纯苯苯乙烯周报：压缩利润 国泰君安期货研究所·黄天圆 投资咨询从业资格号：Z0018016 日期：2025年6月15日 Guotai Junan Futures all rights reserved, please do not reprint 淡季压缩利润，旺季小反弹 1. 端午节后，原油大幅上涨，支撑苯乙烯绝对价格估值。 2. 5月开始了一轮来自终端贸易商补库形成的淡季正反馈，当前苯乙烯下游中PS>EPS>ABS，PS改善最为明显。产 业链上游液体隐性库存逐步去化，转移到下游固体塑料粒子。ABS受到家电拖累，整体表现一般。PS下游库存 结构快速转好，工厂库存压力逐步降低，并且原料备货并不多，当前反而是下游中最好的。EPS工厂目前接到 618订单不多，成品库存偏高，但是实际压力并不大，超卖为主。当前家电企业实际的备货情况也一般。终端 需求处于低预期、低备货的格局，和年初刚好相反。这决定了今年的金九银十的反弹仍然存在。 3. EB高利润逐步刺激高供应，小装置逐步重启；区域物流改变，港口加速累库。周内部分小产能装置、僵尸产 能开始陆续讨论重启计划，华东某POSM工厂6月中旬大概率也会出料，苯乙烯供应在高利润刺 ...

人民网沈阳6月13日电 （殷韬）6月9日至13日，外交部组织来自13个国家的18位驻华使节、外交官 和代表赴辽宁，举办以"辽宁石化 链接全球"为主题的"驻华使节地方行"活动。 辽宁作为中国重要的石化产业基地，具有丰富的资源禀赋和深厚产业基础。近年来，辽宁在石化行 业转型升级中取得了显著成效，吸引国际关注。在此次活动中，使节团来到工业园区实地调研，进入工 厂近距离观察，这不仅让各国使节全方位了解辽宁石化产业规模化、绿色化、高端化、集群化的发展之 路，更为中外石化产业的合作和发展搭建了重要平台，创造国际合作新机遇。 大连的长兴岛是东北石化产业的一张名片，坐落于此的恒力石化产业园更是其中的一颗明星。它是 全球PTA（对苯二甲酸）产能最大的基地之一，其工艺技术和装置能效水平处于行业领先地位，是首批 国家级绿色工厂。马来西亚驻华使馆公参王程星表示，马来西亚每年能生产数量可观的化工原料，"我 们希望能在产业链的上、中、下游有更进一步的发展，我们十分期待与中国企业在生产技术、延长生产 线、绿色转型等方面的合作。"比利时驻华使馆公参姚婷娜在参观后感叹中国石化产业的蓬勃发展，并 期待两国能在石化产业开展进一步合作。 6月10日 ...

Core Viewpoint - The event "Liaoning Diplomats' Visit" aimed to promote Liaoning's petrochemical and fine chemical industries, enhancing international understanding of China's Northeast revitalization strategy and the integration of its petrochemical sector into the global supply chain [1][2]. Group 1: Event Overview - The Ministry of Foreign Affairs organized a visit for 18 diplomats and business representatives from 13 countries to Liaoning from June 9 to 13, focusing on the theme "Liaoning Petrochemicals Link to the World" [1]. - The "Local Diplomats' Visit" series is part of a broader initiative to leverage diplomatic resources for high-quality development and international cooperation [1]. Group 2: Industry Promotion - The visit highlighted Liaoning's advantages in the petrochemical and fine chemical industries, showcasing its role as a significant petrochemical base in China [1]. - The delegation visited key industrial parks and companies, including the Changxing Island Fine Chemical Innovation Park and several major petrochemical firms, to experience the strengths of Liaoning's petrochemical sector [2]. Group 3: Industry Development Insights - Representatives noted that Liaoning's fine chemical industry is diverse and has made significant progress in areas such as catalysts, electronic chemicals, and new chemical materials [2]. - The delegation expressed intentions to strengthen communication and cooperation among industry players in Liaoning, aiming for shared opportunities and mutual benefits [2].

