截至5月22日，华南汽柴油批零价差分别为1391元/吨、887元/吨，跌至1月中旬以来最低水平。与2025 年批零价差最高水平相比，汽油批零价差收窄572元/吨，幅度29%，柴油批零价差收窄708元/吨，幅度 44%；与去年同期相比，汽油批零价差收窄450元/吨，幅度24%，柴油批零价差收窄660元/吨，幅度 43%。进入5月，零售限价下调预期持续笼罩市场，且需求方面而言，五一假期后公众出行半径收窄， 终端消耗速率下滑，汽油价格承压运行，区内阴雨天气较多，基建等室外工程开工受限，终端消耗提升 缓慢，柴油价格延续弱势运行。而近期，上游资源有所收紧，区内现货资源亦存收紧预期，加之部分空 单回补，市场批发价格趁势上涨，从而导致批零价差再次收窄。 市场价格或将承压 批零价差预期扩大 市场继续等待美伊核协议谈判、东欧和平进展推进等消息，市场对未来经济及需求仍存担忧，叠加欧佩 克+增产计划，预计原油价格走势承压，从而利空华南汽柴油价格。供应方面来看，中海油惠炼二期预 计月底检修结束，市场供应将有增加。需求方面来看，虽端午假期临近，汽油终端需求预期边际向好， 但考虑新能源替代等因素印象，汽油终端需求难有明显增量，加油站仍维 ...

Core Viewpoint - The controversy surrounding the bidding process of China National Petroleum Corporation (CNPC) highlights significant compliance issues in state-owned enterprise bidding practices, particularly regarding the qualifications of bidders [2][5][7]. Group 1: Incident Overview - In October of the previous year, a public bidding by China Petroleum Lubricating Oil Company raised questions when a non-official qualification document was accepted, leading to public scrutiny [2]. - The qualification in question was an internet "news information editing and publishing service enterprise qualification," which was not officially issued by the relevant authorities, raising concerns about the legitimacy of the bidding process [6][7]. Group 2: Company Response - On May 21, CNPC's lubricating oil division acknowledged the issues raised in the report, confirming that the qualification requirements were not clearly defined and that the review process was inadequate [5][7]. - The company decided to terminate the project with the winning bidder, Shanghai Yunhong Advertising Co., Ltd., and hold responsible parties accountable for the oversight [5][7]. Group 3: Regulatory Context - The incident reflects broader issues in the regulatory environment, as the State Internet Information Office has been actively working to regulate internet news services and ensure that only qualified entities are allowed to operate in this space [11][12]. - Recent directives emphasize that content operations for government media should ideally be handled internally or by qualified entities, prohibiting outsourcing to unqualified organizations [12][13]. Group 4: Market Implications - Following the report, many qualification service providers mentioned in the investigation have closed their websites, indicating a potential crackdown on such practices [8][9]. - The incident underscores the importance of rigorous qualification checks in the bidding process to mitigate risks associated with outsourcing and ensure compliance with regulatory standards [10][11].

Core Viewpoint - Rongsheng Petrochemical (002493) announced that its controlling shareholder, Rongsheng Holdings, will increase its stake in the company by acquiring 204 million shares, representing 2.01% of the total share capital, from January 22, 2024, to May 21, 2025 [1] Summary by Relevant Categories Shareholding Increase - Rongsheng Holdings will conduct the share purchase through the Shenzhen Stock Exchange via centralized bidding [1] - The funds for the share acquisition will come from self-owned funds and bank loans [1] Ownership Structure - After the share increase, Rongsheng Holdings and its concerted parties will hold a total of 6.057 billion shares, accounting for 59.8198% of the total share capital [1] Compliance - The share increase complies with relevant laws and regulations, including the Securities Law and the Measures for the Administration of the Acquisition of Listed Companies [1]

