桐昆集团股份有限公司关于 2026年度第三期超短期融资券发行结果的公告 股票代码：601233 股票简称：桐昆股份 公告编号：2026-014 本公司董事会及董事会全体成员保证公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实、准确和完整承担法律责任。 2024 年 4 月 25 日，桐昆集团股份有限公司（以下简称"桐昆股 份"或"公司"）第九届董事会第八次会议审议通过了《关于发行超 短期融资券的议案》，上述议案经 2024 年 5 月 21 日召开的公司 2023 年年度股东大会审议批准。股东大会同意公司向中国银行间市场交易 商协会（以下简称"交易商协会"）申请注册发行不超过 60 亿元（人 民币，下同）的超短期融资券，并授权董事会办理发行的具体事项。 1 | 申购情况 | | | | | --- | --- | --- | --- | | 合规申购家数 | 10 家 | 合规申购金额 | 9.3 亿元 | | 最高申购价位 | 1.69% | 最低申购价位 | 1.6% | | 有效申购家数 | 8 家 | 有效申购金额 | 5.4 亿元 | | 簿记管理人 | | 杭州银行股份有限公 ...

证券研究报告 大炼化周报： 地缘冲突推动油价高位震荡，涤纶长丝企业库存增加 大化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 石化化工证券分析师：周少玟 执业证书编号：S0600525070005 联系方式：zhoushm@dwzq.com.cn 2026年3月22日 请务必阅读正文之后的免责声明部分 投资要点 2 ◼ 【国内外重点炼化项目价差跟踪】本周（3月16日-3月20日，下同）国内重点大炼化项目本周价差为1898元/吨， 环比-435元/吨（环比-19%）；国外重点大炼化项目本周价差为3125元/吨，环比+168元/吨（环比+6%）。 ◼ 【聚酯板块】本周POY/FDY/DTY行业均价分别为9271/9421/10686元/吨，环比分别+493/+364/+593元/吨， POY/FDY/DTY行业周均利润为397/231/472元/吨，环比分别+85/+0/+152元/吨，POY/FDY/DTY行业库存为 26.6/31.2/31.7天，环比分别+3.3/+4.0/+3.5天，长丝开工率为88.7%，环比+2.5pct。 ...

证券研究报告 大炼化周报： 地缘冲突推动油价高位震荡，涤纶长丝企业库存增加 大化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 石化化工证券分析师：周少玟 执业证书编号：S0600525070005 联系方式：zhoushm@dwzq.com.cn 2026年3月22日 ◼ 【国内外重点炼化项目价差跟踪】本周（3月16日-3月20日，下同）国内重点大炼化项目本周价差为1898元/吨， 环比-435元/吨（环比-19%）；国外重点大炼化项目本周价差为3125元/吨，环比+168元/吨（环比+6%）。 ◼ 【聚酯板块】本周POY/FDY/DTY行业均价分别为9271/9421/10686元/吨，环比分别+493/+364/+593元/吨， POY/FDY/DTY行业周均利润为397/231/472元/吨，环比分别+85/+0/+152元/吨，POY/FDY/DTY行业库存为 26.6/31.2/31.7天，环比分别+3.3/+4.0/+3.5天，长丝开工率为88.7%，环比+2.5pct。下游方面，本周织机开工 率为52.6%，环比+1 ...

行业研究 证 券 研 究 报 告 石油石化行业周报 上游油气开采景气度上升，下游仍需时间消 推荐（维持） 化原料上涨 石油石化 2026 年 03 月 23 日 华创证券研究所 证券分析师：孙维容 邮箱：sunweirong@hcyjs.com 执业编号：S0360526020001 证券分析师：邹骏程 邮箱：zoujuncheng@hcyjs.com 执业编号：S0360526030001 证券分析师：李妍 邮箱：liyan3@hcyjs.com 执业编号：S0360526030005 行业基本数据 -10% 15% 39% 64% 25/03 25/06 25/08 25/10 26/01 26/03 2025-03-24~2026-03-20 石油石化 沪深300 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 油价中枢上移炼能格局优化，中长期油气和石化景气持续上行。1）短期：油 价剧烈波动，产业链再平衡。油价大幅波动导致下游由补库转观望，石化产品 有价无市、成交偏弱；下游持续去库、上游被动累库，行业进入库存再平衡阶 段。2）中期：下游库存低位，涨价弹性可期。石化历经三年下行 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The current oil prices exhibit high uncertainty, primarily driven by geopolitical conflicts. The U.S. is managing market expectations by releasing strategic reserves and lifting sanctions on Iranian and Russian oil, which has pressured prices downward. However, the situation in the Strait of Hormuz remains critical, and prices are expected to trend upward if the blockade continues beyond two months [17][18][19] Summary by Sections Market Overview - The oil and petrochemical sector underperformed against the Shanghai Composite Index, with a decline of 4.58%. The oil and gas resource index fell by 2.86%, while the refining and chemical index dropped by 5.20% [10][11] Oil Sector - As of March 20, WTI spot price was $98.23, down $0.48, while Brent was $117.08, up $13.4. U.S. commercial crude oil inventories increased by 6.156 million barrels, with a production rate of 13.668 million barrels per day [16][15] - The geopolitical situation remains tense, with the U.S. increasing military presence in the Middle East, which may lead to further price volatility [15][17] Refining Sector - The average refining margin for major refineries was 1826.41 yuan/ton, down 109.28 yuan/ton from the previous period. Independent refineries reported a negative margin of -79.27 yuan/ton, indicating significant pressure on profitability [14][15] Polyester Sector - The average profit level for polyester POY150D was 702.17 yuan/ton, down 49.89 yuan/ton. The market is under pressure from high costs and low demand, with inventory levels rising [15] Olefins Sector - The domestic ethylene market price averaged 9957 yuan/ton, up 4.49% from the previous week. However, demand is expected to decrease as downstream facilities implement production cuts [15]

