Xinda Securities·2025-12-20 14:26Investment Rating - The report does not explicitly state an investment rating for the petrochemical industry, but it provides insights into price trends and market conditions that could influence investment decisions. Core Insights - The report highlights that the downstream stocking demand for winter is nearing its end, with polyester filament experiencing slight inventory accumulation [1]. - Domestic key refining project price spread is reported at 2540.74 CNY/ton, with a week-on-week increase of 7.17 CNY/ton (0.28%), while the international price spread is at 1303.62 CNY/ton, showing a decrease of 27.50 CNY/ton (-2.07%) [2][3]. - Brent crude oil's average price for the week ending December 19, 2025, is noted at 60.08 USD/barrel, reflecting a week-on-week decline of 3.10% [2]. Refining Sector Summary - The report discusses geopolitical factors affecting oil prices, including negotiations between Ukraine and the U.S. and sanctions on Venezuelan oil, which have led to fluctuations in international oil prices [2]. - Domestic refined oil prices have slightly decreased, with improvements in price spreads. The average prices for diesel, gasoline, and aviation kerosene are reported as 6625.29 CNY/ton, 7641.71 CNY/ton, and 5800.48 CNY/ton, respectively [15]. - The report notes that the chemical sector has seen a general decline in chemical prices, with some products experiencing smaller declines relative to cost, leading to improved price spreads [2]. Chemical Sector Summary - In the polyester sector, the report indicates that the price of PX and MEG has slightly decreased, while PTA prices remain stable. The overall price trend in the polyester industry is downward due to weak demand and increased production capacity [2]. - The report mentions that the EVA market is seeing price declines as production resumes from maintenance, with the average price reported at 9778.57 CNY/ton [50]. - The report also highlights that the price of pure benzene remains stable, while styrene prices have decreased due to weak cost support, with the average price reported at 6614.29 CNY/ton [50].