9月27日，中国石油大庆石化尿素散料装车改造项目经过25天试运行，实现装车模式优化。装车提速意味着农资运输周期的缩短，成本控制带来的价格优势 与稳定供应，强化了大庆石化在区域农资市场的竞争力。 随着成品油市场发生趋势性变化、化工市场"内卷"竞争加剧，如何答好拓市场、扩销量、增份额的"效益试卷"，大庆石化瞄准重点领域与核心技术，攻坚研 发、生产环节，谋划产业布局和市场供给，推动"通用产品创王牌、专用产品创高端"战略落地见效。今年前8个月，橡塑产品在东北市场配置率同比提高 5.36%，新材料和高附加值产品产量同比分别增加近3万吨、2000吨，产销协同能力持续提升。 锻造市场"硬通货" 在大庆石化聚烯烃部低压装置生产线上，拉丝料5000S已经连续生产30多年。这款荣获国家金质奖章的产品，凭借优良的成型性能与机械强度，成为远洋网 绳下游厂家指定原料，在市场中保持"质优价高"优势，是聚乙烯产品阵营中的"王牌"产品。 经过长期的生产优化与市场培育，大庆石化拉丝料5000S已实现连续稳定生产与供应，即使货源紧张时，该产品仍比同类产品的价格高数百元，客户优先选 择。"更换原料要承担设备改造的成本，而且下游企业已充分挖掘原料的 ...

2025年9月25日，中国石油75岁了。 75年前，全国只有四个投入开发的油田，原油年产量仅12万吨。5.4亿中国人，人均占有石油资源仅22 毫升。因为缺油，城市公共汽车只能背着煤气包上路。因为缺少炼化条件，中国最大的城市也要排长队 买"的确良"衣服。 为实现中国石油工业自立自强，以"铁人"王进喜为代表的第一代石油人，践行"宁肯少活20年，拼命也 要拿下大油田"的誓言，将"我为祖国献石油"的使命和信念刻进骨髓、融入血脉，铸就了以"三老四严、 苦干实干"为核心的石油精神和大庆精神铁人精神，激励一代又一代石油人将能源报国的旗帜，插遍神 州大地。 如今，中国石油形成了国内原油产量、国内天然气产量当量和海外油气权益产量当量"三个1亿吨"的生 产格局并巩固发展，有力地夯实了国家能源安全基石。 现在的中国石油炼厂，早已不满足于生产出催化剂、"的确良"，而是能产出全球最高等级低硫船用燃料 油等前沿高端产品。中国石油炼化技术已经实现从跟跑、并跑到领跑的跨越。据国际机构对化工企业排 名，中国石油由2020年的第十三位跃升至2024年的第四位，炼油能力达到全球第二，乙烯产能位列全球 第五。 此外，40万公里"能源动脉"，穿越戈壁 ...

Group 1: Chemical Sector Performance - The chemical raw materials index increased by 1.90%, while the chemical machinery index rose by 1.43%. However, the chemical pharmaceuticals index decreased by 2.04%, and the pesticide and fertilizer index increased by 3.16% [1] - The top five rising petrochemical products included liquid chlorine, which rose by 28.88%, and epoxy chloropropane, which increased by 6.02%. The top five declining products included vitamin E, which fell by 10.00%, and paraffin, which decreased by 6.49% [1] Group 2: Oil Sector Performance - The oil processing index decreased by 1.15%, and the oil extraction index fell by 1.70%. Conversely, the oil trading index increased by 1.09% [1] - International crude oil prices fluctuated, with WTI settling at $62.69 per barrel, up 1.33% from September 5, and Brent settling at $66.99 per barrel, up 2.27% [1] Group 3: Capital Market Performance of Chemical Companies - The top five rising listed chemical companies included Dongfang Tower, which increased by 31.79%, and Asia-Pacific Industry, which rose by 27.62%. The top five declining companies included Runpu Food, which fell by 16.71%, and Qide New Materials, which decreased by 14.96% [2]

