| 日期 | | 新加坡380cst M1新加坡180cst M1 | | | | --- | --- | --- | --- | --- | | | | | 新加坡 GO M1 1 | ent M1 O M1 | | 2025/05/22 | 428.49 | 434.99 | 482.50 78.60 | 3.69 -99.14 | | 2025/05/23 | 426.54 | 432.91 | 479.50 78.23 | 3.74 -99.40 | | 2025/05/26 | 424.98 | 431.23 | 484.07 79.00 | 2.50 -100.53 | | 2025/05/27 | 416.86 | 423.87 | 481.97 78.88 | 1.49 -101.74 | | 2025/05/28 | 422.80 | 429.80 | 478.48 78.68 | 2.96 -103.75 | | 变化 | 5.94 | 5.93 | -3.49 -0.20 | 1.47 -2.01 | 新 加 坡 燃 料 油 现 货 | 日期 | FOB 380cst | FOB VLS ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Supply - The planned domestic asphalt production in May 2025 is 2.318 million tons, a month - on - month increase of 1.3%. The sample capacity utilization rate this week is 31.6994%, a decrease of 3.30 percentage points. Sample enterprise output is 529,000 tons, a decrease of 9.41%. Refineries have reduced production this week, but supply pressure may increase next week [7]. - Demand - The current demand is lower than the historical average. The heavy - traffic asphalt开工率 is 30.8%, a decrease of 0.10 percentage points; the construction asphalt开工率 is 18.2%, unchanged; the modified asphalt开工率 is 12.332%, an increase of 1.07 percentage points; the road - modified asphalt开工率 is 31%, an increase of 4.00 percentage points; the waterproofing membrane开工率 is 36.8%, an increase of 2.50 percentage points [7]. - Cost - The daily asphalt processing profit is 0.05 yuan/ton, a week - on - week decrease of 7. The profit difference between asphalt and delayed coking has increased by 48.58%. Crude oil has weakened, and cost support is expected to weaken in the short term [7]. - Inventory - Social inventory is 1.346 million tons, a decrease of 2.53%; factory inventory is 826,000 tons, a decrease of 5.27%; port diluted asphalt inventory is 17,000 tons, an increase of 54.55%. Social and factory inventories are continuously decreasing [7]. - Market Outlook - The market is expected to fluctuate in the range of 3455 - 3507 in the short term. There are both positive and negative factors. The positive factor is that the relatively high price of crude oil provides some support, while the negative factors include insufficient demand for high - priced goods and a downward trend in overall demand [7][9][10]. 3. Summary According to the Directory 3.1 Daily Views - **Supply Analysis** - In May 2025, the planned asphalt production increased, but the capacity utilization rate decreased this week. Sample enterprise output decreased, and refineries reduced production to relieve supply pressure, with potential pressure increase next week [7]. - **Demand Analysis** - The current demand is lower than the historical average, with different trends in the开工率 of various types of asphalt [7]. - **Cost Analysis** - Crude oil weakened, and the cost support for asphalt is expected to weaken in the short term. The asphalt processing profit decreased, and the profit difference with delayed coking increased [7]. - **Inventory Analysis** - Social and factory inventories are continuously decreasing, while port diluted asphalt inventory is increasing [7]. - **Market Outlook** - The market is expected to have a narrow - range fluctuation in the short term, affected by positive factors such as relatively high crude oil prices and negative factors like weak demand [7][9][10]. 3.2 Fundamentals/Position Data - **Market Overview** - Presented data on various contracts' prices, inventory,开工率, etc. For example, the prices of different contracts showed different trends, and inventory and开工率 data also changed significantly [14]. - **Price and Spread Analysis** - Included the analysis of basis,主力合约价差, asphalt - crude oil price spread, and the ratio of asphalt, crude oil, and fuel oil. These data reflect the relative price relationships in the market [16][19][22][29]. - **Profit Analysis** - Analyzed asphalt profit and the profit spread between coking and asphalt, showing the profitability of asphalt production [36][39]. - **Supply - Side Analysis** - Covered aspects such as shipment volume, diluted asphalt port inventory, production volume,开工率, and maintenance loss on the supply side. These data reflect the production and supply capacity of asphalt [42][44][47]. - **Inventory Analysis** - Analyzed exchange warehouse receipts, social inventory, factory inventory, and factory inventory inventory ratio, reflecting the inventory status of asphalt [63][68][71]. - **Import and Export Analysis** - Presented the trends of asphalt export and import, as well as the import price spread of South Korean asphalt [74][77]. - **Demand - Side Analysis** - Analyzed aspects such as petroleum coke production, apparent consumption, downstream demand (including highway construction, downstream machinery demand, and asphalt开工率), reflecting the demand situation of asphalt [80][83][86]. - **Supply - Demand Balance** - Provided a monthly asphalt supply - demand balance sheet, including production, import, export, inventory, and downstream demand data [106].

