南财智讯12月15日电，恒逸石化公告，2025年12月15日，信息披露义务人浙江恒逸集团有限公司（简 称"恒逸集团"）及其一致行动人杭州恒逸投资有限公司（简称"恒逸投资"）通过深圳证券交易所大宗交 易方式增持公司股份。其中，恒逸集团增持122,199,485股，恒逸投资增持47,841,104股，合计增持 170,040,589股，增持价格均为8.23元/股。本次权益变动完成后，恒逸集团及其一致行动人合计持有公 司股份1,981,309,624股，占公司总股本比例由50.28%上升至55.00%。此次增持未导致公司实际控制人发 生变化，控制权进一步增强。截至报告签署日，上述股东累计质押股份184,050,000股，占其持股总数的 9.29%。此外，信息披露义务人披露未来12个月内拟继续增持，合计增持金额不低于15亿元且不高于25 亿元，增持价格不超过10元/股。 ...

证券代码：000703 证券简称：恒逸石化 公告编号：2025-114 恒逸石化股份有限公司 关于公司控股股东及附属企业之部分员工信托计划 股票出售完毕暨终止的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本信托计划的持股情况概述 公司于 2021 年 4 月 1 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"）的通知，恒逸集团及其附属企业（除上市公司及上市公司控股 子公司外）的部分员工拟成立专项金融产品并通过二级市场购买等方式增持公司 股份（以下简称"本次增持"），本次拟增持金额合计不超过 60,000 万元。具 体内容详见公司于 2021 年 4 月 2 日在《证券时报》《上海证券报》《中国证券 报》《证券日报》及巨潮资讯网（http://www.cninfo.com.cn）上披露的《关于公 司控股股东及附属企业之部分员工成立专项金融产品增持公司股份的公告》（公 告编号：2021-030）。 二、本信托计划的实施进展情况 本信托计划通过西藏信托有限公司开立证券账户，账户名称：西藏信托有限 公司-西藏信托-泓景 29 号集合资金信 ...

证券代码：000703 证券简称：恒逸石化 公告编号：2025-113 恒逸石化股份有限公司 关于公司第四期员工持股计划股票出售完毕暨终止的公告 恒逸石化股份有限公司（以下简称"公司"）第四期员工持股计划（以下简称 "本员工持股计划"）所持有的公司股份已通过大宗交易方式全部出售完毕，根据 《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》及公司第四期员工持股计划的 相关规定，现将有关情况公告如下： 一、本员工持股计划的持股情况概述 公司分别于 2021 年 4 月 1 日召开第十一届董事会第七次会议和第十一届监 事会第五次会议、2021 年 4 月 20 日召开第二次临时股东大会，审议通过《关于 <恒逸石化股份有限公司第四期员工持股计划（草案）>及摘要的议案》《关于提 请股东大会授权董事会办理公司第四期员工持股计划相关事宜的议案》《关于< 恒逸石化股份有限公司第四期员工持股计划管理办法>的议案》等相关议案，同 意公司在股东大会通过之日起 6 个月内，通过二级市场购买等法律法规许可的方 式完成不超过 14 亿元规模恒逸石化股票的购买，授权公司 ...

两融数据显示，该股最新融资余额为16.30亿元，近5日增加4167.55万元，增幅为2.62%。（数据宝） 12月15日恒逸石化大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 4993.69 | 41098.07 | 8.23 | 0.00 | 中信证券股份有限公司杭 | 国信证券股份有限公司义 | | | | | | 州金城路证券营业部 | 乌城北路证券营业部 | | 4784.11 | 39373.23 | 8.23 | 0.00 | 东方证券股份有限公司宁 | 中信建投证券股份有限公 | | | | | | 波宝华街证券营业部 | 司北京东城分公司 | | 3211.28 | 26428.83 | 8.23 | 0.00 | 中信证券股份有限公司杭 | 国信证券股份有限公司杭 | | | | | | 州金城路证券营业部 | 州分公司 | | 3170.49 | 26 ...

刘奕麟 石化行业分析师 执业编号：S1500524040001 邮箱：liuyilin@cindasc.com [Table_ReportDate0] 2025 年 12 月 14 日 证券研究报告 行业研究——周报 [Table_ReportType] [Table_StockAndRank] 石油加工行业 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 大炼化周报：需求淡季 与成本支撑偏弱，化工品价格价差下行 本期内容提要： [Table_Author] [Table_Summary] ➢ 国内外重点炼化项目价差跟踪：截至 12 月 12 日当周，国内重点大 炼化项目价差为 2527.61 元/吨，环比变化+22.27 元/吨（+0.89%）； 国外重点大炼化项目价差为 1330.98 元/吨，环比变化-6.23 元/吨（- 0.47%）。截至 12 月 12 日 ...

