Group 1 - The company announced the repurchase of its convertible bonds, "盛虹转债," with a repurchase price of RMB 100.256 per bond, during the period from May 13 to May 19, 2025 [1][2] - The total valid repurchase amount for "盛虹转债" was 19 bonds, amounting to RMB 1,904.86, which will be processed by the designated account of the China Securities Depository and Clearing Corporation [1][2] - The repurchase will not have a substantial impact on the company's financial status, operating results, cash flow, or capital structure, and will not impair its debt servicing ability or ongoing viability [2] Group 2 - Unredeemed "盛虹转债" will continue to be traded on the Shenzhen Stock Exchange [2] - Relevant documents, including the repurchase summary and payment notification from the China Securities Depository and Clearing Corporation, are available for review [2]

Group 1: Company Overview and Strategy - Jiangsu Dongfang Shenghong Co., Ltd. operates in the petrochemical industry, focusing on sustainable development and innovation [2][3] - The company emphasizes a value philosophy of "safety, integrity, innovation, and transcendence" to achieve stable and sustainable growth [2] - In 2024, the company expanded its production capacity, including a new 200,000 tons/year of photovoltaic-grade EVA, bringing total capacity to 500,000 tons/year [3] Group 2: Innovation and Technology - The company established the world's first industrial chain from CO2 to polyester fiber, winning the "International Textile Federation Sustainable and Innovation Award" [3][4] - R&D investment reached 6.35 billion yuan in 2024, a year-on-year increase of 11.2%, with 3,797 R&D personnel [14] - The PDH smart factory project was recognized as the "Most Influential Engineering Project in China's Automation Field in 2023" [15] Group 3: Financial Performance - In Q1 2025, the company's net profit increased by 38.19%, supported by low crude oil prices and recovering demand for downstream chemical products [7] - The company's overseas revenue in 2024 was 6.753 billion yuan, accounting for approximately 5% of total revenue [11] Group 4: Market Position and Competitive Advantage - The company holds a leading position in the EVA market with a production capacity of 500,000 tons/year, benefiting from economies of scale [6] - The company has developed a comprehensive product line, including recycled polyester fiber with a capacity of 600,000 tons/year, serving over 30 well-known brands [9] Group 5: Future Outlook and Challenges - The company plans to implement an AI development strategy to enhance vertical integration across its supply chain and focus on new energy and materials [4] - Challenges include navigating a complex external environment and ensuring collaboration among various business segments to maximize the "1+N" strategy [7][8]

Core Viewpoint - The oil and gas industry index has shown mixed performance, with a recent increase in the short term but a decline year-to-date, indicating potential volatility in the sector [2]. Group 1: Index Performance - The China Securities Oil and Gas Industry Index has increased by 3.53% over the past month, decreased by 1.60% over the past three months, and has declined by 5.61% year-to-date [2]. - The index is designed to reflect the overall performance of listed companies involved in oil and gas exploration, equipment manufacturing, transportation, sales, refining, and primary petrochemical production [2]. Group 2: Index Composition - The top ten weighted companies in the index are: China National Petroleum (10.4%), China National Offshore Oil (9.84%), Sinopec (9.41%), Guanghui Energy (5.08%), and others [2]. - The index is primarily composed of companies listed on the Shanghai Stock Exchange (70.84%) and the Shenzhen Stock Exchange (29.16%) [2]. Group 3: Sector Allocation - The index's holdings are allocated as follows: Energy (61.28%), Materials (20.68%), Industrials (15.13%), Financials (1.82%), and Utilities (1.09%) [2]. Group 4: Index Adjustment - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]. - In special circumstances, the index may undergo temporary adjustments, such as removing companies that are delisted or have undergone mergers or acquisitions [3]. Group 5: Related Funds - Public funds tracking the oil and gas industry include: Guotai China Securities Oil and Gas Industry Link A, Guotai China Securities Oil and Gas Industry Link C, and Guotai China Securities Oil and Gas Industry ETF [3].

