Group 1 - The core announcement is that China Petroleum & Chemical Corporation (Sinopec) plans to repurchase 2.546 million shares at a cost of HKD 10.9615 million [1] - The repurchase price per share is set between HKD 4.28 and HKD 4.37 [1]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) announced a share buyback plan, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Group 1: Share Buyback Details - The company plans to repurchase 2.546 million shares at a total cost of HKD 10.9615 million [1] - The buyback price per share ranges from HKD 4.28 to HKD 4.37 [1]

来源：微言环保 以文艺为媒，以文化为桥，与青山绿水相拥，和美丽中国同行。2025年12月9-10日，"绿水青山·美丽中 国行"启动仪式暨首站"绿水青山·美丽甘肃行"系列生态文化传播活动在黄河之滨——兰州正式拉开帷 幕，一场汇聚各方"智慧"的生态之旅正式启程。 活动由生态环境部宣传教育中心、甘肃省生态环境厅和兰州市人民政府联合主办。来自全国各地的生态 环境专家学者、传媒、企业、国际机构、社会组织和文艺界代表等共聚一堂，共研生态环境治理之策， 共绘美丽中国建设蓝图；共同走进多姿多彩的祖国河山，用脚步丈量大地，用镜头、画笔和文字，发掘 鲜活实践案例，讲述美丽中国故事。 林玉副主任在讲话中指出，"绿水青山·美丽中国行"是一场凝聚社会各界智慧和力量，发现生态之美、 共话绿色未来的盛会，活动将生态环境宣教与生态文旅融合，旨在讲好美丽中国故事，为"十五五"时期 绿色高质量发展凝聚最广泛的社会共识与行动力量。首站选在甘肃，很有意义。这片土地历史底蕴深 厚、生态资源丰富；八步沙三代治沙的坚韧奇迹、祁连山国家公园的生态修复、黄河之畔的绿色发展等 绿色实践故事都是生态文化传播的生动素材，希望活动从甘肃开始，让更多动人的绿色声音从这 ...

Group 1 - The A-share market opened high but declined, with the Petrochemical ETF (159731) narrowing its gains, and stocks like Kuncai Technology, Cangge Mining, and Tongcheng New Materials showing mixed performance [1] - According to Xinda Securities, petrochemical products have a high weight and strong volatility in the PPI composition, and their price changes are strongly correlated with PPI trends. Recent policy efforts focusing on "supply-side optimization" and "demand-side expansion" are expected to drive a recovery in petrochemical product prices, aiding PPI stabilization [1] - Although PPI has not yet turned positive, stock prices in the petrochemical downstream have shown signs of stabilization and recovery, indicating a good time for investment [1] Group 2 - From the supply side, Xinda Securities anticipates that marginal increases in refining capacity will gradually slow, leading the industry into a phase of stock competition, which may improve the overall competitive landscape. Optimizing the petrochemical capacity structure will provide crucial support for further price recovery [1] - On the demand side, domestic refined oil demand has peaked, and the transformation of oil consumption structure may deepen. However, the demand for chemical oil remains in a long-term growth trajectory, suggesting a slow recovery in domestic petrochemical product demand will likely be the main trend [1] - The Petrochemical ETF (159731) and its linked funds (017855/017856) closely track the CSI Petrochemical Industry Index, with the basic chemical industry accounting for 60.39% and the oil and petrochemical industry for 32.71%. Continuous improvement in supply and demand dynamics is expected to sustain the upward trend in the industry [1]

Group 1 - The core viewpoint of the articles highlights the significant growth in crude oil production in Guangdong Province, with a notable increase in September 2025 compared to the previous year [1][2]. - In September 2025, Guangdong's crude oil production reached 169.9 million tons, representing a year-on-year growth of 28.0%, which is 41.9 percentage points higher than the same period last year [1]. - The growth rate in September 2025 was also 23.9 percentage points higher than the national average, with Guangdong accounting for 9.6% of the national crude oil production of 1,777.5 million tons [1]. Group 2 - For the period from January to September 2025, Guangdong's crude oil production totaled 1,613.8 million tons, showing a year-on-year increase of 3.8%, but this growth rate is 2.9 percentage points lower than the previous year [2]. - The growth rate for the first nine months of 2025 was still 2.1 percentage points higher than the national average, with Guangdong's production representing 9.9% of the national total of 16,263.3 million tons [2].

