一、停复牌 1、渤海汽车：拟购买海纳川持有的北汽模塑51%股权、廊坊安道拓51%股权、智联科技100%股权和莱 尼线束50%股权，股票明日复牌。 2、邦基科技：拟通过向Riverstone Farm Pte. Ltd.发行股份及支付现金的方式购买其持有的北溪农牧、瑞 东伟力、鑫牧农牧、瑞东农牧（利津）、瑞东农牧（山东）、威力牧业（滨州）100%股权及派斯东 80%股权，股票复牌。 二、并购重组 1、泰禾智能：拟不超过5000万收购阳光优储100%股权，拓展工商业用户侧储能业务。 1、江波龙：子公司与闪迪签署合作备忘录，Sandisk（闪迪）系全球知名的存储解决方案提供，拥有领 先的存储技术和丰富的系统设计经验。 2、美的集团：拟以50亿元至100亿元回购股份。 3、东方盛虹：控股股东一致行动人拟5亿元-10亿元增持公司股份。 2、大族数控：发行境外上市股份备案申请材料获中国证监会接收。 3、三达膜：拟发行H股并在香港联交所上市。 4、兴齐眼药：盐酸利多卡因眼用凝胶Ⅲ期临床试验首例受试者入组。 5、善水科技：拟投资60亿元建设化工新材料项目。 6、飞龙股份：获得两家客户大功率数据中心专用电子水泵订单。 7、亚太 ...

| 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2025-054 | | --- | --- | --- | | 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 关于控股股东一致行动人暨持股 5%以上的股东 增持公司股份计划的公告 公司控股股东一致行动人暨持股5%以上的股东盛虹（苏州）集团有限公司保 证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 2、截至本公告披露日，盛虹苏州持有公司股份比例为 6.08%（以 2025 年 6 月 13 日公司总股本 6,611,227,217 股为计算基数，下同），公司控股股东盛虹 科技及其一致行动人合计持股超过公司已发行股份的 50%。本次增持计划属于继 续增加盛虹科技及其一致行动人在公司拥有的权益且不影响公司的上市地位，符 合《上市公司收购管理办法》第六十三条规定的免于发出要约的情形。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、江苏东方盛虹股份有限公司（以下简称"公司"）控股股东江苏盛虹科 技股份有限公司（以下简称"盛虹科技"）的一致行动人、 ...

东方盛虹（000301）公告，控股股东江苏盛虹科技股份有限公司的一致行动人盛虹(苏州)集团有限公司 计划自公告披露日起6个月内，通过深圳证券交易所以集中竞价交易方式增持公司A股股份，增持金额 不低于5亿元，不超过10亿元。截至公告披露日，盛虹苏州持有公司6.08%股份。本次增持计划不设定 价格区间，增持主体将根据公司股票价格波动情况及资本市场整体趋势择机实施。增持计划的资金安排 为自有资金和专项贷款相结合，专项贷款金额不超过9亿元。 ...

