Company Overview - Sinopec Engineering is one of the largest energy and chemical engineering companies in China, with leading technical capabilities and strong backing from its controlling shareholder, Sinopec Group [1] - The company has a solid business foundation within the group, with accelerated overseas expansion contributing to performance growth [1] - Financial performance is robust, with a consistently high dividend payout ratio, and a dividend yield exceeding 5%, providing stable returns for investors [1] Industry Insights - The "two oil giants" (China National Petroleum and China Petroleum & Chemical) maintain a leading market position, with the petrochemical industry experiencing a slight revenue decline of 2.6% year-on-year in H1 2025, and total profits down by 10.3% [2] - There is a clear trend of "reducing oil and increasing chemicals," with demand for petrochemical products still showing growth potential; China's ethylene apparent consumption increased by 9.94% year-on-year from January to November 2025 [2] - Policy support for coal chemical development is evident, with planned projects in Xinjiang exceeding 900 billion [2] - Global refining capacity continues to grow, particularly in the Middle East and Asia-Pacific, with major oil and gas companies' capital expenditures projected to reach $153.35 billion in 2024, a year-on-year increase of 4.82% [2] Company Performance - In the refining and petrochemical sectors, the company has leading technology, with new contracts continuing to grow at a rate of 24.35% in Q1-Q3 2025; the value of uncompleted contracts as of Q3 2025 is 215.47 billion, which is 3.36 times the expected revenue for 2024 [2] - The controlling shareholder has substantial strength, with Sinopec Group planning capital expenditures of 164.3 billion in 2025, including 22.3 billion for refining and 44.9 billion for chemicals; new contracts from the group increased by 60.63% in Q1-Q3 2025, accounting for 53.82% of total contracts [2] - The company is accelerating its overseas business, with overseas revenue growing by 92.0% year-on-year in H1 2025 and new overseas contracts increasing by 38.56% in Q1-Q3 2025 [2] - Revenue and profit remain stable, with H1 2025 revenue increasing by 10.14% and net profit attributable to shareholders rising by 4.83%; the dividend payout ratio has consistently exceeded 63% from 2021 to 2024, with a TTM dividend yield of 5.33% as of December 24, 2025, and expected to remain above 5% in 2025 and 2026 [2]

本文源自：市场资讯 国家知识产权局信息显示，环球油品有限责任公司申请一项名为"用于将碳氧化物转化为烯烃的集成方 法"的专利，公开号CN121219252A，申请日期为2024年5月。 专利摘要显示，一种通过将甲醇纯化与从甲醇生产烯烃相集成来生产轻质烯烃的集成方法。进料到 MTO工艺的甲醇可以是粗甲醇或经纯化的甲醇，其中重质含氧化合物被去除并用MTO流出物中的重质 含氧化合物处理。通过除去或减少甲醇供应商纯化甲醇的需要，将降低甲醇转化为烯烃或燃料的成本。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 作者：情报员 ...

12月24日，英国石油公司(BP)宣布，将嘉实多65%的股份出售给Stonepeak，为BP带来约60亿美元的净 收益。该交易加速了英国石油重置战略的实施，将显著改善其资产负债表，并推进以下游为重点的战 略。 嘉实多的主营业务涵盖车用及工业用润滑油，以及面向数据中心的液冷散热技术。英国石油在对嘉实多 进行全面战略评估后，企业估值定为101亿美元(约合人民币超700亿元)，交易预计将于2026年底完成。 交易完成后，将成立一家新的合资企业，Stonepeak持有65%股份、英国石油持有35%股份。经过两年的 锁定期后，英国石油有权出售剩余的股份。 本次交易是英国石油此前宣布的200亿美元业务剥离计划的一部分，迄今为止已完成和宣布的撤资收益 约为110亿美元。这笔交易的所有收益将用于减少净债务，以实现英国石油到2027年底净债务降至140亿 ~180亿美元的目标。截至2025年第3季度末，英国石油公司的净债务为261亿美元。 这不是嘉实多第一次易主。1966年，缅甸石油公司(Burmah Oil)收购嘉实多；2000年，缅甸-嘉实多公司 被英国石油公司收购。 嘉实多于1899年在英国成立，至今有126年历史，是全 ...

