作为国家"双碳"战略的积极践行者，"十四五"以来，吉林石化建立完善"源头控碳、过程降碳、末端固 碳"的全链条管控机制，全面推进能耗双控向碳排放双控转变。该公司深入践行"不让一滴污油、废渣落 地，不让一立超标废气上天，不让一滴超标废水入江，不让噪声超标扰民"的"四不让"理念，加大过程 管控的同时，累计投资近10亿元推进84个环保项目；坚持"生产装置与环保设施一体化管理"，狠抓环保 设施稳定、达标、优化运行，污染物排放总量显著下降。 绿色低碳转型的成果，在一组组亮眼数据里可以看到：通过节能提效、清洁能源替代、电气化提升等措 施，对比"十四五"末，二氧化碳总量降低4个百分点。对比2022年，万元工业产值碳排放强度下降 28%，实现增产不增排、增效不增碳；累计消纳绿电6.4亿千瓦时，相当于让近百万户家庭用上一整年 的清洁电力。 记者从中国石油吉林石化公司获悉：自吉林石化化肥厂动力系统1号、2号锅炉烟气超低排放升级改造项 目投运以来，各项排放指标均持续稳定在合格区间。至此，吉林石化所有锅炉装置已全部完成烟气超低 排放改造。 当前，吉林石化正加速推进百万吨CCUS(二氧化碳捕集、封存和利用)示范工程，持续深化上下游绿色 ...

Group 1: Consumer Price Index (CPI) Analysis - In November, Guangdong's Consumer Price Index (CPI) increased by 0.4% year-on-year, with a month-on-month decrease of 0.4% [1] - The average CPI from January to November showed a decline of 0.2% compared to the same period last year [1] - Food prices rose by 0.3% year-on-year, contributing approximately 0.06 percentage points to the CPI increase [1] - Service prices remained stable with a year-on-year increase of 0.4%, while industrial consumer goods prices rose by 0.2%, a decrease of 0.2 percentage points from October [1] - Notable increases in jewelry prices included gold (up 59.3%), platinum (up 55.1%), and silver (up 10.8%), collectively contributing about 0.24 percentage points to the CPI [1] - Clothing prices increased by 2.3%, while prices for fuel and new energy vehicles decreased by 4.1% and 4.9%, respectively [1] - Energy prices fell by 3.3%, with gasoline prices down 7.6%, impacting the CPI by approximately 0.28 percentage points [1] Group 2: Producer Price Index (PPI) Analysis - In November, Guangdong's Producer Price Index (PPI) decreased by 1.6% year-on-year, with a month-on-month increase of 0.1% [2] - The Industrial Producer Price Index (IPI) saw a year-on-year decline of 2.5% and a month-on-month increase of 0.3% [2] - From January to November, the average PPI fell by 1.5%, while the IPI decreased by 2.9% [2] - Among 38 major industries surveyed, 10 experienced price increases, 25 saw declines, and 3 remained stable, indicating an industry increase rate of 26.3%, which is a 5.2 percentage point increase from October [2] - Prices for production materials decreased by 2.2%, while living materials saw a decline of 0.6%, with the latter's decline remaining stable compared to October [2] - In terms of month-on-month changes, 16 industries increased prices, 14 decreased, and 8 remained stable, maintaining an industry increase rate of 42.1% [2] - The decline in oil prices affected the petrochemical sector, leading to a 0.8% price drop, while the rise in gold prices boosted prices in the cultural and sports goods manufacturing sector by 2.9% [2] - The black metal mining sector saw a price increase of 2.7% due to adjustments in steel production capacity and increased demand, while the black metal smelting and rolling industry rose by 1.5% [2] - The non-ferrous metal smelting and rolling industry experienced a 1.7% price increase due to tight copper supply and rising demand from emerging industries [2] - Electrical machinery and equipment manufacturing prices rose by 0.3% due to increased raw material costs, while computer manufacturing prices increased by 1.6% driven by AI server demand [2]

