Group 1 - The National Development and Reform Commission (NDRC) announced an increase in domestic gasoline and diesel prices by 85 yuan per ton, effective from January 20 at 24:00, due to recent fluctuations in international oil prices [1] - The NDRC emphasized that major oil companies, including PetroChina, Sinopec, and CNOOC, along with other crude oil processing enterprises, must ensure stable supply and strictly adhere to national pricing policies [1] - The NDRC's price monitoring center indicated that the international oil market is experiencing oversupply, with geopolitical factors being the primary influence on the volatility of international oil prices [1]

【冠通期货研究报告】 沥青日报：震荡运行 【期现行情】 期货方面： 今日沥青期货2603合约下跌0.03%至3139元/吨，5日均线下方，最低价在3124元/吨，最高价 3156元/吨，持仓量减少985至190549手。 基差方面： 投资有风险，入市需谨慎。 山东地区主流市场价下跌至3070元/吨，沥青03合约基差下跌至-69元/吨，处于中性偏低水 平。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 发布日期：2026年1月20日 【行情分析】 供应端，上周沥青开工率环比回升1.8个百分点至27.2%，较去年同期高了0.2个百分点，处于近 年同期偏低水平。据隆众资讯数据，2026年1月份国内沥青预计排产200万吨，环比减少15.8万吨，减 幅为7.3%，同比减少27.6万吨，减幅为12.1%。上周，沥青下游各行业开工率多数下跌，其中道路沥 青开工环比下跌2个百分点至15%，受到资金和天气制约。上周，华东地区主力炼厂复产，供应有所 增加，其出货量增加较多，全国出货量环比增加6.32%至22.36万吨，处于中性偏低水平。沥青炼厂库 存率环比继续上升，仍处于近年来同期的最低位附近。美国突袭委内瑞 ...

国家发展改革委1月20日消息，近期国际市场油价波动上升，根据1月20日的前10个工作日平均价格与上 次调价前10个工作日平均价格对比情况，按照现行成品油价格机制，自1月20日24时起，国内汽、柴油 价格每吨均上涨85元。 国家发展改革委要求，中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产和调 运，确保市场稳定供应，严格执行国家价格政策。各地相关部门要加大市场监督检查力度，严厉查处不 执行国家价格政策的行为，维护正常市场秩序。 ...

Core Viewpoint - Recent fluctuations in international oil prices have led to an increase in domestic gasoline and diesel prices in China, effective from January 20, with a rise of 85 yuan per ton for both fuels [1]. Group 1: Price Adjustments - Domestic gasoline and diesel prices will increase by 85 yuan per ton starting January 20 at 24:00 [1]. - The adjustment is based on the average price comparison of the first ten working days of January with the previous adjustment period [1]. Group 2: Market Regulation - Major oil companies, including PetroChina, Sinopec, and CNOOC, are required to ensure stable supply and adhere to national pricing policies [1]. - Local authorities are tasked with enhancing market supervision and strictly enforcing compliance with national price policies to maintain market order [1]. Group 3: Retail Prices - The highest retail prices for gasoline and diesel across various provinces and municipalities have been detailed, with prices varying by region [2][3]. - The prices include consumption tax, value-added tax, urban construction tax, and educational fees [3].

Core Viewpoint - The National Development and Reform Commission announced an increase in domestic gasoline and diesel prices by 85 yuan per ton, effective from January 20, due to rising international oil price fluctuations [1]. Price Adjustment Summary - The adjustment is based on the average price comparison of the first ten working days of January with the previous adjustment period [1]. - The new maximum retail prices for gasoline and diesel across various provinces and cities are detailed in the accompanying table [2][3]. Regional Price Details - The maximum retail prices for gasoline and diesel in major cities and provinces are as follows: - Beijing: Gasoline 8435 yuan, Diesel 7450 yuan - Shanghai: Gasoline 8415 yuan, Diesel 7420 yuan - Guangdong: Gasoline 8545 yuan, Diesel 7550 yuan - Other regions have varying prices, with the highest recorded in Chongqing at Gasoline 8612 yuan and Diesel 7625 yuan [3]. Compliance and Market Stability - Major oil companies, including PetroChina, Sinopec, and CNOOC, are required to ensure stable supply and adhere to national pricing policies [5]. - Local authorities are tasked with increasing market supervision and addressing any violations of the pricing policy to maintain market order [5].

