Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, indicating a "Buy" rating for specific companies within the sector [4][5]. Core Insights - OPEC has announced an unexpected production increase of 548,000 barrels per day for August, but the actual impact of this increase remains to be observed [4][5]. - The upstream sector is experiencing a downward trend in oil prices, with Brent crude oil futures closing at $68.3 per barrel, reflecting a week-on-week increase of 0.78% [4][18]. - The refining sector is seeing mixed results, with overseas refined oil crack spreads declining, while olefin price spreads show varied trends [4][47]. - The polyester sector is facing profitability challenges, but there are expectations for recovery as supply and demand improve [4][13]. Summary by Sections Upstream Sector - OPEC's actual production increase has been lower than expected, with April's total production at approximately 31.1 million barrels per day, a decrease of 210,000 barrels from the previous month [4][8]. - The U.S. oil rig count decreased to 539, down 8 from the previous week and down 46 year-on-year [31][32]. - The report anticipates a widening supply-demand trend in crude oil, with potential downward pressure on prices, but expects prices to stabilize at mid-high levels due to OPEC's production cuts and shale oil cost support [4][18]. Refining Sector - The Singapore refining margin for major products was $14.01 per barrel, down $2.46 from the previous week [51]. - The U.S. gasoline RBOB-WTI spread was $22.37 per barrel, up $0.53 from the previous week, with a historical average of $24.86 per barrel [56]. - The report suggests that refining profitability may improve as economic recovery progresses, despite current low levels [4][47]. Polyester Sector - The PTA price has seen a decline, with the average price in East China at 4,971.4 yuan per ton, down 3.26% week-on-week [4][13]. - The report highlights a potential recovery in the polyester industry, with expectations for improved profitability as supply-demand dynamics shift positively [4][13]. Investment Recommendations - The report recommends focusing on leading companies in the polyester sector such as Tongkun Co. and Wankai New Materials, as well as top refining companies like Hengli Petrochemical and Sinopec [4][13]. - It also suggests that the upstream exploration and development sector remains robust, with high capital expenditure expected to continue, particularly for offshore oil service companies [4][13].

证券研究报告 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 大炼化周报：成本对产品价格引导偏弱，炼化 产品价差收窄 [Table_ReportDate0] 2025 年 7 月 6 日 本期内容提要： 行业研究——周报 [Table_ReportType] [Table_StockAndRank] 石油加工行业 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuyilin@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 邮箱：liuyilin@cindasc.com ➢ 国内外重点炼化项目价差跟踪： [Table_Summary] [Table_Summary] 截至 7 月 4 日当周，国内重点大炼 化项目价差为 2637.62 元 ...

丙烯：供应格局概览 安如泰山 信守承诺 化工新品种 一、丙烯全球产能区域分布情况 从区域看,丙烯生产集中在东北亚、北美、西欧。东北亚是全球最大生产区域,2024年产能占世界总产能 48.1%，其中，中国是关键，2024年中国产能占全球比重提升至39.4%，东北亚产能还涵盖韩国、日本、中国台 湾等地区。北美凭借资源和价格优势，也是丙烯重要产区，并且多用于出口。2024年东北亚与北美合计占全球 两烯产能65.6%。 雨欧2024年丙烯产能占世界总产能9%，从2021年西欧成为净进口地区后，2024年净进口量缓慢 增长，区域新增产能少，需求缓慢上升。中东、东南亚等区域也有丙烯产能分布，中东2024年占比7.4%、东南 亚占6.5%，但整体占比较东北亚、北美、西欧低，不过也是全球产能布局的组成部分。 2020-2024年全球丙烯产能复合增速为5.9%，后续虽增速或放缓，但整体规模仍上升。2025-2027年计划新 增超1400万吨/年。到2030年预计增至1.96亿吨，主要增量集中在东北亚、北美、东南亚等地区。 其他,11.5% 西欧,9.0% 中国. 39.4% 七 14 0% 日本 4 90% 东南亚, 6.5% ...

