Group 1 - The successful commissioning of the 11th sulfur recovery unit at Zhenhai Refining marks a significant breakthrough in the domestic development of sulfur recovery technology, achieving full-chain autonomy from process design to core equipment [1] - The unit has been operating stably for over 5 months, with a sulfur recovery rate of 99.99% and energy consumption significantly lower than design expectations, while pollutant emissions exceed national standards [1] - The project involved optimizing system and equipment design, allowing stable operation below 10% of design load, and achieving a reduction of approximately 30 kilograms of standard oil per ton in energy consumption compared to similar units [2] Group 2 - The innovative design of the multifunctional desulfurization tower integrates multiple functions, effectively saving space and investment [2] - The project successfully developed a full range of domestically produced burners, breaking the long-standing reliance on imported core combustion equipment [2] - The company has focused on sulfur recovery since the 1990s, designing over 30 related units and holding more than 30 patents, establishing a complete technical system represented by the third-generation GD10 technology [2]

摘要：【图】2025年1-8月宁夏回族自治区石脑油产量统计分析 2025年1-8月石脑油产量分析： 据国家统计局数据，在2025年的前8个月，宁夏回族自治区规模以上工业企业石脑油产量累计达到了 101.7万吨，与2024年同期的数据相比，增长了2.2%，增速较2024年同期低4.1个百分点，增速放缓，增 速较同期全国高2.7个百分点，约占同期全国规模以上企业石脑油产量5283.7万吨的比重为1.9%。 图表：宁夏回族自治区石脑油产量分月（累计值）统计 2025年8月石脑油产量分析： 单独看2025年8月份，宁夏回族自治区规模以上工业企业石脑油产量达到了12.4万吨，与2024年同期的 数据相比，8月份的产量增长了2.6%，增速较2024年同期高12.7个百分点，增速较同期全国高4.8个百分 点，约占同期全国规模以上企业石脑油产量661.5万吨的比重为1.9%。 图表：宁夏回族自治区石脑油产量分月（当月值）统计 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 石油市场调研与发展前景 化工发展现状及前景预测 日 ...

数据来源：天眼查APP 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 标题：上海石化2026年先进过程控制、工艺过程信息集成平台、报警管理系统及汽油调合系统运行维护 服务一标段中标结果公示 通过天眼查大数据分析，中国石化上海石油化工股份有限公司共对外投资了21家企业，参与招投标项目 26577次；财产线索方面有商标信息65条，专利信息1335条，著作权信息9条；此外企业还拥有行政许可 12790个。 证券之星消息，根据天眼查APP-财产线索数据整理，中国石化上海石油化工股份有限公司12月15日发 布《上海石化2026年先进过程控制、工艺过程信息集成平台、报警管理系统及汽油调合系统运行维护服 务一标段中标结果公示》，详情如下： 采购方：中国石化上海石油化工股份有限公司 供应商：上海汉中诺软件科技有限公司 中标金额： 地区：上海市 发布日期：2025-12-15 ...

证券之星消息，根据天眼查APP-财产线索数据整理，中国石化上海石油化工股份有限公司12月15日发 布《中国石化上海石油化工股份有限公司SP3-ZC29储运部配套250#系列加工高酸原油适应性改造项目 电机控制柜等公开询价5318930771询比采购采购结果公告》，详情如下： 标题：中国石化上海石油化工股份有限公司SP3-ZC29储运部配套250#系列加工高酸原油适应性改造项 目电机控制柜等公开询价5318930771询比采购采购结果公告 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 采购方：中国石化上海石油化工股份有限公司 供应商：上海恒雄电气有限公司 中标金额： 地区：上海市 发布日期：2025-12-15 通过天眼查大数据分析，中国石化上海石油化工股份有限公司共对外投资了21家企业，参与招投标项目 26577次；财产线索方面有商标信息65条，专利信息1335条，著作权信息9条；此外企业还拥有行政许可 12790个。 数据来源：天眼查APP ...

