证券研究报告 行业研究——周报 [Table_ReportType] [Table_StockAndRank] 石油加工行业 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 大炼化周报：局部地区春季订单开始释放，长丝盈利仍在改善 [Table_ReportDate0] 2025 年 11 月 23 日 本期内容提要： [Table_Author] ➢ 国内外重点炼化项目价差跟踪： [Table_Summary] [Table_Summary] 截至 11 月 21 日当周，国内重点大 炼化项目价差为 2389.69 元/吨，环比变化+52.43 元/吨（+2.24%）； 国外重点大炼化项目价差为 1446.16 元/吨，环比变化+6.66 元/吨 （+0.4 ...

Core Insights - Indian banks are leveraging artificial intelligence (AI) to enhance customer experience, operational efficiency, and service scalability in the financial sector [1][3]. AI Implementation by Leading Banks - ICICI Bank utilizes iPal for conversational support aimed at retail and NRI customers [4]. - IDFC FIRST Bank has introduced an AI-powered holographic avatar to improve on-premise customer interactions [5]. - HDFC Bank employs EVA, an AI virtual assistant, for service and product discovery integrated with banking applications [6]. - Bank of Baroda features "Aditi," a GenAI relationship manager, providing multilingual support and operating 24/7 [7]. - SBI (State Bank of India) has revamped its YONO platform to incorporate a broader AI strategy and features [8]. - Axis Bank and IndusInd Bank offer IndusAssist, providing seamless AI service across various channels [9]. Market Context - India's banking sector serves over 1.4 billion people, managing crores of accounts and billions in daily transactions [11]. - AI technologies are essential for addressing the scale of operations, personalizing services, and ensuring 24/7 availability [11]. Performance Metrics - Over 8,200 branches of Bank of Baroda utilize AI-driven internal knowledge systems [12]. - HDFC's chatbot EVA has managed millions of queries, significantly reducing response times from minutes to seconds [12]. - The introduction of holographic avatars and multilingual support is enhancing accessibility and personalization in banking services [12].

登录新浪财经APP 搜索【信披】查看更多考评等级 财务状况与经营数据分析 盈利能力波动情况 报告期内（2022年至2025年1-6月），公司主营业务毛利率分别为15.58%、7.62%、8.72%和8.40%，呈 现先降后稳趋势。主要因醋酸产品销售单价从2022年3,455.72元/吨降至2025年上半年2,228.89元/吨，降 幅13.09%，而单位成本降幅（8.25%）不及价格降幅。2024年归母净利润2.13亿元，同比增长 1088.11%，主要受益于醋酸销量增长36.82%。 立信会计师事务所近日就江苏索普化工股份有限公司（以下简称"江苏索普"）向特定对象发行股票申请 文件的审核问询函出具回复意见。公告显示，江苏索普拟募集资金不超过15亿元，用于"醋酸乙烯及 EVA一体化项目(一期工程)"，项目税后内部收益率为12.64%，投资回收期（不含建设期）8.57年。 募投项目概况与投资回报分析 本次募投项目总投资32.26亿元，其中建设投资26.36亿元，建设期利息1.10亿元，联合试运转费、预备 费及流动资金合计4.80亿元。项目建成后将形成33万吨/年醋酸乙烯产能，达产后预计年营业收入31.42 亿元 ...

