周波在大连调研时强调 在大孤山化工园区，周波走进大连醚太高新材料有限公司，与公司创始人、中国工程院院士蹇锡高深入 交流，了解高性能工程塑料研发生产情况。得知产品突破了传统热塑性材料不能兼具耐高温和可溶解的 技术难题，周波给予充分肯定，勉励企业加快项目建设，扩大高端产品供给。在所联系企业逸盛大化石 化有限公司，周波关切询问企业生产运营情况，认真倾听企业诉求，对企业拥有自主知识产权的苯二甲 酸工艺包和生产装置表示认可，鼓励企业坚持绿色发展，推动节能降碳。 周波在调研时强调，要锚定世界级目标，持续推动"减油增化、减油增特"，推进大盘绿色石化集群高端 化、绿色化、智能化发展。要以科技创新赋能产业升级，聚焦高端新材料、绿色低碳技术等关键领域攻 坚突破，加快科技成果转化应用，深化节能降碳协同增效。要以优质服务激发企业活力，精准对接企业 需求，强化要素保障，全力破解发展难题，为"十五五"时期大盘绿色石化集群高质量发展奠定坚实基 础。 责编：曹思洋 审核：刘立纲 锚定世界级目标 推进集群高端化绿色化智能化发展 本报讯 记者赵静报道 1月9日，省政协主席周波到大连市，围绕"十五五"时期推进大盘绿色石化集群向 世界级迈进开展调研 ...

该公司面对原油低罐存等不利局面，强化全流程优化和全生命周期管理，科学谋划物料平衡，动态调整 原料油品种切换时间与进厂量，持续优化掺炼混油方式，确保一次原油加工装置"吃得饱、吃得好"，为 装置高负荷平稳运行筑牢坚实根基；聚焦装置平稳高效运行，精准施策破解季节化生产难题；同时，落 实"三精"管理，通过建立工艺卡片、联锁报警值、监盘巡检抽查联考制度，全年产品出厂合格率保持 100%。 中化新网讯 1月4日，自吉林石化公司传来消息，2025年该公司原油加工总量达995万吨，创历史新高。 该公司深耕"减油增化""减油增特"发展路径，充分发挥国油和俄油分炼优势，积极构建适应市场需求、 产品方案灵活可调的炼油新格局，全年生产汽油206.89万吨、柴油297.36万吨，生产优质乙烯原料 281.57万吨，进一步强化产业链竞争力。 此外，该公司组建联合攻关组，围绕重点装置开展对标优化，通过调整二、三次装置原料配比，提高催 化掺渣率，实现系统联动优化；落地36项挖潜措施，推动炼油综合商品率、综合损失率等关键指标达历 史最优。 ...

"十四五"时期，是我国全面建设社会主义现代化国家开局起步的关键五年，更是中国石油长庆石化公司 锚定"世界一流示范型城市炼厂"目标，在攻坚中突破、在升级中跨越的五年。五年来，长庆石化公司 以"减油增化、减油增特、减碳增绿"战略为引领，破解"厂居交织"困局，筑牢安全环保根基，激活数智 转型引擎，各项核心业绩屡创历史新高，从"原地升级"的突围者成长为行业"标杆引领"的示范者，交出 了一份沉甸甸的高质量发展答卷。 面对"厂居交织"的突出困局，长庆石化公司凝聚全员共识、汇聚多方力量，打赢了一场事关生存发展的 就地改造攻坚战。五年来，严格按节点高质量完成46个内部改造项目，配合地方政府分阶段推进外部搬 迁，顺利完成任家咀拆迁、水电十五局东侧搬迁、西咸新区秦汉新城3530社区搬迁等关键任务，周边安 全和卫生防护距离范围内所有居民全部完成搬迁安置，就地改造工作任务圆满完成，为公司高质量发展 拓展了广阔空间。作为咸阳市"清洁低碳能化产业链"和"氢能产业链"双链主企业，长庆石化公司带动周 边形成年产值700亿元的产业集群，成功破解了城市炼厂发展空间受限的行业难题，实现了企业发展与 城市的共融共赢。 业绩跃升篇："十四五"砥砺前行 ...

今年以来，克拉玛依石化公司以科技创新为引领，持续深化"减油增特"和"双碳三新"发展战略，推动产 业链向高端化、差异化、多元化迈进。1至11月，该公司自主研发的11个新产品累计增效超1亿元，在新 能源新材料领域实现多点突破。 聚焦新兴赛道 液冷技术引领绿色散热革命 近年来，受原油含钙量升高及市场环境变化影响，克石化石油焦产品一度面临质量下滑、效益走低的困 境。克石化依托20多年的技术积累，通过优化脱钙剂配方、调整工艺参数，严格控制灰分、硫含量等关 键指标，有效提升了石油焦质量。 克石化并未止步于此，而是持续投入研发资源，不断开拓高端负极焦市场，成功研发出锂离子电池负极 专用石油焦，质量满足客户需求，并实现工业化生产。 深化产学研用 高端白油构建多元应用版图 今年以来，克石化持续加大研发投入，成功开发5种高端白油产品，研发产品质量达到进口产品标准， 成为克石化新的效益增长点。 11月25日，克石化生产的首批EV140充电桩冷却液产品发运。该产品是克石化针对新能源汽车大功率充 电设施领域自主研发的新产品。 2019年，克石化组建了研发团队攻关油基浸没式液冷技术，经过上百次配方调整、千余次性能测试，产 品可在-40℃ ...

