生意社01月04日讯 1月4日中石化华南公司二甲苯月初挂牌价格上调100-150元/吨：广州石化异构执行5800元/吨，茂名石化 异构执行5800元/吨，中科炼化异构执行5800元/吨。 PriceSeek评析 混二甲苯，多空评分：1.5 文章报道中石化华南公司上调二甲苯挂牌价格100-150元/吨至5800元/吨，表明现货市场供应紧张和需求 强劲，利好现货价格。结合相关PX期货(对二甲苯)数据，如合约2609结算价7190元/吨，该消息可能提 振期货市场多头情绪，推动价格上行趋势。 2、指定周期的平均结算价 【大宗商品公式定价原理】生意社基准价是基于价格大数据与生意社价格模型产生的交易指导价，又称 生意社价格。可用于确定以下两种需求的交易结算价： 1、指定日期的结算价 定价公式：结算价=生意社基准价×K＋C K：调整系数，包括账期成本等因素。 文章报道中石化华南公司上调二甲苯挂牌价格100-150元/吨至5800元/吨，表明现货市场供应紧张和需求 强劲，利好现货价格。结合相关PX期货(对二甲苯)数据，如合约2609结算价7190元/吨，该消息可能提 振期货市场多头情绪，推动价格上行趋势。 【大宗商品公式定价 ...

Report Industry Investment Rating No relevant content provided. Report's Core View - The current valuation is high, at the upper end of the range, and attention should be paid to shorting opportunities starting next week [2][77]. - In the short - term, the market valuation is high. Due to factors such as styrene's export increase in January, Bohua device maintenance, and the re - mention of anti - involution, the prices of pure benzene and styrene rebounded rapidly. Currently, pure benzene is at the upper end of the range, and styrene's valuation is significantly high, with a risk - free arbitrage window open. Attention should be paid to shorting opportunities [2][77]. - In the medium - term, PX - BZ should take short - term profit, the overseas oil - blending drive is weakening, and the domestic chemical fundamentals maintain high inventory pressure [2][77]. Summary by Related Catalogs Supply - Pure benzene domestic production: In December, 110,000 tons were under maintenance, and in January, the maintenance volume remained at 110,000 tons (assuming a 45,000 - ton reduction due to Zhejiang Petrochemical's maintenance). Some Shandong local refineries will increase their loads after solving quota problems. In January, attention should be paid to the incremental pure benzene production from the new Basf Zhanjiang project [2][75]. - Pure benzene imports: The external market pressure remains high. South Korea's pure benzene selling pressure was high from November to December, and imports remain high. In January, there are significant differences in import expectations, with an expected high import volume of about 450,000 tons, and the imports after February are to be evaluated [2][75]. - Styrene: In December, 85,000 tons were under maintenance, and in January, 65,000 tons were under maintenance. After December, the device operation gradually recovered. Attention should be paid to the incremental production from the operation of Shandong Guoen Chemical's device [2][75]. Demand - Caprolactam: CPL negative feedback has begun, and factories are gradually reducing their loads. In December, 40,000 tons of maintenance are expected, and in January, 60,000 tons. Attention should be paid to the commissioning of the Hengyi Qinzhou project in December and the expansion of Shaanxi Yangmei in January. Also, pay attention to whether the recent profit recovery of caprolactam will lead to the early restart of the devices [2][75]. - Phenol: The operation is gradually picking up. In December, 30,000 tons were under maintenance, and in January, 10,000 tons. The commissioning of Shandong Ruilin's new device may be postponed [2][75]. - Aniline: In December, 70,000 tons were under maintenance, with a maintenance loss of 77,000 tons. Some devices extended their maintenance plans, and the operation in January may be lower than expected [2][76]. - Styrene downstream 3S hard plastics: Terminal home appliances are gradually entering the year - end procurement season, and demand has slightly recovered. However, 3S still faces high - inventory problems [2][76]. Valuation - Absolute price valuation: Based on a crude oil price of $60 per barrel, the reasonable valuation of the BZ2603 contract is 5300 - 5500 yuan/ton [2][77]. - EB processing fee: The profit will expand in the short - term [2][77]. Strategy - Single - side: Pay attention to shorting opportunities for BZ [2][77]. - Inter - period: None for now [77]. - Cross - variety: Take short - term profit for PX - BZ [2][77].

