Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views of the Report - The report provides daily research and analysis on various energy and chemical futures, including trends, fundamentals, and market news for each product [2]. - Overall, the market shows a mixed trend, with some products in a high - level or low - level shock state, while others face supply - demand pressures or have short - term rebound opportunities. Summary by Product PX, PTA, MEG - **PX**: In a high - level shock market. Demand is seasonally weakening, but supply remains tight. The upside space is limited due to weakening demand and the end of the blending logic. The recommended operation range is 6550 - 7000, and some hedging positions should be closed [2][10]. - **PTA**: In a high - level shock market. The cost - side PX supply is tight, but polyester is accumulating inventory and incurring losses, so the upside space is limited. The recommended operation range is 4500 - 4800, and some hedging positions should be closed [2][11]. - **MEG**: The unexpected load reduction improves the inventory accumulation pressure, and there is short - term support below. The price has reached the cost line of most production devices, and some factories have stopped operating [2][11]. Rubber - In a shock operation state. The price has a small increase, and the inventory has increased. The trend strength is neutral [12]. Synthetic Rubber - The shock center moves up. The inventory of domestic butadiene rubber has decreased slightly, and the supply of butadiene has decreased marginally. The industry is under pressure but supported by valuation [15][18]. Asphalt - Affected by the rising situation in Venezuela. The price shows a shock trend, with changes in production capacity utilization and inventory in different regions [19][30]. LLDPE - Unilateral decline, with limited basis strengthening. The futures price is under pressure, and the demand is weakening. The supply pressure from high - capacity and weak demand needs to be concerned in the medium term [33][34]. PP - Under upstream selling pressure, with the price difference between powder and granular materials inverted. The cost support is limited, the demand is weak, and it is expected to continue the weak trend. Attention should be paid to the marginal changes of PDH devices [37][38]. Caustic Soda - Short - term rebound, but still under pressure later. Although the futures price rebounded due to macro and alumina factors, it is still in a high - production and high - inventory pattern, and the demand is difficult to support [40][41]. Pulp - In a wide - range shock state. The upward momentum comes from external cost and supply tightening expectations, while the downward pressure comes from high domestic inventory and weak terminal demand [44][47]. Glass - The price of the original sheet is stable. The futures price has a slight decline, and the spot price shows mixed trends in different regions. The northern region is affected by snowfall [52]. Methanol - Shock rebound. The port inventory is decreasing, and the fundamentals have improved. However, the MTO fundamentals are weak, and there is a price limit above, while the cost provides support below [54][58]. Urea - Short - term shock operation. The enterprise inventory is decreasing, and the fundamentals have improved marginally. The policy and cost form a support below, and there is a pressure level above [60][62]. Styrene - Short - term shock. The pure benzene market is in a shock state, with weak current situation and strong future expectations. The styrene downstream is in a high - start, high - inventory, and medium - profit pattern [63][64]. Soda Ash - The spot market changes little. The enterprise production is stable, and the downstream demand is flat, with poor procurement enthusiasm [67][68]. LPG - Short - term shock, with a downward trend in the long term. The price shows a shock trend, and there are changes in PDH and other operating rates [71][72]. Propylene - Short - term narrow - range adjustment. The price and relevant operating rates show certain changes [72]. PVC - Low - level shock. The market is in a high - production and high - inventory pattern, and there is a short - term rebound expectation, but the large - scale production reduction expectation may occur after the 03 contract [80][81]. Fuel Oil - The night - session rebounds, temporarily getting rid of the weak state. The low - sulfur fuel oil is weaker than the high - sulfur fuel oil, and the price difference between high - and low - sulfur in the external market rebounds slightly [83]. Container Shipping Index (European Line) - Short - term sentiment is optimistic, and it is in a medium - term shock market. The freight rate index shows an upward trend, and there are changes in shipping capacity and schedules [85]. Short - fiber and Bottle - chip - Medium - term pressure. It is recommended to hold long PTA and short short - fiber/bottle - chip positions. The futures prices are in a low - level shock state, and the spot prices show certain changes [94][95]. Offset Printing Paper - It is recommended to wait and see. The spot price is stable, and the market demand is weak, with strong wait - and - see sentiment [97][98]. Pure Benzene - Short - term shock. The port inventory has increased, and the market is affected by factors such as supply and demand and overseas market conditions [102][103].

