10月9日，工信部发布《关于开展2025年度绿色工厂推荐工作的通知》。为进一步突出 节能降碳导向，巩固提升产业绿色竞争力，本年度绿色工厂重点支持53个重点行业的企业。 属于重点行业的企业登录管理平台按照相应行业要求进行自评价，不属于重点行业的企业登 录管理平台依据通则进行自评价。 为贯彻落实《制造业绿色低碳发展行动方案（2025—2027年）》，实施绿色制造标杆升 级行动，根据《绿色工厂梯度培育及管理暂行办法》（以下简称《办法》），现组织开展 2025年度绿色工厂推荐工作。有关事项通知如下： 一、总体要求 本年度推荐工作包括绿色工厂、绿色工业园区，满足《办法》有关要求的企业或园区按 照自愿的原则，对照新的评价要求（相关指标要求见附件1、2）进行自评价。省级工业和信 息化主管部门按照"优中选优、宁缺毋滥"的原则进行遴选，推荐的企业或园区原则上不低于 本地区已有国家绿色工厂、绿色工业园区的平均水平。 工业和信息化部办公厅关于开展2025年度绿色工厂推荐工作的通知 工信厅节函〔2025〕390号 各省、自治区、直辖市及计划单列市、新疆生产建设兵团工业和信息化主管部门： 省级工业和信息化主管部门组织企业、园区登录工业 ...

重点行业能效"领跑者"，是指在山东省内从事生产经营活动，同类可比范围内主要工序、单位产品能耗 指标达到相应国家强制性能耗限额标准先进值和能效标杆水平，且持续提升能源利用效率的企业。重点 行业主要包括石化化工、钢铁、有色金属、建材、轻工、纺织等行业，具体包括原油加工、煤制焦炭、 煤制烯烃等38个细分行业。省工业和信息化厅将会同省发展和改革委员会、省市场监督管理局组织专家 对各市推荐的申报材料进行复审，择优遴选出山东省重点行业能效"领跑者"名单。重点行业能效"领跑 者"称号有效期为一年。（记者 付玉婷） 省工业和信息化厅、省发展和改革委员会、省市场监督管理局近日联合印发《山东省重点行业能效"领 跑者"遴选管理办法》，山东将每年开展一次重点行业能效"领跑者"认定，通过多种形式广泛宣传推广 先进经验，带动全行业能源利用效率整体提升。获得山东省重点行业能效"领跑者"称号的企业，优先推 荐申报国家能效"领跑者"及省级绿色制造示范标杆单位。 ...

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has initiated the 2025 Green Factory Recommendation Work to enhance energy conservation and carbon reduction, focusing on 53 key industries to improve the green competitiveness of enterprises [1][5]. Group 1: Overall Requirements - The recommendation work includes both green factories and green industrial parks, with enterprises or parks voluntarily conducting self-evaluations based on new evaluation criteria [5][6]. - Provincial industrial and information departments will select enterprises or parks that meet the requirements, ensuring that recommended entities are at least at the average level of existing national green factories and parks in their regions [5][6]. Group 2: Specific Requirements - New applicants for national green factories and parks must register on the Industrial Energy Conservation and Green Development Management Platform and complete self-evaluations without needing third-party evaluation reports [6][7]. - Existing national green factories and parks are required to conduct self-evaluations against new criteria, with those scoring in the bottom 5% for three consecutive years being removed from the list [6][7]. Group 3: Work Requirements - Provincial departments must ensure the authenticity and accuracy of data and supporting materials submitted by enterprises or parks, with a deadline for submission set for November 7, 2025 [7]. - The MIIT will review the recommended lists and publicize the final list of 2025 green factories and parks, with penalties for any falsification of data [7]. Group 4: Key Industries - The 53 key industries supported in this initiative include sectors such as steel, petrochemicals, non-ferrous metals, building materials, machinery, light industry, textiles, and electronics [14][15][16][17][18][19][20].