Investment Direction 1: Dividend Strategy - Recommended companies include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) with an expected Brent oil price range of $60-70 per barrel in 2026 [2][3] - CNOOC is committed to maintaining a dividend payout ratio of no less than 45% from 2025 to 2027, while PetroChina benefits from domestic natural gas market reforms [2][3] Investment Direction 2: Capital Allocation to Undervalued Chemical Leaders - Recommended companies include Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng, which are expected to benefit from industry barriers related to cost, technology, and market [2][3] - The report suggests prioritizing capital allocation to chemical ETFs and leading companies as their performance is expected to stabilize [2][3] Investment Direction 3: Price Increases Driven by Downstream Demand - Traditional demand sectors such as food additives, pesticides, and fertilizers are highlighted, with companies like New Hope Liuhe and Jiangshan Chemical expected to benefit from stable growth in demand [2][3] - Emerging demand in phosphorous and fluorine chemicals is driven by the needs of new energy battery and AI cooling applications, with companies like Chuanheng Chemical and Juhua Co. being key players [2][3] Investment Direction 4: Domestic Anti-Competition Driving Price Increases - The report emphasizes the focus on large refining and chemical companies such as Hengli Petrochemical and Rongsheng Petrochemical, which are expected to benefit from anti-competitive measures in the domestic market [2][3] - The organic silicon sector is entering the end of its expansion cycle, with major companies like Sinan Silicon Material adjusting industry operating rates [2][3] - The soda ash industry is facing capacity controls and the need to phase out outdated production, with companies like Boyuan Chemical under observation [2][3] Oil Price Analysis - The report anticipates a Brent oil price range of $60-70 per barrel in 2026, with a slight oversupply expected [11][12] - OPEC+ has postponed production increases for Q1 2026, indicating a cautious approach to market conditions [11][12] - The report highlights geopolitical factors, including the ongoing Russia-Ukraine conflict and U.S.-Venezuela relations, which may impact oil supply dynamics [12][13] Three Major Oil Companies Insights - CNOOC is focused on increasing reserves and production while reducing costs, while PetroChina is benefiting from natural gas market reforms [34][36] - Sinopec is concentrating on domestic refining and chemical anti-competition developments [34][36] - The overall profitability of the three major oil companies is expected to be supported by the anticipated oil price stabilization [34][36]

来源：郑商所发布 期货日报 记者 韩乐 在国民经济的庞大版图中，PTA产业紧密连接着石油化工与化纤纺织两大关键领域。从身上所穿的衣 物，到手中使用的饮料瓶，都离不开PTA的身影。然而，长期以来价格波动一直是困扰PTA产业企业的 难题。2006年12月，我国期货市场首个化工品种——PTA期货在郑商所挂牌上市，开启了PTA产业发展 的新篇章。如今，逸盛石化有限公司（下称逸盛石化）的车船板出口保税交割顺畅落地、浙江恒逸国际 贸易有限公司（下称恒逸国贸）的基差贸易平稳运行、荣盛石化股份有限公司（下称荣盛石化）的套保 策略精准对冲风险，这都是PTA产业积极探索期现融合的生动缩影。 积极探索：套保打开企业生存窗口 "对产业来讲，从最初的不了解到后面的尝试、运用，再到现在与PTA期货深度结合，这是一个从无到 有的过程。"逸盛石化PTA销售副总经理徐际恩如是说。 徐际恩向期货日报记者表示，在2010年之前，国内PTA采购主要依赖进口，如今已转变为净出口，反映 出行业从紧缺到充沛的演变。在此过程中，逸盛石化作为行业最大的供应商，也在市场变化中不断寻找 出路。 记者了解到，国内PTA行业以民营企业为主，基本上是从下游纺织企业逐步 ...