证券研究报告 行业研究——周报 本期内容提要： [Table_Author] ➢ 国内外重点炼化项目价差跟踪： [Table_Summary] [Table_Summary] 截至 3 月 20 日当周，国内重点大炼 化项目价差为 2727.25 元/吨，环比变化-271.32 元/吨（-9.05%）； 国外重点大炼化项目价差为 3175.11 元/吨，环比变化+220.33 元/吨 （+7.46%）。截至 3 月 20 日当周，布伦特原油周均价为 104.61 美 元/桶，环比变化+7.65%。 ➢ 【炼油板块】周前期，伊朗袭击伊拉克领海油轮，伊朗新任最高领袖誓 言继续关闭霍尔木兹海峡，中东原油供应大量减少，美国向中东地区增 派军事力量，地缘紧张局势加剧，油价大幅攀升。周中期，IEA 称必要时 后续或继续释放更多石油，且此前已同意的石油储备开始流入市场，沙 特也加紧红海运输，缓解了部分供应担忧，油价宽幅下跌。周后期，阿 联酋富查伊拉港、伊朗能源基础设施遭袭，伊朗威胁打击中东三国的石 油设施，市场供应中断恐慌再次升温，油价继续上涨。2026 年 3 月 20 日布伦特、WTI 原油价格分别为 112.19、9 ...

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, indicating a "Buy" recommendation for selected companies within the sector [3]. Core Insights - The report highlights that escalating tensions in the Middle East have driven up oil prices, with both EIA and IEA significantly lowering their global oil supply forecasts for the year [6][7]. - EIA projects the average crude oil price for 2026 to be $79 per barrel, an increase of $21 from the previous month, while the average for 2027 is projected at $64 per barrel, up by $11 [6][7]. - Demand forecasts show IEA has reduced its 2026 oil demand growth estimate to 640,000 barrels per day, down by 210,000 barrels per day from last month, while EIA has slightly increased its forecast to 1.23 million barrels per day for 2026 [11][12]. Summary by Sections Upstream Sector - Oil prices have risen, with Brent crude futures closing at $103.14 per barrel, a week-on-week increase of 11.27%, and WTI futures at $98.71 per barrel, up 8.59% [24]. - The report notes a significant increase in drilling activity, with the number of active rigs in the U.S. rising to 553, a slight increase from the previous week but a decrease of 39 year-on-year [37]. Refining Sector - The report indicates that refining margins have improved, with the Singapore refining margin rising to $54.03 per barrel, an increase of $17.35 from the previous week [6]. - The report anticipates that refining profitability will gradually improve as economic recovery progresses [6]. Polyester Sector - PTA prices have increased, with the average price in East China reaching 6,475 RMB per ton, up 19.01% week-on-week [6]. - The report suggests that the polyester industry is expected to see gradual improvement as supply and demand dynamics tighten [21]. Investment Recommendations - The report recommends focusing on high-quality companies in the polyester sector such as Tongkun Co. and Wan Kai New Materials, as well as large refining companies like Hengli Petrochemical and Rongsheng Petrochemical [21]. - It also highlights the potential for offshore oil service companies like CNOOC Services and Haiyou Engineering to benefit from sustained high capital expenditures in exploration and development [21].

