Group 1 - The core viewpoint of the article highlights the significant growth in crude oil processing volume in Hainan Province for March 2025, with a total of 130.6 million tons processed, representing a year-on-year increase of 27.3% [1] - The processing volume for the first quarter of 2025 reached 362.5 million tons, showing a year-on-year growth of 19.6%, which is 14.5 percentage points higher than the previous year [1] - Hainan's crude oil processing growth rate for March 2025 is 27.9 percentage points higher than the same month last year, and it outpaces the national growth rate by 26.9 percentage points [1] Group 2 - In the first three months of 2025, Hainan's crude oil processing accounted for 2.0% of the national total of 18,224.8 million tons, indicating a stable contribution to the overall industry [1] - The processing volume in March 2025 represents a significant increase compared to the previous year, continuing a trend of growth in the region's industrial output [1] - The data reflects a robust performance in Hainan's industrial sector, particularly in the oil processing industry, which is crucial for the local economy [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.29 CNY, based on a 19x P/E ratio for 2025 [2][5]. Core Views - The company's profitability is gradually improving, with a forecasted revenue of 66.615 billion CNY for 2025, reflecting a slight decrease of 0.7% year-on-year, followed by growth in subsequent years [4][9]. - The long filament market is expected to continue recovering, with a projected increase in industry capacity to around 2 million tons in 2025, aligning supply growth with demand [9]. - The company is expanding its integrated production capacity, with PTA capacity expected to exceed 10 million tons by the end of 2025, and plans to launch additional polyester production lines [9]. Financial Performance Summary - **Revenue Forecast**: - 2023: 61.469 billion CNY - 2024: 67.091 billion CNY - 2025: 66.615 billion CNY - 2026: 75.409 billion CNY - 2027: 82.129 billion CNY - **Net Profit**: - 2023: 1.086 billion CNY - 2024: 1.100 billion CNY - 2025: 1.380 billion CNY - 2026: 1.745 billion CNY - 2027: 2.285 billion CNY - **Earnings Per Share**: - 2023: 0.71 CNY - 2024: 0.72 CNY - 2025: 0.91 CNY - 2026: 1.14 CNY - 2027: 1.50 CNY - **Profitability Ratios**: - Gross Margin: 5.8% in 2023, expected to rise to 7.0% by 2027 - Net Margin: 1.8% in 2023, expected to reach 2.8% by 2027 - Return on Equity: 6.7% in 2023, projected to increase to 10.9% by 2027 [4][9][11].

重交沥青山东-华东 重交沥青山东-东北 重交沥青华东-华南 800 800 - 400 600 200 600 400 400 200 -200 200 -400 0 0 -200 -600 s 21 21 lo 6 -400 -800 2019 2019 2022 · 2021 2022 2020 2021 2022 2019 2020 2020 2021 2023 2023 2024 2024 2025 2024 2025 · 2023 · 2025 基差&月差 华南基差 山东墓差 华东基差 1200 r 1500 800 1000 600 1000 800 400 600 200 500 400 0 200 -20Q 0 -400 -200 -500 -600 -400 -1000 -800 -600 2019 2021 2019 2020 2021 2020 2022 2020 · 2021 2022 · 2019 - 2022 2023 2023 2024 2025 · 2023 2024 · 2024 · 2025 · 2025 BU06-09 BU09-12 BU03-06 500 - 500 ...

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行业 PTA 日报 日期 2025 年 5 月 16 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯 ...

在装置大修、工程建设、新装置开车、专项攻关、抗击台风暴雨、疫情防控等大战大考中，茂名石化各 级党组织、广大党员干部勇于担当、临危不惧、冲锋在前、无私奉献，成为茂名石化克难前行的"领头 羊"、主心骨。该公司党委、化工分部党委先后获评全国先进基层党组织、中央企业先进基层党组织。 对于茂名石化住宅区的居民来说，身边的志愿者如同他们的家人——不论是炎炎夏日的炙烤下，还是风 疾雨骤的恶劣天气里，穿梭于大街小巷、奔波于员工群众的所思所盼所急中，这就是茂名石化"爱暖油 城"为民志愿服务"红色"小分队的真实写照，也是茂名石化深化党建引领、以文润心，打造"党和人民好 企业"的一项措施。 70年的砥砺发展，茂名石化积淀了以责任为底色，以石油精神、石化传统为根魂的厚重的企业文化。近 年来，该公司强化文化建设，通过举办企业文化故事会、"感恩明德"责任讲堂等活动，引导全员感恩奋 进；坚持把为职工做好事、解难事作为落脚点，抓住职工面临的最困难、最操心、最忧虑的实际问题， 通过大病救助、扶困助学、"爱心超市"、主题探访、解决小诉求等，将关心关爱送到每一个最需要的群 众心坎上。 茂名石化热心公益，常态化开展为民志愿服务活动。近年来，数百名不 ...

