Core Viewpoint - Lianyungang has prioritized green and low-carbon development as a fundamental strategy to optimize ecological issues, focusing on carbon reduction, pollution reduction, greening, and growth [1] Group 1: Industrial Development - The industrial parks in Lianyungang are becoming crucial areas for expanding port functions and developing new strategic growth points [1] - The Xuwei New District has emerged as one of the seven major petrochemical industrial bases in the country, featuring a sophisticated water resource recycling system [1] Group 2: Environmental Initiatives - The intelligent water treatment center in Xuwei New District achieves a 70% wastewater recycling rate, with an annual reuse volume of 18 million cubic meters [1] - Xuwei New District has been recognized as a national "14th Five-Year" smart chemical park case, reflecting its commitment to smart construction and digital infrastructure [1] Group 3: Future Goals - During the "14th Five-Year" period, Xuwei New District is advancing plans for zero-carbon park construction, aiming to establish the world's first zero-carbon petrochemical park [1] - The district is part of the first batch of pilot industrial parks for collaborative innovation in pollution reduction and carbon reduction, as designated by the Ministry of Ecology and Environment [1]

19日，记者从生态环境部获悉，《2024、2025年度全国碳排放权交易市场钢铁、水泥、铝冶炼行业配额 总量和分配方案》（以下简称《配额方案》）发布，对2024、2025年度碳排放配额发放、清缴和结转等 进行安排和部署。这意味着钢铁、水泥、铝冶炼行业的重点排放单位将于今年内完成首次配额清缴。 在《配额方案》发布后，生态环境部将下发钢铁、水泥、铝冶炼行业2024年度配额，重点排放单位将于 今年内完成首次配额清缴；明年上半年，将向这三个行业的重点排放单位下发2025年度预分配配额，相 关单位应在明年年底前完成2025年度配额清缴工作。 针对全国碳排放权交易市场下一步的扩围工作，上述负责人说，生态环境部已启动化工、石化、民航、 造纸等行业扩围前期准备工作，目前已组织相关单位研究起草化工、石化、民航、造纸行业的配额分配 方案、核算报告指南、核查技术指南等配套技术文件，为扩围工作做好技术保障；针对扩围工作需要， 从提升监管能力、提高数智化水平、保障数据安全等方面对全国碳市场管理平台、注册登记系统和交易 系统进行升级改造，提升基础设施平台的保障能力。 今年3月，钢铁、水泥、铝冶炼行业被纳入碳排放权交易市场管理，覆盖的温室气 ...

Core Viewpoint - The conference focuses on the innovation and development of financial derivatives in the petrochemical industry, highlighting the importance of high-quality development and collaboration among industry stakeholders [2][4]. Group 1: Conference Overview - The 2025 (Suzhou) Petrochemical Financial Derivatives Innovation Development Conference will be held on November 19-20 at the Suzhou Bay Hengli Hotel [2]. - The event is organized by Hengli Group and Hengli Petrochemical, with support from various financial institutions and industry associations [2][3]. Group 2: Main Forum Highlights - The main forum on November 20 will feature speeches from leaders of Hengli Group, exchanges, and the Petrochemical Industry Association [3]. - Key topics include the economic outlook for the oil and chemical industry, presented by Zhao Junhui, Vice President of the China Petroleum and Chemical Industry Federation [4]. Group 3: Afternoon Sub-Forums - The afternoon will consist of specialized forums focusing on oil products, chemicals, and polyester, with expert discussions on market trends and development strategies [5][9][13]. - Notable presentations include the role of Shanghai crude oil futures in supporting high-quality industry development and the outlook for the international oil market [8][12]. Group 4: Expert Contributions - Experts from various organizations will provide insights into the current state and future trends of the petrochemical market, including the impact of new projects and capacity exits [12][16]. - Roundtable discussions will facilitate dialogue among industry leaders on collaborative strategies and investment opportunities [8][12][16].

