【荣盛石化】我国民营炼化龙头企业，看好聚酯链与炼油利润修复、硫磺价格上涨后利润弹性 海外炼厂扰动推高汽柴油裂差，公司依托出口配额受益。2025 年下半年，乌克兰无人机袭击致俄罗斯炼厂，俄原 油加工量与柴油出口量持续回落；美国受电力紧张与秋季炼厂检修影响，10月炼厂关停133.7万桶/日（电力相关占 比 56.24%），开工率下滑。双重因素推动全球汽柴油裂差冲高，11月欧洲/新加坡/美国汽油价差最高达27/17/25美 元/桶（较年初+ 286%/+125%/+92%），柴油价差最高41/33/48美元/桶（较年初+174%/+93%/+110%）。公司拥有 1366万吨灵活调整成品油产能及350万吨/年出口配额，可通过规划出口窗口期实现成品油价差及退税套利。 荣盛石化为国内民营炼化龙头，核心浙石化项目具备4000万吨原油加工、880万吨PX及420万吨乙烯处理能力。公 司合计拥有PX1040万吨、PTA2150万吨、成品油1366万吨等全产业链产能，是全球最大PX、PTA生产商。2022年 起推进"强链补链"，聚焦新能源与高端材料领域，投建浙石化高端新材料、高性能树脂、金塘新材料等项目，布 局 EVA、POE ...

锦西石化将全会精神与构建新型能源体系、推动高质量发展紧密结合，锚定"推动能源清洁低碳转型"要 求，完成加热炉能效提升、低温热回收利用等5个重点节能项目。面向"十五五"，公司将规划建设绿色 甲醇、废塑料回收等项目，全力打造传统炼化企业绿色转型标杆。同时，践行"深入推进数字中国建 设"部署，建设覆盖全厂的5G定制化网络;锚定"双碳"目标，构建污水处理、VOCs治理等全链条环保设 施体系。 锦西石化公司党委书记、执行董事祁兴国表示，将持续完善"十五五"规划体系，压实各级责任，强化监 督评估，杜绝形式主义，确保全会精神在企业落地生根、开花结果，为加快建设能源强国贡献力量。 锦西石化搭建了"线上+线下"学习矩阵，一方面组织开展专题学习研讨，逐字逐句研读"十五五"规划建 议，深入学习习近平总书记系列重要讲话精神，分级分批开展党员干部培训;另一方面推动"学习强 国""铁人先锋"平台与个人自学、集中学习互补，让学习融入日常、抓在经常。为推动全会精神从"关键 少数"传递到"全员覆盖"，公司积极组织宣讲，并依托"可视化+全媒体"宣传矩阵，滚动播出全会核心要 义、能源强国战略部署等内容，策划制作系列主题宣传视频，让全会精神以更直观 ...

格隆汇2月24日｜东吴证券研报指出，东方盛虹是全球领先的大炼化企业，核心依托1600万吨/年盛虹炼 化以及斯尔邦石化，在炼化、新能源新材料、聚酯化纤领域蓬勃发展。炼化反内卷持续推进，公司多个 产品链条景气度底部回升，公司潜力有望释放。预计未来公司资本开支会呈现逐步下降趋势，随着公司 整体产品景气度回暖，经营水平值得期待。基于炼化行业反内卷情况，以及公司产品投产进度，看好公 司资本开支进入尾声，EVA、POE等新材料进入收获期，且受益于炼化反内卷的推进，首次覆盖给 予"买入"评级。 ...

据悉，该项目位于浙江省舟山市岱山县鱼山岛舟山绿色石化基地内，主要建设内容为：新建5 #连续重整装置 、3 #重整氢提浓装置 、3 #富氢提浓装置 、3 #C1 /C2分离装置、1 #C10分离装置 ，并对部分装置进行扩能技改。 【DT新材料】 获悉，2月6日，舟山市生态环境局发布环评受理公告， 浙江石油化工有限公司炼化一体化项目改造提升工程（二期工程）正式进入审批阶段 ，其中40万吨/年POE聚烯烃弹性体、70万吨/年LDPE/EVA两大核心装置的落地，成为炼化行业践行"减油增化"战略的标志性动作。 浙石化此次布局并非单纯的产能扩张， 而是以全产业链技术自主化为核心，搭配自研α-烯烃工艺、管式法LDPE/EVA工艺 ，构建起从基础原料到高端聚烯 烃的完整技术体系，既填补了国内高端材料生产的技术空白，更与国内光伏、新能源汽车、高端制造等产业的材料需求深度衔接，推动我国炼化产业从"原料 输出"向"材料解决方案提供商"的转型，为高端新材料产业发展筑牢供应链根基。 项目建成后，浙石化原油加工能力仍为4000万吨/年、PX产能仍为880万吨/年、乙烯产能仍为420万吨/年，均保持不变。公司以炼化一体化改造提升工程 （即 ...

