| Million > 国发期货 | | 能源 日报 | | --- | --- | --- | | | 操作评级 | 2025年11月24日 | | 原油 | ★☆☆ | 高明宇 首席分析师 | | 燃料油 | な女女 | F0302201 Z0012038 | | 低硫燃料油 文文文 | | 王盈敏 中级分析师 | | 沥青 | 女女女 | F3066912 Z0016785 | | | | 李海群 中级分析师 | | | | F03107558 Z0021515 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【原油】 俄乌协议再现曙光,周日美乌双方就美国提出的结束俄乌冲突28点新计划举行的会谈取得进展,特朗普提出本 周四是乌克兰接收和平方案的最后期限,美联储对12月降息的反复态度亦令原油等风险资产承压。供需方面四 季度、明年一季度市场仍面临更大的累库预期,油价下行驱动仍在,此前偏空策略继续持有,本周重点关注俄 乌和平方案谈判进展及委内地缘风险。 【燃料油&低硫燃料油】 燃料油绝对价格受成本端拖累走弱，就其自身而言。高硫燃料油呈现供 ...

期 货 眼 ·日 迹 每日早盘观察 | 股指期货：A 股再受考验 3 | | --- | | 国债期货：消息扰动下，债市表现分化 4 | 银河期货研究所 2025 年 11 月 21 日 0 / 46 研究所 期货眼·日迹 | 蛋白粕：利多带动有限 粕类继续承压 5 | | --- | | 白糖：国际糖价继续震荡 国内糖价震荡略涨 5 | | 油脂板块：震荡行情延续 6 | | 玉米/玉米淀粉：现货稳定，盘面偏弱震荡 7 | | 生猪：出栏压力增加 现货略有回落 8 | | 花生：花生现货稳定，花生短期底部震荡 9 | | 鸡蛋：需求表现一般蛋价稳中有落 9 | | 苹果：需求表现一般 果价稳定为主 10 | | 棉花-棉纱：基本面矛盾不大 棉价震荡为主 11 | | 钢材：钢价区间震荡，铁水仍有压减空间 13 | | --- | | 双焦：现货价格高位回调，盘面偏弱运行 13 | | 铁矿：偏空思路对待 14 | | 铁合金：供需双弱，成本支撑区间震荡 15 | | 贵金属：美国非农信号不一 金银延续震荡 16 | | --- | | 铜：短期关注下方支撑 17 | | 氧化铝：实质性减产仍未兑现 关注仓单 ...

光大期货能化商品日报（2025 年 11 月 20 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周三油价大幅下跌，其中 WTI 12 月合约收盘下跌 1.3 美元至 59.44 | | | | 美元/桶，跌幅 2.14%。布伦特 1 月合约收盘下跌 1.38 美元至 63.51 | | | | 美元/桶，跌幅 2.13%。SC2601 以 455.8 元/桶收盘，下跌 7.4 元/ | | | | 桶，跌幅 1.6%。EIA 公布的库存报告显示，因精炼和出口需求上 | | | | 升，上周美国原油库存下降，而汽油和馏分油库存增加。截至 11 | | | | 月 14 日当周，美国商业原油库存减少 340 万桶，至 4.242 亿桶， | | | | 此前市场预期为减少 60 万桶。作为需求指标的成品油总供应量下 | | | | 降 61.3 万桶/日，至 2016 万桶/日。汽油需求下降 50 万桶/日至 | | | 原油 | 853 万桶/日，而馏分油需求下降 13.6 万桶/日至 388 万桶/日。美 | 震荡 | | | 国汽油库存增加 230 ...

光大期货能化商品日报 光大期货能化商品日报（2025 年 11 月 19 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周二油价重心上移，其中 WTI 12 月合约收盘上涨 0.83 美元至 | | | | 60.74 美元/桶，涨幅 1.39%。布伦特 1 月合约收盘上涨 0.69 美元 | | | | 至 64.89 美元/桶，涨幅 1.07%。SC2512 以 466 元/桶收盘，上涨 | | | | 5.4 元/桶，涨幅 1.17%。新换主力合约 SC2601 合约收盘在 465.7 | | | | 元/桶，上涨 3.4 元/桶，涨幅为 0.74%。API 数据显示，上周，美 | | | | 国 API 原油库存+444.8 万桶，之前一周+130 万桶。上周 API 库 | | | | 欣原油库存-79 万桶。上周 API 成品油汽油库存+154.6 万桶、馏 | | | | 分油库存+57.7 万桶。国家统计局公布数据显示，中国 2025 年 10 | | | 原油 | 月汽油产量为 1345.7 万吨，同比增加 1.7%，1-10 月累计产 ...

