Orient Securities·2026-01-04 11:16Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The rise in PX prices has triggered a bullish trend in the petrochemical sector, indicating long-term recovery opportunities for the industry [2][7] - The report highlights that the increase in PX prices, with futures rising over 800 CNY/ton and spot prices up about 340 CNY/ton, has improved profit expectations for refining companies [7] - The report emphasizes that the refining industry has faced prolonged downturns, with major companies encountering challenges such as declining domestic demand for refined oil and stagnant export quotas [7] - The appointment of new leadership at China Petroleum & Chemical Corporation is seen as a potential catalyst for industry recovery [7] Summary by Relevant Sections Investment Recommendations and Targets - Recommended leading companies in the refining sector include Sinopec (600028, Buy), Rongsheng Petrochemical (002493, Buy), and Hengli Petrochemical (600346, Buy) [3] - The report expresses optimism for recovery opportunities across various chemical sub-industries, including MDI leader Wanhua Chemical (600309, Buy) and companies in the PVC sector such as Zhongtai Chemical (002092, Not Rated), Xinjiang Tianye (600075, Not Rated), and Chlor-alkali Chemical (600618, Not Rated) [3] - In the phosphoric chemical sector, companies like Chuanheng Co. (002895, Not Rated) and Yuntianhua (600096, Not Rated) are highlighted due to growth driven by energy storage [3] - The oxalic acid industry recommendations include Hualu Hengsheng (600426, Buy), Huayi Group (600623, Buy), and Wankai New Materials (301216, Buy) [3]