行业研究——周报：大炼化周报：成本走弱但产品价格相对抗跌，炼化价差改善

Investment Rating - The report provides a positive outlook on the refining sector, indicating an improvement in refining margins despite fluctuating crude oil prices [1][2]. Core Insights - The report highlights that as of November 1, 2024, the domestic refining project price spread is 2406.80 CNY/ton, reflecting a week-on-week increase of 106.80 CNY/ton (+4.64%), while the international refining project price spread is 933.79 CNY/ton, with a week-on-week increase of 81.34 CNY/ton (+9.54%) [2][6]. - Brent crude oil's weekly average price was reported at 71.85 USD/barrel, showing a decrease of 4.07% week-on-week, influenced by geopolitical tensions and unexpected declines in U.S. gasoline and crude oil inventories [1][6]. - The report notes that the refining sector is experiencing a mixed performance, with some products maintaining stable prices while others face downward pressure due to cost factors [1][6]. Summary by Sections Refining Sector - The report indicates that the international oil price has seen a downward trend, with Brent and WTI prices at 72.94 USD and 69.33 USD per barrel respectively as of November 1, 2024 [6]. - Domestic refined oil prices have shown varied movements, with diesel, gasoline, and aviation kerosene averaging 7129.29 CNY (+58.29), 7911.57 CNY (-29.14), and 6437.14 CNY (+85.71) per ton respectively [6]. - The report emphasizes that the price spread for refined products has increased, indicating a potential for improved profitability in the refining sector [6]. Chemical Sector - The report discusses the chemical sector's performance, noting that while some chemical prices have declined due to cost pressures, the overall price spread has expanded [1][6]. - Specific products like polyethylene have shown stable pricing, while polypropylene prices have slightly decreased due to weak demand [1][6]. Market Comparisons - The report compares domestic and international refining project price spreads, highlighting a significant increase in domestic spreads compared to a slight decline in international spreads [2][6]. - It also provides insights into the performance of major refining companies, noting fluctuations in stock prices over the past week [1][6].