2026 年 01 月 11 日 基础化工 硫磺价格在博弈中震荡前行，绿色能源 开年内外利好共振 事件：①据百川盈孚，截至 1 月 9 日，镇江港硫磺价格报 4190 元/吨，周环比+4.75%。②据新华社，国务院国资委 1 月 8 日发 布消息，经报国务院批准，中国石油化工集团有限公司与中国航 空油料集团有限公司实施重组。 短期保供难改长期偏紧态势，硫磺价格在博弈中震荡前行 据中国农资传媒公众号，25 年 12 月以来，我国多方联动，锚定 硫磺保供稳价预期：①12 月 11 日，国家发改委牵头召开专题会 议，明确 26 年 8 月前我国磷肥原则上暂缓出口；②12 月 12 日， 中国硫酸工业协会发布行业倡议，倡导硫磺、硫酸等企业春耕前 满负荷生产，并将检修计划优先避让春耕关键期；③12 月 18 日， 中国硫酸工业协会与中国磷复肥工业协会再度联合召开专题会 议，鼓励冶炼酸企业与磷肥企业签订长期购销协议，并部署磷石 膏制酸技术研发，为长期硫资源保障布局。系列政策博弈下，短 期供需矛盾或可一定程度缓解，但我们认为硫磺产量增长受上游 炼化规模制约，保供政策难以从根本上扭转国内资源偏紧的格局。 需求侧我国磷酸铁锂以 ...

中国统计信息服务中心 卓创资讯 据对全国流通领域9大类50种重要生产资料市场价格的监测显示，2025年11月下旬与11月中旬相比，15 种产品价格上涨，30种下降，5种持平。 2025年11月下旬流通领域重要生产资料市场价格变动情况 铅锭(1#) 吨 | | | 16979.2 | | --- | --- | --- | | | | -295.8 -1.7 | | 锌锭(0#) | | | | | 吨 | | | | | 22398.3 -85.5 | | | | -0.4 | | 三、化工产品 | | | | 硫酸(98%) | | | | | 吨 | 939.5 | | | | 72.6 | | 烧碱 (液碱，32%) | | 8.4 | | | 吨 | 825.1 | | | | -20.9 | | | | -2.5 | | 甲醇 (优等品 ) | | | | | 吨 | | | | | 2059.5 21.0 | | | | 1.0 | | 纯苯 (石油苯，工业级 ) | | | | | 吨 | | | | | 5313.6 | | | | -26.0 | | 苯乙烯 (一级品 ) | | -0.5 ...

Core Viewpoint - The National Bureau of Statistics reported a 1.7% decrease in the price of live pigs (external three yuan) in mid-November compared to early November 2025, indicating a trend in the livestock market [1]. Price Changes Summary 1. General Price Trends - In mid-November 2025, 30 products saw price increases, while 17 experienced declines, and 3 remained stable compared to early November [1]. 2. Key Product Price Changes - **Black Metals**: - Rebar (Φ20mm, HRB400E) rose by 20.5 CNY to 3139.0 CNY, a 0.7% increase [2]. - Ordinary medium plate (20mm, Q235) fell by 18.1 CNY to 3393.7 CNY, a 0.5% decrease [2]. - **Non-ferrous Metals**: - Electrolytic copper (1) increased by 427.1 CNY to 86636.3 CNY, a 0.5% rise [2]. - Zinc ingot (0) decreased by 32.9 CNY to 22483.8 CNY, a 0.1% drop [2]. - **Chemical Products**: - Sulfuric acid (98%) surged by 81.6 CNY to 866.9 CNY, a 10.4% increase [2]. - Caustic soda (liquid, 32%) dropped by 12.1 CNY to 846.0 CNY, a 1.4% decrease [2]. - **Energy Products**: - Liquefied natural gas (LNG) fell by 55.8 CNY to 4268.1 CNY, a 1.3% decrease [2]. - Gasoline (95 National VI) rose by 50.3 CNY to 8050.6 CNY, a 0.6% increase [2]. - **Agricultural Products**: - Live pigs (external three yuan) decreased by 0.2 CNY to 11.6 CNY/kg, a 1.7% decline [3]. - Corn (yellow corn, second grade) increased by 22.2 CNY to 2168.1 CNY, a 1.0% rise [3]. 3. Agricultural Production Materials - Urea (medium and small particles) increased by 28.1 CNY to 1647.9 CNY, a 1.7% rise [3]. - Compound fertilizer (potassium sulfate compound fertilizer, nitrogen, phosphorus, and potassium content 45%) rose by 67.3 CNY to 3216.0 CNY, a 2.1% increase [3]. 4. Forest Products - Natural rubber (standard rubber SCRWF) surged by 323.6 CNY to 14800.0 CNY, a 22% increase [3]. - Pulp (imported needle pulp) rose by 52.4 CNY to 5572.4 CNY, remaining stable [3].

