人民币破7！荣盛石化领衔大化工板块迎双重利好

Core Viewpoint - The offshore RMB has appreciated against the USD, surpassing the 7.0 mark for the first time since September 2024, with a year-to-date increase of 4.6%. This appreciation positively impacts the chemical industry, particularly oil-head refining enterprises, by reducing import costs and enhancing profit margins [1][2]. Company Analysis - Rongsheng Petrochemical, a major player in the oil-head refining sector, has a high sensitivity to exchange rate fluctuations due to its reliance on imported crude oil, which constitutes approximately 50%-90% of its total costs. The company benefits from a "more variety, less oil" strategy to increase the proportion of high-value-added products, leading to improved profit margins with RMB appreciation [1][2]. - The company operates the world's largest integrated refining project with a capacity of 40 million tons per year and has significant production capacities for PX and PTA, positioning it as a leader in the chemical sector [2]. - If the crude oil procurement price is estimated at $60 per barrel, a 3% appreciation in the RMB could save Rongsheng Petrochemical approximately 1 billion RMB in costs per quarter, potentially increasing annual profits by up to 4 billion RMB [2]. Industry Overview - The domestic demand for chemical raw materials is steadily recovering, with prices for downstream products like PX and PTA continuing to rise, creating a favorable environment characterized by "declining costs and product premiums" [2]. - Major refining enterprises are seen as having significant price elasticity, with RMB appreciation further amplifying their profit potential, making them attractive low-position assets for incremental capital [2]. - The recent increase in trading activity in the A-share market, coupled with RMB appreciation, has led to accelerated foreign investment in core assets, supporting the upward price trends of major oil-head refining companies like Rongsheng Petrochemical, Hengli Petrochemical, and Hengyi Petrochemical [2].