Core Viewpoint - Luoyang, once a prominent industrial city in China, is struggling to keep pace with provincial growth and faces significant challenges in industrial transformation and talent retention [1][6][14]. Economic Performance - In Q1 of this year, Luoyang's GDP reached 135.54 billion yuan, marking a 5.9% year-on-year growth, which is the first time in nearly seven quarters that its growth rate matches that of the province [1]. - Luoyang's economic growth has been lagging behind provincial growth rates, with GDP growth rates from 2021 to 2024 projected at 4.8%, 3.0%, 3.5%, and 4.9%, all below the provincial average [7][14]. Industrial Structure - Luoyang's industrial economy has been heavily reliant on traditional heavy industries, with over 77% of its industrial enterprises classified as heavy industry, leading to structural imbalances [8][11]. - The proportion of Luoyang's secondary industry has declined from over 60% in 2006 to around 40%, the lowest since the reform and opening up [13]. Talent and Population Challenges - Luoyang's population growth has been minimal, with only a 50,700 increase since 2010, significantly lower than provincial capital Zhengzhou [16]. - The city faces a talent shortage, with only 13,300 individuals per 100,000 having a college degree, compared to 28,900 in Zhengzhou [16]. Policy and Strategic Initiatives - Luoyang has identified five advanced manufacturing clusters and 17 advantageous industrial chains for development, including electronic information and new energy vehicles [14]. - Recent reports highlight the need for improved employment opportunities, better salary levels, and enhanced talent policies to attract and retain skilled workers [18]. Regional Competition - The approval of the Zhengzhou metropolitan area is seen as a challenge for Luoyang, as it may lead to resource siphoning towards Zhengzhou, further intensifying competition [21].

s 加賀期货 沥青早报 1000 3100 重交沥青山东-华东 重交沥青山东-东北 重交沥青华东-华南 800 - 800 400 600 200 600 400 400 200 -200 200 -400 0 -200 -600 to s 21 6 C -400 -800 -200 2019 2019 2020 2021 2022 2020 2021 2022 · 2019 2020 · 2021 2022 2023 2023 2024 2024 = 2023 2024 · 2025 2025 - 2025 基差&月差 山东基差 华东基差 华南基差 1200 г 1 200 800 1000 600 1000 800 400 600 200 500 400 0 200 -20Q 0 -400 -200 -200 -600 -400 -1000 -800 -600 2019 2019 2020 2021 2019 2020 2021 2022 2022 2020 · 2021 2022 2023 2024 2023 2024 2025 2024 - 2025 - 2023 · 2025 BU06-09 BU0 ...

| | Un Art DD ITL | Un Arre Des ITI. | | --- | --- | --- | | 司完完期华 | SOURCE POINT | SOURCE POINT | | 燃料油早报 | | --- | | 研究中心能化团队 2025/05/20 | | --- | | 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 | | 2025/05/13 | 408.43 | 452.25 | -1.39 | 602.56 | -150.31 | 16.66 | 43.82 | | 2025/05/14 | 406.15 | 451.49 | -1.58 | 606.04 ...

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Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The asphalt market continues to face a situation of weak supply and demand. The current inventory is at a low level, and the recent inventory accumulation rate is lower than the seasonal average, resulting in limited short - term market pressure. However, with the improvement of some refineries' profits, the asphalt plant operating rate and production have marginally increased. Meanwhile, rainfall in South China in late May will affect the improvement of terminal demand, so there is also certain resistance above the asphalt market, and the industry's acceptance of high - priced resources is still limited [1]. - The strategy for asphalt investment is as follows: the unilateral trend is expected to be volatile; for the inter - period strategy, the previous long position of BU2506 - 2509 (positive spread position) can be taken profit at high prices; there are no strategies for cross - variety, spot - futures, and options [2]. 3) Summary by Related Catalogs Market Analysis - On May 19, the closing price of the main BU2506 contract of asphalt futures in the afternoon session was 3,502 yuan/ton, up 26 yuan/ton or 0.75% from the previous settlement price. The open interest was 73,925 lots, down 1,051 lots from the previous day, and the trading volume was 140,886 lots, up 21,991 lots from the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 3,700 - 4,086 yuan/ton in Northeast China, 3,450 - 3,600 yuan/ton in Shandong, 3,400 - 3,430 yuan/ton in South China, and 3,500 - 3,570 yuan/ton in East China. The spot prices of asphalt in North China and Shandong decreased yesterday, while those in other regions remained generally stable [1]. Strategy - Unilateral: Volatile [2]. - Inter - period: Take profit on the previous long position of BU2506 - 2509 (positive spread position) at high prices [2]. - Cross - variety: None [2]. - Spot - futures: None [2]. - Options: None [2].

