source is Steel Union Data [15][16][17]. 3.2.4 Asphalt Import and Export - The data includes asphalt import and export volumes, and the import windows in East China and South China. The data source is Steel Union Data [18][19][20]. 3.2.5 Asphalt Inventory - The data shows refinery inventory, social inventory, futures inventory, and monthly futures delivery volume. The data source is Steel Union Data [21][22][23]. 3.2.6 Shandong Asphalt Supply, Demand, and Inventory - The data includes operation rate, shipment volume, refinery inventory, and social inventory in Shandong. The data source is Steel Union Data [24][25][26]. 3.2.7 East China Asphalt Supply, Demand, and Inventory - The data includes operation rate, shipment volume, refinery inventory, and social inventory in East China. The data source is Steel Union Data [27][28][29]. 3.2.8 South China Asphalt Supply, Demand, and Inventory - The data includes operation rate, shipment volume, refinery inventory, and social inventory in South China. The data source is Steel Union Data [30][31][32]. 3.2.9 Production Enterprise Maintenance Information - Multiple enterprises had their atmospheric and vacuum distillation units under maintenance. The total annual production capacity of these enterprises was 1936 tons, and the maintenance loss was 604,000 tons [33].

Core Viewpoint - Shandong Molong's stock experienced a decline of 4.40% with a trading volume of 667 million yuan and a volatility of 15.51% on the day, indicating significant market activity and investor sentiment shifts [2][3]. Trading Activity - The stock had a turnover rate of 20.27%, with institutional investors net selling 8.61 million yuan and the Shenzhen Stock Connect net selling 17.57 million yuan [2]. - The top five trading departments accounted for a total transaction of 131 million yuan, with a net sell of 42.83 million yuan [2]. - Specific trading details show that one institutional seat was involved, net selling 8.61 million yuan, while the Shenzhen Stock Connect was both the fourth largest buyer and the largest seller [2][3]. Fund Flow - The stock saw a net outflow of 38.16 million yuan in principal funds, with large orders contributing to a significant portion of this outflow [3]. - Over the past five days, the net outflow of principal funds totaled 18.49 million yuan [3]. Historical Performance - In the last six months, the stock has appeared on the trading leaderboard 14 times, with an average price increase of 1.74% the day after being listed and an average increase of 2.15% over the following five days [2].

Report Information - Report Title: Asphalt Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: August 1, 2025 [3] 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - No clear core view is presented in the provided content. 3. Summary by Relevant Catalogs Futures Contracts - **Prices**: On July 31, BU06 was at 3447 (up 9 from the previous day, 56 for the week), BU09 at 3659, BU12 at 3530 (up 5, 70 for the week), BU03 at 3469 (unchanged, up 63 for the week) [4]. - **Volume and Open Interest**: Volume on July 31 was 268,665, a drop of 81,465 from the previous day and 31,821 for the week Open interest was 499,556, up 19,000 from the previous day and 40,145 for the week [4]. Spot Market - **Low - end Prices**: On July 31, Shandong was at 3600 (unchanged, down 20 for the week), East China at 3670 (unchanged), South China at 3580 (up 30, 30 for the week), North China at 3730 (up 10, 10 for the week), Northeast at 3850 (unchanged, down 50 for the week) [4]. Basis and Calendar Spreads - **Basis**: Shandong basis was - 59 (down 9, down 85 for the week), East China basis was 11 (down 9), South China basis was - 79 (up 21, down 35 for the week) [4]. - **Calendar Spreads**: 03 - 06 was 22 (down 9, up 7 for the week), 06 - 09 was - 212 (unchanged, down 9 for the week), 09 - 12 was 129 (up 4, down 5 for the week), 12 - 03 was 61 (up 5, up 7 for the week) [4]. Crack Spreads and Profits - **Crack Spreads**: Asphalt Brent crack spread was - 237 (down 29, down 237 for the week) [4]. - **Profits**: Asphalt MRE profit was - 283 (down 26, down 213 for the week), ordinary refinery comprehensive profit was 270 (down 36, down 151 for the week), MRE - type refinery comprehensive profit was - 130 (down 31, down 175 for the week) [4]. Related Prices - **Brent Crude**: On July 31, it was at 73.2, up 0.7 from the previous day and 4.1 for the week [4]. - **Shandong Gasoline and Diesel**: Gasoline price was 7854 (up 3), diesel price was 6720 (down 11) [4]. - **Shandong Residue**: Price was 3675 (unchanged, up 25 for the week) [4].

