证券研究报告 2 ◼ 【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2636元/吨，环比+122元/吨（环比+5%）；国 外重点大炼化项目本周价差为1219元/吨，环比+67元/吨（环比+6%）。 ◼ 【聚酯板块】本周POY/FDY/DTY行业均价分别为6521/6696/7786元/吨，环比分别-121/-100/-89元/吨， POY/FDY/DTY行业周均利润为126/-24/102元/吨，环比分别+4/+18/+25元/吨，POY/FDY/DTY行业库存为 16.8/26.1/31.5天，环比分别+3.2/+2.0/+2.6天，长丝开工率为91.1%，环比-0.0pct。下游方面，本周织机开工 率为64.1%，环比+0.0pct，织造企业原料库存为10.2天，环比-1.9天，织造企业成品库存为25.8天，环比-0.2天。 ◼ 【炼油板块】国内成品油:本周汽油/柴油/航空煤油价格下跌。美国成品油:本周美国汽油/柴油/航煤价格下跌。 ◼ 【化工板块】本周PX均价为787.6美元/吨，环比-16.0美元/吨，较原油价差为332.2美元/吨，环比+4.3美元/吨， PX开工率为87.5%，环比-0 ...

Investment Rating - The industry investment rating is "Positive" as indicated by the report's outlook on the refining sector [153]. Core Insights - The report highlights an increase in demand for winter thermal fabrics, leading to a slight improvement in long filament profitability [2]. - The Brent crude oil average price for the week ending October 17, 2025, was $62.37 per barrel, reflecting a decrease of 4.26% from the previous week [2]. - The domestic key refining project price difference was 2425.56 CNY/ton, with a week-on-week increase of 21.37 CNY/ton (+0.89%) [3]. - The report notes that the international oil price experienced fluctuations due to trade tensions and economic concerns, impacting the overall market sentiment [14]. Summary by Sections Refining Sector - The report discusses the impact of U.S.-China trade tensions on oil prices, with Brent and WTI prices at $61.29 and $57.54 per barrel respectively, showing declines of $1.44 and $1.36 from the previous week [14]. - Domestic refined oil prices have slightly decreased, but the price differentials have improved [14]. - The report tracks the stock performance of six major refining companies, with notable declines in stock prices for several companies over the past week [140]. Chemical Sector - The chemical products in the petrochemical downstream faced price declines due to weak cost support, with polyolefin prices showing slight fluctuations [2]. - EVA demand remains weak, leading to price adjustments and a slight narrowing of price differentials [2]. - The report indicates that pure benzene prices have slightly decreased, but price differentials have improved [2]. Polyester & Nylon Sector - The report notes a decrease in polyester chain product prices due to weak cost support, with PX, MEG, and PTA prices all declining [89]. - The demand for polyester long filaments has increased due to colder temperatures in northern regions, although prices have slightly decreased [110]. - Nylon fiber prices have also shown weakness, with average prices for POY, FDY, and DTY all declining [120].

Core Viewpoint - The report by Zhiyan Consulting highlights the growth of China's primary plastic production, projecting a significant increase in output and market potential from 2025 to 2031 [1] Industry Summary - According to the National Bureau of Statistics, China's primary plastic production reached 11.69 million tons in April 2025, marking a year-on-year growth of 12% [1] - From January to April 2025, the cumulative production of primary plastics in China was 46.01 million tons, reflecting a cumulative growth of 10.1% [1] - The report emphasizes the ongoing expansion and future prospects of the plastic products industry in China, indicating a robust market environment for investment [1] Company Summary - Listed companies in the plastic industry include Hengyi Petrochemical (000703), Rongsheng Petrochemical (002493), Shanghai Petrochemical (600688), Sinopec (600028), China National Petroleum (601857), Huajin Co. (000059), Tongkun Co. (601233), Hengli Petrochemical (600346), Satellite Chemical (002648), and ST Hongda (002002) [1] - These companies are positioned to benefit from the anticipated growth in the plastic production sector, aligning with the overall market trends identified in the report [1]

Core Viewpoint - The polyester industry is experiencing a recovery, and Hengyi Petrochemical's Qinzhou project is about to commence production, positioning the company as a leading player in the industry [1] Industry Summary - The polyester industry is undergoing a recovery phase, with a focus on technological research and development, scale effects, and differentiated product development [1] - The industry is benefiting from policies aimed at stabilizing growth and reducing internal competition [1] Company Summary - Hengyi Petrochemical is leveraging its technological advantages and scale to strengthen its market position [1] - The Qinzhou integrated project is set to launch, which is expected to drive the company's growth [1] - The company anticipates that its 1.2 million tons of caprolactam-nylon project in Guangxi will begin production in the second half of 2025, contributing to its performance with products including civilian fibers, engineering plastics, and films [1] - The company is expected to enhance its upstream and downstream supply chain, leading to improved operational efficiency and profitability as industry consolidation deepens [1] - The company is rated with a "buy" recommendation due to its promising future growth potential [1]

Core Viewpoint - The polyester industry is experiencing a recovery, with Hengyi Petrochemical's Qinzhou project set to commence production, positioning the company as a leading player in the market [1] Industry Summary - The polyester industry is witnessing a recovery in its economic environment, driven by industry consolidation and supportive growth policies [1] - The company is expected to benefit from the ongoing integration within the petrochemical sector, enhancing its profitability [1] Company Summary - Hengyi Petrochemical is leveraging its technological research and development advantages, along with economies of scale, to strengthen its market position [1] - The company has established significant competitive advantages in differentiated product development, intelligent production, and full industry chain collaboration [1] - The Qinzhou caprolactam-polyamide integrated project is anticipated to boost the company's growth [1] - The company expects the first phase of its Guangxi 1.2 million tons caprolactam-polyamide project to commence production in the second half of 2025, with products including civilian fibers, engineering plastics, and films [1] - The commencement of this project is projected to further enhance the company's performance and effectively strengthen its upstream and downstream supply chain [1] - The company is optimistic about its future growth potential and has been given a "buy" rating for the first time [1]