Core Viewpoint - The article highlights the achievements and contributions of Fu Xiaoqing, a skilled technician at Shanghai Petrochemical, who has significantly improved operational efficiency and reduced costs through innovative solutions in instrumentation and materials research [3][4][6]. Group 1: Achievements and Contributions - Fu Xiaoqing has worked for 37 years, participating in 18 key national projects and achieving cost savings of over 24.5 million yuan through non-stop maintenance of instruments [3]. - He led a team that resolved 42 technical challenges related to production operations and project construction, resulting in cost savings of over 1.7 million yuan in 2024 [4]. - Fu's innovative work includes the development of a fog-free endoscope for boiler inspections, which improved the accuracy of environmental monitoring data [4][5]. Group 2: Innovations and Technical Improvements - Fu's innovation studio focuses on addressing technical challenges in carbon fiber composite materials and instrumentation, enhancing research and development capabilities [5]. - He has successfully implemented various technical improvements, such as the modification of imported equipment and the development of domestic alternatives, which have led to significant operational enhancements [6][7]. - Fu's contributions to the Beijing 2022 Winter Olympics included the development of innovative tools for torch assembly, earning him two national patents and recognition for technological contributions [7][8]. Group 3: Knowledge Sharing and Training - Fu Xiaoqing emphasizes the importance of knowledge sharing and training, having established a studio that serves as both an innovation hub and a training base for new technicians [5][8]. - His commitment to continuous learning and sharing expertise has led to the recognition of his studio as a model for innovation within the industry [8].

行业 MEG 日报 日期 2025 年 5 月 20 日 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 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 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 ...

行业 PTA 日报 日期 2025 年 5 月 20 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 ...

二七区罗沟滨河农贸市场 5月15日，二七区罗沟滨河农贸市场内人潮涌动，满载果蔬的货车往来穿梭，各类农产品交易红红火火。 该市场自去年1月份试营业以来，已吸引近400户商户入驻，日均交易额达1500万元，不仅覆盖周边5公里 的居民生活区，还兼具新郑、新密、荥阳等周边地区的农产品配送功能，成为郑州西南地区最大的"菜篮 子"集散地，而这只是二七区高度重视小微企业融资协调工作，服务企业发展的一个缩影。 专属金融服务为企业送来"及时雨" 然而，市场的快速发展并非一帆风顺。今年初，在开展基建、招商等环节后，罗沟市场二期工程推进与日 常运营面临着资金的压力。恰此时，二七区开展"千企万户大走访"，区发改委敏锐察觉到罗沟市场的融资 需求。 同时，迅速建立起以乡镇办属地管理为主、行业主管部门为辅的走访宣传机制，条块结合，形成了"领导 包片、部门包链、专员包企"的三级服务网络。在此过程中，二七区充分发挥基层服务优势，以网格为单 位，组织工作人员深入辖区经营性单位开展宣传活动。不仅如此，还发动微网格长在日常走访巡查中，精 准定位有资金需求的小微企业和个体工商户，为他们详细解读小额贷款政策。 除了线下走访的"精准滴灌"，搭建政银企面对 ...

Core Viewpoint - The controversy surrounding the qualification requirements for a bidding project by China National Petroleum Corporation (CNPC) raises questions about the integrity of public procurement processes, particularly regarding the legitimacy of non-official certificates used as qualifications [2][3][4]. Group 1: Bidding Project Details - A bidding project for brand communication services by China Petroleum Lubricating Oil Company was awarded to Shanghai Yunhong Advertising Co., Ltd. for approximately 2.14 million yuan [2][4]. - The qualification requirement for bidders included a non-official certificate for "Internet news information editing and publishing service," which has sparked debate over its validity compared to the official "Internet News Information Service License" issued by the State Internet Information Office [3][4][6]. Group 2: Qualification Certificate Controversy - The questioned certificate can be purchased online for 1,500 yuan, raising concerns about its authenticity and the potential for misuse in the bidding process [3][14][20]. - The certificate's issuing organizations, such as the "China Small and Medium Enterprises Integrity Alliance," lack clear official recognition, leading to confusion about their legitimacy [9][19]. Group 3: Regulatory Framework - According to China's regulations, only news organizations or those supervised by news propaganda departments can apply for the official "Internet News Information Service License," which is valid for three years [6][8]. - The lack of clarity in the bidding documents regarding the required qualifications may have allowed for the acceptance of non-official certificates, potentially undermining the procurement process [12][13]. Group 4: Industry Practices - Other state-owned enterprises typically require the official "Internet News Information Service License" in their bidding documents, highlighting a deviation in CNPC's approach [6][7]. - The use of non-official qualifications in public procurement could lead to unfair advantages and questions about the transparency of the bidding process [12][21].