Report Industry Investment Ratings - Crude oil: One red star, indicating a bullish bias but limited trading opportunities on the market [5][6] - Fuel oil: Three red stars, suggesting a clearer upward trend and relatively appropriate investment opportunities [5][6] - Low-sulfur fuel oil: Three red stars, indicating a clearer upward trend and relatively appropriate investment opportunities [5][6] - Asphalt: Three green stars, suggesting a clearer downward trend and relatively appropriate investment opportunities [5][6] - Liquefied petroleum gas: Three red stars, indicating a clearer upward trend and relatively appropriate investment opportunities [5][6] Core Viewpoints - The oil price has continued to show a weak and volatile performance since the end of October. The supply-side contraction-induced cyclical inflection point of oil prices has not been seen yet, and a weak and volatile judgment on crude oil is maintained [2] - High-sulfur fuel oil is still supported by geopolitical factors in the short term, but the medium-term supply pattern tends to be loose. Low-sulfur fuel oil has been strong recently due to supply-side fluctuations, but medium-term supply pressure still exists [2] - The cost support for asphalt has been continuously weakening, the demand is expected to follow the seasonal weakening pattern, and the medium- and long-term fundamentals have a bearish impact on BU [3] - The supply and demand of liquefied petroleum gas have tightened marginally, and it is expected to fluctuate strongly [4] Summary by Related Catalogs Crude Oil - Since the end of October, the oil price has continued to show a weak and volatile performance. Geopolitical risks have boosted the oil price, but the rebound height has always been limited [2] - According to the monthly reports of the three major institutions, considering the suspension of production increases by OPEC+ in the first quarter of next year and the strict implementation of production cut compensation, the global oil market will have a supply surplus of 1.84 million barrels per day and 3.31 million barrels per day this year and next year respectively [2] - The supply-side contraction-induced cyclical inflection point of oil prices has not been seen yet, and a weak and volatile judgment on crude oil is maintained [2] Fuel Oil & Low-Sulfur Fuel Oil - High-sulfur fuel oil is still supported by geopolitical factors in the short term. The subsequent actual exports of Russia still have uncertainties, but the medium-term supply pattern tends to be loose [2] - Low-sulfur fuel oil has been strong recently due to supply-side fluctuations, but the possible increase in low-sulfur shipping volume caused by the planned maintenance of the RFCC unit of the Kaigute refinery at the end of December needs attention, and medium-term supply pressure still exists [2] Asphalt - In November, the discount of diluted asphalt dropped to -$11 per barrel, and the cost support has been continuously weakening [3] - Since November, the weekly shipment volume has decreased month-on-month and is also at a low level in the same period of the past four years [3] - The "14th Five-Year Plan" end-year rush demand expectation has been falsified, and the subsequent demand will follow the seasonal weakening pattern. The medium- and long-term fundamentals have a bearish impact on BU [3] Liquefied Petroleum Gas - The increase in propane discount supports the import landed cost [4] - The improvement in the profitability of butane dehydrogenation units has boosted the enthusiasm of downstream chemical enterprises to start operations, and the demand on the combustion side has improved [4] - The supply and demand of liquefied petroleum gas have tightened marginally, and it is expected to fluctuate strongly [4]

