数据显示，截至2025年12月31日，中证细分化工产业主题指数(000813)前十大权重股分别为万华化学 (600309)、盐湖股份(000792)、藏格矿业(000408)、天赐材料(002709)、巨化股份(600160)、恒力石化 (600346)、华鲁恒升(600426)、宝丰能源(600989)、云天化(600096)、金发科技(600143)，前十大权重股 合计占比45.31%。 炼化也不止px，乙烯现在没启动还在亏损，26-27年减亏/扭亏的概率是比较大的。 化工ETF(159870)，场外联接(A：014942；C：014943；I：022792)。 成分股消息方面：恒逸石化文莱二期打开发展空间，上调回购价格上限彰显信心。公司全面启动文莱二 期项目建设、打开未来发展空间。公司已签订《二期实施协议》，并于文莱政府、银行、股东方取得税 收优惠、贷款等方面批文及意向函。二期项目规划1200万吨/年产能，主要生产柴油、PX、纯苯、聚丙 烯及其他附加值较高的成品油及化工产品，预计2028年年底建成投产。公司上调回购价格上限、彰显信 心。根据公司公告，公司前期15-25亿大额回购已累计增持约2.65亿股， ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - PX market sentiment is supported by the expectation of tight supply in the first quarter of 2026, with the PX - naphtha spread widening to $360 and the PX - mixed xylene spread rising to $244, which encourages PX producers to actively purchase MX for conversion. Demand remains robust, with high domestic PTA operation, benefiting from stable domestic demand and the resumption of exports to India since the end of November. The high gasoline spread also supports aromatics. New polyester installations keep the polyester load high, maintaining high PTA consumption, increasing market willingness for domestic products, and rapidly strengthening the basis. Although polyester demand weakens seasonally in China, the production cuts by polyester factories are insufficient to form a negative feedback. In the context of the commodity market's enthusiastic sentiment, PTA prices are significantly boosted [2] - Overseas ethylene glycol (MEG) plant maintenance plans are increasing, with two sets of MEG plants in Taiwan, China, with a total annual capacity of 720,000 tons, scheduled to shut down next month due to poor profitability, and Saudi Arabian MEG plants starting planned maintenance. The inventory at East China MEG ports remains at 750,000 tons. Against the backdrop of continuously falling coal prices, MEG prices struggle to gain effective support. With the successive commissioning of new plants, market supply pressure continues to increase. The return of coal - based MEG plants exerts significant pressure on the market. Attention should be paid to recent domestic policy changes, and MEG prices may receive support under the carbon neutrality background [2] 3. Summary by Relevant Catalogs 3.1 Market Data - **Crude Oil**: INE crude oil price rose from 434.8 yuan/barrel on December 29, 2025, to 436.1 yuan/barrel on December 30, 2025, an increase of 1.3 yuan/barrel [2] - **PTA**: PTA - SC increased from 1962.3 yuan/ton to 1974.8 yuan/ton, an increase of 12.55 yuan/ton; PTA/SC ratio rose from 1.6210 to 1.6231, an increase of 0.0021; CFR China PX increased from 891 to 894, an increase of 3; PX - naphtha spread increased from 349 to 359, an increase of 11; PTA main futures price rose from 5122 yuan/ton to 5144 yuan/ton, an increase of 22 yuan/ton; PTA spot price rose from 5065 yuan/ton to 5100 yuan/ton, an increase of 35 yuan/ton; spot processing fee rose from 334.1 yuan/ton to 352.0 yuan/ton, an increase of 17.9 yuan/ton; disk processing fee rose from 391.1 yuan/ton to 396.0 yuan/ton, an increase of 4.9 yuan/ton; main basis rose from (63) to (50), an increase of 13; PTA warehouse receipt quantity decreased from 114,648 to 107,482, a decrease of 7,166 [2] - **MEG**: MEG main futures price rose from 3817 yuan/ton to 3847 yuan/ton, an increase of 30 yuan/ton; MEG - naphtha increased from (145.22) yuan/ton to (139.05) yuan/ton, an increase of 6.2 yuan/ton; MEG domestic price rose from 3687 yuan/ton to 3694 yuan/ton, an increase of 7 yuan/ton; main basis remained at - 140 [2] - **Industrial Chain Operating Rates**: PX operating rate remained at 86.28%; PTA operating rate remained at 74.63%; MEG operating rate remained at 61.76%; polyester load remained at 88.81% [2] - **Polyester Products**: POY150D/48F decreased from 6570 yuan/ton to 6545 yuan/ton, a decrease of 25 yuan/ton; POY cash - flow decreased from (246) to (303), a decrease of 57; FDY150D/96F decreased from 6810 yuan/ton to 6760 yuan/ton, a decrease of 50 yuan/ton; FDY cash - flow decreased from (506) to (588), a decrease of 82; DTY150D/48F decreased from 7760 yuan/ton to 7745 yuan/ton, a decrease of 15 yuan/ton; DTY cash - flow decreased from (256) to (303), a decrease of 47; long - filament sales rate increased from 40% to 41%, an increase of 1%; 