石油化工行业周报：长丝下游开工提升，把握行业布局机会

Investment Rating - The report maintains an "Accumulate" rating for the oil and petrochemical industry [5]. Core Viewpoints - The international oil prices have seen a slight decline, with Brent crude settling at approximately $73.18 per barrel, down 2.14$69.76 per barrel, down 1.33% week-on-week [15][19]. - The upstream sector is expected to benefit from high international oil prices, with a projected increase in U.S. crude oil production over the next two years [24]. - The midstream refining sector shows potential for performance recovery, as the price differentials for ethylene and naphtha have widened, while PX and naphtha differentials have narrowed [27]. - In the terminal polyester sector, the price spread for POY has expanded, indicating a significant recovery potential for long filament companies [36]. Market Performance - The CITIC oil and petrochemical sector declined by approximately 0.18% during the week of February 24-28, 2025, while the Shanghai Composite Index fell by about 1.72%, indicating a relative outperformance of 1.55 percentage points [12][13]. - Key stocks that led the gains included Guangju Energy (+44.45%), Zhun Oil Shares (+11.49%), and Unified Shares (+9.72%), while the biggest losers were Hongtian Shares (-24.08%) and Montai High-tech (-11.59%) [13][14]. Investment Recommendations - The report identifies four main investment themes: 1. Focus on energy state-owned enterprises like China National Petroleum and China National Offshore Oil Corporation, which are pushing for oil and gas reserves and refining upgrades [47]. 2. Increased global upstream capital expenditure is expected to boost the oil service sector, with recommendations to consider CNOOC Services and Offshore Engineering [47]. 3. Accelerated development of coal chemical projects and natural gas resources in Xinjiang, with a focus on Baofeng Energy and New Natural Gas [47]. 4. Refining companies are actively planning new capacities and accelerating new material projects, recommending attention to Satellite Chemical, Hengli Petrochemical, and Tongkun Shares [47].