Group 1 - The chemical sector continues to show strong performance, with the Chemical ETF (516020) experiencing a price increase of 1.6% at the close, marking four consecutive days of gains [1][8] - Key stocks in the sector include Enjie Co., which surged by 8.32%, and other significant gains from Rongsheng Petrochemical and Hengyi Petrochemical, both rising over 6% [1][8] - The basic chemical sector attracted substantial capital inflow, with a net inflow of 9.202 billion yuan on the day, ranking third among 30 sectors [11] Group 2 - Morgan Stanley raised the target price for lithium carbonate to $18,000 per ton for Q4 2026, significantly above the current spot price of approximately $13,500 per ton [4][10] - The demand for lithium is primarily driven by energy storage systems and electric commercial vehicles, with growth rates exceeding market expectations [4][10] - The current valuation of the chemical sector is considered attractive, with the Chemical ETF's index price-to-book ratio at 2.44, indicating a reasonable level historically [4][10] Group 3 - The Chemical ETF (516020) has seen a net subscription of 166 million yuan over the past five trading days, indicating strong investor interest [9] - The chemical industry is expected to enter a phase of improved dividend capacity and high potential dividend yields, as noted by Guohai Securities [12] - The "anti-involution" trend in the industry aims to enhance self-discipline among chemical companies, potentially stabilizing prices and profitability [12]

恒力石化股份有限公司 证券代码：600346 证券简称：恒力石化 公告编号：2025-079 恒力石化股份有限公司 关于控股股东之一致行动人部分股份质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 控股股东恒力集团有限公司及其一致行动人目前合计持有公司股份 5,310,675,080 股，持股比例为 75.45%，累计质押公司股份 1,686,200,000 股， 占其所持有公司股份的 31.75%，占公司总股本的 23.95%。 恒能投资目前持有公司股份 1,498,478,926 股，持股比例为 21.29%，累 计质押公司股份 578,200,000 股，占其所持有公司股份的 38.59%，占公司总股 本的 8.21%。 一、上市公司部分股份质押情况 恒力石化股份有限公司（以下简称"公司"）近日接到公司控股股东恒力集 团有限公司（以下简称"恒力集团"）之一致行动人恒能投资（大连）有限公司 （以下简称"恒能投资"）通知，获悉其将所持有的公司部分股份办理了质押业 务。具体事项如下： | 占其 | 占 ...

Core Viewpoint - Hengli Petrochemical announced that its controlling shareholder, Hengli Group, through its action-in-concert party Hengneng Investment, has pledged 56 million shares to Tibet Trust, which accounts for 3.74% of its holdings and 0.80% of the total share capital, to supplement working capital. The principal debt secured by this pledge is due on January 22, 2027 [1] Summary by Category - **Shareholding Structure** - As of the announcement date, the controlling shareholder and its action-in-concert parties hold a total of 5.311 billion shares, representing 75.45% of the total share capital [1] - **Pledge Details** - A total of 1.686 billion shares have been pledged, which constitutes 31.75% of the shares held by the controlling shareholder and 23.95% of the total share capital [1] - **Risk Assessment** - Hengneng Investment has good creditworthiness, and the risk associated with this pledge is controllable, with no impact on the actual control of the company [1]

数据显示，截至2025年11月28日，中证细分化工产业主题指数(000813)前十大权重股分别为万华化学 (600309)、盐湖股份(000792)、天赐材料(002709)、藏格矿业(000408)、巨化股份(600160)、华鲁恒升 (600426)、多氟多(002407)、恒力石化(600346)、宝丰能源(600989)、云天化(600096)，前十大权重股合 计占比45.41%。 化工ETF(159870)，场外联接(A：014942；C：014943；I：022792)。 MACD金叉信号形成，这些股涨势不错！ 机构指出，PX/PTA产品库存均已到近三年新低，且PX/PTA产品价格价差均处于历史低位水平，大概率 迎来反转行情。26年原油供给过剩预计将会持续，甚至会迎来史无前例的过剩400万桶/天。大炼化原料 成本有望走低，而国内涤纶长丝，PX等产品由于库存下降等原因价格继续走低可能性较小。因此产品 价差有望扩大。 根据2024年公司年报披露，恒力石化拥有PX520万吨、PTA1660万吨，荣盛石化拥有PX1070万吨、 PTA2180万吨，东方盛虹拥有PX280万吨，恒逸石化拥有PX265万吨、P ...

