Core Viewpoint - Hengli Group donated 30 million HKD to support residents affected by the fire in Tai Po Hongfu Garden, Hong Kong [1] Company Overview - Hengli Group is an international enterprise developing through a full industrial chain model in refining, petrochemicals, polyester new materials, and textiles [1] - The group owns one of the largest PTA plants globally and is among the largest functional fiber production bases and weaving enterprises [1] - Hengli Group is ranked 81st in the Global Fortune 500, 21st in China's Top 500 Enterprises, 3rd in China's Top 500 Private Enterprises, and 3rd in China's Top 500 Manufacturing Enterprises for 2024 [1] Social Responsibility - Hengli Group actively fulfills its social responsibilities and supports charitable causes, assisting vulnerable groups [1] - Since its establishment, the company has donated a total of 2 billion RMB across various charitable initiatives [1]

Core Viewpoint - The company, Hengli Petrochemical, acknowledges the significant increase in sulfur prices this year and discusses its potential impact on the company's profitability and production capacity [2]. Group 1: Company Production and Capacity - Sulfur is a byproduct extracted from crude oil by Hengli Refining, with an annual production capacity of approximately 600,000 tons [2]. - The increase in sulfur production capacity is contingent upon raising crude oil processing volumes or increasing the proportion of high-sulfur crude oil processed [2]. - Currently, the sulfur production is expected to remain stable, as any increase in output will need to consider maximizing overall efficiency [2]. Group 2: Impact of Sulfur Price Increase - The rise in sulfur prices is anticipated to positively contribute to the company's financial performance [2].

[行业table专题报告 _reportdate ] 2025 年 11 月 28 日 期货（期权）研究报告 请务必阅读正文之后的免责条款部分 第1页 请务必阅读正文之后的免责条款部分 ➢ 炼化一体化是将石油炼制与化工生产通过工艺耦合、原料互供、能量 共享实现深度融合的产业模式，打破了传统炼油与化工独立运营的界 限，通过全链条资源优化配置，实现原油向成品油与高附加值化工品 的高效转化。这种模式并非简单的环节叠加，而是涵盖物质流、能量 流、信息流的系统性重构，例如将炼油产生的石脑油直接供给烯烃或 芳烃装置作为原料，减少中间储运成本。 ➢ 据《2024 年国内外油气行业发展报告》，"十五五"期间炼化行业将 加速兼并整合，以集群化、一体化、园区化的规模优势应对外部风 险。2030 年，全国炼厂平均规模达到 535 万吨/年，较 2024 年水平提 高 53 万吨/年；国内千万吨级炼厂占比达 60.7%，较 2024 年提高 4.7 个百分点；大连长兴岛、江苏连云港、浙江宁波、福建古雷、广东惠 州大亚湾等石化基地基本建成。 ➢ 炼化一体化的经济效益的提升来自规模效应、产品溢价与成本控制的 多重叠加。规模上，大型一体化 ...

Core Viewpoint - The company, Hengli Petrochemical, acknowledges the recent surge in sulfur prices and discusses its potential impact on the company's profitability and production capacity [1]. Group 1: Company Response - Hengli Petrochemical's subsidiary, Hengli Refining, produces approximately 600,000 tons of sulfur annually as a byproduct of crude oil refining [1]. - The company indicates that any increase in sulfur production capacity would require either an increase in crude oil processing volume or a higher proportion of high-sulfur crude oil processing [1]. - Currently, the company plans to maintain stable sulfur production levels despite the rising prices [1]. Group 2: Impact of Sulfur Price Increase - The increase in sulfur prices is expected to positively contribute to the company's financial performance [1]. - The company expresses gratitude for investor interest and support regarding its operations and market conditions [1].

Core Viewpoint - The A-share market is at a critical point of style rebalancing by the end of 2025, with the ongoing "anti-involution" policy reshaping the investment logic in cyclical industries [2] Group 1: Market Dynamics - Since Q3 2025, the A-share market has shown a significant "technology + cyclical" dual-driven pattern, indicating a transition from a single growth line to a balanced allocation of "growth + value" [4] - The performance improvement in cyclical sectors is sustainable, with a 23% year-on-year increase in the exit scale of backward production capacity in industries like chemicals and non-ferrous metals as of Q3 2025 [4] Group 2: Drivers of Market Style Shift - Three main supports for the current market style switch include: 1. The technology sector's significant cumulative increase, with the electronics industry up 45% and communication equipment over 38% year-to-date as of November 2025, far exceeding the 14.7% rise of the CSI 300 index [6] 2. Institutional holdings in the technology sector nearing historical peaks, with TMT sector holdings surpassing 40.16% [6] 3. Clear policy signals from the Ministry of Industry and Information Technology regarding the chemical industry, enhancing the certainty of supply-side contraction in cyclical industries [6] Group 3: Chemical Industry Insights - The core logic for supply-side improvement in the chemical industry is driven by "downward capacity cycles + policy-guided exit," with fixed asset investment in the chemical raw materials sector decreasing by 5.6% year-on-year from January to September 2025 [8][11] - The chemical industry has significant advantages over traditional cyclical industries in capacity optimization efficiency, industry collaboration, and high-end transformation paths [12] Group 4: Demand Recovery - The recovery in demand for the chemical industry is supported by both domestic and overseas factors, with domestic engines including improved real estate conditions and a resurgence in textile exports [13][14] - China's chemical product sales have maintained the top global position, with sales amounting to approximately €2.24 trillion in 2023, accounting for 43.1% of global sales [16][17] Group 5: Investment Opportunities in the Chemical Sector - Investment opportunities in the chemical industry under the anti-involution wave include: 1. Selecting leading companies with strong management and cost control [20] 2. Focusing on three reversal areas: petrochemicals, coal chemicals, and polyester filament + PTA, with specific companies highlighted for their potential [21][22][23]