Core Viewpoint - China National Petroleum Corporation (CNPC) reported a strong performance in the first half of 2025, with significant revenue and profit figures despite a decline in international oil prices [1][2]. Financial Performance - CNPC achieved a revenue of 1.5 trillion yuan and a net profit of 84.01 billion yuan in the first half of 2025 [1]. - The company plans to distribute a cash dividend of 0.22 yuan per share, totaling 40.265 billion yuan, with 35.623 billion yuan allocated for A-shares [1]. Market Conditions - The average Brent crude oil price was $71.87 per barrel, down 14.5% year-on-year [1]. - CNPC's oil and gas equivalent production showed steady growth, and sales of refined oil, natural gas, and chemical products increased [1]. Strategic Initiatives - CNPC is accelerating the transformation and upgrading of traditional industries while fostering emerging sectors to create a "second growth curve" and planning for future industries to establish a "third growth curve" [1]. - The company is enhancing its renewable energy business, with a 70% increase in wind and solar power generation [2]. Operational Highlights - CNPC processed 690 million barrels of crude oil and produced 59.572 million tons of refined oil in the first half of 2025 [2]. - Chemical product sales reached 19.971 million tons, a 4.9% increase, while new material production surged by 54.9% [2]. - Non-oil business segments, including LNG and charging services, saw significant growth, with LNG sales up 58.9% and charging volumes up 213% [2]. Investment Activities - CNPC's subsidiary plans to establish three joint ventures with a total investment of 40.016 billion yuan to acquire 100% equity in three gas storage companies [3].

Core Insights - The report highlights a structural price recovery in the context of anti-involution, with significant price variations across different sectors, indicating a phase of "structural recovery + inter-industry differentiation" [1][2][3] Price Tracking of Key Production Materials - As of early August 2025, among 49 major products, 19 saw price increases, 28 experienced declines, and 2 remained stable. The price increases were primarily in upstream coal (e.g., anthracite, coke), midstream agriculture (e.g., soybean meal, natural rubber), and downstream chemicals (e.g., sulfuric acid, methanol) [1] - Year-on-year data shows that industrial products are still in a downward trend, but the rate of decline is stabilizing. Steel and some chemical products have begun to recover, while coal, coke, traditional building materials, and certain petrochemical products remain at low levels [1][2] Price Changes Across Industry Chains - Recent data indicates that upstream industries are generally weak, with coal prices declining by 6% to 7%. Oil prices (WTI, Brent) have seen double-digit declines, while natural gas prices, despite being high year-on-year (28%), have significantly narrowed in growth [2] - Midstream industries show signs of recovery, with the bulk commodity index and shipping index rebounding, while downstream industries remain weak, particularly in real estate and traditional Chinese medicine [2][3] Industry Price Sentiment Data - The report analyzes price changes across the supply chain, revealing that upstream resource prices are generally weak but differentiated, with copper, aluminum, and precious metals benefiting, while the oil and coal sectors remain under pressure [3] - The midstream bulk commodity index has rebounded, and the price decline of rebar has narrowed to near stability. However, the building materials sector continues to face significant negative pressure [3]

光大证券指出，中国石油着力打造五大新材料基地，蓝海高端聚烯烃新材料项目等重点项目推进高端化 工新材料产业发展，产品广泛应用于航空航天、汽车、光伏等领域。2024年中国石油化工新材料产量同 比增长49.3%，形成ABS、乙丙橡胶等一批"巨人"产品，石蜡、低硫石油焦等产品市场份额稳居国内第 一。公司通过成立新材料研究院，在茂金属聚乙烯催化剂、尼龙66合成等关键技术上取得突破，支撑炼 化新材料产业转型升级。 在地缘政治仍存不确定的前提下，中长期原油供需格局仍具备景气基础，在长期主义视角下，持续坚定 看好板块。此外，宏观经济恢复提振化工需求，长期来看化工品产能出清利好龙头企业，看好大炼化、 煤化工、乙烯盈利向好。 没有股票账户的投资者可关注国泰中证油气产业ETF发起联接A（020405），国泰中证油气产业ETF发 起联接C（020406）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配 ...

