Group 1 - The core point of the announcement is that Zhejiang Hengyi Group, the controlling shareholder of Hengyi Petrochemical, has released part of its pledged shares and re-pledged them [1] - The announcement confirms that the pledged shares do not pose a risk of forced liquidation and will not adversely affect the company's operations, governance, or performance obligations [1][4] - As of December 29, 2025, the total pledged shares by Hengyi Group and its concerted parties are detailed, although specific figures are not provided in the text [1] Group 2 - The company assures that the information disclosed is true, accurate, and complete, with no misleading statements or significant omissions [1] - The announcement includes references to supporting documents related to the share pledge and release, such as registration certificates and details from the China Securities Depository and Clearing Corporation [2]

Group 1 - The controlling shareholder, Hengyi Group, has released 56 million shares from pledge, accounting for 3.30% of its holdings and 1.55% of the company's total share capital [1] - On the same day, Hengyi Group pledged an additional 27.1 million shares, representing 1.60% of its holdings and 0.75% of the company's total share capital, with the pledge starting on December 26, 2025, for its own production and operation [1] - As of December 29, 2025, Hengyi Group and its concerted parties have cumulatively pledged 155 million shares, which is 7.49% of its holdings and 4.31% of the company's total share capital, with no risk of forced liquidation and no adverse impact on the company [1]

证券代码：000703 证券简称：恒逸石化 公告编号：2025-116 关于控股股东部分股权解除质押再质押的公告 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。 恒逸石化股份有限公司（以下简称"恒逸石化"或"公司"）近日接到公司控股 股东浙江恒逸集团有限公司（以下简称"恒逸集团"）函告，获悉恒逸集团所持有本 公司的部分股份解除质押并再质押，具体事项如下： 一、股东股份质押的基本情况 1.本次股份解除质押的基本情况 | 股东 | 是否为控股股东 | | 质押股数 | 质押开始 | | 解除质押 | | | 本次解除 质押占其 | 占公司 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 或第一大股东及 | | （股） | 日期 | | 日期 | | 质权人 | 所持股份 | 总股本 | | | 其一致行动人 | | | | | | | | | 比例 | | | | | | | | | | 浙商银行 | 比例 | | | 恒逸 集团 | | 是 | 56,000 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The short - term stock index may fluctuate, but the trend remains unchanged, and it is expected to attack the previous high. The shock digestion since November has entered the end, and from December to January of the next year, it is likely to enter the window period of cross - year layout. The market is expected to show a shock climb again. The mid - term view of being bullish on the stock index remains unchanged. It is recommended to layout and go long on the spring market of the stock index. In terms of operation, hold mid - term long positions and continue to add positions opportunistically; hold call options. [13] Summary by Directory 1. Weekly Views and Strategies Fundamental Views - Last week, the broader market continued to rebound and continuously stood above the 60 - day moving average. The four major indexes all rose, with the small - and medium - cap indexes leading the gains. Most of the style indexes rose, with the growth and cyclical style indexes leading the gains, and only the consumer style index falling. Most of the Shenwan industries rose, with the non - ferrous metals, military, electrical equipment, and electronics sectors leading the gains, while the tourism, banking, coal, and food and beverage sectors led the losses. [8][18][21] - In November 2025, the manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; the non - manufacturing PMI was 49.5%, down 0.7 percentage points from the previous month. The supply and demand sides of the manufacturing PMI rebounded slightly in November, with the new export orders rebounding by a relatively large 1.7%, which is related to the mitigation of Sino - US tariffs; the ex - factory price and the purchase price of raw materials rebounded again after two months of decline. [8][36] - The growth rate of medium - and long - term credit has been falling continuously for 30 months to 5.89% as of November 2025, and continues to decline. [8][47] - The Politburo set the tone for the real estate market to stop falling and stabilize, and boost the capital market; the State Council issued the new Nine - Article Guidelines to strongly support investor returns; the central bank created two new types of monetary policy tools; the implementation plan for promoting the entry of medium - and long - term funds into the market was officially released, which is expected to add 800 billion yuan of long - term funds to the A - share market annually. [8][55] - The A - share performance showed signs of stabilization in the first quarter, declined in the second quarter, and continued to stabilize and rebound in the third quarter. The performance of the four major indexes rebounded again in the third quarter of 2025. [8][73][77] - The Shanghai Composite Index's valuation is 16.5341, with an upper - limit value of 15.66, and it is at the 87.09th percentile since 2010, at a relatively high level since 2010. However, as performance rises, the valuation will decline. The ChiNext valuation is at a relatively low level. [10][90][92] - In terms of margin trading, the net inflow in 2024 was 274.8 billion yuan; as of December 25, 2025, the