The
midstream sector of the oil and gas industry includes processing, storage, and transportation.
石油和天然气行业的中游领域包括加工、储存和运输。
Midstream operations involve the movement of crude oil from the wellhead to refineries.
中游作业涉及将原油从井口输送至炼油厂的过程。
The company is investing heavily in expanding its
midstream infrastructure.
该公司正在大力投资扩大其中游基础设施。
Midstream assets such as pipelines and terminals play a crucial role in ensuring energy security.
管道和码头等中游资产在确保能源安全方面发挥着关键作用。
We're focusing on optimizing our
midstream operations to increase efficiency and reduce costs.
我们正专注于优化中游运营以提高效率并降低成本。
The
midstream segment is often less volatile compared to upstream and downstream segments in the energy market.
在能源市场中，与上游和下游相比，中游环节往往波动性较小。
Many investors see
midstream companies as a source of stable income due to their long-term contracts.
许多投资者认为由于长期合同的存在，中游公司是稳定的收入来源。
A merger between two major
midstream players could lead to increased market consolidation.
两家主要中游企业之间的合并可能会导致市场进一步整合。
The regulatory environment for
midstream activities is complex and requires careful navigation.
对于中游活动的监管环境复杂，需要谨慎应对。
The development of new
midstream technologies can significantly impact the overall cost structure of the industry.
新型中游技术的发展可对整个行业的成本结构产生重大影响。
The think tank said China's energy ties with Iraq extend well beyond trade in crude oil, as China's leading State-owned energy enterprises have established a strong foothold in Iraq's upstream, midstream and downstream markets, while China's engagement with Iraq has continued to grow in recent years, mostly in energy and transport infrastructure.
该智库表示，中国与伊拉克的能源关系远远超出了原油贸易的范围，因为中国领先的国有能源企业已经在伊拉克的上、中、下游市场站稳了脚跟，而中国与伊拉克近年来的接触持续增长，主要是在能源和运输基础设施方面。
Achieving sustainable and high-quality development is a long-term target, which requires sustained efforts to integrate innovation along with industrial and supply chains — vertical synergy of upstream, midstream and downstream segments of the industrial chain, and horizontal synergy of government, enterprises, universities, scientific research institutes and other entities.
实现可持续高质量发展是一个长期目标，需要持续努力将创新与产业链和供应链相结合——产业链上中下游的纵向协同，以及政府、企业、大学、科研院所和其他实体的横向协同。
Tuesday's data showed that the business profit structure of industrial firms continues to optimize, as profits earned by some midstream and downstream enterprises post an uptick in profit margin.
周二的数据显示，随着一些中下游企业的利润率上升，工业企业的业务利润结构继续优化。
This project is the country's first expansion from midstream and downstream to upstream of the global LNG industry value chain, from a single market buyer in the past to a market buyer that pays equal attention to nature resource development.
该项目是该国首次从全球液化天然气产业价值链的中下游向上游扩张，从过去的单一市场买家转变为自然资源开发并重的市场买家。
And 22 sectors saw improvement in profits from the previous month, among which over 80 percent are from midstream and downstream industries, the NBS said.
国家统计局表示，22个行业的利润较上月有所改善，其中80%以上来自中下游行业。
"However, small and medium-sized industrial enterprises generally suffered from the COVID-19 impact, especially those in midstream and downstream industries.
“然而，中小型工业企业普遍受到新冠肺炎的影响，尤其是中下游工业企业。
"With the pipeline company taking hold of midstream assets in the oil and gas market, city-gate prices might be as valid as before, which is likely to trigger a pricing reform to better suit the new market situation," said Li from BloombergNEF.
"As an independent entity, the new pipeline company is expected to promote the formation of an oil and gas market system characterized by multichannel supplies of upstream resources, efficient gathering and transportation of pipeline networks in the midstream market and full competition in the downstream sales markets," said Xiong Wei, assistant director of the pipeline gas trading department at Shanghai Petroleum and Natural Gas Exchange.
"The agreement is of great significance for CNOOC, as it is an opportunity to promote the development of its overseas oil and gas business, diversify import resources and optimize the integrated upstream, midstream and downstream industrial chain, he said.
China Petroleum and Chemical Corporation, a trading subsidiary of the group, said the international upward trend of oil price in the first six months significantly boosted the company's upstream business, while its midstream and downstream operations upgraded structure to ride the wave of the favorable market situation.
With nearly 90 employees in the US, PCIA has become a full-spectrum energy commodity trading company in the area, focusing on midstream and downstream sectors involving refining, pipeline and storage tankers.
"In the global consumer electronics industry chain, especially in the upstream and midstream, more powerful Chinese suppliers have emerged.