Core Insights - The floating photovoltaic project at Qingdao Refinery marks China's first industrialized operation of a floating solar power station in a fully seawater environment, with an annual power generation capacity of 16.7 million kilowatt-hours and a CO2 reduction of 14,000 tons, equivalent to the carbon absorption of 750,000 trees [1] - The project utilizes innovative floating support structures that enhance wind and wave resistance while improving overall power generation efficiency by approximately 5% to 8% through natural seawater cooling [1][3] - The project is part of a broader strategy by Sinopec to integrate clean energy solutions, including the establishment of a "clean electricity + green hydrogen" model, which supports the development of green hydrogen refining and hydrogen transportation applications [2] Project Details - The floating photovoltaic station occupies about 60,000 square meters with an installed capacity of 7.5 megawatts, showcasing zero pollution and strong economic viability [1] - The project team has developed three key innovations: a specialized floating system resistant to salt corrosion and marine biofouling, an intelligent anchoring system capable of withstanding severe weather conditions, and efficient operation and maintenance designs that reduce costs [3] - Future plans include the expansion of the floating photovoltaic capacity to 23 megawatts, further enhancing renewable energy supply capabilities at the Qingdao Refinery [2] Industry Positioning - Sinopec is actively pursuing a clean and low-carbon transformation, aiming to build a diversified energy supply system while enhancing the clean utilization of fossil fuels [2] - The company has launched the "Ten Thousand Stations Sunlight" initiative, targeting the establishment of 10,000 solar power stations by 2027, and has a leading position in the geothermal heating sector with 120 million square meters of heating area [4] - Sinopec has built and operated 144 hydrogen refueling stations, making it the company with the most operational hydrogen stations globally, and is advancing green hydrogen manufacturing projects [4]

Group 1: Report Overview - The report is the second in Huatai Futures' series on the listing of pure benzene, focusing on the domestic supply pattern of pure benzene in China [3] Group 2: China's Pure Benzene Capacity Investment - China still mainly uses petroleum benzene. Before 2019, the proportion of petroleum benzene capacity in benzene capacity was around 65%. After the wave of private large refinery startups in 2019, it has now risen to 75% [11] - Petroleum benzene is the main driver of the growth in the pure benzene supply. In 2025, the growth rate of benzene capacity is expected to be 7.1%, with petroleum benzene at 8.1% and hydrogenated benzene at only 4.2% [12] - The development of China's pure benzene capacity has gone through four stages: slow growth from the 1960s to the 1980s, rapid development in the 1980s, slowdown after 2010, and rapid expansion since 2019 [14][15] - In 2025, there is still pressure on pure benzene capacity investment. The growth rate of new petroleum benzene capacity is 8.1%, slightly higher than 6.6% in 2024. Attention should be paid to the startup rhythm of Yulong in the third quarter [16] - China's petroleum benzene production mainly comes from catalytic reforming, ethylene cracking, and toluene disproportionation. The proportion of catalytic reforming capacity has decreased to 44%, while toluene disproportionation has reached around 22%, and ethylene cracking has dropped to 23% [20] Group 3: China's Pure Benzene Supply Pattern - China's pure benzene supply is mainly dominated by state - owned enterprises, with private enterprises gradually playing an important role. Since 2014, the proportion of private enterprise capacity has been increasing [21] - State - owned enterprises still hold the majority of pure benzene capacity. Sinopec accounts for 25%, PetroChina 17%, and CNOOC 7%. Private refineries such as Zhejiang Petrochemical, Hengli, and Shenghong together account for nearly 24% [22][24] Group 4: Supplier Analysis by Process - For pure benzene produced by the catalytic reforming process, state - owned enterprises such as Sinopec (23%), PetroChina (18%), and CNOOC (5%) are the main suppliers, and private refineries account for 26%. The operation of reforming benzene is mainly planned, following refinery maintenance and profit [31] - For pure benzene produced by the ethylene cracking process, the proportion of state - owned enterprises is higher. Sinopec accounts for 41%, and private refineries account for 14%. The operation depends on ethylene cracking device maintenance and olefin demand [32] - For pure benzene produced by the toluene disproportionation process, the proportion of state - owned enterprises has decreased, and private refineries account for nearly 40%. The operation is flexible, depending on the profit of disproportionation and toluene demand for gasoline blending [33] Group 5: Regional Supply Pattern - China's pure benzene capacity is mainly concentrated in the East China region, accounting for 39%, followed by South China (23%) and Shandong (19%). East China is the main area for production, trade, and paper - based trading of pure benzene [38] Group 6: Hydrogenated Benzene Supply Pattern - In 2024, petroleum benzene production accounted for 71% of China's total pure benzene supply, imports 15%, and hydrogenated benzene 14% [46] - Hydrogenated benzene supply is mainly from private enterprises, and its capacity has grown slowly since 2016. Capacity is concentrated in North China and Shandong, and the industry concentration is relatively low [46][48]

