| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600963 | 岳阳林纸 | 4.47 | -2.61% | 42.08万 | 1.88 Z | | 601888 | 中国中免 | 69.93 | -0.84% | 17.91万 | 12.56亿 | | 600567 | 山鹰国际 | 1.81 | -0.55% | 112.75万 | 2.05亿 | | 605090 | 九丰能源 | 33.97 | -0.53% | 8.99万 | 3.05亿 | | 000488 | ST晨鸣 | 2.11 | -0.47% | 11.17万 | 2356.24万 | | 600115 | 中国东航 | 4.83 | -0.41% | 95.32万 | 4.62亿 | | 002221 | 东华能源 | 8.23 | -0.12% | 8.61万 | 7103.35万 | | 002521 | 齐峰新材 | 9.14 | 0.00% | 5.28万 | 4850.67万 | | 002012 | 凯恩股 ...

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. 2. Core Viewpoints of the Report The report presents a comprehensive analysis of the large refining and chemical industry, covering key aspects such as project spreads, product prices, profit margins, inventory levels, and operating rates across different segments including polyester, refining, and chemicals. It also tracks the performance and financial forecasts of major private refining and chemical companies [2][8][9]. 3. Summary According to Relevant Catalogs 3.1. Big Refining Weekly Data Briefing - **Project Spreads**: Domestic key large refining projects had a weekly spread of 2,564 yuan/ton, a decrease of 24 yuan/ton (1% decrease) compared to the previous week. Foreign key large refining projects had a weekly spread of 1,212 yuan/ton, a decrease of 2 yuan/ton (0% decrease) [2]. - **Polyester Sector**: POY/FDY/DTY industry average prices were 6,407/6,618/7,732 yuan/ton respectively, with week - on - week decreases of 114/79/54 yuan/ton. Their weekly average profits were 72/ - 54/88 yuan/ton, down 54/30/14 yuan/ton week - on - week. Inventory levels were 11.8/21.9/29.5 days, down 5.0/4.2/2.0 days. The filament开工率 was 91.0%, a 0.0 percentage point decrease. Downstream, the loom operating rate was 66.5%, up 2.4 percentage points, and the raw material inventory of weaving enterprises was 11.1 days, up 0.9 days, while the finished product inventory was 24.0 days, down 1.7 days [2]. - **Refining Sector**: Domestic refined oil prices of gasoline, diesel, and aviation kerosene decreased this week. In the US, the price of aviation kerosene decreased [2]. - **Chemical Sector**: The average price of PX this week was 794.4 dollars/ton, an increase of 6.9 dollars/ton compared to the previous week, and the spread over crude oil was 336.7 dollars/ton, up 4.5 dollars/ton. The PX operating rate was 86.3%, a 1.0 percentage point decrease [2]. - **Related Listed Companies**: Private large refining and polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin凤鸣 [2]. 3.2. Big Refining Weekly Report 3.2.1. Big Refining Index and Project Spread Trends The report provides historical data and trends on the performance of the large refining index, including the comparison of the performance of the petrochemical index and six private large refining companies over different time periods (recent week, recent month, recent three months, recent year, and since the beginning of 2025). It also shows the trends of domestic and foreign large refining project spreads in relation to Brent oil prices [8]. 3.2.2. Polyester Sector - **Price and Profit Analysis**: Analyzes the prices, spreads, and profit margins of various polyester products such as PX, MEG, PTA, POY, FDY, DTY, polyester staple fiber, and polyester bottle chips. It also examines the relationships between these products and raw materials like crude oil and PTA [9]. - **Operating Rate and Inventory Analysis**: Tracks the operating rates of PX, PTA, MEG, and polyester filaments, as well as the inventory levels of PTA, polyester filaments, and polyester staple fiber. It also analyzes the operating rates and inventory levels of downstream weaving enterprises [9]. - **Sales and Production Ratio**: Analyzes the sales - to - production ratios of polyester filaments and polyester staple fiber in the Jiangsu and Zhejiang regions [47][69]. 3.2.3. Refining Sector - **Domestic Refined Oil**: Compares the prices and spreads of domestic gasoline, diesel, and aviation kerosene with crude oil prices in both yuan/ton and dollars/barrel units [82][84][92]. - **US Refined Oil**: Analyzes the prices and spreads of US gasoline, diesel, and aviation kerosene in relation to crude oil prices in both yuan/ton and dollars/barrel units [94][103]. - **European Refined Oil**: Examines the prices and spreads of European gasoline, diesel, and aviation kerosene in relation to crude oil prices in both yuan/ton and dollars/barrel units [108][115]. - **Singapore Refined Oil**: Analyzes the prices and spreads of Singapore gasoline, diesel, and aviation kerosene in relation to crude oil prices in both yuan/ton and dollars/barrel units [120][130]. 3.2.4. Chemical Sector Analyzes the prices and spreads of various chemical products such as polyethylene LLDPE, EVA foaming material, EVA photovoltaic material, homopolymer polypropylene, styrene, acrylonitrile, PC, MMA, etc., in relation to crude oil prices [136][146].

