Group 1 - The actual controller of Hengli Petrochemical, Chen Jianhua, plans to increase his shareholding in the company by no less than 500 million yuan and no more than 1 billion yuan within 12 months starting from April 9, 2025, without setting a price range for the purchase [2][3] - This shareholding increase reflects a positive outlook and confidence in the company's future development and performance, allowing for flexibility in timing and pricing based on market conditions [2][3] - Chen Jianhua's decision is based on a commitment to the high-quality development strategy of the national economy and a response to the significant opportunities presented by the reform of the capital market [3] Group 2 - Hengli Petrochemical has a strong financial track record, having repurchased shares worth over 3 billion yuan and distributed cash dividends totaling 22.371 billion yuan since its restructuring, with dividends accounting for 41.08% of the cumulative net profit attributable to shareholders [4] - The company is one of the earliest private refining enterprises in China, with a comprehensive production capacity including 20 million tons/year refining integration projects and 5 million tons/year modern coal chemical facilities, establishing a modern industrial system [5] - Hengli Petrochemical maintains a competitive edge through its integrated "oil-coal-chemical" strategy, which enhances its cost structure and product offerings, supported by a well-structured product layout in downstream chemical materials [6]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The international oil price in 2025 may show a V-shaped trend. It is under short - and medium - term pressure but is expected to rebound from the bottom in the second half of the year, with an annual fluctuation range of $55 - 80 per barrel [3]. - It is recommended to focus on petrochemical chain targets with low valuations, complete industrial chains, and integrated cost advantages, such as Hengli Petrochemical, Rongsheng Petrochemical, and Tongkun Co., Ltd. [81]. - In the face of Trump's tariff policy, there is an increased expectation of economic growth slowdown. Interest - rate bonds' safe - haven demand rises, and the RMB exchange rate is under short - term pressure, but the risk of large - scale unilateral depreciation is controllable. It is short - term bearish on commodities but optimistic about domestic consumption recovery and self - controllable industrial chains [82]. Summary by Directory 1. Oil Price Review and Outlook - **Price Trend**: In March 2025, Brent crude oil fluctuated upward and closed at around $74 per barrel at the end of the month. After Trump's tariff policy was announced in early April, the oil price dropped significantly [3]. - **Supply**: OPEC +'s additional 1.65 million barrels per day production cut agreement will be extended until the end of 2026, while the 2.2 million barrels per day voluntary production cut agreement will end at the end of April. The United States' oil production in the Gulf of Mexico will reach a record 2 million barrels per day [3]. - **Demand**: US refinery processing volume in March was at a low level, and commercial crude oil inventory was repaired but lower than the same period last year. China's crude oil consumption improved in January - February 2025, with a 2.1% year - on - year increase in the processing of above - scale industrial crude oil [3]. - **Prediction**: The oil price is expected to fluctuate between $55 - 80 per barrel in 2025. The supply increase by the end of this year will lead to inventory accumulation and put downward pressure on prices [3][8][9]. 2. Commodities, Interest Rates, and Exchange Rates - **Interest Rates**: As of April 4, 2025, the yield of the US 10 - year Treasury bond was about 4.01% and declined again. The 10 - year - 2 - year US Treasury bond yield spread has basically ended the inversion, but there was an intensified inversion with the 3 - month Treasury bond in early April [28][34]. - **Exchange Rates**: In March, the US dollar index fluctuated downward, closing at 104.2, a 3.16% decline from the end of the previous month. The offshore RMB appreciated against the US dollar, closing at 7.27, a 0.39% appreciation from the end of the previous month [35]. - **Inflation**: In February, the US CPI increased by 2.8% year - on - year, lower than market expectations. The PPI increased by 3.2% year - on - year, with the smallest month - on - month increase since July last year [44]. - **Manufacturing PMI**: In March 2025, China's manufacturing PMI was 50.5%, up 0.3 percentage points from the previous month. The US 3 - month ISM manufacturing PMI index was 49.0, showing the first contraction this year [3][48]. 3. Polyester Industry Chain - **Profit**: In March, the price of international crude oil continued to decline, driving down the prices of industrial chain products. The ethylene cracking spread from naphtha was $162 per ton, a $3 per ton decline from the previous month. The profit of the PX - PTA - polyester filament full industrial chain was about - 136 yuan per ton, a 39 - yuan per ton decrease from the previous month [53]. - **Supply and Demand**: The terminal textile and clothing orders were less than expected, and the inventory of polyester filament enterprises increased. The PTA industry was still in a loss state, and only leading or integrated enterprises could maintain positive cash flow [59][68]. - **Export**: From January to February 2025, the export of polyester filament increased, while the export of textile and clothing decreased [73]. 4. Conclusion and Investment Suggestions - **Petrochemical Enterprises**: Optimistic about petrochemical enterprises with low valuations, complete industrial chains, and integrated cost advantages, such as Hengli Petrochemical, Rongsheng Petrochemical, and Tongkun Co., Ltd. [81]. - **Asset Allocation**: In terms of interest - rate bonds, the demand for safe - haven assets increases. In terms of commodities, short - term bearish due to the trade war, but the domestic petrochemical industry chain has cost - competitive advantages. In terms of equities, optimistic about domestic consumption recovery and self - controllable industrial chains [82].

