Core Viewpoint - Since July, the A-share market has rebounded, leading to a continuous increase in financing balance, reaching a record high in over 10 years by July 31 [1][3]. Financing Balance Overview - As of August 1, the A-share market financing balance was reported at 1,966.27 billion yuan, with a margin trading balance of 135.83 billion yuan. The financing balance increased by 128.13 billion yuan since July [1][3]. - In July, there were 24 trading days, with financing balance increases on 21 days, accounting for nearly 90%. Notably, on July 21, 22, 28, and 29, the financing balance increased by over 15 billion yuan each day [3]. Industry Performance - Among the 31 primary industries, 30 saw an increase in financing balance since July. The pharmaceutical and biological industry led with a net buying amount of 15.63 billion yuan, followed by electronics at 13.75 billion yuan and electric power equipment at 10.80 billion yuan [3][5]. - The only industry to experience net selling was the oil and petrochemical sector, with a net selling amount of 1.19 billion yuan [3]. Individual Stock Performance - The top ten stocks with the highest net buying amounts since July include: - Xinyi Technology: 3.18 billion yuan - Northern Rare Earth: 2.18 billion yuan - Shenghong Technology: 1.49 billion yuan - Feilihua: 1.46 billion yuan - Jianghuai Automobile: 1.41 billion yuan - WuXi AppTec: 1.37 billion yuan - CATL: 1.31 billion yuan - China Power Construction: 1.17 billion yuan - Kweichow Moutai: 1.08 billion yuan - Changjiang Electric Power: 1.07 billion yuan [7][8]. - The majority of these stocks have seen significant price increases, with Feilihua rising nearly 60% [7]. Net Selling Overview - Since July, 83 stocks experienced net selling exceeding 100 million yuan, with the top ten being: - CITIC Securities: -1.11 billion yuan - Sunshine Power: -767 million yuan - Wuliangye: -627 million yuan - Sifang Jingchuang: -569 million yuan - BOE Technology: -489 million yuan - BeiGene: -425 million yuan - Ningbo Bank: -395 million yuan - Muyuan Foods: -386 million yuan - GF Securities: -382 million yuan - Hengli Petrochemical: -367 million yuan [10][11]. Margin Trading Overview - As of August 1, the A-share market's margin trading balance was 135.83 billion yuan, with an increase of 1.28 billion yuan since July [13]. - The stocks with the highest margin trading balances included Kweichow Moutai, China Merchants Bank, and Ping An Insurance [13]. Conclusion - The A-share market has shown a robust increase in financing activities, particularly in the pharmaceutical and electronics sectors, indicating strong investor confidence and potential growth opportunities in these industries [1][3][5].

水泥(大部份已反映)：中国建材 医疗(大部份已反映)：三生制药、威高股份 保险(部份已反映)：中国平安、太保 猪肉(部份已反映)：牧原股份、温氏股份 太阳能供应链(轻微反映)：协鑫科技、通威股份、隆基绿能 餐饮外卖(轻微反映)：阿里巴巴 锂(轻微反映)：盐湖股份 化工(未反映)：华鲁恒升、恒力石化 汽车(未反映)：比亚迪、理想汽车、长城汽车 格隆汇8月5日｜瑞银发表报告，列出潜在受惠"反内卷"政策的板块和首选股名单，并关注相关板块股价 是否已反映相关因素。 ...

Core Viewpoint - UBS reports that the "anti-involution" movement in mainland China is expanding into various sectors, including healthcare and financial services, with analysts expressing skepticism about the potential impacts of these measures on the market [1][2] Group 1: Industry Impact - The "anti-involution" movement has shown varying intensity across different industries, with regulatory bodies urging companies in the food delivery and automotive sectors to rectify promotional behaviors and engage in rational competition [2] - In the solar industry, manufacturers are prohibited from selling below cost according to the Price Law, while in the coal sector, production is limited to 110% of total capacity across eight provinces [2] - The lithium industry is facing increased scrutiny over illegal mining activities, and in the pig farming sector, stricter capacity controls are being emphasized [2] - Overall, the current measures are considered less intense compared to interventions in 2014-2015 but cover a broader range of industries [2] Group 2: Investment Opportunities - UBS identifies key motivations behind these measures, including enhancing corporate profitability and government tax revenue domestically, and addressing international resistance to China's industrial overcapacity [3] - The firm believes that the risk is skewed to the upside, as average performance in related sectors has not significantly outperformed the market, and investor expectations are generally low [3] - UBS ranks sectors based on motivation, demand response, and market pricing, favoring solar, chemical, and lithium industries for investment [3] - Preferred stocks in the solar supply chain include GCL-Poly Energy (03800), Tongwei Co. (600438.SH), and LONGi Green Energy (601012.SH); in the chemical sector, Hualu Chemical (600426.SH) and Hengli Petrochemical (600346.SH) are favored; and in the lithium sector, Salt Lake Potash (000792.SZ) is highlighted [3]

