推进绿色发展 打造低碳新标杆 《石化化工行业稳增长工作方案(2025-2026年)》(下称《工作方案》)聚焦行业质效提升与结构优化，为 石油化工企业发展提供了行动指南。南化公司将以"推进高质量转型升级发展，加快建设绿色洁净、高 端智能的卓越南化"为目标，紧扣南京本埠提档、福建古雷异地升级"双轮驱动"发展格局，深度对接 《工作方案》要求，为实现企业高质量发展与行业稳增长双向赋能。 推进转型升级 构建产业新优势 围绕《工作方案》中"强化产业科技创新，突破电子化学品等关键产品，推动大宗产品提质升级""实 施'人工智能+石化化工'行动，加快智能工厂建设"的要求，南化公司将加速突破高端产品技术瓶颈，推 动传统化工向"高端材料+智能制造"转型。 首先，攻坚电子化学品关键技术。深挖无机化工资源与南京半导体产业区位协同优势，分阶段推进电子 化学品产业布局。总结南京地区2万吨/年G4级电子级硫酸项目试生产经验，优化工艺参数，确保产品纯 度与批次稳定性达到行业领先水平；规划建设G5级硝酸、盐酸试验平台，组建专业技术团队攻克超高 纯提纯工艺，建设中石化湿电子化学品生产基地，形成覆盖半导体制造全流程的电子化学品供给能力， 抢占高端电 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - This week, the near - month of Singapore 380cst strengthened significantly, with both cracking and time - spreads strengthening. Short - term arbitrage logistics tightened to a 6 - month low, and Singapore residue inventory dropped significantly to a 13 - week low. The 0.5 low - sulfur cracking strengthened on Friday compared to the previous week, at a historical low year - on - year, and the time - spread was at a low level for the same period in history [3]. - In terms of inventory, EIA residue had a slight de - stocking, ARA residue had inventory accumulation, and Fujairah had a slight inventory accumulation. Under the new situation in Venezuela, heavy - oil logistics are tilted towards the United States, Canadian heavy oil is seeking new buyers, the price of Ma Rui crude oil has risen, and trading is light. Recently, the Iranian situation and arbitrage logistics have affected 380. High - sulfur spot has tightened, cracking has rebounded, and in the short term, high - sulfur has the strongest driving force among oil products, while the low - sulfur external market remains weak [4]. Group 3: Data Summaries Rotterdam Fuel Oil Data - From January 20 to January 26, 2026, for Rotterdam 3.5% HSF O swap M1, the price changed from 344.17 to 345.19, with a change of - 8.76; for Rotterdam 0.5% VLS FO swap M1, it changed from 387.29 to 395.04, with a change of - 1.27; for Rotterdam HSFO - Brent M1, it changed from - 9.82 to - 10.50, with a change of - 1.32; for Rotterdam 10ppm Gasoil swap M1, it changed from 645.50 to 654.90, with a change of 1.85; for Rotterdam VLSFO - Gasoil M1, it changed from - 258.21 to - 259.86, with a change of - 3.12; for LGO - Brent M1, it changed from 23.87 to 24.07, with a change of 0.22; for Rotterdam VLSFO - HSFO M1, it changed from 43.12 to 49.85, with a change of 7.49 [1]. Singapore Fuel Oil Swap Data - From January 20 to January 26, 2026, for Singapore 380cst M1, the price changed from 355.91 to 383.00, with a change of 6.33; for Singapore 180cst M1, it changed from 364.98 to 388.08, with a change of 9.50; for Singapore VLSFO M1, it changed from 423.67 to 443.41, with a change of 8.07; for Singapore Gasoil M1, it changed from 82.46 to 84.82, with a change of 0.78; for Singapore 380cst - Brent M1, it changed from - 6.65 to - 4.52, with a change of - 0.09; for Singapore VLSFO - Gasoil M1, it changed from - 186.53 to - 184.26, with a change of 2.30 [1][10]. Singapore Fuel Oil Spot Data - From January 20 to January 26, 2026, for FOB 380cst, the price changed from 355.87 to 397.16, with a change of 15.28; for FOB VLSFO, it changed from 425.98 to 445.54, with a change of 11.11; the 380 basis changed from - 0.80 to 4.55, with a change of 2.25; the high - sulfur internal - external price difference changed from 10.8 to 14.8, with a change of 3.0; the low - sulfur internal - external price difference changed from 16.9 to 18.7, with a change of 0.7 [2]. Domestic FU Data - From January 20 to January 26, 2026, for FU 01, the price changed from 2467 to 2589, with a change of 72; for FU 05, it changed from 2507 to 2745, with a change of 122; for FU 09, it changed from 2487 to 2646, with a change of 84; for FU 01 - 05, it changed from - 40 to - 156, with a change of - 50; for FU 05 - 09, it changed from 20 to 99, with a change of 38; for FU 09 - 01, it changed from 20 to 57, with a change of 12 [2]. Domestic LU Data - From January 20 to January 26, 2026, for LU 01, the price changed from 3120 to 3248, with a change of 65; for LU 05, it changed from 3066 to 3194, with a change of 88; for LU 09, it changed from 3085 to 3211, with a change of 90; for LU 01 - 05, it changed from 54 to 54, with a change of - 23; for LU 05 - 09, it changed from - 19 to - 17, with a change of - 2; for LU 09 - 01, it changed from - 35 to - 37, with a change of 25 [3].

