Investment Rating - The report maintains a rating of "Increase" for the industry, indicating a positive outlook for investment opportunities in the sector [6]. Core Insights - The demand for ion exchange resins is expanding across various sectors, including semiconductors, nuclear power, and pharmaceuticals, with a particular focus on leading companies like Bluestar Technology and ZG Co [4][5]. - In the semiconductor industry, ion exchange resins are crucial for producing ultra-pure water, which is essential for the manufacturing of electronic components. The production of a single integrated circuit requires approximately 3 to 5 liters of ultra-pure water, with a 6-inch wafer consuming about 1.2 tons [1]. - In the nuclear industry, ion exchange resins are used in the water treatment systems of reactors, ensuring the provision of high-quality ultra-pure water, which is vital for the stable operation of steam generators [2]. - In the biopharmaceutical sector, ion exchange resins are widely utilized for the separation and purification of various biological drugs, including antibiotics and traditional Chinese medicine components, due to their high efficiency and product purity [3]. Summary by Sections Semiconductor Industry - Ion exchange resins are primarily used in ultra-pure water production for cleaning and processing electronic components, with stringent quality requirements as technology advances [1]. Nuclear Industry - The use of nuclear-grade resins in reactor water treatment systems is critical for maintaining operational efficiency and reducing fouling in steam generators [2]. Pharmaceutical Industry - Ion exchange and adsorption resins are extensively applied in the extraction and purification of a wide range of biopharmaceuticals, benefiting from their simple operation and high product purity [3]. Company Focus - Bluestar Technology is recognized as a leading domestic player in the adsorption separation materials and technology sector, with a current production capacity of 50,000 tons per year and plans for expansion [4]. - ZG Co is also highlighted for its significant production capabilities in ion exchange and adsorption resins, with ongoing investments in new projects to enhance its production capacity [4].

Investment Rating - The report maintains a rating of "Increase" for the industry, indicating a positive outlook for investment opportunities in the sector [6]. Core Insights - The demand for ion exchange resins is expanding across various sectors, including semiconductors, nuclear industry, and pharmaceuticals, with a particular focus on leading companies like Bluestar Technology and ZG Co [4][5]. - In the semiconductor sector, ion exchange resins are crucial for producing ultra-pure water, which is essential for the manufacturing of electronic components. The production of a single integrated circuit requires approximately 3 to 5 liters of ultra-pure water, with a 6-inch wafer consuming about 1.2 tons [1]. - In the nuclear industry, ion exchange resins are used in the water treatment systems of reactors, ensuring the provision of high-quality ultra-pure water, which is vital for the stable operation of steam generators [2]. - The pharmaceutical sector utilizes ion exchange resins for the separation and purification of various biopharmaceuticals, including antibiotics and traditional Chinese medicine components, due to their high purity and operational efficiency [3]. Summary by Sections Semiconductor Industry - Ion exchange resins are primarily used in ultra-pure water production for semiconductor manufacturing, with stringent quality requirements as technology advances [1]. Nuclear Industry - The use of nuclear-grade ion exchange resins in reactor water treatment systems is critical for maintaining operational efficiency and reducing fouling in steam generators [2]. Pharmaceutical Industry - Ion exchange and adsorption resins are widely applied in the pharmaceutical industry for the extraction and purification of various drugs, benefiting from their simple operation and high product purity [3]. Company Focus - Bluestar Technology is recognized as a leading domestic player in the adsorption separation materials and technology sector, with a current production capacity of 50,000 tons per year and plans for expansion [4]. - ZG Co is actively investing in the ion exchange and adsorption resin field, with a designed production capacity of 19,750 tons and plans for a new project in Hubei with a total investment of 1 billion RMB [4].