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the ethylene glycol and paraffin wax industries, focusing on production methods, market dynamics, and future forecasts [1][2][3][4][10][11]. Ethylene Glycol Insights - **Production Methods**: Ethylene glycol is produced mainly through oil-based and coal-based routes. The oil-based method is more expensive but mature, while the coal-based method is cheaper but results in lower UV transmittance [1][4]. - **Market Demand**: By 2025, domestic demand for ethylene glycol is expected to saturate, with a projected increase of 1.7 million tons in new capacity. Imports are anticipated to rise by 14.64%, primarily from Saudi Arabia and Taiwan [1][6]. - **Economic Impact**: Macroeconomic factors, including US-China trade tensions and geopolitical issues in the Middle East, significantly affect the ethylene glycol market, leading to market volatility and supply chain instability [1][7]. - **Price Forecast**: For December 2026, prices in East China are expected to range between 3,800-4,300 RMB per ton due to an imbalance in supply and demand [9]. Paraffin Wax Insights - **Market Dynamics**: China is a major player in the paraffin wax market, with a high export ratio. However, high-end wax still relies on imports. From January to September 2025, imports decreased by 25%, while exports fell by 0.66% [1][13][16]. - **Price Trends**: Paraffin wax prices hit a five-year low in September 2025, showing a trend of initial decline followed by a slight recovery, influenced by inventory levels and market conditions [17]. - **Future Supply and Demand**: The supply of paraffin wax in 2026 is expected to exceed that of 2025, but demand for candles is projected to decline due to EU anti-dumping measures, leading to a price trend of initial increase followed by a decrease of approximately 200 to 300 RMB per ton [2][24]. Production Capacity and Key Players - **Major Producers**: Key domestic producers include PetroChina and Sinopec, with significant refining capacities across various plants [14][15]. - **Production Capacity**: The effective capacity for paraffin wax in China is around 1.62 million tons, with a general decline in apparent consumption noted in 2025 [13][16]. Additional Considerations - **Market Influences**: The paraffin wax market is influenced by inventory demand, market conditions, raw material costs, and transportation expenses. The operational status of refineries also plays a crucial role [20]. - **Future Growth Areas**: Despite challenges, growth in high-end applications such as electronic components, automotive lubricants, and pharmaceuticals is expected to stabilize demand [22][23]. This summary encapsulates the critical insights from the conference call regarding the ethylene glycol and paraffin wax industries, highlighting production methods, market dynamics, and future forecasts.

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories shows a mixed trend, with 30 products experiencing price increases, 17 seeing declines, and 3 remaining stable in mid-November 2025 compared to early November 2025 [2][3]. Group 1: Price Changes in Major Categories - In the black metal category, rebar prices increased by 20.5 yuan per ton (0.7%), while ordinary medium plates decreased by 18.1 yuan per ton (-0.5%) [4]. - In the non-ferrous metals category, electrolytic copper rose by 427.1 yuan per ton (0.5%), while zinc ingots fell by 32.9 yuan per ton (-0.1%) [4]. - Chemical products saw significant price fluctuations, with sulfuric acid increasing by 81.6 yuan per ton (10.4%) and methanol decreasing by 35.9 yuan per ton (-1.7%) [4]. Group 2: Energy and Coal Prices - In the petroleum and natural gas sector, liquefied natural gas prices dropped by 55.8 yuan per ton (-1.3%), while gasoline prices increased by 50.3 yuan per ton (0.6%) [4]. - Coal prices showed an upward trend, with ordinary mixed coal increasing by 30.5 yuan per ton (5.0%) and Shanxi premium mixed coal rising by 33.6 yuan per ton (4.2%) [4]. Group 3: Agricultural Products and Inputs - Among agricultural products, corn prices rose by 22.2 yuan per ton (1.0%), while cotton prices fell by 37.0 yuan per ton (-0.3%) [5]. - In agricultural production materials, urea prices increased by 28.1 yuan per ton (1.7%), and compound fertilizer prices rose by 67.3 yuan per ton (2.1%) [5]. Group 4: Monitoring Methodology - The price monitoring encompasses a wide range of products across 31 provinces, involving over 2000 wholesalers and dealers, ensuring comprehensive coverage of the market [8][9]. - The methodology includes on-site price collection, telephone inquiries, and electronic communications to ensure accurate data [9].