Core Insights - Since July, the A-share market has rebounded, leading to a continuous increase in financing balance, reaching 19,662.74 billion yuan as of August 1, with a net increase of 1,281.25 billion yuan in July, marking a new high in over 10 years [1][2] Financing Balance Overview - As of August 1, the A-share market's total margin balance is reported at 19,798.57 billion yuan, with the financing balance at 19,662.74 billion yuan, reflecting an increase of 1,281.25 billion yuan since July [2] - In the 24 trading days since July, financing balance increased on 21 days, accounting for nearly 90% of the time, with significant increases on July 21, 22, 28, and 29, each exceeding 150 billion yuan [3] Industry Performance - Among the 31 primary industries, 30 saw an increase in financing balance since July, with the pharmaceutical and biological industry leading with a net increase of 156.33 billion yuan, followed by electronics and power equipment [3] - The computer industry also reported a net increase of over 100 billion yuan, while only the oil and petrochemical industry experienced a net sell-off of 11.88 billion yuan [3] Stock Performance - The top ten stocks with the highest net buying amounts since July include Xinyi Technology (31.80 billion yuan), Northern Rare Earth (21.76 billion yuan), and Shenghong Technology (14.91 billion yuan), with most of these stocks showing significant price increases, particularly Feilihua, which rose nearly 60% [3] - Conversely, the top ten stocks with the highest net selling amounts include CITIC Securities (11.11 billion yuan) and Sunshine Power (7.67 billion yuan), with most of these stocks also experiencing price increases, notably Guangfa Securities, which rose over 15% [5] Margin Trading Overview - As of August 1, the margin trading balance reached 135.83 billion yuan, with an increase of 12.79 billion yuan since July, and a total of 28.72 billion shares available for margin trading [6] - The stocks with the highest margin trading balances include Kweichow Moutai (0.97 billion yuan), China Merchants Bank (0.68 billion yuan), and Ping An Insurance (0.68 billion yuan) [6]

Investment Rating - The report maintains a positive outlook on the polyester industry, particularly for polyester filament yarn, with expectations for improved profitability during the peak season [4][6][19]. Core Insights - The profitability of polyester filament yarn has shown signs of improvement since late July, following a period of weak demand due to export tariffs and seasonal factors [6][7]. - The report highlights that the current inventory pressure is primarily concentrated in the downstream textile sector, with downstream fabric inventory at a high of 30.57 days and filament raw material inventory at a low of 9.85 days [14][15]. - The upstream oil sector is experiencing rising oil prices, with Brent crude oil futures closing at $69.67 per barrel, reflecting a 1.8% increase week-on-week [23][24]. - The refining sector is seeing mixed results, with overseas refined oil crack spreads increasing, while olefin price spreads show variability [54][56]. Summary by Sections Polyester Sector - Polyester filament yarn profitability is gradually improving, with price spreads for POY, FDY, and DTY reaching 1211, 1516, and 1200 CNY/ton respectively as of August 1 [7][19]. - The overall operating rate for polyester filament yarn remains around 90%, while downstream textile enterprises are operating at a low of 50.4% [15][19]. Upstream Sector - Brent crude oil prices have increased, with a week-on-week rise of 1.8%, and WTI prices up by 3.33% [23][24]. - The report notes a decrease in the number of active drilling rigs in the U.S., with a total of 540 rigs as of August 1, down by 2 from the previous week [34]. Refining Sector - The report indicates that the Singapore refining margin for major products has increased to $15.48 per barrel, while domestic refining margins remain at lower levels [54][56]. - The report suggests that refining profitability may improve as economic recovery progresses, despite current low margins [54][56]. Investment Recommendations - The report recommends focusing on leading companies in the polyester sector such as Tongkun Co. and Wankai New Materials, as well as high-quality refining companies like Hengli Petrochemical and Sinopec [19].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The report is a weekly briefing on large - scale refining and chemical industries, presenting the latest data on key projects' spreads, various product prices, profits, inventories, and operating rates, as well as the performance of related listed companies [1][2]. 3. Summary by Directory 3.1 Big Refining Weekly Data Briefing - **Stock Price and Market Value of Listed Companies**: On August 1, 2025, the stock prices of companies like Hengli Petrochemical, Rongsheng Petrochemical, and others were reported, along with their total market values, and the data on their changes in stock prices over different time periods such as the past week, month, three - month, and one - year were presented. The profit forecasts for these companies from 2024 to 2027 were also provided [8]. - **Oil Price and Refining Spread**: The average price of international crude oil (Brent and WTI) this week increased compared to last week, with Brent at $71.2 per barrel (up 3.3%) and WTI at $68.0 per barrel (up 2.7%). The spreads of domestic and foreign key refining projects decreased, with the domestic spread at 2403.5 yuan/ton (down 3.4%) and the foreign spread at 1025.4 yuan/ton (down 7.0%) [8]. - **Polyester Sector**: The average prices of POY, FDY, and DTY increased this week, with POY at 6721.4 yuan/ton (up 142.9 yuan/ton), FDY at 6985.7 yuan/ton (up 171.4 yuan/ton), and DTY at 7907.1 yuan/ton (up 103.6 yuan/ton). The weekly average profits of POY, FDY, and DTY improved, but the inventory days increased, and the operating rate of filament decreased by 0.7 percentage points to 91.9%. The operating rate of downstream looms decreased by 0.1 percentage points to 55.5%, and the raw material inventory of weaving enterprises increased by 1.2 days to 10.4 days, while the finished - product inventory increased by 0.3 days to 30.7 days [2][10]. - **Refining Sector**: The prices of diesel and aviation kerosene in China and the United States decreased this week [2][10]. - **Chemical Sector**: The average price of PX this week was $854.9 per ton (up $5.6 per ton), and the spread compared to crude oil was $335.4 per ton (down $10.8 per ton), with an operating rate of 82.4% (unchanged) [2][10]. 3.2 Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: It mainly shows the changes in the Shanghai - Shenzhen 300 Index, the petroleum and petrochemical index, and oil prices, as well as the weekly spreads of domestic and foreign large - scale refining projects [14][19]. - **2.2 Polyester Sector**: It presents multiple data such as the prices, profits, inventories, and operating rates of PX, PTA, MEG, POY, FDY, DTY, polyester staple fiber, polyester bottle chips, and the operating rate of downstream weaving [24][33][38]. - **2.3 Refining Sector**: It includes the prices, spreads, and related data of gasoline, diesel, and aviation kerosene in China, the United States, Europe, and Singapore [83][98][111][121]. - **2.4 Chemical Sector**: It shows the prices, spreads, and related data of various chemical products such as polyethylene LLDPE, homopolymerized polypropylene, EVA foaming materials, EVA photovoltaic materials, styrene, PC, acrylonitrile, and MMA [131][132][139].

Group 1 - The core viewpoint of the news is that Hengli Petrochemical's recent financial performance shows a decline in revenue and net profit, indicating potential challenges for the company [1][3] - As of August 1, 2025, Hengli Petrochemical's stock closed at 15.41 yuan, down 0.26%, with a trading volume of 157,200 hands and a transaction amount of 243 million yuan [1] - The company's total operating revenue for Q1 2025 was 57.046 billion yuan, a year-on-year decrease of 2.34%, while the net profit attributable to shareholders was 2.051 billion yuan, down 4.13% year-on-year [1] Group 2 - The company's non-recurring net profit was 1.239 billion yuan, reflecting a significant year-on-year decrease of 31.88% [1] - Hengli Petrochemical has a current ratio of 0.603, a quick ratio of 0.390, and a debt-to-asset ratio of 76.55%, indicating potential liquidity and solvency concerns [1] - The company has made investments in 13 enterprises and participated in 75 bidding projects, showcasing its active engagement in the market [2]

