俄罗斯副总理诺瓦克：石油公司必须在修复完成后及时恢复炼油厂的生产。 ...

证券研究报告 Energy Transfer (ET US) 核心能源基建，构筑价值护城河 2025 年 7 月 02 日│美国 燃气及分销 首次覆盖 Energy Transfer 并给予"买入"评级，目标价 23.34 美元（25 年 10x EV/EBTIDA）。ET 凭借全产业链布局、Permian 核心地位及出口龙头 优势，在能源转型中占据"基础设施红利"。财务稳健+分红增长+管理层执 行力构成抗风险壁垒，美国电力需求增长与 LNG 全球化机遇提供上行弹性， 其不可替代的资产网络、高可预见性现金流及新兴业务布局，使其成为兼顾 防御性与成长性的能源基础设施核心标的。 不可替代的资产网络：全美能源流动的"基础设施骨干" 2024 年末 ET 拥有全美 18%油气管道网络，控制 Permian Basin 28%原油 外输量及 25%天然气收集量，NGL 分馏能力占全美 30%，全球最大 Mont Belvieu 枢纽处理成本较行业低 20%。能源转型下，IEA 预测美国 LNG 出口 量 2030 年或翻倍至 240 MTPA，ET 在手产能 16.5 MTPA、已签 20 年长约 锁定 80%以上产能 ...

以色列贝赞石油公司(Bezan)：炼油设施仍在运行，但一些下游作业已被关闭。 ...

以色列贝赞石油公司(Bezan)：昨晚伊朗的轰炸对海法湾的炼油厂及其扩建部分造成了破坏。 ...

当地时间2025年5月9日，《Brand Finance（品牌金融）2025年中国品牌价值500强》正式发布。凤凰网 作为中国独家首发媒体，同步公布该报告的最新动态。 Brand Finance 作为一家特许会计师事务所，是全球唯一的独立第三方品牌估值、战略咨询机构。多年 来持续与国际标准化组织（ISO）深度合作，完成了包括 ISO 10668：品牌估值和 ISO 20671：品牌评估 国际标准的制定及定期修订。《Brand Finance 2025年中国品牌价值500强》由Brand Finance总部每年在 伦敦发布。报告各板块包括各上榜品牌的核心指标表现、优秀品牌最新的创新与技术研发亮点以及 Brand Finance对全球品牌在可持续发展等关键领域的洞察与展望，都基于国际会计准则以及ISO 10668 及ISO 20671标准计算与分析获得。 基于以上标准，Brand Finance集团已为全球主要经济体的近万个品牌完成了品牌价值评估及咨询服务， 并长期为五大洲主要经济体的政府及各类机构提供可靠的品牌战略管理技术支持。中国公司自成立以来 聚焦中国区业务，服务各行业中国头部品牌。Brand Financ ...

蒋跨跃（分析师） 证书编号：S0790523120001 邮箱：jiangkuayue@kysec.cn 龚道琳（分析师） 证书编号：S0790522010001 邮箱：gongdaolin@kysec.cn 徐正凤 （分析师） 证书编号：S0790524070005 邮箱：xuzhengfeng@kysec.cn 证券研究报告 厚积薄发，化工周期新起点 化工行业2025年中期投资策略 金益腾（分析师） 证书编号：S0790520020002 邮箱：jinyiteng@kysec.cn 张晓锋（分析师） 证书编号：S0790522080003 邮箱：zhangxiaofeng@kysec.cn 宋梓荣（联系人） 证书编号：S0790123070025 邮箱：songzirong@kysec.cn 毕 挥（分析师） 证书编号：S0790121070017 邮箱：bihui@kysec.cn 2025年5月7日 李思佳（联系人） 证书编号：S0790123070026 邮箱：lisijia@kysec.cn 国内供需改善+全球份额提升+原油价格下降，化工周期新起点有望开启 短期海外需求或受冲击，看好内需及供需格局 ...

西班牙石油公司MOEVE表示其炼油厂因停电而停工。 ...

