12月12日，440余吨中石油航空煤油经阿拉山口公路口岸出境，发往哈萨克斯坦，标志着全国首单出口 中亚的中石油航空煤油成功发运。该批航煤为1000吨外贸订单的首批发货，实现了中哈能源合作从"资 源引进"到"产品出口"的全链条覆盖。 阿拉山口口岸通过优化通关流程、建设专业化仓储体系，为航煤等高附加值能源产品贸易提供高效通 道。此次出口填补了区域跨境能源运输细分领域空白，推动口岸贸易结构向战略性能源产品升级。 （来源：央视新闻） 目前，该业务将带动口岸物流、通关等相关产业协同发展，进一步巩固阿拉山口作为国家物流枢纽的地 位。 ...

新疆吉木萨尔国家级陆相页岩油示范区于2020年经国家能源局、自然资源部联合批复设立，资源量超过 10亿吨。示范区由新疆油田与吐哈油田联合开发，根据规划，至2025年示范区建成。其中，新疆油田完 成年产量140万吨、吐哈油田完成年产量30万吨。 "2020年以来，我们累计新钻井472口，压裂451口井，推动示范区年产量从2019年的11.6万吨增产到今 年的170万吨以上，今年提前22天完成产量任务。"中国石油新疆油田吉庆油田作业区经理杜雪彪介绍， 依托持续技术攻关，科研人员攻克难题，形成40余项行业标准，构建陆相页岩油全链条技术体系，成功 解决了陆相页岩油的国际共性难题，实现了规模效益开发，填补了国内陆相页岩油规模化开发技术空 白。 中化新网讯 中国石油集团12月9日发布消息，我国首个国家级陆相页岩油示范区——新疆吉木萨尔国家 级陆相页岩油示范区今年原油产量突破170万吨，标志着其国家级示范工程建设任务全面完成。 ...

央视网消息：受强寒潮影响，我国多地出现大范围雨雪降温天气，供暖用气需求随之攀升。面对极寒考验，能源企业多措并举筑牢能源保 供防线，守护千万家庭温暖。 能源企业在加快推进油气勘探开发的同时，也在通过智能化手段加强对关键设备的检查和巡护。在位于沙漠腹地的新疆油田克拉美丽气田 天然气处理站，一台智能巡检机器人正搭载着高清摄像头、红外热像仪和气体传感器，穿梭在厂区中进行全方位检测。 中石化中原油田储气库管理中心生产指挥中心副主任刘铁英称："目前我们供气量峰值是480万方/天，能够满足1000万户三口之家一天的 用气量，希望我们的付出能温暖更多的家庭。" 位于渤海湾的南港油田试验井产量不久前获得突破，日产油气当量340吨，预计今年新增原油产量1.5万吨、天然气2000万立方米以上。在 江苏如东液化天然气接收站，一艘满载15万立方米液化天然气的船舶进行装卸，自冬供以来，中国石油累计接卸液化天然气船舶20艘，单日气 化外输量最高可达8400万立方米，气化能力创历史新高。 为应对寒潮用气高峰，各地储气库全力保供。作为离北京最近的储气库集群，华北油田储气库群的单日采气量已突破2500万立方米，全力 守护京津冀区域百姓温暖过冬。 ...

