行业研究——周报：大炼化周报：产品价格涨幅不及成本，化工品盈利小幅收窄

Investment Rating - The report does not explicitly state an investment rating for the oil refining industry. Core Insights - The report highlights that the price increase of refined products is not keeping pace with rising costs, leading to a slight contraction in profitability for chemical products [1][2]. - Brent crude oil's weekly average price was reported at $72.86 per barrel, reflecting a week-on-week increase of 1.07% [1][9]. - Domestic and international refining project price differentials were tracked, with domestic projects showing a price differential of 2345.67 CNY/ton, up by 10.92 CNY/ton (+0.47%), while international projects showed a differential of 961.60 CNY/ton, down by 14.78 CNY/ton (-1.51%) [2][21]. Summary by Sections Refining Sector - The report notes that geopolitical risks have increased due to the delayed production increase by OPEC and the evolving situation in Syria, which has led to a positive outlook for Chinese demand amid expectations of a loose monetary policy next year [1][9]. - The average prices for refined products in the domestic market have increased, with diesel, gasoline, and aviation fuel averaging 7244.71 CNY (+44.29), 8184.00 CNY (+122.14), and 6605.71 CNY (+15.00) per ton, respectively [10][21]. Chemical Sector - Chemical product prices have seen upward movement supported by cost factors, but the increase has not matched the cost rise, resulting in narrowed price differentials [1][9]. - Specific chemical products like EVA and acrylonitrile have shown slight price increases, while MMA has faced downward pressure due to weak demand [1][9]. Polyester Sector - The report indicates an improvement in inventory and profitability for polyester filament yarn, with upstream PX facilities returning to stable operations, leading to increased industry utilization rates [1][9]. Price Differential Analysis - The report provides a comparative analysis of domestic and international refining project price differentials, indicating a slight increase in domestic differentials and a decrease in international ones [2][21].