研究中心能化团队 2025/12/15 s 加安期货 沥青早报 | | | | | | | | MIS L S BOLARIN FAES | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 11/12 | 12/8 | 12/10 | 12/11 | 12/12 | 日度变化 | 博 | | | 山东基差(+80)(非京博) | -23 | 51 | -40 | -60 | -42 | 18 | | | | 华东基差(镇江库) | 87 | 81 | 100 | 20 | 18 | -2 | | | 基差&月差 | 华南基差(佛山库) | 67 | 1 | 20 | 0 | -32 | -32 | | | | 01-03 | -47 | -40 | -36 | -28 | -39 | -11 | | | | 02-03 | -28 | -22 | -18 | -13 | -18 | -5 | | | | 03-06 | -26 | -47 | -42 | -39 | -40 | - 1 | | | | BU主力合约(02) ...

Group 1 - In the first eight months of 2025, Hebei Province's industrial enterprises produced 177.3 thousand tons of petroleum asphalt, a decrease of 30.6% compared to the same period in 2024, with a growth rate 126.6 percentage points lower than 2024 and 40.2 percentage points lower than the national average [1] - The total petroleum asphalt production in Hebei accounted for 7.3% of the national output of 2427.9 thousand tons during the same period [1] Group 2 - In August 2025, the production of petroleum asphalt in Hebei reached 25.5 thousand tons, representing a decline of 33.0% year-on-year compared to August 2024, with a growth rate 145.4 percentage points lower than 2024 and 51.3 percentage points lower than the national average [2] - The August production in Hebei constituted 7.8% of the national total of 326.5 thousand tons for that month [2]

2025 年 12 月 14 日 行业研究 中国石化集团： 深化改革积极转型，谱写中国式现代化石化新篇章 ——石油化工行业周报第 432 期（20251208—20251214） 要点 世界级石化龙头砥砺奋进，股份公司上市 25 周年再启航。中国石油化工集团 有限公司是中国最大的成品油和石化产品供应商，世界第一大炼油公司、第二 大化工公司，加油站总数位居世界第二。公司主要包括四大业务板块，分别为 油气和新能源板块、炼油和销售板块、化工和新材料板块以及资本和金融板块。 旗下直接拥有上市公司包括中国石化股份有限公司、中石化炼化工程、石化油 服和石化机械，其中中国石化股份有限公司现有全资子公司、控股和参股子公 司、分公司等共 100 余家，包括油气勘探开发、炼油、化工、产品销售以及 科研、外贸等企业和单位。2024 年以来，全球经济复苏承压，地缘政治风险 上升，国际油价震荡下行，市场供需矛盾突出，公司克服生产经营不利局面， 实现了各业务的高质量发展。2024 年，中国石化集团实现营业总收入 31388 亿元，同比-3.3%，实现归母净利润 578 亿元，同比-13.0%。2025 年是中国 石油化工股份有限公司 H ...

国泰君安期货·能源化工 石油沥青周度报告 国泰君安期货研究所·王涵西 投资咨询从业资格号：Z0019174 期货从业资格号：F3082452 日期：2025年12月14日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 综述 01 价格&价差 02 基本面数据 03 市场回顾 期现 价差结构 需求 供应 Special report on Guotai Junan Futures 2 综述 1 本周沥青观点：委内局势再升温，河北高价试冬储 | 本周（20251204-1210），中国92家沥青炼厂产能利用率为29.9%，环比下降0.2%，国内重交沥青77家企业产能利用率为27.8%，环比下降 | 供应 | 0.1%。分析原因主要是本周期虽然广石化、齐鲁石化复产沥青，加之克石化以及辽河石化提产后稳定生产，但河北鑫海大装置持续停产沥青， | | --- | --- | --- | | 加之华东主营炼厂中低负荷生产，导致产能利用率下降。 | | | | 本周(20251203-1209)，国内沥青54家企业厂家样本出货 ...

今天12月14日，周末。国内成品油市场处于周末休市状态，距离今年最后一次油价调整窗口——12月22 日24时，仅剩8天时间。 ● 据大众新闻-大众日报 ●责任编辑：朱宝仪 ●一级审核：魏艳丽 ●二级审核：董磊 ●三级审核：段景芳 截至目前，全国主要油品均价如下：92号汽油：6.83元/升；95号汽油：7.29元/升；0号柴油：6.45元/ 升。与年初相比，各类油品每升已累计下跌约0.6元，当前油价正处于近四年来的最低价位。 -------------------- 12月12日，国内第4个工作日，参考原油变化率-1.80%，预计汽柴油每吨分别下调80元，折算后为0.06 至0.08元/升，按50升计算，加满一箱油，将节省3至4元左右，按照这个趋势，若无重大变动，12月22 日24时，国内油价将迎来小幅下跌。 ...

