Group 1 - China Petroleum & Chemical Corporation (Sinopec) has successfully conducted industrial trials of high-performance HA-R catalyst at Henan Refining, producing ultra-pure polypropylene (PP) products that meet the quality standards of similar products in the system [1] - The demand for ultra-pure polypropylene is continuously strong due to increasing investments in new infrastructure, IoT, new energy vehicles, and 5G terminals, as well as the ongoing upgrade of consumer electronics [1] - The Beijing Chemical Research Institute has developed the highest activity commercial catalyst HA and corresponding high-purity polypropylene production technology, further advancing to ultra-high isotacticity and ultra-high activity HA-R catalyst [1] Group 2 - The domestic market demand for polypropylene lithium battery separator materials and capacitor film materials exceeds 200,000 tons per year [2] - The electrical-grade ultra-pure polypropylene materials have long relied on imports, which restricts the independent development of China's power, energy, and automotive industries [2] - The ultra-pure polypropylene technology supports the independent control of core raw materials for electric power capacitors, promoting the advancement of synthetic resin products towards high-end applications [2]

Group 1 - The core index, the CSI Dividend Low Volatility 100 Index, experienced a decline of 0.62% as of September 23, 2025, with mixed performance among constituent stocks [2] - Notable gainers included Nanjing Bank, which rose by 4.11%, while Yuyuan Inc. led the declines with a drop of 3.68% [2] - The CSI Dividend Low Volatility 100 ETF (159307) decreased by 0.48%, with a latest price of 1.04 yuan, but showed a cumulative increase of 2.29% over the past three months [2] Group 2 - The People's Bank of China highlighted significant achievements in the financial sector, including comprehensive deepening of financial system reforms and modernization of financial governance [3] - The financial services quality, efficiency, and inclusiveness have significantly improved, with a focus on orderly resolution of financial risks [3] - According to Dongfang Securities, the market is currently in a short-term adjustment phase but maintains a medium-term upward trend, with potential focus on high-end manufacturing and low-cycle dividend opportunities [3] Group 3 - The CSI Dividend Low Volatility 100 ETF has seen continuous net inflows over the past nine days, totaling 119 million yuan, with a peak single-day inflow of 26.66 million yuan [5] - The index tracks 100 stocks characterized by good liquidity, continuous dividends, high dividend yields, and low volatility, reflecting the overall performance of such securities [5] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 20.4% of the total index weight, including companies like Shanxi Coking Coal and Sinopec [5]

EE305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation 22 September 2025 Date Submitted: Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is discloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of ...

FF305 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00386 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年9月4日 | | 23,945,350,600 | | 0 | | 23,945,350,600 | | 1). 其他 (請註明) | | | | % | | | | | 見B部分 | | | | | | | | | 變動日期 2025年9月22日 | | | | | | | | | ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report The report is the second in the series of in - depth studies on chemical plants. It analyzes the upstream - downstream matching of the polyester industry chain and the marginal plants of futures varieties such as PX, PTA, PR, and PF. PTA enterprises with PX or polyester matching account for 91.6% of the production capacity, PX with downstream matching accounts for 82.0% of the production capacity, and polyester with upstream matching accounts for 72.1% of the production capacity. The marginal plants are identified from aspects like old plants, small single - line production capacity or enterprise scale, high production process costs, and long distances for raw material procurement or product sales [3][4]. 3. Summary According to the Directory 3.1 Polyester Industry Chain Upstream - Downstream Matching Analysis 3.1.1 Group - Based Upstream - Downstream Matching As of the end of July 2025, China's PX, PTA, and polyester production capacities were 4367, 9171.5, and 8894 tons respectively. The theoretical annual PX gap was 1640 tons, and the theoretical annual PTA surplus was 1567 tons. PTA enterprises with PX or polyester matching accounted for 91.6% of the production capacity, PX with downstream matching accounted for 82.0% of the production capacity, and polyester with upstream matching accounted for 72.1% of the production capacity. The enterprises in the polyester industry chain can be classified into four types: those with complete PX/PTA/polyester matching; those mainly with polyester and PTA matching but little PX matching; those with only PX and PTA matching; and those with relatively single matching [10][11]. 3.1.2 Region - Based Upstream - Downstream Matching The production capacity of the polyester industry chain is concentrated in Zhejiang, Jiangsu, Liaoning, Guangdong, Fujian, etc. Except for Shandong having a large surplus of PX for sale, most other regions have PX production capacity gaps or are basically balanced. Zhejiang, Jiangsu, and Liaoning have the largest PX gaps. In terms of PTA, Jiangsu and Zhejiang have large PTA production capacity gaps, while Liaoning, Guangdong, and other regions have PTA surpluses [12][15][16]. 3.2 PX Marginal Plant Analysis As of the end of July 2025, China's total PX production capacity was 4367 tons, with an effective operating capacity of 4254 tons. PX production capacity is mainly distributed in Zhejiang, Liaoning, Jiangsu, Guangdong, Shandong, etc. The marginal PX plants are identified from aspects such as production time, single - set scale, and production process. Old plants (over 20 years in production), small - scale plants (less than 100 tons), and medium - short - process plants (accounting for 17.4% of the total production capacity) are more likely to be marginal plants [20][23][30]. 3.3 PTA Marginal Plant Analysis As of the end of July 2025, the total PTA production capacity was 9171.5 tons, with 836.5 tons having been shut down for more than half a year. PTA production capacity is mainly distributed in coastal areas such as Zhejiang, Jiangsu, Liaoning, Guangdong, and Fujian. The marginal PTA plants are mainly those with a production capacity of less than 200 tons and put into production before 2020, with a total capacity of 1295 tons, accounting for 14.1% [34][40][41]. 3.4 PR Marginal Plant Analysis As of the end of July 2025, the total PR production capacity was 2168 tons, mainly distributed in Jiangsu, Hainan, and Liaoning. The top four bottle - chip manufacturers account for 78% of the total production capacity. The marginal bottle - chip plants are those that meet one or more of the following conditions: long production time, small plant scale, lack of upstream - downstream matching ability of the group, and high freight costs due to long distances for raw material procurement or product sales. A total of 326 tons of production capacity may be marginal plants, accounting for 15% [44][51][54]. 3.5 PF Marginal Plant Analysis As of the end of July 2025, the total PF production capacity was 968.5 tons, mainly distributed in Jiangsu, Zhejiang, and Fujian. The top four short - fiber manufacturers account for 46% of the total production capacity. Plants with a production time of over 20 years are mainly concentrated in Jiangsu and Fujian. Small - scale plants (less than 20 tons) are more likely to be marginal plants. The difference in processing costs between new and old plants is not significant, and the survival of old plants depends more on market dynamic balance [55][57][62].

