(12月25日)全国沥青价格一 截至12月24日当周，中国92家沥青炼厂产能利用率为33.1%，环比增加4.0%，国内重交沥青77家企业产 能利用率为31.3%，环比增加3.7%。 分析观点： | | | 览表 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 商品名 | | 规格 | 品牌/产 | 报价 | 报价类 | 交货地 | 交易商 | | 称 | | | 地 | | 型 | | | | 沥青 | 鑫海70# | | 鑫海 | 2950元/ | 市场价 | 山东省 | 山东广润化工有限公司 | | | | | | 吨 | | | | | 沥青 | 科力70 | | 科力 | 2830元/ | 市场价 | 山东省 | 东营科力集团 | | | | | | 吨 | | | | | 沥青 | 京博70 | | 京博 | 2950元/ | 市场价 | 山东省/滨州 | 陕西丰诚沥青有限公司 | | | | | | 吨 | | 市 | | | 沥青 | 京博70 | | 京博 | 2940元/ | 市场价 | 山东省/滨州 | 东营宝 ...

摘要：【图】2025年1-8月海南省煤油产量统计分析 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。 图表：海南省煤油产量分月（累计值）统计 2025年8月煤油产量分析： 单独看2025年8月份，海南省规模以上工业企业煤油产量达到了12.4万吨，与2024年同期的数据相比，8 月份的产量增长了15.9%，增速较2024年同期高23.3个百分点，增速较同期全国高5.2个百分点，约占同 期全国规模以上企业煤油产量555.6万吨的比重为2.2%。 图表：海南省煤油产量分月（当月值）统计 2025年1-8月煤油产量分析： 据国家统计局数据，在2025年的前8个月，海南省规模以上工业企业煤油产量累计达到了93.6万吨，与 2024年同期的数据相比，增长了1.9%，增速较2024年同期低0.4个百分点，增速放缓，增速较同期全国 低1.5个百分点，约占同期全国规模以上企业煤油产量3931.5万吨的比重为2.4%。 产业调研网为您提供更多 石油化工行业最新动态 石油现状及发展前景 化工发展前景趋势分析 日化的现状和发展趋势 润滑油行业现状与发展趋势汽油市场现状及前景分 ...

摘要：【图】2025年8月中国原油加工量数据分析 2025年8月原油加工量统计： 原油加工量：6346.5 万吨 同比增长：7.6% 2025年1-8月原油加工量统计： 原油加工量：48807.2 万吨 增速较上一年同期变化：高13.8个百分点 据统计，2025年8月我国规模以上工业企业原油加工量与上年同期相比增长了7.6%，达6346.5万吨，增 速较上一年同期高13.8个百分点。 详见下图： 图1：中国原油加工量分月（当月值）统计图 石油化工行业最新动态 石油行业现状与发展趋势 化工市场现状及前景分析 日化市场调研与发展前景润滑油发展现状及前景预测汽油市场调研及发展趋势 柴油行业监测及发展趋势橡胶未来发展趋势预测 塑料现状及发展前景 化妆品发展前景趋势分析清洁护肤的现状和发展趋势 同比增长：3.2% 增速较上一年同期变化：高4.4个百分点 据统计，2025年1－8月，我国规模以上工业企业原油加工量与上年同期相比增长了3.2%，达48807.2万 吨，增速较上一年同期高4.4个百分点。详见下图： 图2：中国原油加工量分月（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，即年主营业务收 ...