net inflow in 2025 was 674.3 billion yuan, and the net inflow in the first five trading days was 45.9 billion yuan. The scale of private securities investment funds increased by 1.7946 trillion yuan this year, and the total scale is currently 7.0076 trillion yuan. The newly registered scale this year is 386 billion yuan. The market value of A - shares held by insurance funds increased by 552.4 billion yuan in the third quarter of 2025, with a month - on - month increase of 18.00%. As of September 30, 2025, the newly established share of stock - type funds was 323.3 billion, and that of hybrid funds was 103.6 billion. The net inflow of index funds in 2025 was 104.9 billion yuan, while the net outflow of active equity funds was 444.9 billion yuan. From April 7 to December 19, 2025, the ETF scale increased by 176.3 billion yuan, and last week it increased by 47.3 billion yuan. As of December 19, the net inflow of ETF funds this year was 79.3 billion yuan. [11][97][101] Strategy Views and Outlook - The broader market fluctuated and rose for eight consecutive days last Friday, with a dive during the session and the trading volume increased to more than 2 trillion yuan, remaining above the 60 - day moving average. The market sentiment declined, and there may be short - term fluctuations, but the trend remains unchanged, and it is expected to attack the previous high. It is recommended to layout and go long on the spring market of the stock index. In terms of operation, hold mid - term long positions and continue to add positions opportunistically; hold call options. [13] 2. Index Industry Trend Review - Last week, the broader market continued to rebound and continuously stood above the 60 - day moving average. The four major indexes all rose, with the small - and medium - cap indexes leading the gains. Most of the style indexes rose, with the growth and cyclical style indexes leading the gains, and only the consumer style index falling. Most of the Shenwan industries rose, with the non - ferrous metals, military, electrical equipment, and electronics sectors leading the gains, while the tourism, banking, coal, and food and beverage sectors led the losses. [8][18][21] 3. Main Contract and Basis Trend - The four major indexes continued to rebound. In terms of the basis, it started from the quarterly main contract and is at a relatively high level. In terms of the arbitrage of each main contract, IC/IF and IC/IH fluctuated and stabilized, IH/IF stabilized; IM/IF and IM/IH fluctuated weakly; IM/IC fluctuated and declined. [25][30] 4. Policy and Economy Economy - In November 2025, the manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; the non - manufacturing PMI was 49.5%, down 0.7 percentage points from the previous month. The supply and demand sides of the manufacturing PMI rebounded slightly in November, with the new export orders rebounding by a relatively large 1.7%, which is related to the mitigation of Sino - US tariffs; the ex - factory price and the purchase price of raw materials rebounded again after two months of decline. [36] - Generally, PPI leads the inventory cycle. PPI bottomed out and rebounded in June 2023, weakened after two months, and the decline has been narrowing continuously since March 2024. The decline of PPI has been narrowing again since November 2025. In October, the operating revenue of industrial enterprises fell to 1.8%, the inventory continued to rise to 3.7%, demand declined, and there was passive inventory replenishment. [39] - China's social financing scale in November was 2488.5 billion yuan, an increase of 152.8 billion yuan compared with the same period last year. Among them, new RMB loans were 405.3 billion yuan, a decrease of 117 billion yuan compared with the same period last year, mainly due to a decrease of 206.3 billion yuan in household loans. Government bonds were 1204.1 billion yuan, a decrease of 106 billion yuan compared with the same period last year. [42] - The growth rate of medium - and long - term credit has been falling continuously for 30 months to 5.89% as of November 2025, and continues to decline. [47] Policy - New Nine - Article Guidelines: It aims to improve the overall quality of listed companies from the source and promote listed companies to pay more attention to rewarding shareholders. [51] - Implementation Plan for Promoting the Entry of Medium - and Long - Term Funds into the Market: It includes measures such as increasing the actual investment ratio, extending the assessment period, and forming a joint force to implement incremental policies, which is expected to bring a large amount of long - term funds into the A - share market. [54] - The Politburo set the tone for the real estate market to stop falling and stabilize, and boost the capital market, including measures to boost the capital market, promote the entry of medium - and long - term funds, support mergers and acquisitions of listed companies, and promote the stable development of the real estate market. [55] - The central bank created new monetary policy tools, including a swap facility for securities, funds, and insurance companies and a stock repurchase and increase re - loan, and carried out MLF operations and reverse repurchase operations, and adjusted relevant