1.4D direct - spun polyester staple fiber increased from 6620 yuan/ton to 6640 yuan/ton, an increase of 20 yuan/ton; polyester staple fiber cash - flow decreased from 154 to 142, a decrease of 12; short - fiber sales rate increased from 52% to 54%, an increase of 2%; semi - bright chip increased from 5755 yuan/ton to 5760 yuan/ton, an increase of 5 yuan/ton; chip cash - flow decreased from (161) to (188), a decrease of 27; chip sales rate increased from 51% to 81%, an increase of 30% [2] 3.2 Device Maintenance Dynamics - A 1.2 - million - ton PTA plant in the northwest restarted after shutting down early last week [4]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - PTA: The PX market sentiment is supported by the expectation of tight supply in Q1 2026, with the PX - naphtha spread widening to $360 and the PX - mixed xylene spread rising to $244. PTA maintains high - level production, and the polyester load stays high due to new device launches. The PTA price is boosted by the overall commodity market sentiment [2]. - Ethylene Glycol (MEG): Overseas MEG device maintenance plans increase, but with coal prices falling and new devices coming into operation, the supply pressure is large. The price lacks effective support, though it may get support from domestic policies [2]. 3) Summary by Relevant Catalogs Market Data Changes - **INE Crude Oil**: The price dropped from 442.7 yuan/barrel on December 25, 2025, to 441.8 yuan/barrel on December 26, 2025, a decrease of 0.90 yuan/barrel [2]. - **PTA - SC**: The value increased from 1934.9 yuan/ton to 2069.4 yuan/ton, a rise of 134.54 yuan/ton [2]. - **PTA/SC Ratio**: Rose from 1.6014 to 1.6445, an increase of 0.0431 [2]. - **CFR China PX**: Increased from 901 to 919, a rise of 18 [2]. - **PX - Naphtha Spread**: Widened from 361 to 377, an increase of 16 [2]. - **PTA Main Futures Price**: Rose from 5152 yuan/ton to 5280 yuan/ton, an increase of 128 yuan/ton [2]. - **PTA Spot Price**: Increased from 5050 yuan/ton to 5175 yuan/ton, a rise of 125 yuan/ton [2]. - **PTA Spot Processing Fee**: Decreased from 281.8 yuan/ton to 278.5 yuan/ton, a decrease of 3.3 yuan/ton [2]. - **PTA Futures Processing Fee**: Rose from 363.8 yuan/ton to 398.5 yuan/ton, an increase of 34.7 yuan/ton [2]. - **PTA Main Basis**: Changed from (13) to (65), a decrease of 52 [2]. - **PTA Warehouse Receipt Quantity**: Decreased from 118,854 to 116,646, a decrease of 2,208 [2]. - **MEG Main Futures Price**: Rose from 3818 yuan/ton to 3846 yuan/ton, an increase of 28 yuan/ton [2]. - **MEG - Naphtha**: Changed from (147.79) to (141.98), an increase of 5.8 [2]. - **MEG Domestic Market**: Increased from 3653 to 3666, a rise of 13 [2]. - **MEG Main Basis**: Rose from 0 to 40, an increase of 40 [2]. Industry Chain Start - up Conditions - **PX Start - up Rate**: Remained at 86.28% [2]. - **PTA Start - up Rate**: Increased from 75.49% to 76.95%, a rise of 1.46% [2]. - **MEG Start - up Rate**: Remained at 61.50% [2]. - **Polyester Load**: Increased from 88.65% to 88.94%, a rise of 0.29% [2]. Product Price and Cash - Flow Changes - **POY150D/48F**: The price increased from 6440 to 6570, a rise of 130 [2]. - **POY Cash - Flow**: Improved from (352) to (333), an increase of 19 [2]. - **FDY150D/96F**: The price increased from 6730 to 6810, a rise of 80 [2]. - **FDY Cash - Flow**: Deteriorated from (562) to (593), a decrease of 31 [2]. - **DTY150D/48F**: The price increased from 7755 to 7760, a rise of 5 [2]. - **DTY Cash - Flow**: Deteriorated from (237) to (343), a decrease of 106 [2]. - **Long - Filament Production and Sales**: Increased from 41% to 48%, a rise of 7% [2]. - **1.4D Direct - Spun Polyester Staple Fiber**: The price increased from 6575 to 6690, a rise of 115 [2]. - **Polyester Staple Fiber Cash - Flow**: Improved from 133 to 137, an increase of 4 [2]. - **Staple Fiber Production and Sales**: Increased from 56% to 86%, a rise of 30% [2]. - **Semi - Bright Chip**: The price increased from 5720 to 5780, a rise of 60 [2]. - **Chip Cash - Flow**: Deteriorated from (172) to (223), a decrease of 51 [2]. - **Chip Production and Sales**: Increased from 49% to 55%, a rise of 6% [2]. Device Maintenance A 2.2 - million - ton PTA device in Ningbo, which stopped for maintenance in late November, is expected to resume operation on the 24th [2].

