摘要：【图】2025年3月河南省柴油产量统计分析 2025年3月柴油产量统计： 柴油产量：16.9 万吨 柴油产量：44.7 万吨 同比增长：-14.3% 增速较上一年同期变化：低14.1个百分点 同比增长：-11.2% 增速较上一年同期变化：低9.5个百分点 据统计，2025年3月河南省规模以上工业企业柴油产量与上年同期相比下降了11.2%，达16.9万吨，增速 较上一年同期低9.5个百分点，增速较同期全国低2.9个百分点，约占同期全国规模以上企业柴油产量 1680.5万吨的比重为1.0%。 详见下图： 2025年1-3月柴油产量统计： 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 据统计，2025年1－3月，河南省规模以上工业企业柴油产量与上年同期相比下降了14.3%，达44.7万 吨，增速较上一年同期低14.1个百分点，增速较同期全国低8.1个百分点，约占同期全国规模以上企业柴 油产量4774.5 ...

Summary of Key Points Core Viewpoint - Far East Holdings (000626) has shown a price increase of 3.29% this week, closing at 6.59 yuan, with a total market capitalization of 3.354 billion yuan as of June 6, 2025 [1] Group 1: Company Performance - The highest price recorded for Far East Holdings during the week was 6.8 yuan, while the lowest was 6.32 yuan [1] - The company ranks 32nd out of 45 in the logistics sector by market capitalization and 3967th out of 5148 in the overall A-share market [1] Group 2: Guarantee Announcement - Far East Holdings provided a guarantee of up to 50 million yuan for its subsidiary, Far East Petrochemical, to secure credit from Bohai Bank Ningbo Branch [2] - The guarantee is within the approved limit for the fiscal year 2025 and does not require further approval [2] Group 3: Subsidiary Financials - Far East Petrochemical, established on June 16, 2022, reported a sales revenue of 3,064.659 million yuan and a net profit of 81.38 million yuan for the fiscal year 2024 [2] - For the first quarter of 2025, the subsidiary achieved a sales revenue of 694.4 million yuan and a net profit of 3.443 million yuan [2] - As of March 31, 2025, Far East Petrochemical had total assets of 1.45514 billion yuan and total liabilities of 1.22321 billion yuan [2] Group 4: Guarantee Details - The guarantee includes joint liability and covers all principal debts, interest, fees, and other costs, with a duration of three years from the maturity of the main contract [2] - The total amount of external guarantees by the company and its subsidiaries is 1,086.887 million yuan, which represents 462.57% of the audited net assets for 2024 [3] - There are no overdue guarantees or guarantees involved in litigation against the company [3]

期货投资咨询业务批准文号：证监许可[2011]1446号 01 周度观点 02 数据概览 目录 CONTENTS 沥青周报 跟随成本震荡 姓名：肖彧 投资咨询证号：Z0016296 2025年6月6日 01 周度观点 1.1 周度观点 上周主要观点：当前正值传统旺季开启前夕的准备阶段，厂库处于同期低位，对沥青价格起到提振作用。 不过梅雨季会对需求产生影响，弱化沥青的强势，但预计沥青仍将强于同期的原油油品。 本周走势分析：本周沥青原地震荡，总体跟随成本端原油，未有额外涨势。 本周行业数据：本周炼厂供需双增，厂库社库均处于同期低位，在旺季到来之前对定价有一定支撑。不 过短期需考虑梅雨季对需求影响。 本周主要观点：当前正值传统旺季开启前夕的准备阶段，厂库处于同期低位，对沥青价格起到提振作用。 不过梅雨季会对需求产生影响，叠加近期沥青利润修复后提振开工意愿，预计前期的相对强势有所弱化。 风险提示：成本端波动风险，沥青库存变化 02 数据概览 2.1 沥青期货走势、月差、基差 -200 -100 0 100 200 9-20 11-20 1-20 3-20 5-20 BU2506-BU2509 BU2406-BU240 ...