Core Viewpoint - The implementation of a GIS-based pipeline management platform by China Petroleum's Jinzhou Petrochemical significantly enhances operational efficiency and safety in pipeline management through data-driven decision-making and real-time monitoring capabilities [1][2]. Group 1: Technology and Innovation - The GIS pipeline management platform has been developed over 10 years, transitioning from traditional methods to a data-driven approach, allowing for better management of over 320 kilometers of pipelines [1]. - The platform integrates 159 management information items into 21 professional layers, providing a comprehensive "one-stop" management solution for the entire lifecycle of the pipeline [1]. - The platform's capabilities include a 19-level zoom real-world map that visually presents pipeline routes, enhancing operational clarity [1]. Group 2: Operational Efficiency - In the 2024 pipeline overhaul, technicians utilized the platform to complete the internal inspection routing communication for seven pipeline segments in just one day, significantly improving efficiency compared to traditional methods [1]. - The platform's data-driven advantages have led to a multiple-fold increase in operational efficiency [1]. Group 3: Future Developments - By 2026, Jinzhou Petrochemical plans to deploy 90 smart testing piles for real-time monitoring of pipeline potential, further enhancing the safety of energy transportation [2]. - The platform has accumulated nearly 10 years of pipeline health data, allowing for clear traceability of risk point management even decades later [2].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report The report anticipates that the domestic asphalt futures will maintain a weak and volatile trend in the future. This is due to the significant weakening of the cost support for asphalt caused by the sharp decline in domestic and international crude oil futures prices. Meanwhile, the supply pressure of domestic asphalt remains high with a steady increase in capacity utilization, while the downstream demand has entered the off - season and the procurement rhythm has slowed down [2][3]. 3) Summary by Related Content Cost Support Weakening - Global crude oil inventories are continuously accumulating, and the expectation of supply surplus has once again dominated the crude oil futures market. US crude oil production has reached a record high, and although OPEC+ decided to suspend production increases in Q1 2026, the previous cumulative production increase has made up for the previous production cuts. The progress of the Russia - Ukraine peace talks has raised the expectation of Russia's crude oil return, and it is expected that over 80 million barrels of floating storage crude oil will enter the market, further intensifying the supply surplus [2]. - The weak demand from major global economies, along with the weakening of the oil market's monthly spread and refined oil cracking spread, highlights the weak supply - demand structure of the oil market. After the oil price returned to a weak trend, the cost support for asphalt futures has weakened [2]. Limited Supply Decline - In December, although some refineries such as Hebei Xinhai stopped asphalt production and some in East China maintained low - to - medium production loads, others like Guangzhou Petrochemical and Qilu Petrochemical resumed production, and Sinopec and Liaohe Petrochemical increased production. As of the week of December 12, 2025, the capacity utilization rate of 92 domestic asphalt refineries was 29.9%, a 0.2 - percentage - point decrease from the previous week, and that of 77 heavy - traffic asphalt enterprises was 27.8%, a 0.1 - percentage - point weekly decrease. Overall, the decline in domestic asphalt supply pressure is limited [2]. Downstream Enters Off - season - Affected by a new round of cold air, the surface construction of domestic asphalt roads has decreased, and the shipment volume in the Northeast and East China regions has significantly declined. In terms of modified asphalt, due to the expansion of the shutdown scope in the North, the supply of modified asphalt has significantly decreased. Last week, the capacity utilization rate of 69 domestic sample modified asphalt enterprises was 9.0%, a 0.2 - percentage - point decrease from the previous week and a 0.5 - percentage - point increase year - on - year [3]. - Under the influence of weak supply and demand, the domestic asphalt social inventory has slightly decreased. The social inventory in East China has been significantly depleted because some projects are in the final stage and mainly consume inventory [3].