Core Viewpoint - Domestic gasoline and diesel prices will increase by 85 yuan per ton starting from January 20, 2026, due to fluctuations in international oil prices and the current pricing mechanism [2]. Pricing Adjustment - The adjustment is based on the average prices from the previous ten working days compared to the last adjustment period [2]. - The new maximum retail prices for gasoline and diesel across various provinces and central cities are provided in a detailed table [3]. Market Regulation - Major oil companies, including PetroChina, Sinopec, and CNOOC, are required to ensure stable supply and adhere to national pricing policies [2]. - Local authorities are tasked with increasing market supervision and strictly enforcing compliance with national pricing regulations [2]. Retail Price Details - The maximum retail prices for gasoline and diesel in various regions are specified, with prices ranging from 7,310 yuan to 8,615 yuan per ton for diesel and 8,180 yuan to 8,675 yuan per ton for gasoline [3]. - The prices include consumption tax, value-added tax, urban construction tax, and educational fees [3][4]. Quality Standards - The gasoline and diesel prices mentioned are for products that meet the sixth phase of mandatory national standards, specifically 89-octane gasoline and zero-grade diesel [4].

Group 1 - The core viewpoint of the articles indicates that China's industrial value-added is expected to grow by 5.9% in 2025, with a faster growth rate compared to the previous year, and December's growth rate is 5.2%, accelerating by 0.4% from November [1] - Traditional manufacturing industries are showing significant transformation, with the petroleum processing industry expected to grow by 6.7% in 2025, and the biomass fuel processing sector experiencing a remarkable growth of 16.8%, contributing 1.7 percentage points more to the petroleum processing industry's growth compared to last year [1] - The chemical fiber industry is projected to grow by 8.2%, with the bio-based materials manufacturing sector growing by 27.9%, contributing 23.1% to the chemical fiber industry's growth, an increase of 16.4 percentage points from the previous year [1] - The production of green low-carbon products is increasing rapidly, with the output of new energy vehicles expected to grow by 25.1% in 2025, driving significant increases in the production of lithium-ion batteries for vehicles and charging piles by 41.7% and 11.0% respectively [1] - Wind turbine and hydroelectric generator production are expected to grow by 48.9% and 29.3% respectively, supported by the development of green energy [1] - The output of lithium carbonate, carbon fiber, and bio-based chemical fibers is projected to increase by 57.1%, 47.7%, and 19.5% respectively [1] Group 2 - In 2025, China's automobile production and sales are expected to reach 34.53 million and 34.40 million units respectively, marking a year-on-year growth of 10.4% and 9.4%, achieving a historical high and maintaining the world's largest market for 17 consecutive years [2] - New energy vehicles are projected to exceed 16 million units in production and sales, with domestic new car sales accounting for over 50%, becoming the dominant force in China's automotive market [2] - The automotive export market shows strong resilience, with over 7 million vehicles exported, and the export scale reaching new heights, including 2.615 million new energy vehicles exported, which is a 100% year-on-year increase [2]