Industry Investment Ratings - The report does not explicitly provide an overall industry investment rating but gives individual ratings for each commodity, including cautious sell, short - term rebound, and cautious buy [1][3][6] Core Views - The overall view is that the energy and chemical industry is facing complex situations with factors such as geopolitical uncertainties, supply - demand imbalances, and cost fluctuations influencing prices. Different commodities have different trends, with some facing downward pressure and others having short - term rebound opportunities [1][3][6] Summary by Commodity Crude Oil - Core view: Short - term rebound due to geopolitical uncertainties in South America, but in the off - season with supply surplus, overall bearish. - Main logic: Geopolitical issues in South America and the US seizing Venezuelan oil tankers boost prices in the short - term. However, there is a supply surplus in the off - season, with OPEC+ in an expansion cycle, increasing global floating storage and in - transit crude, and rising US inventories [1][9][10] - Strategy: Hold short positions. Focus on the range of SC [435 - 445] [11] LPG - Core view: Cautious sell. - Main logic: The cost side is under pressure as the long - term trend of crude oil is downward. Although there is some resilience in downstream chemical demand, inventories are still a concern [1][15] - Strategy: Hold short positions. Focus on the range of PG [4050 - 4150] [16] L (Plastic) - Core view: Short - term rebound but overall bearish. - Main logic: Market sentiment is improving, leading to a short - term rebound. However, the fundamentals are weak with a high supply and low demand situation. There is also pressure to reduce inventory [20] - Strategy: Exit short positions in the short - term and wait for a rebound to go short in the long - term. Hold short positions on the LP05 spread. Focus on the range of L [6300 - 6500] [20] PP - Core view: Short - term rebound but overall bearish. - Main logic: It rebounds along with the chemical sector, but there is high inventory pressure in December. PDH profit compression increases the expectation of maintenance [24] - Strategy: Exit short positions in the short - term and wait for a rebound to go short in the long - term. Short the MTO05 spread. Focus on the range of PP [6200 - 6400] [24] PVC - Core view: High inventory restricts the rebound space. - Main logic: Lanthanum carbonate price reduction leads to a short - term rebound. However, due to seasonal off - peak demand and high inventory, the long - term trend depends on inventory reduction [28] - Strategy: Take partial profits on long positions. Wait for inventory reduction to go long in the long - term. Industrial customers should hedge at high prices. Focus on the range of V [4650 - 4800] [28] PTA - Core view: Consider buying on dips. - Main logic: Supply - side maintenance is in progress, and the short - term supply - demand balance is tight. However, there is an expectation of inventory accumulation in January. Downstream demand is good currently but expected to weaken [30] - Strategy: Focus on buying opportunities for the 05 contract on dips. Focus on the range of TA [5060 - 5150] [31] MEG (Ethylene Glycol) - Core view: Rebound but consider shorting on the rebound. - Main logic: Domestic production load is increasing, and there is an expectation of inventory accumulation in December. Although the valuation is low, there is a lack of upward drivers [33] - Strategy: Look for shorting opportunities on the rebound. Focus on the range of EG05 [2139 - 2179] [34] Methanol - Core view: Cautious about chasing long positions. - Main logic: Domestic production load is at a high level, and there is still supply pressure in December. The demand side is slightly weakening [37] - Strategy: Do not chase long positions. Look for buying opportunities for the 05 contract on dips [39] Urea - Core view: Range - bound oscillation. - Main logic: Supply pressure is expected to increase in December, while the winter storage has limited positive effects. There is still an arbitrage window between domestic and overseas markets [41] - Strategy: Expect a weakening oscillation. Look for buying opportunities for the 05 contract on dips. Focus on the range of UR05 [1710 - 1745] [43] LNG (Liquefied Natural Gas) - Core view: Supply is sufficient, and the price is under pressure. - Main logic: Although it is the consumption peak season, the relatively mild weather in the US reduces demand support. The supply side is relatively abundant [47] - Strategy: Focus on the range of NG [3.602 - 4.054] [47] Asphalt - Core view: Short - term rebound due to South American geopolitical conflicts. - Main logic: It is mainly affected by the cost of crude oil. The short - term rebound is due to South American geopolitical uncertainties, but the supply - demand situation is weak [50] - Strategy: Take profit on short positions. Focus on the range of BU [2950 - 3050] [51] Glass - Core view: Rebound at a low level. - Main logic: Cold repair is increasing, and the daily melting volume is decreasing. High inventory restricts the short - term rebound. The real estate market is in an adjustment period [55] - Strategy: Exit short positions in the short - term and wait for a rebound to go short in the long - term. Focus on the range of FG [1030 - 1070] [55] Soda Ash - Core view: Weak oscillation. - Main logic: Supply is increasing, and demand is decreasing. There is a plan to put into production a large - scale device at the end of the month, and the demand from the real estate and glass industries is weak [59] - Strategy: Take partial profit on short positions. Wait for a rebound to go short in the long - term. Focus on the range of SA [1150 - 1200] [59]

