大宗商品研究所 沥青研发报告 沥青日报 2025 年 8 月 20 日 沥青日报 | 第一部分 | | 相关数据 | | | | --- | --- | --- | --- | --- | | 名称 | 2025/08/20 | 2025/08/19 | 涨跌 | 涨跌幅 | | 期货价格与持仓 | | | | | | BU2510（主力） | 3454 | 3453 | 1 | 0.03% | | BU2511 | 3404 | 3409 | - 5 | -0.15% | | BU2512 | 3354 | 3357 | - 3 | -0.09% | | SC2509 | 482.8 | 484.2 | -1.4 | -0.29% | | Brent首行 | 65.77 | 65.70 | 0.1 | 0.11% | | 主力合约持仓/万手 | 21.8 | 22.0 | -0.2 | -1.01% | | 主力合约成交/万手 | 14.6 | 14.2 | 0.4 | 2.85% | | 仓单数量/吨 | 72850 | 72850 | 0 | 0.00% | | 基差月差 | | | | | | BU1 ...

Group 1 - The core viewpoint of the news highlights the projected decline in China's petroleum coke production, with a forecasted output of 2.55 million tons in June 2025, representing a year-on-year decrease of 2.4% [1] - In the first half of 2025, China's cumulative petroleum coke production is expected to reach 15.674 million tons, reflecting a cumulative decline of 4.5% [1] - The report is based on data from the National Bureau of Statistics and is compiled by Zhiyan Consulting, a leading industry consulting firm in China [3]

大宗商品研究所 沥青研发报告 沥青日报 2025 年 8 月 13 日 沥青日报 | 第一部分 | | 相关数据 | | | | --- | --- | --- | --- | --- | | 名称 | 2025/08/13 | 2025/08/12 | 涨跌 | 涨跌幅 | | 期货价格与持仓 | | | | | | BU2510（主力） | 3503 | 3506 | - 3 | -0.09% | | BU2511 | 3460 | 3466 | - 6 | -0.17% | | BU2512 | 3406 | 3406 | 0 | 0.00% | | SC2509 | 489.5 | 495.2 | -5.7 | -1.15% | | Brent首行 | 65.91 | 66.99 | -1.1 | -1.61% | | 主力合约持仓/万手 | 22.5 | 22.3 | 0.2 | 0.84% | | 主力合约成交/万手 | 12.3 | 12.0 | 0.3 | 2.42% | | 仓单数量/吨 | 73750 | 73750 | 0 | 0.00% | | 基差月差 | | | | | | BU1 ...

沥青日报 2025 年 7 月 29 日 大宗商品研究所 沥青研发报告 沥青日报 | 第一部分 | | 相关数据 | | | | --- | --- | --- | --- | --- | | 名称 | 2025/07/29 | 2025/07/28 | 涨跌 | 涨跌幅 | | 期货价格与持仓 | | | | | | BU2509 （主力） | 3619 | 3569 | 50 | 1.40% | | BU2510 | 3598 | 3542 | 56 | 1.58% | | BU2511 | 3556 | 3499 | 57 | 1.63% | | SC2509 | 515.0 | 505.9 | 9.1 | 1.80% | | Brent首行 | 70.06 | 68.84 | 1.2 | 1.77% | | 主力合约持仓/万手 | 14.2 | 16.2 | -2.1 | -12.73% | | 主力合约成交/万手 | 20.9 | 22.5 | -1.6 | -7.13% | | 仓单数量/吨 | 82180 | 82180 | 0 | 0.00% | | 基差月差 | | | | | | BU10 ...

Group 1 - In the first four months of 2025, the petroleum coke production in Guangdong Province reached 152.4 million tons, a decrease of 2.8% compared to the same period in 2024, with a growth rate 36.5 percentage points lower than in 2024, but 2.8 percentage points higher than the national average [1] - The total petroleum coke production in the country during the same period was 1,049.9 million tons, with Guangdong accounting for 14.5% of this total [1] Group 2 - In April 2025, the petroleum coke production in Guangdong Province was 39.2 million tons, showing a slight increase of 0.2% compared to April 2024, but the growth rate was 16.7 percentage points lower than in 2024 [2] - The production in April 2025 represented 16.1% of the national petroleum coke production, which totaled 243.5 million tons for that month [2]

Core Insights - The article highlights the rapid growth of trade and logistics in Jingzhou Miao and Dong Autonomous County, Hunan Province, showcasing its transformation from a regional hub to a global logistics center through advancements in technology, policy support, and e-commerce. Group 1: Reishi Mushroom Trade - Jingzhou is the largest distribution center for Reishi mushrooms in China, with a trading volume of 110,000 tons and a transaction value of 2 billion yuan in 2023, accounting for 70% of the national trading volume [2][3] - The region has implemented a blockchain traceability system for Reishi mushrooms, allowing farmers to track the origin and processing history of their products [3] - The local industry has diversified from traditional medicine to include health products, food, and cosmetics, launching various products such as Reishi noodles and tea [2] Group 2: Bamboo Products Export - The bamboo industry in Jingzhou has seen significant growth, with the establishment of a green transportation channel that reduces the time from harvesting to factory by 4 hours, leading to a production value exceeding 3.06 billion yuan in the first half of the year [5] - Companies like Hunan Chenming Bamboo Products Co., Ltd. have streamlined their export processes, reducing logistics time from production to shipment by five days [4] - The bamboo fiber food packaging products have received multiple international certifications, enabling successful exports to markets in Europe, North America, and the Middle East [4] Group 3: E-commerce Development - Jingzhou's e-commerce platforms have enabled rapid distribution of local products, achieving nationwide delivery within 48 hours and connecting to over 200 cities [7] - Cross-border e-commerce has opened international markets for bamboo products, with some items achieving sales of over 10,000 units per month in Southeast Asia [7] Group 4: Logistics Efficiency - The introduction of rail-sea intermodal transport has significantly improved logistics efficiency, reducing transportation time by 1-2 days and costs by approximately 30% [8] - The local logistics hub has seen a throughput of over 350,000 tons in the first half of the year, doubling from the previous year, indicating strong demand from surrounding provinces [8]

