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].

来源：郁言债市 产业债低利差下的结构性机会 展望2026年，信用利差可能呈现低位高波的特点。信用利差中枢具备维持低位的基础。一方面，利率或震荡下行，节奏上"前慢后快"，央行延续呵护资金 面的态度，有助于信用利差维持低位震荡。另一方面，信用债市场整体信用风险相对较低，其中城投仍处于化债周期，城投债短期信用风险较低。产业债 以央国企为主，违约风险也较小。 同时，信用利差也可能受利率阶段性上行和机构行为扰动，呈现高波动特点。一方面，若基金销售费用新规落地较为严格，债基或仍有赎回压力，短久期 信用债可能面临一定抛压。另一方面，理财面临全面净值化的挑战，一旦利率上行或资金面边际收敛，或预防性赎回基金，导致信用债行情波动。 低利差格局下，市场将循着有票息的方向，布局更具性价比的品种。2026年，产业债配置需把握结构性机会，包括摊余债基开放带动中高评级5年左右配 置需求、超长债交易机会、永续品种利差挖掘、科创债成分券机会等。 一是摊余债基开放，或带动中高评级5年左右产业债配置机会。2026年，摊余债基封闭期5年左右产品集中在1-7月迎来开放期。其中1月，封闭期66个月和 63个月的摊余债基打开规模最大，为622亿元，其次是 ...

世界的目光，聚焦中国南海之滨。 2025年12月18日，海南自由贸易港正式启动全岛封关，中国对外开放迎来新的里程碑时刻。 建设海南自由贸易港，是习近平总书记亲自谋划、亲自部署、亲自推动的改革开放重大举措。历经七年 多的精心筹备与建设，海南自贸港如期启动封关，正式迈入发展新阶段。 封关不是封岛，而是进一步扩大开放。在世界经济格局深刻演变的今天，中国以实际行动兑现开放承 诺，以坚定决心冲破单边主义、保护主义逆流，为推动经济全球化、构建开放型世界经济注入更多稳定 力量。 历史长河奔涌浩荡，中国开放潮声澎湃。海南自贸港封关运作，不是一地一域的局部安排，而是牵引全 国、增益世界的战略擘画，不仅为海南跨越式发展提供历史性机遇，也将为全面建设社会主义现代化国 家注入强劲动能，向世界展现共享机遇、共创繁荣的中国担当。 迈向最高水平开放形态的"关键一跃" 18日上午，海南省人大会堂。海南自由贸易港全岛封关启动会举行，与会人士、媒体记者等神情专注， 静候历史性时刻。 海南自由贸易港正式启动全岛封关！9时18分，随着会议宣布消息，现场掌声雷动，经久不息。 当天，海南全岛对外开放口岸及"二线口岸"监管设施悉数启用，标志着3万多平方公 ...

