1. Report Industry Investment Rating - The report maintains a short - allocation view on the asphalt valuation ratio [15]. 2. Core View of the Report - Currently, the crude oil cost side has returned to normal. As the small off - season in August approaches, the cost support for asphalt is expected to weaken, and the valuation ratio is expected to remain volatile. However, with the approaching hurricane season in the US in September, the asphalt profit is expected to be gradually compressed by unexpected device impacts on the crude oil cost side, thus lowering the valuation. Meanwhile, the asphalt's own operating rate is in a seasonal upward period, and the supply will be further relaxed. The domestic "anti - involution" macro - orientation is not expected to cause a large - scale supply disruption for asphalt, so the short - allocation view on the asphalt valuation ratio is maintained [15]. - In the medium - term, the import of asphalt is expected to remain low. The main refineries are expected to resume a certain level of operation, which will limit the upward movement of asphalt valuation. The demand side has slightly improved compared with previous years, but the overall demand is expected to be flat after the infrastructure seasonal peak. The upward space for oil prices in the second half of the year is limited, and the widening volatility center of oil prices is expected to move down slightly. Overall, the asphalt valuation is likely to decline in the second half of the year [16]. - In the short - term, the supply side shows a neutral situation, the demand side is bearish, the inventory side is slightly bearish, and the cost side is slightly bearish. The "anti - involution" macro - orientation will not cause a large - scale supply disruption for asphalt, and the increase in cracking profit will stimulate refinery production and lower the asphalt valuation [17]. 3. Summary According to the Directory 3.1 Week - on - Week Evaluation and Strategy Recommendation - **Market Review**: The current crude oil cost side has returned to normal, and the cost support for asphalt is expected to weaken as the August small off - season approaches. The asphalt operating rate is in a seasonal upward period, and the supply will be more abundant [15]. - **Medium - term Impact Factors and Evaluation**: Import is expected to remain low. The main refineries are expected to resume operation, which will limit the upward movement of asphalt valuation. The demand side has slightly improved, but overall demand is expected to be flat. Oil prices are expected to have limited upward space in the second half of the year, and the asphalt valuation is likely to decline [16]. - **Short - term Factor Evaluation**: Supply is neutral, demand is bearish, inventory is slightly bearish, and cost is slightly bearish. The "anti - involution" macro - orientation will not cause a large - scale supply disruption, and refinery production will be stimulated to lower the asphalt valuation [17]. 3.2 Spot and Futures Market - **Spot Price**: The report presents the price trends of heavy - traffic asphalt in Shandong, Northeast, East China, and North China regions [20][23][24][26]. - **Basis Trend**: The report shows the basis trends of asphalt in Shandong and East China regions [29][30]. - **Term Structure**: The report presents the term structure of asphalt and the price differences between different contracts [32][33][34]. 3.3 Supply Side - **Capacity Utilization and Profit**: The report shows the capacity utilization rate of heavy - traffic asphalt and the production profit of Shandong asphalt [42][43]. - **Import**: The report presents the import volume of asphalt and diluted asphalt, as well as the import profit from different regions [45][47][49]. - **Valuation Ratio**: The report shows the valuation ratios of fuel oil/asphalt and asphalt/Brent [57][58]. - **Refinery Profit**: The report presents the refining profits of main refineries and Shandong local refineries, as well as the operating rate and production profit of petroleum coke [60][61][63][64]. 3.4 Inventory - **Domestic Inventory**: The report shows the domestic total inventory, factory inventory, social inventory, and diluted asphalt port inventory [68][69][71][73]. - **Warehouse Receipts**: The report presents the asphalt warehouse receipts and the virtual - to - real ratio of the main contract [76][77]. - **Relationship between Inventory, Profit, and Price**: The report shows the relationships between inventory, profit, and price [79][80]. 3.5 Demand Side - **Enterprise Shipment Volume**: The report presents the asphalt shipment volumes of sample enterprises in East China, North China, and other regions [85][86][88]. - **Downstream Operating Rate**: The report shows the operating rates of rubber shoe materials, road - modified asphalt, and waterproofing membranes [92][93][97]. - **Highway Investment**: The report presents the cumulative highway construction investment, the monthly year - on - year and monthly values of transportation public fiscal expenditure, and the relationship between asphalt demand and transportation fiscal expenditure [99][100]. - **Road - Related Machinery**: The report presents the monthly sales of road rollers and excavators, the monthly operating hours of excavators, and the cumulative highway construction investment [103][104]. - **Related Consumption**: The report presents the fixed - asset investment completion rate and the cumulative issuance of local government special bonds [106]. 3.6 Related Indicators - **Position, Trading Volume, and Price Volatility**: The report presents the trading volume, position, and 20 - day historical volatility of asphalt futures [109][111][112]. 3.7 Industrial Chain Structure Diagram - **Crude Oil Industrial Chain**: The report shows the exploration and extraction links of the crude oil industrial chain [119][120]. - **Asphalt Industrial Chain**: The report shows the classification of asphalt from the production process and usage perspectives, and its main applications [121][123].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - Not explicitly stated in the given content. 3. Summary by Relevant Catalog Futures Contracts - The closing prices of BU主力合约, BU09 were 3602 on 7/24, with a daily change of 8 and a weekly change of -21; BU06 was 3384, with a daily change of -7 and a weekly change of -4; BU12 was 3459, with a daily change of -1 and a weekly change of 9; BU03 was 3392, with a daily change of -14 and a weekly change of -13 [4]. - The trading volume on 7/24 was 258,219, a daily decrease of 42,267 and a weekly increase of 107,200; the open interest was 453,758, a daily decrease of 5,653 and a weekly decrease of 14,650 [4]. - The futures inventory remained at 42,950 from 7/22 - 7/24, with no daily or weekly change [4]. Spot Market - The low - end prices in Shandong, East China, South China, North China, and Northeast markets on 7/24 were 3600, 3670, 3550, 3710, and 3900 respectively. The daily changes were -20, 0, 0, -10, 0, and the weekly changes were 40, 0, -30, -40, 0 [4]. - The prices of Jingbo (Haiyun), るの, and Luohai (Xin Bohai) on 7/24 were 3690, 3690, and 3710 respectively, with daily changes of -20, -20, -10 and weekly changes of -20, -20, -40 [4]. Basis and Calendar Spreads - The basis of Shandong, East China, and South China on 7/24 were -2, 68, -52 respectively, with daily changes of -28, -8, -8 and weekly changes of 61, 21, -9 [4]. - The spreads of 03 - 06, 06 - 09, 09 - 12, 12 - 03 on 7/24 were 8, -218, 143, 67 respectively, with daily changes of -7, -15, 9, 13 and weekly changes of -9, 17, -30, 22 [4]. - The first - second nearby spread on 7/24 was 28, with a daily change of -8 and a weekly change of -25 [4]. Crack Spreads and Profits - The asphalt Brent crack spread on 7/24 was 19, with a daily change of -11 [4]. - The asphalt Marrow profit on 7/24 was -52, with a daily change of -10 and a weekly change of 89 [4]. - The comprehensive profit of ordinary refineries on 7/24 was 450, with a daily change of 3 and a weekly change of 40; the comprehensive profit of Marrow - type refineries was 69, with a daily change of -3 and a weekly change of 60 [4]. - The import profit from South Korea to East China on 7/24 was -145, with a daily change of 4 and a weekly change of 6; the import profit from Singapore to South China was -dde (data may be incomplete), with a daily change of 5 and a weekly change of -19 [4]. Related Prices - The price of Brent crude oil on 7/24 was 68.5, with a daily change of -0.1 and a weekly change of -1.0 [4]. - The market prices of gasoline, diesel, and residue oil in Shandong on 7/24 were 7795, 6645, 3650 respectively, with daily changes of -4, -10, 0 and weekly changes of -15, -47, -50 [4].

