全年减少4800个检修人工时，降低气化炉检维修费用700余万元，装置已连续稳定运行970余天……7月 17日，记者从中国石油广东石化公司（以下简称"广东石化"）获悉，"高掺焦比环保型POX装置成套工 业技术开发与应用"项目在近日举办的首届科技创新大会上获得科技进步奖一等奖。 近十年来，国内多家大型炼化一体化企业尝试采用石油焦制氢技术，但掺焦比长期在50%以下。 广东石化炼化一体化项目在设计时按照全国首套100%石油焦制氢条件设计，但建成后想要实现100%掺 焦比，并没有任何经验可循。 为彻底攻克石油焦制氢掺焦难题，保障项目稳定运行，广东石化以胡军印劳模工作室为核心，成立技术 攻关团队，研发石油焦制氢装置。劳模工作室带头人胡军印介绍，他们针对石油焦热值高、灰熔点高、 灰分低、反应性差的特性，反复分析气化炉运行的状态参数，与专利商多次沟通讨论，精准制定石油焦 掺烧方案、气化炉顺投方案等，并组织生产操作骨干开展"桌面推演"，确保专项方案能够精准落地。 开工投产后，技术团队依据方案将掺焦比由0%逐步提升至80%。之后，他们又先后攻克了弹丸焦难以 破碎、系统高硫腐蚀、钢棒腐蚀断裂、成浆困难、料浆反应活性低等技术难题，制 ...

此次回购股份已于2025年7月18日完成注销，公司总股本相应减少，控股股东荣盛控股及一致行动人持 股比例增加触及1%刻度，超过61%。公告称，本次注销第一期回购股份后，第二期及第三期回购股份 继续存放于回购专用证券账户。 荣盛石化主营业务包括各类化工品、油品、聚酯产品的研发、生产和销售，产品种类丰富，规格齐全， 涵盖新能源、新材料、有机化工、合成纤维、合成树脂、合成橡胶、油品等多个领域。作为中国领先的 民营炼化一体化企业，荣盛石化旗下拥有4000万吨/年炼油化工一体化项目，化工品规模近6,000万吨， 产品种类超50种，并不断在现有全球超大型一体化炼化基地，和完备上下游配套的基础上，提升完善新 能源及新材料产业链。目前，公司位居全球化工最具价值品牌榜第5位、世界化工企业100强第8位。 回购股份的注销有助于提升每股收益、优化资本结构，增强投资者信心。资料显示，荣盛石化第一期股 份回购于2022年3月29日至2022年8月2日实施，回购金额达19.98亿元。本次股份注销将直接推动每股所 对应净资产等权益指标提升，增强投资者实际收益预期，近20亿元的股份注销规模在中国资本市场发展 史上也较为罕见。 7月21日，荣 ...

21日，记者从大庆石化获悉：上半年，大庆石化锚定高质量发展目标，扎实推进精细管理、提质增效、 业务优化，7项主要产品产量好于历史同期，5项物耗指标创历史最优，16项能耗指标刷新纪录，上市与 未上市业务首次实现双赢，以实干实绩奏响发展强音。 生产优化拓增量，炼化一体稳运行。大庆石化坚持"大平稳出大效益"，强化装置精细管控与动态调整。 从炼化产业链整体需求出发，科学调整原油进厂及装置负荷，平衡成品油生产调和，优化两套催化裂化 装置操作，降低柴油凝点，增产负35号低凝柴油，截至7月13日，出厂量超计划进度0.19万吨。公司精 准平衡上下游物料，全力保障乙烯装置高负荷运行，高效完成乙烯6月产量11万吨目标。同时，紧抓国 际成品油添加剂市场需求，通过优化生产流程、强化产销协同，上半年化工MTBE产量突破历史峰值， MTBE累计出口量同比增加3.26万吨。 系统降本挖潜力，节能降耗增效益。在"一切成本皆可降"理念的引领下，大庆石化坚持深化全员、全流 程成本管控。从严从细抓好"三剂"使用，切实压减"三剂"全链条成本。上半年，公司成功试用31项新型 生产助剂，以国产氟弹性体替代进口助剂生产长链支化茂金属聚乙烯150吨，复合助 ...