Summary of China Petroleum & Chemical Corporation (Sinopec) Conference Call Industry Overview - The conference call discusses the performance and strategies of China Petroleum & Chemical Corporation (Sinopec) in the oil and gas industry, particularly focusing on its financial results for the first three quarters of 2025. Key Financial Metrics - Revenue growth of 3.5% year-on-year, specific figures not disclosed [2][3] - Debt-to-asset ratio stands at 54.8%, with shareholder equity at 828.1 billion RMB, an increase of 1.5% [2][3] - Operating cash flow increased by 13% to 114.8 billion RMB, while cash and cash equivalents rose by 20.8% to 175.8 billion RMB [2][3] Upstream Business Performance - Oil and gas equivalent production increased by 2.2% year-on-year, with natural gas production up by 4.9% [2][5] - Upstream EBIT reached 38 billion RMB [5] Refining Business Performance - Processed crude oil amounted to 191 million tons, producing 110 million tons of refined products [2][5] - Refining gross margin was 6.1 USD per barrel, an 8% increase year-on-year, with profits of 7 billion RMB, up 13.7% [2][5] Sales and Non-Oil Business - Domestic refined oil sales volume reached 130 million tons, with non-oil business profits of 4.2 billion RMB, a growth of 5.4% [2][5] - EBIT from refined oil sales was 12.8 billion RMB [5] Chemical Business Performance - Ethylene production increased by 15.4% to 11.59 million tons, but EBIT for the chemical segment reported a loss of 8.2 billion RMB due to low margins [2][5] Cost Management and Strategic Measures - Sinopec implemented cost-cutting measures, reducing unit processing costs by 9.5% [6][7] - The company is focusing on low-cost strategies and optimizing operations to enhance efficiency [6][7] Future Plans and Projects - Sinopec is developing its "15th Five-Year Plan," optimizing ethylene projects across various locations [4][8] - Plans to replace outdated facilities and enhance production capacity, including significant upgrades to ethylene production [8] Refining Capacity and Industry Regulations - During the "14th Five-Year Plan," Sinopec shut down 6.3 million tons of refining capacity, with an average refinery capacity exceeding 10 million tons [10][11] - The national refining capacity cap is set at 1 billion tons, with Sinopec focusing on optimizing internal capacity structures [11] Operational Efficiency - Overall operating rate maintained above 90%, approximately 92% in the third quarter [13] Special Products and Shareholder Returns - Progress in special products, notably the carbon fiber project in Shanghai [14] - Ongoing share buybacks to enhance shareholder returns [14] Future Development Directions - Continued exploration and development in upstream and renewable energy sectors, including natural gas and various renewable sources [15] - Focus on optimizing product structures and enhancing service offerings in downstream operations [15] International Business Expansion - Sinopec is actively expanding its international business, with ongoing projects in Kazakhstan and partnerships for sustainable aviation fuel [16][17] - The company aims to strengthen its international presence and enhance its global operational capabilities [16][17]

Group 1 - The core strategy of Karamay Petrochemical Company this year is to focus on "reducing oil and increasing specialty products," achieving a historical high of 37.50% in specialty product yield, exceeding the annual target by 3.40% as of September 16 [1] - The optimization of the first set of atmospheric distillation units has led to the introduction of a new process for recycling valuable transformer oil components from reduced top oil, significantly increasing the monthly output of transformer oil base oil TGB20 from 500 tons to 1200 tons [1] - The company has improved the yield of target products from 45% to 59% through comprehensive optimization of the second set of precision distillation units, enhancing production efficiency by utilizing effective component distribution [1] Group 2 - The marketing and transportation center of Karamay Petrochemical is enhancing market advantages by converting production increases into market benefits, ensuring seamless integration of production plans with market demand through close communication with other business units [2] - The company collaborates with planning, technology information, and production operation departments to provide production scheduling recommendations based on market needs, ensuring efficient management of loading, inspection, and dispatch processes [2]

Group 1 - The company has developed a 720 kW oil-immersed liquid cooling charging system, which is set to enter small-scale production by the end of the year [1] - The new cooling technology addresses the overheating issues faced by traditional air-cooled devices in extreme environments, enhancing the lifespan of core components by 50% compared to traditional systems [1] - The liquid cooling system has been successfully tested in Karamay and Xi'an, receiving high recognition from new energy vehicle owners after six months of high and low-temperature verification [1] Group 2 - The domestic sales of new energy vehicles are rising, leading to a fundamental change in the petrochemical industry's operational dynamics, necessitating a transformation in refining and chemical businesses [2] - The company is focusing on enhancing the supply of "special oils" and is advancing the "reduce oil and increase specialty" strategy, along with the "dual carbon and three new" industrial layout [2] - The development and industrial application of new specialty products such as high-grade white oil and dielectric cooling liquids have been successfully achieved [2]

