为深入开展炼油化工、生产装备、安全环保和智能化应用等技术交流，展示炼油化工技术创新发展最新成果，加快关键技术突破与成果转化，助力构 建"油化并举、高端精细、数智融合"新格局，推动石油化工行业技术升级、智能发展和绿色低碳转型，促进石油化工行业高质量发展，各省（市、区）石 油学会联合中国石油和化学工业联合会石油炼制专业委员会、中国石油和化学工业联合会智能制造工作委员会等决定共同举办"第六届炼化企业创新发展 大会暨新技术成果展"。 本次大会，拟邀请国家部委、高等院校、科研院所以及中国石油、中国石化、中国海油、中国中化等所属炼化企业的专家学者与会。会议主要内容包括开 幕式暨主会场特邀报告、各分会场专题报告、中国炼化技术创新最新成果展及配套活动。 一、会议主题 科技引领 数智赋能 助力炼化行业产业结构调整与绿色低碳转型升级 二、会议时间与地点 时间：2025年10月27-29日（27日全天报到） 地点：江西九江（详见报到通知） 三、组织机构 （一）组织单位 _ dlaw with the subser and the state will be the state with and the state with and ...

Group 1: Industry Transformation and Development - The energy and chemical industry is facing a narrowing window for transformation and upgrading, emphasizing the need for high-end development tailored to local conditions [1] - The current period is critical for the company's "second entrepreneurship," focusing on the advantages of the lubricating oil and paraffin specialty industry chain [1] - The company aims to shift from a production-oriented model to a market-oriented approach, enhancing its competitiveness in a changing external environment [1] Group 2: Safety and Environmental Standards - The company is committed to maintaining a strong safety baseline and adhering to environmental protection standards, prioritizing safety and environmental considerations in its operations [1] - A rigorous management system is being implemented to ensure compliance with safety and environmental regulations, with a focus on accountability at all levels [1] Group 3: Market Orientation and Product Development - The company is enhancing its market orientation by integrating production, sales, research, and application, treating market marketing as a vital aspect of its operations [2] - There is a focus on developing high-value-added products, such as food-grade white oil, while pursuing high-end, differentiated, and low-cost strategies [2] - The company is planning structural adjustments and promoting transformation by optimizing product structures and fostering new growth points in specialty oils [2] Group 4: Leadership and Organizational Development - The company emphasizes the importance of party leadership and strengthening party building, integrating it with professional responsibilities [3] - There is a focus on enhancing the effectiveness of talent cultivation and evaluation mechanisms to improve the overall combat effectiveness of the workforce [3]

Group 1: Petrochemical and New Materials Industry - By 2027, the output value of the petrochemical new materials industry in Hainan is expected to exceed 160 billion yuan [1] - The plan aims to enhance the petrochemical new materials industry by leveraging the benefits of the "fixed enterprise, fixed variety, fixed quantity" policy for crude oil imports, promoting a complete industrial chain from "oil head - chemical transformation - new materials tail" [1] - The strategy includes expanding the olefin industry chain by sourcing raw materials like naphtha and propane, and developing high-end chemical new materials [1] Group 2: Marine and Renewable Energy Industry - The plan emphasizes the cultivation of emerging marine industries, including increasing reserves and production of marine oil and gas resources, and conducting evaluations for multi-gas extraction and utilization [1] - Hainan aims to develop the marine renewable energy sector, including the planning of integrated demonstration projects for offshore wind power hydrogen production and methanol production [1] - The initiative also focuses on enhancing marine technology innovation capabilities and establishing a "smart ocean" innovation hub [1] Group 3: Economic Structure and Innovation - By 2027, the value added of the four leading industries (tourism, modern services, high-tech industries, and tropical efficient agriculture) is expected to account for approximately 70% of GDP, with modern services contributing nearly 30% [2] - The integration of technological and industrial innovation is a priority, with a target for R&D expenditure intensity to reach 1.8% by 2027, and high-tech industry value added to exceed 17% of GDP [2]

