| 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2025-071 | | --- | --- | --- | | 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 增持公司股份计划实施期限过半的进展公告 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。 一、本次增持计划的基本情况 本次增持主体基于对公司未来持续稳定发展的坚定信心及对公司长期投资 价值的认可，同时为提振投资者信心，切实维护中小股东利益和市场稳定，促进 公司持续、稳定、健康的发展，计划自 2025 年 6 月 17 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，本次合计增持金额不低于人 民币 5 亿元，不超过人民币 10 亿元。 本次增持计划的具体内容，详见公司于 2025 年 6 月 17 日在《证券时报》《中 国证券报》《上海证券报》和巨潮资讯网（http://www.cninfo.com.cn）上披露 的《关于控股 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry in China is expected to undergo a revaluation due to anti-involution measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift could enhance the cash flow and dividend yield of Chinese chemical companies, transforming them from cash-consuming entities to profit-generating ones [6][29] - The demand for chromium salts is anticipated to rise significantly due to increased orders for gas turbines and commercial aircraft engines in Europe and the US, leading to a projected shortfall of 250,000 tons by 2028, which is about 23% of the total annual production [6] - The report highlights four key investment opportunities: low-cost expansion, improving industry conditions, new materials, and high dividend yields from state-owned enterprises [7][8] Summary by Sections Recent Performance - The basic chemical sector has shown a performance increase of 51.0% over the past 12 months, compared to 42.5% for the CSI 300 index [4] Investment Recommendations - The report emphasizes the potential for low-cost expansion in major companies such as Wanhua Chemical, Hualu Hengsheng, and others, alongside sectors like tires and fertilizers [7] - It also points out the improving conditions in various segments, including chromium salts, phosphate rock, and agricultural chemicals [8] Key Products Analysis - Recent price increases were noted for acrylic acid and esters, with butyl acrylate priced at 7,600 RMB/ton, reflecting a 3.40% increase [10] - The report also mentions the price of polymer MDI in East China at 15,550 RMB/ton, up by 1.97% [10] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for many, with several companies rated as "Buy" [30]

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, indicating a "Cautiously Optimistic" investment rating [3][4]. Core Insights - OPEC's actual production increase is lower than expected, leading to an anticipated stable oil price range of $60-70 per barrel in the medium term [4][5]. - The upstream sector shows signs of recovery with oil prices rising, while drilling day rates remain stable [4][24]. - The refining sector is experiencing mixed results, with some product margins improving while others decline [4]. - The polyester sector is expected to see a recovery in profitability as supply and demand dynamics improve [4][18]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $66.99 per barrel, a week-on-week increase of 2.27%, while WTI futures rose by 1.33% to $62.69 per barrel [4][24]. - U.S. commercial crude oil inventories increased by 2.42 million barrels to 425 million barrels, remaining 4% lower than the five-year average [24][25]. - The number of active U.S. drilling rigs increased by 2 to 539, although this is a decrease of 51 rigs year-on-year [35][38]. Refining Sector - The Singapore refining margin for major products decreased to $16.66 per barrel, down by $1.41 from the previous week [4]. - The price spread between gasoline and WTI crude oil fell to $18.30 per barrel, down by $2.48 from the previous week [4]. - The report suggests that refining profitability may improve as economic recovery progresses [4]. Polyester Sector - PTA prices have declined, with the average price in East China at 4606.6 CNY per ton, down 2.02% week-on-week [4]. - The report anticipates a gradual improvement in the polyester industry as new capacity additions taper off in the coming years [4][18]. Investment Recommendations - The report recommends focusing on leading companies in the polyester sector such as Tongkun Co. and Wankai New Materials [4][18]. - In the refining sector, it suggests monitoring quality companies like Hengli Petrochemical and Sinopec [4][18]. - For upstream exploration and production, it highlights companies like CNOOC and China National Petroleum Corporation as having strong prospects [4][18].