Group 1 - The core viewpoint of the news is that International Industry has experienced a significant stock price increase and a notable net inflow of funds, indicating positive market sentiment despite a decline in revenue [1] - On June 6, International Industry's stock closed at 5.68 yuan, up 5.77%, with a latest price-to-book ratio of 1.34, marking a new low in 48 days and a total market capitalization of 2.73 billion yuan [1] - The company reported a net inflow of 12.81 million yuan in principal funds on June 6, with a total inflow of 7.52 million yuan over the past five days, suggesting a trend of increasing investment interest [1] Group 2 - International Industry's main business includes wholesale of oil and chemical products, manufacturing of metal products, real estate development, and various steel structures [1] - The company holds complete qualifications for operating oil and petrochemical products, including hazardous materials and import qualifications for fuel oil and heavy oil [1] - The latest financial results for Q1 2025 show that the company achieved operating revenue of 359 million yuan, a year-on-year decrease of 49.12%, while net profit was 8.61 million yuan, a year-on-year increase of 4.83%, with a sales gross margin of 13.29% [1] Group 3 - The company's PE (TTM) is -6.23, and the price-to-book ratio is 1.34, with a total market value of 2.73 billion yuan, which is below the industry average [2] - The industry average PE (TTM) is 12.75, and the industry median price-to-book ratio is 1.20, indicating that International Industry is underperforming compared to its peers [2] - Other companies in the industry, such as Meihua Shihua and Shenyang Chemical, have significantly higher PE ratios, suggesting a more favorable market perception [2]

Report Industry Investment Rating No information provided in the given content. Core Viewpoints of the Report - Interest rates and exchange rates: Despite the unexpected month - on - month decline in US PPI data in April and the relatively high US Treasury yields in May, economic data on June 4 showed signs of slowdown in the US job market and service industry, increasing the uncertainty of interest rate cuts. China's fiscal policy has been significantly front - loaded, and banks have entered a "low - interest - rate era". The implementation of the policy of significantly reducing tariffs between China and the US has short - term boosted domestic risk appetite and increased the demand for RMB financial asset allocation [81]. - Commodities: In the short term, commodities are bearish under the impact of the trade war. However, considering the improvement in the cost side, China's petrochemical industry chain is complete and still has a cost - competitive advantage [81]. - Equities: Bullish on China's consumption recovery (towards cost - effectiveness) and self - controllable industrial chains [81]. - Trade and oil demand: It is expected that after the oil price reaches the bottom in the off - season of the second quarter, it is expected to recover, which is beneficial to targets with upstream resources, such as PetroChina and CNOOC [81]. - Offshore oil and gas exploration: It is expected that the offshore oilfield service industry will maintain stable capital expenditure, and China will continue to increase oil and gas reserves and production. Bullish on listed oilfield service companies with low valuations, large overseas market potential, and internationally advanced technology, such as Offshore Oil Engineering, China Oilfield Services, and Bohai Machinery Equipment [81]. - Refining and chemical integration: Bullish on targets with strong hydrocracking capabilities and integrated refining - PX - PTA industrial chains, such as Hengli Petrochemical, Rongsheng Petrochemical, and Tongkun Group [81]. - Cost - competitive advantage: The negative impact of ethane imports is expected to be repaired, which is beneficial to previously oversold domestic targets, such as Satellite Chemical and Wanhua Chemical, as well as natural - gas - related targets, such as ENN Energy and Jiufeng Energy [81]. Summary by Directory 1. Oil Price Review and Outlook - **Price judgment**: In May 2025, Brent crude oil was weakly traded, closing at around $63.9 per barrel at the end of the month. OPEC+ countries will increase production by an additional 411,000 barrels per day in June and July. The Fed continued to pause interest rate cuts in June 2025 as expected. The oil price has entered a short - term downward channel, and Brent crude oil may touch a low of $55 per barrel in the second quarter. In the long term, oil prices are greatly affected by the demand side. With the Fed resuming interest rate cuts later, the risk of oil price correction increases. It is expected that Brent crude oil will fluctuate between $55 - $80 per barrel in 2025 [3]. - **Supply and demand factors**: OPEC+ will increase production by 411,000 barrels per day in June and July, and the production cut of 3.6 million barrels per day will be maintained until the end of 2026. US refinery processing volume improved in May compared with the previous month but was lower than the same period last year. China's crude oil consumption was sluggish, but imports improved. In April 2025, China's industrial crude oil processing decreased by 1.3% year - on - year, and imports increased by 7.5% year - on - year [3]. - **Other factors**: As of May 30, 2025, the US 10 - year Treasury yield was about 4.41%. Economic data on June 4 showed signs of slowdown in the US job market and service industry, and the market increased bets on interest rate cuts. The US dollar was relatively weak in May. In April, the US CPI increased by 2.3% year - on - year, lower than market expectations. Geopolitical situations in the Middle East are expected to continue to deteriorate, and global trade frictions may escalate. The Yellowtail - grade crude oil in Guyana is expected to be launched in the third quarter [3]. 2. Commodities, Interest Rates, and Exchange Rates - **Interest rates**: The Fed has gone through 13 complete interest - rate hike cycles since 1954. As of May 30, 2025, the US 10 - year Treasury yield was about 4.41%. The inversion of the yield curve between 2 - year and 10 - year US Treasuries, which lasted from early July 2022 to the end of August 2024, has basically ended, but there was an inversion with 3 - month US Treasuries as of June 4, indicating a low market expectation of interest rate cuts [32][37]. - **Exchange rates**: In May, the US dollar index was volatile and remained weak, closing at 99.44, up 0.23% from the end of the previous month and down 5.07% from the same period last year. The offshore RMB appreciated slightly against the US dollar, closing at 7.20, up 1.01% from the end of the previous month and up 0.79% from the same period last year [38]. - **Inflation**: In April, the US CPI increased by 2.3% year - on - year, lower than market expectations. The US PPI increased by 0.7% year - on - year and unexpectedly decreased month - on - month. The Fed is still very cautious about inflation risks [44]. 3. Polyester Industry Chain - **Profit margins**: In May, the international crude oil price declined, driving down the prices of industrial chain products and weakening the spreads. The spread of ethylene cracking from naphtha was $151 per ton, down $12 per ton month - on - month. The prices of raw materials PTA and ethylene glycol increased month - on - month, and the average price of polyester filament increased month - on - month. The profit of the entire PX - PTA - polyester filament industrial chain was about $28 per ton, a significant month - on - month improvement [54]. - **Supply and demand**: As of the end of May, the average inventory of polyester filament sample enterprises was around 20 days, basically the same as at the end of the previous month. In May, the total supply of polyester filament was 3.25 million tons, up 0.7% month - on - month and 3.6% year - on - year. The average monthly capacity utilization rate was 90.6%, down 3.5 percentage points month - on - month and up 2.8 percentage points from the same period last year [64]. - **Exports**: In April 2025, China's polyester filament exports were 349,800 tons, up 5.59% from the previous month. From January to April 2025, the cumulative exports were 1.3405 million tons, up 6.99% from the same period last year. From January to April 2025, China's textile and clothing exports were generally stable, with textile exports continuing to grow and clothing exports still under pressure [69]. 4. Conclusions and Investment Recommendations - **Overall view**: OPEC+ continues to increase production, and crude oil may face pressure. - **Investment recommendations**: Bullish on companies with upstream resources, offshore oilfield service companies, refining and chemical integration companies, and companies with cost - competitive advantages [81].