Core Insights - The chemical industry report indicates a mixed performance in chemical product prices, with 42 products increasing in price, 37 decreasing, and 21 remaining stable during the week of December 8-14 [1][2] - The report suggests focusing on undervalued leading companies, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials and certain new energy materials amid price increases [1][6] Industry Dynamics - In the week of December 8-14, 47% of tracked chemical products saw a month-on-month price increase, while 44% experienced a decrease, and 9% remained unchanged [2] - The top price increases were noted in nitric acid, sulfuric acid, raw salt, bisphenol A, and TDI, while the largest declines were in PVA, LLDPE, trichloroethylene, and NYMEX natural gas [2] Oil Market Overview - International oil prices fell, with WTI crude oil futures closing at $57.44 per barrel (down 2.45%) and Brent crude at $61.12 per barrel (down 2.19%) [3] - The U.S. oil production averaged 13.853 million barrels per day, an increase of 38,000 barrels from the previous week and 222,000 barrels from the same period last year [3] - U.S. oil demand rose to an average of 21.082 million barrels per day, with gasoline demand increasing to 8.456 million barrels per day [3] TDI Market Analysis - TDI prices increased to an average of 14,713 yuan/ton, up 2.49% week-on-week and 5.51% month-on-month [4] - TDI production decreased, with an overall operating rate of approximately 58.55%, and various factories experiencing operational issues [4] - Average costs for TDI were 11,819 yuan/ton, down 0.92% week-on-week, while average gross profit rose by 31.79% week-on-week [4] Methionine Market Analysis - Methionine prices decreased to an average of 17,900 yuan/ton, down 2.45% week-on-week and 9.14% month-on-month [5] - The production remained stable at 18,350 tons, with an operating rate of 89.42% [5] - The cost of methionine was 13,853.73 yuan/ton, with a gross profit margin of 23.67% [5] Valuation Metrics - As of December 12, the TTM price-to-earnings ratio for the SW basic chemical sector was 24.14, and the price-to-book ratio was 2.19 [6] - The SW oil and petrochemical sector had a TTM price-to-earnings ratio of 12.85 and a price-to-book ratio of 1.24 [6] Investment Recommendations - The report recommends focusing on undervalued leading companies, sectors benefiting from policy support, and emerging fields such as semiconductor materials and new energy materials [6] - Specific companies highlighted for investment include Wanhua Chemical, Hualu Hengsheng, and others [6][7]

Investment Rating - The report maintains a positive outlook on the petrochemical industry, indicating a favorable investment environment [2]. Core Insights - Three major institutions have raised their oil demand forecasts, with the EIA predicting a global crude oil surplus of 2.24 million barrels per day for the current year [4][17]. - The EIA has kept its 2025-2026 crude oil price forecasts unchanged at $69 and $55 per barrel, respectively, while raising its natural gas price forecasts for the same years [5][11]. - The report highlights a tightening supply-demand balance in the downstream polyester sector, with expectations of improved market conditions [19]. Summary by Sections Demand Forecasts - IEA expects global oil demand to increase by 830,000 barrels per day in 2025 and 860,000 barrels per day in 2026, driven by positive macroeconomic and trade outlooks [11][12]. - OPEC forecasts a demand growth of 1.3 million barrels per day in 2025 and 1.4 million barrels per day in 2026 [12][58]. - EIA anticipates a rise in global oil and other liquid fuel consumption by 1.14 million barrels per day in 2025 and 1.23 million barrels per day in 2026 [12][17]. Supply Forecasts - EIA has raised its global oil supply forecast for the current year by 200,000 barrels per day, while IEA has lowered its forecast by 100,000 barrels per day [14][17]. - EIA projects a global oil production increase of 3.01 million barrels per day in 2025 and 1.25 million barrels per day in 2026 [15][17]. - OPEC anticipates a growth in non-OPEC oil supply of 1 million barrels per day in 2025, primarily from the U.S., Brazil, Canada, and Argentina [58]. Upstream Sector - Brent crude oil prices have decreased, with the latest closing price at $61.12 per barrel, reflecting a 4.13% week-on-week decline [27]. - The report notes a slight increase in U.S. oil rig counts, with 548 rigs reported as of December 12, 2025 [40]. Downstream Sector - The report indicates an improvement in refining margins, with the Singapore refining margin rising to $19.82 per barrel [4]. - Polyester sector profitability is mixed, with PTA prices declining while polyester filament prices are on the rise [19]. Investment Recommendations - The report recommends high-quality companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as major refining companies like Hengli Petrochemical and Rongsheng Petrochemical [19][22]. - It also suggests focusing on high-dividend yield companies like China Petroleum and China National Offshore Oil Corporation [22].

