Investment Rating - The report does not explicitly state an investment rating for the petrochemical industry [1]. Core Insights - The report highlights that the reduction in production of polyester filament supports the upward movement of product prices [1]. - Domestic and international refining project price differentials are tracked, with domestic key refining project price differential at 2474.39 CNY/ton, a decrease of 21.68 CNY/ton (-0.87%) week-on-week, while the international price differential is at 1105.24 CNY/ton, down by 57.47 CNY/ton (-4.94%) [2][3]. - Brent crude oil's weekly average price is reported at 64.50 USD/barrel, reflecting a week-on-week increase of 4.69% [2]. Summary by Sections Refining Sector - The report discusses the impact of geopolitical tensions in Venezuela and Iran, which have influenced oil prices. Initially, oil prices rose due to these tensions, but later eased as the situation in Iran stabilized and Venezuelan oil exports resumed [2][15]. - Domestic refined oil prices have shown a slight decline, with diesel, gasoline, and aviation kerosene averaging 6334.57 CNY (-70.71), 7526.14 CNY (-25.43), and 5246.79 CNY (-11.79) per ton respectively [15]. Chemical Sector - The chemical products' prices have generally increased due to strong cost support. Polyethylene prices are fluctuating, while polypropylene prices are rising due to reduced supply pressure from increased maintenance [2][43]. - EVA prices have significantly increased due to the cancellation of export tax rebates for photovoltaic products, leading to improved price differentials [2][43]. - Benzene prices have risen, but the price differential remains stable, while styrene prices have increased due to strong overseas demand and declining inventory [2][43]. Polyester & Nylon Sector - In the polyester segment, cost support remains strong, but weak demand in the textile sector has led to a slight increase in PX prices. The overall operating rate has decreased due to maintenance and production cuts in filament plants, resulting in price increases driven by supply-side support [2][43].

Market Overview - The refining and trading sector experienced a decline of 1.61% on January 16, with Taishan Petroleum leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Stock Performance - Notable gainers in the refining and trading sector included: - Heshun Petroleum (603353) with a closing price of 31.98, up 5.58% [1] - Bohai Chemical (600800) at 4.09, up 4.07% [1] - Baomo Co. (002476) at 7.42, up 3.34% [1] - Conversely, significant decliners included: - Taishan Petroleum (000554) at 6.84, down 3.39% [2] - Qixiang Tengda (002408) at 4.91, down 2.96% [2] - Tongkun Co. (601233) at 18.41, down 2.07% [2] Capital Flow - The refining and trading sector saw a net outflow of 226 million yuan from main funds, while speculative funds had a net inflow of 209 million yuan, and retail investors saw a net inflow of 17.16 million yuan [2] - Key stocks with significant capital flow included: - Baomo Co. (002476) with a main fund net inflow of 27.68 million yuan [3] - Guanghui Energy (600256) with a main fund net inflow of 25.49 million yuan [3] - Bohai Chemical (600800) with a main fund net inflow of 23.69 million yuan [3]

Investment Rating - The industry investment rating is maintained at "Outperform the Market-A" [5] Core Viewpoints - The report highlights that major polyester filament manufacturers have initiated a new round of production cuts since late December, with plans to further expand reductions as the Spring Festival approaches, effectively responding to market changes and improving profitability [1][2] - The report anticipates a favorable "golden March and silver April" period, with a projected industry load of around 71%-72% during the Spring Festival, marking a three-year low, and a significant reduction in inventory levels [2] - The overall fundamentals of the filament industry are improving, with supply growth expected to be moderate and demand gradually recovering due to consumption stimulus policies and external factors [3] Summary by Sections 1. Polyester Filament: A Key Link in the Polyester Industry Chain - Polyester filament is a widely used synthetic fiber with characteristics such as durability, elasticity, and resistance to corrosion, widely applied in textiles and various industrial products [14] 2. Industry Self-Regulation and Supply-Demand Dynamics - The polyester filament industry has established a mature self-regulation mechanism, with two rounds of collaborative pricing strategies implemented to stabilize prices and manage production effectively [20][21] - The supply peak has passed, with future capacity additions concentrated in major companies, and the industry is expected to maintain a balanced supply-demand situation through 2026-2027 [27] 3. Sufficient Profit Elasticity and Expectations for "Golden March and Silver April" - The report indicates that polyester filament has strong profit elasticity, with significant profit increases observed during previous upturns, leading to improved profitability for key companies [30]

Core Viewpoint - Jiangsu Dongfang Shenghong Co., Ltd. has announced a revised employee stock ownership plan, extending its duration and adjusting guaranteed returns for employee contributions [1] Group 1: Plan Duration and Adjustments - The duration of the employee stock ownership plan will be extended by 24 months, making the total duration 60 months [1] - The guaranteed annual return for employee self-funded portions will remain at 8% for the original duration, but will be adjusted to 5% for the extended 24 months [1] Group 2: Funding and Participation - The plan aims to raise a total of up to 1.36 billion yuan, with employee self-funding not exceeding 680 million yuan, and financing planned at a ratio of up to 1:1 [1] - The plan will involve up to 516 participants, including 6 directors, supervisors, and senior management personnel [1] Group 3: Implementation and Approval - The plan will utilize financial institutions to establish asset management products for purchasing company stock in the secondary market, with a lock-up period of 12 months for the acquired shares [1] - The revised draft of the plan is subject to approval at the company's shareholder meeting [1]

Group 1 - The company Dongfang Shenghong held its 36th meeting of the 9th board of directors on January 13, 2026, to discuss the proposal for changing the company's registered capital and amending the articles of association [1] Group 2 - The solar energy industry is experiencing a rush to export products ahead of the April 1 deadline, while some companies are facing challenges due to skyrocketing raw material costs, such as silver, leading to difficult decision-making [1]