Core Viewpoint - The collaboration between Sinopec Guangdong Easy Joy and Xinjiang Yuejiang Group aims to enhance the promotion and distribution of Xinjiang's quality agricultural products through a new "consumption assistance" model, facilitating access to broader markets including Guangdong and nationwide [2][5][21]. Group 1: Partnership Details - Sinopec Guangdong Easy Joy and Xinjiang Yuejiang Group signed a framework cooperation agreement on September 20, 2023 [2][3]. - The partnership focuses on three core areas: product promotion, channel development, and brand collaboration [4][5]. - The agreement is part of a series of promotional activities for the 2025 Tumushuke agricultural and cultural tourism initiative [3][12]. Group 2: Market Strategy - Guangdong Easy Joy will leverage its brand and extensive convenience store network to enhance online sales channels for Xinjiang products [15][18]. - The company aims to create efficient market access for Xinjiang products through a digital supply chain system [8][15]. - The collaboration includes addressing key issues such as product standardization and logistics cost control [9][21]. Group 3: Support and Coordination - The Third Division of Tumushuke City’s Industry and Commerce Federation will provide policy services to ensure the effectiveness of the cooperation [10][28]. - Regular communication mechanisms will be established to explore new paths for rural revitalization and industry integration [11][12]. - The partnership is expected to enhance the visibility and competitiveness of Tumushuke's specialty products in the broader market [44][45].

Core Viewpoint - The chemical industry is experiencing mixed price movements, with 33 products increasing in price, 31 decreasing, and 36 remaining stable during the week of September 15-21. The report highlights the impact of various macroeconomic factors on the industry, including oil prices and supply-demand dynamics [1][3][4]. Chemical Industry Overview - During the week of September 15-21, 40% of tracked chemical products saw a month-on-month price increase, while 47% experienced a decrease, and 13% remained stable [1][3]. - The top gainers in average weekly prices included acetic acid (East China), NYMEX natural gas, sulfur (CFR China spot price), calcium carbide (East China), and trichloroethylene (East China) [3]. - The top losers in average weekly prices were vitamin E, nitric acid (East China), epoxy chloropropane (East China), dichloromethane (East China), and polyester FDY (East China) [3]. Oil Market Dynamics - International oil prices saw a slight decline, with WTI crude oil futures closing at $62.68 per barrel (down 0.02%) and Brent crude oil futures at $66.68 per barrel (down 0.46%) [4]. - U.S. crude oil production averaged 13.482 million barrels per day, a decrease of 13,000 barrels from the previous week but an increase of 282,000 barrels year-on-year [4]. - U.S. oil demand totaled 20.637 million barrels per day, an increase of 856,000 barrels from the previous week, with gasoline demand at 8.810 million barrels per day, up 302,000 barrels [4]. Fertilizer Market Insights - Urea prices decreased, with the average market price on September 19 at 1,675 yuan per ton, down 0.95% week-on-week and 11.70% year-on-year [6]. - The average daily production of urea was 193,300 tons, an increase of approximately 5,700 tons week-on-week [6]. - The average operating load of compound fertilizer was 40.78%, showing a slight increase of 1.42 percentage points from the previous week [6]. Investment Recommendations - The SW basic chemical sector's price-to-earnings ratio (TTM) is at 25.29 times, in the 75.31% historical percentile, while the price-to-book ratio is at 2.21 times, in the 52.99% historical percentile [8]. - The SW oil and petrochemical sector's price-to-earnings ratio (TTM) is at 11.50 times, in the 23.70% historical percentile, and the price-to-book ratio is at 1.14 times, in the 19.28% historical percentile [8]. - Key investment themes include the resilience of oil prices, the growth potential in new materials, and the recovery of demand supported by policy measures [9].