1. Report Industry Investment Rating - Unilateral: Neutral, wait for a clear bottom signal and consider left - side buying opportunities at low prices [2] - Cross - variety: None [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core View of the Report - Crude oil prices have dropped significantly, driving the cost side of asphalt negatively and causing the BU futures price to decline. The overall fundamentals of asphalt are still weak, but the gradual release of winter storage demand provides some support. If oil prices stop falling, the downside space of the asphalt market may be limited, but a rebound requires more positive factors. Potential positive factors may come from an increase in crude oil costs. If the Venezuelan crisis persists, it may lead to a decline in heavy oil supply and drive up the asphalt cost center [1] 3. Summary According to Related Catalogs Market Analysis - On December 16th, the closing price of the main BU2602 contract in the afternoon session was 2,894 yuan/ton, a decrease of 70 yuan/ton or 2.36% from the previous settlement price. The open interest was 237,057 lots, an increase of 29,936 lots compared to the previous day, and the trading volume was 372,360 lots, an increase of 161,403 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3,156 - 3,500 yuan/ton; Shandong: 2,840 - 3,270 yuan/ton; South China: 2,920 - 3,100 yuan/ton; East China: 3,100 - 3,220 yuan/ton. The spot prices in North China, Shandong, and South China decreased, while those in other regions remained stable [1] Strategy - Unilateral: Adopt a neutral stance, wait for a clear bottom signal, and pay attention to left - side buying opportunities at low prices [2] - Cross - variety: No strategy [2] - Cross - period: No strategy [2] - Spot - futures: No strategy [2] - Options: No strategy [2] Figures - The report includes figures on the spot prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China, Southwest, Northwest), the closing prices of the petroleum asphalt futures index, main contract, and near - month contract, the price difference between near - month contracts, the trading volume and open interest of petroleum asphalt futures, domestic asphalt weekly production, production of independent refineries and in different regions (Shandong, East China, South China, North China), domestic asphalt consumption in different fields (road, waterproofing, coking, ship fuel), and asphalt inventories in refineries and society [3]

2025年12月17日 国泰君安期货商品研究晨报-能源化工 2025 年 12 月 17 日 对二甲苯：成本坍塌，估值回落 PTA：估值回落 MEG：计划外降负荷改善累库压力，下方短期 有支撑 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin@gtht.com 观点与策略 | 对二甲苯：成本坍塌，估值回落 | 2 | | --- | --- | | PTA：估值回落 | 2 | | MEG：计划外降负荷改善累库压力，下方短期有支撑 | 2 | | 橡胶：震荡偏弱20251217 | 4 | | 合成橡胶：震荡中枢上移 | 6 | | 沥青：委油遭扣后，油轮空船走 | 8 | | LLDPE：上方空间有限，基差再度转弱 | 10 | | PP：成交阶段性改善，基差依旧偏弱 | 11 | | 烧碱：后期仍有压力 | 12 | | 纸浆：震荡偏弱20251217 | 13 | | 玻璃：原片价格平稳 | 15 | | 甲醇：短期震荡运行 | 16 | | 尿素：震荡承压 | 18 | | 苯乙烯：短期震荡 | 20 | | 纯碱：现货市场变化不大 | 21 | | LPG：短期震荡，趋势承压 | 2 ...

中化新网讯 近日，中国石化电子凭证智能化应用实践入选财政部电子凭证会计数据标准应用案例库， 为国有企业数字化转型提供了"石化方案"。 目前，中国石化已实现乐企平台在集团企业的全覆盖应用，实现电子发票全流程闭环管理，为财务数智 化升级奠定基础。同时，积极推进电子回单及电子对账单单轨运行，全面告别传统纸质单据，有效提升 结算与对账效率，降低了运营成本与风险隐患。 今年以来，中国石化以数字化转型为契机，全面深化电子凭证会计数据标准应用，集团公司财务部、股 份公司财务部、信息和数字化管理部统筹组织，共享服务公司、石化盈科等单位通力协作，持续推动电 子凭证实现从接收、入账到归档的全链条、常态化处理。 ...