Core Viewpoint - Baofeng Energy is a leading enterprise in China's high-end coal-based new materials industry, focusing on independent innovation and aiming to become a significant global supplier of new materials [2][3]. Industry Overview - Baofeng Energy leverages China's resource characteristics of "rich coal, scarce oil, and limited gas" to produce polyethylene, polypropylene, and EVA from coal, establishing the largest and most advanced modern coal chemical industry cluster in the country [3]. - The company has developed over 100 chemical products, contributing to resource conservation and clean utilization, while filling import gaps and achieving product import substitution [3]. Technological Advancements - The company has recently launched a coal-based new materials project in Inner Mongolia, utilizing advanced technologies such as 6.5MPa pulverized coal gasification and the third-generation DMTO technology, achieving a single unit capacity of over 1 million tons [4]. - Baofeng Energy has achieved significant milestones, including five global scale records in coal-to-olefins production and three national scale records in various equipment, demonstrating its technological leadership [4]. Green Transformation - The company is committed to green low-carbon development and digital integration, focusing on energy security and industry upgrades [5]. - Baofeng Energy has pioneered a solar-powered hydrogen production project, achieving a hydrogen purity of 99.999%, and is integrating green hydrogen into its coal chemical processes to reduce carbon emissions [6]. Digital Innovation - The company has implemented an AI-integrated management platform to enhance operational efficiency, achieving a 30% improvement in logistics efficiency and establishing a comprehensive safety risk prevention system [7]. Financial Performance - In the first three quarters of this year, Baofeng Energy reported revenues of 35.545 billion yuan, a year-on-year increase of 46.43%, and a net profit of 8.95 billion yuan, up 97.27% [8]. - The company has contributed significantly to tax revenue and employment, with a cumulative tax payment of 12 billion yuan and over 7,000 new jobs created [8]. Social Responsibility - Baofeng Energy actively engages in charitable activities, having donated 5.038 billion yuan through its charity foundation, benefiting over 430,000 students in western China [8]. Future Outlook - Looking ahead, Baofeng Energy aims to contribute to China's modernization and become a key global supplier of new materials, aligning with national strategic goals [9].

推动大规模设备更新和消费品以旧换新，是党中央、国务院着眼于我国高质量发展大局作出的重大决策 部署。中国石油天然气集团有限公司（以下简称"中国石油"）作为国有重要骨干企业，全面贯彻落实党 中央、国务院决策部署，统筹谋划、科学组织，加力推进大规模设备更新，有力促进企业高质量发展， 为我国经济持续健康发展作出积极贡献。 四川盆地首口万米科学探索井——中国石油深地川科1井 中国石油天然气集团有限公司｜供图 一、深刻认识推进大规模设备更新的重要意义 中国石油是国内大型的综合性能源与化工企业，在能源化工行业占据核心战略地位。实施大规模设备更 新不仅有利于推进企业产业升级和工业数字化转型，对于发挥投资关键作用、拉动我国经济增长也具有 十分重要的意义。 实施大规模设备更新是保障国家能源安全的重要前提。中国石油的国内原油和天然气产量分别约占全国 的1/2和2/3，成品油、天然气市场份额分别约占全国的33%和61%，是保障国家能源安全的"顶梁柱"。 近年来，随着国内油气勘探开发力度加大、新能源发展步伐加快和企业转型升级深入推进，产业及设备 规模不断扩大，老旧设备持续积累，能源安全保障面临严峻考验。通过大规模设备更新，能够有效提升 ...