Group 1: Industry Overview - The lithium battery separator industry shows signs of recovery in the first three quarters of 2025, with over 50% of listed companies reporting positive revenue growth year-on-year [3][4] - Major players like Enjie and Xingyuan Materials reported revenue growth of 27.85% and 13.53% respectively [4][6] - The overall net profit of the lithium battery separator industry is on the rise, contrasting with the decline seen in 2024, with over half of the listed companies turning from negative to positive net profit [6][8] Group 2: Company Performance Analysis Xingyuan Materials - In the first three quarters of 2025, Xingyuan Materials achieved revenue of 29.58 billion, a year-on-year increase of 13.53%, but net profit fell by 67.25% to 1.14 billion [13][11] - The company's gross margin decreased by 7.64 percentage points, while net margin dropped by 8.71 percentage points [13][9] Enjie - Enjie reported revenue of 95.43 billion in the first three quarters of 2025, marking a 27.85% increase, but net profit fell to -0.86 billion, a decline of 119.46% [16][17] - The gross margin decreased by 5.06 percentage points, and net margin fell by 7.19 percentage points [16][9] Cangzhou Mingzhu - Cangzhou Mingzhu achieved revenue of 20.78 billion, a 5.9% increase, with net profit rising slightly by 0.99% to 1.4 billion [20][21] - The gross margin increased by 1.27 percentage points, while net margin decreased by 0.32 percentage points [20][9] Zhongcai Technology - Zhongcai Technology reported revenue of 217 billion, a 29.09% increase, and net profit of 14.8 billion, a significant rise of 143.24% [25][26] - Both gross and net margins improved, with gross margin up by 1.87 percentage points and net margin up by 3.5 percentage points [25][9] Putailai - Putailai's revenue reached 108.3 billion, a 10.06% increase, with net profit growing by 37.25% to 17 billion [28][29] - The company saw improvements in both gross margin (up 3.36 percentage points) and net margin (up 2.59 percentage points) [28][9] Henglian Petrochemical - Henglian Petrochemical reported revenue of 157.5 billion, a decline of 11.46%, with net profit slightly down by 1.61% to 50.23 billion [32][31] - Despite the revenue drop, both gross and net margins increased, with gross margin up by 3.1 percentage points and net margin up by 0.31 percentage points [32][9] Meilian New Materials - Meilian New Materials experienced a revenue decline of 1.69% to 12.47 billion, with a net loss of 0.37 billion, a significant drop of 201.86% [34][35] - The company faced reductions in both gross margin (down 7.88 percentage points) and net margin (down 8.61 percentage points) [34][9] Dongfeng Co. - Dongfeng Co. reported revenue of 70.11 billion, a decrease of 12.13%, but net profit increased by 188.57% to 1.02 billion [38][39] - The company improved its gross margin by 0.48 percentage points and net margin by 2.89 percentage points [38][9] Changyang Technology - Changyang Technology's revenue fell by 19.38% to 8.09 billion, with a net loss of 0.05 billion, a decline of 128.82% [41][42] - The gross margin improved by 6.66 percentage points, while net margin decreased by 2.51 percentage points [41][9]

Market Overview - The refining and trading sector increased by 1.32% compared to the previous trading day, with Heshun Petroleum leading the gains [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Stock Performance - Heshun Petroleum (603353) closed at 30.03, up 10.00% with a trading volume of 202,500 shares and a turnover of 586 million yuan [1] - Other notable performers include Tongkun Co. (601233) up 2.69%, Hengli Petrochemical (600346) up 2.45%, and Hengyi Petrochemical (000703) up 2.35% [1] - The overall trading volume and turnover for the refining and trading sector showed significant activity, indicating investor interest [1] Capital Flow - The refining and trading sector saw a net inflow of 8.46 million yuan from main funds, while retail funds experienced a net inflow of 20.74 million yuan [2] - However, speculative funds recorded a net outflow of 29.20 million yuan, indicating a mixed sentiment among different types of investors [2] Individual Stock Capital Flow - China Petroleum (601857) had a main fund net outflow of 58.94 million yuan, while Heshun Petroleum (603353) saw a net inflow of 57.42 million yuan [3] - Hengli Petrochemical (600346) also experienced a significant net inflow of 36.32 million yuan from main funds, reflecting strong institutional interest [3] - The capital flow data suggests varying levels of confidence in different stocks within the sector [3]

