据路透社消息，2025年11月以来，乌克兰对俄罗斯能源基础设施发动多轮无人机袭击，目标直指炼油厂及石油码头。仅11月15日至17日，梁赞炼油厂、新 库伊比雪夫斯克炼油厂及伏尔加格勒炼油厂便遭重创，其中梁赞炼油厂作为俄罗斯四大炼油厂之一，年处理能力达1310万吨原油（日均34万桶），其原油 蒸馏装置和燃料储存罐受损，导致俄罗斯整体炼油量下降6%。此外，伏尔加格勒炼油厂因袭击多次停产，该厂年产能达1570万吨，是卢克石油公司核心 产能之一。 据统计，自2025年1月以来，乌克兰已累计袭击俄罗斯至少4座炼油厂及2个石油码头，导致俄成品油出口能力大幅下降，同时全球硫黄市场也因俄罗斯供 应收缩而价格飙升。这一系列连锁反应不仅重塑了全球能源格局，更为中国成品油出口和硫黄产业带来新的发展机遇。 全球成品油裂解价差扩大 硫黄价格飙升 俄罗斯炼油产能锐减直接推高了海外成品油裂解价差。数据显示，2025年11月中旬以来，海外成品油裂解价差呈全线飙升态势，柴油领涨各类油品，衡量 炼油利润的核心指标3-2-1裂解价差创近两年新高，炼油行业迎来高盈利周期。11月18日，全球3-2-1裂解价差触及$32.13/桶，为2024年3月以来最 ...

Core Insights - The phosphate chemical market has experienced a "dual climate" since November 2025, with industrial-grade monoammonium phosphate (73% content) becoming the main focus, leading to a significant price increase [1] - The mainstream transaction price for industrial-grade monoammonium phosphate is currently stable at 6300-6600 yuan per ton, with some high-end quotes approaching 6500 yuan [1] - Other product categories, such as 55% powder ammonium and diammonium phosphate, have shown minimal price movement, indicating a divergence in market performance [1] Price Trends - The upward price trend is expected to continue in the short term, supported by stable sulfur prices and a demand growth rate exceeding 30% in the lithium iron phosphate industry [2] - The mainstream transaction price for industrial-grade monoammonium phosphate may potentially break through the 6600 yuan high [2] Key Variables to Monitor - Three critical variables need to be monitored for the medium to long term: 1. Improvement in raw material supply, particularly sulfur, which could alleviate cost pressures if international capacity is released or imports increase [2] 2. The demand growth rate in the renewable energy sector, which will directly influence the price ceiling [2] 3. Policy regulation trends that may emerge if price increases attract attention, potentially leading to measures aimed at stabilizing the market [2] Industry Recommendations - Companies in the industry should accurately grasp changes in demand structure, with downstream renewable energy firms encouraged to lock in long-term contracts to mitigate price increase risks [2] - Agricultural sector companies should manage inventory levels to cope with operational pressures arising from weak demand [2]

Group 1: Chemical Industry Performance - The chemical raw materials index increased by 3.79%, and the chemical machinery index rose by 8.33% last week, while the chemical pharmaceuticals index decreased by 2.91% [1] - The pesticide and fertilizer index saw an increase of 4.32% [1] - In the oil sector, the oil processing index rose by 3.72%, the oil extraction index increased by 5.63%, and the oil trading index went up by 4.41% [1] Group 2: Oil Price Trends - International crude oil prices experienced slight fluctuations downward, with West Texas Intermediate crude oil futures settling at $59.75 per barrel, down 2.02% from October 31 [1] - Brent crude oil futures settled at $63.63 per barrel, down 2.21% from October 31 [1] Group 3: Chemical Product Price Changes - The top five chemical products with the highest price increases included folic acid up 20%, nitric acid up 10.43%, sulfur up 9.95%, industrial-grade lithium carbonate up 9.51%, and petroleum coke up 7.23% [1] - The top five chemical products with the largest price decreases included liquid chlorine down 34%, butadiene down 7.69%, trichloroethylene down 6%, styrene-butadiene-styrene copolymer (SBS) down 5.9%, and carbon black down 5.53% [1] Group 4: Capital Market Performance of Chemical Companies - The top five chemical companies in the capital market with the highest stock price increases were Qing Shui Yuan up 47.78%, Zhenhua Co. up 37.19%, Fuluo Technology up 33.38%, Unified Co. up 32.93%, and Zhuoyue New Energy up 26.38% [2] - The bottom five chemical companies with the largest stock price decreases were Huidet Technology down 24.78%, Yashichuang Energy down 19.09%, Kaimete Gas down 18.64%, Weike Technology down 8.98%, and Yokogawa Precision down 8.86% [2]

