中化新网讯 12月22日，韩国产业通商资源部表示，截至12月19日，韩国蔚山、丽水、大山三大石化园 区内的韩国石化企业已向政府提交业务重组方案，主动提出削减裂解装置产能。有关审核工作即将开 始。该部表示，企业间需先共同拟定最终重组计划，随后由该部审核批准；届时还将推出涵盖金融、税 收、研发及监管豁免等方面的扶持政策，助力企业完成重组。 今年8月，受产能过剩、利润下滑影响，韩国石化企业已达成共识，计划将石脑油裂解装置产能削减最 高25%，折合年产能270万至370万吨。 目前，重组方案的具体细节尚未对外披露，仅有HD现代与乐天化学整合大山石化园区资产的计划获两 家公司官方确认。产业通商资源部透露，该大山整合计划正处于初步审核阶段，预计2026年1月与政府 扶持政策同步获批，债权人也在敲定对该计划的金融支持措施。韩国产业通商资源部部长金钟宽表 示："若这些方案得到切实执行，有望实现行业自主削减270万至370万吨产能的目标。今年是为成功重 组制定战略的筹备之年，明年则是决定成败的落地执行之年。" ...

Group 1 - The global petrochemical industry is experiencing a prolonged downturn due to trade headwinds, oversupply, and weak end-demand, lasting for four years, while Middle Eastern producers are expanding and diversifying into high-value product chains [1] - By 2028, the Gulf Cooperation Council (GCC) countries are expected to add over 20 million tons of petrochemical capacity through new and expanded projects, with Saudi Arabia and the UAE being the main drivers of this growth [1] - The GCC region's ethylene production accounts for 10.4% of the global total, with the petrochemical sector becoming the second-largest manufacturing industry in the region, generating over $108 billion annually [1] Group 2 - Recent investments in the Middle Eastern petrochemical industry show a trend of "slower growth but improved quality," focusing on world-class projects in high-value chains, particularly in ethylene and propylene [2] - The Borouge 4 polyolefins project in Abu Dhabi is nearing completion, with a core ethane cracking unit expected to produce 1.4 million tons of polyethylene annually by 2026 [2] - The Ras Laffan petrochemical complex in Qatar, set to begin operations by the end of 2027, will feature a 2.1 million tons per year ethane cracking unit, significantly increasing Qatar's petrochemical capacity [3] Group 3 - Saudi Arabia's petrochemical sector is actively expanding, with the Amiral project set for completion in 2027, featuring a 1.65 million tons per year mixed feed cracking unit [4] - Saudi Aramco aims to increase its crude-to-chemicals production from 1.8 million barrels per day to 4 million barrels per day in the long term [4] - SABIC is accelerating its investments in high-growth markets, including a new MTBE facility expected to be the largest of its kind globally, and a joint venture project in Fujian, China, with significant progress made [4]

再次，贯通"产销研用"转化通道。科技创新的最终价值在于创造市场需求与促进产业增长。企业要聚焦 市场需求高效转化科技成果，将技术优势转化为产品优势和产业优势，开辟价值创造的"新蓝海"。吉林 石化坚持以市场为导向，畅通"产销研用"一体化通道。在内部，其自有技术不仅在主体装置升级中广泛 应用，更成功输出至广东揭阳的ABS新基地，近30个高性能ABS及乙丙橡胶新牌号被快速开发并推向市 场。在外部，其与下游龙头企业共建"协同创新中心"，将客户需求深度前置融入研发，从传统供应商转 变为"创新合伙人"，驱动新材料产品产量实现数倍增长。 作者：吉林石化仓储中心 王慧乾 其次，攻坚关键核心技术。行业陷入"内卷"的根源在于技术雷同。因此，企业要结合自身实际，聚焦产 业链痛点与"卡脖子"环节，进行精准、差异化的核心技术攻关，将科技资源转化为难以复制的市场竞争 优势。吉林石化将研发力量精准投向合成树脂和合成橡胶两大领域。在合成树脂领域着力打造ABS原创 技术策源地，研发的"无调浆凝聚工艺技术"解决了行业共性难题，产品成本显著下降;在合成橡胶领域 自主开发的新型钒系催化剂帮助高性能乙丙橡胶产品叩开高端汽车市场的大门，极大提升了企业竞争 ...

