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]

Group 1 - The A-share market experienced fluctuations on January 20, with the Shanghai Composite Index briefly falling below 4100 points, the Shenzhen Component testing the 14000-point support, and the ChiNext Index dropping below 3300 points [1] - The chemical industry chain saw a significant rise, with the polyurethane sector leading the gains, and the sector index increasing over 2%, reaching a historical high [1] - The Ministry of Industry and Information Technology, along with other departments, issued guidelines to expand zero-carbon factory construction to the petrochemical and chemical industries, providing policy support for green transformation and high-quality development [1] Group 2 - Recent monitoring data from the Lianyungang Development and Reform Commission indicated that chemical product prices have shown an overall trend of "more increases than decreases," with 11 out of 16 monitored products rising in price [2] - Significant price increases were reported for sulfur, sulfuric acid, and bromine, with respective increases of 116.5%, 111.86%, and 64.84% expected by 2025 [3] - Guohai Securities suggested that the re-evaluation of the Chinese chemical industry could lead to a substantial slowdown in global capacity expansion, potentially transforming the industry from a cash-consuming entity to a cash-generating one, with a focus on sectors like petrochemicals, coal chemicals, organic silicon, phosphate chemicals, and glyphosate [3]

1. Report Industry Investment Rating - Unilateral: Neutral, with previous long positions advised to take appropriate profit and exit [3] 2. Core View of the Report - Terminal demand for asphalt is weak, with local spot prices falling The overall cost side of asphalt still has support, but the weak terminal demand and the wide availability of alternative raw materials will limit the upward space of the market [1][2] 3. Summary by Relevant Catalog Market Analysis - On January 19th, the closing price of the main asphalt futures contract BU2603 in the afternoon session was 3,142 yuan/ton, up 9 yuan/ton from the previous settlement price, a rise of 0.29% The open interest was 191,534 lots, down 2,331 lots from the previous day, and the trading volume was 124,762 lots, down 7,088 lots [1] - According to Zhuochuang Information, the spot settlement prices of heavy - traffic asphalt were: Northeast 3,406 - 3,500 yuan/ton; Shandong 3,010 - 3,240 yuan/ton; South China 3,130 - 3,250 yuan/ton; East China 3,180 - 3,230 yuan/ton [1] - Yesterday, asphalt spot prices in North China rose slightly, while those in Shandong and East China fell, and prices in other regions remained basically stable Weather factors restricted the release of rigid demand for asphalt, but the supply side was still supported due to the limited circulation of some asphalt brands [2] - The market is pricing in the expectation of tightened Venezuelan oil supply and has entered a volatile stage If Venezuelan crude oil originally flowing to Asia continues to flow to Europe and the United States, domestic refineries will need to find alternative heavy - quality raw materials from the Middle East, Canada, South America, etc. after consuming inventory raw materials (expected to last until March), which will make cost and product yield changes more complex [2] Strategy - Unilateral: Neutral, previous long positions should take appropriate profit and exit; Inter - period: None; Cross - variety: None; Spot - futures: None; Options: None [3]

Group 1: Market Overview - The chemical industry chain experienced a significant rise, with stocks hitting the limit up, particularly Jiangtian Chemical (300927) which surged by 20% [1][8] - On January 20, the A-share market showed volatility, with the Shanghai Composite Index briefly falling below 4100 points and the Shenzhen Component testing the 14000 point support [1] Group 2: Real Estate Sector - The real estate sector collectively strengthened, with real estate services leading the gains, and the sector index rising over 5% [4] - Major companies like I Love My Home and others saw significant stock price increases, with trading volume surpassing the previous day's total within the first hour [4] - Shanghai's new residential property prices increased by 4.8% year-on-year and 0.2% month-on-month as of December 2025, marking it as the only first-tier city with both year-on-year and month-on-month price increases [5] - The Shanghai real estate market is expected to see over 20,000 transactions for the third consecutive month, indicating strong demand [5] Group 3: Chemical Industry Dynamics - The chemical sector saw a broad increase, particularly in polyurethane, with the sector index rising over 2% to reach a historical high [6] - Major chemical companies like Cangzhou Dahua and Hongbaoli experienced consecutive limit-up trading, indicating strong market sentiment [6][8] - A global price increase in the chemical industry has been noted since December 2025, with major companies like BASF and Dow Chemical raising prices across multiple regions [10] - Recent data shows a general trend of rising prices in the chemical sector, with 11 out of 16 monitored products increasing in price [10] - The Chinese chemical industry is expected to benefit from a slowdown in global capacity expansion, potentially leading to higher dividend yields and a shift from being a cash-consuming sector to a cash-generating one [10]