东吴证券近日发布大炼化周报：国内重点大炼化项目本周价差为2674元/吨，环比+104元/吨（环比 +4%）；国外重点大炼化项目本周价差为1305元/吨，环比-24元/吨（环比-2%）。本周PX均价为838.6美 元/吨，环比+1.7美元/吨，较原油价差为400.0美元/吨，环比+15.7美元/吨，PX开工率为89.2%，环比 +0.0pct。 以下为研究报告摘要： 【相关上市公司】民营大炼化&涤纶长丝：恒力石化、荣盛石化、恒逸石化、桐昆股份、新凤鸣。 投资要点 【风险提示】1）项目实施进度不及预期；2）宏观经济增速下滑，导致需求复苏弱于预期；3）地缘风 险演化导致原材料价格波动；4）行业产能发生重大变化；5）统计口径及计算误差。（东吴证券 陈淑 娴,周少玟） 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2674元/吨，环比+104元/吨（环比 +4%）；国外重点大炼化项目本周价差为1305元/吨，环比-24元/吨（环比-2%）。 【聚酯板块】本周POY/FDY/DTY行业均价分别为6293/6536/7686元/吨，环比分别-111/-125/-61元/吨， POY/FDY/DTY行业周均利润为 ...

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View of the Report The report focuses on the weekly data of the large refining and chemical industry, showing that the cost - side support has weakened and filament prices have declined. It also analyzes the price, profit, inventory, and other indicators of different sectors such as refining, polyester, and chemicals, and tracks the performance and profit forecasts of relevant listed companies [1][2]. 3. Summary According to Relevant Catalogs 3.1 Big Refining Weekly Data Briefing - **Stock Price and Market Value of Listed Companies**: The report tracks the stock price changes of six major private refining and chemical companies in the past week, month, three - month, one - year, and from the beginning of 2025 to the present. For example, the oil and petrochemical index rose 1.6% in the past week, while Rongcheng Petrochemical rose 5.1%. It also provides the stock price, total market value, and profit forecasts of these companies from 2024A to 2027E [7]. - **Oil Price and Refining Spread**: The average price of Brent crude oil this week was $60.1 per barrel, a decrease of $1.9 ( - 3.1%) compared to the previous week, and a decrease of 18.4% compared to the same period last year. The average price of WTI crude oil was $56.3 per barrel, a decrease of $2.0 ( - 3.4%) compared to the previous week, and a decrease of 20.1% compared to the same period last year. The spread of domestic refining projects this week was 2,673.8 yuan/ton, an increase of 104.3 yuan/ton (4.1%) compared to the previous week, and an increase of 6.7% compared to the same period last year. The spread of foreign refining projects was 1,305.4 yuan/ton, a decrease of 23.6 yuan/ton ( - 1.8%) compared to the previous week, and an increase of 26.5% compared to the same period last year [7]. - **Polyester Sector**: The average prices of POY, FDY, and DTY in the industry this week were 6,292.9 yuan/ton, 6,535.7 yuan/ton, and 7,685.7 yuan/ton respectively, with week - on - week decreases of 110.7 yuan/ton, 125.0 yuan/ton, and 60.7 yuan/ton. The weekly average profits were - 58.4 yuan/ton, - 162.7 yuan/ton, and 3.2 yuan/ton respectively, with week - on - week decreases of 75.4 yuan/ton, 84.9 yuan/ton, and 42.2 yuan/ton. The inventory days were 19.0 days, 24.3 days, and 24.9 days respectively, with week - on - week increases of 2.3 days, 2.1 days, and 1.0 days. The filament operating rate was 89.1%, a decrease of 0.7 percentage points compared to the previous week [2][8]. - **Refining Sector**: The prices of gasoline, diesel, and jet fuel in China and the United States decreased this week [2]. - **Chemical Sector**: The average price of PX this week was $838.6 per ton, an increase of $1.7 compared to the previous week, and the spread compared to crude oil was $400.0 per ton, an increase of $15.7 compared to the previous week. The PX operating rate was 89.2%, unchanged from the previous week [2]. 3.2 Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: The report may show the trends of the big refining index and project spreads, but specific data and analysis are not detailed in the provided text, only the titles of relevant charts are given [10][11]. - **2.2 Polyester Sector**: It mainly analyzes the price, profit, inventory, operating rate, and sales - to - production ratio of various products in the polyester sector, including PX, PTA, MEG, POY, FDY, DTY, polyester staple fiber, polyester bottle chips, etc. For example, it studies the relationship between the price of PX and crude oil, the profit of PTA, and the inventory of filament products [22][23]. - **2.3 Refining Sector**: It is divided into domestic, US, European, and Singaporean refined oil markets, analyzing the price and spread of gasoline, diesel, and jet fuel in these regions compared to crude oil [80][92]. - **2.4 Chemical Sector**: It analyzes the price and spread of various chemical products such as EVA photovoltaic materials, pure benzene, styrene, etc., compared to crude oil [129][130].