Investment Rating - The report rates the chemical industry as "Outperform the Market" [2] Core Views - The report highlights the impact of "anti-involution" on the supply side of related sub-industries, the increasing importance of self-controllable electronic materials companies, undervalued industry leaders, and energy companies with stable dividend policies [2][10] - It suggests that the oil price is expected to remain at a medium to high level, with continued high prosperity in the oil and gas extraction sector, and emphasizes the growth potential in new materials, particularly in electronic materials and renewable energy materials [10] Industry Dynamics - As of September 21, 2025, among 100 tracked chemical products, 33 saw price increases, 31 saw decreases, and 36 remained stable. 40% of products had month-on-month average price increases, while 47% saw declines [9] - International oil prices experienced slight declines, with WTI crude oil futures closing at $62.68 per barrel, down 0.02%, and Brent crude oil futures at $66.68 per barrel, down 0.46% [9][10] - Urea prices decreased, with the domestic average price at 1,675 RMB per ton, down 0.95% week-on-week and 11.70% year-on-year [10] - Methionine prices also fell, with the domestic average at 21.65 RMB per kilogram, down 0.69% week-on-week but up 5.71% year-on-year [10] Investment Recommendations - The report recommends focusing on the following areas: 1. The impact of "anti-involution" on supply in related sub-industries 2. Electronic materials companies in the context of increasing self-control 3. Undervalued industry leaders 4. Energy companies with stable dividend policies [10] - Long-term investment themes include the sustained high prosperity of the oil and gas extraction sector, rapid development in downstream industries, and the potential for recovery in demand supported by policy [10] - Recommended companies include China Petroleum, China National Offshore Oil Corporation, China Petrochemical Corporation, and various technology and chemical firms [10]

Core Viewpoint - Shanghai Petrochemical, a subsidiary of Sinopec, has launched a new 60K large tow carbon fiber product, filling a gap in the domestic market and achieving international leading performance, with broad application prospects in deep-sea offshore wind power and bridge construction [2][4]. Group 1: Product Development and Performance - The new 60K large tow carbon fiber has a 25% increase in single filament content compared to the 48K variant, with mechanical properties significantly enhanced, including a strength increase of 0.5 GPa and a modulus increase of 20 GPa, enabling a 25% efficiency improvement in production lines [4][6]. - The tensile strength of the 60K carbon fiber bundle exceeds 4.9 GPa, capable of lifting a 1-ton weight, and the elastic modulus can reach over 260 GPa, making it suitable for larger and more powerful deep-sea wind turbine blades [4][6]. Group 2: Technological Advancements - Shanghai Petrochemical has successfully overcome industrial preparation technology challenges for 60K and above large capacity single nozzle production, achieving full-process industrial trial production, marking a domestic first [6][7]. - The company now has production capabilities for nearly 20 different specifications of carbon fiber products, including 3K, 12K, 24K, 48K, and 60K, covering a full spectrum of "general + high performance" and "large tow + small tow" products [6][7]. Group 3: Market Applications and Collaborations - Shanghai Petrochemical is the first in China and the fourth globally to master large tow carbon fiber technology, actively expanding market applications in wind power and other fields [7]. - The company has successfully applied 48K large tow carbon fiber in 131-meter long onshore wind turbine blades, demonstrating its commitment to enhancing the carbon fiber industry chain and supporting "Made in China" initiatives [7][18].

Core Insights - The threshold for entering the 2025 China Manufacturing Enterprises Top 500 list has increased to 17.365 billion yuan, up by 303 million yuan from the previous year [1] - The total revenue of the top 500 manufacturing enterprises reached 5.168 trillion yuan [1] - The top three companies on the list are China Petroleum & Chemical Corporation, China Baowu Steel Group, and Hengli Group [1] Innovation and R&D - The R&D intensity of the top 500 manufacturing enterprises is 2.45%, an increase of 0.03 percentage points from the previous year [1] - The number of effective patents held by these enterprises is 1.6632 million, with 803,800 being invention patents, representing increases of 11.34% and 12.07% respectively compared to the previous year [1] Industry Structure and Performance - Industries such as communication equipment manufacturing and computer & office equipment have seen average revenue growth exceeding 10% [1] - The semiconductor integrated circuit and panel manufacturing industries have experienced average profit growth of over 100% [1] Export Performance - The proportion of overseas revenue for the top 500 manufacturing enterprises has risen to 19.10%, an increase of 0.87 percentage points from the previous year [1]