Group 1: Real Estate Industry - The current housing policy indicates a new model for real estate development, with the implementation of immediate housing sales being orderly and effective. This is part of a long-term mechanism rather than a short-term switch [12][10] - The impact of the immediate housing sales policy includes a significant decline in investment, a reduction in land finance, and a contraction in industry demand. The average pre-sale period in first and second-tier cities has extended from 6 months to 30 months, leading to a drop in investment return rates from 30% to 6% [12][10] - The report maintains a "positive" rating for the real estate sector, emphasizing the need for policy support to stabilize the market and improve the asset-liability situation of residents [12][10] Group 2: Banking Sector - Since the end of 2023, the banking sector has experienced a recovery, with a cumulative increase of 55%, primarily driven by valuation recovery and stable earnings performance [13][11] - The report suggests that the banking sector is significantly undervalued, with an average ROE of about 10% and a PE ratio of approximately 6 times, indicating potential for systematic revaluation [15][11] - The investment strategy focuses on embracing stable, sustainable returns, with recommendations for regional banks and large state-owned banks that are expected to benefit from ongoing reforms and market conditions [15][11] Group 3: Coal Industry - The coal supply is expected to contract due to limited production recovery in Shanxi and declining import volumes, with domestic coal production primarily concentrated in Xinjiang [14][16] - The demand for thermal coal is projected to maintain positive growth in the coming years, supported by stable economic conditions and seasonal demand increases [16][14] - The report highlights that the economic viability of "Xinjiang coal transportation" depends on maintaining high coal prices, with the average price for thermal coal expected to remain between 700-750 RMB/ton [16][14] Group 4: Shipping Industry - The escalation of geopolitical tensions in the Middle East has led to significant increases in oil prices, with Brent crude exceeding 75 USD/barrel, impacting shipping routes and costs [16][3] - The report notes that the closure of the Strait of Hormuz could disrupt approximately 5% of global oil tanker capacity, significantly affecting oil transportation dynamics [16][3] - It is recommended to closely monitor the duration and expansion of the conflict, as well as changes in oil inventory and economic expectations [16][3]

Investment Rating - The report maintains a positive outlook on the petrochemical industry, indicating a favorable investment environment [3]. Core Insights - The escalation of conflicts in the Middle East has led to significant fluctuations in oil prices, with Brent crude reaching a peak of $78.5 per barrel on June 13, marking the largest single-day increase in nearly five years. The report outlines three potential scenarios for the impact of the Israel-Iran conflict on oil prices, ranging from limited upward pressure to a potential surge above $100 per barrel if the situation escalates further [6][7][14]. Summary by Sections Upstream Sector - As of June 13, 2025, Brent crude futures closed at $74.23 per barrel, up 11.67% from the previous week, while WTI futures rose 13.01% to $72.98 per barrel. The average prices for the week were $69.45 and $67.89 per barrel, respectively [6][21]. - U.S. commercial crude oil inventories decreased by 3.644 million barrels to 432 million barrels, which is 8% lower than the same period last year. Gasoline inventories increased by 1.504 million barrels, remaining 2% lower than the five-year average [21][23]. - The number of U.S. drilling rigs decreased by 4 to 555, which is a year-on-year decline of 35 rigs. The report anticipates a widening supply-demand trend in crude oil, with potential downward pressure on prices, but expects drilling day rates to continue rising due to ongoing capital expenditures in the global oil and gas upstream sector [6][21]. Refining Sector - The report notes a decline in overseas refined oil crack spreads, with Singapore's comprehensive product crack spread dropping to $5.40 per barrel, down $5.38 from the previous week. The gasoline crack spread in the U.S. also fell to $20.95 per barrel, below the historical average of $24.88 per barrel [6][54][56]. - Despite the decline in crack spreads, the report suggests that refining profitability may gradually improve as overseas refineries exit the market and domestic refining rates remain low [6]. Polyester Sector - PTA profitability has increased, while profits from polyester filament yarn have decreased. The report highlights that the overall performance of the polyester industry is average, with a need to monitor demand changes closely. However, it anticipates an upward trend in industry prosperity in the medium to long term due to a slowdown in new capacity additions [6][51]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as companies in the upstream exploration and development sector like CNOOC and Haiyou Engineering. It also suggests monitoring polyester leaders like Tongkun Co. and Wankai New Materials for potential investment opportunities [6][15][16].

