Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to experience a recovery in demand, driven by government policies aimed at stabilizing growth and transforming the industry [4][5] - The demand for chromium salts is anticipated to rise significantly due to increased orders for gas turbines and commercial aircraft engines in Europe and the US, leading to a projected supply gap by 2028 [8] - The report highlights the potential for high dividend yields and improved cash flow for leading companies in the chemical sector as capacity expansion slows down globally [4] Summary by Sections Industry Performance - The basic chemical sector has shown a performance increase of 23.0% over the past 12 months, outperforming the CSI 300 index [2] Government Initiatives - A joint announcement from seven government departments outlines a plan for stable growth in the petrochemical industry, targeting an average annual growth of over 5% in value-added output from 2025 to 2026 [5] Market Dynamics - The price of chromium salts is on the rise, with significant increases noted in the prices of chromium metal and chromium oxide in October 2025 [8][18] - The report indicates that the chemical industry is transitioning from a "cash-consuming" phase to a "cash-generating" phase, with a focus on high-quality development and innovation [4][5] Investment Opportunities - Key investment opportunities identified include low-cost expansion in leading companies, improving market conditions for chromium salts, and high dividend yields from state-owned enterprises [9][10][11]

Report Information - Report Title: Big Refining Weekly Report: PTA Industry Development Symposium Held, Pay Attention to the Advancement of Anti-Involution in the Chemical Industry [1] - Report Date: November 2, 2025 [1] - Analysts: Chen Shuxian, Zhou Shaowen [1] Industry Investment Rating - Not provided in the given content Core Viewpoints - The report provides a comprehensive analysis of the big refining industry, including the performance of key refining projects, the polyester, refining, and chemical sectors, and the market performance of related listed companies [2] Summary by Directory 1. Big Refining Weekly Data Briefing - **Price and Spread Data**: Domestic key big refining project spread is 2,450 yuan/ton, down 90 yuan/ton (down 4%) week-on-week; foreign key big refining project spread is 1,302 yuan/ton, up 79 yuan/ton (up 6%) week-on-week [2] - **Polyester Sector**: POY/FDY/DTY industry average prices are 6,429/6,679/7,779 yuan/ton, up 21/61/46 yuan/ton respectively; POY/FDY/DTY industry weekly average profits are -17/-116/17 yuan/ton, down 88/62/72 yuan/ton respectively; POY/FDY/DTY industry inventories are 8.5/18.3/24.5 days, down 3.3/3.6/5.0 days respectively; filament开工率 is 90.9%, down 0.1 pct; downstream loom开工率 is 69.0%, up 2.6 pct; weaving enterprise raw material inventory is 14.0 days, up 2.9 days; weaving enterprise finished product inventory is 23.0 days, down 1.1 days [2] - **Refining Sector**: Domestic refined oil: gasoline/diesel prices declined this week; US refined oil: US gasoline/diesel/aviation kerosene prices rose this week [2] - **Chemical Sector**: This week's PX average price is 820.7 US dollars/ton, up 26.3 US dollars/ton; the spread to crude oil is 344.9 US dollars/ton, up 8.2 US dollars/ton; PX开工率 is 87.1%, up 0.8 pct [2] - **Related Listed Companies**: Private big refining & polyester filament: Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Ltd., Xin凤鸣 [2] 2. Big Refining Weekly Report 2.1 Big Refining Index and Project Spread Trends - **Market Performance Comparison**: The report presents the price trends and spreads of domestic and foreign big refining projects, as well as the market performance of six private big refining companies compared to the Shanghai and Shenzhen 300 Index, the petroleum and petrochemical index, and the Brent crude oil price [13][15][17] 2.2 Polyester Sector - **Price and Profit Analysis**: The report analyzes the prices, spreads, and profits of various polyester products, including PX, PTA, MEG, POY, FDY, DTY, polyester staple fiber, and polyester bottle chips, as well as their relationships with raw material prices and inventories [23][24][35] - **开工率 and Inventory Analysis**: It also examines the开工率 and inventory levels of polyester products and their downstream industries, such as looms, and analyzes the seasonal distribution of polyester filament production and sales rates [30][42][56] 2.3 Refining Sector - **Domestic Refined Oil**: The report analyzes the prices and spreads of domestic gasoline, diesel, and aviation kerosene compared to crude oil prices [78][80][87] - **US Refined Oil**: It also examines the prices and spreads of US gasoline, diesel, and aviation kerosene compared to crude oil prices [92][94][101] - **European Refined Oil**: The report analyzes the prices and spreads of European gasoline, diesel, and aviation kerosene compared to crude oil prices [106][108][114] - **Singapore Refined Oil**: It also examines the prices and spreads of Singapore gasoline, diesel, and aviation kerosene compared to crude oil prices [118][120][126] 2.4 Chemical Sector - **Price and Spread Analysis**: The report analyzes the prices and spreads of various chemical products, including polyethylene, polypropylene, EVA, styrene, acrylonitrile, PC, MMA, etc., compared to crude oil prices [132][141]

