卓创资讯：供需与政策共振 石化市场预计偏强运行

Core Viewpoint - The petrochemical market in China is expected to experience a "weak adjustment and structural differentiation" in Q4 2025 due to falling crude oil prices and capacity release, with most product prices declining year-on-year [1] Group 1: Market Outlook - In Q1 2026, the petrochemical industry may see improvements in supply-demand dynamics and policy benefits, as new capacity enters a lull period and pre-holiday stocking demand increases [1] - Domestic policies aimed at boosting internal demand will continue to be reinforced, contributing to a recovery in terminal demand in sectors such as new energy and infrastructure [1] Group 2: Structural Trends - The market is expected to stop declining and operate strongly, with a continued structural trend of "aromatics being strong and olefins being slightly weak" [1] - Cost support and demand differentiation will jointly drive structural opportunities within the industry [1]