1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report The report conducts a comprehensive analysis of the downstream landscape of pure benzene, including both horizontal and vertical perspectives. Horizontally, it analyzes the demand proportion, production capacity growth rate, and regional distribution of the five major downstream products of pure benzene. Vertically, it focuses on the device analysis of each of the five products, including the proportion of self - owned and externally purchased pure benzene, device characteristics, regional distribution, and enterprise group concentration [2]. 3. Summary According to the Directory 3.1 Pure Benzene Downstream Pattern Horizontal Analysis 3.1.1 Demand Proportion and Basic Introduction of Five Major Downstream Products for Pure Benzene - Based on 2024 production data, the demand proportions of benzene ethylene, caprolactam (CPL), phenol (phenol - ketone), aniline, and adipic acid for pure benzene are 42%, 21%, 17%, 12%, and 7% respectively, with other pure benzene demands accounting for 1% [9]. - Benzene ethylene is the largest downstream product of pure benzene. Its production processes mainly include ethylbenzene dehydrogenation, propylene oxide - styrene co - production (PO/SM), and C8 extraction. It is mainly used in PS, EPS, ABS, UPR, etc. [11]. - CPL is the second - largest downstream product, mainly produced by the cyclohexanone ammoximation method (HAO, 83%) and the phosphoric acid hydroxylamine method (HPO, 17%). It is mainly used to produce PA6, which is used to make nylon [15]. - Phenol (phenol - ketone) is the third - largest downstream product. Produced by the cumene method, it is co - produced with acetone. Its main downstream products are bisphenol A and phenolic resin [22]. - Aniline accounts for 12% of pure benzene demand, produced by the nitrobenzene catalytic hydrogenation method. It is mainly used to produce MDI [23]. - Adipic acid accounts for 7% of pure benzene demand, mainly produced by the cyclohexene method (81%) and the cyclohexane method (19%). It is used to produce polyester polyols and PA66 [33]. 3.1.2 Demand Proportion of Five Major Downstream Products for Pure Benzene (Weighted by the Proportion of Externally Purchased Pure Benzene) - After excluding self - owned pure benzene integrated production capacity, the demand proportions of caprolactam, benzene ethylene, phenol - ketone, aniline, and adipic acid for externally purchased pure benzene are 28%, 25%, 15%, 19%, and 12% respectively [38]. - Benzene ethylene has a higher proportion of self - owned pure benzene in integration, with externally purchased pure benzene device capacity accounting for 34%. Phenol has 51% externally purchased capacity, CPL has 76%, and aniline and adipic acid have 94% and 95% respectively [37]. 3.1.3 Production Cycle of Five Major Downstream Products - Benzene ethylene's high - speed production cycle from 2020 - 2023 has ended, and production has slowed down since 2024 [42]. - CPL's production growth rate slowed down to 10% in 2025 after reaching 16% and 21% in 2023 and 2024 respectively [42]. - Phenol's production growth rate slowed down to 13% in 2025 after an average of 23% from 2020 - 2024 [42]. - Aniline's production growth rate is 8% in 2025, with intermittent production increases in the past [42]. - Adipic acid had no production plan in 2025 after a large - scale production increase in 2023 [42]. 3.1.4 Regional Consumption Proportion of Pure Benzene and the Demand Proportion of the Five Major Downstream Products in Each Region - The main consumption area of pure benzene is East China, which is also the main trading market. Other regions have relatively small proportions [45]. - In East China (excluding Shandong), benzene ethylene accounts for 58% and phenol accounts for 23% of pure benzene demand [46]. - In Shandong, benzene ethylene accounts for 36% and CPL accounts for 22% of pure benzene demand, with a more evenly distributed downstream structure compared to East China [46]. - In North China and South China, benzene ethylene and CPL are the main downstream products [49]. 3.2 Pure Benzene Downstream Pattern Vertical Analysis 3.2.1 Benzene Ethylene Device Analysis - Self - owned pure benzene devices in benzene ethylene production mainly belong to Sinopec, CNOOC, PetroChina, and large refineries like Hengli, Zhejiang Petrochemical, etc. Externally purchased pure benzene devices are mainly private refineries in Shandong and Jiangsu - Zhejiang [50]. - Benzene ethylene devices are mainly distributed in East China (43%), South China (19%), Shandong (18%), and Northeast China (10%). Externally purchased pure benzene devices are mainly in East China (50%) and Shandong (39%) [54]. 3.2.2 CPL Device Analysis - Self - owned pure benzene devices in CPL production mainly belong to Sinopec and its joint - venture companies. Most devices are externally purchased [57]. - CPL devices are mainly distributed in Central China (28%), Shandong (27%), and South China (26%). The enterprise concentration is not high [59]. - About 44% of CPL devices have downstream PA6 devices, and 21% have downstream PA6 and nylon devices [59]. 3.2.3 Phenol Device Analysis - Self - owned pure benzene devices in phenol production mainly belong to Sinopec, PetroChina, CNOOC, and large private refineries. Externally purchased pure benzene devices are in East China, Shandong, and South China [62]. - 69% of phenol devices have downstream bisphenol A devices, and 35% of these have self - owned bisphenol A and PC devices [62]. - Phenol devices are mainly in East China (49%), Shandong (19%), and South China (13%). The enterprise concentration is not high [68]. 3.2.4 Aniline Device Analysis - Only 6% of aniline devices have self - owned pure benzene (Sinopec Nanjing Chemical). Most are externally purchased [69]. - Aniline devices are mainly in East China (37%) and Shandong (33%). Wanhua accounts for 48% of the total production capacity, with high industry concentration [71]. 3.2.5 Adipic Acid Device Analysis - Only 5% of adipic acid devices have self - owned pure benzene (PetroChina). Most are externally purchased [73]. - Adipic acid devices are mainly in Southwest China (34%) and Shandong (25%). Huafeng accounts for 34% of the total production capacity. The industry is in an over - supply and loss situation [77].