Core Insights - 2025 is projected to be a significant year for China's POE industry, with multiple companies commencing production and accelerating project developments, indicating a shift in capacity from coastal to central and western regions [1] Company Summaries - **Shenghong Petrochemical (Dongfang Shenghong)** - Capacity: 100,000 tons/year - Production Start: Successfully commenced on August 17, 2025, with official mass production announced on September 4, 2025 - Product Development: Delivered first batch of 320 tons of high-quality products, developed 18 grades for various applications [2] - **Dingjide** - Capacity: 200,000 tons/year (Phase I) - Current Progress: First shipment of 4,887 tons of ethylene received on September 10, 2025, marking countdown to production [2] - **Wanhua Chemical** - Existing Capacity: 200,000 tons/year (Phase I, to be operational by June 2024) - Expansion: Accelerating construction of a 400,000 tons project, expected total capacity of 600,000 tons/year by end of 2025 [2] - **Maoming Petrochemical (Sinopec)** - Capacity: 50,000 tons/year - Production Start: Successfully tested in April 2025 - Strategic Importance: Aims to fill domestic technology gaps in POE production [2][3] - **Jiangsu Hongjing** - Capacity: 100,000 tons/year - Current Status: Expected to start trial production in June 2025, aiming for full operation by year-end [2] - **Ningxia Baofeng Energy** - Planned Capacity: 200,000 tons/year POE - Current Status: Environmental assessment publicized in May 2025 [2] - **Ningxia Kaixin Energy** - Planned Capacity: 300,000 tons/year POE - Project Status: Environmental assessment publicized in May 2025, awaiting final approval [2] - **Fuhai Tangshan Petrochemical** - Planned Capacity: 100,000 tons/year POE - Project Progress: Environmental assessment publicized on June 10, 2025 [2] - **Zhejiang Petrochemical** - Planned Capacity: 400,000 tons/year POE - Latest Update: Engineering design kickoff meeting held on June 25, 2025 [2] - **Lianhong Xinke** - Project Status: Expected completion by end of 2025, with production in 2026 [2] - **Tangshan Xuyang Chemical** - Project Scale: 1,000 tons/year POE pilot project in collaboration with Shuang'an Company [6] - **Satellite Chemical** - Project Scale: Investing 15 billion yuan in a green chemical new materials industrial park, with plans for 100,000 tons/year POE production [6] - **Beouyi** - Historical Significance: Set to complete China's first industrial POE facility (30,000 tons/year) by December 2023 [8]

Core Viewpoint - The company maintains a good profit level for its EVA products despite a decline in EVA prices, focusing on optimizing product structure and enhancing profitability through new product development and strategic positioning in key material sectors [1] Group 1: Business Performance - The company's EVA facilities are currently operating at a satisfactory profit level [1] - The company is responding to the declining EVA price trend by optimizing and enriching its product structure [1] Group 2: Strategic Initiatives - The company is developing new grades of products to meet the evolving demands of the market [1] - The company is strategically positioning itself in key areas such as new energy materials, bio-materials, electronic materials, and other specialty materials [1] - The profitability and risk resilience of the company are expected to improve as new product facilities are gradually completed and put into production [1]

