又至年末，全球石油市场2026年走势成为金融界与能源行业关注焦点。据业内分析及市场动态预测，受 地缘政治持续扰动、供需格局微妙调整等多重因素影响，2026年国际油价或将呈现"先抑后扬"态势，年 初可能下探50美元下方，年末则有望反弹至70美元以上。 对于市场参与者，分析人士建议，2026年石油交易需重点关注三大核心因素：一是俄乌冲突、中东局势 等地缘动态的实时变化;二是中美两大经济体的经济数据，尤其是中国工业、美国就业与通胀数据对需 求的影响;三是石油行业产能投资、OPEC+减产协议执行情况等供应端信号。同时，保持交易纪律、设 置合理止损、避免被短期市场情绪左右，仍是应对2026年石油市场波动的关键策略。 业内强调，尽管2026年石油市场仍面临诸多不确定性，但供需格局的结构性变化已逐步清晰，地缘政治 与行业产能决策的相互作用将主导价格走势，投资者需在风险预判与机会捕捉中寻求平衡。 需求端稳中有撑 中美市场成核心支柱 需求侧的稳健表现为油价提供重要支撑。尽管美国经济呈现脆弱信号——通胀仍未完全消退，最新失业 率创下疫情以来新高，但多重积极因素将缓冲经济下行对石油需求的冲击。比如低油价本身有助于缓解 通胀压力，特 ...

Core Viewpoint - The launch of the carbon nine hydrogen resin project by Fujian Fuhua Luhua New Materials Co., Ltd. marks a significant advancement in the company's production capabilities and product offerings, enhancing its position in the high-end resin market [1] Group 1: Project Launch and Production - The carbon nine hydrogen resin project has commenced operations, achieving superior product quality standards [1] - The new facility will create synergies with existing carbon nine resin and hydrogenation units, completing the "raw material - separation - deep processing" carbon nine industrial chain [1] Group 2: Market Impact and Applications - Carbon nine hydrogen resin is characterized by excellent adhesion and weather resistance, making it suitable for high-end pressure-sensitive adhesives, hot melt adhesives, hot melt road marking paint, and rubber additives [1] - The product will serve various end-use applications, including food packaging, healthcare, road construction, and automotive tires, addressing a gap in the regional high-end carbon nine hydrogen resin market [1]

中化新网讯 近日，来自欧洲、东南亚等地区的客户到访锦州石化，并聚焦消毒液生产领域核心原料供 应，对该公司的工业用异丙醇产品开展专项审核，考察产品品质管控、生产实力及服务水平。 为拓展国际市场，锦州石化营销调运部高效推进样品寄送全流程，从样品精准选取、严格包装规范，到 全程物流跟踪，严格把控各环节，送检样品各项指标均通过严格检测，印证了产品溶解性强、挥发性 快、残留少、低毒性的优势，为审核奠定基础。目前，审核已顺利完成，锦州石化将尽快填写供应商审 查表，为深化合作做准备。 ...

Core Viewpoint - Jinshi Resources announced its intention to acquire a stake in Zhejiang Noah Fluorochemical Co., marking a strategic extension into downstream fine fluorochemicals and an important move for value chain deepening and industry integration [1] Group 1: Company Overview - Jinshi Resources is a leading enterprise in the upstream fluorochemical sector, aiming to enhance its business model by integrating vertically from fluorite mining to hydrogen fluoride production and fine fluorochemical manufacturing [1] - The company has expanded its operations from fluorite resources to basic fluorochemical products, including anhydrous hydrogen fluoride and anhydrous aluminum fluoride, as well as downstream lithium battery materials like lithium hexafluorophosphate [1] Group 2: Acquisition Details - Jinshi Resources plans to acquire approximately 15.7147% of Noah Fluorochemical for a cash consideration of about 257 million yuan [1] - Upon completion of the transaction, Jinshi Resources will become the second-largest shareholder of Noah Fluorochemical, with a shareholding gap of only 0.1415 percentage points from the largest shareholder [1] Group 3: Market Position and Product Application - Noah Fluorochemical's fluorinated cooling liquid products are produced through chemical synthesis and have unique advantages in purification and testing technology [1] - The company’s products have been utilized by well-known domestic and international internet companies and server manufacturers, with an established annual production capacity of 5,000 tons of fluorinated liquids, ranking among the top in the domestic immersion liquid cooling market [1]

