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 ...

2020-2025年1-4月中国初级形态的塑料产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：恒逸石化（000703）,荣盛石化（002493）,上海石化（600688）,中国石化（600028）,中国石 油（601857）,华锦股份（000059）,桐昆股份（601233）,恒力石化（600346）,卫星化学（002648）,ST 鸿达（002002） 相关报告：智研咨询发布的《2025-2031年中国塑料制品行业市场现状分析及未来前景规划报》 根据国家统计局数据显示：2025年4月中国初级形态的塑料产量为1169万吨，同比增长12%；2025年1-4 月中国初级形态的塑料累计产量为4601.2万吨，累计增长10.1%。 ...

E 突期 货 TR公司 成为一流的衍生品综合服务商 | | | 市 市 | | --- | --- | --- | | 客 服 热 线 | 官 方 网 站 ° ° | | | 400-8888-598 | 谨 风 www.itf.com.cn | | 免责 声明 本报告中的信息的源于公开可获得的资料，国贸新货力求准确可靠，但不对上述信息的准确性及完整性做任何保证。本报告不构成个人投资登议。也不针对个别投资者特殊的投资目示。 野外闭店需要，投资管需目行判断本报告中的任何意见或值以是否符合其特定状况，据此投资，责任自负、本报告仅同回贸部货客户推进。未经图更新货授权许可，任何引用、转载以及向第三 市传播的行为均构成对国贸期货的侵权,我司将视情况追究法律责任。期市有风险,入市需谨慎。 ITC国贸期货 世界500强投资企业 投资咨询业务资格:证监许可 (2012) 31号 合成橡胶数据日报 | 国贸期货研究院 | 从业资格证号:F3071622 | 2025/10/17 | ణ領化工研究中心: 叶海文 | 投资咨询证号: Z0014205 | | | | | | | | | | | | | | | | | | | -- ...

Core Insights - The Shanghai Municipal Market Supervision Administration conducted a quality inspection of liquefied petroleum gas (LPG) products, testing 20 batches with no non-compliance found [2] Group 1: Inspection Results - All 20 batches of LPG products tested were found to meet relevant quality standards, indicating a strong compliance rate [2] - The inspection included 2 batches from production and 18 batches from retail sales, all sourced from within Shanghai [2] Group 2: Regulatory Framework - The inspection was organized based on the SHSSXZ0199-2025 guidelines for quality supervision of LPG products in Shanghai [2]

Core Viewpoint - The central government and state-owned enterprises (SOEs) are intensifying efforts in the fourth quarter to achieve annual targets, focusing on quality improvement, efficiency enhancement, and fostering new growth drivers, with significant investments expected to support economic growth [1][3]. Investment and Economic Performance - In the fourth quarter, SOEs are expected to increase investment, with State Grid projected to exceed 650 billion yuan in fixed asset investments for the year, with one-third of this occurring in the fourth quarter [1][9]. - From January to August, SOEs reported total operating revenue of 53.96 trillion yuan, a year-on-year increase of 0.2%, marking the first positive growth rate of the year, which supports profit improvement [3]. Reform and Structural Adjustments - The third special meeting on the deepening reform of SOEs emphasized key tasks such as structural adjustments, overcoming technological innovation bottlenecks, and strengthening corporate governance [5]. - Four core goals for high-quality reform completion were identified: achieving quality standards, ensuring reform results translate into improved core competitiveness and operational performance, addressing deep-rooted issues, and establishing long-term mechanisms [5]. Digital Transformation and New Industries - SOEs are advancing digital transformation and new industry layouts to enhance long-term competitiveness, with companies like China Energy Engineering and Harbin Electric focusing on AI and digital production to extend value chains [10].

中国石油化工股份有限公司（以下简称"中国石化（600028）"）在绿色转型的棋局上再落一子。 资料显示，乐橘科技成立于2018年，主要包括回收再生、循环物流、智能设备三大业务板块。该公司打 造超级工厂，回收工业端和消费端废旧塑料，实现资源再生利用；通过循环共享包装，建立起"生产— 循环租赁—回收—再生"的生态闭环。 为何石化巨头纷纷投资这样一家循环经济企业？华安证券（600909）化工及新材料首席分析师王强峰对 《证券日报》记者表示，乐橘科技的商业模式与石化企业紧密相连："化工企业在销售化工产品时需要 进行包装和运输，其中涉及包装袋及产业线使用的托盘等耗材。由于包装体量庞大，且涉及出口业务， 部分海外市场对产品包装有明确的碳排放要求，必须符合绿色包装标准。" 王强峰进一步分析称，对于万华化学、中国石化等化工企业而言，乐橘科技一方面能提供绿色包装认 证；另一方面，通过全流程监测精确计算包装环节的碳排放数据，满足下游客户对碳足迹的核查要求。 王强峰认为，对于石化企业来说，布局循环经济是大势所趋。在降碳与绿色转型的背景下，可循环利用 成为重要路径之一，与生物基材料并列为两大方向。在循环经济领域的积极作为，既能够满足 ...

