Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [136]. Core Insights - Geopolitical conflicts are driving oil prices to fluctuate at high levels, leading to increased inventory levels for polyester filament enterprises [1]. - Domestic key refining projects have a price spread of 1,898 CNY/ton, down 435 CNY/ton (19% decrease) week-on-week, while international key refining projects have a price spread of 3,125 CNY/ton, up 168 CNY/ton (6% increase) week-on-week [2]. - The average prices for POY, FDY, and DTY in the polyester sector are 9,271 CNY/ton, 9,421 CNY/ton, and 10,686 CNY/ton, respectively, with week-on-week increases of 493 CNY, 364 CNY, and 593 CNY [2]. - The average profit margins for POY, FDY, and DTY are 397 CNY/ton, 231 CNY/ton, and 472 CNY/ton, with week-on-week changes of +85 CNY, 0 CNY, and +152 CNY [2]. - The operating rate for polyester filament is 88.7%, reflecting a week-on-week increase of 2.5 percentage points [2]. Summary by Sections 1. Refining Sector - Domestic gasoline and diesel prices have risen this week, while U.S. gasoline, diesel, and kerosene prices have also increased [2]. - The average price of PX is 1,268.7 USD/ton, down 16.0 USD/ton week-on-week, with a price spread relative to crude oil of 505.1 USD/ton, down 70.2 USD/ton [2]. 2. Polyester Sector - The average prices for POY, FDY, and DTY are 9,271 CNY/ton, 9,421 CNY/ton, and 10,686 CNY/ton, with respective week-on-week increases of 493 CNY, 364 CNY, and 593 CNY [2][9]. - The inventory levels for POY, FDY, and DTY are 26.6 days, 31.2 days, and 31.7 days, with week-on-week increases of 3.3 days, 4.0 days, and 3.5 days [2][9]. - The operating rate for weaving machines is 52.6%, reflecting a week-on-week increase of 1.4 percentage points [2]. 3. Chemical Sector - The average price of EVA photovoltaic material is 13,000 CNY/ton, with a week-on-week increase of 167 CNY [9]. - The average price of LDPE is 11,379 CNY/ton, down 829 CNY week-on-week [9].

Investment Rating - The industry investment rating is "Accumulate," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [136]. Core Insights - Geopolitical conflicts are driving oil prices to fluctuate at high levels, leading to increased inventory levels for polyester filament enterprises [1]. - Domestic key refining projects reported a price difference of 1898 CNY/ton, down 435 CNY/ton (19% decrease) week-on-week, while international key refining projects saw a price difference of 3125 CNY/ton, up 168 CNY/ton (6% increase) week-on-week [2]. - The average prices for POY, FDY, and DTY in the polyester sector were 9271, 9421, and 10686 CNY/ton respectively, with week-on-week increases of 493, 364, and 593 CNY/ton [2]. - The average profit margins for POY, FDY, and DTY were 397, 231, and 472 CNY/ton respectively, with week-on-week changes of +85, 0, and +152 CNY/ton [2]. - The operating rate for polyester filament was 88.7%, up 2.5 percentage points week-on-week [2]. - The average price of PX was 1268.7 USD/ton, down 16.0 USD/ton week-on-week, with a price difference from crude oil of 505.1 USD/ton, down 70.2 USD/ton week-on-week [2]. Summary by Sections 1. Refining Sector - Domestic gasoline and diesel prices increased this week, reflecting a similar trend in the U.S. where gasoline, diesel, and kerosene prices also rose [2]. 2. Polyester Sector - The average prices for polyester products (POY, FDY, DTY) increased week-on-week, with corresponding profit margins also showing positive changes [2][9]. - Inventory levels for POY, FDY, and DTY increased by 3.3, 4.0, and 3.5 days respectively week-on-week [2]. - The weaving machine operating rate was reported at 52.6%, up 1.4 percentage points week-on-week [2]. 3. Chemical Sector - The average price of PX was reported at 1268.7 USD/ton, with a decrease in price difference from crude oil [2][9]. - The operating rate for PX was 86.5%, down 1.3 percentage points week-on-week [2]. 4. Listed Companies - Key listed companies in the refining and polyester sectors include Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong, Hengyi Petrochemical, Tongkun Co., and Xin Fengming [2].