Investment Rating - The industry investment rating is "Positive" as the industry index is expected to outperform the benchmark [150] Core Insights - The report highlights an improvement in demand for polyester filament yarn, leading to a continued reduction in inventory levels [2] - The Brent crude oil average price for the week ending October 31, 2025, was $65.18 per barrel, reflecting a week-on-week increase of 3.96% [2][3] - Domestic and international refining project price differentials were tracked, with domestic projects at 2337.32 CNY/ton, down 1.97%, and international projects at 1303.72 CNY/ton, up 6.53% [2][3] Refining Sector Summary - The market is questioning the effectiveness of sanctions against Russia, while OPEC+ is inclined to slightly increase production in December [2] - The EIA inventory data provided positive support, alleviating concerns over trade tensions [2] - As of October 31, 2025, the prices for Brent and WTI crude oil were $65.07 and $60.98 per barrel, respectively [2][14] Chemical Sector Summary - Chemical prices generally declined, with significant narrowing of price differentials [2] - Polyolefins showed stable price movements, while EVA continued to weaken with noticeable price drops [2] - Benzene prices faced downward pressure due to high invisible inventory levels, leading to slight price fluctuations [2] Polyester & Nylon Sector Summary - Demand for polyester filament yarn has rebounded, with inventory levels decreasing significantly [2] - The government has introduced policies to optimize the supply structure, improving medium to long-term supply-demand expectations [2] - The average prices for polyester filament yarn were reported as follows: POY at 6439.29 CNY/ton, FDY at 6675.00 CNY/ton, and DTY at 7725.00 CNY/ton [2][87] Major Refining Companies Performance - The stock price changes for six major refining companies as of October 31, 2025, were as follows: Rongsheng Petrochemical (+2.62%), Hengli Petrochemical (+6.40%), Dongfang Shenghong (-1.18%), Hengyi Petrochemical (-4.15%), Tongkun Co. (-0.49%), and Xin Fengming (+1.53%) [2][137]

Core Viewpoint - The meeting between the Liaoning Provincial Secretary and the executives of Hengli Group emphasizes the commitment to support the development of private enterprises in Liaoning, aiming to create a favorable business environment and enhance the local economy [1] Group 1: Government Support for Private Enterprises - The government will implement strong policies to support the growth of private enterprises, addressing the shortcomings in the private economy [1] - There is a focus on creating a market-oriented, law-based, and international business environment to encourage private entrepreneurs [1] - A mechanism for regular communication between the government and enterprises will be established to provide comprehensive lifecycle services and support [1] Group 2: Hengli Group's Role and Future Plans - Hengli Group is encouraged to expand its operations in Liaoning and play a leading role in developing a multi-layered industrial ecosystem [1] - The company is expected to contribute to the strengthening of the petrochemical industry in Liaoning by enhancing the supply chain [1] - There is an emphasis on accelerating the construction of Hengli Heavy Industry's Phase III project and planning for future industries to create new growth points for high-quality development [1]

