Group 1 - The core viewpoint of the news highlights the significant growth of the Tianhong Chemical ETF (159133), which has seen a substantial increase in both subscription and trading prices, reaching a new high since its listing [1] - As of December 19, the Tianhong Chemical ETF has experienced a week-on-week scale growth of 433.14 million yuan and an increase of 27 million shares, indicating strong investor interest [1] - The underlying index tracked by the Tianhong Chemical ETF focuses on the Chinese chemical industry, covering various sub-sectors such as chemical raw materials and manufacturing, aiming to capture companies with growth potential and innovation capabilities [1] Group 2 - The domestic PTA (Purified Terephthalic Acid) industry is projected to see a year-on-year capacity growth of 6.23% by 2025, driven by the release of new capacity, the exit of outdated facilities, and optimization of existing capacity [2] - A meeting held on October 29 by the Ministry of Industry and Information Technology and industry associations marked a pivotal shift for the PTA industry from "involution competition" to "high-quality development" [2] - According to institutional views, the chemical industry is currently at the bottom of its cycle, with policies aimed at reducing involution and self-regulation expected to lead to a revaluation of undervalued core assets [2]

数据显示，截至2025年11月28日，中证细分化工产业主题指数(000813)前十大权重股分别为万华化学 (600309)、盐湖股份(000792)、天赐材料(002709)、藏格矿业(000408)、巨化股份(600160)、华鲁恒升 (600426)、多氟多(002407)、恒力石化(600346)、宝丰能源(600989)、云天化(600096)，前十大权重股合 计占比45.41%。 化工ETF(159870)，场外联接(A：014942；C：014943；I：022792)。 MACD金叉信号形成，这些股涨势不错！ 机构指出，PX/PTA产品库存均已到近三年新低，且PX/PTA产品价格价差均处于历史低位水平，大概率 迎来反转行情。26年原油供给过剩预计将会持续，甚至会迎来史无前例的过剩400万桶/天。大炼化原料 成本有望走低，而国内涤纶长丝，PX等产品由于库存下降等原因价格继续走低可能性较小。因此产品 价差有望扩大。 根据2024年公司年报披露，恒力石化拥有PX520万吨、PTA1660万吨，荣盛石化拥有PX1070万吨、 PTA2180万吨，东方盛虹拥有PX280万吨，恒逸石化拥有PX265万吨、P ...

东吴证券近日发布大炼化周报：国内重点大炼化项目本周价差为2674元/吨，环比+104元/吨（环比 +4%）；国外重点大炼化项目本周价差为1305元/吨，环比-24元/吨（环比-2%）。本周PX均价为838.6美 元/吨，环比+1.7美元/吨，较原油价差为400.0美元/吨，环比+15.7美元/吨，PX开工率为89.2%，环比 +0.0pct。 以下为研究报告摘要： 【相关上市公司】民营大炼化&涤纶长丝：恒力石化、荣盛石化、恒逸石化、桐昆股份、新凤鸣。 投资要点 【风险提示】1）项目实施进度不及预期；2）宏观经济增速下滑，导致需求复苏弱于预期；3）地缘风 险演化导致原材料价格波动；4）行业产能发生重大变化；5）统计口径及计算误差。（东吴证券 陈淑 娴,周少玟） 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2674元/吨，环比+104元/吨（环比 +4%）；国外重点大炼化项目本周价差为1305元/吨，环比-24元/吨（环比-2%）。 【聚酯板块】本周POY/FDY/DTY行业均价分别为6293/6536/7686元/吨，环比分别-111/-125/-61元/吨， POY/FDY/DTY行业周均利润为 ...