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：2025-013 恒力石化股份有限公司 关于实际控制人增持公司股份计划的公告 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： 恒力石化股份有限公司（以下简称"公司"）于 2025 年 4 月 8 日接到实际控制 人之一陈建华先生通知，计划自 2025 年 4 月 9 日起 12 个月内，在遵守中国证券监 督管理委员会和上海证券交易所的相关规定的前提下，通过上海证券交易所交易系 统以集中竞价交易方式增持公司股份。现将有关事项公告如下： 一、增持主体的基本情况 1、增持主体：陈建华先生，系公司实际控制人之一。 2、增持主体持有股份的情况：本次增持计划实施前，实际控制人陈建华、范红 卫夫妇通过恒力集团有限公司及其一致行动人合计持有公司股份 5,310,675,080 股， 持股比例为 75.45%。 3、在本次公告之前十二个月内未披露增持计划。 二、增持计划的主要内容 1、拟增持股份的目的：基于对国家经济高质量发展战略的深刻践行，以及对新 时 ...

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：2025-012 恒力石化股份有限公司 关于公司近期经营情况的公告 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。 为增强投资者对恒力石化股份有限公司（以下简称"公司"）的投资信心、稳定 及提升公司价值，结合投资者关心的问题，现将近期公司生产经营情况公告如下： 一、强化全产业链挖潜，生产运营整体保持正常 公司是行业内首家实现"原油-芳烃、烯烃-PTA、乙二醇-聚酯新材料"全产业链 一体化化工新材料的上市公司。公司现拥有2000万吨/年炼化一体化项目、500万吨/ 年现代煤化工装置、150万吨/年乙烯项目和7套合计1660万吨/年的PTA装置四大产能 集群，成功打通上游的"卡脖子"业务环节，打破原料供给瓶颈，构筑了"世界级化 工型炼厂+现代煤化工装置"集成的现代化产业体系，实现了"油煤化"深度融合的 "大化工"战略支撑平台，同时在差异化纤维、功能性薄膜、工程塑料和可降解新材 料等下游化工新材料领域拥有完善的产能布局，进而具备"大化工平台"和"新材料 延伸 ...

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The chemical industry is expected to enter a replenishment cycle in 2025 due to several factors, including decreasing inventory levels, bottoming out of profits, and institutional holdings reaching a low point [8][30] - The supply-demand tension in phosphate rock is likely to continue, with a potential revaluation of its value, particularly focusing on the capacity expansion of Batian Co., Ltd [4][6] - The impact of the new round of tariffs imposed by the U.S. on Chinese chemical enterprises is expected to be limited, as the U.S. still needs to import a significant amount of chemical products from China [4] Summary by Sections Market Performance - The basic chemical sector showed a performance of 0.0% over the last month, 8.4% over the last three months, and 1.2% over the last year, compared to the CSI 300 index which had performances of -0.7%, 2.3%, and 8.2% respectively [2] Investment Suggestions - Focus on companies with low-cost expansion opportunities, such as Wanhu Chemical, and those in the tire and fertilizer sectors [8] - Highlight the potential for increased demand in phosphate fertilizers and lithium iron phosphate batteries, with ongoing projects in fine phosphate chemicals [4][6] - Emphasize high dividend yield opportunities in state-owned enterprises within the chemical sector, including China Petroleum and China National Offshore Oil Corporation [10] Key Company Tracking - Batian Co., Ltd. plans to expand its phosphate rock production capacity from 900,000 tons/year to 2 million tons/year, with additional projects underway [6] - The chemical industry is expected to benefit from rising prices in sulfuric acid, acrylic acid, and synthetic ammonia, with a focus on companies like Batian Co., Ltd. and others in the phosphate sector [7][9] Price Trends - As of April 3, 2025, the price of phosphate rock was 1,038 CNY/ton, with slight fluctuations in related fertilizer prices [19] - The Brent and WTI crude oil prices were reported at 66.06 and 62.32 USD/barrel, respectively, indicating a week-on-week decrease of approximately 9.98% and 9.73% [12]

