2026年是"十五五"开局之年。新年开好局、定好调，既有利于全年发展，更有利于"十五五"行稳致远。 新年伊始，石油和化工企业正以"开局即冲刺、起步即决战"的奋进姿态，昂首阔步走向"十五五"高质量 发展新征程。 新年之初，中国石油吉林石化公司化肥厂苯乙烯联合车间坚决筑牢安全平稳运行根基，深挖内部潜力， 提升装置平稳率与生产效率，同时通过优化尾气处理流程、强化废弃物回收利用，实现污染物零排放。 中国石油渤海钻探干部员工以"开年即冲刺"的姿态，奏响实干奋进的开年序曲。渤海钻探第四钻井公司 70009钻井队承钻的重点井兴华6平1井，以完钻井深6077米、水平段长1327米、油层钻遇率92.24%，一 举创下巴彦油田水平井最深井深、最长水平段、最薄油层钻遇厚度3项纪录。 图为扬子石化员工在污水预处理环保隐患治理项目现场进行开工检查。 (李树鹏 摄) 中国海油召开新年第一会——安全生产委员会会议，要求守牢安全红线，为"十五五"开局起步夯基垒 台。新年伊始，海油工程青岛国际化高端装备制造基地机器轰鸣、弧光闪闪，10余个项目同步推进， 5500余名建设者冒着严寒、马不停蹄地进行施工，身着红色工服的安全人员穿梭于各作业点位，用 ...

（来源：五矿期货微服务） 五矿期货微服务 | | | 五矿期货资金流向报告2025/12/25 | | | | | --- | --- | --- | --- | --- | --- | | 序号 | 品种名称 | 资金流向 | 5日资金流向 | 10日资金流向 | | | | 中证1000股指期货 | 1.02亿 | 33.09亿 | -12.72亿 | | | 1 | 相 | 8. 30亿 | 19.90亿 | 32.78亿 | | | 2 | 天然橡胶 | 2.89亿 | 5.95亿 | 7.41亿 | | | 3 | 精对苯二甲酸(PTA) | 1.71亿 | 6.66亿 | 11.65亿 | D | | 4 | 能 | 1.71亿 | 6.57亿 | 13.81亿 | ● | | 5 | 多晶硅 | 1.56亿 | -7.63亿 | -9.43亿 | ● | | 6 | 铁矿石 | 1.37亿 | 15107. 41万 | 5.70亿 | 전 | | 7 | 20号胶 | 1.05亿 | -1244.50万 | 860. 19万 | 0 | | 8 | 号棉花 | 4420. 28万 | -1779 ...

（原标题：炼化反内卷 行业加速头部化） 历经四年之久行业承压，炼化行业的反转因子，几乎在2025年下半年形成完美共振。 2022年以来，全球整体经济环境低迷，总体需求遭到冲击；加之各国环保减碳措施不断出台，新材料形 成部分替代效应，行业整体进入存量博弈阶段。 行业公开信息显示，11月底，我国2026年原油进口配额提前批下发。其中恒力石化旗下大连恒力、荣盛 石化、东方盛虹旗下盛虹炼化分别获得300万吨、75万吨和50+万吨的配额。 值得注意的是，相比2025年第一批获得配额的数十家山东、河南"地炼"企业，2026年"提前批"仅三家头 部民营大炼化获得配额——而以上企业均有较强的一体化装置与产业协同优势，为明确的"先进产能"。 考虑到以上企业在2026年均有主要在建产能落地，配额"厚此薄彼"的背后，由政策力量主导的行业出 清，以产业头部化为路径的"反内卷"模式，已跃然纸上。 事实上，今年下半年以来，工信部、行业协会、头部企业陆续出台的政策、行业自律措施等，加速促进 炼化行业形成反内卷的趋势。 当所有行业积极因素堆积共振，2026年，炼化行业的曙光是否就在眼前？ 反内卷政策集中出台 今年10月29日，工信部原材料工 ...