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core View of the Report - The PP industry is expected to experience weak and volatile trends. Although previous cost increases and the downstream peak season pushed up the PP price, the overall supply - demand pattern remains unchanged [1] 3. Summary According to Relevant Catalogs 3.1行情分析 - PP downstream operating rate increased by 0.14 percentage points to 53.28% week - on - week, at a relatively low level in the same period over the years. However, the operating rate of plastic weaving, the main downstream of PP drawstring, decreased by 0.12 percentage points to 44.24% week - on - week, with slightly fewer orders and slightly lower than the same period last year [1] - On November 19th, new maintenance devices such as the first line of Guangdong Petrochemical were added, and the PP enterprise operating rate dropped to around 81%, at a moderately low level. The production ratio of the standard drawstring grade rose to around 25% [1][4] - Petrochemical inventory reduction slowed down, and the current petrochemical inventory is at a moderately high level in the same period in recent years [1][4] - On the cost side, after the end of the US government shutdown, the crack spread of refined oil in Europe and the US continued to strengthen, and the crude oil price rebounded after a decline. However, OPEC adjusted the global oil supply from a shortage of 400,000 barrels per day in Q3 2025 to a surplus of 500,000 barrels per day, and the pattern of crude oil supply surplus has become more of a consensus, so the increase in crude oil price is limited [1] - In terms of supply, PetroChina Guangxi Petrochemical with a new production capacity of 400,000 tons per year was put into operation in mid - October, and the number of maintenance devices has increased recently. The downstream is at the end of the peak season, the follow - up of orders such as plastic weaving is limited, the market lacks large - scale centralized procurement, and the boost to the market is limited. Traders generally offer discounts to stimulate transactions [1] 3.2期现行情 3.2.1期货方面 - The PP2601 contract reduced positions and fluctuated upwards, with a minimum price of 6,394 yuan/ton, a maximum price of 6,444 yuan/ton, and finally closed at 6,434 yuan/ton, below the 20 - day moving average, with a gain of 0.11%. The position decreased by 18,039 lots to 620,333 lots [2] 3.2.2现货方面 - Most PP spot prices in various regions declined. The drawstring grade was reported at 6,200 - 6,560 yuan/ton [3] 3.3基本面跟踪 - On the supply side, on November 19th, new maintenance devices such as the first line of Guangdong Petrochemical were added, and the PP enterprise operating rate dropped to around 81%, at a moderately low level [4] - In terms of demand, as of the week of November 14th, the PP downstream operating rate increased by 0.14 percentage points to 53.28% week - on - week, at a relatively low level in the same period over the years. However, the operating rate of plastic weaving, the main downstream of PP drawstring, decreased by 0.12 percentage points to 44.24% week - on - week, with slightly fewer orders and slightly lower than the same period last year [1][4] - On Wednesday, the petrochemical early inventory decreased by 10,000 tons to 700,000 tons week - on - week, 40,000 tons higher than the same period last year. Petrochemical inventory reduction slowed down, and the current petrochemical inventory is at a moderately high level in the same period in recent years [4] 3.4原料端原油 - The Brent crude oil 01 contract fluctuated around $64 per barrel, and the CFR propylene price in China remained flat at $730 per ton week - on - week [6]

新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市 公司传播ESG理念，提升ESG可持续发展表现。点击查看【 ESG评级中心服务手册】 到2027年，碳排放权交易市场基本覆盖工业领域主要排放行业。 按照"全国碳排放权交易市场覆盖主要高排放行业"的要求，生态环境部已启动化工、石化、民航、造纸 等行业扩围前期准备，正加快编制"一揽子"技术文件。 生态环境部气候司有关负责人11月18日透露，为摸清化工、石化、民航、造纸等行业的排放情况，已对 2013年以来相关行业企业碳排放报告进行收集整理，相关数据经过核查，具备了针对性解决碳排放数据 质量问题的条件，为科学合理确定配额总量和分配方案奠定了基础。 上述负责人介绍，《配额方案》借鉴了发电行业积累的成功经验，延续了基于碳排放强度控制的免费配 额分配核心框架。企业的配额量与其实际产出量动态挂钩，不设绝对的碳排放总量上限，确保了行业发 展的必要空间。 "通过科学设定行业基准，总体上可以使单位产品碳排放越低的企业，其配额盈余率越高，从而形成明 确的减排激励机制。"这位负责人介绍，《配额方案》还体现了"抓大放小"的原则。在温室气体覆盖范 围上 ...

