Investment Rating - The report maintains a "Recommended" rating for companies with significant biodiesel or raw material production capacity, including Zhuoyue Xinneng, Jiaao Environmental Protection, Shanggao Huaneng, Haineng Kexin, and Langkun Environment [4][5]. Core Insights - The biodiesel market is expected to see increased demand and raw material supply due to the cancellation of export VAT refunds on raw materials, which will drive growth in the biodiesel sector [4]. - Recent agreements, such as the one between Cathay Pacific and Sinopec for SAF procurement, indicate a positive trend in the adoption of domestic SAF, enhancing the supply chain for biodiesel [3]. - The average prices for domestic waste cooking oil and gutter oil have increased, with waste cooking oil priced at 6640 CNY/ton and gutter oil at 6180 CNY/ton, reflecting a stable export outlook for UCO to Europe, the US, and Southeast Asia [2][4]. Summary by Sections Price Trends - The report notes a week-on-week increase in external HVO/SAF prices, with SAF at 1884.5 USD/ton (up 4.87%) and HVO at 1960.75 CNY/ton (up 3.46%) [1]. - Domestic price differences for biodiesel exports to Europe have reached 2539 CNY/ton, showing a weekly increase of 163 CNY/ton [1]. Export Expectations - The report anticipates a significant rise in China's HVO/SAF export volumes for May, with estimates nearing 40,000 tons, supported by rising external prices [3]. - The report highlights that the domestic HVO/SAF factories are maintaining strong procurement levels, indicating robust market demand [2]. Company Performance Forecast - The earnings per share (EPS) and price-to-earnings (PE) ratios for key companies are projected, with Zhuoyue Xinneng expected to have an EPS of 3.16 CNY in 2025 and a PE of 14 [5].

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, PetroChina, and CNOOC, highlighting their high dividend characteristics [10]. Core Views - The report emphasizes the importance of focusing on domestic demand, high dividend stocks, and import substitution in the chemical industry, especially in light of the recent stabilization of international oil prices [6][17]. - It notes that the international oil price is expected to stabilize around $70 per barrel in 2025, which supports the outlook for companies with strong asset quality and high dividend yields [6][17]. Summary by Sections Industry Investment Recommendations - The report suggests that the chemical industry is currently in a weak performance phase, with mixed results across different sub-sectors due to past capacity expansions and weak demand [20]. - It highlights specific sectors such as the tire industry, which is expected to perform well due to global positioning and tariff experiences [20]. - The report also identifies opportunities in import substitution for chemical products like lubricant additives and special coatings [20]. Price Movements - Significant price increases were observed in natural gas (up 14.76%), hydrochloric acid (up 9.39%), and synthetic ammonia (up 5.24%) [17][18]. - Conversely, products like adipic acid and coal tar saw notable declines, with adipic acid down 7.53% [17][18]. Key Companies and Earnings Forecasts - The report provides earnings per share (EPS) forecasts for various companies, indicating a positive outlook for firms like Xinyangfeng and Senqilin, with projected EPS growth [10]. - It lists several companies with strong dividend yields, such as Yuntianhua and Xingfa Group, which are expected to attract investor interest [20].

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, PetroChina, and CNOOC, highlighting their high dividend characteristics [10]. Core Viewpoints - The report emphasizes the importance of focusing on domestic demand, high dividend stocks, and import substitution in the chemical industry, especially in light of the recent stabilization of international oil prices [6][17]. - It notes that the international oil prices have shown a slight increase, with WTI crude oil priced at $64.58 per barrel and Brent crude at $66.47 per barrel as of June 6, 2025, indicating a positive outlook for companies with high dividend yields [6][17]. - The report suggests that the chemical industry is currently experiencing mixed performance across different sub-sectors, with some areas like the tire industry showing better-than-expected results [20]. Summary by Sections Chemical Industry Investment Suggestions - The report highlights significant price increases in products such as natural gas (up 14.76%) and hydrochloric acid (up 9.39%), while products like adipic acid and coal tar have seen notable declines [17][18]. - It recommends focusing on sectors that can benefit from import substitution, such as lubricating oil additives and special coatings, as well as companies involved in chemical fertilizers and coal chemical industries [8][20]. Price Movements - The report details the fluctuations in chemical product prices, noting that while some products have rebounded, others continue to decline, reflecting the overall weak performance of the industry [20][28]. - It mentions that the overall market sentiment remains cautious due to high supply pressures and weak demand, particularly in the urea and compound fertilizer markets [30][31]. Key Companies and Earnings Forecasts - The report provides a detailed earnings forecast for key companies, indicating expected EPS growth for companies like Xinyangfeng and Senqilin, with respective PE ratios suggesting attractive valuations [10]. - It emphasizes the strong dividend yields of leading companies in the chemical sector, making them appealing investment opportunities in the current market environment [8][10].

