胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 原油周报：中东地缘风险降温 [Table_T ， itle油价周内 ] 下跌 证券研究报告 行业研究——周报 [Tabl Table_StockAndRank] 石油加工行业 e_ReportType] | | | 上次评级——看好 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com [Table_ReportDate0] 2025 年 10 月 12 日 本期内容提要： [Table_Author] [Table_Summary] ➢ 【油价回顾】截至 2025 年 10 月 10 日当周，国际油价下跌。国庆期 间，欧佩克计划 11 月继续增产及库尔德地区原油出口恢复引发供应 过剩担忧，加之美国政府停摆引发经济担忧，国际油价下跌；而后， 特朗普为哈马斯设定最后期限，引发地缘风险担忧，欧佩 ...

基础化工行业 行业研究 | 行业周报 中美贸易争端再起，行业基本面迎考验 核心观点 投资建议与投资标的 ⚫ 我们看好在绿色聚酯产业中已领先布局关键节点的万凯新材(301216，买入)。短期 受贸易争端影响较小的农药制剂环节，如润丰股份(301035，买入)、国光股份 (002749，买入)、海利尔(603639，买入)等。同时也看好"反内卷"政策预期驱动 下，石化与化工行业有望出现景气复苏，主要相关标的包括中国石化(600028，买 入)、恒力石化(600346，买入)、荣盛石化(002493，买入)、万华化学(600309，买 入)、华谊集团(600623，买入)；。 风险提示 ⚫ 需求不及预期；海外市场供需情况变化；油价大幅波动。 国家/地区 中国 行业 基础化工行业 报告发布日期 2025 年 10 月 12 日 看好（维持） | 倪吉 | 执业证书编号：S0860517120003 | | --- | --- | | | niji@orientsec.com.cn | | | 021-63326320 | | 万里扬 | 执业证书编号：S0860519090003 | | | wanliyang@or ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The "Stabilizing Growth Work Plan" for the petrochemical industry has raised expectations, focusing on enhancing technological innovation, expanding effective investment, and fostering market demand [8] - The green low-carbon industry, particularly green polyester, is expected to experience rapid growth due to new technologies and significant market potential [8] Summary by Sections Investment Recommendations and Targets - The report favors companies that have strategically positioned themselves in the green polyester sector, such as Wankai New Materials (301216, Buy). Other recommended stocks include Sinopec (600028, Buy), Hengli Petrochemical (600346, Buy), Rongsheng Petrochemical (002493, Buy), Wanhua Chemical (600309, Buy), and Huayi Group (600623, Buy). Additionally, companies in the pesticide formulation segment like Runfeng Co., Ltd. (301035, Buy), Guoguang Co., Ltd. (002749, Buy), and Hailier (603639, Buy) are also highlighted [3] Industry Overview - The petrochemical industry is currently facing significant oversupply, making rapid recovery through market-driven policies challenging. However, the long-term outlook for the industry is improving, with lower valuations for leading chemical stocks providing good investment opportunities [8] - The green low-carbon sector, including green methanol, bio-aviation fuel, and green polyester, is gaining market attention due to its vast market space and the need for sustainable development. Companies that capitalize on these trends are expected to achieve rapid growth [8] Recent Developments - The recent "Stabilizing Growth Work Plan" emphasizes controlling new refining capacity and supporting key products in electronic chemicals and high-end polyolefins, while also fostering new application scenarios in emerging fields like renewable energy and low-altitude economy [8]

以下文章来源于海湖策 ，作者陈归辞 海湖策 . 做最深度最前沿最有意思的长三角观察者。专注地区政经动态和行业一线，挖掘沪苏浙皖新机遇。 记者丨陈归辞 编辑丨陈洁 面对全球产业链与供应链格局重塑、国内产业转型升级的双重挑战，作为外资外贸大省的江 苏，要怎么应对？ 近日，21世纪经济报道记者跟随"活力中国调研行"江苏主题采访活动深入多地调研发现，江苏 不仅搭建起一批重点国别合作平台，更在聚焦关键产业和吸引外资方面取得扎实成效。从政策 支持到产业生态，从金融赋能到规则对接，再到城市文化与人员交流的多维融合，江苏正以深 层次联结，构建起一张张富有韧性的合作网络。 外资，早已深度融入江苏的产业发展进程，并伴随这片土地的成长而不断演进，其定位从早期 的技术引进与本土协同，逐步转向立足江苏、服务本土、辐射全球的新格局。在这一过程中， 政府积极引导外资加快转型步伐，推动其向技术创新、智能化与绿色化方向升级。 现阶段，江苏正将目光聚焦先进制造业、现代服务业、高技术产业等关键领域，加大力度吸引 优质外资参与强链、补链、延链。外资在江苏的角色，也由此迎来新一轮深刻演变。 资料图片 根据江苏省商务厅数据，2024年江苏实际使用外资1 ...

