上 市 公 司 石油石化 2025 年 08 月 25 日 恒力石化 (600346) ——业绩符合预期，首次中期分红提升股东回报 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 17.10 | | 一年内最高/最低（元） | 17.23/12.13 | | 市净率 | 1.8 | | 股息率%（分红/股价） | 2.63 | | 流通 A 股市值（百万元） | 120,369 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 8.98 | | 资产负债率% | 76.89 | | 总股本/流通 A 股（百万） | 7,039/7,039 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04-2 ...

资料显示，恒力石化股份有限公司位于辽宁省大连市中山区人民路街道港兴路52号维多利亚广场B楼31 层，成立日期1999年3月9日，上市日期2001年8月20日，公司主营业务涉及涤纶纤维、聚酯薄膜等相关 产品的研发、生产和销售以及蒸汽、电力的生产和销售;PTA生产、销售以及炼化、石化业务。主营业 务收入构成为：炼化产品45.92%，PTA31.10%，聚酯产品19.24%，其他3.73%。 8月25日，恒力石化盘中上涨2.05%，截至10:35，报17.45元/股，成交3.58亿元，换手率0.30%，总市值 1228.32亿元。 资金流向方面，主力资金净流入937.27万元，特大单买入4668.92万元，占比13.06%，卖出3690.64万 元，占比10.32%；大单买入6980.07万元，占比19.52%，卖出7021.08万元，占比19.64%。 恒力石化今年以来股价涨17.11%，近5个交易日涨15.41%，近20日涨11.08%，近60日涨18.71%。 恒力石化所属申万行业为：石油石化-炼化及贸易-炼油化工。所属概念板块包括：煤化工、茅概念、分 拆概念、MSCI中国、可降解等。 截至6月30日，恒力石 ...

Market Overview - The A-share market has shown strong performance, breaking through last year's high, with expectations for continued upward movement supported by reasonable valuations and new positive factors such as a potential interest rate cut by the Federal Reserve and a recovery in public fund issuance [2][3] - The weighted REITs index has decreased by 1.52% during the week of August 18-22, 2025, indicating a downward trend in the secondary market prices of publicly listed REITs [2] Credit Bonds - A total of 375 credit bonds were issued from August 18 to August 22, 2025, with a total issuance scale of 376.74 billion, reflecting a week-on-week increase of 12.45% [3] - The total transaction volume of credit bonds reached 1,286.40 billion, up 16.04% week-on-week, with commercial bank bonds, corporate bonds, and medium-term notes being the top three in transaction volume [3] Convertible Bonds - The CSI Convertible Bond Index increased by 2.8% during the week, with a year-to-date increase of 17.9%, slightly below the equity market performance [4] - Current valuations of convertible bonds are close to or exceed historical highs, yet the equity market remains robust, suggesting continued strong performance in the convertible bond market [4] High-end Manufacturing - Exports of engineering machinery maintained double-digit growth, with excavators, tractors, and mining machinery showing year-on-year increases of 24%, 30%, and 25% respectively [6] - The report suggests focusing on companies like QuanFeng Holdings, JuXing Technology, and Xugong Machinery due to their strong export performance [6] TMT Sector - The company SUTENG has seen rapid growth in its robotics business, indicating a successful strategic transformation [6] - The report highlights the importance of SUTENG's self-research technology and its competitive advantages in the ADAS and robotics ecosystem [6] Agriculture, Forestry, Animal Husbandry, and Fishery - The report notes a slight decline in pig prices, with the average price of live pigs at 13.75 yuan/kg, down 0.07% week-on-week [6] - The government has initiated pork storage measures to boost market sentiment, suggesting a potential recovery in pig prices [6] Medical and Biological Sector - The report recommends increasing allocations to the medical device sector, highlighting undervalued companies in Hong Kong and those with strong growth potential [7] - Companies like Weikang Medical and Mindray Medical are noted for their robust growth and research capabilities [7] Petrochemical Sector - The report indicates a significant market opportunity for the renovation of old refineries, with companies like Sinopec Engineering and PetroChina Engineering expected to benefit [7] - The report emphasizes the trend of "de-involution" in the refining industry, which may lead to a substantial market for dismantling and renovation [7] Basic Chemicals - The second phase of phosphate fertilizer export quotas has been allocated, with leading companies expected to benefit from high overseas prices [7] - The report anticipates continued high demand for high-grade phosphate rock in the short to medium term [7] Non-Banking Financials - AIA Insurance has seen new business value reach new highs, with stable growth in operating profits [10] - The report adjusts profit forecasts for AIA for 2025-2027, maintaining a "buy" rating [10] Real Estate - The property management sector shows steady growth, with a stable dividend outlook from companies like Yuexiu Services [10] - The report notes a slight decline in net profit but maintains a positive outlook due to strong project delivery from related companies [10] Electric New Energy - The report highlights the growth potential in the energy storage battery sector, with companies like Yiwei Lithium Energy expected to benefit from increased demand [24] - The company has adjusted its profit forecasts for 2025, reflecting a strong competitive position in the market [24] Textile and Apparel - The report indicates a decline in profit margins for companies like Li Ning, despite revenue growth [34] - The company is expected to maintain a strong brand presence, with a "buy" rating maintained [34]

