行业 原油日报 日期 2025 年 12 月 18 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅碳市场） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 地缘方面，美国扣押委内油轮，继续对其施 ...

行业 聚烯烃日报 日期 2025 年 12 月 18 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 每日报告 | 表1：期货市场行情 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 塑料 2601 | 6515 | 6439 | 6515 | 6432 | -76 | -1.17 | 119319 | -16584 | | 塑料 2605 | 6525 | 6479 | 6543 | 6470 | -66 | -1.01 | 540127 | 29984 | | 塑料 2609 | 6558 | 6514 | 6568 | 6501 | -60 | -0.91 | 12595 | 2163 | | PP2601 ...

Group 1: General Information - Report Name: Asphalt Daily Report [1] - Date: December 18, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Futures Market: BU2602 opened at 2,877 yuan/ton, closed at 3,012 yuan/ton, with a high of 3,014 yuan/ton, a low of 2,855 yuan/ton, a daily increase of 3.58%, and a trading volume of 504,000 lots; BU2603 opened at 2,891 yuan/ton, closed at 3,014 yuan/ton, with a high of 3,017 yuan/ton, a low of 2,877 yuan/ton, a daily increase of 2.9%, and a trading volume of 171,000 lots [6] - Spot Market: Asphalt spot prices in North China and Shandong continued to decline, while prices in other regions remained generally stable. Crude oil and asphalt futures hit new lows, negatively impacting spot market sentiment [6] - Supply: After the resumption of asphalt production at Guangzhou Petrochemical in South China, the operating rate is expected to remain stable, but there are no new resumption plans after the switch to residue production in Shandong, and the operating rate is expected to decline slightly [6] - Demand: Cold snaps will continue to affect most parts of China in the next ten days, with widespread rain and snow in central and eastern regions. Although temperatures will gradually rise after the 14th, demand is unlikely to receive significant support due to seasonal factors [6] - Operation Suggestion: The market is trading on the potential impact of US sanctions on Venezuela's oil exports and the widening discount of Venezuelan crude. Pay attention to raw material supply and operate with caution [6] Group 3: Industry News - Shandong Market: The mainstream transaction price of 70A asphalt was 2,820 - 3,270 yuan/ton, a decrease of 10 yuan/ton from the previous trading day. International oil prices and asphalt futures hit new lows overnight, negatively impacting the spot market. However, prices rebounded in the morning due to supply - side factors, and the spot market remained cautious. Given weak rigid demand and ample supply, prices declined slightly [7] - South China Market: The mainstream transaction price of 70A asphalt was 2,920 - 3,100 yuan/ton, remaining stable from the previous trading day. Zhongyou Gaofu is about to halt production, but increased production at Maoming Petrochemical has led to a supply increase. Sinopec's orders are being filled, and prices are expected to decline. Social inventories and traders are holding prices stable for now [7] Group 4: Data Overview - Data includes South China asphalt spot prices, Shandong asphalt basis, daily asphalt operating rate, Shandong asphalt comprehensive profit, asphalt cracking spread, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, all sourced from Wind and the Research and Development Department of CCB Futures [11][12][13][16]

Group 1: Report Industry Investment Rating - Unilateral strategy is neutral, wait for clear bottom signals, focus on left - side buying opportunities on dips, and avoid chasing up [3] Group 2: Core View - On December 17, the afternoon closing price of the main BU2602 asphalt futures contract was 3,012 yuan/ton, up 104 yuan/ton from the previous settlement price, a rise of 3.58%; the position was 235,465 lots, down 1,592 lots from the previous day, and the trading volume was 504,034 lots, up 131,674 lots from the previous day [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information were 3,156 - 3,500 yuan/ton in Northeast China, 2,820 - 3,270 yuan/ton in Shandong, 2,920 - 3,100 yuan/ton in South China, and 3,100 - 3,220 yuan/ton in East China [1] - The sharp rise in asphalt futures yesterday was due to the rebound of crude oil prices after continuous declines, which eased the pressure on downstream energy - chemical commodities, and the gradual release of winter storage demand in the asphalt market; potential positive factors may come from raw material disturbances, as the situation in Venezuela has heated up, leading to a marginal tightening of Venezuelan oil shipments and a slight recovery in the discount of diluted asphalt. If the crisis persists, it may drive up the asphalt cost center. Considering the uncertainty of the Venezuelan situation and the current sufficient raw materials for domestic refineries, the rise is more sentiment - driven, and attention should be paid to the risk of expectation falsification. It is advisable to focus on low - buying and hedging strategies [2] Group 3: Summary by Related Catalogs Market Analysis - The afternoon closing price of the main BU2602 asphalt futures contract on December 17 was 3,012 yuan/ton, up 104 yuan/ton from the previous settlement price, a rise of 3.58%; the position was 235,465 lots, down 1,592 lots from the previous day, and the trading volume was 504,034 lots, up 131,674 lots from the previous day [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information were 3,156 - 3,500 yuan/ton in Northeast China, 2,820 - 3,270 yuan/ton in Shandong, 2,920 - 3,100 yuan/ton in South China, and 3,100 - 3,220 yuan/ton in East China [1] Strategy - Unilateral: Neutral, wait for clear bottom signals, focus on left - side buying opportunities on dips, and avoid chasing up [3] - Cross - varieties: None [3] - Cross - periods: None [3] - Spot - futures: None [3] - Options: None [3] Charts - There are charts showing the spot prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China, Southwest China, Northwest China), the closing prices of asphalt futures indices, main contracts, and near - month contracts, the spreads of near - month contracts, the trading volume and positions of asphalt futures, the weekly production of domestic asphalt and the production of independent refineries and in different regions, the consumption of domestic asphalt in different fields (road, waterproofing, coking, ship fuel), and the inventories of asphalt refineries and social inventories [4]