石油石化 2026 年 1 月 4 日 石油石化周报 油价短期或有支撑，关注美委局势升级和 OPEC+增产态度 强于大市（维持） 行情走势图 -30% -20% -10% 0% 10% 20% 30% 40% 50% 24-01 24-03 24-05 24-07 24-09 24-11 25-01 25-03 25-05 25-07 25-09 25-11 沪深300 石油石化 基础化工 证券分析师 核心观点： 行 业 报 告 行 业 报 告 行 业 深 度 报 行 业 深 度 报 行 业 周 报 证 券 研 究 报 告 告 告 陈潇榕 投资咨询资格编号 S1060523110001 chenxiaorong186@pingan.com.cn 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 石油石化：美委地缘局势升级，叠加市场预期 OPEC+将维持暂停增 产立场，或对油价形成一定支撑。据 ifind 数据，2025 年 12 月 26 日 -2026 年 1 月 2 日，WTI 原油期货收盘价上涨 0.62%，布伦特油期货 价保持不变。地缘政治方面 ...

Core Insights - The Qingdao Energy Group and Sinopec are collaborating on the Qingdao Petrochemical Waste Heat Utilization Project, set to commence operations on December 31, 2025, focusing on resource recovery and low-carbon heating solutions [1][2] Group 1: Project Overview - The project aims to convert industrial waste heat into a clean energy source, utilizing a dual-stage waste heat recovery system to meet urban heating demands [1] - Total investment in the project exceeds 100 million yuan, with an annual heating capacity of over 600,000 GJ, capable of supporting heating for 2 million square meters of buildings [1] - The project is expected to reduce natural gas consumption by 16.5 million cubic meters annually and cut carbon dioxide emissions by 23,700 tons [1] Group 2: Technological Innovations - The construction process prioritizes ecological safety and efficiency, employing advanced techniques such as mud balance pipe jacking and PLC methods to minimize environmental disruption [2] - The project introduces a cross-sector integration model of "industrial waste heat + urban heating," providing new solutions for the dual challenges of clean energy transition and industrial waste heat waste [2] - The innovative tiered utilization technology is applicable to other high-energy-consuming industries, promoting the large-scale application of industrial waste heat resource utilization [2] Group 3: Future Directions - The Qingdao Energy Group plans to leverage the project as a catalyst for ongoing technological and model innovations, aiming to enhance the efficient allocation of waste heat resources across regions and industries [3] - The company is committed to supporting national carbon neutrality goals and contributing to high-quality energy development in China through more green and low-carbon projects [3]

摘要：【图】2025年1-8月甘肃省乙烯产量数据分析 2025年1-8月乙烯产量分析： 据国家统计局数据，在2025年的前8个月，甘肃省规模以上工业企业乙烯产量累计达到了48.6万吨，与 2024年同期的数据相比，下降了1.7%，增速较2024年同期低38.7个百分点，增速较同期全国低12.3个百 分点，约占同期全国规模以上企业乙烯产量2440.69388万吨的比重为2.0%。 图表：甘肃省乙烯产量分月（累计值）统计 2025年8月乙烯产量分析： 单独看2025年8月份，甘肃省规模以上工业企业乙烯产量达到了6.4万吨，与2024年同期的数据相比，8 月份的产量增长了0.6%，增速较2024年同期低38.0个百分点，增速放缓，增速较同期全国低9.8个百分 点，约占同期全国规模以上企业乙烯产量314.08156万吨的比重为2.0%。 产业调研网为您提供更多 石油化工行业最新动态 石油行业现状与发展趋势 化工市场现状及前景分析 日化市场调研与发展前景润滑油发展现状及前景预测汽油市场调研及发展趋势 柴油行业监测及发展趋势橡胶未来发展趋势预测 塑料现状及发展前景 化妆品发展前景趋势分析清洁护肤的现状和发展趋势 图表：甘 ...

