Core Insights - Liu Jian, the district party secretary, conducted a work survey in the Carbon Valley Green Bay Industrial Park, visiting three companies to understand their operational conditions and challenges [1][3]. Company Summaries - Shanghai Zhuangchen Co., Ltd. is a leading global manufacturer of household cleaning products, established in China in 1987, offering a range of products including home cleaning, air care, pest control, and shoe care [3]. - Shanghai Jinshan Baling New Materials Co., Ltd. is a collaboration between Shanghai Petrochemical and Hunan Petrochemical, focusing on the production of thermoplastic elastomers, known as "rubber gold" [3]. - Shanghai Fajia Fine Chemical Co., Ltd., founded in 2007, specializes in downstream fine chemical products derived from ethylene oxide and propylene oxide, with over 100 varieties across six major series [3][4]. Development Initiatives - Liu Jian encouraged companies to share advanced management experiences to enhance the overall competitiveness and development capabilities of the industrial park [3]. - The district aims to create a first-class business environment to support the high-quality development of manufacturing [3]. - Liu Jian emphasized the importance of safety production and environmental responsibility for companies, advocating for the simultaneous development of economic, social, and ecological benefits [3][4]. - The district will focus on talent acquisition and retention to stimulate innovation and support long-term industrial development [3][4].

Core Viewpoint - UBS has downgraded the earnings forecast for Shanghai Petrochemical Company (00338) to a loss of 385 million RMB for the year, while also reducing the earnings per share estimates for 2026 to 2027 by 7% to 10%, and lowering the target price from HKD 1.89 to HKD 1.87, maintaining a "Buy" rating [1] Company Summary - Shanghai Petrochemical's revenue for the first nine months decreased by 11% year-on-year, resulting in a net loss of 432 million RMB [1] - In the third quarter, the company recorded a net profit of 31 million RMB, marking a quarterly turnaround from loss to profit, attributed to a reduction in asset impairment losses [1] - Despite the quarterly profit, the company's performance did not meet UBS's expectations due to weaker-than-expected sales of refined oil products and a still weak fundamental outlook for olefins [1] Industry Summary - The report suggests that the medium to long-term fundamentals of the refining and chemical industry may improve as the "anti-involution" trend progresses [1]

Core Viewpoint - UBS has downgraded the earnings forecast for Shanghai Petrochemical Company (00338) to a loss of 385 million RMB for the year, while also reducing the earnings per share estimates for 2026 to 2027 by 7% to 10% [1] Company Performance - In the first nine months of the year, Shanghai Petrochemical's revenue decreased by 11% year-on-year, resulting in a net loss of 432 million RMB [1] - The company recorded a net profit of 31 million RMB in the third quarter, marking a return to profitability compared to the previous quarter, attributed to a reduction in asset impairment losses [1] Market Outlook - Despite the recent quarterly profit, the company's performance has not met UBS's expectations due to weaker-than-expected sales of refined oil products and a still weak fundamental outlook for olefins [1] - UBS believes that the long-term fundamentals of the refining and chemical industry may improve with the advancement of "anti-involution" initiatives [1] Target Price Adjustment - UBS has adjusted the target price for Shanghai Petrochemical from 1.89 HKD to 1.87 HKD while maintaining a "Buy" rating [1]

Core Viewpoint - Shanghai Petrochemical experienced a decline in stock price, with a current trading price of 2.79 CNY per share, reflecting a year-to-date drop of 7.00% [1] Company Overview - Shanghai Petrochemical, established on June 21, 1993, and listed on November 8, 1993, is located at 48 Jin Yi Road, Jinshan District, Shanghai. The company specializes in crude oil processing and the production of a wide range of oil and chemical products, including basic organic chemicals, synthetic fibers, plastics, polyester fibers, and precious metals [1] - The revenue composition of the company includes: refining products (67.95%), chemical products (21.60%), petroleum and chemical product trading (9.77%), and other (0.53% and 0.15%) [1] Financial Performance - For the period from January to September 2025, Shanghai Petrochemical reported a revenue of 58.886 billion CNY, a year-on-year decrease of 10.77%. The net profit attributable to shareholders was -0.432 billion CNY, representing a significant year-on-year decline of 1349.41% [2] - Cumulative cash dividends since the A-share listing amount to 23.903 billion CNY, with 2.11 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 91,800, up by 1.62% from the previous period. The average circulating shares per person remained at 0 [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 84.974 million shares, an increase of 13.058 million shares from the previous period. The Southern CSI 500 ETF holds 32.013 million shares, a decrease of 0.7672 million shares, while the Guotai FTSE China A-Share Free Cash Flow Focus ETF is a new entrant with 12.9474 million shares [3]