Economic Overview - Ningbo achieved a GDP of 886.1 billion yuan in the first half of the year, with a year-on-year growth of 5.1% [1] - The contribution rates to GDP growth from the primary, secondary, and tertiary industries were 1.6%, 39.3%, and 59.1% respectively [1] Sector Performance - Agricultural production value increased by 3.7% to 20.47 billion yuan [1] - Industrial output value rose by 5.7% [1] - Service sector value grew by 5.6%, accelerating by 0.3 percentage points compared to the first quarter [1] Investment and Consumption - Fixed asset investment, excluding real estate, grew by 7.9%, with infrastructure investment surging by 24.0% [2] - Social retail sales totaled 269.77 billion yuan, marking a 2.2% increase, up 1.5 percentage points from the first quarter [1] Trade and Export - Total import and export value reached 721.8 billion yuan, a 6.1% increase, with exports at 490.44 billion yuan, growing by 10.1% [2] - Private enterprises accounted for 77.5% of total imports and exports, amounting to 559.24 billion yuan, with an 8.8% growth [4] Emerging Industries - 25 out of 36 industrial sectors reported growth, with key sectors like instrumentation and petroleum processing growing by 23.4% and 13.8% respectively [3] - High-tech industries saw a value increase of 13.1%, while digital economy and equipment manufacturing grew by 7.7% and 6.5% respectively [3] Port Activity - Ningbo port handled 353 million tons of cargo, a 1.0% increase, and container throughput reached 18.889 million TEUs, growing by 7.9% [4]