Report Industry Investment Ratings - Crude oil: One red star, indicating a bullish bias but with limited trading opportunities on the market [5][6] - Fuel oil: Three red stars, suggesting a clearer upward trend and relatively appropriate investment opportunities [5][6] - Low-sulfur fuel oil: Three red stars, indicating a clearer upward trend and relatively appropriate investment opportunities [5][6] - Asphalt: Three green stars, meaning a clearer downward trend and relatively appropriate short-selling opportunities [5][6] - Liquefied petroleum gas: Three red stars, suggesting a clearer upward trend and relatively appropriate investment opportunities [5][6] Report's Core View - The oil market is facing different supply and demand situations, with crude oil expected to be volatile and weak, while fuel oil, low-sulfur fuel oil, and liquefied petroleum gas are expected to be bullish, and asphalt is expected to be bearish [2][3][4] Summary by Related Catalogs Crude Oil - Since late October, oil prices have continued to show a volatile and weak performance, with geopolitical risks providing some support but limited rebound [2] - According to the three major institutions' monthly reports, considering OPEC+'s suspension of production increases and strict implementation of production cut compensation in the first quarter of next year, the global oil market will have a supply surplus of 1.84 million barrels per day this year and 3.31 million barrels per day next year [2] - The supply-side contraction has not yet led to a cyclical inflection point in oil prices, and a volatile and weak outlook is maintained [2] Fuel Oil & Low-Sulfur Fuel Oil - High-sulfur fuel oil is currently supported by geopolitical factors, but the mid-term supply pattern is expected to be loose as the Middle East increases production and the power generation peak season ends [2] - Low-sulfur fuel oil has been strong recently due to supply-side fluctuations, but mid-term supply pressure still exists, especially considering the planned maintenance of the RFCC unit at the Kert refinery in late December [2] Asphalt - In November, the discount of diluted asphalt dropped to -$11 per barrel, weakening cost support [3] - Weekly shipments have decreased month-on-month since November and are at a low level in the same period in the past four years [3] - Commercial inventory depletion has continued to slow down, and the year-on-year increase in social inventory has widened since the end of October [3] - The expected rush demand in the "14th Five-Year Plan" has been disproven, and subsequent demand will follow the seasonal weakening pattern, with negative signals for year-end demand compared to last year [3] Liquefied Petroleum Gas - The increase in propane discount supports the import cost [4] - The improvement in the profitability of butane dehydrogenation units has boosted the enthusiasm of downstream chemical enterprises to start production, and the demand for combustion has improved due to the significant cooling in many places [4] - The inventory rates of refineries and ports have decreased, and the supply and demand have tightened marginally, leading to a bullish outlook [4]

国泰君安期货·能源化工 燃料油、低硫燃料油周度报告 国泰君安期货研究所·梁可方 投资咨询从业资格号：Z0019111 日期：2025年11月16日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 本周观点总结 01 供应 02 需求 03 库存 04 价格及价差 05 炼厂开工 全球炼厂检修 国内炼厂产量与商品量 国内外燃料油需求数据 全球燃料油现货库存 亚太区域现货FOB价格 欧洲区域现货FOB价格 美国地区燃料油现货价格 纸货与衍生品价格 燃料油现货价差 全球燃料油裂解价差 全球燃料油纸货月差 进出口 06 国内燃料油进出口数据 全球高硫燃料油进出口数据 全球低硫燃料油进出口数据 Special report on Guotai Junan Futures 2 综述 1 本周燃料油、低硫燃料油观点：下跌趋势中低硫继续偏强 | 观点 | 本周燃料油价格仍然在跟随原油持续下跌，但在下跌过程中海内外的低硫相对强于高硫。高硫方面，在中东出口量维持高位的情况下，现货 市场的成交升贴水仍然弱势，叠加当下船燃、发电等需求板 ...

