Core Viewpoint - The provincial fire rescue team conducted a cross-regional testing exercise in Dalian to enhance firefighting capabilities in the petrochemical sector, involving multiple teams and advanced technology [1] Group 1: Exercise Overview - The exercise involved 245 firefighters, 50 fire trucks, 5 robots, and 8 drones from Dalian and Yingkou [1] - The testing was divided into two phases: "live-action training + real scene testing" [1] Group 2: Live-Action Training Phase - The live-action training simulated an explosion and fire at a petrochemical enterprise, utilizing three chemical teams categorized as "2 heavy 1 light" [1] - Four units were established for the training: offensive firefighting, cooling and controlling fire, communication support, and logistical support [1] - A total of 12 training subjects were conducted, focusing on close-quarters firefighting and robot-assisted operations [1] Group 3: Real Scene Testing Phase - The real scene testing simulated actual fire scenarios, focusing on four aspects and seven subjects for comparative testing [1] - The aim was to enhance the operational effectiveness of vehicles and equipment in combating complex petrochemical fires [1] Group 4: Future Plans - The provincial fire rescue team plans to improve training content based on the test results, enhancing the firefighters' ability to utilize extinguishing agents and equipment effectively [1] - The goal is to further elevate the level of petrochemical fire response capabilities [1]

Company Overview - Zhongmi Holdings (SZ 300470) announced that on November 7, 2025, it will accept investor research from Zhongtai Asset Management and others, with the company’s board secretary Shen Xiaohua participating in the reception and addressing investor inquiries [1] Revenue Composition - For the first half of 2025, Zhongmi Holdings' revenue composition is as follows: Equipment manufacturing (main engine factory) accounts for 44.94%, petrochemicals for 22.0%, rubber and plastic sealing industry for 12.73%, coal chemical industry for 7.47%, special valves industry for 7.14%, and others for 5.71% [1]

Core Viewpoint - The pure benzene market in Shandong experienced slight fluctuations this week, with a minor price decline of 0.19% from 5212 CNY/ton to 5202 CNY/ton by the end of the week [2][3]. Market Analysis - The price of pure benzene at Sinopec's East and South China refineries was reduced by 150 CNY/ton, now set at 5300 CNY/ton. The market is currently characterized by weak stability, with local refineries in Shandong facing poor sales and subsequently lowering their prices [3]. - Overall, the consumption side of pure benzene is showing weakness, leading to a general lack of trading activity in the market [3]. Downstream and Future Predictions - On November 6, international crude oil futures saw a decline, with WTI crude oil settling at 59.43 USD/barrel, down by 0.17 USD or 0.3%, and Brent crude oil at 63.38 USD/barrel, down by 0.14 USD or 0.2% [4]. - The external market for pure benzene on November 6 showed a decrease in FOB Korea by 4 to 646 USD/ton and CFR China down by 3 to 664 USD/ton. Conversely, FOB Rotterdam increased by 1 to 675 USD/ton, and FOB US Gulf rose by 1 to 246 cents/gallon [4]. - The short-term outlook for pure benzene prices is expected to remain slightly volatile, with cautious trading as market participants await updates on cost and demand factors. Continuous monitoring of crude oil prices, external market trends, and changes in downstream demand will be crucial for assessing the impact on pure benzene prices [4].

