证券研究报告 2 ◼ 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2636元/吨，环比+122元/吨（环比+5%）；国 外重点大炼化项目本周价差为1219元/吨，环比+67元/吨（环比+6%）。 ◼ 【聚酯板块】本周POY/FDY/DTY行业均价分别为6521/6696/7786元/吨，环比分别-121/-100/-89元/吨， POY/FDY/DTY行业周均利润为126/-24/102元/吨，环比分别+4/+18/+25元/吨，POY/FDY/DTY行业库存为 16.8/26.1/31.5天，环比分别+3.2/+2.0/+2.6天，长丝开工率为91.1%，环比-0.0pct。下游方面，本周织机开工 率为64.1%，环比+0.0pct，织造企业原料库存为10.2天，环比-1.9天，织造企业成品库存为25.8天，环比-0.2天。 ◼ 【炼油板块】国内成品油:本周汽油/柴油/航空煤油价格下跌。美国成品油:本周美国汽油/柴油/航煤价格下跌。 ◼ 【化工板块】本周PX均价为787.6美元/吨，环比-16.0美元/吨，较原油价差为332.2美元/吨，环比+4.3美元/吨， PX开工率为87.5%，环比-0 ...

Investment Rating - The industry investment rating is "Positive" as indicated by the report's outlook on the refining sector [153]. Core Insights - The report highlights an increase in demand for winter thermal fabrics, leading to a slight improvement in long filament profitability [2]. - The Brent crude oil average price for the week ending October 17, 2025, was $62.37 per barrel, reflecting a decrease of 4.26% from the previous week [2]. - The domestic key refining project price difference was 2425.56 CNY/ton, with a week-on-week increase of 21.37 CNY/ton (+0.89%) [3]. - The report notes that the international oil price experienced fluctuations due to trade tensions and economic concerns, impacting the overall market sentiment [14]. Summary by Sections Refining Sector - The report discusses the impact of U.S.-China trade tensions on oil prices, with Brent and WTI prices at $61.29 and $57.54 per barrel respectively, showing declines of $1.44 and $1.36 from the previous week [14]. - Domestic refined oil prices have slightly decreased, but the price differentials have improved [14]. - The report tracks the stock performance of six major refining companies, with notable declines in stock prices for several companies over the past week [140]. Chemical Sector - The chemical products in the petrochemical downstream faced price declines due to weak cost support, with polyolefin prices showing slight fluctuations [2]. - EVA demand remains weak, leading to price adjustments and a slight narrowing of price differentials [2]. - The report indicates that pure benzene prices have slightly decreased, but price differentials have improved [2]. Polyester & Nylon Sector - The report notes a decrease in polyester chain product prices due to weak cost support, with PX, MEG, and PTA prices all declining [89]. - The demand for polyester long filaments has increased due to colder temperatures in northern regions, although prices have slightly decreased [110]. - Nylon fiber prices have also shown weakness, with average prices for POY, FDY, and DTY all declining [120].

据悉，富乙烷装置作为盘锦北燃推动产业结构优化、提升资源综合利用效率的重点项目，由年产33万吨 富乙烷气提浓单元和年产26万吨低分气脱重单元组成。装置以焦化干气、轻烃气、低分气等作为原料， 构建起稳定高效的原料供应体系。项目投产后，预计每年可产出高品质富乙烷气33万吨，产品将作为优 质原料，为企业拓展高端市场、增强产业链协同奠定坚实基础。 此次富乙烷装置一次开车成功，是盘锦北燃在企业高质量发展道路上的重要实践。该项目顺利运行，不 仅体现了该公司在工艺技术、生产管理和安全环保等方面的综合实力，也标志着该公司在炼化一体化布 局中取得关键进展，为进一步优化资源配置、延伸产业链条、提升整体竞争力提供有力支撑。 图为装置开工现场。 中化新网讯 近日，盘锦北方沥青燃料有限公司富乙烷装置实现一次开车成功。装置运行平稳，各项工 艺参数正常，产品品质全部达标，标志着该装置正式投入生产运行。 ...

