（文章来源：人民日报） 近日，国家发展改革委组织召开2025—2026年供暖季能源保供视频会议，对供暖季能源保供工作进行安 排。会议要求，各地区、有关企业要准确把握供暖季能源保供面临的形势和困难挑战，切实把工作做实 做细做到位。 会议要求，稳定能源生产供应，抓好能源中长期合同履约，全力做好高峰期能源保供，重点保障民生采 暖用能，提升低温雨雪冰冻等灾害应对水平，做好安全生产工作。重点保障好北方集中供暖地区特别是 东北地区的用煤需求。确保煤电高峰出力，充分发挥气电、水电、抽水蓄能和电化学储能装机的顶峰保 供作用。发挥好储气库、LNG（液化天然气）储罐等调峰资源作用。 ...

Core Insights - The China Energy and Chemical Spot Price Index reached 829.86 points as of November 12, 2025, reflecting an increase of 2.68 points or 0.32% from the previous day, but a decrease of 170.14 points or 17.01% from the base period of July 2, 2024 [1] Industry Summaries Oil Industry - The oil industry index reported at 815.66 points, with an increase of 6.16 points or 0.76% from the previous day [2] - The import price of crude oil at Shandong Port was 3724 yuan per ton, up from 3663 yuan, marking an increase of 61 yuan or 1.67% [8] - Gasoline prices in various regions showed slight increases, with North China at 7200 yuan per ton (up 25 yuan or 0.35%), Shandong at 7000 yuan (up 20 yuan or 0.29%), and East China at 7300 yuan (up 50 yuan or 0.69%) [8] Natural Gas Industry - The natural gas index stood at 987.77 points, experiencing a slight decline of 0.76 points or 0.08% from the previous day [3] - The price of LNG in Inner Mongolia was reported at 4415 yuan per ton, down 10 yuan or 0.23% [9] Chemical Industry - The chemical industry index was at 808.12 points, down 0.83 points or 0.1% from the previous day [4] - Prices for various chemical products showed mixed results, with propylene in Shandong remaining stable at 5765 yuan per ton, while ethylene glycol in Zhejiang decreased by 20 yuan or 0.50% to 3975 yuan [9][10] - The price of natural rubber in Qingdao was reported at 14575 yuan per ton, down 40 yuan or 0.27% [10] Market Context - The increase in the China Energy and Chemical Spot Price Index is attributed to uncertainties stemming from U.S. sanctions on Russian oil, which have led to rising international crude oil futures and subsequently increased domestic prices for refined oil and petrochemical products [7] - The index is developed by the Xinhua Index Research Institute, Jinlianchuang Network Technology Co., Ltd., and the China Price Association, monitoring 17 typical products in the oil and chemical industries across key regional markets [10]

Core Insights - The recent cold wave in the U.S. has led to a significant increase in natural gas consumption among residential and commercial sectors, resulting in a spike in prices [1] - Prior to the cold wave, daily consumption in these sectors ranged between 20 billion to 23 billion cubic feet, indicating a substantial jump in demand due to the weather event [1] - As a result of these developments, Nymex natural gas for December delivery fell by 1.4% to $4.503 per million British thermal units [1]

