1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - Supply side: In August 2025, the total planned production volume of domestic asphalt was 2413,000 tons, a month - on - month decrease of 5.1% and a year - on - year increase of 17.1%. This week, the sample capacity utilization rate of domestic petroleum asphalt decreased by 1.44 percentage points month - on - month, the output of sample enterprises decreased by 4.37% month - on - month, and the estimated device maintenance volume increased by 5.25% month - on - month. Refineries reduced production this week to ease supply pressure, but supply pressure may increase next week [8]. - Demand side: The current demand is below the historical average level. The heavy - traffic asphalt开工率 decreased by 0.05 percentage points month - on - month, the construction asphalt开工率 remained flat, the modified asphalt开工率 increased by 0.15 percentage points month - on - month, the road - modified asphalt开工率 remained flat, and the waterproofing membrane开工率 increased by 3.26 percentage points month - on - month [8]. - Cost side: The daily asphalt processing profit was - 629.11 yuan/ton, a month - on - month increase of 5.60%. The weekly delayed coking profit of Shandong local refineries was 740.6729 yuan/ton, a month - on - month decrease of 6.05%. The asphalt processing loss increased, and the profit difference between asphalt and delayed coking decreased. Crude oil weakened, and it is expected that the support will weaken in the short term [9]. - Expectation: The refineries have recently reduced production to ease supply pressure. The overall demand recovery is less than expected and sluggish; the inventory remains flat; crude oil weakens, and the cost support weakens in the short term. It is expected that the futures price will fluctuate narrowly in the short term, with the asphalt 2511 fluctuating in the range of 3519 - 3561 [10]. 3. Summary According to the Directory 3.1 Daily Viewpoints - **Supply - related data**: In August 2025, the total planned production volume of domestic asphalt was 2413,000 tons. This week, the sample capacity utilization rate was 31.3998%, the sample enterprise output was 524,000 tons, and the estimated device maintenance volume was 682,000 tons [8]. - **Demand - related data**: The heavy - traffic asphalt开工率 was 29.3%, the construction asphalt开工率 was 18.2%, the modified asphalt开工率 was 17.1358%, the road - modified asphalt开工率 was 28.33%, and the waterproofing membrane开工率 was 33.86% [8]. - **Cost - related data**: The daily asphalt processing profit was - 629.11 yuan/ton, and the weekly delayed coking profit of Shandong local refineries was 740.6729 yuan/ton [9]. - **Leverage factors**: The relatively high - level crude oil cost provides some support, while the lack of demand for high - price goods and the overall downward demand, along with the strengthened expectation of the European and American economic recession, are negative factors [13][14]. - **Main logic**: The supply pressure remains high, and the demand recovery is weak [15]. 3.2 Fundamental/Position Data - **Base - related data**: On September 1st, the spot price in Shandong was 3510 yuan/ton, and the basis of the 11 - contract was - 12 yuan/ton, with the spot at a discount to the futures [11]. - **Inventory - related data**: The social inventory was 1270,000 tons, a month - on - month decrease of 1.70%; the in - plant inventory was 674,000 tons, a month - on - month decrease of 5.86%; the port diluted asphalt inventory was 190,000 tons, a month - on - month increase of 26.67% [11]. - **Disk - related data**: The MA20 was downward, and the futures price of the 11 - contract closed above the MA20 [11]. - **Main position - related data**: The main position was net long, with a decrease in long positions [11].

供需两弱格局延续，市场下方支撑仍存 石油沥青日报 | 2025-09-02 市场分析 1、9月1日沥青期货下午盘收盘行情：主力BU2510合约下午收盘价3540元/吨，较昨日结算价上涨35元/吨，涨幅0.1%； 持仓109607手，环比下降10112手，成交164623手，环比上涨7881手。 2、卓创资讯重交沥青现货结算价：东北，3806—4086元/吨；山东，3450—3820元/吨；华南，3490—3530元/吨； 华东，3560—3750元/吨。 昨日华北市场价格窄幅下跌，西北、山东以及川渝价格出现上涨，其余地区沥青现货价格大体企稳。就沥青自身 基本面而言，由于月底多个地区主营炼厂回填上调沥青结算价格，带动昨日国内沥青均价上涨。但终端项目资金 情况总体较差，市场对高价货源需求欠佳，需求端旺季特征并不明显。另一方面，供应端增长同样受限，近期装 置开工率再度出现下滑。且库存维持低位，近期延续去库态势，整体压力有限。整体来看，在油价方向不明朗、 沥青自身市场矛盾有限的背景下，盘面或延续区间运行态势，下方存在支撑但上行驱动不足。 策略 单边：震荡 跨期：无 跨品种：无 期现：无 期权：无 风险 原油价格大幅波 ...