Core Viewpoint - The paraxylene industry is expected to experience a fundamental recovery and restructuring in profitability in 2025, with profits showing a distinct "high-low" trend throughout the year, moving away from consecutive losses. Average profits are projected to rise from a meager 89 yuan per ton in 2024 to 296 yuan in 2025, driven by upstream cost advantages, export demand, and capacity growth [1] Group 1 - In early 2025, the paraxylene industry struggled at the breakeven point, with profits fluctuating around the loss threshold due to rising raw material prices, particularly isomer xylene, which pressured profit margins [1][2] - A turning point occurred in the second quarter, with profits peaking between late April and early May, reaching a historical high of over 1190 yuan, supported by a combination of supply tightness from domestic maintenance and strong export performance, especially to India [2] Group 2 - However, the high-profit scenario is not sustainable, as profits began to decline after mid-year due to the fading cost advantages and a reversal in supply-demand fundamentals. New capacities from companies like Yulong Petrochemical and Tianjin Petrochemical increased domestic supply, leading to a market shift from tight balance to surplus [3] - The paraxylene industry faced renewed losses by November and December, with losses exceeding 300 yuan at times, as the oversupply effect became evident and downstream demand remained weak, exacerbating the profit erosion [3] Group 3 - The profit recovery in 2025 is characterized as a temporary outcome driven by "cost collapse" and "export benefits," reflecting the industry's return to the harsh reality of self-sustaining supply-demand pricing amid a cycle of capacity expansion [4] - The export market played a crucial buffering role, delaying the oversupply phenomenon, but did not alter the long-term trend of a loosening domestic supply-demand structure. Future profitability will depend on companies' ability to enhance competitiveness through technological upgrades, cost control, and deep global market engagement [4]

Core Viewpoint - The ABS market is experiencing a significant price decline due to structural supply-demand imbalances, with expectations for further price drops in the near term [1][5]. Supply Pressure - The ABS industry is entering a concentrated expansion phase in 2025, with new capacities from companies like Yulong Petrochemical and Daqing Petrochemical expected to push annual production close to 7 million tons, a 27% increase from the previous year [2]. - High operating rates around 70% and increased inventory levels due to sluggish sales are contributing to a relaxed supply environment, which is likely to intensify as new capacities come online [2]. - Manufacturers may increase sales efforts to reduce inventory levels by year-end, potentially exerting additional downward pressure on market prices [2]. Cost Support Insufficiency - The three core raw materials for ABS—styrene, acrylonitrile, and butadiene—are facing a "strong supply, weak demand" situation, leading to low prices that weaken cost support for ABS [3]. - Styrene prices hit a five-year low of 6,300 yuan in November, while acrylonitrile and butadiene also experienced price declines due to oversupply [3]. - The collective drop in raw material prices has not established a solid cost floor for ABS, allowing for further price declines, with current production losses expanding to around 300 yuan [3]. Weak Demand Growth - Demand for ABS is showing divergence, particularly in the home appliance sector, where production growth is lagging behind raw material capacity expansion [4]. - Key indicators in the real estate sector have significantly declined, constraining growth in the home appliance market, despite government policies aimed at boosting sales [4]. - While exports of ABS have increased by 71.58% year-on-year, the overall supply-demand mismatch remains unaddressed due to the scale of domestic production [4]. Structural Imbalance - The stark contrast between moderate demand growth and substantial supply expansion is a core structural issue that is expected to hinder strong upward support for the ABS market in the short term [5].

中化新网讯 12月22日，中国石化集团南京化学工业有限公司为荣盛石化制造的超大型环氧乙烷（EO） 反应器正式启运，送往项目现场。 这台长21.35米、直径9.97米、重量达1054吨的"巨无霸"，为南化机迄今承制的最大规格EO反应器。作 为荣盛石化30万吨/年PEO装置的核心部件，该设备从启动就面临挑战：工期被压缩至12个月，较同规 格EO反应器常规周期缩短近2个月；管板拼焊平面度需控制在5毫米内，堆焊后高精度平面加工、格栅 制作与筒体组装的精度要求严苛；同时，由于设备采用特殊材料，焊接过程的工艺管控难度陡增。 南化机项目负责人、生产机动部副经理王建稳介绍，为啃下这块"硬骨头"，公司组建专项攻坚组，针对 管板变形难题，创新采用"分段防变形+同步应力释放"工艺，最终将平面度控制在4.8毫米内，且2块管 板的4道拼缝、环缝焊接实现无损检测一次合格；格栅制作列为重点攻关项目，同步优化部件加工与组 装的误差协同控制；面对1054吨的超重难题，协调4台千吨级液压顶同步作业，实现厂房内无吊车安全 移位。 在运输环节，设备高度超出常规管廊限制，团队提前规划路径，并将两个支座调整为在储运部货场现场 组焊，破解了超尺寸运输的瓶 ...

