格隆汇11月24日｜由于北美创纪录的液化天然气(LNG)出口占用了更多船只，现货LNG运输船运费持续 飙升。据Spark Commodities数据，上周五从美国运送LNG至欧洲的船舶租赁成本上涨约12%，达到每日 130,750美元，为2023年12月以来最高水平。随着北美新项目产量增加，需要更多船只将这种超低温燃 料运往包括亚洲在内的客户，自10月初以来，运费一路走高。了解内情的交易员称，运价可能还有进一 步上涨空间，12月下半月在大西洋航线上已有船舶租金超过每日150,000美元。机构汇编的船舶追踪数 据显示，北美LNG出口的30日移动平均值在上周四创下历史新高，同比增加约50%。这标志着市场在今 年大部分时间因船舶过剩而低迷后出现反转。然而，Spark Commodities指出，运费飙升已导致部分大西 洋盆地的LNG买家寻求推迟装船。同时，在太平洋地区，租用油轮的成本也达到一年多来的最高水 平。 ...

其中，利比亚、阿尔及利亚和尼日利亚等OPEC+国家的产量保持不变，但乌干达和塞内加尔等新兴出 口国将开始生产，纳米比亚的产量也将增加。阿尔及利亚和埃及的天然气产量目前保持不变，但随着莫 桑比克液化天然气(LNG)项目的投产，该国天然气产量将翻一番，到2035年，非洲天然气总产量将占全 球总产量的5%以上。 另外，根据国际能源署(IEA)关于天然气的报告，预计到2030年，全球天然气需求将持续增长，中东和 非洲的天然气液化能力预计也将增加。 中化新网讯 近日，国际能源署(IEA)发布的《2025年世界能源展望》报告表示，非洲石油和天然气投资 预计将增加。预计到2035年，非洲石油总产量将保持大致稳定，占全球产量的7%至8%。 ...

"战争结束可能意味着欧盟不会实施对俄管道天然气供应的禁令，这将使欧洲的天然气供应状况好于此 前预期，"伍德麦肯兹(Wood Mackenzie)欧洲天然气与液化天然气业务主管汤姆·马尔采克-曼瑟(Tom Marzec-Manser)表示。 尽管欧洲天然气库存低于历史平均水平，但交易员对全球液化天然气(LNG)供应充足将助力欧洲度过冬 季的信心日益增强。不过，在供暖季持续期间，市场仍较为脆弱，需求或供应的任何重大变动都可能引 发价格大幅波动。 最新气象模型显示，未来几天欧洲西北部和中部地区气温将转暖——在当前寒潮推高天然气需求、加速 库存提取之后，这一消息给市场带来了缓解。维萨拉(Vaisala)气象学家马修·德罗斯(Matthew Dross)表 示，12月初的气温"相比此前预期持续偏向温暖"。 （原标题：天气转暖叠加乌克兰和平方案前景 欧洲天然气价格创18个月新低） 智通财经APP获悉，受近期天气预报显示气温转暖以及交易员权衡乌克兰和平方案前景影响，欧洲天然 气期货价格创下18个月以来的最低水平。 因气温回升预期意味着供暖需求将减弱，基准期货价格跌至2024年5月以来的最低点。在天然气供应持 续充足且乌克兰 ...

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories in the national circulation sector indicates that in early November 2025, 26 products saw price increases, while 23 experienced declines, and 1 remained stable [1]. Price Changes Summary 1. Steel Products - Rebar (Φ20mm, HRB400E) decreased by 3.8 yuan to 3118.5 yuan, a drop of 0.1% - Wire rod (Φ8-10mm, HPB300) fell by 10.0 yuan to 3271.7 yuan, a decrease of 0.3% - Ordinary medium plate (20mm, Q235) dropped by 13.7 yuan to 3411.8 yuan, a decline of 0.4% - Hot-rolled ordinary plate coil (4.75-11.5mm, Q235) decreased by 22.9 yuan to 3296.7 yuan, down 0.7% - Seamless steel pipe (219*6, 20) fell by 17.1 yuan to 4079.2 yuan, a decrease of 0.4% [2]. 2. Non-ferrous Metals - Electrolytic copper (1) decreased by 599.6 yuan to 86209.2 yuan, down 0.7% - Aluminum ingot (A00) increased by 319.5 yuan to 21418.3 yuan, up 1.5% - Zinc ingot (0) rose by 371.7 yuan to 22516.7 yuan, an increase of 1.7% [2]. 3. Chemical Products - Sulfuric acid (98%) increased by 71.0 yuan to 785.3 yuan, up 9.9% - Caustic soda (liquid, 32%) decreased by 11.2 yuan to 858.1 yuan, down 1.3% - Methanol (first grade) fell by 86.9 yuan to 2074.4 yuan, a decline of 4.0% [2]. 4. Energy Products - Liquefied natural gas (LNG) increased by 86.8 yuan to 4323.9 yuan, up 2.0% - Liquefied petroleum gas (LPG) rose by 34.6 yuan to 4275.0 yuan, an increase of 0.8% [2]. 5. Coal - Anthracite (washed medium block) increased by 45.5 yuan to 949.5 yuan, up 5.0% - Ordinary mixed coal (4500 kcal) rose by 24.4 yuan to 611.8 yuan, an increase of 4.2% [2]. 6. Agricultural Products - Rice (Japonica) decreased by 9.9 yuan to 3909.7 yuan, down 0.3% - Wheat (national standard first grade) increased by 17.9 yuan to 2486.5 yuan, up 0.7% [3]. 7. Agricultural Production Materials - Urea (medium and small particles) increased by 3.1 yuan to 1619.8 yuan, up 0.2% - Compound fertilizer (potassium sulfate compound fertilizer, nitrogen-phosphorus-potassium content 45%) rose by 59 yuan to 3148.7 yuan, up 0.2% [3]. 8. Forest Products - Natural rubber (standard rubber SCRWF) decreased by 179.9 yuan to 14476.4 yuan, down 1.2% - Pulp (imported needle leaf pulp) increased by 14.7 yuan to 5520.0 yuan, up 0.3% [3].

