Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The "Stabilizing Growth Work Plan" for the petrochemical industry has raised expectations, focusing on enhancing technological innovation, expanding effective investment, and fostering market demand [8] - The green low-carbon industry, particularly green polyester, is expected to experience rapid growth due to new technologies and significant market potential [8] Summary by Sections Investment Recommendations and Targets - The report favors companies that have strategically positioned themselves in the green polyester sector, such as Wankai New Materials (301216, Buy). Other recommended stocks include Sinopec (600028, Buy), Hengli Petrochemical (600346, Buy), Rongsheng Petrochemical (002493, Buy), Wanhua Chemical (600309, Buy), and Huayi Group (600623, Buy). Additionally, companies in the pesticide formulation segment like Runfeng Co., Ltd. (301035, Buy), Guoguang Co., Ltd. (002749, Buy), and Hailier (603639, Buy) are also highlighted [3] Industry Overview - The petrochemical industry is currently facing significant oversupply, making rapid recovery through market-driven policies challenging. However, the long-term outlook for the industry is improving, with lower valuations for leading chemical stocks providing good investment opportunities [8] - The green low-carbon sector, including green methanol, bio-aviation fuel, and green polyester, is gaining market attention due to its vast market space and the need for sustainable development. Companies that capitalize on these trends are expected to achieve rapid growth [8] Recent Developments - The recent "Stabilizing Growth Work Plan" emphasizes controlling new refining capacity and supporting key products in electronic chemicals and high-end polyolefins, while also fostering new application scenarios in emerging fields like renewable energy and low-altitude economy [8]

Investment Rating - The report maintains a positive outlook on the petrochemical industry, indicating a recovery in industry prosperity [3][5]. Core Viewpoints - The "Petrochemical Industry Steady Growth Work Plan" aims for an average annual growth of over 5% in the industry's added value from 2025 to 2026, with a focus on stabilizing economic benefits and enhancing technological innovation [4][5]. - The report highlights five key initiatives to achieve these goals, including strengthening technological innovation, expanding effective investment, and enhancing market demand [6][10]. - The upstream sector is experiencing a trend of widening supply and demand, with expectations of oil prices maintaining a medium to high level despite potential downward adjustments [4][18]. - The refining sector is seeing improved profitability due to a recovery in oil prices, although the current product price differentials remain low [4][45]. - The polyester sector shows signs of recovery, with expectations for improved profitability as supply and demand conditions improve [14]. Summary by Sections Upstream Sector - Brent crude oil prices increased to $70.13 per barrel, a 5.17% rise week-on-week, while WTI prices rose to $65.72 per barrel, up 4.85% [4][18]. - U.S. commercial crude oil inventories decreased to 415 million barrels, down 610,000 barrels from the previous week, and are 4% lower than the five-year average [20][22]. - The number of U.S. drilling rigs increased to 549, up 7 rigs week-on-week, but down 38 rigs year-on-year [28]. Refining Sector - The Singapore refining margin for major products fell to $13.54 per barrel, down $4.51 from the previous week [4]. - The report notes that while refining product price differentials have improved, they remain at low levels, with expectations for gradual improvement as the economy recovers [4][45]. Polyester Sector - PTA prices have stabilized, with the average price in East China at 4528.6 CNY per ton, down 1.69% week-on-week [4]. - The report anticipates a gradual improvement in the polyester industry as new capacity additions taper off in the coming years [14]. Investment Recommendations - The report recommends focusing on leading companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as high-quality refining companies like Hengli Petrochemical and Sinopec [14][15]. - It also suggests monitoring companies in the upstream exploration and development sector, which are expected to maintain high profitability due to sustained capital expenditures [14].

Investment Rating - The report maintains a "Positive" rating for the chemical industry [5][6][20] Core Insights - The petrochemical industry is expected to see stable growth due to the introduction of policies aimed at enhancing industry health and eliminating outdated capacity [5][6] - The demand for viscose filament is anticipated to tighten, leading to an upward trend in prices, while the grass herbicide market is expected to optimize its structure [5][6] - The global GDP growth is projected to remain at 2.8%, with stable oil demand despite some slowdown due to tariff policies [5][6] Industry Dynamics - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable [5][6] - The coal market is anticipated to experience long-term price stabilization, with easing pressures on downstream sectors [5][6] - Natural gas exports from the U.S. are likely to accelerate, potentially lowering import costs [5][6] Chemical Sector Analysis - The report highlights that the viscose filament industry will see a supply-demand tightening, with a projected increase in operating rates from 84% to over 95% [5][6] - The grass herbicide market is set to address issues of low pricing and quality through upcoming industry meetings aimed at regulating competition [5][6] Investment Recommendations - The report suggests focusing on sectors benefiting from the "anti-involution" policy, including textiles, agriculture, and export-related chemicals [5][6] - Specific companies to watch include Xinxiang Chemical Fiber, Jilin Chemical Fiber, and Lier Chemical, which are expected to benefit from market dynamics [5][6][20] Key Company Valuations - The report provides a valuation table for key companies, indicating various ratings such as "Buy" and "Increase" for companies like Hailir Chemical, Yunnan Chemical, and Wanhu Chemical [20]

