经济观察网 9月17日，中国石化（600028）新闻办表示，中国石化"深地工程·川渝天然气基地"再获重大 进展，中国石化部署在四川省资阳页岩气田的2口评价井测试产量均超百万立方米，其中资页2-501HF 井试获日产气140.7万立方米，刷新中国页岩气测试产量最高纪录。目前，2口井所在的平台已投产3口 井，单井稳定日产气超15万方。 ...

Core Viewpoint - The global chemical industry is experiencing a general revenue decline among leading companies, although the rate of decline has narrowed compared to the previous year, indicating a persistent long-cycle downturn in the industry [2][4]. Group 1: Revenue Trends - In 2024, the revenue of leading companies in the global chemical industry is generally declining, with a median revenue decrease of 1% and a median sales figure dropping to approximately $8.81 billion [5]. - The number of companies reporting revenue declines is significant, with 53 out of 106 companies experiencing a decrease, while only 40 companies reported growth [5]. - The largest revenue changes include a notable drop in rankings for companies like DuPont, which fell to 36th place, and a significant decline in lithium companies due to long-term price weakness [3][4]. Group 2: Industry Adjustments - Major companies are actively adjusting their operations to improve profitability, with BASF planning to sell its decorative coatings business and considering a spin-off of its agricultural solutions business [4]. - The chemical industry is in its third consecutive year of low performance, with European regions facing the highest costs and a 20% drop in demand compared to pre-pandemic levels [4]. - Companies like Dow and LyondellBasell have announced plans to reduce capital expenditures by 2025, reflecting a strategic shift in response to ongoing market challenges [5]. Group 3: Profitability Indicators - Despite the revenue decline, the chemical industry shows signs of profitability recovery, with a median operating profit increase of 4% in 2024 [5]. - Cost-cutting measures, such as BASF's plan to save €1 billion in 2024, are being implemented to navigate the challenging environment [5]. - The stability in capital expenditure and R&D investment ratios indicates a cautious but consistent approach to maintaining operational capabilities [5].

Group 1: Event Overview - The 2025 China International Service Trade Fair (CIFTIS) is being held at Shougang Park in Beijing, showcasing innovations in green energy, circular economy, and new materials [1] - The event features a focus on environmental services, with companies presenting cutting-edge technologies and solutions for green low-carbon development [1] Group 2: Key Technologies and Innovations - Solid-state batteries showcased at the event demonstrate stable power supply even after being cut, highlighting advancements in battery safety [6] - BOE's "zero-carbon house" converts sunlight into electricity, representing a revolutionary shift from energy consumption to energy production [1][4] - Huawei's liquid-cooled ultra-fast charging technology aims to address long charging times for electric vehicles, with a charging station capable of delivering "one kilometer per second" [5] Group 3: Major Industry Players - China's major oil companies, including Sinopec, PetroChina, and CNOOC, are transitioning from traditional oil and gas suppliers to comprehensive energy service providers, focusing on hydrogen energy and CCUS technologies [2][3] - Sinopec has showcased its latest achievements in hydrogen energy, CCUS, geothermal, wind and solar green electricity, and biofuels [2] - CNOOC has implemented over 400 energy-saving and low-carbon projects since the 14th Five-Year Plan, achieving energy savings of 1.04 million tons of standard coal and reducing carbon emissions by 3.15 million tons of CO2 equivalent [2] Group 4: Zero-Carbon Solutions - The "Zero-Carbon Park Solution Pavilion" features over ten companies presenting comprehensive zero-carbon solutions, including distributed photovoltaic power systems [7] - Beijing Huamao Center achieved 100% green electricity operation in 2024, reducing carbon emissions by 24,000 tons [8] - The AI-powered waste incineration system presented by Chaoyang Environmental Group addresses long-standing technical challenges in the industry [7] Group 5: Market Trends and Future Outlook - The event reflects a shift from showcasing technologies to facilitating transactions, with green technologies becoming more accessible and tradeable [9] - Companies are transforming green productivity into tradeable and replicable solutions, breaking down technologies into modular components for global buyers [9]

