在炼化这一典型高耗能领域，荣盛石化股份有限公司则通过资源梯级利用实现了节能减排的突破。该公司持续优化炼化一 体化装置，借助蒸汽、水等能源资源的梯级利用技术及低温余热回收技术，建成世界规模最大的热法海水淡化装置，不仅解决 了生产用水需求，更实现了显著的节能减排效果。 环保领域的浙江菲达环保科技股份有限公司，则以碳捕集、利用与封存（CCUS）技术闭环激活绿色价值。公司牵头的"钢 铁行业碳减排关键技术"入选浙江省双碳十大科技创新，其负责的宁钢石灰窑万吨级CCUS中试平台稳定运行，自主研发的化学 吸收法实现超90%的CO₂捕集率，使终端产品碳足迹降低40%以上。公司更打通"捕碳—用碳"路径，将CO₂转化为食品级干冰服 务长三角冷链，中试阶段单位捕集成本仅280元/吨至320元/吨，较传统模式低15%至20%，有望抢占千亿级市场增量。 维信诺科技股份有限公司聚焦制造端核心痛点，以材料创新与工艺升级为突破口，实现绿色生产转型。目前，公司已完成 20余项PFASFree（指产品在生产、加工及使用过程中未添加全氟和多氟化合物）材料替代研发，涵盖显影液、上下保护膜、中 板支撑膜、POL（偏光片）等关键生产材料，成功实现屏体制造 ...

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].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the chemical industry [5] Core Views - The political bureau meeting emphasized the implementation of more proactive macro policies and the importance of expanding domestic demand and optimizing supply, which is expected to provide a clearer reversal signal for the chemical industry at the bottom of the cycle [2][3] - The chemical industry is currently at a historical low valuation, with a price-to-book (PB) ratio of 2.2, indicating significant upside potential [2][18] - The report highlights the importance of supply-side optimization and the potential for price recovery in industries with high concentration and low profitability [3][20] Summary by Sections 1. Core Insights of the Week - The report discusses the impact of the geopolitical situation on oil prices, with Brent oil closing at $61.28 per barrel, down $2.47 (-3.9%) from the previous week [17] - The Producer Price Index (PPI) has shown unexpected recovery, which has increased attention on the chemical sector [18] 2. Overall Performance of the Chemical Sector - The chemical sector index decreased by 2.2% in the week, ranking 26th among 31 industry sectors [24] - Year-to-date, the chemical sector index has increased by 25.0%, outperforming the Shanghai Composite Index by 9.0% [24][27] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the chemical sector, 97 stocks rose while 325 fell during the week [32] - The top gainers included companies like Bluestar Technology (+18.1%) and Qiaoyuan Co. (+15.2%) [34] 4. Key Investment Themes - **Theme One**: Focus on upstream resource assets with strong profit certainty, such as phosphorus and sulfur [19] - **Theme Two**: Emphasis on supply-side optimization and price elasticity in sectors like organic silicon and PTA [20] - **Theme Three**: Attention to low-valued leading companies in the sector, such as Wanhua Chemical and Hengli Petrochemical [22] - **Theme Four**: Investment in new productive forces aligned with green energy and semiconductor materials [23]

刘奕麟 石化行业分析师 执业编号：S1500524040001 邮箱：liuyilin@cindasc.com [Table_ReportDate0] 2025 年 12 月 14 日 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 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：需求淡季 与成本支撑偏弱，化工品价格价差下行 本期内容提要： [Table_Author] [Table_Summary] ➢ 国内外重点炼化项目价差跟踪：截至 12 月 12 日当周，国内重点大 炼化项目价差为 2527.61 元/吨，环比变化+22.27 元/吨（+0.89%）； 国外重点大炼化项目价差为 1330.98 元/吨，环比变化-6.23 元/吨（- 0.47%）。截至 12 月 12 日 ...