Investment Rating - The report does not explicitly state an investment rating for the oil refining industry [1]. Core Insights - The downstream sector shows resistance to high-priced products, leading to a noticeable decline in the prices of certain chemical products [1]. - The price difference for key domestic refining projects decreased by 9.05% week-on-week, while the price difference for international projects increased by 7.46% [2][3]. - Brent crude oil's average price increased by 7.65% week-on-week, reaching $104.61 per barrel [2][3]. Summary by Sections Refining Sector - Geopolitical tensions, including attacks on oil tankers and threats to close the Strait of Hormuz, have led to significant fluctuations in oil prices [2][15]. - As of March 20, 2026, Brent and WTI crude oil prices were $112.19 and $98.23 per barrel, respectively [15]. - Domestic refined oil prices have risen, but the price differences have narrowed [15]. Chemical Sector - Some chemical product prices have significantly corrected due to supply recovery and demand resistance to high-priced goods [2]. - Polyolefin price differences are fluctuating, while EVA prices are supported by supply constraints [2]. - Benzene prices have decreased due to market dynamics, with a notable drop in styrene prices as production resumes [2][52]. Polyester & Nylon Sector - In the polyester sector, PX prices have decreased, while PTA and MEG prices continue to rise [2]. - The supply of polyester filament has increased, but demand remains weak due to transportation issues [2]. Market Performance - The stock performance of six major private refining companies showed significant declines, with Rongsheng Petrochemical down by 16.96% in the past week [2]. - Over the past month, Rongsheng Petrochemical's stock has decreased by 22.48% [2].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [133]. Core Insights - The report highlights a divergence in pricing across various segments of the refining and chemical industry due to fluctuating oil prices. Domestic refining projects reported a price difference of 2,472 CNY/ton, up 357 CNY/ton (17%) week-on-week, while international projects saw a price difference of 2,948 CNY/ton, an increase of 1,148 CNY/ton (64%) [2]. - In the polyester sector, average prices for POY, FDY, and DTY were 8,779 CNY/ton, 9,057 CNY/ton, and 10,093 CNY/ton respectively, with week-on-week increases of 1,421 CNY/ton, 1,525 CNY/ton, and 1,639 CNY/ton. The average profit margins for these products also improved significantly [2]. - The report notes that the PX price averaged 1,284.7 USD/ton, up 258.7 USD/ton week-on-week, with a price difference from crude oil of 575.3 USD/ton, reflecting a 148.0 USD/ton increase [2]. Summary by Sections 2.1 Refining Index and Project Price Differences - Domestic refining projects reported a price difference of 2,472 CNY/ton, an increase of 357 CNY/ton (16.9%) week-on-week, while international projects reported a price difference of 2,948 CNY/ton, up 1,148 CNY/ton (63.8%) [2][12]. 2.2 Polyester Sector - The average prices for POY, FDY, and DTY were 8,779 CNY/ton, 9,057 CNY/ton, and 10,093 CNY/ton respectively, with significant week-on-week increases. The average profit margins for POY, FDY, and DTY were 311 CNY/ton, 230 CNY/ton, and 321 CNY/ton, reflecting substantial improvements [2][30][31]. 2.3 Refining Sector - Domestic gasoline, diesel, and kerosene prices increased, with gasoline averaging 184 USD/barrel and diesel at 154 USD/barrel, both showing week-on-week increases [2][69]. 2.4 Chemical Sector - The PX price averaged 1,284.7 USD/ton, with a week-on-week increase of 258.7 USD/ton. The report also highlights various chemical products and their price movements, indicating a robust performance in the chemical sector [2][112][118].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report focuses on the weekly data of the large refining and chemical industry, including the price differences of key refining and chemical projects at home and abroad, the performance of the polyester, refining, and chemical sectors, and the market performance of six private large refining companies [2][8]. 3. Summary by Relevant Catalogs 3.1 Big Refining Weekly Data Briefing - **Six Private Refining Companies' Market Performance**: The report tracks the price changes of six private refining companies (Hengli Petrochemical, Rongsheng Petrochemical, Orient Shenghong, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin Fengming) in the past week, month, three - month, one - year, and from the beginning of 2026 to the present. For example, the oil and petrochemical index increased by 8.1% in the past week, while Xin Fengming decreased by 9.3% [8]. - **Earnings Forecast**: The report provides the earnings forecast of six private refining companies from 2024 to 2027, including net profit attributable to the parent company, PE, and PB [8]. - **Oil Price and Refining Price Difference**: The average price of Brent crude oil this week is 82.0 US dollars per barrel, with a week - on - week increase of 15.0%. The price difference of domestic refining projects this week is 2064 yuan/ton, with a week - on - week decrease of 5.6%, and that of foreign refining projects is 1777 yuan/ton, with a week - on - week increase of 57.3% [8]. 3.2 Big Refining Weekly Report 3.2.1 Big Refining Index and Project Price Difference Trends - **Domestic and Foreign Refining Project Price Differences**: The domestic key large refining project price difference this week is 2064 yuan/ton, with a week - on - week decrease of 122 yuan/ton (- 6%); the foreign key large refining project price difference this week is 1777 yuan/ton, with a week - on - week increase of 648 yuan/ton (+ 57%) [2]. 3.2.2 Polyester Sector - **Product Prices and Profits**: The average prices of POY/FDY/DTY this week are 7357/7532/8454 yuan/ton respectively, with week - on - week increases of 279/254/275 yuan/ton. The weekly average profits are 42/ - 107/ - 93 yuan/ton respectively, with week - on - week decreases of 78/94/80 yuan/ton [2]. - **Inventory and Operating Rates**: The inventory of POY/FDY/DTY is 18.7/25.0/27.6 days respectively, with no week - on - week change. The filament operating rate is 80.1%, with a week - on - week increase of 2.0 percentage points. The downstream loom operating rate is 22.6%, with a week - on - week increase of 10.9 percentage points [2]. 3.2.3 Refining Sector - **Domestic Refined Oil**: The prices of gasoline and diesel in China increased this week [2]. - **US Refined Oil**: The price of gasoline in the US increased this week [2]. 3.2.4 Chemical Sector - **PX**: The average price of PX this week is 1026.0 US dollars per ton, with a week - on - week increase of 97.4 US dollars per ton. The price difference compared with crude oil is 427.3 US dollars per ton, with a week - on - week increase of 19.4 US dollars per ton. The PX operating rate is 92.1%, with a week - on - week decrease of 1.2 percentage points [2].