Group 1 - The Indian government's recent decision to revoke the mandatory BIS certification for 14 key polyester products, including PTA and MEG, has removed significant barriers to trade between China and India, allowing these products to return to a state of free circulation [1] - China has been the primary source of polyester imports for India, and the implementation of BIS certification in 2023 had tightened export channels, leading to a 43.26% year-on-year decline in China's polyester exports to India, amounting to 467,600 tons in 2024 [1] - The polyester supply chain is highly interconnected, with PTA as a core raw material accounting for 60%-70% of production costs, and over 95% of its use concentrated in the polyester sector, indicating that changes in PTA supply and demand will impact the entire industry [1] Group 2 - The immediate effect of the policy reversal was evident, as domestic polyester factories received a surge in inquiries from India, leading to a significant increase in orders, particularly for FDY, which will subsequently boost PTA demand [2] - Following the certification cancellation, it is expected that China will fill India's monthly PTA supply gap of 150,000 to 180,000 tons, potentially reversing the decline in exports and alleviating the oversupply pressure in the domestic PTA industry [2] - The policy change is also expected to benefit related industries, such as nylon products, which have a strong overlap with Indian textile customers, and domestic nylon manufacturers could leverage this opportunity to increase exports to India [2] Group 3 - Companies need to seize this window of opportunity by quickly responding to customer demands and expanding market penetration while being cautious of potential risks, such as reliance on a single market, to ensure that the policy benefits translate into sustainable high-quality industry growth [3]

荆门石化将管理专业性强、资金项目密集、廉洁风险突出的单位作为"巡审联动"监督的重点对象，综合 运用巡察的"听谈访查"与审计的"核比测评"。审计及时将发现的资金异常、合同漏洞等疑点移交巡察深 挖责任，巡察则将谈话反映涉及经济问题的情况交审计进行专业核查，形成"审计查资料提供问题，巡 察谈话追问责任"的高效协作模式，精准揭示了风险隐患。 中化新网讯 今年以来，荆门石化党委积极探索实践"巡审联动"监督模式，着力推动监督资源整合、力 量融合、效能聚合，实现了"1+1>2"的监督叠加效应。 此外，荆门石化对巡察和审计发现问题运用"五个溯源回归"进行深度分析研判，对联动暴露的典型问 题、制度性缺陷移交主管部门，推动开展专项治理、系统施治。在2025年"巡审联动"监督中，该公司共 深度揭示并推动整改6个方面20个问题，优化业务流程或管理机制7项。 ...

Core Viewpoint - The company is focused on ensuring stable and high production through effective management and optimization of processes, equipment maintenance, and safety measures during the winter season [1][2][6]. Group 1: Operational Management - The company has initiated a special project called "Party Building Leading to Penetrating Responsibilities" to enhance the awareness and capability of functional departments, ensuring effective collaboration to meet annual work goals [2]. - The production management department emphasizes stable operation by minimizing process fluctuations, focusing on three core areas: process management, emergency response capability, and consumption control [2]. - A total of 7 special inspections were conducted in the fourth quarter, identifying 345 issues and achieving a rectification rate of 97.1% [2]. Group 2: Equipment Management - The equipment management department employs a "daily inspection + weekly reporting" model, addressing 62 issues in the fourth quarter and rectifying 58 of them [3]. - The company has implemented special management for frost prevention, repairing 648 meters of steam condensate system insulation and replacing/repairing 1,380 meters of electric heating insulation in November [3][4]. - A task force was established to enhance the operation of the methanol unit, resulting in an average increase of 25.6 days in the stable operation cycle of the gasifier and a 38% reduction in non-stop occurrences [4]. Group 3: Production Performance - The company has maintained high-load operation of its main production units, achieving record daily production of polyethylene and polypropylene in October [5]. - As of the end of November, the total product output reached 100.51% of the annual plan [5]. Group 4: Safety Management - The company has launched a "Hundred Days Safety Action" to strengthen safety measures during the winter, focusing on four prevention strategies and four types of hazardous operations [6][7]. - A comprehensive safety inspection was conducted on all process pipelines and equipment, addressing potential safety hazards in overlooked areas [7]. - The company has reduced unnecessary operations, including 25 instances of non-essential hot work and 38 instances of high-altitude work, through risk assessments prior to operations [7].