【大河财立方消息】5月21日，河南省统计局公布2025年4月份河南省规模以上工业能源生产情况。 1-4月份，河南省规模以上工业加工原油334.30万吨，同比增长1.2%。 二、电力生产情况 电力生产由降转增。4月份，河南省规模以上工业发电量236.52亿千瓦时，由上月的下降0.9%转为增长 0.6%，日均发电7.88亿千瓦时。 1-4月份，河南省规模以上工业发电量1073.37亿千瓦时，同比下降2.8%。 4月份，河南省规模以上工业原煤、电力同比增长，原油加工同比下降。与3月份相比，原煤生产增速放 缓、原油加工降幅扩大、电力生产由降转增。 一、原煤、原油加工生产情况 原煤生产增速放缓。4月份，河南省规模以上工业原煤产量899.64万吨，同比增长2.3%，增速比3月份放 缓1.6个百分点，日均产量29.99万吨。 1-4月份，河南省规模以上工业原煤产量3507.30万吨，同比增长5.7%。 原油加工降幅扩大。4月份，河南省规模以上工业加工原油85.02万吨，同比下降4.2%，降幅比3月份扩 大1.9个百分点。 分品种看，4月份，火电下降7.2%，降幅比3月份扩大0.9个百分点；水电增长0.3%，增速比3月份放缓 ...

摘要：【图】2025年3月福建省石油沥青产量数据 2025年1-3月石油沥青产量分析： 据国家统计局数据，在2025年的前3个月，福建省规模以上工业企业石油沥青产量累计达到了33.1万 吨，与2024年同期的数据相比，增长了48.9%，增速较2024年同期高29.8个百分点，继续保持增长，增 速较同期全国高46.2个百分点，约占同期全国规模以上企业石油沥青产量825.4万吨的比重为4.0%。 图表：福建省石油沥青产量分月（累计值）统计 2025年3月石油沥青产量分析： 单独看2025年3月份，福建省规模以上工业企业石油沥青产量达到了11.2万吨，与2024年同期的数据相 比，3月份的产量增长了81.4%，增速较2024年同期高121.7个百分点，增速较同期全国高73.7个百分 点，约占同期全国规模以上企业石油沥青产量305.6万吨的比重为3.7%。 图表：福建省石油沥青产量分月（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 石油的现状和发展趋势 化工行业现状与发展趋势 日化市场现状及前景分析 ...

Group 1: Industry Overview - The petrochemical and chemical indices experienced a positive trend due to tariff policy impacts, with the chemical raw materials index rising by 1.30%, chemical machinery index by 0.12%, pharmaceutical index by 2.01%, and pesticide and fertilizer index by 1.28% [1] - In the oil sector, the oil processing index remained stable, while the oil extraction index increased by 0.64% and the oil trading index rose by 0.98% [1] - International crude oil prices fluctuated, with WTI settling at $62.49 per barrel, up 2.41% from May 9, and Brent at $65.41 per barrel, up 2.35% [1] Group 2: Market Performance - The top five performing listed chemical companies in the capital market included Yuzhong Three Gorges A, which rose by 50.65%, Jitai Co., up 47.10%, Suzhou Longjie, up 36.27%, ST Youfu, up 34.54%, and Hongqiang Co., up 33.55% [2] - The five companies with the largest declines were Aiai Precision Engineering, down 7.50%, Yongyue Technology, down 7.49%, Huate Gas, down 6.90%, Aladdin, down 6.88%, and Runbei Hangke, down 6.38% [2] Group 3: Product Price Changes - The top five petrochemical products with the highest price increases included butadiene, up 21.10%, SBS, up 13.65%, pure benzene, up 11.36%, styrene, up 10.43%, and PX, up 9.77% [1] - The five petrochemical products with the largest price declines were liquid chlorine, down 464.29%, trichloromethane, down 6.49%, yellow phosphorus, down 5.80%, vitamin VC, down 5.13%, and ethylene, down 3.53% [1]

Group 1: Shareholder Returns - The company has maintained a cash dividend payout ratio exceeding 40% of net profit over the past three years, aiming to enhance investor returns while ensuring sustainable growth [1] - A proposal for increasing the 2025 dividend distribution will be submitted to the shareholders' meeting based on operational performance and cash flow [1] Group 2: Investor Relations - The company actively engages in investor relations, responding to 110 inquiries through compliant channels in 2024, and facilitating 42 small investor votes via online platforms [2] - Various communication channels, including shareholder meetings and dedicated investor reception days, are utilized to strengthen relationships with investors [2] Group 3: Information Disclosure - In 2024, the company disclosed 34 announcements and held a semi-annual performance briefing, enhancing transparency and communication with stakeholders [2] - The company has established a "Market Value Management System," approved by the board, to guide its strategic initiatives [2] Group 4: Strategic Development - The company aims for high-quality development, focusing on technological innovation and the application of new processes to enhance product value and market competitiveness [4] - Plans for mergers and acquisitions will be aligned with strategic goals to improve core competitiveness and asset quality [2]