Group 1 - The Ministry of Industry and Information Technology and six other departments released a work plan for the petrochemical industry aimed at stabilizing growth from 2025 to 2026, targeting an average annual increase of over 5% in the industry's added value [1] - The plan emphasizes enhancing high-end supply by focusing on key industrial chains such as integrated circuits, new energy, and medical equipment, supporting critical product breakthroughs in electronic chemicals, high-end polyolefins, high-performance fibers, special rubber, and high-performance membrane materials [1] - The plan promotes quality improvement in supply and demand by organizing product matching activities and establishing long-term stable cooperation between production enterprises and downstream users in traditional sectors like construction, automotive, and shipping [1] Group 2 - The polyester industry is experiencing an improvement in supply-demand dynamics, with a significant slowdown in new capacity additions, as 650,000 tons of new polyester filament capacity was added in the first half of 2025 [2] - Domestic demand is steadily growing, with China's total retail sales of consumer goods increasing by 5% year-on-year in the first half of 2025, and the textile and apparel sector growing by 3.1% [2] - The company is set to launch its integrated caprolactam-nylon project in Qinzhou, which is expected to enhance its performance and strengthen its upstream and downstream supply chain [2] Group 3 - The company's profitability is expected to recover with the advancement of stabilization policies in the petrochemical industry, with projected net profits of 430 million, 650 million, and 820 million yuan for 2025, 2026, and 2027 respectively [3] - The company's price-to-earnings ratios are projected to be 56, 37, and 29 times for the years 2025, 2026, and 2027 based on the closing price on October 9, 2025 [3] - The company is viewed positively for its future growth potential, receiving an initial "buy" rating [3]

Core Viewpoint - The company, Hengyi Petrochemical, will pay the fifth-year interest on its convertible bonds on October 16, 2025, at a rate of 1.5% for the period from October 16, 2024, to October 15, 2025, with a total interest payment of 15.00 CNY for every 10 bonds held [2][12]. Summary by Sections Bond Basic Information - The convertible bonds, named "Hengyi Convertible Bonds," were issued with a total scale of 2 billion CNY, consisting of 20 million bonds, each with a face value of 100 CNY [2][8]. - The bonds have a maturity period of 6 years, from October 16, 2020, to October 15, 2026 [2][8]. Interest Payment Details - The interest rates for the bonds are structured as follows: 0.2% for the first year, 0.4% for the second year, 0.6% for the third year, 1.2% for the fourth year, 1.5% for the fifth year, and 2.0% for the sixth year [3][10]. - The interest payment will be made annually, with the next interest period starting on October 16, 2025 [2][6]. Taxation Information - Individual investors will have a 20% tax withheld on the interest income, resulting in a net payment of 12.00 CNY for every 10 bonds after tax [12][15]. - Qualified foreign institutional investors (QFII and RQFII) are exempt from corporate income tax and value-added tax, receiving the full interest amount of 15.00 CNY for every 10 bonds [12][15]. Bondholder Eligibility - The interest payment is applicable to all bondholders registered with the China Securities Depository and Clearing Corporation as of October 15, 2025 [13][14]. Contact Information - The company provides contact details for inquiries regarding the bonds, including the address and phone numbers for Hengyi Petrochemical and its underwriting institution, CITIC Securities [16].

| 证券代码：000703 | 证券简称：恒逸石化 | 公告编号：2025-097 | | --- | --- | --- | | 债券代码：127022 | 债券简称：恒逸转债 | | 恒逸石化股份有限公司 关于"恒逸转债"2025 年付息公告 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。 特别提示： 1、"恒逸转债"将于 2025 年 10 月 16 日按面值支付第五年利息，每 10 张"恒 逸转债"（合计面值 1,000 元）利息为 15.00 元（含税） 2、债权登记日：2025 年 10 月 15 日 3、除息日：2025 年 10 月 16 日 4、付息日：2025 年 10 月 16 日 5、"恒逸转债"票面利率：第一年 0.2%、第二年 0.4%、第三年 0.6%、第四 年 1.2%、第五年 1.5%、第六年 2.0%。 6、本次付息的债权登记日为 2025 年 10 月 15 日，凡在 2025 年 10 月 15 日 （含）前买入并持有本期债券的投资者享有本次派发的利息；2025 年 10 月 15 日卖出本期债券的投资者不享有本次派发的 ...

Core Viewpoint - Hengyi Petrochemical (000703) announced on October 10 that as of September 30, 2025, the company has repurchased a total of 29,240,840 shares through a dedicated securities account via centralized bidding, representing 0.81% of the company's total share capital [1] Summary by Category - **Share Repurchase Details** - The company has completed the fifth phase of its share repurchase program, acquiring 29,240,840 shares [1] - This repurchase accounts for 0.81% of the total share capital of Hengyi Petrochemical [1]

Core Viewpoint - Hengyi Petrochemical (000703.SZ) has announced the completion of its fifth phase of share repurchase, acquiring a total of 29,240,840 shares, which represents 0.81% of the company's total share capital [1] Summary by Categories Share Repurchase Details - The repurchase was conducted through a dedicated securities account via centralized bidding [1] - The highest transaction price was 6.62 CNY per share, while the lowest was 5.97 CNY per share [1] - The total amount spent on the repurchase was 184,899,176.08 CNY, excluding commissions and transfer fees [1] Compliance and Strategy - The share repurchase complies with relevant laws and regulations [1] - The repurchase aligns with the company's established repurchase plan [1]