| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 601857 | 中国石油 | -2.08 | 0.21 | -11812.69 | | 600938 | 中国海油 | -0.29 | 2.12 | -9602.79 | | 601233 | 桐昆股份 | -1.09 | 2.10 | -6130.13 | | 600256 | 广汇能源 | -0.18 | 1.23 | -4290.92 | | 002493 | 荣盛石化 | -0.13 | 0.36 | -2603.86 | | 600777 | ST新潮 | 0.76 | 1.93 | -1992.56 | | 002221 | 东华能源 | -5.15 | 4.26 | -1558.70 | | 603619 | 中曼石油 | -0.06 | 4.02 | -1311.91 | | 600028 | 中国石化 | -0.71 | 0.22 | -1001.18 | | 600759 | 洲际油气 | 0.47 | 4.33 | -961. ...

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 (一)股东大会召开的时间：2025年4月8日 (二)股东大会召开的地点：浙江省桐乡市凤凰湖大道518号桐昆集团股份有限公司总部会议室 (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： ■ 1、公司在任董事11人，出席8人，公司董事沈祺超，独立董事陈智敏、王秀华因公务出差请假； 2、公司在任监事5人，出席3人，监事邱中南、李国霞因公务出差请假； 3、公司董事会秘书费妙奇出席会议；副总裁朱炜列席会议。 二、议案审议情况 (一)非累积投票议案 1、议案名称：《关于签订房产土地回收框架协议的议案》 审议结果：通过 表决情况： (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会提议召开。公司董事长陈蕾主持会议。会议召集及召开程序符合《公司法》和 《公司章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 律师：周良、郑嘉炜 2、律师见证结论意见： ...

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].

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话：（86-10）5809-1000 传真：（86-10）5809-1100 北京市竞天公诚律师事务所 关于桐昆集团股份有限公司 2025年第一次临时股东大会的法律意见书 致：桐昆集团股份有限公司 北京市竞天公诚律师事务所（以下称"本所"）接受桐昆集团股份有限公司 （以下称"公司"）的委托，指派本所律师列席公司于 2025 年 4 月 8 日 14 点 00 分在浙江省桐乡市凤凰湖大道 518 号桐昆集团总部会议室召开的 2025 年第一 次临时股东大会（以下称"本次股东大会"），并依据《中华人民共和国公司法》 等中国法律、法规和相关规范性文件（以下称"中国法律法规"）及《桐昆集团 股份有限公司章程》（以下称"公司章程"）的规定，就本次股东大会的召集和 召开程序、出席会议人员资格、召集人资格、会议表决程序和表决结果等事宜（以 下称"程序事宜"）出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关本次股东大会的文 件，包括但不限于第九届董事会第十五次会议决议以及根据决议内容刊登的公 告、本次股东大会的通知 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2025-012 桐昆集团股份有限公司 2025 年第一次临时股东大会决议公告 (一) 非累积投票议案 1、 议案名称：《关于签订房产土地回收框架协议的议案》 审议结果：通过 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 (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： | 1、出席会议的股东和代理人人数 | 862 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,068,267,536 | | 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（%） | 44.8182 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会提议召开。公司董事长陈蕾主持会议。会议召集及召开程 序符合《公司法》和《公司章程》的有关规定。 二、 议案审议情况 (一) 股东大会召开的时间： ...