Group 1 - The National Development and Reform Commission has issued the "Special Management Measures for Central Budget Investment in Energy Conservation and Carbon Reduction," which supports key industries in energy conservation, clean coal consumption alternatives, and carbon neutrality initiatives [1] - Companies in traditional high-energy-consuming industries, such as paper and textiles, are accelerating energy conservation and carbon reduction transformations through technological upgrades and energy alternatives [1][2] - Xianhe Co., Ltd. is advancing a sustainable development model by integrating forestry and paper production, establishing a complete industrial chain, and exploring new plant-based raw materials [1] Group 2 - In the chemical and materials sector, Rongsheng Petrochemical Co., Ltd. is optimizing its refining and chemical integration facilities to achieve significant energy savings and emissions reductions [2] - The "Management Measures" also support energy conservation transformations in infrastructure such as heating and data centers, providing green transition opportunities for high-energy consumption scenarios [2] - Dongfang Risen New Energy Co., Ltd. is integrating photovoltaic and energy storage technologies to enhance energy management in industrial parks, thereby reducing overall carbon emissions [2] Group 3 - The dual drivers of policy promotion and market demand are expected to make energy conservation and carbon reduction transformations a new growth engine [3] - Continuous innovation in energy-saving, energy storage, and carbon capture technologies, along with the integration of green finance and digital methods, will broaden the transformation paths for companies [3] - Companies that proactively innovate and enhance industrial collaboration will gain a competitive edge in the wave of energy conservation and carbon reduction [3]

Core Viewpoint - The article discusses the cultural clash between Chinese workers and Saudi labor practices in the context of large-scale construction projects in Saudi Arabia, highlighting the differences in work ethics, labor conditions, and the impact of local regulations on foreign labor [2][3][4]. Group 1: Labor Dynamics - Saudi Arabia has approximately 15.7 million foreign residents, making up 44.4% of the total population, with foreign labor being crucial to the economy [3]. - Chinese workers in Saudi Arabia often work over 12 hours a day under extreme conditions, earning around 28,000 RMB per month, which is double the domestic salary for similar positions [5][6]. - The work culture in Saudi Arabia is influenced by religious practices, with local employees adhering to a more relaxed schedule, including multiple prayer breaks and shorter working hours during Ramadan [6][7]. Group 2: Wage Disparities - The article highlights a significant wage gap based on nationality, with Western experts earning up to five-digit salaries in USD, while experienced Chinese engineers earn between 3,000 to 8,000 USD per month [11]. - South Asian workers earn significantly less, with monthly salaries ranging from 200 to 600 USD, illustrating a stark contrast in living conditions and opportunities based on nationality [11][10]. Group 3: Cultural Integration Challenges - The "Kafala" sponsorship system in Saudi Arabia creates a divide between local and foreign workers, limiting the autonomy of foreign laborers [9][10]. - Chinese companies are adapting by localizing their workforce and respecting local customs, such as prayer times, to improve integration and productivity [17][18]. Group 4: Business Environment - Business operations in Saudi Arabia heavily rely on personal networks and relationships, making it essential for foreign companies to establish local partnerships to succeed [14][15]. - The article emphasizes the need for Chinese companies to adapt their business strategies to the local context, moving away from a purely efficiency-driven approach to one that respects local customs and practices [22][21].

Core Viewpoint - The petrochemical industry index in China showed slight upward movement, with a 0.2% increase, driven by leading stocks such as Xingfa Group, Jinhai Technology, and Hongbang Bio [1] Industry Summary - The petrochemical ETF (159731) has seen a rebound after hitting a low, with net inflows exceeding 4 million yuan over four consecutive trading days, indicating strong investment value [1] - Shengwan Hongyuan Securities predicts a recovery in polyester market conditions, with an expected upward shift in profit margins due to improved supply and demand dynamics [1] - Oil prices are expected to stabilize, leading to improved cost conditions for refining companies, especially as overseas refineries exit the market and domestic operating rates remain low, creating favorable competition for leading refining firms [1] - The ethane market in the U.S. remains loose, with high seasonal prices for ethane declining, which supports continued profitability for the ethylene production route [1] - The oil price decline is limited, and oil companies are enhancing operational quality to mitigate risks associated with falling oil prices [1] - The upstream exploration and development sector remains robust, with offshore capital expenditures expected to stay high, positively impacting offshore oil service companies' performance [1] Company Summary - The petrochemical ETF (159731) and its linked funds (017855/017856) closely track the China petrochemical industry index, with the basic chemical industry accounting for 61.93% and the oil and petrochemical industry for 30.84% of the index [1] - The top ten weighted stocks in the index include Wanhua Chemical, China Petroleum, Salt Lake Potash, Sinopec, CNOOC, Juhua Co., Zangge Mining, Jinhai Technology, Hualu Hengsheng, and Baofeng Energy, collectively representing 55.12% of the index [1]

