1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Market overview: Supply side - Main refineries' operation rate increased by 0.3 percentage points, and independent refineries' by 0.4 percentage points. Main refineries' gasoline and diesel production rose this week, and local refineries' slightly increased. The diesel - gasoline ratio remained stable at 1.32. Demand side - Market procurement sentiment was cautious, gasoline vehicle single - deal demand was average, ship - deal improved slightly but still did not reach production - sales balance; diesel production - sales declined. Inventory - Commercial gasoline and diesel inventories decreased this week. Gasoline was 10.8 million tons, down 220,000 tons (-2.0%) week - on - week; diesel was 14.02 million tons, down 130,000 tons (-0.9%) week - on - week. Local refineries' gasoline and diesel inventories increased, while social inventories decreased [6]. - Future outlook: Supply side - Planned operating units are mainly for diesel, combined with some refineries' temporary production cuts, so gasoline output is expected to decline and diesel to increase. Demand side - Gasoline is supported by summer travel but traders expect demand to weaken, with middle and lower reaches purchasing on - demand; diesel demand is expected to improve marginally due to the start of fishing in the East China Sea and less rainfall, but high crack spreads limit real - demand improvement. Price - The cost is affected by the expectation of eased US - Russia relations, reducing geopolitical risk premium. Gasoline wholesale price may decline due to high - price - suppressed transactions, while diesel may stop falling and stabilize. Retail profit is expected to widen slightly as the decline in wholesale price is deeper. Inventory - Gasoline inventory may continue to accumulate due to low ship - deals and weak vehicle - deals, and diesel still has the risk of inventory accumulation despite the start of "Golden September and Silver October" stocking [7]. 3. Summary According to Relevant Catalogs 3.1 Price - Gasoline market price: On August 14, 2025, the national average was 7,892 yuan/ton, down 18 yuan from the previous day, 51 yuan week - on - week, 77 yuan month - on - month, and 823 yuan year - on - year. Different regions showed varying degrees of decline [13]. - Diesel market price: On August 14, 2025, the national average was 6,749 yuan/ton, down 5 yuan from the previous day, 38 yuan week - on - week, 120 yuan month - on - month, and 544 yuan year - on - year [13]. 3.2 Profit - Main refineries' refining profit was 833 yuan/ton on August 15, 2025, down 106 yuan week - on - week, up 124 yuan month - on - month, and up 560 yuan year - on - year [17]. - Independent refineries' refining profit was 309 yuan/ton on August 15, 2025, up 85 yuan week - on - week, up 131 yuan month - on - month, and up 102 yuan year - on - year [17]. - Shandong local refineries' refining profit was 367 yuan/ton on August 15, 2025, up 136 yuan week - on - week, up 37 yuan month - on - month, and down 37 yuan year - on - year [17]. 3.3 Supply -开工 - China's refinery operation rate was 72.2% on August 15, 2025, up 0.3 percentage points week - on - week, 0.1 percentage points month - on - month, and up 3.1 percentage points year - on - year. Main refineries' operation rate was 82.7%, up 0.3 percentage points week - on - week; independent refineries' was 56.6%, up 0.4 percentage points week - on - week; Shandong local refineries' was 47.5%, up 0.7 percentage points week - on - week [31]. - China's crude oil processing volume was 14.49 million tons on August 15, 2025, up 60,000 tons week - on - week, 10,000 tons month - on - month, and up 510,000 tons year - on - year [31]. 3.4 Supply - Maintenance Plan - As of August 15, 2025, the total maintenance capacity was 59.2 million tons/year, down 11 million tons/year month - on - month, with Yanshan Petrochemical's maintenance completed [39]. 3.5 Supply - Output - Gasoline output in China was 3.02 million tons on August 15, 2025, up 10,000 tons week - on - week, 20,000 tons month - on - month, and down 180,000 tons year - on - year. Diesel output was 3.98 million tons, up 20,000 tons week - on - week, 40,000 tons month - on - month, and up 110,000 tons year - on - year [41]. - The diesel - gasoline ratio remained stable at 1.32 [41]. 3.6 Sales Volume - Shandong refineries' average weekly production - sales ratio: Gasoline production - sales was 95%, down 5% week - on - week; diesel production - sales declined 3% to 97% [53]. 3.7 Inventory - Gasoline commercial inventory was 10.8 million tons on August 15, 2025, down 220,000 tons (-2.0%) week - on - week. Diesel commercial inventory was 14.02 million tons, down 130,000 tons (-0.9%) week - on - week [79]. - Local refineries' gasoline and diesel inventories increased, while social inventories decreased [6].

