中国石化上海石油化工股份有限公司是一家主要从事石油化工业务的中国公司。该公司通过三个分部开 展其业务。炼油产品分部设有石油炼制设备，用以生产合格的炼制汽油、煤油、柴油、重油及液化石油 气等。化工产品分部主要生产对二甲苯、苯、环氧乙烷、聚乙烯树脂、聚丙烯树脂、腈纶纤维及碳纤维 等。石油化工产品贸易分部主要从事石油化工产品的进出口贸易。该公司还从事租赁业务、提供劳务以 及各类其他商业活动。该公司主要在国内外市场开展其业务。 证券之星消息，2月26日南向资金减持680.2万股上海石油化工股份（00338.HK）。近5个交易日中，获 南向资金减持的有3天，累计净减持919.0万股。近20个交易日中，获南向资金减持的有12天，累计净减 持3340.6万股。截至目前，南向资金持有上海石油化工股份（00338.HK）9.85亿股，占公司已发行普通 股的30.64%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Core Viewpoint - South Korea's petrochemical product exports declined by 1.5% year-on-year in January, totaling $35.2 billion, primarily due to global oversupply affecting prices, despite strong semiconductor exports [1] Group 1: Export Performance - In January, South Korea's overall export value surged by 33.9% year-on-year, reaching $658.5 billion, driven by robust semiconductor exports [1] - The import value also increased by 11.7% year-on-year, amounting to $571.1 billion, resulting in a trade surplus of $87.4 billion [1] Group 2: Industry Challenges - The decline in petrochemical exports is attributed to low prices caused by global supply excess, impacting the overall export performance of the petrochemical sector [1] - The South Korean petrochemical industry is undergoing a restructuring phase supported by the government, with companies agreeing to reduce production capacity by August 2025 due to ongoing low profit margins and supply surplus [1]

MDITDI 专家交流：未来供需及价格变化如何展望？ 20260129 摘要 2025 年国内 MDI 总产能达 550 万吨，聚合 MDI 需求约 200 万吨，纯 MDI 约 100 万吨。出口量同比下降 30%至 80 万吨，进口量同比增长 30%至 10 万吨以上。美国关税政策对出口造成冲击，尤其是 4 月和 7 月，对终端产品和 MDI 出口影响显著。 2025 年国内 MDI 价格从年初 18,000 元/吨降至年底 14,000 元/吨左右， 但成本支撑较强。原材料苯价格稳定下跌，万华化学生产成本在 8,600- 9,100 元/吨，市场平均售价在 15,000-18,000 元/吨，毛利空间尚存。 2025 年全球 TDI 总产能 370 万吨，总需求 280 万吨。国内产能 200 万吨，开工率近 70%，需求约 90 万吨，受房地产市场影响同比下降 5%。出口表现亮眼，达 55 万吨，同比增长 50%。 2025 年 TDI 价格波动大，从年初高点 15,000 元/吨，受需求和关税影 响降至 11,000-11,500 元/吨，旺季因工厂检修涨至 18,000 元/吨，最 终回落至 14 ...

Summary of Industry and Company Insights Industry Overview: Petrochemical and Chemical Sector Key Insights - The petrochemical industry saw a significant increase in holding proportion to 0.6% in Q4 2025, up from 0.35% in Q3 2025, indicating rising market interest, particularly in upstream companies like Jereh, the "Three Barrels of Oil," and Baofeng [3][1] - Some petrochemical product prices, including benzene, PX, styrene, and ethylene glycol, have rebounded due to supply-side disruptions such as maintenance and unplanned shutdowns, despite current demand being in a low season [5][1] - The chemical industry’s active public fund allocation increased by 0.6% in Q4 2025, yet it remains under-allocated, suggesting significant future growth potential [7][1] Future Outlook - 2026 is anticipated to be a turning point for the chemical industry due to declining capital expenditures, near-zero capacity growth in most sub-industries, and restrictions from dual carbon policies on new project expansions [8][1] - The IMF's upward revision of global economic growth expectations is expected to boost chemical demand, particularly in emerging sectors like energy storage, robotics, AI, and commercial aerospace [9][1] Regulatory Impact - The dual carbon policy will significantly restrict new project expansions, requiring carbon emission evaluations as a prerequisite for project approvals. This is expected to pose challenges for new projects until 2027 [10][1] Sub-Industry Insights Polyurethane, PTA, and Polyester Filament - Polyurethane prices have recently adjusted but are expected to rise during the peak season from March to May. Limited capacity growth in PTA and polyester filament, along with high operating rates, is driving gradual improvements in market conditions [4][1][13][1] Potash and Refrigerants - Potash prices have steadily increased to around 3,000 CNY, with tight supply conditions expected to persist due to rising global consumption. The refrigerant market is stable but anticipated to rise as the peak season approaches, with significant price potential for mainstream refrigerants [16][1] Market Dynamics - The chemical and non-ferrous metal industries face supply constraints, with slow resource expansion potentially leading to long-term price increases. The dual carbon policy may similarly impact chemical products, creating a scenario of constrained supply against growing demand [11][1] Investment Recommendations - Focus on companies like Baofeng, Weixing, and private refining firms as key investment targets in the cyclical sector. Additionally, consider investment opportunities in companies like Xin'an and Hesheng Silicon Industry in the silicon chemical sector, and in potassium fertilizer companies like Yajiang International and Salt Lake Co. [6][1][14][1][16][1] Conclusion - The petrochemical and chemical industries are poised for significant changes driven by market dynamics, regulatory impacts, and evolving demand patterns. Investors should remain vigilant and consider strategic allocations in identified growth areas while monitoring policy developments and market trends.

