Report Title - The title of the report is "Big Refining Weekly Report: Filament Prices Rebound, Production and Sales Decline Significantly" [1] Report Date - The report was released on June 22, 2025 [1] Report Analysts - The chief energy and chemical securities analyst is Chen Shuxian, CFA, with the practice certificate number S0600523020004 [1] - The research assistant is Zhou Shaowen, with the practice certificate number S0600123070007 [1] Report Industry Investment Rating - Not mentioned in the report Report Core Views - The report provides a weekly update on the big refining industry, covering key projects' spreads, polyester, refining, and chemical segments, as well as relevant listed companies [2] Summary by Relevant Catalogs 1. Big Refining Weekly Data Briefing - **Price and Spread**: The weekly spread of domestic key big refining projects was 2,295 yuan/ton, a decrease of 135 yuan/ton (6% MoM); the spread of foreign key big refining projects was 983 yuan/ton, an increase of 14 yuan/ton (1% MoM). Brent crude oil was at $75.5/barrel, up $6.8 (9.8% MoM), and WTI was at $73.5/barrel, up $6.4 (9.5% MoM) [2][8] - **Polyester Sector**: POY/FDY/DTY industry average prices were 7,079/7,357/8,300 yuan/ton, up 193/168/161 yuan/ton respectively. Their weekly average profits were 8/-73/-44 yuan/ton, down 34/51/56 yuan/ton respectively. POY/FDY/DTY inventories were 16.3/19.8/25.6 days, down 1.6/1.9/2.9 days respectively. The filament operating rate was 90.3%, up 0.6 pct. The downstream loom operating rate was 60.7%, down 0.4 pct. Weaving enterprises' raw material inventory was 11.2 days, up 0.6 days, and finished - product inventory was 26.2 days, up 0.8 days [2] - **Refining Sector**: Domestic and US gasoline, diesel, and jet fuel prices rose this week [2] - **Chemical Sector**: The average PX price was $880.0/ton, up $61.1/ton, and the spread to crude oil was $328.6/ton, up $11.8/ton. The PX operating rate was 86.3%, down 0.1 pct [2] - **Related Listed Companies**: Private big refining and polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Group, and Xin Fengming [2] - **Stock Performance and Earnings Forecast**: The report tracks the stock price changes and earnings forecasts of 6 private refining companies, including Hengli Petrochemical, Rongsheng Petrochemical, etc. For example, Hengli Petrochemical's stock price was 14.1 yuan, with a total market value of 99.3 billion yuan, and its net profit attributable to the parent in 2024A was 7.044 billion yuan [8] 2. Big Refining Weekly Report - **Index and Spread Trends**: It analyzes the trends of big refining indexes, domestic and foreign project spreads, and the price changes of crude oil, PX, and other products [11][19] - **Polyester Sector**: Multiple aspects of the polyester sector are analyzed, such as the prices and profits of PX, PTA, POY, FDY, DTY, etc., as well as the operating rates and inventory levels of relevant products [22][38] - **Refining Sector**: It details the price and spread changes of domestic, US, European, and Singaporean gasoline, diesel, and jet fuel [82][97][108][119] - **Chemical Sector**: It presents the price and spread changes of various chemical products, including polyethylene LLDPE, EVA foaming materials, etc. [129][130]

Summary of Key Points Core Viewpoint - On June 18, a total of 57 stocks appeared on the block trading platform, with a cumulative trading volume of 0.38 billion shares and a total transaction value of 6.68 billion yuan, indicating active trading in the market [1]. Group 1: Trading Activity - The highest transaction value was recorded for Hengli Petrochemical, with three trades totaling 0.41 billion yuan [1]. - Jinkong Coal Industry followed closely with one trade amounting to 0.39 billion yuan [1]. - A total of 20 stocks had transaction values exceeding 10 million yuan, reflecting significant interest from investors [1]. Group 2: Stock Performance - Hengli Petrochemical (600346) experienced a slight decline of 0.94% with a closing price of 14.73 yuan and a transaction price of 14.40 yuan, showing a discount of 2.24% [1]. - Jinkong Coal Industry (601001) also saw a decrease of 0.66%, closing at 11.96 yuan, with no discount on the transaction