Summary of Key Points from Conference Call Records Industry Overview Fiberglass Industry - Mid-to-high-end fiberglass yarn prices are on an upward trend, with multiple companies issuing price increase notices. Wind power yarn sales have seen significant growth, and demand from the new energy vehicle sector remains positive. Together, these factors are expected to drive the demand for mid-to-high-end yarns, contributing significantly to performance by 2026 [1][2] - The electronic fabric business benefits from PCB product price increases, leading to improved profitability. The company anticipates a growth in sales volume, and if unit profitability meets expectations, this segment will also contribute significantly to performance. High-end specialty electronic fabric development is progressing steadily, which may further enhance valuation [1][2] Coal Industry - Thermal coal prices are affected by tightening supply and low demand, with a potential for stabilization and recovery in the short term. Coking coal prices remain weak due to limited demand from steel mills, with prices expected to maintain a weak and stable trend [1][4] - The coal-electricity integration sector has few benchmark enterprises due to high policy approval thresholds. Companies with clear platform positioning and a timeline for asset injection are of particular interest, such as China Shenhua and Huaihe Energy [1][6] Real Estate Industry - The real estate sector is under significant downward pressure, with declines in sales, construction starts, completions, and development investment growth rates. Major real estate companies face liquidity risks that could spread, necessitating faster implementation of existing policies to support financing [1][7][8] - Despite pessimistic market expectations, the current environment has cleared some market positions, and fundamentally sound leading state-owned enterprises may still present investment opportunities [1][11] Company-Specific Insights China Jushi - China Jushi is expected to have substantial market capitalization growth by 2026, driven by price increases in mid-to-high-end fiberglass products and electronic fabrics. The company anticipates a balanced supply-demand scenario with no downward price pressure [2][3] - Projected sales for fiberglass yarn in 2026 are estimated to reach 3.3 to 3.4 million tons, with net profit per ton expected to increase to 900-1,000 RMB, contributing approximately 3 to 3.4 billion RMB to performance. The electronic fabric segment is also expected to contribute around 1.1 billion RMB, leading to a total performance estimate of 4 to 4.5 billion RMB [3] Hengyi Petrochemical - Hengyi Petrochemical has a comprehensive global layout from refining to chemical fiber production, with key assets including the Brunei refining project and significant PTA and polyester production capacities. The company is well-positioned to benefit from favorable market conditions and is expanding its waste textile recycling projects [1][12] - The Brunei project is particularly noteworthy due to the strong global cracking price differentials, which have been supported by geopolitical events affecting Russian refining capacity. This is expected to enhance the profitability of Hengyi's operations [1][12] Additional Considerations - The coal market is experiencing a tightening supply trend, with production adjustments and low demand affecting pricing dynamics. Future price stabilization will depend on various factors, including export tariffs and production costs [4][5] - The real estate sector's ongoing challenges necessitate policy support to improve liquidity and stimulate demand, with a focus on expediting existing measures such as loan interest subsidies [9][10]

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View of the Report The report focuses on the weekly data of the large refining and chemical industry, showing that the cost - side support has weakened and filament prices have declined. It also analyzes the price, profit, inventory, and other indicators of different sectors such as refining, polyester, and chemicals, and tracks the performance and profit forecasts of relevant listed companies [1][2]. 3. Summary According to Relevant Catalogs 3.1 Big Refining Weekly Data Briefing - **Stock Price and Market Value of Listed Companies**: The report tracks the stock price changes of six major private refining and chemical companies in the past week, month, three - month, one - year, and from the beginning of 2025 to the present. For example, the oil and petrochemical index rose 1.6% in the past week, while Rongcheng Petrochemical rose 5.1%. It also provides the stock price, total market value, and profit forecasts of these companies from 2024A to 2027E [7]. - **Oil Price and Refining Spread**: The average price of Brent crude oil this week was $60.1 per barrel, a decrease of $1.9 ( - 3.1%) compared to the previous week, and a decrease of 18.4% compared to the same period last year. The average price of WTI crude oil was $56.3 per barrel, a decrease of $2.0 ( - 3.4%) compared to the previous week, and a decrease of 20.1% compared to the same period last year. The spread of domestic refining projects this week was 2,673.8 yuan/ton, an increase of 104.3 yuan/ton (4.1%) compared to the previous week, and an increase of 6.7% compared to the same period last year. The spread of foreign refining projects was 1,305.4 yuan/ton, a decrease of 23.6 yuan/ton ( - 1.8%) compared to the previous week, and an increase of 26.5% compared to the same period last year [7]. - **Polyester Sector**: The average prices of POY, FDY, and DTY in the industry this week were 6,292.9 yuan/ton, 6,535.7 yuan/ton, and 7,685.7 yuan/ton respectively, with week - on - week decreases of 110.7 yuan/ton, 125.0 yuan/ton, and 60.7 yuan/ton. The weekly average profits were - 58.4 yuan/ton, - 162.7 yuan/ton, and 3.2 yuan/ton respectively, with week - on - week decreases of 75.4 yuan/ton, 84.9 yuan/ton, and 42.2 yuan/ton. The inventory days were 19.0 days, 24.3 days, and 24.9 days respectively, with week - on - week increases of 2.3 days, 2.1 days, and 1.0 days. The filament operating rate was 89.1%, a decrease of 0.7 percentage points compared to the previous week [2][8]. - **Refining Sector**: The prices of gasoline, diesel, and jet fuel in China and the United States decreased this week [2]. - **Chemical Sector**: The average price of PX this week was $838.6 per ton, an increase of $1.7 compared to the previous week, and the spread compared to crude oil was $400.0 per ton, an increase of $15.7 compared to the previous week. The PX operating rate was 89.2%, unchanged from the previous week [2]. 3.2 Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: The report may show the trends of the big refining index and project spreads, but specific data and analysis are not detailed in the provided text, only the titles of relevant charts are given [10][11]. - **2.2 Polyester Sector**: It mainly analyzes the price, profit, inventory, operating rate, and sales - to - production ratio of various products in the polyester sector, including PX, PTA, MEG, POY, FDY, DTY, polyester staple fiber, polyester bottle chips, etc. For example, it studies the relationship between the price of PX and crude oil, the profit of PTA, and the inventory of filament products [22][23]. - **2.3 Refining Sector**: It is divided into domestic, US, European, and Singaporean refined oil markets, analyzing the price and spread of gasoline, diesel, and jet fuel in these regions compared to crude oil [80][92]. - **2.4 Chemical Sector**: It analyzes the price and spread of various chemical products such as EVA photovoltaic materials, pure benzene, styrene, etc., compared to crude oil [129][130].