1. Report Industry Investment Rating No industry investment rating is provided in the given content. 2. Report's Core View The report presents a weekly overview of the large refining and chemical industry, including price, profit, inventory, and开工率 data for various sectors such as refining, polyester, and chemicals, as well as performance data for related listed companies [2][8][9]. 3. Summary by Directory 3.1 Big Refining Weekly Data Briefing - **Six Private Big Refining Companies' Performance**: The table shows the stock price changes of six private big refining companies in the past week, month, three months, and one year, as well as profit forecasts and market capitalization data [8]. - **Oil Price and Refining Spread**: Brent crude oil was at $65.4 per barrel, up $3.8 (6.2%) week - on - week; WTI was at $62.4 per barrel, up $3.9 (6.6%) week - on - week. The domestic refining project spread was 2667 yuan/ton, up 10.5 yuan/ton (0.4%); the foreign refining project spread was 1144 yuan/ton, up 80.2 yuan/ton (7.5%) [8]. - **Polyester Sector**: PX average price was $852.2/ton, up $95.6 week - on - week; POY/FDY/DTY average prices were 6807/6986/7986 yuan/ton, up 357/389/304 yuan/ton respectively. POY/FDY/DTY weekly average profits were - 84/- 231/- 164 yuan/ton, down 53/32/89 yuan/ton respectively. POY/FDY/DTY inventories were 8.9/16.8/24.0 days, down 8.2/5.4/3.8 days respectively. The filament开工率 was 91.9%, down 0.3 pct. The downstream loom开工率 was 63.4%, up 2.6 pct [2][9]. - **Refining Sector**: In China, gasoline prices fell, while diesel and jet fuel prices rose. In the US, gasoline, diesel, and jet fuel prices all rose [2][9]. - **Chemical Sector**: PX average price was $852.2/ton, up $95.6 week - on - week, with a spread of $375.1/ton over crude oil, up $67.7 week - on - week. The PX开工率 was 78.2%, up 0.9 pct [2][9]. 3.2 Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: It likely analyzes the trends of the big refining index and project spreads, including the market performance of six private big refining companies and the changes in domestic and foreign refining project spreads [8][11][15]. - **2.2 Polyester Sector**: This section may cover the price, profit, inventory, and开工率 of products in the polyester industry chain, such as crude oil, PX, PTA, and polyester filaments, as well as the relationship between them [2][9][22]. - **2.3 Refining Sector**: It includes the price and spread of domestic and foreign refined oil products (gasoline, diesel, jet fuel) and their relationship with crude oil prices [2][9][78]. - **2.4 Chemical Sector**: This part presents the price and spread of various chemical products (EVA, benzene, styrene, etc.) and their relationship with crude oil prices [9][126][127].

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].

Core Viewpoint - Jiangsu Dongfang Shenghong Co., Ltd. has issued convertible bonds, and due to the stock price being below the conversion price, the conditional redemption clause for the bonds has been activated [1][2]. Group 1: Convertible Bonds Issuance - The company issued 50 million convertible bonds with a total amount of 500 million yuan, each with a face value of 100 yuan, approved by the China Securities Regulatory Commission [1]. - The bonds were issued on March 22, 2021, and began trading on the Shenzhen Stock Exchange on April 21, 2021, with a conversion period from September 27, 2021, to March 21, 2027 [1]. Group 2: Redemption Clause Activation - From March 22, 2025, to May 8, 2025, the stock price has been below 70% of the conversion price (13.21 yuan/share) for 30 consecutive trading days, triggering the conditional redemption clause [2]. - The convertible bonds will suspend conversion starting May 13, 2025, for a period of five trading days until May 19, 2025, due to the activation of the redemption clause [2].

| 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2025-049 | | --- | --- | --- | | 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"盛虹转债"回售的第六次提示性公告 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： 1、债券简称：盛虹转债 2、债券代码：127030 3、债券面值：100 元/张 4、回售价格：100.256 元/张（含息、税） 5、回售条件触发日：2025 年 5 月 8 日 12、风险提示： （1）投资者选择回售等同于以 100.256 元/张（含息、税）卖出持有的"盛 虹转债"。截至本公告披露前的最后一个交易日，"盛虹转债"的收盘价格高于 本次回售价格，投资者选择回售可能会带来损失。 （2）在"盛虹转债"最后两个计息年度内，可转换公司债券持有人在每年 回售条件首次满足后可按上述约定条件行使回售权一次，若在首次满足回售条件 而可转换公司债券持有人未在公司届时公告的回售申报期内申报并实施回售的， 1 该计息年度不应再行使回售权，可转换公司债券持有 ...

| 股票代码：000301 | 股票简称：东方盛虹 公告编号：2025-050 | | --- | --- | | 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"盛虹转债"恢复转股的提示性公告 4、恢复转股时间：2025 年 5 月 20 日 经中国证券监督管理委员会《关于核准江苏东方盛虹股份有限公司公开发行 可转换公司债券的批复》（证监许可〔2021〕512 号）核准，江苏东方盛虹股份 有限公司（以下简称"公司"）于 2021 年 3 月 22 日公开发行了 5,000.00 万张 可转换公司债券，每张面值 100 元，发行总额 500,000.00 万元，期限 6 年。经 深圳证券交易所同意，本次发行的可转换公司债券已于 2021 年 4 月 21 日起在 深圳证券交易所挂牌交易，债券简称"盛虹转债"，债券代码"127030"，转股 期限 2021 年 9 月 27 日至 2027 年 3 月 21 日，目前"盛虹转债"处于转股期。 公司的股票自 2025 年 3 月 22 日至 2025 年 5 月 8 日连续 30 个交易日的收 盘价低于当期"盛虹转债"转股价格（ ...

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： 1、债券简称：盛虹转债 2、债券代码：127030 3、债券面值：100 元/张 4、回售价格：100.256 元/张（含息、税） | 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2025-048 | | --- | --- | --- | | 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"盛虹转债"回售的第五次提示性公告 5、回售条件触发日：2025 年 5 月 8 日 6、回售申报期：2025 年 5 月 13 日-2025 年 5 月 19 日 7、发行人资金到账日：2025 年 5 月 22 日 8、回售款划拨日：2025 年 5 月 23 日 9、投资者回售款到账日：2025 年 5 月 26 日 10、回售申报期间"盛虹转债"将暂停转股 11、本次回售不具有强制性，不是变更募投项目的回售，"盛虹转债"持有 人有权选择是否进行回售 12、风险提示： （1）投资者选择回售等同于以 100.256 元/张（含息、税）卖出持有的"盛 虹转 ...