Investment Strategy and Key Stock Portfolio - The "14th Five-Year Plan" is positioned as a critical phase for achieving socialist modernization, with an implied growth rate requirement of approximately 4.7% during this period. The focus is on high-quality development, emphasizing total factor productivity, resident consumption rates, and domestic demand [3][9] - The improvement in China-US relations is noted, with a meeting between the leaders on October 30 discussing economic cooperation and resulting in a consensus that includes the suspension of certain tariffs and export controls. This is expected to enhance risk appetite in the market [3][9] - There is a continued demand for stabilizing domestic demand in the fourth quarter, with a reported GDP growth rate of 5.2% in the first three quarters, making it feasible to meet the annual target of 5%. However, there are signs of slowing retail sales growth and negative fixed asset investment growth [10][11] - The Federal Reserve has continued its gradual interest rate cuts, with a clear end to quantitative tightening (QT) by December 1. This is seen as a move to maintain the Fed's independence and data-driven decision-making [10][11] Key Stock Recommendations - The report includes a selection of stocks across various industries, highlighting their potential based on current market conditions and company fundamentals. The recommended stocks include: - Hengli Petrochemical (600346.SH) in the petrochemical sector, with a focus on its resilience and dividend policy [12][13] - Satellite Chemical (002648.SZ) in basic chemicals, benefiting from its integrated supply chain and expected recovery in market demand [12][13] - Zhongsheng Pharmaceutical (002317.SZ) in the pharmaceutical sector, with a strong pipeline and expected revenue growth [12][13] - Kaili Medical (300633.SZ) in the medical sector, focusing on high-end product launches and market expansion [12][13] - Lihua Co., Ltd. (300761.SZ) in agriculture, benefiting from stable growth in poultry production [12][13] - Top Group (601689.SH) in the automotive sector, expected to benefit from its position as a key supplier to Tesla [12][13] - Zhaoyi Innovation (603986.SH) in electronics, with strong demand for semiconductor products [12][13] - Northern Huachuang (002371.SZ) in electronics, benefiting from the acceleration of domestic semiconductor production [12][13] - Anhui Heli (600761.SH) in machinery, focusing on global expansion and smart logistics [12][13] - Hengli Hydraulic (601100.SH) in machinery, benefiting from the recovery in the excavator industry [12][13] ETF Recommendations - The report also recommends several ETFs, including: - Huaxia SSE Sci-Tech Innovation Board 50 ETF (588000.OF) with a year-to-date growth rate of 47.13% [15] - E Fund CSI Artificial Intelligence Theme ETF (159819.OF) with a year-to-date growth rate of 69.58% [15] - Chemical ETF (159870.OF) with a year-to-date growth rate of 25.97% [15] - GF CSI Infrastructure Engineering ETF (516970.OF) with a year-to-date growth rate of 9.09% [15] - Southern CSI Nonferrous Metals ETF (512400.OF) with a year-to-date growth rate of 85.37% [15]

证券代码：600346 恒力石化股份有限公司 恒力石化股份有限公司 2025 年第四次临时股东会 会议材料 中国·苏州 2025 年 11 月 | 目 录 | | --- | | 会议须知 . | | 会议议程 | | 会议议案 | | 议案一:《关于申请统一注册发行非金融企业债务融资工具(DFI)的议案》. 5 | 会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证 股东会的顺利进行，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上海证券交易所股票上市规则》、《上市公司股东会规则》、《恒力石化股份有 限公司章程》（以下简称"《公司章程》"）及公司《股东会议事规则》的有关规 定，特制定如下会议须知： 一、本次股东会相关事宜由公司董事会办公室具体负责。 二、出席本次股东会的对象为股权登记日在册的股东。 三、股东（包括股东代理人，下同）参加股东会依法享有发言权、质询权、 表决权等权利。股东参加股东会，应认真履行其法定权利和义务，不得侵犯其 他股东的权益，不得扰乱会议的正常秩序。谢绝个人进行录音、拍照及录像。 四、会议进行中只接受股东（或其代理人）发言或提问。股东发言或提问 应 ...

恒力石化股份有限公司 | 股东名称 | 恒能投资 | | --- | --- | | 本次解质股份（股） | 36,770,500 | | 本次解质股份占该股东所持股份比例 | 2.45% | | 本次解质股份占公司总股本比例 | 0.52% | | 质押登记解除日期 | 2025 年 10 月 29 日 | | 股东持股数量（股） | 1,498,478,926 | | 股东持股比例 | 21.29% | | 剩余被质押股份数量（股） | 540,500,000 | 证券代码：600346 证券简称：恒力石化 公告编号：2025-071 恒力石化股份有限公司 关于控股股东之一致行动人解除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： 恒力石化股份有限公司（以下简称"公司"）近日接到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解除质押手 续。 一、本次股份解除质押的基本情况如下： 控股 ...

