2025 年 11 月 16 日 全球石油库存将持续增长至 2026 年，EIA 预计今年全球原油将有 184 万桶/天的供应过剩 看好 ——石油化工行业周报(2025/11/10—2025/11/16) 证 券 研 究 uan 行 业 及 产 业 行 业 研 究 / 行 业 点 证券分析师 刘子栋 A0230523110002 liuzd@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 丁莹 A0230125070005 dingying@swsresearch.com 联系人 丁莹 (8621)23297818× dingying@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 评 报 告 石油石化 相关研究 - ⚫ 全球石油库存将持续增长至 2026 年，EIA 预计今年全球原油将有 184 万桶/天的供应过 剩。价格端来看，EIA 上调明年原油与天然气 ...

石油石化 2025 年 11 月 16 日 石油石化周报 俄乌互相打击对方能源设施，俄油出口受阻支撑油价 强于大市（维持） 行情走势图 -30% -20% -10% 0% 10% 20% 30% 40% 50% 24-01 24-03 24-05 24-07 24-09 24-11 25-01 25-03 25-05 25-07 25-09 25-11 沪深300 石油石化 基础化工 证券分析师 核心观点： 行 业 报 告 行 业 报 告 行 业 深 度 报 行 业 深 度 报 行 业 周 报 证 券 研 究 报 告 告 石油石化·行业周报 投资建议： 本周，我们建议关注石油石化、氟化工、半导体材料板块。石油石化：俄乌互相打击对方能源设施，美委关系持续紧张，叠加美 国经济运行情况、未来降息政策尚存不确定性，短期内油价仍有一定支撑；但中长期油价仍将锚定基本面，随着 OPEC+增产的持 续推进，旺季之后基本面过剩预期或将逐步兑现，油价仍存在中枢进一步下移的担忧。面对国际油价剧烈震荡，国内油企通 过上 下游一体化布局和油气来源多元化降低了业绩对油价的敏感性，并加快在国内海上油气资源开放方面的投入，以降低能源对 外依 ...

中国航天科技（000901）集团有限公司首次以"航天科技成果转化与产业化"为主题参展高交会，集中展 示了百余项航天前沿科技成果，全面展现航天技术在商业航天、低空经济、机器人、电子信息、新能源 等领域的"航天方案"与实践成果。 这是11月14日拍摄的第二十七届中国国际高新技术成果交易会现场。新华社发 深圳商报首席记者 陈小慧 亚太6D卫星、 柔性太阳翼、"深海一号"能源站、昇腾384超节点……从"上天入海"，到AI大模型技术。 第二十七届高交会9号馆里，都是备受关注的国之重器、科技巨头产业链展区。 本届高交会重点遴选"高、精、尖"技术与产品，实物展品比例超90%，举办首发首秀和路演推介活动百 余场，首发、首展展品占比达20%以上。 一馆尽览"上天入海" 据了解，整个9号馆是备受关注的国之重器、科技巨头产业链展区。一大批对国家安全和科技创新具有 重大意义的技术与产品藏身其中，涵盖航空航天、高端船舶与海洋工程装备、重大科学仪器设备、能源 装备制造、智能制造、大型工程装备等。展区内集结了中国航天、中国石化、中国海油（600938）、比 亚迪（002594）、荣耀、品胜、鸿蒙智行、中国科学院深圳先进院、光明实验室、深圳 ...

转自：北京日报客户端 位于雄安 新区启动区的中国华能、中国中化总部大楼。王伟倩 摄 近日，国家电力投资集团有限公司子公司——中国电能成套设备有限公司，成功竞得雄安新区启动区总 部区88.16亩宗地，正在办理相关手续，即将开工建设。 今年以来，雄安新区以优质服务助力疏解跑出"加速度"，能源类央企加快向雄安新区集聚。 入驻一个月引进新一批配套企业 走进雄安新区启动区，上个月正式迁驻并投用的中国华能总部大楼和中国中化总部大楼毗邻而居，相得 益彰。 两家能源类央企投运仅一个月，就快速开启了业务布局，吸引了昆仑数智、中石化节能等新一批能源领 域市场化疏解企业接踵而至。 在雄安新区这片热土上，中国大唐、中国华电总部大楼项目加快建设；中国石化、中国海油、国家电 网、三峡集团、国家能源集团、中国中煤、中广核等十余家能源类央企的二三级子公司或创新业务板块 纷纷入驻…… 截至目前，雄安新区已集聚能源类央企二三级子公司或创新业务板块超100家（个）。初步形成了"央企 总部+研发基地+配套企业"的协同发展格局。 促进能源类企业重构和升级 此外，雄安新区商务和投资促进局还创新构建"落地—发展—协同"全周期服务体系，集成政策工具，提 供 ...

