Investment Rating - The report maintains an "Increase" rating for the petrochemical and chemical transportation industry [6] Core Viewpoints - The process of domestic substitution continues to advance, with a positive outlook on semiconductor materials, MXD6, and ion exchange resins [1][2] - The U.S. government has effectively cut off certain American companies from selling semiconductor design software to China, impacting companies like Cadence, Synopsys, and Siemens EDA [2] - Global semiconductor sales are expected to improve in 2024, with an estimated sales figure of approximately $630.5 billion, representing a year-on-year growth of about 19.7% [2] - The semiconductor materials industry in China has achieved significant progress in key areas, but high-end materials remain dominated by foreign manufacturers, necessitating innovation and increased domestic production [2] - MXD6, a high-performance engineering plastic, is projected to grow from $410 million in 2024 to $760 million by 2033, with a CAGR of approximately 7.1% [3] - The ion exchange resin market is primarily dominated by foreign companies, but domestic leaders are making strides in substituting imports and enhancing their market competitiveness [4] Summary by Sections Semiconductor Materials - The semiconductor market is expected to reach $697.1 billion in 2025, with a year-on-year growth of 11% [2] - Domestic semiconductor materials have largely achieved production in key areas, but high-end materials still rely heavily on imports [2] MXD6 - MXD6 is utilized in lightweight applications for automobiles and drones, with domestic companies overcoming technical barriers to increase production [3] - Major domestic players are ramping up production capabilities, with projects like the 5,000 tons/year MXD6 project by Qicai Chemical entering trial production [3] Ion Exchange Resins - The high-end ion exchange resin market is largely monopolized by foreign companies, but domestic firms are progressively replacing imports and enhancing their brand recognition [4] - Domestic companies like Blue Sky Technology and Jiangsu Suqing are achieving competitive performance in core products [4] Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the "three barrels of oil" and oil service sectors, as well as materials companies benefiting from domestic substitution trends [5]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and chemical transportation industry [6] Core Viewpoints - The process of domestic substitution continues to advance, with a positive outlook on semiconductor materials, MXD6, and ion exchange resins [1][2] - The U.S. government has effectively cut off certain American companies from selling semiconductor design software to China, impacting companies like Cadence, Synopsys, and Siemens EDA [2] - Global semiconductor sales are expected to improve in 2024, with an estimated sales figure of approximately $630.5 billion, representing a year-on-year growth of about 19.7% [2] - The semiconductor materials industry in China has achieved significant progress in key areas, but high-end materials are still dominated by foreign manufacturers [2] - MXD6, a high-performance engineering plastic, is projected to grow from $410 million in 2024 to $760 million by 2033, with a CAGR of approximately 7.1% [3] - The ion exchange resin market is primarily dominated by foreign leaders, but domestic companies are making strides in achieving domestic substitution [4] Summary by Sections Semiconductor Materials - The semiconductor market is expected to reach $697.1 billion in 2025, with a year-on-year growth of 11% [2] - Domestic semiconductor materials have largely achieved layout or mass production in key areas, but high-end materials still rely heavily on imports [2] MXD6 - MXD6 is used in lightweight applications for automobiles and drones, with domestic companies overcoming technical barriers to increase production [3] - Major domestic players like Sinochem International and Qicai Chemical are advancing in MXD6 production capabilities [3] Ion Exchange Resins - The high-end ion exchange resin market is largely monopolized by multinational corporations, while domestic companies are gradually improving their competitive edge [4] - Domestic companies are achieving significant performance levels in core products and expanding their market influence [4] Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the "three barrels of oil" and oil service sectors, including China National Petroleum, Sinopec, and CNOOC [5] - It also recommends attention to domestic material companies benefiting from the substitution trend, such as Jingrui Electric Materials and Tongcheng New Materials [5] - Positive monetary and fiscal policies are expected to benefit the real estate chain and leading companies, with a focus on agricultural chemicals and private refining sectors [5]

中国石化集团重庆川维化工有限公司，成立于1980年，位于重庆市，是一家以从事化学原料和化学制品 制造业为主的企业。企业注册资本73113万人民币。通过天眼查大数据分析，中国石化集团重庆川维化 工有限公司共对外投资了15家企业，参与招投标项目4917次，财产线索方面有商标信息14条，专利信息 653条，此外企业还拥有行政许可703个。 来源：金融界 金融界2025年5月30日消息，国家知识产权局信息显示，中国石油化工股份有限公司;中国石化集团重庆 川维化工有限公司申请一项名为"乙烯-醋酸乙烯酯共聚物溶液及其制备方法和应用"的专利，公开号 CN120059023A，申请日期为2023年11月。 专利摘要显示，本发明涉及树脂领域，公开了乙烯‑醋酸乙烯酯共聚物溶液及其制备方法和应用。所述 方法包括：(1)在第一溶剂和引发剂的存在下，将醋酸乙烯酯与乙烯进行聚合；(2)在步骤(1)产物中依次 与第二溶剂和终止剂混合，得到乙烯‑醋酸乙烯酯共聚物溶液。 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油、煤炭 及其他燃料加工业为主的企业。企业注册资本12173968.9893万人民币。通 ...

