Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others [10]. Core Viewpoints - The report highlights significant price increases in phosphate rock (10.00%) and glyphosate (6.79%), while products like butadiene and aniline saw substantial declines [3][4]. - It suggests focusing on import substitution, domestic demand, and high dividend opportunities in the current market environment [5][21]. - The international oil prices are stabilizing, with WTI at $60.79 per barrel and Brent at $63.90 per barrel, indicating a projected average of $70 for 2025 [5][20]. Summary by Sections Industry Tracking - International oil prices are fluctuating within a narrow range, with market assessments indicating a stable supply outlook [22]. - The domestic propane market experienced a decline after an initial stabilization, with average prices at 4988 CNY/ton [25]. - The domestic coal market showed mixed price movements, averaging 532 CNY/ton, with expectations of increased demand as summer approaches [26]. Price Movements - Significant price increases were noted in phosphate rock and glyphosate, while butadiene and aniline experienced notable declines [19]. - The report indicates a weak overall performance in the chemical industry, with mixed results across sub-sectors due to past capacity expansions and weak demand [21]. Investment Opportunities - The report emphasizes the potential for investment in sectors benefiting from import substitution, such as lubricating oil additives and special coatings [21]. - It also highlights the resilience of the tire industry, suggesting companies like Senqilin and Sailun Tire as potential investment targets [21]. - The report recommends focusing on high-quality assets with strong dividend yields, particularly in the oil sector, including Sinopec and China National Offshore Oil Corporation [21].

中信建投证券股份有限公司（ 以下简称"中信建投"或"保荐人"）作为岳 阳兴长石化股份有限公司 以下简称"岳阳兴长"或"公司"）2022 年度向特 定对象发行股票并在主板上市持续督导阶段的保荐人，根据《证券发行上市保荐 业务管理办法》 《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监 管指引第 13 号——保荐业务》 《深圳证券交易所上市公司自律监管指引第 7 号—— 交易与关联交易》等有关规定，对岳阳兴长与中国石化财务有限责任公司武汉分公 司 以下简称"财务公司武汉分公司" ）签订《金融服务协议》暨关联交易事项进行 了审慎核查，具体核查情况如下： 一、关联交易概述 公司拟与财务公司武汉分公司签订《金融服务协议》，由其为公司提供金融 服务，包括存款、信贷、结算以及其他金融服务，金融服务定价遵循市场化原则， 由双方协商确定。财务公司武汉分公司承诺具有签署、履行该协议的权利与授权。 公司武汉分公司为财务公司分支机构，根据（ 《深圳证券交易所股票上市规则》之 规定，财务公司武汉分公司为本公司关联人，本次交易构成关联交易。 本次关联交易不构成（ 《上市公司重大资产重组管理办法》规定的重大资产重 组，不需要 ...

FF305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation 03 June 2025 Date Submitted: Section 1 must be completed by a listed issuer where has been a change in its issued shares or treasury shares which is discloseable pursuant to rule 13.25A of the Rules Go .i.sting of Securities on The Stock Exchange of Hong ...

Group 1 - The brand value of Sinopec has surpassed 400 billion yuan, recognized as one of the first excellent results in the central enterprise brand leading action [1] - Sinopec's brand success is attributed to continuous efforts in brand building and communication, as well as strong quality and service capabilities [1] - Quality is emphasized as the fundamental strength of the brand, with a commitment to "quality always leading" and comprehensive quality management throughout the entire industry chain and lifecycle [1] Group 2 - Sinopec has developed a range of products and services that enhance emotional connections with customers, including Easy Joy, Easy PAIKE, Great Wall lubricants, and various public welfare brands [2] - The company aims to meet the growing consumer demand and enhance brand influence and competitiveness, seizing opportunities in the vast market potential [2] - The long-term vision for brand development is highlighted, emphasizing the importance of building a reliable and trustworthy brand over time [2]

长江电力 东方财富 02)中国核电 1951.90亿市值 7330.68亿市值 3284.08亿市值 15.40亿成交额 4.28亿成交额 23.58亿成交额 20.78 29.96 9.49 -0.24(-0.79%) -0.09(-0.94%) +0.16(+0.78%) 食品饮料 证券 中信证券 国泰海通 海天味业 ■双 3808.88亿市值 3169.82亿市值 2455.01亿市值 9.24亿成交额 19.31亿成交额 3.88亿成交额 25.70 17.98 44.15 +0.18(+0.71%) +0.80(+4.66%) -0.27(-0.61%) 消费电子 化学制药 恒瑞医药 立讯精密 工业富联 3747.37亿市值 2201.05亿市值 3663.63亿市值 5.37亿成交额 11.33亿成交额 15.91亿成交额 55.48 30.37 18.87 -0.06(-0.32%) -0.03(-0.10%) +0.74(+1.35%) 家电行业 农牧饲渔 牧原股份 格力电器 海尔智家 油气长官 2525.11亿市值 2326.02亿市值 2241.92亿市值 23.68亿成交额 5.79亿成 ...