Core Points - China Petroleum & Chemical Corporation (Sinopec) has been actively repurchasing its shares, with a total of 3.172 million shares bought back on November 7 at a price range of HKD 4.250 to HKD 4.300, amounting to HKD 13.57 million [1] - The stock closed at HKD 4.290 on the same day, reflecting a 0.94% increase, with a total trading volume of HKD 478 million [1] - Since October 30, the company has conducted share repurchases for seven consecutive days, totaling 26.324 million shares and a cumulative repurchase amount of HKD 110 million, with the stock rising 1.66% during this period [1] Repurchase Details - The company has executed 31 share repurchase transactions this year, totaling 215 million shares and a cumulative repurchase amount of HKD 982 million [1] - Detailed repurchase data includes: - November 7: 317.20 thousand shares at a maximum price of HKD 4.300 and a minimum price of HKD 4.250, totaling HKD 13.57 million [1] - November 6: 239.80 thousand shares at a maximum price of HKD 4.230 and a minimum price of HKD 4.200, totaling HKD 10.11 million [1] - November 5: 292.80 thousand shares at a maximum price of HKD 4.220 and a minimum price of HKD 4.170, totaling HKD 12.27 million [1] - November 4: 514.80 thousand shares at a maximum price of HKD 4.280 and a minimum price of HKD 4.200, totaling HKD 21.84 million [1] - November 3: 425.00 thousand shares at a maximum price of HKD 4.230 and a minimum price of HKD 4.150, totaling HKD 17.84 million [1] - November 2: 365.20 thousand shares at a maximum price of HKD 4.170 and a minimum price of HKD 4.110, totaling HKD 15.12 million [1] - October 30: 477.60 thousand shares at a maximum price of HKD 4.220 and a minimum price of HKD 4.100, totaling HKD 19.72 million [1]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has been actively repurchasing its shares, indicating a strategy to enhance shareholder value and confidence in its stock performance [2] Summary by Category Share Buyback Activity - On November 7, Sinopec repurchased 3.172 million shares at a price range of HKD 4.250 to HKD 4.300, totaling HKD 13.5673 million [2] - The stock closed at HKD 4.290 on the same day, reflecting a 0.94% increase, with a total trading volume of HKD 478 million [2] - Since October 30, the company has conducted buybacks for seven consecutive days, acquiring a total of 26.324 million shares for a cumulative amount of HKD 110 million, with the stock rising 1.66% during this period [2] Year-to-Date Buyback Summary - Year-to-date, Sinopec has executed 31 buyback transactions, repurchasing a total of 215 million shares for a total expenditure of HKD 982 million [2] Detailed Buyback Data - A detailed table of buyback activities shows the number of shares repurchased, highest and lowest prices, and total amounts for each transaction, highlighting significant buyback days such as August 22, where 67.624 million shares were bought at a total cost of HKD 297.7214 million [2]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) executed a block trade on November 7, with a transaction volume of 650,000 shares and a transaction value of 3.6465 million yuan, at a price of 5.61 yuan per share [2] Group 1: Trading Details - The block trade was conducted by Guohai Securities Co., Ltd. Nanning Qifeng Road Securities Business Department as the buyer and Shenwan Hongyuan Securities Co., Ltd. Securities Investment Headquarters as the seller [2] - The closing price of Sinopec on the same day was 5.61 yuan, reflecting an increase of 1.08% [2] - The daily turnover rate for Sinopec was 0.16%, with a total transaction amount of 842 million yuan and a net inflow of main funds amounting to 53.4997 million yuan [2] Group 2: Recent Performance - Over the past five days, Sinopec's stock has increased by 2.56%, with a total net inflow of funds amounting to 132 million yuan [2] - The latest margin financing balance for Sinopec is 1.524 billion yuan, showing a decrease of 1.294 million yuan over the past five days, which is a decline of 0.08% [2]

