证券研究报告 行业研究——周报 [Table_ReportType] [Table_StockAndRank] 石油加工行业 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 大炼化周报：春节后复工节奏偏缓，下游需求温和复苏 [Table_ReportDate0] 2026 年 3 月 1 日 本期内容提要： [Table_Author] ➢ 国内外重点炼化项目价差跟踪： [Table_Summary] [Table_Summary] 截至 2 月 27 日当周，国内重点大炼 化项目价差为 2416.76 元/吨，环比变化-43.73 元/吨（-1.78%）；国 外重点大炼化项目价差为 1132.37 元/吨，环比变化+26.59 元/吨 （+2.41%）。截 ...

证券研究报告 行业研究——周报 [Table_ReportType] [Table_StockAndRank] 石油加工行业 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 大炼化周报：春节后复工节奏偏缓，下游需求温和复苏 [Table_ReportDate0] 2026 年 3 月 1 日 本期内容提要： [Table_Author] 自 2020 年 1 月 4 日至 2026 年 2 月 27 日，布伦特周均原油价格涨幅为+5.69%，我们根据设计方案，以即期市场价格 对国内和国外重点大炼化项目做价差跟踪，国内重点大炼化项目周均价差涨跌幅为+4.23%，国外重点大炼化项目周均 价差涨跌幅为+20.29%。 截至 2 月 27 日当周，国内重点大炼化项目 ...

证券研究报告 原油周报：美国&以色列轰炸伊朗，国际局势进一步紧张 大化工首席分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 石化化工分析师：周少玟 执业证书编号：S0600525070005 联系方式：zhoushm@dwzq.com.cn 2026年3月1日 请务必阅读正文之后的免责声明部分 投资要点 ◼ 【美国原油】 2 ◼ 1）原油价格：本周Brent/WTI原油期货周均价分别71.3/65.9美元/桶，较上周分别+1.3/+1.1美元/桶。 ◼ 2）原油库存：美国原油总库存、商业原油库存、战略原油库存、库欣原油库存分别8.5/4.4/4.2/0.2亿桶，环比 +1599/+1599/+0/+88万桶。 ◼ 3）原油产量：美国原油产量为1370万桶/天，环比-3万桶/天。美国活跃原油钻机本周407台，环比-2台。美国活跃压裂 车队本周160部，环比+7部。 ◼ 4）原油需求：美国炼厂原油加工量为1566万桶/天，环比-42万桶/天；美国炼厂原油开工率为88.6%，环比-2.4pct。 ◼ 5）原油进出口量：美国原油进口量、出口量、净进口 ...

据哥伦比亚《共和国报》2月26日报道，哥政府表示，自3月1日起全国汽 油价格将再次下调约500比索（约合0.13美元），13个主要城市平均价格预计 降至每加仑15057比索（约合3.99美元）。这是政府本月已实施一次同等幅度 降价后的再次下调。报道称，此举与弥补燃料价格稳定基金形成的价差有关。 （原标题：哥伦比亚政府再次下调石油价格） ...

