摘要：【图】2025年3月新疆维吾尔自治区石油沥青产量数据 2025年3月石油沥青产量统计： 石油沥青产量：7.2 万吨 同比增长：30.1% 增速较上一年同期变化：高34.5个百分点 据统计，2025年3月新疆维吾尔自治区规模以上工业企业石油沥青产量与上年同期相比增长了30.1%， 达7.2万吨，增速较上一年同期高34.5个百分点，增速较同期全国高22.4个百分点，约占同期全国规模以 上企业石油沥青产量305.6万吨的比重为2.4%。 详见下图： 图1：新疆维吾尔自治区石油沥青产量分月（当月值）统计图 2025年1-3月石油沥青产量统计： 石油沥青产量：16.0 万吨 同比增长：13.8% 增速较上一年同期变化：高39.5个百分点 据统计，2025年1－3月，新疆维吾尔自治区规模以上工业企业石油沥青产量与上年同期相比增长了 13.8%，达16.0万吨，增速较上一年同期高39.5个百分点，增速较同期全国高11.1个百分点，约占同期全 国规模以上企业石油沥青产量825.4万吨的比重为1.9%。详见下图： 图2：新疆维吾尔自治区石油沥青产量分月（累计值）统计图 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 ...

Core Insights - In the first three months of 2025, Tianjin's industrial enterprises processed a total of 4.441 million tons of crude oil, marking a 12.2% increase compared to the same period in 2024, which is 16.0 percentage points higher than the growth rate in 2024 and 10.6 percentage points higher than the national average [1] - In March 2025 alone, the crude oil processing volume reached 1.530 million tons, reflecting a 5.8% increase year-on-year, with an 8.8 percentage point increase over the previous year's growth rate and a 5.4 percentage point increase compared to the national average [2] Summary by Category Crude Oil Processing Volume - Tianjin's crude oil processing volume for Q1 2025 was 4.441 million tons, accounting for 2.4% of the national total of 18.2248 million tons [1] - The processing volume in March 2025 was 1.530 million tons, also representing 2.4% of the national total of 6.3058 million tons for that month [2] Year-on-Year Growth - The year-on-year growth for Q1 2025 was 12.2%, significantly higher than the previous year's growth rate [1] - The year-on-year growth for March 2025 was 5.8%, also showing a notable increase compared to the same month in 2024 [2]

Group 1 - The core viewpoint of the articles highlights the strategic partnership between Sinopec and CATL, focusing on the establishment of a nationwide battery swap station network to enhance energy services for new energy vehicle owners [1][2] - Sinopec has committed to investing in CATL as a cornerstone investor following the signing of a framework agreement, which aims to promote the construction of new infrastructure for battery swapping [1] - The partnership aims to build at least 500 battery swap stations this year, with a long-term goal of constructing 10,000 stations, thereby exploring the synergy between new energy and traditional energy [1][2] Group 2 - The first battery swap station project, utilizing CATL's latest battery swap system, was signed on May 21 in Fujian, marking a significant step in the collaboration [1] - Sinopec has established 30,000 comprehensive energy supply stations, serving over 300 million users, with an average of 20 million daily customer interactions [2] - The collaboration will expand into areas such as zero-carbon initiatives, microgrids, and battery materials, aiming to create a comprehensive service ecosystem for vehicles and lifestyles [2]

