Group 1: Energy Transition and Policy - During the 14th Five-Year Plan period, China will continue to lead the global energy transition, shifting fossil energy's role to chemical raw materials, with green technologies like renewable energy and CCUS expected to develop long-term [1] - By 2035, China's primary energy demand is projected to reach a peak of 7 billion tons of standard coal, with non-fossil energy's share expected to rise to 78% by 2060, supporting the carbon neutrality goal [1] Group 2: Renewable Energy Development - Marine oil and gas resources are becoming the main force for domestic oil reserve increases, with significant potential in marine renewable energy, such as offshore wind power, expected to exceed 350 million kilowatts in installed capacity by 2060 [2] - The energy pipeline network in China has made significant progress, with a total pipeline length expected to exceed 300,000 kilometers by around 2040, evolving from traditional transport channels to a new energy system [2] Group 3: Refining and Chemical Industry Transformation - The refining industry is transitioning from traditional fuel production to chemical raw material production, with crude oil processing expected to drop to 300 million tons by 2060, primarily for chemical products [2] - Catalytic cracking will focus on processing heavy raw materials to meet the demand for chemical raw materials [2] Group 4: CCUS Technology and Coal Chemical Industry - CCUS technology is seen as a key to achieving global carbon neutrality, with China expected to achieve a carbon storage capacity of 3 billion tons by 2060 [3] - The coal chemical industry faces structural supply-demand contradictions and challenges in green and digital transformation, necessitating a shift from "making good use of coal" to "making good use of carbon" [3]

Investment Rating - The report recommends the industry [6] Core Insights - The overall revenue for the company in Q1 2025 reached 21.15 trillion KRW (114.21 billion RMB), marking the highest quarterly revenue in 10 quarters, driven by the inclusion of SK Innovation E&S performance [1][19] - Despite improvements in the battery business, the company faced operating losses due to declining refining profit margins and falling international oil prices [1][19] Financial Performance Summary Q1 2025 Overall Performance - The company reported an operating loss of 446 billion KRW (24.1 million RMB) in Q1 2025 [1][19] Business Segment Performance 1. **Refining Business** - Revenue: 11.92 trillion KRW (643.68 million RMB); Operating profit: 363 billion KRW (19.6 million RMB) [4][19] - Operating profit decreased by 306.1 billion KRW (16.53 million RMB) compared to the previous quarter due to global economic slowdown concerns and OPEC+ production cuts [4] 2. **Petrochemical Business** - Revenue: 2.48 trillion KRW (133.92 million RMB); Operating loss: 1.14 trillion KRW (61.7 million RMB) [5][19] - Continued operating losses due to weak demand for paraxylene (PX) and olefin products [5] 3. **Lubricants Business** - Revenue: 972.2 billion KRW (52.50 million RMB); Operating profit: 121.4 billion KRW (6.56 million RMB) [7][19] - Operating profit decreased by 18.1 billion KRW (977.4 thousand RMB) due to economic slowdown impacts [7] 4. **Exploration & Production (E&P) Business** - Revenue: 383.1 billion KRW (20.69 million RMB); Operating profit: 120.4 billion KRW (6.50 million RMB) [8][19] - Slight revenue growth, but operating profit decreased by 25.4 billion KRW (1.37 million RMB) due to declining sales in Peru [8] 5. **Battery Business** - Revenue: 1.61 trillion KRW (86.94 million RMB); Operating loss: 299.3 billion KRW (16.16 million RMB) [9][19] - Revenue growth driven by increased sales in North America, with operating profit improving by 60.1 billion KRW (3.25 million RMB) compared to the previous quarter [9] 6. **Materials Business** - Revenue: 238 billion KRW (1.29 million RMB); Operating loss: 548 billion KRW (2.96 million RMB) [10][19] - Operating profit increased by 19.3 billion KRW (1.04 million RMB) due to sales growth and reduced one-time costs [10] 7. **SK Innovation E&S** - Revenue: 3.75 trillion KRW (202.5 million RMB); Operating profit: 1.93 trillion KRW (10.43 million RMB) [11][19] - Operating profit increased by 78.9 billion KRW (4.26 million RMB) due to increased urban gas sales driven by winter heating demand [11] Q2 2025 Outlook 1. **Refining Business** - Expected gradual improvement in refining profit margins due to seasonal demand factors [12] 2. **Petrochemical Business** - Anticipated improvement in aromatics spreads due to reduced regional PX supply and new PTA facilities coming online [13] 3. **Lubricants Business** - Expected to maintain stable profitability due to strong demand for high-quality base oils [14] 4. **Exploration & Production Business** - Ongoing discussions for drilling more production wells following successful drilling operations [16] 5. **Battery Business** - Anticipated continued growth in North American sales driven by electric vehicle battery demand [17] 6. **Materials Business** - Expected significant sales growth due to increased sales to major customers and new product launches [17] 7. **SK Innovation E&S** - Plans to ensure stable and competitive LNG supply through various channels [18]