示频专期货 沥青厚报 研究中心能化团队 2025/9/2 | | 指标 | 8/1 | 8/22 | 8/28 | 8/29 | 9/1 | 日度变化 | 周度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3658 | 3483 | 3517 | 3507 | 3540 | 33 | 57 | | | BU06 | 3456 | 3360 | 3373 | 3399 | 3430 | 31 | 70 | | | BU09 | 3628 | 3520 | 3529 | 3519 | 3547 | 28 | 27 | | | BU12 | 3542 | 3400 | 3427 | 3433 | 3466 | 33 | 66 | | 程南 | BU03 | 3484 | 3362 | 3394 | 3408 | 3430 | 22 | 68 | | | 成交量 | 227589 | 210728 | 289008 | 300820 | 337174 | 36354 | 126446 | | | 持仓量 | 5081 ...

责编:徐小雪 电话:(010)67139791 传真:(010)67139791 E-mail:dfxcb@vip.sina.com 黄蓝交响"碳"寻未来 东营打造减污降碳协同增强 黄河之水天上来,奔流到海不复回。近年来,黄河入海口 城市 -- 山东省东营市以"国家减污降碳协同创新试点"工作 为抓手,从城市、园区、企业等多个层面探索减污降碳协同增 效创新模式,奋力谱写生态环境保护与绿色低碳高质量发展 深度融合、相互促进的新篇章。 奏响黄蓝交融乐章。 推进创新试点建设 "黄蓝之韵交响融合"既是东 营市的美好愿景,更是目标指 引。"黄"象征着传统产业绿色转 型的强劲动力,百万吨级 CCUS (碳捕获和封存)项目将工业碳排 放转化为油田驱油资源,金色油 田正谱写低碳转型的辉煌篇章: "蓝"是生态与能源的清新和声一 盐碱滩涂崛起光伏蓝海,湿地蓝 碳释放生态红利,让盐碱荒原变 身"碳汇银行"。 近年来,东营市在环境监管、 产业升级、生态固碳等方面持续 发力,构建智慧监管体系,织就天 地空一体化监测网络,建立联动 机制,激活企业减污降碳内生动 力,推动传统产业绿色升级,依托 独特的湿地生态系统,积极开展 蓝碳交易和碳汇项 ...

记者了解到，本次大赛参赛范围为国管局会计工作管理范围内的各一级主管部门及其所属单位（覆盖中 央国家机关、中央企业、中央金融企业和中央高校），参赛人员为上述范围内的财会人员。据统计，共 有187家部门（单位），共计234支代表队936名选手报名参赛。 下一步，大赛组委会将根据此次大赛团体得分和个人表现情况，推荐2支中央国家机关代表队、6支中央 企业代表队、2支中央金融企业代表队、2支中央高校代表队参加拟于今年10月举行的第四届全国会计知 识大赛第二赛程比赛。（记者申铖） 8月31日，第四届中央国家机关会计知识大赛在北京顺利落下帷幕。国家电网有限公司代表队、中国石 油化工集团有限公司代表队、中国国家铁路集团有限公司代表队分别获得此次大赛决赛的前三名。 据介绍，本次大赛由国管局会同国务院国资委、金融监管总局、教育部联合开展。 大赛组委会相关负责人表示："举办此次大赛，旨在充分激发中央国家机关广大会计人员比学赶超和干 事创业的热情，发现和选拔一批素质优秀的会计人才，稳步提升中央国家机关会计人才队伍建设水 平。" 从7月下旬开始，本届会计知识大赛已组织开展多场比赛，包括初赛阶段选拔笔试，复赛阶段口试暨小 组赛，以及决赛 ...

Group 1 - The company has successfully won the bid for the centralized procurement project of human resource outsourcing services from Sinochem Information Technology Co., Ltd. for the years 2025-2027, which includes consulting, ERP, and implementation operation services [2] - The project aims to promote digital consulting, cloud planning, and IT innovation applications in the chemical industry, as well as optimize ERP systems [2] - This win is a recognition of the company's capabilities in ERP consulting implementation and digital transformation, reinforcing its market advantage in the energy sector and among central state-owned enterprises [2] Group 2 - The company plans to continue focusing on the petrochemical industry, emphasizing digital transformation, domestic substitution, and innovation in large model applications to support high-quality development in the industry [2]

