油价基本面驱动不足，石化继续调整 | 投研报告

Core Viewpoint - The petrochemical industry continues to adjust, with a focus on the progress of eliminating outdated facilities and upgrading within the sector [2] Group 1: Industry Performance - The Shenwan first-level industry index for the petrochemical sector showed a general performance, declining by 1.99% compared to last week [2] - Among the CITIC third-level industry indices, oil product sales and storage performed the best within the petrochemical sector, with a decline of 0.46% [2] - Crude oil prices fell, with an increase in US crude oil inventories and a decrease in gasoline inventories [2] Group 2: Specific Sector Insights - In the polyester segment, the price of polyester filament and the price spread have decreased, while the inventory days for polyester filament in Jiangsu and Zhejiang have increased, leading to a drop in the operating rate of weaving machines [2] - For olefins, the spot prices of sample polyolefins remained stable, with inventory reduction observed [2] Group 3: Investment Targets - For upstream companies, a potential future increase in crude oil prices due to geopolitical factors would benefit upstream targets [2] - In the refining sector, a recovery in demand and progress in eliminating outdated production capacity would be favorable for midstream refining [3]