Group 1 - The core point of the article highlights the oil production statistics for Ningxia Hui Autonomous Region, indicating a slight increase in September 2025 compared to the previous year [1] - In September 2025, the oil production reached 99,000 tons, representing a year-on-year growth of 1.2%, with an increase of 9.7 percentage points compared to the same month last year [1] - The growth rate in September 2025 was 2.9 percentage points lower than the national average, with Ningxia's production accounting for 0.6% of the national output of 17,775,000 tons [1] Group 2 - For the period from January to September 2025, the total oil production was 914,000 tons, showing a year-on-year decline of 1.0% [2] - The decline in production for the first nine months of 2025 was offset by a growth rate that was 3.8 percentage points higher than the previous year [2] - The production for this period also represented 0.6% of the national total of 16,263,300 tons, with a growth rate that was 2.7 percentage points lower than the national average [2]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) is enhancing the market value of its listed companies through a series of initiatives, including a recent investor communication event and a special action plan for market value enhancement [1][6]. Group 1: Market Value Increase - During the "14th Five-Year Plan" period, the total market value of Sinopec's listed companies increased by 220 billion yuan [2]. - The steady rise in market value is attributed to the company's robust profitability, optimized shareholder return mechanisms, and proactive market value management measures [2]. - Sinopec's core listed platform, Sinopec Limited, has a clear return policy that instills confidence in the market, with a planned annual cash dividend ratio of no less than 65% of the net profit attributable to shareholders from 2024 to 2026 [2]. Group 2: Dividend Policies - The high dividend culture is reflected across other listed platforms, with Sinopec Engineering maintaining a dividend payout ratio of 65% for four consecutive years and Shanghai Petrochemical planning a dividend ratio of 66.67% for 2024 [3]. - Sichuan Meifeng plans to implement a "annual + interim" dividend strategy starting in 2024, with a commitment to a cash dividend ratio of no less than 60% of the net profit attributable to shareholders [3]. - The stable and predictable dividend policies are supported by strong operational performance, with Sinopec Oilfield Services reporting a 71 million yuan increase in new contract value year-on-year [3]. Group 3: Transformation and Upgrading Plans - Sinopec is focusing on becoming the leading hydrogen energy company and is committed to technological breakthroughs and deep industry transformations [4]. - Sinopec Machinery aims to maintain its leading position in oil and gas equipment while also developing hydrogen energy equipment [4]. - Shanghai Petrochemical is initiating comprehensive technical upgrades and focusing on innovative business areas such as elastomers and carbon fiber [4]. Group 4: Mergers and Acquisitions - Mergers and acquisitions are seen as key strategies for resource integration, with Sinopec Oilfield Services planning to issue corporate bonds by 2026 to strengthen its technology chain [5]. - Sinopec Guande is actively seeking quality storage asset acquisition opportunities to consolidate its market position [5]. Group 5: Special Action Plan for Market Value Enhancement - Sinopec has launched a special action plan aimed at enhancing investment value and increasing shareholder returns [6]. - The plan includes improving governance efficiency, enhancing the return system, and optimizing capital layout to release the value of various segments [6]. - The initiative involves nine listed companies under Sinopec, focusing on long-term management mechanisms and capital operations [6].

1、12月23日沥青期货下午盘收盘行情：主力BU2602合约下午收盘价2977元/吨，较昨日结算价上涨8元/吨，涨幅 0.27%；持仓204742手，环比下跌12429手，成交242206手，环比下降124436手。 2、卓创资讯重交沥青现货结算价：东北，3156—3500元/吨；山东，2850—3190元/吨；华南，2750—2950元/吨； 华东，3000—3150元/吨。 虽然近日原油价格出现反弹，叠加南美地缘局势升温，但沥青现实基本面仍偏弱，制约了市场上涨动力。现货方 面，昨日华北地区沥青现货价格小幅上涨，山东以及华东地区沥青现货价格跌幅明显，其余地区沥青现货价格大 体企稳。沥青终端需求整体表现疲软，市场资源较为充裕(尤其是华南地区），部分主营炼厂本周继续下调沥青结算 价格。往前看，南方地区过剩矛盾仍有待时间消化，原料端收紧风险则是潜在的上行驱动，市场多空因素交织， 现实与预期博弈下，底部反弹需要等待更明确的信号。 策略 单边：中性，等待底部信号明确，可尝试左侧逢低多配置 跨品种：无 石油沥青日报 | 2025-12-24 市场资源充裕，现实基本面仍偏弱 市场分析 跨期：无 期现：无 期权：无 风险 ...

