Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company demonstrated resilience at the bottom of the cycle, with a rebound in refining sector profitability driven by "anti-involution" policies [2][8] - The company reported a significant improvement in profitability in Q3 2025, with a net profit of 19.7 billion yuan, a year-on-year increase of 81.5% [6][7] - The report highlights the company's strong cash flow and commitment to shareholder returns through consistent cash dividends [10] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 157.38 billion yuan, a year-on-year decrease of 11.5%, and a net profit of 5.02 billion yuan, down 1.6% year-on-year [5] - In Q3 2025, the company recorded revenue of 53.5 billion yuan, a year-on-year decline of 18.0% but a quarter-on-quarter increase of 14.2% [6] - The gross profit margin for Q3 2025 improved to 16.4%, up 8.6 percentage points year-on-year [6] Segment Performance - In Q3 2025, refining products generated revenue of 26.9 billion yuan, down 19% year-on-year but up 37% quarter-on-quarter, with sales volume of 5.53 million tons [7][14] - The PTA segment reported revenue of 13.2 billion yuan, a year-on-year decrease of 20% [14] - New materials contributed 9.8 billion yuan in revenue, a year-on-year decline of 6% [14] Future Outlook - The company is projected to achieve revenues of 211.4 billion yuan in 2025, with a net profit of 7.47 billion yuan, reflecting a growth rate of 6% [12] - The report anticipates continued growth in net profit, reaching 11.16 billion yuan by 2027 [12] - The company is expected to benefit from industry consolidation and increased competitiveness due to the "anti-involution" policies [8]

格隆汇10月29日｜华安证券研报指出，恒力石化前三季度实现归母净利润50.23亿元，同比-1.61%；Q3 单季度实现归母净利润19.72亿元，同比/环比+81.47%/+97.41%。Q3盈利改善，炼化产销量环比大幅上 升。产品价格方面，根据公司经营数据测算，25Q3单季度炼化产品/PTA/新材料产品均价环 比-1.63%/+3.31%/+1.31%，呈现窄幅波动。原材料价格方面，三季度，原油小幅企稳反弹。基于炼化一 体化良好现金流，公司持续增加资本开支，保证公司未来成长性。高端涤纶和功能性薄膜方面，公司产 品在品质以及稳定性上优于同行，是目前国内唯一一家能够量产规格5DFDY产品的公司，MLCC离型 基膜国内产量占比超过65%，更是国内唯一、全球第二家能够在线生产12微米涂硅离型叠片式锂电池保 护膜的企业。公司维持高分红积极回馈股东，打造价值"成长+回报"型上市企业，维持"买入"评级。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000637 | 茂化实华 | 4.86 | -2.61% | 45.72万 | | 2.25亿 | | 000819 | 军阻兴长 | 17.97 | -1.91% | 12.56万 | | 2.26亿 | | 603798 | 康普顿 | 15.38 | -1.54% | 5.37万 | 8234.65万 | | | 600800 | 渤海化学 | 3.93 | -1.50% | 15.17万 | 5966.43万 | | | 300135 | 宝利国际 | 4.19 | -1.41% | 20.45万 | 8567.48万 | | | 603223 | 恒通股份 | 9.68 | -1.22% | 5.04万 | 4881.66万 | | | 002377 | 国创高新 | 3.04 | -0.98% | 15.31万 | 4648.21万 | | | 000985 | 大庆华科 | 68.81 | -0.89% | 2.39 ...

10月29日，恒力石化涨2.89%，截至发稿，报17.81元/股，成交5.48亿元，换手率0.44%，总市值1253.66 亿元。恒力石化股价已经连续3天上涨，区间累计涨幅5.57%。 财通资管价值发现混合A（008276）基金经理为李响。 截至发稿，李响累计任职时间7年218天，现任基金资产总规模32.93亿元，任职期间最佳基金回报 37.6%， 任职期间最差基金回报-30.26%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，财通证券资管旗下1只基金重仓恒力石化。财通资管价值发现混合A（008276）三季度持有 股数94.25万股，占基金净值比例为3.38%，位居第八大重仓股。根据测算，今日浮盈赚取约47.12万 元。连续3天上涨期间浮盈赚取88.59万元。 财通资管价值发现混合A（008276）成立日期2020年3月23日，最新规模4.02亿。今年以来收益 25.81%，同类排名3706/8155；近一年收益2 ...

