关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大事小事 看我们就够啦～ 今日新闻要点： 雷军回应近期小米SU7事故 5月16日，雷军官宣小米手机芯 片 玄戒O1即将发布当天，雷军在小米内部发表演讲，谈及了近期发生的小米SU7事故。 雷军表示，谁也没有想到，这一场事故的影响如此之大，对小米的打击也如此之大。15岁的小米，不再是行业的新人，在任何一个产业里面都没有了新手保护 期，要有更高的标准和目标。 跌破成本盈亏平衡线 1、 雷军回应近期小米SU7事故； 碳酸锂价格跌至6.5万元/吨，跌破成本盈亏平衡线； 新款蔚来ES6/EC6上市，售价33.8万元/35.8万元起； 近日，根据有色金属网最新数据，国产电池级碳酸锂均价已降至65050元/吨，这一 价格相较于今年年初进一步大幅下降。部分碳酸锂生产企业表示，这一价格 已经跌破了业内公认的7万元/吨成本盈亏平衡线，这种状况不可持续。 如此看来，尽管新能源汽车越卖越多，锂电池需求量越来越大，但早年前原材料企业疯狂扩产所带来的产能过剩的问题，仍然没能得到解决。在内卷竞争之 ...

能源化工日报 日度观点: ◆ PVC： ◆ 烧碱： 5 月 15 日受魏桥上调采购价和氧化铝大涨影响，主力 SH09 合约收 2567 元/吨（+37），山东市场主流价 830 元/吨（0），折百 2594 元/吨（0）， 液氯山东-50 元/吨（-100）。5 月 16 日开始，山东地区某氧化铝厂家采 购 32%离子膜碱价格上调 15 元/吨，执行出厂 760 元/吨（折百 2375 元/ 吨）。截至 20250515，隆众资讯统计全国 20 万吨及以上固定液碱样本 企业厂库库存 41.59 万吨(湿吨)，环比上调 7.09%，同比上涨 1.74%。山 东意外检修较多，近期液氯与烧碱价格均反弹。中期看，供应端，减产 装置中下旬陆续恢复，利润尚可、开工高位，新装置有少量投产预期， 库存高位去库不畅，供应同比压力偏大。需求端，关税影响烧碱下游非 铝行业需求（如印染化纤），非铝有补库放缓，五月后步入淡季；氧化 铝投产与降负并存，边际企业亏损减停产增多，需求边际转弱预期，魏 桥的烧碱日均收货量低于日耗，支撑采购价上涨；海外有氧化铝新投产， 烧碱出口存一定支撑，呈现阶段性签单。总的来看，短期供应减量和关 税缓和有支撑 ...

Summary of Titanium Dioxide Industry Conference Call Industry Overview - The titanium dioxide (TiO2) market is projected to have an average price of approximately 1,700 RMB in 2025, influenced by fluctuations in raw material prices, particularly titanium ore. After an initial price increase in Q1, prices began to decline, with a cumulative drop of about 500 RMB expected in Q3, typically a peak season, leading to a pessimistic market sentiment [1][3][5]. Key Points Market Dynamics - The titanium dioxide industry is facing a long-term oversupply issue, with an expected addition of 710,000 tons of new capacity in 2024 and 1,400,000 tons in 2025. This will bring total capacity close to the global annual demand, resulting in high inventory levels that suppress prices post-peak season [1][4][9]. - Major exporting countries such as India, Brazil, and the EU have imposed anti-dumping duties on Chinese titanium dioxide companies, negatively impacting exports. For instance, the EU has levied a duty of 740 EUR per ton on Longbai Group [1][6][9]. Export Performance - In Q1 2025, Asia emerged as the primary export market with an export volume of approximately 320,000 tons, reflecting a year-on-year increase of 25%. Conversely, exports to Europe fell by nearly 47% to 63,500 tons due to anti-dumping duties, while Latin America saw a decline of 10%-13% to 54,000 tons [1][7]. Financial Performance - Most titanium dioxide companies reported a year-on-year decline in revenue and profit, reaching their lowest levels in the past 2-3 years. While some leading companies showed signs of recovery in Q1 2025, overall profitability remains under significant pressure due to supply-side expansion and demand constraints from anti-dumping policies [1][10]. Challenges and Risks - The industry is currently grappling with multiple challenges, including downward price pressure and the impact of anti-dumping policies on major export markets, which may exacerbate growth pressures for the year. The anticipated new capacity of 1,400,000 tons in 2025 may be delayed or not put into production due to declining profitability [1][8][9]. - There is a potential for marginal improvement in the industry as smaller or higher-cost capacities may gradually exit the market. However, the performance of the traditional peak season in Q3 remains uncertain, particularly in light of last year's "peak season not peaking" phenomenon [2][11]. Conclusion - The titanium dioxide industry is at a critical juncture, facing significant challenges from oversupply, anti-dumping measures, and declining profitability. While leading companies like Longbai Group maintain some competitive edge due to resource advantages, the overall outlook for the industry remains cautious as it navigates these pressures [2][11].