Investment Rating - The report does not explicitly state an investment rating for the petrochemical industry, but it provides insights into price trends and market conditions that could influence investment decisions. Core Insights - The report highlights that the downstream stocking demand for winter is nearing its end, with polyester filament experiencing slight inventory accumulation [1]. - Domestic key refining project price spread is reported at 2540.74 CNY/ton, with a week-on-week increase of 7.17 CNY/ton (0.28%), while the international price spread is at 1303.62 CNY/ton, showing a decrease of 27.50 CNY/ton (-2.07%) [2][3]. - Brent crude oil's average price for the week ending December 19, 2025, is noted at 60.08 USD/barrel, reflecting a week-on-week decline of 3.10% [2]. Refining Sector Summary - The report discusses geopolitical factors affecting oil prices, including negotiations between Ukraine and the U.S. and sanctions on Venezuelan oil, which have led to fluctuations in international oil prices [2]. - Domestic refined oil prices have slightly decreased, with improvements in price spreads. The average prices for diesel, gasoline, and aviation kerosene are reported as 6625.29 CNY/ton, 7641.71 CNY/ton, and 5800.48 CNY/ton, respectively [15]. - The report notes that the chemical sector has seen a general decline in chemical prices, with some products experiencing smaller declines relative to cost, leading to improved price spreads [2]. Chemical Sector Summary - In the polyester sector, the report indicates that the price of PX and MEG has slightly decreased, while PTA prices remain stable. The overall price trend in the polyester industry is downward due to weak demand and increased production capacity [2]. - The report mentions that the EVA market is seeing price declines as production resumes from maintenance, with the average price reported at 9778.57 CNY/ton [50]. - The report also highlights that the price of pure benzene remains stable, while styrene prices have decreased due to weak cost support, with the average price reported at 6614.29 CNY/ton [50].

Market Overview - A-shares experienced a collective rise with nearly 4,500 stocks closing in the green, and the total trading volume in Shanghai and Shenzhen reached 1.73 trillion yuan, an increase of 704 billion yuan from the previous day [1][19][20] - The Shanghai Composite Index has shown three consecutive days of gains, recovering the 10-day and 20-day moving averages, with a key resistance level at approximately 3,912 points [1][19] Economic Indicators - Recent economic data from the US, including November's non-farm payrolls and CPI, along with Japan's central bank raising its target interest rate by 25 basis points to 0.75%, have alleviated external uncertainties for the A-share market [20] - The US CPI data has boosted market confidence, leading to increased expectations for a rate cut by the Federal Reserve in January [20][29] Sector Performance - The chemical sector continues to perform strongly, with the Chemical ETF (516020) rising by 1.75% and attracting over 2 billion yuan in net inflows over the past five trading days [4][20][25] - Key stocks in the chemical sector, such as Zangge Mining and Hangyang Co., saw significant gains, with Zangge Mining increasing by 6.56% [4][23] Investment Trends - The market is shifting focus from external factors to internal dynamics, with a notable interest in sectors benefiting from the "anti-involution" trend, particularly in chemicals and non-ferrous metals [20][22] - The Hong Kong market is also seeing a rebound, with the Hong Kong Internet ETF (513770) experiencing a net inflow of 13.3 billion yuan over the past ten days, indicating strong investor interest [20][30] Future Outlook - Analysts from Zhongyin Securities believe that the A-share market remains in an upward channel, with a transition from policy-driven momentum to profit-driven growth expected [22] - The chemical industry is anticipated to see a marginal improvement in its economic outlook, with supply-demand dynamics expected to stabilize [25][26] - The Hong Kong market is positioned for a rebound, with a focus on technology growth stocks as the market prepares for a potential upward trend [30][31]