Investment Rating - The industry investment rating is "Positive" as the industry index is expected to outperform the benchmark [148]. Core Insights - The report highlights that domestic and international refining project price differentials have shown a decline, with domestic key refining project price differential at 2338.86 CNY/ton, down by 1.52% week-on-week, while the international price differential is at 1062.71 CNY/ton, down by 9.32% [2][3]. - Brent crude oil average price for the week ending September 26, 2025, was 68.03 USD/barrel, reflecting a slight increase of 0.71% [2][3]. - The report indicates that the refining sector is facing mixed signals, with international oil prices experiencing volatility due to geopolitical factors and economic data from the US raising concerns about demand [2][14]. - In the chemical sector, prices for petrochemical products have generally weakened, with price differentials narrowing across various products [2][46]. - The polyester and nylon sectors are experiencing price declines, with polyester filament factories slightly reducing production while facing weak demand [2][81][115]. Summary by Sections Refining Sector - The report notes fluctuations in oil prices, with Brent and WTI prices increasing by 3.45 and 3.04 USD/barrel respectively from the previous week [14]. - Domestic diesel and gasoline prices have slightly decreased, with average prices at 6905.29 CNY/ton and 7995.14 CNY/ton respectively [14]. Chemical Sector - Polyethylene prices have shown slight declines, with LDPE, LLDPE, and HDPE averaging 9685.71 CNY/ton, 7148.00 CNY/ton, and 8000.00 CNY/ton respectively [53][66]. - The report indicates that the MMA market is showing price stability due to limited supply pressure, with MMA averaging 10242.86 CNY/ton [66]. Polyester & Nylon Sector - PX prices have decreased, with the current average at 5757.10 CNY/ton, while PTA prices are also down to 4537.86 CNY/ton [81][96]. - The report highlights that the demand for polyester filament remains weak, with production adjustments being made in response to inventory levels [81][123]. Market Performance - The report tracks the stock performance of six major refining companies, noting significant weekly changes, with Rongsheng Petrochemical up by 4.55% and Dongfang Shenghong down by 3.32% [134][135]. - The overall performance of the refining index has increased by 44.48% since September 4, 2017, outperforming both the oil and petrochemical industry indices [137].

Core Viewpoint - The coal chemical concept sector has shown a positive performance with a 0.80% increase, ranking fifth among concept sectors, driven by significant gains in several stocks [1][2]. Group 1: Sector Performance - As of September 26, the coal chemical concept sector increased by 0.80%, with 60 stocks rising, including Yicheng New Energy which hit the daily limit up of 20% [1]. - Notable gainers in the sector included Donghua Technology (up 10.04%), Hongsheng Co., and Luhua Technology, both hitting the daily limit [1][3]. - The top decliners were Lu'an Environmental Energy, Jiufeng Energy, and Hangyang Co., with declines of 2.89%, 2.44%, and 2.39% respectively [1]. Group 2: Capital Flow - The coal chemical sector attracted a net inflow of 435 million yuan, with 44 stocks receiving net inflows, and 6 stocks exceeding 50 million yuan in net inflow [2]. - Donghua Technology led the net inflow with 148 million yuan, followed by Junzheng Group and Luhua Technology with 114 million yuan and 82.94 million yuan respectively [2][3]. - The top stocks by net inflow ratio included Yicheng New Energy (35.30%), Luhua Technology (27.98%), and Donghua Technology (22.55%) [3].

石油石化行业今日上涨1.17%，全天主力资金净流入7875.76万元，该行业所属的个股共47只，今日上涨 的有32只；下跌的有11只。以资金流向数据进行统计，该行业资金净流入的个股有21只，其中，净流入 资金超3000万元的有6只，净流入资金居首的是恒逸石化，今日净流入资金6771.87万元，紧随其后的是 中国石油、恒力石化，净流入资金分别为6771.38万元、4623.22万元。石油石化行业资金净流出个股 中，资金净流出超千万元的有7只，净流出资金居前的有桐昆股份、东华能源、荣盛石化，净流出资金 分别为1.03亿元、3513.15万元、2622.25万元。（数据宝） 石油石化行业资金流向排名 沪指9月26日下跌0.65%，申万所属行业中，今日上涨的有10个，涨幅居前的行业为石油石化、环保， 涨幅分别为1.17%、0.38%。石油石化行业位居今日涨幅榜首位。跌幅居前的行业为计算机、电子，跌 幅分别为3.26%、2.75%。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000703 | 恒逸石化 ...

