作 者丨周慧 编 辑丨周上祺 21君荐读 6月14日，江苏省城市足球联赛（"苏超"）第四轮，淮安主场对阵南京的比赛，以1:1的比分结 束。 10元门票，撬动3亿！"苏超"凭啥火出圈？ 21世纪经济报道记者在淮安奥体中心现场观赛，据当地政府工作人员介绍，这是淮安举办过 的最大规模的体育赛事活动。随着"苏超"的火爆出圈，相对"苏超"在淮安主场的上一场比赛， 观赛人数从一万多人直接增长到两万六千余人。 当天下午烈日暴晒，观众热情高涨，座无虚席，赛事保障秩序井然。赞助商数量也"水涨船 高"，记者在现场看到，赞助商除了江苏本土企业江苏银行、国缘V3、海澜之家、龙蟠科技， 还有包括京东、理想、喜力、佳得乐等外地品牌，其中包括在京东在内的部分赞助商是在后 期加入的。 赛事当天，也恰逢淮安市盱眙县举办龙虾节，"苏超"＋小龙虾的组合，让淮安文旅热度进一 步增加，在淮安东高铁站，关于"盐水鸭，小龙虾请你游淮安"的苏超广告牌随处可见。 SFC 视频编辑丨柳润瑛 本期编辑 刘雪莹 "苏超"的狂欢：一次扩内需的精彩"进球" ...

Core Viewpoint - The Chinese lubricating oil industry is guided by a series of government policies aimed at promoting high-end lubricating oil development and large-scale industrial growth, with a focus on green development and resource recycling. Policy History - The policy history indicates a continuous effort to guide the lubricating oil industry, emphasizing the development of synthetic base oils and recycling technologies during the "12th Five-Year Plan" period, encouraging low-temperature Fischer-Tropsch synthesis oil production during the "13th Five-Year Plan," and promoting high-quality development of the petrochemical industry in the "14th Five-Year Plan" [1]. National Policy Summary and Interpretation - The management of the lubricating oil industry is primarily reflected in the formulation of industrial policies, strategic planning, and optimization of the development environment, focusing on green development and supporting business operations [4]. Policy Details - A summary of key policies includes: - **2024.11**: Encouragement for high-end chemical manufacturing [5] - **2024.09**: Guidelines for agricultural machinery maintenance [5] - **2024.05**: Suspension of certain tariff reductions on lubricating oil products from Taiwan [5] - **2023.10**: Guidance on promoting green innovation in the refining industry [5] - **2022.08**: Establishment of a carbon emission accounting system [6] - **2021.11**: Promotion of clean production audits across various industries [6] Provincial Policy Summary - Various provinces are focusing on high-end lubricating oil development, with some also promoting high-end lubricating oil additives and foundational industries to enhance the entire lubricating oil supply chain towards high-end and green development [13]. Industrial Green Development Planning - The "14th Five-Year Plan for Industrial Green Development" aims for a 13.5% reduction in energy consumption per unit of industrial added value by 2025, with significant improvements in resource utilization and pollution reduction [10][11]. Energy Efficiency Standards - The 2023 version of the energy efficiency benchmark levels expands the scope of energy efficiency constraints, adding 11 new sectors, including the petrochemical industry, which accounts for approximately 80% of the total energy consumption in the industry [9]. Conclusion - The policies and plans outlined reflect a comprehensive approach to enhancing the lubricating oil industry in China, focusing on sustainability, innovation, and high-quality development, which are crucial for future growth and competitiveness in the global market [12][13].

Group 1: Core Insights - The core composition of lubricating oil consists of base oil and additives, where base oil is the primary component determining the fundamental properties of the lubricating oil, while additives enhance and improve the performance of base oil [1] Group 2: Changes in China's Base Oil Capacity - The rapid expansion phase of China's base oil capacity has ended, with total capacity expected to reach 21.82 million tons per year by the end of 2024, reflecting a compound annual growth rate (CAGR) of 1% from 2020 to 2024 [3] - The growth in base oil capacity is shifting towards larger-scale production and the development of higher-grade base oils, such as Class II and Class III base oils [3] - A decline in base oil capacity growth is anticipated in 2024, primarily due to the removal of ineffective capacity and the shutdown of long-idled recycling oil facilities [3] Group 3: Regional Distribution of Base Oil Capacity - In 2024, the East China region is projected to have a capacity of 8.83 million tons, accounting for 40% of the total capacity, making it a major consumption area for base oil products [5] - The East China region benefits from favorable transportation conditions, facilitating the input of raw materials and the output of products, which supports the upstream and downstream industrial chain [5] Group 4: Supply and Demand of Lubricating Oil Additives - Domestic production of lubricating oil additives has increased from 583,000 tons in 2015 to 878,000 tons in 2022, with a CAGR of 6.02% [8] - The apparent consumption of lubricating oil additives in China was approximately 950,400 tons in 2022, with an annual average growth rate of 2.24% from 2015 to 2022 [8] - Preliminary estimates suggest that by 2024, the production and consumption of lubricating oil additives in China will reach 987,000 tons and 993,500 tons, respectively [8] Group 5: Impact of Supporting Industry Layout on Lubricating Oil Development - The layout of the base oil and additive industries significantly influences the development of the lubricating oil sector, as the quality and stability of base oil supply directly affect the performance and cost of lubricating oil [10] - China's increasing base oil production and decreasing reliance on imports provide a more stable supply of raw materials, which helps stabilize costs and ensure production [10] - Continuous technological advancements in the additive industry and accelerated domestic substitution processes enhance the overall competitiveness of the lubricating oil sector [10]

