| | | 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 ...

中国石油化工股份(00386)发布公告，于2025年12月10日，该公司斥资882.34万港元回购204万股。 ...

证券时报·数据宝统计，中国石油化工股份在港交所公告显示，12月10日以每股4.300港元至4.380港元的 价格回购204.00万股，回购金额达882.34万港元。该股当日收盘价4.340港元，下跌1.14%，全天成交额 5.60亿港元。 自10月30日以来公司已连续30日进行回购，合计回购1.27亿股，累计回购金额5.60亿港元。 其间该股累 计上涨2.84%。 今年以来该股累计进行63次回购，合计回购3.50亿股，累计回购金额16.26亿港元。 中国石油化工股份回购明细 日期回购股数(万股) 回购最高价(港元) 回购最低价(港元) 回购金额(万港元) 2025.12.10 204.00 4.380 4.300 882.34 2025.12.09 350.00 4.500 4.370 1540.60 2025.12.08 120.00 4.540 4.490 541.90 2025.12.05 86.00 4.520 4.480 387.17 2025.12.04 173.20 4.540 4.480 778.88 2025.12.03 180.00 4.560 4.500 814.16 2025.12.0 ...

12月10日，健康快车28周年暨中华健康快车基金会2025年总结报告会在北京举行。2025年，"香港光明 号""中国石化光明号"两列健康快车及9支医疗小分队跨越河南、四川、山西、河北、甘肃、陕西、海南 等9个省的15个地区持续执行"光明行"任务。12家上车合作医院和12家基层医院的逾百名医护人员协同 完成8000余例白内障复明手术。与2024年相比，今年服务范围、医疗队伍规模和手术量均实现稳步提 升。 ...

中国石油化工股份回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.10 | 204.00 | 4.380 | 4.300 | 882.34 | | 2025.12.09 | 350.00 | 4.500 | 4.370 | 1540.60 | | 2025.12.08 | 120.00 | 4.540 | 4.490 | 541.90 | | 2025.12.05 | 86.00 | 4.520 | 4.480 | 387.17 | | 2025.12.04 | 173.20 | 4.540 | 4.480 | 778.88 | | 2025.12.03 | 180.00 | 4.560 | 4.500 | 814.16 | | 2025.12.02 | 120.00 | 4.550 | 4.450 | 541.76 | | 2025.12.01 | 112.80 | 4.460 | 4.410 | 500.16 | | 2025.11.28 | 925.00 ...

Group 1 - The total production of petroleum asphalt in Zhejiang Province from January to August 2025 reached 1.061 million tons, representing a decrease of 17.4% compared to the same period in 2024, with a growth rate 29.6 percentage points higher than in 2024, but 27.0 percentage points lower than the national average [1] - The production accounted for 4.4% of the national total production of 24.279 million tons during the same period [1] Group 2 - In August 2025, the petroleum asphalt production in Zhejiang Province was 105,000 tons, showing a growth of 0.3% compared to August 2024, with a growth rate 53.2 percentage points higher than in 2024, but 18.0 percentage points lower than the national average [2] - This production represented 3.2% of the national total production of 3.265 million tons for that month [2]

fund （原标题：中国石油化工股份(00386)12月10日斥资882.34万港元回购204万股） 智通财经APP讯，中国石油化工股份(00386)发布公告，于2025年12月10日，该公司斥资882.34万港元回 购204万股。 ...