Report Information - Report title: Asphalt Daily Report [1] - Report date: December 11, 2025 [2] 1. Report's 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] 2. Summary by Directory 2.1 Market Review and Operation Suggestions - **Futures Market**: For BU2602, the opening price was 252 yuan/ton, the closing price was 2940 yuan/ton, the highest was 2953 yuan/ton, the lowest was 2916 yuan/ton, the decline rate was 0.24%, and the trading volume was 141,200 lots. For BU2603, the opening price was 2971 yuan/ton, the closing price was 2958 yuan/ton, the highest was 2971 yuan/ton, the lowest was 2936 yuan/ton, the decline rate was 0.20%, and the trading volume was 36,100 lots [6] - **Spot Market**: The asphalt spot price in North China continued to rise, and prices in other regions were generally stable. Tight spot resources in some areas pushed up prices. Yangzi Petrochemical had no plan to continue asphalt production after a brief restart. Zhenhai Refining, Dongming Petrochemical, and Shengxing Petrochemical planned to resume production. The asphalt plant operating rate was expected to rebound slightly. Cold air affected most parts of China, with road demand in Northeast and Northwest China stagnant, but there was still construction rush demand in Shandong. Demand was expected to be stable [6] 2.2 Industry News - **Shandong Market**: The mainstream transaction price of 70 A - grade asphalt was 2860 - 3370 yuan/ton, remaining stable. Weak crude oil and asphalt futures trends were negative for market sentiment. However, due to better coking profits, some refineries switched to producing residue, reducing regional supply and providing bottom - support [7] - **East China Market**: The mainstream transaction price of 70 A - grade asphalt was 3100 - 3250 yuan/ton, remaining stable. Crude oil and asphalt futures were weak again. Although the mainstream refinery truck - shipping transactions were stable, some social warehouse quotes in East China were below 3000 yuan/ton, which was negative. Most northern refineries had not announced winter - storage policies, so traders' enthusiasm for warehousing was low, and the market faced downward pressure [7] 2.3 Data Overview - The report presented data on asphalt spot prices, basis, daily operating rate, comprehensive profit, cracking spread, social inventory, manufacturer inventory, and warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [10][12][14]

行业 PTA 日报 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 日期 2025 年 12 月 11 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 每日报告 一、 行情回顾与操作 ...

＃summary＃ 料油） 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 业硅）028-8663 0631 penghaozhou@ccb.ccbfutures.c om期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.c om期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工 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） 期货从业资格号：F03134307 请阅读正文后的声明 行业 MEG 日报 日期 2025 年 12 月 11 日 每日报告 ...

| | | 燃料油早报 研究中心能化团队 2025/12/11 | 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 | | 2025/12/04 | 347.85 | 388.30 | -8.06 | 632.46 | -244.16 | 23.85 | 40.45 | | 2025/12/05 | 348.81 | 391.67 | -8.45 | 648.64 | -256.97 | 25.44 | 42.86 | | 2025/12/08 | 339.79 | 384.68 | -8.89 | 635.57 | -250.89 | 25.03 | 44.89 | | 2025/12/09 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：能源研发中心 日报观点 【1】盘面表现：BU 2602合约日内下挫到低位后有所拉升，最终收盘2940，跌幅0.1%，盘中最高触及 2953，最低2916，近7天累计-1.6%，处于震荡状态。次月合约2601跌幅0.24%，合约期限仍呈现近低远 高的Contango结构。 【2】现货市场：①山东重交沥青市场价为2930元/吨，与沥青期价基本相近，环比持平，7天累 计-1.7%。山东基差为-10元/吨，7天累计0元/吨。②华东重交沥青市场价为3150元/吨，环比+0%。华东 基差为+210元/吨，7天累计+10元/吨。 【3】裂解变化：①BU-Brent录得-265元/吨，7天累计+8元/吨。当日BU主力-0.1%；Brent-0.4%（以下午 3点收盘成交价计算）。沥青近期成为能化板块弱品种，其在油价无过多支撑且现货市场不景气下，价 格维持低位，拉阔了裂解价差。目前油价也面临较多不确定性因素，沥青层面作为油价的对冲难度要大 一些，裂解差持观望看待。 【4】基本面变化：目前来看，整体沥青正值冬季淡季，其基本面平淡无过多亮点。产量端，截止12月 ...