1. Report Industry Investment Rating No information about the industry investment rating is provided in the content. 2. Core View of the Report The report focuses on the weekly data of the large refining and chemical industry, including price, profit, inventory, and operating rate of different sectors such as polyester, refining, and chemicals, as well as the performance and profit forecasts of related listed companies [2][8]. 3. Summary According to Relevant Catalogs 3.1 Big Refining Weekly Data Briefing - **Price and Spread**: The domestic key large refining project spread this week was 2,675 yuan/ton, a week - on - week decrease of 48 yuan/ton (-2%); the foreign key large refining project spread was 1,063 yuan/ton, a week - on - week decrease of 23 yuan/ton (-2%). The average price of PX this week was 832.1 dollars/ton, a week - on - week decrease of 8.0 dollars/ton, and the spread to crude oil was 356.4 dollars/ton, a week - on - week decrease of 13.1 dollars/ton [2]. - **Polyester Plate**: The average prices of POY/FDY/DTY this week were 6,979/7,279/8,200 yuan/ton respectively, with week - on - week changes of -57/-21/+0 yuan/ton. Their weekly average profits were 96/30/44 yuan/ton, with week - on - week increases of +8/+31/+46 yuan/ton. The inventory was 16.5/21.6/28.4 days, with week - on - week increases of +2.7/+0.9/+1.1 days. The filament operating rate was 89.1%, a week - on - week decrease of 0.6 pct. The downstream loom operating rate was 61.3%, a week - on - week decrease of 1.1 pct [2]. - **Refining Plate**: Domestic refined oil prices: gasoline, diesel, and jet fuel prices rose this week. US refined oil prices: gasoline prices fell, while diesel and jet fuel prices rose [2]. - **Chemical Plate**: The PX operating rate was 84.6%, a week - on - week increase of 3.9 pct [2]. - **Related Listed Companies**: Private large refining and chemical & polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Orient Shenghong, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin凤鸣 [2]. - **Stock Price and Profit Forecast**: The report provides the stock price changes of 6 private refining and chemical companies in different time periods and their profit forecasts from 2024A to 2027E [8]. 3.2 Big Refining Weekly Report 3.2.1 Big Refining Index and Project Spread Trend The report shows the changes in the Shanghai - Shenzhen 300, petroleum and petrochemical, and oil prices, as well as the weekly spreads of domestic and foreign large refining projects [14][16]. 3.2.2 Polyester Plate It presents various data such as the prices, spreads, operating rates, inventories, and production - sales ratios of PX, PTA, MEG, polyester filaments (POY, FDY, DTY), polyester staple fibers, and polyester bottle chips [10]. 3.2.3 Refining Plate The report details the prices, spreads, and changes of domestic, US, European, and Singapore refined oil products (gasoline, diesel, jet fuel) compared to crude oil [10]. 3.2.4 Chemical Plate It provides the prices, spreads, and changes of various chemical products such as pure benzene, styrene, acrylonitrile, polycarbonate, MMA, etc., compared to crude oil [10].

今天分享的是：中国炼化行业重构：炼化一体化、新能源冲击与2030战略棋局报告 报告共计：25页 《中国炼化行业重构：炼化一体化、新能源冲击与2030战略棋局报告》指出，中国炼化行业正面临产能扩张与能源结构转型的双重驱动，呈现规模化、一 体化与绿色化发展趋势。2025年炼油一次产能将突破9.8亿吨/年，山东裕龙石化、中海石油宁波大榭石化等2024-2025年投产项目聚焦炼化一体化，配套乙 烯及下游化工装置，提升化工原料自给率；2026-2030年规划项目如华锦阿美石化、福建古雷炼化二期等则进一步扩大规模，布局高端化工新材料。 市场格局方面，长三角、东北地区通过产能整合提升区域供应能力，头部企业凭借大型项目抢占高端市场，而中小型地炼面临成本压力与新能源替代冲 击，预计2025年前30%将重组或转型。产品结构上，成品油收率从2023年62%降至2030年50%以下，聚烯烃等化工品向高端化升级，高端聚烯烃自给率有 望从35%提升至60%。 产能扩张与转型 新能源汽车爆发导致成品油需求增速放缓，倒逼炼厂"减油增化"，化工产能释放加剧市场竞争，需平衡炼油与化工业务协同发展。未来行业将以深度炼化 一体化为核心，拓展新能源、 ...