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - This week, the cracking spread of high - sulfur fuel oil in Singapore fluctuated, the monthly spread was at a historical low, strengthened slightly on Friday, the basis weakened and then strengthened slightly on Friday; the cracking spread of European HSFO fluctuated weakly, and the EW spread fluctuated. The cracking spread of 0.5% fuel oil in Singapore weakened, with the monthly spread and basis fluctuating at low levels. [3] - In terms of inventory, Singapore's residue oil had a slight inventory build - up, high - sulfur floating storage had a slight inventory draw - down, ARA's residue oil had a slight inventory build - up, Fujairah's residue oil had a significant inventory build - up, high - sulfur floating storage had an inventory draw - down, and EIA's residue oil had a slight inventory build - up. [3] - With the increasing expectation of Russia - Ukraine peace talks, the cracking spreads of gasoline and diesel in the external market continued to decline this week, and the price difference between low - sulfur fuel oil and diesel continued to rebound. After the fire at Al Zour refinery on October 21, the external low - sulfur fuel oil was supported, but the short - term upside space was limited. [4] - The global heavy - oil market entered the off - season with inventory build - up. The external cracking spread was affected by crude oil fluctuations, and there was no improvement in the spot market. FU01 should be treated bearishly. The valuation of low - sulfur fuel oil was low but there was no driving force. [4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From December 3 to December 9, 2025, the price of Rotterdam 3.5% HSF O swap M1 dropped from 348.42 to 335.47, a decrease of 4.32; the price of Rotterdam 0.5% VLS FO swap M1 dropped from 390.01 to 381.64, a decrease of 3.04. [1] - The Rotterdam HSFO - Brent M1 spread changed by 0.06, the Rotterdam 10ppm Gasoil swap M1 decreased by 11.68, the Rotterdam VLSFO - Gasoil M1 increased by 8.64, the LGO - Brent M1 decreased by 0.96, and the Rotterdam VLSFO - HSFO M1 increased by 1.28. [1] Singapore Fuel Oil Swap Data - From December 3 to December 9, 2025, the price of Singapore 380cst M1 dropped from 345.72 to 341.31, a decrease of 11.08; the price of Singapore 180cst M1 dropped from 350.42 to 349.84, a decrease of 9.74; the price of Singapore VLSFO M1 dropped from 419.63 to 416.32, a decrease of 10.14. [1] - The price of Singapore GO M1 dropped from 83.93 to 83.59, a decrease of 1.87; the Singapore 380cst - Brent M1 spread decreased by 0.31, and the Singapore VLSFO - Gasoil M1 increased by 3.69. [1] Singapore Fuel Oil Spot Data - From December 3 to December 9, 2025, the FOB price of 380cst dropped from 334.01 to 333.81, a decrease of 9.72; the FOB price of VLSFO dropped from 418.67 to 415.01, a decrease of 10.02. [2] - The 380 - cst basis increased by 1.18, the high - sulfur internal - external price difference decreased by 0.4, and the low - sulfur internal - external price difference decreased by 0.3. [2] Domestic FU Data - From December 3 to December 9, 2025, the price of FU 01 dropped from 2437 to 2418, a decrease of 90; the price of FU 05 dropped from 2499 to 2488, a decrease of 85; the price of FU 09 dropped from 2468 to 2464, a decrease of 70. [2] - The FU 01 - 05 spread decreased by 5, the FU 05 - 09 spread decreased by 15, and the FU 09 - 01 spread increased by 20. [2] Domestic LU Data - From December 3 to December 9, 2025, the price of LU 01 dropped from 3010 to 2989, a decrease of 82; the price of LU 05 dropped from 3021 to 3003, a decrease of 88; the price of LU 09 dropped from 3060 to 3033, a decrease of 72. [3] - The LU 01 - 05 spread increased by 6, the LU 05 - 09 spread decreased by 16, and the LU 09 - 01 spread increased by 10. [3]

11月份国内成品油船运下海量止跌回升，结束连续两月下降的态势，三大港口成品油船运下海量均有所 增长。但是山东港口以及东北港口的成品油北油南下船运资源继续下滑，导致部分市场仍存在供需错配 和资源偏紧的局面。 虽然11月份汽油消费处于季节性淡季，但是汽油船单市场价格触底反弹。同时柴油需求虽季节性回落， 但南方户外工程施工项目赶工季对柴油仍有一定支撑，柴油需求下滑速度较为缓慢，柴油船单市场仍有 刚需支撑，长三角炼厂柴油船单成交增多，也对11月成品油下海量回升带来提振作用。整体来看，11月 份国内成品油船运下海量止跌回升。 卓创资讯统计显示，2025年11月，东北地区港口、山东地区港口以及浙江舟山港口成品油船运下海量在 329.33万吨，环比上涨13.34%，相比上月环比止跌反弹，且结束连续两月环比下降的态势，同比上涨幅 度在29.67%，实现环比以及同比双双上涨，成品油船运内贸市场活跃度好转。 数据显示，1-11月份平均月度成品油下海量在326.58万吨，相比去年同期均值下滑63.4万吨或是 16.26%。其中今年4月份成品油下海量最高录得379.83万吨。 展望12月，由于船运新单成交增长略低于预期，预计港口成品 ...