Report Industry Investment Ratings No relevant content provided. Core Views - The report analyzes multiple futures markets, including bonds, stocks, precious metals, and various commodities. It suggests different investment strategies based on market conditions, such as being cautious with bonds, considering long positions in stock index futures, and taking long positions in gold futures [6][10][12]. Summary by Category Bonds - **Market Performance**: On the previous trading day, most bond futures closed higher. The 30 - year, 10 - year, and 2 - year contracts rose, while the 5 - year contract fell slightly. The central bank conducted 43 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 43 billion yuan [5]. - **Analysis**: The external environment is favorable for bond futures, but yields are relatively low. China's economy shows a stable recovery trend, and there is room for domestic demand policies. It is recommended to be cautious, expecting increased volatility [6][7]. Stock Index Futures - **Market Performance**: On the previous trading day, stock index futures showed mixed results, with the CSI 300 and SSE 50 rising slightly, while the CSI 500 and CSI 1000 fell [8]. - **Analysis**: Although tariffs disrupt the domestic economic recovery rhythm, domestic asset valuations are low, and there is policy - hedging space. The report is optimistic about the long - term performance of Chinese equity assets and suggests considering long positions in stock index futures [10][11]. Precious Metals - **Market Performance**: On the previous trading day, gold and silver futures prices declined. The eurozone's May ZEW economic sentiment index improved [12]. - **Analysis**: The complex global trade and financial environment, potential central bank policy easing, and trade frictions are expected to drive up gold prices. The long - term bullish trend of precious metals continues, and it is recommended to take long positions in gold futures on dips [12][13]. Steel Products (Rebar, Hot - Rolled Coil) - **Market Performance**: On the previous trading day, rebar and hot - rolled coil futures rebounded slightly. Spot prices are at certain levels [14]. - **Analysis**: The real estate downturn suppresses rebar demand, but the current peak demand season may support prices. The valuation is low, and there are signs of a bottom. It is recommended to look for short - selling opportunities on rebounds and manage positions carefully [14][15]. Iron Ore - **Market Performance**: On the previous trading day, iron ore futures rose slightly. Spot prices are at certain levels [16]. - **Analysis**: The increase in iron ore demand and the decrease in supply and inventory support prices. The valuation is relatively high. It is recommended to look for long - buying opportunities at low levels, take profits on rebounds, and set stop - losses if the previous low is broken [16]. Coking Coal and Coke - **Market Performance**: On the previous trading day, coking coal and coke futures fell slightly [18]. - **Analysis**: The supply of coking coal is loose, and the demand for coke from steel mills is weakening. Prices are expected to remain weak in the short term. It is recommended to look for short - selling opportunities on rebounds and manage positions carefully [18][19]. Ferroalloys - **Market Performance**: On the previous trading day, manganese silicon and silicon iron futures fell. Spot prices also showed some changes [21]. - **Analysis**: The demand for ferroalloys is weak, and the supply is relatively high. There are concerns about manganese ore supply disruptions. It is recommended to consider long positions in out - of - the - money call options for manganese silicon and exit short positions for silicon iron at the bottom [21][22]. Crude Oil - **Market Performance**: On the previous trading day, INE crude oil opened high and closed low. There are various data and news in the energy market [23][24]. - **Analysis**: OPEC+ is increasing production, and there are concerns about oversupply. However, the reduction of Sino - US tariffs is beneficial to crude oil. It is recommended to wait and see for the main crude oil contract [25][26]. Fuel Oil - **Market Performance**: On the previous trading day, fuel oil followed crude oil, opening high and then fluctuating lower. Singapore's fuel oil inventory decreased [27]. - **Analysis**: The possibility of relaxed US sanctions on Russia is negative for high - sulfur fuel oil, but tariff agreements are beneficial for demand recovery. It is recommended to take long positions in the main fuel oil contract [27][28][29]. Synthetic Rubber - **Market Performance**: On the previous trading day, synthetic rubber futures rose. Spot prices increased, and the