中国海洋石油有限公司 2024年度股东周年大会 会议材料 2025年5月16日 董事会函件 致各位股东 尊敬的先生和女士： 2024年度股东周年大会 说明函件及建议修订组织章程细则 1. 绪言 本函件旨在向阁下提供将于股东周年大会提呈以供阁下考虑并批准的决议案详情以及相 关资料，使阁下能就对该等决议案投票赞成或反对或放弃投票作出知情决定。该等决议 案其中包括重选董事、选举董事、续聘审计机构、宣派末期股息、授权董事会决定中期 派息、有关授出发行股份及回购股份之一般性授权，以及《中国海洋石油有限公司组织 章程细则》（"组织章程细则"）和《中国海洋石油有限公司股东大会议事规则》 （"股东大会议事规则"）的建议修订。该等决议案及有关资料详情载列于董事会函件 内。 2024年度股东周年大会将于二零二五年六月五日上午十时于香港中环法院道太古广场港 岛香格里拉大酒店举行。 2. 将于股东周年大会上决议的事项 (A) 公司截至二零二四年十二月三十一日止年度之经审计的财务报表、独立 核数师报告及董事会报告书 兹提述本公司于二零二五年三月二十八日在上海证券交易所（"上交所"）网站 （www.sse.com.cn，下同）披露的《中 ...

证券代码：600938 证券简称：中国海油 公告编号：2025-019 中国海洋石油有限公司 关于召开2024年度股东周年大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年度股东周年大会 (二) 股东大会召集人 中国海洋石油有限公司（以下简称"本公司","公司"）董事会 (三) 投票方式 本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 5 日 10 点 00 分 召开地点：香港中环法院道太古广场港岛香格里拉大酒店。 (五) 网络投票的系统、起止日期和投票时间。 不涉及。 二、 会议审议事项 本次股东大会审议议案及投票股东类型 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 5 日 至2025 年 6 月 5 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025 ...

Investment Rating - The report maintains a "Positive" investment rating for the petrochemical industry [9] Core Insights - The petrochemical industry is experiencing a downturn in revenue and net profit due to pressures from real estate and infrastructure, as well as global trade tensions, but the industry is nearing historical lows in terms of profitability [2][6] - There is a notable divergence in profitability among sub-industries, with downstream processing, coal chemical, and gas chemical sectors showing positive growth, indicating structural investment opportunities [2][6] - Key investment opportunities are identified in high-quality growth, growth potential, and high dividend yield sectors [2][7] Summary by Sections Industry Performance Overview - The petrochemical sector's revenue and net profit are projected to decline in 2024 and Q1 2025, with overall revenue for 2024 estimated at approximately 8,210.4 billion yuan, a decrease of 3.02% year-on-year, and net profit at about 395.0 billion yuan, down 0.54% [21][22] - For Q1 2025, revenue is expected to be around 200.5 billion yuan, reflecting a 6.14% decline, with net profit decreasing by 4.43% [21][22] Sub-Industry Analysis - The performance of various sub-sectors in 2024 shows mixed results: - Petrochemical (-0.54%) - Oil and gas services and equipment (-7.61%) - Energy extraction (4.87%) - Oil and gas storage and sales (-35.41%) - Traditional refining (-19.10%) - Private refining (-38.09%) - Coal and gas chemicals (19.21%) - Downstream processing (117.14%) [6][22] - In Q1 2025, the performance continues to vary: - Petrochemical (-4.43%) - Oil and gas services and equipment (18.13%) - Energy extraction (-2.48%) - Oil and gas storage and sales (-2.43%) - Traditional refining (-28.31%) - Private refining (-9.55%) - Coal and gas chemicals (65.79%) - Downstream processing (55.26%) [6][22] Investment Focus - The report emphasizes three main investment themes: 1. Gradual recovery in the industry, favoring quality leading companies with rising volumes and prices [7] 2. Opportunities in high-end materials and technology import substitution, particularly in POE and ethylene technology [7] 3. Stable cash flow and high dividend yields, particularly in central and state-owned enterprises, which may see a revaluation [7][8] Recommended Stocks - Key stocks to focus on include: - High-quality growth: Satellite Chemical, Baofeng Energy, Zhongman Petroleum, New Natural Gas, and Guanghui Energy - High-end material import substitution: AkzoNobel and Dingjide - Beneficiaries of coal chemical investments in regions like Xinjiang and Shanxi: Aerospace Engineering - Recovery plays: Huajin Co., Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong, and Hengyi Petrochemical - High dividend stocks: CNOOC, PetroChina, and Sinopec [8]