price [1]. - Yuyue Medical (002223) had a minor decline of 0.31%, closing at 35.34 yuan, but the transaction price was at a premium of 9.99% [1]. Group 3: Notable Stocks - Transsion Holdings (688036) had a notable increase of 6.03%, closing at 80.56 yuan, with a transaction price slightly above the closing price [1]. - Other stocks like Meichang Co. (300861) and Fuchuang Precision (688409) showed mixed performance, with slight declines and modest increases, respectively [1]. - Guizhou Moutai (600519) remained stable with a minor decline of 0.14%, maintaining a high closing price of 1425.00 yuan [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, ethylene glycol (MEG) fluctuated and strengthened. At the beginning of the week, the port inventory of MEG increased slightly, showing a phased low. On the demand side, the polyester production cut was implemented, weighing on market sentiment. Meanwhile, two large units of Hengli Petrochemical restarted, making the fundamentals even weaker. On Friday, affected by the escalation of geopolitical conflicts, the crude oil price rose significantly, and the MEG market rebounded strongly driven by the cost side. - Next week's forecast: On the cost side, the oil price will fluctuate highly. If the geopolitical situation cools down, there may be a risk of an oil price decline. On the supply side, the start - up of oil - based units has driven up the overall start - up rate, and coal - based units will also resume later, making the supply side more relaxed. On the demand side, the inventory pressures of downstream products vary, and bottle chips have joined the production cut sequence. After entering the seasonal off - season, the terminal demand is not optimistic. In terms of port inventory, the port will still maintain a destocking trend this month, and the inventory of mainstream trading tanks will remain at a low level. - Overall, it is expected to operate in the range of 4,300 - 4,550 yuan/ton, and it is recommended to stay on the sidelines [5]. 3. Summary by Relevant Catalogs 3.1盘面及现货情况 (Market and Spot Conditions) - **Market Trends**: The overall increase was brought about by the rising cost. This week, the trading volume was 1.22 million lots, and the open interest was 272,500 lots (- 8,200 lots). The closing price of the MEG main contract on June 16 was 4,374 yuan/ton, up 118 yuan/ton or 2.77% from the closing price of 4,256 yuan/ton on June 9. The settlement price on June 16 was 4,333 yuan/ton, up 66 yuan/ton or 1.55% from the settlement price of 4,267 yuan/ton on June 9 [7][9][11]. - **Spot Market**: For the domestic spot market, the high - end transaction price was 4,492 yuan/ton on June 13, and the low - end was 4,307 yuan/ton. The weekly price data from June 8 - 14 showed that the prices in Fujian, Zhangjiagang, and Dongguan were 4,361 yuan/ton (- 45.25 yuan/ton), 4,379.5 yuan/ton (- 54.25 yuan/ton), and 4,361 yuan/ton (- 45.25 yuan/ton) respectively. The foreign - market price was 514.5 US dollars/ton (- 3.38 US dollars/ton). This week's average basis was 94.20 yuan/ton, compared with 135.60 yuan/ton last week. The domestic and foreign markets of MEG remained inverted, with an overall level of 80 - 100 US dollars/ton [13]. 3.2 MEG装置、库存及生产利润情况 (MEG Unit, Inventory, and Production Profit) - **Unit Start - up Rate**: Due to the restart of Hengli Petrochemical and the adjustment of individual units between EO/EG, the domestic start - up rate increased from 54.35% from June 3 - 9 to 57.46% from June 10 - 16. The start - up rate of oil - based units was 60.95%, coal - based units was 51.78%, and methanol - based units was 62.40%. This week, the main changes in units included the restart of units such as Henan Yongcheng, Yankuang Rongxin, Hengli, and Zhongsha Tianjin, and the slight adjustment of the load of units such as CNOOC Shell, Haoyuan, Shenghong, and Far Eastern Union [17][20][22]. - **Production Profit**: The cost side increased significantly, and the profit shrank from the high point. The current profits of MTO, coal - based, and ethylene - based production routes were - 1,703.27 yuan/ton, 651.32 yuan/ton, and - 96.52 US dollars/ton respectively, compared with - 1,486.65 yuan/ton, 