5月21日，双方合作的首个重卡骐骥换电站项目在福建正式签约，双方今年将建设不少于500座换电 站，未来共同致力于建设10000座换电站目标。下一步，中国石化与宁德时代将在换电、零碳、微 电网、车生态、电池材料等领域继续拓展合作空间。 中国石化方面披露，宁德时代5月20日登陆港交所，中国石化作为全球最大基石投资者领投入股。本 次出资是双方此前签署的《产业和资本合作框架协议》宣布"万站换电、人民基建"后又一重要资本 运作举措，将助力双方携手推动我国换电站新型基础设施建设。 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On May 22, the domestic asphalt market average price was 3,683 yuan/ton, up 1 yuan/ton from the previous day, with a gain of 0.02%. The overall market trading atmosphere was relatively stable. In the north, supply in Shandong and Hebei was relatively low, and the shipment of low - price spot and contracts was supported. In the south, rainy weather suppressed road construction demand, and some refineries had increasing inventory pressure, but overall supply was not high and prices were stable [5]. - Oil prices are oscillating at a high level. The cost side of asphalt has support but no strong upward - driving force. Short - term supply and demand are stable. In the second quarter, the inventory accumulation speed of the industrial chain has slowed down, and the inventory is at a relatively low level year - on - year, which supports the near - end price. With the expectation of limited supply and low inventory, the peak - season expectation is relatively optimistic. Asphalt performs relatively strongly among oil products, and the asphalt/oil price spread remains high. The operating range of the BU2506 contract is expected to be between 3,400 and 3,600 [7]. Group 3: Summary by Relevant Catalogs Part 1: Related Data - **Futures Prices and Positions**: On May 22, BU2507 (the main contract) closed at 3,539 yuan/ton, up 20 yuan or 0.57% from the previous day. BU2508 closed at 3,512 yuan/ton, up 31 yuan or 0.89%. BU2509 closed at 3,481 yuan/ton, up 51 yuan or 1.49%. SC2507 closed at 453.7 yuan/ton, down 16.4 yuan or 3.49%. Brent's first - line contract closed at $64.20, down $1.2 or 1.86%. The main - contract position was 188,000 lots, up 14,000 lots or 8.22%, and the trading volume was 234,000 lots, up 45,000 lots or 23.81%. The number of warehouse receipts remained unchanged at 86,510 tons [2]. - **Basis and Calendar Spreads**: BU07 - 08 was 27 yuan/ton, down 11 yuan or 28.95%. BU08 - 09 was 31 yuan/ton, down 20 yuan or 39.22%. The Shandong - main - contract basis was 68 yuan/ton, down 31 yuan or 31.31%. The East China - main - contract basis was 8 yuan/ton, down 31 yuan or 79.49%. The South China - main - contract basis was - 132 yuan/ton, down 31 yuan or 30.69% [2]. - **Industrial Chain Spot Prices**: Shandong's low - end asphalt price was 3,450 yuan/ton, unchanged. East China's was 3,520 yuan/ton, unchanged. South China's was 3,380 yuan/ton, unchanged. Shandong's gasoline price was 7,415 yuan/ton, up 10 yuan or 0.14%. Shandong's diesel price was 6,531 yuan/ton, up 12 yuan or 0.18%. Shandong's petroleum coke price was 2,650 yuan/ton, down 50 yuan or - 1.85%. The diluted asphalt discount was - $5.3, unchanged. The exchange - rate mid - price was 7.1903, down 0.0034 or - 0.05% [2]. - **Spread and Profit**: Asphalt refinery profit was - 24.30 yuan/ton, up 62.24 yuan or 71.92%. The refined - oil comprehensive profit was 446.37 yuan/ton, up 65.89 yuan or 17.32%. The BU - SC crack spread was - 204.05 yuan/ton, up 147.15 yuan or 41.90%. The gasoline - spot - Brent spread was 988.82 yuan/ton, up 76.31 yuan or 8.36%. The diesel - spot - Brent spread was 896.52 yuan/ton, up 78.08 yuan or 9.54% [2]. Part 2: Market Analysis - **Market Overview** - **Shandong Market**: The mainstream transaction price remained stable at 3,590 - 3,780 yuan/ton. Demand increased slowly. With the expected increase in local supply and the weakening of the cost side, the market was wait - and - see, and high - price resources had poor transactions. Some refineries lowered prices by 10 yuan/ton [5]. - **Yangtze River Delta Market**: The mainstream transaction price remained stable at 3,570 - 3,590 yuan/ton. Due to the delay in funds arriving, the terminal project start - up rate was lower than expected. The demand for modified asphalt and waterproof materials was relatively stable but had limited impact on the overall market. Some refineries increased inventory and offered discounts. The market was expected to remain stable in the short term [6]. - **South China Market**: The mainstream transaction price remained stable at 3,380 - 3,430 yuan/ton. Some major refineries suspended production and shipments, reducing local supply and supporting prices. With more rainy days, demand was not expected to increase significantly, and prices would remain stable in the short term [6]. - **Market Outlook**: Oil prices are oscillating at a high level. The cost side of asphalt has support but no strong upward - driving force. Short - term supply and demand are stable. The inventory accumulation speed of the industrial chain has slowed down in the second quarter, and the inventory is at a relatively low level year - on - year, which supports the near - end price. With the expectation of limited supply and low inventory, the peak - season expectation is relatively optimistic. Asphalt performs relatively strongly among oil products, and the asphalt/oil price spread remains high. The operating range of the BU2506 contract is expected to be between 3,400 and 3,600 [7]. Part 3: Related Attachments - The report provides multiple charts, including the closing price and position volume of the BU main contract, asphalt market prices in East China and Shandong, and gasoline and diesel prices of Shandong local refineries from 2021 to 2025 [9][10][13]

策略早餐 主要品种策略早餐 （2025.05.22） 商品期货和期权 金属及新能源材料板块 品种：铜 日内观点：77000-78700 区间波动 中期观点：66000-90000 区间波动 参考策略：震荡操作思路 核心逻辑： 供给方面，智利铜矿巨头安托法加斯塔（Antofagasta）与冶炼厂的年中谈判可能以 0 加工费（TC/RCs）为起点。艾芬豪宣布，目前该矿铜资源总量为 937 万吨，较 2023 年 11 月估算的 500 万吨增长 89%。中国 2025 年 4 月精炼铜（电解铜）产量为 125.4 万吨，同比 增加 9%；1-4 月累计产量为 478.1 万吨，同比增加 5.6%。中国 4 月铜矿砂及其精矿进口量 为 292.44 万吨，比上升 22.20%，同比增长 25.62%。尽管 4 月有冶炼厂有检修计划， 但华东新厂投产西南某厂提产，炼厂废铜、阳极板储备充足，硫酸价格仍 处高位弥补亏损，以及港口铜精矿库存增加支撑生产，使得 4 月铜产量环 比小增。进入 5 月，SMM 统计，有 5 家冶炼厂有检修计划，但 4 月检修 的冶炼厂恢复正常生产，复产的量甚至要多于检修影响量。此外，由于目 前港 ...