中国石油各企业强化风险意识、底线思维，秉持"宁可十防九空，不可失防万一"的宗旨，以"时时放心 不下"的责任感，将防汛抗旱各项工作做深、做细、做实。 4月下旬以来，面对广西多地持续高温带来的严峻旱情，广西销售公司迅速启动抗旱保供应急预案，统 筹调配资源，优先保障抗旱用油。公司各基层单位加强与地方政府相关部门的沟通协作，开辟绿色通 道，确保加油站24小时不间断服务，全力满足抗旱机具、运水车辆等设备的用油需求，为抗旱减灾提供 坚实保障。 广西销售多措并举提升服务效率，做到油品不断供、服务不打折。一方面，加大库存监测力度，提前增 调柴油、汽油等资源，确保偏远地区及重点抗旱乡镇油品充足供应；另一方面，在临近农业区域的加油 站开通绿色通道，确保春耕机械、车辆随到随加。 5月9日，辽河油田曙光油区河套监控系统改造施工正紧锣密鼓地进行，为汛期监控洪水提供重要保障。 目前，辽河油田正同步开展大凌河、辽河、绕阳河GIS数据绘制工作，积极组织河道内生产区域目视化 工程。 5月7日至9日，南方多地遭遇大范围强对流天气。昆仑物流所属湖南、江西分公司以精密部署与高效执 行保障油品供应生命线。截至目前，配送油品5.3万吨。 防汛抗旱，事关 ...

Group 1: Macroeconomic Insights - Approximately 54.5% of China's products maintain a price advantage for exports to the US despite new tariff levels, with expectations of high export growth in Q2 due to pre-existing orders and the US Christmas stocking season [2] - The financial data for April shows a combination of strong social financing and weak credit growth, influenced by seasonal factors and tariff impacts, with expectations for stabilization in major financial indicators moving forward [3] Group 2: Market Trends - Continued monetary policy easing is expected to favor small-cap stocks, with the CSI 2000 index showing significant small-cap characteristics and high potential for growth, suggesting investment opportunities in related ETFs [4] Group 3: Industry Research - In the banking sector, the April financial data indicates a widening gap between social financing and loan growth, with government investment supporting credit expansion [6] - The e-commerce advertising sector shows strong growth potential, with AppLovin's Q1 performance exceeding expectations, indicating robust competitiveness in traditional gaming advertising [7] - The real estate market in core cities shows a 5% year-on-year increase in new home transaction prices, with significant variances in second-hand home prices across major cities [8] Group 4: Company-Specific Analysis - Kunlun Energy, backed by China National Petroleum Corporation, is projected to achieve net profits of 6.649 billion, 7.124 billion, and 7.598 billion CNY from 2025 to 2027, with a recommendation for an "overweight" rating [10] - Jianghuai Automobile's performance is under pressure, with a revised net profit forecast of 190 million CNY for 2025, but potential recovery is anticipated in 2026 and 2027 with new model launches [11] - Yongxin Co., a leader in plastic soft packaging, is expected to see stable profit growth, with projected net profits of 511 million, 569 million, and 638 million CNY from 2025 to 2027, suggesting a "buy" rating [12]

王江楠（F03108382，Z0021543），联系电话：010-82295006 | | | PX&PTA&PR | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/5/16 | 品种 | 更新日期 | 单位 | 现值 | 前值 | 涨跌(幅) | | | 期货结算价(连续):WTI原油 | 2025/5/15 | 美元/桶 | 61.62 | 63.15 | -2.42% | | 上 | 期货结算价(连续):布伦特原油 | 2025/5/15 | 美元/桶 | 64.53 | 66.09 | -2.36% | | 游 | 现货价(中间价):石脑油:CFR日本 | 2025/5/15 | 美元/吨 | 572.00 | 590.00 | -3.05% | | | 现货价(中间价):二甲苯(异构级):FOB韩国2025/5/15 | | 美元/吨 | 709.00 | 731.50 | -3.08% | | | 现货价:对二甲苯PX:CFR中国主港 | 2025/5/15 | 美元/吨 | 854.00 | 867.00 | -1.50% ...

Core Viewpoint - The chemical industry in China is experiencing internal performance divergence in Q1 2025, with the petroleum and basic chemical sectors showing contrasting revenue and profit trends [1] Group 1: Revenue and Profit Performance - The petroleum chemical sector achieved revenue of 1,015.1 billion yuan, reflecting a year-on-year decline of 7.1% [1] - The basic chemical sector reported revenue of 607.0 billion yuan, with a year-on-year increase of 6.4% [1] - The net profit attributable to shareholders for the petroleum chemical sector was 17.0 billion yuan, down 23.5% year-on-year [1] - The basic chemical sector's net profit attributable to shareholders was 37.1 billion yuan, showing a year-on-year growth of 4.7% [1] Group 2: Factors Influencing Performance - The decline in oil prices is expected to be the main factor dragging down the performance of the petroleum chemical sector [1] - The growth in the basic chemical sector's performance may be attributed to industry scale expansion and supply disruptions leading to price increases for certain products [1] Group 3: Industry Outlook - The sales gross margins for the petroleum and basic chemical sectors were 14.3% and 17.9%, respectively, both at historical low levels [1] - The low prosperity in the chemical industry is anticipated to accelerate the elimination of backward production capacity and enhance industry self-discipline [1] - With the continued implementation of domestic demand stimulation policies, terminal demand momentum is expected to gradually stabilize, awaiting a bottoming out of the industry prosperity cycle [1]