Core Viewpoint - Domestic petroleum asphalt futures experienced a significant increase, with the main contract BU2602 rising by 3.58% as of the afternoon close [1] Group 1: Market Drivers - The rebound in crude oil prices after a period of decline has alleviated pressure on downstream chemical products [1] - The recent release of winter storage demand has provided a supportive signal for asphalt prices, although further stimulus factors are needed for a bottom rebound [1] Group 2: Supply Chain Dynamics - The situation in Venezuela has escalated, with the U.S. seizing Venezuelan oil tankers, leading to a marginal tightening of Venezuelan oil shipments and a slight recovery in asphalt discounts [1] - Despite a previous high level of imports, there is currently no short-term shortage of raw materials; however, a prolonged crisis in Venezuela could hinder domestic refineries' access to raw materials, pushing asphalt cost centers higher [1] Group 3: Future Outlook - Given the ongoing uncertainty regarding the situation in Venezuela and the temporary lack of raw material shortages for domestic refineries, the recent price increase is more driven by market sentiment [1] - Caution is advised against excessive speculation, and attention should be paid to emerging bottom signals in the spot market, suggesting a strategy of low-cost accumulation or hedging [1]

Group 1 - The event held in Shandong focused on promoting local economic and trade cooperation among Shanghai Cooperation Organization (SCO) countries, resulting in the signing of three economic cooperation memorandums [1][2] - Over 50 special economic zones and characteristic parks from SCO countries participated, with more than 180 domestic and foreign enterprises engaging in one-on-one negotiations across 60 specific cooperation demands [1][2] - The trade volume between Shandong and SCO countries reached $62.17 billion in the first three quarters of this year, indicating a strong commitment to enhancing economic cooperation [3] Group 2 - The event is seen as a crucial step in building stable and mutually beneficial cooperation relationships amid global economic challenges [2] - Shandong's industrial foundation, advanced technology, and significant geographical advantages position it as a strong partner for promoting economic cooperation among SCO countries [2] - The establishment of the China-SCO Industrial Park Alliance aims to strengthen collaboration in logistics, capacity transfer, and other areas [4]

证券时报记者 杨霞 近日，"第十九届上市公司价值论坛暨2025新质生产力巡礼宜宾行"在四川宜宾举行，"第十九届上市公司价值评 选"获奖公司也同步揭晓。 由证券时报主办的上市公司价值评选活动是资本市场一年一度的盛事，迄今已成功举办至第十九届。在资本市场 深化改革与高质量发展的时代浪潮中，上市公司作为经济"基本盘"的价值愈发凸显。本文以主板百强公司为样 本，分析这些公司的行业特征和基本面质量，挖掘19年来A股价值龙头的变动趋势和个股穿越牛熊的核心逻辑。 百强企业构筑价值高地 本次入选主板百强的企业堪称中国资本市场的中流砥柱，这些行业领军者以卓越的综合实力构筑起A股市场的价值 高地。 数据显示，百强企业总市值达19.13万亿元，占全部A股总市值的18.15%，聚集了各个行业的龙头企业。其中，石 化行业的中国石油、保险业的中国平安、通信领域的中国移动与中国电信，以及新能源汽车领军者比亚迪等企业 市值排名居前。 从市值结构看，百强企业呈现显著的头部聚集效应：超半数企业市值超千亿元，贵州茅台与中国石油以万亿市值 稳居市场前列，中国人寿、比亚迪、长江电力等9家企业市值逾5000亿元，构成稳定的中坚力量。 投资者回报是检验上 ...