Group 1 - The 2025 China Enterprise 500 list was released, highlighting over 60 oil and chemical companies, with the total revenue of the top 500 enterprises reaching 110.15 trillion yuan and total assets at 460.85 trillion yuan, marking a 7.46% increase from the previous year [1] - Oil and chemical companies accounted for 12% of the total list, underscoring their role as a pillar of the national economy and a stabilizing force for industrial economic growth [1] - China National Petroleum Corporation and China Petroleum & Chemical Corporation ranked second and third, with revenues of 29,690 billion yuan and 29,320 billion yuan respectively [1] Group 2 - Innovation is crucial for enterprise development, with several petrochemical companies, including Sinopec and PetroChina, listed among the 2025 China Top 100 Innovators [2] - Chinese petrochemical companies are advancing international operations, with overseas assets for China National Petroleum Corporation reaching 1 trillion yuan, leading the 2025 China Top 100 Multinational Companies [2] - The threshold for entering the China Enterprise 500 has increased by over 8.7 billion yuan, with total revenue and assets growing by over 22% and 34% respectively, indicating a significant rise in the scale of enterprises [2]

9月1 6日， 中国石化集团公司组织驻新疆企业联合发布《同心筑梦 中国石化在新疆社会责任报告（1978—2025）》 。报告显示，自改 革开放以来，中国石化累计生产原油1.77亿吨、天然气418亿立方米，加工原料油7647. 06万吨，生产成品油7201万吨。 深耕能源沃土，筑牢新疆发展"动力底座"。 改革开放以来，中国石化先后发现并建设塔河油田、顺北油气田等油气田，累计探明石油 地质储量21. 67亿吨、天然气地质储量33 87.03亿立方米，累计生产原油1.77亿吨、天然气418亿立方米。天然气分公司西北销售中心累 计经营管道天然气9 7.7亿立方米，保障能源安稳供应。 文丨本报记者 杨沐岩 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c ne ne rgy） 责编丨李慧颖 守护生态绿洲，书写人与自然和谐共生答卷。 多年来，中国石化累计投资8.9亿元实施生态恢复工程。西北油田分公司在塔里木胡杨林 国家级自然保护区清退油井105口，在塔克拉玛干沙漠累计绿化面积256.3万平方米。塔河炼化年原油加工能力达500万吨，累计加工原 料油7 64 7.0 6万吨，生产洁净油品7201万吨。新疆石油投运充电站 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The green low-carbon related industries, including green methanol, bio-aviation fuel, and green polyester, are gaining market attention due to their vast market potential and the need for sustainable development [8] - The green polyester sector is particularly favored as new technologies are expected to drive rapid growth, allowing for the replacement of virgin materials and opening up significant new market opportunities [8] Summary by Sections Investment Recommendations and Targets - The report recommends buying shares of Wan Kai New Materials (301216), which is well-positioned in the green polyester industry. Other recommended stocks include Sinopec (600028), Hengli Petrochemical (600346), Rongsheng Petrochemical (002493), Wanhua Chemical (600309), and Huayi Group (600623) due to expected recovery in the petrochemical and chemical sectors driven by "anti-involution" policies. Additionally, it suggests buying shares of pesticide formulation companies such as Runfeng Co., Ltd. (301035), Guoguang Co., Ltd. (002749), and Hailier (603639) [3]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the refining and petrochemical industry, specifically discussing the performance and trends of various products and companies within this sector [1][2][3][11][18]. Core Insights and Arguments - **Demand Trends**: - In the first half of 2025, the refining sector experienced a mixed demand trend. Gasoline demand decreased by 5% year-on-year, while diesel demand fell by 7%. However, aviation kerosene saw a positive growth of approximately 5% [2][11]. - The demand growth for aromatics slowed, with PX and PTA increasing by 2% and 6%, respectively. The olefins chain maintained high growth rates, with ethylene, propylene, and butadiene increasing by 9%, 13%, and 22% respectively [2][11]. - **Price Performance**: - Overall, the prices of refining products in 2025 showed a downward trend, with most products experiencing month-on-month declines. Notable exceptions included by-products like sulfur, petroleum coke, and butanone, with butanone seeing a 21% increase in July [3][11]. - The price spread for PX improved gradually, while PTA faced challenges due to new capacity and weakened demand, leading to a decrease in processing fees [11][18]. - **Operational Rates**: - The operating rate of Shandong independent refineries declined from 70% in 2020 to around 50% in 2024, but has recently recovered to approximately 70% [5][11]. - The operating rates for the aromatics chain remained above 80%, while the olefins chain faced lower rates due to large-scale new production [6][11]. - **Inventory Levels**: - There was a clear divergence in inventory levels, with upstream raw material inventories remaining high, while downstream finished oil inventories were low. The olefins chain faced significant inventory pressure, whereas the aromatics chain appeared healthier [7][8][9]. - **Export Dynamics**: - The export price index for end products showed a declining trend from 2023, with an average annual decrease of 5%-7%. The textile and apparel sector experienced a cumulative decline of 14%-15% [10][11]. - Despite weak export growth in value, actual export volumes increased significantly, indicating a shift from import substitution to direct exports for domestic chemical products [10][11]. Other Important but Overlooked Content - **Policy Changes**: - Recent policies have tightened approvals for new projects and optimized existing capacities, which may impact the future development pace of the petrochemical industry [19][20]. - **Future Capacity Growth**: - The period from 2019 to 2025 marked a peak in domestic petrochemical product investments, but growth rates are expected to slow down significantly post-2026 [20][21]. - **Sectoral Outlook**: - The industry is currently at a cyclical bottom, with gradual improvements in product prices and spreads. Key companies to watch include Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong, and Sinopec, which are positioned well for future growth [22].