interest rates. [58] - A large - scale debt - resolution measure was announced, which will directly increase 10 trillion yuan of local debt - resolution funds and significantly reduce the local debt - resolution pressure. [59] - Accelerate the construction of first - class investment banks and investment institutions to better promote the high - quality development of the capital market, including implementing differentiated supervision for different types of securities companies. [60] - The 14th Five - Year Plan: It is a crucial five - year period with multiple strategic goals to be achieved. It involves aspects such as the international trade pattern, Sino - US relations, supply - chain reconstruction, and domestic economic development. [63] - The US mid - term elections: The policy environment in the next year will be more favorable for risk assets. The mid - term election schedule and expected fiscal support are also mentioned. [64][66] 5. Revenue and Net Profit of Each Index - The A - share performance showed signs of stabilization in the first quarter, declined in the second quarter, and continued to stabilize and rebound in the third quarter. The performance of the four major indexes rebounded again in the third quarter of 2025. [73][77] 6. Valuation - The Shanghai Composite Index's valuation is 16.5341, with an upper - limit value of 15.66, and it is at the 87.09th percentile since 2010, at a relatively high level since 2010. However, as performance rises, the valuation will decline. The ChiNext valuation is at a relatively low level. [10][90][92] 7. Federal Reserve Interest Rate - Not provided in the given content 8. Capital Flow - In terms of margin trading, the net inflow in 2024 was 274.8 billion yuan; as of December 25, 2025, the net inflow in 2025 was 674.3 billion yuan, and the net inflow in the first five trading days was 45.9 billion yuan. [97] - The scale of private securities investment funds increased by 1.7946 trillion yuan this year, and the total scale is currently 7.0076 trillion yuan. The newly registered scale this year is 386 billion yuan. [101] - The market value of A - shares held by insurance funds increased by 552.4 billion yuan in the third quarter of 2025, with a month - on - month increase of 18.00%, and the market value of A - shares held by insurance funds increased by 1.193 trillion yuan in the first three quarters of 2025, with an increase of 758.4 billion yuan after deducting the scale growth. [103][104] - The market value of the national team increased by 4 billion in the third quarter, with little change, while the CSI 300 index rose by 17.9%. The mid - and long - term A - share market value increased by nearly 90 billion in the third quarter, and the market value of A - shares held by mid - and long - term A - share investment entities increased by 1.8145 trillion in the first three quarters of 2025. [106][108] - From April 7 to December 19, 2025, the ETF scale increased by 204 billion yuan; last week, the ETF scale continued to increase by 27.7 billion yuan. As of December 26, the net inflow of ETF funds this year was 107 billion yuan. [111] - As of September 30, 2025, the newly established share of stock - type funds was 323.3 billion, and that of hybrid funds was 103.6 billion. [117] - In October 2025, the deposits of non - bank financial institutions increased by 1.8574 trillion yuan again, and the total deposits of non - bank financial institutions increased by 6.6688 trillion yuan this year. Overall, funds are flowing from the banking system to non - bank channels such as the capital market and wealth management products. [121] - As of last weekend, the IPO financing in 2023 was 356.5 billion yuan; in 2024, it was 67.3 billion yuan; in 2025, it was 125.3 billion yuan. [129] - Last week, the net reduction of major shareholders in the secondary market was 14.2 billion yuan, at a relatively high level. [134] - The unlocking volume in the first half of 2026 is relatively small. [138] 9. Technical Analysis - The daily - line trend charts of the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index are provided, showing the price trends of these indexes from December 26, 2024, to December 23, 2025. [142][144][146][148]

Investment Rating - The report does not explicitly state an investment rating for the oil refining industry Core Insights - The domestic key refining project price difference is 2557.23 CNY/ton, with a week-on-week change of +11.87 CNY/ton (+0.47%), while the international key refining project price difference is 1254.57 CNY/ton, with a week-on-week change of -43.45 CNY/ton (-3.35%) [2][3] - Brent crude oil's average price for the week ending December 26, 2025, is 61.73 USD/barrel, reflecting a week-on-week increase of +2.74% [2][3] - The refining sector is affected by geopolitical tensions, particularly regarding Venezuela and Russia, which have led to supply concerns and fluctuations in oil prices [2][15] - The chemical sector is experiencing weak demand, leading to a downward shift in chemical product prices [2][49] - Polyester production has seen a significant increase in sales volume, with downstream demand improving, which has positively impacted upstream prices [2][55] Summary by Sections Refining Sector - The report highlights