Group 1 - The 27th China International High-Tech Achievements Fair (referred to as the High-Tech Fair) will take place from November 14-16, 2025, at the Shenzhen International Convention and Exhibition Center, marking a significant event in the global technology landscape [1][11] - The High-Tech Fair has been held 26 times since its establishment in 1999, becoming a crucial platform for showcasing cutting-edge technology and promoting brand visibility for Chinese tech companies [1][3] - Over 5,000 renowned enterprises, including major players like Huawei, BYD, and Xiaomi, are expected to showcase their latest technological innovations at this year's fair [5][9] Group 2 - The exhibition area for the 27th High-Tech Fair is planned to cover 400,000 square meters, with participation from over 100 countries and regions, focusing on the latest high-tech developments and facilitating technology transactions [3][6] - Specialized exhibition areas will be set up to highlight advancements in various fields, including artificial intelligence, robotics, semiconductor technology, and clean energy, aiming to drive innovation and collaboration [6][8] - The fair aims to attract significant investment, with intentions exceeding 1 billion yuan in various sectors, including biomedical and hard technology, indicating strong market interest and potential for growth [11][9] Group 3 - The previous High-Tech Fair achieved record-breaking results, with over 40,000 professional visitors and a transaction amount exceeding 120 billion yuan, showcasing its status as a leading global technology event [9][11] - The fair serves as a vital platform for technology transfer and enterprise financing, fostering deep integration between technology and the economy, and stimulating innovation [11][9] - The event will also feature numerous forums and procurement meetings, facilitating connections between technology providers and investors, further enhancing the collaborative environment [9][11]

中石化宁波工程有限公司，成立于2003年，位于宁波市，是一家以从事专业技术服务业为主的企业。企 业注册资本50000万人民币。通过天眼查大数据分析，中石化宁波工程有限公司共对外投资了9家企业， 参与招投标项目5000次，财产线索方面有商标信息4条，专利信息1128条，此外企业还拥有行政许可32 个。 来源：金融界 中石化宁波技术研究院有限公司，成立于2006年，位于宁波市，是一家以从事新闻和出版业为主的企 业。企业注册资本1000万人民币。通过天眼查大数据分析，中石化宁波技术研究院有限公司参与招投标 项目2次，财产线索方面有商标信息1条，专利信息1059条，此外企业还拥有行政许可3个。 石化盈科信息技术有限责任公司，成立于2002年，位于北京市，是一家以从事住宿业为主的企业。企业 注册资本50000万人民币。通过天眼查大数据分析，石化盈科信息技术有限责任公司共对外投资了9家企 业，参与招投标项目2159次，财产线索方面有商标信息113条，专利信息440条，此外企业还拥有行政许 可14个。 金融界2025年7月29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、中石化宁波技术 研究院有限公司、石化盈科 ...

Core Viewpoint - The energy industry is committed to implementing the decisions of the central government and aims to be a leader in high-quality targeted assistance work, emphasizing the importance of consumption assistance in promoting the development of impoverished areas [1][2]. Group 1: Meeting Overview - The National Energy Administration organized a conference on the consumption assistance cooperation action in the energy sector for 2025, attended by key representatives from 17 major energy state-owned enterprises [2]. - The meeting highlighted the achievements of the energy sector in consumption assistance since 2020, establishing a distinctive brand for targeted assistance work [1]. Group 2: Achievements and Impact - The "Energy Industry Consumption Assistance Cooperation Sales Platform," supported by the "Bain Life Network," has sold over 230 million yuan worth of specialty agricultural products from targeted assistance counties over the past five years [1]. - The meeting emphasized the need to enhance political awareness and understand the significant role of consumption assistance in current work, aiming to help impoverished areas develop unique industries and stimulate internal development [1].

