中化新网讯 12月15日，韩国DL化学宣布，该公司拟重新审查深陷债务危机的子公司丽川石脑油裂解中 心(YNCC)的原料供应合同，建议优先关停丽水基地年产能90万吨的一号蒸汽裂解装置。 YNCC由韩华解决方案与DL化学各持股50%合资建立。DL化学提出，若YNCC依据乙烯产能推进裂解 装置裁减，公司将主动调整股东资产组合与重组战略予以支持。值得注意的是，该公司建议优先关停丽 水基地年产能90万吨的一号蒸汽裂解装置，而非此前因经济因素已无限期停工、年产能50万吨的三号装 置。YNCC还在运行年产能91.5万吨乙烯的二号裂解装置。 DL化学的重组蓝图涵盖淘汰低盈利、缺乏竞争力的下游产品线，通过设备改造转产高附加值产品，并 加大研发投入以对冲减产格局下的原料成本压力。该公司代表强调，裂解装置缩减后，提升下游产品附 加值已成企业生存的必要条件。 DL化学声明指出，2025年YNCC业绩较初始规划缩水超3000亿韩元，营业利润跌至盈亏平衡点，尤其 在二次注资后的四季度，盈利能力急剧下滑。受市场冲击，韩乙烯、丙烯价格年内分别下跌17%、 15%，且2026至2027年价格预计持续低于2025年均值。 ...

其中，中游业务作为重点板块分得11亿美元维持性资本预算，7亿美元用于增长项目、4亿美元保障运 营，将通过扩建关键盆地管道与分馏设施、提升天然气处理能力，推进天然气液(NGL)"井口到市场"一 体化战略。增长性资本将主要投向合资项目，尤其是与雪佛龙菲利普斯化工及WRB炼厂的合资项目 ——双方在美国墨西哥湾沿岸和卡塔尔拉斯拉凡兴建的世界级石化装置，预计2026年投产。公司董事长 兼CEO马克·拉希尔强调，预算资金将聚焦NGL价值链及高回报炼油项目，同时保障运营安全可靠。 中化新网讯 近日，菲利普斯66宣布，2026年资本预算上调至24亿美元，其中增长性资本13亿美元、维 持性资本11亿美元。 ...

数据来源：国家统计局，智研咨询整理 根据国家统计局数据显示：2025年10月中国石油沥青产量为349万吨，同比增长12.2%；2025年1-10月中 国石油沥青累计产量为3136.8万吨，累计增长11.5%。 2020-2025年1-10月中国石油沥青产量统计图 上市企业：国创高新（002377）,宝利国际（300135）,森远股份（300210）,路畅科技（002813）,龙洲股 份（002682）,国联水产（300094）,宁波富邦（600768）,滨化股份（601678）,岳阳兴长（000819）,恒 逸石化（000703） 相关报告：智研咨询发布的《2025-2031年中国石油沥青产品行业市场运行态势及未来发展潜力报告》 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。 ...

s 加安期货 沥青早报 研究中心能化团队 2025/12/19 量明 s 加安期货 沥青早报 研究中心能化团队 2025/12/19 | | 指标 | 11/18 | 12/12 | 12/16 | 12/17 | 12/18 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基差&月差 | 山东基差(+80)(非京博) | -2 | -42 | 16 | -2932 | -2872 | 60 | -2830 | | | 华东基差(镇江库) | 118 | 18 | 86 | -3012 | -2952 | 60 | -2970 | | | 华南基差(佛山库) | 48 | -32 | 36 | -3012 | -2952 | 60 | -2920 | | | 01-03 | -49 | -39 | -25 | -17 | -29 | -12 | 10 | | | 02-03 | -29 | -18 | -22 | -2 | -17 | -15 | | | | 03-06 | -39 | -40 | -44 | ...

据统计，2025年9月我国规模以上工业企业原油产量与上年同期相比增长了4.1%，达1777.5万吨，增速 较上一年同期高3.0个百分点，继续保持增长。 详见下图： 摘要：【图】2025年9月中国原油产量数据 2025年9月原油产量统计： 原油产量：1777.5 万吨 同比增长：4.1% 增速较上一年同期变化：高3.0个百分点 图1：中国原油产量分月（当月值）统计图 同比增长：1.7% 增速较上一年同期变化：低0.3个百分点 据统计，2025年1－9月，我国规模以上工业企业原油产量与上年同期相比增长了1.7%，达16263.3万 吨，增速较上一年同期低0.3个百分点，增速放缓。详见下图： 图2：中国原油产量分月（累计值）统计图 2025年1-9月原油产量统计： 原油产量：16263.3 万吨 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分析汽油市场调研与发展前景 柴油发展现状及前景预测橡胶市场调研及发展趋势 塑料行业监测 ...