为贯彻落实国务院决策部署，近日，工业和信息化部等五部委印发《关于开展石化化工行业老旧装置摸 底评估的通知》。目前，湖南省，山东省等多地省份已启动摸底评估工作。 近年来民营炼化强化股东回报，分红比例总体维持在较高水平。在资本开支放缓阶段，民营炼化公司也 逐步进入投资效益回收期，自由现金流有望持续改善。在不考虑民营炼化其它业务估值背景下，仅从炼 化项目股权价值角度看，民营炼化企业当前估值水平或低于其炼化资产的股权价值，其长期投资价值有 望进一步凸显。 目前，钢铁、有色金属、石化、建材等十大重点行业稳增长工作方案即将出台，工业和信息化部将推动 重点行业着力调结构、优供给、淘汰落后产能。开源证券解读认为，反内卷政策陆续出台，石化行业稳 增长方案有望推动化工行业供给侧竞争格局优化。 天风证券（601162）则指出，反内卷——石化抓手或在控产能，券商认为石化与煤炭不同，煤炭产能可 能并没有明显的绝对过剩，需要控制的是开工率；石化或存在产能过剩，需要淘汰减量置换，以及控制 新项目审批。 信达证券（601059）认为，2024年国内炼油产能增速放缓，但产销表现偏弱。从供给侧增量看，2025年 是炼化行业的关键年份，根据发改委 ...

行 业 及 产 业 石油石化 2025 年 07 月 21 日 受油价下跌拖累，2025Q2 石化行 业景气下行，关注未来中下游景气 修复 看好 ——石油化工 2025 年中报业绩前瞻 证 券 研 究 证券分析师 刘子栋 A0230523110002 liuzd@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 陈悦 A0230524100003 chenyue@swsresearch.com 联系人 陈悦 (8621)23297818× chenyue@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 表 1：主要石油化工品价格走势 | | 价格 | 环比（%） | 同比（%） | | --- | --- | --- | --- | | | 2025Q2 | 2025Q1 | 2024Q2 | | Brent 原油（美元/桶） | 66.7 | -11.0% | -21.5% | | WTI 原油（美元/桶） | 63.8 | -10.8% | -20.8% | | NYMEX 天然气（美元/百万英热） ...

Core Viewpoint - The petrochemical industry is expected to experience improved profit margins for refining companies due to a decline in oil prices and enhanced cost optimization, particularly for private refining enterprises like Zhejiang Petrochemical and Hengli Petrochemical [1][2]. Group 1: Industry Outlook - The oil price is projected to decline in the first half of 2025, leading to a decrease in the price center, which will positively impact the price spread of chemical products, especially olefins [1][2]. - The theoretical net profit for Zhejiang Petrochemical is estimated at approximately 53 billion, 107 billion, and 138 billion yuan under oil prices of 80, 70, and 60 USD respectively, while Hengli Petrochemical's theoretical net profit is estimated at 16 billion, 45 billion, and 70 billion yuan under the same conditions [1][2]. - The refining industry is entering a phase of stock competition due to a slowdown in supply-side growth, with the National Development and Reform Commission (NDRC) controlling crude oil processing capacity to remain under 1 billion tons by 2025 [3]. Group 2: Demand and Consumption - The demand for chemical products is expected to maintain a steady but weak recovery, with an average annual growth rate of about 3%-4% for domestic chemical oil demand from 2025 to 2026 [4]. - The consumption of polyethylene is projected to grow at a rate of 1-4% from 2025 to 2030, while the aromatics sector may see a recovery due to downstream capacity expansion [5]. Group 3: Financial Performance and Investment Value - The private refining sector is expected to benefit from cost optimization due to falling coal prices, with estimated reductions in coal costs for Hengli Petrochemical and Zhejiang Petrochemical of approximately 11.74 million and 8.24 million yuan respectively [2]. - The overall debt ratio of companies is expected to decrease by 5%, leading to a financial cost optimization of about 9-12 million yuan [5]. - The long-term investment value of private refining companies is highlighted, as their current valuation is believed to be lower than the intrinsic value of their refining assets [5]. Group 4: Investment Recommendations - The industry is recommended to focus on private refining leaders with significant scale advantages and a diversified product portfolio, such as Hengli Petrochemical and Rongsheng Petrochemical [6].