Core Viewpoint - The article highlights the historical significance and evolution of Yanchang Petroleum, emphasizing its role in China's oil industry and its contributions to national energy security and local economic development over the past century [1][3][11]. Historical Development - Yanchang Petroleum was established in 1905, marking the beginning of China's modern oil industry with the drilling of the first oil well in 1907 [3][4]. - The company survived through various historical challenges, including wars and economic turmoil, and became a symbol of national resilience and industrial development [4][5]. - After the founding of New China, Yanchang Petroleum faced numerous challenges but achieved significant milestones, including surpassing 10,000 tons of crude oil production in 1959 and 1 million tons in 1997 [5][6]. Corporate Growth and Transformation - The company underwent restructuring in 1998 and 2005, leading to a rapid increase in production and revenue, with crude oil production exceeding 10 million tons in 2007 and revenue surpassing 100 billion yuan in 2010 [6][7]. - By 2013, Yanchang Petroleum became the first company in Western China to enter the Fortune Global 500, with revenue growing from 162.1 billion yuan in 2012 to 390 billion yuan in 2024 [7][8]. Industry Position and Achievements - Yanchang Petroleum has established itself as a major player in the oil and gas sector, ranking as the seventh largest oil field in China and the fourth largest gas field, with a gas production of over 12 billion cubic meters [8][9]. - The company has diversified its operations, achieving a historic shift from being oil-dominant to a balanced structure of oil, gas, coal, and chemical products [8][9]. Technological Innovation - Yanchang Petroleum has invested over 60 billion yuan in research and development over the past decade, leading to significant technological advancements in oil and gas exploration and production [9][10]. - The company has established itself as a leader in innovation, with numerous projects filling gaps in the industry and receiving national recognition [9][10]. Social Responsibility and Community Engagement - Yanchang Petroleum has contributed significantly to local economic development, paying over 762.3 billion yuan in taxes from 2006 to 2024 and supporting various community projects [11][12]. - The company has played a crucial role in poverty alleviation and local development, investing in infrastructure and social programs in the Shaanxi region [12][13]. Future Outlook - As Yanchang Petroleum approaches its 120th anniversary, it aims to continue its commitment to high-quality development, focusing on energy security and sustainable practices while expanding into new energy sectors [15].

Investment Rating - The report does not explicitly state an investment rating for the petrochemical industry or its central enterprises [32]. Core Insights - The petrochemical industry is crucial for national economic stability and is focused on achieving green and sustainable development alongside safe production practices [3][6]. - The report emphasizes the importance of constructing an ESG evaluation system for central enterprises in the petrochemical sector, highlighting energy transition and safety production as core indicators [8][27]. Summary by Sections 1. ESG Policies in the Petrochemical Industry - The industry primarily involves the processing and sale of crude oil and natural gas into various chemical products, with a significant focus on green and sustainable development [3][6]. - Recent government policies aim to guide the industry towards a green low-carbon transition and high-quality development, emphasizing strict energy efficiency constraints and enhanced management [7][8]. 2. Construction of the ESG Evaluation System - The ESG evaluation system for central enterprises in the petrochemical industry includes five additional secondary indicators: New Energy Business Transformation, Oil Leak Risk Management, Public Awareness Investment, Overseas Community Development, and Safety Production [8][10]. - The evaluation system consists of general indicators, environmental indicators, social indicators, and governance indicators, totaling 18 primary indicators and 45 secondary indicators [8][10]. 3. Environmental Indicators - Environmental indicators are designed under the guidance of dual carbon policies, with a focus on new energy business transformation and oil leak risk management as unique indicators for the petrochemical sector [10][12]. - The system includes metrics for waste management, biodiversity protection, and compliance with environmental regulations, reflecting the industry's commitment to ecological sustainability [10][11]. 4. Climate Change Response Indicators - The climate change response indicators assess the commitment of petrochemical central enterprises to global climate change management and domestic dual carbon policies, comprising one primary indicator and four secondary indicators [16][18]. - The report highlights the importance of aligning with national goals for carbon peak and neutrality, urging the industry to transition towards cleaner energy sources [16][18]. 5. Social Responsibility Indicators - Social indicators reflect the responsibilities of petrochemical central enterprises, particularly in public environmental safety awareness and employee training, with three primary indicators and nine secondary indicators [18][19]. - The report emphasizes the need for enterprises to integrate social responsibility into their operations, especially in overseas projects [19][20]. 6. Governance Indicators - Governance indicators are fundamental for sustainable development, focusing on corporate governance structures, mechanisms, and norms, with a total of 34 points available [23][24]. - The report does not introduce specific indicators unique to the petrochemical sector under governance but maintains a focus on overall governance quality [23][24].

