3 月25 日中国海洋石油发布2020 年报并召开业绩发布会，2020年公司桶油完全成本26.3 美金/桶，同比下降11.6%，实现桶油完全成本七连降；低成本保障公司在疫情和油价暴跌的双重考验下逆势盈利，公司2020 年净利润249.6 亿元，同比下降59.1%。

民营大炼化逆势强势崛起 ............................................................................................................................2

板块行情走势 ....................................................................................................................................................3

炼化产业链产品价差对比 ....................................................................................................................5

尼龙行业产业链基本面跟踪 ...............................................................................................................................5

1.主要上游原料：纯苯价格上涨，己内酰胺、己二酸价格下跌，丁二烯价格持平....................5

2.PA66 价格、价差上涨，PA6 价格、价差下跌...........................................................................6

粘胶短纤行业基本面跟踪 ..............................................................................................................................................7

粘胶短纤价格、价差下跌，溶解浆价格上涨................................................................................7

原油-PX-PTA-涤纶长丝/氨纶-面料产业链基本面跟踪 ..........................................................................................8

1.原油：布伦特原油、布伦特-WTI 价差上涨，WTI 原油价格下跌....................................................8

2.乙烯：价格及价差下跌........................................................................................................................10

3.PX：价格、价差下跌..............................................................................................................................11

3.PTA：价格下跌，价差上涨..........................................................................................................................13

4.乙二醇（MEG）：价格上涨..........................................................................................................16

5.涤纶长丝：POY、FDY、DTY 价格及价差下跌.........................................................................17

6.氨纶：氨纶40D 价格持平，价差下跌....................................................................................................20

C3 产业链基本面跟踪....................................................................................................................................21

1.丙烷价格持平，丙烯价格、价差及正丁醇价格下跌................................................................................21

2.丙烯酸、丙烯酸丁酯价格及价差下跌....................................................................................................22

行业动态 ................................................................................................................................................................23

重点公司公告 .............................................................................................................................................25

重点公司投产进度 .....................................................................................................................................................26

建议关注公司 ................................................................................................................................................................27

1.恒力石化...............................................................................................................................27

2.卫星石化........................................................................................................................................................27

3.桐昆股份..............................................................................................................................................28

4.东方盛虹...............................................................................................................................29

5.新凤鸣.....................................................................................................................................30

6.荣盛石化.................................................................................................................................................30

7.恒逸石化..................................................................................................................................................31

8.海利得........................................................................................................................................................32

9.华峰化学.........................................................................................................................................................33

10.双星新材............................................................................................................................................33

11．神马股份..................................................................................................................................................34

12．中国海洋石油.......................................................................................................................................35

13.东华能源.........................................................................................................................................................35

14.新乡化纤.....................................................................................................................................................36

投资建议 .............................................................................................................................................38

风险分析 ............................................................................................................................................................40