吴志桥认为，在地缘、宏观及情绪面利多的共同助推下，原油系品种短期仍将保持强势。在他看来，短 期上行驱动能否延续，关键在于两大变量：一是北美寒潮的持续时间，二是中东地缘局势。"若美伊局 势进一步升级，将对原油供给产生重大扰动，推动产业链成本持续上涨；而2月CP价格预计环比上涨20 美元/吨，也将为进口成本提供支撑。"他说。 1月26日，国内期货市场上演"能源狂欢"，原油系品种集体上行。其中，LPG期货主力合约表现最为亮 眼，单日涨逾4%，领涨整个原油板块；高硫燃料油同样涨逾4%，燃油、低硫燃料油、SC原油等品种涨 幅均超2%。外盘方面，近期美国天然气期货2602合约持续暴涨，最近6个交易日累计涨逾100%。国际 油价上周涨近3%。 "多重因素叠加导致原油系品种集体走强。"格林大华期货能化负责人吴志桥表示，国内宏观预期改善带 动工业品价格普涨，资金在黑色、有色、能化等板块间快速切换。随着化工扩产周期临近尾声，供应结 构性短缺的预期升温，推动板块估值修复，为原油系品种价格上涨提供了充足的资金支撑。 "看向成本端，一方面，北美及东亚地区持续遭遇极端寒潮天气，民用取暖能源需求飙升，美国天然气 期货价格暴涨促使工业用户加 ...

隆众资讯燃气事业部总经理艾博则认为，当前液化气国内与国际价格走势已出现分歧，华东、山东等地 现货价格表现疲软。随着春节临近，工厂陆续放假导致需求减弱，炼厂供应充足且进入让利排库期，后 续国内液化气价格可能维持偏弱震荡走势。 新湖期货化工研究员宋亚楠则表示，本轮原油系品种整体上行趋势不可持续。寒流属于短期影响因素， 原油供应将维持宽松状态。地缘方面，美国与伊朗尚未发生直接正面冲突，不可控情景发生概率较低。 此外，LPG下游七成以上为化工需求，进口成本上涨导致PDH开工率回落较快，化工需求下降将抑制进 口量。 对于LPG大涨，吴志桥认为是"寒潮需求激增、中东供应收缩、市场情绪共振"三重利多叠加的结果。此 外，国际液化气现货市场未来两个月供应偏紧，科威特和美国现货供应紧张，叠加中国买家因合同货采 购量下降、现货采购增加引发的抢买热潮，进一步放大了价格弹性。值得注意的是，伊朗货源占我国丙 烷进口的17%、丁烷进口的47%，美国货源占我国LPG进口的25%，两地供应端的不确定性为价格提供 了额外支撑。 尽管当前原油系品种表现强势，但受访人士对后市走势的看法不一，市场多空博弈成为焦点。 吴志桥认为，在地缘、宏观及情绪面利 ...