今年在硫黄市场上，业内期待的"金九银十"行情演绎成了"银九金十"，9月市场升温，10月逆势大涨。 截至10月30日，国内硫黄主流成交价已涨至3100元以上(吨价，下同)，创近年新高;港口成交价更是连续 突破高价，镇江港当日成交价涨至3440元，9月以来涨幅已超31%。 "今年在众多传统化工品市场仍处疲软的背景下，硫黄市场却整体温和上涨，并且9月开始迎来升温亮 点，当月环比涨幅5%，尤其是10月不仅没有降温反而迎来了更大的暴涨行情，在9月的基础上再度大涨 26%以上。"江苏地浦科技股份有限公司采购总监李培新分析说，此次行情的突发逆转主要源自外盘连 续强势推涨助力，加之港口库存持续下降以及商家持货待涨心态的驱动。 外盘连续推高 据李培新介绍，外盘是近期国内硫黄现货价格速涨的主导因素，而引发国际硫黄价位一再走高的则是受 全球硫黄刚需频频释放，供应能力却有所下降所致。 与此同时，国内现货价格也处相对高位，而外盘价格又步步上扬，在风险意识影响下业者对于美元资源 多敬而远之。而此情绪一直延续至今，致使目前10月长江港区仅有约12万吨硫黄资源到港计划。截至10 月29日，长江地区港口硫黄库存量为128.6万吨，环比降幅8. ...

Group 1: Market Performance - The chemical sector indices experienced significant declines, with the chemical raw materials index down 6.73%, chemical machinery index down 7.48%, pharmaceutical index down 3.12%, and pesticide and fertilizer index down 4.74% [1] - In the oil sector, the oil processing index fell by 1.06%, while the oil extraction index rose by 1.02%, and the oil trading index decreased by 0.81% [1] Group 2: Commodity Prices - International crude oil prices declined, with West Texas Intermediate crude oil futures settling at $57.54 per barrel, a decrease of 2.31% from October 10, and Brent crude oil futures settling at $61.29 per barrel, down 2.30% [1] - The top five rising petrochemical products included liquid chlorine up 184.91%, sulfuric acid up 8.30%, hydrogen peroxide up 8.17%, calcium pantothenate up 5.56%, and sulfur up 4.05% [1] - The top five declining petrochemical products included R22 down 51.52%, acetone down 6.58%, vitamin D3 down 6.58%, vitamin V2 down 6.02%, and propylene down 4.85% [1] Group 3: Capital Market Performance - The top five gaining listed chemical companies were Sanfu Co. up 33.17%, Chengxing Co. up 25.12%, Nalco Co. up 21.79%, Xinong Co. up 21.48%, and Shida Shenghua up 18.01% [2] - The top five declining listed chemical companies were Shangwei New Materials down 32.74%, United Chemical down 32.57%, Zhenhua Co. down 19.06%, Shengquan Group down 18.04%, and Baolidu down 17.64% [2]

Core Insights - The Puguang gas field has increased its sulfur production supply by an average of over 600 tons per day since September, representing a month-on-month increase of 10.5% [1] - The sulfur purity from the Puguang gas field has reached 99.99%, with the product consistently in short supply [1] - The demand for sulfur has surged due to the peak season for autumn harvest and planting, leading to significant increases in raw material requirements from downstream fertilizer companies [1] Production and Supply Chain Management - The Puguang gas field has implemented measures to enhance production capacity, including adjusting operational plans and optimizing production schemes [1] - The facility has strengthened equipment maintenance and conducted preventive inspections of the sulfur storage and transportation systems to identify and address potential risks early [1] - The gas field is dispatching over 100 trucks daily to ensure a stable and efficient supply chain, delivering high-quality sulfur on time to customers [1]

Core Viewpoint - The successful implementation of a paperless sales process for polypropylene products marks a significant milestone for Daqing Petrochemical Company in achieving a fully online management system for sales processes, enhancing efficiency and transparency in product sales [1] Group 1: Paperless Sales Process - Daqing Petrochemical Company has achieved a key step in establishing a new sales management model characterized by 100% online control and seamless integration across all sales process stages [1] - The company utilized an integrated sales measurement platform and support from various units to facilitate paperless sales for products such as polypropylene, crude ammonia, and sulfur, significantly improving the efficiency of product entry and exit [1] Group 2: Efficiency and Transparency - The paperless process not only enhances efficiency but also ensures transparency and traceability throughout the entire sales process [1] - Management personnel can monitor the progress of vehicle entry, loading, and exit in real-time through the sales measurement platform, allowing for comprehensive visibility of the entire process [1] - The system automatically stores all operational logs and data records, creating immutable electronic files that enable quick tracing of issues back to their source, thereby significantly improving risk management capabilities [1]

