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].

Report Industry Investment Rating No information about the industry investment rating is provided in the given content. Core Viewpoints The report presents a weekly update on the large refining and chemical industry, including price, profit, inventory, and production rate data for various segments such as refining, polyester, and chemical products, as well as performance data for major private refining and chemical companies [2][8]. Summary by Related Catalogs 1. Big Refining Weekly Data Briefing - **6 Major Private Refining Companies' Performance**: The oil and petrochemical index had a 3.5% increase in the past week, 5.0% in the past month, 5.2% in the past three months, and -3.6% in the past year. Among the companies, Rongheng Petrochemical, Hengli Petrochemical, Orient Shenghong, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin Fengming had different performance in terms of stock price changes and profit forecasts [8]. - **Oil Prices and Refining Spreads**: International crude oil prices (Brent and WTI) increased this week. The domestic refining project spread was 2503.1 yuan/ton, a decrease of 172.1 yuan/ton (-6.4%) compared to the previous week. The foreign refining project spread was 968.9 yuan/ton, a decrease of 93.8 yuan/ton (-8.8%) [8]. - **Polyester Sector**: PX, MEG, PTA, POY, FDY, DTY, and other product prices, spreads, inventories, and production rates showed various changes. For example, the PX price was 818.9 dollars/ton, a decrease of 13.3 dollars/ton, and the PX production rate was 86.4%, an increase of 1.4% [9]. - **Refining Sector**: In China, the prices of gasoline, diesel, and aviation kerosene increased. In the US, the gasoline price decreased, while diesel and aviation kerosene prices increased. In Europe and Singapore, the prices and spreads of various refined oil products also changed [9]. - **Chemical Sector**: The prices and spreads of products such as EVA photovoltaic materials, EVA foaming materials, LDPE, LLDPE, HDPE, and others showed different trends [9]. 2. Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: The report may show the trends of the big refining index, the market performance of six private big refining companies, and the weekly spreads of domestic and foreign big refining projects [11][15][17]. - **2.2 Polyester Sector**: It includes data and trends on the prices, profits, inventories, and production rates of products in the polyester industry chain, such as crude oil, PX, PTA, MEG, POY, FDY, DTY, and downstream weaving [21][31][50]. - **2.3 Refining Sector**: It presents the price and spread relationships between crude oil and various refined oil products (gasoline, diesel, aviation kerosene) in different regions (China, the US, Europe, Singapore) [77][92][104]. - **2.4 Chemical Sector**: It shows the price and spread relationships between crude oil and various chemical products, such as polyethylene LLDPE, homopolymerized polypropylene, EVA foaming materials, EVA photovoltaic materials, etc. [127][128][135].

Report Industry Investment Rating - Unilateral: Neutral; Inter-period: None; Inter-variety: None [3] Core Viewpoints - The main EG contract closed at 4,234 yuan/ton, down 51 yuan/ton (-1.19%) from the previous trading day. The spot price in the East China market was 4,347 yuan/ton, down 28 yuan/ton (-0.64%). The spot basis in East China was 86 yuan/ton, down 7 yuan/ton. The restart of large-scale EG plants led to price decline [1]. - The production profit of ethylene-based EG was -$38/ton, unchanged from the previous day, and that of coal-based syngas EG was 55 yuan/ton, down 5 yuan/ton [1]. - According to CCF data, the inventory at major ports in East China was 634,000 tons, up 13,000 tons; according to Longzhong data, it was 564,000 tons, down 34,000 tons. The planned arrivals at major ports in East China this week are relatively high, and there is a possibility of inventory accumulation [1]. - In June, the domestic supply is expected to gradually recover, but the recovery is limited. After the cancellation of warehouse receipts, the available spot will increase, and overseas arrivals will gradually rise. The demand has declined due to polyester production cuts, and future attention should be paid to polyester sales and the restart progress of large EG plants [2] Summary by Directory Price and Basis - The closing price of the main EG contract was 4,234 yuan/ton, and the spot price in the East China market was 4,347 yuan/ton. The spot basis in East China was 86 yuan/ton [1] Production Profit and Operating Rate - The production profit of ethylene-based EG was -$38/ton, and that of coal-based syngas EG was 55 yuan/ton [1] International Spread - No specific content provided Downstream Sales and Operating Rate - No specific content provided Inventory Data - According to CCF, the inventory at major ports in East China was 634,000 tons; according to Longzhong, it was 564,000 tons. The planned arrivals this week are high, and there is a risk of inventory accumulation [1]