Investment Rating - The report does not explicitly provide an investment rating for the oil refining industry Core Insights - Oil prices have significantly increased, with Brent and WTI crude oil prices reaching 92.69 and 90.90 USD/barrel respectively, marking increases of 20.21 and 23.88 USD/barrel compared to the previous week [13] - The domestic and international refined product prices have risen sharply, with domestic diesel, gasoline, and aviation kerosene averaging 6845.71, 8169.71, and 5446.45 CNY/ton respectively, reflecting increases of 618.14, 470.14, and 467.93 CNY/ton [13] - The geopolitical tensions in the Middle East, particularly concerning Iran, have heightened supply concerns, contributing to the upward pressure on oil prices [13] Summary by Sections Refining Sector - The price difference for key domestic refining projects is 2424.28 CNY/ton, a slight decrease of 0.36% week-on-week, while the international price difference is 1777.73 CNY/ton, an increase of 56.99% [2][3] - The average Brent crude oil price for the week ending March 6, 2026, was 82.02 USD/barrel, up 14.98% from the previous week [2][3] - The refining sector is experiencing increased prices for refined products due to rising crude oil prices and geopolitical tensions [13] Chemical Sector - The chemical products have seen a general price increase, with aromatics prices rising more than olefins [2] - Polyethylene prices have increased significantly, with LDPE, LLDPE, and HDPE averaging 9966.67, 7101.14, and 7600.00 CNY/ton respectively [50] - EVA prices are also on the rise, supported by supply constraints, with an average price of 10428.57 CNY/ton [50] Polyester & Nylon Sector - The polyester sector is experiencing strong support from rising costs, with PX, PTA, and MEG prices all increasing significantly [2] - The overall supply of polyester filament has increased due to the restart of previously shut down facilities, but downstream orders remain cautious due to high raw material costs [2] Stock Performance of Major Refining Companies - As of March 6, 2026, the stock performance of six major private refining companies showed varied results, with Hengli Petrochemical and Oriental Energy experiencing declines of 1.32% and 0.39% respectively, while Hengyi Petrochemical saw an increase of 3.52% [2]

Investment Rating - The report does not explicitly provide an investment rating for the oil refining industry Core Insights - The oil refining industry is experiencing a moderate recovery in downstream demand post-Spring Festival, with a slower resumption of operations [1] - Domestic key refining project price differentials have decreased, while international price differentials have increased [2][3] - Brent crude oil prices have shown a slight increase, reflecting ongoing geopolitical tensions and economic uncertainties [18] Summary by Sections Refining Sector - As of February 27, 2026, the domestic key refining project price differential was 2416.76 CNY/ton, a decrease of 43.73 CNY/ton (-1.78%) from the previous week, while the international price differential was 1132.37 CNY/ton, an increase of 26.59 CNY/ton (+2.41%) [2][3] - Brent crude oil's weekly average price was 71.33 USD/barrel, up by 2.50% [2] - Domestic refined oil prices showed slight fluctuations, with diesel, gasoline, and aviation kerosene averaging 6227.57 CNY/ton, 7699.57 CNY/ton, and 4978.52 CNY/ton respectively [18] Chemical Sector - The chemical sector is witnessing stable price movements, with polyethylene prices showing slight fluctuations and acrylonitrile prices declining due to oversupply [2] - The average price for EVA was 10200.00 CNY/ton, with a price differential of 6588.94 CNY/ton [54] - Polyester prices have slightly decreased due to low demand from downstream markets, despite cost support from PX and MEG price increases [2] Market Performance - The stock performance of six major private refining companies showed varied results, with Rongsheng Petrochemical increasing by 6.92% and Hengli Petrochemical decreasing by 1.53% over the past month [2] - The report highlights the impact of geopolitical events and economic conditions on oil prices, indicating a complex market environment [18]