今年10月，中央纪委国家监委驻中国石油纪检监察组对4家下属企业开展纠治"四风"监督检查。通过数 智模型筛查发现，某单位存在"同一部门同一人员高频报销""住宿地点与实际不符"等异常情况。最终查 实该单位有关负责人套取资金用于违规接待等问题。目前，相关涉案人员已受到党纪处分，并收缴违纪 款1.1万余元。 中央纪委国家监委网站 陆丽环 转自：中央纪委国家监委网站 充分发挥大数据发现挖掘、分析预警问题线索的作用，实现趋势走向精准研判、规律特点及时把握。 中央纪委国家监委驻中国电信纪检监察组建成监督贯通协同数字化平台，实现与其他领域业务监管系统 的对接。如，推动财务部门持续迭代虚假贸易风险识别模型，实现对客情掌握、谈判应标自主、采购自 主等6个方面15个风险点的实时监督，有效预防虚假业务，严格规范列支。 各派驻中管企业纪检监察组围绕办案应用场景，聚焦数据整理难、关联信息排查难、搜索查询难、快速 锁定突破点难等难题，探索开发常见问题分析等模型，通过对多重数据的关联分析，为查清查透职务犯 罪安上科技"透视镜"。 驻中国电信纪检监察组自研数据治理引擎，节省数据整理时间的同时，关联包括主要社会关系和"经济 往来"等在内的多维数 ...

本周行情综述 风险提示 地缘政治扰动超预期；海外经济出现衰退；行业及国际政策环境变化。 敬请参阅最后一页特别声明 1 原油：本周油价震荡走弱，地缘与供需博弈持续。委内瑞拉局势升级，美国军队在委内瑞拉海岸附近拦截并扣押 了一艘受制裁的油轮，同时表示准备拦截更多运输委内瑞拉石油的船只，以加大对委内瑞拉总统马杜罗的压力。 此外哈萨克斯坦因里海管道联盟（CPC）旗下黑海码头遭袭受损将下调 2026 年石油产量计划。但乌美就安全保障 协议深入磋商，俄乌可能达成和平的前景压低油价，同时 EIA 月报称美国今年石油产量预计创下纪录高位，且宏 观需求疲软迹象，市场供应过剩担忧升温，油价震荡走弱。截止 12 月 12 日，WTI 现货收于 57.44 美元，环比- 2.64 美元；BRENT 现货收于 62.55 美元，环比-2.23 美元。EIA12 月 5 日当周商业原油库存环比-181.2 万桶，前 值+57.4 万桶。其中库欣原油环比+30.8 万桶，前值-45.7 万桶。汽油库存环比+639.7 万桶，前值+451.8 万桶。 炼厂开工率环比+0.4%至 94.5%。美国原油库存下降，净进口量环比增加。美国产量 13 ...

石化周报 美国降息、地缘发酵，油价受供应过剩担忧影响表现疲软 glmszqdatemark 2025 年 12 月 13 日 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 601857.SH | 中国石油 | 9.53 | 0.90 | 0.87 | 0.89 | 11 | 11 | 11 | 推荐 | | 600938.SH | 中国海油 | 28.40 | 2.90 | 2.60 | 2.68 | 10 | 11 | 11 | 推荐 | | 600028.SH | 中国石化 | 5.78 | 0.41 | 0.31 | 0.34 | 14 | 19 | 17 | 推荐 | | 603619.SH | 中曼石油 | 22.05 | 1.76 | 1.48 | 1.99 | 13 | ...

Group 1 - China Petroleum & Chemical Corporation (Sinopec) announced a share buyback plan, intending to repurchase 678,000 shares at a cost of HKD 2.9243 million [2][4]

根据国家统计局数据显示：2025年10月中国石油焦产量为268万吨，同比下降0.5%；2025年1-10月中国 石油焦累计产量为2617.4万吨，累计下降4%。 2020-2025年1-10月中国石油焦产量统计图 上市企业：华锦股份（000059）,远兴能源（000683）,上海石化（600688）,华西能源（002630）,万华化 学（600309）,恒力石化（600346）,荣盛石化（002493）,新奥股份（600803）,中油资本（000617） 相关报告：智研咨询发布的《2026-2032年中国石油焦行业发展形势分析及投资潜力研究报告》 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...