Core Viewpoint - Chemical concept stocks experienced a significant rise in the afternoon, with Hengli Petrochemical increasing by over 5%, and both Yanhai Co. and Hualu Hengsheng rising by over 4% [1] Group 1: Market Performance - The chemical ETF rose approximately 2% due to market influences [1] - Specific ETFs showed the following performance: - Chemical ETF (159870) increased by 2.34% to 0.701 - Chemical ETF (516020) increased by 2.06% to 0.742 - Chemical 50 ETF (516120) increased by 2.16% to 0.756 - Chemical Leader ETF (516220) increased by 1.98% to 0.773 - Petrochemical ETF (159731) increased by 1.94% to 0.789 - Chemical Industry ETF (516570) increased by 1.91% to 0.854 [2] Group 2: Industry Outlook - Some brokerages suggest that the profitability of chemical products may have bottomed out, with fundamental downward risks fully released [2] - Chemical blue-chip stocks are expected to experience a dual recovery in valuation and profitability [2] - The industry, constrained by supply shortages, is anticipated to be the first to show elasticity, emphasizing the importance of focusing on upward demand certainty and the value reassessment of high-dividend chemical resource stocks [2]

Group 1: Market Performance - The chemical sector has seen a counter-trend increase, with chemical ETFs, including Chemical ETF, Chemical 50 ETF, and Chemical Leading ETF, rising over 1.5% and achieving a year-to-date increase of over 20% [1] - Specific performance metrics include Chemical ETF at 1.75% increase and 20.59% year-to-date growth, with an estimated scale of 17.005 billion [2] Group 2: PTA Industry Insights - The PTA industry is experiencing a significant capacity expansion, with effective capacity projected to grow from 46.69 million tons in 2019 to 84.28 million tons by 2024, reflecting a CAGR of 12.5% [3] - The industry is facing a declining operating rate, which is expected to drop to 78% by August 2025, down from 90% in 2019, indicating a historical low [3] - The market is characterized by a high concentration of capacity among six major companies, which control approximately 75% of the market, facilitating a self-regulatory mechanism to avoid disorderly competition [4] Group 3: Future Outlook - The expansion of PTA capacity is nearing its end, with only one additional project expected to come online by October 2024, leading to a significant slowdown in new capacity additions [4] - The industry is anticipated to enter a new cycle of prosperity, supported by a stabilization in domestic demand and improved supply-demand dynamics [4] - Current valuations of leading companies in the chemical sector are at a low point, providing a strong margin of safety for investments, with expectations of maintaining market share and profitability in the medium to long term [5]

Group 1 - The chemical sector showed resilience on October 23, with the chemical ETF (516020) rebounding after an initial dip, reaching a maximum intraday increase of 1.24% and closing up 0.83% [1][2] - Key stocks in the sector included Hengli Petrochemical, which surged over 5%, and several others like Xin Fengming and Rongsheng Petrochemical, which rose more than 3% [1][2] - The city of Linyi announced a focus on the fine chemical industry as one of its 13 key industrial chains, emphasizing new fertilizers and rubber materials [1][3] Group 2 - East China Securities noted a shift in the global chemical landscape, with Europe experiencing a decline in production capacity, leading to the closure of 21 major chemical plants and a loss of over 11 million tons of capacity [3] - China's chemical industry is filling gaps in the international supply chain due to its cost and technological advantages, potentially reshaping the global chemical landscape [3][4] - The chemical ETF (516020) is currently at a low valuation, with a price-to-book ratio of 2.23, indicating a favorable long-term investment opportunity [3][4] Group 3 - The outlook for the chemical sector suggests structural optimization on the supply side, with a focus on resilient and advantageous product segments [4][5] - The ETF tracks the CSI segmented chemical industry index, covering various sub-sectors, with nearly 50% of its holdings in leading stocks like Wanhua Chemical and Salt Lake Potash [5]