Core Viewpoint - The chemical industry is entering a downward cycle due to high costs and weak supply-demand dynamics, despite maintaining high capital expenditure and supply growth since the peak in 2021. However, there are "long-termist" companies capable of navigating through the cycle, providing substantial returns to investors through growth and dividends [1][2]. Group 1: Industry Overview - The chemical industry has experienced high capital expenditure and significant supply growth since the peak in 2021, but demand recovery remains relatively weak, leading to a high-cost and weak supply-demand environment [1]. - Long-termist companies in the chemical sector are characterized by strong shareholder backgrounds, excellent management capabilities, reasonable industry chain layouts, continuous R&D investment, and a strong sense of social responsibility, enabling them to achieve stable growth and sustainable development [2]. Group 2: Oil and Gas Sector - The "three major oil companies" (China National Petroleum, Sinopec, and CNOOC) are expected to maintain high capital expenditure and enhance natural gas market development, aiming for long-term growth despite oil price fluctuations [3]. - The domestic oil service companies are benefiting from high upstream capital expenditure, with improved operational quality and international competitiveness, particularly in the context of the Belt and Road Initiative [3]. Group 3: Refining and Chemical Fiber Industry - The refining and chemical fiber industry is anticipated to recover, with the refining expansion nearing completion and supply-demand dynamics expected to improve, leading to high-quality development in the sector [4]. - The polyester sector is seeing limited new capacity, with structural optimization accelerating, which is expected to enhance the market share and competitiveness of leading companies [4]. Group 4: Coal Chemical Industry - The coal chemical industry is projected to improve profitability due to a gradual easing of coal supply and demand, alongside a decline in coal prices. The transition towards modern coal chemical processes is seen as essential for traditional coal enterprises [5]. - The average prices for various coal types have decreased, with main coking coal, thermal coal, and anthracite prices showing declines of -10.5%, -2.0%, and -16.0% respectively compared to the beginning of the year [5]. Group 5: Investment Recommendations - The report suggests focusing on leading companies in the upstream oil and gas sector and oil service companies, including China National Petroleum (601857.SH), Sinopec (600028.SH), CNOOC (600938.SH), and others [6]. - For the refining and chemical fiber sector, companies like Hengli Petrochemical (600346.SH) and Rongsheng Petrochemical (002493.SZ) are recommended due to their potential benefits from industry optimization and upgrades [7]. - In the coal chemical sector, companies such as Hualu Hengsheng (600426.SH) and Baofeng Energy (600989.SH) are highlighted for their expected improvement in profitability [7]. - The report also suggests monitoring cyclical leading companies like Wanhua Chemical (600309.SH) and Satellite Chemical (002648.SZ) as demand recovers and supply-demand dynamics improve [7].

恒力石化公告称，近日接到控股股东恒力集团之一致行动人恒能投资通知，其于2025年10月29日解除 3677.05万股质押，占该股东所持股份的2.45%，占公司总股本的0.52%。解质后，恒能投资仍质押5.41 亿股，占其所持股份的36.07%，占公司总股本的7.68%。此外，恒力集团及其一致行动人目前合计持股 53.11亿股，占比75.45%，累计质押17.09亿股，占其所持股份的32.17%，占公司总股本的24.27%。 ...

Core Viewpoint - Hengli Petrochemical reported a decline in revenue and net profit for the first three quarters of 2025, indicating challenges in the current market environment [1][2]. Financial Performance - For the first three quarters, the company achieved operating revenue of 15,738,358.14 million RMB, a year-on-year decrease of 11.46% [1][2]. - The net profit attributable to shareholders was 502,252.00 million RMB, down 1.61% year-on-year [1][2]. - The net profit excluding non-recurring gains and losses was 418,538.11 million RMB, reflecting a decline of 9.54% year-on-year [1][2]. - The net cash flow from operating activities was 2,013,449.79 million RMB, showing a slight increase of 0.09% [1][2]. Quarterly Performance - In the third quarter, the company reported operating revenue of 5,349,626.95 million RMB, a decrease of 17.98% compared to the same period last year [2]. - The net profit attributable to shareholders for the third quarter was 197,242.10 million RMB, an increase of 81.47% year-on-year [2]. - The net profit excluding non-recurring gains and losses for the third quarter was 188,894.56 million RMB, up 74.15% year-on-year [2]. Shareholding and Pledge Information - The controlling shareholder, Hengli Group, and its concerted parties hold a total of 5,310,675,080 shares, representing 75.45% of the company [3][4]. - A total of 1,745,270,500 shares have been pledged, accounting for 32.86% of the shares held by them and 24.79% of the total share capital of the company [3][4].