股票简称：恒逸石化 股票代码：000703 恒逸石化股份有限公司 第七期员工持股计划（草案） 二零二六年一月 恒逸石化股份有限公司第七期员工持股计划（草案） 声明 本公司及董事会全体成员保证本次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。 1 恒逸石化股份有限公司第七期员工持股计划（草案） 风险提示 （一）恒逸石化股份有限公司（以下简称"恒逸石化""公司""本公司"） 第七期员工持股计划须经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； （二）本员工持股计划设立后将由公司持股计划管理委员会管理，但能否达 到计划规模、目标存在不确定性； （三）有关本员工持股计划的具体的资金来源、出资金额、实施方案等属初 步结果，能否完成实施，存在不确定性； （四）若员工认购资金较低时，本员工持股计划存在不成立的风险；若员工 出资额不足，本员工持股计划存在低于预计规模的风险； （五）敬请广大投资者谨慎决策，注意投资风险。 恒逸石化股份有限公司第七期员工持股计划（草案） 特别提示 1 本部分内容中的词语检查 ...

证券代码：000703 证券简称：恒逸石化 公告编号：2026-004 恒逸石化股份有限公司 第十二届董事会第二十九次会议决议公告 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。 一、董事会会议召开情况 恒逸石化股份有限公司（以下简称"公司"或"恒逸石化"）第十二届董事 会第二十九次会议通知于 2026 年 1 月 19 日以通讯、网络或其他方式送达公司全 体董事，并于 2026 年 1 月 22 日以现场加通讯方式召开。本次会议应出席董事 9 人，实际出席董事 9 人。 会议由董事长邱奕博先生主持，本次董事会会议的召开符合《中华人民共和 国公司法》等法律、行政法规、部门规章、规范性文件及《恒逸石化股份有限公 司章程》的有关规定。 二、董事会会议审议情况 经与会董事认真审议，充分讨论，以记名投票方式逐项表决，会议审议通过 了以下议案： 1、审议通过《关于以集中竞价交易方式回购股份方案（第六期）的议案》 同意公司以集中竞价交易方式回购公司股份（第六期），回购的股份将用于 实施员工持股计划或股权激励。方案具体内容详见公司于 2026 年 1 月 23 日刊登 在巨 ...

Group 1 - The core viewpoint of the report emphasizes that the petrochemical cycle is on an upward trend, driven by three main conditions: rising oil prices from the bottom, supply-side capacity clearance, and demand-side stimulation through a loose monetary environment [1][2] - The report predicts that by 2025, oil prices will stabilize at around $50 to $60 per barrel, nearing historical lows, with the World Bank forecasting moderate GDP growth in 2026 and 2027 [1][2] - The report highlights that the reduction in capital expenditure and the clearance of outdated capacity will be key drivers for the improvement of the cycle, with China's refining enterprises expected to see a significant convergence in the ratio of capital expenditure to depreciation starting in 2024 [1][2] Group 2 - The "anti-involution" policy is effectively controlling capacity, with the government setting a cap of 1 billion tons on refining capacity, signaling the end of the expansion cycle [2] - The report notes that the price spread between naphtha and ethylene has dropped to its lowest point in November 2025, but has since recovered, indicating a positive price transmission mechanism in the industry [2] - The report anticipates that global oil supply and demand will improve in 2026, with Brent crude oil prices expected to fluctuate between $55 and $75 per barrel, benefiting refining profitability [2] Group 3 - The report discusses the increasing influence of China's petrochemical sector on the global stage, as high energy prices in Europe have led to capacity clearance among Western chemical companies, creating a trend of "West retreating and East advancing" [3] - China's private refining enterprises are showing strong profitability resilience and are expected to continue outperforming international petrochemical leaders [3] - The report suggests that the valuation of leading private refining companies in China is at a relative low point, with potential for significant valuation increases if return on equity (ROE) improves [3]

Group 1 - The refining and trading sector increased by 1.65% on January 20, with Bohai Chemical leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Key stocks in the refining and trading sector showed significant price increases, with Bohai Chemical rising by 7.56% to a closing price of 4.84, and Hengli Petrochemical increasing by 6.62% to 26.74 [1] Group 2 - The refining and trading sector saw a net inflow of 1.09 billion yuan from main funds, while retail investors experienced a net outflow of 2.73 billion yuan [2] - Major stocks like Hengli Petrochemical had a net inflow of 1.92 billion yuan from main funds, indicating strong institutional interest [3] - Retail investors showed a negative sentiment towards several stocks, with significant outflows from companies like ST Shenhua and Hengyi Petrochemical [3]