查看完整报告 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 地缘局势紧张加剧，地缘政治不确定性为油价提供景气基础 本周伊朗、古巴地缘局势紧张程度加剧，原油的地缘政治风险溢价上升，油价上涨。截至2026年1月23 日，布伦特、WTI原油期货价格分别报收65.44、61.28美元/桶，较上周收盘分别上涨1.9%、3.5%。古巴 方面，特朗普政府考虑对古巴石油进口实施海上封锁，该举措是控制委内瑞拉原油出口的延续。伊朗方 面，美国宣布对与伊朗相关实体及油轮实施新一轮制裁，重点指向协助伊朗石油、能源及衍生品出口的航 运和管理网络，此次被列入制裁名单的对象包括多家航运公司及其关联船只。此外，美国已派遣军舰驶向 伊朗，加剧了该地区地缘冲突升级风险。长期来看，全球局势持续动荡，地缘政治的不确定性有望为 ...

Industry News - 23 group standards in photovoltaic modules, fine ceramics, and biotechnology have been recognized as international standard proposals, marking significant progress in the high-quality development of group standards in China [2] - Domestic production of POE (polyolefin elastomer) has achieved large-scale supply, with nearly 60,000 tons expected to be produced in 2025, reducing reliance on imports for strategic emerging industries like photovoltaics and new energy vehicles [3] - The total number of new energy vehicles in China reached 43.97 million by the end of 2025, accounting for 12.01% of the total vehicle count, with pure electric vehicles making up 68.74% of this figure [3] - The total number of motor vehicles registered in China has exceeded 30 million for 11 consecutive years, with a total vehicle count of 469 million and 559 million drivers reported in 2025 [3] - The 500 kV Pan-Nan low calorific value power plant has successfully connected to the grid, marking the first key power grid project completed during the 14th Five-Year Plan period in Guizhou, which is significant for optimizing the regional power grid structure [4] - Hunan province is enhancing the flexibility of its transportation energy system by improving power distribution networks and exploring new technologies for energy integration and storage [4] International News - Japan's regulatory body has launched an investigation into Chubu Electric Power Company regarding alleged data falsification related to seismic design at the Hamaoka Nuclear Power Plant [5] - U.S. natural gas futures prices have surged past $6 per million British thermal units for the first time since 2022, driven by a winter storm affecting much of the country [5] Company News - China Energy Construction Corporation reported a total contract signing of approximately 1.449 trillion yuan for the year, with a quarterly new contract amount of 456.609 billion yuan, reflecting a year-on-year growth of 2.88% [6]

【DT新材料】 获悉 ， 1月25日， 中国石油独山子石化公司 国产POE（聚烯烃弹性体）适应性改造项目取得重大进展。2025年生产POE产品近6万 吨，这标志着我国自主研发的气相法POE产品成功实现规模化生产，打破了国外企业长期技术封锁，为确保我国光伏、汽车等产业的供应链安全提供了 坚实保障。 轻量化材料 · 纤维及复合材料: 碳纤维/玻纤/芳纶/超高分子量聚乙烯/聚酰亚胺/陶瓷纤 维增强树脂基复合材料、碳/碳复合材料等 · 工程塑料及橡胶弹性体:聚醚醚酮、聚醚酮酮、液晶聚合物、聚酰亚胺、 聚苯硫醚、聚苯醚、聚甲醛、尼龙、聚碳酸酯、聚氨酯、弹性体及橡胶等 · 发泡材料: 发泡聚烯烃、发泡聚工程塑料、发泡弹性体等 · 金属材料: 镁/铝/钛/锂合金等 · 3D打印材料 功能化材料 · 光电材料:环状聚烯烃、液晶聚合物、聚酰亚胺、电致变色/发光、量子 点、钙钛矿、二维材料等 · 热防护材料：气凝胶、碳/碳复合材料、陶瓷基复合材料、超高温陶瓷、高 温合金、涂层、特种石墨、玻璃棉、纤维毡等 · 导热材料: 金刚石/碳化硅金属复材、导热塑料、导热胶/膜/垫片、高导热 圈登录 · 导电材料:碳基材料、导电聚合物、透明导 ...

