数据宝统计，截至10:24，中国石化成交额26.56亿元，创2024年10月9日以来新高。最新股价上涨 1.15%，换手率0.45%。上一交易日该股全天成交额为6.47亿元。（数据宝） （文章来源：证券时报网） ...

Group 1: Report Industry Investment Rating - High - sulfur fuel oil: Short - term neutral, slightly bearish [2] - Low - sulfur fuel oil: Short - term neutral, slightly bearish [2] - Cross - variety: None [2] - Cross - period: Go long on the spread of FU2603/2605 at low levels (positive spread trading) [2] - Spot - futures: None [2] - Options: None [2] Group 2: Core View of the Report - The main contract of SHFE fuel oil futures closed up 0.04% at 2,458 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed up 1.14% at 2,929 yuan/ton [1] - The escalation of the situation in Venezuela has limited direct impact on the crude oil market but is bearish in the medium - to - long - term. Oil prices are in a weak oscillation, suppressing the unilateral prices of FU and LU [1] - The fundamentals of the fuel oil market have both bullish and bearish factors, with limited overall contradictions and regional differentiation. The spread between the East and West regions of high - sulfur fuel oil has widened recently [1] - For high - sulfur fuel oil, due to the shift of heavy oil resources from Asia to the US, the supply of residual oil in the US has increased, leading to a significant decline in the crack spread of high - sulfur fuel oil in the US Gulf and a drop in the European crack spread. Meanwhile, the crack spread of high - sulfur fuel oil in Asia has shown a slightly strong oscillation. In the future, the increase in the volume of shipments from the West to Asia may form an upward resistance to the Asian market pricing [1] - For low - sulfur fuel oil, there is an expectation of supply recovery in Kuwait and Nigeria due to changes in the status of plant overhauls. However, the premium of gasoline and diesel will divert low - sulfur oil components through the RFCC unit, and the short - term market pressure is expected to be limited [1] Group 3: Figures and Data - The report includes figures on Singapore high - sulfur 380 fuel oil spot price, Singapore low - sulfur fuel oil spot price, Singapore high - sulfur fuel oil swap near - month contract, Singapore low - sulfur fuel oil swap near - month contract, Singapore high - sulfur fuel oil near - month spread, Singapore low - sulfur fuel oil near - month spread, fuel oil FU futures main contract closing price, fuel oil FU futures index closing price, fuel oil FU futures near - month contract closing price, fuel oil FU near - month contract spread, fuel oil FU futures main contract trading volume and open interest, fuel oil FU futures total trading volume and open interest, low - sulfur fuel oil LU futures main contract closing price, low - sulfur fuel oil LU futures index closing price, low - sulfur fuel oil LU futures near - month contract price, low - sulfur fuel oil LU futures near - month spread, low - sulfur fuel oil LU futures main contract trading volume and open interest, and low - sulfur fuel oil LU futures total trading volume and open interest [3]

Report Industry Investment Rating - Unilateral: Cautiously bullish, buy the main contract of BU on dips, avoid excessive chasing of rising prices [2] - Inter - period: Buy the spread of BU2303/2306 on dips (positive spread trading) [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2] Core View - The trade flow of Venezuelan oil continues to change, and there is still support from the cost side. The domestic asphalt spot price was stable with a slight increase, and the supply - side support was solid. The terminal demand has entered the off - season, and the market support mainly comes from the cost side. The market is in a volatile stage after pricing in the expectation of tightened supply of Venezuelan oil. If the oil originally flowing to Asia continues to flow to Europe and the United States, domestic refineries may need to find alternative heavy - quality raw materials, which may lead to increased costs, but there is no expected shortage of raw materials [1] Market Analysis - On the afternoon of January 8th, the closing price of the main BU2603 contract of asphalt futures was 3132 yuan/ton, a decrease of 22 yuan/ton or 0.70% from the previous settlement price. The open interest was 224,334 lots, a net increase of 2,081 lots, and the trading volume was 244,582 lots, a decrease of 65,167 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information were: 3,356 - 3,500 yuan/ton in the Northeast, 3,050 - 3,190 yuan/ton in Shandong, 3,130 - 3,150 yuan/ton in South China, and 3,140 - 3,200 yuan/ton in East China [1] - The domestic asphalt spot price was stable with a slight increase, and the spot prices in East and South China continued to rise. The spot circulation volume of asphalt in some areas was still tight, and the supply - side support was solid. The terminal demand has entered the off - season, and the market support mainly comes from the cost side. The expectation of tightened supply of Venezuelan oil to domestic refineries is continuously being realized. If the oil originally flowing to Asia continues to flow to Europe and the United States, domestic refineries may need to find alternative heavy - quality raw materials from the Middle East, Canada, South America, etc., which may lead to increased costs, but there is no expected shortage of raw materials [1] Figures Information - 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 asphalt futures index, main contract, and near - month contract, the near - month spread, trading volume and open interest of asphalt futures, domestic weekly asphalt production, asphalt production of independent refineries and in different regions, domestic asphalt consumption in different fields (road, waterproofing, coking, ship fuel), and asphalt refinery and social inventories [3]

