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].

Industry Overview - Biodegradable materials are high molecular materials that can undergo chemical, biological, or physical degradation in the natural environment through microbial metabolic activities, ultimately breaking down into harmless substances like water and carbon dioxide [1][4] - The industry can be categorized into natural biodegradable materials, synthetic biodegradable materials, and blended biodegradable materials based on their sources [4] Industry Development History - The biodegradable materials industry in China has gone through four stages: the budding phase (1990s to 2005), the initiation phase (2006 to 2014), the rapid growth phase (2015 to 2020), and the adjustment and optimization phase (2020 to present) [4][5] - The implementation of the "strictest plastic ban" in 2018 significantly boosted the demand for biodegradable materials, expanding their application from agriculture to packaging, takeaway, and medical fields [4][5] Industry Chain - The upstream of the biodegradable materials industry includes raw materials (biobased and petroleum-based) and production equipment, while the midstream involves the manufacturing of biodegradable materials [7] - The downstream applications encompass packaging, agriculture, modern medicine, 3D printing, and textiles [7] Market Size - The market size of China's biodegradable materials industry is projected to reach 29.9 billion yuan in 2024, with a year-on-year growth of 29.59% [11] - The increasing environmental awareness among consumers is driving the demand for green and eco-friendly materials across various sectors [11] Key Companies' Performance - The market is segmented into four tiers based on production capacity, with leading companies like Hengli Petrochemical and Kingfa Technology having capacities exceeding 200,000 tons per year [13] - Kingfa Technology has developed a complete industrial chain technology for biodegradable materials, holding over 6,800 patents and achieving significant breakthroughs in high-temperature resistant materials [15][17] - Hengli Petrochemical is expanding its production capacity with a planned 600,000 tons per year for biodegradable materials, aiming to become the largest production base in China [17] Industry Development Trends 1. **Technological Innovation and Cost Optimization** - The industry is focusing on technological breakthroughs in biomanufacturing, chemical technology integration, and raw material diversification to reduce production costs [19] 2. **Policy Drivers and Market Demand** - The upcoming 2025 "plastic ban" and increasing market demand for high-end biodegradable products are reshaping the industry landscape [20][21] 3. **Industry Chain Integration and Internationalization** - Companies are pursuing vertical integration and international expansion to enhance competitiveness, with notable collaborations and certifications aiding market entry [22]

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, with a price forecast of $66 per barrel for 2025 [3][5]. Core Insights - The report indicates a trend towards a looser supply-demand balance for crude oil in 2025, with the EIA projecting a global oil supply surplus of approximately 820,000 barrels per day this year [4][19]. - The report highlights that the upstream sector is showing signs of recovery, with drilling day rates expected to increase as global capital expenditures rise [4][21]. - The refining sector is experiencing improved profitability due to rising product price spreads, although current levels remain low [4][21]. - The polyester sector is underperforming, with PTA and polyester filament profits declining, but a gradual improvement is anticipated as new capacities come online [4][21]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $77.01 per barrel, a 3.75% increase week-on-week, while WTI futures rose by 1.18% to $73.84 per barrel [4][25]. - U.S. commercial crude oil inventories decreased to 421 million barrels, down 11.47 million barrels from the previous week, marking a 10% decline compared to the same period last year [4][27]. Refining Sector - The Singapore refining margin for major products increased to $11.58 per barrel, up $6.18 from the previous week [4]. - The report notes that while refining product spreads have improved, they remain at low levels, with expectations for gradual enhancement as economic recovery progresses [4][21]. Polyester Sector - The report states that PTA prices have turned from decline to increase, with the average price in East China reaching 5,084 RMB per ton, a 4.69% increase week-on-week [4]. - The overall performance of the polyester industry is described as average, with a need to monitor demand changes closely [4][21]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as upstream service companies like CNOOC Services and Haiyou Engineering [4][21][22]. - It also suggests that the polyester sector may see long-term improvements, advocating for investments in leading companies like Tongkun Co. and Wankai New Materials [4][21][22].