投 资 策 略 2025 年 6 月 10 日 投资要点： SAC 执业证书编号： S0340518040001 电话：0769-22110925 邮箱：luliting@dgzq.com.cn 行业指数走势 研 究 证 资料来源：东莞证券研究所，同花顺 iFinD 超配（维持） 基础化工行业 2025 年中期投资策略 拨云见日终有时，关注细分领域结构性机会 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 基础化工行业 卢立亭 供需格局改善值得期待，关注细分领域结构性机会。一方面，一季 度基础化工板块在建工程规模连续两个季度环比下降，同时重要会 议明确要整治"内卷式"竞争，行业供给正逐步趋于理性。另一方 面，稳需求政策持续出台落地，下游需求改善值得期待，有望带动 基础化工行业供需格局逐步向好。细分板块来看，一是关注行业供 给端受政策约束的制冷剂板块；二是关注无糖、减糖趋势下需求端 有望保持景气的甜味剂板块；三是关注新形势下国产替代有望加速 的润滑油添加剂板块；四是关注消费品以旧换新政策加力实施下， 汽车、家电 ...

Core Insights - The report provides a comprehensive analysis of the global and Chinese food machinery lubricants market, including market size forecasts and dynamic trends from 2025 to 2031 [1][3]. Market Overview - The food machinery lubricants market is categorized into several product types, including H1, H2, and 3H lubricants, with sales growth trends projected from 2020 to 2031 [3][4]. - The market is segmented by application, covering areas such as meat processing, fruits and vegetables, confectionery, beverages, animal feed, and others [4][5]. Global Market Size Analysis - The global food machinery lubricants market is expected to see significant growth in capacity, production, and utilization rates from 2020 to 2031 [4][5]. - The report outlines the supply and demand dynamics, including production and demand trends across major regions [4][5]. Regional Analysis - The report details the production trends and market shares of food machinery lubricants across key regions, including North America, Europe, China, Japan, Southeast Asia, and India from 2020 to 2031 [4][5]. - It highlights the sales revenue and growth rates for these regions, indicating a robust market expansion [4][5]. Major Manufacturers Analysis - The report identifies key players in the food machinery lubricants market, analyzing their production capacities, sales volumes, and revenue from 2020 to 2025 [5][6]. - It includes a ranking of major manufacturers based on their revenue in 2024, providing insights into market concentration and competitive landscape [5][6]. Product Type and Application Analysis - The report presents a detailed analysis of different product types and applications, including sales volume and revenue forecasts from 2020 to 2031 [6][7]. - It discusses the pricing trends for various product types and applications, indicating market dynamics and consumer preferences [6][7]. Industry Opportunities and Challenges - The report outlines the opportunities and driving factors for the food machinery lubricants industry, as well as potential challenges and risks [8][9]. - It includes a SWOT analysis for Chinese enterprises in the sector, providing insights into competitive positioning and strategic planning [8][9].

本文核心数据：企业竞争格局;区域竞争格局;行业竞争力评价 1、中国润滑油行业整体竞争梯队 从产品技术及市场认可度情况来看，中国润滑油行业企业大致分为三个梯队。第一梯队的企业是以壳 牌、美孚等为代表的国外润滑油行业领先企业，这些企业拥有多年的润滑油生产及销售经历，其产品质 量及市场认可度较高;第二梯队是国内上市的石油企业，中国石油和中国石化，两家公司企业是石油行 业最大型的两家公司，拥有多项石油生产链的生产技术，其中公司旗下的润滑油品牌是销量最高的中国 润滑油品牌，分别是昆仑润滑油和长城润滑油：第三梯队有康普顿、统一、龙蟠、高科等，这些润滑油 品牌所属的企业均属于上市企业。 转自：前瞻产业研究院 行业主要上市公司：中国石油(601857);中国石化(600028);康普顿(603798);龙蟠科技(603906);中晟高科 (002778);统一股份(600506)等 4、中国润滑油行业企业布局 2、中国润滑油行业市场竞争格局 根据《2022-2023年中国润滑油行业白皮书》数据显示，国内润滑油市场国产品牌和国际品牌竞争较为 激烈。中国市场则形成了独特的"三足鼎立"竞争态势。其中国际代表品牌壳牌、埃克森美孚、嘉 ...