Core Viewpoint - The company anticipates a significant decline in net profit for the first half of 2025, with projections indicating a drop of 39.5% to 43.7% year-on-year, primarily due to falling oil prices and low refining margins [1][2]. Group 1: Financial Performance - For 2025H1, the expected net profit attributable to shareholders is between 20.1 billion to 21.6 billion yuan, with Q2 alone projected to be between 6.8 billion to 8.3 billion yuan, reflecting a year-on-year decline of 52.1% to 60.7% [1][2]. - The average price of Brent crude oil in Q2 is expected to be $66.71 per barrel, down 21.5% year-on-year and 11.0% quarter-on-quarter, contributing to the pressure on profits [2]. Group 2: Operational Insights - The company has increased its oil and gas equivalent production by 2.0% year-on-year in 2025H1, with domestic crude oil production at 126.73 million barrels (up 0.2% year-on-year) and natural gas production at 20.9 billion cubic meters (up 5.1% year-on-year) [2][3]. - In refining, the company processed 111.97 million tons of crude oil in 2025H1, a decrease of 5.3% year-on-year, with gasoline and diesel production down 4.8% and 17.2% respectively [3]. Group 3: Strategic Initiatives - The company is focusing on optimizing its production and operational efficiency, aiming to enhance its competitive edge through reforms and structural adjustments during the 14th Five-Year Plan period [4]. - Capital expenditure for upstream operations in 2025 is planned at 76.7 billion yuan, with a target of 1.3% growth in oil and gas equivalent production [4]. Group 4: Future Outlook - The company is committed to long-term strategies, including investments in new energy and materials, with expected net profits for 2025-2027 revised to 45.3 billion, 55.5 billion, and 66.2 billion yuan respectively [5]. - The company maintains a "buy" rating for its A-shares and H-shares, anticipating improved performance as chemical market conditions stabilize and new capacities come online [5][6].

Core Insights - The Asian Refining and Chemical Technology Conference highlighted the transformation of the refining industry towards "reducing oil and increasing chemicals," "reducing oil and increasing specialties," and "reducing oil and increasing materials" to address structural challenges and promote green low-carbon development [1][3] Group 1: Industry Challenges and Transformations - China's petrochemical and chemical industry ranks first globally in total output value, with refining, ethylene, and polyethylene capacities also leading the world [1] - The refining industry faces a significant structural contradiction characterized by an oversupply of low-end products and a shortage of high-end products, with a projected refining operating rate below 80% in 2024 [1][2] - The industry aims to increase the production ratio of chemical products, high-value specialty oils, and advanced materials through innovative technologies such as catalytic cracking and transformative cracking [1][2] Group 2: Green Low-Carbon Development - The refining industry must accelerate its green low-carbon transition, which presents both challenges and opportunities, including upgrading facilities and phasing out outdated capacities [3][4] - Key strategies for achieving green low-carbon goals include transitioning to renewable energy, optimizing resource utilization, and enhancing process efficiency through new technologies [4][3] - The utilization of non-food biomass resources, with a potential annual total exceeding 3.5 billion tons, could significantly reduce reliance on food crops if the utilization rate of straw is increased to 50% [4] Group 3: Technological Innovations - The integration of advanced technologies such as computational fluid dynamics (CFD) and artificial intelligence (AI) is essential for achieving low-carbon smart refining [5][6] - The development of molecular refining strategies allows for the optimization of processing and product properties at the molecular level, enhancing the value of each molecule produced [5][6] - Flexible refining processes that adapt to market demands can significantly improve cost efficiency and product value, enabling the production of low-carbon olefins and aromatics [6]

Group 1: High-end Development - The modern coal chemical industry needs to shed its label as a "low-end bulk commodity" and pursue high-end development [1] - Focus should be on products that are difficult to produce in petrochemicals, such as α-olefins, specialty oils, and functional materials, to extend the industrial chain towards high-end [1] - Achievements in key technologies like electronic-grade phosphoric acid production and process intensification have been made, emphasizing high-end, green, and intelligent development as the main theme [1] Group 2: Green Transition and Carbon Reduction - The modern coal chemical industry plays a crucial role in ensuring national energy security and promoting high-quality economic development, with a focus on green and digital transformation [3] - The importance of carbon dioxide by-product management and water resource conservation has been highlighted as urgent topics [3] - Green methanol, produced from carbon dioxide and green hydrogen, is emerging as a potential clean and low-carbon fuel and chemical raw material [3] Group 3: Technological Innovations - The development of low-energy, low-carbon pathways for the utilization of low-rank coal has been achieved, exploring key technologies for integrating low-rank coal utilization with new energy [4] - Enhancements in reaction control and energy efficiency in coal gasification processes are recommended, along with the development of high-efficiency low-carbon new processes [4] - Artificial intelligence (AI) is seen as a transformative technology for the modern coal chemical industry, improving efficiency in both research and production [5] Group 4: Industry Trends and Future Directions - The Ningdong base is developing a series of industrial chains, with the fine chemical industry expected to account for 13.9% of its output value by 2024 [2] - The conference served as a platform for discussing the development direction for the "15th Five-Year Plan," indicating ongoing exploration and innovation in the industry [5]