Core Viewpoint - The "Comprehensive Solid Waste Management Action Plan" marks a significant shift in China's approach to solid waste management, transitioning from localized emergency responses to a systematic, full-chain governance model aimed at reducing, recycling, and safely disposing of solid waste [1][2]. Group 1: Systematic Governance - The Action Plan addresses the severe challenges of high solid waste generation, low recycling rates, and significant historical waste storage, emphasizing the need for a fundamental shift in governance models [2][3]. - It introduces a comprehensive framework focusing on five key dimensions: source control, flow regulation, risk management, monitoring systems, and enforcement responsibilities [3][4]. Group 2: Industry Challenges and Opportunities - The petrochemical industry, a major contributor to industrial solid waste, faces pressures to upgrade processes and comply with stricter regulations, which may lead to increased operational costs [5][6]. - However, the Action Plan also opens opportunities for the industry, such as enhanced support for waste resource utilization and the development of new market segments driven by circular economy initiatives [6][7]. Group 3: Technological Innovation and Upgrades - The Action Plan's higher requirements for waste resource utilization and safe disposal are expected to drive growth and innovation in the solid waste treatment equipment and technology sector [10][11]. - There is a notable shift towards smart technologies and low-carbon solutions, with an emphasis on integrating digital technologies into waste management processes [11][12]. Group 4: Social Participation and Collaboration - The involvement of social organizations is crucial for effective solid waste governance, as they can enhance monitoring capabilities and support community-level initiatives [12][13]. - Collaborative efforts among various stakeholders, including enterprises, government, and social organizations, are essential for the successful implementation of the Action Plan [15].

1月8日，中国石化资本旗下中石化私募基金管理有限公司管理的氢能基金向佛吉亚（上海）氢能投资有 限公司（下称"佛吉亚氢能"）战略投资3亿元人民币（约合4000万欧元），正式完成签约。佛吉亚氢能 是总部位于法国的汽车零部件供应商——佛瑞亚集团的全资子公司，也是佛瑞亚集团在中国设立的氢能 业务运营主体。 ...

晨会纪要 证券研究报告 2026 年 01 月 09 日 核心结论 分析师 【汽车】奇瑞汽车（09973.HK）首次覆盖报告：五大品牌各有亮点，先发 优势助力出海领先 预计 2025-2027 年公司营业收入分别为 3077 亿元、3570 亿元、3944 亿元， 分别同比增长 14%/16%/10%；归母净利润分别为 181 亿元、214 亿元、248 亿元，同比 28%/18%/16%，当前股价对应 PE 估值为 8.7/7.4/6.4 倍。首次 覆盖，给予"买入"评级。 【计算机】从 Gemini 电视到豆包上车，巨头不断深化 AI 终端布局 从 Gemini 电视到豆包上车，巨头不断深化 AI 终端布局 【计算机】数字人民币开启 2.0 时代：从 M0 向 M1 升维，生态繁荣可期 数字人民币开启 2.0 时代：从 M0 向 M1 升维，生态繁荣可期 【石油石化】石油石化行业点评：石化行业拐点或已出现，26 年长丝供需 格局改善盈利有望增长 1、全球炼化宏观条件逐步改善，石化行业拐点或已出现。2、25 年长丝链 条景气度上行，预计 26 年供需格局将进一步改善。3、反内卷有望带动行业 盈利增长，对应公 ...