Market Overview - The refining and trading sector increased by 0.72% on September 26, with Hengyi Petrochemical leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Hengyi Petrochemical (000703) closed at 6.83, up 6.89% with a trading volume of 716,400 shares and a turnover of 495 million [1] - Tongkun Co., Ltd. (601233) closed at 14.95, up 6.03% with a trading volume of 855,000 shares and a turnover of 1.29 billion [1] - Rongsheng Petrochemical (002493) closed at 9.89, up 4.99% with a trading volume of 758,500 shares and a turnover of 743 million [1] - Other notable stocks include Daqing Huake (000985) up 3.90% and Hengli Petrochemical (600346) up 3.48% [1] Capital Flow - The refining and trading sector saw a net inflow of 37.72 million from main funds, while speculative funds had a net inflow of 72.77 million [2] - Retail investors experienced a net outflow of 110 million [2] Individual Stock Capital Flow - Hengli Petrochemical (600346) had a main fund net inflow of 70.19 million, with a retail net outflow of 76.95 million [3] - Hengyi Petrochemical (000703) saw a main fund net inflow of 66.45 million, with a retail net outflow of 68.47 million [3] - China Petroleum (601857) had a main fund net inflow of 65.63 million, with a retail net inflow of 18.97 million [3]

嘉实中证细分化工产业主题指数发起式A（013527）成立日期2022年9月22日，最新规模1628.29万。今 年以来收益19.12%，同类排名2836/4220；近一年收益29.73%，同类排名2975/3824；成立以来亏损 15.7%。 从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，嘉实基金旗下1只基金重仓恒力石化。嘉实中证细分化工产业主题指数发起式A（013527） 二季度减持8.45万股，持有股数36.38万股，占基金净值比例为2.95%，位居第七大重仓股。根据测算， 今日浮盈赚取约30.56万元。 责任编辑：小浪快报 嘉实中证细分化工产业主题指数发起式A（013527）基金经理为张超梁。 9月26日，恒力石化涨5.12%，截至发稿，报17.24元/股，成交4.48亿元，换手率0.38%，总市值1213.54 亿元。 截至发稿，张超梁累计任职时间5年290天，现任基金资产总规模241.02亿元，任职期间最佳基金回报 70.4%， ...

9月26日，恒力石化盘中上涨2.13%，截至09:44，报16.75元/股，成交8243.83万元，换手率0.07%，总市 值1179.05亿元。 机构持仓方面，截止2025年6月30日，恒力石化十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股2.39亿股，相比上期增加2322.52万股。 资金流向方面，主力资金净流出71.59万元，大单买入1004.39万元，占比12.18%，卖出1075.98万元，占 比13.05%。 恒力石化所属申万行业为：石油石化-炼化及贸易-炼油化工。所属概念板块包括：煤化工、大盘、 MSCI中国、融资融券、可降解等。 截至6月30日，恒力石化股东户数7.44万，较上期减少0.75%；人均流通股94588股，较上期增加0.75%。 2025年1月-6月，恒力石化实现营业收入1039.44亿元，同比减少7.68%；归母净利润30.50亿元，同比减 少24.08%。 分红方面，恒力石化A股上市后累计派现261.36亿元。近三年，累计派现76.02亿元。 恒力石化今年以来股价涨13.02%，近5个交易日跌0.89%，近20日跌4.45%，近60日涨18.46%。 资料显示， ...

Market Overview - On September 25, the refining and trading sector rose by 0.05% compared to the previous trading day, with Donghua Energy leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Key stocks in the refining and trading sector showed varied performance: - Donghua Energy (002221) closed at 9.10, up 5.45% with a trading volume of 480,700 shares and a turnover of 427 million yuan [1] - Rongsheng Petrochemical (002493) closed at 9.42, up 1.51% with a trading volume of 255,000 shares and a turnover of 240 million yuan [1] - China Petroleum (601857) closed at 8.14, up 0.12% with a trading volume of 1,011,100 shares and a turnover of 823 million yuan [1] - China Petrochemical (600028) closed at 5.35, down 0.19% with a trading volume of 894,600 shares and a turnover of 478 million yuan [1] Capital Flow - The refining and trading sector experienced a net outflow of 109 million yuan from institutional investors, while retail investors saw a net inflow of 1.1 million yuan [2] - The capital flow for key stocks indicated mixed trends, with some stocks attracting significant retail interest despite overall outflows [3]