2025年 焦炭行业词条报告 头豹分类/制造业/石油加工、炼焦和核燃料加工业/核燃料 加工 Copyright © 2025 头豹 企业竞争图谱：2025年焦炭 头豹词条报告系列 于利蓉 · 头豹分析师 2025-04-03 未经平台授权，禁止转载 行业分类： 制造业/核燃料加工 摘要 焦炭是由炼焦煤在焦炉中经过高温干所得转化而来。近年来，焦炭行业准入标准不断提高，持续淘汰落后产能；技术和装备水平提高，科研能力不断增强；节能减排、资源 综合利用、发展循环经济等成为焦炭行业未来发展的重点。中国焦炭行业受国家政策和下游钢铁需求推动，市场容量快速增长。未来，"一带一路"倡议有望拓宽中国焦炭的 国际市场；"碳达峰、碳中和"背景下，中国焦炭行业绿色低碳发展水平不断提升，产业链整体向好。 行业定义 煤焦化又称煤炭高温干馏，具体指以煤为原料，在炭化室隔绝空气的条件下，经过高温干馏，焦饼温度达到950℃—1050℃即形成焦炭，同 时获得焦炉煤气、煤焦油以及其他化学产品的过程。焦炭就是指炼焦物料在隔绝空气的高温炭化室内经过热解、缩聚、固化、收缩等复杂的物理 化学过程而获得的固体炭质材料。焦炭除大量用于炼铁和有色金属冶炼外，还用 ...

Group 1 - The chemical index outperformed the oil index during the week of April 21-25, with the chemical raw materials index rising by 2.26%, chemical machinery index by 3.18%, pharmaceutical index by 3.29%, and pesticide and fertilizer index by 2.78% [1] - In contrast, the oil processing index fell by 0.48%, while the oil extraction index saw a slight increase of 0.01%, and the oil trading index dropped by 2.87% [1] - International crude oil prices experienced narrow fluctuations, with WTI settling at $63.02 per barrel, down 2.57% from April 17, and Brent at $66.87 per barrel, down 1.60% [1] Group 2 - The top five performing listed chemical companies in the Shanghai and Shenzhen markets included XianDa Co. with a rise of 49.54%, Zhongxin Fluorine Materials up by 40.89%, Weike Technology up by 33.65%, Zhenhua Co. up by 33.55%, and Xinhang New Materials up by 31.20% [2] - Conversely, the five companies with the largest declines were Jinlitai down by 43.85%, Guoli Technology down by 30.11%, ST Haiyue down by 21.88%, Fanli Technology down by 21.81%, and Yida Co. down by 21.64% [2]

Core Insights - The asphalt futures business spans the entire industry chain, including upstream production, midstream trading, and downstream applications, with significant roles played by refineries, traders, and large enterprises [1] - The asphalt market is currently facing weak supply and demand, leading to price fluctuations and financial pressures on refineries and traders [3] - A case study of Company C illustrates effective risk management through basis trading and spot distribution, enhancing trade profits while alleviating financial strain [2][4] Industry Overview - Upstream production primarily involves refineries dealing with crude oil and fuel oil, employing a "lock raw materials and sell forward" strategy [1] - Midstream trading sees traders and futures merchants engaging in arbitrage and hedging, while downstream procurement is dominated by large enterprises using buy hedging strategies [1] - The asphalt futures market is crucial for price risk hedging and speculative opportunities, with increasing sensitivity of the spot market to financial market dynamics [1] Market Dynamics - Asphalt prices are influenced by various factors, including crude oil price movements, supply-demand conditions, and seasonal demand variations [1] - The current market scenario shows a significant reliance on Shandong's local refineries, which account for approximately 60% of the national asphalt supply [2] Company C's Strategy - Company C, a trading entity, utilized a basis trading model in collaboration with a futures company's risk management subsidiary to mitigate financial and inventory pressures [2][4] - In January 2024, the risk management subsidiary locked in a price of 3,500 CNY/ton for 20,000 tons of asphalt, anticipating a rebound in prices despite weak demand [4] Results and Impact - From March to May 2024, the market behaved as expected, with stable spot prices and weakening futures, leading to a widening basis [5] - By the end of May, Company C successfully reduced capital occupation and transferred inventory risk while repurchasing asphalt at a lower market price [5] - This case exemplifies the diverse and effective services that futures can provide to the real economy, benefiting both buyers and sellers in the asphalt industry [5]

茂化实华（000637）公告，2025年第一季度营业收入7.88亿元，同比下降34.00%。净亏损3506.79万 元，去年同期净亏损4398.72万元。 ...

