Investment Rating - The investment rating for Hengyi Petrochemical is "Buy" (maintained) [1] Core Views - The report highlights the full launch of the Brunei Refinery Phase II project, with an optimized design capacity of 12 million tons per year, aiming for completion by the end of 2028, which will increase the total capacity of the Brunei refinery to 20 million tons per year [7][9] - The report emphasizes the confidence of the controlling shareholder in the company's long-term development, as evidenced by a share buyback plan amounting to no less than 1.5 billion yuan and no more than 2.5 billion yuan, with an adjusted maximum purchase price of 15 yuan per share [8][13] - The company is expected to see significant revenue growth, with projected revenues of 129.23 billion yuan, 147.06 billion yuan, and 154.42 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 4.81 billion yuan, 7.91 billion yuan, and 9.73 billion yuan for the same years [14][15] Summary by Relevant Sections Recent Performance - Hengyi Petrochemical has outperformed the CSI 300 index significantly over the past year, with a 12-month performance of 74.1% compared to the index's 25% [6] Project Developments - The Brunei Refinery Phase II project is expected to enhance the company's integrated industrial chain and scale advantages, improving market share and product structure while reducing production costs [9][10] Market Conditions - The report notes a tightening supply of refined oil in Southeast Asia, with a projected increase in demand and a significant supply gap expected to reach 68 million tons by 2026, creating strategic opportunities for companies with technological advantages [10] Financial Projections - The financial forecasts indicate a recovery in profitability, with net profit growth rates of 106% in 2025 and 64% in 2026, reflecting the company's strong market position and operational efficiency [14][15]

数据显示，截至2025年12月31日，中证细分化工产业主题指数(000813)前十大权重股分别为万华化学 (600309)、盐湖股份(000792)、藏格矿业(000408)、天赐材料(002709)、巨化股份(600160)、恒力石化 (600346)、华鲁恒升(600426)、宝丰能源(600989)、云天化(600096)、金发科技(600143)，前十大权重股 合计占比45.31%。 炼化也不止px，乙烯现在没启动还在亏损，26-27年减亏/扭亏的概率是比较大的。 化工ETF(159870)，场外联接(A：014942；C：014943；I：022792)。 成分股消息方面：恒逸石化文莱二期打开发展空间，上调回购价格上限彰显信心。公司全面启动文莱二 期项目建设、打开未来发展空间。公司已签订《二期实施协议》，并于文莱政府、银行、股东方取得税 收优惠、贷款等方面批文及意向函。二期项目规划1200万吨/年产能，主要生产柴油、PX、纯苯、聚丙 烯及其他附加值较高的成品油及化工产品，预计2028年年底建成投产。公司上调回购价格上限、彰显信 心。根据公司公告，公司前期15-25亿大额回购已累计增持约2.65亿股， ...

Group 1 - Hengyi Petrochemical's stock increased by 5.29% to 10.95 CNY per share, with a trading volume of 313 million CNY and a turnover rate of 0.82%, resulting in a total market capitalization of 39.449 billion CNY [1] - The company, established on August 13, 1996, and listed on March 28, 1997, is located in Hangzhou, Zhejiang Province, and its main business includes investments in the petrochemical industry, non-ferrous metals, building materials, and logistics services [1] - The revenue composition of Hengyi Petrochemical includes: polyester yarn (45.28%), refined oil products (24.58%), chemical products (9.93%), supply chain services (7.17%), chips (6.27%), PTA (5.36%), and PIA (1.41%) [1] Group 2 - The fund "Multi-Strategy Flexible Allocation A" (001148) holds 12.6221 million shares of Hengyi Petrochemical, accounting for 5.33% of the fund's net value, making it the fourth-largest holding [2] - The fund has a total scale of 286 million CNY and has achieved a return of 0.31% this year, ranking 7820 out of 8816 in its category, while its one-year return is 38.38%, ranking 3023 out of 8081 [2] Group 3 - The fund managers of "Multi-Strategy Flexible Allocation A" are Liang Guozhu and Gao Fu, with Liang having a tenure of 3 years and 59 days and a total fund size of 1.826 billion CNY, achieving a best return of 54.46% during his tenure [3] - Gao Fu has a tenure of 293 days with a fund size of 1.557 billion CNY, achieving a best return of 16.57% during his tenure [3]