Investment Rating - The report maintains a "Positive" investment rating for the polyester industrial yarn industry [12]. Core Viewpoints - The polyester industrial yarn industry is experiencing a gradual recovery in market conditions due to a slowdown in supply and steady growth in demand, with potential investment opportunities in related companies [10][54]. Demand Side Summary - Domestic demand for polyester industrial yarn is steadily increasing, with a projected apparent consumption of 1.773 million tons in 2024, representing a year-on-year growth of 14.1% and a compound annual growth rate (CAGR) of 5.3% from 2014 to 2024 [7][24]. - The export volume is expected to reach 560,000 tons in 2024, with a year-on-year increase of 7.6% and a CAGR of 4.4% from 2014 to 2024 [7][29]. - The main application areas include automotive (45% share) and non-automotive sectors (55% share), with growth driven by the automotive industry and diversification into new fields such as deep-sea technology [22][24]. Supply Side Summary - China holds over 70% of the global polyester industrial yarn production capacity, with an annual capacity of 3.34 million tons expected by the end of 2024 [8][35]. - The capacity expansion phase has ended, with no new capacity expected after 2023, and the industry concentration is increasing due to the exit of smaller players [8][37]. - The top five companies in the industry account for 65.2% of the market share, indicating a high level of concentration [8][37]. Market Conditions Summary - The market conditions for polyester industrial yarn are showing signs of recovery, with prices for ordinary yarn reaching 9,050 yuan per ton as of July 1, 2025, reflecting a 7.7% increase since the beginning of 2025 [9][46]. - The profit margins for melt-spinning and chip-spinning processes have also improved significantly, indicating a positive trend in the industry's profitability [9][46]. Investment Recommendations - The report recommends focusing on investment opportunities within the polyester industrial yarn sector, highlighting the favorable supply-demand dynamics and the potential for gradual market recovery [10][54].

Group 1 - The core index of the petrochemical industry, the China Securities Petrochemical Industry Index, rose by 0.37% to 1009.79 points with a trading volume of 11.339 billion yuan on July 1 [1] - Over the past month, the index has increased by 2.08%, but it has decreased by 2.96% over the last three months and by 4.36% year-to-date [1] - The index is designed to reflect the overall performance of listed companies in key industries such as steel, shipping, petrochemicals, textiles, light industry, equipment, and logistics, with a base date of December 31, 2008, set at 1000.0 points [1] Group 2 - The top ten holdings in the China Securities Petrochemical Industry Index include Wanhua Chemical (9.98%), China Petroleum (9.61%), China Petrochemical (8.1%), and others [1] - The index's market composition shows that 70.15% of holdings are from the Shanghai Stock Exchange, while 29.85% are from the Shenzhen Stock Exchange [1] - In terms of industry composition, raw materials account for 75.54% and energy for 24.46% of the index holdings [1] Group 3 - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Public funds tracking the petrochemical industry include various funds from Huaxia and E Fund, such as Huaxia China Securities Petrochemical Industry Link A and E Fund China Securities Petrochemical Industry ETF [2]