Report Industry Investment Rating - The investment rating for asphalt is "Bearish" [1] Core Viewpoints of the Report - In 2026, asphalt demand is unlikely to improve significantly due to financial constraints on road projects and shrinking housing new construction areas. The cost side will be a more important concern. Oil prices will face supply pressure at least in the first half of 2026, and the asphalt price is expected to continue to decline. If the downward pressure on the cost side eases, the price may bottom out during the seasonal demand peak in the second half of the year. The annual price is projected to range between 2,600 - 3,400 yuan/ton [3][70][71] Summary by Relevant Catalog 1. 2025 Annual Review of Asphalt Market - **Domestic Supply Increase and Resilient Imports**: From January to November 2025, the national petroleum asphalt production reached 26.4 million tons, a year - on - year increase of 9.75%. The increase in supply was mainly due to the decline in international oil prices and the widening discount of diluted asphalt. Local refineries' production was more volatile, with an output of 14.35 million tons, a year - on - year increase of 16.13%, while the output of major refineries was 12.05 million tons, a year - on - year increase of 3.02%. In the same period, the domestic asphalt import volume reached 3.55 million tons, a year - on - year increase of 9.2%, with Middle Eastern asphalt gradually squeezing the market share of Southeast Asian countries [17][26] - **Demand Growth Driven by Road Project Deliveries**: In 2025, as the end - year of the 14th Five - Year Plan, road construction projects entered the concentrated delivery period. From January to November 2025, the apparent consumption of asphalt reached 29.36 million tons, a year - on - year increase of 9.25%, with a 25% year - on - year increase in the third quarter. However, highway investment continued to decline, and the waterproofing market demand was weak due to the low real - estate climate [28] 2. Persistent Tight Funds, Road Demand Hard to Improve Substantially - **New Road Construction**: Most road construction projects rely on government fiscal funds or special bonds. Currently, local governments face significant financial pressure, making it difficult for project funds to be in place in a timely manner. Although the new special bond issuance increased in 2025, the funds available for new road projects continued to shrink [37][38] - **Road Maintenance**: The maintenance funds for expressways and ordinary national and provincial roads are facing shortages. The establishment of toll stations can only meet their own funding needs, and the overall road maintenance fund gap will exist for a long time [40] 3. Refineries without Quotas Gradually Exit, No Excessive Concerns about Raw Material Imports - **Exit of Refineries without Quotas under New Consumption Tax Deduction Policy**: Since 2025, Shandong Province has adjusted the consumption tax deduction policy for local refineries, which has led to an increase in asphalt production costs. From January to November 2025, the cumulative import of diluted asphalt decreased by 40% year - on - year, and many small and medium - sized local refineries without quotas have stopped production [43][44] - **Limited Impact of US Sanctions on Raw Material Imports**: Although the US has imposed sanctions on Venezuela and Russia, the supply of asphalt raw materials remains stable overall. In 2025, the import of Merey crude oil increased significantly, and other oil types such as Urals, Buzios, and Mero also became important supplements [52][54] 4. International Oil Prices are Still Suppressed by Supply Release, Cost - Side Rebound is Restricted - **Supply Growth in Non - US and Non - OPEC+ Countries**: In 2026, the global crude oil production is expected to reach 79.55 million barrels per day, with non - US and non - OPEC+ countries contributing an incremental supply of 230,000 barrels per day. Brazil, Canada, and Guyana will be the main sources of supply growth [61] - **Inventory Pressure**: Since September 2025, the global crude oil floating storage has increased sharply. If the floating storage is released into the market, it will put pressure on oil prices in the first half of 2026 [67] 5. Investment Recommendations - In 2026, the asphalt price is expected to continue to decline in the first half of the year. If the downward pressure on the cost side eases, it may bottom out during the seasonal demand peak in the second half of the year. The annual price is projected to range between 2,600 - 3,400 yuan/ton [71]

图表：河北省原油产量分月（累计值）统计 2025年9月原油产量分析： 摘要：【图】2025年9月河北省原油产量统计分析 2025年1-9月原油产量分析： 据国家统计局数据，在2025年的前9个月，河北省规模以上工业企业原油产量累计达到了334.7万吨，与 2024年同期的数据相比，下降了4.5%，增速较2024年同期低2.4个百分点，增速较同期全国低6.2个百分 点，约占同期全国规模以上企业原油产量16263.3万吨的比重为2.1%。 图表：河北省原油产量分月（当月值）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 | 石油市场调研及发展趋势 | 化工行业监测及发展趋势 | | --- | --- | --- | | 日化未来发展趋势预测 | 润滑油现状及发展前景 | 汽油发展前景趋势分析 | | 柴油的现状和发展趋势 | 橡胶行业现状与发展趋势 | 塑料市场现状及前景分析 | | 化妆品市场调研与发展前景清洁护肤发展现状及前景预测 | | | 单独看2025年9月份，河北省规模以上工业企业原油产 ...