Unlike traditional expos, the CISCE is an open international platform that integrates the upstream, midstream and downstream sectors, connects small, medium-sized and large businesses, promotes collaboration between industry and academia and research units, and facilitates interactions between Chinese and foreign companies, the expo organizers said.
With the CISCE debut, the company hopes to connect upstream, midstream and downstream enterprises in the industrial chain, to jointly seek cooperation on maintaining the safety and stability of the global agricultural-machinery industrial and supply chains, Zhou said.
Zhou Maohua, an analyst at China Everbright Bank, said the decline in PPI will help ease high cost pressures for some midstream and downstream manufacturing firms, as commodity prices are still higher than at the end of 2019.
He added that many domestic midstream and downstream manufacturing still face the pressures of high costs, and efforts should be made to consolidate economic recovery.
Benefiting from rising demand and stable costs, midstream industries in China are likely to perform relatively better, NB analysts said.
Despite the overall fall of industrial profits, "Tuesday's (detailed) data showed that the business profit structure of industrial firms continues to optimize, as profits earned by some midstream and downstream industrial enterprises post an uptick in profit margins with the help of government measures to ensure stable prices and supplies, reduce taxes and fees, and increase financial support," said Zhou Maohua, a macroeconomic analyst at China Everbright Bank.
Yang Xin, an analyst at Shanghai-listed Hongta Securities, said the negative PPI growth in November is mainly affected by the falling prices of upstream raw materials, which will help ease pressure on high costs for midstream and downstream enterprises.
Despite the overall profit decline, the business profit structure of industrial firms continues to optimize, with some firms in the midstream and downstream of the industry chain posting an evident uptick in profit margins, Zhu said.
As China's exports have started to decelerate amid falling global demand, more policy efforts are needed to boost domestic demand, which can help maintain the growth of midstream manufacturers reliant on exports, said Zhong Zhengsheng, chief economist at Ping An Securities.
Zhou said the steady declines in factory-gate price inflation will provide a buffer for some midstream and downstream enterprises struggling with high input costs and imported inflationary pressure.
"Chinese enterprises that lead respectively in the upstream, midstream and downstream of the green industry are also accelerating the layout in international markets.
Zhou Maohua, an analyst at China Everbright Bank, highlighted the improvement in profits earned by midstream and downstream manufacturing enterprises amid the government's effective measures to ensure stable prices and supplies, ease enterprises' burdens and increase financial support, saying that will help to stimulate market vitality, boost employment and expand consumption demand.
Products such as midstream manufactured goods, which include electromechanical machine parts and storage equipment, do not face fierce competition in the region while enjoying protective tariffs under the RCEP agreement.
Yin said profits at upstream mining companies grew at a fast speed in June, while those of their midstream and downstream counterparts saw improvements amid cooling factory-gate inflation and a pickup in production and demand in some sectors.
Similar to the situation of producing downstream textiles and clothing products, Vietnam's midstream manufacturing still mainly engages in low-value-added production activities such as assembly and production of low-end portions.
That is reflected in the fact that import and export structures of Vietnam's midstream manufactured products are relatively similar, and that Vietnam has relatively high dependence on China-related exports－around 43 percent of its imports of mechanical and electrical products come from China.
Wang said enterprises' rising costs due to high raw material prices represent a risk, and called for more efforts to ease burdens on midstream and downstream enterprises, especially small and medium-sized ones.
Wang called for more steps to stabilize supply and prices and ease the pressure on high costs for midstream and downstream companies, especially for small and medium-sized enterprises.
"Yin Yue, an analyst at Shanghai-listed Hongta Securities, said the April industrial profit data showcased the widening gap between the profits at upstream, midstream and downstream firms, saying midstream and downstream manufacturing firms are facing mounting pressures from the COVID-19 outbreaks and high commodity prices.
Looking ahead, Yin expects the profits at midstream and downstream firms to recover in the following months, as the government is determined to stabilize growth through a number of supportive policies and measures including tax and fee reductions, forceful infrastructure spending and interest rate cuts.
Zhou Maohua, an analyst at China Everbright Bank, said that while the slower increase of the producer price index will help ease pressures on costs for some midstream and downstream manufacturing enterprises, the 8 percent increase in the PPI suggests that raw material prices remain high.
"Many midstream and downstream manufacturing enterprises still face pressure from high production costs," he said.
Experts said the steady growth was mainly aided by bigger profits reported by upstream companies from rising energy and raw material prices, while some midstream and downstream firms still face mounting pressure and difficulty.
Zhou Maohua, an analyst at China Everbright Bank, attributed the large profits registered by upstream firms to expanding global demand and soaring energy and raw material prices, saying the slowdown in profits of some midstream and downstream firms is a combined result of a high-base effect from the previous year and rising commodity prices.
Citing the government's recent moves to ensure stable prices and spur consumption, Li expects the measures will help ease pressure on rising costs for enterprises, which may help support profit growth for midstream and downstream enterprises.