Report Title - "Industrial Reorganization and Upgrading: The Inflection Point of Naphtha Supply and Demand is Approaching - Outlook for the Naphtha Market in 2026" [1] Report Core View - In 2026, against the backdrop of increased uncertainty on the supply side and negative feedback shocks on the demand side, the Asian naphtha market will gradually shift from a significant shortage to a tight - balance pattern. The structural contradictions will evolve into a stock game. In the second half of the year, with the acceleration of the lightening process of Asian ethylene cracking and the impact of the restructuring of the South Korean petrochemical industry, Asian naphtha is expected to turn into a structural surplus [2] Summary by Directory 1. 2025 Annual Review of Naphtha - Ethylene Trends 1.1 2025 Annual Review of Naphtha Market - The 2025 naphtha market was mainly characterized by a structural shortage, with geopolitical factors and downstream losses as secondary factors. The naphtha cracking spread remained high throughout the year, but there were still opportunities to lock in profits for downstream cracking units under negative feedback. The market was divided into four stages: the first - quarter structural and seasonal strength stage, the Sino - US trade conflict stage, the East - West naphtha stock market game stage, and the stage of deepening sanctions on Russia and deepening cracking losses in Asia [5] 1.2 2025 Annual Review of Ethylene Market - In 2025, the Asian ethylene market was generally lackluster, with an expectation of oversupply. China's large - scale ethylene capacity release had a huge impact on the prices of ethylene and its derivatives in Asia. Although most ethylene was consumed by downstream supporting devices, regional and internal contradictions were emerging [11][13] 2. 2026 Outlook for Naphtha and Ethylene Supply and Demand 2.1 Global Naphtha Supply Changes 2.1.1 Global Refining Capacity Changes - In 2025, global refining capacity investment fell short of expectations, with a net decrease in capacity. In 2026, the global refining capacity may show a trend of low in the first half and high in the second half, with an expected annual growth rate of 1.2% by the end of the year. Naphtha supply is expected to follow a similar trend, with a growth rate lower than 1.2% [17][19][23] 2.1.2 Domestic Naphtha Yield Calculation - Since this year, China's "reducing oil and increasing chemicals" strategy has led to a decrease in the gasoline and diesel yield of major refineries from an average of 53% in 2024 to about 47% in 2025, which has been mostly converted into naphtha yield. China's naphtha yield has increased from less than 24% to over 25% [25][27] 2.1.3 Global Export Supply and Arbitrage of Naphtha - In 2026, the East - West naphtha price spread is at a historically high level, and a large amount of Western logistics has flowed into Asia. Western naphtha is more driven by gasoline blending demand. In the first half of 2026, the East - West arbitrage logistics will remain at a high level [28][30] 2.1.4 Changes in Export Centers of Various Countries and Reasons - In 2025, the increase in OPEC's crude oil production led to an increase in the refinery operation rate in the Middle East, and the monthly average export of naphtha increased by nearly 300,000 tons. In 2026, the Middle East's export center is expected to remain at 4.2 - 4.3 million tons per month [32][34][37] 2.2 Global Naphtha Demand Changes 2.2.1 Global Gasoline Market Changes - In 2025, the global gasoline market first declined and then rose. In 2026, the global refining capacity is expected to be low in the first half and high in the second half, and the gasoline market in the first half of the year is still worth looking forward to, while the supply pressure may return in the second half [38][41][43] 2.2.2 Global Ethylene Cracking Unit Commissioning and Elimination - 2025 was a year of large - scale commissioning of global ethylene cracking units, mainly in China. In 2026, the global ethylene capacity growth rate will gradually slow down, and the demand for external naphtha from Asian ethylene cracking will have limited growth [45][47][52] 2.2.3 Asian Ethylene Cracking Unit Maintenance Process - In 2025, Asian ethylene cracking units had few maintenance operations. In 2026, due to the restructuring of the South Korean petrochemical industry, South Korean ethylene cracking units may undergo maintenance in the first half of the year, and some capacities may be shut down permanently [53] 2.2.4 Changes in Ethylene Cracking Unit Processes - Global ethylene cracking units are undergoing profound changes, and the raw material lightening process continues to advance, which will increase the demand for light raw materials but damage the demand for Asian naphtha. In 2026, the demand for naphtha in the stock market is expected to gradually shrink [54][55][57] 2.2.5 Reorganization of the Northeast Asian Ethylene Cracking Industry - South Korea's ethylene cracking industry is struggling. The South Korean government plans to eliminate 2.7 - 3.8 million tons of ethylene production capacity in 2026. The elimination of production capacity will not only reduce ethylene exports but also affect domestic downstream derivatives [59][61][62] 2.3 Summary of Contradictions in Ethylene Downstream Derivatives 2.3.1 Polyethylene Summary - In 2025, China's plastic production capacity increased significantly. In 2026, the plastic production capacity will continue to increase, and the existing profits may be difficult to maintain. The operating rate of plastic is an important factor in the ethylene supply - demand balance [64][66] 2.3.2 Ethylene Glycol Summary - The ethylene glycol market will weaken in 2026 due to new capacity release and changes in the operating rate of existing units. The price is seeking cost - support margins [67][69] 2.3.3 Styrene Summary - In 2025, the global styrene price fell sharply. In 2026, the styrene industry chain investment is mainly concentrated in the upstream pure benzene segment. The supply - demand contradiction of styrene is more concentrated in maintenance [72][74] 2.3.4 PVC and Other Summary - PVC is the weakest link in the ethylene derivatives industry chain. In 2026, the operating rate of PVC ethylene method may decline [76] 3. Naphtha - Ethylene Balance Sheet 3.1 Domestic and Asian Ethylene Balance Sheet - In 2026, the commissioning of ethylene downstream derivatives in the first half of the year is limited. The supply side of ethylene will be narrowed, and the demand side will have different changes in different products. If there is no additional production reduction from upstream factories, the domestic ethylene stock may tend to be oversupplied [79][81][82] 3.2 Asian Naphtha Balance Sheet - In the first half of 2026, the Asian naphtha supply - demand pattern is seasonally blurred, showing a tight - balance pattern with a small - scale de - stocking trend. The demand side will be the main contradiction, and the balance sheet may change due to downstream negative feedback [85][86][87]

