Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report presents a weekly update on major refining and petrochemical sectors, including price, profit, inventory, and production rate data for domestic and foreign projects, as well as key companies' performance and financial forecasts [1][2][8]. Summary by Relevant Catalogs 1. Big Refining Weekly Data Brief - **6 Major Private Refining Companies' Performance**: The report tracks the price changes of 6 major private refining companies in the past week, month, three months, and year. For example, Hengli Petrochemical had a -5.3% change in the past week, 12.3% in the past month, 41.5% in the past three months, and 70.9% in the past year [8]. - **Earnings Forecast**: It also provides earnings forecasts for these companies from 2024 to 2027, along with price - earnings ratios (PE) and price - to - book ratios (PB) [8]. - **Oil Prices and Refining Spreads**: International crude oil prices (Brent and WTI) and domestic and foreign refining spreads are presented. The domestic refining project spread this week was 2403 yuan/ton, a 1.6% increase from last week, while the foreign spread was 1104 yuan/ton, a 0.6% increase [8]. - **Polyester Sector**: Product prices, profits, inventories, and production rates are detailed for various polyester products such as PX, MEG, PTA, POY, FDY, DTY, polyester staple fiber, and polyester bottle chips. For instance, the POY industry average price was 7071 yuan/ton this week, a 171 yuan/ton increase, with a weekly average profit of 208 yuan/ton, a 275 yuan/ton increase [2][9]. - **Refining Sector**: Prices and spreads of gasoline, diesel, and aviation kerosene in China, the US, Europe, and Singapore are reported. For example, the domestic gasoline price was 7588 yuan/ton this week, a 53 yuan/ton increase [9]. - **Chemical Sector**: Prices and spreads of various chemical products like EVA, styrene, acrylonitrile, polyethylene, and polypropylene are provided [9]. 2. Big Refining Weekly Report 2.1 Big Refining Index and Project Spread Trends No specific data analysis is provided in the given content, but it likely focuses on the trends of the big refining index and project spreads [11][12][13]. 2.2 Polyester Sector The section covers multiple aspects such as the prices and profits of PX, PTA, and various polyester filaments (POY, FDY, DTY), as well as the production rates and inventories of polyester products and downstream weaving industries. For example, the PX average price was 895.6 dollars/ton this week, a 26.4 dollars/ton decrease, and the PX production rate was 89.9%, unchanged from last week [2][9]. 2.3 Refining Sector It includes the price and spread relationships between crude oil and refined oil products in different regions (China, the US, Europe, and Singapore), such as the relationship between crude oil and domestic diesel prices [72][75][83]. 2.4 Chemical Sector The section presents the price and spread relationships between crude oil and various chemical products, like the relationship between crude oil and polyethylene LLDPE prices [109][110].

查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 点击注册小程序 点评： 实控人首次增持公司股份，彰显未来发展信心 公司2025年4月9日发布《关于实际控制人增持公司股份计划的公告》，实际控制人之一陈建华先生计划自 2025年4月9日起12个月内，以自有资金或自筹资金通过上海证券交易所交易系统以集中竞价交易方式增持 本公司股份，增持金额不低于人民币5亿元，不超过人民币10亿元。2026年2月3日，公司实际控制人首次 增持公司股份。公司作为国内领先的民营炼化一体化企业，其实际控制人之一陈建华先生此次增持未导致 公司控制权结构发生变化，公司治理结构保持稳定。自2025年7月中下旬以来，随着大炼化行业景气度逐 步修复，公司股价涨幅显著，当前时点公司实控人增持公司股份，展现出对公司未来发展的信心。 ...

2026 年 2 月 4 日 公司研究 实控人首次增持公司股份，彰显未来发展信心 ——恒力石化（600346.SH）公告点评 要点 事件：公司发布《关于实际控制人首次增持暨增持公司股份的进展公告》， 2026 年 2 月 3 日，公司实际控制人之一陈建华先生以自有资金，采取集中竞价交易 方式首次增持公司股份 13,447,369 股，占公司总股本的 0.19%，累计增持金额 为 32,997.02 万元（不含佣金、过户费等交易费用）。 点评： 实控人首次增持公司股份，彰显未来发展信心。公司 2025 年 4 月 9 日发布《关 于实际控制人增持公司股份计划的公告》，实际控制人之一陈建华先生计划自 2025 年 4 月 9 日起 12 个月内，以自有资金或自筹资金通过上海证券交易所交 易系统以集中竞价交易方式增持本公司股份，增持金额不低于人民币 5 亿元，不 超过人民币 10 亿元。2026 年 2 月 3 日，公司实际控制人首次增持公司股份。 公司作为国内领先的民营炼化一体化企业，其实际控制人之一陈建华先生此次增 持未导致公司控制权结构发生变化，公司治理结构保持稳定。自 2025 年 7 月中 下旬以来，随着 ...

