中海油化工与新材料科学研究院（北京）有限公司，成立于2016年，位于北京市，是一家以从事研究和 试验发展为主的企业。企业注册资本96123.55万人民币。通过天眼查大数据分析，中海油化工与新材料 科学研究院（北京）有限公司共对外投资了1家企业，参与招投标项目283次，专利信息203条，此外企 业还拥有行政许可3个。 中海油（青岛）重质油加工工程技术研究中心有限公司，成立于2007年，位于青岛市，是一家以从事研 究和试验发展为主的企业。企业注册资本82362.89万人民币。通过天眼查大数据分析，中海油（青岛） 重质油加工工程技术研究中心有限公司参与招投标项目51次，专利信息179条，此外企业还拥有行政许 可20个。 金融界2025年7月26日消息，国家知识产权局信息显示，中国海洋石油集团有限公司;中海石油炼化有限 责任公司;中海油化工与新材料科学研究院（北京）有限公司;中海油（青岛）重质油加工工程技术研究 中心有限公司取得一项名为"一种催化裂化或催化裂解过程中的分馏装置、方法及用途"的专利，授权公 告号CN116676099B，申请日期为2023年06月。 天眼查资料显示，中国海洋石油集团有限公司，成立于198 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|能源化⼯策略⽇报 2025-07-24 煤炭与原油的强弱有别，下游化⼯⾛势 分化 国内外金融市场的关注点各异，造成了原油和煤炭价格的差异。国内 当前煤炭市场仍受到安全检查的影响，煤炭供应在9月大阅兵前可能都不 大会有大的增量，这导致煤化工价格整体延续强势。海外市场则重点关注 到美国与全球各个国家的贸易谈判，美国近日与日本、菲律宾达成了协 议，欧美的贸易谈判结果以及下周美国与中国的谈判是影响金融市场的重 要事件。原油库存分布的不均衡是油价走势不流畅的关键因素，本周原油 和成品油的库存能否有效累积将对油价有指向意义。 板块逻辑： 鉴于煤炭和原油走势的强弱预期，煤化工将在未来一段时间持续强于 油化工。煤化工中率先进入景气周期的甲醇首当其冲，其次是低库存的乙 二醇，PVC的煤制比例也高达80%，期价亦有支撑；PP的24%来自煤制，PE 的23%来自煤制，如果煤炭持续攀升，聚烯烃也会收到些许提振。即使是 油化工也受到了稳增长的提振，聚酯最大的产品涤丝产销22日达到了70 0%，23日仍能有七八成产销率。化工品可能近期仍将震荡。 原油：高位承压运行，关注地缘扰 ...

Core Insights - The petroleum coke production in Ningxia Hui Autonomous Region reached 110,000 tons in the first four months of 2025, marking a significant increase of 143.3% compared to the same period in 2024 [1] - In April 2025 alone, the production was 31,000 tons, reflecting a growth of 174.4% year-on-year, which is substantially higher than the national growth rates [2] Group 1: Production Data - The cumulative petroleum coke production from January to April 2025 in Ningxia accounted for 1.0% of the national total production of 10,499,000 tons [1] - The April 2025 production represented 1.3% of the national total production of 2,435,000 tons for that month [2] Group 2: Growth Comparison - The growth rate of petroleum coke production in Ningxia for the first four months of 2025 exceeded the previous year's rate by 146.6 percentage points [1] - The April 2025 production growth rate was 180.6 percentage points higher than the same month in 2024 [2]

Core Viewpoint - The article emphasizes that the United States is not only fighting for the dollar but also for oil, which plays a crucial role in shaping global order and political dynamics. Group 1: Historical Context - The article discusses the historical significance of oil in global conflicts, particularly highlighting how oil has influenced military actions and geopolitical strategies [4]. - It mentions the establishment of the Dawes Plan in 1921, which helped Germany recover economically post-World War I, allowing for collaboration between American oil giants and German industry [9]. - The article outlines the advancements in organic chemistry in Germany during the early 20th century, which laid the groundwork for the development of the petrochemical industry in the United States [11]. Group 2: Key Companies and Technologies - The formation of IG Farben in 1925, a merger of major German chemical companies, is noted for its role in technological innovation, particularly in ammonia production, which was crucial for agriculture and munitions [12]. - The article highlights the collaboration between American Standard Oil and German firms, which facilitated the transfer of advanced chemical technologies to the U.S., leading to the rise of the petrochemical industry [11][12]. - It details the development of synthetic fuels and rubber by IG Farben, which became essential for the German war machine during World War II, showcasing the company's strategic importance in wartime production [16][17]. Group 3: Political Implications - The article discusses how IG Farben's support for the Nazi regime ensured the stability of synthetic fuel production, which was vital for Germany's military operations [16]. - It notes that the company's resources were heavily invested in the German war effort, producing essential materials for warfare, thus linking corporate interests with state military objectives [16]. - The transformation of IG Farben into a state-controlled entity under the Nazi regime illustrates the intertwining of corporate power and government policy during this period [16].