期货研究报告|聚酯产业链专题 2025-12-26 PX 供应还有多少提升空间——国内篇 研究院 化工组 研究员 梁宗泰 020-83901031 liangzongtai@htfc.com 从业资格号：F3056198 投资咨询号：Z0015616 陈莉 020-83901135 cl@htfc.com 从业资格号：F0233775 投资咨询号：Z0000421 联系人 杨露露 0755-82790795 yanglulu@htfc.com 从业资格号：F03128371 梁琦 liangqi@htfc.com 从业资格号：F03148380 刘启展 020-83901049 liuqizhan@htfc.com 从业资格号：F03140168 投资咨询业务资格： 证监许可【2011】1289 号 摘要 在对明年上半年供需偏紧的预期下，近期 PX 价格强势上涨，长短流程经济性都得到了 极大的提升，PXN 突破 360 元/吨，创下近五年 12 月的最高记录，也是 2024 年 6 月中 以来的高点，纸货 5 月 PXN 已经达到 380 美元/吨附近。当前 PX 在聚酯产业链中利润 表现最好，随着 PX 的 ...

摘要：【图】2025年1-9月新疆维吾尔自治区汽油产量统计分析 2025年1-9月汽油产量分析： 据国家统计局数据，在2025年的前9个月，新疆维吾尔自治区规模以上工业企业汽油产量累计达到了 230.6万吨，与2024年同期的数据相比，增长了4.1%，增速较2024年同期高7.3个百分点，增速较同期全 国高9.4个百分点，约占同期全国规模以上企业汽油产量11607.9万吨的比重为2.0%。 图表：新疆维吾尔自治区汽油产量分月（累计值）统计 2025年9月汽油产量分析： 单独看2025年9月份，新疆维吾尔自治区规模以上工业企业汽油产量达到了25.6万吨，与2024年同期的 数据相比，9月份的产量下降了6.0%，增速较2024年同期低5.9个百分点，增速较同期全国低4.1个百分 点，约占同期全国规模以上企业汽油产量1324.2万吨的比重为1.9%。 产业调研网为您提供更多 石油化工行业最新动态 石油发展前景趋势分析 化工的现状和发展趋势 日化行业现状与发展趋势润滑油市场现状及前景分析汽油市场调研与发展前景 柴油发展现状及前景预测橡胶市场调研及发展趋势 塑料行业监测及发展趋势 化妆品未来发展趋势预测清洁护肤现状及发 ...