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, recommending specific companies for investment opportunities [3][22]. Core Insights - The report highlights the impact of escalating tensions in the Middle East, which have led to increased oil prices and significant downward revisions in global oil supply forecasts by EIA and IEA [6][7]. - EIA projects the average crude oil price for 2026 to be $79 per barrel, up by $21 from the previous month, while the average for 2027 is projected at $64 per barrel, an increase of $11 [6][7]. - Demand forecasts show IEA has significantly reduced its 2026 oil demand growth estimate to 640,000 barrels per day, while EIA has slightly increased its forecast to 1.23 million barrels per day [11][12]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $103.14 per barrel, reflecting an increase of 11.27% week-on-week, while WTI futures rose by 8.59% to $98.71 per barrel [27]. - The report notes a rise in drilling rig counts, with the U.S. rig count increasing to 553, up by 2 from the previous week, although down by 39 year-on-year [43][46]. Refining Sector - The report indicates an improvement in refining margins, with the Singapore refining margin rising to $54.03 per barrel, an increase of $17.35 from the previous week [6]. - The report suggests that refining profitability is expected to improve as economic recovery progresses, despite current margins being at lower levels [6]. Polyester Sector - PTA prices have risen, with the average price in East China reaching 6,475 yuan per ton, up by 19.01% week-on-week [6]. - The report anticipates a gradual improvement in the polyester industry as new capacity additions taper off in the coming years [6]. Investment Recommendations - The report recommends high-quality companies in the polyester sector such as Tongkun Co. and Wan Kai New Materials, as well as major refining companies like Hengli Petrochemical and Rongsheng Petrochemical [22]. - It also highlights the potential for offshore oil service companies like CNOOC Services and Haiyou Engineering to benefit from sustained high capital expenditures in offshore exploration [22].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [133]. Core Insights - The report highlights a divergence in pricing across various segments of the refining and chemical industry due to fluctuating oil prices. Domestic refining projects reported a price difference of 2,472 CNY/ton, up 357 CNY/ton (17%) week-on-week, while international projects saw a price difference of 2,948 CNY/ton, an increase of 1,148 CNY/ton (64%) [2]. - In the polyester sector, average prices for POY, FDY, and DTY were 8,779 CNY/ton, 9,057 CNY/ton, and 10,093 CNY/ton respectively, with week-on-week increases of 1,421 CNY/ton, 1,525 CNY/ton, and 1,639 CNY/ton. The average profit margins for these products also improved significantly [2]. - The report notes that the PX price averaged 1,284.7 USD/ton, up 258.7 USD/ton week-on-week, with a price difference from crude oil of 575.3 USD/ton, reflecting a 148.0 USD/ton increase [2]. Summary by Sections 2.1 Refining Index and Project Price Differences - Domestic refining projects reported a price difference of 2,472 CNY/ton, an increase of 357 CNY/ton (16.9%) week-on-week, while international projects reported a price difference of 2,948 CNY/ton, up 1,148 CNY/ton (63.8%) [2][12]. 2.2 Polyester Sector - The average prices for POY, FDY, and DTY were 8,779 CNY/ton, 9,057 CNY/ton, and 10,093 CNY/ton respectively, with significant week-on-week increases. The average profit margins for POY, FDY, and DTY were 311 CNY/ton, 230 CNY/ton, and 321 CNY/ton, reflecting substantial improvements [2][30][31]. 2.3 Refining Sector - Domestic gasoline, diesel, and kerosene prices increased, with gasoline averaging 184 USD/barrel and diesel at 154 USD/barrel, both showing week-on-week increases [2][69]. 2.4 Chemical Sector - The PX price averaged 1,284.7 USD/ton, with a week-on-week increase of 258.7 USD/ton. The report also highlights various chemical products and their price movements, indicating a robust performance in the chemical sector [2][112][118].

Investment Rating - The report provides a positive outlook for the oil refining industry, indicating a protective reduction in refinery loads that is driving up the price differentials of energy and chemical products [1]. Core Insights - The price differential for key domestic refining projects reached 2895.92 CNY/ton, with a week-on-week increase of 407.03 CNY/ton (+16.35%), while the international price differential was 2945.64 CNY/ton, up 1144.84 CNY/ton (+63.57%) as of March 13, 2026 [2][3]. - Brent crude oil averaged 97.18 USD/barrel for the week, reflecting a week-on-week increase of 18.49% [2]. - Geopolitical tensions in the Middle East have led to significant fluctuations in oil prices, with Brent and WTI prices reaching 103.14 USD/barrel and 98.71 USD/barrel respectively, marking increases of 10.45 USD and 7.81 USD from the previous week [15]. - The chemical sector is experiencing price increases due to high international oil prices and preventive load reductions at refineries, which have improved price differentials for chemical products [2][15]. Summary by Sections Refining Sector - The report highlights that geopolitical tensions have impacted oil production and exports from countries like Saudi Arabia and the UAE, leading to increased market concerns about supply disruptions [2][15]. - Domestic and international refined oil prices have risen significantly, with domestic diesel, gasoline, and aviation kerosene averaging 7780.29 CNY (+934.57), 9317.43 CNY (+1147.71), and 6642.31 CNY (+1195.86) per ton respectively [15]. Chemical Sector - The report notes that the prices of polyethylene (LDPE, LLDPE, HDPE) have increased, with average prices of 12350.00 CNY (+2257.14), 8066.57 CNY (+965.43), and 7600.00 CNY (no change) per ton respectively [55]. - EVA prices have risen due to tightening supply, with an average price of 11200.00 CNY (+771.43) per ton [55]. - The price of pure benzene has also increased significantly, with an average price of 8628.57 CNY (+1935.71) per ton, reflecting improved price differentials [55].