Core Viewpoint - The solvent oil market in China is experiencing a downward trend in 2024 due to reduced supply from refinery maintenance, high production costs, and declining demand from downstream industries, leading to a significant drop in both production and apparent demand [1][9]. Group 1: Industry Overview - Solvent oil is a light oil produced from crude oil or other raw materials, used in various industries including coatings, paints, edible oils, printing inks, leather, pesticides, rubber, cosmetics, and mechanical cleaning [2][5]. - The production of solvent oil in China is expected to reach 2.509 million tons in 2024, a year-on-year decrease of 10.2% [1][9]. - The apparent demand for solvent oil in 2024 is projected to be 2.543 million tons, down 9.8% compared to the previous year [1][9]. Group 2: Supply and Demand Dynamics - The solvent oil market is characterized by a dual decline in supply and demand, with refinery maintenance leading to reduced market supply and competition from alternative products impacting demand [1][9]. - The real estate sector's downturn is negatively affecting downstream industries such as paints and adhesives, further suppressing solvent oil demand growth [1][9]. Group 3: Price Trends - The average price of solvent oil in China for 2024 is forecasted to be 7,670.99 yuan per ton, a decrease of 323.85 yuan per ton from 2023, reflecting a year-on-year drop of 4.05% [1][9]. - Despite the downward pressure on prices due to reduced demand, the price remains relatively high compared to the past five years due to supply constraints and high production costs [1][9]. Group 4: Import and Export Trade - China maintains a low dependency on imports for solvent oil, with 2024 imports expected to be 42,100 tons, a year-on-year increase of 29.2%, while exports are projected at 8,300 tons, up 16.3% [1][9]. - The import sources for solvent oil primarily include Singapore, Japan, and the United States, with Singapore being the largest supplier [10][10]. - The export destinations are diverse, with significant volumes going to Myanmar, Hong Kong, Thailand, and Russia [10][10]. Group 5: Future Development Trends - The solvent oil industry is expected to continue evolving towards non-toxic, refined, and specialized products due to increasing environmental regulations and market saturation [11][11]. - The market for high-end solvent oils, such as eco-friendly and high-performance products, is anticipated to expand further [11][11].

Core Viewpoint - The article provides a comprehensive overview of the consumption tax and VAT regulations related to refined oil products, including specific tax rates and invoicing requirements for various types of refined oils [2][3][4][6]. Taxation on Refined Oil Products - Gasoline is subject to a consumption tax at a fixed rate of 1.52 yuan per liter, including both automotive and aviation gasoline [2]. - Diesel is taxed at a fixed rate of 1.20 yuan per liter, covering various types of diesel fuels [2]. - Naphtha, used as a chemical raw material, is also taxed at a fixed rate of 1.52 yuan per liter [2]. - Solvent oil is taxed at a fixed rate of 1.52 yuan per liter, applicable to oils used in various industrial applications [2]. - Aviation kerosene is taxed at a fixed rate of 1.20 yuan per liter, with a temporary suspension of tax collection [2]. VAT Regulations - All sales of refined oil products are subject to a VAT rate of 13% [4]. Invoicing Requirements for Refined Oil - Since March 1, 2018, all refined oil invoices must be issued through the new VAT invoice management system [6]. - Invoices must clearly state "refined oil" in the upper left corner, and include the correct commodity code starting with "107" [6][7]. - The quantity must not be zero, and the unit must be either "ton" or "liter" [7]. - The purchaser's information must be complete, including the taxpayer identification number [7].

Core Viewpoint - The construction of the high-end chemical technology incubation base in Yulin is aimed at promoting the high-end, diversified, and low-carbon development of China's coal chemical industry, providing key technological support for national energy security and achieving carbon neutrality goals [2][3]. Group 1: Project Overview - The high-end chemical technology incubation base is being developed by Yulin National Coal Chemical Demonstration Base Co., Ltd., with the first phase focusing on pilot projects [2]. - The project is based on an existing 100,000 tons/year high-temperature Fischer-Tropsch synthesis industrial demonstration unit and aims to upgrade technologies and validate downstream product technologies [2][3]. - The first phase will include high-temperature Fischer-Tropsch II technology testing, product pretreatment, and separation of aldehydes and ketones, leading to over 50 high-value-added products [3]. Group 2: Technological Development - The project will cultivate core technologies with independent intellectual property rights that can be industrially applied, significantly impacting the clean and efficient utilization of coal and technological innovation in the coal chemical industry [2][3]. - The second phase will focus on high-end processing of high-carbon α-olefins and new green low-carbon technologies, including the one-step conversion of synthesis gas and the utilization of carbon dioxide [3]. Group 3: Industry Impact - The project is a critical link in the future energy Yulin chemical industry chain, facilitating the transition from traditional coal to high-end chemical new materials [3]. - It will support a subsequent 4 million tons/year coal-to-oil project, enhancing the value-added of coal and promoting the integration of coal and chemical industries [3]. Group 4: Project Timeline - The project has completed major equipment orders and is currently preparing for construction, with plans to complete all construction and the first phase of pilot research by the end of 2026 [4].