Core Insights - The textile fiber fabric industry is crucial for manufacturing fabrics and garments, divided into natural fiber fabrics and chemical fiber fabrics [3][5] - In 2024, China's cotton textile industry is projected to generate revenue of 1,141.86 billion yuan, accounting for 61.40% of the textile industry, while the chemical textile industry is expected to generate 247.88 billion yuan, representing 13.33% [6][8] - The development of the textile fabric industry is increasingly focused on functionality and environmental sustainability, with the application of new fibers and technologies expanding [22] Industry Definition and Classification - Textile fiber fabrics are elongated materials used for making fabrics and garments, categorized into natural fiber fabrics and chemical fiber fabrics [3] - Natural fibers are favored for their environmental friendliness and comfort, while chemical fibers are essential for their strength and durability [3] Current Development Status - The textile industry has evolved significantly since the Neolithic era, reflecting advancements in technology, art, culture, and economy [5] - The industrial revolution greatly enhanced production efficiency and quality, with cotton becoming a key textile raw material [5] - The 21st century presents new challenges and opportunities, emphasizing sustainable practices and the emergence of innovative materials like nanofibers and smart textiles [5] Industry Chain Structure - The textile fabric industry chain consists of upstream natural fibers (cotton, linen, silk, wool) and chemical fibers (polyester, nylon), midstream fabric production, and downstream applications in clothing, home textiles, and industrial textiles [10] Market Size and Growth - The market size for industrial textiles in China is projected to reach 332.44 billion yuan in 2024, with total industry output valued at 597.74 billion yuan [14] - The silk industry is expected to generate approximately 76.59 billion yuan in revenue in 2024, with a year-on-year growth of 5.75% [12] Competitive Landscape - The textile fabric industry in China is characterized by a diverse and fragmented competitive landscape, with key players including Zhejiang Xin'ao Textile Co., Ltd., Hengli Petrochemical Co., Ltd., and others [16] - Major companies are focusing on product innovation and sustainability, with significant investments in technology and brand development [18] Future Trends - The development of textile fabrics is increasingly influenced by new materials and technologies, emphasizing diversification, functionality, lightweight, and environmental sustainability [22] - The industry is expected to continue evolving to meet consumer demands for high-quality, eco-friendly products [22]

Investment Rating - The report maintains a positive outlook on the polyester industry, particularly for polyester filament yarn, anticipating a recovery in demand due to improving Sino-US trade relations [3][4]. Core Insights - The report highlights the expectation of a recovery in polyester filament yarn demand as Sino-US trade restrictions are anticipated to ease, potentially restoring textile and apparel exports to the US [4][5]. - It notes that US apparel wholesalers have been depleting their inventories since Q4 2022, and with the overseas economy recovering, a replenishment phase is expected to begin in 2025, further boosting filament yarn demand [4][7]. - The report emphasizes that downstream inventories for polyester filament yarn are at historically low levels, which supports a stable demand outlook despite external trade pressures [11]. - The report indicates that the valuation of polyester filament yarn companies is currently at historical lows, suggesting potential for upward movement during the seasonal peak periods [14]. Summary by Sections Upstream Sector - Brent crude oil prices fell to $67.77 per barrel, a decrease of 12% week-on-week, while WTI prices dropped to $65.52 per barrel, down 11.27% [22]. - US commercial crude oil inventories decreased to 415 million barrels, down 5.84 million barrels from the previous week, and are 11% lower than the five-year average [24]. - The report anticipates a widening supply-demand trend for crude oil, with expectations of price fluctuations but overall stability due to OPEC+ production cuts [4][22]. Refining Sector - The report notes an increase in the Singapore refining margin to $16.47 per barrel, up $4.89 from the previous week, indicating improved refining profitability [56]. - The report suggests that refining product margins are still low but are expected to improve as economic recovery progresses [4][53]. Polyester Sector - PTA prices have been rising, with the average price in East China reaching 5,139 RMB per ton, up 1.08% week-on-week [4]. - The report highlights a positive outlook for leading polyester companies such as Tongkun Co. and Wankai New Materials, anticipating a recovery in profitability as supply-demand dynamics improve [18]. Investment Recommendations - The report recommends focusing on leading polyester companies, refining firms, and offshore oil service companies, citing potential for performance improvement as market conditions stabilize [18].

