Report Industry Investment Rating No information about the industry investment rating is provided in the given content. Core Viewpoints The report presents a weekly update on the large refining and chemical industry, including price, profit, inventory, and production rate data for various segments such as refining, polyester, and chemical products, as well as performance data for major private refining and chemical companies [2][8]. Summary by Related Catalogs 1. Big Refining Weekly Data Briefing - **6 Major Private Refining Companies' Performance**: The oil and petrochemical index had a 3.5% increase in the past week, 5.0% in the past month, 5.2% in the past three months, and -3.6% in the past year. Among the companies, Rongheng Petrochemical, Hengli Petrochemical, Orient Shenghong, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin Fengming had different performance in terms of stock price changes and profit forecasts [8]. - **Oil Prices and Refining Spreads**: International crude oil prices (Brent and WTI) increased this week. The domestic refining project spread was 2503.1 yuan/ton, a decrease of 172.1 yuan/ton (-6.4%) compared to the previous week. The foreign refining project spread was 968.9 yuan/ton, a decrease of 93.8 yuan/ton (-8.8%) [8]. - **Polyester Sector**: PX, MEG, PTA, POY, FDY, DTY, and other product prices, spreads, inventories, and production rates showed various changes. For example, the PX price was 818.9 dollars/ton, a decrease of 13.3 dollars/ton, and the PX production rate was 86.4%, an increase of 1.4% [9]. - **Refining Sector**: In China, the prices of gasoline, diesel, and aviation kerosene increased. In the US, the gasoline price decreased, while diesel and aviation kerosene prices increased. In Europe and Singapore, the prices and spreads of various refined oil products also changed [9]. - **Chemical Sector**: The prices and spreads of products such as EVA photovoltaic materials, EVA foaming materials, LDPE, LLDPE, HDPE, and others showed different trends [9]. 2. Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: The report may show the trends of the big refining index, the market performance of six private big refining companies, and the weekly spreads of domestic and foreign big refining projects [11][15][17]. - **2.2 Polyester Sector**: It includes data and trends on the prices, profits, inventories, and production rates of products in the polyester industry chain, such as crude oil, PX, PTA, MEG, POY, FDY, DTY, and downstream weaving [21][31][50]. - **2.3 Refining Sector**: It presents the price and spread relationships between crude oil and various refined oil products (gasoline, diesel, aviation kerosene) in different regions (China, the US, Europe, Singapore) [77][92][104]. - **2.4 Chemical Sector**: It shows the price and spread relationships between crude oil and various chemical products, such as polyethylene LLDPE, homopolymerized polypropylene, EVA foaming materials, EVA photovoltaic materials, etc. [127][128][135].

Investment Rating - The industry investment rating is "Neutral" as the industry index is expected to be in line with the benchmark [137] Core Viewpoints - The report indicates that the supply and demand in the refining sector are weak, and the recent rise in oil prices has not significantly boosted the prices of refined products [1] - Brent crude oil prices increased significantly due to geopolitical tensions and optimistic market sentiment regarding US-China negotiations, but later faced downward pressure from revised supply and demand forecasts [1][13] - The report highlights that the chemical sector remains under pressure, with limited price increases for chemical products despite rising oil prices [1] - The polyester sector is experiencing a decline in prices and profitability due to weak demand and high supply levels [1] Summary by Sections Refining Sector - As of June 13, 2025, the domestic refining project price difference was 2394.77 CNY/ton, a decrease of 112.93 CNY/ton (-4.50%) from the previous week, while the international price difference was 933.65 CNY/ton, down 117.06 CNY/ton (-11.14%) [2] - Brent crude oil averaged 68.76 USD/barrel, up 5.52% week-on-week, with prices on June 13 reaching 74.23 USD/barrel [2][13] Chemical Sector - The report notes that the price of polyethylene and