Market Overview - The refining and trading sector experienced a decline of 0.46% on November 18, with Unified Corporation leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - He Shun Petroleum saw a significant increase of 9.99%, closing at 33.91, with a trading volume of 179,500 shares and a turnover of 591 million yuan [1] - Unified Corporation closed at 32.56, down 5.43%, with a trading volume of 626,400 shares and a turnover of 2.091 billion yuan [2] - Other notable declines included Hengli Petrochemical down 3.87% and Tongkun Co. down 3.39% [2] Capital Flow - The refining and trading sector experienced a net outflow of 918 million yuan from main funds, while retail investors saw a net inflow of 609 million yuan [2] - The main funds showed a net inflow of 22.74 million yuan into Sinopec, while Wanbangda had a net inflow of 7.22 million yuan [3] Individual Stock Capital Flow - Sinopec had a main fund net inflow of 22.74 million yuan, but retail investors had a net outflow of 21.45 million yuan [3] - Wanbangda attracted a net inflow of 7.22 million yuan from main funds and 9.34 million yuan from retail investors [3] - Other stocks like Huajin Co. and Yuxin Co. also showed mixed capital flows, with varying net inflows and outflows from different investor categories [3]

Market Overview - The refining and trading sector experienced a decline of 0.66% on November 14, with Runbei Hangke leading the losses [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable gainers in the refining and trading sector included: - Heshun Petroleum (603353) with a closing price of 28.03, up 10.01% [1] - Unified Shares (600506) at 31.30, up 8.49% with a trading volume of 499,100 shares and a transaction value of 1.536 billion [1] - Baomo Shares (002476) at 6.33, up 3.09% with a transaction value of 214 million [1] - Conversely, Runbei Hangke (001316) led the declines with a closing price of 35.90, down 3.49% [2] - Other notable decliners included: - Wanbangda (300055) at 8.40, down 3.34% [2] - Daqing Huake (000985) at 20.03, down 2.53% [2] Capital Flow - The refining and trading sector saw a net outflow of 133 million from institutional investors and 197 million from speculative funds, while retail investors contributed a net inflow of 330 million [2] - Detailed capital flow for selected stocks showed: - Unified Shares (600506) had a net inflow of 167 million from institutional investors, but a net outflow of 12 million from speculative funds [3] - China Petroleum (601857) experienced a net outflow of 10.24 billion in total trading volume [2][3]

Core Viewpoint - Huajin Co., Ltd. has shown a positive stock performance with a year-to-date increase of 14.21% and a recent 5-day increase of 5.83% [1] Company Overview - Huajin Co., Ltd. is located in Panjin City, Liaoning Province, and was established on January 23, 1997, with its listing on January 30, 1997 [1] - The company's main business includes the production of polyolefin products, oil products, liquefied products, urea, and fine chemical products [1] - The revenue composition is as follows: crude oil processing and petroleum products 72.54%, polyolefin products 10.18%, urea 4.36%, aromatic products 3.74%, butadiene 2.91%, ABS products and by-products 2.23%, ethylene oxide 1.88%, ethylene glycol products 1.20%, others 0.84%, and liquid ammonia 0.11% [1] Financial Performance - For the period from January to September 2025, Huajin Co., Ltd. achieved an operating income of 30.29 billion yuan, representing a year-on-year growth of 23.63% [2] - The net profit attributable to the parent company was -1.39 billion yuan, showing a year-on-year increase of 26.24% [2] Shareholder Information - As of October 31, 2025, the number of shareholders for Huajin Co., Ltd. was 44,000, a decrease of 0.58% from the previous period [2] - The average circulating shares per person increased by 0.58% to 36,341 shares [2] - The company has distributed a total of 2.45 billion yuan in dividends since its A-share listing, with 262 million yuan distributed in the last three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 14.72 million shares, an increase of 4.66 million shares from the previous period [3] - HSBC Jintrust Small Cap Stock and other funds have entered the top ten circulating shareholders, indicating increased institutional interest [3]