Core Viewpoint - The construction of the high-end chemical technology incubation base in Yulin is aimed at promoting the high-end, diversified, and low-carbon development of China's coal chemical industry, providing key technological support for national energy security and achieving carbon neutrality goals [2][3]. Group 1: Project Overview - The high-end chemical technology incubation base is being developed by Yulin National Coal Chemical Demonstration Base Co., Ltd., with the first phase focusing on pilot projects [2]. - The project is based on an existing 100,000 tons/year high-temperature Fischer-Tropsch synthesis industrial demonstration unit and aims to upgrade technologies and validate downstream product technologies [2][3]. - The first phase will include high-temperature Fischer-Tropsch II technology testing, product pretreatment, and separation of aldehydes and ketones, leading to over 50 high-value-added products [3]. Group 2: Technological Development - The project will cultivate core technologies with independent intellectual property rights that can be industrially applied, significantly impacting the clean and efficient utilization of coal and technological innovation in the coal chemical industry [2][3]. - The second phase will focus on high-end processing of high-carbon α-olefins and new green low-carbon technologies, including the one-step conversion of synthesis gas and the utilization of carbon dioxide [3]. Group 3: Industry Impact - The project is a critical link in the future energy Yulin chemical industry chain, facilitating the transition from traditional coal to high-end chemical new materials [3]. - It will support a subsequent 4 million tons/year coal-to-oil project, enhancing the value-added of coal and promoting the integration of coal and chemical industries [3]. Group 4: Project Timeline - The project has completed major equipment orders and is currently preparing for construction, with plans to complete all construction and the first phase of pilot research by the end of 2026 [4].

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) reported a strong financial performance for 2024, with a focus on shareholder returns and strategic growth in oil and gas production, refining, and green energy initiatives [1][2][3][4][5]. Financial Performance - The company achieved a total revenue of RMB 3.07 trillion and a net profit attributable to shareholders of RMB 48.94 billion, resulting in earnings per share of RMB 0.404 [1]. - The expected cash dividend per share is RMB 0.286, leading to a profit distribution ratio of 75% when combined with share buybacks [2]. Oil and Gas Production - Sinopec's total oil and gas equivalent production reached 515.35 million barrels, marking a 2.2% year-on-year increase. Domestic crude oil production was 254 million barrels, up 0.9%, while natural gas production rose by 4.7% to 14,004 billion cubic feet [2]. - The company reported a domestic oil and gas reserve replacement ratio of 144% [2]. Refining and Chemical Operations - Sinopec processed 252 million tons of crude oil, producing 153 million tons of refined products, with gasoline and kerosene production increasing by 2.6% and 8.6%, respectively [3]. - The company achieved a record high in PX production and increased its ethylene output to 13.47 million tons, with total chemical product operations reaching 83.45 million tons, including a 13.1% rise in export volume [3]. Green and Innovative Development - Sinopec is advancing its integrated energy service model, focusing on low-carbon development and expanding its hydrogen and electric service offerings [4]. - The company has made significant strides in technology and innovation, including breakthroughs in deep shale gas exploration and the establishment of a national-level research institution in the energy sector [4]. - Sinopec's carbon capture and methane recovery efforts saw increases of 20.1% and 9.4%, respectively, while comprehensive energy consumption per unit of output decreased by 4.9% [4]. Future Outlook - The chairman of Sinopec indicated that by 2025, the company aims to enhance its transformation and upgrade towards high-end, intelligent, and green development, focusing on high-quality growth [5].