Core Insights - The report highlights the price differentials of key refining projects in both domestic and international markets, indicating a slight increase in domestic price differentials and a more significant increase in international price differentials [1][2] - Brent crude oil's average weekly price shows a slight decline, reflecting market volatility influenced by geopolitical factors and economic data [2] Refining Sector - As of November 7, 2025, the domestic key refining project price differential is 2327.79 CNY/ton, with a week-on-week increase of 18.00 CNY/ton (+0.78%); the international key refining project price differential is 1361.85 CNY/ton, with a week-on-week increase of 56.54 CNY/ton (+4.33%) [1][2] - Brent crude oil's average weekly price is 64.23 USD/barrel, with a week-on-week change of -1.45% [1][2] - The refining sector is experiencing mixed signals due to U.S.-China trade negotiations and OPEC+ production decisions, leading to fluctuations in international oil prices [2] Chemical Sector - The chemical sector shows overall weak supply and demand, with cost declines not resulting in significant price differential improvements [3] - Polyolefin prices are fluctuating, while pure benzene and styrene prices are slightly declining, leading to narrowed price differentials [3] - Polyester filament yarn market shows slight upward movement due to stable supply, but overall purchasing willingness remains low due to weak downstream demand [3] Stock Performance of Major Refining Companies - As of November 7, 2025, stock price changes for six major private refining companies include: Rongsheng Petrochemical (+5.99%), Hengli Petrochemical (+8.02%), Dongfang Shenghong (+2.71%), Hengyi Petrochemical (-0.73%), Tongkun Co. (+6.82%), and Xin Fengming (+6.17%) [4] - Over the past month, stock price changes include: Rongsheng Petrochemical (+11.92%), Hengli Petrochemical (+13.13%), Dongfang Shenghong (-0.53%), Hengyi Petrochemical (+3.20%), Tongkun Co. (+1.20%), and Xin Fengming (+3.88%) [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 92.162 billion yuan for the first three quarters of 2025, a year-on-year decrease of 14.90%. However, the net profit attributable to the parent company was 126 million yuan, an increase of 108.91% year-on-year. The net profit excluding non-recurring items was -71 million yuan, indicating a reduction in losses [2][6]. - In Q3 2025, the company achieved a revenue of 31.245 billion yuan, down 11.91% year-on-year but up 2.08% quarter-on-quarter. The net profit attributable to the parent company was -260 million yuan, indicating a loss compared to the previous quarter, while the net profit excluding non-recurring items was -343 million yuan, showing an increase in losses quarter-on-quarter [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 92.162 billion yuan, a decline of 14.90% year-on-year. The net profit attributable to the parent company was 126 million yuan, up 108.91% year-on-year, while the net profit excluding non-recurring items was -71 million yuan, indicating a reduction in losses [2][6]. - In Q3 2025, the company recorded revenue of 31.245 billion yuan, a decrease of 11.91% year-on-year but an increase of 2.08% from the previous quarter. The net profit attributable to the parent company was -260 million yuan, reflecting a loss, and the net profit excluding non-recurring items was -343 million yuan, indicating a worsening of losses quarter-on-quarter [2][6]. Industry Outlook - The refining and petrochemical industry is expected to improve due to the implementation of anti-involution policies, which may accelerate supply clearance in the refining and olefin sectors. The aromatic chain is anticipated to maintain a favorable outlook due to limited PX supply growth and steady downstream demand [13]. - The company possesses significant refining project advantages, with a total refining capacity of 16 million tons per year and various production capacities for petrochemical products, positioning it as a leading integrated refining company in China [13]. Future Projections - The company is projected to achieve net profits attributable to the parent company of 230 million yuan, 990 million yuan, and 1.6 billion yuan for the years 2025 to 2027, respectively. The corresponding price-to-earnings ratios based on the closing price on November 5, 2025, are expected to be 262.0X, 61.0X, and 37.8X [13].

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, Juhua, Yangnong Chemical, CNOOC, Tongkun, and Daotong Technology [10]. Core Viewpoints - The report highlights significant price increases in sulfur, sulfuric acid, and lithium battery electrolyte, suggesting a focus on import substitution, domestic demand, and high dividend opportunities [6][19]. - The chemical industry is currently experiencing a weak overall performance, with mixed results across different sub-sectors due to past capacity expansions and weak demand [22]. - The report emphasizes the potential for the glyphosate industry to enter a recovery phase, recommending companies like Jiangshan Co., Xingfa Group, and Yangnong Chemical [8][22]. - It suggests focusing on companies with strong competitive positions and growth potential, particularly in the lubricant additive sector and coal-to-olefins industry [22]. - The report also notes the impact of international oil price fluctuations on the chemical sector, with a recommendation to pay attention to companies benefiting from lower raw material costs due to declining oil prices [20][22]. Summary by Sections Chemical Industry Investment Suggestions - The report suggests monitoring the glyphosate industry for potential recovery, with a focus on companies like Jiangshan Co., Xingfa Group, and Yangnong Chemical [8][22]. - It highlights the importance of selecting stocks with good competitive dynamics and profitability, particularly in the lubricant additive and coal-to-olefins sectors [22]. Price Trends of Chemical Products - Significant price increases were noted for sulfur (10.77%), lithium battery electrolyte (10.53%), and sulfuric acid (9.09%) [19]. - Conversely, products like R22 saw a drastic price drop of 60.49%, indicating volatility in the market [19]. Market Dynamics - The report discusses the influence of geopolitical events, such as US sanctions on Russia, on international oil prices, which are expected to remain around $65 per barrel [20][24]. - It also mentions the mixed performance of the chemical industry due to varying demand across different sectors, with some areas like lubricants performing better than others [22].