Core Viewpoint - The A-share market has shown a strong start in the Year of the Horse, igniting expectations for a spring rally, with many institutions predicting an early start to the spring market [1][2] Group 1: Market Activity and Strategy Meetings - Numerous brokerage firms have adopted a "no break during the Spring Festival" approach, scheduling extensive roadshows and strategy meetings during the holiday period [1][4] - From February 16 to 23, a total of 292 conference calls were arranged by brokerage research teams, averaging over 32 calls per day [6][7] - The spring strategy meetings are characterized by diverse focuses, with some emphasizing technology growth and resource cycles, while others cover macroeconomic analysis and emerging sectors like commercial aerospace and brain-computer interfaces [1][20] Group 2: Focus Areas for Investment - The chemical and TMT (Technology, Media, and Telecommunications) sectors are highlighted as key areas for investment exploration by brokerages [2] - AI and robotics have emerged as hot topics during the Spring Festival roadshows, with innovative formats being utilized to engage audiences [8][16] - Brokerages are actively producing research reports on robotics, with at least 25 reports published during the holiday period, focusing on themes like commercialization and industrialization [17] Group 3: Insights from Strategy Meetings - Analysts from various brokerages have differing views on market strategies, with some predicting a "super cycle" in oil prices and recommending investments in the petrochemical sector [25] - Other analysts suggest a focus on "new battlegrounds" for investment, emphasizing the importance of short-term trading and identifying sectors with low current holdings [26] - The consensus among institutions is that the equity market is on an upward trend, with increasing market activity expected [24]

Group 1 - The core viewpoint of the report indicates that domestic and international refining projects are experiencing price changes, with domestic projects showing a price difference of 2403 CNY/ton, up by 38 CNY/ton (2% increase) compared to the previous week [2] - In the polyester sector, the average prices for POY, FDY, and DTY are 7071, 7279, and 8179 CNY/ton respectively, with week-on-week increases of 171, 136, and 114 CNY/ton [2] - The average profit for POY, FDY, and DTY is reported at 208, 80, and 80 CNY/ton respectively, with significant week-on-week increases of 275, 251, and 237 CNY/ton [2] Group 2 - The PX average price this week is 895.6 USD/ton, down by 26.4 USD/ton from the previous week, with a price difference from crude oil of 404.1 USD/ton, which is a decrease of 23.5 USD/ton [2] - The PX operating rate stands at 89.9%, showing no change from the previous week [2] - Domestic gasoline and diesel prices have risen this week, as have gasoline prices in the United States [2] Group 3 - Relevant listed companies in the private refining and polyester filament sector include Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong, Hengyi Petrochemical, Tongkun Co., and Xin Fengming [3]

Summary of Conference Call Notes Industry Involved - Chemical Industry Core Points and Arguments 1. The significant drop in the chemical sector today was primarily due to the initiation of negotiations between the US and Iran, which shifted the situation from conflict to diplomacy, resulting in a 5% decline in crude oil prices and a corresponding drop in chemical products. Future attention will be on price differentials [1] 2. The Federal Reserve's balance sheet reduction is releasing liquidity risks, which has negatively impacted the non-ferrous chemical sector [2] 3. Major chemical companies recently issued 25 earnings forecasts; although some were within expectations, the overall market sentiment was significantly affected [3] 4. Certain companies released negative announcements, contributing to the downturn [4] Additional Important Insights 1. There is a continued positive outlook on large-scale refining, but it is advised to wait for oil prices to stabilize. Attention will be on developments regarding Iran, with recommendations for companies such as Rongsheng, Hengli, and Sinopec [5] 2. There is also a favorable view on sub-sectors like chlor-alkali, calcium carbide, and dyes, with recommendations for companies such as Runtu, Zhejiang Longsheng, and Baichuan [6]