Core Insights - The article highlights the breakthrough achieved by Henan Refining in the research and development of petroleum coke for prebaked anodes, which expands the company's growth opportunities [1] - The demand for high-quality petroleum coke in the prebaked anode manufacturing industry is increasing due to the steady development of the electrolytic aluminum industry [1] Group 1 - Henan Refining has successfully produced qualified YBYJJ-2 prebaked anode petroleum coke, marking a significant advancement in its product offerings [1] - The company established a specialized working group in March to focus on high-end carbon materials, including petroleum coke for prebaked anodes, and has engaged with key customers to understand their quality requirements [1] - The production of prebaked anode petroleum coke requires strict control over sulfur content, ash content, and trace elements such as sodium and calcium compared to regular petroleum coke [1] Group 2 - The working group at Henan Refining will continue to optimize key indicators such as crude oil processing varieties and coking furnace export temperature to improve petroleum coke yield [2] - The company aims to ensure that the quality indicators of sulfur content and ash content meet customer requirements while fully satisfying market demand [2]

石油沥青日报 | 2025-07-24 盘面走势转弱，沥青现货延续跌势 风险 原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装置开工负荷变动等 市场分析 1、7月23日沥青期货下午盘收盘行情：主力BU2509合约下午收盘价3594元/吨，较昨日结算价下跌17元/吨，跌幅 0.47%；持仓198184手，环比下降5747手，成交201956手，环比下跌36618手。 2、卓创资讯重交沥青现货结算价：东北，3900—4086元/吨；山东，3620—4070元/吨；华南，3560—3600元/吨； 华东，3660—3800元/吨。 近日原油价格连续回调，BU盘面走势也明显转弱。除了基准油价的回调外，稀释沥青原料供应增加的预期也对沥 青成本端形成一定压制。昨日华北以及山东市场沥青现货价格均有所下跌，其余区域沥青现货价格均以持稳为主， 整体情绪一般。就沥青自身基本面而言，整体供需两弱格局延续，库存处于低位，市场短期压力有限但上行驱动 不足，需要等待新的变量兑现。 策略 单边：震荡 跨期：无 跨品种：无 期现：无 期权：无 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 | 图1 ...

Group 1 - The domestic asphalt average price has decreased slightly, with a current average of 3856.71 CNY/ton, down by 10 CNY/ton or 0.26% compared to the previous period [1] - As of July 21, the main futures contract for asphalt closed at 3657.00 CNY/ton, with a daily increase of 0.27%, reaching a high of 3675.00 CNY/ton and a low of 3647.00 CNY/ton, with a trading volume of 141,580 lots [2] - The total shipment volume from 54 domestic asphalt manufacturers reached 414,000 tons, reflecting a week-on-week increase of 4.0% [3] Group 2 - The capacity utilization rate of 92 asphalt refineries in China reached 34.3%, an increase of 0.4% week-on-week, with a total production of 572,000 tons, up by 1.1% [3] - Recent reports indicate a noticeable decline in shipment volumes, with inventory depletion showing signs of reversal, and a slight downward trend in basis [4] - The overall performance during the peak demand season has been average, not exceeding market expectations, with a focus on inventory depletion in the near term [4]

