图表：福建省乙烯产量分月（当月值）统计 摘要：【图】2025年8月福建省乙烯产量数据 2025年1-8月乙烯产量分析： 据国家统计局数据，在2025年的前8个月，福建省规模以上工业企业乙烯产量累计达到了210.1万吨，与 2024年同期的数据相比，增长了19.1%，增速较2024年同期低15.9个百分点，增速放缓，增速较同期全 国高8.5个百分点，约占同期全国规模以上企业乙烯产量2440.69388万吨的比重为8.6%。 图表：福建省乙烯产量分月（累计值）统计 2025年8月乙烯产量分析： 单独看2025年8月份，福建省规模以上工业企业乙烯产量达到了27.5万吨，与2024年同期的数据相比，8 月份的产量增长了10.6%，增速较2024年同期低33.7个百分点，增速放缓，增速较同期全国高0.2个百分 点，约占同期全国规模以上企业乙烯产量314.08156万吨的比重为8.7%。 注：从2011年起，我国规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务 收入2000万元。 产业调研网为您提供更多 石油化工行业最新动态 石油行业监测及发展趋势 化工未来发展趋势预测 日化现状及发展前景 润滑油 ...

[行业table专题报告 _reportdate ] 2025 年 11 月 28 日 期货（期权）研究报告 请务必阅读正文之后的免责条款部分 第1页 请务必阅读正文之后的免责条款部分 ➢ 炼化一体化是将石油炼制与化工生产通过工艺耦合、原料互供、能量 共享实现深度融合的产业模式，打破了传统炼油与化工独立运营的界 限，通过全链条资源优化配置，实现原油向成品油与高附加值化工品 的高效转化。这种模式并非简单的环节叠加，而是涵盖物质流、能量 流、信息流的系统性重构，例如将炼油产生的石脑油直接供给烯烃或 芳烃装置作为原料，减少中间储运成本。 ➢ 据《2024 年国内外油气行业发展报告》，"十五五"期间炼化行业将 加速兼并整合，以集群化、一体化、园区化的规模优势应对外部风 险。2030 年，全国炼厂平均规模达到 535 万吨/年，较 2024 年水平提 高 53 万吨/年；国内千万吨级炼厂占比达 60.7%，较 2024 年提高 4.7 个百分点；大连长兴岛、江苏连云港、浙江宁波、福建古雷、广东惠 州大亚湾等石化基地基本建成。 ➢ 炼化一体化的经济效益的提升来自规模效应、产品溢价与成本控制的 多重叠加。规模上，大型一体化 ...

Group 1 - The core point of the article is the announcement by two major South Korean petrochemical companies, Lotte Chemical and HD Hyundai Chemical, regarding their application to the government for approval of their petrochemical business integration plan, aimed at enhancing industry competitiveness and optimizing industrial layout [1][2] - The integration plan specifically addresses the structural overcapacity issue in the naphtha cracking center (NCC) within the domestic petrochemical industry, with Lotte Chemical planning to divest its NCC operations at the Daesan Industrial Complex and merge them with HD Hyundai Chemical [1] - The restructuring involves a total ethylene production capacity of 1.95 million tons per year, with Lotte Chemical's Daesan plant contributing 1.1 million tons and HD Hyundai Chemical contributing 850,000 tons [1] Group 2 - The South Korean petrochemical industry is facing a severe survival crisis due to continuous new capacity additions leading to oversupply and significant profit margin declines [2] - In response to the crisis, ten major South Korean petrochemical companies signed an agreement in August to restructure their businesses, which includes substantial capacity reductions to fundamentally improve competitiveness [2]

Core Viewpoint - The article discusses the global issue of soil compaction exacerbated by modern agricultural practices, highlighting the need for crop varieties with enhanced root penetration capabilities to ensure food security [3][4]. Group 1: Soil Compaction and Its Impact - Soil compaction, intensified by the use of large agricultural machinery and excessive fertilizer, leads to a significant reduction in crop yields, with potential losses reaching up to 75% due to drought stress combined with soil compaction [3]. - Compacted soil has high particle density and low porosity, severely hindering root growth and development [3]. Group 2: Research Findings - A research team from Shanghai Jiao Tong University and other institutions published a study in Nature, revealing how plants adapt to compacted soil by modulating ethylene levels to regulate cell wall mechanics, promoting root thickening and penetration [4][11]. - The study identifies a key regulatory pathway involving ethylene, OsARF1, and cellulose synthase, which is crucial for root adaptation to soil compaction [10][11]. Group 3: Implications for Crop Development - The findings provide insights into the molecular mechanisms of plant adaptation to adverse conditions, paving the way for future crop designs that can better withstand soil compaction through precise manipulation of cell wall properties [11].