极目新闻记者 袁超一 | 品名规格 | 品质比率 | | 最高批发价 | 最高零 | | --- | --- | --- | --- | --- | | | | 送货 | 不送货 | 吨价 | | 89号汽油(VIB) | 100 | 8300 | 8240 | 8600 | | 92号汽油(VIB) | 106 | 8798 | 8734 | 9116 | | 95号汽油(VIB) | 112 | 9296 | 9229 | 9632 | | 0号柴油(VI) | 100 | 7305 | 7245 | 7605 | | -10号柴油(VI) | 106 | 7743 | 7680 | 8061 | | 5号柴油 (VI) | 98 | 7159 | 7100 | 7453 | | s | 120 M 80 - 100 FM 800 BRANCHER 200 - 30 -- 10 -- 10 -- 100 BER 100 -- 100 000 WA-500 000 | | Company and the comments | | 本轮是2025年的第五次下调。今年以来，国内油价已经历十轮调价窗口，分别为"三 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - High-sulfur fuel oil: The near-month crack and monthly spread increased week-on-week, but the spot premium was suppressed below zero. Short-term supply is affected by the unclear Russia-Ukraine situation and refinery maintenance, while demand is boosted by seasonal power generation needs. [3] - Low-sulfur fuel oil: The spot premium fluctuated, with supply rising and downstream demand remaining weak. The supply of raw materials from South Sudan is gradually recovering, and exports from some refineries are increasing. [3] - Trading strategies: Adopt a wait-and-see approach for unilateral trading. Take profit on the FU 9-1 calendar spread long position and enter a short position on the LU 7-8 calendar spread at high levels. No options strategy is recommended. [3] Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **Comprehensive analysis**: High-sulfur fuel oil is affected by supply uncertainties and increasing demand. Low-sulfur fuel oil faces rising supply and weak demand. [3] - **Trading strategies**: Unilateral - wait and see; Arbitrage - FU 9-1 long take profit, LU 7-8 short entry; Options - none. [3] Chapter 2: Core Logic Analysis - **Supply factors**: - Russia: Sanctions and refinery maintenance limit high-sulfur exports. May exports from the Black Sea port are expected to decline. [5] - Mexico: Olmeca refinery's production has increased, and overall exports are expected to remain stable. [8] - Middle East: Sanctions on Iran continue, and power generation demand in Saudi Arabia and Iran may reduce exports. [11] - **Demand factors**: - High-sulfur: Power generation demand in Egypt, South Asia, and the Middle East is increasing. [16] - Low-sulfur: Ship fuel demand is stable, but the implementation of the European ECA policy may reduce demand. [33] - **China's market**: The supply of low-sulfur fuel oil is stable, and the early issuance of quotas has little impact on the supply-demand balance. [36] Chapter 3: Weekly Data Tracking - **Price data**: Includes fuel oil spot prices, cross-regional and cross-period spreads, and natural gas-fuel oil price ratios. [38][44][53] - **Inventory data**: Inventories in Singapore, ARA, Fujeirah, the US, and Japan are presented, showing overall declines in recent weeks. [60] - **Terminal sales data**: Singapore's ship fuel sales in April showed a slight decline, with high-sulfur sales increasing and low-sulfur sales decreasing slightly. [68]

证券研究报告 行业研究——周报 [Tabl Table_StockAndRank] 石油加工行业 e_ReportType] 行业评级 ——看好 上次评级——看好 [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 原油周报：中美关税谈判落地，油价震荡上行 [Table_Title] [Table_ReportDate0] 2025 年 5 月 18 日 本期内容提要： [Table_Summary] ➢ 【油价回顾】截至 2025年 5月 16 日当周，油价震荡上涨。本周，中 美经贸高层会谈取得实质性进展，双方大幅下调关税，贸易争端紧张 局势缓和，提振市场风险偏好。但美伊核谈判等地缘因素反复（特朗 普称美伊就核协议达成某种共 ...