Core Viewpoint - The refining business is a crucial part of the company's "1+N" strategic layout and serves as its core business [1] Group 1: Business Strategy - The refining segment is an essential component of the company's integrated upstream and downstream layout, providing basic chemical raw materials for downstream industries such as new energy materials and high-value-added products [1] - The company has the largest single-unit capacity in China with a 16 million tons per year vacuum distillation unit, along with other large refining facilities, which are considered advanced capacities and provide core competitive advantages [1] Group 2: Future Plans - The company has no plans to divest its refining business [1]

Core Viewpoint - Dongfang Shenghong is expected to turn profitable in net profit attributable to shareholders by 2025, with a significant reduction in non-recurring net losses [1] Group 1: Financial Performance - The company possesses the largest single set of atmospheric distillation units in China, along with a 4x15 thousand tons sulfur recovery unit, which converts hydrogen sulfide generated from high-sulfur crude oil and natural gas processing into elemental sulfur [1] - The market prices for sulfur and sulfuric acid have surged significantly, with the average market price in Q4 2025 increasing by 46.71% and 39.99% compared to Q2 2025, contributing substantial incremental profits to the company [1] - Forecasted net profits attributable to shareholders for 2025, 2026, and 2027 are projected to be 1.23 billion, 13.91 billion, and 17.02 billion yuan respectively, with current stock prices corresponding to PE ratios of 696.1, 61.8, and 50.5 times [1] Group 2: Market Position and Strategy - The company is one of the three major private refining enterprises in China, with improving profitability amid declining oil prices [1] - Long-term valuation will depend on the continuous optimization of high value-added product structures and the penetration rate of new materials business [1]

Investment Rating - The report assigns a "Buy" rating for Dongfang Shenghong (000301.SZ) for the first time [1]. Core Insights - Dongfang Shenghong is expected to turn profitable in 2025 with a projected net profit attributable to shareholders ranging from 100 million to 150 million yuan, marking a significant turnaround from losses [1][2]. - The company anticipates a substantial reduction in non-recurring losses, with estimates ranging from 5.62 billion to 5.12 billion yuan, reflecting a year-on-year decrease of 78.82% to 80.71% [1]. - The fourth quarter of 2025 is projected to show a net profit of -0.26 to 0.24 billion yuan, indicating a year-on-year reduction in losses of 97.04% to 102.73% [1]. Summary by Sections Performance Forecast - The company is expected to achieve a net profit of 1.23 billion yuan in 2025, with projections of 1.39 billion yuan in 2026 and 1.70 billion yuan in 2027, indicating a growth rate of 1026.4% in 2026 and 22.4% in 2027 [11][13]. Operational Stability - The stable operation of the 16 million tons/year integrated refining project is a key factor in the company's performance improvement, with smooth production and sales [2]. - The average price of WTI and Brent crude oil is expected to decline significantly, contributing positively to the company's refining margins [2]. By-Product Revenue - The company benefits from the largest atmospheric distillation unit in China, which includes a sulfur recovery unit, leading to unexpected revenue from sulfur and sulfuric acid due to rising market prices [3]. - In the fourth quarter of 2025, the market prices for sulfur and sulfuric acid increased by 46.71% and 39.99% respectively compared to the second quarter, contributing significantly to the company's profits [3]. New Materials Business - The company's strategic shift towards high-value-added chemical intermediates is expected to enhance profitability, with the proportion of high-value products increasing from 50% to over 70% [10]. - The focus on new materials, particularly photovoltaic-grade EVA, is anticipated to drive future profit growth and valuation enhancement, benefiting from the global increase in solar installations [10].