the impact of geopolitical events on oil prices, with Brent and WTI crude prices at 60.64 and 56.74 USD/barrel respectively, showing slight increases [2][15] - Domestic refined oil prices have slightly decreased, with diesel, gasoline, and aviation kerosene averaging 6566.86, 7622.14, and 5716.07 CNY/ton respectively [2][15] Chemical Sector - The report notes a decline in demand for chemical products, with prices for polyethylene and EVA showing downward trends [2][55] - The average price for LDPE, LLDPE, and HDPE is reported as 9000.00, 6329.29, and 8000.00 CNY/ton respectively, with corresponding price differences from crude oil [2][55] Polyester & Nylon Sector - The polyester sector has seen a significant increase in production and sales, with a notable reduction in inventory levels and a slight increase in prices for polyester filament yarn [2][55] - The report indicates that the nylon filament prices remain stable, with slight improvements in price differences [2][55] Stock Performance - The report provides stock performance data for six major refining companies, with notable increases in stock prices for companies like Hengli Petrochemical (+11.01%) and Rongsheng Petrochemical (+12.12%) over the past week [2]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - The report presents a weekly analysis of the large refining and chemical industry, covering data on key domestic and foreign refining projects, the polyester, refining, and chemical sectors, as well as performance and profit forecasts of relevant listed companies [2]. 3. Summary by Related Catalogs 3.1 Big Refining Weekly Data Briefing - **Stock Price and Market Performance**: The report tracks the stock price changes of six major private refining and chemical companies in the past week, month, three - month, and one - year periods. For example, from 2025/12/26, Rongsheng Petrochemical had a weekly increase of 12.1%, a monthly increase of 16.4%, a three - month increase of 16.9%, and a one - year increase of 21.6% [8]. - **Profit Forecast**: It provides profit forecasts for these six companies from 2024 to 2027, including归母净利润, PE, and PB. For instance, Hengli Petrochemical's 2024A归母净利润 was 7044 million yuan, and it is expected to reach 10657 million yuan in 2027E [8]. - **Oil Prices and Refining Spreads**: International crude oil prices (Brent and WTI) showed an increase this week. The average price of Brent was 61.7 dollars/barrel, with a week - on - week increase of 2.7%. The average price of WTI was 57.7 dollars/barrel, with a week - on - week increase of 2.5%. The spread of domestic refining projects was 2640.2 yuan/ton, with a week - on - week decrease of 0.1%. The spread of foreign refining projects was 1254.1 yuan/ton, with a week - on - week decrease of 3.5% [8]. - **Polyester Sector**: - **Upstream Products**: The average price of PX was 903.0 dollars/ton, with a week - on - week increase of 64.4 dollars/ton. The average price of MEG was 3616.4 yuan/ton, with a week - on - week decrease of 19.3 yuan/ton. The average price of PTA was 4990.0 yuan/ton, with a week - on - week increase of 345.0 yuan/ton [10]. - **Polyester Filament**: The average prices of POY, FDY, and DTY increased, but their profits decreased. For example, the average price of POY was 6385.7 yuan/ton, with a week - on - week increase of 92.9 yuan/ton, but the profit per ton decreased by 130.9 yuan. The inventory of FDY decreased by 8.2 days, and the inventory of DTY decreased by 3.0 days [10]. - **Short Fiber and Bottle Chip**: The average price of polyester short fiber was 6404.3 yuan/ton, with a week - on - week increase of 137.1 yuan/ton, and the profit per ton decreased by 101.5 yuan. The average price of polyester bottle chip was 5900.0 yuan/ton, with a week - on - week increase of 224.3 yuan/ton, and the profit per ton decreased by 42.7 yuan [10]. - **Downstream Products**: The inventory of weaving enterprises increased by 0.2 days, and the operating rate decreased by 2.2 percentage points [10]. - **Refining Sector**: The prices of gasoline, diesel, and aviation kerosene in China and the US decreased this week, while in Europe, the prices of gasoline, diesel, and aviation kerosene showed a mixed trend, and in Singapore, the prices of gasoline, diesel, and aviation kerosene decreased [10]. - **Chemical Sector**: The prices and spreads of various chemical products changed. For example, the price of EVA photovoltaic material decreased by 339 yuan/ton, and the price of LLDPE decreased by 197 yuan/ton [10]. 3.2 Big Refining Weekly Report - **Big Refining Index and Project Spread Trends**: The report may analyze the trends of the big refining index and the spreads of key domestic and foreign refining projects, but specific analysis content is not provided [12]. - **Polyester Sector**: It includes the price, profit, inventory, and operating rate of various products in the polyester industry chain, as well as the relationship between polyester filament and downstream weaving operating rates [12]. - **Refining Sector**: It analyzes the price and spread changes of refined oil products in different regions such as China, the US, Europe, and Singapore [12]. - **Chemical Sector**: It presents the price and spread changes of various chemical products [12].