研究中心能化团队 2025/12/24 | | 指标 | 11/21 | 12/17 | 12/19 | 12/22 | 12/23 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 山东基差(+80)(非京博) | 61 | -102 | 1 | -2915 | -2897 | 18 | | | | 华东基差(镇江库) | 91 | -32 | -9 | -2995 | -2977 | 18 | -2795 -2945 | | 基差&月差 | 华南基差(佛山库) | 71 | -102 | -109 | -2995 | -2977 | 18 | -2875 | | | 01-03 | -41 | -17 | -27 | -30 | -26 | 4 | -9 | | | 02-03 | -26 | -2 | -15 | -12 | -13 | -1 | -11 | | | 03-06 | -42 | -10 | -24 | -23 | -27 | -4 | -17 | | | BU主力合约(02) | 300 ...

Core Insights - The 2026 China International Petrochemical Technology and Equipment Exhibition will take place from June 9-11 in Shanghai, focusing on green and low-carbon industry transformation and technological innovation in the petrochemical sector [1] - The exhibition has evolved into a national-level event, becoming a benchmark for the industry and a platform for international technical exchange and trade cooperation [3] Group 1: Exhibition Overview - The exhibition has grown significantly over 17 years, with a record of 70,000 square meters of exhibition space and participation from 1,081 companies in 2025, including over 100 purchasing groups from more than 34 countries and regions [3] - The international exhibitor ratio exceeded 10%, highlighting the exhibition's value as an international platform [3] - The exhibition covers the entire petrochemical industry chain, expanding from core areas like refining equipment to 10 specialized exhibition zones, including automation instruments, environmental protection equipment, and smart robotics [3] Group 2: Event Activities - The exhibition will continue its tradition of hosting a high-level industry forum alongside the main event, featuring discussions on refining transformation, green chemistry, low-carbon technology, and smart manufacturing [5] - A series of high-profile events, including the 2026 China International Petrochemical Technology Industry Summit Forum, will provide forward-looking insights and promote deep integration of industry, academia, and research [5] - The exhibition aims to enhance its role as an "industry resource hub," offering tailored matchmaking services for exhibitors and inviting purchasing groups from Southeast Asia, the Middle East, and major state-owned enterprises in China [5] Group 3: Future Prospects - The exhibition is set to continue its growth trajectory, showcasing a comprehensive industry chain and global resources, reflecting the high-quality development of China's petrochemical industry [7] - The event is positioned as a significant opportunity for industry partners to capture new opportunities and foster collaboration in the context of green and low-carbon transformation [7]

2025年1-9月原油产量分析： 摘要：【图】2025年1-9月甘肃省原油产量数据分析 据国家统计局数据，在2025年的前9个月，甘肃省规模以上工业企业原油产量累计达到了979.4万吨，与 2024年同期的数据相比，增长了2.5%，增速较2024年同期低6.0个百分点，增速放缓，增速较同期全国 高0.8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6.0%。 图表：甘肃省原油产量分月（累计值）统计 2025年9月原油产量分析： 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。 产业调研网为您提供更多 石油化工行业最新动态 石油行业监测及发展趋势 化工未来发展趋势预测 日化现状及发展前景 润滑油发展前景趋势分析 汽油的现状和发展趋势 柴油行业现状与发展趋势 橡胶市场现状及前景分析 塑料市场调研与发展前景 化妆品发展现状及前景预测清洁护肤市场调研及发展趋势 单独看2025年9月份，甘肃省规模以上工业企业原油产量达到了113.7万吨，与2024年同期的数据相比， 9月份的产量增长了8.7%，增速较2024年同期高0.3个百分点，继续保持增 ...

