行业研究——周报：大炼化周报：织企低位补货，长丝盈利改善有限

Investment Rating - The report provides a positive outlook on the petrochemical industry, indicating potential for growth in margins and price stability in the coming years [31]. Core Insights - The report highlights that the domestic key refining project price spread is 2392.11 CNY/ton, with a week-on-week increase of 46.23 CNY/ton (+1.97%) [32]. - The Brent crude oil average price is reported at 73.44 USD/barrel, reflecting a week-on-week increase of 0.79% [32]. - The report notes that the chemical sector is experiencing stable price increases, although the price spreads are narrowing [31]. - The report emphasizes that the polypropylene prices are on the rise, with average prices for various types of polypropylene reported as 6319.24 CNY (+2.01), 8800.00 CNY (+14.29), and 8014.29 CNY (+14.29) [21]. Summary by Sections Refining Sector - The report indicates that the refining sector is affected by sanctions on Russia and Iran, leading to tighter crude oil supply, while domestic consumption in November was below expectations [31]. - The report mentions that the average prices for Brent and WTI crude oil are 73.45 USD (+0.59) and 70.23 USD (+0.90) per barrel, respectively [31]. Chemical Sector - The report states that the chemical sector is seeing stable price movements, with polypropylene prices increasing but price spreads decreasing [31]. - It highlights that the MMA price has slightly increased to 11403.57 CNY (+107.14) per ton, with the MMA-crude oil price spread at 7549.10 CNY (+75.26) [22]. - The report also notes that the PX price is influenced by the restart of PX facilities, leading to a slight increase in market supply and price [31]. Polyester Sector - The report indicates that the polyester sector is experiencing upward price pressure due to rising upstream prices, with MEG and PTA prices also increasing [31]. - It mentions that the polyester filament market is seeing a significant increase in sales rates as downstream weavers begin to replenish stocks [31].