Group 1 - Hengyi Petrochemical's stock increased by 5.05%, reaching 11.65 CNY per share, with a trading volume of 649 million CNY and a turnover rate of 1.62%, resulting in a total market capitalization of 41.971 billion CNY [1] - The company, established on August 13, 1996, and listed on March 28, 1997, is located in Hangzhou, Zhejiang Province, and its main business includes investments in the petrochemical industry, non-ferrous metals, building materials, and logistics services [1] - The revenue composition of Hengyi Petrochemical includes: polyester yarn (45.28%), refining products (24.58%), chemical products (9.93%), supply chain services (7.17%), chips (6.27%), PTA (5.36%), and PIA (1.41%) [1] Group 2 - According to data, a fund under Shenwan Hongyuan holds a significant position in Hengyi Petrochemical, with the Multi-Strategy Flexible Allocation A fund (001148) owning 12.6221 million shares, accounting for 5.33% of the fund's net value, making it the fourth-largest holding [2] - The Multi-Strategy Flexible Allocation A fund was established on March 31, 2015, with a current scale of 286 million CNY, and has achieved a year-to-date return of 4.46%, ranking 4706 out of 8848 in its category [2] - The fund has a one-year return of 39.32%, ranking 3211 out of 8093, and a cumulative return since inception of 189.35% [2] Group 3 - The fund manager of Multi-Strategy Flexible Allocation A is Liang Guozhu, who has been in the position for 3 years and 73 days, with a total asset scale of 1.826 billion CNY and a best return of 59.32% during his tenure [3] - The co-manager, Gao Fu, has been in the role for 307 days, managing assets totaling 1.557 billion CNY, with a best return of 20.24% during his tenure [3]

Group 1 - The refining and trading sector increased by 1.46% on January 19, with Bohai Chemical leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] - Key stocks in the refining and trading sector showed significant price increases, with Bohai Chemical rising by 10.02% to a closing price of 4.50 [1] Group 2 - The main capital flow in the refining and trading sector saw a net inflow of 562 million yuan, while retail investors experienced a net outflow of 475 million yuan [2] - Notable stock performances included Hengli Petrochemical, which rose by 6.91% to a closing price of 25.08, and Runbei Hangke, which increased by 6.04% to 42.13 [1][2] - The trading volume for Bohai Chemical reached 956,500 shares, contributing to a transaction value of 413 million yuan [1]

Group 1 - The price spread for domestic key refining projects this week is 2439 CNY/ton, down 102 CNY/ton (4% decrease) compared to the previous week [1] - The price spread for foreign key refining projects this week is 1102 CNY/ton, down 58 CNY/ton (5% decrease) compared to the previous week [1] - The average PX price this week is 893.7 USD/ton, up 3.0 USD/ton compared to the previous week, with a price spread against crude oil of 422.9 USD/ton, down 18.1 USD/ton [2] Group 2 - The average prices for POY, FDY, and DTY in the polyester sector this week are 6657 CNY/ton, 6879 CNY/ton, and 7779 CNY/ton, respectively, with week-on-week increases of 107 CNY/ton, 129 CNY/ton, and 29 CNY/ton [1] - The weekly average profits for POY, FDY, and DTY are -61 CNY/ton, -179 CNY/ton, and -179 CNY/ton, with week-on-week changes of +79 CNY/ton, +93 CNY/ton, and +27 CNY/ton [1] - The inventory levels for POY, FDY, and DTY are 12.8 days, 17.4 days, and 23.2 days, with week-on-week changes of +1.1 days, -2.1 days, and -1.4 days [1] - The operating rate for long filaments is 90.3%, with a week-on-week increase of 0.1 percentage points [1]

Group 1 - The price spread for domestic key refining projects this week is 2439 CNY/ton, a decrease of 102 CNY/ton (down 4%) compared to the previous week [1] - The price spread for foreign key refining projects this week is 1102 CNY/ton, a decrease of 58 CNY/ton (down 5%) compared to the previous week [1] - The average price of PX this week is 893.7 USD/ton, an increase of 3.0 USD/ton compared to the previous week, with a price spread against crude oil of 422.9 USD/ton, a decrease of 18.1 USD/ton [2] Group 2 - The average prices for POY, FDY, and DTY in the polyester sector this week are 6657 CNY/ton, 6879 CNY/ton, and 7779 CNY/ton, with increases of 107 CNY/ton, 129 