Core Points - The board of directors of Sinopec Shanghai Petrochemical Company convened its 18th meeting of the 11th session on July 23, 2025, to discuss and approve several resolutions [1][4][5] Group 1: Establishment of Committees - The board unanimously approved the establishment of an independent director committee, consisting of five members [1][2] - The committee members include Tang Song, Chen Haifeng, Yang Jun, Zhou Ying, and Huang Jiangdong [1] Group 2: Appointment of Financial Advisor - The board approved the appointment of Shenwan Hongyuan Financing (Hong Kong) Limited as the independent financial advisor for the independent director committee [2] - This appointment is related to the ongoing connected transactions framework agreement with Sinopec Group and Sinopec Corp, which is set to expire on December 31, 2025 [2] Group 3: Investment Management Regulations - The board approved the "Shanghai Petrochemical Investment Management Measures" [3]

Core Viewpoint - Shengli Oilfield continues to show an upward trend in crude oil production, achieving 11.7535 million tons in the first half of the year, exceeding the plan by 16,000 tons, alongside natural gas production of 470 million cubic meters, surpassing the plan by 7.4 million cubic meters [2] Group 1: Production and Exploration Achievements - The oilfield completed 54 exploratory wells and drilled 176,300 meters in the first half of the year, with a success rate of 66.7% [3] - Significant breakthroughs were made in the Jiyang shale oil and conventional exploration areas, with commercial production capacity achieved in the eastern exploration area and important breakthroughs in the western exploration area [3] - New production capacity of 1.229 million tons was added in the first half of the year, an increase of 112,000 tons year-on-year, with a single well capacity compliance rate of 95.8%, up by 9.1% [3] Group 2: Enhanced Recovery Techniques - The oilfield implemented refined water injection management and advanced chemical flooding techniques, resulting in an increase of 736,000 tons of oil in the first half of the year [4] - The comprehensive water content was controlled within 92.3%, with a steady decrease in natural decline rates [4] Group 3: Operational Efficiency and Safety - The oilfield focused on maximizing overall efficiency through collaboration between specialized and development units, achieving a reduction in average single well cycle time by 0.2 days [5] - Safety measures were prioritized, with nearly 1,400 emergency drills conducted, significantly enhancing safety awareness and operational capabilities [5] Group 4: Technological Innovation - A total of 649 research projects were implemented in the first half of the year, including 15 national projects, with 28 provincial and ministerial awards received [6] - The new variable elastic particle oil recovery technology won a gold medal at the 50th Geneva International Invention Exhibition, showcasing the oilfield's commitment to innovation [6]

Core Viewpoint - The article discusses the 2025 Global Top 50 Chemical Companies ranking, highlighting the changes in the chemical industry landscape and the performance of major companies in terms of sales revenue and growth rates [1][2]. Summary by Sections Global Ranking and Sales Performance - The entry threshold for this year's ranking is $8 billion, a decrease of nearly $400 million from last year. The total sales revenue of the top 50 companies is $1.014 trillion, down 0.07% year-on-year from 2023, indicating stabilization at the bottom of the chemical market in 2024 [2]. - The top four companies are BASF, Sinopec, Dow, and PetroChina, with sales revenues of approximately $70.612 billion, $58.131 billion, $43 billion, and $42.783 billion respectively, showing changes of -5.3%, +1.7%, -3.7%, and +6.4% compared to 2023 [2][9]. Chinese Companies in the Ranking - Eleven Chinese companies made the list, including notable names such as Formosa Plastics (11th, $30.343 billion), Syngenta (13th, $26.9 billion), and Rongsheng Petrochemical (14th, $26.398 billion) [3][9]. - Tongkun Holding Group experienced the fastest sales growth at 23.3%, with a production capacity of 10 million tons of crude oil processing rights and leading global capacity in polyester filament [4][9]. Company Strategies and Innovations - Dongfang Shenghong is diversifying its product offerings, with recent projects including an 800 tons/year polyolefin development and a successful launch of a 5,000 tons/year para-aramid project [5]. - Rongsheng Petrochemical is heavily investing in high-end chemical materials, with projects totaling 1.48 trillion yuan for a 10 million tons/year facility covering various chemical products [6]. - Wanhua Chemical focuses on specialized products, including MDI and TDI, and is actively recruiting talent for new material sectors [7][8]. Market Trends and Future Outlook - The article indicates a shift in the chemical landscape, with Japanese companies showing overall sales growth, suggesting a changing dynamic in North America, Europe, and Asia [2]. - Sinopec is focusing on filling market gaps with innovative products like high-performance polypropylene and battery separator materials [8].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 7月18日，国务院新闻办公室举行新闻发布会，介绍2025年上半年工业和信息化发展情况。工业和信息化 部总工程师谢少锋表示，将实施新一轮钢铁、有色金属、石化、建材等十大重点行业稳增长工作方案，推 动重点行业着力调结构、优供给、淘汰落后产能，具体工作方案将在近期陆续发布。 我国炼油行业起步较早，1958年兰州石化投产填补了我国石油化工行业空白，改革开放后炼油行业进入 快速发展期，至2000年我国炼油能力为3.6亿吨，2005年我国原油加工量为2.86亿吨，为2024年原油加 工量的40%。炼油行业发展过程中产生了大量建设历史较久老旧装置，根据中国石化2001年披露的A股 招股说明书，2000年中国石化拥有原油一次加工能力1 ...