1. Report Industry Investment Rating - High - sulfur fuel oil: Short - term neutral, neutral - bearish [3] - Low - sulfur fuel oil: Short - term neutral, neutral - bearish [3] - Cross - variety: None [3] - Cross - period: None [3] - Spot - futures: None [3] - Options: None [3] 2. Core View of the Report - The crude oil price has shown signs of stabilizing in the past two days after continuous decline, but the expectation of oversupply in the oil market has not reversed. The progress of Russia - Ukraine peace talks may negatively affect oil prices, and the crude oil end will continue to suppress the unilateral prices of FU and LU. The current fundamentals of the fuel oil market have both long and short factors with limited overall contradictions [2]. - The fundamentals of high - sulfur fuel oil are average, but the crack spread has shown signs of stabilizing after a significant correction. In addition to the support from refinery demand, Russia's exports declined again in December. The estimated shipment volume of high - sulfur fuel oil in Russia in December is 1.72 million tons, a decrease of 680,000 tons compared with the previous month. The supply of Russian refineries has been continuously disrupted by drone attacks in Ukraine [2]. - The overall driving force of the low - sulfur fuel oil market is limited. Due to the dynamic changes of the devices, there is room for local supply to increase. However, the shipment volumes of Kuwait and Nigeria in December have not increased significantly for the time being, and the bunker fuel terminal demand has been boosted at the end of the year. The bunker fuel sales volume in Singapore increased by 8% month - on - month in November. Coupled with the diversion of components by gasoline and diesel, the market pressure of low - sulfur fuel oil is currently limited [2]. 3. Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed up 2.01% at 2,429 yuan/ton during the day session, and the main contract of INE low - sulfur fuel oil futures closed up 1.59% at 2,931 yuan/ton [1] 4. Strategy - High - sulfur fuel oil: Short - term neutral, neutral - bearish [3] - Low - sulfur fuel oil: Short - term neutral, neutral - bearish [3] - Cross - variety: No strategy [3] - Cross - period: No strategy [3] - Spot - futures: No strategy [3] - Options: No strategy [3]

12月19日，记者从成都警方获悉，捣毁一处非法运输、经营成品油窝点，民警抓获2名违法犯罪嫌疑 人，扣押2辆非法改装加油车。该车内有加油枪、计量器，塑料袋里装有待售柴油，塑料袋接口用铁丝 绑在车体上，塑料袋里的柴油都已渗漏。目前，案件正在进一步侦办中。 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report Core View The report presents the arbitrage data of various futures varieties on December 19, 2025, including basis, inter - month spreads, and inter - commodity spreads for different sectors such as thermal coal, energy and chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Directory I. Thermal Coal - Basis data from December 12 to December 18, 2025, shows a continuous decline, from - 56.40 yuan/ton on December 12 to - 90.40 yuan/ton on December 18 [2]. II. Energy and Chemicals (1) Energy Commodities - Provides basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt from December 12 to December 18, 2025 [7]. (2) Chemical Commodities - Basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from December 12 to December 18, 2025, shows different trends for each commodity [9]. - Inter - month spread data for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [10]. - Inter - commodity spread data for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from December 12 to December 18, 2025 [10]. III. Black Metals - Basis data for rebar, iron ore, coke, and coking coal from December 12 to December 18, 2025, shows significant fluctuations [20]. - Inter - month spread data for rebar, iron ore, coke, and coking coal, including 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads [18]. - Inter - commodity spread data for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from December 12 to December 18, 2025 [18]. IV. Non - Ferrous Metals (1) Domestic Market - Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from December 12 to December 18, 2025, shows different trends [28]. (2) London Market - LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss data for copper, aluminum, zinc, lead, nickel, and tin on December 18, 2025 [33]. V. Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 12 to December 18, 2025 [39]. - Inter - month spread data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [39]. - Inter - commodity spread data for soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from December 12 to December 16, 2025 [39]. VI. Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from December 12 to December 18, 2025 [50]. - Inter - month spread data for CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month - current - month and next - quarter - current - quarter spreads [50].

Group 1 - Southbound funds increased their holdings in China Petroleum & Chemical Corporation (00386.HK) by 5.96 million shares on December 18 [1] - Over the past 5 trading days, there have been 3 days of net increases in holdings by southbound funds, totaling 35.63 million shares [1] - In the last 20 trading days, there were 13 days of net increases, amounting to 125 million shares [1] Group 2 - As of now, southbound funds hold 6.704 billion shares of China Petroleum & Chemical Corporation, representing 27.98% of the company's total issued ordinary shares [1] - China Petroleum & Chemical Corporation primarily engages in oil, natural gas, and chemical operations, structured into five segments [1] - The exploration and development segment focuses on oilfield exploration and development, producing and selling crude oil and natural gas [1]

Core Viewpoint - The article emphasizes the role of China Petroleum & Chemical Corporation (Sinopec) in supporting rural revitalization in Youyang, focusing on targeted assistance in various sectors such as industry, education, and cultural tourism to drive sustainable development [1][24]. Group 1: Empowering Local Industries - Sinopec has identified Youyang's 400,000 acres of oil tea cultivation as a key area for support, planning to invest in high-standard demonstration projects and brand development from 2024 to 2025 [2][4]. - The company has implemented smart irrigation systems and upgraded production lines to enhance oil tea yield and quality, addressing challenges like extreme weather and high labor costs [4][6]. - Sinopec is also developing a diverse product matrix under the "Youyang Tea Oil" brand, including cooking oils and personal care products, to improve market competitiveness [6][9]. Group 2: Building Sales Channels - Sinopec is establishing a comprehensive sales network for Youyang's specialty products, partnering with convenience stores and online platforms to enhance market reach [9][11]. - The company has organized various promotional events, resulting in significant orders and sales for Youyang products, demonstrating effective market integration [11][12]. Group 3: Education Support - Education is prioritized in Sinopec's assistance strategy, focusing on improving school facilities and educational quality in Youyang [13][17]. - Upgrades to schools, including sports facilities and dormitories, have been made, alongside the establishment of partnerships to enhance educational resources and management [15][17]. Group 4: Cultural and Tourism Integration - Sinopec is promoting the integration of culture and tourism in Youyang, investing in infrastructure that supports local tourism and enhances community engagement [18][21]. - The construction of a science museum and various tourism facilities aims to attract visitors and boost local economic growth, with significant visitor numbers reported [21][23]. Group 5: Comprehensive Support Model - Sinopec's approach combines immediate assistance with long-term development strategies, focusing on leveraging local resources and corporate strengths to foster sustainable growth [24]. - The company's model serves as a replicable example for rural revitalization efforts, aiming to empower local communities and enhance their economic resilience [24].