Report Title - The title of the report is "Big Refining Weekly Report: Filament Prices Rebound, Production and Sales Decline Significantly" [1] Report Date - The report was released on June 22, 2025 [1] Report Analysts - The chief energy and chemical securities analyst is Chen Shuxian, CFA, with the practice certificate number S0600523020004 [1] - The research assistant is Zhou Shaowen, with the practice certificate number S0600123070007 [1] Report Industry Investment Rating - Not mentioned in the report Report Core Views - The report provides a weekly update on the big refining industry, covering key projects' spreads, polyester, refining, and chemical segments, as well as relevant listed companies [2] Summary by Relevant Catalogs 1. Big Refining Weekly Data Briefing - **Price and Spread**: The weekly spread of domestic key big refining projects was 2,295 yuan/ton, a decrease of 135 yuan/ton (6% MoM); the spread of foreign key big refining projects was 983 yuan/ton, an increase of 14 yuan/ton (1% MoM). Brent crude oil was at $75.5/barrel, up $6.8 (9.8% MoM), and WTI was at $73.5/barrel, up $6.4 (9.5% MoM) [2][8] - **Polyester Sector**: POY/FDY/DTY industry average prices were 7,079/7,357/8,300 yuan/ton, up 193/168/161 yuan/ton respectively. Their weekly average profits were 8/-73/-44 yuan/ton, down 34/51/56 yuan/ton respectively. POY/FDY/DTY inventories were 16.3/19.8/25.6 days, down 1.6/1.9/2.9 days respectively. The filament operating rate was 90.3%, up 0.6 pct. The downstream loom operating rate was 60.7%, down 0.4 pct. Weaving enterprises' raw material inventory was 11.2 days, up 0.6 days, and finished - product inventory was 26.2 days, up 0.8 days [2] - **Refining Sector**: Domestic and US gasoline, diesel, and jet fuel prices rose this week [2] - **Chemical Sector**: The average PX price was $880.0/ton, up $61.1/ton, and the spread to crude oil was $328.6/ton, up $11.8/ton. The PX operating rate was 86.3%, down 0.1 pct [2] - **Related Listed Companies**: Private big refining and polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Group, and Xin Fengming [2] - **Stock Performance and Earnings Forecast**: The report tracks the stock price changes and earnings forecasts of 6 private refining companies, including Hengli Petrochemical, Rongsheng Petrochemical, etc. For example, Hengli Petrochemical's stock price was 14.1 yuan, with a total market value of 99.3 billion yuan, and its net profit attributable to the parent in 2024A was 7.044 billion yuan [8] 2. Big Refining Weekly Report - **Index and Spread Trends**: It analyzes the trends of big refining indexes, domestic and foreign project spreads, and the price changes of crude oil, PX, and other products [11][19] - **Polyester Sector**: Multiple aspects of the polyester sector are analyzed, such as the prices and profits of PX, PTA, POY, FDY, DTY, etc., as well as the operating rates and inventory levels of relevant products [22][38] - **Refining Sector**: It details the price and spread changes of domestic, US, European, and Singaporean gasoline, diesel, and jet fuel [82][97][108][119] - **Chemical Sector**: It presents the price and spread changes of various chemical products, including polyethylene LLDPE, EVA foaming materials, etc. [129][130]

Summary of Key Points Core Viewpoint - On June 18, a total of 57 stocks appeared on the block trading platform, with a cumulative trading volume of 0.38 billion shares and a total transaction value of 6.68 billion yuan, indicating active trading in the market [1]. Group 1: Trading Activity - The highest transaction value was recorded for Hengli Petrochemical, with three trades totaling 0.41 billion yuan [1]. - Jinkong Coal Industry followed closely with one trade amounting to 0.39 billion yuan [1]. - A total of 20 stocks had transaction values exceeding 10 million yuan, reflecting significant interest from investors [1]. Group 2: Stock Performance - Hengli Petrochemical (600346) experienced a slight decline of 0.94% with a closing price of 14.73 yuan and a transaction price of 14.40 yuan, showing a discount of 2.24% [1]. - Jinkong Coal Industry (601001) also saw a decrease of 0.66%, closing at 11.96 yuan, with no discount on the transaction price [1]. - Yuyue Medical (002223) had a minor decline of 0.31%, closing at 35.34 yuan, but the transaction price was at a premium of 9.99% [1]. Group 3: Notable Stocks - Transsion Holdings (688036) had a notable increase of 6.03%, closing at 80.56 yuan, with a transaction price slightly above the closing price [1]. - Other stocks like Meichang Co. (300861) and Fuchuang Precision (688409) showed mixed performance, with slight declines and modest increases, respectively [1]. - Guizhou Moutai (600519) remained stable with a minor decline of 0.14%, maintaining a high closing price of 1425.00 yuan [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, ethylene