本周关注点 股本股东变化 近日泰山石油披露，截至2025年5月30日公司股东户数为3.48万户，较5月20日增加39.0户，增幅为 0.11%。户均持股数量由上期的1.38万股减少至1.38万股，户均持股市值为8.51万元。 公司公告汇总 泰山石油于2025年4月23日、2025年5月21日召开会议，审议通过了以集中竞价交易方式回购A股股份方 案的议案，同意使用自有资金回购部分已发行的A股股份用于注销并减少注册资本。回购资金总额不低 于2500万元，不超过3500万元，回购价格不超过8.99元/股，回购期限为自股东会审议通过回购股份方 案之日起不超过12个月。截至2025年5月31日，公司尚未实施本次股份回购。有关详情请参见公司于 2025年5月28日在《证券日报》和巨潮资讯网披露的相关公告。敬请广大投资者注意投资风险。 截至2025年6月6日收盘，泰山石油（000554）报收于6.37元，较上周的6.16元上涨3.41%。本周，泰山 石油6月6日盘中最高价报6.38元。6月3日盘中最低价报6.14元。泰山石油当前最新总市值30.63亿元，在 炼化及贸易板块市值排名23/31，在两市A股市值排名4158/51 ...

Core Viewpoint - The company, Dongfang Shenghong, is facing significant financial challenges due to high debt levels and poor performance in the petrochemical industry, leading to substantial losses and a decline in the wealth of its founders [1][2]. Financial Performance - As of Q1 2025, Dongfang Shenghong reported total liabilities of 176.5 billion yuan, with interest-bearing debt exceeding 140 billion yuan and a debt-to-asset ratio rising to 82.17% from 81.66% at the end of 2024 [1][11]. - In 2024, the company achieved revenue of 137.68 billion yuan, a decrease of 1.97% year-on-year, and reported a net loss of 2.297 billion yuan, marking a 420.33% decline compared to the previous year [2][7]. - The first quarter of 2025 saw a 17.5% year-on-year decline in revenue to 30.31 billion yuan, although net profit increased by 38.19% to 341 million yuan [2]. Industry Context - The petrochemical industry is undergoing a deep adjustment, with a 20.7% decline in total profits in 2023 and an additional 8.8% drop in 2024, resulting in over 70% of companies facing losses [1][8]. - Despite a slight increase in revenue for the overall oil and chemical industry in 2024, profits fell by 8.8%, indicating a significant decline in industry profitability [8]. Debt and Financial Pressure - Dongfang Shenghong's financial situation is exacerbated by high inventory levels, with a recorded inventory of 22.167 billion yuan as of Q1 2025 and cumulative inventory impairment losses of 3.92 billion yuan from 2022 to 2024 [10]. - The company has experienced significant cash outflows for investments, totaling over 100 billion yuan from 2021 to 2024, and has raised approximately 182.3 billion yuan since its listing [10][11]. - Financial expenses increased by 39.49% in 2024, reaching 4.874 billion yuan, further straining profitability [10]. Business Strategy - Dongfang Shenghong has diversified its production capabilities with a total refining capacity of 16 million tons per year and various production routes for olefins, aiming to mitigate risks associated with industry cycles [12].