Group 1 - China Petroleum & Chemical Corporation (Sinopec) has applied for a patent for a modified Hβ molecular sieve catalyst, with the patent application number CN120094631A, filed on December 2023 [1] - The catalyst composition includes 60%-85% Hβ molecular sieve, 0.1%-6% sodium oxide and/or potassium oxide, and 13%-35% aluminum oxide, with a silicon-aluminum molar ratio of 25-180 and a characteristic constant k of 100-550 [1] - The preparation method involves dissolving cinnamic acid salt in benzene, purging with hot nitrogen, and using conventional methods to produce the catalyst [1] Group 2 - China Petroleum & Chemical Corporation was established in 2000, located in Beijing, with a registered capital of approximately 12.17 billion RMB [2] - The company has invested in 250 enterprises, participated in 5000 bidding projects, and holds 5000 patent records [2] - Sinopec (Dalian) Petrochemical Research Institute, established in 2022, has a registered capital of approximately 338.46 million RMB and has invested in 1 enterprise, participated in 773 bidding projects, and holds 4659 patent records [2]

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Insights - The chemical industry has been significantly impacted by tariff-related policies and fluctuations in crude oil prices this year. Key areas of focus for June include safety regulations affecting the pesticide and intermediate sectors, performance volatility due to "export grabbing," the importance of self-sufficiency in electronic materials, and stable dividend policies in energy companies [2][4][11] - The report suggests a mid-to-long-term investment strategy focusing on high oil prices, the ongoing high demand in the oil and gas extraction sector, and the growth potential in new materials, particularly in electronic and renewable energy materials [4][11] Summary by Sections Industry Dynamics - As of June 8, the TTM price-to-earnings ratio for the SW basic chemicals sector is 22.18, at the 69.94 percentile historically, while the price-to-book ratio is 1.89, at the 29.26 percentile historically. For the SW oil and petrochemical sector, the TTM price-to-earnings ratio is 10.97, at the 17.71 percentile historically, and the price-to-book ratio is 1.14, at the 20.11 percentile historically [4][11] Price Changes - In the week of June 2-8, 2025, among 100 tracked chemical products, 17 saw price increases, 51 saw decreases, and 32 remained stable. The average price of hydrochloric acid rose by 31%, while vitamin E prices fell by 5.01% [10][30] Key Focus Areas - The report emphasizes the importance of monitoring the impact of safety regulations on the pesticide sector, the performance fluctuations of companies due to export dynamics, and the critical nature of self-sufficiency in electronic materials [4][11] - It also highlights the potential for recovery in demand due to policy support in 2025, particularly for leading companies in high-demand sub-sectors like fluorochemicals and vitamins [11][28]

廉洁，是企业稳健发展的坚固基石。2025年，中国石化湖北石油党委纪委聚焦企业廉洁文化建设要求， 充分发挥党的纪律教育的约束、保障与激励作用，创新构建专家"送训"、纪委书记"授课"、支部纪检委 员"说廉"的三级教育体系，通过上下联动、分层施教，将法纪法规教育传递到基层末梢，激活企业廉洁 内生动力。 专家下沉"送训" 锻造纪检铁军 今年以来，湖北石油建立"每月专题学+季度巡回讲"机制，组织纪检专家深入企业开展"订单式"培训， 既解读《中国共产党纪律处分条例》等党内法规，又针对基层常见问题开发"微腐败"识别与防控等实务 课程，紧密结合实际工作中的痛点、难点问题进行详细的答疑解惑，让基层纪检干部如拨云见日，茅塞 顿开，推动监督执纪能力整体提升。 "这些案例触目惊心，时刻警醒着我们要保持清醒头脑，严守纪律红线。"湖北石油广大党员干部在参加 完廉洁党课后感同身受。 "培训既有党纪法规解读，又有典型案例剖析，及时解开了我们工作中的困惑。"纪检人员蔡佳佳对湖北 石油每季一讲的"送训"记忆犹新。 纪委书记"授课" 筑牢思想防线 在湖北石油，各单位纪委书记带头讲廉政党课已成常态。他们结合本单位典型案例制作"警示录"，通过 案情还 ...

Group 1 - The core viewpoint emphasizes the commitment of Chinese petroleum and petrochemical companies to support agricultural production during the "Three Summer" season, ensuring food security [1] - China Petroleum has organized 1,331 truckloads of fuel delivery to rural areas, supplying 29,000 tons of agricultural diesel to stabilize food production [1] - The company has implemented a province-specific resource guarantee plan and established a "minute-level" emergency response mechanism to ensure stable fuel supply in key summer grain-producing provinces [1] Group 2 - China Petroleum continues to offer discounts on diesel and fertilizers, benefiting farmers and agricultural machinery operators [2] - The company has planned to supply over 600,000 tons of diesel to prioritize agricultural machinery fuel needs during the summer harvest [2] - In Henan province, a dedicated service mechanism has been established to ensure timely fuel delivery and support for agricultural production, including a 24-hour fuel dispatch operation [2]