basis was stable [30]. - **Analysis**: Supply pressure persists, but demand is expected to improve due to tariff expectations, and costs are rebounding. It is expected to be short - term bullish [30][31]. Natural Rubber - **Market Performance**: On the previous trading day, natural rubber futures rose. Spot prices increased, and the basis was stable [32]. - **Analysis**: The supply is expected to increase, but demand may improve due to tariff changes. It is expected to fluctuate weakly [32][34]. PVC - **Market Performance**: On the previous trading day, PVC futures rose. Spot prices increased slightly, and the basis was stable [35]. - **Analysis**: Supply is gradually recovering, and demand is weakly recovering. The market is expected to fluctuate weakly at the bottom [35][37]. Urea - **Market Performance**: On the previous trading day, urea futures rose. Spot prices increased, and the basis was stable [38]. - **Analysis**: The adjustment of export policies and the upcoming agricultural demand may lead to a bullish trend. It is necessary to continue to monitor policy changes and price differences between domestic and foreign markets [38][40]. PX - **Market Performance**: On the previous trading day, PX futures rose. The PXN spread increased [41]. - **Analysis**: The short - term upward repair of crude oil prices and positive sentiment are expected to drive PX prices to rebound. It is recommended to participate on dips and pay attention to crude oil price changes and macro - policies [41]. PTA - **Market Performance**: On the previous trading day, PTA futures rose. Supply decreased, and demand increased [42]. - **Analysis**: The improvement in the short - term supply - demand structure and the expected improvement in costs are expected to drive PTA prices to rebound. It is recommended to operate in the low - price range and control risks [42]. Ethylene Glycol - **Market Performance**: On the previous trading day, ethylene glycol futures rose. Supply increased slightly, and inventory decreased [43]. - **Analysis**: The restart of coal - based ethylene glycol plants is slower than expected, and imports are reduced. It is expected that prices will have upward space. It is recommended to participate on dips and pay attention to inventory and policies [43]. Short - Fiber - **Market Performance**: On the previous trading day, short - fiber futures rose. Demand improved slightly, and costs increased [44]. - **Analysis**: The improvement in the supply - demand fundamentals and the support from costs are expected to drive short - fiber prices to adjust bullishly. It is recommended to take short - term long positions on dips and control risks [44]. Bottle Chips - **Market Performance**: On the previous trading day, bottle - chip futures rose. Costs increased, and demand improved [45]. - **Analysis**: The increase in raw material prices and the improvement in supply - demand fundamentals are expected to drive bottle - chip prices to rebound. It is necessary to pay attention to cost price changes [45]. Soda Ash - **Market Performance**: On the previous trading day, soda ash futures fell. Production decreased, and inventory increased [46]. - **Analysis**: The market remains in a loose pattern, but the concentrated maintenance in May may lead to short - term adjustments. Short - sellers at low levels should adjust their positions [46]. Glass - **Market Performance**: On the previous trading day, glass futures fell. There are changes in production lines and market prices [47][48][49]. - **Analysis**: There is no obvious driving force in the supply - demand fundamentals. The tariff adjustment and the expected policy support may have an impact on market sentiment, but the actual repair degree needs to be observed [49]. Caustic Soda - **Market Performance**: On the previous trading day, caustic soda futures rose. Production increased slightly, and inventory was at a neutral level [50]. - **Analysis**: The demand for caustic soda is limited, but the maintenance of some plants in May may provide some driving force. It is necessary to focus on plant operations and liquid chlorine prices [50][51]. Pulp - **Market Performance**: On the previous trading day, pulp futures rose. The tariff negotiation result gave some confidence, but the supply - demand situation is still loose [52]. - **Analysis**: The supply is high, and the demand is weak. The short - term rebound may be due to tariff news. It is necessary to pay attention to international production cuts and domestic consumption - stimulating policies [52][53]. Lithium Carbonate - **Market Performance**: On the previous trading day, lithium carbonate futures fell. The supply - demand situation is in surplus [54][55]. - **Analysis**: The decline in ore prices weakens the cost support, and the demand slows down. It is expected to run weakly [55]. Copper - **Market Performance**: On the previous trading day, Shanghai copper fluctuated slightly. Spot prices decreased slightly [56]. - **Analysis**: The Comex copper is weak, and the 60 - day moving average suppresses prices. The Sino - US negotiation results may lead to price fluctuations. It is recommended to wait and see [56][57]. Tin - **Market Performance**: On the previous trading day, Shanghai tin rose. There are changes in supply and demand [58][59]. - **Analysis**: The contradiction between the current shortage and the expected supply increase is expected to lead to a bearish - fluctuating trend [59]. Nickel - **Market Performance**: On the previous trading day, Shanghai nickel rose. The supply and demand situation is complex [60]. - **Analysis**: The cost support is strong, but the demand is weak. It is necessary to pay attention to the opportunity after the repair of macro - sentiment [60]. Industrial Silicon/Polysilicon - **Market Performance**: On the previous trading day, industrial silicon futures fell, and polysilicon futures rose. Spot prices of polysilicon decreased [61]. - **Analysis**: The demand in the industry chain is weak, and the supply reduction is limited. It is in the capacity - clearing cycle, and it is recommended to maintain a bearish view and pay attention to the start - up changes in the southwest region during the wet season [61][62]. Soybean Oil/Soybean Meal - **Market Performance**: On the previous trading day, soybean meal futures fell, and soybean oil futures rose. Spot prices also changed [63]. - **Analysis**: The supply of soybeans is expected to be loose, and the upward pressure on soybean meal is high. It is recommended to wait and see. The cost support for soybean oil at the bottom is strong, and it is recommended to consider out - of - the - money call options [63][64]. Palm Oil - **Market Performance**: Malaysian palm oil prices rose, but the increase was limited by inventory. Domestic palm oil imports and consumption data are available [65][66]. - **Analysis**: It is recommended to consider the opportunity to expand the spread between soybean oil and palm oil [67]. Rapeseed Meal/Rapeseed Oil - **Market Performance**: Canadian rapeseed prices rose. There are changes in domestic supply and demand and inventory [68]. - **Analysis**: It is recommended to consider long positions in rapeseed meal after a pull - back [68][69]. Cotton - **Market Performance**: Domestic cotton futures fluctuated, and external cotton futures fell. There are various data and news [70][71]. - **Analysis**: The end of the peak season weakens demand, but the Sino - US negotiation results may support prices. It is recommended to operate with a light position and pay attention to tariff policies [70][72][73]. Sugar - **Market Performance**: Domestic sugar futures fluctuated at a low level, and external sugar futures rose. There are production and inventory data from Brazil and India [75]. - **Analysis**: The global trade friction affects demand. It is expected to run in a range, and it is recommended to operate within the range [75][76][77]. Apple - **Market Performance**: Domestic apple futures fell slightly. There are signs of production reduction, and inventory is at a low level [78][79]. - **Analysis**: The low inventory and the expected production reduction may lead to a strong spot price. It is recommended to consider long positions after a pull - back [79][80]. Live Pigs - **Market Performance**: The national average price of live pigs decreased slightly. There are data on supply, demand, and inventory [81]. - **Analysis**: The supply is expected to increase after the holiday, and the demand is in a short - term off - season. It is recommended to wait and see [81][82]. Eggs - **Market Performance**: Egg prices rose. There are data on production, cost, and inventory [83]. - **Analysis**: The supply is expected to increase in May, and the pre - holiday stocking may support prices. It is recommended to take profits and then wait and see [83][84]. Corn/Starch - **Market Performance**: Corn and corn starch futures fell. There are data on supply, demand, and inventory [85][86][87]. - **Analysis**: The supply pressure of corn is still there, but the bottom support is strong. Corn starch follows the corn market. It is recommended to wait and see [87]. Logs - **Market Performance**: On the previous trading day, log futures fell. Import data and spot price changes are available [88]. - **Analysis**: There is no obvious driving force in the fundamentals, and the spot market has weak support for the futures price [88][89].