Zhao added that midstream and downstream enterprises are also facing pressure from the rising costs of raw materials, with surging commodity prices clouding the outlook.
Experts said the pickup in pace was mainly driven by larger profits registered by upstream companies, while midstream and downstream ones, especially small and medium-sized enterprises, still face challenges to profit growth.
Li Qilin, chief economist at Shanghai-listed Hongta Securities, noted the pickup during the first two months was driven mainly by profits registered by upstream industries, while industrial companies in midstream and downstream sectors saw profits decline.
Zheng Lei, vice-president of the Hong Kong International New Economics Research Institute, worried that small and medium-sized enterprises in the midstream and downstream are pressed by surging energy and raw material prices.
Wu Chaoming, deputy director of the Chasing International Economic Institute, said midstream and downstream enterprises have been squeezed by elevated factory inflation, with surging commodity prices clouding the outlook.
"The slowing PPI growth and the narrowing gap between the PPI and CPI will help ease cost pressures on some midstream and downstream enterprises, stabilize the confidence of enterprises and enhance their vitality," Zhou added.
He also said the government's ongoing efforts to ensure stable supplies and prices will help ease the pressure on rising energy and raw materials costs for some midstream and downstream enterprises.
Zhou said while falling factory-gate price inflation will affect the profitability of industrial enterprises, it will help ease the pressure on rising costs for midstream and downstream manufacturing enterprises, enhance corporate confidence and boost overall vitality.
Zhou Maohua, an analyst at China Everbright Bank, said falling factory-gate price inflation helps ease the pressure on raw material costs and boosts the profitability of midstream and downstream enterprises.
Currently, global commodity prices have remained high for an extended period, which brings operational pressure to midstream and downstream enterprises, and this deserves attention from financial departments.
This will help alleviate the cost pressure felt by midstream and downstream manufacturers and boost their willingness to restock and invest.
Instead of looking for opportunities from carmakers which already face intense competition, investors should look at midstream to upstream manufacturers, especially leading battery providers which boast high market penetration rates and strong bargaining power.
The readings combined to send the difference in PPI and CPI growth to a record high of 12 percentage points, an indication that the profits of midstream and downstream enterprises have been further squeezed, which limited their capability to invest, experts said.
Policies expected to ease pressure on small midstream, downstream firmsProfits at China's major industrial companies maintained steady growth in August, showcasing the resilience of high-tech manufacturing and indicating the nation's stable economic recovery despite rising downside pressures, officials and experts said on Tuesday.
Amid rising commodity prices and sporadic COVID-19 cases, more well-targeted policies are expected to ease the pressure on small midstream and downstream firms, experts added.
Experts said the growth of industrial profits is likely to be affected by the sporadic COVID-19 cases, as well as rising commodity prices, which pressured the profitability of small and micro business in the midstream and downstream sectors.
The readings combined to send the difference in PPI and CPI growth to a record high of 8.7 percentage points, which indicated the narrowing profit margins of midstream and downstream companies that are typically small and medium-sized enterprises, experts said.
Experts hastened to add well-targeted policy support will be needed to ease the pressure on rising costs for small midstream and downstream firms.
Zhu said the growth of industrial profits is likely to be affected by the sporadic COVID-19 cases and recent flooding, as well as rising commodity prices, which pressured profitability of small and micro business in the midstream and downstream sectors.
Wu estimated that the growth of industrial profits may slow in the second half as the high prices of raw materials and shipping will continue to pressure profitability of midstream and downstream enterprises amid rising downside pressure on industrial production and real estate.
There is still policy room for China to shore up economic growth, said Lan, adding that a prudent monetary policy should maintain reasonably ample liquidity, and provide precise and continuous support for midstream and downstream enterprises, small and medium-sized enterprises and stressed industries.
"The release provides a window of opportunity for midstream and downstream processing and manufacturing companies to replenish inventory, and it also helps some enterprises to reduce the cost of raw materials.
Tao Jin, deputy director of the macroeconomic research center of the Suning Institute of Finance, said that while the commodity price gains did bring about profit growth for China's industrial sector in the early stage, the price rally will now lead to an increase in production costs for enterprises in midstream and downstream manufacturing industries and will increase risks in the country's industrial chain.
Profits among mining and raw material manufacturing industries saw continuous growth, while manufacturing costs of midstream and downstream industries have risen rapidly, causing weaker profitability.
Having said that, I still hope the Chinese government will take more measures to rein in commodity price surges, to safeguard small and medium-sized enterprises and stabilize employment, for commodity price increases usually have negative effects on SMEs and businesses in the midstream and downstream supply chain.
Zhu said that the higher bulk commodity prices increased pressure on the production and operation of midstream and downstream industries.