Group 1 - The core viewpoint of the articles emphasizes the rapid development and high-level opening-up of the Hainan Free Trade Port, particularly through the achievements of Yangpu in Danzhou as a model area for the Free Trade Port [1][2]. - The Danzhou Yangpu Economic Development Zone aims to expand high-level foreign openness and implement Free Trade Port policies, focusing on the development of a dual hub port and enhancing port infrastructure [2][3]. - The construction of a modern industrial system is prioritized, with plans to develop advanced manufacturing, emerging industries, and modern agriculture, including the establishment of a large petrochemical industry and the promotion of green and intelligent development [3][5]. Group 2 - The Yangpu International Container Terminal has achieved a record throughput of over 3 million standard containers, indicating significant growth and the potential for further expansion in the upcoming "14th Five-Year Plan" period [4]. - Future plans include enhancing the terminal's construction, expanding the shipping network, and transitioning towards green and smart operations to support the Free Trade Port's development [4]. - Danzhou will also focus on rural revitalization and improving public services, ensuring that the local population benefits from the Free Trade Port's development [5].

同时，在苏商银行特约研究员武泽伟看来，此次强调"坚持全国一盘棋""坚决反对'内卷式'竞争"的核心 在于，文章从国家整体效能最大化的战略高度，统筹规划关键产业的发展方向与空间布局。 12月26日，国家发展改革委在官方微信号上刊发题为《大力推动传统产业优化提升》的文章。国家发改 委产业发展司在文中介绍了"十五五"时期传统产业优化提升的着力点。其中，文章提到，对钢铁、石化 等原材料产业，关键在于平衡供需、优化结构。对新能源汽车、锂电池、光伏等"新三样"产业，关键在 于规范秩序、创新引领。"十五五"时期，要综合整治"内卷式"竞争，维护公平竞争环境，提高行业集中 度，打造全球技术领先高地。 12月29日，国家发改委创新和高技术发展司在《因地制宜发展新质生产力》一文中，再次强调"坚决反 对'内卷式'竞争"，并将其与"优化重大生产力布局，统筹谋划、系统推进重点领域发展，防止一哄而 上、重复建设"直接关联。 "内卷式"竞争，作为一种低效率的不公平竞争，让不少行业、企业深受其害，也影响到经济高质量发 展。坚决反对"内卷式"竞争，并非单纯限制发展，而是为了增强发展新质生产力的整体效能。 科方得智库研究负责人张新原表示，此次国家发 ...

Group 1: New Quality Productive Forces - In 2025, China focuses on technological innovation and industrial upgrading to cultivate new quality productive forces, enhancing the foundation for high-quality development [2] - Traditional industries are crucial for accelerating the development of new quality productive forces, with the Ministry of Industry and Information Technology releasing action plans for ten key industries [2] - Strategic emerging industries and future industries are the main battlegrounds for cultivating new quality productive forces, with significant growth in sectors like new energy vehicles, photovoltaics, and quantum technology [2][3] Group 2: Expanding Domestic Demand - Expanding domestic demand is a strategic choice for China to respond to economic changes and promote high-quality development, with policies implemented to stimulate consumption and investment [4] - Consumer markets are recovering, with significant growth in retail sales of home appliances and communication equipment, with year-on-year increases of 14.8%, 18.2%, and 20.9% respectively [6] - Investment in emerging sectors is also strong, with notable increases in manufacturing and renewable energy investments, such as a 15.3% growth in automotive manufacturing [6] Group 3: High-Level Opening Up - Expanding high-level opening up is essential for China's high-quality development, providing stability to the uncertain global economy [7] - China's foreign trade resilience is improving, with policies promoting service exports and green trade, reflecting a commitment to innovative leadership [7][8] - Trade with major partners like ASEAN has seen growth, with a year-on-year increase of 8.5% in trade volume [8] Group 4: Risk Mitigation - In 2025, China continues to address key risk areas to ensure high-quality development, with measures in place to manage local government debt and mitigate financial risks [9] - The real estate sector has seen successful completion of housing delivery tasks, with policies aimed at stabilizing the market and supporting housing supply [9] Group 5: Appropriate Monetary Easing - Since 2025, a moderately loose monetary policy has been in effect, with social financing scale increasing significantly, reaching 33.39 trillion yuan in the first eleven months [10] - The structure of credit has improved, supporting key sectors and strategic economic transformations, with notable growth in technology and green loans [11] Group 6: Green Transition - China has introduced numerous policies for green low-carbon transition and ecological civilization construction, achieving significant progress in various fields [14] - The energy structure is shifting towards non-fossil sources, with ambitious targets for renewable energy installations [14][15] - The green economy is thriving, with over 218.7 million existing green economy-related enterprises, indicating sustained vitality in the sector [14]