一、第三期增持计划基本情况 公司于 2022 年 11 月 10 日接到公司控股股东盛虹科技及其关联企业的通知，盛 虹科技及其关联企业（除上市公司及上市公司控股子公司外）的部分员工拟通过二 级市场购买方式增持上市公司股份。具体内容详见公司于 2022 年 11 月 11 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《关于公司控 股股东及其关联企业之部分员工筹划第三期增持公司股份的提示性公告》（公告编 号：2022-137）。 公司于 2023 年 3 月 16 日接到盛虹科技的通知，第三期增持计划已经完成上市 公司股票购买。第三期增持计划在二级市场通过集中竞价交易方式合计买入上市公 司股票 97,731,388 股，占上市公司总股本比例 1.48%（以截至 2022 年 12 月 31 日 上市公司总股本 6,611,189,232 股为计算基数），合计买入资金 14.26 亿元。具体 内容详见公司于 2023 年 3 月 17 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《关于公司控股股东及其关联企业之部分员 ...

第二条 参加本员工持股计划的范围为经董事会认可的上市公司及其控股子公司 中层及中层以上人员，以及由董事会决定的其他人员，参加对象应当在公司或下属控 股子公司工作，领取薪酬并签订劳动合同。 有下列情形之一的，不能成为参与对象： 1、最近三年内被监管机构公开谴责或宣布为不适当人选的； 第三期员工持股计划管理办法（修订稿） 江苏东方盛虹股份有限公司 第三期员工持股计划管理办法 （修订稿） 第一章 总则 第一条 为规范江苏东方盛虹股份有限公司（以下简称"公司"、"上市公司" 或"东方盛虹"）员工持股计划（以下简称"本员工持股计划"）的实施，根据《中 华人民共和国公司法》《中华人民共和国证券法》《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》等有关法律、行政法规、规章、规范性文件以及《公司章程》《江苏东方 盛虹股份有限公司第三期员工持股计划（草案）（修订稿）》的规定，特制定本管理 办法。 第二章 员工持股计划的参加对象 2、最近三年内因重大违法违规行为被监管机构予以行政处罚的； 3、最近三年内因泄露国家或公司机密、贪污、盗窃、侵占受贿、行贿、失职 ...

江苏东方盛虹股份有限公司第三期员工持股计划（草案）摘要（修订稿） | 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2026-004 | | --- | --- | --- | | 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 第三期员工持股计划（草案）摘要 （修订稿） 二〇二六年一月 1 江苏东方盛虹股份有限公司第三期员工持股计划（草案）摘要 声明 本公司及董事会全体成员保证本员工持股计划内容真实、准确和完整，不存 在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完整性承 担个别和连带的法律责任。 2 江苏东方盛虹股份有限公司第三期员工持股计划（草案）摘要（修订稿） 风险提示 1、《江苏东方盛虹股份有限公司第三期员工持股计划（草案）》须经江苏 东方盛虹股份有限公司股东会批准后方可实施，本员工持股计划能否获得公司股 东会批准，存在不确定性。 2、有关本员工持股计划的具体参与人数、资金规模、股票规模、实施方案 等属初步结果，能否实施完成，存在不确定性。 3、本员工持股计划设立后将委托具备资产管理资质的专业机构进行管理， 本员工持股计划相关信托合同 ...

| 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2026-009 | | --- | --- | --- | | 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 独立董事候选人声明 声明人任志刚作为江苏东方盛虹股份有限公司第十届董事会独立董事候 选人，已充分了解并同意由提名人江苏东方盛虹股份有限公司董事会提名为 江苏东方盛虹股份有限公司（以下简称该公司）第十届董事会独立董事候选 人。现公开声明和保证，本人与该公司之间不存在任何影响本人独立性的关 系，且符合相关法律、行政法规、部门规章、规范性文件和深圳证券交易所 业务规则对独立董事候选人任职资格及独立性的要求，具体声明并承诺如下 事项： 一、本人已经通过江苏东方盛虹股份有限公司第九届董事会提名委员会 或者独立董事专门会议资格审查，提名人与本人不存在利害关系或者其他可 能影响独立履职情形的密切关系。 是 □ 否 如否，请详细说明： 二、本人不存在《中华人民共和国公司法》第一百七十八条等规定不得 担任公司董事的情形。 是 □ 否 如否，请详细说明： 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交 ...

股票代码：000301 股票简称：东方盛虹 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 第三期员工持股计划（草案） （修订稿） 二〇二六年一月 1 声明 本公司及董事会全体成员保证本员工持股计划内容真实、准确和完整，不存 在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完整性承担 个别和连带的法律责任。 2 风险提示 1、《江苏东方盛虹股份有限公司第三期员工持股计划（草案）》须经江苏东方盛 虹股份有限公司股东会批准后方可实施，本员工持股计划能否获得公司股东会批准，存 在不确定性。 2、有关本员工持股计划的具体参与人数、资金规模、股票规模、实施方案等属初 步结果，能否实施完成，存在不确定性。 3、本员工持股计划设立后将委托具备资产管理资质的专业机构进行管理， 本员 工持股计划相关信托合同或资产管理合同尚未签订，存在不确定性。 4、目前集合信托产品或资产管理产品尚未设立，未来可能存在因相关监管政策发 生变化导致信托产品或资管产品无法实施的风险。 敬请广大投资者谨慎决策，注意投资风险。 特别提示 1、江苏东方盛虹股份有限公司第三期员工持股计划系公司依据《中华人民共和国 公司法 ...