Core Insights - In September 2025, China's ethylene production reached 2.992 million tons, marking a year-on-year increase of 5.3%, with the growth rate up by 6.6 percentage points compared to the same month last year [1] - From January to September 2025, the total ethylene production was 27.399 million tons, reflecting a year-on-year growth of 7.0%, with the growth rate up by 7.7 percentage points compared to the same period last year [4] Monthly Production Data - September 2025 ethylene production: 2.992 million tons [1] - Year-on-year growth for September 2025: 5.3% [1] - Growth rate increase compared to September 2024: 6.6 percentage points [1] Cumulative Production Data - Total ethylene production from January to September 2025: 27.399 million tons [4] - Year-on-year growth for January to September 2025: 7.0% [4] - Growth rate increase compared to the same period in 2024: 7.7 percentage points [4]

Core Insights - Recently, China National Offshore Oil Corporation (CNOOC) and Shell Petrochemical Co., Ltd. increased its registered capital from approximately 27.68 billion RMB to about 28.73 billion RMB, representing an increase of around 4% [1] Company Overview - The company was established in December 2000 and is legally represented by Liu Jianzhong [1] - Its business scope includes the construction and operation of joint factories and infrastructure projects, production of ethylene and related petrochemical products, food additives, catalysts, petroleum products, and auxiliary products, as well as the production, sales, procurement, and storage of public engineering products [1] Shareholder Information - The company is jointly held by CNOOC Petrochemical Investment Co., Ltd. and Shell Nanhai Private Limited [1]

Core Insights - The registered capital of China National Offshore Oil Corporation Shell Petrochemical Co., Ltd. increased from approximately 27.68 billion RMB to about 28.73 billion RMB, representing a growth of around 4% [1] Company Overview - The company was established in December 2000 and is legally represented by Liu Jianzhong [1] - Its business scope includes the construction and operation of joint factories and infrastructure projects, production of ethylene and related petrochemical products, food additives, catalysts, petroleum products, and auxiliary products, as well as the production, sales, procurement, and storage of public utility products [1] Shareholder Information - The company is jointly held by China National Offshore Oil Corporation Investment Co., Ltd. and Shell South China Private Limited [1]

Core Viewpoint - Controlling incremental growth is the key to long-term improvement in the industry, while reducing existing capacity focuses on addressing current contradictions [1][2] Group 1: Industry Improvement Strategies - The "Stabilizing Growth Work Plan for the Petrochemical Industry" emphasizes scientific regulation of major project construction, strict control of new refining capacity, and reasonable determination of new capacity scale and deployment rhythm for ethylene and paraxylene [1] - The industry is experiencing a high operating rate without significant overcapacity, with various petrochemical products expected to see an average capacity growth rate exceeding 10% per year from 2019 to 2025 [2] - The industry is likely to transition from localized improvements to a comprehensive recovery, with a significant decline in the production growth rate of most petrochemical products expected by 2026 [2] Group 2: Market Dynamics and Future Outlook - In 2026, the new capacity for PX is expected to fall short of expectations, while geopolitical factors and refinery disruptions are driving up the price differential for overseas refined oil, potentially enhancing profitability for refining [3] - The PTA and polyester filament sectors are making positive progress in reducing excess capacity, with future new capacity growth expected to be low and increasing maintenance activities [3] - The high barriers to entry in the petrochemical industry are expected to further solidify the industry's competitive moat as new capacity growth declines from 2027 to 2028 [2]