文 /高歌 之外，二季度宏观层面将要应对的另一个压力。 一季度开门红，基于当前的经济增长成果，甘肃将重大项目作为短期内的增长引擎，为实现全年既定 目标需要进一步压实基础。甘肃省二季度计划聚焦"两重""两新"领域加强重大项目谋划储备；抓住 二季度施工黄金期，加速形成更多实物工作量；规范推进政府和社会资本合作新机制，激发民间投资 活力等。 稳存量，抢增量。长期 而言 ，甘肃仍需要在产业焕新、消费回暖、培育增量等内生因素方面下足功 夫。同时抓住扩内需、稳外贸的政策机遇，在共建"一带一路"国家进出口方面承担更重要的角色。 01 "两重"项目挑大梁 去年四季度以来，一揽子增量政策开始显效扭转经济下滑趋势、推动经济企稳回升。反映至经济表 现，今年一季度国内经济总体延续了去年四季度以来的回升势头，更加积极的财政政策加码效果最为 明显。 一季度财政前置发力，结合社融数据来看，1-3月政府债净融资3.87 万亿，比2024年同期高出 2.51万亿元（其中有一些是要置换的），广义财政支持也呈现温和上升趋势。 今年一季度国民经济开局良好，初步核算，一季度国内生产总值318758亿元，按不变价格计算，同 比增长5.4%。除经济大省继 ...

大越期货：预计燃料油价格继续随势震荡 由于本周下游船燃需求相对稳定，亚洲低硫燃料油市场结构维持在当前水平附近，而贸易商预计5月东 西方套利到货量减少将在短期内支撑市场基本面。贸易商表示，尽管新加坡整体库存水平较高，但符合 规格的现货供应有限，预计短期内市场将延续温和上行趋势。高硫方面，高硫燃料油市场目前受益于中 东夏季发电需求改善预期的支撑，不过贸易商指出，下游船燃需求疲软及原料采购需求低迷仍将持续施 压高硫市场。新加坡现货市场仍有大量高硫燃料油船货待售，且来自中东货源将在4月底陆续抵达，不 过5月到港量或将减少。原油价格或呈现震荡的态势，预计燃料油价格继续随势震荡。操作上：高硫短 线2900-31050区间操作，低硫短线3350-3550区间操作。 西南期货：燃料油走势料震荡偏强 第二季度末亚洲高硫燃料油市场通常会进入季节性需求旺季，因为中东地区的发电需求达到高峰。超低 硫燃料油市场稳中坚挺，因为供应和需求基本面趋于平衡，市场商家关注来自亚洲外的供应。亚洲地区 的低硫燃料油供应有限，因为炼油厂检修以及炼油利润不佳产量减少。韩国的部分炼油商正考虑购买船 用燃料油。中石油公司装运了13万吨4月初从巴西装船的含硫 ...

