Core Viewpoint - Hengyi Petrochemical's stock price has experienced fluctuations, with a recent decline of 2.07% and a year-to-date drop of 3.25%, despite a significant increase of 57.40% over the past 60 days [1] Group 1: Stock Performance - As of January 9, Hengyi Petrochemical's stock price is reported at 10.42 CNY per share, with a total market capitalization of 37.539 billion CNY [1] - The stock has seen a trading volume of 3.01 billion CNY, with a turnover rate of 0.79% [1] - The stock has decreased by 3.25% year-to-date and over the last five trading days, while it has increased by 25.09% over the last 20 days and 57.40% over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Hengyi Petrochemical reported a revenue of 83.885 billion CNY, a year-on-year decrease of 11.53%, while the net profit attributable to shareholders was 231 million CNY, showing a slight increase of 0.08% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Hengyi Petrochemical is 37,900, reflecting a decrease of 6.30% from the previous period [2] - The average number of circulating shares per shareholder is 94,475, which has increased by 4.86% compared to the previous period [2] - The company has distributed a total of 5.617 billion CNY in dividends since its A-share listing, with 504 million CNY distributed over the last three years [3]

Group 1: Company Overview - Hengyi Petrochemical is a leading integrated enterprise in the "refining-oil-chemical-fiber" industry chain, focusing on a strategic positioning of "one drop of oil, two threads" [2][3] - The company has established a unique dual-main business model of "polyester + nylon" through the Brunei refining project, creating a closed-loop from crude oil processing to chemical fiber products [2][3] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved an operating income of CNY 83.885 billion and a net profit attributable to shareholders of CNY 231 million, with a year-to-date net profit growth of 0.08% [4] - As of September 30, 2025, total assets amounted to CNY 1115.10 billion, and net assets attributable to shareholders were CNY 24.458 billion [4] Group 3: Market Insights - Southeast Asia is projected to be the largest net importer of refined oil due to insufficient infrastructure investment, despite having rich oil and gas resources [4][5] - The region's oil demand is expected to increase from 5 million barrels per day to 6.4 million barrels per day by 2035, accounting for 25% of global energy demand growth in the next decade [5] Group 4: Polyester Industry Outlook - The company holds a leading position in polyester production, with a diverse range of products including long filaments, short fibers, and chips [5][6] - Domestic retail sales in China grew by 5% year-on-year, with apparel and textile categories increasing by 3.1% [5][6] Group 5: Project Developments - The Qinzhou project aims for an annual production capacity of 1.2 million tons of caprolactam and nylon, with the first phase successfully entering trial production [7][8] - The project integrates advanced proprietary technologies, optimizing energy consumption and production costs, and is expected to significantly enhance the company's competitive position in the nylon market [8] Group 6: Corporate Governance - The company decided not to adjust the conversion price of Hengyi convertible bonds due to various market factors affecting stock prices, ensuring the protection of investor interests [9][10]

Group 1 - The meeting between the mayor of Qinzhou, Zhong Chuangzi, and the chairman of Hengyi Group, Qiu Jianlin, focused on advancing the Hengyi Qinzhou base project and related cooperation [1][2] - During the meeting, it was emphasized that the "14th Five-Year Plan" period has established a solid cooperation foundation between Qinzhou City and Hengyi Group, leading to fruitful results [1] - The city officials expressed their commitment to support Hengyi Group in enhancing production capacity for the first phase of the Qinzhou base and accelerating the planning and construction of the second and third phases [1][2] Group 2 - Qiu Jianlin acknowledged the support from the Qinzhou municipal government and the China-Malaysia Qinzhou Industrial Park for the full production of the first phase of the Hengyi Qinzhou base project [2] - Hengyi Group plans to follow a development strategy of "perfecting phase one, constructing phase two, and planning phase three" for the Qinzhou base project [2] - The meeting included discussions on the operational status of the first phase and the advancement plans for the second and third phases, along with requests for coordination on certain issues [2]

"云端办检"守住企业出海时效线 "多亏海关的远程查检，半天装柜时间保住了订单！" 回忆起前不久发往阿联酋的沙发订单，杭州飞驰 沙发有限公司负责人宋军肖仍难掩感激。深夜接到客户紧急通知，原定半个月后出货的货物需提前至次 日下午装船，突如其来的变故让企业陷入"赶船期"的困境。 商报讯（记者 汤佳烨 通讯员 周敏伟）近日，杭州沐力贸易进出口有限公司顺利拿到出口退税，浙江恒 逸石化（000703）有限公司成功减免滞纳金……这些企业的获得感，源自钱江海关推行的远程属地查 检、主动披露两项政策。一项以"云端提速"破解通关时效难题，一项以"容错纠错"筑牢合规经营根基， 通过"效率提升+合规保障"双轮驱动，2025年办理主动披露作业65起、同比增长36%，远程查检单票平 均耗时压缩超75%，用实打实的服务助力杭州外贸行稳致远。 远程属地查检 接到企业连夜反馈的情况后，钱江海关迅速行动。工作人员第一时间分析货物特性，确认其符合远程属 地查检条件，随即指导企业完成货物整理、视频调试等前期准备，并联动杭州海关动植检业务专家制定 专项查检方案。次日一早，查检关员通过视频连线开展远程查验，不到1小时便完成全流程审核，为企 业预留出充足 ...