石油沥青日报 | 2025-05-22 1、5月21日沥青期货下午盘收盘行情：主力BU2507合约下午收盘价3519元/吨，较昨日结算价上涨2元/吨，涨幅 0.06%；持仓173436手，环比上涨4526手，成交188675手，环比上涨55147手。 2、卓创资讯重交沥青现货结算价：东北，3700—4086元/吨；山东，3450—3800元/吨；华南，3400—3430元/吨； 华东，3500—3590元/吨。 昨日国内沥青现货市场整体以持稳为主，盘面震荡运行，下方存在支撑，但上行驱动不足。具体来看，目前市场 供应增量有限，部分炼厂停产沥青或转产渣油，整体开工率或再度下滑，库存处于低位区间，近期累库幅度低于 季节性。但另一方面，消费端改善幅度仍不足，尤其降雨天气增加将限制项目施工及终端需求，并制约市场的上 行空间。 策略 单边：震荡 跨期：逢低多BU2507-2509价差（正套） 跨品种：无 期现：无 期权：无 风险 原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装置开工负荷变动等 市场驱动有限，盘面震荡运行 市场分析 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 ...

投资咨询业务资格：证监许可【2011】1778 号 运筹帷幄 决胜千里 宝城期货品种套利数据日报（2025 年 5 月 22 日） 一、动力煤 | 商品 | | | 动力煤（元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2025/05/21 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/20 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/19 | -189.4 | 0.0 | 0.0 | 0.0 | | 2025/05/16 | -187.4 | 0.0 | 0.0 | 0.0 | | 2025/05/15 | -187.4 | 0.0 | 0.0 | 0.0 | -250 -200 -150 -100 -50 0 50 100 150 450 500 550 600 650 700 750 800 850 900 950 动力煤基差 基差（右） 动力煤现货价:秦皇岛 期货结算价(活跃合约) :动力煤 www.bcqhgs.com 1 ...

Core Insights - Dongying City is focusing on high-end, intelligent, green, and cluster-based development to enhance its industrial economy, implementing a strategy of "industrial city and manufacturing strong city" [1][26] - In 2024, Dongying's GDP is projected to reach 430.77 billion yuan, with a growth rate of 6.5% compared to the previous year [2][4] - The city's industrial output value is expected to increase by 7.4% to 254.33 billion yuan in 2024, with significant growth in high-tech manufacturing [4][6] Economic Overview - Dongying is strategically located in the Yellow River Delta, serving as a hub between the Beijing-Tianjin-Hebei region and the Jiaodong Peninsula [2] - The three industrial sectors are structured as follows: primary industry (4.6%), secondary industry (59.4%), and tertiary industry (36.0%) [2] - Fixed asset investment is projected to grow by 6.4% in 2024, with significant increases in investments across all three sectors [6] Industrial Structure - Dongying is developing a modern industrial system focusing on five key industries: petrochemicals, rubber, petroleum equipment, non-ferrous metals, and new materials [8] - The city aims to enhance its manufacturing capabilities through digital transformation and innovation, with a target of 35% of manufacturing enterprises reaching the integration stage of industrialization by 2025 [10][12] Petrochemical Industry Analysis - Dongying is the leading city in China for refining capacity, with a focus on transforming basic refining into high-end chemical products [16] - In 2024, the Shengli Oilfield is expected to produce 23.59 million tons of crude oil, marking a year-on-year increase [16] Chemical Park Development - The seven chemical parks in Dongying are projected to generate 661.78 billion yuan in revenue in 2024, accounting for 32% of the province's total chemical park revenue [18] - The Dongying Port Chemical Industry Park is recognized as one of the top chemical parks in China, achieving significant revenue and accolades for its smart and green development [18] Rubber Industry Analysis - Dongying is recognized as a major production base for radial tires in China, with 72 rubber tire enterprises generating 63.89 billion yuan in revenue in 2023 [20] - The city aims to enhance its rubber tire industry through a development plan that focuses on optimizing the industry chain and fostering leading enterprises [24][22] New Quality Productivity Development - Dongying is committed to fostering new quality productivity through traditional industry upgrades and the cultivation of emerging industries [26] - The city plans to focus on future industries such as carbon capture, artificial intelligence, and hydrogen energy, establishing new productivity industrial parks [26]

行业 PTA 日报 日期 2025 年 5 月 22 日 油） 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 硅）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 021-60635730 lijin@ccb.ccbfutures.com 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（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯 ...