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Core Viewpoint - The sulfur market is experiencing a strong upward trend in prices due to tightening supply and demand dynamics, with significant price increases reported from major exporting countries in the Middle East [1][2]. Supply and Demand Dynamics - The sulfur supply-demand balance in China for 2026 is expected to be tight, with a structural gap continuing to widen, leading to a "tight balance" as the main theme for the year [2]. - Only two new or expanded sulfur production facilities are planned for 2026, adding a total capacity of 500,000 tons per year, with uneven production schedules [2]. - Downstream demand is projected to grow significantly, with 15 new facilities planned, resulting in an additional sulfur consumption capacity of approximately 3.29 million tons per year [2][3]. Price Trends - The latest sulfur prices from Qatar and the UAE for January 2026 are reported at $517 and $520 per ton, respectively, reflecting increases of $22 and $25 per ton from the previous month [1]. - The domestic sulfur price is expected to rise, with predictions that it could exceed 5,000 yuan per ton and potentially reach 6,000 yuan per ton in optimistic scenarios [5]. Market Structure - The sulfur industry in China is highly concentrated, with major players like Sinopec, PetroChina, and Rongsheng Petrochemical dominating the market, collectively holding over 70% of the total production capacity [4]. - The total sulfur production capacity in China has reached approximately 16.79 million tons, but future capacity expansion is limited due to government policies on crude oil processing [4]. Profitability Outlook - The increase in sulfur prices is expected to significantly enhance profits for leading companies, with estimates suggesting that a price increase of 100 yuan per ton could yield billions in profit for top firms [5]. - Rongsheng Petrochemical, with its substantial production capacity and low-cost structure, is projected to achieve a gross profit of around 3.4 billion yuan from its sulfur business [5].

摘要：【图】2025年1-9月河南省柴油产量统计分析 2025年1-9月柴油产量分析： 据国家统计局数据，在2025年的前9个月，河南省规模以上工业企业柴油产量累计达到了152.3万吨，与 2024年同期的数据相比，下降了2.5%，增速较2024年同期低14.6个百分点，增速与同期全国持平，约占 同期全国规模以上企业柴油产量14691万吨的比重为1.0%。 图表：河南省柴油产量分月（累计值）统计 2025年9月柴油产量分析： 单独看2025年9月份，河南省规模以上工业企业柴油产量达到了20.4万吨，与2024年同期的数据相比，9 月份的产量增长了13.8%，增速较2024年同期高26.8个百分点，增速较同期全国高10.7个百分点，约占 同期全国规模以上企业柴油产量1741.8万吨的比重为1.2%。 产业调研网为您提供更多 图表：河南省柴油产量分月（当月值）统计 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 石油化工行业最新动态 石油市场现状及前景分析 化工市场调研与发展前景 日化发展现状及前景预测润滑油市场调研及发展趋势 汽油行业监测及发展趋势 柴油 ...

Core Viewpoint - The report from CITIC Construction Investment indicates that the reform of central state-owned enterprises (SOEs) will deepen from late 2025 to early 2026, focusing on professional restructuring, strategic upgrades, and industrial synergy [1] Group 1: Restructuring and Integration - The vertical integration of Sinopec and China Aviation Oil serves as a benchmark, creating a comprehensive "refining-storage-distribution" system [1] - This integration not only aligns with the policy direction of SOE reform but also addresses the industry's pain points regarding insufficient collaboration in aviation fuel [1] Group 2: Competitive Advantage and Supply Security - The restructuring enhances international competitiveness and supply security capabilities [1] - The establishment of a Sustainable Aviation Fuel (SAF) industrial ecosystem supports the low-carbon transition of the aviation industry [1] Group 3: Focus Areas for Future Development - Central SOEs are concentrating on intelligent, green, and integrated transformations, leveraging the "14th Five-Year Plan" to expand into emerging industries [1] - Key focus areas include new energy, 6G technology, and biobreeding [1]