在国民经济的庞大版图中，PTA产业紧密连接着石油化工与化纤纺织两大关键领域。从身上所穿的衣 物，到手中使用的饮料瓶，都离不开PTA的身影。然而，长期以来价格波动一直是困扰PTA产业企业的 难题。2006年12月，我国期货市场首个化工品种——PTA期货在郑商所挂牌上市，开启了PTA产业发展 的新篇章。如今，逸盛石化有限公司（下称逸盛石化）的车船板出口保税交割顺畅落地、浙江恒逸国际 贸易有限公司（下称恒逸国贸）的基差贸易平稳运行、荣盛石化股份有限公司（下称荣盛石化）的套保 策略精准对冲风险，这都是PTA产业积极探索期现融合的生动缩影。 积极探索：套保打开企业生存窗口 具体来看，在锁定利润方面，当PTA加工费低迷，行业面临困境时，企业通过"买入原油、PX期货，卖 出PTA期货"的跨品种操作，成功锁定产业链利润。特别是在当前PTA现货加工费较低的情况下，这种 套保操作能够有效弥补企业现货端的经营亏损，助力其抵御市场波动风险。 在库存管理方面，聚酯产业链相关企业借助期货市场实现了库存结构的优化。当市场价格波动时，企业 可以通过期货市场灵活调整库存水平，降低库存成本。在成本控制上，期货市场为企业提供了更多的采 购与销售选 ...

Group 1 - Zhejiang Hengyi Group's subsidiary, Hengyi Petrochemical Research Institute, signed a cooperation agreement with Donghua Engineering Technology Co., Ltd. to develop "chemical recycling technology for waste textiles" [2][4] - The collaboration focuses on the joint development of "chemical recycling and regeneration technology for waste textiles" and "deep processing technology for waste textile recycling" [4] - Hengyi Group's new subsidiary, Hubei Hengyi Green New Materials Co., Ltd., is advancing a demonstration project with an annual capacity of 300,000 tons of recycled new materials, which is part of the group's larger plan for a million-ton green new materials layout [4] Group 2 - The partnership aims to accelerate the transformation of research results and demonstration applications, creating a comprehensive solution that covers recycling and high-value utilization [4] - The strategic approach of Hengyi Group emphasizes simultaneous progress in "technology research and development" and "industrial implementation," aiming to establish a closed-loop industrial chain from recycling technology to end products [4]