Group 1 - The Brunei Refinery Phase II project has been fully launched, with the controlling shareholder's increase in holdings reflecting long-term confidence in development. The project aims for an optimized design capacity of 12 million tons per year, primarily producing diesel, PX, benzene, polypropylene, and other high-value-added products, with completion targeted by the end of 2028 [3][5][9] - The total capacity of the Brunei refinery will reach 20 million tons per year upon completion of both phases, enhancing the company's integrated industrial chain and scale advantages, which will help reduce production costs and stabilize raw material supply [5][6] - The controlling shareholder, Hengyi Group, plans to increase its holdings in the company with a total investment of no less than 1.5 billion yuan and no more than 2.5 billion yuan, with the price range adjusted to not exceed 15 yuan per share [4][9] Group 2 - The automotive industry is set to continue implementing vehicle scrapping and replacement subsidies in 2026, with the Ministry of Industry and Information Technology and other departments issuing a plan to support digital transformation in the automotive sector [11][13] - The automotive sector index outperformed the Shanghai Composite Index in late December 2025, with significant sales variations among major automakers, indicating a mixed performance in the market [11][15] - The report highlights the expected growth in high-end passenger vehicles, particularly for domestic brands, as they capitalize on opportunities in the market [15] Group 3 - The report indicates that the primary market is progressing smoothly, with a total of 20 public REITs issued in 2025, although this is a decrease from the previous year [17][18] - The secondary market for REITs has seen a decline, with the index dropping by 2.93% in December 2025, reflecting reduced market activity [18][19] - The report notes that the average cash distribution rate for property-type REITs is lower than that of concession-type REITs, indicating a potential investment opportunity in the latter [20] Group 4 - The coal industry is expected to see a tightening supply-demand relationship in 2026, with projected average prices for thermal coal and coking coal rising to 750 yuan and 1550 yuan per ton, respectively [21][23][25] - The report discusses the V-shaped price recovery of thermal coal in 2025, driven by production constraints and resilient demand from the power and metallurgical sectors [21][22] - Investment recommendations focus on coal companies with strong cash flow and high dividend yields, suggesting a favorable outlook for the sector [25] Group 5 - The credit bond market has shown strong performance, with yields declining across various maturities, particularly in the short-term segment, driven by increased demand for stable assets [26][27][29] - The report highlights the impact of government bond supply on market liquidity, suggesting that institutions may favor short-duration credit bonds to mitigate volatility [27][28] - The overall market sentiment has improved, with expectations of economic data recovery contributing to a more favorable investment environment [28]

Core Viewpoint - The company has officially launched the construction of the Brunei Refinery Phase II project, aiming for completion by the end of 2028, which is expected to enhance its growth potential in the future [4][5]. Group 1: Project Development - The subsidiary Hengyi Industries (Brunei) Co., Ltd. has signed the Phase II Implementation Agreement and received tax incentives from the Brunei government, along with financing commitments from Brunei Islamic Bank and shareholder loan promises [5]. - The design capacity of the Brunei Refinery Phase II project has been optimized to 12 million tons per year, focusing on producing diesel, PX, benzene, polypropylene, and other high-value refined oil and chemical products [5]. - Upon completion, the total capacity of the Brunei refinery will reach 20 million tons per year, creating synergies with the first phase of the project and enhancing the company's market share and integrated supply chain advantages [5]. Group 2: Market Outlook - The Southeast Asian refined oil supply-demand gap is expected to continue expanding, with the IMF projecting a GDP growth of 4.5% for the ASEAN region in 2025, and specific countries like Indonesia, the Philippines, and Vietnam showing even higher growth rates [6]. - From 2020 to 2023, over 30 million tons of refining capacity have exited the Southeast Asian and Australian markets due to public health events and energy transition, leading to an anticipated supply-demand gap of 68 million tons by 2026 [6]. - Limited new refining capacity in Southeast Asia, combined with existing supply shortages, suggests that the Brunei Refinery project is well-positioned to benefit from ongoing market tightness [6].