Summary of Key Points from Conference Call Records Industry or Company Involved - Investment opportunities in various sectors including precious metals, petrochemicals, polyester, and the overall market outlook for A-shares Core Views and Arguments 1. **Market Liquidity and Bullish Outlook** The market liquidity is supported by state intervention and increased insurance capital inflow, with a bullish sentiment continuing as A-shares reach 3,500 points [3][5][6] 2. **Anti-Inflation Measures** The concept of "anti-involution" is seen as a long-term solution to deflation, enhancing market risk appetite and providing valuation support for related industries, although profit and capacity utilization improvements may take time [4][6] 3. **External Environment Impact** Changes in the external environment, such as reduced recession expectations in the US and potential shifts in Federal Reserve leadership, position China favorably, maintaining optimism in the A-share market [5][6] 4. **Investment Opportunities in Precious Metals** Long-term bullish outlook on precious metals, with central bank gold purchases continuing. Silver and platinum are seen as having rebound potential, while cyclical metals like copper and aluminum benefit from supply-demand restructuring [6][10] 5. **Petrochemical Sector Challenges** The petrochemical sector faces limited refining capacity and declining profitability in coal-to-olefins and gas-to-olefins projects, with potential project shutdowns due to tariff impacts [11][12] 6. **Polyester Sector Developments** The polyester sector is entering a non-involution phase, with leading companies reducing production. Demand is expected to rise, particularly in the filament segment, with a significant turning point anticipated in 2026 [2][12][13] 7. **Steel Industry Adjustments** The steel industry is expected to see a reduction in production capacity, with a target of 20-30 million tons to balance supply and demand. The anti-involution policy is likely to enhance profitability [21][23] 8. **Cement Industry Measures** The cement industry has implemented anti-involution measures, leading to improved supply-demand dynamics and better-than-expected performance in some companies [24][26] 9. **Coal Industry Dynamics** The coal industry is expected to improve its supply-demand balance due to the exit of outdated capacity, with a focus on optimizing profitability and safety standards [20][22] 10. **Glass Industry Outlook** The glass industry, particularly photovoltaic glass, is seeing a reduction in supply due to production cuts, with expectations for price rebounds. The float glass sector is still in a bottoming phase, with potential for supply-side improvements [25] Other Important but Possibly Overlooked Content - The importance of maintaining a favorable investment environment in the context of global economic shifts and domestic policy adjustments - The role of leading companies in various sectors in stabilizing market conditions through coordinated production cuts and strategic planning - The potential for significant market recovery in sectors like polyester and glass, driven by demand increases and effective supply management strategies