Group 1 - The core point of the article highlights that southbound funds increased their holdings in Shanghai Petrochemical Company by 1.56 million shares on January 19, while experiencing a net reduction of 23.63 million shares over the past five trading days [1] - Over the last 20 trading days, southbound funds have reduced their holdings in the company for 17 days, resulting in a total net reduction of 45.74 million shares [1] - As of now, southbound funds hold 1.019 billion shares of Shanghai Petrochemical Company, accounting for 31.69% of the company's total issued ordinary shares [1] Group 2 - Shanghai Petrochemical Company, a subsidiary of Sinopec, primarily engages in the petrochemical business through three segments: refining products, chemical products, and petrochemical product trading [1] - The refining products segment includes facilities for producing qualified refined gasoline, kerosene, diesel, heavy oil, and liquefied petroleum gas [1] - The chemical products segment mainly produces paraxylene, benzene, ethylene oxide, polyethylene resin, polypropylene resin, acrylic fiber, and carbon fiber [1] - The petrochemical product trading segment focuses on the import and export trade of petrochemical products [1] - The company also engages in leasing, providing services, and various other commercial activities, operating in both domestic and international markets [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 - 1 - Sinopec Shanghai Petrochemical Company Limited 00338 2025年主要經營數據 中國石化上海石油化工股份有限公司（「本公司」，連同其附屬公司，「本集團」）根據上海 證券交易所《上市公司自律監管指引第3號－行業信息披露》之《第十三號－化工》第十五條 的相關規定，特將截至2025年12月31日止12個月主要經營數據公告如下： 一、2025年主要產品經營數據 | | 產量 | 銷量 | 銷售收入 | | --- | --- | --- | --- | | 產品名稱 | （萬噸） | （萬噸） | （人民幣千元） | | 煉油產品 | | | | | 柴油 | 246.97 | 244.74 | 15,479,375 | | 汽油 | 312.13 | 312.19 | 24,656,133 | | 註1 航空煤油 | 225.09 | 131.71 ...

公司代码：600688 公司简称：上海石化 编号：临 2026-003 产品名称 产量（万吨） 销量（万吨） 销售收入 （人民币千元） 炼油产品 柴油 246.97 244.74 15,479,375 汽油 312.13 312.19 24,656,133 航空煤油 注 1 225.09 131.71 6,427,361 化工产品 对二甲苯 68.07 68.10 4,094,974 苯 35.07 35.05 1,924,103 一、2025 年主要产品经营数据 | 乙二醇 | 4.23 | 4.17 | 159,500 | | --- | --- | --- | --- | | 环氧乙烷 | 11.67 | 11.30 | 606,917 | | 注 2 乙烯 | 60.71 | 0.40 | 24,196 | | 聚乙烯 | 53.00 | 52.87 | 3,977,634 | | 聚丙烯 | 40.13 | 40.12 | 2,893,202 | | 腈纶 | 2.47 | 2.48 | 310,384 | 注 1：销量不包括来料加工业务。 注 2：产销量差距部分为内部自用。 以上销量和销售收入数据 ...

Core Insights - In 2025, Guangdong Petrochemical Company achieved significant production milestones, processing 46 types of crude oil and surpassing world-class benchmarks in crude processing, ethylene, and aromatics production [1] Ethylene Production - The 1.2 million tons/year ethylene plant exceeded 1.4 million tons in annual output, marking a significant achievement in long-cycle, high-load, and efficient operation [2] - The company has been recognized as an energy efficiency leader for two consecutive years, implementing a refined management system and cross-departmental collaboration to maintain high-load operations [2] - Over 200 improvement suggestions were implemented by employees, leading to a 5% reduction in overall energy consumption compared to design values [2] Environmental Initiatives - The plant reduced volatile organic compound emissions by 15% year-on-year through optimized torch system operations and improved waste gas treatment [3] Aromatics Production - The aromatics plant achieved a total production of over 2.6 million tons of paraxylene (PX) and 760,000 tons of benzene, with a 3% year-on-year increase in benzene production [4] - The plant successfully addressed challenges such as solvent contamination and improved separation efficiency, resulting in an additional 50,000 tons of PX production [4] - The department received dual recognition as an energy and water efficiency leader in the petrochemical industry for 2024 [4] Refining Operations - The refining sector processed over 20.06 million tons of crude oil in 2025, with the vacuum distillation units processing 5.6 million tons of crude from 46 countries [5] - The company emphasized quality and structural optimization in its refining strategy, achieving a doubling of asphalt processing capacity and enhancing product competitiveness [6] - The refining department aims to continue technological and management innovations to contribute to national energy security and regional economic development [6]

