21日，记者从大庆石化获悉：上半年，大庆石化锚定高质量发展目标，扎实推进精细管理、提质增效、 业务优化，7项主要产品产量好于历史同期，5项物耗指标创历史最优，16项能耗指标刷新纪录，上市与 未上市业务首次实现双赢，以实干实绩奏响发展强音。 生产优化拓增量，炼化一体稳运行。大庆石化坚持"大平稳出大效益"，强化装置精细管控与动态调整。 从炼化产业链整体需求出发，科学调整原油进厂及装置负荷，平衡成品油生产调和，优化两套催化裂化 装置操作，降低柴油凝点，增产负35号低凝柴油，截至7月13日，出厂量超计划进度0.19万吨。公司精 准平衡上下游物料，全力保障乙烯装置高负荷运行，高效完成乙烯6月产量11万吨目标。同时，紧抓国 际成品油添加剂市场需求，通过优化生产流程、强化产销协同，上半年化工MTBE产量突破历史峰值， MTBE累计出口量同比增加3.26万吨。 系统降本挖潜力，节能降耗增效益。在"一切成本皆可降"理念的引领下，大庆石化坚持深化全员、全流 程成本管控。从严从细抓好"三剂"使用，切实压减"三剂"全链条成本。上半年，公司成功试用31项新型 生产助剂，以国产氟弹性体替代进口助剂生产长链支化茂金属聚乙烯150吨，复合助 ...

Core Viewpoint - The successful completion of the 1.2 million tons/year ethylene unit at China Petroleum's Guangxi Petrochemical Company marks a significant milestone in the integrated refining and chemical transformation project, which is a key initiative under China's 14th Five-Year Plan [1] Group 1: Project Overview - The total investment for the Guangxi Petrochemical integrated refining and chemical transformation project is 30.5 billion yuan, covering an area of over 4,400 acres [1] - The project includes the construction of 14 chemical units, including a 1.2 million tons/year ethylene cracking unit, and 2 refining units with a capacity of 2 million tons/year for diesel adsorption and desulfurization [1] - The project commenced construction on July 29, 2023, and has achieved several industry records during its development [1] Group 2: Technological Innovations - The project successfully addressed challenges related to the installation of oversized and heavy equipment, including the safe and precise positioning of a 1,760-ton propylene tower [1] - It promoted factory prefabrication and modular construction, transitioning from traditional on-site operations to a synchronized operation model of "one site + N factories" [1] - The project features the largest ethylene low-temperature tank in China and the first self-designed, procured, and constructed co-oxidation method for propylene oxide and styrene production unit [1] Group 3: Future Impact - The project is scheduled to commence production on October 18, 2025, and aims to transform Guangxi Petrochemical from a "fuel-type" refinery to a "chemical products and organic materials-type" enterprise [1] - It will enhance the high-quality development of China Petroleum's refining business and fill the gap in the high-end chemical new materials industry in the region [1] - The project is expected to meet market demands along the new western land-sea corridor and contribute to the establishment of a trillion-yuan green chemical new materials industry cluster in Guangxi, targeting ASEAN markets [1]

Global Overview - Global propylene capacity is projected to grow from 125 million tons in 2017 to 177 million tons by 2024, with an average annual growth rate of 5.1% [1] - Global propylene production is expected to increase from 103 million tons to 134 million tons during the same period, with an average annual growth rate of 3.9% [1] - Northeast Asia is the largest production region, accounting for 51.5% of global capacity, followed by North America (14.0%) and Western Europe (9.0%) [1] China's Propylene Industry - China is a significant global propylene producer, with a projected capacity of 69.73 million tons and a production of 53.41 million tons by 2024 [2] - The average annual growth rate of propylene capacity in China from 2014 to 2024 is 12.8% due to the increase in coal/methanol-to-propylene and propane dehydrogenation facilities [2] - The overall capacity utilization rate in China's propylene industry is expected to be 76.6% in 2024, down from over 90% prior to 2014 [2] Production Techniques - Traditional oil-based processes like catalytic cracking and steam cracking remain the dominant methods for propylene production in China [2] - By 2024, steam cracking will account for 33.7% of production capacity, while propane dehydrogenation will represent 32.3% [2] Regional Production Distribution - Propylene production in China is concentrated in East and North China, which account for 31.1% and 20.3% of total production, respectively [3] - The top five provinces for propylene production are Zhejiang, Shandong, Guangdong, Jiangsu, and Ningxia, collectively accounting for 58.4% of national output [3] Market Competition - The Chinese propylene industry is competitive, with over 100 production companies; the top 10 companies hold 56.4% of the total capacity [3] - State-owned enterprises like Sinopec and PetroChina are the primary producers, but there is a trend towards diversification with private companies entering the market [3] Consumption Trends - China is the largest consumer of propylene globally, with a projected apparent consumption of 55.36 million tons in 2024 [4] - The domestic supply is expected to be approximately 53.41 million tons, with imports at 2.02 million tons and exports at 0.07 million tons [4] - The average annual growth rate of domestic propylene consumption from 2014 to 2024 is about 9.9% [4] Downstream Demand - The demand for propylene derivatives has been increasing, with polypropylene accounting for 67.7% of consumption in 2024 [5] - Other derivatives like epoxy propane and acrylonitrile are also seeing significant growth, with production rates increasing substantially from 2014 to 2024 [5]