液化石油气日报 | 2025-06-06 盘面震荡筑底，市场驱动仍不足 策略 单边：震荡偏弱，PG位置较低下方空间有限 跨期：无 跨品种：无 期现：无 期权：无 风险 宏观政策、关税政策、港口装船延迟、炼厂装置检修超预期等。 市场分析 1、 6月5日地区价格：山东市场，4530—4690 ；东北市场，4060—4150 ；华北市场，4500—4580 ；华东市场， 4350—4600 ；沿江市场，4550—4650 ；西北市场，4250—4550 ；华南市场，4548—4650 。数据来源：卓创资讯 2、\t2025年7月上半月中国华东冷冻货到岸价格丙烷607美元/吨，稳定，丁烷547美元/吨，稳定，折合人民币价格 丙烷4802元/吨，跌2元/吨，丁烷4328元/吨，跌1元/吨。（数据来源：卓创资讯） 3、\t2025年7月上半月中国华南冷冻货到岸价格丙烷609美元/吨，跌1美元/吨，丁烷550美元/吨，稳定，折合人民 币价格丙烷4818元/吨，跌9元/吨，丁烷4351元/吨，跌2元/吨。（数据来源：卓创资讯） 欧佩克会议后原油价格反弹，对能源板块商品形成提振。就LPG市场而言，由于前期跌幅较大、基差偏高，期 ...