到2027年，碳排放权交易市场基本覆盖工业领域主要排放行业 按照"全国碳排放权交易市场覆盖主要高排放行业"的要求，生态环境部已启动化工、石化、民航、造纸 等行业扩围前期准备，正加快编制"一揽子"技术文件。 生态环境部气候司有关负责人11月18日透露，为摸清化工、石化、民航、造纸等行业的排放情况，已对 2013年以来相关行业企业碳排放报告进行收集整理，相关数据经过核查，具备了针对性解决碳排放数据 质量问题的条件，为科学合理确定配额总量和分配方案奠定了基础。 此外，生态环境部已组织相关单位研究起草化工、石化、民航、造纸行业的配额分配方案、核算报告指 南、核查技术指南等配套技术文件，为扩围工作做好技术保障。针对扩围需要，还从提升监管能力、扩 大系统容量、提高数智化水平、保障数据安全等方面对全国碳市场管理平台、注册登记系统和交易系统 进行了升级改造，以提升基础设施平台的保障能力。 围上，聚焦于生产过程中的直接排放，即化石燃料燃烧、工业过程反应等产生的温室气体，不覆盖因外 购电力、热力导致的间接排放。 在配额分配范围上，锁定每个行业碳排放最集中的生产企业，包括高炉—转炉长流程钢铁生产企业、拥 有水泥熟料生产线企业和拥有 ...

生态环境部：已启动民航等行业全国碳市场扩围前期准备工作 中新社北京11月18日电 (记者 阮煜琳)中国生态环境部应对气候变化司负责人18日对记者透露，对全国 碳排放权交易市场下一步扩围工作，生态环境部已启动化工、石化、民航、造纸等行业扩围前期准备工 作。 全国碳排放权交易市场于2021年7月16日正式启动，是目前全球覆盖排放量最大的碳市场。中国的碳排 放主要集中在发电、钢铁、建材、有色、石化、化工、造纸、航空等重点行业。 对于全国碳排放权交易市场下一步扩围工作，该负责人表示，生态环境部已启动化工、石化、民航、造 纸等行业扩围前期准备工作。 为摸清化工、石化、民航、造纸等行业的排放情况，官方对2013年以来相关行业企业碳排放报告进行收 集整理，相关数据经过核查，具备了针对性解决碳排放数据质量问题的条件，为科学合理确定配额总量 和分配方案奠定了基础。 同时，有关方面加快编制"一揽子"技术文件，目前已组织相关单位研究起草化工、石化、民航、造纸行 业的配额分配方案、核算报告指南、核查技术指南等配套技术文件，为扩围工作做好技术保障。此外， 还将推动基础设施升级改造。 前述负责人表示，下一步，生态环境部将坚持"成熟一个、 ...