Report Industry Investment Rating No information about the industry investment rating is provided in the given content. Core Viewpoints The report presents a weekly update on the large refining and chemical industry, including price, profit, inventory, and production rate data for various segments such as refining, polyester, and chemical products, as well as performance data for major private refining and chemical companies [2][8]. Summary by Related Catalogs 1. Big Refining Weekly Data Briefing - **6 Major Private Refining Companies' Performance**: The oil and petrochemical index had a 3.5% increase in the past week, 5.0% in the past month, 5.2% in the past three months, and -3.6% in the past year. Among the companies, Rongheng Petrochemical, Hengli Petrochemical, Orient Shenghong, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin Fengming had different performance in terms of stock price changes and profit forecasts [8]. - **Oil Prices and Refining Spreads**: International crude oil prices (Brent and WTI) increased this week. The domestic refining project spread was 2503.1 yuan/ton, a decrease of 172.1 yuan/ton (-6.4%) compared to the previous week. The foreign refining project spread was 968.9 yuan/ton, a decrease of 93.8 yuan/ton (-8.8%) [8]. - **Polyester Sector**: PX, MEG, PTA, POY, FDY, DTY, and other product prices, spreads, inventories, and production rates showed various changes. For example, the PX price was 818.9 dollars/ton, a decrease of 13.3 dollars/ton, and the PX production rate was 86.4%, an increase of 1.4% [9]. - **Refining Sector**: In China, the prices of gasoline, diesel, and aviation kerosene increased. In the US, the gasoline price decreased, while diesel and aviation kerosene prices increased. In Europe and Singapore, the prices and spreads of various refined oil products also changed [9]. - **Chemical Sector**: The prices and spreads of products such as EVA photovoltaic materials, EVA foaming materials, LDPE, LLDPE, HDPE, and others showed different trends [9]. 2. Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: The report may show the trends of the big refining index, the market performance of six private big refining companies, and the weekly spreads of domestic and foreign big refining projects [11][15][17]. - **2.2 Polyester Sector**: It includes data and trends on the prices, profits, inventories, and production rates of products in the polyester industry chain, such as crude oil, PX, PTA, MEG, POY, FDY, DTY, and downstream weaving [21][31][50]. - **2.3 Refining Sector**: It presents the price and spread relationships between crude oil and various refined oil products (gasoline, diesel, aviation kerosene) in different regions (China, the US, Europe, Singapore) [77][92][104]. - **2.4 Chemical Sector**: It shows the price and spread relationships between crude oil and various chemical products, such as polyethylene LLDPE, homopolymerized polypropylene, EVA foaming materials, EVA photovoltaic materials, etc. [127][128][135].

Core Viewpoint - The article discusses the evolution and current policies of China's textile industry, emphasizing the government's support for digital transformation, quality improvement, and sustainable development to enhance the industry's global competitiveness and achieve the goals of becoming a manufacturing and quality powerhouse [1][3]. Policy Evolution - During the "11th Five-Year Plan," the focus was on increasing the technological content and brand proportion in the textile industry, promoting high-tech and environmentally friendly fibers, and expanding the use of non-cotton natural fibers [1]. - The "12th Five-Year Plan" emphasized environmental protection, quality safety, and brand building within the light textile industry [1]. - The "13th Five-Year Plan" aimed to consolidate China's advantages in textile manufacturing and international trade, establishing the country as a textile powerhouse [1]. - The "14th Five-Year Plan" seeks to elevate the textile industry to a higher position in the global value chain, contributing to the goals of becoming a manufacturing and quality strong nation [1]. National Policy Summary and Interpretation - Recent national policies, such as the "Three-Year Action Plan for Digital Transformation of the Textile Industry (2022-2024)" and the "Implementation Plan for Quality Improvement and Upgrading of the Textile Industry (2023-2025)," provide a favorable macro environment and policy support for the industry's development [3][4]. - These policies aim to promote healthy and rapid development across various segments of the textile supply chain and enhance the industry's global competitiveness [3]. Key Policy Details - The "Implementation Plan" outlines goals for 2025, including: - R&D expenditure intensity of 1.3% for large-scale textile enterprises [8]. - 70% of large-scale textile enterprises achieving digital networking [8]. - Reduction in energy and water consumption per unit of industrial added value, along with continuous decreases in major pollutant emissions [8]. - Improvement in the quality and scale of recycled textile products, aiming to establish 20 globally recognized brands [8]. Key Tasks and Focus Areas - Accelerate innovation-driven development and enhance independent innovation capabilities by focusing on key technology breakthroughs and establishing industry innovation platforms [9]. - Promote high-end manufacturing in textiles and expand the application of functional chemical fibers across various sectors of the economy [9]. - Develop smart manufacturing and improve industry quality and efficiency through the adoption of digital technologies [9]. - Advance green and circular low-carbon development by promoting energy-saving and pollution-reducing technologies [9]. - Enhance the resilience of the supply system to meet and lead fashion consumption upgrades [9]. - Optimize regional industrial layouts and foster open cooperation within the textile industry [9]. Provincial Policy Summary - Various provinces have introduced policies to support the development of the textile industry, focusing on high-quality growth, digital transformation, and the promotion of environmentally friendly materials [12][14]. - For example, Guangdong aims to enhance the digital transformation of its textile industry by 2025, achieving over 60% integration of digital technologies [16].

