转自：湛江发布 作为一体化的核心，乙烯联合装置为一体化基地内的多套装置提供乙烯和丙烯等重要基础化学品。这是众多化工价值链的起点:石脑油或丁烷等长链烃类 在蒸汽的作用下发生裂解。该装置可实现每年100万吨乙烯产能。 近日，巴斯夫位于华南的湛江一体化基地乙烯联合装置如期顺利投产。这是全球首套主压缩机(电驱)100%采用可再生能源驱动的乙烯联合装置。 此外，继近期多套丙烯下游装置顺利投产后，巴斯夫在湛江一体化基地已安全启动其环氧乙烷、乙二醇及聚乙烯生产装置。湛江一体化基地将成为巴斯夫 在全球的第三大一体化生产基地，仅次于路德维希港基地和安特卫普基地。该基地还将成为中国乃至全球范围内可持续生产的典范。例如，该基地将 100%使用可再生能源电力。巴斯夫湛江一体化基地的产品将主要供应中国，这一全球最大且增长最快的化工市场。 巴斯夫湛江一体化基地乙烯联合装置如期顺利投产。 ...

公开资料显示，中国三江化工是一家主要从事生产及供应环氧乙烷、乙二醇、聚丙烯及表面活性剂的投 资控股公司。该公司的主要产品包括环氧乙烷、乙二醇、聚丙烯(PP)、表面活性剂及减水剂、甲基叔丁 基醚╱碳四(MTBE/C4)、粗戊烯等其他产品。 智通财经APP获悉，中国三江化工(02198)涨超7%，截至发稿，涨7.06%，报3.64港元，成交额3920.25万 港元。 消息面上，兴业证券研报指出，2026年化工行业将迎来周期复苏与产业升级的双重机遇。化工品底部区 间运行已达三年，行业在建工程增速持续下滑，新产能投放接近尾声。展望2026，"十五五"开局之年国 内稳增长政策有望发力，美联储进入降息周期，化工品传统需求有望温和复苏；"反内卷"浪潮的助推 下，周期拐点有望加速来临，具备全球竞争优势的化工核心资产有望迎来盈利与估值修复。 ...

公开资料显示，中国三江化工是一家主要从事生产及供应环氧乙烷、乙二醇、聚丙烯及表面活性剂的投 资控股公司。该公司的主要产品包括环氧乙烷、乙二醇、聚丙烯(PP)、表面活性剂及减水剂、甲基叔丁 基醚╱碳四(MTBE/C4)、粗戊烯等其他产品。 消息面上，兴业证券研报指出，2026年化工行业将迎来周期复苏与产业升级的双重机遇。化工品底部区 间运行已达三年，行业在建工程增速持续下滑，新产能投放接近尾声。展望2026，"十五五"开局之年国 内稳增长政策有望发力，美联储进入降息周期，化工品传统需求有望温和复苏；"反内卷"浪潮的助推 下，周期拐点有望加速来临，具备全球竞争优势的化工核心资产有望迎来盈利与估值修复。 中国三江化工(02198)涨超7%，截至发稿，涨7.06%，报3.64港元，成交额3920.25万港元。 ...

同时，该公司推进环氧乙烷装车台除盐水运输降本项目，累计实现降本17.7万元;精准对接成品油出口 业务需求，经过多轮谈判，压减柴油、航煤、汽油租罐费用1300多万元。 中化新网讯2025年，扬子石化积极推进物流管理模式由"局部优化"向"全局优化"转变，降本增效超千万 元。 扬子石化计划经营部严格按照"单价压减、总量控制、指标限定、目标管理"的原则进行管控，通过强化 合同谈判力度，缩减整体支出规模。 在原油进厂环节，该公司持续强化大船通行保障能力，通过实施码头货种调整策略，推行"零等待"靠离 泊模式，错峰安排装卸任务。截至2025年11月底，该公司开展卸船作业23艘次，中转量达63万吨，压减 三程水运费用超千万元。 在塑料产品出厂环节，该公司在2025年全面建成并投用塑料智能库;及时梳理适配产品库房，停租江边 库等外租库房超2万平方米;将塑料厂2号聚丙烯平面库倒库业务切换为直发出库，减少非必要倒库作业; 高效配置内外部仓储资源，将部分库房改为锂电池隔膜专用料成品仓库等。通过上述措施，2025年合计 减少塑料产品倒运成本和塑料租库费用约1800万元。 此外，该公司推动与园区企业及合资公司储运设施协同优化，与扬子英力 ...

