Group 1 - Guangzhou aims to advance the "waste-free city" initiative by 2025, focusing on solid waste reduction, resource utilization, and harmless disposal [1][2] - The city is enhancing its hazardous waste collection network, implementing regulations for the recycling of used batteries from electric bicycles, and has established 2,185 intelligent collection facilities for waste mineral oil [1] - A pilot program for the centralized collection of waste lead-acid batteries is expected to yield a total collection of approximately 33,000 tons by 2025, representing a year-on-year increase of 35.6% [1] Group 2 - Guangzhou is conducting special inspections and remediation actions, verifying 57 illegal solid waste disposal cases and cleaning approximately 38,800 tons of various solid waste [2] - The city is focusing on the meticulous management of hazardous waste, with a 99.89% compliance rate in annual assessments of hazardous waste generation units, marking a continuous increase over three years [2] - By 2026, Guangzhou plans to deepen the "waste-free city" initiative, supporting high-quality development through a high-quality ecological environment [2]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The supply and demand in the base oil industry remain stable, with slight adjustments in tail oil prices. The demand is generally moderate, and imported base oils are stabilizing. Rising crude oil prices are stimulating downstream purchases [7][11][65] - The theoretical profit for hydrogenated base oil this week is 356 CNY/ton, a decrease of 10.55% compared to the previous week [13][19] - The production capacity utilization rate for domestic II-type paraffinic base oil is currently at 50% [22][24] Summary by Sections 1. Industry Chain Product Fluctuation Analysis - The price fluctuations of lubricating oil base oil products show a range of -1.6% to 0.3% this week, with waste mineral oil and base oil 150N experiencing declines of -1.6% and -0.3% respectively [16] - The theoretical profit for hydrogenated base oil has decreased by 10.55% week-on-week [19] 2. Base Oil Market Weekly Overview - The international base oil market shows mixed price trends, with some categories experiencing price increases while others remain stable or decline [25][26] - The domestic market for 150N base oil is reported at 7712 CNY/ton, a decrease of 0.48% [35] 3. Base Oil Cost and Profit Changes - The production cost for hydrogenated base oil is 7356 CNY/ton, with a slight increase of 0.09% week-on-week. The profit margin has decreased significantly [35] 4. Base Oil Supply and Demand Situation - The domestic II-type paraffinic base oil production has increased by 4% due to the resumption of operations at high-bridge petrochemical [40] - The inventory level for II-type paraffinic base oil remains low at approximately 35,000 tons, indicating a balanced supply-demand situation [54] 5. Base Oil and Downstream Inventory Situation - The average inventory ratio for lubricating oil production enterprises is 25%, indicating a slight decrease from the previous week [58] 6. Related Products - The international crude oil prices have shown an upward trend, with WTI at 62.85 USD/barrel and Brent at 64.86 USD/barrel, reflecting geopolitical tensions and seasonal demand [61] 7. Trend Forecast - The market sentiment survey indicates that 25% of participants expect prices to rise, 65% expect stability, and 10% expect a decline in the coming week [66]