1. Report Industry Investment Rating No industry investment rating is provided in the given content. 2. Report's Core View The report presents a weekly overview of the large refining and chemical industry, including price, profit, inventory, and开工率 data for various sectors such as refining, polyester, and chemicals, as well as performance data for related listed companies [2][8][9]. 3. Summary by Directory 3.1 Big Refining Weekly Data Briefing - **Six Private Big Refining Companies' Performance**: The table shows the stock price changes of six private big refining companies in the past week, month, three months, and one year, as well as profit forecasts and market capitalization data [8]. - **Oil Price and Refining Spread**: Brent crude oil was at $65.4 per barrel, up $3.8 (6.2%) week - on - week; WTI was at $62.4 per barrel, up $3.9 (6.6%) week - on - week. The domestic refining project spread was 2667 yuan/ton, up 10.5 yuan/ton (0.4%); the foreign refining project spread was 1144 yuan/ton, up 80.2 yuan/ton (7.5%) [8]. - **Polyester Sector**: PX average price was $852.2/ton, up $95.6 week - on - week; POY/FDY/DTY average prices were 6807/6986/7986 yuan/ton, up 357/389/304 yuan/ton respectively. POY/FDY/DTY weekly average profits were - 84/- 231/- 164 yuan/ton, down 53/32/89 yuan/ton respectively. POY/FDY/DTY inventories were 8.9/16.8/24.0 days, down 8.2/5.4/3.8 days respectively. The filament开工率 was 91.9%, down 0.3 pct. The downstream loom开工率 was 63.4%, up 2.6 pct [2][9]. - **Refining Sector**: In China, gasoline prices fell, while diesel and jet fuel prices rose. In the US, gasoline, diesel, and jet fuel prices all rose [2][9]. - **Chemical Sector**: PX average price was $852.2/ton, up $95.6 week - on - week, with a spread of $375.1/ton over crude oil, up $67.7 week - on - week. The PX开工率 was 78.2%, up 0.9 pct [2][9]. 3.2 Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: It likely analyzes the trends of the big refining index and project spreads, including the market performance of six private big refining companies and the changes in domestic and foreign refining project spreads [8][11][15]. - **2.2 Polyester Sector**: This section may cover the price, profit, inventory, and开工率 of products in the polyester industry chain, such as crude oil, PX, PTA, and polyester filaments, as well as the relationship between them [2][9][22]. - **2.3 Refining Sector**: It includes the price and spread of domestic and foreign refined oil products (gasoline, diesel, jet fuel) and their relationship with crude oil prices [2][9][78]. - **2.4 Chemical Sector**: This part presents the price and spread of various chemical products (EVA, benzene, styrene, etc.) and their relationship with crude oil prices [9][126][127].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1]. Core Insights - The report highlights the potential revaluation of phosphate rock value due to ongoing supply-demand tensions, with increasing demand for phosphate fertilizers and lithium iron phosphate batteries [6][4]. - The chemical industry is expected to enter a restocking cycle in 2025, driven by low inventory levels and improving profitability among leading chemical companies [5][27]. - The report emphasizes the expansion of phosphate production capacity by Batian Co., which is set to increase its phosphate rock extraction capacity to 2 million tons per year [4][6]. Summary by Sections Core Target Tracking - The report tracks key companies in the chemical sector, including Batian Co., which is expanding its phosphate production capacity significantly [4][6]. - It also notes the performance of various chemical products, with a focus on price increases for butadiene and polyester filament due to favorable market conditions [10][14]. Market Observation - The chemical sector has shown a relative performance of 6.7% over the past month, outperforming the CSI 300 index [2]. - The report indicates that the chemical industry is experiencing a recovery phase, with several companies poised for growth due to favorable market dynamics [5][27]. Data Tracking - The report provides detailed tracking of price movements for key chemical products, including butadiene, polyester filament, and various fertilizers, indicating a general upward trend in prices [10][12][17]. - It also highlights the current chemical industry sentiment index at 93.10, reflecting a positive outlook for the sector [6][33]. Investment Recommendations - The report suggests focusing on companies with low-cost expansion capabilities, such as Wanhua Chemical and various tire manufacturers, as well as those benefiting from rising product prices [5][7]. - It emphasizes the importance of high dividend yield companies in the chemical sector, particularly state-owned enterprises with stable financials [8][29].

Hengyi Petrochemical Co., Ltd 2024 Environmental, Social, and Governance (ESG) Report 2024 Environmental, Social, and Governance (ESG) Report Hengyi Petrochemical Co., Ltd. CONTENTS Creating Mutual Trust and Value with Shareholders Earning Customer Trust with Quality About this report 2 Chairman's Statement 3 About Hengyi 4 Honors 5 ESG Highlights in 2024 6 Feature：Carrying Forward Fifty Ye a r s o f A c h i e v e m e n t s , a n d Pioneering a New Era with Resolve 8 Prospects 65 Appendix 66 Report Content ...