Core Viewpoint - Hengyi Petrochemical has announced the full launch of the second phase of the PMB petrochemical project in Brunei, aiming for completion by the end of 2028, with a designed capacity of 12 million tons per year [2]. Group 1: Project Overview - The second phase of the Brunei refining project includes refining, aromatics, ethylene, and polyester, with a focus on producing high-value products such as diesel, PX, benzene, and polypropylene [2]. - Upon completion, the total capacity of the Brunei refinery will reach 20 million tons per year, with initial site preparation and sand filling already completed [2]. Group 2: Competitive Advantages - The project benefits from geographical advantages, including convenient crude oil procurement without import quotas and proximity to the Malacca Strait, which reduces logistics costs [3]. - The Brunei project is located in the ASEAN Free Trade Area, offering tax advantages such as an 11-year corporate income tax exemption, extendable to 24 years under certain conditions [4]. Group 3: Strategic Alignment - The advancement of the Brunei phase two project complements Hengyi Petrochemical's domestic strategy, which includes a comprehensive PTA production base along the coast of China with a capacity of 19 million tons per year, ranking first globally [4]. - The integration of products from Brunei and the Guangxi Qinzhou project is expected to enhance logistics efficiency through direct shipping routes, further reducing costs [4]. Group 4: Market Demand - The Southeast Asian market for refined oil products is experiencing tight supply and demand dynamics, with local GDP growth significantly outpacing the global average, leading to sustained demand for refining products [4]. - According to IEA forecasts, the supply-demand gap for refined oil in Southeast Asia is expected to widen to 68 million tons by 2026, presenting significant market opportunities for the Brunei refining project [4].

| | 规格 | 品牌/产 | 报价 | 报价类 | 交货地 | 交易商 | | --- | --- | --- | --- | --- | --- | --- | | | | 地 | | 型 | | | | 等级:优等品 | | 扬子石 | 4500元/ | 市场价 | 江苏省/南通 | 南通众合化工新材料有限公司 | | | | 化 | 吨 | | 市 | VIP | | 等级:优等品 | | 逸盛大 | 4800元/ | 市场价 | 湖北省 | 武汉市恒久化工有限公司VIP | | | | 化 | 吨 | | | | | 逸盛大化 | 优等品 | 逸盛大 | 5150元/ | 市场价 | 江苏省/苏州 | 江苏昭华化工有限公司 | | | | 化 | 吨 | | 市 | | | 恒力大连 | 优等品 | 恒力大 | 5120元/ | 市场价 | 江苏省/苏州 | 南京外恩化工科技有限公司 | | | | 连 | 吨 | | 市 | | | 恒力大连 | 优等品 | 恒力大 | 5140元/ | 市场价 | 江苏省/苏州 | 南京双杰化工有限公司 | | | | 连 | 吨 | | 市 | | | 逸盛大 ...

Group 1 - Company Hengyi Petrochemical has announced the full launch of the PMB petrochemical project phase II (Brunei Refinery Phase II), aiming for completion by the end of 2028, in response to local policy and market conditions [1] - The design capacity of the Brunei Refinery Phase II has been optimized to 12 million tons per year, focusing on producing diesel, PX, benzene, polypropylene, and other high-value-added products, which will increase the total capacity of the Brunei refinery to 20 million tons per year upon completion [1] - The project is expected to enhance the company's overseas market share, strengthen integrated industrial chain advantages, reduce production costs, ensure stable raw material supply, and improve product structure to meet diverse market demands [1] Group 2 - The Southeast Asian refined oil supply-demand situation remains tight, with demand driven by GDP growth significantly above the global average and old capacities being phased out, leading to limited new capacity additions [2] - According to IEA forecasts, the supply-demand gap for refined oil in Southeast Asia is expected to expand to 68 million tons by 2026, providing significant market opportunities for the Brunei refining project [2] - Hengyi Group and its affiliates have adjusted their share buyback price range from a maximum of 10 yuan per share to 15 yuan per share, reflecting confidence in the company's future development and long-term investment value [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [4][6]. Core Views - The company has fully launched the Brunei Refinery Phase II project, aiming for completion by the end of 2028, which is expected to enhance its growth potential [2]. - The design capacity of the Brunei Refinery Phase II project has been optimized to 12 million tons per year, producing high-value products such as diesel, PX, benzene, and polypropylene [2]. - The Southeast Asian refined oil market is experiencing a growing supply-demand gap, which the Brunei Refinery project is poised to benefit from [3]. Summary by Sections Project Development - The company has signed the Phase II Implementation Agreement and received necessary tax incentives and financing commitments from local banks and shareholders [2]. - Upon completion, the total capacity of the Brunei refinery will reach 20 million tons per year, enhancing the company's market share and integrated supply chain advantages [2]. Market Outlook - The ASEAN region's GDP is projected to grow at 4.5% in 2025, with Indonesia, the Philippines, and Vietnam expected to see even higher growth rates, driving demand for refined products [3]. - The Southeast Asian market has seen over 30 million tons of refining capacity exit from 2020 to 2023, leading to an anticipated supply-demand gap of 68 million tons by 2026 [3]. Financial Forecasts - The company has adjusted its profit forecasts for 2025-2027, with expected net profits of 449 million, 683 million, and 836 million yuan respectively, reflecting a downward adjustment of 23%, 11%, and 13% [4]. - The report projects earnings per share (EPS) of 0.12, 0.19, and 0.23 yuan for the years 2025, 2026, and 2027 [4]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 83 in 2025 to 45 by 2027, indicating an improving valuation as earnings grow [4][14]. - The report highlights the company's strategy to accelerate the development of high-value differentiated products, which is expected to enhance its profitability [4].