新华网北京9月26日电工业和信息化部、生态环境部、应急管理部、中国人民银行、国家市场监督管理 总局、国家金融监督管理总局、中华全国供销合作总社等七部门近日联合发布《石化化工行业稳增长工 作方案（2025—2026年）》（以下简称《工作方案》），旨在破解行业发展瓶颈，推动石化化工行业实 现平稳运行与结构优化升级的双重目标。《工作方案》围绕五大方向部署10项重点任务，构建稳增长与 促转型的双重动力体系。 本周重点产品价格跟踪点评 本周WTI油价上涨4.9%，为65.72美元/桶。 天风证券近日发布基础化工行业：电工业和信息化部、生态环境部、应急管理部、中国人民银行、国家 市场监督管理总局、国家金融监督管理总局、中华全国供销合作总社等七部门近日联合发布《石化化工 行业稳增长工作方案（2025—2026年）》（以下简称《工作方案》），旨在破解行业发展瓶颈，推动石 化化工行业实现平稳运行与结构优化升级的双重目标。 天风证券近日发布基础化工行业：电工业和信息化部、生态环境部、应急管理部、中国人民银行、国家 市场监督管理总局、国家金融监督管理总局、中华全国供销合作总社等七部门近日联合发布《石化化工 行业稳增长工作方案（20 ...

上海证券近日发布基础化工行业周报：过去一周（9.20-9.26），基础化工指数涨跌幅 为-0.95%，沪深300指数涨跌幅为1.07%，基础化工板块跑输沪深300指数2.02个百分点，涨 跌幅居于所有板块第17位。基础化工子行业涨跌幅靠前的有：有机硅（15.44%）、橡胶助 剂（7.52%）、合成树脂（2.86%）、粘胶（2.73%）、涂料油墨（1.79%）。 以下为研究报告摘要： 市场行情走势 过去一周（9.20-9.26），基础化工指数涨跌幅为-0.95%，沪深300指数涨跌幅为1.07%， 基础化工板块跑输沪深300指数2.02个百分点，涨跌幅居于所有板块第17位。基础化工子行 业涨跌幅靠前的有：有机硅（15.44%）、橡胶助剂（7.52%）、合成树脂（2.86%）、粘胶 （2.73%）、涂料油墨（1.79%）。 当前时点建议关注如下主线：1、制冷剂板块。随着三年基数期结束，三代制冷剂行业 供需格局将迎来再平衡，价格中枢有望持续上行，建议关注金石资源、巨化股份、三美股 份、永和股份。2、化纤板块。建议关注华峰化学、新凤鸣、泰和新材。3、建议关注万华化 学、华鲁恒升、鲁西化工、宝丰能源等优质标的。4、轮胎 ...

Core Viewpoint - The "Stabilizing Growth Work Plan for the Petrochemical Industry (2025-2026)" emphasizes a transformation direction of "stabilizing total volume and optimizing structure," avoiding a one-size-fits-all approach to capacity reduction [1][2] Policy Impact on Chemical Prices - The plan focuses on controlling new capacity and upgrading existing facilities rather than eliminating current capacity, indicating that supply will not significantly shrink in the short term [1][2] - The core contradiction in the chemical market remains high capacity investment with weak demand, leading to a pessimistic market outlook despite policy changes [2] Specific Chemical Products Analysis - The plan supports refining enterprises to "reduce oil and increase chemicals," which may increase the total supply of chemical products, particularly affecting prices of basic chemicals like synthetic resins and ethylene glycol [2][5] - PX is viewed positively by multiple institutions due to the peak of capacity expansion being over, with no new capacity expected from 2024 to 2025, leading to a favorable supply-demand balance [3][4] - Ethylene is still in a capacity expansion cycle, and while the policy may slow down supply growth, the basic market remains loose, with price fluctuations expected to be limited [4] Long-term Market Opportunities - The policy aims to curb blind capacity expansion and improve the supply-demand mismatch, potentially increasing industry profit margins by 3-5 percentage points by 2026 [3] - Long-term investment opportunities are identified in three areas: high-end fine chemicals, green transition sectors, and companies with integrated layouts and technological advantages [5] Short-term Trading Strategies - Short-term trading strategies should focus on "swing trading" to avoid blind chasing of price increases, with attention to short-term mismatches due to policy windows and facility maintenance [6] - Investors are advised to be cautious of the potential for policy expectations to be overvalued in the market, particularly in high-end products [6]

