Group 1: Chemical Sector Performance - The chemical raw materials index decreased by 1.75%, while the chemical machinery index increased by 0.47%. The pharmaceutical index fell by 0.24%, and the pesticide and fertilizer index dropped by 1.48% [1] - In the petroleum sector, the petroleum processing index declined by 2.65%, the petroleum extraction index fell by 2.49%, and the petroleum trading index decreased by 7.22% [1] Group 2: Oil Price Trends - International crude oil prices decreased, with the NYMEX West Texas Intermediate crude oil futures settling at $57.44 per barrel, down 4.39% from December 5. The ICE Brent crude oil futures settled at $61.12 per barrel, down 4.13% from December 5 [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases were lithium battery electrolyte (up 5.50%), vitamin VA (up 5.21%), bisphenol A (up 4.42%), sulfuric acid (up 4.36%), and sulfur (up 4.21%) [1] - The top five petrochemical products with price decreases were liquid chlorine (down 32.88%), 2% biotin (down 5.45%), vitamin D3 (down 5.11%), aniline (down 4.36%), and DEG (down 4.15%) [1] Group 4: Capital Market Performance of Chemical Companies - The top five performing listed chemical companies were Zai Sheng Technology (up 61.19%), Guoci Materials (up 23.46%), Lanxiao Technology (up 18.13%), Qiaoyuan Co. (up 15.18%), and Yongguan New Materials (up 14.34%) [2] - The top five underperforming listed chemical companies were Fanli Technology (down 22.56%), Qingshuiyuan (down 18.42%), Hengtong Co. (down 16.12%), Letong Co. (down 15.53%), and Asia Pacific Industry (down 14.06%) [2]

Core Insights - The national statistics indicate that in November 2025, the crude oil processing volume of large-scale industrial enterprises reached 60.83 million tons, reflecting a year-on-year increase of 3.9% [1] - For the period from January to November 2025, the total crude oil processing volume was 675.07 million tons, showing a year-on-year growth of 4.0% [1] Summary by Category - **Monthly Performance** - In November 2025, the daily average processing volume was 2.028 million tons [1] - **Year-to-Date Performance** - The cumulative processing volume from January to November 2025 was 675.07 million tons, with a growth rate of 4.0% compared to the previous year [1]

Core Viewpoint - The macroeconomic policies in November have shown positive effects, with a focus on strengthening domestic circulation, leading to stable economic growth and a favorable environment for achieving annual targets [1] Economic Performance - Industrial production maintained steady growth, with the industrial added value of large-scale enterprises increasing by 4.8% year-on-year in November, remaining stable compared to the previous month [2] - The service sector also saw growth, with a production index increase of 4.2%, particularly in information transmission and business services, which grew by 12.9% and 8.4% respectively [2] - Retail sales of consumer goods rose by 1.3% year-on-year in November, with service retail sales increasing by 5.4% from January to November, indicating a slight acceleration in growth [2] - Foreign trade showed resilience, with total goods imports and exports increasing by 4.1% year-on-year in November, a significant acceleration compared to the previous month [2] Employment and Prices - The urban unemployment rate remained stable at 5.1% in November, while consumer prices rose by 0.7% year-on-year, marking three consecutive months of increase [2] Energy Supply and Investment - Energy supply has been strengthened to meet winter demands, with industrial crude oil, natural gas, and electricity production increasing by 2.2%, 5.7%, and 2.7% respectively in November [3] - Investment in accommodation, catering, wholesale, and retail sectors grew by 7.1% each, and electricity and heat production and supply saw a 12.5% increase [3] New Production Capacity and Industrial Upgrades - The development of new productive forces has accelerated, with high-tech manufacturing value added increasing by 9.2% from January to November, and smart consumer equipment manufacturing growing by 7.6% [4] - Traditional industries are undergoing transformation, with biomass fuel processing value added rising by 15.6%, contributing to the growth of the petroleum processing industry [4] - The digital economy is also on the rise, with the value added of large-scale digital product manufacturing increasing by 9.3% [4] Consumption and Investment Potential - Consumption potential continues to be released, with retail sales of cultural and office supplies and communication equipment growing by 11.7% and 20.6% respectively in November [7] - Online retail sales of physical goods increased by 5.7%, accounting for 25.9% of total retail sales, indicating a shift towards new consumption models [7] - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year, but project investment excluding real estate development grew by 0.8% [7] - Investment potential remains significant, with ongoing measures to promote investment growth in various sectors, including education, healthcare, and public services [8]