基础化工 基础化工 2025 年 10 月 26 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-10 2025-02 2025-06 基础化工 沪深300 相关研究报告 《《水俣公约》有望加速电石法 PVC 落后产能淘汰，LG 化学计划关闭韩国 HDPE 工厂—行业周报》-2025.10.19 《六氟磷酸锂供需面改善，陶氏一工 厂发生火灾影响其 MDI、乙烯等装置 生产—行业周报》-2025.10.12 《《石化化工行业稳增长工作方案 （2025-2026 年）》印发，草铵膦、锦 纶行业反内卷有序推进—行业周报》 -2025.9.28 PTA 产品亏损持续加剧，看好行业反内卷前景 ——行业周报 | 金益腾（分析师） | 蒋跨跃（分析师） | | --- | --- | | jinyiteng@kysec.cn | jiangkuayue@kysec.cn | | 证书编号：S0790520020002 | 证书编号：S0790523120001 | 本周行业观点：PTA 产品亏损持续加剧，看好行业反内卷前景 从 PTA 行业未来扩产情况来看 ...

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：油价反弹推动织企补库，长丝库存明显去化 [Table_ReportDate0] 2025 年 10 月 26 日 [Table_Author] 本期内容提要： ➢ 国内外重点炼化项目价差跟踪： [Table_Summary] [Table_Summary] 截至 10 月 24 日当周，国内重点大 炼化项目价差为 2374.85 元/吨，环比变化-30.36 元/吨（-1.26%）； 国外重点大炼化项目价差为 1213.16 元/吨，环比变化-2.88 元/吨（- 0.24% ...

10月21日至23日，第八届油商大会在浙江省舟山市召开，吸引了366家国内外企业参会，世界再次将目 光聚焦东海之滨。本次大会以"深化开放合作 共建绿色低碳可持续的大宗商品市场"为主题，以高端论 坛和高层对话为核心，配套开展产业推介、商务洽谈、项目考察等活动，着力打造全球油气等大宗商品 行业交流合作新平台。 在22日举行的签约仪式上，荣盛石化旗下荣盛石化新加坡分别与BP（英国石油）新加坡达成了成品油 采购与销售协议，与COOST（中海油新加坡）达成扩大原油、成品油等贸易合作备忘录。同时，荣盛 石化还与全球自动化巨头艾默生达成采购框架协议。三个项目协议总额约297亿元。 "我们在舟山建设的4000万吨/年绿色炼化一体化项目，实现了从'原油—基础化工品—高端材料'的全链 覆盖，PX、乙烯等关键原料自给率显著提升，为区域绿色石化产业发展提供支撑。"浙江荣盛控股集团 副总裁罗伟在接受央视新闻采访时表示。 本届油商大会由中共舟山市委、舟山市人民政府主办，中国（浙江）自由贸易试验区舟山管理委员会综 合服务中心、舟山市投资促进中心共同承办。作为大会特别合作单位，荣盛石化积极参与，承办了包括 以荣盛命名的"荣盛之夜"等系列活动 ...

沪指10月24日上涨0.71%，申万所属行业中，今日上涨的有16个，涨幅居前的行业为通信、电子，涨幅 分别为4.73%、4.72%。跌幅居前的行业为石油石化、煤炭，跌幅分别为1.36%、1.29%。石油石化行业 位居今日跌幅榜首位。 石油石化行业资金流向排名 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600938 | 中国海油 | -0.65 | 1.72 | -7801.75 | | 601857 | 中国石油 | -1.31 | 0.11 | -7566.37 | | 002493 | 荣盛石化 | -1.68 | 0.45 | -5514.33 | | 600346 | 恒力石化 | -4.15 | 0.48 | -5309.05 | | 300164 | 通源石油 | -4.72 | 25.10 | -4937.33 | | 600028 | 中国石化 | -0.36 | 0.13 | -4925.45 | | 600759 | 洲际油气 | -3.23 | 5.87 | -4705 ...

