2026年伊始，"反内卷"已成为中国经济政策的一条清晰主线。这一战略导向，正从宏观叙事迅速下沉至 具体产业，尤以产能过剩、竞争激烈的制造业领域为甚。在基础化工板块，大炼化行业无疑是"内卷"的 典型样本——持续数年的产能扩张已将PTA、聚酯等环节推入恶性竞争的泥潭。2025年10月，工信部召 集头部企业召开产业发展座谈会，明确要求提交产能、产量及反内卷措施建议，这一标志性事件，正式 拉开了行业从"规模竞赛"向"高质量发展"转型的大幕。在此历史性拐点上，曾风光无限的千亿巨头东方 盛虹，正因其独特的扩张路径与财务结构，陷入一场异常艰难的被动局面，其困境折射出整个行业在出 清之年所面临的共同挑战。 扩张之困：在投资高峰撞上"内卷"拐点 2024年年报数据清晰地揭示了这一战略与周期错配的代价。在同行普遍承压但尚能维持微利或可控亏损 的背景下，盛虹归母净利润巨亏近23亿元，同比下滑超420%，净利润率跌至-22.84%，在主要竞争对手 中表现最为惨淡。这并非简单的经营不善，而是其在行业全链条同时面临价格挤压与需求疲软之时，背 负着最沉重的资产包袱。当行业进入"内卷"深水区，盛虹"大而全"的布局未能及时转化为"强而优"的竞 ...

Core Viewpoint - The domestic refining market is gradually emerging from an adjustment period, supported by favorable policies and declining international crude oil prices, leading to improved market concentration and prosperity [1][2]. Group 1: Industry Performance - The profitability of major private refining companies, including Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, and Dongfang Shenghong, has been steadily recovering since Q3 2025 [1]. - The integrated refining model and industrial chain advantages are key factors for these leading companies to withstand market fluctuations, improving their gross margins and overall industry prosperity [1][2]. - The refining capacity in China has reached 923 million tons as of 2024, nearing the 1 billion ton limit set by regulatory authorities, indicating the end of the expansion cycle [2]. Group 2: Cost and Pricing Dynamics - The average price of Brent crude oil was $68.17 per barrel in Q3 2025, a year-on-year decrease of 13.4%, while WTI crude oil averaged $64.97 per barrel, down 13.6% year-on-year [3]. - The decline in oil prices has reduced raw material procurement costs for refining companies and improved the price differentials of chemical products [3]. - The global refining capacity is experiencing a clear East-West differentiation, with older refineries in Europe and the U.S. being phased out, while Asian facilities continue to come online [3]. Group 3: Future Outlook - The industry is expected to continue its moderate recovery, although demand-side pressures remain a concern [5]. - The core variable affecting corporate profitability in 2026 will still be crude oil prices, with expectations of prices dropping to the marginal cost of shale oil [6]. - The refining market is anticipated to see a divergence in profits between chemical and refining sectors, with large refining companies benefiting from a higher proportion of chemical products [7].

