Group 1 - The core viewpoint of the report highlights the performance of the petrochemical industry, indicating a slight increase of 0.05% in the oil and petrochemical index compared to the previous week, with engineering services showing the best performance within the sector, rising by 2.26% [1] - The report emphasizes the importance of monitoring OPEC+ future policies and the progress of phasing out outdated facilities and upgrading within the petrochemical industry [1] Group 2 - In the crude oil segment, there has been a decline in crude oil prices, with a decrease in both crude oil and gasoline inventories [2] - The polyester market shows stable prices for polyester filament yarn, with an increase in price differentials and a reduction in inventory days for Jiangsu and Zhejiang weaving machines, alongside an increase in operating rates [2] - In the olefins sector, the spot prices for sample polyolefins remain stable, with a decline in inventory levels [2] Group 3 - The refining sector could benefit from improved demand and progress in eliminating outdated production capacity, which would be favorable for midstream refining operations [3]

中邮证券近日发布石化行业周报：地缘计价摇摆，关注OPEC+未来政策，持续关注反内卷进展，石化 行业中老旧装置淘汰退出和更新改造的进展。 中邮证券近日发布石化行业周报：地缘计价摇摆。关注OPEC+未来政策。持续关注反内卷进展，石化 行业中老旧装置淘汰退出和更新改造的进展。本周申万一级行业指数表现中，石油石化指数表现一般， 较上周上涨0.05%。而中信三级行业指数表现来看，本周工程服务在石油石化中表现最佳，涨幅 2.26%。 以下为研究报告摘要： 投资要点 焦点：地缘计价摇摆。关注OPEC+未来政策。持续关注反内卷进展，石化行业中老旧装置淘汰退出和 更新改造的进展。 聚酯：涤纶长丝价格大体平稳、价差涨。江浙织机涤纶长丝库存天数跌，织机开工率涨 烯烃：样本聚烯烃现货价格大体平稳，库存下滑 标的： 上游：地缘若未来再次给出原油溢价，则利好上游标的。 炼化：若需求好转，优供给、淘汰落后产能有所进展，则利好中游炼化。 风险提示：油价剧烈波动、地缘风险、欧美通胀反复、欧美经济波动、行业政策变化、项目投产进度变 化、需求变化、其他等。（中邮证券 张津圣） 回顾：本周申万一级行业指数表现中，石油石化指数表现一般，较上周上涨0. ...

证券研究报告 石化行业周报：地缘计价摇摆，原油波动 行业投资评级：强大于市|维持 中邮证券研究所石化团队 分析师:张津圣 SAC 登记编号:S1340524040005 1 1 发布时间：2025-11-03 投资要点 请参阅附注免责声明 3 ◼ 本周申万一级行业指数表现中，石油石化指数表现一般，较上周上涨0.05%。 ◼ 而中信三级行业指数表现来看，本周工程服务在石油石化中表现最佳，涨幅2.26%。 1 原油—— ◆ 原油跌 ◆ 美原油库存下降，汽油库存下降 请参阅附注免责声明 2 ◼ 焦点：地缘计价摇摆。关注OPEC+未来政策。持续关注反内卷进展，石化行业中老旧装置淘汰退出和更 新改造的进展。 ◼ 回顾：本周申万一级行业指数表现中，石油石化指数表现一般，较上周上涨0.05%。而中信三级行业指 数表现来看，本周工程服务在石油石化中表现最佳，涨幅2.26%。 ◼ 原油：原油跌。美原油库存下降，汽油库存下降 ◼ 聚酯：涤纶长丝价格大体平稳、价差涨。江浙织机涤纶长丝库存天数跌，织机开工率涨 ◼ 烯烃：样本聚烯烃现货价格大体平稳，库存下滑 ◼ 标的： ➢ 上游：地缘若未来再次给出原油溢价，则利好上游标的。 ➢ 炼化 ...

Group 1 - The core focus of the petrochemical sector is currently on crude oil prices, which are influenced by geopolitical factors, including U.S. military actions in Iran and negotiations regarding the Strait of Hormuz [2][3] - This week, the Shenyin Wanguo first-level industry index for the petrochemical sector performed relatively well, closing at 2248.68 points, a decrease of 1.03% compared to last week [2][3] - The oilfield services sector showed the best performance within the petrochemical industry this week, with a price increase of 4.53% [2][3] Group 2 - Crude oil prices increased this week, with a decrease in U.S. crude oil inventories and an increase in refined oil inventories [3] - In the polyester segment, the price of polyester filament rose, leading to an expansion in price differentials, while the inventory days for polyester filament in Jiangsu and Zhejiang decreased, and the operating rate of weaving machines declined [3] - For olefins, the spot prices of sample polyolefins remained stable, with a decrease in inventory during the week [4]