Investment Rating - The report rates the petrochemical industry as "Positive" [4] Core Insights - The petrochemical industry focuses on processing and selling crude oil and natural gas to produce various chemical products, with a significant emphasis on achieving green sustainable development and safe production [4][9] - The establishment of an ESG evaluation system for state-owned enterprises in the petrochemical sector is crucial, particularly in light of national policies aimed at promoting green and low-carbon transitions [4][10] - The ESG evaluation system incorporates specific indicators related to energy transition and safety production, highlighting the importance of environmental and social issues [4][11] Summary by Sections 1. ESG Policies in the Petrochemical Industry - The industry is primarily concerned with sustainable development and safe production, as emphasized by recent national policies [10] - Key policies include the "Action Plan for Accelerating Oil and Gas Exploration and Development and Integration with New Energy (2023-2025)" and guidelines for promoting green innovation in the refining industry [10][11] 2. Construction of the ESG Evaluation System - The ESG evaluation system includes five secondary indicators: "New Energy Business Transformation," "Oil Leak Risk Management," "Public Awareness Investment," "Overseas Community Development," and "Safety Production," all of which are considered positive factors [4][11] - The evaluation system is built on general indicators and includes 18 primary indicators and 45 secondary indicators, with a focus on environmental, social, and governance aspects [4][11] 3. Environmental Indicators - Environmental indicators are aligned with national dual carbon policies and include specific metrics such as "New Energy Business Transformation" and "Oil Leak Risk Management," with a total of 4 secondary indicators and 10 tertiary indicators [13][21] - The report highlights the importance of waste management and biodiversity protection as critical areas of focus for the petrochemical industry [13][14] 4. Climate Change Response Indicators - The climate change response indicators reflect the industry's commitment to managing climate change and adhering to domestic dual carbon policies, comprising 1 primary indicator and 4 secondary indicators [21][22] 5. Social Responsibility Indicators - Social indicators assess the industry's responsibility, particularly in raising public environmental awareness and ensuring safety in production, with 3 primary indicators and 9 secondary indicators [23][24] - The report emphasizes the need for effective training and awareness programs for employees and communities, especially in overseas projects [25] 6. Governance Indicators - Governance indicators are fundamental for sustainable development and include 3 primary indicators and 10 secondary indicators, focusing on corporate governance structures and mechanisms [28][30]

Core Insights - Daqing Petrochemical has achieved significant operational improvements and historical performance records in the first three quarters of 2023, focusing on high-quality development through optimized production, technological innovation, and efficiency enhancement [2][3][4] Group 1: Production and Operational Performance - The company has maintained stable production operations, with a notable continuous operation of the polyethylene unit reaching 704 days, surpassing the previous record of 469 days [2] - Overall equipment stability rate improved to 99.976%, a year-on-year increase of 0.096%, supporting sustained high-efficiency production [2] - From January to September, crude oil processing and synthetic ammonia production exceeded annual plan targets by 12,370 tons and 1,830 tons respectively, ensuring full-load refining and stable supply of fertilizers [2] Group 2: Technological Innovation - Daqing Petrochemical invested 261 million yuan in R&D, a year-on-year increase of 2.45%, focusing on technological breakthroughs and new product development [3] - The company has made significant advancements in equipment optimization and smart upgrades, resulting in a 14.7% increase in predictive maintenance coverage [3] Group 3: Efficiency Enhancement - A total of 516 efficiency enhancement projects were implemented, generating an additional 289 million yuan in benefits, exceeding the interim target [4] - The company has optimized its industrial chain layout, focusing on high-value products and reducing non-production costs through various measures, including energy savings of 11.44 million kWh and steam savings of 440,000 tons [4]

Core Insights - Daqing Petrochemical is effectively managing resource allocation and production organization, achieving a total crude oil processing of 250,000 tons and producing 38,000 tons of ethylene in the fourth quarter, with stable and efficient operations across all units [1][3]. Group 1: Production and Operations - The company has implemented precise measures to optimize operations, focusing on process technology management to enhance production efficiency and effectiveness [1]. - The technical team in the refining sector is actively optimizing process parameters, achieving a single furnace thermal efficiency of 93.03% and reducing fuel gas consumption by 0.3 tons per hour [1][3]. Group 2: Project Development - Daqing Petrochemical is accelerating project timelines and upgrading structures, with the 1,000 tons/year ultra-fine acrylic fiber special filament project entering the commissioning phase [3]. - Key projects such as shale oil reception facilities and light hydrocarbon purification are progressing as planned, with a focus on safety and quality control through digital monitoring and on-site supervision [3]. Group 3: Sales and Supply Chain - In response to structural changes in market demand, the company is enhancing production and sales coordination, adjusting the diesel-gasoline ratio, and optimizing product structure to ensure regional oil supply [5]. - The average daily production of high-value-added products like polyethylene and paraffin is maintained at 3,400 tons and 700 tons, respectively, with a 100% timely delivery rate for shipments since October [5].