Core Viewpoint - Rongsheng New Materials (Zhoushan) Co., Ltd. has increased its registered capital from 5 billion RMB to 10 billion RMB, marking a 100% increase [1] Company Summary - Rongsheng New Materials was established in January 2022 and is fully owned by Rongsheng Petrochemical (002493) [1] - The company's business scope includes the sale and manufacturing of petroleum products and synthetic materials [1]

请务必阅读正文之后的免责条款部分 1 中辉能化观点 品种 核心观点 主要逻辑 PX/PTA ★ 谨慎追空 PTA 加工费整体偏低，装置检修力度较大（虹港石化检修、逸盛宁波停车 检修 5 周、逸盛大连、逸盛海南装置停车中，英力士、四川能投、独山能 源 1#检修中），供应端压力有所缓解；下游需求相对较好但预期走弱（织 造订单持续下行）。成本端支撑弱化。短期来看，供需偏紧，但 12 月存 累库预期。 乙二醇 ★ 偏空 国内乙二醇装置整体开工负荷下降（茂名石化月初停车 2 月，中海壳牌 2 期本周停车检修 10 天，中化泉州停车 2 月，富德能源本周停车检修，盛 虹炼化 100 万吨装置停车至明年 5 月。值得注意的是，煤化工前期检修装 置复产，整体有所提负），海外装置整体也略有降负（台湾中纤、东联停 车，伊朗 Morvarid12 月上停车检修 3 周、Farsa 计划 12 月底停车检修 2-3 周；美国南亚装置停车中、GCGV 降负运行）；下游需求相对较好但预期 走弱。12 月存累库预期。乙二醇估值偏低，但缺乏向上驱动。短期跟随成 本波动，原油短期反弹但不改承压态势。 甲醇 ★ 偏空 太仓现货止跌，港口库存环比 ...

近年来，冀东油田瑞丰化工公司系列油田化学剂创新创效成果显著。该公司针对油田用压井液结垢问题 所研发的化学剂，防垢效果好且能大幅度降低作业成本；研发的废弃水基钻井液减量化处理技术、含油 污泥化学分离技术，使固液分离效率提升30%，处理成本降低20%，减少了环境污染；首创的含油污 泥、污水连续超声耦合临界水共处理技术，实现连续无害化共处理，补齐了钻井废弃物处理的短板；与 西安石油大学合作首创的"植物材料钻井液体系"，大幅降低了废弃钻井液不落地处理成本，实现了钻井 液废水的循环利用。(赵晨光 方玉华) 关键字：创新 中化新网讯 近日，冀东油田瑞丰化工公司通过河北省专精特新"小巨人"企业复评，在创新工作方面再 获认可。 ...

石油化工行业作为国民经济的支柱产业，生产过程伴随着高温、高压、易燃、易爆等突出风险，安全生 产始终是行业稳健发展的生命线。近年来，多起重大安全事故的发生不仅造成人员伤亡与巨大经济损 失，更暴露出行业在安全生产责任体系建设与落地环节的诸多短板。本文通过复盘十余年来石油化工行 业典型生产事故，从责任界定、制度执行、监督考核、人员能力、资源保障维度剖析问题根源，探索安 全生产责任有效落地的实践路径，为行业筑牢安全生产防线提供参考。 一是责任界定模糊，"大锅饭"式分配形成责任真空。 安全生产需要一套清晰明确的安全责任体系来支撑，明晰责任是落实责任的第一步。2013年某输油管道 泄漏引发爆炸，事故根源在于企业安全生产责任体系不健全，管道保护与安全生产职责划分混乱。事故 调查报告指出，企业内部管道保护、安全监管等部门职责存在交叉与空白，导致管道安全运行跟踪分析 不到位，隐患排查治理流于形式。这种"大锅饭"式责任分配，让各部门无法明确"具体负责什么、需承 担多大责任"，最终形成责任真空地带—管道日常巡检无人牵头、隐患整改无人督办、风险预警无人响 应，为事故埋下致命隐患。 二是制度执行虚化，可操作性不足导致责任悬空。 安全生 ...