Economic Overview - Dalian's GDP for the first half of 2025 reached 464.7 billion yuan, with a year-on-year growth of 6.0%, surpassing national and provincial averages by 0.7 and 1.3 percentage points respectively [1][4] - The city's GDP target for 2024 is set at 951.69 billion yuan, aiming for a growth of 5.2%, indicating a strong push towards joining the "trillion-yuan club" [4][6] Sector Performance - The primary industry added value was 21.69 billion yuan, growing by 4.5%; the secondary industry saw an increase of 164.13 billion yuan, up by 9.4%; while the tertiary industry contributed 278.88 billion yuan, with a growth of 4.0% [2] - Dalian's industrial sector showed significant growth, with industrial output increasing by 12.5% year-on-year, driven by traditional industries like equipment manufacturing (up 16.9%) and emerging sectors such as new energy and high-tech manufacturing (up 20.1%) [5] Consumer Trends - Dalian's total retail sales of consumer goods reached 112.57 billion yuan in the first half of the year, marking a year-on-year increase of 7.4%, the highest growth rate among 15 sub-provincial cities [5] Future Projections - To achieve a GDP exceeding one trillion yuan by 2025, Dalian needs to maintain a growth rate of at least 5.1%, which is considered feasible [6] - The Dalian government is committed to maintaining a stable economic growth trajectory and aims for high-quality development towards the trillion-yuan GDP goal [6]

Group 1 - The 2025 Fortune China 500 list was released, showing a total revenue of $14.2 trillion for the listed companies in 2024, a decrease of approximately 2.7% compared to the previous year [1] - The net profit of these companies reached $756.4 billion, representing a year-on-year growth of about 7% [1] - The revenue threshold for companies to be listed this year was approximately $3.62 billion, down about 3% from last year [1] Group 2 - Notable growth among Chinese internet companies includes JD.com at 11th place (up 2 spots), Alibaba at 18th (up 3 spots), Tencent at 32nd (up 6 spots), and Pinduoduo, Meituan, and Xiaomi entering the top 100 [1] - Bilibili made its debut on the list, being the only internet company among the new entrants, achieving adjusted net profit for the first time in Q3 2024 after years of losses [1] Group 3 - The top ten most profitable companies included five commercial banks and China National Petroleum, with notable private enterprises like TSMC, Tencent, Alibaba, and Ping An also making the list [2] - TSMC ranked 4th with a net profit of $36.09 billion, while Tencent's net profit grew over 65% to exceed $26.9 billion, placing it 6th [2] - The total profit of these ten companies was approximately $311.5 billion, accounting for about 41% of the total profit of all listed companies [2] Group 4 - State Grid Corporation of China topped the list with revenue of $548.4 billion, followed by China National Petroleum and Sinopec in second and third places, respectively [2] - Among the seven beverage companies listed, three liquor companies—Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu—ranked in the top ten for net profit margin [2] Group 5 - The automotive company Seres saw the largest ranking increase, rising 235 places due to a significant sales increase and over 300% revenue growth, achieving profitability [2] - Three airlines—China Southern Airlines, Air China, and China Eastern Airlines—were listed, showing significant reduction in losses despite not yet achieving profitability [2]

——石化化工反内卷稳增长系列之四 石油化工/基础化工 增持（维持） 7 月 18 日，国务院新闻办公室举行新闻发布会，介绍 2025 年上半年工业和 信息化发展情况。工业和信息化部总工程师谢少锋表示，将实施新一轮钢铁、有 色金属、石化、建材等十大重点行业稳增长工作方案，推动重点行业着力调结构、 优供给、淘汰落后产能，具体工作方案将在近期陆续发布。 要点 点评： 事件： 2025 年 7 月 22 日 行业研究 老旧装置退出有望改善炼油景气度，炼化产业转型加速 炼油老旧装置占比较高，老旧产能淘汰助力行业竞争力提升 我国炼油行业起步较早，1958 年兰州石化投产填补了我国石油化工行业空 白，改革开放后炼油行业进入快速发展期，至 2000 年我国炼油能力为 3.6 亿吨， 2005 年我国原油加工量为 2.86 亿吨，为 2024 年原油加工量的 40%。炼油行业 发展过程中产生了大量建设历史较久老旧装置，根据中国石化 2001 年披露的 A 股招股说明书，2000 年中国石化拥有原油一次加工能力 1.3 亿吨，相当于公司 2024 年炼能的 44%，拥有 13 家炼能超过 500 万吨的炼厂和茂名、镇海、齐鲁、 ...

