上市企业：宝利国际（300135）,恒基达鑫（002492），中国石化（600028） 相关报告：智研咨询发布的《2026-2032年中国乙醇汽油行业发展现状调查及市场分析预测报告》 根据国家统计局数据显示：2025年12月中国汽油产量为1261万吨，同比增长2.2%；2025年中国汽油累 计产量为15462.6万吨，累计下降3.4%。 2020-2025年中国汽油产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

根据国家统计局数据显示：2025年12月中国煤油产量为449万吨，同比增长15%；2025年中国煤油累计 产量为5893.7万吨，累计增长5.9%。 上市企业：镇海股份（603637），中国石化（600028） 相关报告：智研咨询发布的《2026-2032年中国煤油行业市场全景评估及产业趋势研判报告》 2020-2025年中国煤油产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

【冠通期货研究报告】 沥青日报：震荡运行 发布日期：2026年1月27日 山东地区主流市场价维持在3140元/吨，沥青03合约基差维持在-139元/吨，处于偏低水平。 【行情分析】 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。 供应端，上周沥青开工率环比回落0.4个百分点至26.8%，较去年同期高了2.5个百分点，处于近 年同期偏低水平。据隆众资讯数据，2026年1月份国内沥青预计排产200万吨，环比减少15.8万吨，减 幅为7.3%，同比减少27.6万吨，减幅为12.1%。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1个百分点至14%，受到资金和天气制约。上周，国际油价带动船燃焦化下游采购积 极性，东北地区低硫沥青出货较多，全国出货量环比增加1.82%至22.77万吨，处于中性偏低水平。沥 青炼厂库存率环比小幅下降，仍处于近年来同期的最低位附近。美国突袭委内瑞拉并逮捕马杜罗引 发地缘政治局势动荡，与影响国内原油不同，委内瑞拉重油是国内地炼重要的低价原料，而此次美 国军事袭击之下，委内瑞拉重质原油流向国内地炼严重受限，这将影响国内沥青的生产和成本，目 ...

Group 1 - The company Maohua Shihua announced an earnings forecast on January 27, expecting a net profit attributable to shareholders for 2025 to be between -131 million yuan and -165 million yuan, compared to -83.38 million yuan in the same period last year [1] - The basic earnings per share are projected to be between -0.25 yuan and -0.32 yuan [1] - The performance of the cultural tourism sector has been adversely affected by factors such as theater renovations and intense industry competition, leading to disappointing annual operating results for the Beijing Oceanarium [1]

Core Viewpoint - Fuel oil futures continue to show weakness, with the main contract reported at 2674.00 CNY/ton, a decline of 2.23% [1] Group 1: Market Activity - In the Singapore spot market on January 26, there was one transaction for high-sulfur fuel oil 380, while there were no transactions for high-sulfur fuel oil 180 and low-sulfur fuel oil [2] - As of January, Russian fuel oil exports to Asia are approximately 1.2 million tons (about 246,000 barrels per day), expected to decline for the third consecutive month [2] Group 2: Refinery Operations - The utilization rate of main refinery vacuum distillation capacity was 78.78% for the week of January 16-22, an increase of 1.54% week-on-week and 2.66% year-on-year [2] - Independent refineries in China have a vacuum distillation capacity utilization rate of 60.75%, down 0.27 percentage points from the previous week [2] Group 3: Institutional Insights - Nanhua Futures notes that geopolitical influences from Iran and tightened U.S. sanctions have led to low high-sulfur exports from Iran, while exports from Venezuela, Iraq, and Russia have significantly recovered, easing supply tightness [3] - Demand for high-sulfur fuel oil is primarily directed towards the bunkering market, with the overall high-sulfur market fundamentals remaining weak [3] - Ruida Futures indicates that the fuel oil market is experiencing an increase in supply and a decrease in demand, with price volatility expected to be significant due to fluctuations in crude oil prices and geopolitical tensions [3]

Core Viewpoint - Compton's stock hit the daily limit down on January 27, 2026, closing at 16.66 yuan, a decrease of 9.99%, with a total market capitalization of 4.272 billion yuan, indicating significant investor concern regarding the company's performance and future prospects [1][2]. Group 1: Company Performance - The company's net profit for 2024 is projected to decline by 51.19% compared to 2020, falling short of the 80% growth target, which has led to a large-scale cancellation of stock options, reflecting poor operational conditions and declining profitability [2]. - The market is worried about the company's future due to the termination of significant matters and the lack of consensus on core terms, which has negatively impacted investor confidence [2]. Group 2: Market Sentiment - The traditional lubricants industry, in which Compton operates, is currently overshadowed by more popular sectors such as new energy vehicles, leading to a lack of market support for Compton's stock price [2]. - The recent reduction in holdings by major shareholders is typically viewed as a negative signal, indicating a lack of confidence in the company's future or a need for liquidity, which may have contributed to the stock's limit down [2]. Group 3: Technical Analysis - The limit down in stock price may have caused technical indicators to deteriorate, potentially triggering further sell-off by investors [2].