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2]. Core Viewpoints - The report emphasizes that the "anti-involution" expectations are strengthening, suggesting attention to five major investment themes: 1. Polyester filament: The industry is expected to see a recovery in prosperity due to a high-quality development initiative and price increases driven by raw material costs and downstream recovery [5]. 2. MDI: The MDI market is characterized by high technical and capital barriers, with a concentrated competitive landscape. The report anticipates a shift in supply focus towards China due to aging overseas facilities [5]. 3. Industrial silicon and organic silicon: The report notes a potential improvement in supply-demand dynamics for industrial silicon, while organic silicon may see coordinated production cuts as a new norm [5]. 4. Polyester bottle chips: A significant portion of the industry is expected to undergo production cuts, which may lead to a recovery in industry profits [5]. 5. Sucralose: The report highlights a collaborative pricing strategy among leading companies, which is expected to support price increases in the coming periods [5]. Summary by Sections Market Performance - The basic chemical sector outperformed the market, with a weekly increase of 4%, ranking 8th among 31 industry sectors [6][18]. Key News and Company Announcements - The report discusses the launch of the Yarlung Zangbo River hydropower project, which is expected to significantly boost demand for chemical materials [6][31]. Product Price Changes - The report lists the top price increases for chemical products, including lithium carbonate and DMC, while also noting significant declines in products like hydrochloric acid [7]. Investment Recommendations - The report suggests focusing on core assets that have entered a long-term value zone, as well as industries facing supply constraints that may see price elasticity [7][15][16].

Market Overview - The FTSE China A50 Index showed mixed performance among bank stocks, while oil, coal, and electric power stocks declined [1][6] Banking Sector - Everbright Bank had a market capitalization of 242.84 billion with a trading volume of 0.38 billion, closing at 4.11, up by 0.03 (0.74%) [3] Insurance Sector - China Life Insurance had a market capitalization of 382.10 billion, with a trading volume of 1.46 billion, closing at 59.62, up by 1.12 (2.99%) [3] - China Pacific Insurance had a market capitalization of 371.44 billion, with a trading volume of 1.02 billion, closing at 38.61, up by 1.54 (2.65%) [3] - Ping An Insurance had a market capitalization of 1,085.69 billion, with a trading volume of 5.02 billion, closing at 8.64, up by 0.17 (2.01%) [3] Alcohol Industry - Kweichow Moutai had a market capitalization of 1,806.43 billion, with a trading volume of 3.41 billion, closing at 122.78, down by 16.99 (-1.17%) [3] - Shanxi Fenjiu had a market capitalization of 221.85 billion, with a trading volume of 1.14 billion, closing at 1438.01, down by 3.73 (-2.01%) [3] - Wuliangye had a market capitalization of 476.58 billion, with a trading volume of 1.31 billion, closing at 181.85, down by 0.76 (-0.62%) [3] Technology Sector - Haiguang Information had a market capitalization of 246.59 billion, with a trading volume of 1.20 billion, closing at 341.73, down by 0.23 (-0.07%) [3] - Northern Huachuang had a market capitalization of 282.22 billion, with a trading volume of 4.45 billion, closing at 674.60, up by 1.30 (0.19%) [3] - Cambricon Technologies had a market capitalization of 32.38 billion, with a trading volume of 1.79 billion, closing at 139.31, down by 2.18 (-1.54%) [3] Energy Sector - Sinopec had a market capitalization of 269.58 billion, with a trading volume of 5.34 billion, closing at 5.88, down by 0.11 (-1.27%) [3] - PetroChina had a market capitalization of 1,566.66 billion, with a trading volume of 8.05 billion, closing at 8.56, down by 0.06 (-1.08%) [3] Automotive Sector - BYD had a market capitalization of 1,846.26 billion, with a trading volume of 5.87 billion, closing at 37.78, down by 0.47 (-2.26%) [3] Securities Sector - CITIC Securities had a market capitalization of 363.53 billion, with a trading volume of 32.66 billion, closing at 29.86, up by 0.41 (2.03%) [4] Consumer Electronics - Luxshare Precision had a market capitalization of 272.89 billion, with a trading volume of 23.13 billion, closing at 28.83, up by 0.17 (0.59%) [4] Home Appliances - Gree Electric had a market capitalization of 228.16 billion, with a trading volume of 10.44 billion, closing at 25.72, down by 0.09 (-0.19%) [4] Pharmaceutical Sector - Heng Rui Medicine had a market capitalization of 404.93 billion, with a trading volume of 4.53 billion, closing at 48.52, up by 4.61 (8.17%) [4]