glycol (MEG) fluctuated and strengthened. At the beginning of the week, the port inventory of MEG increased slightly, showing a phased low. On the demand side, the polyester production cut was implemented, weighing on market sentiment. Meanwhile, two large units of Hengli Petrochemical restarted, making the fundamentals even weaker. On Friday, affected by the escalation of geopolitical conflicts, the crude oil price rose significantly, and the MEG market rebounded strongly driven by the cost side. - Next week's forecast: On the cost side, the oil price will fluctuate highly. If the geopolitical situation cools down, there may be a risk of an oil price decline. On the supply side, the start - up of oil - based units has driven up the overall start - up rate, and coal - based units will also resume later, making the supply side more relaxed. On the demand side, the inventory pressures of downstream products vary, and bottle chips have joined the production cut sequence. After entering the seasonal off - season, the terminal demand is not optimistic. In terms of port inventory, the port will still maintain a destocking trend this month, and the inventory of mainstream trading tanks will remain at a low level. - Overall, it is expected to operate in the range of 4,300 - 4,550 yuan/ton, and it is recommended to stay on the sidelines [5]. 3. Summary by Relevant Catalogs 3.1盘面及现货情况 (Market and Spot Conditions) - **Market Trends**: The overall increase was brought about by the rising cost. This week, the trading volume was 1.22 million lots, and the open interest was 272,500 lots (- 8,200 lots). The closing price of the MEG main contract on June 16 was 4,374 yuan/ton, up 118 yuan/ton or 2.77% from the closing price of 4,256 yuan/ton on June 9. The settlement price on June 16 was 4,333 yuan/ton, up 66 yuan/ton or 1.55% from the settlement price of 4,267 yuan/ton on June 9 [7][9][11]. - **Spot Market**: For the domestic spot market, the high - end transaction price was 4,492 yuan/ton on June 13, and the low - end was 4,307 yuan/ton. The weekly price data from June 8 - 14 showed that the prices in Fujian, Zhangjiagang, and Dongguan were 4,361 yuan/ton (- 45.25 yuan/ton), 4,379.5 yuan/ton (- 54.25 yuan/ton), and 4,361 yuan/ton (- 45.25 yuan/ton) respectively. The foreign - market price was 514.5 US dollars/ton (- 3.38 US dollars/ton). This week's average basis was 94.20 yuan/ton, compared with 135.60 yuan/ton last week. The domestic and foreign markets of MEG remained inverted, with an overall level of 80 - 100 US dollars/ton [13]. 3.2 MEG装置、库存及生产利润情况 (MEG Unit, Inventory, and Production Profit) - **Unit Start - up Rate**: Due to the restart of Hengli Petrochemical and the adjustment of individual units between EO/EG, the domestic start - up rate increased from 54.35% from June 3 - 9 to 57.46% from June 10 - 16. The start - up rate of oil - based units was 60.95%, coal - based units was 51.78%, and methanol - based units was 62.40%. This week, the main changes in units included the restart of units such as Henan Yongcheng, Yankuang Rongxin, Hengli, and Zhongsha Tianjin, and the slight adjustment of the load of units such as CNOOC Shell, Haoyuan, Shenghong, and Far Eastern Union [17][20][22]. - **Production Profit**: The cost side increased significantly, and the profit shrank from the high point. The current profits of MTO, coal - based, and ethylene - based production routes were - 1,703.27 yuan/ton, 651.32 yuan/ton, and - 96.52 US dollars/ton respectively, compared with - 1,486.65 yuan/ton, 705.75 yuan/ton, and - 94.40 US dollars/ton in the previous period [29][31]. - **Inventory**: As of June 12, the MEG port inventory was 499,800 tons, a decrease of 50,200 tons or - 15.99% compared with the previous period. Among them, the inventory in Zhangjiagang decreased by 37,000 tons to 180,000 tons, in Jiangyin decreased by 10,000 tons to 50,000 tons, in Taicang decreased by 3,000 tons to 150,000 tons, in Ningbo decreased by 8,000 tons to 80,000 tons, and in Shanghai and Changshu increased by 7,800 tons to 39,800 tons. The short - fiber and bottle - chip industries have successively joined the production cut, and the downstream提货 volume has continued to decline. From June 5 - 11, the average daily shipment of the main port in Zhangjiagang was around 4,790 tons, the average daily shipment of the two main storage areas in the Taicang direction was around 5,000 tons, and the average daily shipment in the Ningbo direction was around 4,500 tons. In addition, the statistical inventory of the mainstream domestic trade transfer tanks was around 18,000 tons, an increase of 8,000 tons compared with the previous period [35][36][38]. 