Core Viewpoint - The company is actively responding to national policy directions through technological innovation, green transformation, and strategic layout, promoting its transformation and upgrading efforts [1] Group 1: Business Strategy - The company is focusing on vertical integration to strengthen its refining and chemical integration resource integration and scale effect [1] - It is leveraging the cost reduction and efficiency enhancement advantages of the "refining and chemical integration" model and the potential of "oil conversion" to continuously improve operational efficiency [1] Group 2: Financial Health - The company has excellent cash flow and strong debt repayment capability, indicating stable business operations and financial health [1] - Both short-term and long-term debt repayment arrangements are well managed, with ongoing attention to debt repayment capability indicators to control repayment risks [1] - The company aims to enhance cash flow management while ensuring high-quality development and maintaining a reasonable level of debt [1]

资料显示，荣盛石化股份有限公司位于浙江省杭州市萧山区金城路358号蓝爵国际写字楼，成立日期 1995年9月15日，上市日期2010年11月2日，公司主营业务涉及各类化工品、油品、聚酯产品的研发、生 产和销售。主营业务收入构成为：化工40.87%，炼油35.26%，PTA10.60%，聚酯化纤薄膜7.49%，贸易 及其他5.79%。 荣盛石化所属申万行业为：石油石化-炼化及贸易-炼油化工。所属概念板块包括：油气改革、中特估、 一带一路、光伏玻璃、MSCI中国等。 截至6月30日，荣盛石化股东户数8.59万，较上期减少2.39%；人均流通股110611股，较上期增加 2.45%。2025年1月-6月，荣盛石化实现营业收入1486.29亿元，同比减少7.83%；归母净利润6.02亿元， 同比减少29.82%。 10月24日，荣盛石化（维权）盘中下跌2.08%，截至14:24，报9.89元/股，成交3.84亿元，换手率 0.41%，总市值987.96亿元。 资金流向方面，主力资金净流出6082.86万元，特大单买入1481.22万元，占比3.86%，卖出2362.40万 元，占比6.15%；大单买入5029.74万元 ...

Core Viewpoint - Rongsheng Petrochemical's stock experienced a 4.34% increase on October 23, with a trading volume of 615 million yuan, indicating a potential recovery in investor sentiment despite recent financial challenges [1]. Financing Summary - On October 23, Rongsheng Petrochemical had a financing buy-in amount of 34.85 million yuan, while the financing repayment was 58.74 million yuan, resulting in a net financing outflow of 23.89 million yuan [1]. - As of October 23, the total financing and securities lending balance for Rongsheng Petrochemical was 1.378 billion yuan, with the financing balance at 1.372 billion yuan, accounting for 1.36% of the circulating market value, which is below the 10% percentile level over the past year, indicating a low financing level [1]. - In terms of securities lending, on October 23, 12,400 shares were repaid while 95,700 shares were sold short, with a selling amount of 966,600 yuan, and the securities lending balance was 6.26 million yuan, exceeding the 90% percentile level over the past year, indicating a high level of short selling [1]. Financial Performance - For the first half of 2025, Rongsheng Petrochemical reported a revenue of 148.629 billion yuan, a year-on-year decrease of 7.83%, and a net profit attributable to shareholders of 602 million yuan, down 29.82% year-on-year [2]. - Since its A-share listing, Rongsheng Petrochemical has distributed a total of 9.4 billion yuan in dividends, with 3.391 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Rongsheng Petrochemical was 85,900, a decrease of 2.39% from the previous period, while the average circulating shares per person increased by 2.45% to 110,611 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 174 million shares, a decrease of 10.5264 million shares compared to the previous period, while Huatai-PB CSI 300 ETF increased its holdings by 4.5904 million shares to 54.3801 million shares [3].

Core Insights - Recently, Zhejiang Petrochemical New Materials (Zhoushan) Co., Ltd. was established, focusing on new materials technology research and development, as well as the manufacturing of graphite and carbon products [1] Company Overview - The new company has a registered capital of 50 million yuan and is wholly owned by Zhejiang Petrochemical Co., Ltd., which is jointly held by Rongsheng Petrochemical (002493) and Zhejiang Juhua Investment Co., Ltd. [1]