Core Viewpoint - Fushun Petrochemical's Oil Plant No. 1 has been recognized as one of the first "Green Factories" in Fushun City, showcasing a new paradigm for green development in traditional petrochemical enterprises through technological innovation [1][3]. Group 1: Production and Environmental Impact - The Oil Plant No. 1 produces one-third of China's and one-seventh of the world's paraffin wax, while actively reducing energy and material consumption during production to achieve green development [1]. - The plant has implemented low-nitrogen combustion technology on all eight heating furnaces, ensuring that VOC emissions meet standards after treatment [2]. - The plant's 200,000 tons/year hydrogenation unit and 800,000 tons/year solvent extraction unit have successfully identified combustible medium leaks, preventing potential safety and environmental incidents [2]. Group 2: Technological Innovations - The plant has optimized the operation conditions of four ketone-benzene units, significantly reducing fresh solvent usage and improving steam condensate water recycling [1]. - A demonstration project for electric heating furnaces has been initiated, which is the first of its kind in China's petroleum refining sector, expected to improve heating efficiency by 15% and reduce fuel gas usage by 1,067 tons annually, saving production costs of 1.6 million yuan [2][3]. Group 3: Recognition and Future Plans - The recognition as a "Green Factory" is seen as both an honor and a responsibility, with the plant committing to continue driving green technological innovation for high-quality development [3]. - The experience of the Oil Plant No. 1 is viewed as a model for the green upgrade of the traditional chemical industry, encouraging more enterprises to join the green manufacturing movement [3].

Group 1 - The company emphasizes the importance of addressing frontline employees' urgent needs through direct engagement and practical solutions [1][2] - A significant initiative involved cleaning and improving the environment around oil product storage areas, enhancing operational efficiency [1] - The company has successfully completed 105 practical improvements for employees, including resolving long-standing issues with restroom facilities and work environments [1] Group 2 - The company is focusing on mental health support for employees by providing psychological training to help manage stress and improve emotional well-being [2] - A new standardized restroom facility has been constructed for transportation staff, significantly reducing their time away from work and improving operational continuity [2] - The company plans to continue investing in employee work environment improvements, including restroom expansions and upgrades to changing rooms and rest areas [3]

Group 1 - The core viewpoint of the article highlights the successful collaboration between Brazilian companies and Chinese platforms, particularly through the Made-in-China.com platform, which has facilitated trade and supply chain solutions in Brazil [1][2]. - The Made-in-China.com platform has gained significant trust from the Brazilian market, with over 50 Brazilian business elites participating in the forum, indicating a strong willingness for deep cooperation with Chinese suppliers [2]. - The forum emphasized the rapid development of China's platform economy, which has effectively addressed trade bottlenecks and enhanced transparency and security in cross-border transactions through systems like supplier on-site certification [5]. Group 2 - Brazilian companies are increasingly shifting their demands from basic supplies to technology collaboration, with cross-border e-commerce platforms playing a crucial role in resolving trust issues in international trade [6]. - The establishment of a high-level coordination committee and a local currency swap mechanism has led to a continuous increase in bilateral trade, showcasing the high degree of economic complementarity between China and Brazil [5]. - The Brazilian Guangdong Association and other community leaders expressed their commitment to using their networks to promote trade cooperation between China and Brazil, highlighting the growing demand for technical collaboration in various sectors [6].

Group 1 - The industrial added value of Fushun City increased by 11.9% from January to May, with significant growth in industrial technological transformation investment by 56.5% and high-tech manufacturing investment by 85.4% [1] - A total of 132 new projects were initiated, representing a year-on-year increase of 25 projects or 23.3% [1][2] - Fushun City is focusing on project construction to support economic growth, with 510 key projects planned for the year, including 17 provincial-level key projects [2][3] Group 2 - The city has successfully transformed from a coal resource-depleted area to a greener and smarter urban environment, with significant improvements in land previously used for mining [2] - The city is implementing a "green channel" for project approvals and providing greater support for financing, energy use, and land allocation to facilitate project construction [3] - Fushun has been recognized as a national pilot city for the digital transformation of small and medium-sized enterprises, establishing 30 digital workshops and smart factories [4] Group 3 - Fixed asset investment in Fushun has shown continuous double-digit growth for five consecutive months, with a growth rate of 14.1% from January to May, placing it among the top in Liaoning Province [2][4] - The city has successfully secured 7.4 billion yuan in central funding to support 13 key projects, with significant investments in underground pipeline construction [3]