Report Overview - The report is a weekly data report on the energy and chemical sector, including the polyester and methanol segments, released by New Era Futures Research on November 7, 2025 [1][2][4][30] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - In the short - term, the PX supply pressure is not significant, the PTA supply is expected to tighten, and their盘面 performance is relatively strong, but the demand - side drive is insufficient, limiting the rebound space. The supply of ethylene glycol is expected to increase slightly, and with rigid demand, it has insufficient rebound momentum and is expected to fluctuate at a low level. In the long - term, the demand drive is insufficient, and supply changes dominate the market rhythm. In the fourth quarter, the polyester sector shows a differentiated trend, with PX and PTA being relatively strong and ethylene glycol being under pressure. For methanol, in the short - term, the high - supply and high - inventory situation continues, MTO is continuously losing money, and the main demand support weakens, so it may fluctuate in the bottom range. In the long - term, the inflection point of port inventory is the core point, and if the medium - and long - term signals are positive, methanol has the basis for a stable rebound [28][47] 3. Summary According to Related Catalogs 3.1 Macro and Crude Oil Important News - Saudi Aramco lowered the official selling price (OSP) for Asian customers in December, indicating a cautious attitude towards the crude oil demand outlook. OPEC+ will maintain the production increase rhythm in December but suspend the increase plan in the first three months of 2026. The US sanctions on Russian oil companies have led to a significant reduction in Russia's crude oil exports to India. US commercial crude oil inventories increased due to a large increase in imports, while gasoline inventories continued to decline [5][6] 3.2 Futures and Spot Prices - WTI crude oil futures prices decreased by 1.34% week - on - week, while naphtha spot prices increased by 0.54%. PX601 futures prices increased by 6.96%, and PX CFR in Taiwan increased by 1.19%. TA601 futures prices increased by 2.58%, and PTA spot benchmark prices increased by 0.22%. EG601 futures prices decreased by 2.68%, and ethylene glycol's East China mainstream price decreased by 4.03%. PF512 futures prices increased by 1.12%, and polyester staple fiber's East China mainstream price decreased by 0.55%. PR601 futures prices increased by 0.75%, and polyester bottle chip's East China mainstream price increased by 0.17% [9] 3.3 Supply - side Analysis 3.3.1 PX - Dalian Fujia's 70 - ton device restarted and ran at full capacity, and another 70 - ton device is planned to restart next week. As of November 7, the domestic PX weekly average capacity utilization rate was 89.03%, a 1.25% increase from last week, and the PX output was 74.67 tons, a 1.25% increase [13] 3.3.2 PTA - Dongying Weilian reduced its load, Yisheng Dahua increased its load after reduction, Dushan Energy's old 250 - ton device was under maintenance after the new 300 - ton device was put into production, and Xinjiang Zhongtai's 120 - ton device restarted. As of November 7, the domestic PTA weekly capacity utilization rate was 77.69%, a 0.69 - percentage - point decrease from last week, and the weekly output was 148.483 tons, a 3.45 - ton increase. PTA social inventory increased slightly. Under low processing fees, large PTA manufacturers have maintenance expectations, but the implementation needs attention [14] 3.3.3 Ethylene Glycol - Fujian United restarted, Sanjiang Chemical increased its load, and some devices were under maintenance. As of November 7, the domestic ethylene glycol weekly average capacity utilization rate was 65.88%, a 0.04 - percentage - point increase. Coal - based devices are planned to restart, and the domestic supply is expected to increase slightly. Port inventory increased, but the inventory accumulation rhythm may slow down [15][16] 3.3.4 Methanol - As of November 6, the methanol production start - up rate was 87.79%, a 1.18 - percentage - point increase, and the domestic output was 199.2 tons, a 1.37% increase. This week, the total restored production capacity was about 2.91 million tons/year, and the total lost production capacity was about 2 million tons/year. Next week, the planned restored production capacity is about 1.6 million tons/year, with no new maintenance plans [39][40] 3.4 Demand - side Analysis 3.4.1 Polyester - The weekly average start - up rate of the polyester end was 87.8%, a 0.26 - percentage - point increase. Polyester staple fiber and filament inventories decreased slightly. New device production was postponed, and large - scale maintenance was postponed. Next week, polyester device changes are limited, and production is expected to increase slightly. Weaving orders decreased, and procurement was mainly rigid [17][20] 3.4.2 Methanol - The MTO start - up rate continued to decline, and Shandong Hengtong entered maintenance. Traditional downstream industries entered the off - season, and the overall start - up rate decreased, with weak demand support [43] 3.5 Inventory Analysis 3.5.1 PTA - As of November 6, PTA factory inventory was available for 4.09 days (a 0.06 - day increase), polyester factory PTA inventory was 6.10 days (a 0.35 - day decrease), and PTA social inventory was about 316.08 tons (a 2.53 - ton increase) [14] 3.5.2 Ethylene Glycol - As of November 6, the East China port inventory was 56.4 tons, a 6.5 - ton increase from last Thursday and a 5.3 - ton increase from Monday [16] 3.5.3 Methanol - As of November 5, the port inventory was 151.71 tons, a 1.06 - ton increase, and the inland inventory was 38.64 tons, a 1.03 - ton increase. The port inventory increased slightly due to the unmet unloading expectations, and the inland inventory continued to increase due to high supply and reverse flow of port goods [46] 3.6 Strategy Recommendations 3.6.1 Polyester Sector - Short - term: PX supply pressure is not significant, PTA supply is expected to tighten, and the disk is relatively strong, but the demand - side drive is insufficient, and the rebound space is limited. Ethylene glycol may fluctuate at a low level. Long - term: The demand drive is insufficient, and the supply change dominates the market rhythm. PX and PTA are relatively strong, and ethylene glycol is under pressure [28] 3.6.2 Methanol - Short - term: The high - supply and high - inventory situation continues, MTO is continuously losing money, and methanol may fluctuate in the bottom range. Long - term: Focus on the port inventory inflection point and the import reduction caused by Iran's gas restriction. If the long - term signal is positive, methanol has the basis for a stable rebound [47] 3.7 Next Week's Concerns - For the polyester sector, concerns include the change in the Russia - Ukraine situation, macro - market sentiment, and the operation of upstream and downstream devices. For methanol, concerns include high - inventory pressure, the recovery of maintenance devices, and macro - market sentiment [29][48]

