展望2024年，考虑到全球宏观的相对韧性及美联储的加息周期有望结束，及国内对于房地产等行业的支持政策相继出台，我们认为国内外对于化工产品的需求有望恢复增长，化工行业整体景气度有望触底反弹，但考虑到中游行业的较大规模的供给端资本性开支，以及化工下游行业对于传统化工品的需求增速有所放缓，因此化工中游细分行业供需矛盾突出，利润水平仍然将处于历史较低水平。因此，我们更看好上游核心资源品及下游需求有望持续增长的新兴化学品的投资方向。

石化行业作为主要以化石能源为原料的行业，如何实现绿色可持续性发展是行业重要议题，工信部和国务院发布了《关于“十四五”推动石化化工行业高质量发展的指导意见》和《“十 四五”节能减排综合工作方案》，就“十四五”期间行业的低碳减排、高质量发展给出具体指引。石化行业的央企多为上游油气板块企业，主业为上游石油和天然气资源的勘探开发。考虑到全球正在推进能源转型和通过碳排放管理等措施控制气候变化，且上游油气资源的开采可能会出现安全事故，石化行业央企 ESG 的评价体系应更多关注环境与社会两方面。

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Material Type: Fireworks Industry: All other chemical product and preparation manufacturing

The global 5G in oil & gas market will gain momentum with the growth in complexity in organizations, increased competition from renewable resources, a rise in focus on the improvement of margins by cost minimization, and increased operational efficiency to reduce unmanned downtime

2023 年 4 月 OPEC 会议上宣布将产量配额下调 166 万桶/日，并在 6 月的 会议上宣布将减产延续至 2024 年底。此外沙特和俄罗斯也在今年进行了额外自愿减产，并不断延长减产期限。美国原油库存量短期反弹：截至 10 月 20 日当周，美国原油总库存为 7.72 亿桶，较上周增加 137.2 万桶；美国原油商业库存为 4.21 亿桶，较上周增加 137.2 万桶；美国战略石油储备库存 为 3.51 亿桶，与上周持平。

Over the past few years, re-refining of waste base oil gained tremendous importance. It not only helps preserve natural resources but also helps manage waste oil. Mismanagement of waste oil can lead to a detrimental effect on the environment. Disposal of waste oil on waterways can harm aquatic life as used oil contains soluble and insoluble contaminants, such as metals, gums, varnish, additives, and other harmful chemicals. Metal-containing waste oil released into the environment can lead to the formation of algae. The resulting algae population depletes the aquatic oxygen supply, thereby threatening aquatic animals. Therefore, governments across countries take measures to promote the re-refining of base oils.