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - High - sulfur fuel oil: In the third quarter, the supply pressure is slightly less than expected. The demand for feedstock is favorable due to the peak season of refined oil and the increase in fuel oil consumption tax deduction in China. The seasonal power - generation demand is gradually declining, and attention should be paid to the import logistics changes in Egypt and Saudi Arabia [5][63]. - Low - sulfur fuel oil: The supply continues to rise, and the downstream demand has no specific driving force. The spot premium fluctuates. Attention should be paid to the export logistics changes of low - sulfur fuel oil in the near term, the adjustment and issuance rhythm of low - sulfur quotas [63]. 3. Summary According to the Directory 3.1 First Part: Preface Summary 3.1.1 Market Review - High - sulfur fuel oil: In July, it was suppressed by high near - term supply and inventory. The spot premium and cracking in Singapore fluctuated at low levels. The demand for power generation in the Middle East and Egypt decreased, while the feedstock demand in China began to pick up slightly after the tax reform. The market expected an increase in high - sulfur heavy raw materials [4]. - Low - sulfur fuel oil: It maintained a weak oscillating market in July. The low - sulfur cracking followed the gasoline cracking and continued to decline. The short - and medium - term supply was abundant with an expected increase. The demand had no specific positive drivers, and shipping demand was affected by macro - tariff and geopolitical issues [4]. 3.1.2 Market Outlook - High - sulfur fuel oil: The supply pressure in the third quarter is slightly less than expected. The demand for feedstock is expected to increase, and attention should be paid to the power - generation demand and import logistics in Egypt and Saudi Arabia. - Low - sulfur fuel oil: The supply continues to rise, and the downstream demand remains weak [5]. 3.1.3 Strategy Recommendation - Unilateral: Wait and see. Pay attention to geopolitical and macro - disturbances. - Arbitrage: Pay attention to the digestion rhythm of high - sulfur spot in the near term and wait and see. - Options: None [6][63]. 3.2 Second Part: Fundamental Situation 3.2.1 Market Review - High - sulfur fuel oil: Similar to the previous review, it was affected by supply and demand factors, with the spot premium and cracking in Singapore declining [10]. - Low - sulfur fuel oil: Maintained a weak oscillation. The short - and medium - term supply was abundant, and the demand was affected by macro and geopolitical issues [10]. 3.2.2 Supply Overview - High - sulfur fuel oil: - Russia: The refinery offline capacity was increased twice in July, and the export was at a very low level in the same period. The sanctions from Europe and the United States were gradually intensified [19][20]. - Mexico: The high - sulfur supply decreased significantly, and the Olmeca refinery's secondary device was gradually put into operation [23]. - Middle East: The high - sulfur export was stable at a low level, and the export to the pan - Singapore region decreased significantly [27]. - Low - sulfur fuel oil: - South Sudan: The supply of low - sulfur heavy raw materials has recovered stably, and the 8 - month loading tenders have increased compared with July [43][44]. - Middle East Al - Zour Refinery: The low - sulfur export is expected to remain at a stable high level, and the supply to the pan - Singapore region has increased month - on - month [46]. - Nigeria Dangote Refinery: The RFCC device is still unstable in operation, and low - sulfur export tenders are continuously issued [49]. 3.2.3 Demand Overview - High - sulfur fuel oil: - Marine fuel demand: It is stably supported, and the marginal increase comes from the stable growth of the number of ships with desulfurization towers [33]. - Feedstock demand: The increase in the domestic consumption tax deduction ratio supports the subsequent feedstock demand, and the import is expected to recover stably [36]. - Power - generation demand: The power - generation demand in Egypt remains high, and the demand in the Middle East is expected to be strong in July and then decline gradually [39][40]. - Low - sulfur fuel oil: - Marine fuel demand: It is stable, and the low - sulfur fuel oil loading in Singapore and other places has certain fluctuations [52]. - Domestic production and demand: The domestic bonded low - sulfur production is stable, and attention should be paid to the quota conversion news [53]. 3.2.4 Inventory and Valuation No information provided in the report. 3.3 Third Part: Future Outlook and Strategy Recommendation - High - sulfur fuel oil: The supply pressure in the third quarter is slightly less than expected, and the demand for feedstock is expected to increase. Attention should be paid to the import logistics in Egypt and Saudi Arabia. - Low - sulfur fuel oil: The supply continues to rise, and the demand has no specific drivers. Attention should be paid to the export logistics and quota adjustment [63]. - Strategy Recommendation: - Unilateral: Wait and see. Pay attention to geopolitical and macro - disturbances. - Arbitrage: Pay attention to the digestion rhythm of high - sulfur spot in the near term and wait and see. - Options: None [63].