Core Viewpoint - The PTA industry is facing significant challenges due to ongoing trade wars and policy uncertainties, leading to a drop in prices to near four-year lows. The high cost of raw material PX is expected to erode profits, and the overcapacity in the industry, combined with weak downstream demand, suggests that PTA prices may remain low for the foreseeable future [1]. Group 1: Market Supply and Capacity - China's PTA industry has seen significant capacity expansion, becoming the world's largest PTA producer with a total capacity of 86.2 million tons as of March [2]. - The rapid rise of private enterprises in the PTA sector has intensified industry transformation, leading to a more integrated competitive landscape where major suppliers have established a "PX-PTA-Polyester" supply chain [2]. - Despite the gradual increase in domestic PTA demand due to downstream polyester projects, the growth rate of PTA capacity is outpacing that of polyester, resulting in a buyer-dominated market [2]. Group 2: Raw Material Prices - The PX market has experienced a slowdown in capacity expansion after a rapid release phase, with domestic PX capacity expected to remain at 43.48 million tons in 2024, with no new projects planned for that year [3]. - The supply of PX is expected to remain tight, making it difficult for prices to decrease, which will further squeeze the profit margins of downstream products like PTA [4]. Group 3: Demand Challenges - The polyester industry, a key downstream consumer of PTA, holds 70% of the global market share, but the growth rate of new polyester capacity is slowing, leading to an oversupply crisis [5]. - The uncertainty in the international trade environment has negatively impacted overseas orders, particularly affecting exports to the U.S. and Europe, which is significant for the home textile industry [5]. - Many weaving enterprises are currently facing a dilemma of "high costs and low demand," leading some small and medium-sized companies to implement production cuts to maintain prices [5][6].

Core Viewpoint - The photovoltaic industry is facing unprecedented challenges, with Tongwei Co., Ltd. experiencing significant financial pressure and a decline in market value, dropping from a peak of over 1 trillion yuan to 826.1 billion yuan as of May 13, 2025 [1][3]. Financial Performance - In 2024, Tongwei reported a revenue of approximately 919.94 billion yuan, a year-on-year decrease of 33.87%, and a net profit attributable to shareholders of approximately -70.39 billion yuan, marking the company's first annual net loss since its listing [3][5]. - For Q1 2025, the company recorded a revenue of about 159.33 billion yuan, down 18.58% year-on-year, with a net profit of approximately -25.93 billion yuan, indicating a worsening financial situation [4][5]. Debt and Financial Pressure - As of the end of 2024, Tongwei's long-term borrowings reached 558 billion yuan, with short-term borrowings increasing from approximately 18.78 billion yuan to 35.31 billion yuan in Q1 2025 [6][7]. - The company's financial expenses rose significantly, with Q1 2025 financial costs reaching 6.71 billion yuan, including interest expenses of about 7.11 billion yuan [6]. Asset and Liquidity Position - As of the end of Q1 2025, Tongwei had approximately 291.46 billion yuan in cash and cash equivalents, up from 164.48 billion yuan at the end of 2024 [8][9]. - The company is seeking to enhance its financial structure by introducing strategic investors, aiming to raise up to 100 billion yuan for its subsidiary, Sichuan Yongxiang Co., Ltd. [9]. Industry Context - The photovoltaic sector is undergoing a "cold winter," characterized by overcapacity, intense price competition, and declining profitability, which is reflected in Tongwei's financial struggles [5][10]. - The industry is expected to enter a "淘汰赛" (elimination round) phase, focusing on high-quality competition rather than rapid growth [10].

Group 1: Investor Relations Activities - The company held an earnings briefing on May 12, 2025, via the "Investor Relations Interactive Platform" [3] - Key attendees included the Chairman, General Manager, Independent Director, Vice General Manager, and Financial Officer [3] Group 2: Production and Sales - The equipment utilization rate was nearly full from April 2025, with monthly production plans set between 8,000 to 12,000 tons [5] - The company aims for an annual production and sales volume exceeding 100,000 tons in 2025 [7] Group 3: Financial Performance and Strategy - As of March 31, 2025, BYD held 1.97% of the company's shares, and the company has faced significant losses due to industry overcapacity [5] - The company reported a 361.04% increase in income tax expenses despite a quarterly loss, attributed to deferred tax provisions [7] - The asset-liability ratio is approximately 60%, which is considered normal for the industry [9] Group 4: Research and Development - The company is currently developing sodium-ion batteries and exploring solid-state battery technologies based on market demand [6] - R&D expenses decreased significantly in Q1 2025 due to accounting practices, although actual R&D spending remained stable [11] Group 5: Stock Repurchase and Financing - The company has initiated a stock repurchase plan with a loan of RMB 7.2 million for this purpose [7] - From May 2023 to July 2024, the company repurchased shares totaling RMB 67.29 million, with 1,106.04 million shares repurchased [15] Group 6: Future Outlook and Goals - The company plans to enhance product competitiveness and expand market reach while optimizing production processes [9] - Current projects include a 240,000 tons/year lithium iron phosphate project and a 15,000 tons/year lithium battery recycling project [13]

