大炼化周报：涤丝库存低位，支撑产品价格及盈利改善-20251109

Investment Rating - The industry investment rating is "Positive" based on the performance of the refining sector and the overall market conditions [150]. Core Insights - The report highlights that low inventory levels of polyester filament support product prices and improve profitability [1]. - The Brent crude oil average price for the week ending November 7, 2025, was $64.23 per barrel, reflecting a decrease of 1.45% [2][3]. - Domestic and international refining project price differentials have shown positive trends, with domestic projects at 2327.79 CNY/ton (+0.78%) and international projects at 1361.85 CNY/ton (+4.33%) [2][3]. Summary by Sections Refining Sector - The report notes that international oil prices experienced fluctuations due to various geopolitical factors and economic data, with Brent and WTI prices at $63.63 and $59.75 per barrel, respectively [15]. - Domestic refined oil prices showed slight fluctuations, with diesel, gasoline, and aviation kerosene averaging 6682.71 CNY/ton, 7614.29 CNY/ton, and 5865.29 CNY/ton [15]. Chemical Sector - The chemical market is described as relatively weak, with no significant improvement in price differentials despite declining costs [2]. - Polypropylene prices and differentials have shown stability, with average prices for various types of polypropylene reported [56][71]. Polyester & Nylon Sector - The report indicates that polyester filament supply is supported by low inventory levels, leading to slight price increases [90]. - The average prices for polyester filament types are reported, with POY at 6507.14 CNY/ton, FDY at 6721.43 CNY/ton, and DTY at 7803.57 CNY/ton [108]. Market Performance of Major Refining Companies - The report tracks the stock performance of six major refining companies, with notable increases in stock prices for companies like Rongsheng Petrochemical (+5.99%) and Hengli Petrochemical (+8.02%) over the past week [137][140]. - The overall performance of the refining index has increased by 52.08% since September 4, 2017, outperforming the broader market indices [138].