Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry [1] Core Insights - As of January 23, 2026, international oil prices have seen a slight increase due to multiple favorable factors, including temporary production halts in Kazakhstan, an upward revision of global economic growth forecasts, the cancellation of tariffs on eight European countries by Trump, and extreme cold weather potentially affecting supply and demand [2][9] - Brent and WTI crude oil prices were reported at $65.07 and $61.07 per barrel, respectively, marking increases of 1.47% and 2.92% from the previous week [2][20] - The oil and petrochemical sector outperformed, with a 7.71% increase, while the broader Shanghai and Shenzhen 300 index fell by 0.62% [10][13] Summary by Sections Oil Price Review - Brent crude futures settled at $65.07 per barrel, up $0.94 (+1.47%) from the previous week, while WTI crude futures rose to $61.07 per barrel, an increase of $1.73 (+2.92%) [2][20] Offshore Drilling Services - As of January 19, 2026, the number of global offshore self-elevating drilling platforms was 376, a decrease of 1 from the previous week, while floating drilling platforms increased by 3 to a total of 133 [29] Oil Supply - U.S. crude oil production was reported at 13.732 million barrels per day as of January 16, 2026, a decrease of 21,000 barrels from the previous week [39] - The number of active drilling rigs in the U.S. increased by 1 to 411 as of January 23, 2026 [39] Oil Demand - U.S. refinery crude oil processing volume was 16.604 million barrels per day as of January 16, 2026, down by 354,000 barrels from the previous week, with a refinery utilization rate of 93.30%, a decrease of 2.0 percentage points [47] Oil Inventory - As of January 16, 2026, total U.S. crude oil inventories stood at 841 million barrels, an increase of 4.408 million barrels (+0.53%) from the previous week [48] Related Stocks - Key stocks in the sector include China National Offshore Oil Corporation (CNOOC), PetroChina, Sinopec, and China Oilfield Services [3]

Investment Rating - The report does not explicitly provide an investment rating for the oil refining industry Core Insights - The domestic key refining project price difference as of January 23, 2026, is 2516.27 CNY/ton, with a week-on-week increase of 43.98 CNY/ton (+1.78%) [2] - The international key refining project price difference is 1147.20 CNY/ton, with a week-on-week increase of 47.75 CNY/ton (+4.34%) [2] - Brent crude oil's weekly average price is 64.56 USD/barrel, with a week-on-week change of +0.10% [2] - The report highlights that the oil price fluctuated due to various geopolitical factors and economic forecasts, with Brent and WTI prices at 65.88 and 61.07 USD/barrel respectively on January 23, 2026 [15] - The report notes a decrease in operating rates for filament production as the market approaches the Spring Festival, indicating a slowdown in demand [2] Summary by Sections Refining Sector - The report indicates that the refining sector experienced price fluctuations due to geopolitical events and economic forecasts, with Brent crude prices increasing by 1.75 USD/barrel and WTI by 1.63 USD/barrel from January 16 to January 23, 2026 [15] - Domestic refined oil prices showed a slight decline, with diesel, gasoline, and aviation kerosene averaging 6277.29 CNY/ton, 7508.57 CNY/ton, and 5214.52 CNY/ton respectively [15] - The report lists stock price changes for six major private refining companies, with notable increases for Rongsheng Petrochemical (+17.87%) and Hengli Petrochemical (+11.47%) over the past week [2] Chemical Sector - The report notes that the cost support for chemical products remains stable, with price differences for polyolefins showing fluctuations [2] - EVA prices increased to 10364.29 CNY/ton, with a price difference of 7064.47 CNY/ton [53] - Pure benzene prices rose to 5685.71 CNY/ton, driven by strong demand from styrene [53]

图表：安徽省石脑油产量分月（累计值）统计 摘要：【图】2025年8月安徽省石脑油产量数据分析 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，安徽省规模以上工业企业石脑油产量累计达到了71.2万吨， 与2024年同期的数据相比，增长了0.3%，增速较2024年同期低148.7个百分点，增速放缓，增速较同期 全国高0.8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1.3%。 图表：安徽省石脑油产量分月（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 石油的现状和发展趋势 化工行业现状与发展趋势 日化市场现状及前景分析润滑油市场调研与发展前景汽油发展现状及前景预测 柴油市场调研及发展趋势橡胶行业监测及发展趋势 塑料未来发展趋势预测 化妆品现状及发展前景 清洁护肤发展前景趋势分析 2025年8月石脑油产量分析： 单独看2025年8月份，安徽省规模以上工业企业石脑油产量达到了8.9万吨，与2024年同期的数据相比， 8月份的产量下降了11.4%，增 ...

