[Table_IndNameRptType] 电力设备 行业周报 大储电芯价格持续上涨，海风高景气度延续 [Table_IndRank] 行业评级：增持 报告日期： 2025-10-20 [Table_Chart] 行业指数与沪深 300 走势比较 -23% -7% 9% 26% 42% 58% 10/24 1/25 4/25 7/25 电力设备 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：刘千琳 执业证书号：S0010524050002 邮箱：liuqianlin@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 分析师：王璐 执业证书号：S0010525040001 电话：18301818122 [相关报告 Table_Report] 1.风电项目集中释放，电网投资稳步 增长 2025-10-12 2.华安电新周报：独立储能需求旺 盛，海风项目稳步推进 2025-09-28 3.国内储能顶层设计再升级，英美大 储节奏超预期 2 ...

投资咨询业务资格：证监许可【2012】31号 【合成橡胶投资周报】 原料检修提供支撑，BR价格阶段性反弹修复 国贸期货 能源化工研究中心 2025-10-20 分析师：叶海文 从业资格证号：F3071622 投资咨询证号：Z0014205 助理分析师：施宇龙 从业资格证号：F03137502 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 丁二烯橡胶：原料检修提供支撑，B R价格阶段性反弹修复 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | | | （1）上周国内丁二烯产量 10 22 万吨（ -2 36% ），产能利用率为 65 79 %；高顺顺丁产量 3 00 万吨（ 0 18% ），产能利用率为 74 82 %； | | 供给 | 偏多 | （2）南京诚志、斯尔邦、燕山石化、吉林石化一期、抚顺石化、广州石化、镇海炼化、北方华锦等装置维持停车状态，同时齐鲁石化、山东某石化2号 | | | | 装置停车，影响产量预期外下降；山东益华、山东威特顺丁橡胶装置重启运行，齐鲁石化、扬子石化顺丁橡胶装置停车检修。 | | 需 ...

【生物基能源与材料】 获悉， 10月3日，中国 石油化工股份有限公司一项发明专利正式授权。发明专利名称为" 一种生物基聚碳酸酯及其制备方法和 应用 "，申请号为CN202111278896.6，授权公告号为CN116063671B。 通过加入具有环状结构的二聚脂肪酸，实现了诸多优势： 用专利方法制得的生物基PC，分子量≥35000，玻璃化转变温度≤100℃，断裂伸长率≥140%，冲击强度≥70kJ/m2。 值得一提的是，9月初，由 中油工程 与 中石油 参股的子公司 濮阳市盛通聚源新材料有限公司 ，也展示了 首款中国生物基PC特种工程塑料产品 。 目前，该生物基PC工业生产装置在2025年2月已成功开车，工艺采用 可再生异山梨醇生物基单体 替代共聚单体双酚A，表面硬度接近玻璃，透光率高达92%，开辟 了生物基PC本土商业化的可能性。 DT新材料，公众号：生物基能源与材料 首款中国生物基PC亮相！ 二聚酸接入聚碳酸酯链中可以 提高主链弹性 ，改善其加工性能，降低加工温度； 环状结构具有刚性，保证了共聚产物 较高的机械强度 ； 二聚脂肪酸的加入有助于苯酚脱出、推进反应进行，生成 较大分子量 的聚碳酸酯。 反观国际 ...

Investment Rating - Maintain "Buy" rating for the industry [6] Core Insights - The power equipment industry is transitioning from "ultra-low price competition" to "structural correction," with significant price increases expected due to changes in export tax policies and supply-side reforms [16][17] - The report highlights three key areas of focus: supply-side reform leading to price increases, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite solar cells [17] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - The photovoltaic industry is experiencing a critical shift, with expected global component price increases of approximately 9% starting Q4 2025 due to the cancellation of VAT rebates on solar cell exports [16][17] - Domestic component prices have entered an upward trend since July 2025, with N-type component average prices rising by about 3.6% from July to September 2025 [16][17] 1.2 Wind Power & Grid - A new VAT policy for offshore wind power will be implemented from November 2025, allowing a 50% VAT rebate on self-produced electricity, which is expected to accelerate offshore wind development [18][19] - The first project under Jiangsu's 14th Five-Year Plan for offshore wind has been approved, indicating a boost in offshore wind capacity [18][19] 1.3 Hydrogen & Energy Storage - Sinopec's first green hydrogen ammonia synthesis project has been initiated, with a planned hydrogen production capacity of 20,000 tons/year and ammonia production of at least 100,000 tons/year [23] - Energy storage project bidding prices for October 2025 range from 0.4118 to 0.6 CNY/Wh, indicating a competitive market [24][30] 2. New Energy Vehicles - The National Development and Reform Commission has issued a plan to double the charging infrastructure by 2027, aiming to build 28 million charging facilities to support over 80 million new energy vehicles [35][36] - The plan includes enhancing urban rapid charging networks and expanding charging facilities in rural areas [35][36]