证券研究报告 大炼化周报：PTA供应端发生变化，产品价格上涨 大化工首席分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 石化化工分析师：周少玟 执业证书编号：S0600525070005 联系方式：zhoushm@dwzq.com.cn 2025年12月28日 请务必阅读正文之后的免责声明部分 投资要点 3. 风险提示 3 目录 2 ◼ 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2640元/吨，环比-2元/吨（环比-0%）；国外重 点大炼化项目本周价差为1254元/吨，环比-45元/吨（环比-3%）。 ◼ 【聚酯板块】本周POY/FDY/DTY行业均价分别为6386/6625/7707元/吨，环比分别+93/+89/+21元/吨， POY/FDY/DTY行业周均利润为-189/-296/-175元/吨，环比分别-131/-133/-178元/吨，POY/FDY/DTY行业库存 为19.0/16.1/21.9天，环比分别+0.0/-8.2/-3.0天，长丝开工率为89.4%，环比+0.2pct。下游方面，本周织机开工 率为60. ...

Group 1 - The core viewpoint of the news is that Xin Fengming has shown significant stock performance with a year-to-date increase of 59.59% and a recent rise of 7.47% over the last five trading days [1] - As of December 10, the number of shareholders for Xin Fengming decreased by 5.55% to 19,800, while the average circulating shares per person increased by 5.88% to 76,712 shares [2] - For the period from January to September 2025, Xin Fengming achieved a revenue of 51.542 billion yuan, representing a year-on-year growth of 4.77%, and a net profit attributable to shareholders of 0.869 billion yuan, up 16.53% year-on-year [2] Group 2 - Xin Fengming has distributed a total of 1.733 billion yuan in dividends since its A-share listing, with 720 million yuan distributed over the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited is the ninth largest circulating shareholder of Xin Fengming, holding 16.7314 million shares as a new shareholder [3] - The company operates primarily in the production and sales of polyester filament, short fibers, and PTA, with its main business revenue composition being POY at 42.73%, PTA at 13.29%, and other segments contributing to the overall revenue [1]

东吴证券近日发布大炼化周报：国内重点大炼化项目本周价差为2674元/吨，环比+104元/吨（环比 +4%）；国外重点大炼化项目本周价差为1305元/吨，环比-24元/吨（环比-2%）。本周PX均价为838.6美 元/吨，环比+1.7美元/吨，较原油价差为400.0美元/吨，环比+15.7美元/吨，PX开工率为89.2%，环比 +0.0pct。 以下为研究报告摘要： 【相关上市公司】民营大炼化&涤纶长丝：恒力石化、荣盛石化、恒逸石化、桐昆股份、新凤鸣。 投资要点 【风险提示】1）项目实施进度不及预期；2）宏观经济增速下滑，导致需求复苏弱于预期；3）地缘风 险演化导致原材料价格波动；4）行业产能发生重大变化；5）统计口径及计算误差。（东吴证券 陈淑 娴,周少玟） 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2674元/吨，环比+104元/吨（环比 +4%）；国外重点大炼化项目本周价差为1305元/吨，环比-24元/吨（环比-2%）。 【聚酯板块】本周POY/FDY/DTY行业均价分别为6293/6536/7686元/吨，环比分别-111/-125/-61元/吨， POY/FDY/DTY行业周均利润为 ...