Core Viewpoint - The recent decline in raw material prices, particularly crude oil and coal, is expected to positively impact the company's procurement costs, although the overall profitability is influenced by product supply and demand dynamics rather than just raw material costs [2]. Group 1: Stock Performance - As of April 3, 2025, Hengli Petrochemical (600346) closed at 15.46 yuan, down 0.26%, with a turnover rate of 0.12%, a trading volume of 83,700 shares, and a transaction value of 130 million yuan [1]. Group 2: Investor Inquiries - The company confirmed that the Secretary of the Board is Mr. Li Feng and there has been no change in this position [3]. - The company has not yet deployed DeepSeek but is actively exploring the integration of artificial intelligence in production processes to enhance efficiency and optimize operations [2]. Group 3: Trading Information - On April 3, 2025, the net outflow of main funds was 13.74 million yuan, accounting for 10.57% of the total transaction value; the net outflow of speculative funds was 6.18 million yuan, making up 4.75% of the total; while retail investors showed a net inflow of 19.93 million yuan, representing 15.33% of the total transaction value [4].

Group 1 - The core viewpoint of the news is the performance of the CSI Chemical Index, which has shown an increase of 1.62% in the past month and 4.43% in the past three months, with a year-to-date increase of 4.43% [1] - The CSI Chemical 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 weighted stocks in the CSI Chemical Index include Wanhua Chemical (7.35%), Salt Lake Industry (3.68%), and Satellite Chemical (2.22%) among others [1] Group 2 - The market share of the CSI Chemical Index holdings is distributed as follows: Shenzhen Stock Exchange 52.02%, Shanghai Stock Exchange 47.73%, and Beijing Stock Exchange 0.24% [1] - The composition of the CSI Chemical Index holdings by industry shows that chemical products account for 33.16%, chemical raw materials 27.50%, and agricultural chemicals 19.69% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [2]

Core Viewpoint - The legal opinion from Beijing Tianyuan Law Firm confirms that the 2025 First Extraordinary General Meeting of Shareholders of Hengli Petrochemical Co., Ltd. was convened and conducted in compliance with relevant laws and regulations [1][2][3]. Group 1: Meeting Procedures - The meeting was convened by the company's board of directors on March 10, 2025, and the notice was issued on March 11, 2025, detailing the time, location, agenda, voting methods, and attendees [3][4]. - The meeting took place on March 26, 2025, at 14:00 in Suzhou, Jiangsu Province, combining both on-site and online voting methods [4][5]. Group 2: Attendee Qualifications - A total of 850 participants attended the meeting, holding 5,612,078,042 shares with voting rights, representing 79.7272% of the total shares [5][6]. - Among the attendees, 9 were present at the on-site meeting, holding 5,270,056,554 shares, which is 74.8683% of the total shares [5][6]. Group 3: Voting Procedures and Results - The voting process was conducted both on-site and online, with no items postponed or omitted from voting [6]. - The proposal to elect Mr. Li Xiaoming as a non-independent director received 5,602,834,871 votes in favor, accounting for 99.8353% of the votes cast [6].

北京市天元律师事务所 关于恒力石化股份有限公司 召开 2025 年第一次临时股东大会的法律意见 京天股字（2025）第 079 号 致：恒力石化股份有限公司 恒力石化股份有限公司（以下简称"公司"）2025 年第一次临时股东大会（以 下简称"本次股东大会"）采取现场投票与网络投票相结合的方式召开，其中现场 会议于 2025 年 3 月 26 日在苏州市吴江区盛泽镇南麻工业区恒力路一号召开。北京 市天元律师事务所（以下简称"本所"）接受公司聘任，指派本所律师参加本次股 东大会现场会议，并根据《中华人民共和国公司法》、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司股东大会规则》（以下简称"《股东大会规则》"） 以及《恒力石化股份有限公司章程》（以下简称"《公司章程》"）等有关规定， 就本次股东大会的召集、召开程序、出席现场会议人员的资格、召集人资格、会议 表决程序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《恒力石化股份有限公司第九届董事会第 二十五次会议决议公告》、《恒力石化股份有限公司关于召开 2025 年第一次临时股 东大会的通知》（以下简称"《召开股东大会通知》"） ...

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：2025-011 本次股东大会由公司董事会提议召开，董事长范红卫女士主持会议，采取现 场投票和网络投票相结合的表决方式。会议的召集、召开及表决均符合《公司法》 (一) 股东大会召开的时间：2025 年 3 月 26 日 (二) 股东大会召开的地点：苏州市吴江区盛泽镇南麻工业区恒力路一号 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 恒力石化股份有限公司 2025 年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 850 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 5,612,078,042 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 79.7272 | (四) 表决方式是否符合《公司法》及《公司 ...