内容概要：近年来，随着PTT纤维、化妆品、医药、聚氨酯等等下游市场的飞速发展，带动1,3-丙二醇 （PDO）市场需求持续增长，据统计，2024年我国1,3-丙二醇（PDO）需求量达7.54万吨，为满足日益 增长的市场需求，我国1,3-丙二醇（PDO）生产企业纷纷扩大产能，据统计，2024年我国1,3-丙二醇 （PDO）产能达11.2万吨，同年产量达3.23万吨，产能利用率为28.84%，未来，除了传统应用领域外， 1,3-丙二醇将在新型材料和生物医学领域展现出更大的潜力，如作为生物可降解塑料的单体或药物载体 等，将为行业带来新的增长点。 上市企业：华恒生物（688639）、东方盛虹（000301） 相关企业：华峰集团有限公司、广东清大智兴生物技术有限公司、张家港美景荣化学工业有限公司 关键词：1,3-丙二醇（PDO）生产工艺、1,3-丙二醇（PDO）市场政策汇总、1,3-丙二醇（PDO）产业 链、1,3-丙二醇（PDO）供需现状、1,3-丙二醇（PDO）竞争格局、1,3-丙二醇（PDO）发展趋势 一、概述 1,3-丙二醇（1,3-Propanediol，简称1,3-PDO）是一种无色无味的黏稠状液体，可溶于水 ...

| 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2025-070 | | --- | --- | --- | | 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 关于公司第三期员工持股计划存续期即将届满的提示性公告 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。 江苏东方盛虹股份有限公司（以下简称"公司"）分别于 2022 年 11 月 10 日、2022 年 12 月 15 日召开第八届董事会第五十九次会议、2022 年第八次临时 股东会，审议通过了公司第三期员工持股计划（以下简称"本期员工持股计划"） 相关议案，详见公司分别于 2022 年 11 月 11 日、2022 年 12 月 16 日在巨潮资讯 网（http://www.cninfo.com.cn）等指定信息披露媒体上披露的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关要求，公司应 当在员工持股计划存续期限届满前六个月披露提示性公告。本期员工持股计划存 ...

Core Viewpoint - The leading private refining companies in China, including Hengli Petrochemical, Hengyi Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong, reported a decline in revenue and net profit for the first half of 2025, primarily due to industry cyclicality, narrowing product price spreads, and intense competition [2][3]. Group 1: Company Performance - All four companies reported a decline in operating income, with a combined net profit of approximately 4.27 billion yuan, down nearly 40% year-on-year [2]. - Hengli Petrochemical led with a net profit of 3.05 billion yuan, a decrease of over 24% year-on-year [2]. - Rongsheng Petrochemical, Dongfang Shenghong, and Hengyi Petrochemical reported net profits of 602 million yuan, 386 million yuan, and 227 million yuan, respectively, with year-on-year changes of -29.82%, +21.24%, and -47.32% [2]. Group 2: Industry Challenges - The industry is experiencing a "involution" competition, leading to increased production and sales without corresponding profit increases, resulting in declining profit margins since 2021 [3]. - Major products from the four companies saw over half of their revenues decline in the first half of the year, with Rongsheng Petrochemical's revenue from refining and PTA products decreasing by 12.4% and 39.6%, respectively [3]. - Hengyi Petrochemical and Dongfang Shenghong also experienced around 20% year-on-year declines in refining product revenues [3]. Group 3: Strategic Adjustments - Dongfang Shenghong benefited from the rapid development of the global photovoltaic industry, achieving profit growth through its focus on new energy materials, particularly photovoltaic-grade EVA products [4]. - Companies are adjusting their product structures to cope with market competition, with Rongsheng Petrochemical's "reduce oil and increase chemicals" strategy leading to a 5.46% increase in chemical product revenue [5]. - Hengyi Petrochemical is optimizing its polyester product structure, increasing the proportion of differentiated fibers to 27% and accelerating the development of high-end biodegradable fibers [5]. Group 4: International Market Impact - Companies with significant overseas business exposure faced substantial revenue declines, with Hengyi Petrochemical's overseas revenue dropping nearly 15% to 24.38 billion yuan [5]. - Rongsheng Petrochemical's overseas revenue fell over 33% to 14.97 billion yuan, nearly ten times the decline in domestic revenue [5]. - Hengli Petrochemical highlighted challenges posed by U.S. tariffs, which significantly compressed profit margins and disrupted global textile supply chains [5]. Group 5: Cost Management - Companies indicated that fluctuations in raw material prices, particularly crude oil, pose risks to operations, despite some cost relief in the first half of the year [6]. - Companies are focusing on refined cost control and dynamic analysis to manage procurement strategies effectively and mitigate the impact of raw material price volatility [6].