证券研究报告 大炼化周报：成本端支撑减弱，长丝价格下滑 大化工首席分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 石化化工分析师：周少玟 执业证书编号：S0600525070005 联系方式：zhoushm@dwzq.com.cn 2025年12月21日 请务必阅读正文之后的免责声明部分 投资要点 2 ◼ 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2674元/吨，环比+104元/吨（环比+4%）；国 外重点大炼化项目本周价差为1305元/吨，环比-24元/吨（环比-2%）。 ◼ 【聚酯板块】本周POY/FDY/DTY行业均价分别为6293/6536/7686元/吨，环比分别-111/-125/-61元/吨， POY/FDY/DTY行业周均利润为-58/-163/+3元/吨，环比分别-75/-85/-42元/吨，POY/FDY/DTY行业库存为 19.0/24.3/24.9天，环比分别+2.3/+2.1/+1.0天，长丝开工率为89.1%，环比-0.7pct。 ◼ 【炼油板块】国内成品油:本周汽油/柴油/航煤价格下跌。美国成品油 ...

Core Viewpoint - The article highlights various companies' initiatives and collaborations aimed at expanding their international presence and leveraging technology, particularly AI, to enhance their operations and market reach [5][6][8][10][12]. Group 1: Company Initiatives - The video blogger team "影视飓风" has entered the B2B overseas platform Alibaba International Station, utilizing AI Agents to expand into international markets, receiving cooperation intentions from over 30 countries [5]. - The company "智动力" has successfully entered and is servicing key markets in Vietnam and India, establishing strong partnerships and making overseas business a significant part of its operations [5]. - "出门问问" launched the world's first 4G AI recording headset, TicNote Pods, which operates independently of a smartphone and is designed for various dialogue scenarios [5]. Group 2: Collaborations and Partnerships - Temu signed a memorandum of understanding with Belgian postal operator bpost group to enhance cross-border e-commerce supply chain capabilities and logistics systems in Europe and North America [6]. - Riyadh Airlines and Huawei signed a cooperation memorandum to create a new generation of digital aviation ecosystem, focusing on enhancing digital capabilities for seamless travel experiences [8]. - "北斗智联" completed a strategic financing round to accelerate its overseas expansion and product development in AI and low-altitude economy sectors, with a focus on Europe, North America, and Southeast Asia [12]. Group 3: Market Expansion and Investments - "新凤鸣" plans to invest approximately $280 million in a 360,000-ton/year functional fiber project in Egypt, aiming to enhance local textile industry capabilities [10]. - "Airwallex" completed a $330 million Series G financing round, raising its valuation to $8 billion, which will support its expansion in the U.S. and other key markets [10]. - "快造科技" achieved a record-breaking crowdfunding amount for its 3D printer, indicating strong market interest and potential for significant revenue growth [10].

| 原油产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | 张晓珍 | Z0003135 | | 2025年12月5日 | | | | | | | 原油价格及价差 | | | | | | | 品种 12月4日 | | 12月3日 | 涨跌 | 涨跌幅 | 单位 | | Brent 63.26 | | 62.67 | 0.59 | 0.94% | | | WTI 59.67 | | 58.95 | 0.72 | 1.22% | 美元/桶 | | SC 451.30 | | 449.30 | 2.00 | 0.45% | 元/神 | | Brent M1-M3 | 0.65 | 0.61 | 0.04 | 6.56% | | | WTI M1-M3 | 0.61 | 0.50 | 0.11 | 22.00% | 美元/桶 | | SC M1-M3 | -1.50 | -1.30 | -0.20 | 15.38% | 元/神 | | Brent-WTI | 3.59 | 3.72 ...