Group 1 - The stock of Maohua Shihua (000637) closed at 4.67 yuan on January 26, 2026, with an increase of 1.74% and a turnover rate of 4.95% [1] - The net inflow of main funds on January 26 was 2.53% of the total transaction amount, while retail investors experienced a net outflow of 3.31% [1] - Over the past five days, the stock has seen fluctuations in fund flows, with significant retail outflows on January 23 and January 21 [1] Group 2 - Maohua Shihua's total market value is 2.428 billion yuan, significantly lower than the industry average of 234.193 billion yuan [2] - The company reported a net profit of -93.73 million yuan for the first three quarters of 2025, which is an 18.15% increase year-on-year, despite a 19.24% decline in main operating revenue [2] - The company's gross profit margin stands at 2.51%, which is considerably lower than the industry average of 18.66% [2]

Core Insights - During the "14th Five-Year Plan" period, Guangdong Province has steadily increased its foreign investment, with a total of 11.38 million new foreign enterprises established, representing a growth of 31.3% compared to the "13th Five-Year Plan" period [1] - The actual foreign investment utilized in Guangdong reached 738.93 billion RMB, surpassing the total during the "13th Five-Year Plan" [1] - In 2022, Guangdong's actual foreign investment was 112.66 billion RMB, showing a year-on-year increase of 11.3% [1] Foreign Investment Trends - Guangdong has leveraged its proximity to Hong Kong and Macau to attract significant amounts of Hong Kong capital, which consistently accounts for over 70% of the province's actual foreign investment [1] - Post-pandemic, Guangdong has intensified efforts to attract foreign investment from developed countries such as Japan, South Korea, and the United States, resulting in a steady increase in European and American investments [1] - Notably, investments from Singapore and Germany during the "14th Five-Year Plan" were 1.5 times and 2.3 times higher, respectively, than during the "13th Five-Year Plan" [1] Key Projects - During the "14th Five-Year Plan," Guangdong has seen 223 projects with actual investments exceeding 100 million USD, totaling 71.78 billion USD in foreign investment [1] - Significant high-quality projects such as the BASF (Guangdong) integrated base, ExxonMobil Huizhou ethylene project, and CNOOC Shell Huizhou Phase III ethylene project are accelerating construction [1] Future Plans - Looking ahead to the "15th Five-Year Plan," Guangdong aims to engage with Fortune 500 companies to attract key regional foreign investment projects [2] - The province plans to implement national tax incentives for foreign reinvestment to encourage existing foreign enterprises to increase their investments and expand operations [2]

国资委表示，发布产品手册是为加快中央企业科技创新成果推广应用，促进企业优秀创新成果推广应用 和迭代升级，助力科技成果加速转化为现实生产力。 中央企业科技创新成果推荐目录（石油和化工行业） | 成果名称 | 企业名称 | 所属领域 | | --- | --- | --- | | EVEC®胶重型矿用卡车轮胎(46/90R57、 | 国家能源投资集团有限责任公司 | 零部件 | | 民用飞机防火橡胶材料及密封件 | 中国中化控股有限责任公司 | 零部件 | | 双端基官能化溶聚丁苯橡胶SSBR3540F | 中国石油天然气集团有限公司 | 新材料 | | 羧基丁膳橡胶 | 中国石油天然气集团有限公司 | 新材料 | | 气相法制聚烯烃弹性体(POE) | 中国石油天然气集团有限公司 | 新材料 | | ACEA C5 0W-20节能型发动机油 | 中国石油化工集团有限公司 | 新材料 | | 兆瓦级PEM电解制氢装备用氧化获催化剂 | 国家电力投资集团有限公司 | 新材料 | | 铁路货车轻量化碳纤维复合材料 | 国家能源投资集团有限责任公司 | 新材料 | | 海洋防腐涂层材料DEC-DFY | 中国东方电气集 ...