polypropylene has seen slight increases, but the price differences remain unchanged [1] - EVA prices are under pressure due to weak downstream demand, with the average price at 10957.14 CNY/ton, down 42.86 CNY/ton [49] - Pure benzene prices increased slightly, averaging 5978.57 CNY/ton, but the price difference narrowed [49] Polyester Sector - The PX price continues to decline due to high domestic supply and weak demand, with the average price at 5833.75 CNY/ton, down 142.37 CNY/ton [85] - The report indicates that the polyester filament market is facing a downturn, with prices decreasing and profitability declining [95] - PTA prices are stable with a slight increase, averaging 4869.29 CNY/ton, while the average profit margin is negative [97] Stock Performance of Major Refining Companies - As of June 13, 2025, the stock performance of six major refining companies showed mixed results, with Hengli Petrochemical up 1.40% and Dongfang Shenghong down 2.26% over the past week [123][124] - Over the past month, the stock performance varied significantly, with Dongfang Shenghong down 10.15% and Hengli Petrochemical down 2.75% [123][124]

Investment Rating - The industry investment rating is "Cautious" as the industry index is expected to underperform the benchmark [119] Core Viewpoints - The report indicates that oil prices have a weak guiding effect on refining products, leading to a decline in product price spreads [1] - Domestic key refining project price spread is 2495.45 CNY/ton, with a week-on-week increase of 10.43 CNY/ton (+0.42%), while the foreign key refining project price spread is 1048.26 CNY/ton, with a week-on-week decrease of 32.68 CNY/ton (-3.02%) [2][1] - Brent crude oil average price for the week ending June 6, 2025, is 65.17 USD/barrel, with a week-on-week increase of 1.09% [2][1] Refining Sector Summary - Despite a temporary boost in market risk appetite due to the suspension of Trump tariffs, OPEC+ plans to increase production in July, putting downward pressure on international oil prices [1] - Brent and WTI crude oil prices as of June 6, 2025, are 66.47 USD/barrel and 64.58 USD/barrel, respectively, reflecting increases of 2.57 USD/barrel and 3.79 USD/barrel compared to May 30, 2025 [1] - Domestic refined oil prices have slightly increased, while overseas refined oil prices have also seen some upward movement [1] Chemical Sector Summary - The report notes that the recent fluctuations in oil prices have had a weak guiding effect on chemical product prices, primarily due to weak supply and demand dynamics [1] - Polyethylene and polypropylene prices have shown fluctuations, with price spreads declining [1] - The report highlights that the price of EVA has decreased, with transactions primarily focused on essential spot purchases [1] Polyester Sector Summary - Polyester raw material prices have slightly decreased, with improvements in the profitability of filament products [1] - PX prices have seen a slight decline due to increased production from previously reduced capacity and adequate raw material inventory at downstream factories [1] - The report indicates that the average price of PTA is 4857.14 CNY/ton, with an average net profit of -151.35 CNY/ton [84][1] Performance of Major Refining Companies - As of June 6, 2025, the stock price changes for six major private refining companies are as follows: Rongsheng Petrochemical (-0.23%), Hengli Petrochemical (-1.12%), Dongfang Shenghong (-1.06%), Hengyi Petrochemical (-0.16%), Tongkun Co. (+0.28%), and Xin Fengming (+1.10%) [1][106] - Over the past month, stock price changes include: Rongsheng Petrochemical (+3.95%), Hengli Petrochemical (-2.03%), Dongfang Shenghong (-4.55%), Hengyi Petrochemical (-0.49%), Tongkun Co. (-0.18%), and Xin Fengming (+2.04%) [1][106]