Core Viewpoint - The China Securities Hong Kong 300 Upstream Index (H300 Upstream) has shown significant growth, with a 8.71% increase over the past month, 10.63% over the past three months, and a 5.02% increase year-to-date [2]. Group 1: Index Performance - The H300 Upstream Index is currently reported at 2474.02 points, reflecting a strong upward trend [1]. - The index is based on a sample of securities selected from the China Securities Hong Kong 300 Index, representing the overall performance of various thematic securities listed on the Hong Kong Stock Exchange [2]. Group 2: Index Composition - The top ten holdings of the H300 Upstream Index include: - China National Offshore Oil Corporation (29.31%) - PetroChina Company Limited (12.7%) - China Shenhua Energy Company (10.38%) - Zijin Mining Group (9.79%) - Sinopec Limited (9.47%) - China Hongqiao Group (3.57%) - China Coal Energy Company (3.32%) - Zhaojin Mining Industry Company (3.14%) - Yanzhou Coal Mining Company (2.77%) - Luoyang Molybdenum Company (2.28%) [2]. Group 3: Sector Allocation - The sector allocation of the H300 Upstream Index is as follows: - Oil and Gas: 51.89% - Coal: 18.54% - Precious Metals: 14.87% - Industrial Metals: 10.17% - Rare Metals: 2.98% - Oil and Gas Extraction and Field Services: 1.05% - Other Non-ferrous Metals and Alloys: 0.49% [3]. Group 4: Index Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day following the second Friday of June and December each year. Temporary adjustments may occur under special circumstances [3].

首期50亿！中国石化大动作 校对：纪元 杨晨 中国基金 【导读】央企资本与地方国资联手打造氢能产业生态圈 见习记者 杨晨 5月29日，记者从中国石化新闻办获悉，由中国石化发起的氢能产业链创业投资基金正式完成工商注册与中国证券投资基金业协会备案，标志着中国石化氢能基金正式设立。 该基金首期规模为50亿元，是我国规模最大的专注于氢能产业链投资的基金。据悉，该基金将围绕氢能"制储运用研"全产业链环节展开前瞻性布局和培育孵化，打造氢能产业生态圈。 作为全球最大的炼油和化工巨头之一，中国石化此次设立的氢能基金定位明确：重点投资氢能产业链中具备高成长性的关键材料、核心装备及原创技术。据介绍，该氢能基金建立了完善的投后赋 从该氢能基金的合伙人出资比例来看，中石化资本出资比例为48.98%，认缴出资额为24.49亿元；山东省新动能绿色先行投资中心（有限合伙）出资比例为25%，认缴出资额为12.5亿元；烟台 该基金由中国石化资本有限公司全资子公司中石化私募基金管理有限公司担任执行事务合伙人之一，烟台国泰诚丰资产管理有限公司、山东省新动能绿色先行投资中心（有限合伙）作为战略合作 中石化资本表示，设立中石化私募基金管理有限公司旨在 ...

Investment Rating - The report maintains an "Overweight" rating for the oil and gas sector, specifically for the "Big Three" oil companies and oil service companies [5]. Core Viewpoints - The long-term outlook for oil prices remains optimistic due to improving supply-demand dynamics and ongoing geopolitical risks that provide price support [1]. - The "Big Three" oil companies in China are expected to increase their oil and gas equivalent production by 1.6%, 1.3%, and 5.9% respectively by 2025, with significant growth in natural gas production [2]. - The downstream sector is accelerating its transformation towards new materials and clean energy, with major companies investing in high-value products and energy supply networks [3]. - Investment recommendations include focusing on undervalued, high-dividend, and well-performing companies in the oil and gas sector, as well as materials companies benefiting from domestic substitution trends [4]. Summary by Sections Oil and Gas Sector - Oil prices are supported by geopolitical tensions and a slowdown in U.S. shale oil production, with the IEA projecting increases in U.S. crude supply of 440,000 barrels per day in 2025 and 180,000 barrels per day in 2026 [1]. - The "Big Three" oil companies are responding to national calls for increased reserves and production, with specific growth targets set for oil and gas equivalent production [2]. Downstream Transformation - Companies are enhancing their refining and sales operations, transitioning to comprehensive energy suppliers, and investing in electric vehicle infrastructure [3]. Investment Recommendations - The report suggests focusing on the "Big Three" oil companies, oil service firms, and companies in the materials sector that are poised to benefit from domestic substitution trends [4].