Investment Rating - The report does not explicitly state an investment rating for the petrochemical industry, but it provides insights into price trends and market conditions that could influence investment decisions. Core Insights - The report highlights that the downstream stocking demand for winter is nearing its end, with polyester filament experiencing slight inventory accumulation [1]. - Domestic key refining project price spread is reported at 2540.74 CNY/ton, with a week-on-week increase of 7.17 CNY/ton (0.28%), while the international price spread is at 1303.62 CNY/ton, showing a decrease of 27.50 CNY/ton (-2.07%) [2][3]. - Brent crude oil's average price for the week ending December 19, 2025, is noted at 60.08 USD/barrel, reflecting a week-on-week decline of 3.10% [2]. Refining Sector Summary - The report discusses geopolitical factors affecting oil prices, including negotiations between Ukraine and the U.S. and sanctions on Venezuelan oil, which have led to fluctuations in international oil prices [2]. - Domestic refined oil prices have slightly decreased, with improvements in price spreads. The average prices for diesel, gasoline, and aviation kerosene are reported as 6625.29 CNY/ton, 7641.71 CNY/ton, and 5800.48 CNY/ton, respectively [15]. - The report notes that the chemical sector has seen a general decline in chemical prices, with some products experiencing smaller declines relative to cost, leading to improved price spreads [2]. Chemical Sector Summary - In the polyester sector, the report indicates that the price of PX and MEG has slightly decreased, while PTA prices remain stable. The overall price trend in the polyester industry is downward due to weak demand and increased production capacity [2]. - The report mentions that the EVA market is seeing price declines as production resumes from maintenance, with the average price reported at 9778.57 CNY/ton [50]. - The report also highlights that the price of pure benzene remains stable, while styrene prices have decreased due to weak cost support, with the average price reported at 6614.29 CNY/ton [50].