9月15日 中国企业联合会、中国企业家协会 连续第24次向社会发布了 "中国企业500强" （以下简称"企业500强"）榜单 其中 云南省投资控股集团有限公司 云南省建设投资控股集团有限公司 云天化集团有限责任公司 云南锡业集团(控股)有限责任公司 上榜 这份榜单以2024年企业营业收入 作为入围标准 呈现出以下主要特点 云南省能源投资集团有限公司 云南省交通投资建设集团有限公司 ↓↓ 规模总量保持增长。企业500强营业收入达110.15万亿元，较上年500强有所增加。入围门槛实现23连升，达479.60亿元，提升5.79亿元。资产总额为460.85 万亿元，增长7.46%。榜单中，千亿规模企业数量增至267家，比上年增加45家，有15家企业的营业收入超过万亿元。其中，国家电网营业收入超过3万亿 元，即将突破4万亿元；中国石油、中国石化、中国建筑的营业收入超过2万亿元。 经济效益继续改善。企业500强实现归属母公司所有者净利润总额为4.71万亿元，增长4.39%，收入净利润率为4.27%，提高0.17个百分点。 创新活力更加充沛。研发强度创新高。企业500强共投入研发费用1.73万亿元；研发强度创下1.95% ...

Core Viewpoint - China Petrochemical Corporation (Sinopec) has achieved a significant milestone in shale gas production with two wells in the Sichuan Basin exceeding a production rate of one million cubic meters, setting a new record for shale gas output in China [1] Group 1 - The testing production of one well reached 1.407 million cubic meters per day, marking a substantial achievement in shale gas extraction [1] - The gas reservoir being developed dates back 540 million years to the Cambrian period, representing one of the oldest shale formations globally to achieve large-scale exploration [1] - This new type of shale gas indicates advancements in exploration techniques and potential for further development in the region [1]

中国石化消息，位于四川盆地的中国石化资阳页岩气田的两口井测试产量均超百万立方米，刷新我国页 岩气产量纪录。此次刷新纪录的其中一口井测试日产气量达到140.7万立方米，开发气藏为距今5.4亿年 前的寒武系，是全球实现规模勘探最古老的页岩层系，也是一种新类型页岩气。（央视新闻） ...