Investment Rating - The report maintains a "Buy" rating for the carbon fiber industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The demand for carbon fiber is continuously improving, with significant growth in sectors such as wind energy, sports leisure, and aerospace. The global demand for carbon fiber is projected to reach 156,100 tons in 2024, representing a year-on-year increase of 35.7% [2]. - Jilin Chemical Fiber has raised prices for its carbon fiber products, with 3K/6K products increasing by 5,000 CNY/ton and other grades by 3,000 CNY/ton. The average profit margin in the carbon fiber industry has improved, with an average gross profit of -870 CNY/ton as of May 15, 2025, an increase of 1,210 CNY/ton since the beginning of the year [1][2]. - The report suggests that leading manufacturers with scale and cost advantages will benefit from the stabilization of carbon fiber prices and the recovery of end-user demand in low-altitude economy and aerospace sectors [2]. Summary by Sections Carbon Fiber Demand - The wind energy sector's demand for carbon fiber is expected to reach 44,000 tons in 2024, a 120% increase year-on-year, accounting for 28.2% of total downstream demand. The sports leisure sector will demand 28,500 tons, up 51.6%, while aerospace and military applications will require 26,400 tons, a 20% increase [2]. - In China, the total demand for carbon fiber is projected to be 84,000 tons in 2024, with domestic production increasing by 27.6% to 67,600 tons [2]. Equipment Manufacturers - Domestic equipment manufacturers, such as Jinggong Technology, are expected to benefit from the rising demand for carbon fiber production equipment due to the complex manufacturing processes and the need for supply chain security [3]. - Jinggong Technology is noted as the only domestic supplier with over 50% market share in complete carbon fiber production line equipment [3]. Investment Recommendations - The report recommends focusing on companies in the carbon fiber sector, including Jilin Chemical Fiber, Jilin Carbon Valley, Zhongfu Shenying, Shanghai Petrochemical, and Zhongjian Technology, as they are well-positioned to capitalize on the market trends [2]. - Additionally, it highlights the potential of the oil service sector and domestic material companies benefiting from the trend of domestic substitution [4].

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and transportation sectors [5]. Core Insights - The demand for carbon fiber continues to improve, with significant price increases from leading manufacturers like Jilin Chemical Fiber, indicating a stabilization in average prices [1][2]. - The carbon fiber industry is expected to benefit from growing demand in wind power, sports leisure, and aerospace sectors, with global demand projected to reach 156,100 tons in 2024, a year-on-year increase of 35.7% [2]. - The report suggests that leading manufacturers with scale and cost advantages will see improved profitability as carbon fiber prices stabilize [2]. Summary by Sections Carbon Fiber Market - Jilin Chemical Fiber has raised prices for various carbon fiber products, with increases of 5,000 CNY/ton for 3K/6K products and 3,000 CNY/ton for others, leading to a stabilization in average prices [1]. - The average gross profit in the carbon fiber industry has improved to -870 CNY/ton as of May 15, 2025, an increase of 1,210 CNY/ton since the beginning of the year [1]. Demand Growth - In 2024, the demand for carbon fiber in the wind power sector is expected to reach 44,000 tons, a 120% increase year-on-year, while the sports leisure sector will demand 28,500 tons, up 51.6% [2]. - Domestic demand for carbon fiber in China is projected to be 84,000 tons in 2024, a 21.7% increase, with domestic supply growing by 27.6% [2]. Equipment Manufacturers - Domestic equipment manufacturers like Jinggong Technology are expected to benefit from the rising demand for carbon fiber production equipment, as the industry faces supply chain security concerns [3]. - Jinggong Technology is noted as the only domestic supplier with over 50% market share in carbon fiber production line equipment [3]. Investment Recommendations - The report recommends focusing on undervalued, high-dividend, and well-performing companies in the "three barrels of oil" and oil service sectors, including China National Petroleum, Sinopec, and CNOOC [4]. - It also highlights opportunities in domestic material companies benefiting from the trend of domestic substitution, such as Jingrui Electric Materials and Tongcheng New Materials [4].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1]. Core Insights - The report highlights the potential revaluation of phosphate rock value due to ongoing supply-demand tensions, with increasing demand for phosphate fertilizers and lithium iron phosphate batteries [6][4]. - The chemical industry is expected to enter a restocking cycle in 2025, driven by low inventory levels and improving profitability among leading chemical companies [5][27]. - The report emphasizes the expansion of phosphate production capacity by Batian Co., which is set to increase its phosphate rock extraction capacity to 2 million tons per year [4][6]. Summary by Sections Core Target Tracking - The report tracks key companies in the chemical sector, including Batian Co., which is expanding its phosphate production capacity significantly [4][6]. - It also notes the performance of various chemical products, with a focus on price increases for butadiene and polyester filament due to favorable market conditions [10][14]. Market Observation - The chemical sector has shown a relative performance of 6.7% over the past month, outperforming the CSI 300 index [2]. - The report indicates that the chemical industry is experiencing a recovery phase, with several companies poised for growth due to favorable market dynamics [5][27]. Data Tracking - The report provides detailed tracking of price movements for key chemical products, including butadiene, polyester filament, and various fertilizers, indicating a general upward trend in prices [10][12][17]. - It also highlights the current chemical industry sentiment index at 93.10, reflecting a positive outlook for the sector [6][33]. Investment Recommendations - The report suggests focusing on companies with low-cost expansion capabilities, such as Wanhua Chemical and various tire manufacturers, as well as those benefiting from rising product prices [5][7]. - It emphasizes the importance of high dividend yield companies in the chemical sector, particularly state-owned enterprises with stable financials [8][29].