液化石油气日报 | 2025-05-29 供应充裕，需求改善有限 市场分析 1、\t5月28日地区价格：山东市场，4470—4550；东北市场，4100—4160；华北市场，4500—4580；华东市场， 4400—4670；沿江市场，4700—4980；西北市场，4400—4550；华南市场，4748—4880。数据来源：卓创资讯 2、\t2025年6月下半月中国华东冷冻货到岸价格丙烷611美元/吨，涨2美元/吨，丁烷563美元/吨，涨2美元/吨，折合 人民币价格丙烷4835元/吨，涨16元/吨，丁烷4455元/吨，涨16元/吨。（数据来源：卓创资讯） 3、\t2025年6月下半月中国华南冷冻货到岸价格丙烷615美元/吨，涨3美元/吨，丁烷566美元/吨，涨2美元/吨，折合 人民币价格丙烷4866元/吨，涨23元/吨，丁烷4479元/吨，涨16元/吨。（数据来源：卓创资讯） 风险 宏观政策、关税政策、港口装船延迟、炼厂装置检修超预期等。 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 现货方面，山东、华北、沿江西北区域小涨，其余区域主流维稳，整体氛围温和，成交平平，卖方库存无忧。供 ...

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has officially established the largest hydrogen energy investment fund in China, with an initial scale of 5 billion yuan, aimed at developing the hydrogen energy industry chain [1] Group 1: Fund Establishment - The hydrogen industry chain venture capital fund initiated by Sinopec has completed its business registration and has been filed with the Asset Management Association of China [1] - The fund will focus on key materials, core equipment, and original technologies with significant development potential across the entire hydrogen energy industry chain [1] Group 2: Infrastructure Development - Sinopec has built 11 hydrogen fuel cell hydrogen supply centers and 144 hydrogen refueling stations [1] - The company has established seven "hydrogen corridors," including the Western Land-Sea New Corridor and major highways such as Jinghu, Jingtian, Chengdu-Chongqing, and Hanjing [1] - Sinopec is now the company with the most hydrogen refueling stations in operation globally [1]

Group 1: Company Overview - Company is a global leader in the petrochemical industry, establishing a development pattern of "one base, two wings, and three new" [1] - The company is the largest oil and gas producer in China, with a stable increase in oil and gas production and significant reserve growth, projecting a total oil and gas equivalent production of 515 million barrels in 2024, a year-on-year increase of 2.2% [1] - As the world's largest refining company and the second-largest chemical company, the company has a refining capacity of approximately 303 million tons, accounting for 32.2% of the national refining capacity, with 14 refineries exceeding 10 million tons [1] Group 2: Industry Outlook - Supply growth is expected to be limited while demand continues to grow, leading to an outlook of mid-to-high oil prices through 2025 [2] - The company is focusing on hydrogen energy as a core business, aiming to become the leading hydrogen energy company in China by establishing a full hydrogen energy industry chain and forming deep collaborations with various domestic and international enterprises [2] Group 3: Financial Projections - The company is projected to achieve a net profit attributable to shareholders of 54.738 billion, 59.162 billion, and 63.423 billion yuan from 2025 to 2027, representing year-on-year growth of 8.80%, 8.08%, and 7.20% respectively, with corresponding PE ratios of 12.58X, 11.64X, and 10.86X [3]

General Provisions - The company is established to protect the legal rights of the company, shareholders, and creditors, and to regulate its organization and behavior according to relevant laws and regulations [1][3] - The articles of association and its attachments are legally binding documents that govern the rights and obligations between the company and its shareholders, as well as among shareholders [1][3] Company Structure - The company is a joint-stock company established in accordance with the Company Law and other relevant regulations, with its founding approved by the National Economic and Trade Commission [3] - The registered name of the company is China Petroleum & Chemical Corporation, abbreviated as Sinopec [5][3] - The company is a permanent entity, and its capital is divided into equal shares, with shareholders' rights and responsibilities limited to their subscribed shares [3][5] Business Objectives and Scope - The company's business objectives include developing the enterprise, returning profits to shareholders, contributing to society, and benefiting employees [6] - The business scope includes production, storage, transportation, and sales of petroleum and chemical products, as well as various energy-related services [7] Shares and Capital - The company issues ordinary shares, which include domestic and foreign shares, and can increase capital through various methods, including issuing new shares to existing shareholders [8][11] - The registered capital of the company is RMB 121,281,555,698 [24] Shareholder Rights and Obligations - Shareholders have the right to receive dividends, participate in shareholder meetings, supervise company operations, and request the company to buy back their shares under certain conditions [30][31] - Shareholders are obligated to comply with the articles of association and not to abuse their rights to harm the interests of the company or other shareholders [31][32] Shareholder Meetings - The shareholder meeting is the company's decision-making body, responsible for approving major company decisions, including business strategies, capital increases, and financial reports [57][60] - The company must establish rules for shareholder meetings, which include procedures for convening meetings, voting, and decision-making [33][36]