1. Report Industry Investment Rating - The rating for styrene is "Bullish" [1] 2. Core Views of the Report - 2026 may be a year of bottom - building and momentum - gathering for the pure benzene and styrene industry chain. The supply - demand growth rates of both pure benzene and styrene will slow down, with no prominent contradictions, and the narrowing space of the pure benzene - naphtha spread and styrene processing margin is limited, but there is no strong driver for long - term significant expansion. In the long run, the industry chain may gradually turn around after 2026 [1][2][3] 3. Summary According to the Directory 3.1 Transaction Mainlines Were Variable but Supply Pressure Persisted Throughout 2025, and the Pure Benzene and Styrene Industry Chain Operated Under Pressure - In H1 2025, the industry chain's trading mainline was to compress the valuation of pure benzene, with the BZN narrowing significantly and the styrene - pure benzene spread widening. The reason was the excessive import of pure benzene and the slowdown of small downstream growth, while styrene had low port inventory and unexpected supply disruptions. In H2, high production profits led to increased styrene supply, inventory accumulation, and the narrowing of the styrene - pure benzene spread. The core issue throughout the year was the large supply increment and elasticity in the industry chain [14][15] 3.2 Pure Benzene: Seeking Weak Recovery Possibilities 3.2.1 Supply Pressure from New Capacity Release Still Exists Next Year but Weakens Marginally Compared to This Year - In 2025, due to smooth new capacity realization and high import pressure, China's pure benzene supply increased significantly. From January to November, the domestic production was 21.87 million tons, a year - on - year increase of 6.6%; from January to October, the import volume was 4.61 million tons, a year - on - year increase of 34.9%; the total supply increased by 10.3% year - on - year. In 2026, the expansion of pure benzene capacity will slow down, with an expected new capacity of 1.755 million tons per year and a year - on - year growth rate of about 5% [18][20] 3.2.2 The Favorable Outlook of Co - products Makes It Difficult to Reduce Disproportionation Operation Rates - In 2025, the BZN dropped rapidly, but the pure benzene disproportionation operation rate did not decline significantly because of the support from PX. The PX supply - demand in 2026 is expected to be tight, with an estimated de - stocking of 650,000 tons throughout the year. The high - running PXN will push up disproportionation profits, and the pure benzene industry's operation rate may remain above 78% [23][25] 3.2.3 The Supply - side Variable Lies in the Import Link - In 2025, China's pure benzene imports increased significantly due to the lack of diversion in the US Gulf and weak European chemical demand. The total import volume is expected to exceed 5.5 million tons, with a year - on - year growth rate of over 30%. In 2026, the key variable in the supply side is still the import volume. The benchmark expectation for the import volume is in the range of 5.4 - 5.55 million tons, similar to this year. If the overseas capacity exit rhythm exceeds expectations, there may be a slight decrease [28][43] 3.2.4 Pure Benzene Demand: The Five Major Downstreams Will Shift from Differentiation to Convergence - In 2025, pure benzene demand maintained high - single - digit growth but was significantly differentiated. The apparent consumption growth rate was 9.11%, and the real demand growth rate was about 7.3%. In 2026, the overall demand growth rate of pure benzene may slow down to 5% - 6%, and the growth of different downstream demands will shift from differentiation to convergence [44][51] 3.2.5 Pure Benzene Summary: The Supply Growth Rate Will Slow Down Marginally, and the Probability of Weak Recovery of the Pure Benzene Pattern Is Higher - In 2026, the supply - side growth pressure of pure benzene will ease marginally. The expansion speed of petroleum benzene will slow down to about 5%, and the petroleum benzene output may be around 24 