Investment Rating - The report maintains an "Overweight" rating for the oil and petrochemical sector, particularly for the "Big Three" oil companies in China [5]. Core Views - The report expresses a strong outlook on the resilience of oil prices for the "Big Three" oil companies, anticipating a recovery in natural gas consumption as the winter heating season approaches [4][9]. - The International Energy Agency (IEA) has lowered its global oil demand forecast, indicating a potential oversupply and inventory build-up risk in the oil market, which may keep oil prices under pressure in the short term [10][12]. Summary by Sections 1. Oil Price Resilience and Demand Forecast - The report highlights that geopolitical easing and demand concerns have driven oil prices down, with Brent and WTI crude oil prices reported at $61.34 and $57.25 per barrel, respectively, as of October 17, showing declines of 1.2% and 1.7% from the previous week [9][10]. - The IEA projects a modest increase in global oil demand of 700,000 barrels per day for 2025, a downward revision of 40,000 barrels per day from last month’s forecast, while global oil supply is expected to increase by 3 million barrels per day [10][12]. 2. Performance of "Big Three" Oil Companies - In the first half of 2025, the net profit declines for China National Petroleum Corporation (CNPC), Sinopec, and China National Offshore Oil Corporation (CNOOC) were -5.2%, -39.8%, and -12.8%, respectively, indicating that their performance is more resilient compared to international oil giants [2][12]. - The report notes that the "Big Three" are expected to enhance their production and reserves, with planned increases in oil and gas equivalent production of 1.6%, 1.5%, and 5.9% for CNPC, Sinopec, and CNOOC, respectively [2][12]. 3. Natural Gas Consumption Outlook - The report anticipates a cold winter in 2025, which is expected to boost natural gas consumption, with a gradual recovery in demand observed since Q2 2025 [3][22]. - The "Big Three" have seen a 3.2% year-on-year increase in natural gas sales in the first half of 2025, outpacing domestic demand growth, and are expected to benefit from ongoing market reforms that enhance pricing flexibility [3][29]. 4. Investment Recommendations - The report recommends focusing on the "Big Three" oil companies and their associated oil service engineering firms, as well as leading companies in refining and chemical sectors, indicating a positive long-term investment outlook [4].

证券研究报告 行业研究——周报 [Tabl Table_StockAndRank] 石油加工行业 e_ReportType] 行业评级 ——看好 上次评级——看好 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 原油周报：中美经贸摩擦等多因素 [Table_Title]催动油价下跌力量 [Table_ReportDate0] 2025 年 10 月 19 日 本期内容提要： [Table_Author] [Table_Summary] ➢ 【油价回顾】截至 2025 年 10 月 17 日当周，国际油价下跌。上周五 特朗普称对中国加征关税，贸易紧张局势升级，而本周前期美国暗示 可能不会落实对华加重的关税政策，并表示愿意谈判，释放关税缓和 信号，国际油价跌后小幅修复。周后期，中美互相征收 ...

Investment Rating - The report maintains a "Strong Buy" rating for the oil and petrochemical sector [1]. Core Viewpoints - Geopolitical risks in the Middle East have eased, leading to a continued downward trend in oil prices. WTI crude futures fell by 1.00% and Brent crude futures by 1.21% during the period from October 10 to October 17, 2025 [6]. - OPEC's latest monthly market report maintains its global oil demand growth forecast for the next two years, predicting an increase of 1.3 million barrels per day in 2025 and 1.4 million barrels per day in 2026 [6]. - The domestic oil companies are reducing their sensitivity to oil price fluctuations through upstream and downstream integration and diversifying their oil and gas sources [7]. Summary by Sections Oil and Petrochemicals - Geopolitical tensions have decreased, resulting in a downward trend in oil prices. The easing of risks is reflected in the signing of a ceasefire agreement in Gaza and calls for further implementation of the ceasefire by the UN [6]. - The U.S. government is facing a budget impasse, which is impacting economic operations and creating uncertainty regarding fiscal policies [6]. - The report suggests that while short-term oil price risks may persist, the long-term outlook remains anchored by fundamental demand growth [7]. Fluorochemicals - The supply of popular fluorinated refrigerants is tight, leading to continued price increases. R32 refrigerant prices remain high, and R134a prices are also on the rise due to supply constraints and increasing domestic demand [6][7]. - The report highlights that the production of second-generation refrigerants is declining, while third-generation refrigerants have limited quota increases, stabilizing market competition [6]. Semiconductor Materials - The semiconductor sector is experiencing an upward cycle, supported by improving fundamentals and domestic substitution trends. The report recommends focusing on companies like Nanda Optoelectronics and Shanghai Xinyang [7].

