Investment Rating - The report maintains a positive outlook on the petrochemical industry, particularly regarding propylene profitability and the expected tightening of supply-demand dynamics [4][5]. Core Insights - The report highlights the anticipated reduction in operating rates for PDH units due to high costs associated with U.S. propane imports, which could lead to a significant drop in propylene supply [4][5]. - It emphasizes the potential for increased imports from Japan and South Korea, although these may not fully compensate for the domestic supply gap [4][5]. - The report suggests that the overall profitability of PDH units remains low, and future tariffs could delay or cancel planned new capacity [4][5]. Summary by Sections Upstream Sector - Brent crude oil prices closed at $66.87 per barrel, a decrease of 1.60% from the previous week, while WTI prices fell by 2.57% to $63.02 per barrel [4][22]. - U.S. commercial crude oil inventories increased by 244,000 barrels, while gasoline inventories decreased by 4.476 million barrels [25][22]. - The report notes a stable day rate for self-elevating drilling rigs, indicating a recovery trend in the oil service sector [4][22]. Refining Sector - The report indicates an increase in overseas refined oil crack spreads, with Singapore's refining margin rising to $10.75 per barrel [4][22]. - The profitability of domestic refining products is expected to improve gradually as economic recovery progresses [4][22]. Polyester Sector - PTA profitability has increased, while polyester filament profitability has decreased, indicating mixed performance within the polyester supply chain [4][22]. - The report suggests that the polyester industry may see improvements in the medium to long term as new capacity comes online [4][22]. Investment Recommendations - The report recommends focusing on leading refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to favorable competitive dynamics [4][17]. - It also highlights the potential for valuation recovery in companies like Satellite Chemical and Tongkun Co., given the expected improvements in the industry [4][17].

Core Viewpoint - Jiangsu Dongfang Shenghong Co., Ltd. is expected to trigger the condition for a downward adjustment of the conversion price of its convertible bonds, "Shenghong Convertible Bonds," due to the stock price being below 80% of the current conversion price for a significant number of trading days [1][5][6]. Group 1: Convertible Bond Issuance Overview - The company issued 50 million convertible bonds with a total amount of 500 million yuan, with a maturity of 6 years, starting from March 22, 2021 [2]. - The bonds are listed on the Shenzhen Stock Exchange under the name "Shenghong Convertible Bonds" and code "127030" [2]. Group 2: Downward Adjustment Conditions - The conversion price can be adjusted downward if the company's stock price is below 80% of the current conversion price for at least 15 out of 30 consecutive trading days [3][5]. - The current conversion price is set at 13.21 yuan per share, meaning the threshold for adjustment is 10.568 yuan per share [4][6]. Group 3: Expected Trigger of Adjustment - From April 14 to April 24, 2025, the company's stock has recorded 9 trading days where the closing price was below the threshold of 10.568 yuan, indicating that the condition for a downward adjustment is likely to be met [1][6]. Group 4: Procedures for Adjustment - If the adjustment condition is triggered, the company will follow the procedures outlined in the prospectus, including disclosing the decision and the new conversion price [6]. - The adjusted conversion price must not be lower than the higher of the average stock price over the previous 20 trading days or the last audited net asset value per share [5]. Group 5: Additional Information - Investors seeking more information about the "Shenghong Convertible Bonds" can refer to the full prospectus published on March 18, 2021, or contact the company's board secretary [7].

| 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2025-019 | | --- | --- | --- | | 债券代码：127030 | 债券简称：盛虹转债 | | 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： 根据《江苏东方盛虹股份有限公司公开发行 A 股可转换公司债券募集说明 书》（以下简称"《募集说明书》"）的规定，在本次发行的可转换公司债券（以 下简称"可转债"）存续期间，当江苏东方盛虹股份有限公司（以下简称"公司"） 股票在任意 30 个连续交易日中至少 15 个交易日的收盘价格低于当期转股价格 的 80%时，公司董事会有权提出转股价格向下修正方案并提交公司股东大会表决。 2025 年 4 月 14 日至 2025 年 4 月 24 日期间，公司股票已有 9 个交易日的收盘价 低于"盛虹转债"当期转股价格的 80%，预计将触发"盛虹转债"转股价格向下 修正条件。 根据《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》 的规定，现将相关情况公告如下： 一、可转债发行上市概况 经中国证券监督管理委员会 ...