10月29日，恒力石化涨2.89%，截至发稿，报17.81元/股，成交5.48亿元，换手率0.44%，总市值1253.66 亿元。恒力石化股价已经连续3天上涨，区间累计涨幅5.57%。 资料显示，恒力石化股份有限公司位于辽宁省大连市中山区人民路街道港兴路52号维多利亚广场B楼31 层，成立日期1999年3月9日，上市日期2001年8月20日，公司主营业务涉及涤纶纤维、聚酯薄膜等相关 产品的研发、生产和销售以及蒸汽、电力的生产和销售;PTA生产、销售以及炼化、石化业务。主营业 务收入构成为：炼化产品45.92%，PTA31.10%，聚酯产品19.24%，其他3.73%。 嘉实中证细分化工产业主题指数发起式A（013527）基金经理为张超梁。 数据显示，嘉实基金旗下1只基金重仓恒力石化。嘉实中证细分化工产业主题指数发起式A（013527） 三季度增持22.84万股，持有股数59.22万股，占基金净值比例为2.79%，位居第九大重仓股。根据测 算，今日浮盈赚取约29.61万元。连续3天上涨期间浮盈赚取55.67万元。 嘉实中证细分化工产业主题指数发起式A（013527）成立日期2022年9月22日，最新规模4963 ...

10 月27 日晚，恒力石化发布2025 年三季报，前三季度实现营收1574.67 亿元，同比-11.46%，实现归母 净利润50.23 亿元，同比-1.61%；实现扣非净利润41.85 亿元，同比-9.54%。Q3 单季度实现营收535.24 亿元，同比/环比-17.99%/+14.13%；实现归母净利润19.72 亿元，同比/环比+81.47%/+97.41%；扣非归母 净利润18.89 亿元，同比/环比+74.15%/+78.65%。 Q3 盈利改善，炼化产销量环比大幅上升 盈利能力指标方面， 25Q3 毛利率16.36% ， 同比/ 环比+8.58pct/+2.72pct；净利率3.69%，同比/环比 +2.02pct/+1.55pct。 ROE 为3.09%，毛利率净利率同比环比改善。 投资建议 我们预计公司2025-2027 年归母净利润分别为87.15 亿元、96.04亿元、111.41 亿元， 对应当前股价PE 分 别为13.79X/12.51X/10.78X，维持"买入"评级。 费用方面，25Q3 销售费用率/管理费用率/财务费用率分别为0.13%/1.10%/1.89%，同比-0.09 p ...

Group 1: Monetary Policy and Financial Management - The central bank is gradually implementing a moderately loose monetary policy, with macro-prudential management continuously improving, as evidenced by the recent financial forum where the central bank governor emphasized the importance of debt market operations [6][8] - The central bank's net purchase of 700 billion yuan in government bonds from October to December 2024 is aimed at alleviating supply-side pressures, indicating a mature timing for the resumption of bond trading [6][7] - The construction of a comprehensive macro-prudential management system is being accelerated to prevent and resolve financial risks, enhancing the ability to manage banking asset quality concerns [8] Group 2: Capital Market Reforms - The capital market is focusing on deepening investment and financing reforms while enhancing protections for small and medium investors, as highlighted in a recent speech by the chairman of the securities regulatory commission [11][12] - The multi-tiered capital market system is being reinforced, with specific reforms aimed at the growth board and the North Exchange to better serve emerging industries and technologies [13][14] - The introduction of a refinancing framework is expected to streamline the process for quality companies, allowing them to issue securities in a more flexible manner [15] Group 3: Company-Specific Insights - Huayang Group reported Q3 2025 revenue of 3.48 billion yuan, a year-on-year increase of 31%, driven by strong performance in automotive electronics and precision die-casting [19][20] - Hengli Hydraulic achieved a revenue of 7.79 billion yuan in the first three quarters of 2025, reflecting a 12.31% year-on-year growth, with a notable recovery in the excavator industry [23][24] - Hengli Petrochemical's Q3 net profit increased by 81.47% year-on-year, despite a revenue decline, due to effective cost management and improved gross margins [27][28] Group 4: Investment Recommendations - Investment recommendations for Huayang Group suggest a clear growth path driven by automotive electronics and precision die-casting, with adjusted profit forecasts for 2025-2027 [22] - Hengli Hydraulic is positioned as a leader in the hydraulic components market, with expected net profits of 2.796 billion yuan for 2025, reflecting a strong recovery in the excavator sector [25] - Hengli Petrochemical is expected to benefit from a new cycle in the refining industry, with a maintained "buy" rating based on its robust dividend policy and market position [29]

