"方案"要求优化重点化肥生产企业最低生产计划管理，支持煤炭、磷矿石、天然气、硫磺、冶炼副产硫 酸等重点原料供应企业与化肥生产企业签订长协，确保原料供应稳定。受炼厂产出下降、地缘冲突等影 响，2025年初以来部分肥料上游原料（尤其磷肥原料硫磺、硫酸等）价格涨幅显著，原料采购长协签订 和供应量的稳定有望助力肥料企业实现稳产保供。"方案"亦要求完善化肥产运储销贸一体化调控体系， 推动缓／控释肥、水溶肥、液体肥、中微量元素肥等发展。整体而言，具备上下游一体化配套优势的头 部企业竞争力有望凸显。 编辑：吴郑思 新华财经北京9月30日电 华泰证券最新研报指出，9月26日，工信部等7部门印发《石化化工行业稳增长 工作方案（2025—2026年）》的通知（简称"方案"），明确增强高端化供给、科学调控重大项目建设、 做好化肥生产保供等工作举措。"方案"对炼油、乙烯、PX、煤制甲醇和现代煤化工等多个细分领域明 确新增产能调控等要求，将助力供给优化，考虑2025年上半年以来化学原料及制品行业资本开支增速下 行拐点已现，叠加"反内卷"等助力，行业景气有望修复；同时，增强高端化供给引导下，电子／新能源 ／医疗装备等领域高端化工材料，生 ...

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and basic chemical sectors [6]. Core Insights - The petrochemical industry is expected to experience a recovery in prosperity due to the implementation of the "Stabilization Growth Work Plan" for 2025-2026, which aims to enhance high-end supply and optimize capacity in various sub-sectors [1][2]. - The report highlights the importance of controlling new capacity for key products such as refining, ethylene, PX, and coal-to-methanol, which is anticipated to improve the supply structure [2]. - The focus on fertilizer production stability and the development of new types of fertilizers is expected to continue, with recommendations for companies in this sector [3]. - The report emphasizes the acceleration of new materials and emerging technologies in the chemical industry, driven by policy support for high-end supply and digital transformation [4]. Summary by Sections Section 1: Industry Growth Policies - The Ministry of Industry and Information Technology and other departments have issued a plan to stabilize growth in the petrochemical industry, focusing on high-end supply and project management [1]. - The plan includes measures to enhance supply optimization and support the development of high-end chemical materials in electronics, new energy, and medical equipment [1]. Section 2: Capacity Control and Supply Optimization - The plan specifies strict control over new refining capacity and reasonable planning for the addition of ethylene, PX, and coal-to-methanol capacities, supporting the replacement and upgrading of old facilities [2]. - In 2024, China's refining, PX, and methanol capacities are projected to decrease by 1%, remain unchanged, and increase by 2% respectively, indicating a significant slowdown in capacity growth [2]. Section 3: Fertilizer Production Stability - The plan aims to optimize the production management of key fertilizer companies and ensure stable raw material supply through long-term contracts [3]. - The report notes that the prices of some upstream raw materials have risen significantly, which may impact fertilizer production [3]. Section 4: Development of New Materials and Technologies - The report anticipates accelerated development of high-end chemical materials and emerging technologies, including carbon capture and green ammonia applications [4]. - It encourages the development of new materials in sectors such as integrated circuits, new energy, and medical devices, with a focus on innovation and domestic substitution [4]. Section 5: Company Recommendations - The report recommends several companies based on their potential to benefit from the outlined policies, including: - **Buy**: Yun Tianhua, Dongcai Technology, Hualu Hengsheng, and Luxi Chemical [7]. - **Overweight**: Hengli Petrochemical, Huayi Group, Tongkun Co., Guangwei Composite, Xinfeng Group, and Wanwei High-tech [7].

其中提出，增强高端化供给，支持电子化学品、高端聚烯烃等领域的关键产品攻关，推动涂料等具有比 较优势的大宗产品提质升级；促进供需提质，围绕新能源、低空经济、人形机器人等新兴产业，积极拓 展新能源电池材料、碳纤维及其复合材料、特种工程塑料等应用。 值得注意的是，方案提出打造优质化工园区和产业集群，组织开展化工园区竞争力、智慧化水平分级评 价，引导化工园区对标改造、提级进步，推动化工园区聚焦主导产业强链补链延链，培育一批先进制造 业集群、中小企业特色产业集群及龙头企业。 据了解，下一步，工业和信息化部将会同相关部门强化政策宣贯解读，组织有关地区和企业抓好落实， 促进行业平稳运行，加快推进结构优化升级。 新华社北京9月26日电（记者王悦阳）记者26日从工业和信息化部获悉，工业和信息化部、生态环境 部、应急管理部等七部门联合印发《石化化工行业稳增长工作方案（2025—2026年）》提出，2025年至 2026年，石化化工行业增加值年均增长5%以上。 方案还提出了一系列2025年至2026年石化化工行业稳增长主要目标：经济效益企稳回升，产业科技创新 能力显著增强，精细化延伸、数字赋能和本质安全水平持续提高，减污降碳协同增 ...