证券之星消息，10月15日炼化及贸易板块较上一交易日下跌0.4%，岳阳兴长领跌。当日上证指数报收于 3912.21，上涨1.22%。深证成指报收于13118.75，上涨1.73%。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) | | --- | --- | --- | --- | --- | --- | | 300839 | 博汇股份 | 13.53 | 5.46% | 6.86万 | 9129.31万 | | 600506 | 统一股份 | 20.20 | 3.06% | 10.70万 | 2.15亿 | | 600800 | | 4.08 | 1.49% | 17.45万 | 7063.55万 | | 601233 | 桐昆股份 | 13.62 | 1.41% | 18.85万 | 2.55亿 | | 300135 | 宝利国际 | 4.45 | 1.37% | 21.48万 | 9502.44万 | | 000698 | ST沈化 | 3.53 | 1.15% | 42.40万 | 1.50亿 | | 603353 | 和顺石油 | 16 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之 任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （ 股份代號： 00386） 關於召開董事會的通知 中國石油化工股份有限公司（「中國石化」）謹此公佈，中國石化將於2025年10月29 日（星期三）召開董事會，藉以審議並（如認為適當）批准包括中國石化2025年第三 季度業績等事宜。 承董事會命 中國石油化工股份有限公司 黃文生 副總裁、董事會秘書 中國北京 2025年10月15日 於本公告日期，本公司的董事為：侯啟軍 * 、趙東 # 、鐘韌 * 、李永林 # 、呂亮功 # 、牛栓文 # 、萬濤 # 、蔡勇 * 、徐林 + 、張麗英 + 、廖子彬 + 及張希良 + 。 # 執行董事 * 非執行董事 + 獨立非執行董事 ...

Investment Rating - The report maintains a positive outlook on the polyester sector, suggesting a recovery in profitability as supply and demand improve, and recommends focusing on leading companies in the sector [4][6][9]. Core Insights - The report highlights a slight increase in oil prices in Q3 2025, with Brent crude averaging $68.2 per barrel, a 2.1% increase quarter-on-quarter but a 13.4% decrease year-on-year [4][5]. - The performance of key companies in the oil and petrochemical sector is projected to show stability or slight growth, with specific profit forecasts for major players such as China National Petroleum Corporation and CNOOC [4][6][8]. - The report emphasizes the potential for improved profitability in refining companies due to lower operational costs and favorable market conditions, particularly for leading firms like Hengli Petrochemical and Rongsheng Petrochemical [4][6][9]. Summary by Sections Oil Price Trends - Brent crude oil prices showed a quarter-on-quarter increase of 2.1% and a year-on-year decrease of 13.4%, with Q3 2025 prices averaging $68.2 per barrel [4][5]. - Gasoline and diesel prices experienced a net decrease of 75 yuan per ton over the quarter, with adjustments made in July, August, and September [4]. Price Differentials - The report notes that the price differentials for various petrochemical products have shown mixed trends, with some margins expanding while others contracted [6][7]. - The ethylene-to-naphtha differential was reported at $238 per ton, reflecting a 7.5% decrease quarter-on-quarter but a 23.7% increase year-on-year [6]. Company Performance Forecasts - Key companies are expected to report varying profit results for Q3 2025, with China National Petroleum Corporation projected to achieve a net profit of 38 billion yuan, a year-on-year decrease of 13% but a quarter-on-quarter increase of 2% [4][8]. - CNOOC is forecasted to report a net profit of 34 billion yuan, down 8% year-on-year but up 3% quarter-on-quarter [4][8]. Investment Recommendations - The report recommends focusing on leading polyester companies such as Tongkun Co. and Wankai New Materials, as well as refining companies like Hengli Petrochemical and Rongsheng Petrochemical, due to their favorable market positions [4][6][9]. - It also suggests that the oil exploration and production sector remains robust, with continued high capital expenditures expected for offshore oil service companies [4][9].

Core Points - The company has launched a new initiative to facilitate vehicle scrapping at its service stations in Hangzhou, significantly reducing the time and effort required for car owners [1][2] - This initiative is part of the company's commitment to green development and enhancing customer convenience, aligning with the needs of the local community [2] Group 1 - The company has established "vehicle scrapping convenience handover points" at 102 service stations in Hangzhou, addressing the common pain points of car owners regarding the scrapping process [1] - The new service allows car owners to complete the scrapping process without visiting the vehicle management office or dismantling companies, thus saving time and ensuring information security [1] - The process includes assistance with vehicle information verification, document collection, towing, scrapping procedures, and issuance of cancellation certificates, making it a comprehensive service [1] Group 2 - The initiative reflects the company's focus on "people's needs" and its responsibility towards "convenience for the public" and "green development" [2] - The company plans to continuously optimize service details based on feedback from car owners to provide more convenient and standardized vehicle scrapping solutions [2]