Core Viewpoint - The China Oil and Gas Industry Index has shown a decline in recent trading sessions, reflecting broader market trends and specific sector performance [1][2]. Group 1: Index Performance - The China Oil and Gas Industry Index (H30198) opened lower and fell by 1.04%, closing at 1751.37 points with a trading volume of 13.948 billion yuan [1]. - Over the past month, the index has increased by 4.60%, but it has decreased by 1.07% over the last three months and is down 4.38% 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 (10.46%), China National Offshore Oil (9.96%), Sinopec (9.54%), Guanghui Energy (5.02%), and others [1]. - The index is primarily composed of companies listed on the Shanghai Stock Exchange (70.91%) and the Shenzhen Stock Exchange (29.09%) [1]. Group 3: Sector Allocation - The sector allocation of the index shows that energy constitutes 61.44%, materials 20.57%, industrials 15.14%, finance 1.77%, and utilities 1.08% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].

Core Viewpoint - The Zhanjiang Lingang Economic Zone aims to achieve high-quality development by leveraging its geographical advantages and strategic location to attract industrial transfer and investment, particularly from the Pearl River Delta region [3][5][7]. Group 1: Development Plans and Objectives - The total planned area of the Zhanjiang Lingang Economic Zone is 148.81 square kilometers, including the 68.99 square kilometers of the Fen Yong Leizhou area and 79.82 square kilometers of the Wushi area [3]. - The economic zone is strategically located near the ASEAN market, with the Leizhou Wushi Port being only 158 nautical miles from Haiphong, Vietnam, and facing the Hainan Free Trade Port across the sea [3][5]. - The development plan includes a "1+4" work system, which consists of one implementation plan and four lists detailing key tasks, responsibilities, policies, and projects [7]. Group 2: Key Tasks and Focus Areas - Six key tasks have been identified to support high-quality development, including accelerating the development of the Wushi Port area, constructing a unique industrial cluster, optimizing the business environment, promoting innovation, facilitating orderly industrial transfer, and aligning with supportive policies [7][8]. - The first task focuses on the development of the Wushi Port area, which aims to become a major modern port connecting to ASEAN and the Hainan Free Trade Port [7]. - The second task emphasizes the establishment of a unique industrial cluster targeting industries such as electronic information, new materials, light textiles, and agricultural product processing, while also developing supporting industries like renewable energy and logistics [8]. Group 3: Strategic Advantages - Zhanjiang's geographical advantages include its location at the intersection of the Guangdong-Hong Kong-Macao Greater Bay Area, Hainan Free Trade Port, and the Western Land-Sea New Corridor, providing a strong foundation for industrial development [5]. - The region has abundant land resources with lower land costs compared to the Pearl River Delta, offering significant development cost advantages [5]. - The surrounding population provides a substantial labor resource for industrial development, enhancing the region's attractiveness for businesses [5].