Core Points - Hengli Petrochemical's stock increased by 5.05%, reaching 17.47 CNY per share, with a trading volume of 315 million CNY and a turnover rate of 0.26%, resulting in a total market capitalization of 1229.73 billion CNY [1] - The company, established on March 9, 1999, and listed on August 20, 2001, is based in Dalian, Liaoning Province, and specializes in the research, production, and sales of polyester fibers, polyester films, and related products, as well as steam and electricity production [1] - The main revenue composition of Hengli Petrochemical includes refining products at 45.92%, PTA at 31.10%, polyester products at 19.24%, and others at 3.73% [1] Fund Holdings - According to data, one fund under Southern Fund has a significant holding in Hengli Petrochemical, specifically the Southern CSI Xiaokang Industry ETF Linked A (202021), which held 60 shares in the second quarter, unchanged from the previous period, ranking as the seventh largest holding [2] - The fund has a current scale of 216 million CNY and has achieved a year-to-date return of 6.58%, ranking 3797 out of 4218 in its category, with a one-year return of 8.13%, ranking 3346 out of 3875 [2] - The fund manager, Gong Tao, has been in position for 6 years and 106 days, overseeing a total fund asset size of 8.862 billion CNY, with the best return during his tenure being 69.67% and the worst being -39.57% [2]

Core Viewpoint - The announcement details the release of part of the pledged shares by a significant shareholder of Hengli Petrochemical, indicating a potential shift in the financial strategy of the controlling shareholder and its affiliates [1][2]. Group 1: Shareholding and Pledged Shares - Hengli Group and its concerted actions currently hold a total of 5,310,675,080 shares in the company, representing a 75.45% ownership stake. They have pledged 1,745,270,500 shares, which accounts for 32.86% of their holdings and 24.79% of the total share capital [1]. - Hengneng Investment holds 1,498,478,926 shares, with a 21.29% ownership stake. They have pledged 577,270,500 shares, which is 38.52% of their holdings and 8.20% of the total share capital [1]. Group 2: Release of Pledged Shares - Hengneng Investment has notified the company of the release of part of its pledged shares, which will be determined based on its own financial arrangements for potential future pledges [2]. - The company will continue to monitor the share pledge situation of its controlling shareholders and their concerted actions, ensuring compliance with relevant disclosure obligations [2].

Group 1 - The core point of the article highlights that Hengli Petrochemical's major shareholder, Hengli Group, and its concerted parties hold approximately 5.311 billion shares, accounting for 75.45% of the company, with a total of 1.745 billion shares pledged, which is 32.86% of their holdings and 24.79% of the total share capital [1][1][1] - Hengneng Investment holds about 1.498 billion shares, representing 21.29% of the company, with 0.577 billion shares pledged, which is 38.52% of their holdings and 8.2% of the total share capital [1][1][1] - For the first half of 2025, Hengli Petrochemical's revenue composition indicates that the petrochemical industry accounts for 96.22%, while other sectors contribute 3.73% and other businesses only 0.05% [1][1][1] - As of the report date, Hengli Petrochemical's market capitalization stands at 117.1 billion yuan [1][1][1]

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：2025-065 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： | 股东名称 | 恒能投资 | | --- | --- | | 本次解质股份（股） | 44,982,000 | | 本次解质股份占该股东所持股份比例 | 3.00% | | 本次解质股份占公司总股本比例 | 0.64% | | 质押登记解除日期 | 2025 年 10 月 21 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） | 577,270,500 | 控股 ...