Core Insights - The National Bureau of Statistics released data on the price changes of important production materials in the circulation field for early November 2025, indicating that 26 products saw price increases, 23 experienced declines, and 1 remained stable compared to late October 2025 [1]. Group 1: Price Changes Overview - In the black metal category, prices for rebar and wire rod decreased slightly, while angle steel saw a minor increase [3]. - The non-ferrous metals category showed a mixed trend, with aluminum ingots and lead ingots increasing, while electrolytic copper prices fell [3]. - Chemical products experienced significant price fluctuations, with sulfuric acid rising sharply, while several other chemicals like methanol and styrene saw declines [3]. Group 2: Energy and Coal Prices - In the petroleum and natural gas sector, liquefied natural gas (LNG) and liquefied petroleum gas (LPG) prices increased, while gasoline prices decreased [3]. - Coal prices showed an upward trend, particularly for non-caking coal and ordinary mixed coal, reflecting a general increase in energy costs [3]. Group 3: Agricultural Products - Among agricultural products, wheat prices increased slightly, while prices for corn and cotton declined [4]. - Soybean and soybean meal prices rose, indicating a potential increase in demand or supply constraints [4]. - The prices of agricultural production materials like compound fertilizers showed minor increases, while some pesticides experienced price drops [4].

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories shows a mixed trend, with 26 products experiencing price increases, 23 seeing declines, and one remaining stable in early November 2025 compared to late October 2025 [2][3]. Group 1: Price Changes in Major Categories - In the black metal category, prices for rebar decreased by 3.8 yuan per ton to 3118.5 yuan, while ordinary medium plates fell by 13.7 yuan to 3411.8 yuan [5]. - In the non-ferrous metal category, electrolytic copper saw a decline of 599.6 yuan per ton, now priced at 86209.2 yuan, while aluminum ingots increased by 319.5 yuan to 21418.3 yuan [6]. - Chemical products experienced varied changes, with sulfuric acid rising by 71.0 yuan to 785.3 yuan, while methanol dropped by 86.9 yuan to 2074.4 yuan [6][10]. Group 2: Energy and Coal Prices - In the petroleum and natural gas sector, liquefied natural gas (LNG) prices increased by 86.8 yuan to 4323.9 yuan per ton, while gasoline (95) prices decreased by 93.3 yuan to 8000.3 yuan [8]. - Coal prices showed a mixed trend, with ordinary mixed coal rising by 24.4 yuan to 611.8 yuan per ton, while coking coal prices were reported at 1623.3 yuan [9]. Group 3: Agricultural Products and Fertilizers - In agricultural products, the price of rice fell by 9.9 yuan to 3909.7 yuan per ton, while soybean prices increased by 49.2 yuan to 4298.3 yuan [10]. - Fertilizer prices also varied, with urea increasing by 3.1 yuan to 1619.8 yuan per ton, while the price of glyphosate decreased by 125.0 yuan to 27375.0 yuan [10]. Group 4: Monitoring Methodology - The price monitoring encompasses 31 provinces and over 300 trading markets, involving nearly 2000 wholesalers, agents, and distributors [13]. - The methodology includes on-site price collection, telephone inquiries, and electronic communications for data accuracy [14].

Core Insights - JiuFeng Energy's stock price increased by 2.01% to 34.51 CNY per share, with a market capitalization of 23.993 billion CNY as of November 11 [1] - The company has seen a year-to-date stock price increase of 26.33%, with a recent 5-day increase of 4.42% and a 20-day decrease of 1.34% [1] Financial Performance - For the period from January to September 2025, JiuFeng Energy reported a revenue of 15.608 billion CNY, a year-on-year decrease of 8.45%, and a net profit attributable to shareholders of 1.241 billion CNY, down 19.13% year-on-year [2] - The company has distributed a total of 1.856 billion CNY in dividends since its A-share listing, with 1.666 billion CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 1.95% to 19,800, while the average number of circulating shares per person increased by 5.04% to 34,185 shares [2] - Among the top ten circulating shareholders, a new shareholder, Southern Military Reform Flexible Allocation Mixed A, holds 6.1408 million shares [3] Business Overview - JiuFeng Energy, established on February 27, 2008, and listed on May 25, 2021, operates in the liquefied natural gas (LNG), liquefied petroleum gas (LPG), methanol, and dimethyl ether (DME) sectors [1] - The company's revenue composition includes 48.09% from natural gas operations, 41.05% from liquefied petroleum gas, and 7.49% from other chemical products [1]