Report Information - Report Title: Asphalt Daily Report [1] - Date: December 12, 2025 [2] Industry Investment Rating - Not provided Core View - The oil price lacks support, and the asphalt market has weak supply and demand. The short - term market is cautious, and it is advisable to wait and see [6] Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: For BU2602, the opening price was 2954 yuan/ton, the closing price was 2960 yuan/ton, the highest was 2997 yuan/ton, the lowest was 2943 yuan/ton, the increase was 0.92%, and the trading volume was 256,000 lots. For BU2603, the opening price was 2957 yuan/ton, the closing price was 2973 yuan/ton, the highest was 3008 yuan/ton, the lowest was 2957 yuan/ton, the increase was 0.68%, and the trading volume was 71,400 lots [6] - **Spot Market**: Spot prices in Shandong and North China increased, while those in East China and Sichuan - Chongqing decreased, and prices in other regions were generally stable. Yangzi Petrochemical has no plan to continue producing asphalt after a short resumption. Zhenhai Refining & Chemical, Dongming Petrochemical, and Shengxing Petrochemical plan to resume asphalt production, and the asphalt plant operating rate is expected to rebound slightly. Cold air affects most parts of China. Road demand in the Northeast and Northwest has stagnated, but there is still rush - repair demand in Shandong and other regions, and demand is expected to be stable [6] 2. Industry News - **Shandong Market**: The mainstream transaction price of 70 A - grade asphalt was 2880 - 3370 yuan/ton, up 10 yuan/ton from the previous workday. International oil prices rebounded, asphalt futures rose during the session, and the reduction of spot resource circulation in some areas led to an increase in traders' spot quotes [7] - **East China Market**: The mainstream transaction price of 70 A - grade asphalt was 3100 - 3220 yuan/ton, down 15 yuan/ton from the previous workday. The shipping price of the main refinery in Zhejiang was lowered this week, and the CIF price in Jiangsu is expected to drop to around 2950 yuan/ton, suppressing the market price, and the ex - factory trucking price in East China also decreased [7] 3. Data Overview - Multiple data charts are provided, including South China asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of Jianxin Futures [14][17][20]

行业 PTA 日报 日期 2025 年 12 月 12 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 021-60635727 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（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 一、 行业要闻 请阅读正文后的 ...