Price Trends - The price of thermal coal (calorific value 5000-5500 kcal) is 777 yuan/ton, showing a month-on-month decrease of 0.5% and a year-on-year decrease of 5.4% [1] - The price of No. 2 smokeless lump coal is 1160 yuan/ton, with a month-on-month increase of 0.1% and a year-on-year decrease of 9.4% [1] - Diesel (0) is priced at 6944 yuan/ton, reflecting a month-on-month decrease of 1.6% and a year-on-year decrease of 10.1% [1] - Gasoline (92) is priced at 8228 yuan/ton, with a month-on-month decrease of 1.3% and a year-on-year decrease of 9.2% [1] - Rebar (Φ16-25mm) is priced at 3361 yuan/ton, showing a month-on-month increase of 0.1% and a year-on-year decrease of 7.7% [1] - High-speed wire rod (Φ6.5mm) is priced at 3558 yuan/ton, with a month-on-month increase of 0.3% and a year-on-year decrease of 6.8% [1]

Group 1 - The core viewpoint of the article highlights the significant growth in petroleum asphalt production in Jiangsu Province during the first nine months of 2025, with a total output of 212.6 million tons, representing a 15.6% increase compared to the same period in 2024 [1] - The growth rate of petroleum asphalt production in Jiangsu is notably higher than the national average, exceeding it by 4.2 percentage points, and accounts for 7.6% of the national output of 2,787.6 million tons [1] - In September 2025 alone, Jiangsu's petroleum asphalt production reached 27.5 million tons, marking a substantial 52.8% increase year-on-year, with a growth rate 26.7 percentage points higher than the national average [2] Group 2 - The data indicates that the increase in Jiangsu's petroleum asphalt production is particularly pronounced in September, with a year-on-year growth rate of 93.8 percentage points compared to 2024 [2] - The statistics are derived from large-scale industrial enterprises, defined as those with annual main business revenues of 20 million yuan or more [6]

摘要：【图】2025年8月广西壮族自治区原油加工量统计分析 图1：广西壮族自治区原油加工量分月（当月值）统计图 2025年1-8月原油加工量统计： 原油加工量：867.8 万吨 2025年8月原油加工量统计： 原油加工量：141.0 万吨 同比增长：0.7% 增速较上一年同期变化：高0.7个百分点 据统计，2025年8月广西壮族自治区规模以上工业企业原油加工量与上年同期相比增长了0.7%，达141.0 万吨，增速较上一年同期高0.7个百分点，增速较同期全国低6.9个百分点，约占同期全国规模以上企业 原油加工量6346.5万吨的比重为2.2%。 详见下图： 据统计，2025年1－8月，广西壮族自治区规模以上工业企业原油加工量与上年同期相比下降了19.9%， 达867.8万吨，增速较上一年同期低18.9个百分点，增速较同期全国低23.1个百分点，约占同期全国规模 以上企业原油加工量48807.2万吨的比重为1.8%。详见下图： 同比增长：-19.9% 图2：广西壮族自治区原油加工量分月（累计值）统计图 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 产业调 ...

Group 1 - The core viewpoint of the articles indicates a decline in China's liquefied petroleum gas (LPG) production in the first eight months of 2025 compared to the same period in 2024, with a total output of 35.277 million tons, representing a decrease of 2.1% and a slowdown of 7.4 percentage points in growth rate [1] - In August 2025, the LPG production reached 4.495 million tons, which is a 0.9% decrease compared to August 2024, with the growth rate also slowing by 3.3 percentage points [2] Group 2 - The data reflects the output from large-scale industrial enterprises, defined as those with annual main business income of 20 million yuan or more [6]

Core Viewpoint - The "2026 Tariff Adjustment Plan" aims to scientifically adjust import provisional tax rates, optimize tariff categories, and continue implementing agreement and preferential tax rates, which will support the development of new productive forces, meet the growing needs of the people, expand high-level opening-up, and promote high-quality development [1] Group 1: Import Provisional Tax Rate Adjustments - The plan will implement lower-than-most-favored-nation tax rates on 935 items to enhance the linkage between domestic and international markets and expand the supply of quality goods [1] - Key components include reducing import tariffs on critical components and advanced materials to promote high-level technological self-reliance and the construction of a modern industrial system [2] - Tariff reductions on resource-based products like lithium-ion battery recycled black powder aim to support the green transformation of the economy and society [1][2] Group 2: Tax Category Optimization - The total number of tariff categories will be adjusted to 8,972, with new categories added for emerging products such as intelligent bionic robots and bio-aviation kerosene [3] - The adjustment will help industries and enterprises accurately grasp trade data and assess overseas market trends, facilitating the formulation of effective development strategies [3] - Continued implementation of preferential tax rates for goods from 34 trade partners and zero-tariff treatment for 43 least developed countries reflects China's commitment to deepening economic cooperation and regional integration [3]