中化新网讯 2025年12月29日，波兰石油天然气集团(波国油)与森索斯集团签署协议，全资收购负责建设 新丁二烯萃取装置的S54公司。该装置建成后将并入波国油普洛克生产基地，完善集团石化产业链条， 交易估值约6.92亿兹罗提。 波国油首席执行官伊雷纽什·法法拉表示，此次交易解决了烯烃Ⅲ项目及丁二烯装置投资遗留问题，标 志着双方合作迈入新阶段。波国油通过该方案重获装置完全控制权，为"新化工计划"推进扫清障碍，也 为双方透明共赢的长期合作奠定基础。 据悉，S54公司承建的丁二烯萃取装置将加工全部C4馏分，产出抽余油供下游石化环节使用。双方同步 签署多项协议及合同修订案，全面规范法律与商业合作关系。合作范围拓展至捷克市场，将克拉卢比丁 二烯合资企业及相关原料合同期限从2049年提前至2038年，并延长两年乙烯、苯产品的捷克市场承购 期。 此次收购源于数年前普洛克石化扩张计划，原项目曾独立于波国油管控体系。本次交易进一步强化了项 目安全性与运营灵活性，助力集团优化单体生产设施建设及环氧乙烷、乙二醇等产品的产能布局。 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Ethylene is the most important basic organic raw material in the chemical industry, known as the "mother of the petrochemical industry." Its production capacity, process routes, and downstream structure reflect a country's petrochemical development level [4]. - Ethylene production is mainly through steam cracking, with different raw materials leading to different process routes. Downstream applications are extensive, mainly in polyethylene, ethylene glycol, styrene, and PVC, and the demand is closely related to the macro - economy and industry cycles [4][5]. Summary According to Relevant Catalogs I. Ethylene Basics - **Definition**: Ethylene is the simplest olefin with the formula C₂H₄ and structure CH₂ = CH₂. It is an important chemical raw material and a natural plant - ripening hormone [8]. - **Physical and Chemical Properties** - **Physical Properties**: Colorless, slightly sweet - smelling gas at normal temperature and pressure; has a low melting point of - 169.2°C and a boiling point of - 103.7°C; less dense than air; difficult to dissolve in water but easy in organic solvents; highly volatile and flammable, with an explosion limit of 2.7% - 36.0% [10][11][15][16]. - **Chemical Properties**: Chemically active due to the C = C double - bond, mainly showing addition, oxidation, and polymerization reactions [17]. - **Storage and Transportation** - **Storage**: Commonly stored in low - temperature liquid form using double - layer or full - containment cryogenic storage tanks at about - 104°C; can also be stored in pressurized gaseous form in steel pressure vessels or spherical tanks [25][26]. - **Transportation**: Mainly transported by pipeline in large - scale plants and chemical parks; for long - distance or international transport, it is usually in low - temperature liquid form; high - pressure gaseous transport is used for short - distance and small - batch transport [27][29][30]. II. Ethylene Industry Chain - **Production Process** - **Mainstream Process: Hydrocarbon Steam Cracking**: Accounts for over 90% of global ethylene production. Raw materials include light (ethane, propane, butane), medium (naphtha), and heavy (AGO, VGO) types. The process involves raw material pre - treatment, cracking reaction, quenching and heat recovery, compression and purification, and low - temperature distillation separation [35][36][38]. - **Auxiliary Processes**: Catalytic cracking has a lower reaction temperature and is suitable for high - propylene demand scenarios; methanol - to - olefins (MTO) does not depend on petroleum resources and is suitable for areas rich in coal and natural gas [46][47]. - **Global Ethylene Production Process Pattern and Characteristics** - **Global Pattern**: In 2025, ethane cracking accounted for 39.27% and naphtha cracking 36.86%, together over 75%. Other processes play a supplementary role [51]. - **Trends**: The global ethylene process shows a trend of increasing light - hydrocarbon use, decreasing heavy - raw material use, and coexistence of multiple routes. There are significant regional differences based on resource endowments [57]. - **Downstream Demand** - **Polyethylene**: Consumes over 50% of ethylene, including LDPE, HDPE, and LLDPE, with different production processes and applications [68]. - **Styrene**: Produced mainly by ethylbenzene dehydrogenation. It is mainly used in synthetic polymers and rubbers, and its demand is sensitive to the manufacturing industry cycle [71]. - **Ethylene Glycol**: Produced by ethylene oxidation - hydration globally, and coal - based process is developed in China. Over 80% is used in the polyester industry [74]. - **Ethylene Oxide**: Produced by direct ethylene oxidation. It is mainly used to produce ethylene glycol and is also used in other fields [77]. - **PVC**: Produced by ethylene and calcium carbide methods, with products used in hard and soft goods [78]. - **EVA**: Produced by copolymerizing ethylene and vinyl acetate. Low - VA EVA is used in foaming materials, and high - VA EVA is used in photovoltaic encapsulation films, etc. [82].