million tons. The import volume is expected to be in the range of 5.4 - 5.55 million tons. The growth of the five major downstream demands of pure benzene will shift from differentiation to convergence, with a weighted growth rate of 5% - 6%. The annual pure benzene is expected to accumulate 20,000 tons of inventory, and the inventory accumulation amplitude will narrow significantly compared to 2025 [65] 3.3 Styrene: The Processing Margin Is Expected to Repair Slightly, but the Slowdown of Demand Growth Rate Will Restrict the Upside Space 3.3.1 The Expansion Pace Begins to Slow Down. Can the Boom Cycle Reverse? - From 2012 - 2019, the new investment in China's styrene industry was limited, and the domestic supply could not meet the demand. After 2019, with the rise of private refining, the styrene capacity increased sharply. In 2026, only one new 700,000 - ton - per - year styrene plant of Northern Huajin is waiting to be put into production, and the capacity growth rate will slow down to 2.9%. The industry may be in a year of momentum - gathering, and the cycle reversal may still need to wait [68][69] 3.3.2 The Existing Capacity Still Needs Time to Be Digested - In 2026, the new plants of Guangxi Petrochemical and Jilin Petrochemical will fully realize the supply - side increment. If the non - integrated device profit turns positive for a long time and the industry's overall operation rate rises to 78% - 80%, the annual styrene output may reach 18.95 - 19.44 million tons, which requires a demand growth rate of 6% - 8%. To achieve a cycle reversal, the demand growth rate needs to reach over 10%. The exit speed of marginal capacity has slowed down [72][74] 3.3.3 The Probability of Continued High Growth Rate of Downstream ABS Is Not High - In 2025, the styrene demand increased significantly, with the apparent demand growth rate exceeding 12% and the real demand growth rate around 10%. The demand increment mainly came from the high - growth of ABS production. In 2026, the high - growth rate of ABS may not continue. Policy support may shift from durable consumer goods to service consumption and general consumer goods, and ABS may shift from the inventory - building cycle to the de - stocking cycle. The styrene demand growth rate in 2026 may slow down to the range of 3% - 5% [81][93] 3.3.4 Styrene Summary: More Patience Is Needed in the Momentum - Gathering Stage - In 2026, the styrene capacity growth rate will slow down to 2.9%, but the existing capacity still has a large release space in terms of output. The styrene demand growth rate may fall to the range of 3% - 5%. The non - integrated device profit only needs a slight repair to meet the downstream demand growth. The styrene processing margin may rise compared to this year, but 2026 will be a year of bottom - building and momentum - gathering rather than a reversal year [94] 3.4 Not Pessimistic in the Long Run, and the Long - term Inflection Point Is Approaching - In the long run, the pure benzene and styrene industry chain may gradually turn around. The capital expenditure has slowed down significantly, and the signal of the end of the supply - side expansion cycle is more obvious. The export of direct downstream and secondary downstream products may have a greater impact on the balance sheet. The demand for pure benzene and styrene is in line with China's industrial transformation and upgrading trend, and the medium - and long - term growth rate center is expected to be higher than GDP [97] 3.5 Investment Recommendations - In 2026, the trading of pure benzene and styrene is still difficult. It is recommended to try long positions at low levels after the market provides a safety margin to play for the expected difference. Based on Brent crude oil at $55 - 75 per barrel, the styrene price range to focus on is 6,000 - 7,800 yuan per ton. In the commodity dimension, the long - term allocation timing has not arrived, but in the equity dimension, it is recommended to pay attention to the allocation opportunities of targets with a relatively high proportion of aromatic hydrocarbon equity capacity [3][111]