Group 1 - In the first eight months of 2025, the liquefied petroleum gas (LPG) production in Guangxi Zhuang Autonomous Region reached 724,000 tons, representing a decrease of 6.1% compared to the same period in 2024, with a growth rate 16.9 percentage points lower than that of 2024 and 4.0 percentage points lower than the national average [1] - The total LPG production from large-scale industrial enterprises in China during the same period was 35,277,000 tons, with Guangxi accounting for 2.1% of this total [1] Group 2 - In August 2025, the LPG production in Guangxi reached 116,000 tons, showing a growth of 13.7% compared to August 2024, with a growth rate 3.0 percentage points higher than that of 2024 [2] - The August production in Guangxi accounted for 2.6% of the national LPG production of 4,495,000 tons for that month, and the growth rate was 14.6 percentage points higher than the national average [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The short - term pure benzene market will mainly fluctuate, with weak current situation and strong expectations, and will remain within the range of 5300 - 5700 yuan/ton. The overseas gasoline blending logic hyped in the early stage has gradually subsided. The pure benzene market in December has obvious inventory swelling pressure, while the market has strong expectations of supply contraction after January 2026. The import expectation has large differences in the market. The demand for pure benzene downstream is weak in December and may improve after January. The overall situation of benzene - ethylene downstream 3S is high - start, high - inventory, and medium - profit. The benzene - ethylene market will maintain a range - bound pattern [3][89] - The reasonable valuation of the BZ2603 contract is 5500 yuan/ton based on the crude oil price of 60 US dollars. The EB processing fee will expand in the short term [3][89] Summary by Relevant Catalogs Supply - **Pure benzene domestic production**: In December, 110,000 tons of production was under maintenance, and it is expected to remain at 110,000 tons in January (assuming a reduction of 45,000 tons due to the maintenance of Zhejiang Petrochemical). Some Shandong local refineries will increase their production capacity after solving the quota problem. Pay attention to the new production increment of BASF Zhanjiang in January [3][89] - **Pure benzene imports**: The external market pressure is still high, and the selling pressure of South Korean pure benzene from November to December is large, with high imports. There are large differences in the import volume in January, which is expected to remain at around 4.5 million tons, and the imports after February need further evaluation [3][89] Demand - **Styrene**: In December, 85,000 tons of production was under maintenance, and 65,000 tons in January. The plant operation will gradually resume after December. Pay attention to the production increment brought by the operation of Shandong Guoen Chemical's plant [3][89] - **Caprolactam**: CPL negative feedback has begun, and factories are gradually reducing their load. It is expected that 40,000 tons of production will be under maintenance in December and 60,000 tons in January. Focus on the commissioning of Hengyi Qinzhou project in December and the expansion of Shaanxi Yangmei in January. Also, pay attention to whether the recent profit recovery of caprolactam will lead to the early restart of the plant [3][89] - **Phenol**: The operation is gradually picking up. 30,000 tons of production was under maintenance in December and 10,000 tons in January. The commissioning of Shandong Ruilin's new plant may be postponed [3][89] - **Aniline**: 70,000 tons of production was under maintenance in December, with a loss of 77,000 tons. Some plants extended their maintenance plans, and the operation in January may be lower than expected [3][89] - **Styrene downstream 3S hard plastics**: The terminal home appliance market is entering the end - of - year procurement season, and the demand has slightly improved, but 3S still faces the problem of high inventory [3][89] Strategy - **Single - side trading**: Mainly range - bound trading [3][89] - **Inter - period trading**: No trading strategy for now [3][89] - **Inter - commodity trading**: Continue to hold the PX - BZ position [3][89]

摘要：【图】2025年9月湖南省液化石油气产量数据 2025年9月液化石油气产量统计： 液化石油气产量：6.3 万吨 同比增长：-15.5% 增速较上一年同期变化：低22.1个百分点 据统计，2025年9月湖南省规模以上工业企业液化石油气产量与上年同期相比下降了15.5%，达6.3万 吨，增速较上一年同期低22.1个百分点，增速较同期全国低14.0个百分点，约占同期全国规模以上企业 液化石油气产量446.3万吨的比重为1.4%。 详见下图： 图1：湖南省液化石油气产量分月（当月值）统计图 产业调研网为您提供更多 石油化工行业最新动态 石油行业现状与发展趋势 化工市场现状及前景分析 日化市场调研与发展前景润滑油发展现状及前景预测汽油市场调研及发展趋势 柴油行业监测及发展趋势橡胶未来发展趋势预测 塑料现状及发展前景 化妆品发展前景趋势分析清洁护肤的现状和发展趋势 液化石油气产量：44.6 万吨 同比增长：-32.7% 增速较上一年同期变化：低36.7个百分点 据统计，2025年1－9月，湖南省规模以上工业企业液化石油气产量与上年同期相比下降了32.7%，达 44.6万吨，增速较上一年同期低36.7个百分点，增速较 ...

Group 1 - China Petroleum & Chemical Corporation (Sinopec) announced a share buyback plan, intending to repurchase 678,000 shares at a cost of HKD 2.9243 million [2][4]