立足产业禀赋靶向发力。坚持增量和存量并重，推动产业绿色转型。一方面大力发展绿色低碳产业，推 动绿色产业成为新的经济增长点。比如，有的地区风力资源丰富，可围绕风电发展装备制造、发电、输 电、储能等产业。另一方面淘汰落后低效产能，深入推进重点行业节能降碳改造，特别要聚焦碳排放量 和能耗总量大的行业。"十四五"以来，我国钢铁、水泥、炼油、乙烯等行业能效标杆产能占比平均提高 6个百分点。此外，打好政策"组合拳"，完善投资、价格、财税、金融等政策，持续健全节能制度体 系。 聚焦重点领域精准施策。诸如，在"十四五"时期，算力设施用电量每年增长近20%，年用电量超过2500 亿千瓦时，成为快速增长的重点用能领域。对此，需加强新建项目源头把关，强化新上项目节能降碳审 查评价，从源头提升算力设施绿色低碳水平；加大存量设施改造力度，优化算力设施结构；强化余热资 源回收利用，推动应收尽收、能用尽用。 节能降碳是一场持久战，不可能一蹴而就。唯有立足各地实际，因地制宜推进，方能既下好全国一盘 棋，又打好地方主动仗，推动节能降碳工作走深走实。 近期召开的国务院常务会议对节能降碳工作作出重要部署，明确提出要更高水平更高质量做好节能降碳 工 ...

上市企业：中国石油（601857）,中国石化（600028）,万华化学（600309）,荣盛石化（002493）,盐湖股 份（000792）,宝丰能源（600989）,东方盛虹（000301）,巨化股份（600160）,君正集团（601216）,上 海石化（600688） 相关报告：智研咨询发布的《2026-2032年中国乙烯行业市场全景调研及未来趋势研判报告》 根据国家统计局数据显示：2025年11月中国乙烯产量为309万吨，同比增长7.3%；2025年1-11月中国乙 烯累计产量为3366.5万吨，累计增长7.1%。 2020-2025年1-11月中国乙烯产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

新华社北京12月26日电 题：强化节约优先战略 持续提升能源利用效率——来自全国人大常委会专题询 问现场的声音 据郑栅洁介绍，当前，"绿水青山就是金山银山"的理念已经深入人心，节能从意识到行动形成良好生 态。 聚焦重点领域精准施策 "十四五"时期，算力设施用电量增长每年近20%，年用电量超过2500亿千瓦时，成为快速增长的重点用 能领域。孙泽洲委员询问，如何推进算力设施节能降碳？ 郑栅洁表示，加强新建项目源头把关，强化新上项目节能降碳审查评价，从源头提升算力设施绿色低碳 水平；加大存量设施改造力度，优化算力设施结构；强化余热资源回收利用，推动"应收尽收、能用尽 用"。 新华社记者王悦阳 十四届全国人大常委会第十九次会议24日举行联组会议，就节约能源法执法检查报告进行专题询问。 我国节能工作取得哪些成效？如何推进重点领域节能？怎样增强居民节能意识？……全国人大常委会委 员、专门委员会委员和全国人大代表等与会人员现场提出询问，国务院相关部门负责人予以坦诚回应。 节能降碳成效显著 我国是能源使用大国，节能非常重要。赵海英委员询问，我国在节能方面主要开展了哪些工作？ 国家发展改革委主任郑栅洁说，我国节能工作成效显著， ...

新华财经北京12月26日电 题：强化节约优先战略持续提升能源利用效率——来自全国人大常委会专题 询问现场的声音 新华社记者王悦阳 十四届全国人大常委会第十九次会议24日举行联组会议，就节约能源法执法检查报告进行专题询问。 我国节能工作取得哪些成效？如何推进重点领域节能？怎样增强居民节能意识？……全国人大常委会委 员、专门委员会委员和全国人大代表等与会人员现场提出询问，国务院相关部门负责人予以坦诚回应。 节能降碳成效显著 我国是能源使用大国，节能非常重要。赵海英委员询问，我国在节能方面主要开展了哪些工作？ 国家发展改革委主任郑栅洁说，我国节能工作成效显著，以年均3.3%的能耗增速支撑年均6.1%的经济 增长。 他表示，推动产业绿色转型，坚持增量和存量并重，一方面大力发展绿色低碳产业，一方面淘汰落后低 效产能，深入推进重点行业节能降碳改造，特别是聚焦碳排放量和能耗总量大的行业。"十四五"以来， 我国钢铁、水泥、炼油、乙烯等行业能效标杆产能占比平均提高6个百分点。 同时，打好政策"组合拳"，发布节能国家标准317项，完善投资、价格、财税、金融等政策，持续健全 节能制度体系；培育形成节能的良好生态，连续35年举办全国 ...