Core Viewpoint - Hengli Petrochemical's revenue from exports to the European Union accounted for only 0.39% of its total revenue in the third quarter, indicating a limited exposure to the EU market [1] Group 1 - The company reported that a significant portion of its exports to EU customers is conducted directly from domestic entities, with a smaller fraction being sold through third-party trading [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The asphalt futures price is expected to fluctuate, and it is recommended to focus on reverse arbitrage. The supply is affected by refinery production adjustments and raw material supply, and the demand will further slow down due to seasonal factors. The current inventory is at a relatively low level, and the base price is also low [1]. Group 3: Summary by Relevant Catalogs 1. Market Analysis - **Supply**: This week, the asphalt operating rate decreased by 0.4 percentage points to 26.8% week - on - week, 2.5 percentage points higher than the same period last year, at a relatively low level in recent years. In January 2026, the domestic asphalt production is expected to be 2 million tons, a decrease of 158,000 tons (7.3%) month - on - month and 276,000 tons (12.1%) year - on - year. Next week, some local refineries in Shandong will stop producing asphalt, and the operating rate will remain low [1]. - **Demand**: This week, the operating rates of most downstream industries of asphalt declined. The road asphalt operating rate decreased by 1 percentage point to 14% week - on - week, restricted by funds and weather. With the decrease in temperature, the northern road construction is gradually ending, and the subsequent rigid demand will further slow down, and the southern projects are also entering the final stage [1]. - **Inventory**: As of the week of January 23, the asphalt refinery inventory rate decreased by 0.5 percentage points to 13.6% week - on - week, near the lowest level in recent years [5]. - **Price and Basis**: The price of asphalt in Shandong increased slightly, and the basis of the 03 contract rose to - 146 yuan/ton, at a relatively low level [1][3]. 2. Futures and Spot Market Conditions - **Futures**: Today, the asphalt futures 2603 contract rose 0.68% to 3236 yuan/ton, above the 5 - day moving average, with a minimum price of 3210 yuan/ton, a maximum price of 3256 yuan/ton, and the open interest decreased by 16,693 to 186,664 lots [2]. 3. Fundamental Tracking - **Supply - Side Operating Rate**: Qilu Petrochemical and Dongming Petrochemical switched to producing residual oil, causing the asphalt operating rate to decline by 0.4 percentage points to 26.8% week - on - week, 2.5 percentage points higher than the same period last year, at a relatively low level in recent years [5]. - **Investment Data**: From January to November, the national highway construction investment decreased by 5.9% year - on - year. In 2025, from January to December, the fixed - asset investment in road transportation decreased by 6.0% year - on - year, and the fixed - asset investment in infrastructure construction (excluding electricity) decreased by 2.2% year - on - year [5]. - **Social Financing Data**: From January to December 2025, the year - on - year growth rate of social financing stock was 8.3%, 0.2 percentage points lower than that from January to November, and the recovery of medium - and long - term financing demand of enterprises was still weak [5].

沥青周度报告 目录 01 报告摘要 03 宏观分析 02 多空焦点 04 供需分析 05 后市研判 阳光光 从业资格号：F03142459 投资咨询号：Z0021764 中航期货 2026-1-23 报告PA摘RT要 01 （1）IEA月报将2026年全球石油供应增长预期从240万桶/日上调至250万桶/日。 重点数据 （1）截止1月21日，国内沥青样本企业开工率26.8%，较上一统计周期下降0.4个百分点。 （2）截止1月23日，国内沥青周度产量47.6万吨，环比上周减少1.2万吨。 主要观点 在基本面与成本端的共同作用下，本周沥青盘面整体呈现震荡偏强格局。当前沥青基本面变化有限，但原料供应 偏紧及后续稀释沥青进口受限的预期改善供应端前景。尽管市场已对稀释沥青进口收紧有所定价，但其实际进口仍存 在较大不确定性。随着美国进一步介入委内瑞拉原油领域，当前委油主要流向欧美市场，即便后续国内地炼恢复进口， 此前的高贴水格局也可能难以维持，稀释沥青的成本优势或将削弱，从而推升行业整体成本，抑制地炼开工积极性。 与此同时，油价偏强运行从成本端提供支撑。当前中东地缘风险虽短暂缓和但并未消除，美国正加速在该区域集结军 事力 ...

Core Viewpoint - The successful completion of the wastewater discharge system renovation project by Huajin Group's Northern Asphalt Company enhances the visual and closed-loop management of wastewater transport, contributing to ecological governance and receiving significant financial support from the government [1][2]. Group 1: Project Overview - The renovation project involved the construction of approximately 3000 meters of elevated pipeline, achieving full visual and closed-loop control of wastewater transport [1]. - The project was selected as one of the 124 national soil pollution source control projects by the Ministry of Ecology and Environment, receiving 15 million yuan in central funding for soil pollution prevention [1]. Group 2: Technological and Environmental Impact - The company has focused on technological innovation to enhance the precision of ecological governance, addressing the growing demands for green development as its production capacity expands [1]. - The upgraded system includes 3020 meters of elevated green pipelines, along with five lifting stations and inspection wells, ensuring a visual upgrade of the wastewater transport network [1]. Group 3: Operational Efficiency - The implementation of the upgrade effectively resolved issues related to the insufficient anti-seepage capabilities of the original transport lines, significantly reducing risks in the wastewater transport process [2]. - The new system allows for precise management of rainwater and wastewater separation, leading to more efficient daily operations and a reduction in operational costs, saving approximately 500,000 yuan annually in related disposal and maintenance expenses [2].