Group 1 - The stock of Haineng Technology (300072) closed at 3.71 yuan on June 23, 2025, with a daily increase of 20.06%, reaching a new high for the stage, and a trading volume of 6.02 billion yuan, with a turnover rate of 7.23% [1] - A large block trade occurred on the same day, with a transaction volume of 403,700 shares at a price of 3.09 yuan, representing a discount of 16.71% compared to the closing price, totaling 1.2474 million yuan [1] - Institutional investors net bought 8.6666 million yuan worth of Haineng Technology shares, ranking fourth in buying positions, while the Shenzhen Stock Connect saw a net purchase of 10.3053 million yuan, becoming the largest buying force [1] Group 2 - Market analysis suggests that the stock price fluctuation may be related to the company's recent industrial breakthroughs, including the launch of a 200,000 tons/year biodiesel isomerization project SAF (Sustainable Aviation Fuel) on June 20, marking it as the first local state-owned enterprise to obtain airworthiness certification from the Civil Aviation Administration [2] - The SAF market is experiencing a widening supply gap due to long capacity construction cycles and rapidly growing demand, with recent price increases for HVO/SAF [2] - The current dynamic price-to-earnings ratio of Haineng Technology is -43.67 times, with a total market value of 8.717 billion yuan and a price-to-book ratio of 1.47 times, indicating market divergence regarding its profit turnaround expectations and asset quality [2]

Core Viewpoint - The Guangdong Provincial Emergency Management Department has issued the "Safety Guidelines for Major Overhaul of Petrochemical Enterprises in Guangdong Province (Trial)" to enhance safety risk management during planned overhauls in petrochemical companies [1][2]. Group 1: Guidelines Overview - The guidelines apply to planned and periodic shutdown overhauls in petrochemical enterprises within Guangdong Province, excluding emergency repairs [1]. - Companies are required to establish and implement a safety management responsibility system, overhaul planning and approval processes, energy isolation, blind plate management, and safety checks before and during operations [1][2]. Group 2: Pre-Overhaul Requirements - Prior to the overhaul, companies must form a well-structured overhaul organization, conduct risk analysis to identify hazards, and prepare a comprehensive overhaul plan at least one year in advance [2]. - Safety education and training for personnel must be conducted, including training on operational procedures and emergency response [2]. Group 3: On-Site Safety Management - On-site management must include clear safety signage, maintenance of emergency access routes, and ensuring the integrity of facilities and equipment [2]. - Companies are encouraged to engage third-party professional safety services to establish a collaborative regulatory model [3].

摘要：【图】2025年3月新疆维吾尔自治区石油沥青产量数据 2025年3月石油沥青产量统计： 石油沥青产量：7.2 万吨 同比增长：30.1% 增速较上一年同期变化：高34.5个百分点 据统计，2025年3月新疆维吾尔自治区规模以上工业企业石油沥青产量与上年同期相比增长了30.1%， 达7.2万吨，增速较上一年同期高34.5个百分点，增速较同期全国高22.4个百分点，约占同期全国规模以 上企业石油沥青产量305.6万吨的比重为2.4%。 详见下图： 图1：新疆维吾尔自治区石油沥青产量分月（当月值）统计图 2025年1-3月石油沥青产量统计： 石油沥青产量：16.0 万吨 同比增长：13.8% 增速较上一年同期变化：高39.5个百分点 据统计，2025年1－3月，新疆维吾尔自治区规模以上工业企业石油沥青产量与上年同期相比增长了 13.8%，达16.0万吨，增速较上一年同期高39.5个百分点，增速较同期全国高11.1个百分点，约占同期全 国规模以上企业石油沥青产量825.4万吨的比重为1.9%。详见下图： 图2：新疆维吾尔自治区石油沥青产量分月（累计值）统计图 注：主要能源产品产量月度统计范围为规模以上工业法人单 ...

Core Viewpoint - The petrochemical industry in China is undergoing a low-carbon transition, focusing on the coupling of renewable energy with petrochemical production systems to achieve technological transformation towards oil conversion, high-end products, and green processes [1][2]. Group 1: Industry Transformation - The petrochemical sector is encouraged to accelerate the development of green low-carbon and new energy businesses as part of its transformation strategy [1]. - The industry faces significant energy and resource consumption, as well as high carbon emissions, necessitating a push towards green low-carbon transformation for high-quality development [1][2]. - The emphasis is on developing green competitiveness by utilizing green hydrogen and coupling various chemical industries with renewable energy sources [1][2]. Group 2: Technological Pathways - Key technological directions include converting crude oil into chemicals, producing high-value-added chemicals, and developing green processes [2]. - Specific pathways involve utilizing by-products from refining for chemical production, recycling waste plastics, and employing advanced low-carbon technologies [2]. - The industry is urged to focus on energy-saving and carbon-reduction modifications in key areas, enhancing efficiency benchmarks, and promoting the construction of environmentally friendly facilities [2]. Group 3: Case Studies and Recognition - The conference highlighted exemplary cases in the petrochemical industry for pollution reduction and carbon emission control, recommending eight units as benchmark cases [3]. - Notable examples include the Shanghai Chemical Industry Park and Sinopec's Jiujiang branch, recognized for their outstanding practices in the sector [3].

点评： 油价下跌致库存损失增加，销量因三年一次年度大检修下滑， 2024 年业绩承压下行。 2024 年， ICE 布 伦特原油期货均价在 79.93 美元 / 桶，同比 -3% 。 2024 年，公司石化产品销量 419 万吨，同比 -25% ； 沥青产品销量 165 万吨，同比 -12% ；化肥产品销量 110 万吨，同比 -13% 。 2024 年，一方面受油价下跌 影响，公司库存损失增加，另一方面受公司石化及化肥等装置三年一次年度大检修影响，公司主要产品销 量同比大幅下滑，致公司 2024 年业绩承压下行。 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布 2024 年年度报告， 2024 年，公司实现营业收入 346 亿元，同比 -25% ，实现归母净利润 -2 ...