近日，工业和信息化部等7部门联合印发《石化化工行业稳增长工作方案(2025—2026年)》(下称《方 案》)。《方案》明确了行业"稳总量、优结构"的转型方向，成为化工市场关注的焦点。 投资者关心的是，政策对化工品价格影响几何？哪些品种值得重点布局？交易层面又该如何应对？对 此，受访人士普遍认为，这份《方案》的核心逻辑在于不搞"一刀切"去产能，而是通过"控新增、改存 量、扶高端"优化供给。从时间维度来看，政策对化工品价格的作用呈现明显分层。 《方案》明确"不涉及现有化工产能去化"，产能优化重点指向未来新项目，而非当前装置。例如，对炼 油、乙烯、PX等传统领域，仅要求"严控新增产能、科学调控投放节奏"，对现有老旧装置则以"改造升 级"为主，不强制淘汰。"这意味着短期内行业供给端不会出现大幅收缩，而需求端仍受传统行业复苏节 奏影响，缺乏显著增长点。"新湖期货化工研发总监施潇涵向期货日报记者表示。 施潇涵认为，当前化工市场的核心矛盾仍是"产能投放量大但需求疲软"，即便政策出台，近端基本面仍 难有实质改善。"近年来，化工产业链利润总体微薄，各环节在有限利润空间内相互挤压，即便部分品 种短期基本面好转，市场也会因对后续产 ...

Core Viewpoint - The recently released "Petrochemical Industry Stabilization Growth Work Plan (2025-2026)" aims to address the challenges of overcapacity in refining and insufficient supply in high-end materials, targeting an average annual growth of over 5% in the industry's added value during this period [2][4]. Group 1: Industry Challenges - The petrochemical industry is currently facing intensified competition in the basic organic raw materials market, slowing domestic demand growth, and increasing external uncertainties [4]. - In 2024, domestic refined oil demand is expected to peak and decline, leading to overcapacity in refining, with national refining capacity reaching 955 million tons per year [4]. - The government aims to control crude oil processing capacity within 1 billion tons by 2025 as part of the "14th Five-Year" modern energy system planning [4]. Group 2: Policy Measures - The plan emphasizes strict control over new refining capacity and the scientific regulation of new capacity for ethylene and paraxylene, while supporting the renovation of outdated petrochemical facilities and the demonstration of new technologies [4][5]. - By the end of 2025, the plan aims to complete the relocation and transformation of hazardous chemical production enterprises in densely populated urban areas [4]. Group 3: High-End Supply Enhancement - The plan identifies key areas such as electronic chemicals, high-end polyolefins, and specialty rubbers to enhance supply capabilities and promote domestic production of critical materials [6]. - The demand for new materials in emerging industries like new energy, low-altitude economy, and humanoid robots is expected to create new growth opportunities for the industry [7]. Group 4: Market Dynamics - The "anti-involution" policy aims to prevent vicious competition within the industry, with recent actions indicating a shift towards optimizing the supply-demand structure [9]. - For instance, a recent announcement from Xinxiang Chemical Fiber to suspend production of 31,200 tons of viscose filament yarn for 90 days will impact approximately 13% of the industry supply [9]. Group 5: Investment Outlook - The release of the plan has renewed market expectations for the petrochemical sector, with analysts noting that the industry is likely to transition from a focus on scale expansion to optimizing existing capacity and pursuing high-quality growth [11]. - Future investment opportunities are anticipated in both price recovery cycles and the development of high-end new materials [11].