705.75 yuan/ton, and - 94.40 US dollars/ton in the previous period [29][31]. - **Inventory**: As of June 12, the MEG port inventory was 499,800 tons, a decrease of 50,200 tons or - 15.99% compared with the previous period. Among them, the inventory in Zhangjiagang decreased by 37,000 tons to 180,000 tons, in Jiangyin decreased by 10,000 tons to 50,000 tons, in Taicang decreased by 3,000 tons to 150,000 tons, in Ningbo decreased by 8,000 tons to 80,000 tons, and in Shanghai and Changshu increased by 7,800 tons to 39,800 tons. The short - fiber and bottle - chip industries have successively joined the production cut, and the downstream提货 volume has continued to decline. From June 5 - 11, the average daily shipment of the main port in Zhangjiagang was around 4,790 tons, the average daily shipment of the two main storage areas in the Taicang direction was around 5,000 tons, and the average daily shipment in the Ningbo direction was around 4,500 tons. In addition, the statistical inventory of the mainstream domestic trade transfer tanks was around 18,000 tons, an increase of 8,000 tons compared with the previous period [35][36][38]. 3.3基本面分析 (Fundamental Analysis) - **Cost Impact**: Geopolitical risks suddenly emerged, and the price rose to near the high point at the beginning of the year. The cost of raw materials such as crude oil, naphtha, ethylene, methanol, and动力煤 has an impact on the MEG price [42]. - **Polyester Industry**: Polyester is affected by the negative feedback from the terminal but cannot transmit it upstream. The average weekly load of polyester factories was 89.69%, and the average weekly load of Jiangsu and Zhejiang looms was 68.79%. The market average prices of semi - bright POY150D/48F, DTY150D/48F, and FDY150D/96F were 6,905 yuan/ton, 8,125 yuan/ton, and 7,180 yuan/ton respectively, down 1.62%, 1.14%, and 1.81% compared with the previous period. The average price of polyester staple fiber in the East China market this period was 6,506 yuan/ton, up 11 yuan/ton or 0.17% compared with the previous average price. The negotiation range of polyester bottle chips in the East China region was 5,880 - 5,980 yuan/ton, and the average price this week was 5,935.00 yuan/ton, down 1.17% compared with the previous reporting period [44][46]. - **Terminal Demand**: The terminal regards the rise of raw material prices as a purchase signal, and the production and sales have slightly recovered. However, the weaving market has entered the off - season, the start - up rate has slowly declined, the terminal demand is weak, customer inquiries have decreased, and new orders for grey fabrics have been issued slowly. As of June 12, the start - up rates of water - jet looms in Wujiang, Changxing, and other regions decreased to varying degrees [47][51]. - **Polyester Production and Sales**: From June 9 - 13, the average weekly production and sales of polyester were estimated to be 100%. After downstream enterprises replenished a small amount of inventory at the end of last month and basically digested it last week, the downstream raw material inventory was digested to a low level this week. On Monday, polyester factories promoted sales. After the price reduction in the late session, the production and sales volume increased, and the production and sales of mainstream large factories ranged from 100% - 600%, with the median between 100% - 300% [54]. - **Downstream Product Inventory**: As of June 12, the inventory of long - filament products rebounded. The average inventory days of POY, FDY, and DTY were 17.90 days, 21.70 days, and 28.50 days respectively. The inventory days of polyester staple fiber in mainstream factories were 8.35 days, a decrease of 1.06 days compared with the previous period, and the inventory days of polyester chip factories were 11.60 days, an increase of 0.49 days compared with the previous period [55][57].