Xinda Securities·2026-03-01 10:20Investment Rating - The report does not explicitly provide an investment rating for the oil refining industry Core Insights - The downstream demand is showing a mild recovery post the Spring Festival, but the pace of resumption is relatively slow [1] - The Brent crude oil price has shown a slight increase, with a weekly average of $71.33 per barrel, reflecting a 2.50% increase [2][3] - Domestic and international refining project price differentials are being tracked, with domestic projects at 2416.76 CNY/ton, down 1.78%, and international projects at 1132.37 CNY/ton, up 2.41% [2][3] Summary by Sections Refining Sector - OPEC+ is inclined to resume production increases starting in April, while geopolitical tensions between the US and Iran are affecting oil prices [2] - Domestic refined oil prices have shown slight fluctuations, with diesel, gasoline, and aviation kerosene averaging 6227.57 CNY/ton, 7699.57 CNY/ton, and 4978.52 CNY/ton respectively [18] - The stock performance of six major private refining companies varied, with Rongsheng Petrochemical increasing by 6.92% over the week [2] Chemical Sector - The chemical sector is experiencing stable price movements, with polyethylene prices showing slight fluctuations [2] - The average prices for LDPE, LLDPE, and HDPE are 9300.00 CNY/ton, 6754.00 CNY/ton, and 7600.00 CNY/ton respectively, with varying price differentials against crude oil [54] - EVA and pure benzene prices remain stable, with slight narrowing of price differentials [54]