Core Viewpoint - Hengli Petrochemical expects a net profit of approximately 3.05 billion yuan for the first half of 2025, representing a decrease of about 968 million yuan or a year-on-year decline of approximately 24.09% [2] Industry Summary - The overall demand for petrochemicals in China continued to show a weak recovery trend in the first half of this year, following the pattern from the second half of last year [2] - The aromatic and oil product industry chains experienced a significant decline in profitability compared to the same period last year, while the olefins, PTA, and downstream polyester new materials industry chains maintained relatively stable profitability [2] - International oil prices experienced significant volatility in the second quarter due to global geopolitical and tariff events, posing challenges to the company's operational stability and raw material cost inventory management [2]

每经AI快讯，8月18日，恒力石化公告称，预计上半年归属于上市公司股东的净利润为30.5亿元左右， 同比减少24.09%左右；扣非后净利润为22.96亿元左右，同比减少35.18%左右。公司表示，业绩下滑主 要由于上半年国内石化整体需求偏弱，芳烃和油品产业链景气度下行，叠加国际油价波动及乙烯装置检 修影响，导致产品产量下降和成本上升。 每日经济新闻 ...

恒力石化股份有限公司 一、本期业绩预告情况 （一）业绩预告期间 证券代码：600346 证券简称：恒力石化 公告编号：2025-048 恒力石化股份有限公司 2025年半年度业绩预告的自愿性披露公告 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个别及连带责任。 重要内容提示： 1、2025 年半年度，预计实现归属于上市公司股东的净利润为 30.50 亿元左右， 与上年同期相比，将减少 9.68 亿元左右，同比减少 24.09%左右。 2、扣除非经常性损益事项后，2025 年半年度预计实现归属于上市公司股东的净 利润为 22.96 亿元左右，与上年同期相比，将减少 12.46 亿元左右，同比减少 35.18% 左右。 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 1、经公司财务部门初步测算，2025 年半年度，预计实现归属于上市公司股东的 净利润为 30.50 亿元左右，与上年同期相比，将减少 9.68 亿元左右，同比减少 24.09% 左右。 2、扣除非经常性损益事项后，2025 年半年度预计实 ...

Core Viewpoint - Hengli Petrochemical (600346.SH) expects a net profit of approximately 3.05 billion yuan for the first half of the year, representing a year-on-year decrease of about 24.09% [1] - The decline in performance is attributed to weak domestic petrochemical demand, a downturn in the aromatics and oil products industry chain, fluctuations in international oil prices, and maintenance impacts on ethylene facilities [1] Financial Summary - The net profit attributable to shareholders is projected to be around 3.05 billion yuan, down 24.09% year-on-year [1] - The non-recurring net profit is estimated at approximately 2.30 billion yuan, reflecting a year-on-year decrease of 35.18% [1] Industry Context - The overall demand in the domestic petrochemical sector has been weak during the first half of the year [1] - The industry chain for aromatics and oil products is experiencing a downturn, contributing to the company's performance decline [1] - International oil price volatility and maintenance of ethylene facilities have led to reduced production and increased costs [1]

格隆汇8月18日｜恒力石化(600346.SH)公告称，预计上半年归属于上市公司股东的净利润为30.50亿元左 右，同比减少24.09%左右；扣非后净利润为22.96亿元左右，同比减少35.18%左右。公司表示，业绩下 滑主要由于上半年国内石化整体需求偏弱，芳烃和油品产业链景气度下行，叠加国际油价波动及乙烯装 置检修影响，导致产品产量下降和成本上升。 ...

Group 1 - Kanto Denka Kogyo Co., Ltd. announced an explosion and severe fire at its nitrogen trifluoride (NF3) production facility in Shibukawa, Gunma Prefecture, Japan, on August 7, resulting in partial damage to one production line and a continued halt in operations as per authorities' instructions [2] - Historical data indicates that the chemical sector tends to outperform the CSI 300 index around the Producer Price Index (PPI) turning points, suggesting that asset allocation plays a significant role in this performance [2] - The current situation is at a PPI monthly year-on-year turning point, but a return to positive year-on-year growth may take over six months, prompting a need to identify new main investment themes while increasing allocation to the chemical sector [2] Group 2 - As of July 31, 2025, the top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index (000813) include Wanhua Chemical, Yilong Co., Ltd., Juhua Co., Ltd., and others, collectively accounting for 43.54% of the index [3] - The Chemical ETF (159870) closely tracks the CSI Sub-Industry Chemical Theme Index, which consists of seven sub-indices reflecting the overall performance of major listed companies in related sub-industries [3]