中国石油化工股份回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.17 | 71.20 | 4.450 | 4.320 | 315.34 | | 2025.12.16 | 118.00 | 4.400 | 4.320 | 512.78 | | 2025.12.15 | 76.40 | 4.390 | 4.280 | 330.60 | | 2025.12.12 | 67.80 | 4.320 | 4.290 | 292.43 | | 2025.12.11 | 254.60 | 4.370 | 4.280 | 1096.15 | | 2025.12.10 | 204.00 | 4.380 | 4.300 | 882.34 | | 2025.12.09 | 350.00 | 4.500 | 4.370 | 1540.60 | | 2025.12.08 | 120.00 | 4.540 | 4.490 | 541.90 | | 2025.12.05 | 86.00 | ...

中国的ESG生态，已从"新绿"的萌芽倡导，向"长青"的体系化生长坚实迈进。进入政策护航、企业主驱、资金赋能的协同新阶段，制度、企业、资金三重 力量的共振 文｜黄慧玲 编辑｜郭楠 "中国的ESG生态，已从"新绿"的萌芽倡导，向"长青"的体系化生长坚实迈进。进入政策护航、企业主驱、资金赋能的协同新阶段，制度、企业、资金三 重力量的共振，正重塑中国可持续发展微观基础。"在12月16日举办的2026《财经》可持续发展论坛上，华夏基金总经理李一梅发表主旨演讲，连续第五 年发布《中国ESG投资发展创新白皮书》。 "今年我们深入一线调研，最令人振奋的发现是：中国上市公司践行ESG的底层逻辑，正在发生一场静默却深刻的范式革命。ESG从'被动应对合规要求'的 成本负担，转向'主动创造长期价值'的战略选择。"李一梅介绍。 李一梅表示，过去五年，中国ESG已从早期重要但不紧迫的前瞻概念，逐步演进为与基本面深度整合、务实落地的发展生态，其确定性在全球变局中尤为 珍贵。 非常高兴一年一度我们又相约在今天的盛会，非常感谢《财经》一直给了我们这样一个机会，在每年年底的时刻我们共同关注中国的ESG实践。今天我跟 大家分享的是《全球变局下的中 ...

Report Investment Rating - No investment rating information is provided in the report. Core View - The asphalt supply is decreasing, with the production expected to decline in December, and the inventory - to - sales ratio is rising but still near the lowest level in recent years. The demand is weakening as road construction in the north is ending due to cold weather, and the increase in the south is limited. The crude oil price is weakly oscillating, and concerns about Venezuelan heavy crude exports may affect asphalt production. The market is cautious, and it is expected that the asphalt futures price will oscillate [1]. Content Summary by Related Parts Market Analysis - Supply: Last week, the asphalt operating rate decreased by 0.1 percentage points to 27.8%, 0.9 percentage points lower than the same period last year, at a multi - year low. In December, the expected domestic asphalt production is 215.8 million tons, a 3.1% month - on - month and 13.8% year - on - year decrease. The national asphalt shipment volume decreased by 9.69% week - on - week to 253,400 tons. The asphalt refinery inventory - to - sales ratio increased week - on - week and is near the lowest level in recent years [1]. - Demand: Last week, most of the downstream asphalt industries' operating rates declined. The road asphalt operating rate decreased by 2 percentage points to 27% due to capital and weather constraints. With the north's cold weather, road construction is ending, and the overall demand is average [1]. - Crude Oil: Iraqi oil fields are resuming production, and the US is promoting peace talks between Russia and Ukraine. However, sanctions on Venezuela may affect asphalt production, and the discount of Venezuelan diluted asphalt has narrowed [1]. Futures and Spot Market - Futures: Today, the asphalt futures 2602 contract rose 3.58% to 3,012 yuan/ton, above the 5 - day moving average. The lowest price was 2,855 yuan/ton, the highest was 3,014 yuan/ton, and the open interest decreased by 1,592 to 235,465 lots [2]. - Basis: The mainstream market price in Shandong remained at 2,910 yuan/ton, and the basis of the asphalt 02 contract dropped to - 102 yuan/ton, at a relatively low level [3]. Fundamental Tracking - Supply: Refineries such as Shandong Shengxing switched to producing residual oil, and the asphalt operating rate decreased by 0.1 percentage points to 27.8%, 0.9 percentage points lower than last year's same period, at a multi - year low [4]. - Demand - related Investment: From January to October, the national highway construction investment decreased by 6.0% year - on - year. From January to November, the fixed - asset investment in road transportation decreased by 4.7% year - on - year, and infrastructure construction investment (excluding electricity) decreased by 1.1% year - on - year [4]. - Downstream Operating Rate: As of the week of December 12, most of the downstream asphalt industries' operating rates declined, with the road asphalt operating rate decreasing by 2 percentage points to 27% due to capital and weather constraints [4]. - Social Financing: From January to November, the social financing stock increased by 8.5% year - on - year, with the growth rate remaining the same as that from January to October [4]. - Inventory: As of the week of December 12, the asphalt refinery inventory - to - sales ratio increased by 0.2 percentage points to 13.4% week - on - week, near the lowest level in recent years [4].