Core Viewpoint - The successful trial production of the 200,000 tons/year mixed plastic waste resource utilization project by Dongyue Chemical in Guangdong marks a significant advancement in the chemical recycling of waste plastics, establishing a new industrial path for high-value and harmless utilization of waste plastics [1][9]. Industry Development - The establishment of the world's first industrialized waste plastic recycling facility in Guangdong exemplifies the province's efforts to extend the chemical product chain in the petrochemical industry [2][4]. - The petrochemical industry in Guangdong is undergoing a transformation from a focus on refining to driving new chemical materials, with integrated refining and chemical production becoming a core strategy for provinces competing for industrial dominance [3][10]. Market Dynamics - Major petrochemical companies are increasingly investing in Guangdong, enhancing the completeness of the petrochemical industry chain, which is characterized by large-scale projects and significant infrastructure investments [3][5]. - Guangdong aims to exceed a petrochemical industry scale of 2 trillion yuan by 2025, with a focus on creating a leading and world-class green petrochemical industry cluster [6][10]. Technological Innovation - The Dongyue Chemical project utilizes a unique "one-step" process for deep catalytic cracking of mixed waste plastics, achieving a product yield of over 92% without the need for complex sorting of low-value plastics [9][12]. - The project is positioned as a key initiative in the green chemical sector, contributing to sustainable development and the dual carbon strategy [9][13]. Strategic Positioning - Guangdong's petrochemical industry is characterized by a highly concentrated and integrated layout, with a strategic focus on developing a circular economy that connects upstream raw materials with downstream processing [7][13]. - The province's unique geographical advantages and advanced technological equipment position it as a central hub for the global chemical industry transition [10][14]. Future Outlook - The industry is expected to face challenges such as the need for increased self-sufficiency in high-end chemical materials and the pressure to reduce oil output while increasing the production of high-end chemical products [11][14]. - The focus will be on accelerating the transformation of refining and chemical integration, responding to the growing market demand from emerging industries like electric vehicles [11][13].

丙烯：供应格局概览 安如泰山 信守承诺 化工新品种 一、丙烯全球产能区域分布情况 从区域看,丙烯生产集中在东北亚、北美、西欧。东北亚是全球最大生产区域,2024年产能占世界总产能 48.1%，其中，中国是关键，2024年中国产能占全球比重提升至39.4%，东北亚产能还涵盖韩国、日本、中国台 湾等地区。北美凭借资源和价格优势，也是丙烯重要产区，并且多用于出口。2024年东北亚与北美合计占全球 两烯产能65.6%。 雨欧2024年丙烯产能占世界总产能9%，从2021年西欧成为净进口地区后，2024年净进口量缓慢 增长，区域新增产能少，需求缓慢上升。中东、东南亚等区域也有丙烯产能分布，中东2024年占比7.4%、东南 亚占6.5%，但整体占比较东北亚、北美、西欧低，不过也是全球产能布局的组成部分。 2020-2024年全球丙烯产能复合增速为5.9%，后续虽增速或放缓，但整体规模仍上升。2025-2027年计划新 增超1400万吨/年。到2030年预计增至1.96亿吨，主要增量集中在东北亚、北美、东南亚等地区。 其他,11.5% 西欧,9.0% 中国. 39.4% 七 14 0% 日本 4 90% 东南亚, 6.5% ...