Core Viewpoint - Institutional investors have shown renewed interest in 88 stocks this week, with 11 stocks receiving target prices from various securities firms [1] Group 1: Stock Ratings and Target Prices - Longxin General received a "Buy Over Market" rating from Guosen Securities, with a target price of 15.80 to 16.70 CNY, while the latest closing price was 13.16 CNY [1] - BYD was rated "Buy" by Southwest Securities, with a target price of 120.30 CNY, compared to its latest closing price of 98.37 CNY [1] - China National Offshore Oil Corporation (CNOOC) received a "Buy" rating from Guojin Securities, with a target price of 32.88 CNY, while the latest closing price was 29.02 CNY [1] - Other stocks such as Xinwangda, Huamao Technology, and Gaode Infrared have also gained initial attention from institutions this week [1]

针对不同层级、岗位纪检干部的职责与能力需求，中国中车集团有限公司纪委精准设计学习内容，统一 建设以形势任务、党内法规与国家法律、监督执纪实务等为重点的分层分类培训课程体系，实行定期更 新与动态管理，明确必学与选学内容。同时，组织纪检监察干部结合实际开发面向纪检监察干部的"纪 检监察专业课"和面向普通党员职工的"纪律教育课"，强化干部职工责任意识和综合素质。 习近平总书记在二十届中央纪委四次全会上强调，纪检监察机关是推进党的自我革命的重要力量，党和 人民对这支队伍充分信任、充满期待。肩负习近平总书记和党中央交给的光荣使命，国资央企纪检监察 机构坚决贯彻落实中央纪委四次全会部署要求，把能力建设作为重点任务来抓，持续打造忠诚干净担 当、敢于善于斗争的纪检监察铁军。 中央纪委国家监委驻国家管网集团纪检监察组主动适应派驻机构改革的新形势新任务新要求，坚持区域 协作，联建共建，充分发挥集团公司所属单位纪委自身优势，加强与地方纪委监委交流学习，形成"纪 法培训共办、企地联合共建、执纪资源共享、能力提升互促"区域监督保障工作格局。今年以来，组织 东北、西南、天津、上海、云南、福建等集团多个区域所属单位纪委联合举办业务专题培训 ...

Core Insights - The petrochemical industry is expected to recover in 2026, with a focus on resource products, anti-involution policies, and emerging industries as investment opportunities [3][27] - The industry has shown signs of stabilization and recovery since 2025, with a year-on-year increase of 10.56% in net profit attributable to shareholders in the first three quarters of 2025 [3] - Key sectors identified for investment include oil and gas, potassium fertilizer, phosphorus chemicals, fluorochemicals, sustainable aviation fuel (SAF), electronic resins, and certain anti-involution sectors [3] Industry Overview - The petrochemical industry is cyclical, with net profits in the SW basic chemical sector reaching a historical high in 2021, followed by a downturn, with 2024 profits expected to be only 52% of 2021 levels [3] - The supply side has seen a decline in fixed asset investment since June 2025, indicating the end of the current expansion cycle [3] - The "anti-involution" policy aims to address low-price competition and promote the orderly exit of outdated capacities, which is expected to alleviate the oversupply issue in the petrochemical sector [3] Demand Dynamics - Traditional demand is anticipated to recover moderately due to global central banks entering a rate-cutting cycle and fiscal stimulus [3] - Emerging demands from sectors such as new energy and AI are expected to drive growth in key chemical materials [3] - The domestic chemical industry is projected to increase its global market share as overseas capacities are cleared out [3] Investment Recommendations - Recommended companies for investment in 2026 include China Petroleum, China National Offshore Oil Corporation, Yara International, Yuntianhua, Juhua Co., Sanmei Co., Jiaao Environmental Protection, Zhuoyue New Energy, Shengquan Group, Wanhua Chemical, Baofeng Energy, and Xinhecheng [3] Sector Performance - The petrochemical sector's revenue decreased by 7.1% year-on-year in the first three quarters of 2025, while net profit fell by 11.1% [24] - The basic chemical sector showed a recovery with a 1.9% increase in revenue and an 8.9% increase in net profit [24] - The oilfield services sector was the only sub-sector to achieve growth in both revenue and net profit during this period [24] Price Trends - The China Chemical Product Price Index (CCPI) has shown a downward trend, with a reported decline of 11.5% from the beginning of the year [13] - The PPI for the chemical industry is expected to show marginal improvement in the second half of 2025, although it remains in a downward trend overall [16] Policy Impact - The "anti-involution" initiative is expected to promote a rebalancing of supply and demand in traditional chemical products, with various sectors responding positively to this policy [27] - Key meetings and documents from government bodies indicate a focus on maintaining growth and regulating new capacity in the petrochemical sector [27]

