Core Insights - Sinopec has deployed a complete land nodal acquisition system featuring 65,000 WiNG nodes for a 3D seismic survey in Mexico, covering approximately 3,000 square kilometers in the Tabasco and Veracruz regions [2][5] Group 1: Project Overview - The project involves challenging terrains such as plains, flooded areas, swamps, and hills, and has moved into the production phase with operations running smoothly [3] - The WiNG system is designed for complex environments and combines scalable architecture with advanced wireless communication technology to deliver high-density, high-resolution seismic data [4] Group 2: Technology and Performance - The Sercel WiNG system's performance, efficiency, and reliability are crucial for optimal data quality and subsurface imaging, even in difficult field conditions [3][4] - The Pathfinder transmission management technology allows field crews to monitor the entire acquisition spread in real time, ensuring thorough quality control throughout the operation [4] Group 3: Strategic Importance - This project marks a significant milestone in the partnership between Viridien and Sinopec, highlighting the strength of Viridien's technology and on-site support [5] - The successful deployment solidifies Sercel's presence in Latin America and indicates the growing global adoption of nodal acquisition systems for large-scale seismic exploration surveys [5]

Core Insights - Viridien's Sensing & Monitoring division has successfully delivered a complete land nodal acquisition system to Sinopec, featuring 65,000 WiNG nodes for a 3D seismic survey in Mexico covering approximately 3,000 square kilometers [1][4] - The project involves challenging terrains such as plains, flooded areas, swamps, and hills, and has moved into the production phase with operations running smoothly [2] - The Sercel WiNG system is designed for complex environments and utilizes advanced wireless communication technology to provide high-density, high-resolution seismic data [3] Company and Industry Summary - The deployment of the WiNG system is a significant milestone in the partnership between Viridien and Sinopec, highlighting the strength of Viridien's technology and support [4] - The project reinforces Sercel's presence in Latin America and indicates a growing global adoption of nodal acquisition systems for large-scale seismic exploration [4] - Viridien is positioned as an advanced technology and Earth data company, employing around 3,400 people globally and listed on Euronext Paris [5]

Core Insights - China Petroleum & Chemical Corporation (Sinopec) has successfully upgraded its environmentally friendly rubber plasticizer production facility in Jinan, achieving full-load operation and doubling the output compared to pre-upgrade levels [2][3] - The A1820 eco-friendly rubber plasticizer is a key raw material for producing green styrene-butadiene rubber and green tires, significantly improving the performance characteristics of tire rubber [2] - The domestic market for green rubber and tires has been dominated by foreign companies, leading to high production costs; the introduction of the A1820 product aims to address this issue by providing a local alternative [2] Industry Developments - The upgrade project includes the construction of a new 700,000 tons/year furfural refining unit and the expansion of the ketone-benzene dewaxing unit from 100,000 tons/year to 170,000 tons/year [3] - By June 2025, the project aims to achieve a production capacity increase from 25,000 tons to 57,300 tons of plasticizers annually, supporting the transition of China's tire industry towards greener and higher-end products [3]

Core Viewpoint - The company has actively implemented flood prevention measures during the flood season, focusing on risk identification, early warning systems, and emergency response training to ensure safety and stability in operations [1] Group 1: Risk Management - The company has strengthened hazard identification and problem rectification by conducting a comprehensive risk inspection during the flood season, focusing on the stability of structures and the effectiveness of drainage facilities [1] - Key areas, critical points, and essential links have been prioritized to ensure that risks are controlled effectively [1] Group 2: Early Warning Systems - The company has established a liaison mechanism with meteorological, fire, and disaster reduction departments to closely monitor weather changes and hydrological information [1] - Timely flood warning information is disseminated to ensure that storage stations can take protective measures before heavy rainfall occurs [1] Group 3: Targeted Risk Prevention - The company has identified key storage stations for flood prevention and implemented a responsibility management system for flood prevention measures, ensuring tailored strategies for each station [1] Group 4: Emergency Response Training - The company has incorporated flood response into safety production emergency drills, effectively enhancing employees' ability to respond to and manage sudden flood events [1]

智通财经APP获悉，中银国际发布研报称，根据国际财务报告准则，中国石油化工股份(00386)上半年净 利润同比下降36%至238亿元人民币，比该行预期高出8%。差异主要源于其勘探生产部门和炼油部门的 盈利以及来自联营公司和合资公司的盈利高于预期。由于预期油价下跌，该行预计公司2025年下半年盈 利将按季下降12%。该行将2025-2027年盈利预测上调3-6%，并将目标价由4.59港元上调至4.78港元，重 申"持有"评级。 ...