中化新网讯 12月3日至5日在西班牙瓦伦西亚召开的欧洲石化行业午餐会上，市场参与者直言，2026年 欧洲乙烯行业结构性基本面难有显著改善。 市场人士表示，需求端的低迷态势已持续多时，2025年乙烯需求较2024年明显下滑，2026年更显乏力。 欧洲乙烯生产商普遍预计，来年产量增幅有限甚至零增长;下游买家亦明确表示，对乙烯衍生品的需求 难有实质性变动。不过多数参会者达成一致：尽管需求前景黯淡，2026年乙烯实际提货量大概率将与 2025年持平。 供应端的宽松格局进一步加剧了市场压力。2025年，欧洲石化行业已开启整合进程，累计有5套裂解装 置关停、2套闲置，另有2套按计划检修，行业并购活动亦持续推进。但即便如此，欧洲乙烯供应仍保持 稳定，市场未出现短缺现象，供应宽松的基本面未有改观。在此背景下，市场对2026年行业进一步整合 淘汰的预期愈发强烈。 供需双重疲软直接拖累价格走势，2025年欧洲乙烯现货价格呈持续下行态势。据标普旗下普氏能源资讯 数据，12月10日西北欧地区乙烯现货交付价报507.50欧元/吨，较2025年年初的795.50欧元/吨大幅下跌 288欧元/吨。价格承压下，生产商与下游用户均期待行业迎来 ...

2020-2025年1-10月中国乙烯产量统计图 数据来源：国家统计局，智研咨询整理 上市企业：中国石油（601857）,中国石化（600028）,万华化学（600309）,荣盛石化（002493）,盐湖股 份（000792）,宝丰能源（600989）,东方盛虹（000301）,巨化股份（600160）,君正集团（601216）,上 海石化（600688） 相关报告：智研咨询发布的《2025-2031年中国乙烯行业市场全景调研及未来趋势研判报告》 根据国家统计局数据显示：2025年10月中国乙烯产量为314万吨，同比增长11.7%；2025年1-10月中国乙 烯累计产量为3057.9万吨，累计增长10.7%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Core Viewpoint - The report highlights the growth of China's ethylene production, indicating a positive trend in the industry with a projected increase in output and significant year-on-year growth rates [1]. Industry Summary - As of September 2025, China's ethylene production reached 2.99 million tons, reflecting a year-on-year growth of 5.3% [1]. - Cumulatively, from January to September 2025, the total ethylene production in China was 27.399 million tons, marking a cumulative growth of 7% [1]. - The report is based on data from the National Bureau of Statistics and is part of a comprehensive market research study by Zhiyan Consulting, which focuses on the ethylene industry from 2025 to 2031 [1]. Company Summary - Listed companies in the ethylene sector include China Petroleum (601857), China Petrochemical (600028), Wanhua Chemical (600309), and others, indicating a diverse range of players in the market [1]. - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing in-depth research reports and tailored services to support investment decisions in the ethylene sector [1].