Wu Chaoming, chief economist at Chasing Securities, said the government's continued efforts to maintain stable commodity prices reiterate its firm intent to ensure "six priorities" and stability in six areas for steady economic momentum, which will help lessen the pressure on companies in midstream and downstream sectors.
"In the global consumer electronics industry chain, especially in the upstream and midstream, more and more powerful Chinese suppliers have emerged.
The hot concert industry has directly driven the whole industrial chain's development including planning, executing, actors, venues in the upstream, sound, lighting and stage in the midstream, as well as promoting, artists managing, tickets managing and security.
It is estimated that more than 760 million tons of organic waste will be treated to generate biomass energy, substituting more than 130 million tons of coal and driving investment of nearly 610 billion yuan ($88.69 billion) in upstream, midstream and downstream sectors, and offering over 420,000 employment opportunities.
Despite the decline in total profits, Zhou Maohua, an analyst at China Everbright Bank, said structural imbalances have improved during the period, as midstream and downstream sectors like manufacturing — as well as electricity and heating providers — saw improvements in their profits.
Apart from hiring nearly 6,000 locals, it offered 10,000 jobs to the upstream, midstream and downstream industries.
Zhou Maohua, an analyst at China Everbright Bank, warned that rising energy prices will increase operational risks for some midstream and downstream enterprises, which is not conducive to the recovery of domestic demand.
He said the moves will leave room for policies in the future, which will help effectively reduce the price of upstream raw materials, boost profitability for midstream and downstream firms and stabilize the overall economy.
"Zheng warned of potential risks of worsening inflation, as the unreasonable rise in iron ore prices may increase costs for midstream and downstream firms.
Calling the alliance "a wonderful initiative", Sanjay Sharma, ArcelorMittal's vice-president and CEO for China said: "It is an initiative, which is to bring all the global peers across the value chain, upstream, midstream and downstream, to look at which technology is most efficient, which are the new technologies to be supported more and how previous policies can be the catalyst to make this technology scale up and implement faster.
桑杰·夏尔马，安赛乐米塔尔中国区副总裁兼首席执行官，称该联盟是“一项极好的倡议”。他指出：“这项倡议旨在汇聚全球价值链上、中、下游的所有同行，共同探讨何种技术最为高效，哪些新兴技术应得到更多支持，以及如何利用既有的政策作为催化剂，以加快此类技术的规模化应用与实施。”
And it has also affected the normal production and operations of midstream industries," Tao said.
陶说：“这也影响了中游产业的正常生产和运营。”
Zhou said: "Record high coal prices will not only increase the costs of midstream and downstream industries but contribute to power shortages.
周表示：“创纪录的高煤价不仅会抬高中下游产业的成本，还会加剧电力短缺问题。”
The report from EO Intelligence showed that fresh snacks contain a relatively long industrial chain, which can be generally divided into the upstream, the midstream and the downstream segments.
The midstream contains food production, quality inspection, logistics and warehousing.
To meet the rising demand of consumers, the report suggested that the upstream of the industry should guarantee raw material quality, the midstream should focus on technical innovation, and the downstream pay attention to the synergy between logistics and stores.
The ultimate direction of the reforms, Na said, is to regulate the midstream and liberalize the upstream and downstream sectors.
Not only will their market shares go up, but the profit contribution per drug will also increase," noted a report from Ping An Securities Co Ltd. "On the whole, the price drop resulting from the pilot procurement will squeeze the profits of midstream companies along the industrial chain.
Shenwan Hongyuan Securities said in the first quarter of 2020, auto parts production upstream and vehicle manufacturing midstream were generally delayed by virus outbreak for two to three weeks, therefore the market demand also was affected, but there are already some positive signs of industry rebound in March.
Domestic players also dominate global market share in the midstream and downstream segments of EV battery production.
Once supply bottlenecks become less severe, Chinese midstream and downstream companies can expand relatively quickly to cater to the expected increases in EV demand given their superior market position.
With China's producer price index easing on the back of lower energy and commodity prices, Zhou expects to see the PPI continue to trend downward in the following months, which will help ease input cost pressures for midstream and downstream manufacturing enterprises and reduce imported inflation pressures.
Some midstream and downstream listed companies with limited pricing power and considerable exposure to raw material costs could feel some pressure on profit margins, Meng said.
Considering employment pressure, pressure of the economy operating below its potential growth rate and pressure on the profit growth of private enterprises and some midstream and downstream industries, policymakers will ease their stance on monetary policy this year.
Midstream and upstream companies are set to perform better than downstream companies in terms of profit growth.
"Commodity prices have been rising for quite a few months and cost pressures are feeding through midstream and downstream businesses, among which many are smaller firms," he said in a note.
Companies in upstream and midstream industries such as coal, steel, chemical, construction and building materials, made the largest improvement in business performance.
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