据悉，自2023年，全国"安全生产月"活动以"人人讲安全 个个会应急"为主题，每年聚焦解决一个人民 群众最关心、应急管理领域最突出的实际问题，取得了良好的活动成效和社会反响。今年活动聚焦"查 找身边安全隐患"，对于全面排查整治事故隐患，防范化解重大安全风险，提高企业安全管理水平和基 层应急管理能力具有很强的现实意义。 中国海油发布《中国海油2025年"安全生产月"暨"生态环境保护宣传周"活动方案》，并提出将围绕"一 件事"全链条安全整治，扎实推进中国海油安全生产治本攻坚三年行动，落实"安全风险管理季"管理提 升活动，重点开展六方面工作。一是深入学习贯彻习近平生态文明思想和习近平总书记关于安全生产重 要论述和重要指示批示精神。二是开展"查找身边安全隐患"系列行动，进一步提升全员风险防范意识。 三是开展"安全宣传咨询日"和安全宣传"五进"活动。四是开展"生态环保宣传周"活动。五是开展 QHSE(质量健康安全环保)管理体系学习。六是开展多样化主题活动。 5月30日，中国化学在中煤榆林煤炭深加工基地项目启动2025年"安全生产月"主题活动暨中煤榆林煤炭 深加工基地项目"安全生产月"活动。中国化学党委常委、副总经理胡富 ...

Group 1 - The core viewpoint of the news is that Yunnan Petrochemical has successfully implemented the Robust-IPC full-process intelligent control technology, enhancing operational efficiency and control capabilities [1] - Prior to the IPC project, Yunnan Petrochemical faced challenges with PID and APC systems, which limited automation and response to operational fluctuations [1] - The IPC project integrates over 10 advanced intelligent control technologies, significantly improving anti-interference capabilities and reducing fluctuations in key parameters [1] Group 2 - Since the end of last year, Yunnan Petrochemical has initiated optimization installation work for 20 units, including catalytic cracking and hydrocracking [2] - The technical team has customized optimization plans for each unit based on data analysis of operational characteristics, achieving a transition from single-variable to multi-variable control [2] - To date, the project team has optimized 1,913 basic control loops and developed 139 optimization control plans, along with several intelligent control modules [2]

Core Viewpoint - The article highlights the successful expansion and modernization of the Caspian Asphalt Plant in Kazakhstan, a joint venture between CITIC Group and the Kazakh National Oil and Gas Company, which plays a crucial role in meeting the asphalt demand for infrastructure development in Kazakhstan and exemplifies the practical cooperation under the Belt and Road Initiative [1] Group 1: Company Overview - The Caspian Asphalt Plant is the only facility in Central Asia dedicated to producing high-standard road asphalt and is the first large-scale petrochemical project established in Kazakhstan post-independence [1] - The plant's annual crude oil processing capacity has been increased from 1 million tons to 1.5 million tons, and the annual asphalt output has risen from 500,000 tons to 750,000 tons following the recent upgrade [1] Group 2: Technological Advancements - The modernization project was undertaken by CITIC Construction Co., Ltd., utilizing entirely Chinese technology and equipment, and was completed ahead of schedule, receiving high praise from Kazakhstan's President Tokayev and the Ministry of Energy [1] - Advanced technologies such as low-nitrogen burners and waste heat recovery systems have been implemented to reduce pollutant emissions and enhance energy recycling [1] Group 3: Strategic Importance - The plant is viewed as a strategic project that will enhance Kazakhstan's industrial capacity and facilitate economic transformation, with expectations for more modern projects in collaboration with China [1] - The facility's advanced production technology and automation are seen as a reflection of the capacity cooperation between China and Central Asian countries, with potential for similar projects in Tajikistan [1]