Core Viewpoint - The lithium battery industry is currently facing significant challenges, with overcapacity and price wars impacting profitability, as exemplified by the recent financial performance of leading companies like Enjie [2][4][15]. Financial Performance Summary - Enjie reported Q1 2025 revenue of 2.73 billion yuan, a year-on-year increase of 17.23%, but net profit fell to 25.99 million yuan, down 83.57% year-on-year [2][3]. - The company's cash flow from operating activities decreased by 72.73%, indicating severe financial strain [3]. - The decline in net profit is primarily attributed to a drop in separator prices, highlighting ongoing price competition in the industry [4][15]. Industry Dynamics - The lithium battery sector has shifted from a supply shortage to oversupply due to aggressive capacity expansion by companies during previous growth phases [4]. - Major players are either ignoring the overcapacity issue or slowly exiting the market, while some are pursuing international expansion to mitigate challenges [5][15]. - Enjie is investing in new production facilities in Malaysia and Hungary, with planned capacities of 1 billion square meters and 800 million square meters per year, respectively [5]. Market Challenges - The industry is experiencing a downturn, with Enjie's revenue projected to decline by 15.60% to 10.16 billion yuan in 2024, and a net loss of 556 million yuan, reflecting a 122.02% year-on-year decrease [15]. - The company attributes its losses to intensified competition and the need to write down asset values, which have significantly impacted its financial results [15]. Strategic Responses - Enjie is pursuing a dual strategy of international expansion and transformation, including plans to advance solid-state battery technologies [15]. - Despite current challenges, there are signs of stabilization in revenue, suggesting potential for recovery in the future [15].

Core Viewpoint - The article discusses the ongoing trade negotiations between the U.S. and China, highlighting key issues such as trade conditions, currency exchange rates, and the U.S. fiscal situation as primary factors contributing to the U.S. trade deficit with China [1][2]. Group 1: Trade Conditions and Negotiation Challenges - U.S. Treasury Secretary Bessent indicated that trade conditions, currency exchange rates, and the U.S. fiscal situation are the main reasons for the trade deficit, predicting that "trade conditions" will be a core topic in future negotiations [2]. - The article emphasizes that the 90-day "truce" period aims to stabilize financial markets and avoid economic damage, but the complexity of negotiations is acknowledged, with past experiences suggesting that such discussions typically require over a year [3]. Group 2: Import Expansion and Previous Agreements - The U.S. is seeking to expand imports of American products from China, with Bessent suggesting a potential purchase agreement to correct the trade deficit. Previous commitments from China to increase imports by over $200 billion have not been met, leading to calls for new targets [4]. - Experts believe that revising the agreements made during the Trump administration could serve as a starting point for current negotiations, although achieving a consensus within the 90-day timeframe remains challenging [4]. Group 3: Political Dynamics and Future Implications - President Trump has indicated the possibility of significantly raising tariffs if negotiations fail, using this as leverage against China. This has implications for various industries, particularly in Japan and South Korea, which are watching the negotiations closely [5]. - The article notes that past negotiations nearly broke down due to differing expectations, and while there is a temporary easing of tensions, the potential for renewed high tariffs remains if progress is not made [6].

4月22日，道达尔能源宣布了一项重要决定：将于2027年年底永久关闭其位于比利时安特卫普炼油 及石化工厂内的一座老旧裂解装置。这一消息迅速引发了全球石化行业的关注，成为欧洲石化产业结构 性调整的又一标志性事件。这也折射出欧洲地区持续面临石化产品供应过剩、需求疲软以及成本高昂的 困境。 道达尔能源的情况并非孤例。在过去一年里，欧洲石化行业掀起了一股显著的"去产能潮"，多家国 际化工巨头相继宣布关闭旗下裂解装置，勾勒出区域产业结构剧烈调整的图景。 在过去一年里，欧洲其他宣布关闭的裂解装置还包括埃克森美孚位于法国格拉旺雄圣母镇的裂解装 置、沙特基础工业公司位于荷兰赫林的裂解装置，以及意大利维萨利斯公司位于布林迪西和普廖洛的裂 解装置。这些被关闭的装置均为石脑油裂解路线，共同特点是依赖传统原料路线，且未形成完整的上下 游一体化产业链，在当前市场环境下竞争力不足。 值得注意的是，利安德巴塞尔工业公司去年宣布正在评估其位于欧洲的多个工厂的选择方案，包括 法国的贝雷和德国的明希斯明斯特，该公司在这些地方运营着裂解装置。与关闭潮形成对比的是，英力 士集团计划于2027年在安特卫普投产一套年产能145万吨的乙烷裂解装置，这一新 ...