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

Refining Projects - Domestic refining project price spread this week is 2601 CNY/ton, up by 97 CNY/ton (4% week-on-week) [2] - International refining project price spread this week is 1110 CNY/ton, up by 11 CNY/ton (1% week-on-week) [2] Polyester Sector - Average prices for POY, FDY, and DTY are 6729, 7043, and 7929 CNY/ton respectively, with week-on-week changes of +4, +32, and -4 CNY/ton [2] - Weekly profits for POY, FDY, and DTY are 16, -40, and -50 CNY/ton respectively, with week-on-week changes of -2, +17, and -6 CNY/ton [2] - Inventory days for POY, FDY, and DTY are 16.1, 23.3, and 28.2 days respectively, with week-on-week changes of -3.6, -2.4, and -1.8 days [2] - The operating rate for polyester filament is 90.6%, down by 0.6 percentage points week-on-week [2] Oil and Chemical Sector - PX average price this week is 832.1 USD/ton, down by 6.6 USD/ton, with a price spread against crude oil of 347.9 USD/ton, up by 3.3 USD/ton [2] - Domestic gasoline and diesel prices have decreased this week [2] - The operating rate for PX is 82.9%, up by 0.6 percentage points week-on-week [2] Risks - Potential delays in project implementation [2] - Slower-than-expected recovery in demand due to macroeconomic slowdown [2] - Geopolitical risks leading to fluctuations in raw material prices [2]

Investment Rating - The report indicates a positive outlook for the petrochemical industry, particularly for polyester and refining companies, suggesting potential investment opportunities in leading firms such as Tongkun Co. and Hengli Petrochemical [17][18]. Core Insights - The EIA forecasts a global crude oil supply surplus of 1.64 million barrels per day for the current year, with adjustments made to oil and natural gas price predictions [4][15]. - The IEA and OPEC have both revised their global oil demand growth estimates for 2025 and 2026, with IEA projecting increases of 680,000 and 700,000 barrels per day respectively, while OPEC expects increases of 1.29 million and 1.38 million barrels per day [8][44]. - The report highlights a recovery in the drilling day rates for offshore rigs, indicating a positive trend in the oil service sector [22][37]. Summary by Sections Supply and Demand - EIA expects global oil and liquid fuel consumption to rise by 980,000 barrels per day in 2025, reaching 103.7 million barrels per day, and by 1.19 million barrels per day in 2026 [46]. - Global oil supply is projected to increase by 2.28 million barrels per day in 2025, with OPEC+ contributing approximately 610,000 barrels per day to this growth [12][46]. Price Predictions - EIA has adjusted its forecast for 2025 average crude oil prices to $67 per barrel, down by $2 from previous estimates, and $51 per barrel for 2026, down by $7 [4][47]. - The report notes a decline in refining margins, with Singapore's refining margin dropping to $15.07 per barrel [51]. Industry Performance - The report emphasizes the recovery potential in the polyester sector, with expectations of improved profitability as supply and demand dynamics stabilize [17]. - Key companies in the refining sector, such as Hengli Petrochemical and Rongsheng Petrochemical, are highlighted as having favorable competitive positions due to lower operational costs and market conditions [17][18].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that polyester filament enterprises are reducing production to support prices, leading to a decline in industry inventory [4][21] - The market for glyphosate and glufosinate is experiencing tight supply, which is expected to continue driving price increases [4][24] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 0.09% this week [16] - The CCPI (China Chemical Product Price Index) reported 4034 points, down 0.49% from last week [19] Key Industry Insights - Polyester filament prices increased by 1.50% to 6,750 CNY/ton, with a price spread expansion of 11.95% [4][21] - Glyphosate prices rose to an average of 26,699 CNY/ton, up 1.14% from the previous week [4][24] - Glufosinate prices remained stable at around 44,500 CNY/ton, with a stable supply situation [4][26] Recommended and Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [6][29] - Beneficiary stocks include Jiangshan Co., Hebang Biotechnology, and Xin'an Chemical [6][28] Product Tracking - Viscose staple fiber prices increased by 0.78% to 12,950 CNY/ton [31] - The price of ammonium phosphate remained stable, while urea prices decreased by 1.85% to 1,747 CNY/ton [41][42]