Core Viewpoint - The article emphasizes the significant growth and transformation of China's chemical industry during the "14th Five-Year Plan" period, highlighting the need for high-quality development and innovation in the upcoming "15th Five-Year Plan" to strengthen its global competitiveness and influence [2][9]. Group 1: Overview of the Chemical Industry Development - The chemical industry is a crucial pillar of the national economy, with a steady growth in total output during the "14th Five-Year Plan," achieving a revenue of 14.5 trillion yuan in 2024, a 45% increase from 2020 [2]. - Major chemical products in China, such as ethylene, methanol, and fertilizers, maintain an annual growth rate of approximately 4.6%, with China producing about 42% of the world's major chemical products [3]. - In the 2024 global top 50 chemical companies, 11 Chinese companies are included, generating 2.1 trillion yuan in revenue, which is 1.35 times that of U.S. companies and exceeds the combined revenue of German and Japanese companies [5]. Group 2: Key Strategies for the "15th Five-Year Plan" - The "15th Five-Year Plan" aims to transition from quantity to quality, focusing on six enhancements: upgrading industrial structure, improving innovation capabilities, advancing green and low-carbon development, enhancing smart manufacturing, boosting international cooperation, and promoting high-quality development of chemical parks [9][10]. - The plan emphasizes the need to shift from fuel-driven to material-driven production, optimizing traditional industries and expanding high-end industries [10]. Group 3: Specific Industry Focus Areas - The refining industry is expected to transition from fuel-oriented to raw material-oriented, with a projected revenue of approximately 4.8 trillion yuan in 2024, accounting for 33.1% of the chemical industry [11]. - The ethylene industry will see a capacity of 53.8 million tons per year by 2024, maintaining its global leadership, but the supply growth rate will exceed demand growth [15]. - The aromatics industry, particularly paraxylene (PX), is projected to have a capacity of 43.37 million tons per year in 2024, solidifying China's position as the largest producer and consumer globally [19]. Group 4: Innovation and Technology Development - The chemical industry has made significant technological advancements, with a focus on original and disruptive innovations during the "15th Five-Year Plan," aiming to enhance R&D investment and reduce reliance on foreign technologies [29][30]. - The industry will prioritize breakthroughs in key technologies such as fine and specialty chemicals, biomanufacturing, and new catalytic technologies [30]. Group 5: Environmental and Sustainable Development - The chemical industry has achieved notable progress in pollution reduction and resource recycling, with a water reuse rate of 93% and a significant reduction in energy consumption across various products [32]. - The "15th Five-Year Plan" will focus on systematic carbon reduction strategies, addressing the challenges of high carbon emissions and the need for a comprehensive carbon management system [33]. Group 6: Smart Manufacturing and Digital Transformation - The industry has seen improvements in smart manufacturing, with numerous companies adopting AI and digital technologies to enhance operational efficiency [34]. - The "15th Five-Year Plan" will accelerate the integration of AI in chemical processes and promote the establishment of smart chemical parks [34]. Group 7: International Cooperation and Market Expansion - The chemical industry has strengthened its international cooperation, with foreign investments in China increasing and Chinese companies expanding their global presence [37][38]. - The focus will shift from mere participation in global markets to leading roles in technology sharing and value creation, enhancing China's influence in the global chemical industry [38]. Group 8: High-Quality Development of Chemical Parks - Significant progress has been made in the construction of chemical parks, with a focus on high-quality development and the establishment of world-class industrial clusters [39][40]. - The "15th Five-Year Plan" aims to optimize the spatial layout of the chemical industry, fostering advanced manufacturing clusters and enhancing the overall support role of chemical parks [40].

Group 1 - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of effective investment and breaking down barriers to the construction of a unified national market, which may benefit leading companies in the chemical industry [1] - The report highlights that the domestic production rate of electronic chemicals and high-end polyolefins is low, indicating potential growth areas for future development [2] - The petrochemical industry faces challenges due to homogeneous production capacity, necessitating stricter management of new refining and key petrochemical projects to avoid disorderly expansion and duplication [3] Group 2 - The refining industry is identified as a key area for governance, with a significant portion of refining capacity in Shandong province, suggesting potential for capacity reduction and benefits for private refining enterprises [4] - The polyester filament industry is proactively implementing production cuts to balance market supply and demand, which may favor leading companies in the sector [4]

Investment Rating - The report indicates a negative performance for the oil and petrochemical sector, which underperformed the Shanghai Composite Index by -2.59% [9]. Core Insights - Oil prices have declined due to increased supply from the Middle East and geopolitical tensions, with WTI and Brent prices at $57.46 and $61.08 respectively, reflecting a decrease of -1.44 and -3.97 [3]. - The refining sector is experiencing a cautious market sentiment, with average refining margins for major refineries dropping to 547.82 yuan/ton, down by 71.31 yuan/ton [3]. - Polyester demand is expected to improve marginally with the onset of cooler temperatures and upcoming orders for Double Eleven, although raw material price trends remain uncertain [3]. - The ethylene market is showing weakness, with domestic prices at 6385 yuan/ton, down by 2.67% from the previous week [3]. Market Review - The oil and petrochemical sector has seen a decline in various indices, with the polyester index dropping by -7.72% and the olefin index by -4.48% [9]. - The average operating rate for major domestic refineries is reported at 81.23%, a decrease of 1.03 percentage points from the previous week [3]. - The report highlights a significant increase in commercial crude oil inventories, with a rise of 352.4 million barrels week-on-week [3]. Price Tracking - Brent crude oil is currently priced at $61.06 per barrel, reflecting a -10.43% change from the previous quarter's average [12]. - The average profit level for polyester filament yarn (POY150D) has increased to 176.46 yuan/ton, up by 60.27 yuan/ton from the previous week [3]. - The price of propylene in Shandong is reported at 6215 yuan/ton, down by 3.94% from the previous week [12].