中化新网讯 近日，来自欧洲、东南亚等地区的客户到访锦州石化，并聚焦消毒液生产领域核心原料供 应，对该公司的工业用异丙醇产品开展专项审核，考察产品品质管控、生产实力及服务水平。 为拓展国际市场，锦州石化营销调运部高效推进样品寄送全流程，从样品精准选取、严格包装规范，到 全程物流跟踪，严格把控各环节，送检样品各项指标均通过严格检测，印证了产品溶解性强、挥发性 快、残留少、低毒性的优势，为审核奠定基础。目前，审核已顺利完成，锦州石化将尽快填写供应商审 查表，为深化合作做准备。 ...

荆门石化将管理专业性强、资金项目密集、廉洁风险突出的单位作为"巡审联动"监督的重点对象，综合 运用巡察的"听谈访查"与审计的"核比测评"。审计及时将发现的资金异常、合同漏洞等疑点移交巡察深 挖责任，巡察则将谈话反映涉及经济问题的情况交审计进行专业核查，形成"审计查资料提供问题，巡 察谈话追问责任"的高效协作模式，精准揭示了风险隐患。 中化新网讯 今年以来，荆门石化党委积极探索实践"巡审联动"监督模式，着力推动监督资源整合、力 量融合、效能聚合，实现了"1+1>2"的监督叠加效应。 此外，荆门石化对巡察和审计发现问题运用"五个溯源回归"进行深度分析研判，对联动暴露的典型问 题、制度性缺陷移交主管部门，推动开展专项治理、系统施治。在2025年"巡审联动"监督中，该公司共 深度揭示并推动整改6个方面20个问题，优化业务流程或管理机制7项。 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The supply side shows that the planned asphalt production in December 2025 is 2.158 million tons, a month - on - month decrease of 3.24%. The refineries have reduced production this week, and the supply pressure may decrease next week [7]. - The demand side indicates that the current demand is lower than the historical average level, with the heavy - traffic asphalt, building asphalt, modified asphalt, and waterproofing membrane开工率 all being low or decreasing [7]. - The cost side shows that the daily asphalt processing profit is - 290 yuan/ton, a month - on - month decrease of 14.00%. The weekly Shandong refinery delayed coking profit is 880.1214 yuan/ton, a month - on - month decrease of 10.36%. Crude oil is strengthening, and it is expected to provide short - term support [8]. - The basis on December 23 shows that the Shandong spot price is 2920 yuan/ton, and the 02 - contract basis is - 57 yuan/ton, with the spot at a discount to the futures [8]. - In terms of inventory, social inventory is decreasing, factory inventory is increasing, and port diluted asphalt inventory is decreasing significantly [8]. - The disk shows that MA20 is downward, and the 02 - contract futures price closes above MA20 [8]. - The main positions are net short, and the short positions are increasing [8]. - It is expected that the asphalt market will fluctuate narrowly in the short term, with the asphalt 2602 fluctuating in the range of 2948 - 3006 [8]. 3. Summary According to the Directory 3.1 Daily Views - **Supply - side**: The total planned asphalt production in December 2025 is 2.158 million tons, a month - on - month decrease of 3.24%. The weekly production and shipment of sample enterprises have decreased, and the estimated maintenance volume of sample enterprise devices has increased, reducing the supply pressure [7]. - **Demand - side**: The current demand is lower than the historical average level, with various types of asphalt开工率 mostly decreasing or remaining low [7]. - **Cost - side**: The asphalt processing loss has decreased, and the profit difference between asphalt and delayed coking has decreased. Crude oil is strengthening, providing short - term support [8]. - **Basis**: The spot is at a discount to the futures, which is bearish [8]. - **Inventory**: Social inventory is decreasing, factory inventory is increasing, and port inventory is decreasing significantly, showing a neutral situation [8]. - **Disk**: MA20 is downward, and the 02 - contract futures price closes above MA20, showing a neutral situation [8]. - **Main Positions**: The main positions are net short, and the short positions are increasing, which is bearish [8]. - **Expectation**: The refineries have reduced production, the demand is affected by the off - season, the inventory is stable, and the cost support is strengthening. It is expected that the disk will fluctuate narrowly in the short term, with the asphalt 2602 fluctuating in the range of 2948 - 3006 [8] 3.2 Asphalt Futures Market - Basis Trend - The report provides the historical basis trends of Shandong and East China asphalt from 2020 to 2025, which