汪华林 ◎记者 王文嫣 在近期举行的第十期"上证·院士说"活动上，中国工程院院士、华东理工大学教授汪华林接受了上海证 券报记者专访。采访中，他从旋流器里的微观运动谈到碳污协同的系统治理，还展望了氢能、生物质能 等赛道中蕴藏的巨大市场潜力。 师法自然： 从旋流自转现象到工程奇迹的跨越 "旋流器的诞生，是对自然最虔诚的模仿。"汪华林谈及研究起点时表示，海洋河流旋涡、龙卷风等都是 自然的旋流场，这些自然旋流具有强大的旋转力和吸力，对周围的物体产生影响。旋流器的发明就是学 习了这种自然现象，将旋转流场缩小到设备中，利用流体旋转流动产生离心力，实现不同密度或者不同 粒径物质的分离。 汪华林团队发现了旋流器内颗粒自转、自公转耦合诱导界面振荡现象，并基于新的现象建立了乳化态、 胶体态、离子分子态污染物旋流自转分离工程技术，实现颗粒旋流自转和振荡从现象发现到工程应用的 突破。 汪华林说，基于这一发现构建的旋流自转分离技术，成了工业碳污减排的"多面手"：在全国汽柴煤油品 质量升级重点工程中，突破湍流扩散的限制，将旋流分离精度从微米级提升至离子分子级，实现硫污染 源头减排；在国家"川气东输"骨干气源工程里，开拓了高酸天然气旋流减 ...

2026俄罗斯西伯利亚国际石油化工及天然气技术装备展览会官方报名通道 2026.06 18-19-20 俄罗斯西伯利亚出口展览中心 参展灵活优势 降低参展门槛：提供联合展位、"线上 + 线下"混合参展模式。 减少企业差旅负担：捆绑市场考察团，帮助企业实地了解需求。 俄罗斯西伯利亚拥有着令人瞩目的石油、化工和天然气资源。这里是全球油气资源最为富集的地区之 一，蕴藏着海量的石油和天然气储备。据权威数据显示，西伯利亚的石油储量占俄罗斯总储量的80％左 右，天然气储量更是在全球名列前茅。 2026年6月18日至20日，备受业界瞩目的2026俄罗斯西伯利亚国际石油化工及天然气技术装备展览会 （简称：SOE）将在俄罗斯西伯利亚出口展览中心（伊尔库茨克）盛大举行。届时，这里将成为全球石 油、化工和天然气行业的焦点汇聚之地。此次展会预计将吸引来自全球30多个国家及地区的知名企业将 盛装参展。 它们带着各自领域最前沿的技术、最先进的产品以和最具创新的解决方案齐聚于此，共同构建起一个多 元、高效且专业的国际交流平台，这一平台将为全球石油化工及天然气行业的企业搭建了一个进出口贸 易的跳板 。在展会现场，您能够与当地企业的采购决策人 ...

Group 1 - The appreciation of the RMB is expected to benefit the general public by making imported goods, overseas travel, and studying abroad cheaper, which can help reduce imported inflation [7] - The RMB's exchange rate has reached new highs against the USD, with onshore and offshore rates hitting 7.1260 and 7.1155 respectively, marking the highest levels since November 2024 [2] - The appreciation of the RMB is supported by both external factors, such as the dovish stance of the Federal Reserve, and internal factors, including the strong fundamentals of the Chinese economy, which attract international capital inflows [3][4] Group 2 - Historically, the RMB has experienced three significant appreciation cycles, each coinciding with strong economic performance and financial opening policies, leading to increased foreign capital inflow into the A-share market [4] - The appreciation of the RMB is positively correlated with the performance of the A-share market, as it reflects increased confidence from international investors in the Chinese economy [4] - Industries with high foreign currency liabilities or significant import costs, such as airlines, paper, petrochemicals, and semiconductors, stand to benefit from RMB appreciation [5] Group 3 - The traditional view that RMB appreciation necessarily leads to a decline in exports is challenged by recent data, which shows that during periods of RMB appreciation, exports to the US and EU have actually increased significantly [6] - The current export landscape is dominated by high-value products, which mitigates the negative impact of RMB appreciation on competitiveness [6] - The overall impact of RMB appreciation on the economy is favorable, as it reduces the costs of energy and raw material imports, benefiting the macroeconomic structure [7]

冠通期货-2025年9月石化化板块月度报告 制作日期：2025年9月1日 冠通期货研究咨询部 分析师：苏妙达 执业证书号： F03104403/Z0018167 联系电话：010-85356618 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。 1 分析师苏妙达：F03104403/Z0018167 投资有风险，入市需谨慎。 石油化工 | 品种 | 交易逻辑 | 多空观点 | 操作建议 | | --- | --- | --- | --- | | | 8月3日，OPEC+自愿减产8国决定9月增产54.7万桶/日。美国7月新增就业远低于预期，6月和5月新增就业大幅下调，引 | | | | | 发市场对于美国经济的担忧。8月15日的美俄会谈后，特朗普暂时搁置对俄罗斯实施进一步制裁。EIA和IEA均上调全球 | | | | | 石油过剩幅度，这将加剧四季度的原油压力。美国对印度商品额外征收25%的关税，在8月27日生效。目前俄罗斯原油 | | | | 原油 | 贴水扩大后，印度继续进口俄罗斯原油，印度炼油厂9月的俄油采购量将比8月增加15万至30万桶/日。俄乌停火协议进 | 震荡 ...