Core Viewpoint - Hengli Petrochemical announced that its controlling shareholder, Hengli Group, received a notification from its concerted action party, Hengneng Investment, regarding the release of a pledge on 44.982 million shares, which accounts for 3.00% of its holdings and 0.64% of the company's total share capital [1] Summary by Relevant Sections - **Shareholding Structure** - After the release of the pledge, Hengneng Investment will still hold 1.498 billion shares, representing 21.29% of the company [1] - The remaining pledged shares amount to 577 million, which is 38.52% of its holdings and 8.20% of the company's total share capital [1] - **Pledge Status** - Hengli Group and its concerted action parties currently hold a total of 5.311 billion shares, which is 75.45% of the company [1] - The cumulative pledged shares total 1.745 billion, accounting for 32.86% of their holdings and 24.79% of the company's total share capital [1]

Core Viewpoint - Hengli Petrochemical's stock price has shown fluctuations with a year-to-date increase of 12.82%, while recent trading periods indicate slight declines [1][2]. Group 1: Stock Performance - On October 22, Hengli Petrochemical's stock rose by 2.08%, reaching 16.72 CNY per share, with a trading volume of 71.11 million CNY and a turnover rate of 0.06% [1]. - The company's market capitalization stands at 117.69 billion CNY [1]. - Year-to-date, the stock has increased by 12.82%, with a decline of 0.95% over the last five trading days and a 0.48% drop over the last twenty days [1]. Group 2: Financial Performance - For the first half of 2025, Hengli Petrochemical reported a revenue of 103.94 billion CNY, a year-on-year decrease of 7.68%, and a net profit attributable to shareholders of 3.05 billion CNY, down 24.08% year-on-year [2]. - The company has distributed a total of 26.14 billion CNY in dividends since its A-share listing, with 7.60 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Hengli Petrochemical is 74,400, a decrease of 0.75% from the previous period [2]. - The average number of tradable shares per shareholder is 94,588, which has increased by 0.75% compared to the last period [2]. - Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 239 million shares, an increase of 23.23 million shares from the previous period [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The price of ethylene glycol continued to decline this week. Although the fundamentals of ethylene glycol have not undergone significant adjustments, the intensification of Sino - US trade frictions has led to a significant increase in market risk - aversion sentiment. Polyester demand shows no outstanding performance, with stable operation and neutral pick - up. Yulong Petrochemical's supply has gradually entered the market, resulting in sufficient on - site spot liquidity. - Next week's prediction: On the cost side, the bearish fundamentals of crude oil will continue to suppress price performance and limit the rebound and repair space, with overall fluctuations. On the supply side, the operation rate remains high, but as coal prices rise and squeeze profits, the coal - based operation rate may decline later. On the demand side, the domestic market demand remains strong, but the issuance of new export orders is slow, and the weaving market lacks confidence in the future market. In terms of port inventory, there are more ethylene glycol vessel arrivals this month, the polyester operation rate is relatively stable, and the downstream pick - up volume from ports remains neutral. - Overall, it is expected that ethylene glycol will operate at a low level, in the range of 3950 - 4100 yuan/ton, and it is recommended to stay on the sidelines [6]. 3. Summary by Relevant Catalogs 3.1盘面及现货情况 (Disk and Spot Conditions) - **Disk Trend**: Continued to decline. This week, the trading volume was 751,900 lots, and the open interest was 340,400 lots (- 87,000 lots). The closing price of the MEG main contract on October 20 was 4003 yuan/ton, a decrease of 108 yuan/ton compared to the closing price of 4111 yuan/ton on October 13, with an overall change of - 2.63%. The settlement price on October 20 was 4030 yuan/ton, a decrease of 82 yuan/ton compared to the settlement price of 4112 yuan/ton on October 13, with an overall change of - 1.99% [8][12][14]. - **Spot Market**: For domestic spot, the higher transaction price was 4196 (October 13), and the lower transaction price was 4071 (October 17). From October 12 - 18, the weekly price data showed that in Fujian it was 4171 yuan/ton (- 59), in Zhangjiagang it was 4130.5/ton (- 27.83), and in Dongguan it was 4171 yuan/ton (- 59). The foreign - market price was 488.2 US dollars/ton (- 3.47). This week's average basis was 91 yuan/ton, compared with last week's average of 90.33 yuan/ton. The domestic and foreign markets of ethylene glycol remained inverted, with an overall level of 70 - 100 US dollars/ton [15]. 