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the given content. 2. Core Viewpoints The report focuses on the weekly data of the large refining and chemical industry, including price, profit, inventory, and operating rate changes in different sectors such as refining, polyester, and chemicals, as well as the performance of relevant listed companies [2][8][9]. 3. Summary by Directory 3.1 Big Refining Weekly Data Briefing - **Price and Spread**: The domestic key large refining project spread this week was 2,673 yuan/ton, a week - on - week increase of 377 yuan/ton (16%); the foreign key large refining project spread was 1,241 yuan/ton, a week - on - week increase of 258 yuan/ton (26%). The average price of PX this week was 875.1 dollars/ton, a week - on - week decrease of 4.9 dollars/ton, and the spread to crude oil was 369.6 dollars/ton, a week - on - week increase of 41.0 dollars/ton [2]. - **Polyester Sector**: POY/FDY/DTY industry average prices were 7,193/7,496/8,446 yuan/ton respectively, with week - on - week increases of 146/179/186 yuan/ton. The weekly average profits were 74/10/44 yuan/ton, with week - on - week increases of 88/109/114 yuan/ton. The inventory was 17.2/18.9/25.3 days, with week - on - week changes of +0.9/ - 0.9/ - 0.3 days. The filament operating rate was 90.6%, a week - on - week increase of 0.3 pct. The downstream loom operating rate was 59.0%, a week - on - week decrease of 1.7 pct [2]. - **Refining Sector**: Domestic gasoline, diesel, and jet fuel prices rose this week, while in the US, gasoline, diesel, and jet fuel prices fell [2]. - **Chemical Sector**: The PX operating rate was 86.4%, a week - on - week increase of 0.1 pct [2]. - **Related Listed Companies**: Private large refining and chemical & polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin凤鸣 [2]. - **Stock Performance**: The oil and petrochemical index on June 27, 2025, showed a - 2.1% change in the past week, 1.5% in the past month, - 1.1% in the past three months, - 5.9% in the past year, and - 4.9% since the beginning of 2025. Among the listed companies, Rongsheng Petrochemical had a 2.5% increase in the past week, while Tongkun Co., Ltd. had a - 33.3% change in the past year [8]. - **Earnings Forecast**: For example, Hengli Petrochemical's expected net profit attributable to the parent company in 2025 is 8.024 billion yuan, with a PE of 12.5 in 2025E [8]. 3.2 Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: It may involve the trends of the big refining index, domestic and foreign big refining project spreads, and the changes in the performance of six private big refining companies [11][15][20]. - **2.2 Polyester Sector**: Covers various aspects such as the prices and spreads of crude oil, PX, PTA, and MEG; the operating rates of PX, PTA, and MEG; the prices and profits of POY, FDY, DTY, and polyester staple fiber; the inventory and operating rates of polyester filament and downstream looms [23][33][55]. - **2.3 Refining Sector**: Includes the prices and spreads of domestic, US, European, and Singaporean refined oil products (gasoline, diesel, and jet fuel) relative to crude oil [84][99][122]. - **2.4 Chemical Sector**: Focuses on the prices and spreads of various chemical products such as polyethylene, polypropylene, EVA, and styrene relative to crude oil [139][140][148].

Core Viewpoint - Hengli Petrochemical Co., Ltd. has successfully issued its first phase of technology innovation bonds for 2025, raising a total of 1 billion yuan at an interest rate of 1.85% [2][3]. Group 1: Bond Issuance Details - The company held a board meeting on April 9, 2024, to approve the registration for issuing short-term financing bonds, with a maximum amount of 3 billion yuan [2]. - The registration for the short-term financing bonds was accepted by the trading association, with a validity period of 2 years from the date of the notice [2]. - The technology innovation bonds were issued on June 25, 2025, with a total planned issuance of 1 billion yuan, which was fully realized [2]. Group 2: Bond Characteristics - The bond has a maturity of 365 days, with an interest start date of June 26, 2025, and a repayment date of June 26, 2026 [2]. - The bond code for the issued technology innovation bond is 042580325, and it was issued at a price of 100 yuan per 100 yuan face value [2]. - The main underwriter for this bond issuance is Industrial Bank Co., Ltd., with joint underwriters including China Merchants Bank Co., Ltd. and China Postal Savings Bank Co., Ltd. [2].

