据北京商报报道，近日外交部发言人毛宁主持例行记者会。彭博社记者：美国财政部长宣布对中国山东省一家炼油厂和广东省一家石油码头公司实施制裁， 理由是这些公司购买伊朗石油。外交部对此有何评论？毛宁表示，中方一贯反对滥施非法单边制裁和"长臂管辖"。美国应停止干扰破坏中伊正常商贸合作。 中方将采取一切必要措施，坚决维护中国企业的合法权益。 这次被制裁的山东鲁清石化，被美国指控通过"影子舰队"油轮接收了价值5亿美元的伊朗原油，甚至牵连出3家香港船东公司。美方声称，这类交易是伊 朗"支持恐怖主义"的经济命脉，必须掐断。近年来美国对伊朗的制裁早已从"核问题"扩展到了经济围堵。中国作为伊朗石油的最大买家之一，自然成了美国 的眼中钉。从2024年美众议院通过法案威胁"中国买伊朗石油就制裁"，到如今直接对中企动手，美国正试图用"长臂管辖"绑架全球贸易规则。 特朗普（资料图） 事实上，美国一边对中国企业进行制裁，另一边还要拉着中国进行对话，一架美国专机已直飞北京。3月20号，蒙大拿州共和党参议员戴恩斯抵达北京访 问，他成为特朗普开启第二个任期后首位访华的美国议员。戴恩斯此行，无疑是带着任务来的，他是特朗普这边的议员，这一回来华访问， ...

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) reported a significant decline in annual profits, reflecting increasing operational challenges amid a downturn in oil consumption and government policies aimed at reducing fuel production while boosting petrochemical output [3][4]. Group 1: Financial Performance - Sinopec's net profit for 2024 is projected to drop to 49 billion RMB (approximately 6.8 billion USD), down from 58.3 billion RMB the previous year, falling short of analyst expectations of 56.4 billion RMB [3]. - The company's refining business saw operating profits plummet by 67% to 6.71 billion RMB, influenced by a 3% decline in global average oil prices compared to the previous year [3]. - The chemical segment experienced an operating loss that widened by 66% to 10 billion RMB [4]. Group 2: Market Conditions - National oil consumption in China decreased last year, and the International Energy Agency anticipates continued declines in road fuel demand this year due to the rise of electric vehicles [3]. - The real estate sector's contraction has further suppressed the willingness of refining companies to increase production rates [3]. Group 3: Strategic Adjustments - Sinopec plans to reduce its annual budget from 175 billion RMB in 2024 to 164.3 billion RMB this year, while aiming to increase oil equivalent production by 1.3% to 522 million barrels [3]. - The company intends to cut refined oil sales by 2.7% to adapt to weak demand, while also focusing on replacing outdated facilities with new integrated complexes to support future growth in petrochemical product demand, projected to grow at an average rate of 3% annually until 2030 [4]. Group 4: Natural Gas Operations - Sinopec's natural gas production is expected to grow by 4.7% in 2024, significantly outpacing the 0.3% growth in oil production [4]. - The liquefied natural gas (LNG) business achieved record profits last year, despite the imposition of a 15% tariff on U.S. LNG imports due to trade tensions [4][5]. Group 5: Contracts and Partnerships - Sinopec has signed a long-term contract with U.S. supplier Venture Global, with plans to adjust logistics based on U.S. tariff conditions [5].

Core Viewpoint - The imposition of a 10% tariff by the U.S. on energy imports from Canada is expected to increase crude oil costs for U.S. refiners, leading them to source crude from other regions, which will benefit Asian refining companies through improved margins from increased product exports [3][4]. Group 1: Impact on U.S. and Asian Refiners - U.S. refiners, primarily processing heavy crude oil, will face higher raw material costs due to the tariff, potentially increasing costs by $6 to $8 per barrel [5]. - As a result, U.S. refiners may rely more on Asian product supplies, benefiting Asian refiners from the short-term increase in refining margins [4][5]. - However, the upward trend in margins for Asian refiners is expected to be temporary, as tightening global heavy crude supply will eventually raise processing costs for refiners worldwide [4]. Group 2: Global Oil Market Dynamics - The price differential between WTI low-sulfur and high-sulfur crude has narrowed since November of the previous year, indicating rising heavy crude prices and shrinking refining margins [4]. - The heavy-light crude price differential in Asia may also follow a similar trend in the second half of the year [4]. - The tariff could lead to increased competition among global refiners for heavy crude procurement, potentially erasing the cost advantages for Asian refiners [5]. Group 3: China's Fuel Export Outlook - In 2024, China's total exports of gasoline, diesel, and aviation fuel are projected to reach 36.7 million tons, a decrease of 12.6% from the previous year [7]. - The first batch of refined oil export quotas for 2025 announced by China is set at 1.9 million tons, remaining stable compared to the previous year [7]. - If the U.S. increases fuel imports from Asia, this situation may change in the short term [7].

Investment Rating - The industry investment rating is "Neutral" based on the performance of the industry index relative to the benchmark [98]. Core Insights - The report indicates a slight improvement in the inquiry atmosphere for certain long filament products, leading to a marginal increase in profitability [1]. - The Brent crude oil average price for the week ending March 14, 2025, was $69.83 per barrel, reflecting a decrease of 1.25% from the previous week [1][2]. - Domestic and international refining project price differentials have shown a decline, with domestic key refining project price differential at 2413.42 CNY/ton, down 1.37% week-on-week [2]. Summary by Sections Refining Sector - The international oil price experienced fluctuations due to geopolitical tensions and changes in U.S. tariff policies, with Brent and WTI prices at $70.58 and $67.18 per barrel respectively as of March 14, 2025 [1][11]. - Domestic refined oil prices have decreased across the board, with diesel, gasoline, and aviation kerosene averaging 7188.00 CNY/ton, 8340.14 CNY/ton, and 6259.87 CNY/ton respectively [11]. Chemical Sector - The overall average price of chemical products has declined, with polyethylene prices slightly down and polypropylene prices increasing for some products [1][38]. - The price of pure benzene has dropped significantly due to reduced downstream demand, averaging 7135.71 CNY/ton [43]. - Styrene prices continue to fall under pressure from high inventory levels and weak demand, averaging 8150.00 CNY/ton [43]. Polyester Sector - The prices of polyester raw materials have continued to decline, with some long filament products showing slight improvements in profitability [1][56]. - The average price of PTA has decreased to 4785.71 CNY/ton, with an average net profit of -168.80 CNY/ton [64]. - The inquiry atmosphere for spring and summer lightweight fabrics has improved, although overall order volumes have not seen significant increases [63]. Market Performance of Major Refining Companies - As of March 14, 2025, the stock price changes for six major private refining companies were mixed, with Rongsheng Petrochemical down 0.23% and Hengli Petrochemical up 0.06% over the past week [83][84]. - The overall performance of the refining index has increased by 22.42% since September 4, 2017, outperforming the oil and petrochemical industry index [86].