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints The report presents a weekly update on the large refining and chemical industry, covering various aspects such as price trends, profit margins, inventory levels, and开工 rates in different sectors including polyester, refining, and chemicals. It also provides data on the stock performance and earnings forecasts of major private refining and chemical companies [2][8][9]. 3. Summary by Directory 3.1 Big Refining Weekly Data Briefing - **Stock Performance and Earnings Forecast**: The report tracks the price changes of 6 major private refining companies over different time - frames (weekly, monthly, quarterly, yearly, and year - to - date in 2025). It also provides earnings forecasts for these companies from 2024 to 2027, including total market capitalization, net profit attributable to shareholders, PE, and PB [8]. - **Oil Prices and Refining Spreads**: International crude oil prices (Brent and WTI) decreased this week. The domestic refining project spread remained stable with a 0.0% week - on - week change, while the foreign refining project spread decreased by 9.4% week - on - week [8]. - **Polyester Sector**: - **Raw Materials and Intermediate Products**: PX average price decreased by $17.0/ton week - on - week, and its spread over crude oil decreased by $29.4/ton. MEG price increased by 14.3 yuan/ton, and PTA price decreased by 185.0 yuan/ton. - **Polyester Filament**: POY, FDY, and DTY prices decreased, and their profit margins also declined. Inventory levels of POY, FDY, and DTY increased, while the开工 rate of polyester filament increased to 91.9%. The downstream weaving开工 rate decreased to 56.2%, and the raw material inventory of weaving enterprises decreased, while the finished product inventory increased [2][9]. - **Other Polyester Products**: The price of polyester staple fiber decreased, but its profit margin increased. The price of polyester bottle - grade chips decreased, and its profit margin also decreased [9]. - **Refining Sector**: - **Domestic Refined Oil**: The prices of gasoline, diesel, and aviation kerosene in China decreased this week. - **US Refined Oil**: The prices of gasoline, diesel, and aviation kerosene in the US increased this week. - **European and Singaporean Refined Oil**: The prices of refined oil products in Europe and Singapore showed different trends, with some increasing and some decreasing [9]. - **Chemical Sector**: The prices and spreads of various chemical products such as pure benzene, styrene, acrylonitrile, and polyethylene decreased to varying degrees [9]. 3.2 Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: The report may contain data on the performance of the big refining index and the spread trends of domestic and foreign refining projects, but specific data is not fully presented in the provided text [11][12]. - **2.2 Polyester Sector**: It includes multiple data series related to the polyester sector, such as the relationship between crude oil, PX, PTA, and polyester filament prices, profit margins,开工 rates, inventory levels, and production and sales rates [22][23][37]. - **2.3 Refining Sector**: It provides detailed data on the relationship between crude oil and refined oil prices (gasoline, diesel, and aviation kerosene) in different regions (China, the US, Europe, and Singapore), including price spreads and changes [79][89][94]. - **2.4 Chemical Sector**: It presents data on the relationship between crude oil and various chemical product prices (such as polyethylene, polypropylene, EVA, etc.), including price spreads and changes [129][130][134].

Summary of Key Points Core Viewpoint - Heshun Petroleum (603353) has seen a slight increase in stock price, closing at 16.46 yuan, reflecting a 0.98% rise from the previous week, with a total market capitalization of 2.854 billion yuan as of July 11, 2025 [1]. Company Announcements - Heshun Petroleum announced a plan to repurchase and cancel 1,488,000 restricted stocks due to not meeting the performance assessment target for the first unlock period, affecting 96 incentive recipients. The repurchase price is set at 9.24 yuan per share plus bank deposit interest, with the cancellation date scheduled for July 14, 2025. Post-cancellation, the total share capital will decrease from 173,394,000 shares to 171,906,000 shares [1][3]. - The company also disclosed that its Chief Financial Officer, Ms. Yu Meiling, plans to reduce her holdings by up to 41,250 shares through centralized bidding from August 4, 2025, to November 3, 2025. The selling price will be determined based on market conditions, and she has committed to not transferring more than 25% of her total holdings annually while serving as a senior executive [1][3].

公司公告汇总 广汇能源股份有限公司发布2024年年度权益分派实施公告，每股现金红利0.622元（含税）。股权登记 日为2025年7月17日，除权（息）日及现金红利发放日均为2025年7月18日。本次利润分配方案经公司 2025年5月20日的2024年年度股东大会审议通过。公司本次实施权益分派方案股权登记日的总股本为 6496055639股，扣除公司回购专用证券账户中的104052675股，最终以6392002964股为基数，每股派发 现金红利0.622元（含税），共计派发现金红利3975825843.61元（含税）；不送红股，不以公积金转增 股本。除回购专用证券账户中的股份不参与分配及公司自行发放的对象外，其他无限售条件流通股的红 利均委托中国结算上海分公司派发。对于持有本公司股票的个人股东及证券投资基金股东，持股期限超 过1年的，股息红利所得暂免征收个人所得税，实际派发现金红利每股人民币0.622元。对于持有本公司 股票的合格境外机构投资者（QFII）及香港市场投资者，按照10%的税率统一代扣代缴企业所得税，扣 税后实际派发现金红利每股人民币0.5598元。对于其他机构投资者和法人股东，公司将不代扣代缴所得 ...