Investment Rating - The report assigns a "Buy" rating for Dongfang Shenghong (000301.SZ) for the first time [1]. Core Insights - Dongfang Shenghong is expected to turn profitable in 2025 with a projected net profit attributable to shareholders ranging from 100 million to 150 million yuan, marking a significant turnaround from losses [1]. - The company anticipates a substantial reduction in non-recurring losses, with estimates ranging from 5.62 billion to 5.12 billion yuan, reflecting a year-on-year decrease of 78.82% to 80.71% [1]. - The fourth quarter of 2025 is projected to show a net profit of -0.26 to 0.24 billion yuan, indicating a year-on-year reduction in losses of 97.04% to 102.73% [1]. Summary by Sections Performance Outlook - The company is expected to achieve a turnaround in net profit for 2025, primarily driven by the stable operation of its 16 million tons/year integrated refining project and improved margins in the aromatics chain [2]. - The average price of WTI and Brent crude oil is projected to decline significantly, with year-on-year decreases exceeding 15% [2]. - The gradual appreciation of the RMB is expected to benefit the company's dollar-denominated crude oil procurement costs [2]. Product and Market Dynamics - The profitability of the refining business is steadily improving, with a notable enhancement in the processing price difference of core downstream products like PTA [2]. - The average gross profit of PTA is expected to reach -31 yuan/ton by December 2025, with a significant narrowing of the decline [2]. - In January 2026, the average gross profit of PTA is projected to rise to 114.89 yuan/ton, indicating a positive trend [2]. By-Product Revenue - Dongfang Shenghong possesses the largest single-unit atmospheric distillation facility in China, which includes a sulfur recovery unit that converts hydrogen sulfide into elemental sulfur [3]. - The market prices for sulfur and sulfuric acid have surged since the second half of 2025, with average prices in Q4 increasing by 46.71% and 39.99% respectively compared to Q2 [3]. - Sulfur is expected to remain a significant profit contributor for the company in 2026 [3]. Strategic Initiatives - The company's long-term valuation will depend on the continuous optimization of high-value-added product structures and the penetration of new materials [10]. - The strategic shift from traditional low-value refined oil to high-value chemical intermediates has increased the output proportion of high-value, scarce chemical products from 50% to over 70% [10]. - The dual-driven strategy of "refining + new materials" is expected to enhance profitability and reduce reliance on oil price fluctuations [10]. Financial Projections - The company is projected to achieve net profits of 1.23 billion, 1.39 billion, and 1.70 billion yuan for the years 2025 to 2027, respectively [11]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 696.1, 61.8, and 50.5 for the years 2025 to 2027 [11].

Group 1: Refining Sector - Domestic refined oil prices for gasoline and diesel have increased this week [1][2] - In the US, gasoline prices have also risen this week [2] Group 2: PX Market - The average price of PX this week is $895.6 per ton, down $26.4 per ton from the previous week, with a price difference from crude oil of $404.1 per ton, down $23.5 per ton [1][2] - PX operating rate stands at 89.9%, unchanged from the previous week [1][2] Group 3: Key Refining Projects - The price difference for key domestic refining projects this week is 2403 CNY per ton, up 38 CNY per ton (2% increase) from the previous week [1] - The price difference for key foreign refining projects this week is 1104 CNY per ton, up 7 CNY per ton (1% increase) from the previous week [1] Group 4: Polyester Sector - The average prices for POY, FDY, and DTY are 7071, 7279, and 8179 CNY per ton respectively, with increases of 171, 136, and 114 CNY per ton from the previous week [1] - Weekly profits for POY, FDY, and DTY are 208, 80, and 80 CNY per ton respectively, with increases of 275, 251, and 237 CNY per ton from the previous week [1] - Inventory days for POY, FDY, and DTY are 12.7, 15.8, and 19.4 days respectively, with changes of -1.3, +0.1, and -0.6 days from the previous week [1] - The operating rate for long filament is 83.5%, down 2.2 percentage points from the previous week [1] Group 5: Weaving Sector - The operating rate for weaving machines is 42.4%, down 8.8 percentage points from the previous week [1] - Raw material inventory for weaving enterprises is 8.7 days, up 0.1 days from the previous week [1] - Finished goods inventory for weaving enterprises is 26.0 days, down 2.7 days from the previous week [1]

浙商期货能源高级研究员张泽宇称，2026年原油市场虽可能面临伊朗地缘局势等短期扰动，但中长期供 大于需的格局难以改变。 相关行业 OPEC+实施暂停增产举措，国际原油价格获得支撑，布伦特油价升至超68美元/桶。国内方面，《2025 年国内外油气行业发展报告》显示，2025年国内油气产量达4.2亿吨油当量，创历史新高，行业整体稳 中求进，保障能源安全成效显著。 市场将目光聚焦于原油供应端格局变化，叠加国内能源保供政策持续推进，油气行业相关业务布局和产 能释放情况受到关注，同时原油价格波动对上下游产业链的传导效应也成为讨论方向。 中信期货表示，伊朗及俄罗斯地缘局势、OPEC+二季度产量预期等供应端因素仍是2月原油市场关注的 核心，目前地缘溢价仍存，短期重点关注美伊谈判动向及印度对俄罗斯石油购买进展。 平安证券指出，伊朗局势升级，短期内油价或呈现震荡偏强走势；中长期油价锚定基本面，随着 OPEC+增产的推进、美洲国家油田的开发，基本面过剩格局或将继续演绎。 恒力石化：作为国内民营炼化一体化龙头企业，公司打通"原油-芳烃、烯烃-PTA、乙二醇-聚酯新材 料"产业链，依托上下游一体化布局降低成本波动影响，推进"油转特" ...