Core Viewpoint - The article highlights the transformation of Chinese companies from "catching up" to "leading" in global climate governance, exemplified by Shenghong Holding Group's innovative approach to carbon capture and utilization, which turns industrial waste CO2 into sustainable materials [3][15]. Group 1: Innovation in Carbon Capture - Shenghong Holding Group has developed a "negative carbon" pathway that actively captures and utilizes CO2, positioning the company as a contributor to environmental sustainability rather than merely balancing emissions [9][19]. - The company’s carbon capture technology allows for the production of green methanol from CO2 and hydrogen, achieving a near 100% conversion rate, which indirectly reduces CO2 emissions by 55,000 tons per year, equivalent to planting 37,000 hectares of forest [13][21]. Group 2: Production Capacity and Environmental Impact - Shenghong's first phase of production is set at 30,000 tons per year, capturing nearly 10,000 tons of CO2, which is comparable to the annual CO2 absorption of 1 million trees, effectively "recreating" 15,000 acres of forest [6][19]. - The company plans to increase production capacity to 200,000 tons per year to meet customer demand and further reduce CO2 emissions [8]. Group 3: Recognition and Market Position - Shenghong's carbon capture fiber project was recognized by Fortune as one of China's best designs, emphasizing the importance of technology in addressing social vulnerabilities and sustainable development [15]. - The company has redefined the green boundaries of the chemical fiber industry, achieving a 28.4% reduction in carbon emissions compared to traditional fibers, and has received the 2024 International Textile Federation Sustainability and Innovation Award [17]. Group 4: Comprehensive ESG Practices - Shenghong's approach encompasses a full lifecycle ESG practice, from clean energy alternatives to intelligent carbon reduction and resource recycling, creating a complete ecological loop for the petrochemical industry [23]. - The company has implemented nuclear steam to replace coal steam, resulting in an annual reduction of 1.07 million tons of CO2 emissions, and is actively investing in offshore wind and solar power [23]. Group 5: Circular Economy and Consumer Engagement - Shenghong is not only focused on CO2 capture but also on recycling waste materials, producing 600,000 tons of recycled fiber annually from PET bottles and textile waste, which represents half of the global recycled fiber capacity [26][27]. - The company collaborates with global brands to promote negative carbon fibers, integrating sustainability into consumer products and demonstrating that manufacturing can be part of the solution to climate challenges [27].

根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》等有关规定，江苏东方盛虹股份有限公司（以 下简称"公司"）现将 2025 年第四季度可转换公司债券（以下简称"可转债"） 转股及公司股份变动情况公告如下： | 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2026-001 | | --- | --- | --- | | 债券代码：127030 | 债券简称：盛虹转债 | | 江苏东方盛虹股份有限公司 2025 年第四季度可转换公司债券转股情况公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： | 2、债券代码：127030 | | | 债券简称：盛虹转债 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 4、转股期限：2021 年 | 9 | | 日至 | | | | 月 | 21 | | | 1、股票代码：000301 3、转股价格：13.21 | 元/股 | | 股票简 ...

Investment Rating - The report provides a "C" investment rating for the petrochemical industry, indicating a cautious outlook for investment opportunities [2]. Core Insights - The PX supply-demand balance is expected to tighten in the first half of 2026, leading to a recovery in market conditions. The operating rate is projected to improve from 78% in 2023 to over 85% [3][11]. - The PTA industry has reached the end of its capital expenditure cycle, with no new capacity expected until mid-2027. The current industry is entering a phase of coordinated production cuts, which may reduce PX demand [11][12]. - The downstream polyester sector is gradually tightening, with expectations for improved market conditions. Recommended companies include Tongkun Co. and Wankai New Materials [16]. Summary by Sections PX Supply and Demand - PX supply-demand is expected to be tight in the first half of 2026, with a significant recovery in market conditions anticipated. The operating rate is projected to rise from 78% in 2023 to over 85% [3][11]. - There are no large-scale new capacity plans in the short term, and maintenance seasons for domestic refineries may create temporary supply gaps [3]. PTA Industry Overview - The PTA industry's capacity increased from 46.08 million tons in 2018 to 86.02 million tons in 2024, with an average annual growth rate of 11%. The current capacity accounts for about 75% of global PTA capacity [11]. - The PTA industry is expected to enter a phase of coordinated production cuts, which may weaken PX demand [11][12]. Investment Recommendations - The report recommends focusing on high-quality companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as large refining companies like Hengli Petrochemical and Rongsheng Petrochemical [16]. - The upstream exploration and development sector remains highly prosperous, with expectations for continued high capital expenditure in offshore services, recommending companies like CNOOC Services and Haiyou Engineering [16].