【聚酯板块】本周POY/FDY/DTY行业均价分别为6789/7100/7986元/吨，环比分别 +61/+57/+57元/吨，POY/FDY/DTY行业周均利润为35/-25/-34元/吨，环比分别+18/+16/+16 元/吨，POY/FDY/DTY行业库存为13.8/22.7/27.8天，环比分别-2.3/-0.6/-0.4天，长丝开工率为 90.7%，环比+0.1pct。下游方面，本周织机开工率为60.1%，环比+2.1pct，织造企业原料库 存为14.2天，环比+1.9天，织造企业成品库存为28.2天，环比-1.8天。 【炼油板块】国内成品油:本周汽油/柴油/航煤价格下跌。美国成品油:本周美国航煤价格 下跌。 东吴证券近日发布大炼化周报：国内成品油:本周汽油/柴油/航煤价格下跌。美国成品油: 本周美国航煤价格下跌。周POY/FDY/DTY行业均价分别为6789/7100/7986元/吨，环比分别 +61/+57/+57元/吨，POY/FDY/DTY行业周均利润为35/-25/-34元/吨，环比分别+18/+16/+16 元/吨，POY/FDY/DTY行业库存为13.8/22.7/27.8天，环比分别 ...

Group 1: North Exchange Specialized and Innovative Index - The North Exchange Specialized and Innovative Index focuses on innovative small and medium-sized enterprises, emphasizing "specialized, refined, unique, and innovative" small giants, providing differentiated value as a rare high-quality small-cap growth index in the market [11][12] - The index consists of high-quality underlying assets, with a market capitalization median of 3.74 billion yuan, lower than other indices, indicating a focus on smaller companies [11] - The index has shown high growth potential, with a revenue compound annual growth rate (CAGR) of 40.4% over the past three years, and a high research and development investment ratio of 6.2% [11] Group 2: Saint Bella (2508HK) - Saint Bella is a well-known company in the high-end confinement service sector, aiming to provide comprehensive family care services from pregnancy to elderly care, with a projected adjusted net profit of 117 million, 191 million, and 287 million yuan for 2025-2027 [3][14] - The company has established four core advantages: strong brand recognition in high-end confinement services, a light asset model with standardized training, vertical and horizontal expansion in family services, and international market penetration targeting overseas Chinese [17] - The family care industry in China is expected to grow from 392.8 billion yuan in 2019 to 711.3 billion yuan in 2024, with a CAGR of 12.6%, indicating a favorable market environment for Saint Bella [17]

石油石化 2025 年 08 月 24 日 韩国计划削减高达 25%石脑油裂解 行 业 研 究 / 行 业 点 评 行 业 及 产 业 产能，中国炼化景气修复有望加快 看好 —— 石油化工行业周报(2025/8/18—2025/8/24) 本期投资提示： 相关研究 - 证 券 研 究 报 告 刘子栋 A0230523110002 liuzd@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 陈悦 A0230524100003 chenyue@swsresearch.com 联系人 陈悦 (8621)23297818× chenyue@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 1． 本周观点及推荐 1.1 本周思考：韩国计划削减高达 25%石脑油裂解产能， 中国炼化景气修复有望加快 韩国石化企业利润大幅下滑，陷入经营困境。韩国头部石化企业主要有 LG 化学、SK innovation、乐天石化等，2024-2025 ...

能源化工分析师：周少玟 执业证书编号：S0600525070005 联系方式：zhoushm@dwzq.com.cn 2025年8月24日 请务必阅读正文之后的免责声明部分 投资要点 证券研究报告 大炼化周报：主流厂商协同，长丝价格上升 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 2 ◼ 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2579元/吨，环比+18元/吨（环比+1%）；国外 重点大炼化项目本周价差为1077元/吨，环比-33元/吨（环比-3%）。 ◼ 【聚酯板块】本周POY/FDY/DTY行业均价分别为6789/7100/7986元/吨，环比分别+61/+57/+57元/吨， POY/FDY/DTY行业周均利润为35/-25/-34元/吨，环比分别+18/+16/+16元/吨，POY/FDY/DTY行业库存为 13.8/22.7/27.8天，环比分别-2.3/-0.6/-0.4天，长丝开工率为90.7%，环比+0.1pct。下游方面，本周织机开工率 为60.1%，环比+2.1pct，织造企业原料库存 ...