Report Industry Investment Ratings - Crude oil: ★★★ (indicating a more distinct upward trend and a relatively appropriate investment opportunity) [1] - Fuel oil: Not clearly defined by star rating in a standard way in the given context, but analysis provided [1][2] - Low - sulfur fuel oil: Not clearly defined by star rating in a standard way in the given context, but analysis provided [2] - Asphalt: Not clearly defined by star rating in a standard way in the given context, but analysis provided [1][3] - Liquefied petroleum gas: ★★★ (indicating a more distinct upward trend and a relatively appropriate investment opportunity) [1] Core View of the Report - The report analyzes the market trends and investment opportunities of various energy products including crude oil, fuel oil, low - sulfur fuel oil, asphalt, and liquefied petroleum gas. It provides insights into supply, demand, price movements, and suggests corresponding investment strategies based on different product fundamentals [2][3][4] Summary by Relevant Categories Crude Oil - Overnight international oil prices rebounded, with the SC12 contract rising 1.52% intraday. There is still downside potential for oil prices this year as the oil price spread and spot premium have weakened since November and the most relaxed balance sheet quarter (Q1 next year) is yet to come. However, short - term support exists due to the resolution of the US government shutdown and geopolitical concerns. Look for short - selling opportunities after the rebound [2] Fuel Oil & Low - sulfur Fuel Oil - High - sulfur fuel oil: Although supported by geopolitical situations, the increase in Middle - East high - sulfur supplies due to OPEC+ production increases and the entry into the off - season for Middle - East refining and power generation demand, along with the possible early issuance of 2026 crude oil quotas, will lead to a looser supply [2] - Low - sulfur fuel oil: Supply pressure has eased. There is uncertainty about the resumption of the Kuwait Azur refinery, and there are expectations of reduced low - sulfur arrivals in the Singapore market. The strong overseas diesel crack spreads support low - sulfur supply, and demand is also favorable. Consider gradually taking profits on the previous strategy of widening the high - low sulfur spread [2] Asphalt - The rebound in crude oil today drove asphalt to stop falling, with the 2601 contract rising 0.86%. The poor shipment volume not only disproves the "14th Five - Year Plan" end - of - term construction demand expectation but also signals that demand is lower than the same period last year. The slowdown in commercial inventory drawdown and the increase in the year - on - year difference in social inventory are negative factors for the asphalt market [3] Liquefied Petroleum Gas - The international liquefied gas market has been strong recently, with tight import supplies. The improvement in butane dehydrogenation device profitability has boosted downstream chemical enterprise operating rates, and the significant temperature drop in many places has increased combustion - end demand. With the decrease in refinery and port storage rates, LPG is expected to fluctuate strongly [4]

Core Viewpoint - The UK plans to phase out shipping and insurance services for Russian liquefied natural gas exports starting in 2026, aiming to further restrict Russian energy exports and cut off funding channels for Russia amid the ongoing Ukraine conflict [3]. Group 1 - The UK Foreign Secretary, Cooper, announced the new measures on November 11, 2023, before attending a G7 foreign ministers' meeting in Canada [3]. - The ban will prevent UK companies from providing transportation, insurance, and related services for Russian liquefied natural gas exports to third countries [3]. - This announcement follows previous sanctions imposed on two major Russian oil companies, Rosneft and Lukoil, indicating a continued effort to target the Russian energy sector [3].

Core Insights - Zhejiang Province has imported over 559.1 million tons of liquefied natural gas (LNG) through ship transportation this year, with 81 vessel trips recorded [1][3] - The establishment of the first national bulk commodity resource allocation hub in Zhejiang has been officially approved by the State Council, marking a significant milestone in the province's maritime service capabilities [3][4] Group 1: LNG Transportation - The average capacity of each LNG vessel is 69,000 tons, which is sufficient to supply gas for 243,000 households for a year [3] - The maritime authority has implemented 17 measures to enhance the efficiency of LNG transportation, including optimizing traffic flow and reducing approval times [3][4] Group 2: Maritime Services and Innovations - Zhejiang Maritime Bureau has introduced customized maritime services for enterprises, significantly increasing the export of new energy vehicles, with 122,700 units shipped in the first three quarters, a 5.6-fold increase from the previous year [4] - The maritime financial service platform has transformed maritime safety inspection data into credit certificates for enterprises, benefiting 1,564 shipping companies and 5,715 vessels, with a total of 3.465 billion yuan in secured loans [5]