12月29日，卫星化学跌0.58%，成交额4.97亿元。两融数据显示，当日卫星化学获融资买入额5096.47万 元，融资偿还6697.31万元，融资净买入-1600.84万元。截至12月29日，卫星化学融资融券余额合计 16.06亿元。 融资方面，卫星化学当日融资买入5096.47万元。当前融资余额16.02亿元，占流通市值的2.75%，融资 余额超过近一年70%分位水平，处于较高位。 责任编辑：小浪快报 截至9月30日，卫星化学股东户数8.94万，较上期减少4.05%；人均流通股37663股，较上期增加4.22%。 2025年1月-9月，卫星化学实现营业收入347.71亿元，同比增长7.73%；归母净利润37.55亿元，同比增长 1.69%。 分红方面，卫星化学A股上市后累计派现57.33亿元。近三年，累计派现30.26亿元。 机构持仓方面，截止2025年9月30日，卫星化学十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股2.34亿股，相比上期增加8380.77万股。华泰柏瑞沪深300ETF（510300）位居第六大流通 股东，持股2860.72万股，相比上期减少144.21万股。鹏华中证细分 ...

Core Insights - The construction of the 1 million tons/year high-end chemical new materials project by Shaanxi Yunen Fine Chemical Materials Co., Ltd. has achieved a significant milestone with the successful installation of the epoxy ethylene reactor, marking a transition from civil construction to equipment installation [1][3]. Group 1: Project Overview - The epoxy ethylene reactor, a key component of the epoxy ethylene unit, has a diameter of 6.1 meters, a height of 22.4 meters, and a net weight of 759 tons, with a total lifting weight of 810 tons [3]. - The project is located in the Yushen Industrial Zone, covering an area of 1,500 acres, with a total estimated investment of 10.315 billion yuan [7]. - Upon completion, the project is expected to generate an annual revenue of approximately 8 billion yuan and produce nearly 10 types of chemical products [7]. Group 2: Technical and Operational Details - The reactor is a large tubular fixed-bed reactor with about 8,400 reaction tubes, designed to precisely control reaction temperatures, ensuring efficient catalyst utilization and significantly enhancing epoxy ethylene yield and product selectivity [3]. - The installation faced challenges such as equipment overweight, large size, limited space, and cold winter weather, but the project team maintained a meticulous work ethic, employing a "double machine lifting" operation technique [5]. - The construction unit, China Chemical Engineering Group's Sixth Construction Company, utilized a 1,600-ton crawler crane as the main lift and a 650-ton crawler crane for assistance, executing a series of high-precision operations to achieve the reactor's precise installation [5].

Core Viewpoint - Satellite Chemical (002648) emphasizes its decision-making is centered around maximizing company interests, allowing for flexible adjustments in the ratio of self-use and external sales of ethylene oxide based on market conditions [1] Group 1 - The company is responsive to market conditions, indicating a strategic approach to managing its ethylene oxide production and sales [1]

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - No information provided Group 3: Summary by Categories Price Information - The spot price of naphtha CFR Japan is $567.50 per ton, down 0.70% from the previous value [1] - The price index of ethylene in Northeast Asia is $41.07 per ton, up 1.37% [1] - The ex - factory average price of ethane in East China is 5,800 yuan per ton, down 3.33% [1] - The spot price of methanol MA is 2,107.50 yuan per ton, unchanged [1] - The pit - mouth price of lignite in Inner Mongolia is 290 yuan per ton, unchanged [1] - The closing price of DCE EG's main contract is 3,882 yuan per ton, down 0.08% [1] - The settlement price of DCE EG's main contract is 3,893 yuan per ton, up 0.57% [1] - The closing price of DCE EG's near - month contract is 3,850 yuan per ton, up 0.26% [1] - The settlement price of DCE EG's near - month contract is 3,819 yuan per ton, up 0.05% [1] - The market price of ethylene glycol in East China is 3,880 yuan per ton, unchanged [1] - The CCFEI price index of ethylene glycol's domestic market is 3,885 yuan per ton, down 0.13% [1] - The price difference between near and far months is - 74 yuan per ton, a change of - 20 yuan [1] - The basis is 3 yuan per ton, a change of - 2 yuan [1] Production and Operation Conditions - The overall ethylene glycol operating rate is 63.81%, up 0.33% [1] - The operating rate of petroleum - based ethylene glycol is 70.45%, unchanged [1] - The operating rate of coal - based ethylene glycol is 53.80%, up 0.84% [1] - The load rate of the polyester factory in the PTA industrial chain is 89.17%, down 0.02% [1] - The load rate of Jiangsu and Zhejiang looms in the PTA industrial chain is 71.59%, unchanged [1] Cash Flow - The after - tax gross profit of MTO - made MEG is - 1,581.11 yuan per ton, a decrease of 5 yuan [1] - The after - tax gross profit of the coal - based synthesis gas method is - 219.47 yuan per ton, a decrease of 64.16 yuan [1] Polyester Price - The CCFEI price index of polyester DTY is 8,550 yuan per ton, unchanged [1] - The CCFEI price index of polyester POY is 6,800.50 yuan per ton, unchanged [1] - The CCFEI price index of polyester staple fiber is 6,350 yuan per ton, up 0.79% [1] - The CCFEI price index of bottle - grade chips is 5,740 yuan per ton, unchanged [1] Device Information - A 900,000 - ton/year MEG device in East China has been restarted after a shutdown for maintenance in late October [1] - Another 1,000,000 - ton/year MEG device in East China is planned to shut down in early December for a relatively long time [1]