光大证券指出，中国石油着力打造五大新材料基地，蓝海高端聚烯烃新材料项目等重点项目推进高端化 工新材料产业发展，产品广泛应用于航空航天、汽车、光伏等领域。2024年中国石油化工新材料产量同 比增长49.3%，形成ABS、乙丙橡胶等一批"巨人"产品，石蜡、低硫石油焦等产品市场份额稳居国内第 一。公司通过成立新材料研究院，在茂金属聚乙烯催化剂、尼龙66合成等关键技术上取得突破，支撑炼 化新材料产业转型升级。 在地缘政治仍存不确定的前提下，中长期原油供需格局仍具备景气基础，在长期主义视角下，持续坚定 看好板块。此外，宏观经济恢复提振化工需求，长期来看化工品产能出清利好龙头企业，看好大炼化、 煤化工、乙烯盈利向好。 没有股票账户的投资者可关注国泰中证油气产业ETF发起联接A（020405），国泰中证油气产业ETF发 起联接C（020406）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配 ...

Core Viewpoint - The article highlights the significant advancements in the petrochemical industry in Guangxi, particularly the completion of the integrated refining and chemical project, which aims to transform the region's petrochemical landscape and meet market demands for high-end chemical materials [2]. Group 1: Project Completion and Impact - The Guangxi petrochemical integrated refining and chemical project has been completed with a total investment of 30.5 billion yuan, including the construction of a 1.2 million tons/year ethylene cracking unit and 14 other chemical facilities [2]. - The project marks a transition from a "fuel-type" refinery to a "chemical products and organic materials-type" refinery, filling the gap in high-end chemical new materials in the region [2]. Group 2: New Materials Development - Since 2021, the company has been advancing its new materials sector by establishing dedicated research institutes and elevating new materials to a core business alongside refining and basic chemicals [3]. - In 2024, the company achieved significant breakthroughs in new materials, including the development of metallocene polyethylene catalysts and nylon 66 synthesis [3]. Group 3: Production Growth - In 2024, the production of new chemical materials reached 2.045 million tons, a 49.3% increase from 1.37 million tons in the previous year, marking three consecutive years of substantial growth [4]. - The company has established itself as a leader in various product categories, including being the world's largest producer of paraffin and holding a 53% market share in low-sulfur petroleum coke in China [4]. Group 4: New Material Bases and Capacity Expansion - The company is developing five major new material bases, including projects in Dushanzi, Lanzhou, Jilin, Liaoyang, and Blue Ocean, with a focus on high-end chemical new materials [5]. - The Blue Ocean high-end polyolefin new materials project has a total investment of 10.1 billion yuan and will produce various products applicable in aerospace, healthcare, automotive, photovoltaic, and high-end packaging [5].

Core Viewpoint - Jilin Petrochemical has successfully developed a domestic catalyst for ethylene-propylene rubber, breaking the reliance on imported catalysts and entering high-end markets, marking a significant step towards becoming a leader in the industry [1][2][6]. Group 1: Market Opportunities and Strategic Layout - In recent years, Jilin Petrochemical has seen steady growth in production and market share as the only domestic company capable of producing both binary and ternary ethylene-propylene rubber [2]. - The company identified its over-reliance on imported catalysts as a major limitation to its high-quality development and initiated a project to develop domestic catalysts in collaboration with research institutions [2][3]. Group 2: From Laboratory to Production Line - The project to develop a domestic catalyst involved extensive collaboration with Qingdao University of Science and Technology, leading to the successful identification of a catalyst suitable for industrial trials [3]. - Over three years, the team addressed 56 key issues related to the catalyst's performance and developed 102 risk mitigation measures, culminating in a viable industrial production trial plan [3]. Group 3: Breakthroughs in Production - On April 19, 2024, the new domestic vanadium catalyst was successfully tested in industrial production, yielding over 50 tons of qualified product, making Jilin Petrochemical the first company in China to produce ternary ethylene-propylene rubber using a domestic catalyst [4]. - A second industrial trial in February 2025 further improved product quality, demonstrating the effectiveness of the new catalyst [4]. Group 4: Market Penetration - Following the successful trials, Jilin Petrochemical engaged with eight leading manufacturers in the automotive sealing and sponge strip sectors to promote its new products [5]. - After thorough demonstrations and trials, a leading automotive sealing manufacturer agreed to purchase Jilin Petrochemical's J-6095 product, highlighting the shift in market dynamics previously dominated by foreign products [5]. Group 5: Industry Impact - The successful conversion of the domestic catalyst research results not only reshapes the ethylene-propylene rubber industry chain but also reflects the strong confidence and capability of state-owned enterprises in achieving technological self-reliance [6].

Core Viewpoint - Jilin Petrochemical has successfully developed a domestic catalyst for ethylene-propylene rubber, breaking the reliance on imported products and achieving significant market penetration with competitive pricing [1][2][5] Group 1: Product Development and Innovation - The new product's performance is on par with imported alternatives, leading to initial purchase agreements from downstream customers [1] - The company has overcome the challenge of relying on imported catalysts by collaborating with local research institutions to develop domestic alternatives [2][3] - A new vanadium catalyst for ethylene-propylene rubber production was successfully tested, marking Jilin Petrochemical as the first domestic company to utilize such a catalyst [3][4] Group 2: Market Strategy and Customer Engagement - Following the technical breakthrough, the company actively engaged with leading manufacturers in the automotive sponge and sealing strip sectors to promote the new product [4][5] - Data-driven presentations highlighted the new product's comparable performance metrics to imported products, successfully convincing multiple companies to trial the product [4][5] - The successful adoption of the new product by a leading automotive sealing strip manufacturer signifies a shift in the market dynamics, previously dominated by foreign products [5] Group 3: Industry Impact and Future Prospects - The successful localization of the catalyst not only reshapes the industry landscape but also demonstrates the commitment of state-owned enterprises to technological self-reliance [5] - The ongoing transformation of scientific achievements into productive capabilities is expected to drive high-quality development for the company [5]

Core Viewpoint - The launch of the international freight train from Shenyang to Moscow marks a significant advancement in the logistics capabilities of Liaoning province, enhancing its role in international trade and connectivity with Russia [1][2]. Group 1: Logistics Development - The first international freight train, carrying 150 tons of domestic ethylene-propylene rubber, signifies the establishment of a new transportation channel that is "safe, green, fast, efficient, and economical" [1]. - The opening of the train service is a crucial step in deepening Liaoning's openness to the outside world and serves national strategic interests [1][2]. - The international freight train service complements the existing TIR Shenyang consolidation center, marking a breakthrough in the "fourth logistics channel" [1]. Group 2: Infrastructure and Connectivity - The Shenyang production service-type national logistics hub has integrated with the national railway transportation management system (TMIS) and commenced domestic railway and "rail-sea intermodal" services in March [2]. - The international freight train service enhances the "road + rail" dual-channel logistics network, positioning the near-sea station as a core logistics hub in the Shenyang metropolitan area [2]. - The first train carried six containers, with goods collected and customs cleared at the Liaozhong Park of the Shenyang Comprehensive Bonded Zone before departing for Russia via the Manzhouli port [2].