周末期间市场热度持续发酵，投资者开户意愿显著提升，排队开户现象再度出现，场外资金入场积极性 高涨。国际机构方面，摩根士丹利（大摩）上调一季度人民币对美元汇率预期至6.85。其看好人民币升 值的核心逻辑主要有两方面：一是中国出口势头保持强劲，为汇率稳定提供基础支撑；二是春节档前后 DeepSeek V4及22大模型等前沿技术产品有望落地，预计将推动中国科技产业浪潮持续升级，成为人民 币升值的重要动力。作为核心人民币资产的A股市场，自然也成为外资重点布局与抢筹的对象之一。 经济基本面回暖的积极信号进一步为市场行情提供支撑。国家统计局最新发布的12月物价数据显示，居 民消费价格指数（CPI）同比上涨0.8%，创下近一年以来的新高。从民生场景来看，日用品及节日消费 相关服务价格呈现温和回升态势，这一变化直观反映出居民消费意愿正逐步提升。同时，工业生产者出 厂价格指数（PPI）跌幅进一步收窄，降至一年多以来的最低水平，表明工业领域价格压力持续缓解， 企业面临的"成本高、售价低"盈利困境得到初步改善。 此次物价数据的好转并非偶然，背后是各项宏观政策的协同发力与成效显现。货币政策持续保持宽松取 向，为市场提供充足流动性；财 ...

Financial Data and Key Metrics Changes - Second quarter adjusted EBITDA was $138 million, and adjusted net income was $1.54 per share, reflecting strong operations and improving market conditions [4][20] - Total liquidity increased by 23% during the second quarter to $647 million, supported by strong operating cash flows [20] - Year-to-date share count reduced by nearly 8% due to stock repurchases totaling $28 million [8][19] Business Line Data and Key Metrics Changes - Refining segment reported adjusted EBITDA of $108 million in the second quarter, compared to a loss of $14 million in the first quarter [13] - Retail segment adjusted EBITDA increased to $23 million from $19 million in the first quarter, driven by higher fuel margins and same-store sales growth [17] - Logistics segment adjusted EBITDA remained consistent at $30 million, aligning with mid-cycle run rate guidance [16] Market Data and Key Metrics Changes - Hawaii throughput reached a record 88,000 barrels per day, with production costs at $4.18 per barrel [10] - Montana throughput was 44,000 barrels per day, reflecting lower throughput due to a successful turnaround [11] - Washington index averaged $15.37 per barrel, an improvement of approximately $11 from the prior quarter [15] Company Strategy and Development Direction - The company is focusing on low capital, high return projects to improve profitability following the Montana turnaround [6] - A joint venture with Mitsubishi and INEOS was announced, with a $100 million investment to strengthen renewable fuels capabilities [7] - The company aims to achieve annual cost reductions of $30 million to $40 million relative to the previous year [17] Management's Comments on Operating Environment and Future Outlook - Management expressed a constructive outlook despite policy uncertainty, citing flexibility and structural cost advantages [8] - The Asian market outlook remains favorable, with expectations of strong cash generation driven by market conditions and reduced capital spending [9] - Management anticipates financial contributions from the joint venture starting in 2026, following the commissioning of the pretreatment unit [29] Other Important Information - Cash from operations during the second quarter totaled $83 million, excluding working capital inflows [18] - The company repurchased $28 million worth of shares during the second quarter, with a total of 5.2 million shares repurchased year-to-date [19] Q&A Session Summary Question: Drivers behind strong capture rates in Hawaii - Management noted that elevated clean product freight rates and improved throughput rates contributed to capture rates exceeding guidance [22][23] Question: Update on SAF joint venture and startup timing - The joint venture discussions have been ongoing, with startup targeted for the second half of the year and expected EBITDA contributions beginning in 2026 [26][29] Question: Performance in The Rockies and excess inventory sales - Management indicated that excess inventory sales contributed to capture rates, with guidance for Q3 remaining at 90% to 100% [32][33] Question: Small refinery exemptions and cash flow implications - Management expects the EPA to follow the law regarding small refinery exemptions, with potential cash flow upside from retroactive receipts [43][46] Question: Sustainability of Singapore market margins - Management highlighted that the Chinese refining fleet's focus on internal demand and integration with petrochemical complexes is key to market dynamics [47][49] Question: Use of excess cash and M&A appetite - The company remains in an excess capital position, with a focus on opportunistic buybacks and internal growth opportunities rather than large-scale M&A [57][59]