《石化化工行业稳增长工作方案(2025—2026年)》(下称《方案》)明确提出：支持企业加大节能、节水 和减污降碳改造力度，开展重点用能、用水设备更新以及磷石膏等固体废弃物源头减量、无害化处理和 综合利用改造，推动涂料、油墨、胶黏剂、清洗剂等产品向低(无)VOCs含量和低光化学反应活性方向 转型；谋划实施一批石化化工行业减污降碳协同重大工程，打造一批减污降碳协同增效标杆企业；推动 企业和园区建设一批数字化能碳管理中心。 《中国石油和化工行业绿色发展蓝皮书(2024—2025)》显示，2023年，我国石化产业的能耗总量达到 8.05亿吨标煤，占全国能耗总量的14.1%。部分企业生产设备和工艺相对落后，能量回收系统不完善导 致能源浪费严重，整体能效水平有待提高。 记者在采访过程中了解到，为提高能效、降低能耗，不少炼化一体化及煤化工企业正在探索石化和煤化 工与绿电、绿氢的耦合发展路径，加快推进烯烃原料轻质化和多元化、原油直接制化学品技术产业化、 绿电裂解代替传统蒸汽裂解、生产过程电气化等，为行业推进发展方式绿色转型探索新路径。 以中科合成油技术股份有限公司为例，该公司开创"煤炭清洁转化+绿电+储能"能源融合新范式， ...

周一（11月10日）开始发售的化工ETF天弘（159133）仅发行三天即宣布提前结募。 中金公司油气化工2025下半年展望研报指出，目前国内化工产品价格指数、利润率及行业估值均处于偏 低水平。全球化工品需求仍然较弱，但是国内化工行业资本开支持续下降，海外落后产能加快退出，以 及政策多次强调"反内卷"等，预计行业供给有望逐步迎来积极变化。目前石化化工行业尚无"反内卷"相 关政策预期，但行业整体盈利承压，企业提升盈利的意愿较强，研报认为其他板块"反内卷"政策的成功 实施有望提振市场对化工企业自发推动"反内卷"的预期，利好石化化工行业估值回归。 德邦证券表示，核心资产进入长期配置价值区间。当下化工品盈利或已筑底，基本面下行风险充分释 放，化工白马有望迎来估值与盈利双击修复。供给短缺约束的行业率先迎来弹性，建议重视需求确定性 向上的方向，重视化工高分红资源股价值重估。 值得关注的是，三季度以来，化工板块持续震荡走高。Wind数据显示，以中证细分化工产业主题指数 为例，7月1日—11月12日已累计上涨超34%。 据天弘基金数据，跟踪标的指数涵盖化工产业规模较大、流动性较好的五十只个股，市值分布广泛、行 业集中度较高，估 ...

Group 1: Importance of Market Value Management - Market value management is a long-term strategic behavior for state-owned enterprises (SOEs) and is crucial during the "14th Five-Year Plan" period[5] - Effective market value management can provide capital support for the implementation of the "15th Five-Year Plan" and enhance the execution of state-owned enterprise reforms[6] - SOEs play a stabilizing role in the economy, and their market value management can promote healthy and stable development of the capital market[7] Group 2: Current Market Position of SOEs - As of September 2025, there are 1,458 state-controlled listed companies in the A-share market, accounting for approximately 26.8% of the total number of listed companies, with a total market value of about 47.6% of the A-share market[8] - State-controlled listed companies have an average market value exceeding 39 billion yuan, significantly higher than the average of non-state-controlled companies at 157 million yuan[8] - Total assets of state-controlled listed companies account for about 80% of the total assets of A-share listed companies, with an average asset size of 2,594 billion yuan, which is 10.7 times that of non-state-controlled companies[10] Group 3: Challenges in Market Value Management - State-controlled listed companies face multiple challenges in market value management due to their high concentration in traditional industries, which limits growth potential[21] - The effectiveness of market value management tools is underutilized in state-controlled companies, with a lower frequency of mergers and acquisitions compared to private enterprises[26] - The growth of total assets in state-controlled companies does not significantly enhance market value, indicating a disparity in market perception of asset effectiveness[31] Group 4: Recommendations for Improvement - SOEs should establish a collaborative mechanism for market value management between controlling shareholders and listed companies to enhance awareness and effectiveness[35] - It is recommended to utilize "key third parties" to promote market value management efforts and build a long-term assessment system for market value management[35] - A restructuring of underlying valuation logic is necessary to improve the internal value of enterprises, focusing on long-term value creation rather than short-term stock price fluctuations[36]

