大炼化周报：对关税担忧仍存，炼化下游需求走弱-20250427

Investment Rating - The industry investment rating is "Neutral" as the industry index is expected to be in line with the benchmark [128] Core Viewpoints - Concerns over tariffs persist, leading to weakened downstream demand in the refining sector [1] - The Brent crude oil average price for the week ending April 25, 2025, was $66.54 per barrel, reflecting a week-on-week increase of 1.39% [1][2] - Domestic and international refining project price differentials are being closely monitored, with domestic projects showing a decrease of 0.99% and international projects increasing by 1.63% [2] Summary by Sections Refining Sector - The refining sector is experiencing volatility due to geopolitical tensions and OPEC production adjustments, with Brent and WTI prices at $66.87 and $63.02 per barrel respectively [1][15] - Domestic refined oil prices have generally decreased, while overseas prices have seen some increases [1] - The stock performance of six major private refining companies varied, with notable increases for companies like Dongfang Shenghong (+7.59%) and Rongsheng Petrochemical (+2.24%) over the past week [1][116] Chemical Sector - Chemical products are facing price declines due to tariff impacts, with polyethylene demand remaining weak and prices for polypropylene also decreasing [1][56] - The price of MMA has decreased slightly, while the price of styrene has seen a minor increase due to reduced inventory levels [1][56] Polyester Sector - The polyester sector is still affected by tariffs, with weak demand leading to price declines in polyester filament [1][96] - PX prices have shown a slight increase, while MEG prices continue to decline [1][87][98] Price Differentials - As of April 25, 2025, the domestic refining project price differential was 2303.99 CNY/ton, down by 22.98 CNY/ton, while the international differential was 945.20 CNY/ton, up by 15.16 CNY/ton [2]