《石化化工行业稳增长工作方案》出台，高端化转型、产业升级有望加速：石油化工行业周报第422期（20250922—20250928）-20250928

Investment Rating - The report maintains an "Overweight" rating for the petrochemical industry [5] Core Viewpoints - The "Petrochemical Industry Steady Growth Work Plan" has been released, aiming to promote technological innovation and transformation upgrades in the industry [1] - The plan addresses challenges such as intensified competition in the basic organic raw material market, insufficient supply of high-end fine chemicals, slowing domestic demand growth, and increasing external uncertainties [1] - Key measures include strengthening industrial technological innovation, expanding effective investment, stimulating market demand, fostering high-quality growth engines, and enhancing international cooperation [1][2] - The report emphasizes that industry leaders are expected to benefit from the transformation and upgrading efforts, with a focus on controlling new refining capacity and supporting the renovation of outdated facilities [3] Summary by Sections Section 1: Industry Growth and Transformation - The plan supports the development of key industries such as integrated circuits, new energy, and medical equipment, focusing on high-end chemical products [2] - Major breakthroughs have been achieved by leading companies like China National Petroleum Corporation and Sinopec in areas such as metallocene polyethylene and carbon fiber [2] Section 2: Industry Stability and Leader Benefits - The report highlights that the petrochemical industry is expected to achieve stable growth through transformation, with industry leaders likely to benefit from controlled capacity additions and accelerated upgrades of outdated facilities [3] - The plan aims to prevent overcapacity risks in the coal-to-methanol sector while promoting the modernization of coal chemical projects [3] Section 3: Investment Recommendations - The report suggests a positive outlook for major oil companies and oil service sectors, recommending attention to companies like China National Petroleum Corporation, Sinopec, and CNOOC [4] - It also highlights the potential for improved profitability in refining, coal chemical, and ethylene sectors [4]