Group 1: Report Overview - The report is the second in Huatai Futures' series on the listing of pure benzene, focusing on the domestic supply pattern of pure benzene in China [3] Group 2: China's Pure Benzene Capacity Investment - China still mainly uses petroleum benzene. Before 2019, the proportion of petroleum benzene capacity in benzene capacity was around 65%. After the wave of private large refinery startups in 2019, it has now risen to 75% [11] - Petroleum benzene is the main driver of the growth in the pure benzene supply. In 2025, the growth rate of benzene capacity is expected to be 7.1%, with petroleum benzene at 8.1% and hydrogenated benzene at only 4.2% [12] - The development of China's pure benzene capacity has gone through four stages: slow growth from the 1960s to the 1980s, rapid development in the 1980s, slowdown after 2010, and rapid expansion since 2019 [14][15] - In 2025, there is still pressure on pure benzene capacity investment. The growth rate of new petroleum benzene capacity is 8.1%, slightly higher than 6.6% in 2024. Attention should be paid to the startup rhythm of Yulong in the third quarter [16] - China's petroleum benzene production mainly comes from catalytic reforming, ethylene cracking, and toluene disproportionation. The proportion of catalytic reforming capacity has decreased to 44%, while toluene disproportionation has reached around 22%, and ethylene cracking has dropped to 23% [20] Group 3: China's Pure Benzene Supply Pattern - China's pure benzene supply is mainly dominated by state - owned enterprises, with private enterprises gradually playing an important role. Since 2014, the proportion of private enterprise capacity has been increasing [21] - State - owned enterprises still hold the majority of pure benzene capacity. Sinopec accounts for 25%, PetroChina 17%, and CNOOC 7%. Private refineries such as Zhejiang Petrochemical, Hengli, and Shenghong together account for nearly 24% [22][24] Group 4: Supplier Analysis by Process - For pure benzene produced by the catalytic reforming process, state - owned enterprises such as Sinopec (23%), PetroChina (18%), and CNOOC (5%) are the main suppliers, and private refineries account for 26%. The operation of reforming benzene is mainly planned, following refinery maintenance and profit [31] - For pure benzene produced by the ethylene cracking process, the proportion of state - owned enterprises is higher. Sinopec accounts for 41%, and private refineries account for 14%. The operation depends on ethylene cracking device maintenance and olefin demand [32] - For pure benzene produced by the toluene disproportionation process, the proportion of state - owned enterprises has decreased, and private refineries account for nearly 40%. The operation is flexible, depending on the profit of disproportionation and toluene demand for gasoline blending [33] Group 5: Regional Supply Pattern - China's pure benzene capacity is mainly concentrated in the East China region, accounting for 39%, followed by South China (23%) and Shandong (19%). East China is the main area for production, trade, and paper - based trading of pure benzene [38] Group 6: Hydrogenated Benzene Supply Pattern - In 2024, petroleum benzene production accounted for 71% of China's total pure benzene supply, imports 15%, and hydrogenated benzene 14% [46] - Hydrogenated benzene supply is mainly from private enterprises, and its capacity has grown slowly since 2016. Capacity is concentrated in North China and Shandong, and the industry concentration is relatively low [46][48]

Group 1 - The stock price of Dongfang Shenghong (000301) increased by 1.72% to 8.3 yuan as of June 27, 2025, with a market cap of 54.873 billion yuan [1] - The company has a complete industrial chain layout from "crude oil - aromatics, olefins - PTA, ethylene glycol - polyester new materials" [2][4] - The company reported a total profit and net profit of -3.714 billion yuan and -2.284 billion yuan for 2024, respectively, indicating a significant decline in profitability due to global economic slowdown [2][4] Group 2 - The company maintains a long-term credit rating of AA+ from United Ratings, with a stable outlook for its convertible bonds [2][4] - The company has a significant debt burden with rapidly increasing short-term debt and high financial expenses, impacting its overall debt repayment capacity [2] - The company has achieved substantial research and development results with 640 patents, enhancing its competitive edge in the market [2]

Core Viewpoint - Dongying City is the largest petrochemical base in China, with significant advancements in refining and chemical production, aiming for high-quality development through industry transformation and integration [1][2] Group 1: Industry Overview - Dongying City has 304 large-scale petrochemical enterprises, accounting for 27% of the city's industrial enterprises [1] - The city's crude oil processing capacity reaches 68.3 million tons, representing 37.2% of the provincial capacity and 7.1% of the national capacity [1] - In 2024, Dongying is expected to have 10 refining enterprises in the top 500 Chinese companies and 11 in the top 500 private companies, both leading in the province [1] Group 2: Industry Development and Transformation - Local refining enterprises are extending their industrial chains and accelerating transformation, producing not only gasoline and diesel but also basic chemical raw materials like propylene, benzene, and PX, as well as new chemical materials [1] - Lihua Group has established nine industrial chains, including a full chain for PC, ABS, PS, and ASA, becoming a leading enterprise in the propylene industry chain in the province [1] - Fuhai Group has created the only "crude oil-naphtha-PX-PTA" industrial chain in the province, positioning itself as a leader in the aromatics industry chain [1] Group 3: Future Initiatives - Dongying City plans to align with global petrochemical industry trends and integrate into the provincial petrochemical layout, focusing on transformation, chain extension, and resource assurance [2] - The city aims to develop towards refining integration, green low-carbon, and high-end products, leveraging major projects to create a trillion-level high-end chemical industry cluster [2] - The implementation of a "chain leader system" will promote the transition from basic refining to new chemical materials and high-end chemicals [2]