筑牢根基，推进高价值场景应用 技术赋能日益成熟 大小模型协同趋势明显 模型泛化能力不足也是行业转型的"卡点"之一。王江平指出，不同行业产品类型不一、应用场景千差万 别，特定行业训练的大模型很难泛化到其他行业。他建议，从短期看，要建设模块化场景模型，实 现"搭积木"式的模型调用，打造"一次开发、万企复用"的生态模式，打破行业"重复造轮子"困境；从长 远看，则需通过高质量行业语料库训练建设，打造支撑全行业共性需求的行业大模型。 工业软件关键技术欠缺、平台标准不统一等问题也制约着行业转型。孙丽丽建议，行业要筑牢工业软件 根基，强化平台建设。如中国石化已建成智越物性数据库、智越三维工厂设计、智越管道应力智能分析 等软件，以及集成化设计、项目管理集成化、交付运维一体化等平台，为数字化转型提供支撑。 "当前，数智化技术迅猛发展，以大数据、云计算、AI为代表的数字技术实现了集群式突破，并进入工 业化应用阶段，为石化行业数字化转型提供了重要支撑。"全国工程勘察设计大师、中国石油化工集团 有限公司首席科学家、中国工程院院士孙丽丽说。 具体而言，数据湖、数据中台等技术解决了海量数据（603138）"存管用"难题，使得全域数据价值 ...

Core Viewpoint - The Ministry of Industry and Information Technology has issued a notice to accelerate the systematic layout and high-level construction of manufacturing pilot platforms, aiming to establish a modern pilot platform system by the end of 2027, with a focus on multi-entity participation and multi-field layout [2]. Group 1: Manufacturing Pilot Platforms - The notice outlines the construction guidelines for manufacturing pilot platforms, which include five major categories: raw materials industry, equipment manufacturing, consumer goods industry, information technology, and emerging and future industries [2]. - By 2027, the goal is to enhance the capabilities of high-level pilot platforms and establish a nationwide manufacturing pilot service network [2]. Group 2: Key Focus Areas - **Petrochemical and Chemical Industry**: Emphasis on low-carbon hydrogen-rich raw material utilization, high-end polymer synthesis, and green low-carbon technologies [4]. - **Non-ferrous Metals**: Focus on green and efficient extraction and smelting processes for metals like copper, aluminum, and rare metals, aiming for high-quality raw material preparation [5]. - **Inorganic Non-metallic Materials**: Development of high-performance ceramics, functional crystals, and green low-carbon materials [6]. - **Frontier Materials**: Concentration on micro-nano processing technologies and advanced materials like graphene and superconductors [7]. - **Light Industry**: Innovations in smart home appliances, battery materials, and green technologies for various consumer products [8]. - **Integrated Circuits**: Addressing reliability issues in complex applications and enhancing the verification capabilities of new technologies [9]. - **Energy Electronics**: Advancements in photovoltaic technologies and new battery systems, focusing on efficiency and reliability [10]. - **New Displays**: Development of next-generation display technologies and materials, enhancing performance and stability [11]. - **Brain-Computer Interfaces**: Focus on key technologies for brain-computer interface components and signal processing [12]. - **Metaverse**: Promotion of VR/AR technologies and related components, enhancing user interaction and content production [13]. - **Humanoid Robots and Embodied Intelligence**: Development of intelligent decision-making technologies and key components for humanoid robots [14]. - **Quantum Technology**: Focus on critical materials and technologies for quantum computing and communication [15]. - **Clean Low-Carbon Hydrogen**: Development of hydrogen production, storage, and application technologies across various industries [16].

