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， ...

Core Viewpoint - The U.S. is considering imposing tariffs on up to 50 critical minerals, which are essential raw materials for chemical production, potentially replacing the current "reciprocal tariffs" and posing a significant challenge to the U.S. chemical market [1] Group 1: Impact on Refining and Chemical Industries - Tariffs on minerals such as fluorspar, cerium, and lanthanum will significantly increase product prices in the refining catalyst market [3] - Fluorspar is used to produce hydrofluoric acid, a catalyst for alkylation units, while cerium and lanthanum are catalysts for fluid catalytic cracking (FCC) units [3] - Increased catalyst prices may lead refineries to alter their operations, potentially reducing the operating rates of alkylation units and shifting production towards toluene or mixed xylene, impacting the aromatics market [3] - Changes in the operating rates of alkylation and FCC units will simultaneously affect the supply and demand of propylene [3] Group 2: Broader Implications for Chemical Products - Fluorspar is also a key upstream raw material for fluorinated chemicals and fluoropolymers, which are increasingly important in 5G devices, semiconductor manufacturing, and lithium-ion batteries [3] - Concerns have been raised about titanium oxide being included in the tariff list, which would further increase costs for U.S. paint manufacturers already pressured by previous steel tariffs [3] - Special catalysts are also at risk; tariffs on antimony could lead to price increases for producers of polyethylene terephthalate (PET), as antimony is a crucial catalyst in its production [4] - Bismuth, another catalyst for polyurethane production, faces similar tariff risks, impacting the overall cost structure of these industries [4] - The U.S. Geological Survey (USGS) indicates that various minerals, including iridium, neodymium, rhodium, ruthenium, palladium, and platinum, are essential for catalyst manufacturing, suggesting significant implications for domestic industries if tariffs are enacted [4]

Core Viewpoint - Phillips66 reported a significant loss in Q1 2025, with adjusted earnings per share of -$0.90, exceeding analyst expectations of -$0.72, highlighting severe challenges in the refining sector [1] Financial Performance - The refining segment posted a net loss of $937 million, contrasting sharply with a profit of $216 million in the same period last year [1] - Refining profit margins plummeted by 38% year-over-year to $6.81 per barrel, while turnaround costs surged over twofold to $270 million [1] Operational Challenges - Seasonal maintenance led to a decline in capacity utilization from 92% in the previous year to 80% [1] - The CEO acknowledged that this was one of the largest spring maintenance periods in the company's history, indicating inevitable short-term performance pressure [2] Industry Context - Competitor Valero Energy also reported quarterly losses due to declining refining margins, reflecting a broader industry struggle [1] - Concerns are rising regarding potential tariffs and trade war escalations under the Trump administration, which could further suppress demand for gasoline and aviation fuels [1] Strategic Considerations - Following maintenance, the CEO expressed optimism for a rebound in profit margins [2] - The company is facing a board seat contest from activist investor Elliott Management, which advocates for the separation of refining and midstream operations to unlock value, while management emphasizes the risk mitigation benefits of a full value chain approach [2] - The traditional refining sector is grappling with dual challenges of short-term maintenance and cost inflation, alongside long-term pressures for low-carbon transitions and the search for new growth opportunities [2]

The upcoming report from Phillips 66 (PSX) is expected to reveal quarterly loss of $0.60 per share, indicating a decline of 131.6% compared to the year-ago period. Analysts forecast revenues of $30.65 billion, representing a decrease of 15.9% year over year. The consensus EPS estimate for the quarter has undergone an upward revision of 1% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe ...