欧光文，扬子石化芳烃厂重整联合装置班长。工作37年来，他一直扎根生产一线，立足岗位成才，从一 名普通的操作工一步步成长为重整装置全能操作手、中国石化集团公司特级技师，为企业的安全生产、 技术创新、效益发展做出了积极贡献。 今年4月底，欧光文被中华全国总工会授予"全国劳动模范"荣誉称号。 欧光文在装置现场操作。 (李树鹏 摄) "省下的都是真金白银。"欧光文常将这句话挂在嘴边。2017年，他提出"氢提纯系统独立运行"的思路 后，带领团队研读PID图纸，反复论证，最终通过在压缩机分液罐前增设阀门，实现重整联合装置检修 期间也能持续供氢，累计创效超1000万元。2024年，面对经营效益上的压力，他立足联合装置稳定运行 和装置瓶颈问题，牵头攻关加热炉效率提升、反应器压差控制等课题，年创效453万元。 近10年来，欧光文带领劳模创新工作室解决各类问题70余项，累计创效数亿元。 薪火相传的"领路人" 装置里的"扫地僧" 将非凡融入平凡，是欧光文37年的坚守。1987年，仅有高中文凭的欧光文入职扬子石化。那时，作为门 外汉的他，可谓是两耳不闻窗外事，一心只读操作法。从那时起，随身携带笔记本的习惯便一直陪伴着 他，直至今日。 ...

Group 1 - The Guoqi Gongying ETF (159719) has seen a 0.40% increase, with a latest price of 1.52 yuan, and a cumulative increase of 2.64% over the past month as of June 5, 2025 [1] - The liquidity of the Guoqi Gongying ETF shows a turnover of 2% during the trading session, with a transaction volume of 2.23 million yuan, and an average daily transaction of 17.57 million yuan over the past year [1] - The Zhongzheng Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) has decreased by 0.05%, with mixed performance among constituent stocks [1] Group 2 - The newly established Chengtong Science and Technology Investment Fund focuses on private equity investment management and venture capital management, with a total investment of 10.01 billion yuan [1] - The fund is a collaboration among China Chengtong, Sinopec, China Aviation Oil, and the Haidian District government, aiming to create a multi-faceted collaborative structure [2] - The fund will primarily invest in three core areas: new materials, advanced manufacturing, and next-generation information technology, utilizing a combination of equity investment and ecological incubation strategies [2] Group 3 - The Greater Bay Area ETF (512970) has increased by 0.34%, with a latest price of 1.20 yuan, and a cumulative increase of 3.29% over the past month as of June 5, 2025 [1] - The top ten weighted stocks in the Zhongzheng Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index account for 53.21% of the index, including major companies like BYD and Ping An [4] - The Guoqi Gongying ETF closely tracks the FTSE China State-Owned Enterprises Open Win Index, which consists of 100 constituent stocks, including major state-owned enterprises [4]

| | | PX&PTA&PR | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 品种 | 更新日期 | 单位 | 现值 | 前值 | 涨跌(幅) | | | 期货结算价(连续):WTI原油 | 2025/6/5 | 美元/桶 | 63.37 | 62.85 | 0.83% | | | 期货结算价(连续):布伦特原油 | 2025/6/5 | 美元/桶 | 65.34 | 64.86 | 0.74% | | 上 | 现货价(中间价):石脑油:CFR日本 | 2025/6/5 | 美元/吨 | 557.13 | 562.63 | -0.98% | | 游 | 现货价(中间价):二甲苯(异构级):FOB韩国 | 2025/6/5 | 美元/吨 | 698.00 | 699.50 | -0.21% | | | 现货价:对二甲苯PX:CFR中国主港 | 2025/6/5 | 美元/吨 | 820.00 | 825.33 | -0.65% | | | CZCE TA 主力合约 收盘价 | 2025/6/5 | 元/吨 | 4644.00 | 4670.0 ...

商 品 研 究 研 究 所 晨 会 投资咨询业务资格： 证监许可[2011]1771号 分[析Ta师ble_Report] 观 点 精 萃 从业资格证号：F0256916 投资咨询证号：Z0000671 电话：021-68756925 邮箱：jialj@qh168.com.cn 从业资格证号：F3077183 投资咨询证号：Z0016121 电话：021-68757092 邮箱：fengb@qh168.com.cn 从业资格证号：F03144512 投资咨询证号：Z0022217 电话：021-68757827 邮箱：lizy@qh168.com.cn 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-68758786 邮箱：mingdy@qh168.com.cn 从业资格证号：F3033924 投资咨询证号：Z0013026 电话：021-68751490 邮箱：Liuhf@qh168.com.cn 刘兵 从业资格证号：F03091165 投资咨询证号：Z0019876 联系电话：021-58731316 邮箱：liub@qh168.com.cn 从业资格证号：F0308992 ...