Core Viewpoint - The article discusses the ongoing industrial crisis in Germany, highlighting the paradox of German companies increasingly relying on China despite political calls for "decoupling" from the Chinese market. It argues that the notion of "de-Chinafication" is unrealistic and counterproductive, as German industries are deeply integrated with Chinese markets and technologies [10][21][29]. Group 1: Industrial Crisis in Germany - German industrial companies are experiencing a significant decline in competitiveness, with a recent survey indicating that 36.6% of firms feel disadvantaged compared to non-EU competitors, marking a historical low [12][13]. - The crisis is attributed to structural issues such as an aging population, a shortage of skilled labor, rising labor costs, and bureaucratic inefficiencies, which collectively exert pressure on business operations [14][15]. - A notable trend is the migration of German companies abroad, with 70% of energy-intensive firms planning to invest overseas, reflecting a loss of confidence in the domestic industrial landscape [16][17]. Group 2: Dependence on China - Despite political rhetoric advocating for reduced reliance on China, trade data shows that Germany's imports and exports with China reached €163.4 billion (approximately $190.7 billion) from January to August, surpassing trade with the U.S. [22][23]. - German companies are increasingly viewing China not just as a low-cost manufacturing base but as a critical driver for technological innovation and market growth, as evidenced by BMW's investment in hydrogen fuel cell production in China [22][23]. - BASF's significant investment in a chemical production facility in Guangdong, totaling €10 billion, underscores the strategic importance of the Chinese market for German firms [23][24]. Group 3: Global Industrial Landscape Shift - The article highlights a historical shift in global industrial power, with developing countries, particularly China, increasing their share of global manufacturing value added, which now stands at 31% [30][31]. - China's manufacturing prowess is evident in various sectors, including electric vehicles and semiconductors, where it leads global production [33][34]. - The article concludes that the "de-Chinafication" narrative is fundamentally flawed, as it contradicts economic principles and the realities of global supply chains, ultimately harming Germany's industrial competitiveness [35][36].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Short - term supply - demand balance of styrene may deepen, and visible inventory is expected to maintain a destocking trend. The EB2601 contract is expected to show a volatile trend in the short term, with technical support around 6270 and resistance around 6600 [2]. - Last week, non - integrated plant losses decreased, and integrated plant profits expanded. Due to the maintenance of Sinochem Quanzhou's 450,000 - tonne plant, domestic styrene supply is expected to decline slightly this week [2]. - Downstream EPS demand is weak with high inventory, and there is a slight downward adjustment expectation for plant operation. PS plants are in a phased recovery state, and ABS plant supply is expected to remain high [2]. 3. Summary by Directory 3.1 Futures Market - The trading volume of styrene futures (active contract) was 361,779, and the closing price was 6,533 yuan/ton. The 1 - month contract closing price was also 6,533 yuan/ton. The trading volume of the active contract increased by 116,537, and the closing price decreased by 5,728 [2]. - The long - position volume of the top 20 holders was 319,939 lots, with a decrease of 3,466 lots; the net long - position volume was - 45,468 lots, an increase of 2,046 lots; the short - position volume was 407,247 lots, a decrease of 7,774 lots; the total warehouse receipt quantity was 200 lots, a decrease of 1,260 lots [2]. 3.2 Spot Market - The spot price of styrene was 6,636 yuan/ton, an increase of 46 yuan/ton. The FOB South Korea intermediate price was 802 US dollars/ton, unchanged; the CFR China intermediate price was 812 US dollars/ton, unchanged [2]. - The mainstream prices in Northeast, North, South, and East China were 6,275 yuan/ton (down 50 yuan/ton), 6,695 yuan/ton (unchanged), 6,430 yuan/ton (unchanged), and 6,510 yuan/ton (up 10 yuan/ton) respectively [2]. 3.3 Upstream Situation - The intermediate prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf were 731 US dollars/ton (unchanged), 721 US dollars/ton (unchanged), 639 US dollars/ton (down 2.5 US dollars/ton), and 457 US dollars/ton (down 6 US dollars/ton) respectively [2]. - The spot prices of pure benzene in the US Gulf (FOB), Taiwan (CIF), Rotterdam (FOB) were 661.33 cents/gallon (unchanged), 273 US dollars/ton (down 3 US dollars/ton), and 721 US dollars/ton (down 15 US dollars/ton) respectively. The market prices in South, East, and North China were 5,300 yuan/ton (unchanged), 5,300 yuan/ton (down 25 yuan/ton), and 5,290 yuan/ton (unchanged) respectively [2]. 3.4 Industry Situation - The overall styrene plant operating rate was 68.95%, a decrease of 0.3%. The national styrene inventory was 188,096 tons, a decrease of 1,335 tons. The total inventory at the East China main port was 164,200 tons, an increase of 15,900 tons, and the trade inventory was 94,200 tons, an increase of 6,900 tons [2]. 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 56.27% (up 4.64%), 72.4% (up 0.6%), 55.9% (up 0.5%), 37% (up 1%), and 74.76% (unchanged) respectively [2]. 3.6 Industry News - From November 14th to 20th, China's styrene plant output was 342,900 tons, a decrease of 0.44% from the previous period, and the plant capacity utilization rate was 68.95%, a decrease of 0.3% [2]. - From November 14th to 20th, the consumption of EPS, PS, and ABS in the styrene downstream was 269,600 tons, an increase of 3.45% [2]. - As of November 20th, the styrene plant inventory was 188,100 tons, a decrease of 0.70% from the previous week. As of November 24th, the East China port inventory was 164,200 tons, an increase of 10.72% from the previous week, and the South China port inventory was 15,600 tons, an increase of 11.43% from the previous week [2]. - As of November 19th, the non - integrated profit of styrene was - 225 yuan/ton, and the integrated profit was 139.67 yuan/ton [2].