Report Industry Investment Ratings - Crude oil: ★☆☆, indicating a bullish/ bearish bias with a driving force for price movement, but limited operability in the market [1] - Fuel oil: ★☆☆, similar to crude oil, with a bias but limited operability [1] - Low - sulfur fuel oil: ★☆☆, same as above [1] - Asphalt: ★☆☆, with a bias but limited operability [1] - Liquefied petroleum gas: ☆☆☆, suggesting a relatively balanced short - term trend with poor operability and a wait - and - see approach [1] Core Viewpoints - The global oil market will have supply surpluses of 1.84 million barrels per day and 3.31 million barrels per day this year and next year respectively, and the surplus will gradually expand quarter by quarter. There is still a downward risk in the crude oil market this year [1] - The fuel oil market is affected by geopolitical factors, and the upward drive for high - sulfur cracking is limited. The low - sulfur market has improved fundamentals [2] - The 2601 asphalt contract has some support at 3000 yuan/ton, and the fundamental bearish factors still suppress the market in the medium - to - long term [3] - The LPG market is expected to fluctuate strongly due to tightened supply - demand margins [3] Summary by Related Catalogs Crude Oil - Based on the latest adjustments of the supply - demand balance sheets by three major institutions in November, considering OPEC+ suspending production increases and strictly implementing production cut compensation in the first quarter of next year, the global oil market will have supply surpluses of 1.84 million barrels per day and 3.31 million barrels per day this year and next year respectively. The supply surplus will gradually expand quarter by quarter, and the most relaxed quarter (Q1 next year) has not arrived yet. Since the fourth quarter, the inventory accumulation rate of global oil at 2.4% has exceeded that of the previous three quarters, and the supply surplus is increasingly evident in the inventory. There is still a downward risk in the crude oil market this year, and attention should be paid to the realization of geopolitical risks related to Venezuela [1] Fuel Oil & Low - Sulfur Fuel Oil - The drone attack on Russia's Novorossiysk today damaged the oil terminal facilities, driving up the prices of crude - related products, and fuel oil followed suit. In terms of fundamentals, high - sulfur fuel oil is still supported by geopolitical factors in the short term. Sanctions and attacks on Russia continue to disrupt the supply side, and the possible further sanctions on Venezuela by the US also bring uncertainties. However, the actual reduction in supply needs further observation. The demand side is at the end of the power - generation peak season, and the increase in Middle - East supply offsets the impact, and the demand for refinery feedstock is also weak, so the upward drive for high - sulfur cracking is limited. The low - sulfur market has seen a relief in supply pressure due to unstable operation of overseas refineries. The strengthening of the crack spreads of gasoline and diesel provides support from the perspective of production conversion. Coupled with the peak season of bunker fuel demand in the fourth quarter and the easing of Sino - US trade relations, the fundamentals have improved compared with the previous period [2] Asphalt - The 2601 contract has some support at 3000 yuan/ton. The worse - than - expected shipment volume not only disproves the expectation of rush - demand in the final year of the "14th Five - Year Plan" but also sends a negative signal that the demand is lower than the same period last year. The destocking of the latest commercial inventory continues to slow down, and the year - on - year increase in social inventory has widened after reaching an inflection point of being higher than the same period last year at the end of October. In the medium - to - long term, the bearish fundamentals still suppress the BU market [3] Liquefied Petroleum Gas - The international LPG market has been trending strongly recently, and the supply of imported resources is tight. The improved profitability of butane dehydrogenation plants has boosted the enthusiasm of downstream chemical enterprises to start production, and the significant cooling in many places has led to an improvement in combustion - end demand. The storage capacity utilization rates of refineries and ports have decreased. The tightening of supply - demand margins has boosted the LPG market to be regarded as fluctuating strongly [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The oil price will continue to fluctuate. The IEA warns that the global oil market will face a large - scale surplus of up to 4.09 million barrels per day next year [1]. - The prices of fuel oil (FU and LU) are expected to be bearish, with Asian low - sulfur market facing supply and demand dilemmas and high - sulfur market supported by stable demand but with sufficient supply [1][3]. - The asphalt price is temporarily viewed bearishly due to abundant market resources, weak downstream demand, and supply decline being less than