Core Insights - The core equipment provided by Tianhua Chemical Machinery and Automation Research Design Institute has been successfully operating in Sinopec Yizheng Chemical Fiber's PTA production facility, which is the largest single-unit PTA production facility globally [1][2] - The facility has been running stably for 18 months since its commissioning in April 2024, achieving or exceeding all performance indicators [1] - The production process utilizes advanced "short-flow, green, and intelligent" technology, significantly reducing energy consumption and emissions compared to traditional PTA production methods [1] Equipment and Technology - Tianhua's CTA and PTA rotary pressure filters have shortened the production process significantly, saving 20% in space and reducing investment costs by approximately 15% [1] - The energy consumption of the CTA product recovery unit has decreased by about 75%, enhancing the economic viability of the facility [1] - The collaboration of pressure filtration and pressure distillation technologies has addressed traditional issues of high water consumption and wastewater generation, with desalinated water consumption reduced by 95% and wastewater volume decreased by 70% [1] Energy Efficiency - The overall energy consumption of the facility has been reduced from 100 kg standard oil per ton to 20 kg standard oil per ton, representing an 80% decrease compared to traditional processes [1] - This reflects the advanced manufacturing concept of "low-carbon, efficient, and economical" [1] Industry Impact - Tianhua's core equipment has also been adopted in the 3 million ton PTA facility of Dushan Energy, with further upgrades to the rotary pressure filter technology, making it the largest in the world [2] - This advancement is expected to enhance the level of PTA production technology and equipment in China [2]

Core Viewpoint - The U.S. has imposed tariffs on PET starting September 8, causing turmoil in the Asian PET market and prompting producers to reassess the impact on trade flows [1][2] Group 1: Impact on Asian Producers - Asian PET producers, previously benefiting from tariff exemptions, are now facing challenges in maintaining competitive pricing for exports to the U.S. [1] - Southeast Asian PET producers are heavily reliant on U.S. demand, making the tariff a significant negative impact on their operations [1] - The price of recycled PET in Southeast Asia was reported at $840 per ton on September 9, which may further depress market prices [1] Group 2: Trade Flow Adjustments - Some Asian producers may redirect their exports to India, which is already experiencing weak domestic demand for PET [1] - The potential influx of cheaper PET into India could exacerbate the already struggling Indian PET market [1] Group 3: Upstream Effects - The tariffs are expected to weaken the demand for upstream raw materials such as PTA and ethylene glycol, leading to a pessimistic market sentiment [1] - Indian producers have reduced their operating rates due to high costs and weak global demand, with the overall operating rate of Indian PET facilities at approximately 70% [1] Group 4: Cost Competitiveness - The imposition of tariffs on para-xylene, PTA, and PET by the U.S. is likely to force adjustments in procurement strategies among affected companies [2] - Cost competitiveness will be a dominant factor influencing trade flows in the coming months, with current offshore prices for Northeast Asia PET at $765 per ton and Southeast Asia at $850 per ton as of September 3 [2]

Core Viewpoint - The closure of the world's largest phenol and acetone production facility by INEOS in Germany highlights the challenges faced by the European chemical industry, primarily due to high energy costs and punitive carbon taxes, leading to reduced competitiveness against imports and a decline in local demand [1][3][5]. Group 1: Company Actions - INEOS plans to permanently close its production facility in Gladbeck, Germany, which has an annual production capacity of 650,000 tons [1][2]. - The closure is attributed to the high energy costs in Europe and the impact of carbon tax policies, which have made it difficult for the company to compete with imports from China and a global supply surplus [3][5]. - INEOS has previously expressed concerns about the viability of the European chemical industry, indicating that it is facing extinction due to similar challenges [5][6]. Group 2: Industry Trends - The European chemical industry, which generates approximately €1 trillion in revenue, is undergoing significant strategic adjustments, with many companies announcing closures or layoffs due to high operational costs [5][8]. - Other companies, such as SGL Carbon, Teijin, and Dow, are also making similar moves, including plant closures and workforce reductions, in response to the challenging market conditions [8][9]. - The closure of INEOS's phenol plant is indicative of a broader trend in the industry, where many companies are facing overcapacity and declining prices, particularly in the phenol market, which is expected to see additional capacity coming online in 2025 [11]. Group 3: Market Outlook - The domestic phenol production capacity has reached 6.39 million tons, with leading companies like Zhejiang Petrochemical and Wanhua Chemical dominating the market [11]. - The industry is already experiencing oversupply, with an expected additional capacity of 995,000 tons in 2025, leading to a downward trend in phenol prices since the second quarter of 2025 [11]. - A report indicates that 24 types of products are under capacity warning, with 14 categorized as high-risk, suggesting a need for cautious investment and project management in the chemical sector [11].