Macro Economic Indicators - As of the end of May, China's gold reserves stood at 73.83 million ounces (approximately 2,296.37 tons), marking an increase of 60,000 ounces (about 1.86 tons) month-on-month, representing the seventh consecutive month of gold accumulation by the central bank [1][3]. - The National Bureau of Statistics released the Consumer Price Index (CPI) and Producer Price Index (PPI) for May on June 9 [2][3]. - The 2025 China Marine Economy Development Index was released on June 8, indicating a 2.3% year-on-year growth, with the index projected to reach 125.2 in 2024, reflecting strong momentum in marine economic development [1][3]. Company Developments - BYD held its 2024 shareholder meeting on June 6, where Chairman Wang Chuanfu expressed confidence in achieving a sales target of 10 million vehicles in the next 5-10 years, emphasizing the importance of intelligent driving technology [15]. - Stone Technology announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance global brand recognition and optimize capital structure [18]. - China Petroleum & Chemical Corporation (Sinopec) and Shanghai Electric Group discussed expanding their cooperation following a strategic agreement signed last year [18]. Market Trends - The first quarter of this year saw a 67.8% year-on-year increase in international cruise passenger transport in China, highlighting the robust growth of the marine economy [12]. - The number of newly registered private equity securities investment funds increased by over 45% year-on-year as of May 31, indicating a surge in both new and existing capital entering the market [13]. - High dividend returns and value enhancement strategies are being promoted by the Shanghai Stock Exchange to boost investor confidence and market activity [8]. Regulatory and Governance Updates - The State-owned Assets Supervision and Administration Commission (SASAC) issued new guidelines for the development planning of central enterprises, establishing a three-tier planning system [6]. - The China Securities Regulatory Commission approved the Central Huijin Investment Co., Ltd. as the actual controller of several securities and fund management companies [9][11].

Investment Rating - The report maintains a recommendation for the energy sector, indicating a positive outlook despite geopolitical risks and supply concerns [1]. Core Insights - Oil prices have increased due to supply disruptions caused by wildfires in Canada, which have shut down approximately 350,000 barrels per day of heavy crude oil production, representing about 7% of the country's oil output [11]. - The report highlights that geopolitical events, such as the Israel-Palestine conflict and the Russia-Ukraine situation, continue to support oil prices [11]. - The Brent crude oil price reached $67.47 per barrel, up 4.35% week-on-week, while WTI crude oil price was $63.35 per barrel, up 3.53% week-on-week [11]. - The report suggests that the demand for oil is expected to improve as tariff negotiations progress, which may alleviate investor concerns about demand [11]. Summary by Sections 1. Investment Strategy - **Crude Oil**: Global oil and gas capital expenditures have declined significantly since the Paris Agreement in 2015, with a notable drop of nearly 122% from 2014 highs. This has led to cautious capital spending among major oil companies, limiting supply recovery in the short term [9][32]. - **Coal**: The report notes stable coal prices at ports, with the average price of Qinhuangdao port coal (Q5500) at 609.25 RMB per ton, down 0.29% week-on-week. The overall coal supply remains sufficient despite some production cuts [12][13]. - **Coke**: The report indicates that coke prices have remained stable, with a price of 1410 RMB per ton. However, demand from downstream steel mills is weak, leading to expectations of further price reductions [14][15]. - **Natural Gas**: The EU plans to ban Russian natural gas imports by the end of 2027, which has faced opposition from France and Belgium. The average price of NYMEX natural gas increased by 9.5% to $3.72 per million British thermal units [16][17]. - **Oil Services**: The oil service sector is expected to see a recovery in activity due to increased capital expenditures driven by high oil prices and supportive policies [18][19]. 2. Major Energy Price Changes - The Huachuang Chemical Industry Index is reported at 76.13, down 2.11% week-on-week and down 24.46% year-on-year. The industry price percentile is at 20.34%, indicating a significant decline [20][22]. - The report summarizes that the largest price increases were seen in U.S. natural gas (+9.5%) and Brent crude oil (+4.3%), while the largest declines were in port coke (-3.4%) and Shanxi coke (-2.9%) [28][30].

点击注册小程序 2025 年以来地缘政治局势不确定性较强，我国能源安全受到较多外部挑战。" 三桶油"将继续维持高资本开 支，大力推进"增储上产"， 2025 年计划分别增长 1.6% 、 1.3% 、 5.9% 。 （ 1 ）中国石油 聚焦重点盆地重点 地区加大风险勘探力度，把天然气业务作为战略性、成长性和价值性工程大力发展， 2024 年天然气产量占油 气当量产量的 54.4% ，持续推动非常规油气勘探突破与规模建产。 （ 2 ）中国石化 将加快攻克深层超深层油 气等核心技术，实现勘探大突破、油气稳增长、盈亏平衡点持续下降，促进上游业务的可持续发展。 （ 3 ） 中国海油 在国内推动新油田上产和老油田稳产， 2025 年已有番禺 10/11 区块联合开发项目、东方 29-1 气田开 发项目、渤中 26-6 油田开发项目（一期）等多项目投产。 坚持自主创新强化科技攻关，谋求高质量发展 " 三桶油 " 加强自主创新，大力攻关石油化工领域的 " 卡脖子 " 技术，推动公司实现高质量发展。 中国石油 制定创新任务时间表，确定 2025 年至本世纪中叶的四阶段发展目标， 2024 年，中国石油取得深地钻探关键技 术、 ...