Core Viewpoint - Hengli Petrochemical reported a decline in revenue and net profit for the first half of 2025, with a significant drop in profitability in the second quarter, indicating challenges in the refining and petrochemical industry due to falling oil prices and product prices [1][2]. Financial Performance - The company achieved revenue of 103.9 billion yuan in 1H25, a year-on-year decrease of 8% - Net profit attributable to shareholders was 3.05 billion yuan, down 24% year-on-year, with basic earnings per share of 0.43 yuan, aligning with performance forecasts - In 2Q25, net profit attributable to shareholders was 1 billion yuan, a year-on-year decline of 47% [1] - The company received government subsidies of 800 million yuan in 1H25, an increase of 230 million yuan year-on-year, while the non-recurring net profit was 2.3 billion yuan, down 35% year-on-year [1] - Inventory impairment losses amounted to 790 million yuan, primarily due to falling oil and refining product prices [1] - Operating cash flow increased by 55% year-on-year to 19.5 billion yuan [1] Industry Trends - The refining sector experienced a decline in profitability in 2Q25, attributed to a 9 USD/barrel decrease in crude oil prices, impacting raw material inventory for refining companies [2] - Aromatics profitability decreased, with the PX price spread down 40% year-on-year to 192 USD/ton, and pure benzene price spread down 49% quarter-on-quarter to 201 USD/ton, driven by weak oil prices and increased production from refineries [2] - PTA margins remained low, with gross profit of 1.1 billion yuan in 1H25, maintaining a unit gross profit of 134 yuan/ton [2] - The company’s new materials project in Nantong has begun trial production, with full production expected by August, leading to a reduction in capital expenditure to 3.8 billion yuan in 1H25, down 30% year-on-year [2] Cost Management - Coal prices decreased by 20% year-on-year to 567 yuan/ton in 1H25, with the company consuming approximately 18 million tons of coal annually; a 100-150 yuan/ton drop in coal prices could save costs by 1.8-2.7 billion yuan [2] Market Outlook - The trend of reducing inefficient capacity is expected to enhance the value of existing assets, with China planning to eliminate smaller, outdated refining facilities and South Korea restructuring its petrochemical industry with a 25% reduction in production [3] - The slowdown in new refining capacity under the anti-involution trend may lead to a recovery in the share of quality capacity and an improvement in olefin profitability [3] Profit Forecast and Valuation - Due to the weakened profitability in aromatics, the company has lowered its 2025 net profit forecast by 8% to 6.76 billion yuan, while maintaining the 2026 profit forecast [4] - The current stock price corresponds to a P/E ratio of 18x for 2025 and 16x for 2026, with an 11% increase in the target price to 17.8 yuan, reflecting a potential upside of 4.1% from the current stock price [4]

作者 |第一财经 周斌 上市公司中报纷至沓来，越来越多上市公司加入了中期分红队伍。 8月25日，炬芯科技（688049.SH）、中钢天源（002057.SZ）、泰禾股份（301665.SZ）披露了2025年半 年报，同时公布了首次中期分红方案。近日，还有中国中车（601766.SH）、长安汽车（000625.SZ）等 多家上市公司也计划首次进行中期分红。 Wind数据显示，截至8月24日发稿，已有超过290家上市公司公布中期分红预案，合计中期分红金额超 过1640亿元。 2025.08.24 本文字数：2308，阅读时长大约4分钟 从上述公司中期现金分红金额来看，有3家公司中期分红金额超过百亿元，有18家公司分红金额超过10 亿元。分红比例方面，有16家公司分红比例超过100%，接近六成的上市公司分红比例在30%-100%之 间。 同日发布上半年利润分配方案的上市公司中，还有长安汽车、恒力石化也是首次进行中期分红。其中， 长安汽车计划以总股本99.14亿股为基数，向全体股东每10股派送现金红利0.50元（含税），公司合计拟 派送现金4.96亿元（含税），现金分红比例为21.65%。 超20家公司首次中期分红 ...

多家A股公司在交出上半年"成绩单"的同时，拟送出中期"大红包"。截至发稿，8月22日以来，已有超百 家A股公司发布中期分红预案。其中，多家头部企业首次宣告中期分红。近期，多家上市公司首次宣告 中期分红，其中不乏行业龙头企业。中国中车8月22日披露2025年半年度利润分配方案公告，拟每10股 派1.1元，拟合计派发现金红利31.57亿元。恒力石化8月23日披露2025年半年度利润分配方案公告，拟合 计派发现金红利5.63亿元。长安汽车8月23日发布2025年中期利润分配预案公告，拟派送现金4.96亿元。 （中证报） ...