Group 1 - The chemical sector has regained momentum, with the chemical ETF (516020) experiencing a rise of 1.96% after a brief fluctuation at the opening [1][2] - Key stocks in the sector include Zhejiang Longsheng, which hit the daily limit, and other notable gainers such as Hebang Biotechnology, Satellite Chemical, Baofeng Energy, and Hengyi Petrochemical, all showing significant increases [1][2] - The chemical ETF (516020) has attracted substantial investment, with net subscriptions of 1.422 billion yuan over the past five days and 2.14 billion yuan over the past ten days [1][2] Group 2 - Recent advancements in the basic chemical industry include breakthroughs in green refrigeration technology and key technologies for the industrialization of high-performance liquid crystal polyarylate fibers [3] - Looking ahead, the chemical industry is expected to experience low prosperity in 2025, with potential recovery in profitability driven by measures against "involution" and rapid growth in new materials due to downstream demand [3] - Investment opportunities in the large chemical sector are viewed positively, particularly in leading companies and sub-industries facing supply changes or significant pressure [3]

化工板块盘中持续走高，染料、聚氨酯方向领涨，和邦生物封涨停，此前锦鸡股份、沧州大化、百川股 份、中农联合等涨停，卫星化学、氯碱化工、华峰化学、恒逸石化、桐昆股份跟涨。 ...

化工板块今日（1月28日）重拾攻势，反映化工板块整体走势的化工ETF（516020）开盘短暂震荡后直 线拉升，盘中场内价格一度涨超2%，截至发稿，涨1.96%。 机构观点来源：①中国银河证券1月25日证券基础化工行业周报《化工品价格表现偏强，关注周期弹性 机会》。 成份股方面，纯碱、石化、氮肥等板块部分个股涨幅居前。截至发稿，浙江龙盛涨停，和邦生物大涨超 9%，卫星化学涨超7%，宝丰能源、恒逸石化双双涨超6%。 化工ETF联接A申购费率为：100万元以下，0.8%；100万元（含）-200万元，0.5%；200万元（含）以 上，每笔1000元。赎回费率为：7天以内，1.5%；7天（含）-180天，0.5%；180天（含）-以上，0%。 | | | | 分时 多日 1分 5分 15分 30分 60分 日 周 月 更多 | | | | | F9 盘用盘后 露出 九种 画线 工具 (0 2 > | | 44. TETF (D) | | | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Group 1 - Three-dimensional Communication, Kaichun Co., Ltd., and Jiuqi Software reached the daily limit increase in stock prices, indicating strong market interest [1] - Worth Buying, BlueFocus Communication Group, Aofei Data, Hengyi Petrochemical, and Lude Medical also experienced stock price increases, suggesting a broader positive trend in the market [1]

Summary of Conference Call Notes Industry Overview - The petrochemical industry is experiencing a price surge driven by aromatics and by-products, with significant improvements in price differentials since early December. Key price changes include: - PX price differential improved by $81/ton - Pure benzene price differential improved by $98/ton - PTA price differential improved by 190 RMB/ton - Styrene price differential improved by 866 RMB/ton - Butadiene increased by 3650 RMB/ton - Sulfur increased by 325 RMB/ton, reaching a new high [1][1][1] Key Points and Arguments 1. **Aromatics and By-products as Price Drivers**: The surge in prices is attributed to the early end of production and a decline in supply for aromatics and by-products, indicating a long-term supply-demand imbalance. Exports exceeding expectations are also a significant catalyst for this price increase [1][1][1]. 2. **Olefins Rebalancing**: The year 2025 is projected to be a significant year for olefin production, which may lead to severe price impacts. The ethylene/propylene price differential is currently below the 20th percentile of the last decade. The market is in a rebalancing phase, with expectations of increased maintenance and exit plans for overseas ethylene in 2026, leading to a potential recovery of 600-700 RMB/ton in PP/PE futures from recent lows [1][1][1]. 3. **Tightening of Olefin Approvals**: Although olefin approvals have significantly tightened, existing capacity will need time to be absorbed, with a potential rebound in 2026, though a reversal is not yet assured [2][2][2]. 4. **Impact of Carbon Neutrality Goals**: The "dual carbon" goals are reshaping the long-term pricing logic in the industry. The tightening of carbon indicators during the 14th Five-Year Plan and the difficulty in approving new petrochemical capacities suggest that supply-demand improvements are a long-term trend. The elimination of older facilities may accelerate, benefiting leading companies that have expanded capacity in recent years, thereby strengthening their cost and carbon emission advantages [2][2][2]. Recommendations - The petrochemical sector is a key focus area for national macroeconomic regulation. The recent price increases in the sector are not merely valuation adjustments but are driven by the sequential price increases of key products. Recommended companies include: - Rongsheng Petrochemical - Hengli Petrochemical - Dongfang Shenghong - Hengyi Petrochemical - Huajin Co., Ltd. - Qixiang Tengda [2][2][2].