党中央高度重视廉洁文化建设，强调反对腐败、建设廉洁政治，是我们党一贯坚持的鲜明政治立场。二 十届中央纪委四次全会强调，针对错误思想观念影响，加大以文化人、以文育人力度，制定新时代廉洁 文化建设三年行动计划（2025—2027年），推动廉洁文化走进各行各业、千家万户。中央纪委国家监委 驻中国海洋石油集团有限公司纪检监察组（以下简称驻中国海油纪检监察组）深入贯彻落实《关于加强 新时代廉洁文化建设的意见》，把加强新时代廉洁文化建设作为一体推进"三不腐"的基础性工程，在全 系统统筹推进思想固廉、教育促廉、文化养廉、阵地育廉、家风正廉，持续提升廉洁文化的政治引领 力、强大生命力、感染号召力、传播辐射力和持续影响力。 思想固廉，加强理论指导实践的政治引领力 思想是行动的先导，能否做到清正廉洁，根子在思想。在加强新时代廉洁文化建设中，驻中国海油纪检 监察组把学习贯彻习近平新时代中国特色社会主义思想作为首要政治任务，推动各级党组织把新时代廉 洁文化建设融入党的宣传思想文化工作，通过科学理论武装头脑，加强理论指导实践的政治引领力。 汲取理论知识，提高认知凝聚合力。推动各级党组织在深化学习上持续用力，严格执行"第一议题"制 度、 ...

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for investment opportunities in the sector [5]. Core Insights - The MXD6 market is projected to grow significantly, with a forecasted increase from approximately $410 million in 2024 to $760 million by 2033, reflecting a compound annual growth rate (CAGR) of about 7.1% [2]. - MXD6 is recognized for its superior properties, making it suitable for lightweight applications in automotive and drone industries, as well as for barrier packaging materials [1][2]. - The demand for MXD6 is expected to rise due to trends in low-altitude economy and robotics, which require lightweight materials [2][3]. Summary by Sections Industry Overview - MXD6 is a high-performance engineering plastic characterized by high strength, rigidity, heat resistance, wear resistance, aging resistance, chemical resistance, flame retardancy, and high barrier properties [1]. - It can effectively prevent oxygen permeation and carbon dioxide escape, making it ideal for products with high gas barrier requirements [1]. Market Size and Growth - The global MXD6 market size is estimated to reach approximately $410 million in 2024, with production expected to be around 30,000 to 40,000 tons [2]. - The automotive sector's market size for MXD6 is projected to grow from $132 million in 2023 to $225 million by 2033 [2]. Supply Chain and Competition - Major global suppliers of MXD6 include Mitsubishi Gas Chemical and Solvay, with domestic companies like Sinochem International and Qicai Chemical making significant advancements in production capabilities [3]. - Qicai Chemical has announced the trial production of a 5,000 tons/year MXD6 project, while Sinochem has achieved stable quality in its MXD6 production [3]. Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the oil and gas sector, as well as material companies benefiting from domestic substitution trends [4].

Core Insights - The "Rich Oxygen Claus" project, the first of its kind in the natural gas purification sector, has been launched at the Wanzhou branch of the Natural Gas Purification Plant, which is expected to significantly enhance sulfur recovery and gas processing capacity [1][2] Group 1: Project Overview - The Wanzhou branch's sulfur recovery process upgrade is projected to increase raw gas processing capacity by 38 million cubic meters by 2025, producing 3,839 tons of sulfur, which can meet the daily gas needs of 38 million households [1] - The Natural Gas Purification Plant is the largest in China, with a daily processing capacity of 62.8 million cubic meters and an annual capacity of 21 billion cubic meters [1] - The Wanzhou branch is China's first high-sulfur natural gas purification plant designed, operated, and managed independently, with a daily capacity of 2 million cubic meters [1] Group 2: Technological Innovations - The project incorporates the "Rich Oxygen Claus" technology, which involves adding a membrane separation oxygen production unit to mix oxygen-rich air with the main air supply, enhancing the sulfur recovery unit's processing capability [2] - Post-upgrade, the daily output of the sulfur recovery unit is expected to rise from 1.35 million cubic meters to 1.5 million cubic meters, with sulfur production increasing to 153 tons per day [2] - This upgrade addresses challenges such as equipment corrosion, leakage, and high safety risks associated with high-sulfur purification facilities, demonstrating a strategic approach to project management and technical execution [2] Group 3: Current Capacity - The Natural Gas Purification Plant currently maintains a stable raw gas processing capacity of over 51 million cubic meters per day [3]