摘要：【图】2025年5月甘肃省石油焦产量数据分析 2025年1-5月石油焦产量统计： 石油焦产量：15.5 万吨 同比增长：11.0% 2025年5月石油焦产量统计： 石油焦产量：3.2 万吨 同比增长：11.3% 增速较上一年同期变化：高29.9个百分点 据统计，2025年5月甘肃省规模以上工业企业石油焦产量与上年同期相比增长了11.3%，达3.2万吨，增 速较上一年同期高29.9个百分点，增速较同期全国高19.3个百分点，约占同期全国规模以上企业石油焦 产量246.9万吨的比重为1.3%。 详见下图： 图2：甘肃省石油焦产量分月（累计值）统计图 增速较上一年同期变化：高24.5个百分点 据统计，2025年1－5月，甘肃省规模以上工业企业石油焦产量与上年同期相比增长了11.0%，达15.5万 吨，增速较上一年同期高24.5个百分点，增速较同期全国高16.0个百分点，约占同期全国规模以上企业 石油焦产量1312.4万吨的比重为1.2%。详见下图： 图1：甘肃省石油焦产量分月（当月值）统计图 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 ...

摘要：【图】2025年1-5月吉林省石油焦产量数据分析 2025年5月石油焦产量统计： 石油焦产量：2.4 万吨 2025年1-5月石油焦产量统计： 石油焦产量：12.3 万吨 同比增长：12.8% 增速较上一年同期变化：高25.9个百分点 据统计，2025年5月吉林省规模以上工业企业石油焦产量与上年同期相比增长了12.8%，达2.4万吨，增 速较上一年同期高25.9个百分点，增速较同期全国高20.8个百分点，约占同期全国规模以上企业石油焦 产量246.9万吨的比重为1.0%。 详见下图： 图1：吉林省石油焦产量分月（当月值）统计图 同比增长：24.4% 增速较上一年同期变化：高45.1个百分点 据统计，2025年1－5月，吉林省规模以上工业企业石油焦产量与上年同期相比增长了24.4%，达12.3万 吨，增速较上一年同期高45.1个百分点，增速较同期全国高29.4个百分点，约占同期全国规模以上企业 石油焦产量1312.4万吨的比重为0.9%。详见下图： 图2：吉林省石油焦产量分月（累计值）统计图 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 ...

Core Viewpoint - The article discusses the transition of China's manufacturing industry from a phase of intense competition ("involution") to a new era focused on sustainable business practices and value creation, emphasizing the need for companies to adapt to changing market dynamics and seek collaborative growth rather than engage in destructive competition [3][4][5]. Group 1: Involution in Manufacturing - The term "involution" describes the excessive competition within industries, which has led to diminished profits and unsustainable practices, particularly in traditional sectors like steel, chemicals, and cement [4][5][10]. - The net profit margin of listed chemical companies has dropped from 7% in 2021 to less than 3% in 2024, indicating a significant decline in profitability across various cyclical industries [5][7]. - The article highlights that while China has achieved a dominant position in global manufacturing, the focus must now shift to how to maintain influence and recognition in the market [3][4]. Group 2: Historical Context and Economic Theory - The article references historical economic theories, noting that the current state of extreme competition is reminiscent of the classical model of perfect competition, where firms have no pricing power and profits are minimal [7][8]. - The evolution of competition in China’s manufacturing sector is compared to historical trends in capitalism, where initial competition leads to consolidation and the emergence of monopolistic structures [7][8]. Group 3: Industry-Specific Insights - The chemical industry has seen a significant increase in fixed assets and construction projects, with a year-on-year growth of 8.4%, indicating ongoing supply-side pressures despite poor profitability [27][29]. - The aluminum industry serves as a case study for successful supply-side management, where capacity control has led to improved profitability, with ROE stabilizing around 20% [14][15]. Group 4: Future Investment Opportunities - The article suggests that future investment opportunities may arise from sectors that can effectively manage supply constraints, such as copper and aluminum, which are expected to benefit from a more favorable supply-demand balance [30][31]. - The potential for a new cycle of capital expenditure in the manufacturing sector is anticipated, driven by global economic recovery and the need for sustainable practices [35][36]. Group 5: Corporate Responsibility and Sustainable Practices - Companies are encouraged to adopt a more socially responsible approach, focusing on employee welfare and sustainable growth rather than solely on competitive pricing strategies [19][20]. - The success of companies like "胖东来" is highlighted as examples of how treating employees and suppliers well can lead to greater customer loyalty and business success [19][20].

Core Insights - The petroleum coke production in Ningxia Hui Autonomous Region reached 110,000 tons in the first four months of 2025, marking a significant increase of 143.3% compared to the same period in 2024 [1] - In April 2025 alone, the production was 31,000 tons, reflecting a growth of 174.4% year-on-year, which is substantially higher than the national growth rates [2] Group 1: Production Data - The cumulative petroleum coke production from January to April 2025 in Ningxia accounted for 1.0% of the national total production of 10,499,000 tons [1] - The April 2025 production represented 1.3% of the national total production of 2,435,000 tons for that month [2] Group 2: Growth Comparison - The growth rate of petroleum coke production in Ningxia for the first four months of 2025 exceeded the previous year's rate by 146.6 percentage points [1] - The April 2025 production growth rate was 180.6 percentage points higher than the same month in 2024 [2]