恒力石化股份有限公司 关于控股股东之一致行动人部分股份质押及解除质押的公告 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： ● 控股股东恒力集团有限公司及其一致行动人目前合计持有公司股份5,310,675,080股，持股比例为 75.45%，累计质押公司股份1,840,313,500股，占其所持有公司股份的34.65%，占公司总股本的26.14%。 ● 恒能投资目前持有公司股份1,498,478,926股，持股比例为21.29%。累计质押公司股份658,813,500股， 占其所持有公司股份的43.97%，占公司总股本的9.36%。 一、上市公司部分股份质押及解除质押情况 恒力石化股份有限公司（以下简称"公司"）近日接到公司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 司部分股份办理了质押及解除质押业务。具体事项如下： 证券代码：600346 证券简称：恒力石化 公告编号：2025-038 ■ 注：表格中合计数与各明细数直 ...

Core Viewpoint - Hengli Petrochemical Co., Ltd. has announced a cash dividend distribution of 0.45 CNY per share, totaling approximately 3.17 billion CNY, approved at the annual general meeting on May 8, 2025 [2][3]. Dividend Distribution Details - The cash dividend of 0.45 CNY per share will be distributed based on a total share capital of 7,039,099,786 shares [3]. - Key dates for the dividend distribution include: - Record date: June 18, 2025 - Last trading day: June 19, 2025 - Ex-dividend date: June 19, 2025 [2][3]. Implementation Method - The cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [3]. - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [3]. Taxation Information - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax. For those holding shares for one month or less, 50% of the income is included in taxable income [5][6]. - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a net dividend of 0.405 CNY per share [6]. - Hong Kong investors will also receive a net dividend of 0.405 CNY per share after a 10% withholding tax [6]. Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the Board Office at 0411-39865111 [7].

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：2025-038 恒力石化股份有限公司 关于控股股东之一致行动人部分股份质押 及解除质押的公告 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： 控股股东恒力集团有限公司及其一致行动人目前合计持有公司股份 5,310,675,080 股，持股比例为 75.45%，累计质押公司股份 1,840,313,500 股， 占其所持有公司股份的 34.65%，占公司总股本的 26.14%。 恒能投资目前持有公司股份 1,498,478,926 股，持股比例为 21.29%。累 计质押公司股份 658,813,500 股，占其所持有公司股份的 43.97%，占公司总股 本的 9.36%。 恒能投资本次股份质押系为其融资提供质押担保，被担保的主债权到期日为 2026年6月10日。具体质押到期日以实际办理解除质押登记手续为准。 本次被质押的股份不存在被用作重组业绩补偿等事项的担保或用于其他保 障用途的情况。 | 2、本次股份解除质押的基本情况 | | - ...

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：2025-037 恒力石化股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.45元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放 | | --- | --- | --- | --- | --- | | | | | | 日 | | Ａ股 | 2025/6/18 | － | 2025/6/19 | 2025/6/19 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 8 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 三、 相关日期 | | | | | 日 | | --- | --- | --- | --- | --- | | 股份类别 Ａ股 | 股权登记日 2025/6/18 | 最后交易日 － | ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The 2025 Indian potash fertilizer contract price has been set at $349 per ton, which is expected to boost the potash fertilizer market [4][20] - The domestic potassium chloride market is experiencing limited supply and tight circulation, with domestic potassium chloride production reduced and inventory at low levels [21][22] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 1.73% this week [15] - The CCPI (China Chemical Product Price Index) reported 4033 points, down 1.08% from last week [17] Key Product Tracking - The price difference for polyester filament POY has expanded, while the price of chlorantraniliprole 97% continues to rise [29] - The domestic potassium chloride market is characterized by limited supply and cautious purchasing behavior from downstream buyers [21][22] Recommended and Beneficiary Stocks - Recommended stocks include Salt Lake Co., and Yaqi International; beneficiary stocks include Cangge Mining and Dongfang Iron Tower [27] - Other recommended stocks span various sectors including chemical leaders and fluorine chemicals [5]