Investment Rating - The report maintains an "Overweight" rating for the chemical industry, specifically highlighting the potential in the pesticide sector due to recent price increases and supply constraints [5]. Core Insights - The pesticide industry in China is undergoing structural optimization driven by stringent environmental regulations, leading to a gradual increase in the market share of high-efficiency, low-risk pesticides while phasing out older, more toxic products [1][2]. - The recent explosion at Youdao Chemical has impacted the supply of chlorantraniliprole, which is expected to drive up prices due to supply constraints [2][3]. - The price index for pesticide raw materials has reached a low point, with a slight increase noted, indicating a potential turning point for channel inventory [1]. Summary by Sections 1. Pesticide Industry Overview - China's pesticide product structure is being optimized, with a focus on reducing the use of high-risk products and increasing the market share of new, efficient pesticides [1]. - The pesticide raw material price index as of May 30, 2025, is 73.33 points, reflecting a 0.44 point increase since the beginning of the year [1]. 2. Supply Chain Impact - The explosion at Youdao Chemical on May 27, 2025, has disrupted the supply of chlorantraniliprole, which is the largest production facility globally with a capacity of 11,000 tons [2]. - The incident is expected to lead to stricter approvals and regulations for high-risk chemical reactions, benefiting leading chemical companies with better safety protocols and production technologies [2]. 3. Price Adjustments - ST Hongtai has raised the price of chlorantraniliprole to 300,000 yuan per ton due to increased costs from upstream raw material shortages [3]. - As of May 30, 2025, the market price for chlorantraniliprole was reported at 230,000 yuan per ton, marking a 2.22% increase from the previous day [3]. 4. Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the oil and gas sector, as well as those benefiting from domestic substitution trends in materials [4]. - Specific companies to watch include China Petroleum, China Petrochemical, and Wanhu Chemical, among others [4].

Group 1: Investment Recommendations - The report maintains a positive outlook on undervalued, high-dividend, and well-performing "three major oil companies" and oil service sectors, recommending attention to China National Petroleum, China Petroleum & Chemical, China National Offshore Oil, CNOOC Services, and others [2] - It also highlights the potential of domestic substitution trends in material companies, particularly in semiconductor and panel materials, suggesting a focus on Jingrui Electric Materials, Tongcheng New Materials, and Aolide [2] - The report expresses optimism for the pesticide, fertilizer, and private refining sectors, recommending companies like Wanhua Chemical, Hualu Hengsheng, and Huajin [2] - Additionally, it sees potential in the vitamin and methionine sectors, advising attention to Andis, Zhejiang Medicine, and New Hualian [2] Group 2: Company-Specific Insights - Hainan Huatie plans to list in Singapore to accelerate its overseas expansion and enhance its upstream channel, aiming to ensure smooth procurement of computing power equipment [3] - The report maintains profit forecasts for Hainan Huatie for 2025-2027 at 848 million, 1.202 billion, and 1.523 billion respectively, sustaining a "buy" rating [3] Group 3: Automotive Sector Analysis - NIO's first quarter of 2025 shows pressure on fundamentals, but the second quarter is expected to see a recovery in gross margins, with cost reduction efforts gradually materializing [4] - The report revises the projected non-GAAP net losses for NIO for 2025-2027 to 17.2 billion, 10.7 billion, and 8.1 billion respectively, indicating a more optimistic outlook compared to previous estimates [4] - The report highlights the potential for NIO's three major brands to initiate a new product cycle in 2025, along with advantages in smart technology and battery swapping [4]

工业和信息化部近日印发2025年度国家工业节能监察任务清单，确定2025年度工业节能监察任务2797家 企业，包括钢铁、炼化、合成氨、水泥、电解铝、数据中心等重点行业领域能效专项监察2590家企业， 2024年度违规企业整改落实情况专项监察207家企业。(工信微报) ...