Core Insights - The establishment of the innovation studio at Beijing Yanshan Petrochemical Co., Ltd. aims to tackle technical challenges in the aromatic production chain and cultivate young talent [3] - The studio's leader, Ma Yi, has successfully implemented 13 technical measures that generated a profit of 18 million yuan within a year, showcasing a strong focus on innovation and problem-solving in the aromatic production sector [3][6] Group 1: Innovation and Technical Achievements - The innovation studio was founded on January 3, 2025, with a dual mission of technical breakthroughs and talent development [3] - Ma Yi utilized ASPEN steady-state process simulation software to address production issues, leading to the successful transformation of an idle de-butanizer tower into a desulfurization reactor, which increased monthly revenue by 269,000 yuan [4] - The implementation of a self-developed hexane separation technology reduced loss rates from 8.99% to 2.94%, generating an additional monthly benefit of 142,300 yuan, with the technology now in the patent application stage [5] Group 2: Cost Reduction and Efficiency Improvements - Ma Yi's optimization efforts in the toluene extraction unit led to the elimination of a high-energy consumption system, saving 4.09 million yuan in steam, water, and electricity costs per month [6] - The focus on detail in the benzene production unit resulted in monthly cost savings exceeding 850,000 yuan through various efficiency measures [6] - The recovery of idle resources and the repurposing of old equipment contributed to significant cost savings, including 1.018 million yuan from repairing idle compressors and nearly 6.8 million yuan from reusing catalysts [6]

Group 1 - The Brunei Refinery Phase II project has been fully launched, with the controlling shareholder's increase in holdings reflecting long-term confidence in development. The project aims for an optimized design capacity of 12 million tons per year, primarily producing diesel, PX, benzene, polypropylene, and other high-value-added products, with completion targeted by the end of 2028 [3][5][9] - The total capacity of the Brunei refinery will reach 20 million tons per year upon completion of both phases, enhancing the company's integrated industrial chain and scale advantages, which will help reduce production costs and stabilize raw material supply [5][6] - The controlling shareholder, Hengyi Group, plans to increase its holdings in the company with a total investment of no less than 1.5 billion yuan and no more than 2.5 billion yuan, with the price range adjusted to not exceed 15 yuan per share [4][9] Group 2 - The automotive industry is set to continue implementing vehicle scrapping and replacement subsidies in 2026, with the Ministry of Industry and Information Technology and other departments issuing a plan to support digital transformation in the automotive sector [11][13] - The automotive sector index outperformed the Shanghai Composite Index in late December 2025, with significant sales variations among major automakers, indicating a mixed performance in the market [11][15] - The report highlights the expected growth in high-end passenger vehicles, particularly for domestic brands, as they capitalize on opportunities in the market [15] Group 3 - The report indicates that the primary market is progressing smoothly, with a total of 20 public REITs issued in 2025, although this is a decrease from the previous year [17][18] - The secondary market for REITs has seen a decline, with the index dropping by 2.93% in December 2025, reflecting reduced market activity [18][19] - The report notes that the average cash distribution rate for property-type REITs is lower than that of concession-type REITs, indicating a potential investment opportunity in the latter [20] Group 4 - The coal industry is expected to see a tightening supply-demand relationship in 2026, with projected average prices for thermal coal and coking coal rising to 750 yuan and 1550 yuan per ton, respectively [21][23][25] - The report discusses the V-shaped price recovery of thermal coal in 2025, driven by production constraints and resilient demand from the power and metallurgical sectors [21][22] - Investment recommendations focus on coal companies with strong cash flow and high dividend yields, suggesting a favorable outlook for the sector [25] Group 5 - The credit bond market has shown strong performance, with yields declining across various maturities, particularly in the short-term segment, driven by increased demand for stable assets [26][27][29] - The report highlights the impact of government bond supply on market liquidity, suggesting that institutions may favor short-duration credit bonds to mitigate volatility [27][28] - The overall market sentiment has improved, with expectations of economic data recovery contributing to a more favorable investment environment [28]