证券之星消息，2月27日南向资金减持38.8万股上海石油化工股份（00338.HK）。近5个交易日中，获南 向资金减持的有4天，累计净减持1171.8万股。近20个交易日中，获南向资金减持的有12天，累计净减 持3018.2万股。截至目前，南向资金持有上海石油化工股份（00338.HK）9.85亿股，占公司已发行普通 股的30.63%。 中国石化上海石油化工股份有限公司是一家主要从事石油化工业务的中国公司。该公司通过三个分部开 展其业务。炼油产品分部设有石油炼制设备，用以生产合格的炼制汽油、煤油、柴油、重油及液化石油 气等。化工产品分部主要生产对二甲苯、苯、环氧乙烷、聚乙烯树脂、聚丙烯树脂、腈纶纤维及碳纤维 等。石油化工产品贸易分部主要从事石油化工产品的进出口贸易。该公司还从事租赁业务、提供劳务以 及各类其他商业活动。该公司主要在国内外市场开展其业务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $94.8 million, down from $97.8 million in Q4 2024 [8] - Net income for Q4 increased to $25.1 million from $23.9 million [8] - Distributable Cash Flow for Q4 was $38.4 million, compared to $45.7 million in the previous year [8] - Distribution coverage remained solid at 1.56x as of December 31 [9] Business Line Data and Key Metrics Changes - GDSO product margin increased by $17.7 million to $231.3 million in Q4 2025 [9] - Gasoline distribution product margin rose by $19.9 million to $165.6 million, driven by higher fuel margins [9] - Station operations product margin decreased by $2.2 million to $65.7 million due to a lower site count [10] - Wholesale segment product margin decreased by $21.5 million to $58.3 million, reflecting less favorable market conditions [11] Market Data and Key Metrics Changes - Fuel margins increased by $0.09 to $0.45 per gallon in Q4 2025, compared to $0.36 in Q4 2024 [9] - The commercial segment product margin decreased by $2.6 million to $6 million, primarily due to unfavorable market conditions in bunkering [11] Company Strategy and Development Direction - The company focuses on acquiring strategic assets, investing in its existing network, and optimizing its portfolio [4] - Expansion into the Houston market for bunkering is seen as a growth opportunity [5] - Continuous optimization of operations is a priority to enhance efficiency and performance [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through uneven markets and capitalize on growth opportunities [14] - The company is well-positioned to meet increased wholesale fuel demand due to favorable weather conditions in early 2026 [14] Other Important Information - The board approved a quarterly cash distribution of $0.76 per common unit, marking the 17th consecutive increase [8] - Full-year 2025 maintenance CapEx was $54 million, with expectations for 2026 maintenance CapEx in the range of $60 million to $70 million [12] Q&A Session Summary Question: Is the site optimization process completed? - Management indicated that site optimization is an ongoing process aimed at achieving operational efficiency [16] Question: Can you break down the CapEx between terminals and GDSO? - Management noted that maintenance CapEx is expected to increase slightly due to terminal acquisitions, with significant expansion CapEx planned for terminal capabilities [17][18] Question: What are the growth prospects in the Houston bunkering market? - Management highlighted a niche opportunity in Houston, with a focus on leased assets to minimize CapEx [20] Question: How does data analytics contribute to cost savings? - Management explained that data analytics is expected to enhance operational efficiencies and decision-making, with potential cost savings in the future [21][24] Question: What is the outlook for Q1 given favorable weather conditions? - Management acknowledged that cold weather in the Northeast is expected to provide a tailwind for the wholesale segment [25]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $94.8 million, down from $97.8 million in Q4 2024 [8] - Net income for Q4 2025 increased to $25.1 million from $23.9 million [8] - Distributable Cash Flow for Q4 2025 was $38.4 million, compared to $45.7 million in Q4 2024 [8] - Adjusted DCF for Q4 2025 was $38.8 million, down from $46.1 million in Q4 2024 [8] - Distribution coverage remained solid at 1.56 times as of December 31 [9] Business Line Data and Key Metrics Changes - GDSO product margin increased by $17.7 million to $231.3 million in Q4 2025 [9] - Gasoline distribution product margin rose by $19.9 million to $165.6 million, reflecting higher fuel margins [9] - Station operations product margin decreased by $2.2 million to $65.7 million due to a lower site count [10] - Wholesale segment product margin decreased by $21.5 million to $58.3 million [11] - Commercial segment product margin decreased by $2.6 million to $6 million [11] Market Data and Key Metrics Changes - Fuel margins increased by $0.09 to $0.45 per gallon in Q4 2025 from $0.36 in Q4 2024 [9] - The company experienced a decline in volumes and lower station operations contribution due to site optimization efforts [4] Company Strategy and Development Direction - The company focuses on acquiring strategic assets, investing in its existing network, and optimizing its portfolio [4] - The East Providence Terminal exceeded expectations, enhancing storage and service capabilities [5] - Expansion into the Houston market for bunkering is seen as a significant growth opportunity [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through uneven markets and capitalize on growth opportunities [14] - Early year cold weather in the Northeast is expected to support strong wholesale fuel demand [14] Other Important Information - The board approved a quarterly cash distribution of $0.76 per common unit, marking the 17th consecutive increase [8] - The company maintains a strong balance sheet with leverage at 3.59 times Funded Debt to EBITDA [12] Q&A Session Summary Question: Is the site optimization process completed? - Management indicated that site optimization is an ongoing process aimed at efficiency [16] Question: Can you break down the CapEx between terminals and GDSO? - Management noted an uptick in maintenance CapEx related to terminals and highlighted expansion opportunities in terminal capabilities [17][18] Question: What are the growth prospects in the Houston bunkering market? - Management believes they have found a niche in the Houston market and are well-positioned to meet local demand [20] Question: How does data analytics contribute to cost savings and revenue gains? - Management stated that data analytics is expected to provide efficiencies and enhance decision-making, with potential cost savings in the future [21][24] Question: What is the outlook for Q1 given favorable weather conditions? - Management acknowledged that cold weather in the Northeast could provide a tailwind for the wholesale segment [25]

摘要：【图】2025年1-10月吉林省汽油产量统计分析 图表：吉林省汽油产量分月（累计值）统计 2025年10月汽油产量分析： 单独看2025年10月份，吉林省规模以上工业企业汽油产量达到了19.8万吨，与2024年同期的数据相比， 10月份的产量增长了97.9%，增速较2024年同期高149.1个百分点，增速较同期全国高96.2个百分点，约 占同期全国规模以上企业汽油产量1345.7万吨的比重为1.5%。 图表：吉林省汽油产量分月（当月值）统计 2025年1-10月汽油产量分析： 据国家统计局数据，在2025年的前10个月，吉林省规模以上工业企业汽油产量累计达到了203.8万吨， 与2024年同期的数据相比，增长了11.8%，增速较2024年同期高16.0个百分点，增速较同期全国高16.3 个百分点，约占同期全国规模以上企业汽油产量12953.3万吨的比重为1.6%。 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 产业调研网为您提供更多 石油化工行业最新动态 石油市场调研与发展前景 化工发展现状及前景预测 日化市场调研及发展趋势 润滑油行业监测及发 ...

分区域来看，黑龙江、四川、上海、河南汽油批发价格上涨，青海、内蒙古、湖北、江西、新疆、重 庆、浙江、天津、吉林、江苏汽油批发价格下跌；甘肃柴油批发价格上涨，青海、内蒙古、新疆、湖 北、江苏、黑龙江、江西、浙江、吉林、山西柴油批发价格下跌。山东地炼方面，汽油价格下跌，柴油 价格小幅上涨。 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。 从市场整体情况来看，2月25日国际原油期货价格小幅波动，一揽子原油平均价格变化率正向区间发 展，消息面指引不稳。市场观望气氛浓郁，实际操作以刚需小单为主，购销气氛无明显改善。 （文章来源：新华财经） 新华财经北京2月27日电中国汽、柴油批发价格显示，2月26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7521元／吨，较前一日下跌4元／吨；柴油（含低凝点）平均批发价格为6084元 ／吨，较前一日下跌8元／吨。 ...

日本经济产业省：1月原油进口量同比下降7.9%； 石油产品总销量同比增长2.3%，煤油销量同比增长 3.4%，汽油销量同比增长2.9%。 ...