Group 1 - The core point of the article is that Huajin Co., Ltd. (stock code: 000059) reported a total of 40,052 shareholders as of January 20, 2026 [1]

Report Industry Investment Rating - Not provided in the given content Report's Core View - The asphalt futures price is expected to fluctuate, and it is recommended to use reverse arbitrage. Attention should be paid to the situation in Venezuela. The supply of asphalt is affected by factors such as refinery production adjustments and the availability of Venezuelan heavy - oil. Demand is constrained by funds, weather, and the progress of road construction projects [1]. Summary by Relevant Catalogs Market Analysis - Supply: Last week, the asphalt开工率 increased by 1.8 percentage points to 27.2% week - on - week, 0.2 percentage points higher than the same period last year, and at a relatively low level in recent years. In January 2026, the domestic asphalt production is expected to be 2 million tons, a decrease of 158,000 tons (7.3%) month - on - month and 276,000 tons (12.1%) year - on - year. The national asphalt shipment volume increased by 6.32% to 223,600 tons week - on - week. This week, Shandong Shengxing Petrochemical switched to asphalt production, while Qilu Petrochemical and Dongming Petrochemical planned to stop production, keeping the asphalt开工率 at a low level [1]. - Demand: Last week, the开工 rates of most downstream asphalt industries declined. The road asphalt开工率 decreased by 2 percentage points to 15% week - on - week, restricted by funds and weather. A new round of rain and snow is coming, with road construction in the north gradually ending and southern projects also entering the final stage [1]. - Inventory: The asphalt refinery inventory rate continued to rise week - on - week and remained near the lowest level in recent years [1]. - Geopolitical Impact: The US military action in Venezuela has restricted the flow of Venezuelan heavy - oil to domestic refineries, which will affect asphalt production and costs. Although the possibility of domestic refineries obtaining Venezuelan crude has increased, it is still expected to be significantly lower than before the US intervention [1]. Futures and Spot Market Quotes - Futures: Today, the asphalt futures 2603 contract rose 0.45% to 3,157 yuan/ton, above the 5 - day moving average, with a minimum price of 3,134 yuan/ton, a maximum price of 3,167 yuan/ton, and the open interest decreased by 3,111 to 187,438 lots [2]. - Basis: The mainstream market price in Shandong region remained stable at 3,070 yuan/ton, and the basis of the asphalt 03 contract fell to - 87 yuan/ton, at a relatively low - to - neutral level [3]. Fundamental Tracking - Supply: Refineries such as Liaoning Zhende resumed production, and the asphalt开工率 increased by 1.8 percentage points to 27.2% week - on - week, 0.2 percentage points higher than the same period last year, at a relatively low level in recent years [5]. - Investment in Road Construction: From January to November, the national highway construction investment decreased by 5.9% year - on - year. The cumulative year - on - year growth rate increased by 0.1 percentage points compared to January - October 2025 but was still negative. From January to December 2025, the cumulative year - on - year growth rate of fixed - asset investment in road transportation decreased to - 6.0% from - 4.7% in January - November 2025. From January to December 2025, the cumulative year - on - year growth rate of fixed - asset investment in infrastructure construction (excluding electricity) decreased to - 2.2% from - 1.1% in January - November 2025 [5]. - Social Financing: From January to December 2025, the year - on - year growth rate of social financing stock was 8.3%, 0.2 percentage points lower than that from January to November. The recovery of medium - and long - term financing demand of enterprises was still weak [5]. - Inventory: As of the week of January 16, the asphalt refinery inventory rate increased by 0.7 percentage points to 14.1% compared to the week of January 9, remaining near the lowest level in recent years [5].

Group 1: Chemical Sector Performance - The chemical raw materials index increased by 1.10%, while the chemical machinery index rose by 2.87%. However, the chemical pharmaceuticals index decreased by 1.41%, and the pesticide and fertilizer index increased by 2.99% [1] - The top five rising petrochemical products included liquid chlorine, which surged by 92.93%, industrial-grade lithium carbonate, which rose by 25.75%, and propylene oxide, which increased by 8.84% [1] - The top five declining petrochemical products included vitamin D3, which fell by 4.17%, methyl acrylate, which decreased by 3.92%, and nitric acid, which dropped by 2.51% [1] Group 2: Oil Sector Performance - The oil processing index decreased by 3.66%, and the oil extraction index fell by 0.36%, while the oil trading index increased by 4.17% [1] - As of January 16, the settlement price for West Texas Intermediate crude oil was $59.44 per barrel, up 0.54% from January 9, and the settlement price for Brent crude oil was $64.13 per barrel, up 1.25% from January 9 [1] Group 3: Listed Chemical Companies - The top five rising listed chemical companies included Bofei Electric, which increased by 61.06%, Qicai Chemical, which rose by 27.94%, and Aladdin, which gained 20.24% [2] - The top five declining listed chemical companies included Zaiseng Technology, which fell by 26.65%, ST Jiaao, which decreased by 18.42%, and Pulit, which dropped by 17.28% [2]