科技创新助推行业减碳 在近日与2025全国石油和化工行业科技创新大会同期举办的炼油与化工创新论坛上，中国石油化工集团 公司科学技术委员会资深委员、中石化(大连)石油化工研究院有限公司学术委员会高级顾问胡永康开宗 明义地指出，科技创新始终是炼化行业实现高质量发展的核心引擎。面对行业绿色低碳转型的迫切需 求，如何通过科技创新破解发展难题、实现高质量发展，成为行业的核心议题。 科技创新是炼化行业减碳的"加速器"。中石化石油化工科学研究院院长李明丰提出了炼化行业深度减碳 的四大创新路径，分别是灵活炼油、低碳炼油、炼油向化工转型和废弃资源循环利用。这些创新为行业 的绿色低碳发展注入强劲动力，其中多项突破性成果已实现工业化应用并取得显著成效。 "灵活炼油指的不仅是技术本身的灵活性，还指装置的灵活性。"李明丰以轻烃转化制乙烷技术为例说 明，常规固定床轻烃制乙烷技术中乙烷的产率大于55%，乙烷和丙烷的产率大于85%，但氢耗会达到 4%。对此，石科院创新开发了移动床技术，将乙烷、丙烷和芳烃产率提升至90%，同时氢耗降至 1.3%。目前，石科院固定床和移动床技术均已工业化，市场占有率分别为80%和100%。 此外，石科院的加氢催 ...

中国石化集团有限公司首席专家曹东学也指出，2024年我国成品油产量和消费量已经达峰并开始下降， 虽然航煤和化工轻油有增长空间，但汽油受冲击严重，急需降低汽油产率。由于乙烯、丙烯产业链受劣 势资源影响，同时烯烃产业链无法单独承接"油转化"转型的压力，可以适度增产芳烃。 对此，曹东学建议，国家应划定炼油产能红线，并对炼化一体化基地进行科学顶层设计，严格把控"油 转化"节奏，加快颠覆性技术创新，落实能源结构转型目标。同时，还要研究企业、产品的定位和优 势，有差异化地进行改革发展。 我国作为世界最大的石化产品生产和消费国，化工产品占到全球消费总量的三分之一。据统计，2024年 中国炼油产能9.3亿吨，乙烯产能达5455万吨/年，丙烯、对二甲苯、大宗合成树脂、合成橡胶等多种产 品的产能和产量稳居世界首位，基础化学品自给率大幅提高。 然而，低端产品"内卷化"竞争加剧和高端产品进口依存度高的结构性矛盾日益尖锐。据中国合成树脂协 会理事长何盛宝介绍，我国乙烯、丙烯等大宗化学品产能增速远超需求，预计2025至2027年，国内乙烯 产能年均增长13.5%，远超同期4%~5%的当量消费速度，2025年丙烯产能利用率将降至66%。同 ...

Investment Rating - The report maintains an "Overweight" rating for the oil and petrochemical industry [6] Core Viewpoints - OPEC+ has announced an increase in production by 411,000 barrels per day starting in July, which raises concerns about oil supply and has led to a decline in oil prices [1][10][11] - The increase in production is a response to non-compliance by major member countries, particularly Iraq and Kazakhstan, and aims to counteract the marginal cost of U.S. shale oil production [1][12] - The geopolitical landscape remains uncertain, impacting China's energy security, prompting the "Three Oil Companies" to increase their oil and gas production to ensure national energy security [3][21][23] - The report suggests that the long-term supply-demand dynamics for crude oil remain favorable, supporting a positive outlook for the "Three Oil Companies" and oil service sectors [4] Summary by Sections OPEC+ Production Increase - OPEC+ has agreed to a third consecutive month of significant production increases, maintaining the same scale as previous months [1][11] - The IEA projects that OPEC+ production will increase by 310,000 barrels per day this year and by 150,000 barrels per day in 2026 [1][11] U.S. Shale Oil Production - The recent decline in oil prices has significantly impacted the growth prospects for U.S. shale oil production, with companies indicating a need for $65 per barrel to be profitable [2][16] - The IEA forecasts that U.S. crude oil supply will increase by 440,000 barrels per day in 2025 and by 180,000 barrels per day in 2026, but the growth rate is expected to slow [2][16] "Three Oil Companies" Response - The "Three Oil Companies" (China National Petroleum Corporation, Sinopec, and CNOOC) are responding to national calls for increased production, with planned growth rates of 1.6%, 1.3%, and 5.9% respectively for 2025 [3][23] - Significant capital expenditures are planned to support exploration and production, with total upstream capital expenditures projected at 210 billion, 76.7 billion, and 130 billion yuan for the respective companies [21][23] Investment Recommendations - The report recommends focusing on the "Three Oil Companies" and their associated oil service engineering firms, as well as leading companies in the refining and chemical sectors [4]