Core Insights - Jiangsu's economy demonstrates robust growth, with a projected GDP of 13.7 trillion yuan in 2024, leading the nation in growth increment [3] - The province's manufacturing sector is significant, contributing approximately 14% to the national manufacturing value added [3] - Jiangsu's industrial structure is evolving, with strategic emerging industries accounting for 41.8% of the industrial output in 2024, and high-tech industries surpassing 50% for the first time [3] Economic Strength - Jiangsu's GDP growth rate is projected to be the highest in the country, with a manufacturing value added of 4.66 trillion yuan [3] - The province's industrial output saw a year-on-year increase of 7.4% in the first half of the year, outpacing the national average by 1 percentage point [3] - The number of core enterprises in future industries exceeds 3,100, with a revenue scale surpassing 750 billion yuan [3] Regional Characteristics - Jiangsu has cultivated 14 national advanced manufacturing clusters, the highest in the country, promoting balanced regional development [5] - The income disparity between southern and northern Jiangsu has narrowed significantly, with per capita GDP and disposable income ratios decreasing to 1.86 and 1.80, respectively [5] Industrial Diversity - Jiangsu's manufacturing sector encompasses 31 major categories and over 500 subcategories, making it one of the most diverse in the nation [7] - The province is developing a "1650" industrial system, focusing on 16 advanced manufacturing clusters and 50 industrial chains [7] Innovation and Transformation - Traditional industries in Jiangsu are undergoing digital transformation, with over 56,000 projects implemented since 2022 [9] - The province leads the nation in the integration of digital and intelligent manufacturing, with a CNC rate of 70.1% for key processes [9] Private Sector Dynamics - Private enterprises are pivotal in driving new productive forces in Jiangsu, with significant investments in R&D despite long payback periods [10] - The government is fostering a supportive environment for private businesses, encouraging investment across various sectors [11] Government Support - Jiangsu's government is strategically planning the development of industries, facilitating supply-demand matching and optimizing services [13] - The province has launched a strategic emerging industry fund to enhance financing channels for innovative sectors [17] Global and Domestic Market Expansion - Jiangsu companies are increasingly focusing on international markets, with notable export growth and overseas production bases being established [15][16] - Domestic market potential is also being tapped, with companies like Tiangong International targeting high-end precision tools [16] Financial Ecosystem - Jiangsu has developed a multi-tiered capital market, supporting technology and industry innovation through various financing mechanisms [17] - The establishment of a strategic emerging industry fund aims to connect industry capital with financial resources, enhancing support for innovative enterprises [17]

Core Insights - Jiangsu's economy demonstrates robust growth, with a projected GDP of 13.7 trillion yuan in 2024, leading the nation in economic increment [4] - The province's manufacturing sector is significant, contributing approximately 14% to the national manufacturing value added [4] - Jiangsu's industrial structure is evolving, with strategic emerging industries accounting for 41.8% of the industrial output, and high-tech industries surpassing 50% for the first time [6] Economic Strength - Jiangsu's GDP growth is projected to be the highest in the nation, with a manufacturing value added of 4.66 trillion yuan [4] - The province's industrial output increased by 7.4% year-on-year in the first half of the year, outpacing the national growth rate by 1 percentage point [4] - The region has cultivated over 3,100 core enterprises in future industries, generating revenue exceeding 750 billion yuan [6] Structural Optimization - The share of strategic emerging industries in Jiangsu's industrial output is set to reach 41.8% in 2024, with high-tech industries' output rising to 51.8% in the first half of the year [6] - Jiangsu's manufacturing sector encompasses 31 major categories, 191 medium categories, and over 500 minor categories, making it one of the most comprehensive in the country [12] - The province aims to develop a "1650" industrial system, focusing on 16 advanced manufacturing clusters and 50 industrial chains [13] Regional Collaboration - Jiangsu has established 14 national advanced manufacturing clusters, the highest in the country, promoting balanced regional development [10] - The income disparity between southern and northern Jiangsu has narrowed significantly, with per capita GDP and disposable income ratios decreasing to 1.86 and 1.80, respectively [10] - The province's government is actively fostering an environment conducive to private enterprise growth, enhancing market competition and resource allocation [16] Innovation and Transformation - Traditional industries in Jiangsu are undergoing digital transformation, with over 56,000 projects implemented to enhance efficiency and reduce costs [14] - The province has prioritized the integration of technology and industry, focusing on original innovations and key core technologies [20] - Jiangsu's private enterprises are pivotal in driving new productivity, with many achieving significant advancements in niche markets [15] Financial Ecosystem - Jiangsu has developed a multi-tiered capital market, ranking third in the number of listed companies nationwide, which supports technological and industrial innovation [23] - The establishment of a 500 billion yuan strategic emerging industry fund aims to enhance financing channels for innovative enterprises [23] - The province's financial policies are designed to facilitate the growth of technology-driven companies, ensuring a sustainable cycle between finance and industry [23]