Investment Rating - The report maintains a positive outlook on the petrochemical industry, suggesting investment opportunities in key companies [3][5]. Core Insights - The EIA has continuously revised down its oil price forecasts for 2025 and 2026, now predicting an average of $66 and $59 per barrel respectively. The forecast for US natural gas prices is $4.1 and $4.8 per million British thermal units for the same years [6][7]. - Global oil demand growth is expected to remain stable, with IEA projecting increases of 740,000 and 760,000 barrels per day for 2025 and 2026 respectively. OPEC forecasts a demand increase of 1.3 million and 1.28 million barrels per day for the same years [10][11]. - On the supply side, OPEC is expected to contribute additional production, with EIA forecasting a global oil production increase of 1.38 million and 1.3 million barrels per day for 2025 and 2026 respectively [15][18]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $65.41 per barrel, a 2.35% increase week-on-week. WTI futures rose by 2.41% to $62.49 per barrel [25]. - The US oil rig count decreased to 576, down by 2 from the previous week and down 28 year-on-year [38][41]. Refining Sector - The Singapore refining margin increased to $12.72 per barrel, while the US gasoline crack spread rose to $27.41 per barrel [6][19]. - The report anticipates improved refining profitability as oil prices adjust, with a gradual recovery expected as economic conditions improve [6][19]. Polyester Sector - PTA prices have risen, while PTA profitability has declined. The report notes that the overall performance of the polyester industry is average, with a potential improvement expected as new capacities come online [6][19]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong. It also suggests investing in companies with high dividend yields like China National Petroleum and CNOOC [21][22]. - For the downstream polyester sector, companies like Tongkun Co. and Wankai New Materials are highlighted as potential investment opportunities [21][22].

证券研究报告 原油周报：关税政策缓和，国际油价上涨 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 能源化工研究助理：周少玟 执业证书编号：S0600123070007 联系方式：zhoushm@dwzq.com.cn 2025年5月18日 请务必阅读正文之后的免责声明部分 投资要点 ◼ 【美国原油】 2 4 1. 原油周度数据简报 2. 本周石油石化板块行情回顾 3. 原油板块数据追踪 4. 成品油板块数据追踪 5. 油服板块数据追踪 6. 风险提示 目录 ◼ 1）原油价格：本周Brent/WTI原油期货周均价分别65.5/62.6美元/桶，较上周分别+3.5/+3.5美元/桶。 ◼ 2）原油库存：美国原油总库存、商业原油库存、战略原油库存、库欣原油库存分别8.4/4.4/4.0/0.2亿桶，环比+398/+ 345/+53/-107万桶。 ◼ 3）原油产量：美国原油产量为1339万桶/天，环比+2万桶/天。美国活跃原油钻机本周473台，环比-1台。美国活跃压 裂车队本周193部，环比-2部。 ◼ 4）原油需求：美国炼厂原油 ...

Core Insights - The Industrial and Commercial Bank of China (ICBC) has launched the ICBC CSI All-Share Free Cash Flow ETF (code: 159236) on May 16, 2025, on the Shenzhen Stock Exchange, which closely tracks the CSI Free Cash Flow Index [1] - The ETF focuses on high free cash flow rate companies with stable operating cash flow over five years, targeting cyclical sectors like coal and oil, as well as consumer and growth sectors such as home appliances and pharmaceuticals, characterized by high profitability, low valuation, and high dividends [1] - As of May 12, 2025, the top ten weighted stocks in the index include Midea Group, China Shenhua, CNOOC, Wuliangye, and COSCO Shipping, accounting for a total of 65.55% of the index [1] Index Composition - The top ten stocks in the CSI Free Cash Flow Index are as follows: - Midea Group: 10.61% - China Shenhua: 10.52% - CNOOC: 9.89% - Wuliangye: 9.51% - COSCO Shipping: 7.39% - Shaanxi Coal and Chemical Industry: 6.28% - China Coal Energy: 3.77% - Aluminum Corporation of China: 3.63% - China Power: 2.13% - Yuntianhua: 1.82% [2] Comparison with Dividend Index - The CSI Free Cash Flow Index differs from the Dividend Index in stock selection criteria, industry distribution, rebalancing frequency, and stock concentration [4] - The Free Cash Flow Index excludes financial and real estate sectors, focusing more on financial quality and being more sensitive to fundamental changes, while the Dividend Index has a higher distribution in banking and real estate, which has negatively impacted its performance since 2015 [4] - The Free Cash Flow Index uses free cash flow for weighting rather than free cash flow rate, resulting in higher stock concentration with the top ten stocks accounting for over 65% of the index [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 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 ...