Core Viewpoint - The merger between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group (CAOG) is a historic integration that connects the entire aviation fuel supply chain from crude oil refining to airport refueling, enhancing energy security and supporting the green transition of the aviation industry [1][2]. Group 1: Strategic Advantages - Sinopec is the world's leading refiner and the top supplier of aviation kerosene in China, producing over 26 million tons of aviation fuel in 2023 [2]. - CAOG dominates the procurement, storage, and refueling of aviation fuel across major airports in China, acting as a bridge between refineries and aircraft [2]. - The merger aims to create a more efficient aviation fuel supply chain, allowing Sinopec to expand its market share through CAOG's distribution network while providing CAOG with stable upstream resource supply [2][3]. Group 2: Operational Efficiency - The integration will eliminate intermediary steps, facilitating the entry of Sinopec's aviation fuel products into the market and improving supply chain efficiency [3]. - CAOG will no longer need to independently procure aviation fuel from multiple refining companies, significantly shortening the supply chain [3]. - This deep integration of refining and terminal operations is expected to lower supply costs and enhance operational efficiency [3]. Group 3: Green Aviation Fuel Development - The merger is positioned to enhance the research, production, and application of Sustainable Aviation Fuel (SAF), with Sinopec being a pioneer in SAF technology and production [5]. - CAOG's control over airport storage and refueling systems is crucial for the market entry of SAF, creating a complete ecosystem for SAF application [5]. - The collaboration is anticipated to accelerate the development and commercialization of SAF, aligning with China's carbon neutrality goals [6]. Group 4: Market Dynamics and Future Outlook - The merger is expected to reshape the competitive landscape of the aviation fuel market in China, compelling other companies to seek new differentiation or collaboration strategies [8]. - By 2040, China's aviation fuel consumption is projected to reach approximately 75 million tons, with SAF's share expected to grow rapidly [6]. - The integration reflects a broader trend in the energy sector towards chain integration and collaborative ecosystems, enhancing resilience and profitability across the entire industry [8].

Core Points - The third "Hainan Province Outstanding Skilled Talent Award" recognizes 45 individuals for their contributions to various industries, promoting a culture of respect for labor and skills [1] - The award includes three categories: Senior Technician Award, Technician Award, and Skilled Talent Award, with 15 recipients in each category [1] - Awardees come from diverse sectors, including education, energy, pharmaceuticals, and agriculture, highlighting the importance of skilled talent in supporting Hainan's Free Trade Port development [1] Group 1: Award Categories - The Senior Technician Award recognizes individuals with outstanding contributions, with notable winners from institutions like Hainan Technician College and companies such as China National Offshore Oil Corporation [2] - The Technician Award also features significant contributors from various fields, including tea production and pharmaceuticals, showcasing the breadth of skilled professions in Hainan [3] - The Skilled Talent Award honors individuals excelling in technical roles across multiple industries, emphasizing the critical role of skilled workers in the local economy [4] Group 2: Industry Representation - Awardees represent a wide range of industries, including energy (Hainan Nuclear Power Co., China National Petroleum Corp.), education (Hainan Technician College), and agriculture (Hainan Tea Industry) [1][2][3] - The recognition of skilled talent from both public institutions and private enterprises indicates a collaborative effort to enhance skill development in Hainan [1] - The initiative aims to create a supportive environment for skilled professionals, which is essential for the sustainable growth of Hainan's economy and its Free Trade Port ambitions [1]

2026.01. 09 本文字数：675，阅读时长大约1分钟 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | NM | 4086.76 | 3.78 | 0.09% | | 399001 | 深证成指 | Myr | 13917.78 | -41.70 | -0.30% | | 399006 | 创业板指 | 14 | 3279.38 | -22.93 | -0.69% | | 000680 | 科创综指 | 1 m | 1758.30 | -8.27 | -0.47% | 盘面上，算力硬件产业链调整，CPO、存储器方向领跌；半导体、锂矿、脑机接口题材跌幅靠前。 房地产、油气板块涨幅靠前，商业航天题材仍局部活跃。 个股方面，中国石化竞价涨停，消息面上，中国石化和中国航油获批实施重组。 | | 6.68 +0.61 +10.05% | | | | 中国石化 1 立即 600028 交易 | | | --- | --- | --- | --- | --- | --- | --- | ...

行业 沥青日报 日期 2026 年 1 月 9 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 期货从业资格号：F3015157 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（碳市场工业硅） 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 每日报告 ...