大炼化周报：成本支撑转强，产销率提升-20251026

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. 2. Core Viewpoints of the Report The report presents a comprehensive analysis of the large refining and chemical industry, covering key aspects such as project spreads, product prices, profit margins, inventory levels, and operating rates across different segments including polyester, refining, and chemicals. It also tracks the performance and financial forecasts of major private refining and chemical companies [2][8][9]. 3. Summary According to Relevant Catalogs 3.1. Big Refining Weekly Data Briefing - Project Spreads: Domestic key large refining projects had a weekly spread of 2,564 yuan/ton, a decrease of 24 yuan/ton (1% decrease) compared to the previous week. Foreign key large refining projects had a weekly spread of 1,212 yuan/ton, a decrease of 2 yuan/ton (0% decrease) [2]. - Polyester Sector: POY/FDY/DTY industry average prices were 6,407/6,618/7,732 yuan/ton respectively, with week - on - week decreases of 114/79/54 yuan/ton. Their weekly average profits were 72/ - 54/88 yuan/ton, down 54/30/14 yuan/ton week - on - week. Inventory levels were 11.8/21.9/29.5 days, down 5.0/4.2/2.0 days. The filament开工率 was 91.0%, a 0.0 percentage point decrease. Downstream, the loom operating rate was 66.5%, up 2.4 percentage points, and the raw material inventory of weaving enterprises was 11.1 days, up 0.9 days, while the finished product inventory was 24.0 days, down 1.7 days [2]. - Refining Sector: Domestic refined oil prices of gasoline, diesel, and aviation kerosene decreased this week. In the US, the price of aviation kerosene decreased [2]. - Chemical Sector: The average price of PX this week was 794.4 dollars/ton, an increase of 6.9 dollars/ton compared to the previous week, and the spread over crude oil was 336.7 dollars/ton, up 4.5 dollars/ton. The PX operating rate was 86.3%, a 1.0 percentage point decrease [2]. - Related Listed Companies: Private large refining and polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin凤鸣 [2]. 3.2. Big Refining Weekly Report 3.2.1. Big Refining Index and Project Spread Trends The report provides historical data and trends on the performance of the large refining index, including the comparison of the performance of the petrochemical index and six private large refining companies over different time periods (recent week, recent month, recent three months, recent year, and since the beginning of 2025). It also shows the trends of domestic and foreign large refining project spreads in relation to Brent oil prices [8]. 3.2.2. Polyester Sector - Price and Profit Analysis: Analyzes the prices, spreads, and profit margins of various polyester products such as PX, MEG, PTA, POY, FDY, DTY, polyester staple fiber, and polyester bottle chips. It also examines the relationships between these products and raw materials like crude oil and PTA [9]. - Operating Rate and Inventory Analysis: Tracks the operating rates of PX, PTA, MEG, and polyester filaments, as well as the inventory levels of PTA, polyester filaments, and polyester staple fiber. It also analyzes the operating rates and inventory levels of downstream weaving enterprises [9]. - Sales and Production Ratio: Analyzes the sales - to - production ratios of polyester filaments and polyester staple fiber in the Jiangsu and Zhejiang regions [47][69]. 3.2.3. Refining Sector - Domestic Refined Oil: Compares the prices and spreads of domestic gasoline, diesel, and aviation kerosene with crude oil prices in both yuan/ton and dollars/barrel units [82][84][92]. - US Refined Oil: Analyzes the prices and spreads of US gasoline, diesel, and aviation kerosene in relation to crude oil prices in both yuan/ton and dollars/barrel units [94][103]. - European Refined Oil: Examines the prices and spreads of European gasoline, diesel, and aviation kerosene in relation to crude oil prices in both yuan/ton and dollars/barrel units [108][115]. - Singapore Refined Oil: Analyzes the prices and spreads of Singapore gasoline, diesel, and aviation kerosene in relation to crude oil prices in both yuan/ton and dollars/barrel units [120][130]. 3.2.4. Chemical Sector Analyzes the prices and spreads of various chemical products such as polyethylene LLDPE, EVA foaming material, EVA photovoltaic material, homopolymer polypropylene, styrene, acrylonitrile, PC, MMA, etc., in relation to crude oil prices [136][146].