石油化工行业2025中报综述：景气触底，静待花开

Investment Rating - The report maintains a "Positive" investment rating for the petrochemical industry [9] Core Insights - The petrochemical sector is nearing historical lows in terms of profitability, with significant performance divergence among sub-sectors. Notably, downstream processing and coal chemical sectors are showing positive growth, while traditional refining is experiencing substantial declines. The report emphasizes the importance of focusing on high-quality growth and investment opportunities as the global interest rate cycle shifts [2][6][7] Summary by Sections Industry Performance Overview - In the first half of 2025, the petrochemical sector and its seven sub-sectors experienced varying year-on-year growth rates: Petrochemicals (-12.20%), Oil and Gas Services and Equipment (+13.77%), Energy Extraction (-9.25%), Oil and Gas Storage and Sales (-10.21%), Traditional Refining (-42.75%), Private Large Refining (-24.17%), Coal Chemical & Gasification (+54.30%), and Downstream Processing (+86.45%) [2][6][22] Oil Price Trends - The average Brent crude oil price in the first half of 2025 was $70.81 per barrel, a decrease of 15.12% compared to the same period last year. The oil price exhibited a V-shaped trend, with significant fluctuations influenced by geopolitical events and economic policies [20][22] Sub-sector Analysis - The energy extraction sector saw a revenue decline of 6.97% in the first half of 2025, with net profit down 9.25%. This was attributed to falling oil prices, which decreased by 15.12% year-on-year [28][30] - The oil and gas services and equipment sector reported a revenue increase of 3.55% in the first half of 2025, driven by key players like Jerry and China Oil Engineering [37][45] Investment Recommendations - The report suggests focusing on high-quality growth stocks, particularly in the areas of coal chemical equipment investment and high dividend yield sectors. Key companies to watch include Satellite Chemical, Baofeng Energy, and various state-owned enterprises like China National Offshore Oil Corporation [7][8][22]