Core Viewpoint - The Chinese refining industry is at a critical juncture, transitioning from "scale expansion" to "quality enhancement," necessitating a restructuring of industry structure, technological pathways, and market landscape [1] Group 1: Supply and Demand Dynamics - The refining industry is facing intensified "involution" competition due to tightening market demand, with gasoline and diesel consumption showing a downward trend, leading to a "double decline" in production and consumption in the first half of 2025 [2] - Continuous capacity expansion is occurring, with refining capacity expected to reach approximately 955 million tons per year in 2024, operating at around 75% utilization [2] - The downstream chemical sector is also experiencing "involution," with a significant increase in the production capacity of olefins and aromatics, which has now reached a state of supply-demand balance [2] Group 2: Technological Innovation - Technological innovation is identified as a key pathway for breaking through the challenges faced by the refining industry, with a shift from "fuel" to "materials" and from "low value" to "high value" [4] - There is a notable demand for high-performance materials, with a significant gap in the production of high-end polyolefins, necessitating a focus on differentiated competition and market research [4] - Recent technological advancements include the development of green low-carbon "oil conversion" technologies and the DMTO technology, which improves resource utilization efficiency and reduces energy consumption [5][6] Group 3: Market Trends and Future Outlook - The refining industry is entering a critical transformation period, with growth rates in market and capacity expected to stabilize during the 14th Five-Year Plan [7] - The PX market is anticipated to recover due to tight supply, while the PTA-PET segment is expected to face long-term losses, necessitating adaptation to global economic changes [7] - In the polyester sector, total capacity is projected to remain at 85.28 million tons by 2025, with a gradual stabilization in PET demand growth despite some industrial transfer to Southeast Asia and the Middle East [8]

Group 1: NDC Goals and Climate Ambitions - The new NDC targets announced by China aim for a 7% to 10% reduction in net greenhouse gas emissions by 2035 compared to peak levels, with non-fossil energy consumption exceeding 30% of total energy consumption [1][2] - The NDC goals reflect a shift from "phase-based reduction" to "systemic transformation" in China's climate governance strategy, marking a significant evolution in its approach [2][3] - The updated NDC includes a broader scope covering all greenhouse gases, moving from relative intensity targets to absolute total emission reduction metrics [3] Group 2: Implementation and Sectoral Changes - To achieve the non-fossil energy consumption target, an annual increase of 0.94 percentage points is required, necessitating a high proportion of renewable energy supply and electrification [4] - The national carbon market is set to expand, with major industries like steel, cement, and aluminum included by 2025, increasing the controlled carbon emissions from 5 billion tons to 8 billion tons [4][6] - Different industries will face varying costs for emission reductions, with sectors like steel and electricity having lower costs compared to aviation and shipping, which may incur significantly higher costs [7] Group 3: International Context and Challenges - The global progress on emission reductions is lagging, with the UN Secretary-General warning of risks to the 1.5°C temperature goal, highlighting the importance of China's NDC commitments in this context [8][9] - The EU aims to reduce greenhouse gas emissions by 66% to 72% by 2035 based on 1990 levels, although the final commitments are still pending [8] - The absence of the U.S. at the climate summit and its historical role as a major emitter complicates international climate cooperation, emphasizing the need for responsible leadership from countries like China [9]