Core Insights - The Ministry of Industry and Information Technology has issued a notice to accelerate the systematic layout and high-level construction of manufacturing pilot platforms by the end of 2027, aiming to establish a modern pilot platform system and a nationwide service network for manufacturing pilot services [1][4] Group 1: High-Level Pilot Platforms - By the end of 2027, the strength of high-level pilot platforms will be further enhanced, and a modern pilot platform system will be basically established [1] - The development path includes reserving pilot platforms, cultivating key pilot platforms by the Ministry of Industry and Information Technology, and advancing to national-level manufacturing pilot platforms [1] Group 2: Activation of Pilot Platforms - Guidance will be provided to enhance the capabilities of public service-oriented pilot platforms, addressing development pain points and enhancing their roles [1] - Inefficient pilot platforms will be encouraged to explore new fields and transform around advantageous business directions [1] Group 3: Key Industry Focus Areas - The focus will be on critical industries such as artificial intelligence, humanoid robots, quantum technology, clean low-carbon hydrogen, biomedicine, industrial mother machines, instruments, major technical equipment, new materials, and information technology [1][2] - Localities will select fields to strengthen based on their unique advantages, relying on industry-academia-research collaboration to build pilot platforms [1] Group 4: Manufacturing Pilot Platform Guidelines - The "Manufacturing Pilot Platform Construction Guidelines (2025 Edition)" emphasizes the importance of supporting the rapid industrialization of technological achievements, particularly in key areas like petrochemicals, steel, non-ferrous metals, and advanced materials [2] - The guidelines aim to strengthen core functions such as technology verification, process maturation, and the promotion of technological achievements [2] Group 5: Clean Low-Carbon Hydrogen Industry - Key construction points for clean low-carbon hydrogen pilot platforms include various hydrogen production technologies and storage solutions, aiming to cover the entire chain from production to application [3] - The focus is on overcoming industrialization bottlenecks related to cost-effective hydrogen production and safe storage and transportation [3]

Group 1 - The core viewpoint of the article highlights the positive shift in China's Consumer Price Index (CPI) in October, with a year-on-year increase of 0.2% and a month-on-month rise of 0.2%, indicating a recovery in consumer demand driven by policy measures and holiday effects [1] Group 2 - The traditional consumption sector is experiencing growth due to policy support, including the expansion of duty-free shopping, which saw a 34.86% year-on-year increase in shopping amounts during the first week of November [3] - The food and beverage sector's public fund holdings have decreased to 4.9%, the lowest since 2010, suggesting a potential for increased investment in the consumer sector [3] Group 3 - The chemical sector has been in a long-term bottoming phase, with recent policy shifts aimed at reducing competition and improving the supply structure, which may enhance investment opportunities in this sector [5] - The Producer Price Index (PPI) showed a month-on-month increase of 0.1% in October, marking the first positive change of the year, which could lead to rising industrial prices and increased value in the chemical sector [5] Group 4 - Relevant ETFs for investors interested in these sectors include the E Fund Consumption ETF, which tracks the CSI Consumption 50 Index, and the E Fund Chemical Industry ETF, which follows the CSI Petrochemical Industry Index, providing exposure to leading companies in these sectors [6]

Core Viewpoint - The "Work Plan for Steady Growth in the Petrochemical Industry (2025-2026)" emphasizes the importance of mid-test bases in enhancing innovation and development within the industry, simplifying the approval processes for mid-test projects, and promoting the construction of mid-test bases in chemical parks to support industry innovation [1][3]. Group 1: Mid-Test Base Development - The mid-test platform should integrate talent cultivation, technology maturation, market validation, and business model exploration [1]. - The construction of mid-test bases involves open innovation and collaboration, with the introduction of a management approach for mid-test project entry [2]. - The optimization of approval processes through bundled handling of permits and assessments is expected to reduce preparation time by over 30% [3]. Group 2: Policy and Regulatory Changes - The "bundled" approach for handling mid-test project approvals is a significant breakthrough that enhances operational efficiency and project capacity [3][4]. - Local policies should clarify the scope and regulatory details of the bundled approach, including a list-based system for similar process projects [3]. - The encouragement of mid-test products entering the market streamlines the path for market validation [4]. Group 3: Industry Collaboration and Ecosystem - Mid-test bases should focus on technology validation while connecting upstream technology cultivation and downstream commercialization [2][4]. - Collaboration with universities and enterprises is essential for resource integration and sharing of mid-test facilities and data platforms [2]. - The establishment of a comprehensive service system for the entire chain of technology achievement is crucial for effective commercialization [2][4]. Group 4: Implementation and Future Directions - The implementation of the "Work Plan" is seen as a means to enhance the efficiency and flexibility of mid-test project management [5]. - The development of a collaborative mid-test platform aims to create a full lifecycle innovation service system [5]. - The mid-test bases will actively participate in the research and drafting of national mid-test key technology standards, incorporating practical experiences into the standard-setting process [5].

