Cathay Pacific Haitong released a research report saying that since 2020, the stock prices of the five leading independent refining and chemical companies in the US stock market — Marathon Crude Oil, Valero, Phillips 66, PBF Energy, and HF Sinclair — have begun a six-year long-term boom cycle. The essence of this round of the market is a structural shortage of global refining energy, rather than a short-term rebound. China's refining has surpassed the US to rank first in the world in 2024, but just as the US has entered a period of adjustment after 40 years of rapid development, China's refining and chemical industry is at an inflection point in the production capacity cycle.

Cathay Pacific Haitong released a research report saying that since 2020, the stock prices of the five leading independent refining and chemical companies in the US stock market — Marathon Crude Oil, Valero, Phillips 66, PBF Energy, and HF Sinclair — have begun a six-year long-term boom cycle. The essence of this round of the market is a structural shortage of global refining energy, rather than a short-term rebound. China's refining has surpassed the US to rank first in the world in 2024, but just as the US has entered a period of adjustment after 40 years of rapid development, China's refining and chemical industry is at an inflection point in the production capacity cycle.