3.2 MEG装置、库存及生产利润情况 (MEG Device, Inventory, and Production Profit Situation) - **Device Operation Rate**: The overall operation rate from October 14 - 20 was 70.93%, compared with 70.22% from October 9 - 13. The oil - based operation rate was 76.31%, the coal - based operation rate was 62.95%, and the methanol - based operation rate was 62.43%. There were various device changes during the week, including maintenance of Zhonghai Shell and Tongliao Jinmei devices, restart of Satellite, Tianye, Guoneng Yulin, and Meijin devices, and Yulong Petrochemical's device resumed operation after a short - term shutdown. Hengli and Far Eastern Union slightly increased their device loads [19][22][24]. - **Production Profit**: Due to the significant rebound in thermal coal prices, the profit of coal - based ethylene glycol production has dropped significantly. The current profits of MTO, coal - based, and ethylene - based production routes are - 1687.74 yuan/ton, 90.26 yuan/ton, and - 124.34 US dollars/ton respectively, compared with the previous period's - 1607.16 yuan/ton, 261.94 yuan/ton, and - 122.23 US dollars/ton [31][33]. - **Port Inventory**: As of October 16, the MEG port inventory was 475,500 tons, an increase of 70,000 tons compared with the previous period, with a month - on - month change of 15.51%. Among them, Zhangjiagang had 194,500 tons (an increase of 9,000 tons), Jiangyin had 60,000 tons (an increase of 10,000 tons), Taicang had 136,000 tons (an increase of 71,000 tons), Ningbo had 82,000 tons (an increase of 2,000 tons), and Shanghai and Changshu had 3,000 tons (a decrease of 22,000 tons). The polyester operation load was generally stable, and the port pick - up was neutral [35][37][38]. 3.3 Fundamental Analysis - **Cost Side**: Oil prices still lack substantial positive factors, and the bearish fundamentals will continue to suppress price performance and limit the rebound and repair space. The polyester operation rate has a narrow fluctuation range, and there is no new production capacity in the market, so the market supply is mostly stable [44][46]. - **Polyester Product Situation**: The average weekly load of polyester factories was 89.38%, and the average weekly load of Jiangsu and Zhejiang looms was 68.22%. The market average prices of semi - bright POY150D/48F, DTY150D/48F, and FDY150D/96F were 6571 yuan/ton, 7804 yuan/ton, and 6754 yuan/ton respectively, down 1.47%, 0.82%, and 1.13% compared with the previous period. The average price of polyester staple fiber in the East China market this period was 6326 yuan/ton, down 93 yuan/ton or - 1.45% compared with the previous period. The negotiation range of polyester bottle chips in the East China region was 5600 - 5730 yuan/ton, with an average price of 5710.00 yuan/ton this week, down 2.14% compared with the previous period [48]. - **Weaving Market**: New export orders are issued slowly, and the weaving market lacks confidence in the future market. With the drop in temperature in the north, the online sales of autumn and winter textile and clothing have accelerated, driving the sales of thick fabrics such as autumn and winter fleece and woolen fabrics. The operating rates of warp - knitting enterprises have steadily increased. As of October 16, the operating rates of water - jet looms in Wujiang, Changxing, Xiaoshao, and the warp - knitting operating rates in Haining and Changshu have shown different changes [52][54]. - **Polyester Downstream**: The raw material inventory of polyester downstream is at a low level, and the rigid demand is gradually increasing. From October 13 - 17, the average weekly polyester sales were estimated to be 70%. The filament production enterprises have continued to accumulate inventory, and the end - of - month shipment pressure is gradually increasing. As of October 16, the filament inventory decreased, with the average inventory days of POY, FDY, and DTY being 16.80 days, 26.10 days, and 31.50 days respectively [55][57][59].