Group 1 - The core viewpoint of the report indicates that the 2025 Indian potash contract price has been set at $349 per ton, which may boost the potash market's prosperity [2] - The transaction between Belarus and India's IPL involves a shipment of 650,000 tons, with the price being $70 per ton higher than the 2024 Indian contract price and $76 per ton higher than the 2024 Chinese import contract price [2] - Domestic potash prices are currently tight, with 60% potash self-delivery prices ranging from 2800 to 2830 RMB per ton, and market prices for 57% powder around 2400 to 2450 RMB per ton [2] Group 2 - The supply side shows limited circulation of potash due to reduced domestic production and low inventory levels, with port inventories at 2.062 million tons as of May 30 [2] - Demand for potash is currently weak, with cautious replenishment from buyers, but the low domestic inventory and the new Indian contract price may stimulate market activity [2] - Recommended stocks include Salt Lake Co. and Yara International, while benefiting stocks include Zangge Mining and Oriental Tower [2] Group 3 - A significant development in the nylon industry was reported, with the launch of a 100,000 tons/year acetonitrile facility by China Pingmei Shenma Group, marking a breakthrough in the production of key raw materials for nylon 66 [3] - The establishment of this facility is expected to reshape the nylon industry landscape in China [3] Group 4 - Recommended stocks in the chemical sector include Wanhu Chemical, Hualu Hengsheng, Hengli Petrochemical, and others, while benefiting stocks span various sectors including fluorine chemicals and new materials [4][5]

Core Viewpoint - The article discusses the evolution and current policies of China's textile industry, emphasizing the government's support for digital transformation, quality improvement, and sustainable development to enhance the industry's global competitiveness and achieve the goals of becoming a manufacturing and quality powerhouse [1][3]. Policy Evolution - During the "11th Five-Year Plan," the focus was on increasing the technological content and brand proportion in the textile industry, promoting high-tech and environmentally friendly fibers, and expanding the use of non-cotton natural fibers [1]. - The "12th Five-Year Plan" emphasized environmental protection, quality safety, and brand building within the light textile industry [1]. - The "13th Five-Year Plan" aimed to consolidate China's advantages in textile manufacturing and international trade, establishing the country as a textile powerhouse [1]. - The "14th Five-Year Plan" seeks to elevate the textile industry to a higher position in the global value chain, contributing to the goals of becoming a manufacturing and quality strong nation [1]. National Policy Summary and Interpretation - Recent national policies, such as the "Three-Year Action Plan for Digital Transformation of the Textile Industry (2022-2024)" and the "Implementation Plan for Quality Improvement and Upgrading of the Textile Industry (2023-2025)," provide a favorable macro environment and policy support for the industry's development [3][4]. - These policies aim to promote healthy and rapid development across various segments of the textile supply chain and enhance the industry's global competitiveness [3]. Key Policy Details - The "Implementation Plan" outlines goals for 2025, including: - R&D expenditure intensity of 1.3% for large-scale textile enterprises [8]. - 70% of large-scale textile enterprises achieving digital networking [8]. - Reduction in energy and water consumption per unit of industrial added value, along with continuous decreases in major pollutant emissions [8]. - Improvement in the quality and scale of recycled textile products, aiming to establish 20 globally recognized brands [8]. Key Tasks and Focus Areas - Accelerate innovation-driven development and enhance independent innovation capabilities by focusing on key technology breakthroughs and establishing industry innovation platforms [9]. - Promote high-end manufacturing in textiles and expand the application of functional chemical fibers across various sectors of the economy [9]. - Develop smart manufacturing and improve industry quality and efficiency through the adoption of digital technologies [9]. - Advance green and circular low-carbon development by promoting energy-saving and pollution-reducing technologies [9]. - Enhance the resilience of the supply system to meet and lead fashion consumption upgrades [9]. - Optimize regional industrial layouts and foster open cooperation within the textile industry [9]. Provincial Policy Summary - Various provinces have introduced policies to support the development of the textile industry, focusing on high-quality growth, digital transformation, and the promotion of environmentally friendly materials [12][14]. - For example, Guangdong aims to enhance the digital transformation of its textile industry by 2025, achieving over 60% integration of digital technologies [16].