摘要：【图】2025年9月内蒙古自治区煤油产量数据 2025年1-9月煤油产量分析： 据国家统计局数据，在2025年的前9个月，内蒙古自治区规模以上工业企业煤油产量累计达到了16.3万 吨，与2024年同期的数据相比，增长了12.0%，增速较2024年同期高17.0个百分点，增速较同期全国高 8.0个百分点，约占同期全国规模以上企业煤油产量4462.5万吨的比重为0.4%。 图表：内蒙古自治区煤油产量分月（累计值）统计 单独看2025年9月份，内蒙古自治区规模以上工业企业煤油产量达到了1.8万吨，与2024年同期的数据相 比，9月份的产量下降了3.8%，增速较2024年同期低9.1个百分点，增速较同期全国低12.2个百分点，约 占同期全国规模以上企业煤油产量531万吨的比重为0.3%。 2025年9月煤油产量分析： 图表：内蒙古自治区煤油产量分月（当月值）统计 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位，即年主营业务收入2000万元及以上的工 业企业。 产业调研网为您提供更多 石油化工行业最新动态 石油行业监测及发展趋势 化工未来发展趋势预测 日化现状及发展前景 润滑油发展前景趋势分析 汽油的现状 ...

项目由寰球公司牵头，联合独石化、石油化工研究院等单位共同推进。自2022年启动电加热试验平台设 计建造以来，研发团队历经4年持续攻关，项目一次开车成功，装置实现了供热过程精准智能控制，裂 解收率等核心参数达到国内先进水平。 项目负责人介绍，我国乙烯技术经历了"乙烯1.0技术实现从无到有的突破，乙烯2.0技术瞄准原料多元 化、装置大型化、节能绿色化进行升级"的历程，如今电裂解炉试验装置成功，标志着我国乙烯技术向 着更深层次的绿色、低碳方向发展，也为消纳绿电、构建"电化协同"新模式开辟了全新路径。 下一步，团队将加快推进该技术的工业化应用，为我国乙烯自有技术提档升级注入持续动力。 中化新网讯 12月22日，国内首套乙烯电裂解炉侧线试验装置顺利投用，标志着我国在绿色低碳乙烯技 术领域取得关键突破。该装置由寰球公司自主研发并总承包建设，在独山子石化实现稳定运行。 与传统燃料裂解炉相比，电裂解炉从源头避免了燃料燃烧产生的烟气排放，在绿电配套条件下可趋近零 碳排放，同时实现反应过程的实时智能化供热调控。该技术路线高度契合"技术高端化、用能绿色化、 控制智能化"的产业升级方向，也是推动炼化关键核心技术自主化的重要实践。 作 ...

中化新网讯 "二氧化硫排放浓度低于火电行业超低排放标准。"12月9日，吉林石化化肥厂除灰车间班长 李加威向工厂调度室汇报生产情况。自该厂动力系统1号、2号锅炉烟气超低排放升级改造项目投运以 来，各项排放指标均持续稳定在合格区间。至此，吉林石化所有锅炉装置已全部完成烟气超低排放改 造，为企业长远发展筑牢绿色根基。 "十四五"以来，吉林石化建立完善"源头控碳、过程降碳、末端固碳"的全链条管控机制，深入践行"四 不让"理念，加大过程管控的同时，累计投资近10亿元推进84个环保项目;坚持"生产装置与环保设施一 体化管理"，狠抓环保设施稳定、达标、优化运行，推进VOCs提标治理和无异味工厂创建，污染物排放 总量显著下降，总出水COD浓度降至30mg/L以下，实现"清水级"净化。 绿色低碳转型的成果藏在一组组亮眼数据里：通过清洁能源替代、电气化提升、CCUS等措施，对 比"十三五"末，吉林石化二氧化碳总量降低4个百分点;对比2022年，万元工业产值碳排放强度下降 28%。通过锅炉热效率提升、精细碳资产管理等手段，动力厂、燃料乙醇公司成为中国石油唯一靠碳资 产盈利的自备电站。 当前，吉林石化正加速推进百万吨级CCUS示范工 ...

Group 1 - The overall innovation achievements of the petroleum and chemical industry since the 14th Five-Year Plan were summarized, highlighting significant advancements in technology and application [1] - China has become the third country globally capable of independently developing ultra-deepwater oil and gas resources, marked by the successful development of the "Deep Sea No. 1" ultra-deepwater gas field [1] - Breakthroughs in measurement technology, such as the mobile well site rock sample near-in-situ integrated continuous measurement imaging system, represent a major leap in logging technology [1] Group 2 - The advanced ethylene technology developed by Sinopec has broken the foreign monopoly on ethylene technology, allowing China to fully master cracking technologies for light, heavy, and high-olefin raw materials [2] - The development and industrialization of high-quality caprolactam technology have expanded new application pathways for caprolactam products, enhancing the industry's self-control capabilities and supply chain security [1] - Innovations in green synthesis technology for vitamin D3 series products have filled the international gap in the chemical production of 25-hydroxyvitamin D3, establishing a complete vitamin D3 industrial chain [1] Group 3 - The collaborative enzyme catalytic system and green manufacturing technology for bio-based products have achieved low-cost, large-scale, and clean production processes for bulk chemicals [2] - New technologies for micro-nano mass transfer enhancement in large-scale multiphase reaction processes have been applied in hydrogenation and carbonylation production facilities, breaking the monopoly of international giants in multiple product areas [2] - The design and manufacturing technology of long-life large ethylene cracking reactors have significantly contributed to the safe and stable operation of major ethylene projects [2]