Soochow Securities·2025-06-01 07:20Report Information - Report Title: Weekly Report on Large Refining and Chemical Industry: Filament Prices Remain Flat, Production and Sales Increase Significantly [1] - Report Date: June 1, 2025 [1] - Analysts: Chen Shuxian (Chief Energy and Chemical Analyst), Zhou Shaowen (Research Assistant) [1] 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Report's Core View The report presents a comprehensive analysis of the large refining and chemical industry, covering various aspects such as project spreads, polyester, refining, and chemical sectors, along with the performance of related listed companies [2]. 3. Summary by Relevant Catalogs 3.1 Big Refining Weekly Data Briefing - Stock Price and Market Value: The report tracks the stock price changes and market values of six private refining and chemical companies, including Hengli Petrochemical, Rongsheng Petrochemical, etc. For example, as of May 30, 2025, Hengli Petrochemical's stock price was 15.2 yuan, with a total market value of 106.6 billion yuan [8]. - Profit Forecast: It provides profit forecasts for these six companies from 2024 to 2027. For instance, Rongsheng Petrochemical's estimated net profit attributable to the parent company in 2025 is 2.895 billion yuan [8]. - Oil Price and Refining Spreads: International crude oil prices (Brent and WTI) decreased this week. The average price of Brent was 64.5 dollars/barrel, down 0.7 dollars/barrel (-1.1%); WTI was 61.3 dollars/barrel, down 0.8 dollars/barrel (-1.3%). The domestic refining project spread was 2722.9 yuan/ton, up 75.3 yuan/ton (2.8%); the foreign refining project spread was 1086.0 yuan/ton, up 15.2 yuan/ton (1.4%) [8]. - Polyester Sector: POY/FDY/DTY industry average prices were 7035.7/7300.0/8200.0 yuan/ton, with week - on - week changes of - 14.3/0.0/0.0 yuan/ton respectively. Their weekly average profits were 85.9/-4.2/-4.2 yuan/ton, with week - on - week changes of - 2.1/7.4/7.4 yuan/ton. Inventory days were 11.3/20.7/27.3 days, up 0.0/2.3/1.9 days respectively. The filament operating rate was 89.7%, down 0.5 pct. Downstream, the loom operating rate was 62.3%, down 1.1 pct; the raw material inventory of weaving enterprises was 11.2 days, down 1.0 day; the finished product inventory was 24.2 days, up 0.7 days [2][9]. - Refining Sector: Domestic gasoline, diesel, and jet fuel prices rose this week, while in the US, gasoline, diesel, and jet fuel prices fell [2][9]. - Chemical Sector: The average PX price was 840.1 dollars/ton, up 6.3 dollars/ton, and the spread over crude oil was 369.5 dollars/ton, up 11.4 dollars/ton. The PX operating rate was 80.6%, up 4.1 pct [2]. 3.2 Big Refining Weekly Report - 2.1 Big Refining Index and Project Spread Trends: It analyzes the changes in the Shanghai - Shenzhen 300, petroleum and petrochemical indices, and oil prices, as well as the weekly spreads of domestic and foreign large refining projects [13][19]. - 2.2 Polyester Sector: This section details the prices, profits, inventories, and operating rates of various polyester products (PX, PTA, MEG, POY, FDY, DTY, etc.) and their upstream and downstream relationships, including the operating rates of looms and other downstream industries [22][32][37]. - 2.3 Refining Sector: It compares the prices and spreads of refined oil products (gasoline, diesel, jet fuel) in different regions (China, the US, Europe, Singapore) with crude oil prices [79][94][107]. - 2.4 Chemical Sector: It presents the prices and spreads of various chemical products (EVA, benzene, styrene, etc.) relative to crude oil prices [130][131][140].