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：2025-040 恒力石化股份有限公司 和上海清算所网站（www.shclearing.com.cn）。 特此公告。 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。 恒力石化股份有限公司（以下简称"公司"）于2024年4月9日召开第九届董 事会第十九次会议审议通过了《关于注册发行短期融资券的议案》，上述议案经 2024年4月30日召开的2023年年度股东大会审议通过，同意公司向中国银行间市 场交易商协会（以下简称"交易商协会"）申请注册发行金额不超过30亿元（含 30亿元）人民币的短期融资券额度事项。 2024年6月24日，公司收到交易商协会出具的《接受注册通知书》（中市协 注〔2024〕CP92号），交易商协会决定接受公司短期融资券注册，注册金额为30 亿元人民币，注册额度自通知书落款之日起2年内有效。公司在注册有效期内可 分期发行短期融资券。 公司于 2025 年 6 月 25 日在全国银行间市场发行了科技创新债券，发行结果 如下： | 债券名称 ...

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：2025-039 恒力石化股份有限公司 关于第三期员工持股计划存续期届满暨终止的公告 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。 恒力石化股份有限公司（以下简称"公司"）第三期员工持股计划存续期于 2025 年 6 月 26 日届满，根据中国证券监督管理委员会《关于上市公司实施员工持股计 划试点的指导意见》及《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》的要求，现将相关情况公告如下： 恒力石化股份有限公司董事会 公司于 2019 年 6 月 11 日召开第八届董事会第二次会议审议通过了《恒力石化 股份有限公司第三期员工持股计划（草案）》等相关议案；分别于 2019 年 7 月 2 日、 2019 年 7 月 18 日召开第八届董事会第三次会议、2019 年第二次临时股东大会审议 通过了《恒力石化股份有限公司第三期员工持股计划（草案）（修订稿）》等相关议 案；于 2019 年 12 月 23 日召开第八届董事会第八次会议，审议通过了《 ...

Core Viewpoint - The 2025 New Fortune 500 Rich List reveals a significant increase in the total market value of listed entrepreneurs, reaching 13.7 trillion yuan, an 11% year-on-year growth, indicating a new wave of wealth creation driven by innovation and overseas expansion [3][14]. Group 1: Wealth Distribution and Rankings - The top ten wealthiest individuals are heavily influenced by AI, with Zhang Yiming of ByteDance topping the list with a holding value of 481.57 billion yuan, marking a 42% increase from the previous year [4][18]. - The list features a notable shift, with four individuals from Hangzhou, Zhejiang, highlighting the region's growing economic prominence [43]. - The average holding value of the 500 entrepreneurs is 273.8 million yuan, with a threshold of 66.2 million yuan to make the list [8]. Group 2: Industry Insights - The TMT (Technology, Media, and Telecommunications), pharmaceutical, and daily consumer goods sectors are the top three wealth-generating industries, contributing 110, 54, and 52 individuals respectively [51]. - The TMT sector saw a significant increase in wealth, with a total of 334.08 billion yuan, a 46% increase from the previous year [51]. - The pharmaceutical sector experienced a decline, with 54 individuals listed, down from 64, indicating ongoing valuation adjustments [51]. Group 3: AI and Technological Advancements - AI has emerged as a key driver of wealth creation, with companies like DeepSeek and ByteDance leading the charge in user engagement and valuation [4][21]. - The rise of AI has also led to a resurgence in the semiconductor industry, with China exporting 2.981 billion chips worth approximately 159.5 billion USD, marking a significant shift in the global market [56]. - The AI sector is still in its nascent stage, with notable entries like Liang Wenfeng of DeepSeek entering the top ten, reflecting the rapid growth and potential of AI applications [60]. Group 4: Regional Wealth Creation - Wealth creation is becoming more balanced across regions, with western provinces like Sichuan, Tibet, and Xinjiang seeing an increase in listed individuals, while traditional economic hubs like Zhejiang and Shanghai continue to grow [5][6]. - The shift from real estate to technology and AI reflects a broader transformation in China's economic landscape, with younger entrepreneurs increasingly dominating the wealth rankings [46][45]. Group 5: Future Outlook - The ongoing evolution of industries, particularly in AI and technology, suggests a promising future for innovation-driven wealth creation in China [60][62]. - The integration of AI into various sectors, including automotive and consumer electronics, is expected to further enhance China's competitive edge in the global market [62][63].