Group 1 - In July, the financing balance increased by over 130 billion yuan, marking the highest monthly growth in financing balance for the year [2] - Six industries attracted over 10 billion yuan in net financing, including electronics, pharmaceuticals, electric equipment, non-ferrous metals, computers, and non-bank financials [2] - The top three industries by net financing in July were electronics (14.7 billion yuan), pharmaceuticals (14.1 billion yuan), and electric equipment (12.7 billion yuan) [2] Group 2 - Among individual stocks, nine stocks saw net financing exceeding 1 billion yuan, with notable mentions being Xinyi Technology, Northern Rare Earth, and Shenghong Technology [2][3] - Xinyi Technology experienced a nearly 50% increase in July, with its stock price nearly doubling over the past two months [3] - The top five stocks with the highest net selling amounts included Wuliangye, Sunshine Power, BeiGene, Muyuan Foods, and Hengli Petrochemical, each exceeding 300 million yuan [3] Group 3 - As of July 30, six companies had financing balances exceeding 10 billion yuan, including Dongfang Wealth, China Ping An, Kweichow Moutai, CITIC Securities, BYD, and Yangtze Power, all of which are large-cap blue-chip stocks [3]

"全国非公有制经济人士优秀中国特色社会主义事业建设者"由中央统战部、工业和信息化部、人力资源社会保障部、市场监管总局和全国工商联共同评选， 是党和国家赋予非公有制经济人士的崇高荣誉。截至目前，已开展六届，全国仅有近600人获此殊荣。（顾金菊） 回顾恒力的发展历程，自成立之初便锚定实体经济主航道，深耕主业、做精实体。历经31年的沉淀，如今的恒力集团已成长为横跨炼油、石化、聚酯新材 料、纺织、造船、海工全产业链发展的国际型企业，在全球产业版图中刻下了鲜明的"中国民企"印记。 恒力集团始终坚持自主创新，补齐全产业链关键核心技术短板，在国家和区域支柱产业及战略性新兴产业中发挥了重要的生力军作用。截至目前，恒力集团 国内外专利授权总数已突破2000件，荣获国家高新技术企业、国家知识产权示范企业、国家科技进步奖、中国专利奖银奖、行业科技创新奖、省长质量奖等 重大荣誉。 在新时代的征程中，恒力集团还将继续以实业为基、以创新为翼，在风起云涌中锚定航向，为新质生产力发展注入澎湃动力，为民族工业崛起扛鼎担当。 7月29日，在第六届全国非公有制经济人士优秀中国特色社会主义事业建设者表彰大会上，恒力集团副董事长范红卫等100名非公有 ...

Market Overview - The refining and trading sector experienced a decline of 0.7% on July 31, with Qixiang Tengda leading the drop [1] - The Shanghai Composite Index closed at 3573.21, down 1.18%, while the Shenzhen Component Index closed at 11009.77, down 1.73% [1] Stock Performance - Notable stock performances included: - Unification Holdings (600506) closed at 19.62, up 1.13% with a trading volume of 83,300 shares and a turnover of 164 million yuan [1] - Bohai Chemical (600800) closed at 4.02, up 0.50% with a trading volume of 365,100 shares [1] - China Petroleum (601857) closed at 8.87, down 0.11% with a trading volume of 1,751,300 shares and a turnover of 1.548 billion yuan [1] - Qixiang Tengda (002408) closed at 5.04, down 5.26% with a trading volume of 565,300 shares and a turnover of 288 million yuan [2] Capital Flow - The refining and trading sector saw a net inflow of 11.88 million yuan from institutional investors, while retail investors experienced a net outflow of 55.74 million yuan [2] - Major stocks with significant capital flow included: - China Petroleum had a net inflow of 1.44 billion yuan from institutional investors, but a net outflow of 90.02 million yuan from retail investors [3] - China Sinopec (600028) had a net inflow of 117 million yuan from institutional investors, with a net outflow of 67.65 million yuan from retail investors [3]