Core Viewpoint - The company has been actively investing in major strategic projects, including the Brunei Refinery Phase II and the Guangxi "120,000 tons/year Caprolactam-Polyamide Integration and Supporting Engineering Project" [2] Group 1: Investment Projects - The total actual investment in the Brunei Refinery Phase II is projected to reach 2.747 billion yuan by June 30, 2025 [2] - The Guangxi project has entered the trial production phase, with a cumulative actual investment of 6.883 billion yuan expected by June 30, 2025 [2] - The company encourages investors to refer to its periodic reports and announcements for more detailed information on all ongoing projects [2]

Market Overview - The refining and trading sector increased by 0.2% compared to the previous trading day, with Baomo Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Stock Performance - Baomo Co., Ltd. (002476) closed at 6.71, up 5.17% with a trading volume of 525,800 shares and a transaction value of 346 million yuan [1] - Wanbangda (300055) closed at 7.75, up 4.31% with a trading volume of 183,100 shares and a transaction value of 142 million yuan [1] - Dongfang Shenghong (000301) closed at 10.72, up 3.08% with a trading volume of 296,200 shares and a transaction value of 315 million yuan [1] - Hengli Petrochemical (600346) closed at 21.27, up 2.56% with a trading volume of 353,300 shares and a transaction value of 745 million yuan [1] - Hengyi Petrochemical (000703) closed at 9.92, up 2.16% with a trading volume of 447,300 shares and a transaction value of 437 million yuan [1] Capital Flow - The refining and trading sector experienced a net outflow of 344 million yuan from institutional investors, while retail investors saw a net inflow of 354 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Hengli Petrochemical (600346) had a net outflow of 46.92 million yuan from institutional investors, with a 6.30% share of the total capital flow [3] - Wanbangda (300055) saw a net inflow of 21.46 million yuan from institutional investors, representing 15.15% of the total capital flow [3] - Unified Co., Ltd. (600506) had a net inflow of 14.11 million yuan from institutional investors, accounting for 6.25% of the total capital flow [3]

Group 1 - The core viewpoint of the news is that Hengyi Petrochemical's stock has shown significant growth, with a year-to-date increase of 58.94% and a recent 5-day increase of 19.54% [1] - As of December 26, Hengyi Petrochemical's stock price reached 9.91 yuan per share, with a total market capitalization of 35.702 billion yuan [1] - The company has a diverse revenue structure, with key contributions from polyester yarn (45.28%), refining products (24.58%), and chemical products (9.93%) [1] Group 2 - Hengyi Petrochemical operates in the oil and petrochemical sector, specifically in refining and chemical trade, and is associated with concepts such as oil and gas reform and the Belt and Road Initiative [2] - For the period from January to September 2025, the company reported a revenue of 83.885 billion yuan, a year-on-year decrease of 11.53%, while the net profit attributable to shareholders was 231 million yuan, a slight increase of 0.08% [2] - The company has distributed a total of 5.04 billion yuan in dividends over the past three years, with cumulative payouts since its A-share listing amounting to 56.17 billion yuan [3]

Group 1 - The refining and trading sector experienced a slight decline of 0.03% on December 25, with Daqing Huake leading the drop [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] - Notable gainers in the refining and trading sector included Baomo Co., which rose by 4.25% to a closing price of 6.38, and Hengyi Petrochemical, which increased by 3.96% to 9.71 [1] Group 2 - Daqing Huake saw a significant decline of 6.37%, closing at 20.30, with a trading volume of 155,500 shares and a transaction value of 319 million [2] - The overall net capital outflow from the refining and trading sector was 440 million, while retail investors saw a net inflow of 253 million [2] - The capital flow analysis indicated that Hengli Petrochemical had a net outflow of 29.23 million from institutional investors, while Baomo Co. had a net inflow of 6.43 million [3]