英国工会UNITE：工人们要求政府立即采取行动，确保林赛炼油厂的长期未来。 ...

炼油一部二重催装置区设备工程师刘志鹏在检查低温省煤器外护板焊接质量。 中国发展网讯 刘莉莉、范东航 记者林强报道 截至7月21日，中国石油大庆石化炼油一部140万吨/年重油催化及28万吨/年气体分馏联合装置开车5天来运行稳 定，标志着装置局部检修任务圆满完成。此前制约生产的瓶颈问题得到集中消除，目前装置处理量恢复正常。 作为大庆石化炼油区二次加工装置，这套联合装置在提高原油利用率、增加轻质油品产量及推动绿色低碳生产方面发挥重要作用。此次局部检修面临渣油原 料平衡、蒸汽系统平衡以及多项检修任务同步落地等挑战，大庆石化各部门、各单位统筹规划、科学施策，系统排查消除设备潜在风险，提升设备运行效 率，为装置长周期大负荷生产筑牢根基。 本次检修包括烟气轮机强检、1号CO余热锅炉检修、油浆热水换热器E218检修及液化气脱硫塔C905检修等4项任务。高温酷暑持续"烤"验现场作业人员，化 建公司、设备维修中心、五龙实业公司等参检单位严格执行安全规定和检修方案要求，充分开展风险识别和安全评价，细化安全交底、措施布置等环节，与 属地单位炼油一部形成高效协作闭环。 尽管厂房内温度高于室外，参检员工以高标准检修施工和高度责任心，确保 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The domestic economy in the first half of the year remained resilient, with China's GDP in H1 growing by 5.3% year-on-year, higher than the annual target of 5%. Fiscal efforts and the "rush to export" phenomenon supported the economic data, but also reduced the urgency of policies. Attention should be paid to the Politburo meeting in July for potential further pro - growth policies [1]. - Since July, there has been an increasing expectation of "anti - involution" policies in industries such as steel, photovoltaic, lithium battery, and new energy vehicles. However, more detailed energy - saving and carbon - reduction policies are needed to promote the "anti - involution" trading [2]. - After the passage of the "Great Beautiful" Act in the US, Trump has shifted his focus to external pressure to accelerate tariff negotiations. The current tariff situation is in a "stagnant" stage, and its impact on sentiment and demand expectations should be watched out for [3]. - The current commodity fundamentals are still weak, and one should be cautious about the implementation of policy expectations. The volatility of commodity prices may remain high [4]. Summary by Related Catalogs Market Analysis - China's export performance in June was remarkable, with a new round of "rush to export" under the easing of Sino - US tariffs. The year - on - year growth rate of social retail sales in June slowed to 4.8% due to the suspension of policy subsidies in some areas, but subsequent subsidies are expected to support domestic consumption. Infrastructure and manufacturing investments declined, and the risk of the weak real - estate sales dragging down the real - estate chain still exists. On July 22, A - shares strengthened throughout the day, and the commodity futures market saw a wave of limit - up for many varieties such as coking coal and coke, stimulating the full - scale outbreak of cyclical stocks [1]. "Anti - Involution" Transaction Tracking - Since July, relevant departments have emphasized the governance of disorderly low - price competition among enterprises. The expectation of "anti - involution" policies in industries such as steel, photovoltaic, and lithium battery has increased, and the prices of some commodities have rebounded. The upcoming ten key industry pro - growth work plans for industries like steel, non - ferrous metals, and petrochemicals will focus on structural adjustment, supply optimization, and elimination of backward production capacity [2]. "对等 Tariff" Impact - The passage of the "Great Beautiful" Act in the US has shifted its policy from "tight fiscal expectation + neutral monetary policy" in the first half of the year to a stage where policies are "easy to loosen and difficult to tighten." The US Treasury Secretary said that tariff revenues are "huge" and may account for 1% of the US GDP, with expected tariff revenues of up to $2.8 trillion in the next decade. Trump has extended the grace period for the "equal tariff" and started the "equal tariff 2.0" stage. The US has sent tariff letters to 25 countries in 4 batches, and negotiations with various countries are in progress [3]. Commodity Sector - Domestically, the black and new - energy metal sectors are most sensitive to the supply - side. Overseas, the energy and non - ferrous sectors benefit significantly from inflation expectations. The black sector is still dragged down by downstream demand expectations, the supply shortage in the non - ferrous sector has not been alleviated, and the short - term geopolitical premium in the energy sector has ended, with a relatively loose medium - term supply outlook. OPEC + has accelerated production increases, and the third direct Russia - Ukraine negotiation will be held this week [4]. Strategy - For commodities and stock index futures, one should consider long - term positions in industrial products on dips [5]