Core Viewpoint - The 2025 Energy Measurement Review Report indicates significant progress in energy measurement compliance among key energy-consuming units, with 94.71% of the 7,480 units meeting the requirements, highlighting the importance of energy measurement in energy conservation and efficiency improvement [1]. Group 1 - The State Administration for Market Regulation (SAMR) conducted energy measurement reviews across 11 key industries, including non-ferrous metals, textiles, construction materials, petrochemicals, coal chemicals, energy, steel, transportation, paper-making, data centers, and public institutions [1]. - A total of 2.3 million key energy-consuming units have undergone energy measurement reviews during the 14th Five-Year Plan period, with a focus on rectifying identified issues and enhancing energy measurement management systems [1]. - The review process has led to an increased awareness of energy measurement among enterprises, emphasizing its foundational role in energy conservation and efficiency enhancement [1]. Group 2 - The SAMR plans to continue innovating review methods, promote intelligent review techniques, enhance technical support for small and medium-sized enterprises, and improve long-term regulatory mechanisms [2]. - The transition of energy measurement from "instrument management" to "data empowerment" is aimed at injecting measurement-driven momentum into high-quality development [2].

Group 1: Chemical Industry Trends - The chemical industry chain experienced a significant increase, with the polyurethane sector leading the gains, and the index rising over 2%, reaching a historical high [7] - Major chemical companies such as BASF, Dow, and Hunstman have initiated price hikes across Europe, Asia, and the Middle East since December 2025, indicating a global price surge in the chemical sector [9] - Recent data shows that 11 out of 16 monitored chemical products have seen price increases, with synthetic rubber experiencing the highest rise of 11.7% as of January 15 [9] Group 2: Real Estate Market Developments - The real estate sector showed strong performance, with the real estate services segment leading the charge, and the index rising over 5% within the first hour of trading [5] - Shanghai's new residential property prices increased by 4.8% year-on-year and 0.2% month-on-month as of December 2025, making it the only first-tier city to achieve price growth in both metrics [6] - The transaction volume for second-hand homes in Shanghai reached 12,849 units by January 18, 2026, with expectations of surpassing 20,000 units for the third consecutive month [6] Group 3: Investment Opportunities - Companies in the chemical sector are expected to benefit from a shift in industry dynamics, with a focus on high-capacity cities and strong product offerings, potentially leading to increased dividend yields [10] - The real estate market is witnessing a solid demand for larger residential units, indicating resilience in the improvement-driven demand, which may stabilize prices [6]

Core Viewpoint - The State Administration for Market Regulation has conducted energy measurement reviews across 11 key industries, revealing that 94.71% of the 7,480 energy-consuming units assessed met the requirements, indicating a significant enhancement in energy measurement awareness among enterprises [1] Group 1: Energy Measurement Review Findings - A total of 7,480 key energy-consuming units were reviewed, with 7,084 units compliant, representing a compliance rate of 94.71% [1] - The review process has led to a notable increase in enterprises' awareness of energy measurement, emphasizing its foundational role in energy conservation, emission reduction, and quality improvement [1] - The review identified areas for improvement, particularly in the implementation of energy measurement responsibilities and management systems among some energy-consuming units, especially small and medium-sized enterprises [1] Group 2: Review Process and Methodology - Market regulatory departments have innovated review methods, utilizing information technology to enhance review accuracy while balancing regulation and service [1] - Training and technical support were provided alongside the reviews, with collaboration among relevant departments to promote the application of review results [1] - During the "14th Five-Year Plan" period, energy measurement reviews have achieved near-complete coverage of key energy-consuming units, with over 23,000 units reviewed [1]