Core Viewpoint - The company focuses on bioenergy and catalytic purification environmental materials, with a core development direction in bioenergy, primarily producing biodiesel and sustainable aviation fuel (SAF) [1] Company Overview - The main products of the company include biodiesel and biojet fuel, with a significant emphasis on the production of high-quality hydrocarbon-based biodiesel [1] - The hydrocarbon-based biodiesel can reduce carbon dioxide net emissions by 80% compared to fossil-based diesel, highlighting its low-carbon, clean, and environmentally friendly advantages [1] Production Capacity - The company has launched a 200,000-ton SAF isomerization project through its subsidiary, Shandong Sanju, adding approximately 160,000 tons/year of biojet fuel production capacity, with a biojet fuel yield of about 80% [1] - The biojet fuel products have received airworthiness certification from the Civil Aviation Administration of China and international certifications under ISCCCORSIA and ISCC-EU for HEFA [1] Business Focus - The company does not currently engage in liquid cooling, data center, or optical module business areas [1]

Core Viewpoint - The company, Haineng Technology (300072), possesses unique technologies in reactor design, catalysts, and raw material pretreatment, enabling it to produce various products such as hydrocarbon-based biodiesel and bio-jet fuel [1] Group 1: Technology and Innovation - The company has developed a comprehensive technological innovation system, focusing on optimizing energy structure and developing a circular economy [1] - Multiple core technologies have passed scientific achievement identification and have received awards such as the Scientific and Technological Progress Award and the Petrochemical Federation Patent Award, indicating a competitive advantage [1] Group 2: Production Capabilities - The company utilizes various processes, including suspended bed, fixed bed, and expanded bed technologies, to achieve graded utilization of different waste oil feedstocks, positioning its processing capabilities among the top in the domestic market [1]

Core Viewpoint - The company focuses on bioenergy and catalytic purification environmental materials, with a primary product line of biodiesel and sustainable aviation fuel (SAF) [1] Group 1: Business Overview - The company's main business is bioenergy, specifically producing high-quality hydrocarbon-based biodiesel, which can reduce carbon dioxide net emissions by 80% compared to fossil-based diesel [1] - The company has launched a 200,000-ton SAF isomerization project through its subsidiary, Shandong Sanju, adding approximately 160,000 tons/year of SAF production capacity, with an 80% yield rate for SAF [1] Group 2: Certifications and Approvals - The company's SAF products have received airworthiness certification from the Civil Aviation Administration of China and international certifications under ISCC CORSIA and ISCC-EU HEFA [1] Group 3: Market Focus - The company has not engaged in the fields of liquid cooling, data centers, or optical modules [1]

（记者 王晓波） 海新能科（300072.SZ）9月25日在投资者互动平台表示，公司子公司山东三聚于9月初停产检修换剂，9 月23日已复产，四季度将主要生产生物航煤。公司结合市场需求和生产计划，合理排产。公司将充分把 握生物能源市场机遇，推动公司高质量发展。 每经AI快讯，有投资者在投资者互动平台提问：网传消息称公司山东日照HVO/SAF工厂将于本月或下 月计划停产检修，消息是否属实？距开始生产仅仅三个多月即要检修是何原因？是否会影响合同交付？ 公司海南HVO单一工厂于7月启动生产线后，目前是否满负荷运行？订单情况如何？ ...

海新能科（300072.SZ）9月25日在投资者互动平台表示，公司主营业务为生物能源、催化净化环保材 料；公司核心发展方向是生物能源，主要产品是生物柴油、生物航煤。公司生产的烃基生物柴油品质优 异，与化石基柴油相比，可减少80%的二氧化碳净排放，具有低碳、清洁、环境友好的优势。烃基生物 柴油可以进一步生产可持续航空燃料（SAF），公司子公司山东三聚20万吨生物航煤（SAF）异构项目 已投产，公司在原有产能基础上新增生物航煤产能约16万吨/年（生物航煤收率约80%）。公司生物航 煤产品已通过中国民用航空局的适航审定及ISCC CORSIA 及ISCC-EU 下 HEFA 国际认证。公司暂无涉 足合成生物制造业务领域。 每经AI快讯，有投资者在投资者互动平台提问： 请问合成生物制造业务这一块有具体的数字吗？营收 多少？利润多少？ （记者 王晓波） ...

Core Insights - The article highlights the deep-rooted crisis in the oil market, driven by three main challenges: declining employment confidence, the restructuring of clean energy rules, and ineffective geopolitical strategies [1][2]. Group 1: Economic Context - The Federal Reserve's recent interest rate cut of 25 basis points reflects concerns over a slowing economy, with the U.S. job market showing signs of weakness [1][2]. - August's non-farm payrolls increased by only 22,000, and the unemployment rate rose to 4.3%, indicating a significant drop in consumer employment confidence to its lowest level since 2013 [2]. Group 2: Oil Market Dynamics - International oil prices fell, with West Texas Intermediate crude settling at $63.57 per barrel, down 0.75%, and Brent crude at $67.44 per barrel, also down 0.75% [1]. - The increase in distillate oil inventories, which exceeded market expectations, raises concerns about demand conditions and puts additional pressure on oil prices [1]. Group 3: Structural Challenges - The article discusses a paradigm shift in the fossil energy system, suggesting that reliance on monetary policy and geopolitical maneuvering is insufficient to maintain traditional energy pricing structures [1][3]. - The rise of renewable energy, which now accounts for 42% of global power generation, is significantly impacting traditional energy values, with solar costs dropping to one-third of coal power [2][3]. Group 4: Strategic Recommendations - Companies in the oil sector are encouraged to transition from resource extraction to energy services, emphasizing collaboration between distillate oil and clean energy [3][4]. - A multi-dimensional evaluation system that includes carbon pricing, energy security, and geopolitical risks is recommended to better understand oil price fluctuations [3][4]. Group 5: Technological Innovations - The article suggests that breakthroughs in technology, such as hydrogen steelmaking, are essential for the commercialization of clean energy solutions [4]. - Companies can adopt models like Shell's "energy as a service" to integrate distributed energy sources and create closed-loop solutions [4].