大炼化周报：成本支撑偏弱，长丝市场价格下行-20251019

1. Report Industry Investment Rating No specific industry investment rating is provided in the given text. 2. Core Viewpoints The report presents a weekly overview of the large refining and chemical industry, including data on domestic and foreign refining projects, the polyester, refining, and chemical sectors, as well as performance data of related listed companies. It shows that costs have weak support and filament market prices are declining. [2] 3. Summary by Relevant Catalogs 3.1 Big Refining Weekly Data Briefing - Price and Spread Data: The spread of domestic key large refining projects this week was 2,636 yuan/ton, a week - on - week increase of 122 yuan/ton (5%); the spread of foreign key large refining projects was 1,219 yuan/ton, a week - on - week increase of 67 yuan/ton (6%). International crude oil prices fell, with Brent at 62.4 dollars/barrel, down 2.8 dollars/barrel (-4.3%) week - on - week, and WTI at 58.6 dollars/barrel, down 2.8 dollars/barrel (-4.5%) week - on - week. [2][8] - Polyester Sector: POY/FDY/DTY industry average prices were 6,521/6,696/7,786 yuan/ton respectively, down 121/100/89 yuan/ton week - on - week. Their weekly average profits were 126/-24/102 yuan/ton respectively, up 4/18/25 yuan/ton week - on - week. POY/FDY/DTY inventories were 16.8/26.1/31.5 days respectively, up 3.2/2.0/2.6 days week - on - week. The filament开工 rate was 91.1%, unchanged week - on - week. [2] - Refining Sector: Domestic and US gasoline, diesel, and aviation kerosene prices all decreased this week. [2] - Chemical Sector: The average PX price this week was 787.6 dollars/ton, down 16.0 dollars/ton week - on - week, and the spread to crude oil was 332.2 dollars/ton, up 4.3 dollars/ton week - on - week. The PX开工 rate was 87.5%, down 0.4 pct week - on - week. [2] - Listed Companies: Related listed companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin凤鸣. [2] - Stock Performance: The petroleum and petrochemical index fell 2.6% in the past week. Among the six private refining companies, Tongkun Co., Ltd. had the largest decline of 12.4%, while Xin Fengming had a relatively large increase in the past three months and one year. [8] 3.2 Big Refining Weekly Report 3.2.1 Big Refining Index and Project Spread Trends - There are trend charts showing the changes in the Shanghai - Shenzhen 300, petroleum and petrochemical index, Brent crude oil price, and the average index of six large refining companies from 2020 - 2025. [13][15] - There are also trend charts of the market performance of six private large refining companies from 2020 - 2025. [16][17] - Trend charts of the spread of domestic and foreign large refining projects and Brent crude oil prices from 2020 - 2025 are presented. [19][22] 3.2.2 Polyester Sector - Multiple trend charts show the prices and spreads of crude oil, PX, PTA, MEG, and various polyester products from 2020 - 2025, as well as the relationship between their prices and spreads, single - ton net profits, inventories, and开工 rates. [24][25][26] - There are also charts showing the production and sales rates of polyester filaments and short - fibers in the Jiangsu and Zhejiang regions, as well as their annual distribution. [49][50][72] 3.2.3 Refining Sector - Trend charts of the prices and spreads of domestic, US, European, and Singapore gasoline, diesel, and aviation kerosene to crude oil from 2020 - 2025 are provided. [83][84][85] 3.2.4 Chemical Sector - Trend charts of the prices and spreads of various chemical products such as polyethylene, polypropylene, EVA, styrene, acrylonitrile, PC, and MMA to crude oil from 2020 - 2025 are presented. [136][137][147]