Economic Overview - The province's GDP reached 190.42 billion yuan, with a year-on-year growth of 4.0% [1] - The primary industry added value was 39.35 billion yuan, growing by 4.8%; the secondary industry added value was 29.23 billion yuan, growing by 8.0%; and the tertiary industry added value was 121.84 billion yuan, growing by 2.9% [1] Agriculture - Agricultural production showed positive trends, with total output value of agriculture, forestry, animal husbandry, and fishery at 61.08 billion yuan, a year-on-year increase of 5.1% [2] - Key agricultural products saw significant growth, with vegetable production up 3.2% and fruit production up 3.3%, particularly pineapples and mangoes, which grew by 19.8% and 3.1% respectively [2] - Livestock production also increased, with pig output up 1.1% and poultry output up 4.2% [2] - Aquaculture production rose by 7.9%, with marine and freshwater aquaculture increasing by 11.2% and 11.9% respectively [2] Industry - Industrial production accelerated, with a year-on-year increase of 9.7% in the first quarter, 2.3 percentage points higher than the previous year [3] - The processing industry benefited from free trade port policies, with significant growth in petroleum, coal, and other fuel processing industries, which saw a 26.7% increase [3] - The oil and gas extraction industry grew by 28.0%, while the agricultural and sideline food processing industry surged by 50.4% [3] - Production of automobiles, transformers, and optical fibers increased by 782.4%, 5.1%, and 28.8% respectively [3] Services - The service sector continued to recover, with a year-on-year increase of 2.9% in the first quarter [4] - Wholesale and retail trade grew by 4.7%, while transportation, warehousing, and postal services increased by 8.5% [4] - Real estate transactions became more active, with new commercial housing sales area increasing by 19.4% [4] - The total service import and export value reached 15.96 billion yuan, a year-on-year increase of 23.8%, with exports growing by 47.3% [4] Investment - Fixed asset investment decreased by 1.2%, but construction and installation investment grew by 6.1% [5] - Infrastructure investment (excluding electricity, gas, and water supply) surged by 26.8%, significantly higher than the overall investment growth rate [5] - Public service investment increased by 43.1%, with first industry investment growing by 91.8% [5] Consumer Market - Retail sales of consumer goods totaled 64.96 billion yuan, with a year-on-year growth of 4.2% [6] - Sales of basic living goods performed well, with food and beverage retail sales increasing by 17.4% and 11.6% respectively [6] - The promotion of replacing old goods with new ones led to significant sales growth in various categories, including home appliances and furniture [6] Income and Prices - Per capita disposable income reached 9,803 yuan, with a year-on-year growth of 5.5% [7] - Consumer prices slightly decreased by 0.4%, with specific categories showing varied price changes [8] Environmental Quality - The province maintained a good environmental quality, with an air quality excellent rate of 96.4% [9] - Water quality in urban water sources met standards at a rate of 100% [9] - Clean energy generation, particularly wind and hydropower, saw significant growth [9]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Oil prices experienced slight fluctuations as of April 25, 2025, with Brent and WTI prices at $65.80 and $63.02 per barrel respectively [7][22] - OPEC+ may accelerate the exit from voluntary production cuts in June, raising concerns about supply increases [7] - Kazakhstan's energy minister indicated that national interests would take precedence over OPEC+ interests, further intensifying supply concerns [7] - The market faces multiple uncertainties, including tariffs and geopolitical tensions involving the US, Iran, and Russia-Ukraine negotiations [7] Oil Price Summary - As of April 25, 2025, Brent crude futures settled at $65.80 per barrel, down $0.46 (-0.69%) from the previous week; WTI crude futures settled at $63.02 per barrel, up $0.61 (+0.98%) [22] - Russian Urals crude spot price remained stable at $65.49 per barrel, while Russian ESPO crude price decreased by $0.32 (-0.51%) to $62.28 per barrel [22] Offshore Drilling Services - As of April 21, 2025, the number of global offshore self-elevating drilling rigs was 381, an increase of 1 from the previous week; the number of floating drilling rigs was 141, also up by 1 [26] US Oil Supply - As of April 18, 2025, US crude oil production was 13.46 million barrels per day, a decrease of 0.02 million barrels per day from the previous week [42] - The number of active drilling rigs in the US increased by 2 to 483 as of April 25, 2025 [42] - The number of fracturing fleets in the US rose by 5 to 205 as of April 25, 2025 [42] US Oil Demand - As of April 18, 2025, US refinery crude oil processing volume was 15.89 million barrels per day, an increase of 325,000 barrels per day from the previous week, with a refinery utilization rate of 88.10%, up 1.8 percentage points [53] US Oil Inventory - As of April 18, 2025, total US crude oil inventory was 841 million barrels, an increase of 712,000 barrels (+0.08%) from the previous week [64] - Strategic oil inventory was 397 million barrels, up 468,000 barrels (+0.12%); commercial crude oil inventory was 443 million barrels, up 244,000 barrels (+0.06%) [64] Related Companies - Key companies in the industry include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [1]

Investment Rating - The industry investment rating is "Neutral" as the industry index is expected to be in line with the benchmark [128] Core Viewpoints - Concerns over tariffs persist, leading to weakened downstream demand in the refining sector [1] - The Brent crude oil average price for the week ending April 25, 2025, was $66.54 per barrel, reflecting a week-on-week increase of 1.39% [1][2] - Domestic and international refining project price differentials are being closely monitored, with domestic projects showing a decrease of 0.99% and international projects increasing by 1.63% [2] Summary by Sections Refining Sector - The refining sector is experiencing volatility due to geopolitical tensions and OPEC production adjustments, with Brent and WTI prices at $66.87 and $63.02 per barrel respectively [1][15] - Domestic refined oil prices have generally decreased, while overseas prices have seen some increases [1] - The stock performance of six major private refining companies varied, with notable increases for companies like Dongfang Shenghong (+7.59%) and Rongsheng Petrochemical (+2.24%) over the past week [1][116] Chemical Sector - Chemical products are facing price declines due to tariff impacts, with polyethylene demand remaining weak and prices for polypropylene also decreasing [1][56] - The price of MMA has decreased slightly, while the price of styrene has seen a minor increase due to reduced inventory levels [1][56] Polyester Sector - The polyester sector is still affected by tariffs, with weak demand leading to price declines in polyester filament [1][96] - PX prices have shown a slight increase, while MEG prices continue to decline [1][87][98] Price Differentials - As of April 25, 2025, the domestic refining project price differential was 2303.99 CNY/ton, down by 22.98 CNY/ton, while the international differential was 945.20 CNY/ton, up by 15.16 CNY/ton [2]