Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The report highlights the potential for long-term growth in Xinjiang, supported by continuous policy empowerment and significant economic achievements in the region [5][22] - Xinjiang is positioned as a core area for national energy security, with rapid development in coal chemical industries and substantial investments planned [23] - The chemical industry is expected to enter a new long-term prosperity cycle, driven by supply-side reforms and improved demand from policy initiatives [8] Market Performance - The basic chemical industry index outperformed the Shanghai Composite Index by 0.2 percentage points this week, with a weekly increase of 2.3% [11] - Year-to-date, the basic chemical industry index has risen by 16.3%, outperforming the Shanghai Composite Index by 7.8 percentage points [11] Investment Opportunities - The report suggests focusing on investment opportunities in Xinjiang, particularly in sectors such as civil explosives, chemical engineering, and resource-based enterprises [5][23] - Key companies to watch include: - Civil Explosives: Yipuli, Jiangnan Chemical, Guangdong Hongda, Xuefeng Technology, Kailong Co [5] - Chemical Engineering: Sanwei Chemical, China Chemical, Donghua Technology, Sinopec Refining Engineering [5] - Resource-based Enterprises: Guanghui Energy, Baofeng Energy, Hubei Yihua, Tianfu Energy, Xinjiang Tianye [5] Product Price Movements - The report notes significant price increases in various chemical products, with hydrochloric acid rising by 900% and ammonium chloride by 13.3% [30][32] - Conversely, prices for some products like trichlorosucrose have decreased by 28% [30][32] Company Announcements - Companies such as Qixiang Tengda and Jiahuan Energy have reported significant operational updates and financial results, indicating a positive trend in revenue and profit growth [24][25][27]

2025.06. 23 本文字数：3780，阅读时长大约6分钟 就国际油价走高对于中国的影响，多位分析人士认为，尽管当前油价存在恐慌性上涨，但供应链实际 上并没有切断，国际油气市场的震荡反应仍在预期范围内。目前，中国国内的原油和液化天然气 （LNG）库存供应较为充足，短期内可以通过调整采购结构优化进口风险。 影响全球能源价格稳定 在历史上，伊朗曾威胁封锁该海峡但从未付诸实施。考虑到其严重性，若成真，此举将限制贸易并影 响全球油价，而全球经济发展高度依赖石油供应的顺畅流动。随着市场对霍尔木兹海峡被封锁担忧加 剧，地缘政治风险溢价上升，推动布伦特原油期货和WTI期货在23日一度双双升至五个月高位。 当地时间21日，美国总统特朗普宣称美军已"成功打击"并"彻底清除"伊朗三处核设施。22日，伊朗议 会国家安全委员会委员库萨里表示，伊朗议会已得出结论，认为应关闭霍尔木兹海峡，但最终决定权 在伊朗最高国家安全委员会手中。 虽然目前市场的基本判断仍是，伊朗大概率不会封锁霍尔木兹海峡；但如若封锁，包括石油在内的能 源价格将会飙升，全球通胀的风险将会重燃。 欧洲资管巨头东方汇理的地缘政治主管罗森博格（Anna Rosenber ...

Group 1 - Spot gold has turned to a decline of nearly 0.1%, falling below $3430 per ounce [1] - WTI and Brent crude oil futures have seen their gains narrow to less than 1% [1]

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, suggesting investment opportunities in high-quality refining companies and upstream service providers [2][4]. Core Insights - The European refining sector is undergoing significant restructuring due to declining demand, aging facilities, and reduced profitability, with refining capacity decreasing by 4.2 million barrels per day since 2005, a drop of over 23% [4][5]. - The average age of European refineries is 66 years, significantly higher than the global average of 51 years, leading to increased maintenance costs and declining competitiveness [7][10]. - High natural gas prices continue to exert pressure on refinery profitability, with expectations that European gas prices will remain elevated, negatively impacting operational costs [10][12]. - Several refineries are expected to shut down in 2025, including Shell's Rheinland refinery and BP's Gelsenkirchen refinery, collectively removing 390,000 barrels per day of capacity [12][13]. Summary by Sections Upstream Sector - As of May 9, 2025, Brent crude futures closed at $63.91 per barrel, a week-on-week increase of 4.27%, while WTI futures rose by 4.68% to $41.02 per barrel [19]. - U.S. commercial crude oil inventories decreased by 2.032 million barrels to 438 million barrels, which is 7% lower than the five-year average for this time of year [21][22]. - The number of active drilling rigs in the U.S. decreased by 6 to 578, a year-on-year decline of 25 rigs [19][30]. Refining Sector - The Singapore refining margin for major products was $10.90 per barrel as of May 9, 2025, down by $6.31 from the previous week [53]. - The price spread for ethylene was $245.67 per ton, up by $30.80 from the previous week, while propylene saw a decrease in its price spread [4][50]. Polyester Sector - PTA prices increased to an average of 4551.67 RMB per ton, reflecting a week-on-week rise of 0.75% [4][50]. - The overall performance of the polyester industry remains average, with a need to monitor demand changes closely [4][50]. Investment Recommendations - The report suggests focusing on leading refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to expected improvements in cost structures and competitive positioning [4][14]. - It also highlights the potential for recovery in the valuation of companies like Satellite Chemical and Tongkun Co., given the anticipated easing of tariffs affecting polyester demand [4][14].