金融界2025年7月28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;中石化石油化工科 学研究院有限公司申请一项名为"聚脲基润滑脂及其制备方法"的专利，公开号CN120365972A，申请日 期为2024年01月。 中石化石油化工科学研究院有限公司，成立于2022年，位于北京市，是一家以从事研究和试验发展为主 的企业。企业注册资本30000万人民币。通过天眼查大数据分析，中石化石油化工科学研究院有限公司 共对外投资了2家企业，参与招投标项目1552次，专利信息1289条，此外企业还拥有行政许可292个。 来源：金融界 专利摘要显示，本发明提出了一种聚脲基润滑脂及其制备方法。本发明的聚脲基润滑脂，包括以下组 分：(A)磷酸酯盐，占所述聚脲基润滑脂总重量的0.1％～10％；(B)抗氧剂，占所述聚脲基润滑脂总重量 的0.1％～10％；(C)防锈剂，占所述聚脲基润滑脂总重量的0.1％～5％；(D)聚脲基稠化剂，占所述聚脲 基润滑脂总重量的1％～30％；(E)润滑基础油，构成所述聚脲基润滑脂的主要成分。本发明的聚脲基润 滑脂具有优良的极压抗磨性能和抗氧化性能，同时具有良好的胶体安定性、机械安定性，能够胜任于 ...

Group 1 - The global chemical industry is experiencing stagnation, characterized by a down cycle due to oversupply and weak demand, with the top 50 companies' sales remaining nearly flat for two consecutive years [1][2] - BASF leads the ranking with sales of $70.612 billion, followed by Sinopec at $58.131 billion and Dow at $42.964 billion, with total sales for the top 50 companies amounting to $1.014 trillion, a slight decrease of 0.07% from the previous year [1] - The profits of the top 50 companies reached $56.8 billion in 2024, an increase of 8.1% compared to 2023, following a significant drop of 44.1% in the previous year [1][3] Group 2 - Capital expenditures for the top 50 companies increased by 3.5% to $73 billion, while R&D spending rose by 3.0% to $12.3 billion, indicating a slight recovery in executive confidence [2] - Many companies are downsizing operations, particularly in Europe, due to high energy and other costs, with companies like LyondellBasell and Dow closing or selling facilities [2] - The profitability of the petrochemical sector is mixed, with some companies like ExxonMobil and SABIC showing profit growth, while others like LyondellBasell and Dow experienced declines [3]

Core Viewpoint - The training program for new employees at China Petroleum and Chemical Industry Federation (Sinopec) aims to enhance their understanding of the industry, improve personal qualities, and instill a service-oriented mindset, fostering a culture centered on innovation, respect, trust, and care [1][3]. Group 1: Training Objectives and Structure - The training program includes diverse methods such as lectures, specialized guidance, team-building exercises, and discussions to equip new employees with essential skills and knowledge about the petrochemical industry [3]. - The program focuses on teaching party-building theories, workplace etiquette, document writing, and career planning to help new employees quickly adapt to the workplace [3]. Group 2: Leadership Expectations - The leadership emphasizes the importance of proactive learning, effective training outcomes, and adherence to training discipline among new employees [3]. - New employees are encouraged to strengthen their party identity, recognize their roles, and take on responsibilities as future leaders in the industry [4]. Group 3: Cultural and Ethical Guidance - The training includes a call to embrace the spirit of Daqing and the Iron Man spirit, urging new employees to promote the excellent traditions of the petrochemical industry [5]. - Specific advice is given regarding career development, emphasizing loyalty, practical engagement, and the rejection of complacency in their professional journeys [4][5].