Core Viewpoint - The petrochemical industry is facing significant challenges, with major private refining companies reporting declines in both revenue and net profit due to market saturation and intense competition, leading to a "production increase without profit increase" scenario [4][5]. Group 1: Company Performance - Four major private refining companies, Hengli Petrochemical, Hengyi Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong, reported a combined net profit of approximately 4.27 billion yuan, a nearly 40% decline year-on-year [3]. - Hengli Petrochemical led with a net profit of 3.05 billion yuan, down over 24% year-on-year, while Rongsheng Petrochemical, Dongfang Shenghong, and Hengyi Petrochemical reported net profits of 602 million yuan, 386 million yuan, and 227 million yuan, respectively, with year-on-year changes of -29.82%, +21.24%, and -47.32% [3][5]. - Dongfang Shenghong was the only company among the four to achieve net profit growth, benefiting from its investments in the renewable energy materials sector, particularly in photovoltaic-grade EVA products [5]. Group 2: Market Environment - The petrochemical industry is experiencing a cyclical downturn, characterized by narrowing product price differentials and ineffective cost transmission, compounded by fierce internal competition [3][4]. - The industry has seen a cumulative increase of over 50% in production capacity and output for various petrochemical products over the past five years, leading to oversupply in the market [4]. Group 3: Revenue Trends - Over half of the main products from the four major private refining companies saw revenue declines in the first half of the year, with Rongsheng Petrochemical's revenue from refining and PTA products decreasing by 12.4% and 39.6%, respectively [5]. - Hengyi Petrochemical and Dongfang Shenghong also experienced approximately 20% declines in revenue from refining products, while Hengyi's chemical, PTA, and polyester products saw revenue reductions of 15.2%, 21.3%, and 4.24% [5]. Group 4: Strategic Adjustments - Companies are focusing on product structure adjustments to cope with market challenges, with Rongsheng Petrochemical's "reduce oil and increase chemicals" strategy yielding a 5.46% increase in chemical product revenue [6]. - Hengyi Petrochemical is optimizing its polyester product structure, increasing the proportion of differentiated fibers to 27%, and accelerating the development of high-end biodegradable fibers [6]. Group 5: International Business Impact - Companies with significant overseas business exposure, such as Hengyi Petrochemical, reported substantial revenue impacts, with overseas revenue declining nearly 15% to 24.38 billion yuan, exceeding the domestic revenue decline of 12.6% [6]. - The U.S. tariff policies have posed severe challenges for export-oriented companies, compressing profit margins and affecting global supply chain stability [6].