Investment Rating - The report maintains a "Positive" outlook on the petrochemical industry, highlighting a recovery in PX supply-demand dynamics and PTA profitability restoration [3][5]. Core Insights - The PX market is expected to see a tightening supply-demand balance, with a recovery in operating rates from 78% in 2023 to over 85% as downstream PTA production ramps up in 2024-2025. This is anticipated to lead to a significant improvement in market conditions [5][6]. - PTA production capacity in China is projected to increase from 46.08 million tons in 2018 to 86.02 million tons by 2024, accounting for 75% of global capacity. The report indicates that there will be no new capacity additions post-2026, leading to a collaborative reduction phase in the industry [13][19]. - The upstream oil sector is experiencing rising oil prices, with Brent crude futures closing at $60.64 per barrel, reflecting a 0.28% increase week-on-week. This is expected to support the profitability of refining companies [5][26]. - The polyester sector is showing mixed performance, with PTA profitability increasing while polyester filament profits are declining. The report emphasizes the need to monitor demand changes closely [19]. Summary by Sections PX Market - PX supply-demand is tightening, with a forecasted increase in operating rates to over 85% due to no new capacity additions and seasonal maintenance in early 2026 [5][6]. - The report notes that the PX price has risen to $878.87 per ton, a week-on-week increase of 5.61% [19]. PTA Market - PTA production capacity is expected to reach 71.14 million tons in 2024, a 13% year-on-year increase. The report anticipates a collaborative reduction phase starting in 2026 due to no new capacity additions [13][19]. - PTA prices have shifted from a downward trend to an upward trend, with current prices in East China averaging 4,936 RMB per ton, reflecting a 6.94% increase week-on-week [19]. Upstream Oil Sector - Brent crude oil prices have increased, with a weekly average price of $61.91 per barrel, indicating a positive trend for upstream oil companies [5][26]. - The report highlights a decrease in the number of active drilling rigs in the U.S., with 545 rigs reported, a decrease of 44 year-on-year, suggesting a potential impact on future oil supply [41]. Investment Recommendations - The report recommends focusing on high-quality companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as major refining companies like Hengli Petrochemical and Rongsheng Petrochemical due to expected improvements in profitability [19].

Investment Rating - The report does not explicitly state an investment rating for the oil refining industry Core Insights - The domestic key refining project price difference is 2557.23 CNY/ton, with a week-on-week change of +11.87 CNY/ton (+0.47%), while the international key refining project price difference is 1254.57 CNY/ton, with a week-on-week change of -43.45 CNY/ton (-3.35%) [2][3] - Brent crude oil's average price for the week ending December 26, 2025, is 61.73 USD/barrel, reflecting a week-on-week increase of +2.74% [2][3] - The refining sector is affected by geopolitical tensions, particularly regarding Venezuela and Russia, which have led to supply concerns and fluctuations in oil prices [2][15] - The chemical sector is experiencing weak demand, leading to a downward shift in chemical product prices [2][49] - Polyester production has seen a significant increase in sales volume, with downstream demand improving, which has positively impacted upstream prices [2][55] Summary by Sections Refining Sector - The report highlights the impact of geopolitical events on oil prices, with Brent and WTI crude prices at 60.64 and 56.74 USD/barrel respectively, showing slight increases [2][15] - Domestic refined oil prices have slightly decreased, with diesel, gasoline, and aviation kerosene averaging 6566.86, 7622.14, and 5716.07 CNY/ton respectively [2][15] Chemical Sector - The report notes a decline in demand for chemical products, with prices for polyethylene and EVA showing downward trends [2][55] - The average price for LDPE, LLDPE, and HDPE is reported as 9000.00, 6329.29, and 8000.00 CNY/ton respectively, with corresponding price differences from crude oil [2][55] Polyester & Nylon Sector - The polyester sector has seen a significant increase in production and sales, with a notable reduction in inventory levels and a slight increase in prices for polyester filament yarn [2][55] - The report indicates that the nylon filament prices remain stable, with slight improvements in price differences [2][55] Stock Performance - The report provides stock performance data for six major refining companies, with notable increases in stock prices for companies like Hengli Petrochemical (+11.01%) and Rongsheng Petrochemical (+12.12%) over the past week [2]