除了供需失衡，运营成本的大幅上升也让炼油企业不堪重负。高昂的能源价格以及不断攀升的碳 税，使得企业的运营成本显著增加。维多公司投资总监Jay Gleacher指出，尽管炼油毛利率尚未恶化到 极点，但运营成本居高不下，已成为悬在炼油厂头上的"达摩克利斯之剑"。伍德麦肯兹分析师认为，过 高的运营成本，对炼油厂未来盈利能力和脱碳投资构成重大风险，尤其在欧洲，碳税征收大幅增加了炼 油厂运营成本。预计到2035年，欧洲的碳价格将涨至全球平均水平三倍，部分炼油厂将丧失经济可行 性。 多重压力下，欧洲部分炼油厂已难以为继。到目前为止，欧洲已宣布关闭50万桶/日的炼油产能。 2024年，意大利埃尼公司旗下的利沃诺炼油厂停止原油加工；今年第二季度，英国的格兰杰默斯炼油厂 也将关闭。此外，壳牌旗下的莱茵炼油厂和英国石油旗下的盖尔森基兴炼油厂，预计今年也将面临产能 缩减。 转型机遇悄然显现 近年来，欧洲炼油行业正经历前所未有的挑战。在需求疲软、产能过剩和成本攀升的多重压力下， 行业洗牌已成定局。伍德麦肯兹研究显示，未来十年，全球410家炼油厂中有101家炼油厂或将关闭，占 全球产能的21%，其中欧洲将成为这场变革的主战场。在这场生 ...

产能迅猛扩张 据阿格斯咨询公司预测，亚太地区的SAF产能将迎来飞跃，2026年将达到350万吨/年(77671桶/日)，相 较于2024年的124万吨/年，近乎增长两倍。除中国外，亚洲至少有5个SAF项目已投产或计划今年投 产，不少项目将出口作为重要目标，瞄准了本地区其他国家和欧洲市场。 日本炼油商科斯莫能源公司从今年4月起生产SAF。今年，东南亚地区SAF项目投资总额超5亿美元，泰 国PTT全球化学公司旗下SAF工厂已投产，泰国Bangchak石油公司也将于第二季度投产其SAF工厂。不 仅如此，芬兰耐思特公司和贝恩资本支持的EcoCeres公司同样积极布局，EcoCeres公司计划今年第四季 度在马来西亚柔佛投产年产42万吨的SAF和生物柴油生产装置，投产后其总产能将达77万吨/年。 需求增长乏力 尽管SAF在减少碳排放方面优势显著，是航空业减排的关键，但在亚洲，其市场需求却远不及产能扩张 的速度。与欧洲目前要求从欧盟和英国机场起飞的航班，必须在航空燃料中掺混2%的SAF不同，亚洲 要到2026年才会开始强制使用SAF，不少国家要到本十年末才开始推行强制使用政策。新加坡和泰国将 从2026年开始，要求本国机 ...

中化新网讯 近日，乌干达总统约韦里・穆塞韦尼办公室发布声明称，乌干达已与来自阿联酋的Alpha MBM投资公司签署了一项炼油厂协议。根据协议，Alpha MBM投资公司将获得位于乌干达霍伊马地区 Kabaale的一座炼油厂60%的股份，而乌干达国营的乌干达国家石油公司则保留这座6万桶/日炼油厂剩余 40%的股份。 这一协议的达成备受瞩目。今年早些时候，乌干达能源部长就曾透露，该国正与Alpha MBM投资公司 就开发一个计划投资40亿美元的炼油厂展开谈判。如今协议正式签署，标志着乌干达在炼油产业发展上 迈出了坚实一步。Alpha MBM投资公司由迪拜王室成员谢赫·穆罕默德·本·马克图姆领导。此次合作不仅 为乌干达带来了资金和技术支持，也体现了国际资本看好乌干达能源市场。 乌干达能源和矿产发展部部长Ruth Nankabirwa介绍，乌干达政府与Alpha MBM投资公司之间关于关键 商业条款的讨论早在1月16日就已开始，并且原本预计在3个月内完成。如今协议顺利签署，意味着双方 的谈判取得了积极成果。Kabaale炼油厂对于乌干达而言意义非凡，它是乌干达新兴油气产业的基石， 在该国的能源战略中占据着至关重要地位 ...