Investment Rating - The report maintains a "Positive" outlook on the petrochemical industry, indicating favorable conditions for investment opportunities [1]. Core Insights - Qatar's LNG projects are expected to lead to a loosening of global LNG supply, with international gas prices likely to decline. Qatar's LNG production capacity is projected to reach 142 million tons by the end of 2030, nearly doubling from 77 million tons in 2020 [3][4]. - The report highlights that while global gas demand growth is expected to slow to around 1.5% in 2025, LNG demand in Asia will be significantly suppressed due to high prices, dropping from a growth rate of 17% in 2024 to below 3% [6][14]. - The upstream sector is experiencing rising oil prices, with Brent crude futures closing at $66.47 per barrel, a 4.02% increase week-on-week. The report anticipates a downward trend in oil prices due to a widening supply-demand balance [23][39]. - In the refining sector, the report notes a decline in overseas refined oil crack spreads, while olefin price spreads show mixed trends. The Singapore refining margin has decreased to $12.55 per barrel [53][55]. - The polyester sector is facing a decline in PTA profitability, while polyester filament profitability is on the rise. The report suggests that the overall performance of the polyester industry is average, with potential for improvement as new capacity slows down [53][60]. Summary by Sections LNG Supply and Demand - Qatar's LNG projects, including the Golden Pass LNG and North Field East expansion, are set to boost global LNG supply significantly by 2030 [4][5]. - The International Energy Agency (IEA) forecasts a 50% increase in global export capacity by 2030, with an additional 270 billion cubic meters expected [5][6]. Upstream Sector - Brent crude prices have risen, with a notable increase in drilling day rates for self-elevating platforms. The report indicates a potential for oil prices to decline in the medium term, despite current upward trends [23][39]. - The report also notes a decrease in the number of active drilling rigs in the U.S., which may impact future production levels [33]. Refining Sector - The report highlights a decrease in refining margins and crack spreads, indicating challenges in profitability for refiners. However, it suggests that domestic refining margins may improve as overseas refineries exit the market [53][55]. Polyester Sector - The report indicates a mixed performance in the polyester sector, with PTA profitability declining while polyester filament profitability is improving. It emphasizes the need to monitor demand changes closely [53][60]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as companies in the upstream exploration and development sector like CNOOC and CNOOC Engineering [17].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the content. 2. Core View of the Report The report focuses on the weekly data of the large refining and chemical industry, including price, profit, inventory, and operating rate of different sectors such as polyester, refining, and chemicals, as well as the performance and profit forecasts of related listed companies [2][8]. 3. Summary According to Relevant Catalogs 3.1 Big Refining Weekly Data Briefing - **Price and Spread**: The domestic key large refining project spread this week was 2,675 yuan/ton, a week - on - week decrease of 48 yuan/ton (-2%); the foreign key large refining project spread was 1,063 yuan/ton, a week - on - week decrease of 23 yuan/ton (-2%). The average price of PX this week was 832.1 dollars/ton, a week - on - week decrease of 8.0 dollars/ton, and the spread to crude oil was 356.4 dollars/ton, a week - on - week decrease of 13.1 dollars/ton [2]. - **Polyester Plate**: The average prices of POY/FDY/DTY this week were 6,979/7,279/8,200 yuan/ton respectively, with week - on - week changes of -57/-21/+0 yuan/ton. Their weekly average profits were 96/30/44 yuan/ton, with week - on - week increases of +8/+31/+46 yuan/ton. The inventory was 16.5/21.6/28.4 days, with week - on - week increases of +2.7/+0.9/+1.1 days. The filament operating rate was 89.1%, a week - on - week decrease of 0.6 pct. The downstream loom operating rate was 61.3%, a week - on - week decrease of 1.1 pct [2]. - **Refining Plate**: Domestic refined oil prices: gasoline, diesel, and jet fuel prices rose this week. US refined oil prices: gasoline prices fell, while diesel and jet fuel prices rose [2]. - **Chemical Plate**: The PX operating rate was 84.6%, a week - on - week increase of 3.9 pct [2]. - **Related Listed Companies**: Private large refining and chemical & polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Orient Shenghong, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin凤鸣 [2]. - **Stock Price and Profit Forecast**: The report provides the stock price changes of 6 private refining and chemical companies in different time periods and their profit forecasts from 2024A to 2027E [8]. 