Group 1 - The core viewpoint of the report indicates that geopolitical disturbances, particularly the ongoing situation in Iran, are significantly influencing oil prices, with Brent and WTI prices recorded at $64.13 and $59.34 per barrel respectively as of January 16, 2026 [1][2] - In the first half of the week, oil prices rose due to concerns over potential supply disruptions from Iran, while in the latter half, prices fell as plans for military action by the U.S. were temporarily shelved [1][2] - The report highlights that Brent crude futures settled at $64.13 per barrel, up by $0.79 (+1.25%) from the previous week, while WTI crude futures increased by $0.22 (+0.37%) to $59.34 per barrel [2] Group 2 - As of January 12, 2026, the global number of offshore self-elevating drilling rigs increased to 377, with notable additions in Southeast Asia, Europe, and the Middle East [3] - U.S. crude oil production decreased to 13.753 million barrels per day as of January 9, 2026, while the number of active drilling rigs rose to 410 as of January 16, 2026 [3] - U.S. refinery crude processing increased to 16.958 million barrels per day with a utilization rate of 95.30% as of January 9, 2026, reflecting a slight increase from the previous week [3] Group 3 - U.S. total crude oil inventories rose to 836 million barrels as of January 9, 2026, marking an increase of 3.605 million barrels (+0.43%) from the previous week [4] - The report details that gasoline inventories increased by 8.977 million barrels (+3.71%), while diesel and jet fuel inventories saw slight decreases [4] Group 4 - As of January 16, 2026, the FOB price for ester-based biodiesel remained stable at $1,150 per ton, while hydrocarbon-based biodiesel also held steady at $1,875 per ton [5] - The report notes that the price of waste cooking oil in China increased slightly, with prices recorded at $876.68 and $961.81 per ton for waste cooking oil and waste oil respectively [5] Group 5 - Relevant companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China Petroleum Corporation (PetroChina), among others [6]

Core Viewpoint - The asphalt futures market is experiencing a slight decline in prices, with a weekly drop of 1.11% and a significant reduction in open interest, indicating a potential shift in market dynamics [1]. Market Overview - As of January 15, the spot price of asphalt was reported at 3140 yuan/ton, reflecting a daily increase of 6.67 yuan/ton, or 0.21%. Over the past week, asphalt prices have risen by 40 yuan/ton, a 1.29% increase, and over the past month, prices have increased by 193.33 yuan/ton, or 6.56% [2]. - During the week of January 7 to January 13, the total shipment volume from 54 domestic asphalt manufacturers was 317,000 tons, representing a 1.0% increase compared to the previous week. The capacity utilization rate for 69 sample modified asphalt enterprises was 6.8%, up 0.1% week-on-week and 2.6% year-on-year [2]. Institutional Insights - Dayue Futures notes that recent production cuts by refineries have reduced supply pressure, but overall demand remains weak and below expectations. Inventory levels are stable, and weakening crude oil prices are diminishing cost support in the short term. The market is expected to experience narrow fluctuations, with asphalt prices projected to oscillate between 3138 and 3196 yuan/ton [3]. - Haitong Futures emphasizes that the absolute price trends of asphalt will continue to be influenced by geopolitical developments, particularly regarding the U.S. and Iran. The uncertain situation in Iran is likely to cause volatility in oil prices, which will subsequently affect asphalt prices. The short-term outlook suggests a focus on geopolitical risks, with strategies indicating a preference for buying low in the near term [3].

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The report highlights that geopolitical tensions, particularly regarding Iran, are significant factors influencing oil prices. The Brent and WTI oil prices were reported at $64.13 and $59.34 per barrel, respectively, as of January 16, 2026 [2][9]. Oil Price Overview - As of January 16, 2026, Brent crude futures settled at $64.13 per barrel, up $0.79 (+1.25%) from the previous week. WTI crude futures settled at $59.34 per barrel, up $0.22 (+0.37%). The Urals crude price remained stable at $65.49 per barrel, while ESPO crude rose by $0.49 (+0.98%) to $50.39 per barrel [2][26]. Offshore Drilling Services - As of January 12, 2026, the global number of offshore self-elevating drilling platforms was 377, an increase of 1 from the previous week. The number of floating drilling platforms was 130, also up by 1 [2][35]. U.S. Oil Supply - As of January 9, 2026, U.S. crude oil production was reported at 13.753 million barrels per day, a decrease of 58,000 barrels from the previous week. The number of active drilling rigs in the U.S. was 410, with an increase of 1 rig [2][49]. U.S. Oil Demand - U.S. refinery crude processing was 16.958 million barrels per day as of January 9, 2026, an increase of 49,000 barrels from the previous week. The refinery utilization rate was 95.30%, up 0.6 percentage points [2][57]. U.S. Oil Inventory - As of January 9, 2026, total U.S. crude oil inventories were 836 million barrels, an increase of 3.605 million barrels (+0.43%) from the previous week. Strategic oil inventories were 414 million barrels, up 214,000 barrels (+0.05%) [2][67]. Related Companies - Key companies mentioned include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and PetroChina [2][3].