2025.11. 15 本文字数：1808，阅读时长大约3分钟 作者 | 第一财 经 陈益刊 《报告》数据显示，2024 年，上市公司实际纳税额的平均值为 7.8亿元，中位数为 0.53 亿元。 中国5000余家上市公司纳税"图谱"揭晓。 近日，西南财经大学财政税务学院发布《2025中国上市公司纳税报告》（下称《报告》），对2024 年沪深A股上市公司纳税费等数据进行全面梳理分析，揭示了上市公司最新纳税缴费情况。 《报告》数据显示，2024年5091家上市公司实际纳税额（已扣除税费返还）合计约39727亿元，与 2023年基本持平。这一实际纳税额占2024年全国税收收入比重约22.7%。 《报告》主编、西南财经大学财政税务学院院长李建军教授告诉第一财经，受多重因素影响，尽管去 年上市公司企业生产规模扩大，但受企业结构变化及盈利能力下降，造成纳税总额没有显著增加，反 而略微减少。 这与去年全国税收收入下滑势头相符。财政部数据显示，2024年全国税收收入同比下降3.4%，其中 国内增值税、企业所得税和个人所得税三大主体税种均出现下滑。而这跟价格低迷拉低税收增长，部 分企业经营困难盈利下滑尤其是房地产行业税收贡献下 ...

Core Insights - The report from Southwest University of Finance and Economics reveals the tax contributions of listed companies in China for 2024, indicating a total actual tax payment of approximately 39,727 billion yuan, which remains stable compared to 2023 [1] Group 1: Tax Contributions - A total of 5,091 listed companies contributed an actual tax amount of about 39,727 billion yuan in 2024, accounting for approximately 22.7% of the national tax revenue [1] - The top 100 listed companies contributed around 73% of the total actual tax payments made by all listed companies [1] Group 2: Industry Contributions - The industries with the highest tax contributions are concentrated in mining, finance, and manufacturing [1] - China National Petroleum Corporation and Sinopec ranked first and second in actual tax payments, contributing 3,961 billion yuan and 3,313 billion yuan, respectively [1] - Major banks such as Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China each contributed over 1,000 billion yuan, ranking third to seventh [1] - Kweichow Moutai, China State Construction Engineering, and China Mobile each contributed over 500 billion yuan, ranking eighth to tenth [1]

Core Insights - The report reveals that in 2024, 5,091 listed companies in China contributed approximately 39,727 billion yuan in actual tax payments, remaining stable compared to 2023, accounting for about 22.7% of the national tax revenue [1][2] Group 1: Tax Contributions and Distribution - The top 100 listed companies contributed around 73% of the total tax payments, indicating a significant concentration of tax contributions among a small percentage of companies [3] - Major contributors include China National Petroleum (3,961 billion yuan) and Sinopec (3,313 billion yuan), followed by major banks and companies like Agricultural Bank of China and China Mobile, each exceeding 1,000 billion yuan in tax payments [3] - The average tax payment per listed company was 7.8 million yuan, with a median of 0.53 million yuan [4] Group 2: Industry Contributions - The mining, financial, and manufacturing sectors accounted for nearly 77% of the total tax contributions from listed companies, with the mining sector alone contributing about 1 trillion yuan [4][9] - The manufacturing sector saw the highest growth in tax contributions, increasing by approximately 226 million yuan, while the real estate sector experienced the largest decline at -28% [9] Group 3: Ownership Structure and Tax Burden - State-owned enterprises represented about 30% of listed companies but contributed nearly 80% of the total tax payments, highlighting the dominance of state-owned firms in tax contributions [9] - The average tax burden for listed companies has decreased to approximately 5.6% in 2024, down from 8.9 yuan per 100 yuan of revenue in 2015, reflecting the impact of tax reduction policies [10] - The mining and financial sectors had the highest tax burden per 100 yuan of revenue, at around 12 yuan, while the manufacturing sector had a lower burden of about 4 yuan [10] Group 4: Emerging Sectors - Companies related to digital currency and digital government concepts had relatively low tax contributions, indicating potential for growth in tax contributions from these sectors [11]