1、润滑油行业产业链 目前我国润滑油产业链上游主要为石油/原油的开采、润滑油基础油的提炼及添加剂供应;润滑油中游主 要为润滑油的生产，从使用用途来分可以分为内燃机油、齿轮油、液压油、压缩机油等;润滑油的下游 主要为工程机械、汽车、船舶运输、轨道交通等等。 转自：前瞻产业研究院 行业主要上市公司：中国石油(601857);中国石化(600028);康普顿(603798);龙蟠科技(603906);中晟高科 (002778);统一股份(600506)等 本文核心数据：润滑油行业产业链;成本结构;价值链;价格传导机制 在整个价值链中，利润通常集中在价值链的某些环节，而其他环节利润极小。从润滑油行业各个产品的 毛利率分析来看，高利润主要车用润滑油，其毛利率约在30%-45%。内燃机油毛利率在25%-40%区间 内。综合来看，汽车领域的润滑油产品毛利率相对较高。 2、润滑油生产中直接材料约占总成本超80% 中国润滑油行业中，润滑油生产的成本主要有直接材料、制造费用、直接人工、运输费等。其中根据统 一股份2024年报披露的润滑油成本结构，直接材料成本占比约为87.6%，运费成本占比为2.1%，直接人 工成本占比约为1.3 ...

作为国内润滑油行业领军企业，源根石化深耕行业多年，拥有国家级实验室、省级企业技术中心等创新平台，产品覆盖车用润滑油、工业润滑油、船舶用 油等全品类，广泛应用于汽车制造、能源、工程机械、船舶等领域。企业坚持以科技创新驱动发展，持续加大研发投入，产品远销全球多个国家和地区， 凭借卓越品质与服务，在国内外市场树立了良好口碑，未来将以此次交流为契机，进一步拓展合作领域，携手山东港口国贸开拓更广阔的发展版图。 2025年5月21日，山东省港口集团党委委员、总经理助理、山东港口国际贸易集团党委书记、董事长刘晋率队莅临山东源根石油化工有限公司（简称"源根 石化"）开展参观访问，源根石化董事长姚连志、源根国际副总经理王建玲及相关部门负责人热情接待并全程陪同。 刘晋一行依次走访企业展厅、国家级实验室、智能化生产现场，深度感受企业创新实力与生产规模，随后双方在公司三楼会议室举行座谈，围绕生产经 营、经济效益、未来战略规划等核心议题展开深入交流。 座谈会上，刘晋详细介绍，山东港口国际贸易集团作为山东港口集团全资子公司，依托一体化改革优势，锚定"国际领先金融贸易港"建设目标，以油品、 矿石等大宗商品贸易为核心，打造集贸易、金融、服务 ...

转自：前瞻产业研究院 行业主要上市公司：中国石油(601857);中国石化(600028);康普顿(603798);龙蟠科技(603906);中晟高科 (002778);统一股份(600506)等 本文核心数据：润滑油消费结构;交通用润滑油需求结构;内燃机油需求结构 1、中国润滑油消费结构 润滑油按照终端需求可以分为交通用油和工业用油两大种，其中交通用油以汽油机油和柴油机油为主， 还包含摩托车用油、船用油、铁路用油、齿轮油等;工业用油主要以液压油为主，还包含齿轮油、压缩 机油、变压器油、汽轮机油、金属加工液、导热油、冷冻机油等十几大类品种，应用在国民经济的各个 领域。我国交通用润滑油需求量占比在55%左右，工业用润滑油需求量占比在30%左右。 2、中国交通用润滑油需求结构 我国交通用润滑油总消费量主要源于汽油机油、柴油机油，其他交通用润滑油需求总体变化不大。2024 年，汽油机油、柴油机油消费量占交通用润滑油总消费量比例分别为36%、39%，车辆齿轮油需求量占 比9%。 3、中国内燃机油需求结构 内燃机油又称机油，是用于润滑发动机曲轴箱各运动元件的润滑油，机油对于发动机还有冷却和清洗作 用。中国内燃机油覆盖汽 ...

——业绩符合预期，抗老化剂行业景气触底，润滑油添加 剂放量在即 上 市 公 司 基础化工 2025 年 05 月 21 日 利安隆 (300596) 报告原因：有业绩公布需要点评 增持（维持） 投资要点： 财务数据及盈利预测 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,687 | 1,481 | 6,559 | 7,729 | 8,205 | | 同比增长率（%） | 7.7 | 9.4 | 15.3 | 17.8 | 6.1 | | 归母净利润（百万元） | 426 | 108 | 585 | 706 | 799 | | 同比增长率（%） | 17.6 | 0.7 | 37.2 | 20.6 | 13.2 | | 每股收益（元/股） | 1.86 | 0.47 | 2.55 | 3.07 | 3.48 | | 毛利率（%） | 21.2 | 21.5 | 22.4 | 21.6 | 22.5 | | ROE（%） | 9.6 | 2.4 | 11.8 | ...