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others [10]. Core Viewpoints - The report highlights significant price increases in phosphate rock (10.00%) and glyphosate (6.79%), while products like butadiene and aniline saw substantial declines [3][4]. - It suggests focusing on import substitution, domestic demand, and high dividend opportunities in the current market environment [5][21]. - The international oil prices are stabilizing, with WTI at $60.79 per barrel and Brent at $63.90 per barrel, indicating a projected average of $70 for 2025 [5][20]. Summary by Sections Industry Tracking - International oil prices are fluctuating within a narrow range, with market assessments indicating a stable supply outlook [22]. - The domestic propane market experienced a decline after an initial stabilization, with average prices at 4988 CNY/ton [25]. - The domestic coal market showed mixed price movements, averaging 532 CNY/ton, with expectations of increased demand as summer approaches [26]. Price Movements - Significant price increases were noted in phosphate rock and glyphosate, while butadiene and aniline experienced notable declines [19]. - The report indicates a weak overall performance in the chemical industry, with mixed results across sub-sectors due to past capacity expansions and weak demand [21]. Investment Opportunities - The report emphasizes the potential for investment in sectors benefiting from import substitution, such as lubricating oil additives and special coatings [21]. - It also highlights the resilience of the tire industry, suggesting companies like Senqilin and Sailun Tire as potential investment targets [21]. - The report recommends focusing on high-quality assets with strong dividend yields, particularly in the oil sector, including Sinopec and China National Offshore Oil Corporation [21].

证券研究报告：固定收益报告 发布时间：2025-06-03 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:崔超 SAC 登记编号:S1340523120001 Email:cuichao@cnpsec.com 近期研究报告 《2.2%以上，城投开抢？——信用周 报 20240526》 - 2025.05.26 固收周报 物价持续走低，航运指数大涨 ——高频数据跟踪 20250601 核心观点 高频经济数据关注点：第一，生产热度整体有所改善，高炉、半 钢胎、PX 开工率回升，焦炉、沥青、PTA、全钢胎开工率下降。第二， 房地产边际改善，30 城商品房成交面积超去年同期，100 城土地供应 面积回升。第三，物价整体继续下行，原油、焦煤、铜、铝、锌、螺 纹钢价格均下降，其中焦煤大跌 9.07%跌破 700 元/吨，螺纹钢下跌 3.01%跌破 3000 元/吨。第四，航运指数大幅上涨，国内 SCFI 周大涨 30.68%，升破 2000 点；BDI 大幅上涨 5.82%。短期重点关注新一轮稳 增长刺激政策落地、房地产市场恢复 ...

Company Overview - Huajin Co., Ltd. closed at 5.38 yuan, down 1.65%, with a latest price-to-book ratio of 0.77 and a total market capitalization of 8.605 billion yuan [1] - As of May 20, 2025, the number of shareholders is 43,763, a decrease of 755 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Business Operations - The main business of Northern Huajin Chemical Industry Co., Ltd. includes the production and sales of petrochemicals and chemical fertilizers [1] - Key products include urea, liquid ammonia, crude oil processing and petroleum products, polyolefins, aromatic products, ABS products and by-products, butadiene, ethylene oxide, ethylene glycol products, and plastic products [1] Financial Performance - In the latest quarterly report for Q1 2025, the company achieved operating revenue of 9.161 billion yuan, a year-on-year decrease of 3.05% [1] - The net profit for the same period was -341,980,116.73 yuan, representing a year-on-year decline of 31.76%, with a sales gross margin of 11.78% [1] Industry Comparison - The company's PE (TTM) is -3.26, and the static PE is -3.08, with a market capitalization of 8.605 billion yuan [2] - The industry average PE (TTM) is 12.61, and the industry median is 25.73, indicating that Huajin Co., Ltd. is significantly below industry averages in terms of valuation metrics [2]