CNY/ton, and 29 CNY/ton respectively compared to the previous week [1] - The weekly average profits for POY, FDY, and DTY are -61 CNY/ton, -179 CNY/ton, and -179 CNY/ton, with increases of 79 CNY/ton, 93 CNY/ton, and 27 CNY/ton respectively compared to the previous week [1] - The inventory levels for POY, FDY, and DTY are 12.8 days, 17.4 days, and 23.2 days, with changes of +1.1 days, -2.1 days, and -1.4 days respectively compared to the previous week [1] Group 3 - The operating rate for long filaments is 90.3%, an increase of 0.1 percentage points compared to the previous week [1] - Domestic refined oil prices for gasoline, diesel, and aviation kerosene have decreased this week [2] - In the US, gasoline, diesel, and aviation kerosene prices have increased this week [2] Group 4 - Relevant listed companies in the private refining and polyester filament sector include Hengli Petrochemical (600346), Rongsheng Petrochemical (002493), Hengyi Petrochemical (000703), Tongkun Co., Ltd. (601233), and Xin Fengming (603225) [2]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The cost - end of polyester has strong support, and leading filament producers announced further production cuts. The domestic key large - scale refining and chemical projects' spread this week is 2439 yuan/ton, a week - on - week decrease of 102 yuan/ton (- 4%); the foreign key large - scale refining and chemical projects' spread is 1102 yuan/ton, a week - on - week decrease of 58 yuan/ton (- 5%) [2]. - In the polyester sector, the weekly average prices of POY/FDY/DTY are 6657/6879/7779 yuan/ton respectively, with week - on - week increases of 107/129/29 yuan/ton. The weekly average profits are - 61/- 179/- 179 yuan/ton respectively, with week - on - week increases of 79/93/27 yuan/ton. The inventory levels are 12.8/17.4/23.2 days respectively, with week - on - week changes of + 1.1/- 2.1/- 1.4 days. The filament operating rate is 90.3%, a week - on - week increase of 0.1 pct [2]. - In the refining sector, domestic refined oil prices (gasoline, diesel, and jet fuel) declined this week, while US refined oil prices (gasoline, diesel, and jet fuel) increased [2]. - In the chemical sector, the average PX price this week is 893.7 dollars/ton, a week - on - week increase of 3.0 dollars/ton. The spread compared to crude oil is 422.9 dollars/ton, a week - on - week decrease of 18.1 dollars/ton. The PX operating rate is 90.5%, a week - on - week increase of 1.6 pct [2]. 3. Summary by Directory 1. Big Refining and Chemical Weekly Data Briefing 3.1. Six Private Refining and Chemical Companies' Performance - **Stock price changes**: As of January 16, 2026, the petroleum and petrochemical index had a 1 - week change of - 0.3%, a 1 - month change of 8.3%, a 3 - month change of 13.1%, a 1 - year change of 15.1%, and a change of 11.7% since the beginning of 2025. Among private refining and chemical companies, Rongcheng Petrochemical had corresponding changes of 0.3%, 23.2%, 21.3%, 31.4%, and 30.0%; Hengli Petrochemical had 1.0%, 24.3%, 39.0%, 63.8%, and 58.4%; Hengyi Petrochemical had - 0.3%, 27.1%, 58.0%, 72.1%, and 68.0%; Tongkun Co., Ltd. had 4.2%, 27.8%, 35.2%, 55.6%, and 57.5%; Xin Fengming had 3.1%, 26.8%, 34.4%, 76.8%, and 88.1% [8]. - **Profit forecasts**: For 2024A - 2027E, Hengli Petrochemical's归母 net profit is expected to be 7.0, 8.0, 9.3, and 10.7 billion yuan respectively; Rongcheng Petrochemical's is expected to be 7, 19, 29, and 41 billion yuan respectively; Xin Fengming's is expected to be 1.1, 1.1, 1.7, and 2.3 billion yuan respectively; Tongkun Co., Ltd.'s is expected to be 1.2, 2.0, 3.5, and 4.0 billion yuan respectively; Hengyi Petrochemical's is expected to be 2, 4, 7, and 8 billion yuan respectively [8]. 