Core Viewpoint - JiuFeng Energy's stock price has shown fluctuations, with a year-to-date increase of 23.48% and a recent decline in revenue and net profit for the first nine months of 2025 [2][3]. Group 1: Stock Performance - On November 10, JiuFeng Energy's stock fell by 2.03%, trading at 33.73 CNY per share, with a total transaction volume of 1.56 billion CNY and a market capitalization of 234.51 billion CNY [1]. - The stock has increased by 3.85% over the last five trading days, but has decreased by 3.57% over the last 20 days, and increased by 19.61% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, JiuFeng Energy reported a revenue of 15.608 billion CNY, a year-on-year decrease of 8.45%, and a net profit attributable to shareholders of 1.241 billion CNY, down 19.13% year-on-year [2]. - The company has distributed a total of 1.856 billion CNY in dividends since its A-share listing, with 1.666 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, JiuFeng Energy had 19,800 shareholders, a decrease of 1.95% from the previous period, with an average of 34,185 circulating shares per shareholder, an increase of 5.04% [2]. - Among the top ten circulating shareholders, the Southern Military Industry Reform Flexible Allocation Mixed A Fund is the newest shareholder, holding 6.1408 million shares [3].

Core Insights - The eighth China International Import Expo (CIIE) is being held in Shanghai from November 5 to 10, showcasing the participation of the Abu Dhabi National Oil Company (ADNOC) for the first time [1][2] - ADNOC's participation highlights over 40 years of energy cooperation between the UAE and China, and aligns with ADNOC's strategic plan to establish an office in Beijing by April 2025 [1][2] Company Collaborations - ADNOC has signed large-scale liquefied natural gas (LNG) supply agreements with Chinese companies such as New Hope Natural Gas and Zhenhua Oil, and has established a strategic framework agreement with China National Offshore Oil Corporation (CNOOC) [2] - Collaborations also extend to upstream projects with China National Petroleum Corporation (CNPC) and manufacturing export facility development with Sinopec and Zhenhua Oil [2] Strategic Initiatives - The ADNOC delegation at the expo includes senior leaders from various business units, as well as representatives from Masdar and TA'ZIZ [2] - TA'ZIZ has awarded a $1.99 billion engineering, procurement, and construction (EPC) contract to China Chemical Engineering Group's Seventh Construction Company (CC7) for the establishment of one of the world's three integrated polyvinyl chloride (PVC) production bases [2] Commitment to Cooperation - ADNOC's participation in the CIIE underscores its commitment to deepening partnerships with Chinese entities and exploring new cooperation opportunities to meet the growing global energy demand [2]

Core Insights - The National Bureau of Statistics reported that in late October 2025, compared to mid-October, 26 out of 50 monitored important production materials saw price increases, while 22 experienced declines, and 2 remained stable. Notably, the price of live pigs (external three yuan) increased by 10.1% [1][3]. Group 1: Price Changes in Major Categories - In the black metal category, rebar (Φ20mm, HRB400E) rose by 0.4% to 3122.3 yuan per ton, while ordinary medium plates (20mm, Q235) fell by 0.6% to 3425.5 yuan per ton [2]. - In the non-ferrous metals category, electrolytic copper (1) increased by 1.6% to 86808.8 yuan per ton, while aluminum ingots (A00) rose by 0.9% to 21098.8 yuan per ton [2]. - In the chemical products category, sulfuric acid (98%) surged by 9.1% to 714.3 yuan per ton, while methanol (first-class) decreased by 2.3% to 2161.3 yuan per ton [2]. - In the petroleum and natural gas category, liquefied natural gas (LNG) saw a significant increase of 10.3% to 4237.1 yuan per ton, while liquefied petroleum gas (LPG) dropped by 3.0% to 4240.4 yuan per ton [2]. - In the coal category, anthracite (washed middle block) rose by 3.4% to 904.0 yuan per ton, while ordinary mixed coal (4500 kcal) increased by 5.9% to 587.4 yuan per ton [2]. - In the agricultural products category, the price of live pigs (external three yuan) increased by 10.1% to 12.0 yuan per kilogram, while corn (yellow corn, second grade) decreased by 0.1% to 2152.8 yuan per ton [3]. Group 2: Summary of Price Movements - The overall trend indicates a mixed performance across various sectors, with notable price increases in agricultural products and certain metals, while other categories like chemicals and petroleum products experienced declines [1][2][3]. - The data reflects ongoing volatility in the market, influenced by supply chain dynamics and demand fluctuations across different industries [1][2].