证券之星消息，12月5日炼化及贸易板块较上一交易日下跌0.64%，和顺石油领跌。当日上证指数报收于 3902.81，上涨0.7%。深证成指报收于13147.68，上涨1.08%。炼化及贸易板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600800 | 渤海化学 | 5.05 | 10.02% | 100.15万 | | 5.01亿 | | 000985 | 大庆华科 | 19.98 | 2.83% | 2.96万 | 5872.20万 | | | 001316 | 润贝航科 | 37.12 | 2.54% | 2.57万 | 9511.51万 | | | 600506 | 统一股份 | 25.02 | 2.54% | 14.12万 | | 3.51亿 | | 000703 | 恒逸石化 | 8.40 | 2.19% | 43.51万 | | 3.64亿 | | 000301 | 东方盛虹 | 9.57 | 2.03% | 12.03万 | | 1.14亿 ...

Group 1 - The State Intellectual Property Office of China has granted a patent for a "metal membrane dust removal device and its working method" to China Petroleum & Chemical Corporation and Sinopec Shanghai Petrochemical Company [1] - China Petroleum & Chemical Corporation, established in 2000 and based in Beijing, primarily engages in oil and gas extraction [1] - The registered capital of China Petroleum & Chemical Corporation is approximately 12.17 billion RMB [1] - The company has invested in 268 enterprises and participated in 5,000 bidding projects, with 45 trademark registrations and 5,000 patent registrations [1] - Additionally, the company holds 41 administrative licenses [1]

Core Viewpoint - The report highlights the growth of China's primary plastic production, indicating a significant increase in both monthly and cumulative production figures for 2025, suggesting a positive outlook for the industry [1] Industry Summary - In September 2025, China's primary plastic production reached 12.67 million tons, marking a year-on-year growth of 10.4% [1] - From January to September 2025, the cumulative production of primary plastics in China totaled 109.703 million tons, reflecting a cumulative growth of 11.6% [1] - The data indicates a robust growth trend in the primary plastic sector, which is expected to continue in the coming years [1] Company Summary - Listed companies in the plastic industry include Hengyi Petrochemical, Rongsheng Petrochemical, Shanghai Petrochemical, Sinopec, China National Petroleum, Huajin Co., Tongkun Co., Hengli Petrochemical, Satellite Chemical, and ST Hongda [1] - These companies are positioned to benefit from the anticipated growth in the plastic production market as indicated by the statistical data [1]

Core Insights - China Petroleum & Chemical Corporation (Sinopec) and Sinopec Shanghai Petrochemical Company have obtained a patent for a "metal membrane dust removal device and its working method" with the announcement number CN116020207B, applied for on October 2021 [1] Company Overview - China Petroleum & Chemical Corporation was established in 2000 and is based in Beijing, primarily engaged in oil and gas extraction. The company has a registered capital of 12,173,968.9893 million RMB. It has invested in 268 companies, participated in 5,000 bidding projects, holds 45 trademark registrations, 5,000 patents, and possesses 41 administrative licenses [1] - Sinopec Shanghai Petrochemical Company was founded in 1993 and is located in Shanghai, focusing on the oil, coal, and other fuel processing industries. The company has a registered capital of 1,079,928.55 million RMB. It has invested in 22 companies, participated in 5,000 bidding projects, holds 51 trademark registrations, 1,331 patents, and has 12,789 administrative licenses [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國石化上海石油化工股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00338 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 3,213,804,000 | | 0 | | 3,213,804,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 3,213,804,000 | | 0 | | 3,213,804,000 | | 2. 股 ...