can be used to analyze the relationship between spot and futures prices [17][19] 3.3 Asphalt Futures Market - Spread Analysis - **Main - contract Spread**: The report shows the spread trends of asphalt 1 - 6 and 6 - 12 contracts from 2020 to 2025, which helps to analyze the price differences between different contracts [22] - **Asphalt - Crude Oil Price Trend**: The price trends of asphalt, Brent oil, and West Texas oil from 2020 to 2025 are presented, which can be used to analyze the relationship between asphalt and crude oil prices [25] - **Crude Oil Crack Spread**: The crack spreads of asphalt and different types of crude oil (SC, WTI, Brent) from 2020 to 2025 are provided, which helps to analyze the profitability of asphalt production [28] - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: The price ratio trends of asphalt, crude oil, and fuel oil from 2020 to 2025 are shown, which can be used to analyze the relative price relationships among them [32] 3.4 Asphalt Spot Market - Market Price Trends in Different Regions - The report shows the historical price trends of Shandong heavy - traffic asphalt from 2020 to 2025, which helps to understand the price changes in the spot market [35] 3.5 Asphalt Fundamental Analysis - **Profit Analysis**: - **Asphalt Profit**: The historical asphalt profit trends from 2019 to 2025 are presented, which helps to analyze the profitability of asphalt production [37] - **Coking - Asphalt Profit Spread Trend**: The profit spread trends between coking and asphalt from 2020 to 2025 are shown, which can be used to analyze the profit differences between different production processes [40] - **Supply - side Analysis**: - **Shipment Volume**: The weekly shipment volume trends of asphalt small - sample enterprises from 2020 to 2025 are provided, which helps to understand the supply situation [44] - **Diluted Asphalt Port Inventory**: The historical trends of domestic diluted asphalt port inventory from 2021 to 2025 are shown, which can be used to analyze the supply of raw materials [46] - **Production Volume**: The weekly and monthly production volume trends of asphalt from 2019 to 2025 are presented, which helps to understand the overall supply situation [49] - **Ma Rui Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend**: The price trends of Ma Rui crude oil and the monthly production trends of Venezuelan crude oil from 2018 to 2025 are shown, which can be used to analyze the impact of raw material supply on asphalt production [53] - **Refinery Asphalt Production**: The historical refinery asphalt production trends from 2019 to 2025 are provided, which helps to understand the supply from refineries [57] - **开工率**: The weekly开工率 trends of asphalt from 2021 to 2025 are presented, which helps to understand the production activity level [60] - **Maintenance Loss Estimation**: The historical trends of maintenance loss estimation from 2018 to 2025 are shown, which can be used to analyze the impact of maintenance on supply [62] - **Inventory Analysis**: - **Exchange Warehouse Receipts**: The historical trends of exchange warehouse receipts from 2019 to 2025 are provided, which helps to understand the inventory situation in the futures market [65] - **Social Inventory and Factory Inventory**: The historical trends of social inventory (70 samples) and factory inventory (54 samples) from 2022 to 2025 are shown, which helps to understand the overall inventory situation [69] - **Factory Inventory Inventory Ratio**: The historical trends of the factory inventory inventory ratio from 2018 to 2025 are presented, which can be used to analyze the inventory management efficiency of factories [72] - **Import and Export Situation**: The historical trends of asphalt export and import from 2019 to 2025 are