3.3基本面分析 (Fundamental Analysis) - **Cost Impact**: Geopolitical risks suddenly emerged, and the price rose to near the high point at the beginning of the year. The cost of raw materials such as crude oil, naphtha, ethylene, methanol, and动力煤 has an impact on the MEG price [42]. - **Polyester Industry**: Polyester is affected by the negative feedback from the terminal but cannot transmit it upstream. The average weekly load of polyester factories was 89.69%, and the average weekly load of Jiangsu and Zhejiang looms was 68.79%. The market average prices of semi - bright POY150D/48F, DTY150D/48F, and FDY150D/96F were 6,905 yuan/ton, 8,125 yuan/ton, and 7,180 yuan/ton respectively, down 1.62%, 1.14%, and 1.81% compared with the previous period. The average price of polyester staple fiber in the East China market this period was 6,506 yuan/ton, up 11 yuan/ton or 0.17% compared with the previous average price. The negotiation range of polyester bottle chips in the East China region was 5,880 - 5,980 yuan/ton, and the average price this week was 5,935.00 yuan/ton, down 1.17% compared with the previous reporting period [44][46]. - **Terminal Demand**: The terminal regards the rise of raw material prices as a purchase signal, and the production and sales have slightly recovered. However, the weaving market has entered the off - season, the start - up rate has slowly declined, the terminal demand is weak, customer inquiries have decreased, and new orders for grey fabrics have been issued slowly. As of June 12, the start - up rates of water - jet looms in Wujiang, Changxing, and other regions decreased to varying degrees [47][51]. - **Polyester Production and Sales**: From June 9 - 13, the average weekly production and sales of polyester were estimated to be 100%. After downstream enterprises replenished a small amount of inventory at the end of last month and basically digested it last week, the downstream raw material inventory was digested to a low level this week. On Monday, polyester factories promoted sales. After the price reduction in the late session, the production and sales volume increased, and the production and sales of mainstream large factories ranged from 100% - 600%, with the median between 100% - 300% [54]. - **Downstream Product Inventory**: As of June 12, the inventory of long - filament products rebounded. The average inventory days of POY, FDY, and DTY were 17.90 days, 21.70 days, and 28.50 days respectively. The inventory days of polyester staple fiber in mainstream factories were 8.35 days, a decrease of 1.06 days compared with the previous period, and the inventory days of polyester chip factories were 11.60 days, an increase of 0.49 days compared with the previous period [55][57].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights the price increase of Bacillus thuringiensis (百菌清) and the potential benefits for related companies due to rising production costs and environmental policy upgrades [3][12] - The report indicates a positive outlook for the adipic acid (己二酸) market, with a price increase and strong demand from downstream nylon production [4][13][14] - The report suggests focusing on integrated leading companies in the adipic acid sector, as well as other segments like petrochemicals and agrochemicals, due to favorable supply conditions and rising prices [5][17] Summary by Sections 1. Industry News and Events - Bacillus thuringiensis price increased to 30,000 CNY/ton, with a 68.57% year-on-year rise, benefiting companies like Limin Co., Sulih Co., and Taihe Co. [3][12] - Adipic acid market price rose to 7,233 CNY/ton, a 6.63% increase, driven by strong demand from nylon production [4][13][14] 2. Chemical Sector Performance - The report notes that the Shanghai Composite Index fell by 0.25%, while the Shenwan Petrochemical Index rose by 3.50%, outperforming the market [5][18] - The top-performing sub-sectors included oil and gas engineering, with a 9.33% increase, while viscose saw a decline of 3.40% [20][24] 3. Key Product Price Trends - Key products with notable price increases included WTI crude oil (7.17%), Brent crude oil (6.22%), and adipic acid (3.77%) [28][29] - Products experiencing price declines included Vitamin E (-14.67%) and dichloromethane (-8.47%) [28][29] 4. Investment Recommendations - Recommendations include focusing on integrated players in the refining-PX-PTA chain, such as Hengli Petrochemical and Rongsheng Petrochemical [5][17] - Attention is also drawn to leading companies in the refrigerant sector and those involved in agricultural chemicals due to favorable market conditions [5][17]

