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]

s 加安期货 研究中心能化团队 2025/12/24 -300 -300 沥青早报 2019 2022 2024 2020 2021 2023 2025 2019 2024 2021 2022 2023 2025 2020 BU02-03 BU03-06 100 100 80 80 60 60 40 40 20 20 0 0 7/1 8/1 4/1 5/1 6/1 3/1 5/1 6/1 7/1 4/1 -20 -20 -40 -40 -60 -60 -80 -80 r -100 -100 2019 2021 2022 2023 2024 2020 2025 2019 2020 -2021 2022 · 2024 2025 2023 BU主力合约 BU远期结构 5000 3150 4500 3100 4000 3050 3000 3500 2950 3000 MAR MA 2900 S 2500 2850 3/1 4/1 7/1 8/1 9/1 10/1 11/1 12/1 1/1 2/1 5/1 6/1 BU05 BU06 BU01 BU02 BU03 BU04 2022 -2019 -2020 -2021 ...

摘要：【图】2025年1-8月江西省原油加工量统计分析 图表：江西省原油加工量分月（当月值）统计 2025年8月原油加工量分析： 单独看2025年8月份，江西省规模以上工业企业原油加工量达到了66.0万吨，与2024年同期的数据相 比，8月份的原油加工量下降了1.2%，增速较2024年同期低5.4个百分点，增速较同期全国低8.8个百分 点，约占同期全国规模以上企业原油加工量6346.5万吨的比重为1.0%。 2025年1-8月原油加工量分析： 据国家统计局数据，在2025年的前8个月，江西省规模以上工业企业原油加工量累计达到了404.7万吨， 与2024年同期的数据相比，下降了21.8%，增速较2024年同期低23.8个百分点，增速较同期全国低25.0 个百分点，约占同期全国规模以上企业原油加工量48807.2万吨的比重为0.8%。 图表：江西省原油加工量分月（累计值）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 石油发展前景趋势分析 化工的现状和发展趋势 日化行业现状与发展趋势润滑油市场现状及前景 ...

江苏省地质调查研究院高级工程师史雅栋介绍，为服务江苏沿海大开发国家战略，省部合作开展的《江 苏沿海地区综合地质调查》项目，首次发现连云港地区具备建设地下水封洞库的独特地质禀赋，查明当 地建库适宜区达296平方千米，经多维度比选，最终划定10.49平方千米可用岩体范围，预计总库容可达 4800万立方米。他解释，主硐室是地下水封洞库的核心储油空间，是在稳定岩体中人工开挖出的大型地 下洞室，相当于地下储油库的"巨型油罐"，其规模直接决定洞库的储油容量，同时要满足防渗、抗压、 安全防护等严苛工程要求。 史雅栋表示，该选址成果被纳入《江苏沿海地区发展规划（2021—2025年）》等多项重要规划，为后续 工程建设奠定了坚实基础。连云港大型石化企业抢抓机遇，在适宜区内启动建设120万立方米地下储油 库，项目创新采用地上地下空间一体化设计模式，相较地面储库节约用地超800亩，兼具安全防护与环 保优势，开挖产生的石料潜在经济价值数千万元，建成后年收益预计超3亿元。 （来源：新华日报） 本报讯 （记者 张宣） 近日，江苏首个地下水封洞库型石油储备库在连云港顺利完成主硐室开挖，预计 2026年初即可完工投用，这标志着我省深部地下空 ...

Core Viewpoint - Company plans to acquire 40% stake in Hanxing Energy for 200 million yuan through its wholly-owned subsidiary, Shanghai Jianlong [1] Group 1: Acquisition Details - The acquisition is part of the company's strategic development and aims to enhance its business layout [1] - Hanxing Energy, established in September 2010, specializes in the full-process implementation capabilities in petrochemical and industrial gas preparation [1] - The previous plan to acquire 51% of Hanxing Energy was terminated due to unfulfilled restructuring conditions [3] Group 2: Strategic Benefits - The acquisition will allow the company to integrate Hanxing Energy's core capabilities in process engineering and system integration, enhancing its "materials + process + equipment" solution capabilities [2] - The collaboration is expected to create synergies in emerging markets such as sustainable aviation fuel, carbon capture, and biogas purification [2] - The partnership will leverage existing customer resources to drive growth in molecular sieve adsorbent business [2] Group 3: Financial Impact - The investment will be accounted for using the equity method, impacting the company's investment income based on its ownership percentage [3] - The transaction is not classified as a related party transaction or a major asset restructuring, thus does not require shareholder approval [5] - Company reported a revenue of 590 million yuan and a net profit of 72.73 million yuan for the first three quarters, indicating a year-on-year growth of 4.34% and 20.15% respectively [5]

证券日报网讯 12月23日，荣盛石化在互动平台回答投资者提问时表示，公司已构筑贯通"原油—PX— PTA—聚酯"的全产业链，可根据下游需求及市场动态灵活统筹生产销售策略，充分发挥一体化协同与 规模效应优势。 （编辑 袁冠琳） ...