Core Viewpoint - The China Oil and Gas Industry Index has shown mixed performance, with a recent increase but a decline over the past month, three months, and year-to-date [1][2] Group 1: Index Performance - The China Oil and Gas Industry Index rose by 1.05% to 1713.36 points, with a trading volume of 15.536 billion yuan [1] - Over the past month, the index has decreased by 6.82%, down 4.76% over the last three months, and down 8.39% year-to-date [1] Group 2: Index Composition - The index includes companies involved in oil and gas exploration, equipment manufacturing, transportation, sales, refining, and primary petrochemical production [1] - The top ten weighted companies in the index are: China National Petroleum (10.5%), China National Offshore Oil (10.09%), Sinopec (9.72%), Guanghui Energy (4.84%), China Merchants Energy (3.68%), Jereh Group (3.56%), Hengli Petrochemical (3.28%), Satellite Chemical (2.77%), COSCO Shipping Energy (2.69%), and Dongfang Shenghong (2.66%) [1] - The index is primarily composed of companies listed on the Shanghai Stock Exchange (71.86%) and the Shenzhen Stock Exchange (28.14%) [1] Group 3: Sector Allocation - The sector allocation of the index shows that energy accounts for 62.08%, materials for 20.17%, industrials for 14.79%, finance for 1.86%, and utilities for 1.10% [2] Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the oil and gas industry include: Guotai China Oil and Gas Industry Link A, Guotai China Oil and Gas Industry Link C, and Guotai China Oil and Gas Industry ETF [2]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View of the Report The report regularly sorts out the latest information on private exchangeable bond (private EB) projects available from public channels and conducts basic element tracking on private exchangeable bond projects. It should be noted that the private issuance terms and the issuance process may be subject to change, and the final prospectus should prevail. For the issuance progress, please consult the relevant lead underwriters [1]. 3. Summary by Relevant Catalog New Project Information This Week - The 2025 private exchangeable corporate bond project of Shenzhen Huaqiang Group Co., Ltd. for professional investors has been approved by the exchange. The proposed issuance scale is RMB 2.4 billion, the underlying stock is Shenzhen Huaqiang (000062.SZ), the lead underwriter is Jinyuan United Securities, and the exchange update date is April 17, 2025 [2]. - The 2025 private exchangeable corporate bond project of Jiangsu Shenghong Technology Co., Ltd. for professional investors has received feedback from the exchange. The proposed issuance scale is RMB 8 billion, the underlying stock is Orient Shenghong (000301.SZ), the lead underwriter is Huatai United Securities, and the exchange update date is April 15, 2025 [2]. - The 2025 private exchangeable corporate bond project of Beijing He Xie Heng Yuan Technology Co., Ltd. for professional investors has received feedback from the exchange. The proposed issuance scale is RMB 800 million, the underlying stock is Sichuan Shuangma (000935.SZ), the lead underwriter is Hongta Securities, and the exchange update date is April 15, 2025 [2]. - The 2025 private exchangeable corporate bond project of Wanan Group Co., Ltd. for professional investors has received feedback from the exchange. The proposed issuance scale is RMB 600 million, the underlying stock is Wanan Technology (002590.SZ), the lead underwriter is Zheshang Securities, and the exchange update date is April 15, 2025 [2]. Private EB Weekly Tracking (2025 - 04 - 18) The table lists the information of multiple private exchangeable bond projects, including bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. Projects are in different statuses such as "Passed", "Feedback Received", and "Accepted" [4].

Investment Rating - The report maintains a positive outlook on the petrochemical industry, indicating potential for excess returns in certain segments under tariff impacts [4][5]. Core Insights - The petrochemical index has historically underperformed the broader market, but segments like refining and oil services have shown periods of excess returns [5][6]. - As of April 11, 2025, refining margins for major domestic refineries reached 767 CNY/ton, with a significant month-on-month increase of 24.16% [9]. - The report highlights that the current procurement of crude oil in China is primarily from Russia and Middle Eastern countries, limiting the impact on refining costs from U.S. imports [9]. - The oil service sector is expected to continue its upward trend due to domestic requirements for increased reserves and production [11]. Summary by Sections Upstream Sector - Brent crude oil prices closed at 64.76 USD/barrel on April 11, 2025, reflecting a decrease of 1.25% from the previous week [20]. - The number of active oil rigs in the U.S. decreased to 583, down by 7 rigs week-on-week [30]. Refining Sector - The report notes a recovery in refining profitability, with domestic refining margins improving significantly [9]. - The Singapore refining margin for major products was reported at 9.87 USD/barrel, down by 4.08 USD/barrel from the previous week [9]. Polyester Sector - PTA profitability has increased, with the average price in East China at 4316.25 CNY/ton, down 11.43% week-on-week [9]. - The report suggests that the polyester industry is currently underperforming but may improve as new capacities are expected to taper off in the coming years [9]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to favorable competitive dynamics [16]. - It also suggests looking at companies with high dividend yields like China Petroleum and China National Offshore Oil Corporation [16]. - For the ethylene production segment, Satellite Chemical is highlighted as a key player due to favorable supply-demand dynamics [16]. - In the polyester sector, companies like Tongkun Co. and Wankai New Materials are recommended as they are expected to benefit from tightening supply-demand conditions [16].