【数据洞察·利润】原油涨势挤压 炼化利润全线承压 【导语】最新监测数据显示，截至1月30日当周，国内主要炼化路线利润普遍快速下滑。在原油价格显 著上涨的背景下，下游产品价格传导普遍滞后，导致成本压力急剧凸显。其中，炼油-芳烃与炼油-烯烃 路线虽保持盈利但利润大幅收窄，而综合炼油路线理论亏损进一步扩大至-490.96元/吨。 截至1月30日，三种生产路线炼化利润较上周快速下滑。具体来看，炼油-芳烃产业链理论利润为136.47 元/吨，炼油-烯烃产业链为58.69元/吨，两者较1月23日当期分别下滑65.99%、80.51%，但目前保持盈 利；综合炼油利润理论值跌至-490.96元/吨，亏损幅度扩张，较1月23日当期下滑108.56%。 本期利润普遍收缩，主要源于原油价格上涨带来的成本压力未能被下游产品价格同步上涨所消化。多数 产品价格涨幅低于原料成本涨幅，导致利润空间被显著压缩。 | 日期 | 原油价格 | 理论利润值 | | | | 产品价格指数 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 综合炼油 | 炼油-芳烃 | · 安婆-思谈 ...

绿色低碳是做强的底色，在"双碳"目标下，企业需加快低VOCs产品研发，推进节能降碳改造，做好固 废资源化利用，把绿色发展转化为成本优势和品牌优势。另外，安全与智能也是做强的保障。近年来， 荆门石化一方面落实本质安全要求，强化"三基"固本培元，狠抓专业"5S"管理提升与KPI指标分解，持 续完善工艺、设备平稳性体系，筑牢安全生产底线；另一方面加快数字化转型，布局智能控制系统、数 字孪生等技术，提升生产效率和精细化管理水平。2025年年底，新的物料管理APP与企业资源计划ERP 并轨运行，融合物联网、大数据技术，实现了基层操作数据自动采集感知、生产动态一屏实时掌控，大 幅提升了物料管控精准度、生产调度协同性和运营决策时效性，让精细化管理要求与本质安全底线在数 字化场景中落地见效，为企业生产经营提质增效筑牢了根基。 作者：荆门石化特油部 王准 近年来，炼化行业同质化竞争加剧，不少企业利润缩水，在亏损边缘徘徊。如何打破"内卷"困局?唯有 以"特"塑优势、以"强"固根基，才能突破同质化竞争，提升核心创效能力，实现高质量发展。 做特，核心是找准差异化赛道，在细分领域锻造不可替代的特色优势。荆门石化面对成品油市场的激烈 竞 ...

Group 1 - The chemical sector is experiencing capital inflow, with the chemical ETF (159870) seeing a net subscription of 80 million units during trading [1] - Short-term price adjustments for PX/PTA are influenced by declining national crude oil prices, but the overall upward price trend remains intact, making this a good time for investment [1] - The global refining industry is facing long-term losses, particularly in Europe due to high costs and aging facilities, leading to capacity reductions, while new capacity is mainly concentrated in the Asia-Pacific region [1] Group 2 - As of February 2, 2026, the CSI sub-industry chemical theme index (000813) shows mixed performance among its constituent stocks, with Tianqi Lithium leading at a 0.52% increase, while Luxi Chemical is among the laggards [1] - The latest price for the chemical ETF (159870) is 0.88 yuan, closely tracking the CSI sub-industry chemical theme index [1] - The top ten weighted stocks in the CSI sub-industry chemical theme index (000813) as of January 30, 2026, include Wanhua Chemical and Yilong Co., with these stocks collectively accounting for 44.82% of the index [2]

科技创新破瓶颈 克石化始终将科技创新作为安身立命之本，持续深化"减油增特"和"双碳三新"发展战略，推动产业链向 高端化、差异化、多元化迈进。2025年，该公司自主研发的12款新产品累计增效超1亿元。 2025年，克石化推动传统石油焦向高附加值锂电池负极材料"专用焦"战略转型，制定并发布《锂离子电 池负极专用焦》企业标准，实现"专产、专储、专销"，将大宗产品成功打入了新能源供应链；建成氢气 提纯项目并投产，实现了质子交换膜燃料电池汽车用燃料氢气的生产保供。 克石化成立以公司主要负责人为组长的提质增效领导小组，从严制定提质增效方案；结合项目重要程 度、资源需求配给等实际，建立公司级、部门级、基层单位级三级管理体系，层层压实责任。 "做好提质增效工作，必须抓牢战略主动，让各项工作有方向、有路径、有保障。"克石化企管法规部负 责人表示，修订管理办法时，他们坚持问题导向、目标导向、结果导向相统一，聚焦痛点难点、长期积 弊、机制梗阻等问题，逐项梳理分析、逐一破解攻坚。在此基础上，他们严格落实"从严管理出效益、 精细管理出大效益、精益管理出更大效益"要求，明确各项目标任务，将责任精准分解到岗、落实到 人。 按照可量化、可操 ...

