（文章来源：每日经济新闻） 光大证券认为，在突破"卡脖子"领域、实现替代方面，我国石化龙头企业如中国石油、中国石化、中国 石化、恒力石化等深耕新材料研发布局，在茂金属聚乙烯、碳纤维、高端膜材料等领域取得一系列重大 突破。随着政策层面不断加强对石化行业高端材料转型的支持，石化龙头新材料转型有望深化，长期有 望受益于材料领域替代带来的行业竞争力提升。 石化ETF（159731）及其联接基金（017855/017856）紧密跟踪中证石化产业指数，从申万一级行业分 布来看，基础化工行业占比为61.93%，石油石化行业占比为30.84%。前十大权重股分别为万华化学、 中国石油、盐湖股份、中国石化、中国海油、巨化股份、藏格矿业、金发科技、华鲁恒升和宝丰能源， 前十大权重股合计占比55.12%。 10月27日，中证石化产业指数震荡上行，现涨约1.2%，成分股涨多跌少，彤程新材领涨超6%，凯赛生 物、盐湖股份、中复神鹰等跟涨。相关ETF方面，石化ETF（159731）跟随指数上行，布局价值凸显。 ...

2025 年 9 月 28 日 行业研究 《石化化工行业稳增长工作方案》出台，高端化转型、产业升级有望加速 ——石油化工行业周报第 422 期（20250922—20250928） 要点 《石化化工行业稳增长工作方案》发布，统筹推进科技创新和转型升级。工 信部等七部门印发《石化化工行业稳增长工作方案》（以下简称《方案》）。 当前石化化工行业面临基础有机原料市场竞争加剧、高端精细化学品供给不 足、国内需求增速放缓、外部不确定性增加等问题，《方案》旨在统筹推进稳 增长和促转型，坚持培育行业增长新动能和更新旧动能相结合、供给质量提升 与内外需求拓展相结合、市场主导与政府引导相结合，着力实现石化化工行业 质的有效提升和量的合理增长，夯实行业高质量发展基础。在具体措施方面， 《方案》强调：（1）强化产业科技创新，提升有效供给能力；（2）扩大有 效投资，促进转型升级；（3）拓展市场需求，激发市场潜能；（4）壮大发 展载体，培育高质量增长引擎；（5）深化开放合作，提高国际化发展水平。 支持企业增强高端化供给，新材料转型有望深化。在产业转型方面，《方案》 指出聚焦集成电路、新能源、医疗装备、等重点产业链需求，支持电子化学品、 ...

Core Insights - The Asian Refining and Chemical Technology Conference highlighted the transformation of the refining industry towards "reducing oil and increasing chemicals," "reducing oil and increasing specialties," and "reducing oil and increasing materials" to address structural challenges and promote green low-carbon development [1][3] Group 1: Industry Challenges and Transformations - China's petrochemical and chemical industry ranks first globally in total output value, with refining, ethylene, and polyethylene capacities also leading the world [1] - The refining industry faces a significant structural contradiction characterized by an oversupply of low-end products and a shortage of high-end products, with a projected refining operating rate below 80% in 2024 [1][2] - The industry aims to increase the production ratio of chemical products, high-value specialty oils, and advanced materials through innovative technologies such as catalytic cracking and transformative cracking [1][2] Group 2: Green Low-Carbon Development - The refining industry must accelerate its green low-carbon transition, which presents both challenges and opportunities, including upgrading facilities and phasing out outdated capacities [3][4] - Key strategies for achieving green low-carbon goals include transitioning to renewable energy, optimizing resource utilization, and enhancing process efficiency through new technologies [4][3] - The utilization of non-food biomass resources, with a potential annual total exceeding 3.5 billion tons, could significantly reduce reliance on food crops if the utilization rate of straw is increased to 50% [4] Group 3: Technological Innovations - The integration of advanced technologies such as computational fluid dynamics (CFD) and artificial intelligence (AI) is essential for achieving low-carbon smart refining [5][6] - The development of molecular refining strategies allows for the optimization of processing and product properties at the molecular level, enhancing the value of each molecule produced [5][6] - Flexible refining processes that adapt to market demands can significantly improve cost efficiency and product value, enabling the production of low-carbon olefins and aromatics [6]