European Companies - BASF Group reported Q3 2025 sales of €15.23 billion (approximately $17.7 billion), down 3.2% year-on-year from €15.739 billion. Operating profit (EBIT) increased by 11.4% to €278 million, while net profit fell by 40% to €172 million [1] - LyondellBasell's Q3 2025 sales and other revenues were $7.727 billion, down from $8.604 billion year-on-year. The company reported a net loss of $890 million compared to a net profit of $573 million in the same period last year [2] - INEOS Group Holdings reported Q3 2025 revenue of €3.418 billion (approximately $3.97 billion), down from €4.273 billion year-on-year. Operating profit decreased to €113 million from €339 million, with a net loss of €56.5 million compared to a profit of €283 million last year [3] - Evonik Group's Q3 2025 sales were €3.391 billion (approximately $3.94 billion), down from €3.832 billion year-on-year. Adjusted EBITDA fell to €448 million from €577 million, with a net loss of €106 million compared to a net profit of €223 million [4] - Covestro reported Q3 2025 sales of €3.171 billion (approximately $3.68 billion), down 12% from €3.603 billion. EBITDA decreased by 15.7% to €242 million, with a net loss of €47 million compared to a net profit of €33 million last year [5] - DSM-Firmenich's Q3 2025 sales were €3.07 billion (approximately $3.57 billion), down 5% from €3.244 billion. Adjusted EBITDA remained stable at €540 million [6] - Sika reported Q3 2025 sales of CHF 3.078 billion (approximately $3.4 billion), down 3.8% from CHF 3.915 billion. EBITDA decreased to CHF 1.645 billion from CHF 1.702 billion, with net profit falling to CHF 871 million from CHF 923 million [8] - Henkel's Q3 2025 sales fell by 6.3% to €5.147 billion, with the adhesives technology division reporting sales of approximately $3.145 billion, down 3.3% year-on-year [9] - Arkema's Q3 2025 sales were €2.187 billion (approximately $2.54 billion), down 8.6% from €2.394 billion. EBITDA fell by 23.8% to €310 million, with adjusted net profit down 53.6% to €78 million [10] - Syensqo reported Q3 2025 sales of €1.517 billion (approximately $1.76 billion), down 7.1% from €1.633 billion. EBITDA decreased by 12.8% to €326 million, with net profit down 31.8% to €110 million [11] - LANXESS reported Q3 2025 sales of €1.338 billion (approximately $1.55 billion), down 16.3% from €1.598 billion. EBITDA fell by 35.6% to €105 million, with a net loss of €77 million compared to a profit of €1 million last year [12] - Solvay's Q3 2025 sales were €1.044 billion (approximately $1.21 billion), down 9.7% from €1.156 billion. EBITDA decreased by 10.3% to €232 million, with net profit down 15% to €88 million [13] - Clariant reported Q3 2025 sales of CHF 906 million (approximately $1.03 billion), down 9% from CHF 991 million. EBITDA increased by 14% to CHF 159 million [14] Asian Companies - Rongsheng Petrochemical reported Q3 2025 revenue of ¥79.185 billion (approximately $11.2 billion), down 5.67% year-on-year. Net profit attributable to shareholders was ¥286 million, up 1427.94% [15] - SABIC's Q3 2025 revenue was SAR 34.333 billion (approximately $9.147 billion), down from SAR 36.88 billion year-on-year. Operating profit decreased to SAR 1.663 billion from SAR 2.477 billion, with net profit falling to SAR 1.135 billion from SAR 1.763 billion [16] - Hengli Petrochemical reported Q3 2025 revenue of ¥53.496 billion (approximately $7.67 billion), down 17.98% year-on-year. Net profit attributable to shareholders was ¥1.972 billion, up 81.47% [17] - Wanhua Chemical reported Q3 2025 revenue of ¥53.324 billion (approximately $7.54 billion), up 5.52% year-on-year. Net profit attributable to shareholders was ¥3.035 billion, up 3.96% [18] - Mitsubishi Chemical Group reported H1 2025 revenue of ¥1,799.124 billion (approximately $11.5 billion), down 10.5% year-on-year. Operating profit decreased by 19.6% to ¥86.489 billion, with net profit attributable to shareholders up 169% to ¥110.132 billion [19] - Taiwan Chemical announced Q3 2025 revenue of NT$69.576 billion (approximately $2.22 billion), down from NT$86.899 billion. The company reported a net profit of NT$1.78 billion, compared to a net loss of NT$1.918 billion last year [20] - Nanya Plastics reported Q3 2025 revenue of NT$64.2 billion (approximately $2.04 billion), down from NT$66.4 billion. Operating profit increased to NT$1.04 billion from NT$990 million, with net profit rising to NT$4 billion from NT$490 million [21] - Formosa Plastics reported Q3 2025 revenue of NT$41.718 billion (approximately $1.33 billion), down from NT$50.492 billion. The company reported a net loss of NT$2.685 billion, compared to a loss of NT$3.092 billion last year [22] - Asahi Kasei Corporation reported H1 2025 revenue of ¥1,486.368 billion (approximately $9.54 billion), down slightly from ¥1,490.334 billion. Operating profit increased to ¥108.915 billion from ¥107.454 billion, while net profit decreased to ¥60.248 billion from ¥66.266 billion [23] - Dongfang Shenghong reported Q3 2025 revenue of ¥31.245 billion (approximately $4.5 billion), down 11.91% year-on-year. The company reported a net loss of ¥260 million [24] - Shin-Etsu Chemical reported H1 2025 revenue of ¥1,284.522 billion (approximately $8.24 billion), up 1.4% year-on-year. Operating profit decreased by 17.7% to ¥333.935 billion, with net profit down 12.3% to ¥257.844 billion [25] - Toray reported H1 2025 revenue of ¥1,234.31 billion (approximately $7.92 billion), down 4.6% year-on-year. Operating profit decreased by 19.1% to ¥642.99 billion, with net profit down 33.5% to ¥369.35 billion [26] - Hengyi Petrochemical reported Q3 2025 revenue of ¥27.925 billion (approximately $3.95 billion), down 7.07% year-on-year. Net profit attributable to shareholders was ¥4.4079 million, up 102.21% [27] - LG Chem reported Q3 2025 sales of ₩111.962 trillion (approximately $76.24 billion), down 11.3% from ₩126.2 trillion. Operating profit increased by 38.9% to ₩6.797 trillion, while net profit fell to ₩4.470 trillion from ₩10.13 trillion [28] American Companies - Dow reported Q3 2025 net sales of $9.973 billion, down from $10.879 billion year-on-year. Net profit attributable to common shareholders was $62 million, down from $214 million [36] - Ecolab reported Q3 2025 net sales of $4.165 billion, up from $3.999 billion year-on-year. Operating profit decreased by 27% to $760 million, with net profit down 21% to $585 million [37] - DuPont reported Q3 2025 net sales of $3.072 billion, up from $2.862 billion year-on-year. The company reported a net loss of $123 million, compared to a profit of $455 million last year [39] - Westlake Corporation reported Q3 2025 net sales of $2.838 billion, down from $3.117 billion. The company reported an operating loss of $766 million, compared to a profit of $180 million last year [40] - IFF reported Q3 2025 net sales of $2.694 billion, down from $2.925 billion year-on-year. Operating profit decreased by 9% to $226 million, with net profit down to $40 million from $58 million [41] - Celanese reported Q3 2025 net sales of $2.419 billion, down from $2.648 billion. The company reported an operating loss of $1.275 billion, compared to a profit of $245 million last year [42] - Eastman Chemical Company reported Q3 2025 sales of $2.202 billion, down from $2.464 billion. Net profit attributable to the company was $47 million, down from $180 million [43] - Huntsman Corporation reported Q3 2025 revenue of $1.46 billion, down from $1.54 billion. The company reported a net loss of $25 million, compared to a loss of $33 million last year [44] Industrial Gases - Linde plc reported Q3 2025 sales of $8.615 billion, up from $8.356 billion year-on-year. Operating profit increased to $2.367 billion from $2.086 billion, with net profit rising to $1.929 billion from $1.55 billion [45] - Air Liquide reported Q3 2025 revenue of €6.599 billion (approximately $7.66 billion), down from €6.762 billion year-on-year [46] - Air Products & Chemicals reported Q4 2025 sales of $3.167 billion, down from $3.188 billion. The company reported an operating profit of $16.8 million, down from $242.4 million last year, with a net profit of $4.9 million compared to $195 million [47] Crop Science - Syngenta Group reported Q3 2025 revenue of $6.4 billion, down 6% year-on-year. EBITDA increased by 28% to $900 million [48] - Bayer Group reported Q3 2025 sales of €9.66 billion, down from €9.968 billion. EBIT loss was €543 million, compared to a loss of €382.2 million last year, with a net loss of €963 million compared to a loss of €4.183 billion last year [49] - Corteva, Inc. reported Q3 2025 net sales of $2.618 billion, up from $2.326 billion year-on-year. The company reported a net loss of $320 million, compared to a loss of $524 million last year [50] Fertilizers - Nutrien reported Q3 2025 sales of $6.007 billion, up from $5.348 billion year-on-year. Net profit increased to $469 million from $25 million [51] - Yara International ASA reported Q3 2025 revenue of $4.108 billion, up from $3.654 billion. Operating profit increased to $470 million from $309 million, with net profit rising to $320 million from $286 million [52] - The Mosaic Company reported Q3 2025 net sales of $3.452 billion, up from $2.811 billion. Operating profit increased to $340 million from $115 million, with net profit rising to $411 million from $122 million [53] - CF Industries reported Q3 2025 net sales of $1.659 billion, up from $1.37 billion. Net profit attributable to common shareholders was $353 million, compared to $276 million last year [54] Coatings - PPG Industries reported Q3 2025 net sales of $4.082 billion, up from $4.032 billion year-on-year, with net profit remaining stable at $444 million [55] - AkzoNobel reported Q3 2025 revenue of €2.547 billion (approximately $2.96 billion), down from €2.668 billion. The company reported an operating loss of €29 million, compared to a profit of €259 million last year, with a net loss of €194 million compared to a profit of €163 million last year [56] - Nippon Paint Holdings reported YTD revenue of ¥1,318.378 billion (approximately $8.467 billion), up 7.8% year-on-year. Operating profit increased by 36.4% to ¥190.579 billion, with net profit rising by 38.6% to ¥134.336 billion [57] - Sherwin-Williams reported Q3 2025 net sales of $6.358 billion, up from $6.163 billion. Net profit increased to $833 million from $806 million, with the paint retail group reporting sales of $3.837 billion, up 5.1% [58] - Axalta Coating Systems Ltd. reported Q3 2025 net sales of $1.288 billion, down from $1.32 billion. Operating profit increased to $204 million from $193 million, with net profit rising to $110 million from $101 million [59] - Three Trees reported YTD revenue of ¥9.392 billion (approximately $1.33 billion), up 2.69% year-on-year. Net profit attributable to shareholders was ¥744 million, up 81.22% [60]