| | 更公司 在用的商业资询工具 | 查老板 查关系 夏风险 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 中一个发展子其余旗下机构 | 荣盛新材料(舟山)有限公司 | 脂 应用 · 天眼一下 | | 商务合作 企业级产品、 ★开通会员、 ▲ 我 | | | 基本信息 60 | 法律诉讼 1 | 经营风险 | 经营信息 586 公司发展 9 | | 知识产权 | 力史信息 9 (2 | | 工商信息 ● | | | | | | で天眼 | | 工商信息 历史工商信 | | | | | 2 工商官网快照, | ■ 음日 | | 企业名称 | 荣盛新材料(舟山)有限公司 | | | | | | | | | 登记状态(3) | 存续 | | | | | 法定代表人 | 项炯炯 总关联企业 33 In | 企业经营状态 ② | 寿建 2024年报» | 天眼评分 3 | | | | | | 成立日期 | 2022-01-28 | | | | | 统一社会信用代码 3 | 91330901MA7GEDT51Y | 注册资本 3 | 1000000万 ...

新京报贝壳财经讯 企查查APP显示，近日，荣盛新材料（舟山）有限公司发生工商变更，注册资本由 50亿人民币增至100亿人民币，增幅100%。该公司成立于2022年1月，法定代表人为项炯炯，经营范围 包括石油制品销售、石油制品制造、合成材料制造等，企查查股权穿透显示，该公司由荣盛石化 （002493）全资持股。 ...

Investment Direction 1: Dividend Strategy - Recommended companies include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) with an expected Brent oil price range of $60-70 per barrel in 2026 [2][3] - CNOOC is committed to maintaining a dividend payout ratio of no less than 45% from 2025 to 2027, while PetroChina benefits from domestic natural gas market reforms [2][3] Investment Direction 2: Capital Allocation to Undervalued Chemical Leaders - Recommended companies include Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng, which are expected to benefit from industry barriers related to cost, technology, and market [2][3] - The report suggests prioritizing capital allocation to chemical ETFs and leading companies as their performance is expected to stabilize [2][3] Investment Direction 3: Price Increases Driven by Downstream Demand - Traditional demand sectors such as food additives, pesticides, and fertilizers are highlighted, with companies like New Hope Liuhe and Jiangshan Chemical expected to benefit from stable growth in demand [2][3] - Emerging demand in phosphorous and fluorine chemicals is driven by the needs of new energy battery and AI cooling applications, with companies like Chuanheng Chemical and Juhua Co. being key players [2][3] Investment Direction 4: Domestic Anti-Competition Driving Price Increases - The report emphasizes the focus on large refining and chemical companies such as Hengli Petrochemical and Rongsheng Petrochemical, which are expected to benefit from anti-competitive measures in the domestic market [2][3] - The organic silicon sector is entering the end of its expansion cycle, with major companies like Sinan Silicon Material adjusting industry operating rates [2][3] - The soda ash industry is facing capacity controls and the need to phase out outdated production, with companies like Boyuan Chemical under observation [2][3] Oil Price Analysis - The report anticipates a Brent oil price range of $60-70 per barrel in 2026, with a slight oversupply expected [11][12] - OPEC+ has postponed production increases for Q1 2026, indicating a cautious approach to market conditions [11][12] - The report highlights geopolitical factors, including the ongoing Russia-Ukraine conflict and U.S.-Venezuela relations, which may impact oil supply dynamics [12][13] Three Major Oil Companies Insights - CNOOC is focused on increasing reserves and production while reducing costs, while PetroChina is benefiting from natural gas market reforms [34][36] - Sinopec is concentrating on domestic refining and chemical anti-competition developments [34][36] - The overall profitability of the three major oil companies is expected to be supported by the anticipated oil price stabilization [34][36]