Group 1: Report Information - The reports cover multiple industries including polyolefin, methanol, crude oil, natural rubber, urea, benzene - styrene, glass - soda ash, PVC - caustic soda, and polyester产业链 on December 3, 2025 [1][5][9][10][12][13][14][15][16] Group 2: Industry Price and Spread Changes Polyolefin - Futures prices of L2601, L2605, PP2601, and PP2605 increased on December 2 compared to December 1, with L2601 rising 0.41% to 6831 yuan/ton and PP2601 rising 0.20% to 6410 yuan/ton [2] - Price differences such as L15, LP01, etc. also had corresponding changes, with L15 rising 8.33% [2] Methanol - MA2601 decreased 0.19% to 2132 yuan/ton on December 2 compared to December 1, while MA2605 remained unchanged [5] - Methanol enterprise inventory increased 4.19% to 37.3712%, and methanol port inventory decreased 7.83% to 136.4 million tons [5] Crude Oil - Brent decreased 1.14% to 62.45 dollars/barrel, and WTI decreased 1.15% to 58.64 dollars/barrel on December 2 compared to December 1 [9] Natural Rubber - Yunnan state - owned whole latex (SCRWF) in Shanghai increased 0.34% to 14850 yuan/ton on December 2 compared to December 1 [10] - The basis of whole latex decreased 13.33% to - 510 yuan/ton [10] Urea - Futures prices of different contracts had slight increases or decreases, with the 01 contract increasing 0.72% to 1687 yuan/ton [12] - The difference between the 01 and 05 contracts changed, with an increase of 4 in the difference [12] Benzene - Styrene - Brent crude oil (January) decreased 1.1% to 62.45 dollars/barrel on December 2 compared to December 1, and styrene in East China increased 0.9% to 6680 yuan/ton [13] Glass - Soda Ash - Glass in North China decreased 0.92% to 1080 yuan/ton, and soda ash in North China remained unchanged at 1300 yuan/ton [14] PVC - Caustic Soda - East China calcium carbide - based PVC increased 0.4% to 4510 yuan/ton on December 2 compared to December 1 [15] Polyester Industry Chain - Brent crude oil (February) decreased 1.1% to 62.45 dollars/barrel, and POY150/48 price increased 0.4% to 6485 yuan/ton on December 2 compared to December 1 [16] Group 3: Industry Supply and Demand and Inventory Polyolefin - Polypropylene supply maintenance due to high - level overhauls is expected to recover, and inventory reduction is accelerating but still higher than previous years; polyethylene supply is increasing, and although upstream inventory is decreasing, it is still higher year - on - year [2] Methanol - Inland methanol supply increased with device restarts, and coal - and gas - based profits were weak; port imports are expected to decline significantly in Q1 due to Iranian gas restrictions [5][6] Crude Oil - Under the pressure of OPEC+ continuous production increase and the record - high US crude oil production, the crude oil supply - demand pattern is weak, and inventories of crude oil and refined oil increased according to API data [9] Natural Rubber - Supply is expected to increase during the seasonal peak production period, and inventory is accumulating, while demand from semi - steel and full - steel tire markets is weak [10] Urea - Domestic urea daily production increased 1.19% to 20.34 million tons on November 27 compared to November 28, and urea plant inventory decreased 5.10% to 136.39 million tons [12] Benzene - Styrene - Pure benzene supply is sufficient with device restarts and expected imports, and demand support is limited; styrene supply is expected to be stable, and demand support is also limited, but the inventory accumulation expectation is not obvious in December [13] Glass - Soda Ash - Soda ash production decreased due to device overhauls but recently recovered, and glass factory inventory decreased slightly; real - estate data shows mixed trends with new construction area decreasing and completion area increasing [14] PVC - Caustic Soda - Caustic soda supply is abundant, and demand support is weak; PVC supply pressure remains, and demand is in the off - season, but export orders are relatively good [15] Polyester Industry Chain - PX supply is expected to be better in the medium - term, and PTA supply decreased more than expected, while demand support is stronger than expected; MEG inventory accumulation in December is expected to narrow, but supply pressure remains [16] Group 4: Industry Core Views and Strategies Polyolefin - The fundamentals show a pattern of increasing supply and weak demand, with cost support and inventory pressure coexisting [2] Methanol - Inland supply increases, and port imports are expected to decline, with winter fuel demand providing support [6] Crude Oil - International oil prices are expected to continue range - bound, with Brent likely to fluctuate between 60 - 65 dollars/barrel in the short - term [9] Natural Rubber - The market is expected to maintain range - bound consolidation, with rubber prices expected to operate between 15000 - 15500 yuan/ton [10] Urea - No specific overall view and strategy are clearly stated in the provided text [12] Benzene - Styrene - For pure benzene, short - term BZ2603 is recommended to be short on rebounds; for styrene, short - term EB01 is recommended to be treated as wide - range fluctuations [13] Glass - Soda Ash - Soda ash is expected to be in a bottom - range fluctuation, and glass is expected to face pressure in the medium - and long - term, with the 01 contract having pressure in December [14] PVC - Caustic Soda - Caustic soda prices are expected to be weak, and PVC is expected to continue the bottom - weakening pattern [15] Polyester Industry Chain - PX is recommended to pay attention to the pressure around 7000 yuan/ton in the short - term; PTA is expected to be in a high - level range - bound in the short - term; MEG is expected to be in a range - bound in December; short - fiber follows raw material fluctuations, and processing fees are recommended to be shorted on highs; bottle - chip processing fees are expected to be squeezed [16]