其实周五那天的市场特别有戏剧性，本来美国赶上"黑色星期五"，大家都忙着购物，期货市场的交易量 就比平时清淡，结果芝商所的交易平台还出了几个小时的故障，直接把全球大宗商品的波动给放大了， 连到期的汽油、柴油期货合约都跟着乱了阵脚。就在这种乱糟糟的行情里，原油和金属硬是走出了两条 完全相反的路。 先说说原油，这波四连跌可是2023年以来最长的一次，周五最后收在58美元多一桶。核心原因其实就两 点，一是大家担心市场供应过剩，二是地缘政治的风险溢价在下降。听说特朗普上周跟委内瑞拉的马杜 罗通了电话，还聊到了潜在会面的事，这两国关系一缓和，石油市场的紧张情绪自然就松了不少。另外 大家也在等周日OPEC+的线上会议，目前看他们大概率会维持到2026年初暂停增产的计划，短期也没 法缓解供应压力，油价自然扛不住。还有俄乌那边，普京也说特朗普的停火方案能当谈判基础，虽然关 键分歧还在，但局势缓和的预期已经影响了市场。 各位朋友，我是帮主郑重，做了20年财经记者、专盯中长线投资的老炮儿！最近大宗商品市场真是 把"反差感"拉满了，一边是原油跌跌不休连着四个月走低，另一边白银、铜价直接飙到历史新高，是不 是好多朋友看懵了，想知道这背 ...

格隆汇11月28日丨能源及能量环球(01142.HK)公告，截至2025年9月30日止6个月，集团录得总营业额约 2.2亿港元，较去年同期减少约8.36%。营业额减少主要由于报告期间向集团若干主要客户销售的柴油及 汽油减少所致。集团除所得税前亏损为约14.14亿港元。每股亏损0.38港元。 于报告期间，于韩国有关柴油、汽油以及相关石油产品及服务的买卖业务是集团营业额的主要贡献来 源。石油及液化天然气为能源市场的主要产业，并作为全球主要燃料来源而在全球经济中担当重要角 色。报告期间内，以色列与哈马斯的军事对峙、俄乌军事冲突继续及经济下行均影响了油价。 ...

分区域来看，内蒙古、重庆、河南汽油批发价格上涨，吉林、上海、江西、广东、海南、山西、湖北、 云南、贵州汽油批发价格下跌；河北、贵州柴油批发价格上涨，吉林、上海、海南、山西、河南、湖 北、云南柴油批发价格下跌。山东地炼方面，汽油价格小幅上涨，柴油价格小幅下跌。 中国汽、柴油批发价格由中国经济信息社-中国石油经济技术研究院"能源大数据实验室"联合上海石油 天然气交易中心发布，基于对全国范围内主要经营单位和社会经营单位（不含炼厂）的批发价格数据采 集并计算形成，是反映中国汽、柴油批发市场整体情况的权威产品。 （文章来源：新华财经） 新华财经北京11月28日电（薛尚文）中国汽、柴油批发价格显示，11月27日，中国汽、柴油批发价格均 下跌。全国92#汽油平均批发价格为7473元／吨，较前一日下跌5元／吨；柴油（含低凝点）平均批发价 格为6636元／吨，较前一日下跌4元／吨。 从市场整体情况来看，11月26日国际原油期货价格上涨，但一揽子原油价格变化率仍处于负向区间，消 息面利好支撑不足。终端市场需求清淡，购销氛围平平。 ...

中国成品油周报 研究员：童川 期货从业证号：F3071222 投资咨询证号：Z0017010 目录 | 第一章 | 综合分析 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析和数据追踪 | 4 | GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 综合分析 文 字 色 基 础 色 辅 助 色 137/137/137 ◼ 市场概况： 供应端，本周全国炼厂开工70.6%，环比下行1.2%，主营炼厂继续降负，上海石化开始检修，镇海炼化检修结束。独立炼厂开工持续上行，金诚 石化全厂检修结束后负荷答复回升，鑫海石化一次装置开始检修。主营汽柴油产量均继续下行，地炼汽柴产量均继续上行。柴汽比上行0.01至 1.43。需求端，本本周市场情绪偏悲观，市场参与者采购积极性下降，汽柴油车单和船单成交情况均有所下滑，汽柴产销率下滑，均未达产销平 衡。库存，商业库存汽柴油继续去库。汽油1023万吨，环比-18万吨（-1.8%） ...

Core Viewpoint - The Iranian government plans to implement a new gasoline pricing scheme starting in late December 2025, aimed at reducing the financial burden of gasoline subsidies and controlling excessive consumption [1] Pricing Structure - The new third-tier gasoline price will be set at 50,000 rials per liter, which is 10% of the refinery's ex-factory price and subject to adjustments [1] - The first-tier gasoline price remains at 15,000 rials per liter for a monthly quota of 60 liters, while the second-tier price is set at 30,000 rials per liter for a monthly quota of 100 liters [1] Policy Objectives - The primary goal of this policy is to alleviate the long-term pressure of high gasoline subsidies on the government, control excessive consumption, and combat smuggling [1] - Certain vehicles, including domestic new cars, government vehicles (excluding ambulances), free zone vehicles, and imported cars, will no longer receive subsidized quotas and will pay the third-tier price [1]

