"大庆海关提前介入协助，通过'企业承诺+检后即放'监管模式，将海关检测与向口岸发运集港同步进行，还为我们提供随报随检、预约检验等便利化服务， 压缩报关前检验放行时间3天以上。"大庆石化相关负责人说。 原标题：大庆这五年 | "庆"字号化工产品加速"出海" 不久前，装载大庆石化1万吨航空煤油的"玛丽丝"号油轮从大连港起航，驶往东南亚市场。这是大庆石化首次实现航煤规模化出口，为构建多元化炼油产品 效益矩阵、拓展外销渠道开辟了新路径。 航空煤油（潘爽 摄） 这是大庆海关积极助力大庆石化产业高质量发展的缩影。记者从大庆海关获悉，"十四五"期间大庆海关共检验放行全市各类化工产品2031批、390.95万吨， 货值33.22亿美元，这些产品出口全球20多个国家和地区。据不完全统计数据，海关检验大庆市出口化工品批次目前比"十三五"期间增长了5倍以上，创历史 新高。 "'十四五'期间，我市主要出口的化工产品有汽油、柴油、甲基叔丁基醚、船用燃料油、甲苯等，主要由大庆石化和大庆炼化生产。"大庆海关相关负责人介 绍，为做大全市化工产品出口基本盘，大庆海关针对两家企业出口车用汽油、车用柴油、甲基叔丁基醚等大宗散装出口危险化学品数量大 ...

俄政府通过的另一项决议规定，柴油、船用燃料油及其他瓦斯油（含通过交易所购买）的出口禁令也被 延长至2026年2月28日（含当日），但此项禁令不适用于石油产品的直接生产商。 俄联邦政府新闻处12月27日通报，俄政府已于25日通过决议，将车用汽油临时出口禁令延长至2026年2 月28日（含当日）。该禁令将对所有出口商生效，包括直接生产商。 俄罗斯副总理诺瓦克25日曾表示，俄罗斯石油产品市场目前已达到平衡，此前消耗的库存已恢复至高于 一年前的水平。他指出，8月至9月需求处于高峰期间，限制汽油和柴油出口，首先是为了保障国内市 场。（央视新闻） 俄罗斯此前实施的车用汽油出口禁令至今年年底，对所有出口商有效。对非生产商出口柴油、船用燃料 油及其他瓦斯油也实施了相同期限的限制。 上述措施自决议正式公布之日的次日起生效。 ...

国泰君安期货·原油周度报告 国泰君安期货研究所 黄柳楠 投资咨询从业资格号：Z0015892 赵旭意 投资咨询从业资格号：Z0020751 日期：2025年12月7日 GuotaiJunanFuturesallrightsreserved,pleasedonotreprint | 01 | CONTENTS 02 | 03 | 04 | 05 | 06 | | --- | --- | --- | --- | --- | --- | | 综述 | 宏观 | 供应 | 需求 | 库存 | 价格及价差 | | 原油：关注地缘对油运扰动， | 利率、贵金属与油价走势比较 | OPEC+核心成员国出口量一览 | 欧美炼厂开工率 | 美欧各类油品库存 | 基差 | | 短期观望 | 海外服务业数据 | 非OPEC+核心成员国出口量一览 | 中国炼厂开工率 | 亚太各类油品库存 | 月差 | | | 中国信用数据 | 美国页岩油产量 | | | 内外盘原油价差 | | | | | | | 净持仓变化 | SpecialreportonGuotaiJunanFutures 2 观点综述 01 本周原油观点：关注地缘对油运扰动 ...

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints - The overall oil price is oscillating, with geopolitical risks providing support. The fundamentals of high - sulfur fuel oil are slightly boosted, but the high - low sulfur price spread remains high and is expected to take time to narrow. FU2601 is expected to run strongly in the range of 2540 - 2590, and LU2601 in the range of 3220 - 3280 [3]. 3. Summary by Directory 3.1 Daily Tips - **Fundamentals**: High - sulfur fuel oil is supported by strong downstream marine fuel demand, with stable buying interest this week. Some low - sulfur fuel oil is sent to China, and refineries are buying high - sulfur fuel oil as raw materials. The spot spread of Singapore's 0.5% sulfur marine fuel has turned positive for the first time in six weeks [3]. - **Basis**: Singapore high - sulfur fuel oil is at 347.77 dollars/ton with a basis of 0 dollars/ton, and low - sulfur fuel oil is at 448.05 dollars/ton with a basis of 24 dollars/ton, indicating a flat cash - futures relationship [3]. - **Inventory**: Singapore's fuel oil inventory in the week of November 12 was 2087.9 million barrels, a decrease of 19 million barrels [3]. - **Market**: Prices are below the 20 - day line, and the 20 - day line is flat [3]. - **Main Positions**: High - sulfur main positions are short, with short positions increasing; low - sulfur main positions are short, changing from long to short [3]. 3.2 Long - Short Concerns - **Positive Factors**: Russian fuel oil export restrictions and the cancellation of US - Russia talks along with sanctions on Russian oil - related enterprises [4]. - **Negative Factors**: The optimism on the demand side remains to be verified, and the upstream crude oil is under pressure [4]. 3.3 Fundamental Data - The high - sulfur fuel oil market is supported by strong downstream demand, and some low - sulfur fuel oil is sent to China. Refineries are also purchasing high - sulfur fuel oil as raw materials. The spot spread of Singapore's 0.5% sulfur marine fuel has turned positive [3]. 3.4 Spread Data - No specific spread data analysis is provided other than the basis information mentioned above. 3.5 Inventory Data - Singapore's fuel oil inventory in the week of November 12 was 2087.9 million barrels, a decrease of 19 million barrels. Historical inventory data from September 3 to November 12 are also provided [3][8].