Summary of Key Points from Conference Call Records Industry Overview - The global refining and olefins industry is expected to see a decline in refining margins after reaching a peak around 2030, influenced by geopolitical factors, carbon taxes, and the transition to renewable energy. Approximately 1.5 million tons per day of refining capacity has been announced for closure or conversion, with China accounting for 50% of this capacity [1][5][34]. - By 2035, about 22% of global refining capacity (18.4 million barrels per day) is at risk of closure, primarily concentrated in Europe and the Middle East. National Oil Companies (NOCs) are less inclined to close facilities due to government support, while International Oil Companies (IOCs) are more likely to close or sell unprofitable refineries [1][7][8]. Olefins Market Dynamics - Since 2020, global ethylene investment has been predominantly led by China, with private companies like Longsheng and Hengli entering the market significantly. From 2025 to 2028, major state-owned companies like PetroChina and Sinopec are expected to lead investments, shifting focus towards increasing petrochemical production [1][11][12]. - Approximately 40%-50% of global ethylene assets are currently at a loss or breakeven, indicating that the industry is at a cyclical low. China has seen a surge in new refining projects since 2017, leading to global oversupply, while Europe faces significant pressure due to high energy prices and carbon tax issues [1][14][15]. Regional Insights - In the U.S., a refinery in the PAD3 region with a capacity of 290,000 barrels per day has announced closure and will transition to hydrogen production by 2025. Other refineries are also shifting towards renewable fuel production [6][25]. - In Europe, the refining landscape is undergoing structural adjustments, with several companies announcing closures or asset sales to adapt to economic and environmental challenges. By 2028, European ethylene capacity is expected to decrease by 12% compared to 2024 [23][24]. Future Projections - The global refining industry is projected to peak in demand for crude oil and chemical products around 2030 or 2031, after which refining profits and utilization rates will gradually decline. This trend is expected to lead to more local refineries exiting the market, particularly in China and Europe [34][36]. - The ethylene market's future will largely depend on investment levels and the rate of capacity elimination. While the pace of new projects may slow, it does not imply cancellations, especially for large enterprises. Economic recovery in China is expected to significantly impact demand for petrochemical products [36][28]. Risk Assessment - Approximately 63 million tons of global ethylene capacity is at risk of closure, representing 27% of the total capacity by 2025. High and medium-risk capacities are primarily concentrated in Asia and Europe, with North America and Russia having lower closure rates [18][19]. - In China, around 11 million tons of ethylene capacity is at risk of closure in the next five years, with significant portions being high-risk. The government is tightening approvals for new ethylene projects, which is expected to alleviate pressure on domestic refining companies [21][19]. Conclusion - The refining and olefins industries are facing significant transformations driven by market dynamics, regulatory changes, and geopolitical factors. The future landscape will be shaped by capacity adjustments, investment trends, and the ongoing transition towards more sustainable energy sources.

Investment Rating - The report indicates a positive outlook for the basic chemical industry, particularly for refrigerants and glyphosate, with a focus on the refining sector due to policy catalysts [1][4]. Core Insights - Glyphosate prices continue to rise, driven by strong downstream demand and sufficient orders from overseas markets, with the price reaching 26,899 CNY/ton, an increase of 200 CNY/ton from the previous week [3][17]. - The demand for refrigerants, particularly R32, is increasing due to high summer temperatures, with R32 prices rising by 1,000 CNY/ton to 58,500 CNY/ton [4][32]. - The refining industry is gaining attention due to policy changes in South Korea and China, which may lead to capacity reductions and increased operational efficiency [4][5]. Summary by Sections (1) Key Chemical Product Price Tracking - The report tracks significant price changes in various chemical products, with notable increases in acrylic acid and PTA, while some products like tetrachloroethylene saw declines [13][14]. (2) Polyurethane: MDI and TDI Price Trends - MDI prices have decreased due to weak demand from end-users, while TDI prices have also dropped amid seasonal demand pressures [15][16]. (3) Agricultural Chemicals: Glyphosate and Urea Price Increases - Glyphosate prices are on the rise, with a reported weekly production of 8,600 tons and a slight decrease in inventory levels [17][21]. - Urea and potassium chloride prices have also increased, attributed to export agreements and tight supply conditions [21][25]. (4) Fluorochemicals: R32 and Refrigerant Price Increases - R32 and other third-generation refrigerants have seen price increases due to steady demand and supply constraints [26][32]. (5) Tire Industry: Rubber and Additive Price Movements - The report notes fluctuations in rubber prices, with a slight increase in styrene-butadiene rubber and stable prices for other additives [34][36].