据了解行业数据的知情人士透露，俄罗斯7月10-16日当周炼油厂处理规模略低于520万桶/日。 经过季节性养护之后，多个设施恢复生产。（彭博） ...

Core Viewpoint - Valero Energy (VLO) is expected to report a significant decline in quarterly earnings and revenues compared to the previous year, with analysts predicting earnings of $1.76 per share and revenues of $27.84 billion, reflecting decreases of 35.1% and 19.3% respectively [1]. Earnings Projections - The consensus EPS estimate for the quarter has been revised upward by 11.2% over the past 30 days, indicating a collective reassessment by analysts [2]. - Revisions to earnings projections are crucial for predicting investor behavior and are strongly correlated with short-term stock price performance [3]. Revenue Estimates - Analysts forecast 'Total operating revenues - Renewable diesel' to be $783.18 million, down 33.9% year-over-year [5]. - The estimate for 'Total operating revenues - Ethanol' is $1.10 billion, suggesting a decrease of 2% from the previous year [5]. - 'Total operating revenues - Refining' is expected to reach $26.94 billion, indicating an 18.5% decline from the prior-year quarter [5]. Refining Margins - The 'U.S. Mid-Continent region - Refining margin per barrel of throughput' is projected at $10.39, up from $9.73 in the same quarter last year [6]. - The 'U.S. West Coast region - Refining margin per barrel of throughput' is estimated at $16.18, compared to $14.86 in the previous year [6]. - The 'U.S. Gulf Coast region - Refining margin per barrel of throughput' is expected to be $10.80, slightly up from $10.36 year-over-year [7]. Throughput Volumes - 'Refining - Throughput volumes per day' is projected to be 2,797.77 thousand barrels, down from 3,010.00 thousand barrels in the previous year [7]. - The 'U.S. Gulf Coast region - Throughput volumes per day' is estimated at 1,787.60 thousand barrels, compared to 1,827.00 thousand barrels last year [8]. - The 'U.S. Mid-Continent region - Throughput volumes per day' is expected to be 399.23 thousand barrels, down from 438.00 thousand barrels year-over-year [9]. - The 'North Atlantic region - Throughput volumes per day' is projected at 334.68 thousand barrels, down from 469.00 thousand barrels in the previous year [10]. Stock Performance - Over the past month, Valero Energy shares have increased by 6.7%, outperforming the Zacks S&P 500 composite's increase of 5.9% [11].

——石化化工反内卷稳增长系列之四 石油化工/基础化工 增持（维持） 7 月 18 日，国务院新闻办公室举行新闻发布会，介绍 2025 年上半年工业和 信息化发展情况。工业和信息化部总工程师谢少锋表示，将实施新一轮钢铁、有 色金属、石化、建材等十大重点行业稳增长工作方案，推动重点行业着力调结构、 优供给、淘汰落后产能，具体工作方案将在近期陆续发布。 要点 点评： 事件： 2025 年 7 月 22 日 行业研究 老旧装置退出有望改善炼油景气度，炼化产业转型加速 炼油老旧装置占比较高，老旧产能淘汰助力行业竞争力提升 我国炼油行业起步较早，1958 年兰州石化投产填补了我国石油化工行业空 白，改革开放后炼油行业进入快速发展期，至 2000 年我国炼油能力为 3.6 亿吨， 2005 年我国原油加工量为 2.86 亿吨，为 2024 年原油加工量的 40%。炼油行业 发展过程中产生了大量建设历史较久老旧装置，根据中国石化 2001 年披露的 A 股招股说明书，2000 年中国石化拥有原油一次加工能力 1.3 亿吨，相当于公司 2024 年炼能的 44%，拥有 13 家炼能超过 500 万吨的炼厂和茂名、镇海、齐鲁、 ...

