大炼化周报：光伏需求强势，EVA价格及价差持续上行

Core Viewpoint - The report highlights the fluctuations in oil prices and refining margins, indicating a mixed outlook for the refining and chemical sectors due to various geopolitical and market factors [1][2]. Refining Sector - As of the week ending September 12, 2025, the domestic refining margin for key projects was 2407.08 CNY/ton, an increase of 45.76 CNY/ton (+1.94%) from the previous week, while the international refining margin was 1198.96 CNY/ton, up by 65.38 CNY/ton (+5.77%) [2]. - The Brent crude oil average price for the week was 66.47 USD/barrel, reflecting a decrease of 1.77% [2]. - OPEC+ has slowed its production increase, with several countries implementing compensatory production cuts, which, along with potential U.S. sanctions on Russia and ongoing geopolitical tensions, have supported a slight upward trend in international oil prices [2]. Chemical Sector - The petrochemical sector showed mixed price trends, with some olefin products experiencing strong demand and price increases, while polyethylene prices remained stable with slight declines [3]. - EVA prices continued to rise due to strong photovoltaic demand, while pure benzene prices saw a minor decrease [3]. - The polyester industry faced downward pressure on prices due to increased supply from a PX facility restart, with overall orders remaining low [3]. Stock Performance of Refining Companies - As of September 12, 2025, stock performance for six major private refining companies showed varied results, with New Fengming leading with a 7.09% increase over the week and 27.04% over the month [4]. - Other companies like Hengli Petrochemical and Dongfang Shenghong also showed positive monthly performance, indicating a generally favorable market sentiment despite some weekly declines [4].