每经AI快讯，华安证券10月29日发布研报称，给予恒力石化（600346.SH，最新价：17.49元）"买入"评 级。评级理由主要包括：1）2025Q3 盈利改善，炼化产销量环比大幅上升；2）借助平台化成本优势， 新材料项目全面开花。风险提示：原油和煤炭价格大幅波动；项目建设不及预期；不可抗力；宏观经济 下行。 每日经济新闻 每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ （记者 王瀚黎） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 ...

[Table_StockNameRptType]2 恒力石化（600346） 公司点评 25Q3 量利齐升业绩超预期，新材料项目持续推进 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-10-29 | | [Table_BaseData] 收盘价（元） | 17.07 | | 近 12 个月最高/最低（元） | 17.75/13.74 | | 总股本（百万股） | 7,039 | | 流通股本（百万股） | 7,039 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 1202 | | 流通市值（亿元） | 1202 | 分析师：潘宁馨 执业证书号：S0010524070002 电话：13816562460 邮箱：pannx@hazq.com [Table_CompanyReport] 相关报告 1.检修和油价波动影响业绩，高分红 注入市场信心 2025-08-27 2.全年业绩稳健，维持高分红策略 2025-04-25 3.原料波动盈利承压，新材料全面开 花 2024-10-24 主要观点： [Table_Char ...

Core Insights - The report highlights a recovery in industrial enterprise profits, with a cumulative year-on-year increase of 3.2% for the first nine months of 2025, compared to 0.9% in the previous period, indicating a positive trend in the industrial sector [5][30] - The report emphasizes the importance of the "Fifteenth Five-Year Plan" and outlines ten investment directions, focusing on economic construction and consumer spending [11][12][18] - The report notes that the central bank's resumption of government bond trading is expected to positively impact the market, providing a new channel for monetary policy [20][21][25] Industry Analysis Agriculture, Forestry, Animal Husbandry, and Fishery - The pig industry is entering a destocking phase, driven by policy and market factors, presenting a good investment opportunity [38] - The beef market is experiencing a cyclical uptrend, supported by strong demand and limited supply recovery [39] - The poultry sector is facing challenges due to disease outbreaks and import uncertainties, but demand is expected to strengthen [40] Food and Beverage - Jin Hui Jiu's revenue for the first three quarters of 2025 was 2.306 billion yuan, a year-on-year decrease of 1.0%, with net profit declining by 2.8% [45] - Qingdao Beer reported a revenue of 29.37 billion yuan for the first three quarters, a year-on-year increase of 1.41%, but faced pressure on profits due to weak demand [50] - Chenguang Biotech's revenue decreased by 3.4% year-on-year, but net profit showed significant growth due to improved profitability in its core business [55] Chemical Industry - Yun Tu Holdings reported a revenue of 15.87 billion yuan for the first three quarters, with a net profit of 675 million yuan, but faced challenges due to weak autumn fertilizer demand [60] - Xingfa Group's revenue for the first three quarters was 23.781 billion yuan, with a net profit of 1.318 billion yuan, benefiting from rising prices of glyphosate and increased sales of specialty chemicals [65] Overall Market Trends - The report indicates a trend of rising profits in the upper and middle reaches of the industrial chain, with a notable recovery in manufacturing profits [7][30] - The report suggests that the economic growth rate may face downward pressure in Q4, but fiscal policies are expected to support market stability [8][18]