Investment Rating - The industry investment rating is "Positive" as the industry index is expected to outperform the benchmark [116] Core Viewpoints - The report highlights that the recent decline in raw material prices has led to an improvement in the price spread of polyolefins [1] - The Brent crude oil average price for the week ending May 9, 2025, was $61.53 per barrel, reflecting a decrease of 3.94% [2] - The report indicates that the price spread for domestic key refining projects was 2357.39 CNY/ton, with a week-on-week increase of 55.96 CNY/ton (2.43%) [2] Summary by Sections Refining Sector - International oil prices have rebounded slightly due to geopolitical tensions in the Middle East and a downward revision of U.S. oil production forecasts by the EIA [12] - Domestic and international refined oil prices have generally decreased, with domestic diesel, gasoline, and aviation kerosene averaging 6831.00 CNY/ton, 7978.00 CNY/ton, and 5914.00 CNY/ton respectively [12] Chemical Sector - Most chemical product prices have declined, but olefin product prices have shown relative resilience, with price spreads slightly improving [1] - Polyethylene and polypropylene prices have remained stable, with price spreads widening [46] - The report notes a slight decrease in EVA product prices, with an improvement in price spreads [46] Polyester Sector - The report mentions a slight improvement in polyester demand due to easing U.S. tariff issues [1] - PX product prices have decreased, but the decline is less than that of costs, leading to a widening price spread [76] - PTA prices have increased due to supply-side support, with the average price at 4542.86 CNY/ton [82] Market Performance of Major Refining Companies - The stock price changes for six major refining companies as of May 9, 2025, include Rongsheng Petrochemical (+2.88%), Hengli Petrochemical (+2.35%), and Dongfang Shenghong (+2.61%) [103] - Over the past month, the stock price of Dongfang Shenghong has increased by 12.73% [103] Price Spread Analysis - The domestic key refining project price spread has increased by 1.66% since January 4, 2020, while the international key refining project price spread has increased by 11.83% [2]

Report Industry Investment Rating No information provided in the content. Core Viewpoints The report presents a weekly overview of the large refining and chemical industry, highlighting that oil prices are oscillating at high levels, and filament prices continue to face pressure. It details the price, profit, inventory, and operating rate data of various segments such as refining, polyester, and chemicals, as well as the performance of related listed companies [1][2]. Summary by Directory 1. Big Refining Weekly Data Briefing - **Price and Spread of Key Refining Projects**: The domestic key large refining project spread this week is 2,520 yuan/ton, a week-on-week decrease of 43 yuan/ton (-2%); the foreign key large refining project spread is 953 yuan/ton, a week-on-week increase of 19 yuan/ton (+2%) [2]. - **Polyester Sector**: The weekly average prices of POY/FDY/DTY are 6,279/6,493/7,621 yuan/ton respectively, with week-on-week decreases of 114/150/118 yuan/ton. The weekly average profits are -43/-166/-14 yuan/ton, down 104/128/107 yuan/ton week-on-week. The inventory levels are 28.2/30.4/34.5 days, with week-on-week changes of -1.2/-1.5/+0.1 days. The filament operating rate is 93.3%, a week-on-week decrease of 1.6 pct. Downstream, the loom operating rate is 55.2%, a week-on-week decrease of 0.8 pct. The raw material inventory of weaving enterprises is 11.3 days, a week-on-week increase of 0.6 days, and the finished product inventory is 24.7 days, a week-on-week increase of 0.5 days [2]. - **Refining Sector**: Domestic refined oil prices (gasoline, diesel, and jet fuel) declined this week, while in the US, gasoline, diesel, and jet fuel prices rose [2]. - **Chemical Sector**: The average PX price this week is 744.9 US dollars/ton, a week-on-week increase of 9.0 US dollars/ton, and the spread to crude oil is 259.1 US dollars/ton, a week-on-week increase of 2.3 US dollars/ton. The PX operating rate is 77.3%, a week-on-week decrease of 0.9 pct [2]. - **Related Listed Companies**: Private large refining and chemical & polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Orient Shenghong, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin凤鸣 [2]. - **Stock Price Performance of 6 Private Refining Companies**: The petroleum and petrochemical index on April 25, 2025, showed a 1.3% increase in the past week, a -3.5% decrease in the past month, a -2.8% decrease in the past three months, a -12.1% decrease in the past year, and a -7.8% decrease since the beginning of 2025. Among the companies, Orient Shenghong had a 6.9% increase in the past week, while Rongsheng Petrochemical had a -4.2% decrease in the past month, and Hengli Petrochemical