人民财讯12月23日电，四川省人民政府办公厅近日印发《四川省推动成品油流通高质量发展实施方 案》，其中提出，严厉打击销售不合格油品行为。全面排查打击不符合国家产品质量标准的车用替代燃 料加注站点，查处以化工原料名义销售成品油的行为。加大油品质量抽检频次，扩大抽检覆盖面，重点 抽检城乡结合部、国省干道沿线、物流园区、工矿企业周边等区域的加油站，将油品质量计量达标等情 况纳入企业信用记录，依法加强失信名单管理。严厉打击销售不符合国家标准、掺杂使假、以低标号冒 充高标号、销售"非标油"等违法行为，情节严重的吊销相关证照，依法加强严重违法失信名单管理列入 工作，行为构成犯罪的，依法移送司法机关。 ...

摘要：【图】2025年1-9月宁夏回族自治区石油沥青产量统计分析 单独看2025年9月份，宁夏回族自治区规模以上工业企业石油沥青产量达到了3.5万吨，与2024年同期的 数据相比，9月份的产量增长了9.1%，增速较2024年同期低70.3个百分点，增速放缓，增速较同期全国 低17.0个百分点，约占同期全国规模以上企业石油沥青产量360.9万吨的比重为1.0%。 图表：宁夏回族自治区石油沥青产量分月（当月值）统计 2025年1-9月石油沥青产量分析： 据国家统计局数据，在2025年的前9个月，宁夏回族自治区规模以上工业企业石油沥青产量累计达到了 34.4万吨，与2024年同期的数据相比，增长了75.8%，增速较2024年同期高38.9个百分点，继续保持快 速增长，增速较同期全国高64.4个百分点，约占同期全国规模以上企业石油沥青产量2787.6万吨的比重 为1.2%。 图表：宁夏回族自治区石油沥青产量分月（累计值）统计 2025年9月石油沥青产量分析： 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 石油现状 ...

中化新网讯 近日，荆门石化液化气分储分销项目投用，标志着该企业正式建立起"定制化生产+差异化 销售"的精细化营销体系。 据悉，该项目实现了液化气中正丁烷、异丁烷及丙烷等单一组分的精准分离与定向销售。相较于以往混 合组分销售液化气的传统模式，新项目的实施大幅提升了资源综合利用效率。特别是将液化气中的正丁 烷组分单独分离后作为裂解原料供应中韩石化，使原料供应量同比增长60%，有效满足了下游企业的生 产需求。 在实现资源优化配置的同时，该项目还取得了显著的提质增效成果。一方面通过组分切割提升了液化气 的产品质量;另一方面带动液化气售价提升，使近期沿江区域市场价格位居行业前列。由此形成的"组分 细分—定向销售—质量提升—价值跃升"的创新业务模式已产生良性循环效应。 ...

1. Report Information - Report Title: MEG Daily Report [1] - Report Date: December 23, 2025 [2] 2. Investment Rating - No investment rating provided in the report. 3. Core View - Currently, the overall performance of the ethylene glycol supply - demand and cost side is weak, and the inventory at import ports is gradually increasing. There is insufficient support in the spot market. It is expected that the ethylene glycol price will maintain a low - level fluctuation in the short term [7]. 4. Summary by Section 4.1. Market Review and Operation Suggestions - **Futures Market**: On the 22nd, the main contract of ethylene glycol futures opened at 3,753 yuan/ton, with a high of 3,762 yuan/ton, a low of 3,710 yuan/ton, a settlement price of 3,736 yuan/ton, and a closing price of 3,735 yuan/ton, down 23 yuan from the previous trading day's settlement price. The total volume was 207,007 lots, and the open interest was 312,782 lots. The EG2601 contract closed at 3,640 yuan/ton, down 41 yuan, with an open interest of 83,994 lots, a decrease of 9,611 lots. The EG2605 contract closed at 3,735 yuan/ton, down 23 yuan, with an open interest of 312,782 lots, an increase of 9,688 lots [7]. 4.2. Industry News - **Crude Oil**: Fears of a possible US blockade on oil tankers from a South American country and waiting for news on a possible peace agreement between a European country and Ukraine led to a continued rise in crude oil futures in Europe and the US. On Friday (December 19), the settlement price of the West Texas Intermediate crude oil January 2026 futures on the New York Mercantile Exchange was $56.66 per barrel, up $0.51 or 0.91% from the previous trading day, with a trading range of $55.82 - $56.90. The settlement price of the Brent crude oil February 2026 futures on the London Intercontinental Exchange was $60.47 per barrel, up $0.65 or 1.09% from the previous trading day, with a trading range of $59.40 - $60.65 [8]. - **Ethylene Glycol Spot Market**: In the Zhangjiagang ethylene glycol market on Thursday, the spot (December delivery) was negotiated at 3,606 - 3,608 yuan/ton, down 28 yuan/ton from the previous working day. Negotiations for delivery before January 9 were at 3,626 - 3,630 yuan/ton, and for January delivery were at 3,641 - 3,646 yuan/ton. The spot (December delivery) basis was at a discount of 6 - 8 yuan/ton to EG2601, the basis for delivery before January 9 had a premium of 12 - 16 yuan/ton to EG2601, and the basis for January delivery had a premium of 27 - 32 yuan/ton to EG2601. The mainstream transaction price in the Zhangjiagang market was 3,595 - 3,635 yuan/ton, down 20 yuan/ton from the previous trading day. The ethylene glycol futures market fluctuated weakly, and the spot price decreased slightly. Downstream customers' inquiries were cautious, and actual trading was relatively light [8]. 4.3. Data Overview - The report presents multiple charts including PTA - MEG price difference, MEG price, MEG futures price, futures - spot price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory, with data sourced from Wind and the Research and Development Department of CCB Futures [10][15][16][18].