demand decline [3]. - PX&TA are expected to fluctuate following the cost side in the short term, while the ethylene glycol price is expected to be under pressure with high supply and limited demand growth [3][5]. - The rubber price is expected to fluctuate due to increased supply and weak overseas demand [5]. - The methanol price is expected to maintain a bottom - oscillating trend, with potential supply changes due to Iranian device conditions and port inventory trends [5][6]. - The polyolefin price is expected to bottom - oscillate, with a shift to a supply - strong and demand - weak situation but with valuation - related factors limiting further decline [6]. - The PVC price is expected to bottom - oscillate, with high - level supply, weak domestic demand, and potential export - market changes [6][7]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Thursday, WTI 12 - month contract rose 0.2 dollars to 58.69 dollars/barrel (0.34% increase), Brent 1 - month contract rose 0.3 dollars to 63.01 dollars/barrel (0.48% increase), and SC2512 fell 2.8 yuan/barrel to 451.6 yuan/barrel (0.62% decrease). US commercial crude inventory increased by 6.4 million barrels to 427.58 million barrels as of November 7, higher than the market expectation. The IEA predicts a large - scale surplus in the global oil market next year [1]. - **Fuel Oil**: On Thursday, FU2601 fell 3.71% to 2595 yuan/ton, LU2601 fell 4.41% to 3164 yuan/ton. Singapore and Fujeirah fuel oil inventories increased. Asian low - sulfur market has supply and demand issues, while high - sulfur market is supported by stable demand [1][3]. - **Asphalt**: On Thursday, BU2601 fell 1.05% to 3029 yuan/ton. This week, domestic asphalt shipments decreased by 18.7%, and the capacity utilization rate of modified asphalt enterprises decreased. In November, production and consumption both declined, with supply decline less than demand [3]. - **Polyester**: TA601 rose 0.64% to 4700 yuan/ton, EG2601 rose 0.03% to 3892 yuan/ton, and PX601 rose 0.92% to 6836 yuan/ton. Some glycol devices are under maintenance. PX&TA are expected to follow the cost side, and ethylene glycol is under supply pressure [3][5]. - **Rubber**: On Thursday, RU2601 rose 170 yuan/ton to 15390 yuan/ton, NR rose 220 yuan/ton to 12400 yuan/ton, and BR rose 50 yuan/ton to 10480 yuan/ton. Rubber supply increased, and overseas demand weakened [5]. - **Methanol**: The supply is currently at a high level, and Iranian devices may stop in November - December, leading to a potential decline in January arrivals. Port inventory is expected to start de - stocking from mid - December to early January [5][6]. - **Polyolefin**: The price of polyolefin products shows a downward trend in profit. It is expected to shift to a supply - strong and demand - weak situation, but valuation factors may limit further decline [6]. - **PVC**: The price oscillated on Thursday. Supply is at a high level, domestic demand is weak, and the cancellation of BIS certification may boost exports, but anti - dumping needs attention [6][7]. 3.2 Daily Data Monitoring - The table shows the basis data of various energy - chemical products on November 14, 2025, including spot price, futures price, basis, basis rate, and the change of basis rate compared with previous days, as well as the quantile of the latest basis rate in historical data [8]. 3.3 Market News - The EIA report shows that last week, US crude inventory increased, while gasoline and distillate inventories decreased. As of November 7, US commercial crude inventory increased by 6.4 million barrels to 427.58 million barrels, and Cushing crude inventory decreased by 346,000 barrels [12]. - The IEA warns that the global oil market will face a large - scale surplus of up to 4.09 million barrels per day next year, which is equivalent to nearly 4% of global oil demand and much higher than other forecasts [12]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: There are 29 figures showing the closing prices of main contracts of various energy - chemical products from 2021 to 2025, including crude oil, fuel oil, asphalt, etc. [14][15][16] - **4.2 Main Contract Basis**: There are 31 figures showing the basis of main contracts of various energy - chemical products from 2021 to 2025, including crude oil, fuel oil, etc. [30][34][37] - **4.3 Inter - period Contract Spreads**: There are 15 figures showing the spreads between different contracts of various energy - chemical products, such as fuel oil, asphalt, etc. [42][44][47] - **4.4 Inter - variety Spreads**: There are 10 figures showing the spreads between different varieties of energy - chemical products, such as crude oil internal - external spreads, fuel oil high - low sulfur spreads, etc. [58][60][63] - **4.5 Production Profits**: There are 2 figures showing the production profits of LLDPE and PP [66]. 