Core Insights - In 2024, China's refined oil market is experiencing significant changes, with fuel consumption in the transportation sector reaching its peak earlier than expected, leading to a transition from growth to decline in gasoline consumption [1][5] - The demand for refined oil is projected to continue declining in 2025, with an expected trend of "two declines and one increase" in consumption [1][25] Group 1: Refined Oil Consumption Trends - In 2024, the total refined oil consumption in China is estimated at 358.9 million tons, a decrease of 2.8% from the previous year, with gasoline and diesel consumption both declining [1][2] - Gasoline consumption is projected to decrease by 2.0% to 152 million tons, while aviation kerosene consumption is expected to grow by 13.0% [1][6] - Diesel consumption is anticipated to drop significantly, with a decline of 6.5% to 168 million tons, marking the largest decrease in recent years [12][22] Group 2: Impact of New Energy Vehicles - The rapid development of new energy vehicles (NEVs) is a key factor driving the decline in gasoline consumption, with NEV sales reaching 12.87 million units in 2024, accounting for 40.9% of the market [6][8] - The shift towards NEVs is further supported by government policies promoting the scrapping of old gasoline vehicles, which is expected to peak in 2024 [8][23] Group 3: Aviation Fuel Demand - Aviation kerosene consumption is projected to reach 39 million tons in 2024, reflecting a growth of 13% compared to the previous year, driven by increased domestic and international air travel [9][32] - The number of flights and passenger transport volume is expected to rise, contributing to the robust growth in aviation fuel demand [9][11] Group 4: Diesel Consumption Challenges - Diesel consumption is facing multiple pressures, including a slowdown in infrastructure investment and a decline in the real estate sector, leading to a significant drop in demand [12][34] - The increasing adoption of alternative fuels, such as liquefied natural gas (LNG), is further exacerbating the decline in diesel consumption, with LNG heavy truck sales experiencing a 15% increase in 2024 [13][15] Group 5: Refining Industry Adjustments - The refining industry in China is undergoing structural adjustments, with new refining capacities being introduced while older facilities are being shut down, resulting in a slight increase in total refining capacity to 923 million tons per year [16][18] - The export of refined oil is expected to decline due to reduced demand and lower export tax rebates, with actual export volumes decreasing by 527,000 tons in 2024 [19][22] Group 6: Policy Impacts - Government policies aimed at promoting the replacement of old vehicles and encouraging the use of new energy vehicles are expected to accelerate the transition towards a greener transportation sector [23][24] - The introduction of the "2024-2025 Energy Saving and Carbon Reduction Action Plan" is anticipated to further suppress diesel consumption and promote the adoption of cleaner energy alternatives [24][34] Group 7: Future Outlook - The refined oil market in China is expected to continue facing challenges in 2025, with overall consumption projected to decline to 345 million tons, reflecting ongoing structural adjustments and the impact of alternative energy sources [25][26] - The aviation fuel demand is likely to remain the only segment showing growth, while gasoline and diesel consumption will continue to decline [31][32]

Core Viewpoint - The Daqing Refining and Chemical Company has initiated a "reverse mentoring" program where young employees teach senior leaders new technologies and concepts, fostering intergenerational collaboration and innovation [2][3][4] Group 1: Program Overview - The "reverse mentoring" activity allows young employees to act as mentors for senior leaders, breaking traditional hierarchical teaching models [2] - Since its launch in early April, 54 young employees have participated, forming mentor-mentee pairs with senior leaders [3] - The program aims to integrate new technologies into the company's operations, enhancing digital transformation efforts [4] Group 2: Benefits and Outcomes - Young mentors, such as Chen Shuang and Ren Jiarui, have successfully conveyed complex technical concepts to senior leaders, leading to mutual learning experiences [2][3] - The program has resulted in practical solutions, such as a new design for a heat exchanger that improves operational efficiency while addressing potential risks [3] - The collaboration has led to cost-saving innovations, exemplified by a project that aims to reduce expenses related to non-standard pipe testing [4] Group 3: Future Implications - The initiative represents a commitment to "teaching and learning from each other," promoting a culture of dual empowerment and shared growth within the company [4] - The program aligns with the company's strategic goals of high-end, intelligent, and green development, ensuring continuous improvement and innovation [4]

据路透社计算显示，俄罗斯4月份的主要线下炼油能力经修正后较之前的计划上调了3%，达到290万 吨。俄罗斯5月份的主要线下炼油能力预计将比4月份增长5.7%，达到320万吨。 ...

西班牙炼油厂Petronor表示，在停电后，正逐步恢复其比尔巴鄂炼油厂的运行。 ...

