行业研究——周报：大炼化周报：询单气氛略有改善，部分长丝产品盈利提升

Investment Rating - The industry investment rating is "Neutral" based on the performance of the industry index relative to the benchmark [98]. Core Insights - The report indicates a slight improvement in the inquiry atmosphere for certain long filament products, leading to a marginal increase in profitability [1]. - The Brent crude oil average price for the week ending March 14, 2025, was $69.83 per barrel, reflecting a decrease of 1.25% from the previous week [1][2]. - Domestic and international refining project price differentials have shown a decline, with domestic key refining project price differential at 2413.42 CNY/ton, down 1.37% week-on-week [2]. Summary by Sections Refining Sector - The international oil price experienced fluctuations due to geopolitical tensions and changes in U.S. tariff policies, with Brent and WTI prices at $70.58 and $67.18 per barrel respectively as of March 14, 2025 [1][11]. - Domestic refined oil prices have decreased across the board, with diesel, gasoline, and aviation kerosene averaging 7188.00 CNY/ton, 8340.14 CNY/ton, and 6259.87 CNY/ton respectively [11]. Chemical Sector - The overall average price of chemical products has declined, with polyethylene prices slightly down and polypropylene prices increasing for some products [1][38]. - The price of pure benzene has dropped significantly due to reduced downstream demand, averaging 7135.71 CNY/ton [43]. - Styrene prices continue to fall under pressure from high inventory levels and weak demand, averaging 8150.00 CNY/ton [43]. Polyester Sector - The prices of polyester raw materials have continued to decline, with some long filament products showing slight improvements in profitability [1][56]. - The average price of PTA has decreased to 4785.71 CNY/ton, with an average net profit of -168.80 CNY/ton [64]. - The inquiry atmosphere for spring and summer lightweight fabrics has improved, although overall order volumes have not seen significant increases [63]. Market Performance of Major Refining Companies - As of March 14, 2025, the stock price changes for six major private refining companies were mixed, with Rongsheng Petrochemical down 0.23% and Hengli Petrochemical up 0.06% over the past week [83][84]. - The overall performance of the refining index has increased by 22.42% since September 4, 2017, outperforming the oil and petrochemical industry index [86].