Group 1: Real Estate Industry - The current housing policy indicates a new model for real estate development, with the implementation of immediate housing sales being orderly and effective. This is part of a long-term mechanism rather than a short-term switch [12][10] - The impact of the immediate housing sales policy includes a significant decline in investment, a reduction in land finance, and a contraction in industry demand. The average pre-sale period in first and second-tier cities has extended from 6 months to 30 months, leading to a drop in investment return rates from 30% to 6% [12][10] - The report maintains a "positive" rating for the real estate sector, emphasizing the need for policy support to stabilize the market and improve the asset-liability situation of residents [12][10] Group 2: Banking Sector - Since the end of 2023, the banking sector has experienced a recovery, with a cumulative increase of 55%, primarily driven by valuation recovery and stable earnings performance [13][11] - The report suggests that the banking sector is significantly undervalued, with an average ROE of about 10% and a PE ratio of approximately 6 times, indicating potential for systematic revaluation [15][11] - The investment strategy focuses on embracing stable, sustainable returns, with recommendations for regional banks and large state-owned banks that are expected to benefit from ongoing reforms and market conditions [15][11] Group 3: Coal Industry - The coal supply is expected to contract due to limited production recovery in Shanxi and declining import volumes, with domestic coal production primarily concentrated in Xinjiang [14][16] - The demand for thermal coal is projected to maintain positive growth in the coming years, supported by stable economic conditions and seasonal demand increases [16][14] - The report highlights that the economic viability of "Xinjiang coal transportation" depends on maintaining high coal prices, with the average price for thermal coal expected to remain between 700-750 RMB/ton [16][14] Group 4: Shipping Industry - The escalation of geopolitical tensions in the Middle East has led to significant increases in oil prices, with Brent crude exceeding 75 USD/barrel, impacting shipping routes and costs [16][3] - The report notes that the closure of the Strait of Hormuz could disrupt approximately 5% of global oil tanker capacity, significantly affecting oil transportation dynamics [16][3] - It is recommended to closely monitor the duration and expansion of the conflict, as well as changes in oil inventory and economic expectations [16][3]

Investment Rating - The report maintains a positive outlook on the petrochemical industry, indicating a favorable investment environment [3]. Core Insights - The escalation of conflicts in the Middle East has led to significant fluctuations in oil prices, with Brent crude reaching a peak of $78.5 per barrel on June 13, marking the largest single-day increase in nearly five years. The report outlines three potential scenarios for the impact of the Israel-Iran conflict on oil prices, ranging from limited upward pressure to a potential surge above $100 per barrel if the situation escalates further [6][7][14]. Summary by Sections Upstream Sector - As of June 13, 2025, Brent crude futures closed at $74.23 per barrel, up 11.67% from the previous week, while WTI futures rose 13.01% to $72.98 per barrel. The average prices for the week were $69.45 and $67.89 per barrel, respectively [6][21]. - U.S. commercial crude oil inventories decreased by 3.644 million barrels to 432 million barrels, which is 8% lower than the same period last year. Gasoline inventories increased by 1.504 million barrels, remaining 2% lower than the five-year average [21][23]. - The number of U.S. drilling rigs decreased by 4 to 555, which is a year-on-year decline of 35 rigs. The report anticipates a widening supply-demand trend in crude oil, with potential downward pressure on prices, but expects drilling day rates to continue rising due to ongoing capital expenditures in the global oil and gas upstream sector [6][21]. Refining Sector - The report notes a decline in overseas refined oil crack spreads, with Singapore's comprehensive product crack spread dropping to $5.40 per barrel, down $5.38 from the previous week. The gasoline crack spread in the U.S. also fell to $20.95 per barrel, below the historical average of $24.88 per barrel [6][54][56]. - Despite the decline in crack spreads, the report suggests that refining profitability may gradually improve as overseas refineries exit the market and domestic refining rates remain low [6]. Polyester Sector - PTA profitability has increased, while profits from polyester filament yarn have decreased. The report highlights that the overall performance of the polyester industry is average, with a need to monitor demand changes closely. However, it anticipates an upward trend in industry prosperity in the medium to long term due to a slowdown in new capacity additions [6][51]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as companies in the upstream exploration and development sector like CNOOC and Haiyou Engineering. It also suggests monitoring polyester leaders like Tongkun Co. and Wankai New Materials for potential investment opportunities [6][15][16].