Group 1: 15th Five-Year Plan Outlook - The primary direction for industrial structure adjustment during the 15th Five-Year Plan is transformation and upgrading, with continued support for technological innovation [1] - The real estate sector is expected to stabilize, with new product development and pricing models emerging in core cities [1] - The home appliance industry will focus on smart, green, and globalized policies, aligning with future manufacturing directions [1] - The construction industry will emphasize overseas expansion and smart construction [1] - The importance of strategic resources will increase, benefiting the prices of non-ferrous metals [1] - Cement and glass industries will face strict capacity controls, focusing on profit recovery rather than just revenue [1] - The chemical industry will see a shift towards replacing outdated capacity, with a positive outlook for chemical exports [1] - The new energy sector is expected to experience favorable supply-demand dynamics, with significant growth in wind and solar power installations [1] - The coal industry will see increased resource scarcity and improved performance as prices rise [1] - The technology sector will benefit from government subsidies for AI capabilities and applications [1] - The cultural industry may see relaxed regulations for overseas expansion, positively impacting supply-side recovery [1] Group 2: AI and Computing Sector Insights - Breakthroughs in computing power and AI applications are expected to lead to a surge in the sector by 2026, with companies achieving over 10% revenue from AI [2] - Despite short-term pressures from subsidy reductions, long-term support for domestic semiconductor replacements remains strong [2] - The internet and cloud computing sectors are experiencing a positive cycle of investment and operational efficiency, with a focus on global entertainment and self-consumption [2] - The telecommunications sector is concentrating on 6G and satellite internet development, with opportunities in the IDC supply chain [2] - E-commerce is currently in a phase of competition for existing market share, but AI products are expected to offset negative impacts from subsidy reductions [2] Group 3: Q3 Earnings Outlook - The reduction in national subsidies is expected to pressure earnings in light industry, consumer electronics, and home appliances [3] - The non-ferrous metals sector is anticipated to see continued improvement in Q3 earnings due to rising domestic metal prices [3] - The pharmaceutical sector is not expected to face severe impacts from tariff policies, contrary to some investor fears [3] - The agricultural sector is projected to see weak growth, particularly in pig prices, through Q1 2026 [3] - The light industry is under pressure from both overseas demand and domestic subsidy reductions, leading to continued earnings challenges [3] - The consumer electronics sector may experience marginal declines in growth following subsidy cuts [3] - The chemical industry is expected to achieve stable growth, with a target of over 5% annual increase in value added by 2025-2026 [3] - The food and beverage sector is facing weak demand, but market expectations are low, which may provide some support [3] - The military industry is projected to see overall revenue and earnings growth, with ongoing attention to the 15th Five-Year Plan's impact [3]

Core Viewpoint - The petrochemical industry in China is set to experience an average annual growth of over 5% in value added from 2025 to 2026, as outlined in the recently released "Petrochemical Industry Stabilization Growth Work Plan (2025-2026)" by multiple government departments [2][3]. Group 1: Industry Challenges and Responses - The petrochemical industry faces intensified competition in the basic organic raw materials market, slowing domestic demand growth, and increased external uncertainties [3]. - The plan emphasizes strict control over new refining capacity and aims to manage the pace of new capacity for ethylene and paraxylene, while supporting the renovation of outdated facilities and the "reduce oil and increase chemicals" initiative [3][4]. Group 2: Focus on High-End Supply - There is a notable shortage in high-end chemical new materials and fine chemicals, necessitating improvements in the supply of key products and raw materials [4][5]. - The plan identifies electronic chemicals, high-end polyolefins, and specialty rubbers as key areas for technological innovation and effective supply enhancement [5]. Group 3: Emerging Market Opportunities - The demand for materials in emerging fields is robust, with applications in sectors such as electric vehicle battery materials, carbon fiber composites, and specialty engineering plastics [5][6]. - PEEK, a high-performance polymer, is highlighted for its potential to replace metals in various applications, including humanoid robots, due to its superior strength-to-weight ratio and durability [6]. Group 4: Industry Structural Optimization - Recent high-level meetings have focused on preventing "involution" or excessive competition within the industry, leading to a more optimized supply-demand structure [7][8]. - The chemical industry is witnessing a shift from a focus on expansion to optimizing existing capacities and pursuing high-quality growth, which is expected to create better investment opportunities [9].