格隆汇12月15日丨恒逸石化(000703.SZ)公布，公司收到控股股东恒逸集团及其一致行动人恒逸投资 《关于增持恒逸石化股份比例达到5%整数倍的告知函》及《简式权益变动报告书》，2025年12月15 日，恒逸集团通过深圳证券交易所交易系统，以大宗交易的方式增持公司股份122,199,485股，增持金额 为100,570.18万元（不含手续费）；2025年12月15日，恒逸投资通过深圳证券交易所交易系统，以大宗 交易的方式增持公司股份47,841,104股，增持金额为39,373.23万元（不含手续费）。本次增持后，控股 股东恒逸集团及其一致行动人恒逸投资持有股份情况如下：1.以2025年12月10日总股本计算，恒逸集团 及恒逸投资本次合计增持股份占公司总股本的4.72%，恒逸集团及恒逸投资合计持股比例从50.28%增加 至55.00%；2.以2025年12月10日公司总股本剔除公司回购专用账户中的股份数量计算，恒逸集团及恒逸 投资本次合计增持股份占公司总股本的5.15%，恒逸集团及恒逸投资合计持股比例从54.88%增加至 60.03%。 ...

恒逸石化股份有限公司简式权益变动报告书 恒逸石化股份有限公司 简式权益变动报告书 二、信息披露义务人签署本报告书已获得必要的授权和批准，其行为亦不违 反信息披露义务人内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第 15 号—权益变动报告书（2025 年修订）》 的规定，本报告书已全面披露了信息披露义务人在恒逸石化股份有限公司中拥有 权益的股份变动情况。截至本报告书签署日，除本报告书披露的信息外，信息披 露义务人没有通过任何其他方式增加或减少其在恒逸石化股份有限公司中拥有 权益的股份。 | 上市公司名称： | 恒逸石化股份有限公司 | | --- | --- | | 股票上市地点： | 深圳证券交易所 | | 股票简称： | 恒逸石化 | | 股票代码： | 000703 | 签署日期：2025 年 12 月 15 日 信息披露义务人： 浙江恒逸集团有限公司 住所/通讯地址： 浙江省杭州市萧山区钱江世纪城奔竞大道 353 号杭州 国际博览中心 A 座 620 信息披露义务人： 杭州恒逸投资有限公司 住所/通讯地址： 浙 ...

证券代码：000703 证券简称：恒逸石化 公告编号：2025-112 暨权益变动达到5%整数倍的提示性公告 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。 基于对公司未来持续发展的信心及对公司长期投资价值的认可，同时为提振 投资者信心，切实维护投资者利益，促进公司持续、稳定、健康地发展，恒逸石 化股份有限公司（以下简称"公司"）控股股东浙江恒逸集团有限公司（以下简 称"恒逸集团"）及其一致行动人杭州恒逸投资有限公司（以下简称"恒逸投资"） 计划自 2025 年 12 月 2 日起的 6 个月内通过深圳证券交易所交易系统，以自有资 金及股份增持专项贷款，通过深圳证券交易所交易系统，以集中竞价、大宗交易 及协议转让方式增持公司股份。增持股份金额不低于（含）150,000 万元，不高 于（含）250,000 万元，增持价格区间为不超过 10 元/股。具体内容详见公司于 2025 年 12 月 2 日披露的《关于控股股东及其一致行动人增持股份计划暨取得金 融机构股份增持专项贷款承诺函的公告》（公告编号：2025-111）。 2025 年 12 月 15 日，公司收到 ...

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 ...

Investment Rating - The report does not explicitly state an investment rating for the oil refining industry Core Insights - The report highlights a seasonal decline in demand and weak cost support, leading to a downward trend in chemical product price spreads [2] - Domestic key refining project price spread is 2527.61 CNY/ton, with a week-on-week increase of 22.27 CNY/ton (+0.89%), while the international key refining project price spread is 1330.98 CNY/ton, with a week-on-week decrease of 6.23 CNY/ton (-0.47%) [3] - Brent crude oil weekly average price is 62.00 USD/barrel, with a week-on-week decrease of 1.73% [2] Summary by Sections Refining Sector - Positive signals in China-US trade relations boosted market risk appetite, while concerns over Russian supply supported international oil prices [2] - Brent and WTI crude oil prices on December 12, 2025, were 61.12 USD/barrel and 57.44 USD/barrel, respectively, down by 2.63 USD/barrel and 2.64 USD/barrel from December 5, 2025 [2] - Domestic refined oil prices showed slight fluctuations, with diesel and aviation kerosene prices in Southeast Asia experiencing minor increases, while other regions saw price declines [2] Chemical Sector - The industry is entering a demand off-season, with weak cost support leading to a decline in chemical product prices and spreads [2] - Polyolefins prices and spreads have decreased due to a continuous decline in terminal operating levels [2] - EVA prices have dropped due to supply pressure from new installations and weak demand, with the average price at 10028.57 CNY/ton [2] - Benzene prices remained stable, with a slight increase in spreads, while styrene prices increased due to tight supply [2] Major Refining Companies - Stock price changes for six major private refining companies as of December 12, 2025, include: Rongsheng Petrochemical (-4.69%), Hengli Petrochemical (-5.22%), Dongfang Shenghong (-0.96%), Hengyi Petrochemical (-1.09%), Tongkun Co. (-6.62%), and Xin Fengming (-9.99%) [2]

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]

Core Viewpoint - The PTA industry has evolved significantly, with the introduction of PTA futures in China's market providing essential tools for risk management and price stabilization, benefiting both upstream and downstream sectors of the polyester industry [1][2][7]. Group 1: Industry Evolution - The PTA industry has transitioned from a reliance on imports to becoming a net exporter, reflecting a shift from scarcity to abundance [2]. - The period from 2007 to 2010 was characterized as a "golden era" for the PTA industry, with high demand and profitability, which later faced challenges due to oversupply from new production facilities [2][3]. - The introduction of PTA futures in 2006 marked a new chapter for the industry, allowing companies to explore innovative trading models and risk management strategies [1][2]. Group 2: Risk Management and Trading Strategies - Companies like Yisheng Petrochemical have successfully utilized futures to lock in profits and manage inventory, particularly during off-peak seasons [3]. - The shift from a seller's market to a pricing model based on futures has transformed the trade pricing system within the industry [3]. - The use of cross-commodity operations, such as buying crude oil and PX futures while selling PTA futures, has enabled companies to secure profits amid low processing fees [4][5]. Group 3: Practical Applications of Futures - PTA futures have become an indispensable tool for price risk management across the polyester supply chain, with participation from a majority of PTA producers and nearly all major traders [4][5]. - Companies have optimized inventory management and reduced costs by adjusting inventory levels in response to market price fluctuations through the futures market [5]. - The ability to stabilize cash flow through hedging operations has provided a solid foundation for ongoing business development, even during market volatility [5][6]. Group 4: Industry and Futures Market Integration - The integration of futures into the polyester industry has created a symbiotic relationship, enhancing both market liquidity and the efficiency of price discovery [7][8]. - The launch of PX futures has further solidified the reliance of leading companies on futures for risk management, with firms like Rongsheng Petrochemical adopting these tools as essential components of their operations [7][8]. - The ongoing expansion of futures products related to the polyester supply chain is expected to enhance risk management capabilities and support high-quality industry development [8][9].

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 ...