Core Insights - The event "Liaoning Provincial Petrochemical and Fine Chemical Industry Exchange Conference" was held in Shenyang, focusing on the transformation and upgrading of the petrochemical industry and exploring new paths for international cooperation [1][3]. Group 1: Industry Overview - Liaoning province, known as the cradle of China's petrochemical industry, has a crude oil processing capacity of 130 million tons per year, ranking second in the country [3]. - The province has established 32 recognized chemical parks, with an expected revenue of approximately 700 billion yuan in 2024, accounting for 70% of the petrochemical industry's total revenue [3]. - Key chemical parks such as Panjin Liaobin Economic Development Zone and Dalian Changxing Island have been recognized among the top 30 high-quality development chemical parks in the country [3]. Group 2: International Cooperation - Diplomats from 13 countries, including Guyana, Argentina, and Malaysia, attended the conference, expressing interest in deepening cooperation and achieving complementary advantages in the industrial chain [4]. - The event featured presentations from key petrochemical cities like Fushun and Liaoyang, showcasing their industrial advantages and investment environments [5]. - The conference aimed to facilitate closer connections between foreign diplomats and Liaoning enterprises, promoting opportunities for collaboration in the petrochemical sector [5].

Core Viewpoint - The visit of diplomats from 13 countries to Liaoning Petrochemical highlights China's advancements in the petrochemical industry, focusing on high-end, intelligent, and green transformation practices [1][3]. Group 1: Industry Development - Liaoning is one of China's seven major petrochemical industry bases, with Dalian Changxing Island being a representative site for the development of the northeastern petrochemical industry [1]. - The Hengli Petrochemical Industrial Park exemplifies a complete industrial chain model, connecting refining to chemical production, showcasing a "from a drop of oil to a piece of cloth" approach [1]. - The region is actively promoting the development of high-value-added industries such as fine chemicals and new chemical materials to address the challenges of the petrochemical sector [4][6]. Group 2: Environmental Practices - The visit included a tour of a wastewater treatment facility, demonstrating the integration of modern industrial practices with environmental protection, featuring advanced technologies that purify wastewater to a chemical oxygen demand of below 15 mg/L [3][4]. - The facility's design incorporates green spaces and showcases the use of treated water for ecological purposes, reflecting a commitment to sustainable practices [3][4]. Group 3: International Cooperation - The visit fostered discussions on deepening cooperation between China and countries like Argentina and Pakistan in the petrochemical sector, with diplomats expressing interest in China's achievements and potential collaboration opportunities [3][8]. - The ongoing project between Saudi Aramco and Chinese enterprises, with an investment of 83.7 billion yuan, signifies the importance of international partnerships in the evolving petrochemical landscape [8].

Group 1 - ADNOC's subsidiary signed a logistics agreement worth $531 million with Borouge to optimize maritime logistics and enhance the export capacity of UAE's petrochemical products [2][3] - The agreement includes a 15-year contract with a total value of 19.5 billion dirhams, expected to save Borouge nearly $50 million over five years [2] - ADNOC L&S will transport up to 70% of Borouge's annual production, with destinations including Khalifa Port in Abu Dhabi and Jebel Ali Port in Dubai [2] Group 2 - Borouge's ongoing polyolefin project, Bourouge4, is expected to significantly increase its production capacity to 6.4 million tons, making it the largest single-site polyolefin complex globally [3] - ADNOC Gas announced a $5 billion contract for the Rich Gas Development project, aimed at expanding capacity and enhancing natural gas self-sufficiency in the UAE [4][5] - The project will involve the expansion of four gas facilities, with contracts awarded to various companies, including Wood and Petrofac [4]

Group 1 - The event "Local Tour of Diplomats" organized by the Ministry of Foreign Affairs involved 18 diplomats from 13 countries, including Argentina and Guyana, focusing on the theme "Liaoning Petrochemicals Linking the World" [2] - Argentine Ambassador Ma Zhi Yuan expressed high appreciation for the development of Liaoning's petrochemical industry, highlighting the potential for future cooperation between China and Argentina [2] - The ambassador noted the advanced technology used in the industrial park and the effective environmental protection measures in place during production [2] Group 2 - The ambassador emphasized the significant potential for cooperation in the energy sector, particularly in shale oil, given Argentina's rich oil and gas resources [2] - During a visit to the Xianren Island Port area, the ambassador discussed the cooperation between China and Argentina in port operations, mentioning COSCO's important business activities in Argentina [3] - Argentina's open economic policies are favorable for port investment and cooperation, and the country officially joined China's Belt and Road Initiative in 2022, indicating broader collaboration opportunities [3]