Core Viewpoint - Hengyi Petrochemical reported a total operating revenue of 125.463 billion yuan and a net profit attributable to shareholders of 234 million yuan for 2024, with Q1 2025 showing an operating revenue of 27.168 billion yuan and a net profit of 51.4948 million yuan [1] Group 1: Business Segments - The company's main business segments include refining, PTA, and polyester [1] - The refining segment benefits from the Brunei refining project, which targets Southeast Asia and Australia, where there is a significant demand for refined oil products [1][2] - Southeast Asia is the largest net importer of refined oil globally, with a GDP growth rate significantly higher than the global average, indicating strong potential for oil demand growth [1][2] Group 2: Market Dynamics - The supply side of the Southeast Asian refined oil market faces a significant gap, with over 30 million tons of refining capacity exiting the market from 2020 to 2023 due to public health events and energy transition [2] - By 2026, the supply-demand gap for refined oil in Southeast Asia is expected to expand to 68 million tons, driven by the closure of refineries and declining production [2][3] Group 3: Strategic Opportunities - The limited growth in refining capacity due to aging facilities and stringent global environmental policies presents strategic opportunities for companies with technological advantages [3] - Hengyi Petrochemical is focusing on major strategic projects, including the Guangxi Qinzhou project and the second phase of the Brunei refining project, which are expected to enhance profitability as the petrochemical industry recovers [3][4] Group 4: Project Developments - The Qinzhou project is a key integrated production base for the company, expected to be operational by 2025, which will strengthen the company's performance and enhance its integrated supply chain advantages [4] - The project aims to leverage existing customer networks and cost reductions to increase market share [4]

（已经公司 2024 年年度股东大会审议通过） 恒逸石化股份有限公司 章 程 （2025 年 5 月修订） 2025 年 5 月 | 第一节 | | 合并、分立、增资和减资 | 33 | | --- | --- | --- | --- | | 第二节 | | 解散和清算 | 34 | | 第十一章 | | 修改章程 | 36 | | 第十二章 | 附 | 则 | 36 | 恒逸石化 公司章程 | 第一章 总 | 则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 2 | | 第三章 股 | 份 | 2 | | 第一节 | 股份发行 | 2 | | 第二节 | 股份增减和回购 | 3 | | 第三节 | 股份转让 | 4 | | 第四章 | 股东和股东大会 | 5 | | 第一节 | 股东 | 5 | | 第二节 | 股东大会的一般规定 | 7 | | 第三节 | 股东大会的召集 | 10 | | 第四节 | 股东大会的提案与通知 | 11 | | 第五节 | 股东大会的召开 | 13 | | 第六节 | 股东大会的表决和决议 | 15 | | 第五章 | 董事会 | 1 ...

证券代码：000703 证券简称：恒逸石化 公告编号：2025-054 恒逸石化股份有限公司 关于注销部分回购股份减少注册资本暨通知债权人的公告 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。 恒逸石化股份有限公司（以下简称"公司"或"恒逸石化"）于 2025 年 4 月 28 日召开第十二届董事会第二十三次会议、第十二届监事会第十七次会议， 于 2025 年 5 月 15 日召开 2024 年年度股东大会，审议通过了《关于变更第二期 回购股份用途并注销的议案》，同意第二期回购股份用途由"用于实施员工持股 计划或股权激励"变更为"用于注销并减少公司注册资本"。 因公司拟注销公司回购专用证券账户中的 63,703,752 股，减少注册资本 63,703,752 元；因可转债转股，公司股份总数增加 55,659 股，增加注册资本 55,659 元。综上所述，公司股份总数将减少 63,648,093 股，公司注册资本将相应由人民 币 3,666,265,677 元变更为 3,602,617,584 元。具体内容详见公司刊载于巨潮资讯 网（http://www.cni ...

法律意见书 浙江天册律师事务所 关于 恒逸石化股份有限公司 2024 年年度股东大会的 法律意见书 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 浙江天册律师事务所 关于恒逸石化股份有限公司 2024 年年度股东大会的 法律意见书 编号：TCYJS2025H0728 号 致：恒逸石化股份有限公司 浙江天册律师事务所（以下简称"本所"）接受恒逸石化股份有限公司（以 下简称"恒逸石化"或"公司"）的委托，指派本所律师参加公司 2024 年年度股 东大会，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中 华人民共和国公司法》（以下简称"《公司法》"）和《上市公司股东会规则》 （以下简称"《股东会规则》"）等法律、法规和其他有关规范性文件的要求出 具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会表决程序及表决结果的合法 有效性发表意见，不对会议所审议的议案内容和该等议案中所表述的事实或数据 的真实性和准确性发表意见。 本法律意见书仅供 2024 年年度股东大会之目的使用。本所律师同意将本 ...