Core Viewpoint - Huajin Co., Ltd. is focusing on enhancing its competitive edge and addressing challenges in the petrochemical industry through innovation and strategic planning [1][2][3] Group 1: Business Overview - Huajin Co., Ltd. specializes in the production and sales of petrochemicals and chemical fertilizers, with key products including diesel, polypropylene resin, polyethylene resin, ABS resin, and various oils [1] - The company has strong production capabilities in both naphthenic and paraffinic base oils, supported by a robust technology innovation system that integrates research, production, and sales [1] Group 2: Challenges and Responses - The company's performance is influenced by multiple factors, including raw material prices, product sales prices, and production efficiency, with recent losses attributed to international oil price fluctuations and insufficient downstream demand in the petrochemical sector [2] - To mitigate risks from raw material price volatility, the company is optimizing procurement strategies, exploring new channels, and enhancing marketing operations [2] Group 3: Future Development Strategy - Huajin Co., Ltd. plans to focus on optimizing four key sectors, strengthening the industrial chain, and improving operational capabilities, while emphasizing high-end, green, and intelligent development [3] - The company aims to accelerate the development of high-value-added new products to enhance its competitive advantage and align with national policy directions [3]

（文章来源：证券日报） 证券日报网讯华锦股份11月10日发布公告，在公司回答调研者提问时表示，目前公司正在积极应对市场 变化，并采取相应的经营策略和成本控制措施以改善财务状况。公司将继续努力提升运营效率和盈利能 力，并及时向股东披露公司的财务状况和经营进展。 ...

（文章来源：证券日报） 证券日报网讯华锦股份11月10日发布公告，在公司回答调研者提问时表示，公司业绩受原材料价格、产 品销售价格、产品销量、生产装置运行状态等多方面因素影响。公司以降本增效为常态，优化改进加强 管理，持续提升企业盈利能力。 ...

Core Viewpoint - Huajin Co., Ltd. announced on November 10 that the fine chemical and raw material engineering projects will be implemented by its major shareholder, Northeast Huajin Group, with the company participating at an appropriate time and manner, and will disclose information according to disclosure rules [2] Group 1 - The fine chemical and raw material engineering projects are under the responsibility of Northeast Huajin Group [2] - The company will participate in the projects at an appropriate time [2] - Information will be disclosed in accordance with relevant disclosure rules [2]

证券日报网讯华锦股份11月10日发布公告，在公司回答调研者提问时表示，华锦股份积淀深厚，华锦品 牌历史悠久，以具有良好口碑的产品和服务在区域市场影响力日益增强，显示出品牌优势。此外，公司 拥有环烷基和石蜡基两种基础油生产能力，具有较强的竞争力。公司还形成了"研产销"内部联合、"产 学研"外部协同的开放融合的科技创新支撑体系，产品研发贴近市场，产品生产灵活高效，高端化、差 异化、定制化优势产品不断推出，拥有处于行业领先地位、引领市场的拳头产品。面对行业周期波动和 新能源替代趋势，华锦股份作为中国兵器集团石油化工精细化工产业链的重要环节，具有稳定的原料资 源优势，并在地理位置、物流系统和配套设施方面具有竞争优势。公司深耕市场，拥有优质而稳定的客 户资源，销售网络布局不断升级，同时公司在产业升级和业务多元化方面已有清晰的规划，以增强抗风 险能力。 （文章来源：证券日报） ...

Core Viewpoint - The company is addressing challenges in the downstream chemical market due to the expansion of integrated refining capacity and the "reduce oil and increase chemicals" strategy by enhancing its technological innovation system and accelerating the development of high-value-added new products [1] Group 1: Industry Context - The domestic refining and chemical industry is experiencing a degree of homogenization in basic chemical raw materials and general chemical products due to increased integrated refining capacity [1] - The "reduce oil and increase chemicals" strategy is influencing the market dynamics and product offerings within the industry [1] Group 2: Company Strategy - The company is focusing on continuous improvement of its technological innovation system to tackle market challenges [1] - There is an emphasis on deepening research and development and technical breakthroughs to develop new products with higher added value [1] - The company plans to adjust its business strategies in accordance with national policies and industry trends, while enhancing communication and cooperation with the government to align with policy directions and market demands [1]

证券日报网讯华锦股份（000059）11月10日发布公告，在公司回答调研者提问时表示，公司一直重视与 股东的沟通，包括社保基金在内的所有股东。社保基金的投资决策通常基于其自身投资策略和市场判 断，公司会致力于提升业绩和价值，以吸引包括社保基金在内的各类长期投资者。 ...