Core Viewpoint - Shanghai Petrochemical is making significant strides in its green transformation and technological innovation, positioning itself as a leader in the energy and chemical industry while responding to national carbon neutrality goals [1][5][7]. Group 1: Company Overview - Shanghai Petrochemical is a subsidiary of China Petroleum & Chemical Corporation, established in 1972, and is one of the first state-owned enterprises to undergo shareholding reform in 1993 [2]. - The company is a major integrated refining and chemical enterprise in China and is listed in Shanghai, Hong Kong, and New York [2]. - The projected revenue for 2024 is 87.133 billion yuan [2]. Group 2: Development Strategy - The "14th Five-Year" development plan outlines Shanghai Petrochemical's vision to become a "domestically leading, world-class" energy and chemical company, focusing on green and low-carbon development [3][4]. - The strategic goals include transitioning from refining to chemicals, from chemicals to materials, and from materials to high-end products, while enhancing ecological aspects of its operations [3]. Group 3: Green Transformation Achievements - Shanghai Petrochemical has implemented a "green low-carbon" strategy, achieving significant recognition in the industry for its efforts [5]. - The company has established five solar power stations with a total capacity of nearly 16 megawatts, generating approximately 18.86 million kilowatt-hours of green electricity annually, reducing CO2 emissions by 10,756 tons [5]. - By 2024, the total CO2 emissions are projected to be 8.0759 million tons, a 10.31% decrease year-on-year, with CO2 emissions intensity down by 25.27% compared to 2022 [5]. Group 4: Pollution Control - In 2023, the average concentration of VOCs at the factory boundary decreased to 72.3 μg/m³, a reduction of about 30% from 2021, with a target of 65.14 μg/m³ for 2024 [6]. - The company has been recognized as one of the first "China Environment-Friendly Enterprises" in Shanghai, maintaining this title through its commitment to achieving "net zero" emissions [7]. Group 5: Technological Innovations - Shanghai Petrochemical has made significant breakthroughs in carbon fiber technology, becoming the first in China and the fourth globally to master the production of 48K large tow carbon fiber [8][9]. - The company has developed a range of carbon fiber products, including the newly launched 60K large tow carbon fiber, filling a domestic gap and achieving international leading performance [9]. - These advancements are expected to enhance applications in various sectors, including aerospace, high-speed rail, and renewable energy, contributing to China's manufacturing transformation [9].

Core Viewpoint - Carbontech is leveraging a robust data system to continuously promote resource integration, precise matching, and cross-industry collaboration in the carbon materials sector, providing a comprehensive expert directory to facilitate academic and industrial research [2]. Group 1: Expert Directory - The "Expert Directory of Carbon Fiber and Carbon/Carbon Materials" includes over 160 industry experts from more than 30 universities and research institutions, covering key research areas such as performance analysis, structural design, functional applications, and recycling [2]. - This directory serves as a valuable resource for researchers, engineers, and companies in the carbon fiber and carbon/carbon composite fields, enhancing academic collaboration and technology consulting [2]. Group 2: Industry Trends and Applications - The carbon fiber industry is undergoing a critical period of technological transformation and industrial restructuring, with application sectors driving the industry's revitalization [9]. - The demand for high-performance materials in sectors such as aerospace, automotive, and green energy is rapidly increasing, creating significant growth potential for the carbon fiber industry [9]. - The upcoming Carbontech High-end Equipment Manufacturing Conference will focus on breaking the "involution" pattern in the domestic carbon fiber industry, discussing market status, industrial layout, and technological iterations [9].

Core Viewpoint - The company's Q3 2025 performance is in line with expectations, showing a significant increase in net profit despite a decline in revenue [1] Financial Performance - Q3 2025 revenue was 19.36 billion yuan, a year-on-year decrease of 14% - Net profit attributable to shareholders was 30 million yuan, a year-on-year increase of 362%, marking a turnaround from previous losses - Non-recurring net profit was 50 million yuan - For the first nine months of 2025, revenue totaled 58.9 billion yuan, with a net loss of 430 million yuan - Asset impairment losses for the first nine months were 417 million yuan, primarily due to inventory impairment [1] Industry Trends - The chemical cycle is still awaiting recovery, with polyethylene and polypropylene sales increasing by 5% year-on-year to 710,000 tons in the first nine months of 2025 - Q3 2025 sales for these products rose by 9% year-on-year to 250,000 tons, although industry price spreads remain low - The naphtha cracking margin in Q3 2025 decreased by 15% year-on-year to 221 USD/ton, and ethylene prices fell by 4% year-on-year to 831 USD/ton, indicating that product margins may take time to recover - Adjustments in refined oil structure show slight recovery in diesel sales, with total sales of diesel, gasoline, and aviation kerosene at 1.79 million tons, 2.47 million tons, and 1.03 million tons respectively for the first nine months of 2025 - The ethylene upgrading project in Shanghai is progressing well, expected to be operational by 2028, which may lead to a turning point in the industry post-2027 due to potential constraints on new capacity approvals [2] Profit Forecast and Valuation - Due to lower-than-expected chemical price spreads, the company has revised down its net profit forecasts for 2025 and 2026 by 86% and 40% to 50 million yuan and 390 million yuan respectively - The valuation remains unchanged, with target prices set at 3.3 yuan for A-shares and 1.6 HKD for H-shares, indicating potential upside of 17% and 14% - Current trading levels are at 1.2x and 0.5x P/B for 2025/26 for A and H shares respectively [3]