6月3日24时，国内成品油零售限价将迎来新一轮调整时间点。本轮成品油零售限价上调幅度超 过50元/吨的价格调整红线，预计本轮成品油零售限价将上调。 据卓创资讯监测模型测算，截至6月2日收盘，即国内成品油本轮计价周期的第10个工作日，参考原油变化率为 1.53%，对应的汽、柴油零售限价每吨预计分别上调65元、60元，折合成升价后，92号汽油、95号汽油、0号 柴油预计均上调0.05元，为今年以来第四次上调。 卓创资讯还指出，本轮成品油零售限价上调落地后，消费者用油成本将会增加。出行方面，按照油箱容量为 50L的家用轿车为例，加满一箱92#或95#汽油将多花2.5元。油耗方面，以月跑2000公里，百公里油耗在8L的小 型私家车为例，到下次调价窗口开启（6月17日24时）之前的时间内，消费者用油成本将增加4元左右。物流行 业，以月跑10000公里，百公里油耗在38L的重卡为例，在下次调价窗口开启前，单辆车的燃油成本将增加89 元左右。 责编：李丹 校对： 陶谦 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理 ...

Core Insights - In March 2025, Shaanxi Province's crude oil production was 2.197 million tons, showing a year-on-year decrease of 0.3% and a decline in growth rate of 1.6 percentage points compared to the same month last year [1] - For the first quarter of 2025, the crude oil production reached 6.185 million tons, reflecting a year-on-year increase of 0.2% and an improvement in growth rate of 1.1 percentage points compared to the same period last year [1] Monthly Production Data - March 2025 crude oil production was 2.197 million tons, accounting for 11.5% of the national production of 19.025 million tons [1] - The first quarter of 2025 saw a total production of 6.185 million tons, representing 11.4% of the national total of 54.088 million tons [1] Comparative Analysis - The growth rate of crude oil production in March 2025 was 3.8 percentage points lower than the national average [1] - The growth rate for the first quarter of 2025 was 0.9 percentage points lower than the national average [1]

Group 1 - The brand value of Sinopec has surpassed 400 billion yuan, recognized as one of the first excellent results in the central enterprise brand leading action [1] - Sinopec's brand success is attributed to continuous efforts in brand building and communication, as well as strong quality and service capabilities [1] - Quality is emphasized as the fundamental strength of the brand, with a commitment to "quality always leading" and comprehensive quality management throughout the entire industry chain and lifecycle [1] Group 2 - Sinopec has developed a range of products and services that enhance emotional connections with customers, including Easy Joy, Easy PAIKE, Great Wall lubricants, and various public welfare brands [2] - The company aims to meet the growing consumer demand and enhance brand influence and competitiveness, seizing opportunities in the vast market potential [2] - The long-term vision for brand development is highlighted, emphasizing the importance of building a reliable and trustworthy brand over time [2]

按照成品油调价时间表来看，6月3日24时，国内成品油零售限价将迎来新一轮调整时间点。 据机构跟踪的国际原油价格变动状况预测最新数据显示，本轮成品油零售限价上调幅度超过50元/吨的 价格调整红线，预计本轮成品油零售限价将上调。 成品油零售限价或迎上调 卓创资讯成品油分析师郑明亚表示，国内成品油本轮计价周期初期，原油变化率是正值高位开局，后期 在国际贸易局势演变、地缘局势以及"欧佩克+"7月计划石油增产等因素的共同影响下，国际原油期货价 格呈现震荡下跌走势，原油变化率正值收窄，但对应的成品油零售限价仍符合50元/吨的上调条件。 卓创资讯监测模型测算显示，截至6月2日收盘，即国内成品油本轮计价周期的第10个工作日，参考原油 变化率为1.53%，对应的汽、柴油零售限价每吨预计分别上调65元、60元，折合成升价后，92号汽油、 95号汽油、0号柴油预计均上调0.05元，为今年以来第四次上调。 从批发市场来看，近期，国内成品油批发市场呈现"汽跌柴涨"局面。隆众资讯数据监测，国内成品 油本轮计价周期以来，92号汽油价格为7692元/吨，环比下跌0.53%；0号柴油价格为6683元/吨，环 比上涨1.64%。 来源：中国证券 ...