恒力石化股份有限公司 截至本公告日，本信托计划持有公司股份94,611,800股，占公司总股本的1.34%。 证券代码：600346 证券简称：恒力石化 公告编号：2025-034 恒力石化股份有限公司 关于控股股东及其关联附属企业之员工成立的信托计划 相关事项调整的提示性公告 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 2025 年 4 月 30 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"）的通知，对恒力集团及其关联附 属企业（除上市公司及上市公司控股子公司外）之部分员工成立的信托计划（以下 简称"本信托计划"）相关事项进行调整。现将相关事项公告如下： 一、本信托计划基本情况 恒力集团及其关联附属企业（除上市公司及上市公司控股子公司外）之部分员 工通过信托计划购买公司股票，并于2022年5月11日完成受让。具体内容详见公司于 2022年3月4日、2022年5月13日在上海证券交易所网站（www.sse.com.cn）及指定信 息披露媒体披露的相关公告。 二、本信 ...

Core Viewpoint - The China Oil and Gas Industry Index has shown a decline in performance over the past month, three months, and year-to-date, indicating a challenging environment for companies in the oil and gas sector [1][2]. Group 1: Index Performance - The China Oil and Gas Industry Index closed at 1702.45 points, down 0.1% on the day, with a trading volume of 13.015 billion yuan [1]. - Over the past month, the index has decreased by 5.06%, by 5.11% over the last three months, and by 7.93% year-to-date [1]. Group 2: Index Composition - The index includes companies involved in oil and gas exploration, equipment manufacturing, transportation, sales, refining, and primary petrochemical production [1]. - The top ten weighted companies in the index are: China National Petroleum (10.35%), China National Offshore Oil (10.1%), Sinopec (9.56%), Guanghui Energy (5.06%), China Merchants Energy (3.78%), Jereh Group (3.67%), Hengli Petrochemical (3.21%), Satellite Chemical (3.13%), Dongfang Shenghong (2.8%), and COSCO Shipping Energy (2.79%) [1]. - The index is primarily composed of companies listed on the Shanghai Stock Exchange (71.28%) and the Shenzhen Stock Exchange (28.72%) [1]. Group 3: Industry Breakdown - The industry composition of the index shows that energy accounts for 61.78%, materials for 20.62%, industrials for 14.80%, finance for 1.71%, and utilities for 1.10% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].

内容概况：塑料原料是一种高分子材料，具有重量轻、耐腐蚀、电绝缘性好、可塑性强、成型多样性等 特点，广泛应用于建筑、农业、包装、汽车、电子、家居等各个领域。近年来，随着国内经济的稳定发 展和产业结构的不断升级，对塑料产品的需求持续增长，推动了我国塑料原料市场的扩大。与此同时， 随着人民生活水平的提高和消费结构的升级，对塑料制品的需求将更为旺盛，为塑料原料行业提供了巨 大的发展空间。在市场需求的拉动下，我国塑料原料行业得到快速发展，市场规模呈现逐年增长的态 势。数据显示，2024年中国塑料原料行业市场规模约为18701亿元。未来，随着环保政策的趋严以及消 费者对环保产品需求的不断增加，塑料原料行业正逐步向绿色化、低碳化方向发展。 相关上市企业：中国石油（601857）、中国石化（600028）、茂化实华（000637）、氯碱化工 （600618）、万华化学（600309）、金发科技（600143）、恒力石化（600346）、东华能源 （002221）、华锦股份（000059）、恒逸石化（000703）等。 相关企业：陶氏化学（中国）投资有限公司、广东三凯新材料股份有限公司、江苏三木集团有限公司、 福建恒杰塑业新材 ...

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Chemical Index reported 2064.08 points, with a decline of 7.57% in the last month, 6.98% in the last three months, and 6.77% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The top ten weights in the CSI 300 Chemical Index are: Wanhua Chemical (23.08%), Salt Lake Industry (13.6%), Baofeng Energy (7.79%), Juhua Co. (7.6%), Hengli Petrochemical (7.22%), Satellite Chemical (6.88%), Hualu Hengsheng (6.64%), Zangge Mining (6.38%), Longbai Group (6.1%), and Rongsheng Petrochemical (5.49%) [1] Group 2 - In terms of industry composition within the CSI 300 Chemical Index, other chemical raw materials account for 39.09%, polyurethane for 23.08%, potassium fertilizer for 19.98%, fluorochemical for 7.60%, titanium dioxide for 6.10%, and organic silicon for 4.15% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples or significant events affecting sample companies [2]

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | | | 聚酯数据日 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2025/4/29 | | | | 能源化工研究中心 | 陈胜 | 从业资格号:F3066728 | | | | 指标 | 2025/4/25 | 2025/4/28 | 变动值 | 行情综述 | | | INE原油(元/桶) | 496. 1 | 498. 0 | 1. 90 | 成交情况: PTA: PTA行情上涨,去库存预期之下,PTA主力供应商 | | SC | PTA-SC(元/陣) | 794.8 | 861.0 | 66. 19 | 报盘基差继续走强,提振市场。但买方跟涨动力不 | | | PTA/SC(比价) | 1. 2205 | 1. 2379 | 0. 0174 | 足,盘中现货基差冲高回落。 | | PX | CFR中国PX | 752 | 758 | 6 | | | | PX-石脑油价差 | 170 | 176 | 6 | | | | P ...