消息人士：委内瑞拉埃尔帕利托炼油厂的催化裂化装置在暂停11个月后即将重新启动。 ...

Core Viewpoint - The article discusses the recent adjustments in stock ratings by analysts, highlighting the common themes of performance improvement and turnaround situations for several companies, particularly in the real estate and consumer sectors [1][3]. Group 1: Rating Upgrades - Analysts have upgraded ratings for 15 stocks in the past week, with many citing performance improvement and turnaround as key reasons [1]. - China Fortune Land Development (金地集团) was upgraded by both CICC and Zhongyin Securities despite reporting a loss in its 2024 annual report, indicating a potential turnaround due to reduced debt pressure and improved operational conditions [3][4]. - Sinopec (中国石化) received an upgrade to "Buy" from Dongfang Securities, with expectations of benefiting from an improving refining industry landscape [4]. Group 2: Performance Improvement - Significant performance improvement in Q4 2023 has led to rating upgrades for several companies, such as Furuida (福瑞达), which saw a notable increase in its non-GAAP net profit despite an overall decline in 2024 [6]. - Conch Cement (海螺水泥) was upgraded to "Buy" by Zhongyou Securities, as its Q4 net profit showed a 42% year-on-year increase, indicating a recovery trend [6][7]. Group 3: Rating Downgrades - Eight stocks have had their ratings downgraded, primarily in the food and beverage, beauty, and machinery sectors, with reasons including underperformance and excessive prior gains [9][10]. - Jinhuijiu (金徽酒) and Shede Liquor (舍得酒业) were downgraded by China Galaxy Securities due to significant profit declines, although future recovery is anticipated [10]. - Other downgraded stocks include Jinzai Food (劲仔食品) and Aimeike (爱美客), reflecting cautious sentiment from analysts despite potential long-term growth [10].

Core Viewpoint - The article discusses the current economic conditions, highlighting the mixed performance of various sectors, with a focus on industrial revenue growth, commodity price fluctuations, and the impact of international trade policies on specific industries [1][3]. Group 1: Economic Indicators - In the first two months of the year, industrial enterprises in China achieved a revenue growth of 2.8% year-on-year, an acceleration of 0.7 percentage points compared to the previous year [1]. - Manufacturing profits improved significantly, with a year-on-year increase of 4.8% in the same period [1]. Group 2: Commodity Market Trends - Domestic commodity futures showed mixed results, with energy and chemical products mostly rising, while black metals experienced a decline, particularly coking coal which fell by 1.06% [1]. - Palm oil prices increased by 2.17%, while basic metals mostly declined, with zinc down by 0.97% and copper down by 0.93% [1]. Group 3: International Trade and Policy Impact - Canadian Prime Minister announced a CAD 2 billion strategic response fund to protect jobs in the automotive industry affected by U.S. tariffs, aiming to establish a comprehensive automotive supply chain network [1]. - The U.S. announced a 25% tariff on imported cars, leading to significant profit declines for major Japanese automakers, with predictions of profit cuts of up to 66% for Nissan and 34% for Mazda if costs cannot be passed on [3]. Group 4: Sector-Specific Insights - The copper market is expected to experience slight oversupply by 2025, with stable domestic demand driven by power investment and appliance production [2][19]. - The palm oil market is facing a recovery in production but a significant drop in export demand, leading to price fluctuations [2][30]. Group 5: Financial Market Overview - U.S. stock indices fell, while A50 futures rose slightly, indicating a mixed sentiment in the market [7]. - The bond market saw a slight decline, with the 10-year government bond yield dropping to 1.785% [8]. Group 6: Agricultural Products - The soybean market is experiencing a strong performance due to increased harvest rates in Brazil, but trade tensions are keeping prices firm [31]. - The apple market is seeing a decrease in cold storage inventory, indicating a potential increase in demand as the season progresses [33]. Group 7: Shipping and Logistics - The European shipping index showed a slight increase, with expectations for stabilization in freight rates due to limited capacity increases in April [40].