英国能源大臣表示，由于未收到可信的收购报价，英国林赛炼油厂将逐步停止运营。（新华财经） ...

英国能源大臣尚克斯：由于未收到可信的收购报价，英国林赛炼油厂将逐步停止运营。(新浪财经) ...

Investment Rating - The report rates the petrochemical industry as "Overweight" indicating a positive outlook for the sector compared to the overall market performance [2][8]. Core Insights - The petrochemical industry is expected to gradually phase out old production capacities that are over 20 years old, driven by new regulations from the Ministry of Emergency Management and the Ministry of Industry and Information Technology [2]. - The refining sector has a high proportion of old facilities, with nearly 50% of the total refining capacity being over 20 years old, suggesting significant room for improvement in supply [2][3]. - The olefins market, particularly propylene, shows potential for recovery as 21% of its capacity is over 20 years old, and current market conditions are favorable due to reduced overseas supply [2]. - The polyester segment has fewer old facilities, but the recovery potential for polyester filament is significant, with 13% of its capacity being over 20 years old [2]. Summary by Sections Old Capacity Analysis - The report highlights that nearly 50% of refining capacity and 40% of capacity over 30 years old are considered old, indicating a substantial opportunity for supply-side improvements [2][3]. - Specific old capacity percentages for various petrochemical products include: - Refining: 49.3% (20 years), 39.4% (30 years) - Propylene: 21.2% (20 years), 10.1% (30 years) - Pure Benzene: 17.8% (20 years), 3.1% (30 years) [3]. Investment Recommendations - The report suggests focusing on leading refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as they are well-positioned to benefit from the phase-out of old capacities [2]. - In the propylene sector, companies like Satellite Chemical and Baofeng Energy are highlighted as potential beneficiaries of the market recovery [2]. - For polyester filament, Tongkun Co. is recommended as a key player to watch as the market conditions improve [2].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The government is strengthening the enforcement of refined oil consumption tax collection and continuing to promote the reform of refined oil consumption tax, which is expected to increase the concentration of the refining and sales industries. Legal enterprises will face a fairer competitive environment, while illegal enterprises may be gradually eliminated [4][68][71]. - The reform of refined oil consumption tax will bring more intense market competition, forcing refineries and gas stations to improve service quality and operational efficiency. In the long term, this will contribute to the healthy development of the entire industry, improve resource allocation efficiency, and ultimately benefit consumers [71]. - Relevant investment targets include Sinopec/China Petroleum & Chemical Corporation (600028.SH/0386.HK) and PetroChina/China National Petroleum Corporation (601857.SH/0857.HK) [8][71]. Summary by Directory 1. Refined Oil Consumption Tax Basic Situation 1.1 Summary Points of Refined Oil Consumption Tax - Consumption tax is an important tax in China's current tax system, aiming to regulate product structure, guide consumption direction, and ensure national fiscal revenue. China has been levying consumption tax on gasoline and diesel at the production stage since 1994 [11]. - The 2024 consumption tax reform aims to shift the collection link to the sales end and gradually transfer it to local governments, which is expected to accelerate the exit of backward refinery capacities and benefit state - owned refineries. However, there are difficulties in implementing this policy, such as affecting the profits of gas stations and increasing the requirements for national tax collection and management [11]. 