Core Viewpoint - The adjustment of product structure has become a key strategy for refining companies to cope with the intense competition in the industry, leading to a decline in revenue and profits for major players in the sector [1][2][3]. Group 1: Financial Performance - Four major private refining companies reported a decline in revenue, with a total net profit of approximately 4.27 billion yuan, down nearly 40% year-on-year [1]. - Hengli Petrochemical led with a net profit of 3.05 billion yuan, but this represented a year-on-year decline of over 24% [1]. - Rongsheng Petrochemical, Dongfang Shenghong, and Hengyi Petrochemical reported net profits of 602 million yuan, 386 million yuan, and 227 million yuan, with year-on-year changes of -29.82%, +21.24%, and -47.32% respectively [1]. Group 2: Market Conditions - The refining and chemical industry is experiencing a cyclical downturn, characterized by narrowing product price differentials and intense competition, leading to a continuous decline in operating income and profit margins since 2021 [2]. - The production capacity and output of various petrochemical products have increased by over 50% in the past five years, resulting in a market environment where supply exceeds domestic consumption [2]. Group 3: Strategic Adjustments - Companies are shifting their product structures to adapt to market conditions, with Rongsheng Petrochemical's "reduce oil and increase chemicals" strategy showing positive results, leading to a 5.46% increase in chemical product revenue [3]. - Hengyi Petrochemical is optimizing its polyester product structure, increasing the proportion of differentiated fibers to 27% and accelerating the development of high-end biodegradable fibers [3]. Group 4: International Business Impact - Companies with significant overseas business exposure, such as Hengyi Petrochemical, have seen revenue declines, with overseas revenue dropping nearly 15% to 24.38 billion yuan [4]. - The U.S. tariff policy has posed significant challenges for export-oriented companies, compressing profit margins and affecting global supply chain stability [4]. Group 5: Cost Management Strategies - Companies are focusing on refined and agile cost control measures in response to the volatility of international oil prices and raw material costs [5]. - Strategies include dynamic analysis and procurement timing to manage raw material price fluctuations effectively [5].

Group 1 - The core viewpoint highlights the stable growth of the main business while actively exploring new opportunities in semiconductors and embodied intelligence [3][6] - The company achieved a revenue of 1.099 billion yuan in H1 2025, a decrease of 2.4% year-on-year, with a net profit attributable to shareholders of 93 million yuan, an increase of 0.9% [3][4] - The sales gross margin improved to 26.07%, up 0.14 percentage points year-on-year, indicating effective product structure optimization [3][4] Group 2 - The report indicates that Sinopec's revenue for H1 2025 was 1.4091 trillion yuan, a decrease of 10.6% year-on-year, with a net profit of 21.5 billion yuan, down 39.83% [8][9] - The company achieved a historical high in domestic oil and gas equivalent production, reaching 262.81 million barrels, a year-on-year increase of 2.0% [11][12] - The refining segment faced challenges due to fluctuating international oil prices and declining demand for gasoline and diesel [13][39] Group 3 - The report on Ruihua Tai indicates a revenue of 182 million yuan in H1 2025, a year-on-year increase of 37.86%, with a net profit loss of 34 million yuan, showing a reduction in losses [17][18] - The company is gradually ramping up production capacity at its Jiaxing base, with new product development in the semiconductor and renewable energy sectors [21][19] Group 4 - Yanggu Huatai reported a revenue of 1.722 billion yuan in H1 2025, an increase of 2.09% year-on-year, but a net profit decrease of 8.43% [25][26] - The company is actively pursuing the acquisition of Bomi Technology, which specializes in semiconductor materials, indicating a strategic expansion into the electronic chemicals sector [28][29] Group 5 - Xinxiang Chemical Fiber reported a revenue of 3.738 billion yuan in H1 2025, a decrease of 1.52% year-on-year, with a significant drop in net profit by 58.58% [32][33] - The company maintains a leading position in the production of biomass cellulose filament, leveraging unique technology to enhance supply chain security [35][36] Group 6 - Hengyi Petrochemical's revenue for H1 2025 was 55.96 billion yuan, a decrease of 13.59% year-on-year, with a net profit of 227 million yuan, down 47.32% [38][39] - The company is set to launch a new nylon project in the second half of 2025, which is expected to strengthen its market position [40][41] Group 7 - Dongfang Shenghong reported a revenue of 60.916 billion yuan in H1 2025, a decrease of 16.36% year-on-year, but a net profit increase of 21.24% [43] - The company’s refining segment turned profitable, indicating resilience amid challenging market conditions [43]

证券日报网讯东方盛虹（000301）9月11日在互动平台回答投资者提问时表示，在反内卷政策背景下， 以公司为代表的全产业链布局的炼化企业凭借规模、技术及先进产能优势，能更好地把握政策、市场机 遇，在行业调整中迎来新的发展契机。未来，公司将把握高端化、数智化、绿色化的石化产业高质量发 展方向，打造世界一流的能源化工企业。 ...