Group 1 - The new Federal Reserve Chairman Kevin Warsh's policies may lead to a stronger US dollar, impacting global asset pricing, with a notable reaction seen in precious metals [4][12][17] - The report highlights three main channels through which exchange rates affect equity markets: corporate cost and profit elasticity, capital flow and asset pricing, and macroeconomic expectations and risk appetite [20][21][22] - The report suggests that during the current phase of the global dollar cycle, Chinese equity assets are in a favorable revaluation window due to the transition to a mild appreciation of the RMB and foreign capital inflows [4][19][60] Group 2 - The analysis indicates a significant negative correlation between the US dollar and the S&P 500 index, where a weaker dollar often corresponds with a rising stock market [25][27][33] - The report discusses the unique "devaluation—foreign capital inflow—transaction expansion—valuation increase" model in Japan, where yen depreciation enhances export competitiveness and EPS for Japanese companies [39][42] - In the Eurozone, the report notes a weak coupling between the euro and European stock markets, with euro depreciation benefiting export-oriented sectors but being diluted by internal economic disparities [47][53] Group 3 - The report identifies specific industries that benefit from RMB appreciation, including aviation, paper manufacturing, basic chemicals, semiconductors, and banks, due to reduced import costs and improved financial conditions [21][22][60] - The analysis of Brazil's IBOVESPA index shows a high correlation with the Brazilian real, indicating that currency fluctuations significantly impact asset pricing in emerging markets [54][56][58] - The report emphasizes the importance of incorporating exchange rate logic into asset allocation strategies, particularly in the context of RMB appreciation and its effects on A-shares and Hong Kong stocks [59][63]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The agricultural chemical industry is entering a period of layout opportunities, driven by the increasing importance of food security amid geopolitical fluctuations. The focus is on enhancing planting efficiency through technological empowerment [8] - The report emphasizes the growth potential of leading companies in the agricultural chemical sector, particularly those focused on technology services, including plant growth regulators, compound fertilizers, and pesticide formulations [3][8] - The report highlights the recovery opportunities in various sub-sectors of the chemical industry, including MDI, PVC, and refining, with specific companies recommended for investment [3][8] Summary by Relevant Sections Agricultural Chemical Sector - The report identifies growth opportunities in the agricultural chemical sector, particularly for companies that provide technology-driven services. Key areas include: 1. Plant growth regulators, which are characterized by low usage, high effectiveness, and cost efficiency, are seen as essential for modern agriculture [8] 2. Compound fertilizers are crucial for providing precise nutrient ratios to crops, with room for growth in China's compound fertilizer application rates compared to developed countries [8] 3. The potential for Chinese pesticide formulation companies to expand internationally, breaking the monopoly of traditional multinational corporations [8] Chemical Industry Recovery - The report notes a positive outlook for the recovery of various chemical sub-sectors, including: - MDI leader Wanhua Chemical (600309, Buy) [3] - PVC industry players such as Zhongtai Chemical (002092, Not Rated) and Xinjiang Tianye (600075, Not Rated) [3] - Refining sector leaders like Sinopec (600028, Buy) and Rongsheng Petrochemical (002493, Buy) [3] - The report anticipates continued price increases for high-energy products, particularly in the PVC sector, due to supply constraints and structural demand shifts [8]

多重因素共振 驱动芳烃板块上涨 对于本轮芳烃系列产品集体上涨，机构普遍认为并非单一因素驱动，而是成本支撑、供应扰动与宏观情 绪共振的结果。 一方面成本端强力支撑。纯苯作为芳烃产业链的源头产品，近期呈现明显的上涨态势，期货与现货价格 齐头并进，市场表现强劲。据隆众资讯显示，截至1月29日，纯苯现货报价已超6000元/吨，较本月初的 5270元/吨大幅上涨13.8%。纯苯价格的强势领涨，带动了整个芳烃链条成本重心上移，是芳烃链产品价 格中枢上移的核心影响因素。纯苯作为炼油、乙烯裂解、PX生产过程中的副产品，供给具有刚性特 征，在国内PX装置高负荷运行背景下，存量纯苯装置也都接近满负荷运行，很难再为市场提供额外的 增量产能。 同时，供应端扰动频发。国内外装置意外减产加剧了供需紧张局面。2025年，中国全年进口纯苯达到了 560万吨，进口依存度约20%，而进口纯苯有超50%来自韩国。2025年8月20日，韩国10家石化企业签署 业务重组协议，承诺削减370万吨石脑油裂解(NCC)产能，这一产能占韩国总产能1470万吨的25%。韩 国石脑油裂解装置除了直接生产乙烯、丙烯之外，还副产较多的芳烃产品，减产可能带来苯、甲苯、 ...