Core Viewpoint - The State Council Tariff Commission has announced the 2026 tariff adjustment plan, effective from January 1, 2026, which will modify the import tariff rates and categories for certain goods, impacting various industries. Group 1: Impact on Industries - The adjustment of tariffs on bio-aviation kerosene indicates a significant potential for the petrochemical industry's green and low-carbon transformation, with production increasing fourfold from January to October 2025 compared to 2024 [1]. - The inclusion of tariffs for intelligent bionic robots and cleaning robots will assist industries and companies in accurately grasping trade data and assessing overseas market trends [1]. - Targeted adjustments to tariffs on urgently needed equipment and intermediate products, including important recyclable raw materials, will help reduce costs and support the development of relevant national industries [1].

Core Viewpoint - The company plans to increase the registered capital of its wholly-owned subsidiary, the carbon fiber company, by RMB 600 million through a combination of private placement and public offering, with Sinopec participating in the funding [1][2]. Group 1: Capital Increase Details - The capital increase will be based on an evaluation value determined by relevant state asset supervision regulations and will involve a maximum of RMB 300 million from Sinopec, which will hold no more than 25% of the carbon fiber company post-increase [1]. - The remaining capital of up to RMB 300 million will be publicly offered to other strategic investors, including up to two industrial investors and one financial investor, all of which must be legally registered enterprises in mainland China [1][2]. Group 2: Strategic Importance - The carbon fiber industry aligns with the company's resource endowment and has a clear development trend, with solid groundwork for exploration and conditions for building new productive forces [2]. - The capital increase aims to combine industrial cooperation with capital operations to promote the restructuring and high-quality development of the carbon fiber business, enhancing competitiveness in high-growth sectors like new energy and aerospace [2]. Group 3: Use of Funds - The total funds raised from the capital increase will be used for project research and production, enhancing the carbon fiber company's capacity and competitiveness [3]. - Any amount exceeding the new registered capital will be added to the capital reserve of the carbon fiber company, benefiting both new and existing shareholders [3].

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the need to develop new productive forces tailored to local conditions, aiming to enhance overall efficiency and prevent "involution" competition, which is characterized by low efficiency and unfair practices [1][4]. Group 1: Policy Emphasis - The NDRC has reiterated its stance against "involution" competition, linking it to the optimization of major productive layouts and systematic advancement in key sectors [3][4]. - The NDRC's recent communications highlight the importance of balancing supply and demand in traditional industries while fostering new industries such as electric vehicles and solar energy [3][4]. Group 2: Strategic Goals - The NDRC aims to correct resource misallocation and structural overcapacity caused by blind investments and repeated constructions, promoting a healthy competitive ecosystem [5]. - The focus is on redirecting competition from price wars to innovation, product quality, and service excellence, thereby enhancing the overall competitiveness and resilience of industries in the global market [5].

Macro Policy Updates - The Central Commission for Discipline Inspection's fifth plenary session will be held from January 12 to 14, 2026[2] - The National People's Congress will convene its fourth session on March 5, 2026[2] Fiscal Policy - The national fiscal work conference on December 27 emphasized expanding fiscal spending and optimizing government bond tools[3] - New special bond quotas will be allocated to regions with high investment efficiency and project readiness[3] - The Ministry of Finance will enforce strict accountability for local government debt and prohibit the creation of new hidden debts[3] Monetary and Capital Markets - The People's Bank of China suggested integrating incremental and stock policies to enhance financial support for key sectors[4] - The 2025 Financial Stability Report aims to improve the investment scale and proportion of long-term funds in A-shares[4] Industrial Development - The National Development and Reform Commission is focusing on optimizing traditional industries and regulating competition in emerging sectors[5] - The industrial and information technology conference highlighted the need for technological innovation and the development of new industries[5] Risk Management - There is a risk of delayed policy updates affecting economic stability[5]