Core Insights - The successful commissioning of the new 1.2 million tons/year ethylene plant at Jilin Petrochemical marks a significant upgrade in the company's refining and chemical capabilities, increasing its total ethylene production capacity to 1.9 million tons/year, placing it among the leaders in the country [1][5] Group 1: Project Overview - The new ethylene facility was constructed with a total investment of 4.177 billion yuan, covering an area of 119,000 square meters, and features a high domestic equipment localization rate of 96% [1][2] - The plant is expected to produce 1.2 million tons of polymer-grade ethylene and 587,000 tons of polymer-grade propylene annually, along with over 20 by-products, supporting downstream production of polyethylene, acrylonitrile, and ABS [2][5] Group 2: Construction and Management - The construction process utilized a "modular construction + digital delivery" approach, achieving significant milestones such as the installation of large equipment under extreme weather conditions, setting industry records for installation speed [3][4] - A structured management system was implemented, including a "3+1+3" framework to enhance decision-making and resource allocation, ensuring effective project execution [3][4] Group 3: Operational Strategy - The operational strategy emphasized unified command and local management, with a focus on steady progress and compliance, ensuring the plant operates efficiently and sustainably [4][5] - The project has successfully demonstrated a new model for traditional refining enterprises, focusing on reducing oil dependency while enhancing chemical production capabilities, thus laying a solid foundation for the company's future growth [5]

Core Insights - The Asian Refining and Chemical Technology Conference highlighted the transformation of the refining industry towards "reducing oil and increasing chemicals," "reducing oil and increasing specialties," and "reducing oil and increasing materials" to address structural challenges and promote green low-carbon development [1][3] Group 1: Industry Challenges and Transformations - China's petrochemical and chemical industry ranks first globally in total output value, with refining, ethylene, and polyethylene capacities also leading the world [1] - The refining industry faces a significant structural contradiction characterized by an oversupply of low-end products and a shortage of high-end products, with a projected refining operating rate below 80% in 2024 [1][2] - The industry aims to increase the production ratio of chemical products, high-value specialty oils, and advanced materials through innovative technologies such as catalytic cracking and transformative cracking [1][2] Group 2: Green Low-Carbon Development - The refining industry must accelerate its green low-carbon transition, which presents both challenges and opportunities, including upgrading facilities and phasing out outdated capacities [3][4] - Key strategies for achieving green low-carbon goals include transitioning to renewable energy, optimizing resource utilization, and enhancing process efficiency through new technologies [4][3] - The utilization of non-food biomass resources, with a potential annual total exceeding 3.5 billion tons, could significantly reduce reliance on food crops if the utilization rate of straw is increased to 50% [4] Group 3: Technological Innovations - The integration of advanced technologies such as computational fluid dynamics (CFD) and artificial intelligence (AI) is essential for achieving low-carbon smart refining [5][6] - The development of molecular refining strategies allows for the optimization of processing and product properties at the molecular level, enhancing the value of each molecule produced [5][6] - Flexible refining processes that adapt to market demands can significantly improve cost efficiency and product value, enabling the production of low-carbon olefins and aromatics [6]

Macro and Strategy - The issuance of special bonds for land reserves has reached nearly 170 billion [7] - In the 24th week (June 9-15), the net financing of government bonds was 2,190 billion, and for the 25th week (June 16-22), it is expected to be 2,594 billion, with a cumulative total of 6.8 trillion [7][8] - The total general deficit as of the 24th week is 51 trillion, with a progress rate of 43.4% [7] Industry and Company Machinery Industry - The machinery industry index rose by 0.79% in May, underperforming the CSI 300 index by 1.06 percentage points [8] - The TTM price-to-earnings ratio and price-to-book ratio for the machinery industry are approximately 31.03 and 2.42, respectively, remaining stable month-on-month [8] - The PMI index for May was 49.50%, indicating a 0.5 percentage point increase, reflecting a gradual strengthening of domestic demand [9] - In May 2025, the sales of various excavators reached 18,202 units, a year-on-year increase of 2.12% [9] - Key investment recommendations include companies such as Huace Testing, Guodian Measurement, and XCMG [9][10] Internet Industry - OpenAI launched the o3-pro AI model, enhancing performance and output accuracy [10] - ByteDance released the Doubao large model 1.6, adopting a unified pricing model [10] - The overall performance of the internet sector remains stable, with recommendations for defensive stocks like Tencent Music and NetEase [11] China Petroleum (601857.SH) - China Petroleum has made significant advancements in energy supply and unconventional oil and gas development [12] - The company is focusing on a "reduce oil and increase specialty" strategy through refinery upgrades and extending the natural gas industry chain [13] - Profit forecasts for 2025-2027 are maintained at 167.4 billion, 170.9 billion, and 174 billion, with diluted EPS of 0.91, 0.93, and 0.95, respectively [13]