According to data from the National Bureau of Statistics, from January to February of this year, among 41 industries, 23 industries saw a year-on-year increase in profits, one industry remained unchanged, 14 industries fell, and one industry changed profits from the same period to a loss. Losses in two industries increased year-on-year. In terms of profit growth in major industries, profit from electric power, heat production and supply increased by 21.1%, agricultural and non-staple food processing increased by 13.3%, ferrous metal smelting and rolling processing industry decreased by 94%, and chemical raw materials and chemical manufacturing decreased by 28.8%.

It is worth noting that the profits of the oil and gas industry's mining industry increased by 15.5% year-on-year, while its downstream oil processing and coking industries turned profit from the same period into losses. Analysts believe that the main reason for this phenomenon is that in the same period of last year, the prices of fuel oil for oil and industrial production were relatively low, the pressure on refinery costs was controllable, and the recent increase in international oil prices was significant, and the efficiency of upstream crude oil production increased substantially. The refinery is affected by the price increase of crude oil, fuel oil, and other refined raw materials, and the sales price of downstream refined oil products. The profit margin has been greatly reduced. From the data of the past two years, the profit growth of the petroleum processing and coking industries is far lower than that of the upstream mining industry.

Correspondingly, China Petroleum & Chemical Corporation announced its annual report earlier this week. Last year, its net profit was 71.697 billion yuan, an increase of only 1.4% year-on-year, which was lower than the market consensus of 2.2%-11%. In response, Miao Xihua, president of the Business Energy Branch, believes that the losses in the refining sector have dragged down Sinopec's overall profit margin, and its profits should be supported by exploration and mining operations and sales.

“State-owned oil companies generally classify their operations into the exploration, refining, and sales segments. The refining segment, which is affected by costs and refined oil pricing mechanisms, often suffers losses, but due to better earnings from upstream and downstream exploration and sales sectors, the three major The oil group as a whole still maintains a certain degree of profitability,” said Wang Jintao, a product oil analyst at Zhongyu Information. In contrast, private refineries are faced with the policy limitation and lack of upstream and downstream links, and often face the “oil-free” dilemma. It is not surprising that profits have been eroded.

In this regard, some people in the industry believe that optimizing the ecological environment of the domestic petrochemical industry chain, on the one hand, needs to steadily implement the reform of the refined oil price mechanism, use the market adjustment method to rationalize the petrochemical industry chain price system, and on the other hand, establish a domestic crude oil futures market. To help domestic companies in the petrochemical industry chain avoid price risks.

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