3.2. Oil Prices and Refining and Chemical Spreads - **International crude oil**: The average price of Brent crude oil this week is 64.5 dollars/barrel, a week - on - week increase of 2.9 dollars/barrel (4.7%), and a year - on - year decrease of 20.2%. In yuan/ton, it is 3300.5 yuan/ton, a week - on - week increase of 143.4 yuan/ton (4.5%), and a year - on - year decrease of 22.2%. The average price of WTI crude oil is 60.0 dollars/barrel, a week - on - week increase of 2.2 dollars/barrel (3.8%), and a year - on - year decrease of 23.5%. In yuan/ton, it is 3085.1 yuan/ton, a week - on - week increase of 108.5 yuan/ton (3.6%), and a year - on - year decrease of 25.4% [8]. - **Refining and chemical spreads**: The spread of domestic refining and chemical projects this week is 2438.8 yuan/ton, a week - on - week decrease of 102.3 yuan/ton (- 4.0%) and a year - on - year increase of 3.1%. The spread of foreign refining and chemical projects is 1102.2 yuan/ton, a week - on - week decrease of 58.4 yuan/ton (- 5.0%) and a year - on - year increase of 19.6% [8]. 3.3. Polyester Sector - **Upstream products**: PX average price is 893.7 dollars/ton, a week - on - week increase of 3.0 dollars/ton, with a spread of 422.9 dollars/ton compared to crude oil, a week - on - week decrease of 18.1 dollars/ton, and an operating rate of 90.5%, a week - on - week increase of 1.6 pct; MEG average price is 3699.3 yuan/ton, a week - on - week increase of 17.1 yuan/ton, with a spread of 398.8 yuan/ton, a week - on - week decrease of 126.3 yuan/ton, inventory of 73.3 tons, a week - on - week increase of 5.0 tons, and an operating rate of 64.9%, a week - on - week increase of 0.3 pct; PTA average price is 5047.1 yuan/ton, a week - on - week decrease of 20.7 yuan/ton, with a single - ton net profit of - 160.9 yuan/ton, a week - on - week decrease of 19.9 yuan/ton, inventory of 3.6 days, no week - on - week change, and an operating rate of 77.4%, a week - on - week increase of 2.3 pct [10]. - **Polyester filaments**: POY average price is 6657.1 yuan/ton, a week - on - week increase of 107.1 yuan/ton, with a single - ton net profit of - 60.5 yuan/ton, a week - on - week increase of 79.1 yuan/ton, and inventory of 12.8 days, a week - on - week increase of 1.1 days; FDY average price is 6878.6 yuan/ton, a week - on - week increase of 128.6 yuan/ton, with a single - ton net profit of - 179.0 yuan/ton, a week - on - week increase of 93.3 yuan/ton, inventory of 17.4 days, a week - on - week decrease of 2.1 days, an operating rate of 90.3%, a week - on - week increase of 0.1 pct, and a sales - to - production ratio of 68.4%, a week - on - week increase of 19.7 pct; DTY average price is 7778.6 yuan/ton, a week - on - week increase of 28.6 yuan/ton, with a single - ton net profit of - 179.0 yuan/ton, a week - on - week increase of 26.9 yuan/ton, and inventory of 23.2 days, a week - on - week decrease of 1.4 days [10]. - **Short fibers and bottle chips**: Polyester short - fiber average price is 6512.9 yuan/ton, a week - on - week decrease of 20.0 yuan/ton, with a single - ton net profit of 9.7 yuan/ton, a week - on - week decrease of 5.3 yuan/ton, inventory of 5.9 days, a week - on - week decrease of 0.1 days, an operating rate of 90.7%, a week - on - week increase of 1.3 pct, and a sales - to - production ratio of 63.1%, a week - on - week increase of 4.9 pct. Polyester bottle - chip average price is 6098.6 yuan/ton, a week - on - week increase of 68.6 yuan/ton, with a single - ton net profit of - 132.6 yuan/ton, a week - on - week increase of 53.5 yuan/ton [10]. - **Downstream products**: The inventory of weaving is 28.2 tons, a week - on - week increase of 0.7 tons, and the operating rate is 54.9%, a week - on - week decrease of 3.0 pct [10]. 3.4. Refining Sector - **China**: Gasoline average price is 146.5 dollars/barrel, a week - on - week decrease of 0.3 dollars/barrel, with a spread of 82.0 dollars/barrel, a week - on - week decrease of 3.2 dollars/barrel; in yuan/ton, it is 7526.1 yuan/ton, a week - on - week decrease of 25.4 yuan/ton, with a spread of 4225.6 yuan/ton, a week - on - week decrease of 168.8 yuan/ton. Diesel average price is 123.3 dollars/barrel, a week - on - week decrease of 1.2 dollars/barrel, with a spread of 58.8 dollars/barrel, a week - on - week decrease of 4.1 dollars/barrel; in yuan/ton, it is 6334.6 yuan/ton, a week - on - week decrease of 70.7 yuan/ton, with a spread of 3034.1 yuan/ton, a week - on - week decrease