Group 1 - The core viewpoint of the news is that Hengyi Petrochemical's stock has shown a significant increase in price this year, with a year-to-date rise of 29.11% as of December 19, while also experiencing fluctuations in recent trading days [1] - As of September 30, 2025, Hengyi Petrochemical reported a total 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, reflecting a slight increase of 0.08% [2] - The company has a diverse revenue structure, with the main business income composition being: polyester yarn (45.28%), refined oil 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 - As of September 30, 2025, the number of shareholders for Hengyi Petrochemical was 37,900, a decrease of 6.30% from the previous period, while the average circulating shares per person increased by 4.86% to 94,475 shares [2] - The company has distributed a total of 5.617 billion yuan in dividends since its A-share listing, with 504 million yuan distributed over the past three years [3] - Among the top ten circulating shareholders, Shenwan Hongyuan Securities Co., Ltd. ranked as the seventh largest shareholder, increasing its holdings by 1.4584 million shares to 70.0378 million shares [3]

Core Insights - On December 18, 2023, brokerage firms set target prices for listed companies, with notable increases for Haiguang Information, Hengyi Petrochemical, and Aotwei, showing target price increases of 72.87%, 51.78%, and 36.98% respectively, across the semiconductor, refining and trading, and photovoltaic equipment industries [1][2]. Group 1: Target Price Increases - Haiguang Information (688041) received a target price of 350.40 yuan, reflecting a target increase of 72.87% from its latest closing price [2]. - Hengyi Petrochemical (000703) has a target price of 11.96 yuan, indicating a target increase of 51.78% [2]. - Aotwei (688516) was assigned a target price of 59.64 yuan, with a target increase of 36.98% [2]. Group 2: Brokerage Recommendations - A total of 24 listed companies received brokerage recommendations on December 18, with Zhongjin Company, Yanjin Food, and China Duty Free each receiving two recommendations [4]. - Zhongjin Company (601995) had a closing price of 36.18 yuan and received recommendations from 2 brokerages [6]. - Yanjin Food (002847) closed at 71.02 yuan, also with 2 brokerage recommendations [6]. - China Duty Free (601888) had a closing price of 76.50 yuan and received 2 recommendations [6]. Group 3: Initial Coverage Ratings - On December 18, brokerages provided 8 initial coverage ratings, with Sanxia Tourism receiving an "Accumulate" rating from Guotai Junan Securities [8]. - Libat (605167), Times New Materials (600458), and Xinyangfeng (000902) received "Accumulate" and "Buy" ratings from Dongbei Securities [8]. - Nami Technology (688690) was rated "Accumulate" by Western Securities [8].

Core Viewpoint - Hengyi Petrochemical's stock price fell significantly despite the announcement of a major share buyback by its controlling shareholder, raising questions about market sentiment and investor confidence [3][5]. Group 1: Share Buyback Announcement - Hengyi Petrochemical's controlling shareholder, Zhejiang Hengyi Group, announced a share buyback of approximately 1.22 billion shares for about 10 billion yuan, while its affiliate, Hangzhou Hengyi Investment, bought around 47.84 million shares for 3.94 billion yuan, totaling nearly 14 billion yuan [4][5]. - Following the announcement, Hengyi Petrochemical's stock price dropped by over 9% on the first trading day, closing down 8.02% [5]. Group 2: Employee Stock Ownership Plans - The fourth phase of Hengyi Petrochemical's employee stock ownership plan sold approximately 1.14 billion shares at a significant loss, having initially purchased them at an average price of 12.25 yuan per share [7]. - The total investment in the employee stock ownership plans was close to 20 billion yuan, while the recent sales amounted to less than 14 billion yuan, indicating substantial losses for the employees involved [7][8]. Group 3: Market Performance and Financials - Hengyi Petrochemical's stock price has been underperforming, with the lowest price during 2022-2023 being around 30% of its peak price in 2021 [5][10]. - The company's net profits have declined significantly from over 30 billion yuan annually during its peak years (2019-2021) to negative 10.8 billion yuan in 2022, followed by modest profits of 4.35 billion yuan and 2.34 billion yuan in 2023 [10].