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, suggesting investment opportunities in high-quality refining companies and upstream oil service firms [2][3]. Core Insights - The current oil bear market is characterized by a prolonged duration, with expectations that it will not last much longer. Oil prices may continue to test lower levels due to supply-demand imbalances, but significant support is anticipated around the marginal cost of production for shale oil, estimated at approximately $62.5 per barrel [3][4][11]. - The upstream sector is experiencing a decline in oil prices, with Brent crude futures at $63.9 per barrel and WTI at $60.79 per barrel as of May 23, 2025. This has led to an increase in day rates for self-elevating drilling rigs [3][24]. - The refining sector is seeing improved profitability due to rising product crack spreads, although the overall margins remain low. The report anticipates a gradual recovery in refining profitability as domestic and overseas refining capacities adjust [3][54]. - The polyester sector is facing mixed performance, with PTA profitability declining while polyester filament profitability is on the rise. The report suggests monitoring demand changes closely [3]. Summary by Sections Upstream Sector - Brent crude futures decreased by 1.36% to $63.9 per barrel, while WTI fell by 1.2% to $60.79 per barrel as of May 23, 2025. The average prices for the week were $64.36 and $61.19 respectively [24]. - U.S. commercial crude oil inventories fell by 2.8 million barrels to 440 million barrels, which is 6% lower than the five-year average for the same period [27]. - The number of active drilling rigs in the U.S. decreased to 563, down by 3 from the previous week and 37 year-on-year [34]. Refining Sector - The Singapore refining margin increased to $12.86 per barrel, while the U.S. gasoline crack spread decreased to $22.49 per barrel [3]. - The report indicates that refining margins are expected to improve gradually as domestic and overseas refining capacities adjust [3][54]. Polyester Sector - The PTA price decreased to 4899 RMB per ton, while the polyester filament price spread increased to 1389 RMB per ton [3]. - The report highlights the need to monitor demand changes closely, as the polyester industry is currently in a seasonal downturn [3]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as upstream oil service companies like CNOOC Services and Haiyou Engineering [3][19]. - It also suggests that the long-term outlook for the polyester sector remains positive, with a focus on leading companies like Tongkun Co. and Wankai New Materials [3][19].

Core Viewpoint - The successful launch of a dedicated railway transport service for gasoline supply in Beijing marks the beginning of a strategic initiative to ensure energy supply stability in the region [1][3]. Group 1: Transportation System - The railway supply system is structured around three loading bases: Shijiazhuang Refining, Cangzhou Refining, and Tianjin Petrochemical, creating a circular transport network with seven railway stations in Beijing [3]. - This model ensures an average daily supply of over 5,000 tons of oil products to Beijing, maintaining the energy supply baseline [3]. Group 2: Consumption and Supply Gap - Beijing's daily gasoline and diesel consumption is approximately 10,000 tons, with 80% supplied directly through pipelines from Yanshan Petrochemical [4]. - During a planned maintenance shutdown of Yanshan Petrochemical for 85 days starting in late May 2025, a supply gap of nearly 600,000 tons of oil products will need to be filled through transportation from refineries in the Beijing-Tianjin-Hebei region and other provinces [4]. Group 3: Environmental and Operational Efficiency - The railway transport method significantly reduces carbon emissions compared to the daily 240 truckloads of oil transported by road, thus mitigating transportation safety risks [6]. - The railway's "door-to-door" logistics service alleviates operational pressures on companies, providing an innovative model for energy collaboration in the Beijing-Tianjin-Hebei region [6]. Group 4: Future Developments - The regular operation of the oil supply railway service is a practical implementation of the "shift from road to rail" strategy and contributes valuable experience for regional emergency material supply mechanisms [6]. - Future plans include further optimization of transport organization to provide greener, safer, and more efficient energy transport support for the coordinated development of the Beijing-Tianjin-Hebei region [6].