大炼化周报：光伏需求强势，EVA价格及价差持续上行-20250914

Investment Rating - The industry investment rating is "Positive" as the industry index is expected to outperform the benchmark [129]. Core Insights - The report highlights strong demand in the photovoltaic sector, leading to a continuous increase in EVA prices and price spreads [2]. - Domestic and international refining project price spreads have shown significant changes, with domestic spreads at 2407.08 CNY/ton (+1.94%) and international spreads at 1198.96 CNY/ton (+5.77%) as of September 12, 2025 [2][3]. - Brent crude oil prices have experienced fluctuations, with a weekly average of 66.47 USD/barrel, reflecting a decrease of 1.77% [2][3]. Refining Sector Summary - OPEC+ has slowed its production increase, and several countries are implementing compensatory production cuts, contributing to a rise in international oil prices [2]. - As of September 12, 2025, Brent and WTI crude oil prices were 66.99 USD/barrel and 62.69 USD/barrel, respectively, marking increases of 1.49 USD and 0.82 USD from the previous week [2][14]. - Domestic refined oil prices have shown slight increases, with price spreads in Southeast Asia rising slightly while Europe and the US saw declines [2]. Chemical Sector Summary - The chemical products sector has shown mixed price trends, with some olefin products experiencing strong demand and price spreads widening [2]. - EVA prices have continued to rise due to strong photovoltaic demand, with an average price of 11592.86 CNY/ton and a price spread of 8146.18 CNY/ton [45]. - Polypropylene prices have weakened due to slow demand, with average prices for various types of polypropylene showing declines [56]. Polyester & Nylon Sector Summary - The polyester industry is facing downward pressure on prices, with PX prices at 5931.36 CNY/ton, reflecting a decrease of 51.52 CNY/ton [69]. - The demand for polyester filament remains weak, with average prices for POY, FDY, and DTY showing slight declines [89]. - Nylon fiber prices have remained stable, with slight improvements in price spreads [99]. Performance of Major Refining Companies - As of September 12, 2025, the stock price changes for six major refining companies were as follows: Rongsheng Petrochemical (0.00%), Hengli Petrochemical (-1.40%), Dongfang Shenghong (+3.93%), Hengyi Petrochemical (+4.40%), Tongkun Co. (0.00%), and Xin Fengming (+7.09%) [116]. - Over the past month, stock price changes were: Rongsheng Petrochemical (+4.45%), Hengli Petrochemical (+11.07%), Dongfang Shenghong (+12.56%), Hengyi Petrochemical (+10.67%), Tongkun Co. (+18.90%), and Xin Fengming (+27.04%) [116].