Core Insights - The establishment of the innovation studio at Beijing Yanshan Petrochemical Co., Ltd. aims to tackle technical challenges in the aromatic production chain and cultivate young talent [3] - The studio's leader, Ma Yi, has successfully implemented 13 technical measures that generated a profit of 18 million yuan within a year, showcasing a strong focus on innovation and problem-solving in the aromatic production sector [3][6] Group 1: Innovation and Technical Achievements - The innovation studio was founded on January 3, 2025, with a dual mission of technical breakthroughs and talent development [3] - Ma Yi utilized ASPEN steady-state process simulation software to address production issues, leading to the successful transformation of an idle de-butanizer tower into a desulfurization reactor, which increased monthly revenue by 269,000 yuan [4] - The implementation of a self-developed hexane separation technology reduced loss rates from 8.99% to 2.94%, generating an additional monthly benefit of 142,300 yuan, with the technology now in the patent application stage [5] Group 2: Cost Reduction and Efficiency Improvements - Ma Yi's optimization efforts in the toluene extraction unit led to the elimination of a high-energy consumption system, saving 4.09 million yuan in steam, water, and electricity costs per month [6] - The focus on detail in the benzene production unit resulted in monthly cost savings exceeding 850,000 yuan through various efficiency measures [6] - The recovery of idle resources and the repurposing of old equipment contributed to significant cost savings, including 1.018 million yuan from repairing idle compressors and nearly 6.8 million yuan from reusing catalysts [6]

■毛艺融 中东资本投资中国的热情愈发高涨。1月5日，阿布扎比投资局旗下全资子公司正式以领投方身份，完成 了对鼎晖投资管理有限公司第五期美元基金（CDHFundV）的接续基金注资。另外，精锋医疗科技股份 有限公司、MiniMax正式登陆港股，两家公司基石投资阵容里均出现了阿布扎比投资局的身影。 近年来，中东资本青睐中国科技企业，在笔者看来，这基于中东国家经济转型的战略需求、全球资本再 平衡背景下中国资产的独特吸引力，以及中国企业与中东资本的"双向奔赴"。 其一，中东国家转型诉求强烈，将科技等产业视为"新的石油"。 从传统能源到新能源，从一级市场到二级市场，从大型基建项目到初创科技企业，中东资本的投资触角 正加速延伸，折射出其对中国优质资产愈发浓厚的兴趣。 这一转变的底层逻辑，是中东国家的转型焦虑。沙特"2030愿景"、阿联酋的全球投资战略，为中东资 本"出海"投资提供了明确的政策支撑，也勾勒出了其欲摆脱石油经济依赖的发展路径。 通过投资，中东资本有力推动了本土石油产业升级。例如，2025年9月份，科威特石化工业公司斥资 6.38亿美元拿下万华化学集团股份有限公司旗下烟台万华石化有限公司25%的股权。同月，中国石 ...

Investment Rating - The report maintains a "Positive" rating for the chemical industry [2][3] Core Insights - The macroeconomic outlook for the chemical industry indicates a stable increase in oil demand due to global economic recovery and tariff adjustments, with Brent oil prices expected to remain in the range of $55-70 per barrel [2][3] - The report highlights the potential for price increases in the organic silicon sector, driven by supply constraints and rising demand ahead of the Lunar New Year [2] - The report suggests focusing on key sectors such as industrial silicon, PVC, and phosphorus, as well as companies like Xinjiang Tianye and Xingfa Group, which are expected to benefit from differentiated electricity pricing policies in Shaanxi Province [2][3] Summary by Sections Chemical Macro Outlook - Oil supply is tightening due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with an expected increase in oil prices [3] - Coal prices are expected to stabilize at a low level, alleviating pressure on downstream industries [3] - The U.S. is likely to accelerate natural gas export facility construction, potentially lowering import costs [2][3] Price Trends - Brent crude oil prices increased by 3.7% to $63.02 per barrel, while WTI prices rose by 2.7% to $58.84 per barrel [9] - The PPI for all industrial products decreased by 1.9% year-on-year but increased by 0.2% month-on-month, indicating a slight recovery in manufacturing activity [5] Sector Recommendations - The report recommends focusing on the textile chain, agricultural chemicals, export-related chemical products, and companies benefiting from "de-involution" policies [2] - Specific companies to watch include: - For textiles: Lu Xi Chemical, Tongkun Co., and Hengli Petrochemical - For agricultural chemicals: Hualu Hengsheng and Baofeng Energy - For export-related chemicals: Juhua Co. and Wanhu Chemical [2][15] Key Company Valuations - The report includes a valuation table for key companies, indicating their market capitalizations and projected earnings [15][16]

