Core Insights - The 2025 World Manufacturing Conference recently opened in Hefei, where the list of China's top 500 manufacturing enterprises was released, marking the 21st consecutive year of publication by the China Enterprise Confederation [1] - Jiangsu province ranked third in the number of companies on the list, with 54 enterprises, following Zhejiang and Shandong [1] - The overall development of large manufacturing enterprises in China has shown stability in revenue scale, reduced decline in economic efficiency, enhanced innovation momentum, and improved export resilience [1] Innovation and R&D - The total R&D intensity of the top 500 manufacturing enterprises in China reached 2.45%, an increase of 0.03 percentage points from the previous year [1] - The number of valid patents held by these enterprises reached 1.6632 million, with 803,800 being invention patents, representing increases of 11.34% and 12.07% respectively compared to the previous year [1] Export Performance - The proportion of overseas revenue in total revenue for the top 500 manufacturing enterprises increased to 19.10%, up by 0.87 percentage points from the previous year [1] Financial Metrics - The threshold for entering the top 500 list increased from 11.091 billion to 17.365 billion yuan, a rise of 6.274 billion yuan [2] - The total operating revenue of the top 500 enterprises grew from 40.24 trillion yuan to 51.68 trillion yuan, an increase of 11.44 trillion yuan [2] - The total assets of these enterprises rose from 44.33 trillion yuan to 53.31 trillion yuan, an increase of 8.98 trillion yuan [2] Notable Companies - Jiangsu had two companies in the top ten: Hengli Group ranked third with 871.52 billion yuan in revenue, and Shenghong Holding Group ranked tenth with 565.62 billion yuan [2] - In the R&D intensity rankings, Zhengda Tianqing Pharmaceutical Group ranked third with a R&D intensity of 17.35% [2]

Group 1 - The core project of Sinopec's Tianjin Scientific Research Base has completed mechanical construction with a total investment exceeding 1 billion yuan [1] - The project is located in the Tianjin Economic Development Zone, covering an area of approximately 300 acres and a total construction area of about 70,000 square meters [1] - The base will establish four research and trial platforms focused on low-carbon oil integration, high-end carbon materials, hydrogen energy and electrochemistry, and resource recycling, along with two pilot production bases for special lubricants and petroleum products, expected to be completed by 2025 [1] Group 2 - The project faced challenges such as concentrated rainy seasons, extreme heat, and complex underground pipeline layouts, but the participating parties worked together effectively to overcome these difficulties [1] - All utilities including water, electricity, gas, and wind have been fully utilized, and the main construction units are entering the final stages and preparation for operation [1] - The construction progress is reported to be stable and orderly, with safety, quality, and schedule being effectively controlled, successfully completing the set tasks [1]

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 23 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 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國石油化工股份有限公司 呈交日期： 2025年9月23日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 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 ...

Core Insights - The release of the "2024 Annual China Green Power (Green Certificate) Consumption TOP100 Enterprises List" highlights the increasing commitment of energy companies in China towards green power consumption, with nearly 20 energy firms making the list [1][3]. Group 1: TOP100 Enterprises Overview - The top four positions in the list are dominated by energy companies, with the top two being China Energy Investment Group and State Power Investment Corporation, maintaining their rankings from 2023 [3]. - Local energy companies, Zhejiang Energy Group and Shenzhen Energy Group, have risen to the third and fourth positions respectively [3]. - Other notable companies include China Petroleum and Chemical Corporation and China National Petroleum Corporation, ranking eighth and ninth [3]. Group 2: Green Power Consumption Growth - From January to July 2025, China's total green power consumption reached 5,977 billion kilowatt-hours, marking a year-on-year increase of 42.69% [3]. - Green power trading volume was 1,817 billion kilowatt-hours, also reflecting a growth of 42.10% year-on-year [3]. - The number of green certificates traded reached 416 million, corresponding to an electricity volume of 4,160 billion kilowatt-hours, with a year-on-year increase of 42.96% [3]. Group 3: Industry Impact and Future Directions - The publication of the TOP100 list demonstrates the significant contributions of various industries towards the green energy transition, enhancing market vitality for green consumption [4]. - The joint publishing entities plan to refine the standards and formats for green power consumption reporting, aiming to establish the list as a recognized international brand for green consumption [4].

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].