Xinda Securities·2026-02-01 05:05Investment Rating - The report does not explicitly state an investment rating for the oil refining industry Core Insights - The cost support for the chemical products and polyester industry chain is strong, leading to price increases [2] - Domestic key refining project price difference is 2537.18 CNY/ton, with a week-on-week increase of 18.62 CNY/ton (+0.74%) as of January 30, 2026 [3] - International oil prices have shown a significant increase, with Brent and WTI prices at 70.69 and 65.21 USD/barrel respectively, reflecting increases of 4.81 and 4.14 USD/barrel [2] Summary by Sections Refining Sector - The geopolitical situation involving the US, Russia, and Ukraine has influenced oil prices, with a notable increase in geopolitical risk premiums due to US military actions in the Middle East [2] - Domestic refined oil prices have shown slight fluctuations, with diesel, gasoline, and aviation kerosene averaging 6265.14, 7535.14, and 5183.14 CNY/ton respectively [2] - The price difference between domestic refined oil and crude oil has decreased, indicating a potential impact on profitability [2] Chemical Sector - The chemical products sector is experiencing strong cost support, with price differences for pure benzene and styrene continuing to rise due to robust cost support and expected maintenance in overseas markets [2] - The polyester industry chain has seen comprehensive price increases, driven by enhanced cost support and market sentiment [2] - The market for nylon has seen price adjustments, although the price difference has slightly narrowed [2] Market Performance of Major Refining Companies - The stock price performance of six major private refining companies shows varied results, with Rongsheng Petrochemical increasing by 7.51% and Dongfang Shenghong by 16.48% over the past week [2] - Over the past month, Rongsheng Petrochemical has increased by 31.81%, indicating strong market performance [2]