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - The overall view of the asphalt market is that the supply pressure is high, the demand recovery is weak, and the short - term market is expected to fluctuate within a narrow range. The asphalt 2602 contract is expected to oscillate between 2935 - 2985 [8][9]. - The supply side shows that the planned production volume in December 2025 decreased slightly compared with the previous month, but the production capacity utilization rate increased this week, and the refineries increased production, which may increase the supply pressure next week [8]. - The demand side indicates that the current demand is lower than the historical average level, with the开工 rates of various types of asphalt and related products mostly below the historical average [8]. - The cost side shows that the asphalt processing loss increased, the profit difference between asphalt and delayed coking decreased, and the support from crude oil is expected to weaken in the short term [8]. - The base - point situation on December 11 shows that the spot price in Shandong is at a discount to the futures price, which is a bearish factor [9]. - In terms of inventory, the social inventory is in a state of continuous destocking, while the factory - level inventory and port inventory are in a state of continuous accumulation, showing a neutral situation [9]. - The disk shows that the MA20 is downward, and the futures price of the 02 contract is below the MA20, which is a bearish factor [9]. - The main positions are net short, and the short positions are increasing, which is a bearish factor [9]. 3. Summary According to the Directory 3.1 Daily Viewpoints - **Supply - side**: In December 2025, the total planned asphalt production is 2.158 million tons, a month - on - month decrease of 3.24%. This week, the sample capacity utilization rate of domestic petroleum asphalt is 30.0815%, a month - on - month increase of 0.599 percentage points. The sample enterprises' shipment volume is 280,600 tons, a month - on - month increase of 7.06%, and the output is 502,000 tons, a month - on - month increase of 2.03%. The estimated maintenance volume of the sample enterprises' devices is 826,000 tons, a month - on - month decrease of 4.61%. The refineries increased production this week, increasing the supply pressure, and the supply pressure may increase next week [8]. - **Demand - side**: The construction rate of heavy - traffic asphalt is 27.9%, with no month - on - month change and lower than the historical average; the construction rate of building asphalt is 6.6%, with no month - on - month change and lower than the historical average; the construction rate of modified asphalt is 9.2238%, a month - on - month decrease of 1.34 percentage points and lower than the historical average; the construction rate of road - modified asphalt is 29%, with no month - on - month change and lower than the historical average; the construction rate of waterproofing membranes is 34%, a month - on - month increase of 0.20 percentage points and lower than the historical average. Overall, the current demand is lower than the historical average [8]. - **Cost - side**: The daily asphalt processing profit is - 529.49 yuan/ton, a month - on - month increase of 6.50%. The weekly delayed coking profit of Shandong local refineries is 1,003.1686 yuan/ton, a month - on - month decrease of 9.05%. The asphalt processing loss increased, the profit difference between asphalt and delayed coking decreased, and the crude oil is weakening, with the support expected to weaken in the short term [8]. - **Base - point**: On December 11, the spot price in Shandong is 2,930 yuan/ton, and the basis of the 02 contract is - 30 yuan/ton, with the spot at a discount to the futures, which is a bearish factor [9]. - **Inventory**: The social inventory is 745,000 tons, a month - on - month decrease of 3.74%; the factory - level inventory is 588,000 tons, a month - on - month increase of 1.20%; the port diluted asphalt inventory is 670,000 tons, a month - on - month increase of 17.54%. The social inventory is continuously destocking, while the factory - level inventory and port inventory are continuously accumulating, showing a neutral situation [9]. - **Disk**: The MA20 is downward, and the futures price of the 02 contract is below the MA20, which is a bearish factor [9]. - **Main Positions**: The main positions are net short, and the short positions are increasing, which is a bearish factor [9]. - **Expectation**: The refineries' recent production arrangements have increased production, increasing the supply pressure. Affected by the off - season, the demand boost is limited, and the overall demand is lower than expected and sluggish; the inventory is flat; the crude oil is weakening, and the cost support will weaken in the short term. It is expected that the disk will fluctuate within a narrow range in the short term, with the asphalt 2602 contract oscillating between 2935 - 2985 [9]. 3.2 Asphalt Market Overview - The report provides the price, basis, inventory, and other data of multiple asphalt futures contracts (01 - 12 contracts), including price changes, basis changes, and inventory changes compared with the previous period [16]. 3.3 Asphalt Futures Market - Basis Trend - The report presents the historical trends of the Shandong and East China basis of asphalt from 2020 to 2025 [19][21]. 