冠通期货研究报告 --沥青周报 研究咨询部苏妙达 执业资格证号：F03104403/Z0018167 发布时间：2025年12月15日 投资有风险，入市需谨慎，本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 分析师苏妙达：F03104403/Z0018167 投资有风险，入市需谨慎。 行情分析 供应端，上周沥青开工率环比回落0.1个百分点至27.8%，较去年同期低了0.9个百分点，仍处于近年同期最低水 平。据隆众资讯数据，12月份国内沥青预计排产215.8万吨，环比减少7.0万吨，减幅为3.1%，同比减少34.4万吨， 减幅为13.8%。上周，沥青下游各行业开工率多数下跌，其中道路沥青开工环比下跌2个百分点至27%，受到资金和天 气制约。上周，华北地区炼厂多控量交付前期合同，其出货量减少较多，全国出货量环比减少9.69%至25.34万吨， 处于中性水平。沥青炼厂库存存货比环比上升，仍处于近年来同期的最低位附近。伊拉克部分前期故障油田恢复生 产，美国仍在极力促成俄乌和谈，欧美成品油裂解价差持续下跌，原油价格偏弱震荡。由于美国在委内瑞拉海岸扣 押了一艘大型油轮，美国财政部宣布对委内瑞拉实施新的制裁措 ...

该项目旨在通过扩充生产线规模、优化生产布局、完善配套设施、补足加工能力等，提高本公司的综合 运营效率，释放公司发展潜力。该项目建成后，预计将提升公司高端产品供给能力，降低生产成本，增 强公司的核心竞争力和综合实力，符合公司的发展战略。 该项目投资资金来源为公司的自有或自筹资金，公司将根据项目规划和实施进度分期投入资金，短期内 不会对公司财务状况和经营成果产生重大影响，不会影响公司现有主营业务的正常开展，不存在损害公 司及全体股东利益的情形。 智通财经APP讯，山东墨龙(00568)发布公告，根据公司发展战略及规划，为进一步提升管线加工能力， 完善生产链条，提升市场竞争力，2025年12月15日，公司召开第八届董事会第九次临时会议，审议通过 了《关于投资建设项目的议案》，同意公司使用不超过人民币1.7亿元的自有或自筹资金于科技园厂区 内投资建设"高端石油专用管智能加工线项目" (该项目)。 ...

该项目投资资金来源为公司的自有或自筹资金，公司将根据项目规划和实施进度分期投入资金，短期内 不会对公司财务状况和经营成果产生重大影响，不会影响公司现有主营业务的正常开展，不存在损 格隆汇12月15日丨山东墨龙(00568.HK)宣布，根据公司发展战略及规划，为进一步提升管线加工能力， 完善生产链条，提升市场竞争力，2025年12月15日，公司召开第八届董事会第九次临时会议，审议通过 了《关于投资建设项目的议案》，同意公司使用不超过人民币1.7亿元的自有或自筹资金于科技园厂区 内投资建设"高端石油专用管智能加工线项目"。 该项目旨在通过扩充生产线规模、优化生产布局、完善配套设施、补足加工能力等，提高公司的综合运 营效率，释放公司发展潜力。该项目建成後，预计将提升公司高端产品供给能力，降低生产成本，增强 公司的核心竞争力和综合实力，符合公司的发展战略。 ...