Core Viewpoint - The PTA industry is facing significant challenges due to ongoing trade wars and policy uncertainties, leading to a drop in prices to near four-year lows. The high cost of raw material PX is expected to erode profits, and the overcapacity in the industry, combined with weak downstream demand, suggests that PTA prices may remain low for the foreseeable future [1]. Group 1: Market Supply and Capacity - China's PTA industry has seen significant capacity expansion, becoming the world's largest PTA producer with a total capacity of 86.2 million tons as of March [2]. - The rapid rise of private enterprises in the PTA sector has intensified industry transformation, leading to a more integrated competitive landscape where major suppliers have established a "PX-PTA-Polyester" supply chain [2]. - Despite the gradual increase in domestic PTA demand due to downstream polyester projects, the growth rate of PTA capacity is outpacing that of polyester, resulting in a buyer-dominated market [2]. Group 2: Raw Material Prices - The PX market has experienced a slowdown in capacity expansion after a rapid release phase, with domestic PX capacity expected to remain at 43.48 million tons in 2024, with no new projects planned for that year [3]. - The supply of PX is expected to remain tight, making it difficult for prices to decrease, which will further squeeze the profit margins of downstream products like PTA [4]. Group 3: Demand Challenges - The polyester industry, a key downstream consumer of PTA, holds 70% of the global market share, but the growth rate of new polyester capacity is slowing, leading to an oversupply crisis [5]. - The uncertainty in the international trade environment has negatively impacted overseas orders, particularly affecting exports to the U.S. and Europe, which is significant for the home textile industry [5]. - Many weaving enterprises are currently facing a dilemma of "high costs and low demand," leading some small and medium-sized companies to implement production cuts to maintain prices [5][6].

Core Insights - Kazakhstan's national oil and gas company has initiated the construction of a polyethylene (PE) plant with a capacity of 1.25 million tons per year, marking a significant step in the $7 billion integrated gas-to-chemicals project in Atyrau [1][2] - The PE plant is expected to be completed by 2028 and commence commercial production in 2029, aiming to produce over 20 different grades of polyethylene resin for domestic use and export to Europe, Turkey, China, and CIS countries [1] - The project is projected to replace 90% of Kazakhstan's current PE imports, with an estimated 300,000 tons of PE imports in 2024, and the domestic PE market could grow to 400,000 tons annually by 2035 [1] Project Details - The initial preparations for a 1.3 million tons per year ethane cracking unit will begin in November, with Técnicas Reunidas as the EPC contractor, and the cracking furnace is scheduled for completion by the end of 2028 [2] - The ethylene technology for the cracking unit will be based on Lummus Technology LLP's technology, while the ethylene polymerization process will utilize licensed technologies from Chevron Phillips Chemical Company and Univation Technologies LLC [2] - The national oil company holds a 40% stake in the Silleno LLP joint venture, with Sinopec and Sibur each holding 30% [2] Additional Developments - In 2022, the national oil company commissioned a propane dehydrogenation (PDH) unit and a 500,000 tons per year polypropylene (PP) unit in Atyrau, utilizing propane feedstock from the Tengiz oil field [2] - The company is also considering a collaboration with Sinopec to construct a paraxylene (PTA) and 735,000 tons per year polyethylene terephthalate (PET) project in Atyrau, which entered the front-end engineering and design phase in August of the previous year [2]