Core Viewpoint - The company, Hengyi Petrochemical, has approved a share repurchase plan to enhance shareholder value and support its long-term development strategy [5][25]. Summary by Sections Share Repurchase Plan - The company plans to repurchase shares through centralized bidding, with a total fund of no less than RMB 50 million and no more than RMB 100 million [6][10]. - The maximum repurchase price is set at RMB 15.00 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [7][8]. - The repurchase period will last up to 12 months from the board's approval date [11][25]. Purpose and Use of Repurchased Shares - The repurchased shares will be used for employee stock ownership plans or equity incentives, aimed at improving corporate governance and ensuring the achievement of long-term operational goals [7][10]. - If the shares are not utilized within 36 months post-repurchase, they will be canceled [10][18]. Financial Impact - As of September 30, 2025, the company's total assets were RMB 111.51 billion, and the repurchase funds would represent approximately 0.90% of total assets and 4.09% of net assets [15][16]. - The company believes that the repurchase will not significantly impact its operational activities or financial status [16]. Shareholder Actions - Major shareholders, including the controlling shareholder and those holding over 5% of shares, have no plans to sell shares in the next three to six months [3][17]. - The company has established a dedicated account for the share repurchase at the Shenzhen branch of China Securities Depository and Clearing Corporation [20]. Disclosure and Compliance - The company will adhere to relevant laws and regulations regarding the repurchase and will disclose progress regularly [21][22]. - The board will manage the repurchase process, including decisions on timing, price, and quantity based on market conditions [14].

证券代码：000703 证券简称：恒逸石化 公告编号：2026-010 恒逸石化股份有限公司 关于以集中竞价交易方式回购股份（第六期）的回购报告书 ●回购用途：拟将回购股份用于实施员工持股计划或股权激励。 ●回购股份方式：集中竞价交易方式。 ●回购资金来源：公司自有及自筹资金。 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。 重要内容提示： ●回购股份种类：公司发行的人民币普通股（A 股）。 ●回购规模：本次回购股份资金总额不低于人民币 50,000 万元，不超过人民币 100,000 万元。 ●回购价格：本次回购股份的价格不超过 15.00 元/股。 ●回购期限：自董事会审议通过本回购方案之日起不超过 12 个月。 ●截至 2026 年 1 月 22 日，公司董事、高级管理人员、控股股东、实际控制 人、持股 5%以上的股东及其一致行动人于未来 3 个月、未来 6 个月不存在减持 公司股票的计划。若未来拟实施股票减持计划，公司将按相关规定及时履行信息 披露义务。 相关风险提示： 1、本次回购经董事会审议通过后，尚存在因公司股票价格持续超出回 购方案披露的价格区 ...

证券代码：000703 证券简称：恒逸石化 公告编号：2026-011 恒逸石化股份有限公司 关于回购股份事项（第六期）前十名股东 及前十名无限售条件股东持股信息的公告 一、董事会公告回购股份决议前一个交易日（即 2026 年 1 月 22 日）前 10 名股东持股情况 | 序号 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 1 | 浙江恒逸集团有限公司 | 1,694,580,493 | 47.04% | | 2 | 杭州恒逸投资有限公司 | 384,133,911 | 10.66% | | 3 | 恒逸石化股份有限公司回购专用证券账户 | 302,267,337 | 8.39% | | 4 | 恒逸石化股份有限公司－第六期员工持股计划 | 114,090,297 | 3.17% | 1 | 序号 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 5 | 兴惠化纤集团有限公司 | 97,662,383 | 2.71% | | 6 | 上海胜帮私募基金管理有限公司－共青城胜帮凯 | 88,0 ...

Investment Rating - The report maintains a rating of "Buy" for the basic chemical industry [5] Core Views - The report highlights that the spandex industry is at a turning point, with prices reaching historical lows and recent price increases indicating a recovery in the industry [1][2] - The report emphasizes the limited new capacity in the spandex sector and the exit of outdated capacity, suggesting a favorable supply-demand balance and a positive outlook for the spandex industry [2] - The "anti-involution" policy is expected to enhance the recovery of the "refining-chemical fiber" industry chain, with improvements in market competition and supply-demand dynamics [3] Summary by Sections Industry Overview - Spandex prices have dropped from a peak of 83,750 yuan/ton in 2021 to 23,600 yuan/ton in early January 2026, a decline of 72% [1] - The report notes that spandex production capacity in China is projected to grow from 925,000 tons in 2020 to 1,430,000 tons by 2025, with a compound annual growth rate (CAGR) of 7.6% [2] Supply and Demand Dynamics - The apparent consumption of spandex in China is expected to increase from 720,000 tons in 2020 to 1,060,000 tons by 2025, with a CAGR of 6.7% [2] - The report indicates that the spandex industry is entering a recovery phase due to the reduction in new capacity and the exit of outdated production [2] Policy Impact - The "anti-involution" policy aims to optimize market competition and improve the supply-demand balance in the refining and chemical fiber sectors [3] - The report suggests that the refining industry is nearing the end of capacity expansion, which is expected to improve supply-demand dynamics [3] Investment Recommendations - The report recommends focusing on leading companies in the polyester filament sector such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong, as well as spandex companies like Huafeng Chemical and Xinxiang Chemical Fiber [4]

Group 1 - The core viewpoint of the article is that Hengyi Petrochemical has announced a share repurchase plan to implement an employee stock ownership plan or equity incentive [1] - The total amount of funds for the share repurchase is set to be no less than 500 million yuan and no more than 1 billion yuan [1] - The repurchase price will not exceed 15.00 yuan per share, and the repurchase period is set to be within 12 months from the date of the board's approval of the plan [1]