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Chemical Index reported 2080.97 points, with a decline of 8.46% in the past month, 4.44% in the past three months, and 6.01% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, with a base date of December 31, 2004, and a base point of 1000.0 [1] - The top ten weights in the CSI 300 Chemical Index are: Wanhua Chemical (23.25%), Salt Lake Industry (13.52%), Baofeng Energy (7.58%), Juhua Co. (7.48%), Hengli Petrochemical (7.2%), Satellite Chemical (7.1%), Hualu Hengsheng (6.86%), Zangge Mining (6.26%), Longbai Group (6.04%), and Rongsheng Petrochemical (5.49%) [1] Group 2 - In terms of industry composition within the CSI 300 Chemical Index, other chemical raw materials account for 39.27%, polyurethane for 23.25%, potassium fertilizer for 19.79%, fluorochemical for 7.48%, titanium dioxide for 6.04%, and organic silicon for 4.17% [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index sample is modified [2]

Investment Rating - The report maintains a positive outlook on the petrochemical industry, particularly regarding propylene profitability and the expected tightening of supply-demand dynamics [4][5]. Core Insights - The report highlights the anticipated reduction in operating rates for PDH units due to high costs associated with U.S. propane imports, which could lead to a significant drop in propylene supply [4][5]. - It emphasizes the potential for increased imports from Japan and South Korea, although these may not fully compensate for the domestic supply gap [4][5]. - The report suggests that the overall profitability of PDH units remains low, and future tariffs could delay or cancel planned new capacity [4][5]. Summary by Sections Upstream Sector - Brent crude oil prices closed at $66.87 per barrel, a decrease of 1.60% from the previous week, while WTI prices fell by 2.57% to $63.02 per barrel [4][22]. - U.S. commercial crude oil inventories increased by 244,000 barrels, while gasoline inventories decreased by 4.476 million barrels [25][22]. - The report notes a stable day rate for self-elevating drilling rigs, indicating a recovery trend in the oil service sector [4][22]. Refining Sector - The report indicates an increase in overseas refined oil crack spreads, with Singapore's refining margin rising to $10.75 per barrel [4][22]. - The profitability of domestic refining products is expected to improve gradually as economic recovery progresses [4][22]. Polyester Sector - PTA profitability has increased, while polyester filament profitability has decreased, indicating mixed performance within the polyester supply chain [4][22]. - The report suggests that the polyester industry may see improvements in the medium to long term as new capacity comes online [4][22]. Investment Recommendations - The report recommends focusing on leading refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to favorable competitive dynamics [4][17]. - It also highlights the potential for valuation recovery in companies like Satellite Chemical and Tongkun Co., given the expected improvements in the industry [4][17].

Group 1 - The company reported a total revenue of approximately 57 billion yuan for Q1 2025, a year-on-year decrease of 2.34% and a quarter-on-quarter decrease of 2.56% [1] - The net profit attributable to shareholders was 2.051 billion yuan, down 4.13% year-on-year but up 5.78% quarter-on-quarter [1] - The non-recurring net profit was 1.239 billion yuan, showing a significant year-on-year decline of 31.88% but a substantial quarter-on-quarter increase of 112.75% [1] Group 2 - The company benefited from improved product price differentials, leading to a quarter-on-quarter increase in profitability [1] - The price differential for refined oil remained stable overall in Q1, with a widening in February followed by a decline in March; ethylene price differentials showed slight improvement compared to the beginning of the year [1] - The company’s construction projects decreased from a peak of 54.1 billion yuan to 38.6 billion yuan, with ongoing projects nearing completion, which is expected to stabilize cash flow [2][3] Group 3 - There is an expectation for significant improvement in free cash flow following high capital expenditures, which may lead to increased dividend expectations [3]

Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346) [1] Core Views - The company demonstrates stable profitability and aims to build a "growth + return" type enterprise [1] - In 2024, the company achieved total revenue of 236.4 billion yuan, a year-on-year increase of 0.65%, and a net profit attributable to shareholders of 7.04 billion yuan, up 2.01% year-on-year [7] - The company is progressing steadily with its projects, enhancing its industrial chain and maintaining robust cash flow while focusing on high dividend payouts to shareholders [7] Financial Summary - Total revenue forecast for 2024 is 236.4 billion yuan, with a projected decline to 212.5 billion yuan in 2025, followed by slight increases in subsequent years [1][8] - Net profit attributable to shareholders is expected to rise from 7.04 billion yuan in 2024 to 10.66 billion yuan by 2027, reflecting a compound annual growth rate [1][8] - The latest diluted EPS is projected to increase from 1.00 yuan in 2024 to 1.51 yuan in 2027, indicating growth potential [1][8] - The company maintains a high dividend payout ratio, with a proposed cash dividend of 0.45 yuan per share for 2024, amounting to approximately 3.17 billion yuan [7]

Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346) [1] Core Views - The company demonstrates stable profitability and aims to build a "growth + return" type enterprise [1] - In 2024, the company achieved total revenue of 236.4 billion yuan, a year-on-year increase of 0.65%, and a net profit attributable to shareholders of 7.04 billion yuan, up 2.01% year-on-year [7] - The company is progressing steadily with its projects, enhancing its industrial chain and maintaining robust cash flow while focusing on high dividend payouts to shareholders [7] Financial Summary - Total revenue forecast for 2024 is 236.4 billion yuan, with a projected decline to 212.5 billion yuan in 2025, followed by slight increases in subsequent years [1][8] - Net profit attributable to shareholders is expected to rise from 7.04 billion yuan in 2024 to 8.02 billion yuan in 2025, and further to 10.66 billion yuan by 2027 [1][8] - The latest diluted EPS is projected to be 1.00 yuan in 2024, increasing to 1.51 yuan by 2027 [1][8] - The company maintains a stable cash flow with a net cash flow from operating activities of 77 billion yuan in Q1 2025 [7]