（原标题：油价迎来反弹希望？IEA关键报告"恢复"看涨情景：石油与天然气需求或延迟至2050年才见 顶） 智通财经APP获悉，国际能源署(IEA)改变了其对于石油需求即将见顶的看法，重新提出全球石油消费 量将持续增长至本世纪中叶的情景。在周三发布的年度《世界能源展望》报告中，尽管国际能源署去年 研究的三种情景都预计本十年石油需求将趋于平稳或下降，但最新报告重新引入了"当前政策情景"(即 CPS)，在这种情景下，到 2050 年石油消费量将较2024年增长 13%至1.13亿桶/日。这种更为乐观的前景 取决于电动汽车普及速度放缓。 在CPS情景中，全球石油消费量从约 1 亿桶/日攀升至 2050 年的 1.13 亿桶/日，因为电动汽车在全球汽 车总销量中的占比在 2035 年后基本趋于平稳。而在STEPS情景中，预计到 2030 年电动汽车销量占比将 翻一番，五年后超过 50%。CPS 情景显示了风能和太阳能的增长受到拖累，而天然气的增长势头则更 为强劲。 不可避免的是，这两条路径对世界石油市场和价格会产生不同的影响。在CPS情景下，"更高的需求会 更快地消化掉任何过剩的石油和液化天然气供应"，到 2035 年 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 22.53 billion yuan for the first three quarters of 2025, a year-on-year decrease of 14.63% - The net profit attributable to shareholders was 1.01 billion yuan, down 49.03% year-on-year - In the third quarter alone, revenue was 6.78 billion yuan, a decline of 25.81% year-on-year, with net profit at 159 million yuan, down 71.01% year-on-year - The decline in performance is attributed to falling coal prices and increased water and soil conservation fees, alongside pressure on natural gas prices and a decrease in long-term contract gas sales - The approval and progress of the Marang coal mine project are expected to support future production growth, while the Zaisang oil and gas project is set to become a significant growth point after coal and natural gas [2][5][11] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 22.53 billion yuan, a decrease of 14.63% year-on-year - The net profit attributable to the parent company was 1.01 billion yuan, down 49.03% year-on-year - In Q3 2025, the company reported revenue of 6.78 billion yuan, a decline of 25.81% year-on-year, and a net profit of 159 million yuan, down 71.01% year-on-year [2][5] Market Conditions - The domestic coal market saw a rebound in prices in Q3 2025, with the average price for 5000 kcal coal at 599.48 yuan/ton, up 6.77% quarter-on-quarter but down 20.32% year-on-year - The average price for 5500 kcal coal was 673.68 yuan/ton, up 5.16% quarter-on-quarter but down 20.95% year-on-year - Despite a 75.97% year-on-year increase in coal sales volume in the first half of 2025, Q3 saw a decline in both production and sales volume due to previous low prices [11] Future Growth Prospects - The Marang coal mine has received necessary approvals and is progressing well, which is expected to enhance production capacity - The Zaisang oil and gas project is advancing, with geological research and drilling activities ongoing, positioning it as a future growth driver [11]

Core Viewpoint - Oman Gas Company has signed 19 strategic gas agreements and memorandums of understanding with domestic and international companies, establishing extensive partnerships with investors from India, China, the United States, France, and Kuwait [1] Group 1: Agreements and Financials - The signing ceremony included 14 gas sales agreements with a total value exceeding 3.4 billion Omani Rials [1] - New investments amounting to over 2 billion Omani Rials were also announced during the ceremony [1] Group 2: Key Partnerships - Three gas purchase agreements were signed with major producers: Occidental Oman (covering blocks 62 and 65) and Energy Development Oman (covering block 6) [1] - Two memorandums of understanding were signed with subsidiaries and projects of OQ Group, including the Duqm petrochemical complex and OQ alternative energy projects [1]

Core Insights - The International Energy Agency's World Energy Outlook 2025 emphasizes the urgent need for diversification and cooperation in the face of rising energy risks and demand [1][2][5] Energy Demand and Supply - Global oil and gas demand is projected to continue growing until 2050, diverging from previous expectations of a rapid transition to clean energy, indicating potential challenges in meeting climate goals [5] - Under the Current Policies Scenario, global oil demand is expected to reach 113 million barrels per day by mid-century, a 13% increase from 2024 levels [5] - Overall energy demand is anticipated to rise by 90 exajoules by 2035, a 15% increase from current levels [5] Liquefied Natural Gas (LNG) Market - The report highlights explosive growth in the LNG market, with a surge in final investment decisions for new LNG projects in 2025 [6][11] - Approximately 300 billion cubic meters of new annual LNG export capacity is expected to come online by 2030, increasing global supply by 50% [6][11] Electricity Demand and Transition - The report indicates that the world has entered the "Age of Electricity," with electricity demand growth accelerating across various scenarios [19][25] - Electricity is now the key energy source for sectors accounting for over 40% of the global economy [19] Climate and Emissions - The report warns that global warming is likely to exceed 1.5°C by 2030 across all scenarios, with emissions rising in the Current Policies Scenario and plateauing in the Stated Policies Scenario [35][36] - Only the updated net zero scenario is projected to bring temperatures back below 1.5°C in the long term [36] Renewable Energy Growth - Renewables are expected to grow faster than any other major energy source, led by solar PV, with nuclear capacity also set to increase by at least one-third by 2035 [39][40] - Natural gas is projected to play an increasingly significant role in power generation [39]