provided, which helps to understand the international trade situation of asphalt [75] - **Demand - side Analysis**: - **Petroleum Coke Production**: The historical trends of petroleum coke production from 2019 to 2025 are presented, which helps to understand the demand for petroleum coke in the asphalt production process [81] - **Apparent Consumption**: The historical trends of asphalt apparent consumption from 2019 to 2025 are shown, which helps to understand the overall market demand [84] - **Downstream Demand**: The report shows the trends of highway construction traffic fixed - asset investment, new local special bonds, and infrastructure investment completion from 2019 to 2025, which helps to understand the downstream demand for asphalt [87] - **Downstream Machinery Demand**: The historical trends of asphalt concrete paver sales, excavator monthly operating hours, domestic excavator sales, and roller sales from 2019 to 2025 are provided, which helps to understand the demand for asphalt in construction machinery [91] - **Asphalt开工率**: The historical trends of heavy - traffic asphalt开工率, construction asphalt开工率, modified asphalt开工率, and other types of asphalt开工率 from 2019 to 2025 are presented, which helps to understand the production activity level of different types of asphalt [96] - **Downstream开工情况**: The historical trends of shoe - material SBS modified asphalt开工率, road modified asphalt开工率, waterproofing membrane modified asphalt开工率, etc. from 2019 to 2025 are shown, which helps to understand the开工情况 of downstream industries [101] - **Supply - Demand Balance Sheet**: The monthly supply - demand balance sheet of asphalt from September 2024 to December 2025 is provided, including production, import, export, downstream demand, and inventory data, which helps to comprehensively analyze the market supply - demand situation [106]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs BR Main Contract (12) Information - **Price**: On 11/21 it was 10385, on 12/17 it was 11160, on 12/19 it was 11020, on 12/22 it was 11230, and on 12/23 it was 11175, with a weekly change of 15 [4] - **Holding Volume**: On 11/21 it was 68247, on 12/17 it was 105416, on 12/19 it was 101995, on 12/22 it was 103729, and on 12/23 it was 103099, with a daily change of -630 and a weekly change of -2317 [4] - **Trading Volume**: On 11/21 it was 167355, on 12/17 it was 181436, on 12/19 it was 127276, on 12/22 it was 173927, and on 12/23 it was 156564, with a daily change of -17363 and a weekly change of -24872 [4] - **Warehouse Receipt Quantity**: On 11/21 it was 12030, on 12/17 it was 19680, on 12/19 it was 20810, on 12/22 it was 20810, and on 12/23 it was 22510, with a daily change of 1700 and a weekly change of 2830 [4] - **Virtual - Physical Ratio**: On 11/21 it was 28.37, on 12/17 it was 26.78, on 12/19 it was 24.51, on 12/22 it was 24.92, and on 12/23 it was 22.90, with a daily change of -2 and a weekly change of -4 [4] - **Butadiene Rubber Basis**: On 12/17 it was -210, on 12/19 it was -170, on 12/22 it was -230, and on 12/23 it was -175, with a weekly change of 35 [4] - **Styrene - Butadiene Basis**: On 12/17 it was 140, on 12/19 it was 230, on 12/22 it was 20, and on 12/23 it was 125, with a daily change of -15 [4] - **02 - 03 Spread**: On 12/17 it was -10, on 12/19 it was -25, on 12/22 it was -15, and on 12/23 it was -15, with a daily change of 0 and a weekly change of -5 [4] - **03 - 04 Spread**: On 12/17 it was 0, on 12/19 it was -5, on 12/22 it was -10, and on 12/23 it was -15, with a daily change of -5 and a weekly change of -15 [4] - **RU - BR Spread**: On 11/21 it was 4855, on 12/17 it was 4230, on 12/19 it was 4170, on 12/22 it was 3975, and on 12/23 it was 4115, with a daily change of 140 and a weekly change of -115 [4] - **NR - BR