【文/观察者网 李馨锐】近年来，"万亿俱乐部"成为观察和衡量国内城市发展的重要指标之一。到2024 年，中国大陆已产生27座万亿城市。温州、徐州、大连三座城市则分别以9719亿元、9537亿元与9517亿 元共同站上经济总量的9500亿元台阶，增速分别保持在6.3%、6.4%与5.2%，可以说距离"万亿城市"仅 一步之遥，成为最有希望在2025年携手晋级的城市。 2025开年，三城万亿竞速的号角已经吹响，百亿级差距下，谁能率先撞线？ 首季战况：三城竞速格局初现 根据各地统计局近日所发布的官方数据显示，一季度，温州市实现地区生产总值（GDP）2403.7亿元， 按不变价格计算，同比增长6.7%，分别高于全国、全省1.3和0.7个百分点。徐州市实现地区生产总值 2251.70亿元，按不变价格计算，同比增长5.9%，大连市地区生产总值2280.3亿元，按可比价格计算， 同比增长6.2%，高于全国0.8个百分点，高于辽宁省1个百分点。 纵观三地队形变化，在地区生产总值上，依旧保持温州领先、徐州殿后的局势，但是对比去年三地的增 速竞位，在今年首季，大连已经领先徐州0.3个百分点。 在今年2月5日，三座"准万亿城市"分别 ...

Group 1: Key Insights on Electronic Industry - The report highlights that 澜起科技 has achieved continuous quarter-on-quarter growth in revenue and net profit for eight consecutive quarters, driven by the demand for interconnected chips [4][6] - For Q1 2025, the company reported a revenue of 1.22 billion yuan, representing a year-on-year increase of 65.78% and a quarter-on-quarter increase of 14.43%, with a net profit of 525 million yuan, up 135.14% year-on-year [4][5] - The demand for DDR5 memory interface chips and high-performance interconnect chips is expected to continue growing, with significant orders in hand exceeding 1.29 billion yuan as of April 22, 2025 [6] Group 2: Key Insights on Petrochemical Industry - 恒力石化 reported a total revenue of 236.40 billion yuan for 2024, a year-on-year increase of 0.65%, with a net profit of 7.04 billion yuan, up 2.01% [8][9] - In Q1 2025, the company achieved a revenue of 57.05 billion yuan, a decrease of 2.34% year-on-year, and a net profit of 2.05 billion yuan, down 4.13% [8][9] - The company has seen a significant increase in new materials sales, with production of high-performance resins and new materials reaching 1.60 million tons per year, contributing to the overall growth [10][11] Group 3: Key Insights on Pharmaceutical Industry - 华东医药 reported a total revenue of 41.91 billion yuan for 2024, reflecting a year-on-year growth of 3.16%, with a net profit of 3.51 billion yuan, up 23.72% [14][15] - The company’s industrial business has become a core growth driver, with the pharmaceutical industrial segment achieving a revenue of 13.81 billion yuan, a year-on-year increase of 13.05% [15][16] - R&D investment in the pharmaceutical sector reached 2.68 billion yuan in 2024, marking a 16.77% increase, with a focus on endocrine, autoimmune, and oncology fields [16]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company demonstrated resilience in operations, with expectations for significant performance growth throughout the year [3] - The refining industry is entering a phase of stock competition, where advanced leading capacities are likely to benefit continuously [3] - Technological breakthroughs are enhancing product competitiveness, with promising growth potential in high-end chemical products [3] Financial Performance Summary - In Q1 2025, the company achieved total revenue of 57.024 billion yuan, a year-on-year decrease of 2.34% and a quarter-on-quarter decrease of 2.54% - The net profit attributable to shareholders was 2.051 billion yuan, down 4.13% year-on-year but up 5.78% quarter-on-quarter - The net profit after deducting non-recurring gains and losses was 1.239 billion yuan, a year-on-year decrease of 31.88% but a quarter-on-quarter increase of 112.75% - Basic earnings per share were 0.29 yuan, down 3.33% year-on-year but up 3.57% quarter-on-quarter [1][3] Industry Insights - The international oil price showed a two-phase trend in Q1 2025, initially declining and then rebounding due to geopolitical factors - The average Brent oil price in Q1 2025 was $75 per barrel, down 8% year-on-year but up 1% quarter-on-quarter - The company’s refining products, PTA, and new materials experienced price declines of 2.5%, 16.6%, and 16.5% respectively, reflecting a seasonal demand slowdown [3] Production and Sales - The production and sales rates for refining products, PTA, and new materials were 91%, 98%, and 87% respectively, showing improvements compared to the previous year [3] Cash Flow - The company reported a net operating cash flow of 7.746 billion yuan in Q1 2025, indicating strong cash flow generation capabilities [3] Profit Forecast - The forecasted net profits for 2025, 2026, and 2027 are 8.112 billion yuan, 9.090 billion yuan, and 10.287 billion yuan respectively, with year-on-year growth rates of 15.2%, 12.0%, and 13.2% [6]