2025 年 6 月 5 日 行业研究 2025 年欧美 SAF 政策落地，国内 SAF 出口渠道顺利打通 ——石化化工交运行业日报第 73 期（20250604） 要点 生物柴油下游应用领域持续扩大，发展空间可期。生物柴油具有环保性能 好、发动机启动性能好、燃料性能好、原料来源广泛、可再生等特性。大力 发展生物柴油对经济可持续发展、推进能源替代、减轻环境压力、控制城市 大气污染具有重要的战略意义。目前，生物柴油主要应用于道路交通领域， 航海、航空领域已经开始逐步推广试用。根据国际航空运输协会（IATA）的 分析，到 2050 年，航空领域 65%的减排将通过使用生物航煤来实现。与此 同时，在法国、英国等西欧国家，生物柴油用于发电正在加速发展。在我国 "3060"双碳战略目标背景下，国家《"十四五"可再生能源发展规划》提 出"大力发展非粮生物质液体燃料，支持生物柴油、生物航空煤油等领域先 进技术装备研发和推广使用"。国家《"十四五"生物经济发展规划》中强 调，要积极推进生物柴油等生物能源的应用，推动化石能源向绿色低碳可再 生能源转型。政策推动背景下，随着生物柴油应用领域持续拓宽，未来需求 增长空间可期。 20 ...

2025 年 6 月 5 日 行业研究 2025 年欧美 SAF 政策落地，国内 SAF 出口渠道顺利打通 ——石化化工交运行业日报第 73 期（20250604） 要点 生物柴油下游应用领域持续扩大，发展空间可期。生物柴油具有环保性能 好、发动机启动性能好、燃料性能好、原料来源广泛、可再生等特性。大力 发展生物柴油对经济可持续发展、推进能源替代、减轻环境压力、控制城市 大气污染具有重要的战略意义。目前，生物柴油主要应用于道路交通领域， 航海、航空领域已经开始逐步推广试用。根据国际航空运输协会（IATA）的 分析，到 2050 年，航空领域 65%的减排将通过使用生物航煤来实现。与此 同时，在法国、英国等西欧国家，生物柴油用于发电正在加速发展。在我国 "3060"双碳战略目标背景下，国家《"十四五"可再生能源发展规划》提 出"大力发展非粮生物质液体燃料，支持生物柴油、生物航空煤油等领域先 进技术装备研发和推广使用"。国家《"十四五"生物经济发展规划》中强 调，要积极推进生物柴油等生物能源的应用，推动化石能源向绿色低碳可再 生能源转型。政策推动背景下，随着生物柴油应用领域持续拓宽，未来需求 增长空间可期。 20 ...

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and transportation sectors [5] Core Viewpoints - The demand for biodiesel is expected to grow significantly due to its environmental benefits and the expansion of its application in various sectors, including aviation and power generation [1][2] - The introduction of mandatory Sustainable Aviation Fuel (SAF) blending requirements in the EU is anticipated to drive up prices for related products in the supply chain [2] - The establishment of export channels for domestic bio-jet fuel marks a significant development for China's biofuel industry, allowing for international market access [3] Summary by Sections 1. Industry Overview - Biodiesel is recognized for its renewable nature and broad raw material sources, contributing to sustainable economic development and energy transition [1] - The International Air Transport Association (IATA) projects that by 2050, 65% of emissions reductions in aviation will come from the use of biofuels [1] 2. Policy Impact - The EU mandates a minimum of 2% SAF in aviation fuel starting January 2025, increasing to 6% by 2030 and 70% by 2050, which is expected to significantly boost the SAF market [2] - China's "14th Five-Year Plan" emphasizes the development of non-grain biomass liquid fuels, including biodiesel and bio-jet fuel, aligning with the country's carbon neutrality goals [1] 3. Market Dynamics - The export volume of domestic kitchen waste oil is projected to grow from 730,000 tons in 2019 to 2.78 million tons by 2024, reflecting a compound annual growth rate of 23% [2] - As of June 4, 2025, the average market prices for domestic waste oil and biodiesel are reported at 6,200 RMB/ton and 7,925 RMB/ton, respectively, showing increases of 36% and 17% from their October 2024 lows [2] 4. Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the "three barrels of oil" and oil service sectors, as well as companies benefiting from domestic substitution trends in materials [4]