2025 年 5 月 29 日 行业研究 油价长期不悲观，继续看好"三桶油"及油服板块 ——石化化工交运行业日报第 70 期（20250528） 要点 供需前景改善叠加地缘政治风险仍存，油价仍有底部支撑。需求方面，本周 美欧谈判取得积极进展，特朗普推迟对欧盟关税的起征时间，且表示对欧盟 加快贸易谈判进程感到鼓舞，贸易冲突缓和或有望提振原油需求。地缘政治 方面，本周西方对俄制裁风险上升，欧盟正在讨论对俄罗斯实施新一轮制 裁，包括针对俄石油的相关措施、降低俄石油和石油产品价格上限以及针对 俄罗斯"影子舰队"船只的新限制措施，特朗普亦考虑本周对俄实施制裁， 因其对俄罗斯总统普京持续攻击乌克兰及和平谈判进展缓慢感到不满，地缘 政治风险仍为油价提供支撑。供给端，近期油价下行对美国页岩油增产前景 造成较大影响，IEA 预计 25、26 年美国原油供应量增幅分别为 44 万桶/日和 18 万桶/日，美国页岩油增产放缓有望部分抵消全球原油供给增长带来的冲 击。 "三桶油"加强"增储上产"，油气产量有望稳步上行。"三桶油"响应国 家"增储上产"号召，中国石油、中国石化、中国海油 2025 年油气当量产 量计划分别增长 1.6% ...

保险 队 中国人保 中国太保 中国平安 ■《》 3586.57亿市值 3334.41亿市值 9746.12亿市值 18.68亿成交额 5.80亿成交额 11.73亿成交额 53.52 8.11 34.66 +0.46(+1.35%) +0.23(+0.43%) -0.10(-1.22%) 酸酒行业 贵州茅台 五粮液 山西汾酒 19345.45亿市值 2290.85亿市值 4942.06亿市值 10.48亿成交额 20.36亿成交额 33.75亿成交额 1540.00 187.78 127.32 -0.22(-0.12%) +0.40(+0.32%) +3.00(+0.20%) 半导体 北方华创 寒武纪-U 2271.53亿市值 2558.59亿市值 15.27亿成交额 26.75亿成交额 425.24 612.90 +7.90(+1.89%) +2.91(+0.48%) 汽车整车 铁路公路 比亚迪 长城汽车 京沪高铁 2897.28亿市值 10974.98亿市值 1959.28亿市值 69.43亿成交额 3.62亿成交额 3.67亿成交额 5.90 22.89 361.13 -1.75(-0.48%) -0. ...

| 人工智能 . | | --- | | 欧盟计划设立科技企业扩大基金以缩小与中美差距 | | DeepSeek 开源新版 R1, 媲美 OpenAI 最高 o3 模型 . | | 社交软件"电报"和 xAI 达成一年期合作,将 Grok 集成到" 电报"应用 . | | 腾讯混元发布并开源语音数字人模型 . | | 亚马逊云科技与 SAP 启动全新的 AI 联合创新计划 | | Salesforce 拟 80 亿美元收购 Informatica. | | Databricks 竞争对手 Cha1k 完成 5000 万美元 A 轮融资 | | 芯片 . | | 美国据报将禁止向中国出口半导体设计软件 | | 新媒: 欧洲探索芯片产业发展新路径 | | 黄仁勋:无论有没有美国芯片,中国 AI 都将继续发展 7 | | AMD 加码 CPO 共封装光学，收购硅光子初创团队 Enosemi 7 | | 台租电将在德国慕尼黑设立欧洲芯片设计中心 | | 航空航天 | | 中俄主管部门间第十六次卫星网络协调会谈在俄罗斯莫斯科举行 | | 西昌卫星发射中心成功实施天问二号"零窗口"发射 9 | | 苹果卫星互联网计划曝光 ...

转自：北京日报客户端 "国家队"出手加大氢能领域投资。5月29日，记者从中国石化获悉，由中国石化发起的氢能产业链创业 投资基金完成工商注册与中国证券投资基金业协会备案，标志着中国石化氢能基金正式设立。 近年来，中国石化将高质量建设氢能产业链作为国资央企发挥战略支撑作用的具体路径，牵头成立中央 企业绿色氢能制储运创新联合体，高标准建设新疆库车绿氢示范项目，打造氢能装备制造基地，建成氢 燃料电池供氢中心11个、加氢站144座，建成西部陆海新通道、京沪、京津、成渝、沪嘉甬、济青和汉 宜高速7条"氢走廊"，基本覆盖"3+2"氢燃料电池示范城市群，成为全球运营加氢站最多的企业。 此外，中国石化还发挥产业资本优势，围绕氢能产业链已投资入股涵盖制氢技术、氢燃料电池、氢能装 备制造、质子交换膜、加氢站建设等细分领域的13家企业，其中，重塑能源、国富氢能两家投资企业已 在港股上市。 来源：北京日报客户端 该基金是我国规模最大、专注于氢能产业链投资的基金，首期规模50亿元，将对氢能"制储运用研"全产 业链环节有较大发展潜力的关键材料、核心装备和原创技术进行前瞻性布局和培育孵化，打造氢能产业 生态圈，助力我国氢能产业链高质量发展。 ...