Group 1 - The latest stock price of Sinopec is 5.84 yuan, up 0.17% from the previous trading day, with a transaction amount of 989 million yuan. The stock price fluctuated between 5.79 yuan and 5.86 yuan, maintaining a total market value of 708.072 billion yuan [1] - Sinopec, a key player in the domestic energy sector, engages in a full industry chain including oil and gas exploration, pipeline transportation, sales, and petrochemicals. Recently, Sinopec Sales Co., Ltd. partnered with Huzhou Xintou Energy to invest 5 million yuan in establishing Huzhou New Energy Co., Ltd., which will provide comprehensive energy services such as oil product sales, battery sales, and vehicle charging [1] - Sinopec is among the top listed companies in terms of mid-term dividend amounts. Currently, 288 listed companies in the A-share market have announced mid-term dividend plans, with Sinopec and 20 other companies planning cash dividends totaling over 1 billion yuan [1] Group 2 - In terms of capital flow, Sinopec experienced a net outflow of 155 million yuan on the day, with a cumulative net outflow of 109 million yuan over the past five trading days [2]

Group 1 - The oil industry experienced a rise of 0.71% on August 25, with a net outflow of 451 million yuan from main funds [1] - Among the constituent stocks, 14 increased while 2 decreased, indicating a generally positive market sentiment [1] - The stocks with the highest net outflow included Guanghui Energy (189 million yuan), Sinopec (155 million yuan), and PetroChina (81.14 million yuan) [1] Group 2 - Notable stocks with significant inflows included Unified Holdings (34.65 million yuan), Shenyang Chemical (18.42 million yuan), and China National Offshore Oil Corporation (13.21 million yuan) [1] - The percentage of net inflow for Unified Holdings was 10.99%, while Shenyang Chemical and China National Offshore Oil Corporation had 15.57% and 0.98% respectively [1] - Other companies like Guangju Energy and Heshun Petroleum also saw minor inflows, indicating selective investor interest [1]

Core Viewpoint - The China Energy Research Society's Technology Achievement Transformation and Patent Evaluation Working Committee has announced the third batch of high-value patents and typical cases of technology transformation in the energy and power industry, highlighting significant innovations from various companies [1] Group 1: Selected Innovations - Eight achievements from Southwest Oil and Gas Company, Petrochemical Research Institute, and Shengli Oilfield have been recognized for their high value [1] - Notable innovations include: - Southwest Oil and Gas Company's "Full-Diameter Continuously Adjustable Sliding Sleeve System" and "Nano-Modified Low-Damage Fracturing Fluid Technology for Tight Gas Reservoirs" [1] - Petrochemical Research Institute's "Composition and Preparation Method for Reducing CO and NOx Emissions" and "Alkylation Reaction Device and Method" [1] - Shengli Oilfield's "Viscoelastic Particle Oil Displacement Agent to Significantly Improve Oil Recovery" and "Water-Gas Alternating Injection Column and Operation Method" [1] Group 2: Technological Applications - The recognized technologies aim to enhance oil recovery and reduce emissions, showcasing advancements in both extraction methods and environmental sustainability [1] - Specific applications include: - Shengli Oilfield's "Method for Extracting Shale Oil through Volume Fracturing in Horizontal Wells" [1] - Research on "Slow-Release Activator System for Microbial Oil Displacement" by Shengli Oilfield's Petroleum Engineering Technology Research Institute [1]