中国科学院院士费维扬指出，"双碳"目标下，炼化行业需从源头、过程、尾端推进绿色低碳转型。源头 减碳方面，要减少对化石能源的依赖。从兼顾碳中和目标和能源安全角度考虑，未来应构建以可再生能 源为主导，核能、化石能源等多元互补的清洁低碳、安全高效的现代能源体系。过程减碳方面，要通过 技术进步提高能源利用效率，降低单位产品能耗。尾端减碳方面，二氧化碳捕集、利用与封存(CCUS) 是化石能源大规模低碳利用的主要途径，要构建低成本、低能耗、安全可靠的CCUS技术体系和产业集 群。 中国石油科技管理部副总经理史君强调，炼化产业需从能源转型、资源综合利用、过程优化三方面推进 绿色低碳转型。能源方面，要推动传统化石能源向新能源转变，构建由油气向油气热电氢转变的能源布 局。资源利用方面，应加强二氧化碳、生物质、废弃物的资源化利用。过程优化方面，可从电气化、流 程再造、数智化、高效分离四方面发力。 绿色低碳低本高值成关键词 中化新网讯 6月26日，2025亚洲炼油和化工科技大会在辽宁盘锦举办。记者从会上了解到，炼化行业正 面临"双碳"目标、能源转型等多重挑战，以科技创新驱动绿色化、智能化升级，是实现行业可持续发展 的关键路径。 中 ...

Group 1 - The stock price of Dongfang Shenghong (000301) increased by 1.72% to 8.3 yuan as of June 27, 2025, with a market cap of 54.873 billion yuan [1] - The company has a complete industrial chain layout from "crude oil - aromatics, olefins - PTA, ethylene glycol - polyester new materials" [2][4] - The company reported a total profit and net profit of -3.714 billion yuan and -2.284 billion yuan for 2024, respectively, indicating a significant decline in profitability due to global economic slowdown [2][4] Group 2 - The company maintains a long-term credit rating of AA+ from United Ratings, with a stable outlook for its convertible bonds [2][4] - The company has a significant debt burden with rapidly increasing short-term debt and high financial expenses, impacting its overall debt repayment capacity [2] - The company has achieved substantial research and development results with 640 patents, enhancing its competitive edge in the market [2]

Core Viewpoint - Dongying City is the largest petrochemical base in China, with significant advancements in refining and chemical production, aiming for high-quality development through industry transformation and integration [1][2] Group 1: Industry Overview - Dongying City has 304 large-scale petrochemical enterprises, accounting for 27% of the city's industrial enterprises [1] - The city's crude oil processing capacity reaches 68.3 million tons, representing 37.2% of the provincial capacity and 7.1% of the national capacity [1] - In 2024, Dongying is expected to have 10 refining enterprises in the top 500 Chinese companies and 11 in the top 500 private companies, both leading in the province [1] Group 2: Industry Development and Transformation - Local refining enterprises are extending their industrial chains and accelerating transformation, producing not only gasoline and diesel but also basic chemical raw materials like propylene, benzene, and PX, as well as new chemical materials [1] - Lihua Group has established nine industrial chains, including a full chain for PC, ABS, PS, and ASA, becoming a leading enterprise in the propylene industry chain in the province [1] - Fuhai Group has created the only "crude oil-naphtha-PX-PTA" industrial chain in the province, positioning itself as a leader in the aromatics industry chain [1] Group 3: Future Initiatives - Dongying City plans to align with global petrochemical industry trends and integrate into the provincial petrochemical layout, focusing on transformation, chain extension, and resource assurance [2] - The city aims to develop towards refining integration, green low-carbon, and high-end products, leveraging major projects to create a trillion-level high-end chemical industry cluster [2] - The implementation of a "chain leader system" will promote the transition from basic refining to new chemical materials and high-end chemicals [2]

