Xinda Securities·2025-10-26 03:05Investment Rating - The industry investment rating is "Positive" as indicated by the report's outlook on the refining sector [149]. Core Insights - The report highlights a rebound in oil prices, which has led to an increase in inventory replenishment among textile enterprises, resulting in a significant reduction in long filament inventory [1]. - Brent crude oil prices increased to $65.94 per barrel, up by $4.65 from the previous week, while WTI prices rose to $61.50 per barrel, an increase of $3.96 [1][13]. - The report notes that the domestic price difference for key refining projects is 2374.85 CNY/ton, a decrease of 30.36 CNY/ton (-1.26%) week-on-week, while the international price difference is 1213.16 CNY/ton, down by 2.88 CNY/ton (-0.24%) [2]. Refining Sector Summary - The report discusses the impact of geopolitical events on oil prices, including potential trade agreements between the US and China, and sanctions against Russia, which have contributed to a favorable environment for oil price recovery [1][13]. - The report indicates that the refining sector is experiencing a mixed performance, with some companies seeing stock price increases while others face declines [1][136]. Chemical Sector Summary - The chemical sector is facing weak overall demand, with oil price rebounds not translating into significant price support for chemical products [1]. - Specific products such as EVA and pure benzene have seen price declines due to weak downstream demand, leading to narrowed price differentials [1][51]. Polyester & Nylon Sector Summary - The report notes that polyester filament prices have slightly decreased, but the rebound in oil prices has stimulated replenishment sentiment among downstream textile enterprises, leading to a notable reduction in filament inventory [1][89]. - The average price for polyester filament is reported at 6439.29 CNY/ton for POY, with a slight decrease in profitability [1][112].