Group 1 - In April 2025, Beijing's kerosene production reached 130,000 tons, representing a year-on-year growth of 20.6% [1] - The growth rate in April 2025 decreased by 14.6 percentage points compared to the same month last year, indicating a slowdown [1] - Beijing's kerosene production accounted for 3.0% of the national total of 4.36 million tons during the same period, which is 27.5 percentage points higher than the national growth rate [1] Group 2 - From January to April 2025, Beijing's kerosene production totaled 500,000 tons, with a year-on-year increase of 23.0% [4] - The growth rate for the first four months of 2025 decreased by 20.1 percentage points compared to the same period last year, also indicating a slowdown [4] - During this period, Beijing's kerosene production represented 2.7% of the national total of 18.349 million tons, which is 25.7 percentage points higher than the national growth rate [4]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Oil prices experienced a slight decline due to concerns over increased gasoline inventories in the U.S. and OPEC+ production increases, with Brent and WTI prices at $69.28 and $66.05 per barrel respectively as of July 18, 2025 [2][7] - The oil and petrochemical sector showed a positive performance, with the sector rising by 1.13% compared to the 1.09% increase in the CSI 300 index [8][11] - The oil and gas extraction sector has seen a significant increase of 162.26% since 2022, while the refining and trading sector has risen by 28.99% [11] Oil Price Review - As of July 18, 2025, Brent crude futures settled at $69.28 per barrel, down $1.08 (-1.53%) from the previous week, while WTI crude futures settled at $66.05 per barrel, down $2.40 (-3.51%) [23] - The Urals crude price remained stable at $65.49 per barrel, while ESPO crude increased by $0.55 (+0.85%) to $64.96 per barrel [23] Offshore Drilling Services - The number of global offshore self-elevating drilling platforms was 384, a decrease of 1 from the previous week, while the number of floating drilling platforms remained at 134 [30] U.S. Oil Supply - U.S. crude oil production was 13.375 million barrels per day, a decrease of 10,000 barrels from the previous week [43] - The number of active drilling rigs in the U.S. was 422, down by 2 rigs [43] - The number of hydraulic fracturing fleets in the U.S. was 174, down by 6 fleets [43] U.S. Oil Demand - U.S. refinery crude processing was 16.849 million barrels per day, down by 157,000 barrels from the previous week, with a refinery utilization rate of 93.90%, down 0.8 percentage points [56] U.S. Oil Inventory - Total U.S. crude oil inventory was 825 million barrels, a decrease of 4.159 million barrels (-0.50%) from the previous week [68] - Strategic oil inventory was 403 million barrels, down by 300,000 barrels (-0.07%) [68] - Commercial crude oil inventory was 422 million barrels, down by 3.859 million barrels (-0.91%) [68] Related Companies - Key companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [2]

Investment Rating - The industry investment rating is "Cautious" based on the current market conditions and projections for the petrochemical sector [127]. Core Insights - The report highlights a weak demand for polyester end products, leading to a decline in prices and profitability [1]. - The Brent crude oil average price for the week ending July 18, 2025, was $69.09 per barrel, reflecting a decrease of 0.91% from the previous week [1][2]. - Domestic and international refining project price differentials are tracked, with domestic projects showing a price differential of 2462.77 CNY/ton, down 1.21% week-on-week, while international projects increased by 3.84% to 1100.64 CNY/ton [2]. Refining Sector Summary - The report discusses the impact of U.S. tariffs on Brazil and OPEC's downward revision of global oil demand growth forecasts, which raised concerns about future demand [1]. - International oil prices experienced fluctuations, with Brent and WTI prices at $69.28 and $67.34 per barrel, respectively, as of July 18, 2025 [1]. - Domestic refined oil prices have generally declined, while Southeast Asian refined oil prices remain relatively stable [1]. Chemical Sector Summary - The report notes a weak performance in chemical product prices due to anticipated supply increases, with polyolefins showing slight price declines [1]. - Specific chemical products such as EVA and styrene have shown stable yet declining prices, while pure benzene prices have increased slightly [1]. Polyester Sector Summary - The polyester sector is experiencing a downward shift in price levels, with PX market supply remaining tight but raw material support weakening [1]. - The average price for PTA is reported at 4732.14 CNY/ton, with an average loss of 253.97 CNY/ton in profitability [1][91]. - The report indicates that the demand for polyester products remains weak, with textile market orders being low [1]. Performance of Major Refining Companies - The report tracks the stock performance of six major refining companies, with notable weekly changes including Rongsheng Petrochemical (+2.33%) and Xin Fengming (+2.11%) [1][114]. - Over the past month, Rongsheng Petrochemical has increased by 5.28%, while Hengli Petrochemical has decreased by 2.81% [1][114].

Group 1: Company Strategy and Development - The company is shifting its development philosophy from "large and strong" to "specialized and precise" [2] - Key initiatives in the past six months include enhancing supply chain resilience and accelerating global sourcing, particularly direct supply from sources [2][3] - The company has adjusted its product structure to focus on technical research and innovation in specialty oils and new chemical materials [2][3] Group 2: New Business Ventures - The establishment of a wholly-owned subsidiary in Wuxi for liquid cooling is based on the explosive growth in national computing power demand [4] - The liquid cooling subsidiary aims to provide comprehensive solutions for IDC and AIDC intelligent computing center liquid cooling management systems [4] - The subsidiary is currently in its initial stage, with team building and business development progressing in an orderly manner [4] Group 3: Financial and Market Position - The company is the only private refinery operating bonded high-sulfur fuel oil, breaking the reliance on imports for this product [3] - The company has received acceptance notification from the Shenzhen Stock Exchange for a private placement of shares, pending further regulatory approvals [5] - The company is monitoring its stock price closely, with potential triggers for early redemption of convertible bonds based on specific price thresholds [6]