Core Viewpoint - The chemical industry has been in a downward cycle for over three years, with low chemical price indices and industry profit margins. The price index for Chinese chemical products has decreased by 10.3% from early 2025 to now, currently at the 10.6% percentile since 2012. The profit margin for chemical raw materials and products was only 4.14% from January to August 2025, the lowest since 2017. The gross and net profit margins for petrochemical companies in Q2 2025 were 16.05% and 4.63%, respectively, also at low levels in recent years [2][5][20]. Group 1: Industry Downturn and Recovery Potential - The chemical manufacturing industry has faced a downturn for over three years, with increasing midstream chemical production capacity and pressure on downstream demand, alongside falling prices of upstream commodities like oil and coal [2][5]. - Capital expenditures in the petrochemical sector have continued to decline, with a year-on-year decrease of 18.3% in 2024 and 15.1% in the first half of 2025. The industry has seen a consistent decline in capital expenditures for seven consecutive quarters since Q4 2023 [3][9]. - The exit of overseas production capacity, particularly in Europe, is expected to alleviate global supply-demand imbalances. A total of 11 million tons of chemical production capacity is set to exit Europe between 2023 and October 2024 [3][9]. Group 2: Policy and Market Dynamics - The industry is experiencing a shift in policy aimed at controlling new refining capacity and managing the pace of new ethylene and PX production capacity to prevent overcapacity in coal-based methanol [3][10]. - The basic chemical sector's price-to-book ratio was 2.07x as of October 22, 2025, at the 32.6% percentile since 2012, indicating potential for long-term investment opportunities as favorable supply-side factors accumulate [3][20]. - The demand for bulk chemicals remains weak globally, but emerging manufacturing sectors related to AI, humanoid robots, and solid-state batteries are driving rapid growth in material demand [20][16].

Core Insights - The eighth China International Import Expo featured a special promotion event for the "Invest in China" Free Trade Zone, highlighting the achievements of China's Free Trade Zones over the past decade and emphasizing the country's commitment to open cooperation and mutual benefit [1] Group 1: Free Trade Zones Overview - China's Free Trade Zones have developed a comprehensive reform and opening-up innovation pattern that covers various regions, including coastal, inland, and border areas [1] - The first Free Trade Zone was established in Shanghai in 2013, followed by the establishment of Free Trade Zones in Chongqing, Sichuan, and Shaanxi in 2017, and additional zones in Guangxi, Yunnan, Heilongjiang, and Xinjiang since 2019 [1] Group 2: Regional Highlights - The Free Trade Zones in the western and border areas are leveraging their geographical advantages to position themselves within the national opening-up framework, such as the Chengdu-Chongqing economic circle and the integration of international logistics hubs in Shaanxi [1][2] - The Guangxi Free Trade Zone is developing an artificial intelligence industry hub aimed at ASEAN, attracting 16 overseas companies to its China-ASEAN AI application cooperation center [2] Group 3: Industry Development - The Shaanxi Free Trade Zone is focusing on both traditional industries like photovoltaic and new energy vehicles, as well as emerging sectors such as hydrogen energy and drones [2] - The Guangxi Free Trade Zone has established cross-border supply chains in sectors like agricultural product processing, petrochemicals, electronic information, and new energy vehicles, benefiting from its advantageous location and ease of factor flow [2] Group 4: Impact on Economic Development - The Free Trade Zones allow localities to explore innovations first, which reduces risks while continuously advancing reforms, significantly contributing to China's high-quality development [2]