Investment Rating - The report maintains a "Buy" rating for several companies including China Petroleum & Chemical Corporation, China National Offshore Oil Corporation, and others [9]. Core Viewpoints - The report highlights significant price increases in sulfur and urea, suggesting continued attention on the crude oil, titanium dioxide, and tire sectors [1][6]. - The impact of U.S. tariff policies has led to a rapid decline in crude oil prices, with WTI and Brent crude prices dropping by 10.63% and 10.93% respectively [6][22]. - The chemical sector is experiencing mixed performance, with some sub-sectors like tires and upstream mining showing strong results, while others are under pressure due to capacity expansions and weak demand [7][21]. Summary by Sections Chemical Industry Investment Suggestions - The report discusses the influence of U.S. tariffs on crude oil prices and recommends focusing on undervalued, high-dividend companies like Sinopec and CNOOC [6][22]. - It notes that the chemical product prices are rebounding as downstream demand improves, with significant increases in sulfur (9.17%) and urea (7.53%) [19][21]. - The report emphasizes the importance of identifying leading companies in sub-sectors that are likely to see valuation recovery, such as Wanhua Chemical and Longbai Group [8][21]. Price Movements - The report details the price movements of various chemical products, highlighting both increases and decreases in prices across different categories [19][21]. - It notes that while some products like sulfur and urea have seen price increases, others like methyl isocyanate and domestic naphtha have experienced declines [5][19]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating expected EPS growth and PE ratios for 2023 to 2025, with a consistent "Buy" rating across the board [9]. - Companies highlighted include Senqcia, Sinopec, and Yanguang Chemical, all of which are expected to show positive earnings growth in the coming years [9].

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]

股票代码：601233 股票简称：桐昆股份 公告编号：2025-011 桐昆集团股份有限公司 关于召开2025年第一次临时股东大会的提示性公告 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 ●现场会议召开时间：2025年4月8日 14：00 ●网络投票时间： 网络投票系统：上海证券交易所股东大会网络投票系统 至 2025 年 4 月 8 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东 大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网 投票平台的投票时间为股东大会召开当日的 9:15-15:00。 ●股权登记日：2025年4月2日 桐昆集团股份有限公司（以下简称："本公司"）已于2025年3月22日在指定信 息披露媒体及上海证券交易所网站（www.sse.com.cn）上发布了《桐昆集团股份有 限公司关于召开2025年第一次临时股东大会的通知》（公告编号：2025-010） 网络投票起止时间：自 2025 年 4 月 8 日 本次 ...

桐昆集团股份有限公司 2025 年 第一次临时股东大会会议材料 联系人：费妙奇 桐昆集团股份有限公司 桐昆集团股份有限公司2025年第一次临时股东大会通知 各位股东及股东代表： 桐昆集团股份有限公司 2025 年第一次临时股东大会拟于 2025 年 4 月 8 日 下午 14：00 时在桐昆集团股份有限公司总部会议室召开。 本次股东大会审议和表决议题如下： 以上议案，已经 2025 年 3 月 21 日召开的公司第九届董事会第十五次会议 审议通过，并于 2025 年 3 月 22 日在《上海证券报》《中国证券报》《证券时报》 《证券日报》及上海证券交易所网站（www.sse.com.cn）上公告。 电 话：0573-88180909 地 址：浙江省桐乡市凤凰湖大道 518 号桐昆股份董事会办公室 通知发出日期：2025 年 3 月 22 日 通知发出方式：上海证券交易所网站（www.sse.com.cn）2025 年 3 月 22 日公告，该等公告同时于当日在公司指定信息披露媒体上发布。 桐昆集团股份有限公司 桐昆集团股份有限公司 2025 年第一次临时股东大会会议须知 为维护股东的合法权益，确保本次股东大会 ...

桐昆集团股份有限公司 2025 年 第一次临时股东大会会议材料 桐昆集团股份有限公司 2025 年 4 月 1 桐昆集团股份有限公司2025年第一次临时股东大会通知 目录 | 桐昆集团股份有限公司 | 年第一次临时股东大会通知 | 2025 | 3 | 桐昆集团股份有限公司 | 年第一次临时股东大会会议须知 4 | 2025 | | --- | --- | --- | --- | --- | --- | --- | | 桐昆集团股份有限公司 | 年第一次临时股东大会会议议程 6 | 2025 | 议案一：关于签订房产土地回收框架协议的议案 7 | | | | 2 各位股东及股东代表： 桐昆集团股份有限公司 2025 年第一次临时股东大会拟于 2025 年 4 月 8 日 下午 14：00 时在桐昆集团股份有限公司总部会议室召开。 以上议案，已经 2025 年 3 月 21 日召开的公司第九届董事会第十五次会议 审议通过，并于 2025 年 3 月 22 日在《上海证券报》《中国证券报》《证券时报》 《证券日报》及上海证券交易所网站（www.sse.com.cn）上公告。 联系人：费妙奇 电 话：0573-88 ...