Core Viewpoint - Hengli Petrochemical's stock price has shown a year-to-date increase of 26.45%, despite a recent decline of 1.73% over the last five trading days, indicating volatility in its performance [1]. Group 1: Stock Performance - As of November 27, Hengli Petrochemical's stock price rose by 2.07% to 18.74 CNY per share, with a trading volume of 186 million CNY and a turnover rate of 0.14%, resulting in a total market capitalization of 131.91 billion CNY [1]. - The company has experienced a net inflow of 9.074 million CNY from major funds, with significant buying and selling activities recorded [1]. - Over the past 20 days, the stock has increased by 5.16%, while it has risen by 9.08% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Hengli Petrochemical reported a revenue of 157.467 billion CNY, reflecting a year-on-year decrease of 11.46%, while the net profit attributable to shareholders was 5.023 billion CNY, down by 1.61% compared to the previous year [2]. - The company has distributed a total of 26.136 billion CNY in dividends since its A-share listing, with 7.602 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Hengli Petrochemical decreased by 9.54% to 67,300, while the average number of circulating shares per shareholder increased by 10.55% to 104,566 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 204 million shares, a decrease of 35.5818 million shares from the previous period, while Huatai-PB CSI 300 ETF is a new entrant with 35.7783 million shares [3].

Core Insights - The article emphasizes the rapid growth and potential of polylactic acid (PLA) biodegradable plastics as a sustainable alternative to traditional petroleum-based plastics, driven by global green initiatives and domestic policies in China [1][7][10]. Industry Overview - PLA is derived from renewable plant resources, such as corn and cassava, through fermentation to produce lactic acid, which is then polymerized into biodegradable polyester [2][3]. - PLA offers advantages over traditional plastics, including lower carbon emissions, good biocompatibility, and adaptability to various applications like packaging and medical devices [5][6]. Market Dynamics - The global biodegradable plastics market is projected to grow significantly, with production capacity expected to reach approximately 573 million tons by 2029, reflecting a compound annual growth rate (CAGR) of over 18% [8][10]. - In China, the biodegradable materials market is anticipated to reach 29.9 billion yuan in 2024, with a year-on-year growth of 29.59%, and is expected to exceed 48 billion yuan by 2025 [10][11]. Competitive Landscape - Leading domestic companies such as Fengyuan Group, Haizheng Biomaterials, and Jindan Technology are actively expanding their production capacities and integrating the supply chain from raw materials to PLA production [11][12]. - International players like NatureWorks and TotalCorbion are also establishing a presence in China, creating a differentiated competitive landscape [11]. Future Trends - The PLA industry is expected to focus on overcoming technical barriers, enhancing product performance, and expanding into high-value applications such as medical materials and engineering plastics [13][14]. - There is a strong emphasis on building a sustainable circular economy, utilizing non-food biomass resources, and improving recycling technologies to align with carbon neutrality goals [15].

Core Viewpoint - The petrochemical industry is at a significant turning point driven by policies aimed at "controlling growth and reducing inventory" [1][2] Group 1: Policy Implications - The "controlling growth" strategy is central to the long-term improvement of the industry, as outlined in the "Petrochemical and Chemical Industry Stabilization Growth Work Plan," which emphasizes scientific regulation of major project construction and strict control of new refining capacity [2] - The "reducing inventory" approach focuses on addressing current contradictions, with safety, environmental protection, and energy efficiency being key policy drivers [2] Group 2: Industry Cycle and Capacity - The industry is nearing the end of its production cycle, with significant slowdowns in capacity growth expected by 2026 for most products [1][4] - Despite high operating rates, the industry has not experienced severe oversupply, with average capacity growth for various petrochemical products exceeding 10% per year from 2019 to 2025 [3] Group 3: Future Outlook - By 2026, the production growth rate of most petrochemical products is expected to decline significantly, leading to improved capacity utilization in sectors like PX, polyester filament, methanol, and acetic acid [4] - The industry is anticipated to transition from localized recovery to comprehensive improvement between 2027 and 2028, supported by high entry barriers and reduced new capacity growth [4] Group 4: Profitability and Investment Recommendations - The PX industry chain is projected to provide significant profit elasticity for refining companies in 2026, driven by supply-demand imbalances and external factors such as sanctions and refinery attacks affecting oil exports [5] - Recommended stocks include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Dongfang Shenghong, and Sinopec, with a suggestion to pay attention to Huajin Co [5]