Core Insights - The project led by Huanyu Beijing Company has reached a critical phase with the successful operation of the 9 cracking furnace after 72 hours of rigorous performance testing, showcasing the company's proprietary ethylene technology in industrial upgrades [1] - The 9 cracking furnace, a key component of the project, has an annual ethylene production capacity of 140,000 tons and features advanced design elements that enhance heat transfer efficiency and reaction selectivity while significantly reducing the risk of coking [1] - The comprehensive energy consumption of the cracking furnace ranks among the best in the country, and its environmental indicators exceed national standards [1]

Core Viewpoint - The company has significantly increased the yield of transformer oil base oil through technical optimizations and operational improvements, responding to the rising market demand driven by accelerated domestic power infrastructure construction [1][2]. Group 1: Production Enhancements - The yield of transformer oil components from the first set of atmospheric distillation units has increased from 10.5% to approximately 12%, enhancing raw material utilization [1]. - The hydrogenation treatment unit has doubled its output of transformer oil base oil since July, with the product yield rising from 8% to around 20%, achieving a historical high [2]. Group 2: Technical Innovations - The company has implemented a series of technical measures, including optimizing operational parameters and introducing a new refining process to efficiently recover previously underutilized transformer oil components [1]. - The second set of precision distillation units focuses on controlling raw material properties and optimizing operational processes to maximize the utilization of effective components during production [1]. Group 3: Market Impact - The company has established a normalized production increase model for transformer oil base oil, ensuring stable production capabilities across the entire supply chain from raw material assurance to product delivery [2]. - The continuous supply of qualified transformer oil base oil is filling market gaps and providing solid energy support for domestic power infrastructure construction, emphasizing the company's commitment to "increased production without quality degradation" [2].

Investment Rating - The report maintains an "Outperform" rating for the chemical industry [3] Core Views - The macroeconomic data indicates a decline in the PMI to 49.0%, a decrease of 0.8 percentage points from the previous month. The main raw material purchasing price index also decreased by 0.7 percentage points [5][27] - The report highlights the need for the chemical industry to focus on high-end, green, intelligent, and circular development as emphasized in the recent policy recommendations from the Communist Party of China [5][51] - Investment strategies suggest focusing on sectors such as coal chemical, fluorochemical, phosphate and phosphorus chemical, and potassium fertilizer [5][61] Summary by Sections Macroeconomic Data - The October PMI is at 49.0%, down 0.8 percentage points from last month. The main raw material purchasing price index is at 52.5%, down 0.7 percentage points [27] - The PPI for September shows a year-on-year decline of 2.3%, with the decline narrowing by 0.6 percentage points from the previous month [5][27] - Fixed asset investment in the chemical raw materials and chemical products manufacturing sector saw a year-on-year decline of 5.6% in September, widening from the previous month [27] Downstream Industry Performance - In September, the export value of textile yarns and fabrics increased by 6.4% year-on-year, while the export value of household appliances decreased by 9.6% [42] - The production of new energy vehicles decreased by 2.4% year-on-year, while automobile production increased by 3.2% [42] Investment Recommendations - The report suggests focusing on the SW coal chemical, SW fluorochemical, SW phosphate and phosphorus chemical, and SW potassium fertilizer sectors for potential investment opportunities [61][62] - Recommended ETF: Penghua CSI Sub-Sector Chemical Industry Theme ETF (159870.SZ) [62]