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 ...

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 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].

Investment Rating - The report does not explicitly state an investment rating for the chemical industry, but it provides various investment suggestions based on the analysis of different segments within the industry [6]. Core Insights - The petrochemical industry is a pillar of the national economy, with a significant economic volume, long industrial chain, and wide product variety, impacting supply chain security, green development, and public welfare [8]. - The report identifies four major directions related to the chemical industry based on the "14th Five-Year Plan": security assurance in key areas, comprehensive rectification of "involution" competition, domestic substitution of new materials, and green low-carbon economy [8]. Summary by Sections 1. National Economic Pillar Industry - The petrochemical industry is crucial for economic stability, with projected revenues of 15.7 trillion yuan in 2025, a 3% decrease year-on-year, and total profits of 702.09 billion yuan, down 9.6% [8]. 2. Strengthening Strategic Material Supply - The "14th Five-Year Plan" aims for a grain production capacity of 1.45 trillion jin and energy production capacity of 5.8 billion tons of standard coal, emphasizing the importance of fertilizer supply stability and energy resource security [9]. - Key companies to watch include Hualu Hengsheng, Yuntianhua, and China Petroleum, focusing on fertilizer supply and oil and gas production [9][11]. 3. Comprehensive Rectification of "Involution" Competition - The report suggests that the PTA industry is expected to see an upward correction in demand due to improved supply and demand conditions, with a projected capacity of 90.35 million tons and production of 73.42 million tons by 2025 [43][44]. - The polyester filament industry is becoming more concentrated, which may lead to a more orderly market supply, with a production capacity of 53.16 million tons by 2025 [48][49]. 4. Empowering Emerging Industries and Accelerating Domestic Substitution of New Materials - The report highlights the potential for new materials such as PEEK and electronic-grade PPO to drive growth in emerging industries, with significant investment opportunities in companies like Zhongyan Co., Guo'en Co., and Watte Co. [10]. 5. Accelerating Green Low-Carbon Transition - The "14th Five-Year Plan" emphasizes achieving carbon peak targets, with a focus on clean energy systems and reducing carbon emissions by 17% per unit of GDP by 2025 [10]. - Companies like Satellite Chemical and Wanhua Chemical are noted for their competitive advantages in green low-carbon production [10].

Investment Rating - The report does not explicitly state an investment rating for the chemical industry, but it provides various investment suggestions based on the analysis of different segments within the industry [6]. Core Insights - The petrochemical industry is a pillar of the national economy, with a significant economic volume, long industrial chain, and wide product variety, impacting supply chain security, green development, and public welfare [8]. - The report identifies four major directions related to the chemical industry based on the "14th Five-Year Plan": security assurance in key areas, comprehensive rectification of "involution" competition, domestic substitution of new materials, and green low-carbon economy [8][9]. Summary by Sections 1. National Economic Pillar Industry - The petrochemical industry is crucial for economic stability, with projected revenues of 15.7 trillion yuan in 2025, a 3% decrease year-on-year, and total profits of 702.09 billion yuan, down 9.6% [8]. 2. Strengthening Strategic Material Supply - The "14th Five-Year Plan" aims for a grain production capacity of 1.45 trillion jin and energy production capacity of 5.8 billion tons of standard coal, emphasizing the importance of fertilizer supply stability and energy resource security [9]. - Key companies to watch include Hualu Hengsheng, Yuntianhua, and China Petroleum [9]. 3. Comprehensive Rectification of "Involution" Competition - The report suggests that the PTA industry is expected to see an upward correction in demand due to improved supply and demand conditions, with a focus on companies like Hengli Petrochemical and Rongsheng Petrochemical [9][10]. - The report highlights the need for industry self-discipline to combat excessive competition and improve profitability [9]. 4. Empowering Emerging Industries - The report discusses the acceleration of domestic substitution in new materials, with a focus on PEEK, electronic-grade PPO, and OLED materials, suggesting companies like Zhongyan Co., Guoen Co., and Aolaide [10][11]. 5. Accelerating Green Low-Carbon Transition - The report emphasizes the importance of achieving carbon peak targets and highlights the competitive advantages of light hydrocarbon chemicals and bio-chemicals in the green economy [10][11]. 6. Investment Recommendations - The report suggests focusing on companies with integrated advantages and strong R&D capabilities in the fertilizer sector, as well as those involved in oil and gas exploration and production [9][10].

股票代码：603225 股票简称：新凤鸣 公告编号：2026-036 特此公告。 新凤鸣集团股份有限公司董事会 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 受新凤鸣集团股份有限公司（以下简称"公司"）委托，联合资信评估股 份有限公司（以下简称"联合资信"）对公司主体及相关债项进行了信用评级。 根据最新的评级结果，公司主体长期信用等级为 AA，"凤 21 转债"信用等级 为 AA，评级展望为稳定。 根据公司于 2026 年 3 月 12 日披露的《新凤鸣集团股份有限公司关于"凤 21 转债"赎回结果暨股份变动的公告》（公告编号：2026-035），"凤 21 转债" 于 2026 年 3 月 11 日全部赎回，赎回完成后，已无"凤 21 转债"继续流通或交 易，"凤 21 转债"不再具备上市条件而需摘牌。自 2026 年 3 月 11 日起，公司 发行的"凤 21 转债"已全部赎回且摘牌，不再存续。根据有关法规、监管规定、 自律规则及联合资信《终止评级制度》，自本公告发布之日起，联合资信终止 对公司及"凤 21 转债" ...

| 股票代码：603225 | 股票简称：新凤鸣 | | | 公告编号：2026-035 | | --- | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 | 21 | 转债 | | 新凤鸣集团股份有限公司 关于"凤 21 转债"赎回结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 体事宜，并于 2026 年 2 月 27 日至 2026 年 3 月 10 日期间披露了 8 次关于实施"凤 21 转债"赎回暨摘牌的提示性公告。 （三）本次赎回的有关事项 1.赎回登记日：2026 年 3 月 10 日 2.赎回对象范围：本次赎回对象为 2026 年 3 月 10 日收市后在中国证券登记 结算有限责任公司上海分公司（以下简称"中登上海分公司"）登记在册的"凤 21 转债"的全部持有人。 重要内容提示： 一、本次可转债赎回的公告情况 （一）有条件赎回条款满足情况 新凤鸣集团股份有限公司（以下简称"公司"）股票自 2026 年 1 月 6 日至 2026 年 2 ...