1. Report Industry Investment Ratings - Crude Oil: Cautiously bearish [1] - LPG: Cautiously bearish [1] - L: Bearish consolidation [1] - PP: Bearish consolidation [1] - PVC: Bearish rebound [1] - PX/PTA: Cautiously avoid shorting [3] - Ethylene Glycol: Short on rebounds [3] - Methanol: Cautiously bearish [3] - Urea: Cautiously avoid shorting [3] - Natural Gas: Cautiously bearish [6] - Asphalt: Cautiously bearish [6] - Glass: Bearish continuation [6] - Soda Ash: Bearish rebound [6] 2. Report's Core Views - The geopolitical situation in Russia and Ukraine is easing, and the oil market is in an oversupply pattern, leading to a bearish outlook on oil prices. Cost - related factors are dragging down the prices of LPG, L, PP, etc. Some products have short - term supply - demand imbalances and inventory issues [1][9]. - For some chemical products like PTA, EG, and methanol, supply - demand changes, cost support, and inventory trends are the main factors affecting their prices. Urea has a complex supply - demand situation with both domestic and international factors at play [3]. - Natural gas prices are under pressure due to sufficient supply and weakened demand support. Asphalt prices are affected by cost and seasonal demand factors. Glass and soda ash markets are facing supply - demand imbalances with high inventories [6]. 3. Summaries by Related Catalogs 3.1 Crude Oil - **Market Performance**: Overnight international oil prices dropped significantly, with WTI down 2.94%, Brent down 2.71%, and SC down 1.14% [7][8]. - **Basic Logic**: Geopolitical support for oil prices is decreasing as the Russia - Ukraine situation eases. In the off - season, there is an oversupply of crude oil, and global and US inventories are increasing [9]. - **Fundamentals**: Russia's oil production in November increased slightly. The IEA predicts an increase in global crude oil demand in 2025 and 2026. US crude oil and product inventories showed mixed changes in the week ending December 5 [10]. - **Strategy Recommendation**: In the medium - to - long - term, OPEC+ is expanding production, and oil prices are in a low - price range. Technically, the trend is weak. It is recommended to partially close short positions, with SC focusing on the range of 415 - 430 [11]. 3.2 LPG - **Market Performance**: On December 16, the PG main contract closed at 4210 yuan/ton, up 1.40% month - on - month. Spot prices in different regions showed slight changes [12][13]. - **Basic Logic**: The price is anchored to the cost of crude oil, which is in a downward trend. Supply has increased, and downstream chemical demand has some resilience, but MTBE blending demand has decreased. Inventory has increased [14]. - **Strategy Recommendation**: In the medium - to - long - term, the upstream crude oil supply exceeds demand, and LPG prices still have room to decline. It is recommended to hold short positions, with PG focusing on the range of 4150 - 4250 [15]. 3.3 L - **Market Performance**: The L05 closing price decreased slightly, and the main contract's basis and some spreading prices changed [17]. - **Basic Logic**: Falling oil prices, weakening basis, and high production rates limit the rebound space. Supply is sufficient, the peak season for shed films is ending, and enterprise inventory is increasing slightly [19]. - **Strategy Recommendation**: Reduce short positions. In the medium - to - long - term, it is in a high - production cycle. Wait for a rebound to go short. Hold short positions on the LP05 spread, with L focusing on the range of 6450 - 6600 [19]. 3.4 PP - **Market Performance**: The PP05 closing price increased, and the main contract's basis and some spreading prices changed significantly [21]. - **Basic Logic**: Weak demand support, weakening basis, and high inventory limit the rebound space. In December, demand enters the off - season, and the industry chain still faces high inventory - reduction pressure [23]. - **Strategy Recommendation**: Reduce short positions. In the medium - to - long - term, wait for a rebound to go short. Consider going long on PP processing fees or short on MTO05, with PP focusing on the range of 6200 - 6300 [23]. 3.5 PVC - **Market Performance**: The V01 closing price increased, and the main contract's basis and some spreading prices changed [25]. - **Basic Logic**: North American plant shutdowns led to a rebound in the market, but the basis weakened. Supply - demand surplus persists until there are concentrated mid - and upstream maintenance. Some northwest self - supplied calcium carbide plants are losing cash flow [27]. - **Strategy Recommendation**: Treat it as a short - term rebound. In the medium - to - long - term, wait for continuous inventory reduction before going long, with V focusing on the range of 4300 - 4450 [27]. 