行业 沥青日报 日期 2025 年 12 月 25 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 一、行情回顾与操作建议 表1： 行情回顾(元/吨) | | 开盘 | 收盘 | 最高 | 最低 | 涨跌幅% | 成交量（万手） | | --- | --- | --- | --- | --- | --- | --- | | BU2602 | 2990 | ...

Core Viewpoint - Jianlong Micro-Nano has shifted its investment strategy from acquiring a controlling stake in Hanxing Energy to taking a 40% equity stake, reflecting a strategic pivot towards becoming a comprehensive technology service provider [1][2][3] Investment Strategy - Jianlong Micro-Nano's wholly-owned subsidiary, Shanghai Jianlong Micro-Nano New Materials Technology Co., plans to invest 200 million yuan to acquire a 40% stake in Hanxing Energy, which will become an associate company [1][3] - The initial plan to acquire a controlling stake was terminated due to the immaturity of conditions for a major asset restructuring [2][3] Financial Performance - For the first nine months of 2025, Jianlong Micro-Nano reported revenues of 590 million yuan, a year-on-year increase of 4.34%, and a net profit attributable to shareholders of 72.73 million yuan, up 20.15% [1][6] - In Q3 2025, the company achieved a net profit growth of 70.22% and a non-recurring net profit growth of 110.88% compared to the same period last year [1][6] Hanxing Energy's Performance - Hanxing Energy reported revenues of 618 million yuan and a net profit of 76.93 million yuan for 2024, with fluctuations in performance noted for the first nine months of 2025 due to project execution timing [3][4] - The company specializes in providing comprehensive services in the petrochemical and industrial gas preparation sectors, which are project-based and can lead to revenue volatility [3][5] Strategic Importance - The investment in Hanxing Energy is seen as a crucial step for Jianlong Micro-Nano to transition from a materials manufacturer to a comprehensive technology service provider, enhancing its capabilities in process engineering and system integration [5][6] - The collaboration aims to leverage both companies' resources and expertise, focusing on market expansion and new product development in the petrochemical and oil refining sectors [2][5] International Expansion - Jianlong Micro-Nano's overseas sales reached 155 million yuan in the first three quarters of 2025, accounting for 26.21% of total revenue, with significant growth from its Thailand subsidiary [6][7] - The company is actively expanding its customer base in key regions such as India, Europe, and North America, enhancing its local delivery and brand influence [7]

同比增长：64.9% 增速较上一年同期变化：高68.8个百分点 据统计，2025年9月江苏省规模以上工业企业液化石油气产量与上年同期相比增长了64.9%，达24.6万 吨，增速较上一年同期高68.8个百分点，增速较同期全国高66.4个百分点，约占同期全国规模以上企业 液化石油气产量446.3万吨的比重为5.5%。 详见下图： 摘要：【图】2025年9月江苏省液化石油气产量统计分析 2025年9月液化石油气产量统计： 液化石油气产量：24.6 万吨 液化石油气产量：216.8 万吨 同比增长：60.2% 增速较上一年同期变化：高58.8个百分点 据统计，2025年1－9月，江苏省规模以上工业企业液化石油气产量与上年同期相比增长了60.2%，达 216.8万吨，增速较上一年同期高58.8个百分点，继续保持增长，增速较同期全国高62.2个百分点，约占 同期全国规模以上企业液化石油气产量3974.8万吨的比重为5.5%。详见下图： 图2：江苏省液化石油气产量分月（累计值）统计图 图1：江苏省液化石油气产量分月（当月值）统计图 2025年1-9月液化石油气产量统计： 石油化工行业最新动态 石油市场现状及前景分析 化工市 ...

摘要：【图】2025年1-8月中国燃料油产量数据分析 图1：中国燃料油产量分月（当月值）统计图 2025年8月燃料油产量统计： 燃料油产量：343.7 万吨 同比增长：-6.5% 增速较上一年同期变化：高10.7个百分点 据统计，2025年8月我国规模以上工业企业燃料油产量与上年同期相比下降了6.5%，达343.7万吨，增速 较上一年同期高10.7个百分点。 详见下图： 增速较上一年同期变化：高11.4个百分点 据统计，2025年1－8月，我国规模以上工业企业燃料油产量与上年同期相比下降了3.3%，达2837.1万 吨，增速较上一年同期高11.4个百分点。详见下图： 图2：中国燃料油产量分月（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 2025年1-8月燃料 ...