of 214.1 yuan/ton. Jet fuel average price is 102.1 dollars/barrel, a week - on - week decrease of 0.1 dollars/barrel, with a spread of 37.6 dollars/barrel, a week - on - week decrease of 3.0 dollars/barrel; in yuan/ton, it is 5246.8 yuan/ton, a week - on - week decrease of 11.8 yuan/ton, with a spread of 1946.3 yuan/ton, a week - on - week decrease of 155.2 yuan/ton [10]. - **US**: Gasoline average price is 75.7 dollars/barrel, a week - on - week increase of 3.0 dollars/barrel, with a spread of 11.2 dollars/barrel, a week - on - week increase of 0.1 dollars/barrel; in yuan/ton, it is 3873.7 yuan/ton, a week - on - week increase of 148.6 yuan/ton, with a spread of 573.1 yuan/ton, a week - on - week increase of 5.2 yuan/ton. Diesel average price is 92.5 dollars/barrel, a week - on - week increase of 3.5 dollars/barrel, with a spread of 28.0 dollars/barrel, a week - on - week increase of 0.6 dollars/barrel; in yuan/ton, it is 4731.1 yuan/ton, a week - on - week increase of 171.2 yuan/ton, with a spread of 1430.6 yuan/ton, a week - on - week increase of 27.8 yuan/ton. Jet fuel average price is 82.0 dollars/barrel, a week - on - week increase of 3.3 dollars/barrel, with a spread of 17.5 dollars/barrel, a week - on - week increase of 0.4 dollars/barrel; in yuan/ton, it is 4198.0 yuan/ton, a week - on - week increase of 162.0 yuan/ton, with a spread of 897.5 yuan/ton, a week - on - week increase of 18.5 yuan/ton [10]. - **Europe**: Gasoline average price is 84.9 dollars/barrel, a week - on - week increase of 1.3 dollars/barrel, with a spread of 20.4 dollars/barrel, a week - on - week decrease of 1.6 dollars/barrel; in yuan/ton, it is 4362.3 yuan/ton, a week - on - week increase of 59.5 yuan/ton, with a spread of 1061.8 yuan/ton, a week - on - week decrease of 83.9 yuan/ton. Diesel average price is 86.6 dollars/barrel, a week - on - week increase of 3.0 dollars/barrel, with a spread of 22.1 dollars/barrel, a week - on - week increase of 0.1 dollars/barrel; in yuan/ton, it is 4449.7 yuan/ton, a week - on - week increase of 148.6 yuan/ton, with a spread of 1149.2 yuan/ton, a week - on - week increase of 5.2 yuan/ton. Jet fuel average price is 98.5 dollars/barrel, a week - on - week increase of 4.0 dollars/barrel, with a spread of 34.0 dollars/barrel, a week - on - week increase of 1.1 dollars/barrel; in yuan/ton, it is 5061.2 yuan/ton, a week - on - week increase of 200.5 yuan/ton, with a spread of 1760.7 yuan/ton, a week - on - week increase of 57.1 yuan/ton [10]. - **Singapore**: Gasoline average price is 71.8 dollars/barrel, a week - on - week increase of 1.3 dollars/barrel, with a spread of 7.4 dollars/barrel, a week - on - week decrease of 1.5 dollars/barrel; in yuan/ton, it is 3673.8 yuan/ton, a week - on - week increase of 62.2 yuan/ton, with a spread of 373.3 yuan/ton, a week - on - week decrease of 81.2 yuan/ton. Diesel average price is 81.1 dollars/barrel, a week - on - week increase of 2.8 dollars/barrel, with a spread of 16.6 dollars/barrel, a week - on - week decrease of 0.1 dollars/barrel; in yuan/ton, it is 4147.7 yuan/ton, a week - on - week increase of 136.0 yuan/ton, with a spread of 847.2 yuan/ton, a week - on - week decrease of 7.5 yuan/ton. Jet fuel average price is 82.6 dollars/barrel, a week - on - week increase of 2.0 dollars/barrel, with a spread of 18.2 dollars/barrel, a week - on - week decrease of 0.9 dollars/barrel; in yuan/ton, it is 4228.6 yuan/ton, a week - on - week increase of 95.6 yuan/ton, with a spread of 928.1 yuan/ton, a week - on - week decrease of 47.8 yuan/ton [10]. 3.5. Chemical Products Sector - **EVA**: EVA photovoltaic material average price is 9400 yuan/ton, a week - on - week increase of 250 yuan/ton, with a spread of 6099 yuan/ton, a week - on - week increase of 107 yuan/ton; EVA foaming material average price is 9300 yuan/ton, a week - on - week increase of 100 yuan/ton, with a spread of 5999 yuan/ton, a week - on - week decrease of 43 yuan/ton [10]. - **Polyethylene**: LDPE average price is 9207 yuan/ton, a week - on - week increase of 207 yuan/

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].