3.2 Big Refining Weekly Report 3.2.1 Big Refining Index and Project Spread Trend The report shows the changes in the Shanghai - Shenzhen 300, petroleum and petrochemical, and oil prices, as well as the weekly spreads of domestic and foreign large refining projects [14][16]. 3.2.2 Polyester Plate It presents various data such as the prices, spreads, operating rates, inventories, and production - sales ratios of PX, PTA, MEG, polyester filaments (POY, FDY, DTY), polyester staple fibers, and polyester bottle chips [10]. 3.2.3 Refining Plate The report details the prices, spreads, and changes of domestic, US, European, and Singapore refined oil products (gasoline, diesel, jet fuel) compared to crude oil [10]. 3.2.4 Chemical Plate It provides the prices, spreads, and changes of various chemical products such as pure benzene, styrene, acrylonitrile, polycarbonate, MMA, etc., compared to crude oil [10].

Core Viewpoint - The glass fiber reinforced plastic (GFRP) fishing boats industry in China is poised for significant growth due to the aging of existing wooden and small steel fishing vessels, with government initiatives promoting the replacement and modernization of fishing equipment. The number of GFRP fishing boats is expected to increase to 12,000 by 2025, representing a 20% year-on-year growth [1][14]. Industry Overview - GFRP fishing boats account for only about 2% of the total fishing vessels in China, compared to 80-90% in developed fishing nations [1][14]. - The existing wooden and small steel fishing vessels are over 50% aged, necessitating urgent updates and replacements [1][14]. - The Liaoning province has initiated a plan to promote large-scale equipment updates in the fishing industry, focusing on phasing out old wooden boats and enhancing subsidies for new steel or composite material boats [1][14]. Economic Aspects - GFRP fishing boats exhibit excellent energy-saving capabilities, with insulation performance leading to ice-saving rates of 20% to 40% and fuel savings of 10% to 15% compared to steel boats [4][5]. - The lifespan of GFRP boats can reach up to 50 years, significantly longer than the 10-15 years typical for steel boats, which require regular maintenance [4][5]. Industry Development History - The development of GFRP fishing boats in China began in the 1970s, with the first boat constructed in 1974 [7][8]. - The industry faced challenges in the 2000s due to quality issues and incidents, but recent government support has led to significant advancements in construction capabilities [7][8]. Industry Chain - The upstream of the GFRP fishing boat industry includes raw materials such as liquid synthetic resins and glass fibers, which are crucial for the durability and safety of the boats [8]. - The midstream involves the production and manufacturing of GFRP boats, while the downstream encompasses their applications in freshwater and marine aquaculture, marine capture, and seedling production [8]. Competitive Landscape - The GFRP fishing boat market in China is primarily dominated by state-owned enterprises, followed by military and private enterprises, with the former holding the largest market share [16][17]. - Key players in the industry include Jianglong Shipbuilding, Weihai Zhongfu Xigang Shipbuilding, and Qinhuangdao Yaohua Equipment Group [16][17]. Future Trends - The demand for GFRP fishing boats is expected to grow continuously due to the booming marine economy and increasing consumer interest in marine tourism [21]. - The industry is moving towards automation and smart technology integration, enhancing production efficiency and product quality [22]. - There is a growing emphasis on green development, with a focus on using recyclable materials and renewable energy technologies to reduce environmental impact [23][24].