had a 4.9% increase in the past three months [8]. - **Earnings Forecast of 6 Private Refining Companies**: Taking Hengli Petrochemical as an example, with a stock price of 15.5 yuan and a total market value of 109 billion yuan, the net profit attributable to the parent company in 2023A was 6.905 billion yuan, and it is expected to reach 9.303 billion yuan in 2026E. The PE in 2025E is 13.6, and the PB is 1.6 [8]. - **Oil Prices and Refining Spreads**: The average price of Brent crude oil this week is 66.5 US dollars/barrel, a week-on-week increase of 0.9 US dollars/barrel (+1.4%), and a year-on-year decrease of 24.1%. The average price of WTI crude oil is 63.0 US dollars/barrel, a week-on-week increase of 0.7 US dollars/barrel (+1.1%), and a year-on-year decrease of 23.8% [8]. 2. Big Refining Weekly Report 2.1 Big Refining Index and Project Spread Trends - Analyzes the changes in the Shanghai - Shenzhen 300, petroleum and petrochemical, and oil prices, as well as the market performance of six private large refining companies and the weekly spreads of domestic and foreign large refining projects [14][16][21]. 2.2 Polyester Sector - Covers multiple aspects such as the prices and spreads of crude oil, PX, PTA, and MEG, the operating rates of PX, PTA, and MEG, the prices and profits of POY, FDY, DTY, and polyester staple fiber, the inventory levels of polyester enterprises, and the operating rates of filament and downstream looms [23][31][37]. 2.3 Refining Sector - Compares the prices and spreads of refined oil products (gasoline, diesel, and jet fuel) in different regions including China, the US, Europe, and Singapore, with both yuan/ton and US dollars/barrel units [80][90][95]. 2.4 Chemical Sector - Analyzes the prices and spreads of various chemical products such as polyethylene, polypropylene, EVA, styrene, acrylonitrile, PC, and MMA relative to crude oil [135][136][143].

Investment Rating - The industry investment rating is "Neutral" as the industry index is expected to be in line with the benchmark [119]. Core Views - The report indicates that the market is concerned about demand due to tariff impacts, leading to a decline in refining product prices [1]. - Brent crude oil prices have shown a slight increase, with a weekly average of $65.87 per barrel, reflecting a 2.69% increase [2][13]. - Domestic refined oil prices have generally decreased, while overseas prices have seen some increases [1]. - The chemical sector is experiencing price declines due to tariff impacts, despite cost support from raw materials [1]. - The polyester sector is facing strong demand shocks from tariffs, leading to weak price performance despite some cost support from rising crude oil prices [1]. Summary by Sections Refining Sector - The Brent and WTI crude oil prices as of April 18, 2025, were $67.96 and $64.68 per barrel, respectively, both up by $3.2 from the previous week [1][13]. - Domestic refined oil prices for diesel, gasoline, and jet fuel averaged at 6995.43, 8172.14, and 6109.00 yuan per ton, respectively, with declines noted [13]. - The report highlights a slight recovery in trade tensions between the US and China, which may support oil prices [1]. Chemical Sector - The report notes that chemical prices are generally declining, with significant price drops in pure benzene and styrene [1]. - Polyethylene prices are under pressure due to supply-demand imbalances, with average prices for LDPE, LLDPE, and HDPE at 9157.14, 7202.29, and 8242.86 yuan per ton, respectively [46]. - EVA prices have seen a slight increase, averaging 11957.14 yuan per ton [46]. Polyester Sector - PX prices have increased to an average of 5292.29 yuan per ton, supported by rising crude oil prices [72]. - PTA prices have continued to decline, with an average of 4310.71 yuan per ton, reflecting a negative profit margin [85]. - The report indicates that the demand for polyester products is weak due to tariff impacts, leading to price declines [1][83]. Market Performance of Major Refining Companies - The stock performance of six major refining companies as of April 18, 2025, shows varied results, with Rongsheng Petrochemical down by 2.31% and Hengli Petrochemical up by 0.53% [106]. - Over the past month, Rongsheng Petrochemical has decreased by 8.65%, while Hengli Petrochemical has decreased by 3.43% [106].