Core Viewpoint - China Petrochemical Corporation (Sinopec) has changed its investment strategy, focusing on established companies and sectors with lower risk, such as waste resource utilization and hydrogen energy, as evidenced by its recent investment in Zhejiang Fengdeng Green Energy Environmental Protection Co., Ltd. [1][6][8] Group 1: Investment Details - Sinopec Capital has invested 200 million RMB in Fengdeng Green Energy, becoming the second-largest shareholder with approximately 9.7% ownership. The funds will be used for the construction of "waste-free parks" in Zhejiang and Shandong [1]. - Fengdeng Green Energy, originally established in 1965, specializes in the efficient resource utilization of waste, successfully converting hazardous waste into high-purity hydrogen and lithium battery materials [1][2]. Group 2: Investment Strategy Shift - Sinopec's investment style has shifted significantly since mid-2024, moving away from early-stage projects to focus on established companies in the new materials sector, such as XCMG Group and Wanrun Co., Ltd. [3][4]. - The change in investment strategy is attributed to the cooling of the capital market and the high failure rate of early-stage projects, leading Sinopec to prefer industry leaders and "little giant" enterprises recognized by the state [6][7]. Group 3: Market Context - The capital market has seen a slowdown in IPOs since last year, with a notable recovery only around June 2024, which has extended the timeline for exit and monetization for investors [6]. - Sinopec's investments in mature companies allow for quicker returns, as demonstrated by the comparable net profits of Sinopec and leading companies like CATL, despite significant differences in revenue [7]. Group 4: Strategic Alignment - Sinopec's investments align with national strategies, particularly in emerging sectors like hydrogen energy and resource recycling, as seen with its establishment of a hydrogen fund and participation in the China Resource Recycling Group [8].

Investment Rating - The report maintains an "Accumulate" rating for the basic chemical industry [5] Core Views - The chemical industry is expected to undergo a new round of supply-side reforms, driven by the government's initiatives to eliminate outdated production capacity and improve industry structure [1][21] - The "anti-involution" policy is anticipated to support the exit of old capacities, benefiting leading companies in sub-industries such as refining, fertilizers, pigments, organic silicon, soda ash, and chlor-alkali/PVC [1][21] Summary by Sections Refining - Strict control of refining capacity and low operating rates of local refineries in Shandong are expected to improve the profitability of major refineries [2][24] - As of 2024, China's refining capacity is projected to be 934 million tons, with a target to keep crude oil processing capacity below 1 billion tons by 2025 [24][25] Urea - Future supply is expected to decrease, with only 493,000 tons of new urea capacity projected by 2025, representing 6.5% of the current total capacity [2][26] - The industry is likely to benefit from supply reductions and potential export opportunities, particularly for leading companies capable of upgrading their facilities [26] Soda Ash and PVC - Increased demand from infrastructure projects is expected to drive recovery in the soda ash and PVC markets [3][27] - New soda ash capacity planned for 2025-2026 is estimated at 868,000 tons, accounting for 20% of the total capacity in 2024 [28] - The PVC industry is also expected to see limited new capacity, with a projected increase of 500,000 tons by 2025-2026, representing 17% of the total capacity in 2024 [29] Investment Recommendations - The report suggests focusing on leading companies in various sub-industries, including: - Refining: China Petroleum, Sinopec, Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong [4] - Fertilizers: Hualu Hengsheng, Chuanheng Co., Hubei Yihua, Salt Lake Potash, Yara International, Sinochem Fertilizer [4] - Pigments: Qicai Chemical, Baihehua, Xinkai Technology, Zhejiang Longsheng, Runtu Co. [4] - Chlor-alkali/PVC: Yangmei Chemical, Chlor-alkali Chemical, Xinjiang Tianye [4] - Organic Silicon/Industrial Silicon: Hoshine Silicon, Xin'an Chemical, Silbond Technology [4] - Soda Ash: Sanyou Chemical, Boyuan Chemical, Shandong Haihua [4]