Group 1: Earnings Reports - Tonghuashun reported a 39.67% increase in revenue to 3.261 billion yuan for the first three quarters of 2025, with a net profit increase of 85.29% to 1.206 billion yuan [2] - Weihua New Materials experienced a 15.18% decline in revenue to approximately 660 million yuan for the first three quarters, but a significant net profit increase of 250.04% in Q3 to approximately 25.38 million yuan [1] - Yanjing Co. achieved a 22.99% revenue growth to 1.295 billion yuan for the first three quarters, with a net profit increase of 27.95% to approximately 42.5 million yuan [1] - XH Technology reported a 26.47% revenue increase to approximately 742 million yuan for the first three quarters, with a net profit increase of 186.19% to approximately 95.47 million yuan [5] - Dongtian Micro reported a 53.91% revenue increase to approximately 637 million yuan for the first three quarters, with a net profit increase of 99.2% to approximately 80.03 million yuan [6] Group 2: Corporate Actions - China Unicom plans to spin off its subsidiary, Unicom Smart Network Technology, for listing on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to enhance innovation and competitiveness in the vehicle networking industry [3] - Kailer Co. is planning to acquire at least 50% of Kesheng Electromechanical, aiming to enter the high-end coating equipment sector [11] - Huitong Technology is preparing for an H-share listing in Hong Kong, with management authorized to initiate the process [11] Group 3: Other Notable Developments - Hengyi Petrochemical's subsidiary has successfully entered the trial production phase of a new project aimed at increasing its nylon production capacity [12] - Sichuan Chengyu's subsidiary signed a sand and gravel supply contract for a highway project, with a total transaction amount expected to be under 100 million yuan [14] - Sanwang Communication's board received a proposal for a share buyback plan, with a total amount not less than 20 million yuan [14]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2025年10月22日收盘，上海石化（600688）报收于2.82元，较前一交易日上涨1.81%，最新总市值 为297.3亿元。该股当日开盘2.78元，最高2.83元，最低2.77元，成交额达2.01亿元，换手率为0.98%。 近日，中国石化上海石油化工股份有限公司发布2025年前三季度主要经营数据公告。炼油产品方面，柴 油产量181.86万吨，销量178.81万吨，销售收入11,524,146千元；汽油产量250.91万吨，销量247.09万 吨，销售收入19,742,564千元；航空煤油产量172.64万吨，销量102.69万吨，销售收入4,981,151千元。化 工产品中，对二甲苯产量52.63万吨，销量52.86万吨，销售收入3,190,951千元；乙烯产量45.98万吨，销 量11.71万吨，销售收入24,196千元。主要产品价格同比下降，柴油均价6,445元/吨，同比降7.30%；汽 油7,990元/吨，降7.82%；航空煤油4,851元/吨，降12.05%；对二甲苯6 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Sinopec Shanghai Petrochemical Company Limited 中國石化上海石油化工股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份代號：00338） 海外監管公告 本公告乃依據《香港聯合交易所有限公司證券上市規則》第13.10B條的披露義務而作出。 茲載列本公司在上海證券交易所網站刊登的公告。 承董事會命 中國石化上海石油化工股份有限公司 聯席公司秘書 劉剛 於本公告刊登日，本公司的執行董事為郭曉軍、杜軍及黃翔宇；本公司的非執行董事為 解正林及秦朝暉；及本公司的獨立非執行董事為唐松、陳海峰、楊鈞、周穎及黃江東。 中国石化上海石油化工股份有限公司 内部审计制度 2025 年 10 月 22 日第十一届董事会第二十次会议审议通过 第一章 总则 第二章 内部审计工作的领导体制 1 第一条 为了进一步规范和加强中国石化上海石油化工股份有限公司（以下 简称"公司"） ...