Group 1: Industry Performance - The chemical raw materials index increased by 6.24%, and the chemical machinery index rose by 3.49%, while the chemical pharmaceuticals index decreased by 1.54% and the pesticide and fertilizer index increased by 8.32% [1] - In the oil sector, the oil processing index rose by 6.74%, the oil extraction index increased by 1.77%, and the oil trading index went up by 5.97% [1] Group 2: Oil Prices - International crude oil prices showed an upward trend, with the NYMEX West Texas Intermediate crude oil futures closing at $61.07 per barrel, up 2.74% from January 16, and the ICE Brent crude oil futures closing at $65.88 per barrel, up 2.73% from January 16 [1] Group 3: Petrochemical Products - The top five petrochemical products with the highest price increases were battery-grade lithium carbonate (up 17.62%), industrial-grade lithium carbonate (up 10.24%), niacinamide (up 8.96%), styrene (up 7.96%), and tetrachloroethylene (up 7.86%) [1] - The top five petrochemical products with the largest price decreases were propylene oxide (down 6.15%), soft foam polyether (down 3.10%), dimethyl ether (down 2.67%), calcium pantothenate (down 2.63%), and POP-type polyether (down 2.59%) [1] Group 4: Capital Market Performance - The top five listed chemical companies with the highest stock price increases were Jianghua Micro (up 46.41%), Jiangtian Chemical (up 38.09%), Runbei Hangke (up 33.40%), Intercontinental Oil and Gas (up 30.95%), and Jiuding New Materials (up 28.47%) [2] - The top five listed chemical companies with the largest stock price decreases were Bofei Electric (down 24.16%), Shenjian Co. (down 15.12%), *ST Yatai (down 9.47%), Shanghai Xinyang (down 6.66%), and Baomo Co. (down 6.33%) [2]

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：2026年1月26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0.4个百分点至26.8%，较去年同期高了2.5个百分点，处于近年同期偏低水平。据隆众资讯 数据，2026年1月份国内沥青预计排产200万吨，环比减少15.8万吨，减幅为7.3%，同比减少27.6万吨，减幅为12.1%。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1个百分点至14%，受到资金和天气制约。上周，国际油价带动船燃焦化下 游采购积极性，东北地区低硫沥青出货较多，全国出货量环比增加1.82%至22.77万吨，处于中性偏低水平。沥青炼厂库存率环比小 幅下降，仍处于近年来同期的最低位附近。美国突袭委内瑞拉并逮捕马杜罗引发地缘政治局势动荡，与影响国内原油不同，委内瑞 拉重油是国内地炼重要的低价原料，而此次美国军事袭击之下，委内瑞拉重质原油流向国内地炼严重受限 ...

Core Insights - Yantai's economic and social operation for 2025 is focused on stabilizing operations, expanding capacity, enhancing innovation, and promoting transformation in the industrial sector, with a strong emphasis on manufacturing as a key driver of growth [1] Group 1: Industrial Performance - The city's industrial indicators are showing high growth, with the industrial added value, industrial technological transformation investment, and industrial electricity consumption expected to grow by 13.5%, 20.7%, and 14.6% respectively in 2025, leading to a total industrial output value exceeding 1.3 trillion yuan [1] - Among 37 major industrial categories, 9 out of the top 10 by added value are expected to see growth, particularly in petroleum, chemical manufacturing, and non-ferrous metal processing [1] Group 2: Technological Transformation - Yantai has implemented 135 provincial-level key technological transformation projects with an investment of 27.8 billion yuan, exceeding annual targets, and has been selected as a pilot city for new technological transformation in manufacturing [2] - The city has established 25,000 5G base stations and has a digital transformation coverage rate of 96% among industrial enterprises, with the addition of various levels of smart factories [2] Group 3: Innovation and Quality - The establishment of 18 new provincial-level R&D centers has brought the total to 262, with 182 provincial-level technology innovation projects leading to the development of 295 new technologies and 224 new products [2] - Yantai has recognized 48 enterprises for their quality management practices, with 3 achieving national-level recognition, marking the highest number in the province [2] Group 4: Industrial Ecosystem - The city has invested 111.9 billion yuan in 517 projects aimed at strengthening the industrial chain, while also attracting 10,600 talents and establishing 6 new industrial funds totaling 40 billion yuan [3] - Yantai's aerospace industry cluster has been recognized as an advanced manufacturing cluster in the province, with other sectors like deep-sea energy equipment and automotive parts also receiving accolades [3]

上市企业：中国石油(601857),中国石化(600028),华锦股份(000059),龙宇股份（603003）,恒逸石化 (000703) 相关报告：智研咨询发布的《2026-2032年中国柴油行业市场发展规模及投资趋势研判报告》 根据国家统计局数据显示：2025年12月中国柴油产量为1771万吨，同比增长0.5%；2025年中国柴油累 计产量为19959.4万吨，累计下降1.8%。 2020-2025年中国柴油产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...