Group 1 - The core point of the news is the successful restructuring between China Petroleum & Chemical Corporation and China Aviation Oil Group, signaling a clear direction for future strategic mergers and professional integration among state-owned enterprises [1] - The restructuring and integration aim to enhance the operational efficiency of state-owned capital, with significant growth in total assets from 68.8 trillion yuan at the end of the 13th Five-Year Plan to an expected 91 trillion yuan by the end of 2024, reflecting an annual growth rate of 7.3% [2] - During the 14th Five-Year Plan, state-owned enterprises are projected to increase their value-added and total profits by over 40% and 50% respectively compared to the 13th Five-Year Plan, with improvements in labor productivity and return on net assets [2] Group 2 - The restructuring is not only about scale expansion but also about a systematic transformation towards new productive forces, with state-owned enterprises investing 8.6 trillion yuan in strategic emerging industries since the 14th Five-Year Plan, significantly increasing revenue contributions [3] - State-owned enterprises have contributed over 10 trillion yuan in taxes and fees since the 14th Five-Year Plan, accounting for approximately 80% of crude oil, 70% of natural gas, and 60% of electricity supply [3] Group 3 - Three types of restructuring models are identified: horizontal mergers for synergy, vertical integration to streamline supply chains, and professional integration to enhance quality [4][5][6] - Horizontal mergers focus on deepening integration within business segments, exemplified by China Shenhua Energy's acquisition of key subsidiaries to enhance competitiveness [4] - Vertical integration aims to connect upstream and downstream sectors, as seen in the merger of China National Nuclear Corporation and China Nuclear Engineering Corporation, creating a complete nuclear power industry chain [5] Group 4 - Future restructuring will increasingly focus on technological breakthroughs and the development of new productive forces, with a dual approach of exiting inefficient businesses while investing in strategic emerging industries [8] - Professional integration is expected to deepen, targeting specific key areas and high-end niche markets, such as inspection and testing, industrial software, and data services [8] - The construction of open and collaborative industrial ecosystems will become a significant development direction, with state-owned enterprises potentially transforming into industry organizers or service providers [9] Group 5 - Key areas for future restructuring activity are anticipated to include strategic mineral resources, high-end manufacturing, digital technology, green and low-carbon energy, and life sciences [10]

Core Viewpoint - The State Administration for Market Regulation has conducted an energy measurement review for 2025, focusing on 11 key industries, revealing that 94.71% of the 7,480 energy-consuming units reviewed met the requirements [1] Group 1: Review Findings - A total of 7,480 key energy-consuming units were reviewed, with 7,084 units compliant, representing a compliance rate of 94.71% [1] - The review has significantly enhanced enterprises' awareness of energy measurement, emphasizing its foundational role in energy conservation, emission reduction, and quality improvement [1] Group 2: Review Process and Innovations - Local market regulatory departments have innovated review methods, utilizing information technology to improve review accuracy while balancing regulation and service [1] - Training and technical support were provided alongside the review process, with collaboration among relevant departments to promote the application of review results [1] Group 3: Areas for Improvement - Some energy-consuming units still need to improve their implementation of energy measurement responsibilities and management systems [1] - There is a need for greater emphasis on energy measurement among small and medium-sized enterprises, and further standardization of measurement instrument management is required [1]

Core Viewpoint - The State Administration for Market Regulation has conducted energy measurement reviews across 11 key industries, achieving a compliance rate of 94.71% among 7,480 major energy-consuming units reviewed [1] Group 1: Energy Measurement Review - The review focused on industries including non-ferrous metals, textile dyeing, construction materials, petrochemicals, coal chemicals, energy, steel, transportation, paper making, data centers, and public institutions [1] - A total of 7,480 major energy-consuming units were reviewed, with 7,084 units meeting the requirements, resulting in a compliance rate of 94.71% [1] Group 2: Coverage and Compliance - During the 14th Five-Year Plan period, energy measurement reviews have achieved near-complete coverage of major energy-consuming units [1] - Over 23,000 major energy-consuming units have undergone energy measurement reviews, with issues identified during the reviews prompting timely rectifications by companies [1] - Relevant measurement technology institutions have been organized to assist companies in improving their energy measurement management systems [1]