Core Viewpoint - The Guangxi Zhuang Autonomous Region's ecological environment department has issued a revised management method for environmental impact assessment (EIA) to strengthen the preventive role of EIA and ensure strict approval for high-pollution projects, aligning with national goals for sustainable development and environmental protection [1][3]. Group 1: Environmental Impact and Regulatory Changes - The approval authority for EIAs of high-pollution industries such as thermal power, steel, non-ferrous metal smelting, and petrochemicals has been centralized to provincial ecological environment departments, reflecting a trend seen in other provinces like Hebei and Qinghai [1][3]. - The "14th Five-Year Plan" mid-term evaluation report indicates that key environmental indicators, including energy consumption per unit of GDP and CO2 emissions per unit of GDP, are lagging behind expectations, highlighting the environmental risks associated with rapid industrial growth in these sectors [2][3]. Group 2: Balancing Economic Development and Environmental Protection - The centralization of EIA approval is not merely a transfer of power but a pragmatic measure to balance strict environmental regulation with local economic development needs, ensuring that high-pollution projects do not proceed unchecked [3]. - The need for clear approval standards and a negative list is emphasized to provide local governments with development space while maintaining strict ecological boundaries [3][4]. Group 3: Capacity Building and Systematic Approach - The delegation of EIA approval for projects with lower environmental risks to local levels is part of a broader reform aimed at improving regulatory efficiency, contingent on local authorities having adequate oversight capabilities [4]. - Strengthening local environmental protection capabilities through training and technical support is crucial for effective implementation of the new EIA management system [4]. - A systematic approach to environmental governance is necessary to avoid oversimplification in regulatory practices, ensuring a balanced and effective management system that supports sustainable development [4].

Core Viewpoint - The establishment of the methanol-naphtha coupling project by Fuhai Tangshan Petrochemical Co., Ltd. marks a significant development in the petrochemical landscape of the Beijing-Tianjin-Hebei region, with a total investment of 34.56 billion yuan and an annual ethylene production capacity of 1 million tons [2][3]. Group 1: Project Overview - The project is one of the largest single investments in the chemical sector in Hebei province, featuring advanced methanol-naphtha coupling technology that overcomes traditional petrochemical process limitations [2]. - The project is designed in two parts: the methanol-naphtha coupling section will produce 350,000 tons of ethylene annually, while the light hydrocarbon cracking section will produce 650,000 tons of ethylene annually [3]. Group 2: Technological Innovation - The methanol-naphtha coupling technology, developed in collaboration with the Dalian Institute of Chemical Physics, allows for efficient heat utilization and increases olefin yield while reducing energy consumption [2]. - This technology provides two main advantages: it reduces dependence on imported crude oil, aligning with national energy security strategies, and offers cost stability as methanol prices are less volatile compared to naphtha [2]. Group 3: Industry Impact - The project aims to fill the domestic high-end product gap in α-olefins and polyolefin elastomers (POE), which have been dominated by foreign companies [3]. - The project will enhance the industrial chain by producing high-barrier resins, photovoltaic film materials, and new polyester materials, creating a complete value chain from basic olefins to end applications [3]. Group 4: Regional Development - The project will address the ethylene production gap in Hebei province, supporting the goal of achieving 4 million tons of ethylene by 2030 [3]. - It will activate industrial synergy by forming a circular economy with nearby industries, utilizing by-products and waste heat to create an integrated "oil-coal-chemical-electricity" model [3][4]. - The project will enhance the regional energy level by leveraging the existing infrastructure at Caofeidian, establishing it as a chemical trade distribution center in northern China [4].

Core Viewpoint - Hengli Petrochemical Co., Ltd. has announced a cash dividend distribution of 0.45 CNY per share, totaling approximately 3.17 billion CNY, approved at the annual general meeting on May 8, 2025 [2][3]. Dividend Distribution Details - The cash dividend of 0.45 CNY per share will be distributed based on a total share capital of 7,039,099,786 shares [3]. - Key dates for the dividend distribution include: - Record date: June 18, 2025 - Last trading day: June 19, 2025 - Ex-dividend date: June 19, 2025 [2][3]. Implementation Method - The cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [3]. - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [3]. Taxation Information - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax. For those holding shares for one month or less, 50% of the income is included in taxable income [5][6]. - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a net dividend of 0.405 CNY per share [6]. - Hong Kong investors will also receive a net dividend of 0.405 CNY per share after a 10% withholding tax [6]. Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the Board Office at 0411-39865111 [7].