Core Viewpoint - Iraq is intensifying efforts to enhance its oil exploration and refining capabilities by investing in refineries in Asian countries, aiming to diversify its oil supply and increase revenue from the rapidly growing Asian market [6][12]. Investment Plans Framework and Timeline - Iraq plans to focus on upgrading existing facilities and constructing new large-scale refining complexes, with negotiations with potential partners expected to start between 2025 and 2026, aiming for agreements by 2026-2027 [7]. Strategic Value of the Asian Market - In 2024, Asia accounted for 70% of Iraq's total oil exports, with China being the largest importer at an average of 1.19 million barrels per day [8]. The investment plan aims to deepen ties with these countries [8]. Opportunities for Chinese Enterprises - Chinese companies have established a strong foundation in Iraq's oil and gas upstream sector, with major oil fields producing over 1.5 million barrels per day, creating a natural advantage for downstream refining [8]. The focus is on energy-demanding countries like China, India, South Korea, Vietnam, and Indonesia [8]. Technological Output - There is a pressing need for technology upgrades in Iraq's refining industry, which currently meets only 40% of its refined oil demand domestically [9]. Innovative Financing - To address Iraq's fiscal pressures, innovative financing models are being explored, including resource swaps and partnerships with multinational companies [9]. Regional Collaboration - Iraq's refining strategy aligns with China's Belt and Road Initiative, enhancing regional energy cooperation [9]. Policy Benefits - The energy cooperation between China and Iraq has evolved beyond commercial interests, becoming a crucial element of bilateral strategic trust [9]. Industry Impact and Regional Economic Linkage - The investment will strengthen energy ties between Iraq and Asian countries, promoting regional industrial chain integration [11]. Infrastructure Coordination - Iraq's "Development Road" project, valued at $17 billion, integrates refinery development with the Al-Faw port project, creating an energy logistics hub connecting the Middle East and Europe [12]. Comprehensive Energy Projects - The Al-Faw refinery project, with a capacity of 300,000 barrels per day, is expected to attract significant investment and enhance Iraq's oil value [11][13]. Renewable Energy Integration - Iraq aims for renewable energy to account for 10% of its energy mix by 2030, with ongoing solar projects that reduce electricity costs and carbon emissions [10][13]. Multilateral Cooperation Platforms - Establishing an "Asian Refining Investment Fund" with a projected scale of $20 billion aims to alleviate investment pressures on individual companies [11]. Cross-Border Industrial Parks - The establishment of cross-border industrial chains, such as sponge iron production in Basra, utilizes local low-cost natural gas for steel production [13].

Group 1: Oil and Petrochemical Industry - OPEC+ is continuing to increase production, which may put pressure on oil prices. The report suggests that despite short-term bearish sentiment due to trade wars, the domestic petrochemical industry maintains a cost advantage due to improved cost structures [6][7]. - The report recommends focusing on upstream resource companies like China National Petroleum and China National Offshore Oil Corporation, as oil prices are expected to recover after hitting seasonal lows in Q2 [6][7]. - The marine oil service industry is projected to maintain stable capital expenditures, with domestic reserves and production continuing to grow. Companies like CNOOC Engineering and Bohai Drilling are highlighted for their low valuations and advanced technology [7]. Group 2: Automotive Industry - Changan Automobile reported a wholesale sales volume of 224,300 units in May 2025, reflecting a month-on-month increase of 8.47% and a year-on-year increase of 17.65%. The cumulative sales volume for the first five months of 2025 reached 1.1202 million units, up 1.00% year-on-year [8][9]. - The indirect controlling shareholder, China Ordnance Equipment Group, has received approval for a restructuring plan, which is expected to enhance Changan's strategic position and operational efficiency [10][11]. - The report anticipates significant growth in Changan's electric vehicle segment, with a projected increase in sales driven by new model launches and international expansion [9][11]. Group 3: Employment and Economic Indicators - The U.S. non-farm payrolls added 139,000 jobs in May 2025, slightly above expectations, but the report notes a downward revision in previous months' data, indicating potential underlying weaknesses in the labor market [12][13]. - The service sector remains the primary contributor to job growth, while the manufacturing sector shows signs of cooling, likely due to declining retail demand [14][15]. - Despite stable unemployment rates, the report highlights rising wage growth, which may complicate the Federal Reserve's decision-making regarding interest rate cuts [15]. Group 4: Macro Economic Outlook - The report expresses optimism for the recovery of the consumer services sector, technology, and cyclical leaders, suggesting a potential reversal in these areas [16][19]. - Global asset performance shows a rebound in stock markets, with commodities like oil and gold also experiencing price increases due to improved trade relations and monetary policy adjustments [16][17]. - The report emphasizes the importance of monitoring macroeconomic indicators, including manufacturing PMI and industrial output, to gauge future economic trends [19].