Core Insights - The city of Lianyungang is focusing on building a talent-rich environment to support its industrial growth, particularly in sectors like petrochemicals, pharmaceuticals, and high-end equipment manufacturing [1][2][3] Group 1: Talent Development - Lianyungang has a total of 750,000 skilled workers, with 220,000 high-skilled workers, leading in Su Bei region with 850 high-skilled workers per 10,000 laborers [1] - The city has implemented a systematic skill training mechanism and established evaluation and incentive systems for skilled workers, facilitating diverse career growth paths [2][3] - Since the 14th Five-Year Plan, 192,000 industrial workers in Lianyungang have obtained vocational skill certificates, with strategic emerging industries accounting for nearly 20% [3] Group 2: Industry Growth and Employment - Lianyungang's petrochemical industry is rapidly developing, with major projects like Shenghong Petrochemical creating over 900 job openings in relevant fields [2] - The wearable armor industry in Donghai County has grown to produce 150 million pairs annually, employing over 50,000 people, showcasing the impact of targeted skill training [4][5] - The city has introduced a tiered subsidy policy for different occupations and skill levels, enhancing the training and retention of skilled workers [3][4] Group 3: Education and Industry Integration - Lianyungang has established partnerships with over 40 medical enterprises to create modern apprenticeship programs, training over 2,600 healthcare professionals in the past three years [6] - The city has developed a skill ecosystem that integrates industry needs, educational resources, and government support, significantly increasing the proportion of students with advanced skills [6][7] - The introduction of the 3.0 version of the talent introduction and training implementation plan aims to enhance the cultivation of high-skilled talent across the city [7] Group 4: Policy Support and Future Outlook - Comprehensive policy support has led to a surge in skilled labor, with the city planning to upgrade its talent development strategies by 2025 [7][8] - The ongoing efforts in skill cultivation are expected to contribute significantly to Lianyungang's high-quality economic development [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - PP is expected to experience weak and volatile trends as the overall supply - demand pattern remains unchanged despite previous price rebounds driven by cost increases and the downstream peak season [1] 3. Summary by Related Catalogs 3.1 Market Analysis - PP downstream开工率 increased 0.14 percentage points to 53.28% week - on - week, remaining at a relatively low level compared to the same period in previous years. However, the downstream plastic weaving开工率 for the main拉丝 product decreased 0.12 percentage points to 44.24%, with slightly fewer orders and slightly lower than the same period last year [1][4] - On November 18th, new maintenance devices such as the single - line of Yuntianhua were added, causing the PP enterprise开工率 to drop to around 82%, a moderately low level. The production ratio of standard - grade拉丝 remained around 24% [1][4] - Petrochemical inventories are being depleted normally and are currently at a neutral level compared to the same period in recent years [1][4] - The US government shutdown is about to end, and crude oil prices rebounded after a decline. However, OPEC adjusted the global oil market from a shortage of 400,000 barrels per day in Q3 2025 to a surplus of 500,000 barrels per day, and the pattern of crude oil supply surplus has become more widely recognized, limiting the increase in crude oil prices [1] - A new production capacity of 400,000 tons per year from PetroChina Guangxi Petrochemical was put into operation in mid - October, and there has been a slight increase in maintenance devices recently. The downstream is in the peak season, but the follow - up of orders such as plastic weaving is limited, and there is a lack of large - scale centralized procurement in the market, which has limited impact on boosting the market. Traders generally offer discounts to stimulate sales [1] - There is no actual anti - involution policy implemented in the PP industry yet. Anti - involution and the elimination of old devices to solve the problem of over - capacity in the petrochemical industry are still macro - policies that will affect future market trends [1] 3.2 Futures and Spot Market Conditions Futures - The PP2601 contract decreased in a volatile manner with increased positions. The lowest price was 6,475 yuan/ton, the highest was 6,488 yuan/ton, and it finally closed at 6,392 yuan/ton, below the 20 - day moving average, with a decline of 1.13%. The open interest increased by 5,494 lots to 638,372 lots [2] Spot - The spot prices of PP in various regions partially declined. The price of拉丝 was reported at 6,240 - 6,580 yuan/ton [3] 3.3 Fundamental Tracking - On the supply side, on November 18th, new maintenance devices such as the single - line of Yuntianhua were added, and the PP enterprise开工率 dropped to around 82%, a moderately low level [4] - In terms of demand, as of the week ending November 14th, the PP downstream开工率 increased 0.14 percentage points to 53.28% week - on - week, remaining at a relatively low level compared to the same period in previous years. However, the downstream plastic weaving开工率 for the main拉丝 product decreased 0.12 percentage points to 44.24%, with slightly fewer orders and slightly lower than the same period last year [4] - On Tuesday, the early petrochemical inventory decreased by 10,000 tons to 710,000 tons week - on - week, 25,000 tons higher than the same period last year. Petrochemical inventories are being depleted normally and are currently at a neutral level compared to the same period in recent years [4] - For the raw material, crude oil, the Brent crude oil 01 contract fluctuated around $64 per barrel, and the CFR propylene price in China increased by $5 per ton to $730 per ton week - on - week [4]

Group 1 - BASF's new 2-Ethylhexanol (2-EH) facility in Zhanjiang has officially commenced production, marking a significant milestone in the integrated base's development [1] - Zhanjiang's GDP growth rate for the first three quarters of this year is 5.0%, ranking third in the province, with industrial added value increasing by 10.4%, the highest growth rate in the province [1] - The industrial sector is a key driver of high-quality development in Zhanjiang, with major projects in green steel, green petrochemicals, green energy, and modern agriculture contributing to this growth [1][2] Group 2 - Zhanjiang's industrial development is transitioning from quantity expansion to quality improvement, with a resilient growth pattern and strong potential [2] - The city has seen significant contributions from the mining sector, with new oil fields coming online and increasing production rates [2] - The city's small-scale industrial sector has also shown growth, with a 6.5% increase in added value in the first three quarters of this year [2] Group 3 - Industrial parks in Zhanjiang are becoming strong engines for development, facilitating the transition to high-value-added products [3] - The industrial parks have reported an 11.9% increase in industrial added value year-on-year, showcasing robust momentum [4] - Zhanjiang's green petrochemical and modern agricultural industries have surpassed a total output value of 100 billion yuan, contributing to a modern industrial system [4] Group 4 - Technological transformation is a key strategy for Zhanjiang's industrial upgrade, with significant investments in industrial upgrades showing a 33.3% increase year-on-year [4] - The new materials sector is also emerging, with a new production base expected to generate an annual output value of 2 billion yuan [4] - Major projects are driving industrial growth, with Zhanjiang positioned to leverage its industrial capabilities for future development [5]