证券研究报告 原油周报：英国加强对俄罗斯影子舰队的制裁， 国际油价下跌 大化工首席分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 请务必阅读正文之后的免责声明部分 投资要点 ◼ 【美国原油】 2 ◼ 1）原油价格：本周Brent/WTI原油期货周均价分别62.0/58.3美元/桶，较上周分别-3.0/-3.0美元/桶。 ◼ 2）原油库存：美国原油总库存、商业原油库存、战略原油库存、库欣原油库存分别8.3/4.2/4.1/0.2亿桶，环比 +428/+352/+76/-70万桶。 ◼ 3）原油产量：美国原油产量为1364万桶/天，环比+1万桶/天。美国活跃原油钻机本周418台，环比0台。美国活跃压裂 车队本周175部，环比0部。 ◼ 4）原油需求：美国炼厂原油加工量为1513万桶/天，环比-117万桶/天；美国炼厂原油开工率为85.7%，环比-6.7pct。 ◼ 5）原油进出口量：美国原油进口量、出口量、净进口量为553/447/106万桶/天，环比-88/+88/-175万桶/天。 ◼ 【美国成品油】 ◼ 1）成品油价格和价差：美国汽油、柴油 ...

本周行情综述 风险提示 地缘政治扰动超预期；海外经济出现衰退；行业及国际政策环境变化。 敬请参阅最后一页特别声明 1 原油：本周油价回落，主要由于特朗普威胁可能加征关税使市场风险偏好下降。同时消费旺季结束后，中东原油 出口及产量持续增加给市场带来过剩压力。尽管特朗普表示授权 CIA 在委内瑞拉行动，短期地缘风险上升。但相 比俄乌冲突及中东风险，委内瑞拉原油出口受到波及的可能性较低；市场短期关注点回到累库预期。尽管短期地 缘仍有扰动。但中期看供需偏弱仍是主要矛盾。截止 10 月 17 日，WTI 现货收于 57.46 美元，环比-1.44 美元； BRENT 现货收于 61.08 美元，环比-3.97 美元。EIA10 月 10 日当周商业原油库存环比+352.4 万桶，前值+371.5 万 桶。其中库欣原油环比-70.3 万桶，前值-76.3 万桶。汽油库存环比-26.7 万桶，前值-160.1 万桶。炼厂开工率 环比-6.7%至 85.7%。美国原油库存上升，净进口量环比减少。美国产量 1363.6 万桶/天，美国净进口数据环比- 62.4%。截至 10 月 10 日当周，美国活跃石油钻机数环比-4 部至 ...

石化周报 原油地缘溢价减弱，短期 OPEC+供给占主导 2025 年 10 月 18 日 ➢ 原油地缘溢价减弱，短期 OPEC+供给占主导。10 月 16 日，特朗普表示， 印度总理莫迪已承诺将停止从俄罗斯购买石油，并表示这需要一个过程；同日， 印度外交部表示，并不知悉美国总统特朗普与印度总理莫迪在周三有任何通话。 此外，中美贸易摩擦再度升温，国务院副总理何立峰与美国财政部长贝森特、贸 易代表格里尔于 10 月 18 日举行视频通话。中美贸易摩擦因其不确定性目前对 油价影响较小，同时市场对印度减少俄油进口的预期不强，短期影响油价的主线 依然是中东的地缘以及 OPEC+的供给强度，据 OPEC 数据，OPEC 9 月产量为 2844 万桶/日，环比增长 52.4 万桶/日，其中，增长贡献较多的为沙特、阿联酋、 伊拉克，分别增产 24.8、9.8、6.5 万桶/日，相比其产量配额来看，这三个国家 实际产量比目标产量少 1.7、2.2、15.4 万桶/日，尽管有所增产，但其履行产量 配额的效果较好，并且额外兑现了其补偿性减产，因此，我们预计在 OPEC+的 增产影响下，油价虽有压力，但仍具备底部支撑。 ➢ 美元指数 ...