Core Viewpoint - The article discusses the impact of technological advancements in the oil and gas industry, particularly focusing on the shale gas revolution in the United States and its implications for Chinese companies in the sector [3]. Group 1: Industry Overview - The oil and petrochemical industry has traditionally been seen as reliant on natural resource endowments, particularly oil fields [3]. - The 21st century has witnessed significant technological progress, notably in horizontal drilling and hydraulic fracturing, which have enabled the extraction of previously inaccessible shale gas and oil [3]. - Since 2011, the U.S. has seen a dramatic increase in crude oil and natural gas production, achieving the status of the world's leading producer and gaining energy independence [3]. Group 2: Opportunities for Chinese Companies - The article raises the question of whether Chinese companies have benefited from the U.S. shale gas revolution, indicating that there are indeed opportunities for them to share in the gains [3].

| 燃料油早报 | | --- | 研究中心能化团队 2025/05/28 | 燃 料 油 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/05/21 | 409.58 | 447.99 | -0.02 | 589.31 | -141.32 | 16.50 | 38.41 | | 2025/05/22 | 403.67 | 444.44 | -0.04 | 583.79 | -139.35 | 16.30 | 40.77 | | 2025/05/23 | 405.64 | 449.27 | -0.44 | 588.32 | -139.05 | 16.50 | 43.63 | | 2025/ ...

Core Viewpoint - The recent price increase of butadiene in China is driven by a combination of supply-demand dynamics, downstream demand recovery, policy benefits, and improved international trade conditions, indicating a systemic restructuring of the butadiene market [1][2]. Supply Dynamics - Sinopec raised the ex-factory price of butadiene to 11,100 yuan per ton, an increase of 800 yuan from the previous trading day, with prices in Shandong and East China reaching new highs in nearly five years [1]. - The current market shows a significant supply-demand imbalance, with a notable supply shortage due to maintenance of several production facilities, resulting in a monthly supply reduction of 50,000 tons [2]. - The unexpected shutdown rate of domestic butadiene facilities reached 12.7% in the first five months of this year, an increase of 4.3 percentage points compared to 2024, contributing to supply chain tightening [2]. Demand Dynamics - The downstream market for butadiene exhibits a dual trend, with traditional sectors like styrene-butadiene rubber and ABS resin facing production cuts due to cost pressures, while high-end applications see surging demand [3]. - In the automotive sector, the demand for hydrogenated nitrile butadiene rubber (HNBR) is increasing due to lightweight requirements, with specialized materials priced at 38,000 yuan, a premium of 120% over general materials [3]. - The aerospace materials sector is also experiencing over 30% growth in the application of specialty butadiene copolymers for seals and hoses [3]. Market Outlook - Analysts suggest that the primary driver of butadiene price increases in the short term is supply contraction, while the medium-term focus should be on the sustainability of downstream ABS capacity expansion [3]. - The rapid development of electric vehicles and smart home appliances is expected to continue boosting demand for ABS resin, further supporting the butadiene market [3].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The market remains weak due to the loose supply - demand situation. The price of liquefied petroleum gas shows different trends in various regions, with the overall supply being abundant and demand being sluggish. The unilateral strategy is to expect a weak oscillation, and the PG price is at a relatively low level with limited downside space [1][2]. 3. Summary by Section Market Analysis - **Regional Prices on May 27**: Shandong market: 4450 - 4540 yuan/ton; Northeast market: 4100 - 4250 yuan/ton; North China market: 4500 - 4670 yuan/ton; East China market: 4400 - 4650 yuan/ton; Yangtze River market: 4650 - 4980 yuan/ton; Northwest market: 4400 - 4500 yuan/ton; South China market: 4750 - 4900 yuan/ton [1]. - **China's East and South China Import Prices in Late June 2025**: In East China, propane is 609 dollars/ton (up 3 dollars/ton), equivalent to 4819 yuan/ton (up 27 yuan/ton); butane is 561 dollars/ton (up 3 dollars/ton), equivalent to 4439 yuan/ton (up 26 yuan/ton). In South China, propane is 612 dollars/ton (up 3 dollars/ton), equivalent to 4843 yuan/ton (up 27 yuan/ton); butane is 564 dollars/ton (up 3 dollars/ton), equivalent to 4463 yuan/ton (up 27 yuan/ton) [1]. - **Market Conditions**: Spot prices in East and Northwest China increased, while those in other regions remained stable. The overall atmosphere was mild, with downstream purchasing based on rigid demand and sellers' inventories in good condition. Overseas supply remained abundant, and domestic refinery supply was expected to increase after the end of spring maintenance. The combustion demand entered the off - season, and the improvement of chemical demand was weak due to profit issues. Port inventories were high due to previous concentrated imports and needed to be gradually digested by the market [1]. Strategy - **Unilateral**: The market is expected to oscillate weakly, and since the PG price is at a relatively low level, the downside space is limited. There are no strategies for inter - period, inter - variety, spot - futures, or options trading [2].