证券代码：000703 证券简称：恒逸石化 公告编号：2025-053 恒逸石化股份有限公司 2024 年年度股东大会决议公告 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。 特别提示 1．本次股东大会未出现否决提案的情形。 2．本次股东大会未涉及变更前次股东大会决议的情形。 恒逸石化股份有限公司（以下简称"公司"）于 2025 年 5 月 15 日采用现场与网络 投票相结合的方式召开了 2024 年年度股东大会（以下简称"本次股东大会"），审议 并通过了相关议案，现将有关事项公告如下： 一、会议召开和出席情况 （一）召开时间 1．现场会议时间：2025 年 5 月 15 日（星期四）下午 14:30。 2．网络投票时间：2025 年 5 月 15 日。其中，通过深圳证券交易所交易系统进 行网络投票的具体时间为 2025 年 5 月 15 日 9:15—9:25、9:30－11:30、13:00－15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 5 月 15 日 9:15－ 2025 年 5 月 15 日 15:00。 （二）召开方 ...

Investment Rating - The report maintains a "Positive" investment rating for the petrochemical industry [9] Core Insights - The petrochemical industry is experiencing a downturn in revenue and net profit due to pressures from real estate and infrastructure, as well as global trade tensions, but the industry is nearing historical lows in terms of profitability [2][6] - There is a notable divergence in profitability among sub-industries, with downstream processing, coal chemical, and gas chemical sectors showing positive growth, indicating structural investment opportunities [2][6] - Key investment opportunities are identified in high-quality growth, growth potential, and high dividend yield sectors [2][7] Summary by Sections Industry Performance Overview - The petrochemical sector's revenue and net profit are projected to decline in 2024 and Q1 2025, with overall revenue for 2024 estimated at approximately 8,210.4 billion yuan, a decrease of 3.02% year-on-year, and net profit at about 395.0 billion yuan, down 0.54% [21][22] - For Q1 2025, revenue is expected to be around 200.5 billion yuan, reflecting a 6.14% decline, with net profit decreasing by 4.43% [21][22] Sub-Industry Analysis - The performance of various sub-sectors in 2024 shows mixed results: - Petrochemical (-0.54%) - Oil and gas services and equipment (-7.61%) - Energy extraction (4.87%) - Oil and gas storage and sales (-35.41%) - Traditional refining (-19.10%) - Private refining (-38.09%) - Coal and gas chemicals (19.21%) - Downstream processing (117.14%) [6][22] - In Q1 2025, the performance continues to vary: - Petrochemical (-4.43%) - Oil and gas services and equipment (18.13%) - Energy extraction (-2.48%) - Oil and gas storage and sales (-2.43%) - Traditional refining (-28.31%) - Private refining (-9.55%) - Coal and gas chemicals (65.79%) - Downstream processing (55.26%) [6][22] Investment Focus - The report emphasizes three main investment themes: 1. Gradual recovery in the industry, favoring quality leading companies with rising volumes and prices [7] 2. Opportunities in high-end materials and technology import substitution, particularly in POE and ethylene technology [7] 3. Stable cash flow and high dividend yields, particularly in central and state-owned enterprises, which may see a revaluation [7][8] Recommended Stocks - Key stocks to focus on include: - High-quality growth: Satellite Chemical, Baofeng Energy, Zhongman Petroleum, New Natural Gas, and Guanghui Energy - High-end material import substitution: AkzoNobel and Dingjide - Beneficiaries of coal chemical investments in regions like Xinjiang and Shanxi: Aerospace Engineering - Recovery plays: Huajin Co., Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong, and Hengyi Petrochemical - High dividend stocks: CNOOC, PetroChina, and Sinopec [8]

Group 1: Company Performance - In 2024, the company achieved a revenue of CNY 125.463 billion and a net profit of CNY 234 million [6] - In Q1 2025, the company reported a revenue of CNY 27.168 billion [6] - As of Q1 2025, total assets amounted to CNY 514.948 billion, with net assets of CNY 24.641 billion [6] Group 2: Research and Development - The company invested CNY 764 million in R&D in 2024, a year-on-year increase of 2.68% [2] - The number of R&D personnel was unspecified, with a PhD and Master's degree ratio of 21.67% [2] - The company submitted 226 invention patent applications in 2024, with 1,089 patents in total, including 502 R&D patents [3] Group 3: Strategic Projects - The Guangxi Qinzhou project aims for an annual production capacity of 1.2 million tons of caprolactam and polyamide, expected to be operational in 2025 [5] - The Brunei refining project is also a key strategic initiative, enhancing the company's integrated production capabilities [5] Group 4: Market Outlook - The Southeast Asian market is projected to see a significant increase in oil demand, with expectations of rising from 5 million barrels per day to 6.4 million barrels per day by 2035 [10] - The region is expected to account for 25% of global energy demand growth over the next decade [11] - The company is positioned to benefit from the limited growth in refining capacity in Southeast Asia, creating strategic opportunities [11] Group 5: Profitability and Cost Management - The company aims to improve gross and net profit margins through cost control and efficiency improvements [9] - The gross margin of the company's main products is comparable to industry peers, maintaining a leading position [9] - The company plans to leverage the recovery in the petrochemical industry and downstream demand to enhance profitability [9]