行业研究——周报：大炼化周报：装置检修将至，芳烃价格重心有所上行

Investment Rating - The industry investment rating is "Neutral" as the industry index is expected to be in line with the benchmark [106]. Core Insights - The report highlights that the domestic key refining project price difference is 2575.86 CNY/ton, with a week-on-week change of -8.12 CNY/ton (-0.31%), while the foreign key refining project price difference is 1065.78 CNY/ton, with a week-on-week change of +48.78 CNY/ton (+4.80%) [2][12]. - Brent crude oil weekly average price is reported at 75.65 USD/barrel, with a week-on-week change of +0.36% [2]. - The report discusses the impact of U.S. sanctions on Iran and new tariff policies affecting global economic growth and energy demand, leading to fluctuations in international oil prices [12]. - The chemical sector shows a mixed performance with prices of various chemical products experiencing fluctuations, while the polyester sector sees an increase in upstream prices due to upcoming maintenance of PX facilities [12][64]. Summary by Sections Refining Sector - The report notes that international oil prices have been volatile, with Brent and WTI prices at 74.74 and 70.74 USD/barrel respectively as of February 14, 2025 [12]. - Domestic refined oil prices are reported to be weakening, while overseas refined oil prices have seen slight increases [12]. Chemical Sector - The chemical product prices are experiencing fluctuations, with polyethylene and polypropylene prices showing mixed trends [12][42]. - EVA market shows tight supply with prices slightly increasing due to downstream photovoltaic demand [42]. - Pure benzene prices have increased slightly due to maintenance in some refineries, while styrene prices remain stable [42]. Polyester Sector - PX prices have increased significantly due to upcoming maintenance of multiple PX facilities, with current PX CFR China main port weekly average price at 892.39 USD/ton [64]. - PTA prices have also seen an upward trend, with the current weekly average price at 5091.43 CNY/ton [73]. - The report indicates that the demand for polyester filament yarn is weak, despite an increase in production rates [75]. Stock Performance of Major Refining Companies - The report provides stock performance data for six major refining companies, indicating varied performance over the past week and month [90][91]. - Notable stock movements include Hengli Petrochemical (+3.94%) and Xin Fengming (+7.29%) over the past week [90]. Price Differences and Trends - The report tracks price differences between domestic and foreign refining projects, indicating a significant gap that may present investment opportunities [2][12]. - The overall trend in the refining and chemical sectors suggests a cautious outlook due to fluctuating prices and geopolitical factors affecting supply and demand dynamics [12][64].