3.6 PTA - **Market Performance**: Futures and spot prices of PTA changed slightly, and basis and spreading prices also had some fluctuations [28]. - **Basic Logic**: Supply - side processing fees are low, and many domestic and overseas plants are under maintenance. Downstream demand is currently good but expected to weaken. Cost support is weakening, and there is an expected inventory build - up in January [29]. - **Strategy Recommendation**: Given the low valuation and processing fees, consider going long on the 05 contract on dips, with TA05 focusing on the range of 4610 - 4670 [30]. 3.7 Ethylene Glycol (EG) - **Market Performance**: Futures and spot prices of EG changed, and basis and spreading prices also had fluctuations [31]. - **Basic Logic**: Domestic and overseas plant loads have decreased. Downstream demand is currently good but expected to weaken. There is an expected inventory build - up in December, and it lacks upward drivers [32]. - **Strategy Recommendation**: Short on rebounds, with EG05 focusing on the range of 3730 - 3800 [33]. 3.8 Methanol - **Market Performance**: No specific market performance data is emphasized, but it is mentioned that the Taicang spot price is weakening [36]. - **Basic Logic**: The port inventory is decreasing, but the supply - side pressure still exists. Domestic plants are increasing production, while overseas plants are reducing production. Demand is slightly weakening, and cost support is weakening [36]. - **Strategy Recommendation**: The methanol 05 contract is expected to be weak, with the downward space being limited [38]. 3.9 Urea - **Market Performance**: Futures and spot prices of urea changed, and basis and spreading prices also had fluctuations [39]. - **Basic Logic**: The spot price of small - particle urea in Shandong is strengthening. Supply pressure is expected to ease in mid - to - late December. Demand is currently good but not sustainable. Inventory is decreasing but still at a high level [40]. - **Strategy Recommendation**: Cautiously avoid shorting. Consider going long on the 05 contract, with UR01 focusing on the range of 1615 - 1640 [42]. 3.10 Natural Gas - **Market Performance**: On December 15, the NG main contract closed at 4.012 US dollars per million British thermal units, down 2.46% month - on - month. Spot prices in different regions changed [43][44]. - **Basic Logic**: Although it is the consumption peak season, the relatively mild weather in the US has weakened demand support. Gas prices have reached a high level in recent years, and supply is relatively sufficient [45]. - **Strategy Recommendation**: Pay attention to the range of 3.860 - 4.239 US dollars per million British thermal units. The demand has some support, but gas prices are under pressure [45]. 3.11 Asphalt - **Market Performance**: On December 16, the BU main contract closed at 2891 yuan/ton, down 2.07% month - on - month. Spot prices in different regions changed slightly [46][47]. - **Basic Logic**: Cost - side factors are negative, and it is the consumption off - season. Supply and demand are both weak, and inventory is relatively high [48]. - **Strategy Recommendation**: Partially close short positions due to the increasing uncertainty in South American geopolitics. Pay attention to the range of 2800 - 2900 yuan/ton [49]. 3.12 Glass - **Market Performance**: The FG05 closing price decreased slightly, and basis and spreading prices changed [51]. - **Basic Logic**: Supply reduction is insufficient under weak demand. Production capacity remains stable, and demand is weak. Inventory is high although it has decreased for three consecutive weeks [53]. - **Strategy Recommendation**: Partially close short positions. In the medium - to - long - term, wait for a rebound to go short, with FG focusing on the range of 1110 - 1150 [53]. 3.13 Soda Ash - **Market Performance**: The SA05 closing price increased, and basis and spreading prices changed [55]. - **Basic Logic**: The market rebounded with reduced positions. Supply is expected to be loose with a planned new plant coming into operation. Demand support is insufficient [57]. - **Strategy Recommendation**: Partially close short positions. In the medium - to - long - term, wait for a rebound to go short, with SA focusing on the range of 1150 - 1200 [57].