| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603353 | 和顺石油 | 29.01 | -5.17% | 10.08万 | 2.95亿 | | 002493 | 荣盛石化 | 9.52 | -2.96% | 52.45万 | 5.05亿 | | 601857 | 中国石油 | 9.78 | -2.49% | 242.80万 | 23.83亿 | | 600028 | 中国石化 | 5.84 | -2.18% | 199.47万 | 11.71亿 | | 000703 | 恒逸石化 | 6.96 | -1.83% | 16.63万 | 1.17亿 | | 000301 | 东方盛虹 | 9.69 | -1.32% | 19.63万 | 1.91亿 | | 600346 | 恒力石化 | 18.45 | -0.86% | 17.54万 | 3.25亿 | | 002408 | 齐翔腾达 | 4.79 | -0.83% | 17.72万 | 8519.88万 | | 000554 | 泰山石油 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]

t ( 石油石化 2025 年 11 月 23 日 时代小说书 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 IEA 如何看待石油长期需求? -石油化工行业周报(2025/11/17—2025/11/23) 本期投资提示: 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 t Production of the Production of the Company of the Comment of the Comment of the Comment of the Comment of the Comment of the Comment of the Comment of the ...

uan 行 业 及 产 业 石油石化 2025 年 11 月 23 日 行 业 研 究 / 行 业 点 评 - 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 报 告 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 相关研究 ⚫ IEA 如何看待石油长期需求？对于石油需求，IEA 分别在现行政策情景（CPS）和既定 政策情景（STEPS）下进行讨论。现行政策情景下，IEA 认为石油需求仍在稳步提升。 IEA 预计石油需求量在 2035 年上升至 1.05 亿桶/天，并在 2050 年达到 1.13 亿桶/天， 平均年增长率约为 50 万桶/天。从需求结 ...

证券研究报告 行业研究——周报 [Table_ReportType] [Table_StockAndRank] 石油加工行业 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 大炼化周报：局部地区春季订单开始释放，长丝盈利仍在改善 [Table_ReportDate0] 2025 年 11 月 23 日 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 11 月 21 日当周，国内重点大 炼化项目价差为 2389.69 元/吨，环比变化+52.43 元/吨（+2.24%）； 国外重点大炼化项目价差为 1446.16 元/吨，环比变化+6.66 元/吨 （+0.4 ...

格隆汇11月21日丨东方盛虹(000301.SZ)在投资者互动平台表示，公司超高分子量聚乙烯产品可作为锂 电池隔膜的原材料。 ...

Group 1: Oil and Gas Exploration - The supply of oil is expected to slow down, maintaining Brent oil prices in a neutral range of $55-70 per barrel in 2026, with OPEC+ production pace easing and non-OPEC growth significantly declining [3][9] - Global GDP growth is projected at approximately 3.1% in 2026, leading to a slowdown in oil demand growth [3][9] - Geopolitical uncertainties are increasing, with ongoing sanctions on risk oil types, although some expectations are already priced into stock valuations [3][9] Group 2: Refining Industry - The refining sector is anticipated to see a recovery in profitability due to domestic "anti-involution" policies and the gradual exit of overseas refining capacity [4] - New refining capacity additions are nearing completion, but there will still be significant pressure on the supply side in the coming years [4] - The overall refining sector is expected to have reached a bottom in terms of profitability, with substantial potential for upward elasticity in the future [4] Group 3: Polyester Industry - The polyester industry is expected to experience limited new investment, with significant recovery potential in profitability due to the end of large capital expenditures in PTA and coordinated production cuts by leading companies [5] - The production capacity growth for polyester filament is projected to maintain a rate of 2-3%, with expectations for improved downstream demand [5] - The industry is nearing the end of new capacity releases for polyester bottle chips, leading to an ideal collaborative effect among companies and gradual recovery in profitability [5] Group 4: Investment Recommendations - The downstream polyester sector is tightening in supply and demand, with improvement expectations, recommending high-quality companies in polyester filament and bottle chips [6] - With oil prices expected to decline, refining companies are anticipated to see cost improvements, suggesting attention to major refining companies [6] - The upstream exploration and development sector remains highly prosperous, with offshore capital expenditures expected to remain high, recommending offshore oil service companies [6]

格隆汇11月18日丨东方盛虹(000301.SZ)在投资者互动平台表示，公司是一家全球领先、全产业链垂直 整合并已深入布局新能源、新材料业务的能源化工企业。公司的新材料产品之一超高分子量聚乙烯可作 为锂电池隔膜的原材料，EC/DMC则可用于锂电池电解液溶剂。公司原油采购涉及沙特等中东地区国 家。公司共有PTA产能630万吨/年，下游主要用于聚酯化纤原材料。 ...

格隆汇11月18日丨东方盛虹(000301.SZ)在投资者互动平台表示，EC/DMC下游可用于电池电解液的溶 剂。公司目前拥有DMC产能7万吨/年，EC产能3.8万吨/年，装置运行平稳。 ...

资料显示，江苏东方盛虹股份有限公司位于江苏省苏州市吴江区盛泽镇登州路289号国家先进功能纤维 创新中心研发大楼西楼，成立日期1998年7月16日，上市日期2000年5月29日，公司主营业务涉及民用涤 纶长丝的研发、生产和销售,电力、热能、平台贸易。主营业务收入构成为：其他石化及化工新材料 61.04%，炼油产品18.82%，涤纶丝17.68%，其他1.71%，其他化纤产品0.75%。 东方盛虹所属申万行业为：石油石化-炼化及贸易-炼油化工。所属概念板块包括：环氧丙烷、光伏胶 膜、可降解、锂电池、新材料等。 11月17日，东方盛虹盘中上涨2.08%，截至11:08，报10.32元/股，成交1.58亿元，换手率0.24%，总市值 682.28亿元。 资金流向方面，主力资金净流出678.02万元，特大单买入652.16万元，占比4.13%，卖出1081.12万元， 占比6.85%；大单买入2522.44万元，占比15.98%，卖出2771.49万元，占比17.56%。 东方盛虹今年以来股价涨25.70%，近5个交易日涨2.79%，近20日涨13.41%，近60日涨15.70%。 机构持仓方面，截止2025年9月30 ...