3.4 Asphalt Futures Market - Spread Analysis - **Main Contract Spread**: The report shows the historical trends of the spreads of the 1 - 6 and 6 - 12 contracts of asphalt from 2020 to 2025 [23][24]. - **Asphalt - Crude Oil Price Trend**: The report presents the historical price trends of asphalt, Brent crude oil, and West Texas Intermediate (WTI) crude oil from 2020 to 2025 [27]. - **Crude Oil Crack Spread**: The report shows the historical trends of the crack spreads of asphalt and SC, WTI, and Brent crude oils from 2020 to 2025 [30][31]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: The report presents the historical trends of the price ratios of asphalt, SC crude oil, and fuel oil from 2020 to 2025 [33][35]. 3.5 Asphalt Spot Market - Market Price Trends in Various Regions - The report shows the historical price trends of Shandong heavy - traffic asphalt from 2020 to 2025 [36][37]. 3.6 Asphalt Fundamental Analysis - **Profit Analysis** - **Asphalt Profit**: The report presents the historical profit trends of asphalt from 2019 to 2025 [38][39]. - **Coking - Asphalt Profit Spread Trend**: The report shows the historical trends of the profit spreads between coking and asphalt from 2020 to 2025 [41][43]. - **Supply - side Analysis** - **Shipment Volume**: The report presents the historical trends of the weekly shipment volume of asphalt small - sample enterprises from 2020 to 2025 [45][46]. - **Diluted Asphalt Port Inventory**: The report shows the historical trends of the domestic diluted asphalt port inventory from 2021 to 2025 [47][48]. - **Output**: The report presents the historical trends of the weekly and monthly output of asphalt from 2019 to 2025 [50][51]. - **Maya Crude Oil Price and Venezuelan Crude Oil Monthly Output Trend**: The report shows the historical trends of the Maya crude oil price and Venezuelan crude oil monthly output from 2018 to 2025 [54][56]. - **Local Refinery Asphalt Output**: The report presents the historical trends of the local refinery asphalt output from 2019 to 2025 [57][58]. - **Operating Rate**: The report shows the historical trends of the weekly operating rate of asphalt from 2021 to 2025 [60][61]. - **Estimated Maintenance Loss Volume**: The report presents the historical trends of the estimated maintenance loss volume of asphalt from 2018 to 2025 [63][64]. - **Inventory Analysis** - **Exchange Warehouse Receipts**: The report shows the historical trends of the exchange warehouse receipts (total, social inventory, and factory - level inventory) of asphalt from 2019 to 2025 [66][69]. - **Social Inventory and Factory - level Inventory**: The report presents the historical trends of the social inventory (70 samples) and factory - level inventory (54 samples) of asphalt from 2022 to 2025 [70][71]. - **Factory - level Inventory Inventory Ratio**: The report shows the historical trends of the factory - level inventory inventory ratio of asphalt from 2018 to 2025 [73][74]. - **Import - Export Situation** - The report presents the historical trends of asphalt exports and imports from 2019 to 2025, as well as the historical trends of the import price difference of South Korean asphalt from 2020 to 2025 [76][80]. - **Demand - side Analysis** - **Petroleum Coke Output**: The report presents the historical trends of petroleum coke output from 2019 to 2025 [82][83]. - **Apparent Consumption**: The report shows the historical trends of the apparent consumption of asphalt from 2019 to 2025 [85][86]. - **Downstream Demand** - **Highway Construction and Transportation Fixed - Asset Investment, New Local Special Bonds, and Infrastructure Investment Completion Year - on - Year**: The report presents the historical trends of highway construction and transportation fixed - asset investment, new local special bonds, and infrastructure investment completion year - on - year from 2019 to 2025 [88][90]. - **Downstream Machinery Demand**: The report shows the historical trends of the sales volume of asphalt concrete pavers, the monthly operating hours of excavators, the domestic sales volume of excavators, and the sales volume of road rollers from 2019 to 2025 [92][95]. - **Asphalt Operating Rate** - **Heavy - traffic Asphalt Operating Rate**: The report presents the historical trends of the heavy - traffic asphalt operating rate from 2019 to 2025 [97][98]. - **Asphalt Operating Rate by Use**: The report shows the historical trends of the construction asphalt operating rate and the modified asphalt operating rate from 2019 to 2025 [100][101]. - **Downstream Operating Conditions**: The report presents the historical trends of the operating rates of shoe - material SBS - modified asphalt, road - modified asphalt, waterproofing membrane - modified asphalt, and shoe - material TPR from 2019 to 2025 [102][105]. - **Supply - Demand Balance Sheet**: The report presents the monthly supply - demand balance sheet of asphalt from 2024 to 2025, including monthly output, import volume, export volume, downstream demand, social inventory, factory - level inventory, and diluted asphalt port inventory [107][108].

2025 年 12 月 12 日 沥青：原油弱势反复，BU 低位运行 王涵西 投资咨询从业资格号：Z0019174 wanghanxi@gtht.com 【基本面跟踪】 -50000 0 50000 100000 150000 200000 250000 300000 吨 山东 江苏 广东 辽宁 BU厂库仓单 表 1：沥青基本面数据 | | 项目 | 单位 | 昨日收盘价 | 日涨跌 | 昨夜夜盘收盘价 | 夜盘涨跌 | | --- | --- | --- | --- | --- | --- | --- | | | BU2602 | 元/吨 | 2,960 | 0.68% | 2,904 | -1.89% | | | BU2603 | 元/吨 | 2,973 | 0.51% | 2,920 | -1.78% | | | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | 期货 | BU2602 | 手 | 256,002 | 114,769 | 208,301 | 2,329 | | | BU2603 | 手 | 71,413 | 35,287 | 93,858 | 2,305 | | | | ...