Core Viewpoint - Sinopec's Jingmen Petrochemical has successfully delivered its first batch of 4,400 tons of marine fuel oil through the Jingjing pipeline, marking a significant step in establishing a new supply channel for fuel oil and laying a solid foundation for the construction of a "green marine fuel corridor" in the Yangtze River Basin [1] Group 1: Market Context - The domestic shipping fuel oil market is facing increasingly fierce competition, prompting Jingmen Petrochemical to optimize its product structure and gradually reduce the production of low-value furnace fuel oil while focusing on expanding the high-value marine fuel oil market [1] - Hubei Petroleum urgently needs to expand its fuel oil supply channels to lower operational costs [1] Group 2: Strategic Collaboration - Since May, with the coordination of the Central China Sales Company, Jingmen Petrochemical and Hubei Petroleum have successfully established a fuel oil transportation channel through the Jingjing pipeline and initiated a strategic partnership with Yangtze Fuel Company to launch the "green marine fuel corridor" project [1] - The collaboration integrates the strengths of all parties involved: the Central China Sales Company coordinates overall operations, Jingmen Petrochemical ensures the supply of high-quality fuel oil, Hubei Petroleum provides pipeline facilities in the Jingzhou area, and Yangtze Fuel Company leverages its established sales network [1] Group 3: Operational Efficiency - The four companies have established an integrated operational mechanism covering pipeline transportation planning, vessel scheduling, oil quality testing, and environmental monitoring, achieving seamless connectivity in the entire process of marine fuel oil pipeline transportation and enhancing resource allocation efficiency [1]

Group 1 - The company, Bohui Co., Ltd. (300839), primarily produces white oil, lubricating oil base oil, furnace fuel oil, and marine fuel oil [1]

Company Overview - Ningbo Bohui Chemical Technology Co., Ltd. is planning to issue A-shares to specific investors, aiming to raise a total of no more than RMB 416.8268 million, which will be used to supplement working capital and repay bank loans [2][5] - The company has a registered capital of RMB 245,481,453 and was established on October 12, 2005, with its shares listed on the Shenzhen Stock Exchange since June 30, 2020 [9][10] - The company focuses on the research, production, and sales of specialty oil products, particularly in the fuel oil deep processing sector [16][23] Shareholding Structure - As of April 30, 2025, the major shareholder is Wuxi Huishan Yuanxinxiwang Industrial Upgrade M&A Investment Partnership, holding 65.08% of the shares [9][10] - The controlling shareholder, Wenquai Group, holds 39.19% of the shares, with the actual controllers being Jin Bihua and Xia Yaping [10][11] Industry Characteristics - The company operates within the refined petroleum products manufacturing industry, which is characterized by government macro-control and self-regulation [11][12] - The industry is subject to various regulations and policies, including environmental protection and safety standards, which are enforced by multiple government agencies [12][13] Market Trends - The fuel oil deep processing industry is experiencing a shift towards high-end products, driven by increasing demand for specialty chemicals and materials [15][16] - The white oil market in China is growing, with production increasing from 1.082 million tons in 2016 to 1.9 million tons in 2023, reflecting a compound annual growth rate of 8.38% [19][20] - The lubricating oil base oil market is also expanding, with a projected increase in demand for both conventional and unconventional base oils [22] Competitive Landscape - The fuel oil deep processing industry has relatively few competitors due to high entry barriers related to technology and environmental standards [23][24] - Major competitors include Hengli Petrochemical and China National Petroleum Corporation, which have significant refining capacities and product offerings [24][25] Competitive Advantages - The company emphasizes specialization in the chemical sector, focusing on the development and production of specialty oil products, which enhances its competitive edge [16][23] - The integration of upstream and downstream operations is a key strategy for the company, aimed at improving supply chain resilience and competitiveness [16][23]

Core Viewpoint - The container shipping industry is under pressure to transition to a green economy and sustainable development due to climate change, as it is responsible for a significant portion of global greenhouse gas emissions [1][5]. Group 1: Emission Statistics and Predictions - The shipping industry accounts for 3% of global CO2 emissions, with predictions indicating that emissions could increase by 50% to 250% by 2050 if no effective measures are taken [1]. - The International Maritime Organization (IMO) has set ambitious targets for reducing greenhouse gas emissions, aiming for a 20-30% reduction by 2030, 70-80% by 2040, and net-zero emissions by around 2050 [2]. Group 2: Regulatory Framework and Initiatives - The IMO's "Net-Zero Framework" was adopted in 2025, requiring a continuous reduction in greenhouse gas intensity of marine fuels starting in 2028, with a global carbon pricing mechanism to incentivize emission reductions [2][3]. - The IMO's reduction agreements provide clear technical development directions for shipping companies, encouraging the adoption of alternative fuels such as methanol, LNG, and hydrogen [3]. Group 3: Industry Challenges and Opportunities - The container shipping market faces challenges such as limited supply and high costs of green fuels, which may hinder widespread adoption despite some economic support from the IMO [4]. - The transition to green fuels and technologies is accelerating industry consolidation, with larger companies better positioned to invest in new technologies, while smaller firms may struggle to survive [3][4]. Group 4: Future Outlook - Despite challenges like demand fluctuations and regulatory complexities, the container shipping market is expected to evolve towards a greener, smarter, and more efficient model, supported by ongoing policy enhancements and technological innovations [5].