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights the price increase of Bacillus thuringiensis (百菌清) and the potential benefits for related companies due to rising production costs and environmental policy upgrades [3][12] - The report indicates a positive outlook for the adipic acid (己二酸) market, with a price increase and strong demand from downstream nylon production [4][13][14] - The report suggests focusing on integrated leading companies in the adipic acid sector, as well as other segments like petrochemicals and agrochemicals, due to favorable supply conditions and rising prices [5][17] Summary by Sections 1. Industry News and Events - Bacillus thuringiensis price increased to 30,000 CNY/ton, with a 68.57% year-on-year rise, benefiting companies like Limin Co., Sulih Co., and Taihe Co. [3][12] - Adipic acid market price rose to 7,233 CNY/ton, a 6.63% increase, driven by strong demand from nylon production [4][13][14] 2. Chemical Sector Performance - The report notes that the Shanghai Composite Index fell by 0.25%, while the Shenwan Petrochemical Index rose by 3.50%, outperforming the market [5][18] - The top-performing sub-sectors included oil and gas engineering, with a 9.33% increase, while viscose saw a decline of 3.40% [20][24] 3. Key Product Price Trends - Key products with notable price increases included WTI crude oil (7.17%), Brent crude oil (6.22%), and adipic acid (3.77%) [28][29] - Products experiencing price declines included Vitamin E (-14.67%) and dichloromethane (-8.47%) [28][29] 4. Investment Recommendations - Recommendations include focusing on integrated players in the refining-PX-PTA chain, such as Hengli Petrochemical and Rongsheng Petrochemical [5][17] - Attention is also drawn to leading companies in the refrigerant sector and those involved in agricultural chemicals due to favorable market conditions [5][17]

Group 1: Real Estate Industry - The current housing policy indicates a new model for real estate development, with the implementation of immediate housing sales being orderly and effective. This is part of a long-term mechanism rather than a short-term switch [12][10] - The impact of the immediate housing sales policy includes a significant decline in investment, a reduction in land finance, and a contraction in industry demand. The average pre-sale period in first and second-tier cities has extended from 6 months to 30 months, leading to a drop in investment return rates from 30% to 6% [12][10] - The report maintains a "positive" rating for the real estate sector, emphasizing the need for policy support to stabilize the market and improve the asset-liability situation of residents [12][10] Group 2: Banking Sector - Since the end of 2023, the banking sector has experienced a recovery, with a cumulative increase of 55%, primarily driven by valuation recovery and stable earnings performance [13][11] - The report suggests that the banking sector is significantly undervalued, with an average ROE of about 10% and a PE ratio of approximately 6 times, indicating potential for systematic revaluation [15][11] - The investment strategy focuses on embracing stable, sustainable returns, with recommendations for regional banks and large state-owned banks that are expected to benefit from ongoing reforms and market conditions [15][11] Group 3: Coal Industry - The coal supply is expected to contract due to limited production recovery in Shanxi and declining import volumes, with domestic coal production primarily concentrated in Xinjiang [14][16] - The demand for thermal coal is projected to maintain positive growth in the coming years, supported by stable economic conditions and seasonal demand increases [16][14] - The report highlights that the economic viability of "Xinjiang coal transportation" depends on maintaining high coal prices, with the average price for thermal coal expected to remain between 700-750 RMB/ton [16][14] Group 4: Shipping Industry - The escalation of geopolitical tensions in the Middle East has led to significant increases in oil prices, with Brent crude exceeding 75 USD/barrel, impacting shipping routes and costs [16][3] - The report notes that the closure of the Strait of Hormuz could disrupt approximately 5% of global oil tanker capacity, significantly affecting oil transportation dynamics [16][3] - It is recommended to closely monitor the duration and expansion of the conflict, as well as changes in oil inventory and economic expectations [16][3]

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].