行业研究——周报：大炼化周报：成本端弱稳运行，化工品盈利整体改善

Investment Rating - The report does not explicitly provide an investment rating for the oil refining industry Core Insights - The report highlights that the domestic key refining project price difference is 2234.17 CNY/ton, with a week-on-week change of +14.15 CNY/ton (+0.64%), while the foreign key refining project price difference is 957.88 CNY/ton, with a week-on-week change of +66.32 CNY/ton (+7.44%) as of November 29, 2024 [5][17] - Brent crude oil's weekly average price is reported at 72.98 USD/barrel, with a week-on-week change of -0.88% [5][7] - The report notes that despite OPEC+ potentially delaying production increases, geopolitical tensions have eased, leading to a decrease in risk premiums in the oil market [7][8] - The chemical sector is experiencing improved profitability due to alleviated cost pressures and stable terminal prices, with price increases observed in polyethylene and polypropylene [8][17] Summary by Sections Refining Sector - International oil prices are fluctuating, with Brent and WTI averaging 72.98 USD (-0.65) and 68.77 USD (-0.79) per barrel respectively [7] - Domestic refined product prices are on the rise, with diesel, gasoline, and aviation kerosene averaging 7194.00 CNY (+7.00), 8005.00 CNY (+97.00), and 6545.00 CNY (+60.00) per ton [8] Chemical Sector - Cost pressures in the chemical sector have eased, leading to overall improvement in price differentials [8] - Prices for pure benzene have seen a slight increase, with improved purchasing sentiment from downstream buyers [8] Market Performance - The stock performance of six major private refining companies shows varied results, with Dongfang Shenghong experiencing a notable increase of +6.00% over the past week [8]