Investment Rating - The report indicates a positive outlook for the petrochemical sector, with various indices showing significant weekly gains, particularly the polyester index which increased by 8.52% [9]. Core Insights - Oil prices experienced fluctuations due to geopolitical tensions and supply concerns, with WTI closing at $56.74 and Brent at $63.73 as of December 26, reflecting a week-on-week increase of $0.59 and $2.30 respectively [15][17]. - The report highlights that the U.S. is focusing on economic measures against Venezuela's oil exports, while tensions in the Gulf region, particularly with Saudi airstrikes in Yemen, contribute to market volatility [17]. - The report notes that the overall oil market remains influenced by geopolitical factors and supply-demand dynamics, with expectations of a potential peace agreement impacting market sentiment [17]. Summary by Sections Market Review - The petrochemical sector outperformed the Shanghai Composite Index, with a weekly increase of 3.18% [9]. - The oil and gas resource index rose by 3.35%, while the refining and chemical index saw a 4.16% increase [9]. Petrochemical Subsector Overview - **Oil**: The report indicates a mixed outlook with oil prices fluctuating due to geopolitical tensions and supply concerns. U.S. crude oil production is reported at 13.84 million barrels per day, with a decrease in net imports [15]. - **Refining**: The average refining margin for major refineries was reported at 663.63 yuan/ton, showing an increase of 49.75 yuan/ton from the previous period [15]. - **Polyester**: The report notes that polyester production is facing challenges with profitability, as the average profit for polyester POY150D was reported at -135.19 yuan/ton [15]. - **Olefins**: Ethylene prices remained stable at 6172 yuan/ton, while propylene prices decreased by 240 yuan/ton to 5715 yuan/ton [15]. Price Tracking - The report provides detailed tracking of various petrochemical product prices, indicating significant fluctuations in margins and costs across different segments [12][14].

Core Insights - The total carbon emissions of the top 100 listed companies in China for 2024 are projected to be 5.134 billion tons, a decrease of 2.7 million tons compared to 2023, indicating a potential peak in emissions [1][6][11] - The disclosure rate of carbon emissions among these companies has increased from 43% in 2021 to an expected 80% by 2025, reflecting a growing awareness and commitment to carbon reduction [1][5][23] Group 1: Carbon Emissions Overview - The carbon emissions of the top 100 listed companies in 2024 are 5.134 billion tons, which is a 0.52% decrease from 5.161 billion tons in 2023 [6][11] - The top ten companies account for approximately 38% of the total emissions, highlighting the concentration of emissions among a few major players [2][6] - The threshold for inclusion in the carbon emissions ranking has decreased to 10.3128 million tons in 2024, down from 11.5329 million tons in 2023, indicating a reduction in emissions intensity among leading high-carbon companies [6][11] Group 2: Industry Emission Trends - The power industry remains the largest contributor to carbon emissions, accounting for approximately 2.29 billion tons in 2024, maintaining a significant share of the total emissions [15] - The cement industry follows with emissions of about 770 million tons, continuing a downward trend for four consecutive years [15] - The steel industry has seen a notable decrease in emissions, returning to levels close to those of 2022, with emissions around 580 million tons [15][18] Group 3: Carbon Efficiency Metrics - The average carbon efficiency of the top 100 companies in 2024 is 0.399 million yuan per ton, remaining stable compared to 0.40 million yuan per ton in 2023 [20][21] - The carbon efficiency has improved by 10.83% from 2021 to 2024, indicating a positive trend in decoupling economic output from carbon emissions [20] - Seven industries have shown improvements in carbon efficiency, with the chemical industry achieving the most significant increase, reaching 0.39 million yuan per ton, the highest in three years [20][21] Group 4: Disclosure and Transparency - In 2024, 80 companies disclosed their carbon emissions data, an increase from 65 in 2023, achieving the highest disclosure rate in four years [23] - The disclosure rate for the power industry is 77.42%, while the cement industry leads with 85.71%, consistently above the average [26] - A-share companies have seen a significant rise in disclosure rates, from 16.67% in 2021 to 70.97% in 2024, indicating improved transparency in carbon reporting [26][27]

Group 1 - The company, Dongfang Shenghong, announced that it will hold its first extraordinary general meeting of shareholders for 2026 on January 13, 2026 [2]