Core Viewpoint - The safety management of Sinopec's gas stations in Hubei is under severe scrutiny due to high fire hazards, with a significant percentage of stations found to have safety violations during recent inspections [1][2]. Summary by Categories Inspection Results - In June 2025, a random inspection by Hubei fire departments revealed that out of 47 Sinopec gas stations checked, 28 were found to have fire hazards, resulting in a non-compliance rate of 59.6% [1]. - Specific actions taken included: - 11 stations were ordered to immediately rectify issues - 3 stations were given a deadline for corrections - 7 stations were ordered to make corrections - 7 stations were deemed non-compliant during the inspection [1][4]. Geographic Distribution of Issues - The inspection covered gas stations across 17 cities in Hubei, indicating that the actual number of stations with fire hazards may be much higher than reported [2]. - Notable cities with reported issues include: - Huanggang: 11 stations ordered to rectify [4] - Xiangyang: 6 stations found non-compliant [5] - Yichang: 5 stations ordered to rectify [5] - Xianning: 3 stations ordered to rectify [5] - Tianmen: 2 stations ordered to rectify [5] - Ezhou: 1 station found non-compliant [5]. Historical Context - A previous incident in December 2022 involved a fire at a Sinopec gas station in Hubei, highlighting ongoing safety concerns [4]. - Monthly reports indicate that Sinopec gas stations in Hubei are frequently cited for safety violations, suggesting systemic issues within the safety management framework [4].

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The report highlights that policy changes are expected to drive medium to long-term recovery in the industry, with a continued positive outlook on resource sector performance exceeding expectations [2][9] - The petrochemical sector is anticipated to stabilize growth, with the retirement of outdated facilities likely to enhance industry recovery [9][17] - The report emphasizes the sustained optimism regarding the agricultural resource chain, particularly in the phosphate and potassium sectors, which are expected to maintain a relatively balanced supply-demand situation despite concerns over new capacity releases [9][17] Summary by Sections Price and Price Spread Changes - The report monitors 188 chemical products, noting that the top three price increases were for liquid chlorine (up 21.8%), TDI 80/20 (up 18.8%), and natural gas (up 6.3%), while the largest declines were for D4 (down 9.6%), butane (down 6.7%), and acrylic acid (down 5.0%) [14][18] - The top three price spreads that increased were PTA (up 1103.7%), TDI spread (up 30.1%), and acrylic acid butyl ester spread (up 25.6%), with the largest declines in styrene (down 36.5%), oil head propylene spread (down 36.1%), and polyethylene spread (down 20.8%) [19][18] Industry Recovery Expectations - There is a continuous expectation for industry bottom recovery, driven by policy changes and market dynamics [12] - The report indicates that the petrochemical sector has been in a prolonged low phase, and recent policy adjustments are likely to enhance market expectations for recovery [9][17] Agricultural Resource Sector Outlook - The agricultural resource sector, particularly phosphate and potassium, is expected to remain in a relatively tight supply-demand balance, with traditional agricultural needs and emerging demands contributing to this stability [9][17]

Core Insights - The article highlights the significant advancements and achievements in China's clean energy supply chain, showcasing its role in global energy transition and sustainability efforts [1][6]. Industry Overview - China's clean energy investment has reached $625 billion, accounting for one-third of global investments, with the country leading in new energy vehicle sales, solar, and wind power installations for ten consecutive years [1][2]. - Over 80% of global solar components and 70% of wind power equipment are manufactured in China, indicating the country's comprehensive clean energy industrial chain [1]. Key Developments - Major companies like China National Offshore Oil Corporation (CNOOC) and Sinopec are pivotal in stabilizing the energy supply chain, with CNOOC achieving a 92% localization rate in core equipment for deep-sea oil and gas development [2]. - Sinopec has established the world's largest green hydrogen project in Xinjiang, with an annual capacity of 20,000 tons, demonstrating advancements in flexible hydrogen production technology [2]. Technological Innovations - Innovations such as the 5 MW chemical chain combustion system by Dongfang Electric can reduce carbon capture costs by two-thirds, enhancing the economic viability of clean coal utilization [3][4]. - Sinopec's advancements in hydrogen production have led to a 30% reduction in manufacturing costs for alkaline electrolysis cells, making green hydrogen more accessible [3]. Global Collaboration - CNOOC's overseas operations span over 40 countries, establishing a robust energy network that supports energy security in the Asia-Pacific region [4][5]. - The Belt and Road Initiative has facilitated green energy project collaborations with over 100 countries, contributing to local energy shortages and promoting global energy transition [5][6]. Future Directions - The clean energy supply chain is expected to focus on enhancing hydrogen storage and transportation technologies, improving system collaboration, and expanding high-level openness to international standards [6].