该项目投资资金来源为公司的自有或自筹资金，公司将根据项目规划和实施进度分期投入资金，短期内 不会对公司财务状况和经营成果产生重大影响，不会影响公司现有主营业务的正常开展，不存在损害公 司及全体股东利益的情形。 该项目旨在通过扩充生产线规模、优化生产布局、完善配套设施、补足加工能力等，提高本公司的综合 运营效率，释放公司发展潜力。该项目建成后，预计将提升公司高端产品供给能力，降低生产成本，增 强公司的核心竞争力和综合实力，符合公司的发展战略。 智通财经APP讯，山东墨龙(00568)发布公告，根据公司发展战略及规划，为进一步提升管线加工能力， 完善生产链条，提升市场竞争力，2025年12月15日，公司召开第八届董事会第九次临时会议，审议通过 了《关于投资建设项目的议案》，同意公司使用不超过人民币1.7亿元的自有或自筹资金于科技园厂区 内投资建设"高端石油专用管智能加工线项目" (该项目)。 ...

12月15日岳阳兴长大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | 格 | 折溢价（%） | | | | 股） | | （元） | | | | | 629.72 | 9999.95 | 15.88 | -0.31 | 中国银河证券股份有限公司 | 东兴证券股份有限 | | | | | | 北京安贞门证券营业部 | 公司山东分公司 | （文章来源：证券时报网） 证券时报·数据宝统计显示，岳阳兴长今日收盘价为15.93元，上涨0.31%，日换手率为1.22%，成交额为 7155.12万元，全天主力资金净流入124.65万元，近5日该股累计下跌5.01%，近5日资金合计净流出 5896.62万元。 两融数据显示，该股最新融资余额为4.43亿元，近5日减少3514.19万元，降幅为7.36%。 据天眼查APP显示，岳阳兴长石化股份有限公司成立于1990年02月14日，注册资本36950.4506万人民 币。（数据宝） 岳阳兴长12月15日大宗交易平台出现一笔 ...

摘要：【图】2025年9月河南省石油焦产量统计分析 2025年1-9月石油焦产量分析： 据国家统计局数据，在2025年的前9个月，河南省规模以上工业企业石油焦产量累计达到了17.5万吨， 与2024年同期的数据相比，增长了0.4%，增速较2024年同期低0.7个百分点，增速放缓，增速较同期全 国高5.1个百分点，约占同期全国规模以上企业石油焦产量2342.9万吨的比重为0.7%。 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。 2025年9月石油焦产量分析： 单独看2025年9月份，河南省规模以上工业企业石油焦产量达到了2.3万吨，与2024年同期的数据相比， 9月份的产量增长了45.6%，增速较2024年同期高73.4个百分点，增速较同期全国高48.8个百分点，约占 同期全国规模以上企业石油焦产量259.7万吨的比重为0.9%。 图表：河南省石油焦产量分月（当月值）统计 图表：河南省石油焦产量分月（累计值）统计 产业调研网为您提供更多 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 ...

Group 1: Report Structure - The report includes sections on asphalt market trend review, upstream crude oil trend analysis, asphalt supply and demand analysis, supply - demand balance sheet prediction, asphalt option analysis, technical and seasonal analysis, market outlook, and related stock price and return statistics [4] Group 2: Supply Analysis - Asphalt raw materials have shifted to high - cost quota crude oil [4] - Domestic asphalt refinery operations have been continuously restricted [4] - Asphalt imports have declined significantly [4] Group 3: Demand Analysis - During the "15th Five - Year Plan", the incremental investment in highway construction is expected to further decline [4] - The growth of asphalt road demand has continued to slow down [4] - The sluggish real - estate market has curbed the waterproofing demand for asphalt [4] Group 4: Supply - Demand Balance Sheet - The supply - demand balance sheet provides data on asphalt production, imports, initial inventory, total supply, domestic demand, exports, total demand, ending inventory, and inventory changes from January to December 2025, with some data for November and December being estimates [37] Group 5: Price Seasonality - The monthly price change statistics of asphalt from 2015 to 2025 show significant fluctuations, with different trends in each month and year [53] Group 6: Related Stocks - The report lists the stock abbreviations, codes, latest prices, and year - to - date returns of multiple asphalt - related stocks, such as Huajin Co., Ltd. with a 6.45% return and Longzhou Co., Ltd. with a 125.53% return [57]