证券研究报告 大炼化周报：国际油价先涨后跌， 长丝市场产销持续低位 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 能源化工研究助理：周少玟 执业证书编号：S0600123070007 联系方式：zhoushm@dwzq.com.cn 2025年4月20日 请务必阅读正文之后的免责声明部分 投资要点 2 目录 1. 大炼化周度数据简报 2. 大炼化周报 3. 风险提示 3 目录 ◼ 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2601.59元/吨，环比-120.02元/吨（环比- 4.41%）；国外重点大炼化项目本周价差为914.45元/吨，环比-20.92元/吨（环比-2.24%）。 ◼ 【聚酯板块】本周POY/FDY/DTY行业均价分别为6393/6643/7739元/吨，环比分别-250/-271/-207元/吨， POY/FDY/DTY行业周均利润为62/-38/93元/吨，环比分别-111/-125/-82元/吨，POY/FDY/DTY行业库存为 29.4/31.9/34.4天，环比分别+2.6/+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 [Table_Summary] ➢ 国内外重点炼化项目价差跟踪：截至 4 月 11 日当周，国内重点大炼化 项目价差为 2379.29 元/吨，环比变化+63.56 元/吨（+2.74%）；国外重 点大炼化项目价差为 936.99 元/吨，环比变化-75.71 元/吨（-7.48%）。 截至 4 月 11 日当周，布伦特原油周均价为 64.15 美元/桶，环比变化- 11.85%。 ➢ 【炼油板块】近期欧佩克+八大产油国达成协议，将从 5 月起"加速增产"， 加之美国加征对等关税引发全球经济衰退担忧，从而减少能源需求，双 重打压下，国际原油价格下跌。本周特朗普宣布暂缓部分关税，国际原 油价格反弹上涨，抵消了小部分跌幅，但反弹上涨有限，国际油价本周 整体下跌。2025 年 4 月 11 日布伦特、WTI ...

Investment Rating - The industry investment rating is "Neutral" based on the performance of the industry index relative to the benchmark [98]. Core Insights - The report indicates a slight improvement in the inquiry atmosphere for certain long filament products, leading to a marginal increase in profitability [1]. - The Brent crude oil average price for the week ending March 14, 2025, was $69.83 per barrel, reflecting a decrease of 1.25% from the previous week [1][2]. - Domestic and international refining project price differentials have shown a decline, with domestic key refining project price differential at 2413.42 CNY/ton, down 1.37% week-on-week [2]. Summary by Sections Refining Sector - The international oil price experienced fluctuations due to geopolitical tensions and changes in U.S. tariff policies, with Brent and WTI prices at $70.58 and $67.18 per barrel respectively as of March 14, 2025 [1][11]. - Domestic refined oil prices have decreased across the board, with diesel, gasoline, and aviation kerosene averaging 7188.00 CNY/ton, 8340.14 CNY/ton, and 6259.87 CNY/ton respectively [11]. Chemical Sector - The overall average price of chemical products has declined, with polyethylene prices slightly down and polypropylene prices increasing for some products [1][38]. - The price of pure benzene has dropped significantly due to reduced downstream demand, averaging 7135.71 CNY/ton [43]. - Styrene prices continue to fall under pressure from high inventory levels and weak demand, averaging 8150.00 CNY/ton [43]. Polyester Sector - The prices of polyester raw materials have continued to decline, with some long filament products showing slight improvements in profitability [1][56]. - The average price of PTA has decreased to 4785.71 CNY/ton, with an average net profit of -168.80 CNY/ton [64]. - The inquiry atmosphere for spring and summer lightweight fabrics has improved, although overall order volumes have not seen significant increases [63]. Market Performance of Major Refining Companies - As of March 14, 2025, the stock price changes for six major private refining companies were mixed, with Rongsheng Petrochemical down 0.23% and Hengli Petrochemical up 0.06% over the past week [83][84]. - The overall performance of the refining index has increased by 22.42% since September 4, 2017, outperforming the oil and petrochemical industry index [86].