来源：郑商所发布 期货日报 记者 韩乐 在国民经济的庞大版图中，PTA产业紧密连接着石油化工与化纤纺织两大关键领域。从身上所穿的衣 物，到手中使用的饮料瓶，都离不开PTA的身影。然而，长期以来价格波动一直是困扰PTA产业企业的 难题。2006年12月，我国期货市场首个化工品种——PTA期货在郑商所挂牌上市，开启了PTA产业发展 的新篇章。如今，逸盛石化有限公司（下称逸盛石化）的车船板出口保税交割顺畅落地、浙江恒逸国际 贸易有限公司（下称恒逸国贸）的基差贸易平稳运行、荣盛石化股份有限公司（下称荣盛石化）的套保 策略精准对冲风险，这都是PTA产业积极探索期现融合的生动缩影。 积极探索：套保打开企业生存窗口 "对产业来讲，从最初的不了解到后面的尝试、运用，再到现在与PTA期货深度结合，这是一个从无到 有的过程。"逸盛石化PTA销售副总经理徐际恩如是说。 徐际恩向期货日报记者表示，在2010年之前，国内PTA采购主要依赖进口，如今已转变为净出口，反映 出行业从紧缺到充沛的演变。在此过程中，逸盛石化作为行业最大的供应商，也在市场变化中不断寻找 出路。 记者了解到，国内PTA行业以民营企业为主，基本上是从下游纺织企业逐步 ...

在国民经济的庞大版图中，PTA产业紧密连接着石油化工与化纤纺织两大关键领域。从身上所穿的衣 物，到手中使用的饮料瓶，都离不开PTA的身影。然而，长期以来价格波动一直是困扰PTA产业企业的 难题。2006年12月，我国期货市场首个化工品种——PTA期货在郑商所挂牌上市，开启了PTA产业发展 的新篇章。如今，逸盛石化有限公司（下称逸盛石化）的车船板出口保税交割顺畅落地、浙江恒逸国际 贸易有限公司（下称恒逸国贸）的基差贸易平稳运行、荣盛石化股份有限公司（下称荣盛石化）的套保 策略精准对冲风险，这都是PTA产业积极探索期现融合的生动缩影。 积极探索：套保打开企业生存窗口 具体来看，在锁定利润方面，当PTA加工费低迷，行业面临困境时，企业通过"买入原油、PX期货，卖 出PTA期货"的跨品种操作，成功锁定产业链利润。特别是在当前PTA现货加工费较低的情况下，这种 套保操作能够有效弥补企业现货端的经营亏损，助力其抵御市场波动风险。 在库存管理方面，聚酯产业链相关企业借助期货市场实现了库存结构的优化。当市场价格波动时，企业 可以通过期货市场灵活调整库存水平，降低库存成本。在成本控制上，期货市场为企业提供了更多的采 购与销售选 ...

财报显示，荣盛石化在2025年前三季度实现营业收入2278.15亿元，同比下降7.09%；归母净利润8.88亿 元，同比增长1.34%。中经记者 陈家运 北京报道 根据资产基础法评估，截至评估基准日，荣盛能源（舟山）股东全部权益评估价值为5.08亿元，较账面 价值增值2.08%。 荣盛石化方面表示，此次转让有利于战略聚焦与可持续发展。交易完成后，荣盛能源（舟山）将不再纳 入合并报表范围，且不会对公司财务状况和经营成果构成重大影响，不存在损害公司及股东利益的情 形。 【荣盛石化拟5.08亿元向控股股东转让亏损子公司】12月8日，荣盛石化（002493.SZ）发布公告，公司 全资子公司荣盛新材料（舟山）有限公司拟将持有的荣盛能源（舟山）有限公司〔以下简称"荣盛能源 （舟山）"〕100%股权，以5.08亿元转让给控股股东浙江荣盛控股集团有限公司，本次交易构成关联交 易。 公告显示，荣盛能源（舟山）成立于2023年11月，业务涵盖发电、输电及供（配）电，目前仍处于建设 期尚未全面开展经营活动。财务数据显示，该公司2024年净利润亏损88.76万元，2025年1—9月净利润 续亏106.36万元。 ...