Core Insights - The overall business activity index in Texas manufacturing has significantly declined to -35.8, marking the lowest level since May 2020, with a drop of 19.5 points from the previous month, reflecting increasing pessimism among businesses regarding the economic environment [1] - Despite the weak overall business atmosphere, Texas manufacturing output remained slightly positive in April, with a production index around 5.1, indicating minor expansion [1] - The new orders index plummeted by 20 points to -20.0, reaching a new low for the year, while the capacity utilization index fell to -3.8, and the shipments index turned negative for the first time this year, dropping from 6.1 to -5.5, highlighting weak demand [1] - Companies' outlook on future business conditions has worsened, with the future company outlook index dropping to -28.3, the lowest level since the COVID-19 pandemic, and the uncertainty index rising to 47.1, indicating heightened uncertainty among businesses [1] Employment and Labor Market - The labor market indicators show a slight decline in employment, with the employment index stabilizing at -3.9, where 9% of companies reported net hiring and 13% reported net layoffs [2] - The average work hours index decreased from -2.9 to -6.4, indicating a reduction in average working hours [2] Price and Cost Pressures - Input cost pressures have intensified, with the raw materials price index rising by 11 points to 48.4, the highest level since mid-2022, and the finished goods price index increasing by 9 points to 14.9, above the long-term average [2] - In contrast, the wages and benefits index remained stable at 14.3, slightly below historical averages, suggesting relatively steady wage growth [2] Texas Manufacturing Overview - Texas manufacturing generated approximately $296 billion in output in 2023, accounting for about 11% of the national manufacturing output, ranking second in the U.S. behind California, and leading in manufacturing exports [2] - Texas plays a crucial role in the U.S. refining industry, producing significant amounts of oil and coal products, and contributing over 13% of the nation's chemical product output, as well as more than 10% of non-metallic mineral products [2] Future Outlook - The future business activity index for Texas manufacturing has dropped to -15.2, the lowest level in 2023, indicating ongoing challenges [3] - The future production index, while still positive, decreased by 13 points to 14.8, suggesting a weakening expansion momentum [3] - Most indices reflecting future manufacturing activity remain in the expansion zone but are significantly below historical averages [3]

据运营商Petronor SA 称，Moeve表示其在西班牙的工厂已完全停工，位于毕尔巴鄂的另一家工厂也停 工。Repsol SA是Petronor的大股东，在西班牙各地经营其他炼油厂。该公司表示，其所有炼油厂均受到 影响。电力急剧波动导致电网中断，西班牙大部分地区和葡萄牙全境陷入黑暗，这是欧洲多年来最严重 的停电事件。此次停电影响了公共交通、机场和电话服务。 ...

金十数据4月28日讯，西班牙和葡萄牙大范围停电后，包括西班牙第二大炼油运营商Moeve运营的两家 炼油厂在内的几家西班牙炼油厂周一关闭。Moeve为阿布扎比基金Mubadala和美国私募股权公司凯雷集 团所有。该公司发言人表示，已停止两家炼油厂的运营。周一早些时候，雷普索尔控股子公司Petronor 表示，由于停电，该公司已关闭毕尔巴鄂（Bilbao）炼油厂的所有设备。西班牙最大的炼油厂运营商雷 普索尔没有立即回复媒体的置评请求。此外，西班牙和葡萄牙周一发生的停电导致公共交通瘫痪，造成 大规模交通堵塞，航班延误。 西班牙炼油厂在停电后关闭 公共交通与航班同样受到影响 ...

找到了制约四机组发电的"症结"，联合二车间迅速成立由工艺、设备、仪表骨干组成的技术攻关小组， 深度解析DCS历史数据，紧盯烟气量提升、蝶阀开度优化、蒸汽参数适配三大核心攻关方向，制定了专 项提升操作方案，并明确了烟机蝶阀开度超过34%、主汽门开度超过85%、烟气粉尘少于180毫克/标准 立方米等12项量化指标。 此次四机组发电攻关新突破，是延炼生产车间技术攻关小组深耕细作、靶向攻坚的生动诠释，更是该厂 以技术创新破解能效瓶颈的有力实践。下一步，延炼将以此次攻关为起点，继续推动从跟跑对标到并跑 创新，力争在技术攻关领域书写更多"向技术要效益"的精彩篇章。 同时，攻关小组责任到人，实行多点攻关策略，工艺工程师牵头优化反再操作、蒸汽平衡，设备工程师 攻坚稳定机组运行工况，仪表工程师保障控制精度，形成了全流程协同攻关格局。 攻关小组还打破传统操作思维，在保证产品质量的前提下，通过建立"反应操作双预警机制"管控操作稳 定性、动态调整回炼比提升了烟气效能。针对烟机入口蝶阀开度不足的核心问题，他们实施了双阀协同 控制法，将双阀阀位严格控制在2%的区间里，减少烟气损耗，并通过反复测试不同工况下的主风做功 和烟气回收能量平衡， ...