Spread**: On 11/21 it was 1900, on 12/17 it was 1410, on 12/19 it was 1340, on 12/22 it was 1125, and on 12/23 it was 1230, with a daily change of 105 and a weekly change of -180 [4] BR Spot Price and Profit - **Shandong Market Price**: On 11/21 it was 10450, on 12/17 it was 10950, on 12/19 it was 10850, on 12/22 it was 11000, and on 12/23 it was 11000, with a daily change of 0 and a weekly change of 50 [4] - **Chuanhua Market Price**: On 11/21 it was 10350, on 12/17 it was 10950, on 12/19 it was 10800, on 12/22 it was 10900, and on 12/23 it was 10950, with a daily change of 50 and a weekly change of 0 [4] - **Qilu Factory Price**: On 11/21 it was 10700, on 12/17 it was 10900, on 12/19 it was 10900, on 12/22 it was 10900, and on 12/23 it was 10900, with a daily change of 0 and a weekly change of 0 [4] - **CFR Northeast Asia**: On 11/21 it was 1350, on 12/17 it was 1350, on 12/19 it was 1350, on 12/22 it was 1350, and on 12/23 it was 1400, with a daily change of 50 and a weekly change of 50 [4] - **CFR Southeast Asia**: On 11/21 it was 1640, on 12/17 it was 1600, on 12/19 it was 1600, on 12/22 it was 1600, and on 12/23 it was 1625, with a daily change of 25 [4] - **Spot Processing Profit**: On 11/21 it was 753, on 12/17 it was 498, on 12/22 it was 819, and on 12/23 it was 793, with a daily change of -26 [4] - **Import Profit**: On 11/21 it was -912, on 12/17 it was -297, on 12/19 it was -394, on 12/22 it was -237, and on 12/23 it was -634, with a daily change of -397 and a weekly change of -337 [4] - **Export Profit**: On 11/21 it was 1931, on 12/17 it was 1100, on 12/19 it was 1184, on 12/22 it was 1047, and on 12/23 it was 1223, with a daily change of 176 and a weekly change of 122 [4] BD Spot Price and Profit - **Shandong Market Price**: On 11/21 it was 7350, on 12/17 it was 8090, on 12/19 it was 7825, on 12/22 it was 7825, and on 12/23 it was 7850, with a weekly change of -240 [4] - **Jiangsu Market Price**: On 11/21 it was 7050, on 12/17 it was 7825, on 12/19 it was 7700, on 12/22 it was 7775, and on 12/23 it was 7625, with a daily change of -150 and a weekly change of -200 [4] - **Yangzi Factory Price**: On 11/21 it was 7200, on 12/17 it was 7800, on 12/19 it was 7800, on 12/22 it was 7800, and on 12/23 it was 7800, with a daily change of 0 and a weekly change of 0 [4] - **CFR China**: On 11/21 it was 770, on 12/17 it was 870, on 12/19 it was 870, on 12/23 it was 930, with a daily change of 5 and a weekly change of 60 [4] - **Ethylene Cracking Profit**: On 11/21 it was -72, on 12/17 it was -41, on 12/19 it was -35, on 12/22 it was -41 [4] - **Carbon - Four Extraction Profit**: On 11/21 it was 285, on 12/17 it was 1118, on 12/19 it was 1134, on 12/22 it was 1062 [4] - **BD Spread**: On 11/21 it was -1764, on 12/17 it was -1059, on 12/19 it was -1254, on 12/22 it was -1179, and on 12/23 it was -1329, with a daily change of -150 and a weekly change of -270 [4] - **Import Profit**: On 11/21 it was 708, on 12/17 it was 750, on 12/19 it was 627, on 12/22 it was 269, and on 12/23 it was 80, with a daily change of -190 and a weekly change of -671 [4] - **Export Profit**: On 11/21 it was -1302, on 12/17 it was -2027, on 12/19 it was -1286, on 12/22 it was -1355, and on 12/23 it was -1225, with a daily change of 130 and a weekly change of 803 [4] - **Styrene - Butadiene Production Profit**: On 11/21 it was 1375, on 12/17 it was 1213, on 12/19 it was 1238, on 12/22 it was 1238, and on 12/23 it was 1213, with a daily change of -25 and a weekly change of 0 [4] - **ABS Production Profit**: On 11/21 it was -301, on 12/17 it was -688 [4] - **SBS Production Profit**: On 11/21 it was -390, on 12/17 it was -425, on 12/19 it was -392, on 12/22 it was -392, and on 12/23 it was -425, with a daily change of -30 and a weekly change of 0 [4]