Group 1 - The company, China Petroleum & Chemical Corporation (Sinopec), announced a share buyback plan to repurchase 254,000 shares at a total cost of HKD 1.1638 million [1] - The buyback price per share is set between HKD 4.44 and HKD 4.59 [1]

Core Viewpoint - The announcement indicates that the British Virgin Islands High Court has issued a winding-up order against FWI, the controlling shareholder of the company, which holds approximately 49.06% of the company's issued share capital [1] Group 1 - The winding-up order was issued on December 8, 2025, under the British Virgin Islands Insolvency Act (2020 Revision) [1] - FWI holds 1.042 billion ordinary shares of the company, representing about 49.06% of the total issued share capital [1] - FWI is jointly owned by Jin Yao and Sino Century Holdings Limited, with the latter being wholly owned by the company's current non-executive director, Mr. Wang Jiansheng [1] Group 2 - The company has announced a continued suspension of trading [1]

同比增长：25.3% 增速较上一年同期变化：高46.4个百分点 据统计，2025年8月河北省规模以上工业企业原油加工量与上年同期相比增长了25.3%，达237.2万吨， 增速较上一年同期高46.4个百分点，增速较同期全国高17.7个百分点，约占同期全国规模以上企业原油 加工量6346.5万吨的比重为3.7%。 详见下图： 图1：河北省原油加工量分月（当月值）统计图 摘要：【图】2025年1-8月河北省原油加工量统计分析 2025年8月原油加工量统计： 原油加工量：237.2 万吨 增速较上一年同期变化：高4.6个百分点 据统计，2025年1－8月，河北省规模以上工业企业原油加工量与上年同期相比增长了8.6%，达1885.8万 吨，增速较上一年同期高4.6个百分点，继续保持增长，增速较同期全国高5.4个百分点，约占同期全国 规模以上企业原油加工量48807.2万吨的比重为3.9%。详见下图： 图2：河北省原油加工量分月（累计值）统计图 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 石油市场调研及发展趋势 化 ...

智通财经APP讯，中国石油化工股份(00386)发布公告，于2025年12月18日该公司斥资116.38万港元回购 25.4万股，回购价格为每股4.44-4.59港元。 ...

2025年1-8月乙烯产量分析： 摘要：【图】2025年1-8月黑龙江省乙烯产量统计分析 图表：黑龙江省乙烯产量分月（累计值）统计 图表：黑龙江省乙烯产量分月（当月值）统计 注：从2011年起，我国规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务 收入2000万元。 据国家统计局数据，在2025年的前8个月，黑龙江省规模以上工业企业乙烯产量累计达到了87.6万吨， 与2024年同期的数据相比，增长了0.2%，增速较2024年同期低39.3个百分点，增速放缓，增速较同期全 国低10.4个百分点，约占同期全国规模以上企业乙烯产量2440.69388万吨的比重为3.6%。 2025年8月乙烯产量分析： 单独看2025年8月份，黑龙江省规模以上工业企业乙烯产量达到了11.1万吨，与2024年同期的数据相 比，8月份的产量增长了1.4%，增速较2024年同期低32.0个百分点，增速放缓，增速较同期全国低9.0个 百分点，约占同期全国规模以上企业乙烯产量314.08156万吨的比重为3.5%。 产业调研网为您提供更多 石油化工行业最新动态 石油发展现状及前景预测 化工市场调研及发展趋势 日化行业监 ...

（文章来源：新华财经） 新加坡企业发展局（ESG）数据显示，截至12月17日当周，新加坡燃料油库存下降140.4万桶，至4周低 点2465.8万桶；轻馏分油库存上涨65000桶达到17周高点1505.6万桶；中馏分油库存上涨71000桶，达到 843.1万桶的两周高点。 ...