1.2 Policy Innovations of Refined Oil Consumption Tax (2012 - 2024) - **2012 - 2013**: The State Administration of Taxation issued documents to strictly define the scope of refined oil consumption tax collection to prevent tax evasion by refineries through "name - changing sales". However, due to various reasons, the implementation effect was not obvious [14][17][18]. - **2018**: The State Administration of Taxation issued Document No. 1, which required all refined oil invoices to be issued through the refined oil invoice issuance module in the new VAT invoice management system. This policy forced some backward refinery capacities and illegal blending capacities to be eliminated [20][21][24]. - **2021**: The Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation jointly issued an announcement to levy import - link consumption tax on some refined oil products, expanding the scope of refined oil consumption tax collection [33][34]. - **2023**: The Ministry of Finance and the State Administration of Taxation jointly issued an announcement to adjust the scope of refined oil consumption tax collection [36][37]. - **2024**: The Central Committee of the Communist Party of China proposed to shift the refined oil consumption tax collection link to the sales end and gradually transfer it to local governments. However, there are implementation difficulties, such as affecting gas station profits and increasing tax collection and management challenges [38]. 1.3 China's Refining Capacity Situation - In 2024, China's total refining capacity was about 955 million tons, showing a pattern of three major forces: central state - owned enterprises, other state - owned enterprises, and private refineries [39]. - After the implementation of the 2018 consumption tax new policy, the operating rate of Shandong local refineries decreased, and the gasoline price increased. Some high - cost refineries were forced to shut down, while some high - quality refineries turned to formal sales channels [40][41]. - Shandong plans to integrate and transfer the refining capacities of local refineries below 300 - 500 million tons by 2022 - 2025 and build large - scale refining integration projects [55]. 1.4 China's Gas Station Situation - In 2023, there were about 123,000 gas stations in China, mainly distributed in Shandong, Henan, Hebei, Guangdong and other regions. Among them, private gas stations numbered about 64,000, accounting for 52% of the total [58]. - In 2024, China's total refined oil consumption was 390 million tons, of which private gas stations sold about 100 million tons, accounting for 25% of the total consumption. State - owned oil companies' gas stations have higher single - station refueling volume and profitability [58]. 2. Major Event Updates of China's Strengthened Refined Oil Consumption Tax Reform in 2025 2.1 The Tax Evasion Incident of Liaoning Baolai Refinery in 2022 - Some enterprises in Panjin, Liaoning evaded refined oil consumption tax by changing the names of taxable refined oil products to non - taxable chemical products. The relevant enterprises were investigated and punished, and the relevant personnel were transferred to the judicial authorities [61]. 2.2 Increased Enforcement of Refined Oil Consumption Tax in 2025: Announcement of Multiple Tax Evasion Cases - In February 2025, tax authorities in Guangdong, Xinjiang, and Yunnan announced the investigation and punishment of three gas station tax evasion cases, including hiding sales revenue through "cheating modes" and non - compliant payment methods [62]. 2.3 The Tax Evasion Incident of Bohui Co., Ltd. in 2025 - After the tax policy change in June 2023, Bohui Co., Ltd. was required to pay consumption tax on its main product, heavy aromatics. In 2024, it was required to pay back taxes of nearly 500 million yuan. In February 2025, the company's controlling stake changed [64][65]. 2.4 China's Special Rectification Campaign Against Illegal Gas Stations in 2025 - From June to December 2025, China will carry out a special rectification campaign against illegal gas stations across the country to severely crack down on illegal refined oil production and sales [68]. 3. Investment Suggestions - The competition of private refineries with non - standard tax payment in the early stage will intensify. They need to improve production efficiency and reduce costs to enhance market competitiveness [71]. - Private gas stations will face greater challenges and direct competition with state - owned oil company gas stations [71]. - The competitiveness of state - owned oil companies will be enhanced, and their market share is expected to expand [71].