Investment Rating - The industry investment rating is "Positive" based on the performance of the refining sector and the expected improvements in product margins [2][154]. Core Insights - The report highlights a significant drop in raw material prices, leading to a slight improvement in refining product margins. The domestic refining project price spread increased by 21.59 CNY/ton (+0.91%) to 2404.19 CNY/ton, while the international spread decreased by 6.62 CNY/ton (-0.57%) to 1151.33 CNY/ton [2][3]. - Brent crude oil averaged 65.15 USD/barrel, reflecting a decrease of 1.91% week-on-week. The report discusses the impact of geopolitical events and OPEC's production plans on oil prices, indicating fluctuations in response to market conditions [2][15]. Summary by Sections Refining Sector - The report notes that Iraq is set to resume oil exports from the Kurdistan region, while ongoing conflicts in Ukraine continue to affect energy infrastructure. International oil prices have shown volatility, with Brent and WTI prices at 62.73 USD/barrel and 58.90 USD/barrel, respectively, down by 1.80 USD and 1.98 USD from the previous week [2][15]. - Domestic refined oil prices have generally decreased, with diesel, gasoline, and aviation fuel averaging 6848.00 CNY/ton, 7932.29 CNY/ton, and 5947.21 CNY/ton, respectively [15]. Chemical Sector - The report indicates that the price decline of petrochemical products has not matched the cost reductions, leading to an expansion in price spreads. Polyethylene prices have shown slight fluctuations, while EVA prices have slightly decreased due to reduced downstream demand [2][53]. - The report also highlights that the price of pure benzene has decreased, with a stable price spread, while styrene prices have dropped, leading to a slight narrowing of the price spread [2][70]. Polyester & Nylon Sector - Polyester raw material prices have slightly decreased, with improvements in profit margins for filament products. The report notes that the market supply has slightly increased due to new installations and the resumption of previously halted operations [2][112]. - The average prices for polyester filament products are reported as POY at 6600.00 CNY/ton, FDY at 6750.00 CNY/ton, and DTY at 7800.00 CNY/ton, with varying profit margins across these products [2][134]. Market Performance of Major Refining Companies - The report tracks the stock performance of six major refining companies, with notable weekly increases for companies like Rongsheng Petrochemical (+4.97%) and Hengli Petrochemical (+2.86%). Over the past month, Rongsheng Petrochemical has also shown a positive trend with a 3.16% increase [2][141].