Economic Indicators - The Huachuang Macro WEI index rose to 6.05% as of January 4, 2026, an increase of 0.46 percentage points from the previous week[2] - Subway passenger volume in 26 cities increased by 6% year-on-year in the first week of January, while domestic flight operations averaged 12,400 flights per day, down 0.6% year-on-year[2] - Container throughput at Chinese ports rebounded slightly, with a week-on-week increase of 6.3% as of January 5, 2026, and a year-on-year increase of 7.7% over the past four weeks[2] Real Estate and Construction - Residential property sales in 67 cities saw a year-on-year decline of 43% in the first ten days of January, compared to a 24% decline in December 2025[3] - The average land premium rate in 100 cities fell to 0.45% as of January 4, 2026, down from 1.64% in December 2025[3] - Cement shipment rates dropped to 29% as of January 2, 2026, a decrease of 2.4 percentage points from the previous week[3] Commodity Prices - Gold prices rose to $4,473 per ounce, an increase of 3.6%, while copper prices reached $12,990 per ton, up 3.8%[2] - Crude oil prices increased, with WTI at $59.1 per barrel (up 3.1%) and Brent at $63.3 per barrel (up 4.3%)[2] - Lithium carbonate prices surged by 15.6% in the latest trading session[2] Financial Markets - The stock-bond Sharpe ratio difference stood at 4.25, indicating a high relative value for equities compared to bonds[9] - New special bond issuance in early January totaled 874 billion yuan, significantly higher than zero in the same period last year[4] - Interest rates fell post-year-end, with DR001 at 1.2727% and DR007 at 1.4727%, reflecting decreases of 5.98 and 50.94 basis points respectively since December 31, 2025[4]

Market Overview - The equity market experienced an overall increase during the trading period from December 29 to January 9, with the Shanghai Composite Index rising by 3.95% to close at 4083.67 points, and the Shenzhen Component Index increasing by 3.79% to 14022.55 points [6][9] - The convertible bond market also saw a significant rise, with an overall increase of 4.16%, closing at 505.77 points [6][16] - Daily average trading volume in the equity market increased by approximately 31.33% week-on-week, reaching 25595.78 billion yuan [8] Investment Strategy and Outlook - The report suggests maintaining a focus on controlling drawdowns as a primary objective, with a recommendation to adjust expectations for convertible bonds in the current market environment [1] - The strategy emphasizes a dual-sector model, recognizing a "hot technology sector" alongside a "cool traditional sector," indicating a structural growth engine where investment is prioritized over consumption [1] - The report highlights potential investment opportunities in sectors such as consumer electronics, key materials, resources, and power distribution equipment, particularly as the annual report season approaches [1][3] Convertible Bond Market Insights - The report identifies the top ten convertible bonds with the highest potential for price premium recovery, including Liuyuan Convertible Bond and Lihua Convertible Bond [1] - During the trading period, approximately 94.49% of convertible bonds saw an increase, with 78.48% of bonds experiencing gains exceeding 2% [17] - The average daily trading volume for convertible bonds increased significantly by 16.95%, reaching 947.39 billion yuan [17] Sector Performance - In the equity market, 28 out of 31 sectors saw gains, with notable increases in defense, media, computing, and non-ferrous metals, which rose by 13.63%, 13.10%, 8.49%, and 8.56% respectively [14] - The report indicates that the convertible bond market's sentiment is improving, with a significant increase in trading volume and a higher percentage of bonds outperforming their underlying stocks [38][40]

BZ&Eb周报：BZ处于区间上沿，关注逢 高空的机会 国泰君安期货研究所·黄天圆 投资咨询从业资格号：Z0018016 日期：2026年01月11日 Guotai Junan Futures all rights reserved, please do not reprint 本周纯苯、苯乙烯总结：原油地缘风险高开之后，关注逢高空的机会 • 纯苯国产：12月检修11万吨，1月检修维持11万吨（假设考虑浙石化检修带来4.5万吨减量），主要是中化泉州、丽东、浙石化等装置检修量大。部分山东 地炼在解决了配额问题之后仍会提高负荷，弥补部分产量损失。1月关注巴斯夫湛江新投产带来的纯苯增量。 • 纯苯进口：外盘压力仍然偏大，韩国纯苯抛压在12月仍然偏大，进口居高难下。1月目前进口分歧较大，预计仍然在48万吨左右的高进口，2月之后的进口 仍然在45万吨左右。 • 苯乙烯：12月检修8.5万吨，1月检修6.5万吨。12月之后装置开工逐步恢复，关注山东国恩化工装置开工带来的增量。 • 己内酰胺：CPL负反馈开始，工厂逐步降低负荷，12月预计4万吨检修,1月有6万吨检修，主要是福建永荣、天辰、华鲁恒升、旭阳沧州等。12月关注恒逸 ...