3.5 Team Member Introduction - The research team includes members such as Zhong Meiyan (Assistant Director and Energy - Chemical Director), Du Bingqin (Crude Oil, Gas, etc. Analyst), Di Yilin (Natural Rubber/Polyester Analyst), and Peng Haibo (Methanol/Propylene, etc. Analyst), each with rich experience and achievements [71][72][73]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The overall energy - chemical market shows a volatile trend. Crude oil, fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and PVC are all expected to run in a volatile manner, with different influencing factors for each variety [1][3][5][7]. 3. Summary by Directory 3.1 Research Views - **Crude Oil**: On Tuesday, oil prices rebounded. WTI December contract rose $0.91 to $61.04 per barrel, a 1.51% increase; Brent January contract rose $1.1 to $65.16 per barrel, a 1.72% increase; SC2512 closed at 468.9 yuan per barrel, up 9.7 yuan or 2.11%. US crude inventory is expected to increase, while gasoline and distillate inventories are expected to decline. Asian gasoline refining profit reached the highest level since January 2024. The market shows certain linkages, and oil prices will continue to fluctuate [1]. - **Fuel Oil**: On Tuesday, the main fuel oil contracts on the Shanghai Futures Exchange declined. The Asian low - sulfur market faces supply and demand problems, but the East - West arbitrage window is basically closed. The Asian high - sulfur market is supported by stable demand but has sufficient supply. The market structure of low - sulfur and high - sulfur fuel oil is expected to continue to reverse [1]. - **Asphalt**: On Tuesday, the main asphalt contract on the Shanghai Futures Exchange rose. The market has abundant resources but weak demand, and the spot price has reached a nearly three - year low. Although the production in November has decreased, the short - term supply still faces pressure. The price of asphalt is treated with a bearish view [3]. - **Polyester**: TA601 and EG2601 closed down. PX&TA futures prices rebounded, and the processing margin on the disk narrowed. The supply side has maintenance plans, and the downstream polyester maintains a high operating rate. It is expected that PX&TA will follow the cost side to fluctuate in the short term. The supply pressure of ethylene glycol remains, and the price is expected to be under pressure [3]. - **Rubber**: On Tuesday, the main rubber contracts on the Shanghai Futures Exchange declined. The rubber production is seasonally increasing, and the supply pressure is increasing. The downstream demand is weak overseas, and the EU's investigations have increased export concerns. It is expected that rubber prices will fluctuate [5]. - **Methanol**: The supply in the domestic market has recovered to a high level, and Iranian devices may stop production from late November to December. It is expected that methanol will maintain a bottom - oscillating trend [5]. - **Polyolefins**: The short - term production will remain high, and the downstream demand will weaken marginally after the e - commerce activities. It is expected that polyolefin prices will enter a volatile and weak stage [7]. - **PVC**: The supply maintains a high - level oscillation, the domestic demand slows down, and exports are affected by India's anti - dumping policy. It is expected that PVC prices will tend to oscillate at the bottom [7]. 3.2 Daily Data Monitoring - The report provides the basis price data of energy - chemical varieties on November 12, 2025, including spot prices, futures prices, basis, basis rates, and their changes and historical quantiles [10]. 3.3 Market News - Last week, US crude inventory was expected to increase, and gasoline and distillate inventories were expected to decline. As of the week of November 7, US crude inventory was expected to increase by about 1.2 million barrels [12]. - Although the US imposed new sanctions on Russia's two largest oil companies, Russian oil shipments remained stable in early November and are expected to decline from the end of November [12]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report provides price trend charts of the main contracts of various energy - chemical varieties from 2021 to 2025, including crude oil, fuel oil, LPG, PTA, ethylene glycol, etc. [14][16][19][22][25][27][30][31]. - **4.2 Main Contract Basis**: It shows the basis trend charts of the main contracts of various energy - chemical varieties from 2021 to 2025, such as crude oil, fuel oil, asphalt, etc. [32][38][39][42][43][44]. - **4.3 Inter - period Contract Spreads**: It presents the spread trend charts of different contracts of various energy - chemical varieties, including fuel oil, asphalt, PTA, ethylene glycol, etc. [48][50][53][56][59][61]. - **4.4 Inter - variety Spreads**: It provides the spread and ratio trend charts of different varieties of energy - chemical products, such as crude oil internal and external markets, high - and low - sulfur fuel oil, etc. [63][65]. - **4.5 Production Profits**: It shows the production profit trend charts of LLDPE and PP [71]. 3.5 Team Member Introduction - The research team includes the assistant director and energy - chemical director Zhong Meiyan, and analysts such as Du Bingqin, Di Yilin, and Peng Haibo, each with rich experience and achievements in different energy - chemical fields [76][77][78][79].