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The chemical industry is expected to enter a replenishment cycle in 2025 due to several factors, including decreasing inventory levels, bottoming out of profits, and institutional holdings reaching a low point [8][30] - The supply-demand tension in phosphate rock is likely to continue, with a potential revaluation of its value, particularly focusing on the capacity expansion of Batian Co., Ltd [4][6] - The impact of the new round of tariffs imposed by the U.S. on Chinese chemical enterprises is expected to be limited, as the U.S. still needs to import a significant amount of chemical products from China [4] Summary by Sections Market Performance - The basic chemical sector showed a performance of 0.0% over the last month, 8.4% over the last three months, and 1.2% over the last year, compared to the CSI 300 index which had performances of -0.7%, 2.3%, and 8.2% respectively [2] Investment Suggestions - Focus on companies with low-cost expansion opportunities, such as Wanhu Chemical, and those in the tire and fertilizer sectors [8] - Highlight the potential for increased demand in phosphate fertilizers and lithium iron phosphate batteries, with ongoing projects in fine phosphate chemicals [4][6] - Emphasize high dividend yield opportunities in state-owned enterprises within the chemical sector, including China Petroleum and China National Offshore Oil Corporation [10] Key Company Tracking - Batian Co., Ltd. plans to expand its phosphate rock production capacity from 900,000 tons/year to 2 million tons/year, with additional projects underway [6] - The chemical industry is expected to benefit from rising prices in sulfuric acid, acrylic acid, and synthetic ammonia, with a focus on companies like Batian Co., Ltd. and others in the phosphate sector [7][9] Price Trends - As of April 3, 2025, the price of phosphate rock was 1,038 CNY/ton, with slight fluctuations in related fertilizer prices [19] - The Brent and WTI crude oil prices were reported at 66.06 and 62.32 USD/barrel, respectively, indicating a week-on-week decrease of approximately 9.98% and 9.73% [12]

Core Viewpoint - Jiangsu Dongfang Shenghong Co., Ltd. announced the conversion situation of its convertible bonds for the first quarter of 2025, detailing the bond issuance, conversion price adjustments, and the current status of the bonds [1][6]. Group 1: Convertible Bond Issuance Overview - The company issued 50 million convertible bonds on March 22, 2021, with a total amount of 500 million yuan and a term of 6 years [1]. - The initial conversion price was set at 14.20 yuan per share [2]. Group 2: Conversion Price Adjustments - The conversion price has been adjusted multiple times due to dividend distributions and asset purchases: - Adjusted from 14.20 yuan to 14.10 yuan on June 18, 2021 [3]. - Adjusted to 13.53 yuan on January 27, 2022, following the issuance of new shares [3]. - Further adjusted to 13.38 yuan on May 27, 2022, after the 2021 dividend distribution [3]. - Adjusted to 13.46 yuan on July 20, 2022, after additional share issuance [4]. - Adjusted to 13.41 yuan on December 28, 2022, following the issuance of Global Depositary Receipts [4]. - Adjusted to 13.31 yuan on May 22, 2023, after the 2022 dividend distribution [5]. - The current conversion price is 13.21 yuan, effective from June 7, 2024 [5]. Group 3: Conversion and Share Changes - In the first quarter of 2025, 139 bonds were converted, reducing the bond amount by 13,900 yuan and resulting in the conversion of 1,051 shares [6]. - As of March 31, 2025, there are 49,975,603 convertible bonds remaining, with a total remaining amount of 4,997,560,300 yuan [6].

| 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2025-018 | | --- | --- | --- | | 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 年第一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： 1、股票代码：000301 股票简称：东方盛虹 2、债券代码：127030 债券简称：盛虹转债 3、转股价格：13.21 元/股 4、转股期限：2021 年 9 月 27 日至 2027 年 3 月 21 日 期日（2027 年 3 月 21 日）止（如该日为法定节假日或休息日，则顺延至下一个 交易日）。"盛虹转债"的初始转股价格为 14.20 元/股。 二、历次可转债转股价格调整情况 根据公司 2020 年度股东大会决议，公司于 2021 年 6 月实施 2020 年度分红 派息方案。本次权益分配实施后，"盛虹转债"的转股价格由 14.20 元/股调整 为 14.10 元/股，转股价格调整生效日期为 2021 年 6 月 18 日。 根据中国 ...

另外，公司目前拥有超高分子量聚乙烯产能2万吨/年，下游应用领域包括海洋绳网、防护用品、家用纺 织品、功能性纺织品、机器人等。 人民财讯3月20日电，东方盛虹3月20日在互动平台表示，公司在聚酯化纤领域深耕多年，主攻超细纤 维、差别化功能性纤维的开发和生产，目前拥有聚酯长丝产能约360万吨/年。 ...