Group 1 - The Xinjiang Uygur Autonomous Region is celebrating its 70th anniversary with a major project launch event in Urumqi, where the integrated refining and chemical project by Sinopec in Kucha has commenced construction [1][3] - The Tarim Refining and Chemical Integration Project is a key initiative for Sinopec to promote integrated industrial chain development in Xinjiang, featuring advanced green and low-carbon technology with a total of 16 refining production units planned [3][5] - The project aims to increase annual output value by approximately 20.2 billion yuan and generate about 3.5 billion yuan in tax revenue, while creating around 10,000 jobs and facilitating local resource utilization [5] Group 2 - Upon completion, the Tarim Refining Company will have a crude oil processing capacity of 8.5 million tons per year, producing ethylene and paraxylene, thus supporting the development of oil and gas processing and textile industries [5] - Currently, the Tarim Refining Company is the only refining enterprise in Northwest China, with an existing crude oil processing capacity of 5 million tons per year, supplying over 70 million tons of products to regions including Xinjiang, Gansu, Qinghai, and Tibet over the past 20 years [5]

Core Insights - China's customs data indicates a significant increase in sulfur imports, with a total of 6.438 million tons imported in the first seven months of the year, representing a year-on-year growth of 8.9% [1] - The average import price for sulfur rose to $240.1 per ton, marking a substantial increase of 131.8% compared to the previous year [1] - In July alone, sulfur imports reached 1.094 million tons, showing a month-on-month increase of 10.6%, while the average import price decreased by 4.0% to $283.0 per ton [1] Sulfuric Acid Imports - In July, China imported 0.008 million tons of sulfuric acid, which is a significant month-on-month decrease of 67.6% [1] - Excluding high-priced acid, the average import price for sulfuric acid was $70.8 per ton, reflecting a month-on-month increase of 4.0% [1] - For the first seven months, total sulfuric acid imports amounted to 0.077 million tons, a year-on-year decline of 20.6%, with an average import price of $61.2 per ton, which is a 47.4% increase year-on-year [1] Sulfuric Acid Exports - In July, China exported 0.428 million tons of sulfuric acid, which is a month-on-month increase of 10.0% [1] - The average export price for sulfuric acid rose to $67.8 per ton, showing a month-on-month increase of 10.1% [1] - Cumulatively, for the first seven months, sulfuric acid exports totaled 2.619 million tons, representing a remarkable year-on-year growth of 103.0%, with an average export price of $55.5 per ton, which is a 146.4% increase year-on-year [1]

Core Insights - The "Rich Oxygen Claus" project, the first of its kind in the natural gas purification sector, has been launched at the Wanzhou branch of the Natural Gas Purification Plant, which is expected to significantly enhance sulfur recovery and gas processing capacity [1][2] Group 1: Project Overview - The Wanzhou branch's sulfur recovery process upgrade is projected to increase raw gas processing capacity by 38 million cubic meters by 2025, producing 3,839 tons of sulfur, which can meet the daily gas needs of 38 million households [1] - The Natural Gas Purification Plant is the largest in China, with a daily processing capacity of 62.8 million cubic meters and an annual capacity of 21 billion cubic meters [1] - The Wanzhou branch is China's first high-sulfur natural gas purification plant designed, operated, and managed independently, with a daily capacity of 2 million cubic meters [1] Group 2: Technological Innovations - The project incorporates the "Rich Oxygen Claus" technology, which involves adding a membrane separation oxygen production unit to mix oxygen-rich air with the main air supply, enhancing the sulfur recovery unit's processing capability [2] - Post-upgrade, the daily output of the sulfur recovery unit is expected to rise from 1.35 million cubic meters to 1.5 million cubic meters, with sulfur production increasing to 153 tons per day [2] - This upgrade addresses challenges such as equipment corrosion, leakage, and high safety risks associated with high-sulfur purification facilities, demonstrating a strategic approach to project management and technical execution [2] Group 3: Current Capacity - The Natural Gas Purification Plant currently maintains a stable raw gas processing capacity of over 51 million cubic meters per day [3]