Core Insights - The Iranian government announced an increase in temporary personal fuel prices to 50,000 rials per liter (approximately 0.33 RMB) starting mid-December [1] - Iranian Oil Minister Paknejad stated that new vehicles produced after December, imported vehicles, vehicles from free zones, and government vehicles (excluding ambulances) will no longer be eligible for subsidized fuel cards and must purchase fuel at the new price [1] Summary by Categories - **Government Policy Changes** - The Iranian government is raising the price of personal fuel to 50,000 rials per liter [1] - The new pricing policy will affect various categories of vehicles, including new production vehicles and imports [1] - **Impact on Vehicle Categories** - New vehicles produced after December will not qualify for subsidized fuel [1] - Imported vehicles and those from free zones will also be subject to the new pricing [1] - Government vehicles, with the exception of ambulances, will have to pay the new fuel price [1]

Core Viewpoint - Energy and Energy Global (01142.HK) has entered into a placement agreement to issue up to 1.368 billion shares at a price of HKD 0.34 per share, representing a 1.49% premium over the closing price on the agreement date [1] Summary by Sections Placement Details - The placement will involve at least six independent third-party subscribers and will account for approximately 10.83% of the company's existing issued share capital [1] - The total proceeds from the placement are expected to be around HKD 465 million, with net proceeds estimated at approximately HKD 460 million [1] Use of Proceeds - Approximately 57.67% of the net proceeds will be used to repay the group's debts [1] - About 8.70% will be allocated to expand the group's existing trading business in energy commodities (such as diesel and gasoline) in South Korea [1] - Approximately 21.76% will be used to expand the group's existing trading business in energy commodities (such as coal) in China [1] - Around 7.18% will be directed towards exploring potential opportunities in renewable energy [1] - The remaining 4.69% will be utilized for general working capital [1] Contingency Plan - In the event of insufficient subscriptions for the placement shares, the company will prioritize using the net proceeds for debt repayment, with any remaining funds allocated proportionally to the other intended uses [1]

Core Viewpoint - The company plans to issue up to 1.368 billion placement shares at a price of HKD 0.34 per share, representing a premium of approximately 1.49% over the closing price on the date of the placement agreement [1] Fund Utilization - Approximately 57.67% of the net proceeds, estimated at HKD 460 million, will be used to repay the group's debts [1] - About 8.70% of the proceeds will be allocated to expand the group's existing trading business in energy commodities in South Korea, such as diesel and gasoline [1] - Approximately 21.76% will be used to expand the group's existing trading business in energy commodities in China, particularly coal [1] - Around 7.18% of the funds will be directed towards exploring potential opportunities in renewable energy [1] - About 4.69% will be allocated for the group's general working capital [1]

Core Viewpoint - Energy and Energy Global (01142) plans to issue up to 1.368 billion placement shares at HKD 0.34 per share, representing a premium of approximately 1.49% over the closing price of HKD 0.335 on the date of the placement agreement [1] Fund Utilization - Approximately 57.67% of the net proceeds, estimated at HKD 460 million, will be used to repay the group's debts [1] - About 8.70% will be allocated to expand the group's existing trading business in energy commodities (such as diesel and gasoline) in South Korea [1] - Approximately 21.76% will be used to expand the group's existing trading business in energy commodities (such as coal) in China [1] - Around 7.18% will be directed towards exploring potential opportunities in renewable energy [1] - About 4.69% will be allocated for the group's general working capital [1]

Core Insights - China Petroleum & Chemical Corporation (Sinopec) has significantly contributed to Zhejiang's economic development, achieving revenue of 1.3 trillion yuan and paying nearly 140 billion yuan in taxes during the 14th Five-Year Plan period [1] Group 1: Energy Security and Supply - Sinopec's enterprises in Zhejiang prioritize energy security, ensuring a continuous supply of clean oil products, including gasoline, diesel, and aviation fuel, supported by a comprehensive supply network of nearly 2,100 gas stations [2] - The Zhenhai Refinery has enhanced its crude oil processing capacity to 40 million tons annually, while Sinopec's Zhejiang branch serves over 1.1 million customers daily, supplying approximately 83 million tons of refined oil and 16.2 billion cubic meters of natural gas [2] Group 2: Strategic Collaborations - Sinopec Zhejiang has established strategic partnerships with 32 government units and 81 enterprises, focusing on key areas such as new energy infrastructure and rural revitalization [3] - Collaborations with research institutions like Zhejiang University and the Chinese Academy of Sciences aim to foster innovation and upgrade the petrochemical industry [3] Group 3: Green Transformation and Industry Upgrade - The Zhenhai base has launched high-end synthetic material projects, with products widely used in various sectors, including home appliances and renewable energy [4] - Sinopec has developed a hydrogen energy supply chain, with an annual hydrogen production capacity of 18,000 tons, and established 12 hydrogen refueling stations [4] - The company has also created China's first bio-jet fuel industrial facility, processing 100,000 tons of waste oil annually, contributing to sustainable aviation [4] Group 4: Technological Innovation - Sinopec is advancing smart factory initiatives, utilizing IoT and AI technologies for real-time monitoring and safety in operations [5] - Innovations in engineering and manufacturing processes have been recognized for their contributions to reducing coal consumption and carbon emissions [5] Group 5: Social Responsibility and Community Engagement - Sinopec has built 386 "Driver's Homes" across Zhejiang, providing essential services for truck drivers [6] - The company has invested nearly 23 million yuan in rural revitalization projects, significantly boosting local economies and transforming aid models from "blood transfusion" to "blood production" [7]