证券研究报告 行业研究——周报 [Table_ReportType] [Table_StockAndRank] 石油加工行业 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 联系电话：13261695353 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 图 1：国内大炼化项目周度价差（元/吨，美元/桶） 图 2：国外大炼化项目周度价差（元/吨，美元/桶） [Table_Title] 大炼化周报：成本端价格中枢明显上行，产品价差收窄 [Table_ReportDate0] 2025 年 6 月 23 日 本期内容提要： ➢ 国内外重点炼化项目价差跟踪： [Table_Summary] [Table_Summary] 截至 6 月 20 日当周，国内重点大炼 化项目价差为 2 ...

Core Viewpoint - Iraq is intensifying efforts to enhance its oil exploration and refining capabilities by investing in refineries in Asian countries, aiming to diversify its oil supply and increase revenue from the rapidly growing Asian market [6][12]. Investment Plans Framework and Timeline - Iraq plans to focus on upgrading existing facilities and constructing new large-scale refining complexes, with negotiations with potential partners expected to start between 2025 and 2026, aiming for agreements by 2026-2027 [7]. Strategic Value of the Asian Market - In 2024, Asia accounted for 70% of Iraq's total oil exports, with China being the largest importer at an average of 1.19 million barrels per day [8]. The investment plan aims to deepen ties with these countries [8]. Opportunities for Chinese Enterprises - Chinese companies have established a strong foundation in Iraq's oil and gas upstream sector, with major oil fields producing over 1.5 million barrels per day, creating a natural advantage for downstream refining [8]. The focus is on energy-demanding countries like China, India, South Korea, Vietnam, and Indonesia [8]. Technological Output - There is a pressing need for technology upgrades in Iraq's refining industry, which currently meets only 40% of its refined oil demand domestically [9]. Innovative Financing - To address Iraq's fiscal pressures, innovative financing models are being explored, including resource swaps and partnerships with multinational companies [9]. Regional Collaboration - Iraq's refining strategy aligns with China's Belt and Road Initiative, enhancing regional energy cooperation [9]. Policy Benefits - The energy cooperation between China and Iraq has evolved beyond commercial interests, becoming a crucial element of bilateral strategic trust [9]. Industry Impact and Regional Economic Linkage - The investment will strengthen energy ties between Iraq and Asian countries, promoting regional industrial chain integration [11]. Infrastructure Coordination - Iraq's "Development Road" project, valued at $17 billion, integrates refinery development with the Al-Faw port project, creating an energy logistics hub connecting the Middle East and Europe [12]. Comprehensive Energy Projects - The Al-Faw refinery project, with a capacity of 300,000 barrels per day, is expected to attract significant investment and enhance Iraq's oil value [11][13]. Renewable Energy Integration - Iraq aims for renewable energy to account for 10% of its energy mix by 2030, with ongoing solar projects that reduce electricity costs and carbon emissions [10][13]. Multilateral Cooperation Platforms - Establishing an "Asian Refining Investment Fund" with a projected scale of $20 billion aims to alleviate investment pressures on individual companies [11]. Cross-Border Industrial Parks - The establishment of cross-border industrial chains, such as sponge iron production in Basra, utilizes local low-cost natural gas for steel production [13].