【石油和化工行业景气指数】10月：需求持续释放 指数继续回升

Core Insights - The oil and chemical industry prosperity index reached 99.79 in October 2025, an increase of 0.84 percentage points month-on-month, indicating a continued recovery trend [3][10] - The upstream oil and gas extraction sector is negatively impacted by weak crude oil prices, while the midstream and downstream sectors benefit from declining costs and improving demand [3][10] - The release of the "14th Five-Year Plan" provides strategic direction for the long-term development of the petrochemical industry [3][5] - The easing of China-U.S. trade tensions is expected to stabilize the export environment for petrochemical products [3][6] - The Federal Reserve's decision to cut interest rates by 25 basis points is anticipated to stimulate global demand [3][15] Industry Overview - The oil and gas extraction sector's prosperity index fell to 96.95, down 2.2 percentage points, reflecting a "price drop, profit shrink" situation due to ongoing weak crude oil prices [10][11] - The fuel processing industry saw its index rise to 105.15, up 1.25 percentage points, supported by low raw material costs and seasonal demand [11] - The chemical raw materials and products manufacturing index increased to 101.21, up 1.82 percentage points, indicating improved production heat and inventory turnover [11] - The rubber, plastic, and other polymer products manufacturing index rose to 95.34, up 2.13 percentage points, benefiting from lower raw material costs and policy support [11] Future Outlook - The "14th Five-Year Plan" aims to accelerate the high-quality and green development of the petrochemical industry over the next five years [13] - The recent U.S.-China trade negotiations are expected to enhance the competitiveness of Chinese petrochemical products in the U.S. market [14] - The Federal Reserve's interest rate cut is likely to boost investment and consumption, benefiting exports of petrochemical products [15] - The oil and chemical industry may face a decline in the prosperity index in November due to seasonal demand fluctuations, but the impact is expected to be limited by cost advantages and production inertia [17]