中国石化上海石油化工股份有限公司 2025 年第二次临时股东会 2025 年第二次临时股东会——文件一 中国石化上海石油化工股份有限公司 关于与中石化集团和中石化股份 2026-2028 年持续关联 交易的相关议案 各位股东、股东代理人： 由于本公司所处行业的特殊性和本公司生产经营的需要，自本公 司于 1993 年 7 月 6 日首次公开招股以来一直与中石化集团、中石化 股份及其联系人进行若干交易，其中包括但不限于原材料采购、石油 产品、石化产品及公用工程物资等产品的销售，并提供石化产品的代 理销售服务。本公司亦在一般及通常业务过程中不时从服务供货商 （包括中石化集团及其联系人）获得各种非核心业务服务，以支持和 补充本公司的核心业务。该等服务包括建筑安装和工程设计服务、石 化行业保险服务、综合服务及财务服务。由于现有框架协议将于 2025 年 12 月 31 日届满，而本公司今后拟继续进行类似交易，为确保本公 司的正常运作不受影响，董事会于 2025 年 10 月 22 日审议并批准了 本公司与中石化集团和中石化股份签订的新框架协议以继续获取该 等服务。新产品互供及销售服务框架协议、新综合服务框架协议及其 项 ...

中国成品油周报 研究员：童川 期货从业证号：F3071222 投资咨询证号：Z0017010 目录 | 第一章 | 综合分析 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析和数据追踪 | 4 | GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 综合分析 文 字 色 基 础 色 辅 助 色 137/137/137 ◼ 市场概况： 供应端，本周全国炼厂开工70.6%，环比下行1.2%，主营炼厂继续降负，上海石化开始检修，镇海炼化检修结束。独立炼厂开工持续上行，金诚 石化全厂检修结束后负荷答复回升，鑫海石化一次装置开始检修。主营汽柴油产量均继续下行，地炼汽柴产量均继续上行。柴汽比上行0.01至 1.43。需求端，本本周市场情绪偏悲观，市场参与者采购积极性下降，汽柴油车单和船单成交情况均有所下滑，汽柴产销率下滑，均未达产销平 衡。库存，商业库存汽柴油继续去库。汽油1023万吨，环比-18万吨（-1.8%） ...

合同编号：10000000-25-MY0607-0001 3000000-25-MY0607-0002 30450000-25-MY0607-0002 中国石化上海石油化工股份有限公司 与 中国石油化工集团有限公司 中国石油化工股份有限公司 品互供及销售服务框架协议 (2026年~2028年) 二〇二五年 月 日 l w 郊 * ダ -0 甲方:中国石油化工集团有限公司,系依据中国法律成立并合法存续的股份 有限公司。 乙方:中国石油化工股份有限公司,系依据中国法律成立并合法存续的有限 公司。 丙方:中国石化上海石油化工股份有限公司,系依据中国法律成立并合法存 续的股份公司。 米 -एर 日 录 | 背景· | | | --- | --- | | 协议 ·· | | | 第1条 产品和服务范围…………………………………… | | | 第2条 交易原则 | | | 第3条 定价原则 · | 2 | | 第4条 运作方式 · | | | 第5条 各方的权利和义务 ……………………………………… | | | 第6条 期限和具体产品及服务合同的终止 …………………… | 3 | | 第7条 各方的陈述和保证 …………… ...

Market Overview - The refining and trading sector increased by 1.32% compared to the previous trading day, with Heshun Petroleum leading the gains [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Stock Performance - Heshun Petroleum (603353) closed at 30.03, up 10.00% with a trading volume of 202,500 shares and a turnover of 586 million yuan [1] - Other notable performers include Tongkun Co. (601233) up 2.69%, Hengli Petrochemical (600346) up 2.45%, and Hengyi Petrochemical (000703) up 2.35% [1] - The overall trading volume and turnover for the refining and trading sector showed significant activity, indicating investor interest [1] Capital Flow - The refining and trading sector saw a net inflow of 8.46 million yuan from main funds, while retail funds experienced a net inflow of 20.74 million yuan [2] - However, speculative funds recorded a net outflow of 29.20 million yuan, indicating a mixed sentiment among different types of investors [2] Individual Stock Capital Flow - China Petroleum (601857) had a main fund net outflow of 58.94 million yuan, while Heshun Petroleum (603353) saw a net inflow of 57.42 million yuan [3] - Hengli Petrochemical (600346) also experienced a significant net inflow of 36.32 million yuan from main funds, reflecting strong institutional interest [3] - The capital flow data suggests varying levels of confidence in different stocks within the sector [3]