Investment Rating - The report indicates a positive outlook for the petrochemical sector, with the overall performance of the sector outperforming the Shanghai Composite Index by 1.57% this week [9]. Core Insights - Oil prices have remained volatile, influenced by geopolitical developments, particularly the progress in Russia-Ukraine negotiations and the fluctuating situation in Venezuela, which has led to a widening discount on Venezuelan oil [14]. - The average operating rate of domestic refineries is stable at 75.11%, while the average refining profit for major refineries is reported at 613.88 CNY/ton, showing a decrease from the previous period [3]. - The polyester sector is experiencing weak demand as the year-end approaches, with expectations of reduced operating rates for weaving machines [3]. - The ethylene market remains stable, with domestic prices holding steady, while propylene prices have seen a slight decline due to ample supply [3]. Summary by Sections Market Overview - The petrochemical sector has outperformed the Shanghai Composite Index, with various indices showing mixed performance, such as the polyester index increasing by 4.65% [9][10]. Oil and Gas Sector - As of December 18, WTI crude oil is priced at 56.15 USD, down by 1.45 USD, while Brent crude is at 61.43 USD, down by 0.95 USD. The U.S. commercial crude oil inventory decreased by 1.274 million barrels [14]. - The U.S. active oil rig count increased by 1 to 414 rigs, indicating a slight uptick in exploration activity [14]. Refining Sector - The average refining profit for major refineries is reported at 613.88 CNY/ton, a decrease of 31.59 CNY/ton from the previous period [3]. - The average operating rate for major refineries is stable at 75.11% [3]. Polyester Sector - The average profit for polyester products shows a decline, with POY150D at 38.35 CNY/ton, down by 71.09 CNY/ton, and FDY150D at -166.66 CNY/ton, down by 81.13 CNY/ton [3]. - PTA processing fees have slightly decreased to 156.51 CNY/ton, indicating ongoing challenges in profitability within the sector [3]. Olefins Sector - Ethylene prices remain stable at 6172 CNY/ton, while propylene prices in Shandong have decreased to 5955 CNY/ton, reflecting a 2.22% decline [3].

Group 1 - The chemical sector continues to show strong performance, with the chemical ETF (516020) rising by 1.12% as of the latest report [1] - Key stocks in the sector include Huafeng Chemical, which surged over 6%, and Luxi Chemical, which increased by over 4% [1] - Other notable gainers include Rongsheng Petrochemical, Yangnong Chemical, and Boyuan Chemical, each rising by more than 3% [1] Group 2 - Lithium carbonate prices have significantly increased, with futures reaching nearly 110,000 yuan/ton, marking an 8.84% rise on December 17 [2] - The price of lithium carbonate has risen by 84.1% from its low point earlier in the year [2] - Dongguan Securities expresses optimism about the lithium battery industry, predicting a 17% growth in global new energy vehicle sales by 2026 and a 20% increase in demand for power batteries [3] Group 3 - The chemical sector is currently viewed as having a favorable valuation, with the chemical ETF's underlying index trading at a price-to-book ratio of 2.4, which is relatively low historically [3] - Guohai Securities anticipates that the dividend capacity of Chinese chemical companies will improve, indicating a high potential dividend yield [3] - Huazhong Securities notes a clear differentiation in chemical product prices, with expectations for gradual recovery in pricing across the sector [3] Group 4 - The chemical ETF (516020) provides an efficient way to invest in the chemical sector, covering various sub-sectors and concentrating on large-cap leading stocks [4] - Nearly 50% of the ETF's holdings are in major companies like Wanhua Chemical and Salt Lake Co., allowing investors to capitalize on strong market leaders [4] - Investors can also access the chemical ETF through linked funds for broader exposure to the sector [4]

Core Insights - The 2025 World Brand 500 list was announced, with 50 Chinese brands included, maintaining the country's position as the third globally [1] - Five brands from Suzhou made the list: Hengli (347th), Shenghong (369th), Hengtong (386th), Bosideng (449th), and Tongding (496th), with Tongding being a first-time entrant [1] - The evaluation criteria for the World Brand 500 include market share, brand loyalty, and global leadership, assessing over 8,000 brands [1] Group 1: Suzhou Brands - Hengli has been on the list for eight consecutive years, improving its position by 16 spots from the previous year [1] - Shenghong has also been recognized for five consecutive years, moving up 11 places this year [2] - Hengtong has established 12 overseas industrial bases and over 40 technical service companies, creating a network covering more than 150 countries [2] Group 2: Brand Strategies - Shenghong is integrating artificial intelligence into its core strategy for industrial upgrade and brand building, focusing on smart industry and green branding [2] - Tongding, a leader in information communication and energy infrastructure, is enhancing its global strategy, exporting products to various countries and increasing brand visibility along the Belt and Road Initiative [2] - Hengtong has undertaken over 150 information and energy interconnection projects globally, enhancing the reputation of Chinese manufacturing [2]