Group 1 - Lichong Group expects a net profit of 830 million to 870 million yuan for 2025, representing a year-on-year growth of 17.38% to 23.04% [1] - Shandong Zhanggu anticipates a net profit of 72 million to 80 million yuan for 2025, with a year-on-year increase of 0.65% to 11.83% [2] - Yinglian Co. forecasts a net profit of 32 million to 42 million yuan for 2025, marking a turnaround from a loss of 39.67 million yuan in the previous year [3] Group 2 - Hangya Technology announces plans for shareholders to reduce their holdings by up to 2.76% of the company's shares [4] - Guizhou Tire plans to invest in a project in Morocco to produce 6 million semi-steel radial tires annually, with a total investment of 299 million USD [5] - Laisentongling's shareholder plans to reduce their stake by no more than 1% [6] Group 3 - ST Yifei's shareholder intends to reduce their holdings by up to 1.53% [7] - Hengyi Petrochemical has fully launched the second phase of its Brunei refining project, aiming for a production capacity of 12 million tons per year [8] - Zai Sheng Technology's controlling shareholder has terminated an agreement to transfer part of the company's shares [9] Group 4 - Sry New Materials proposes a cash dividend of 0.4 yuan per 10 shares for the first three quarters of 2025 [10] - Quanyin High-Tech announces that the offer period for China Seed Group's acquisition has expired, leading to a temporary suspension of its stock [11] - Zhonggang Luonai's shareholder plans to reduce their stake by up to 1% [12] Group 5 - Nanmo Bio expects to receive a government subsidy of 5.8 million yuan for its subsidiary [13] - Beite Technology has received approval from the China Securities Regulatory Commission for a stock issuance to specific investors [14] - Qianyuan Pharmaceutical's subsidiary has obtained drug registration certificates for a new medication [15] Group 6 - Boto Integrated plans to reduce its holdings by no more than 1% [16] - Wanze Co. intends to reduce its stake by up to 1.66% [17] - Tianci Materials will halt production for maintenance on its lithium hexafluorophosphate production line starting March 1, 2026 [18] Group 7 - Haopeng Technology plans to raise up to 800 million yuan through a private placement [20] - Yisheng Co. reports a 43.32% year-on-year increase in sales revenue for its white feather broiler chicks in December 2025 [21] - Jinyu Medical proposes a cash dividend of 8.8 yuan per 10 shares for the first three quarters of 2025 [22] Group 8 - Caesar Travel's subsidiary has won a management service project for the Qingdao International Cruise Port [23] - Kelun Pharmaceutical plans to repurchase shares worth 50 million to 100 million yuan [24] - Jiangling Motors reports a 10.56% year-on-year increase in cumulative sales for 2025 [25] Group 9 - Yilian Technology plans to issue convertible bonds to raise up to 1.2 billion yuan [26] - Shaanxi Guotou A intends to participate in a capital increase for Chang'an Bank, with an amount not exceeding 800 million yuan [27] - Oupokang Vision has obtained a production license for eye drops [28] Group 10 - Shanghai Electric plans to provide management services for overseas assets of China Electric International [30] - Yingfang Micro is planning a major asset restructuring, leading to a temporary suspension of its stock [31] - Victory Energy's stock will resume trading after completing a verification process [32] Group 11 - China Merchants Industry has signed a shipbuilding agreement with Dalian Shipbuilding [33] - Kunyu Group has appointed a new chairman following a board meeting [34] - Microchip Bio's clinical trial application for a new diabetes treatment has been accepted [35] Group 12 - Hanshuo Technology has signed a sales intention agreement for smart shopping carts with Woolworths in Australia [36] - Zhongmin Energy's three photovoltaic power station projects have been included in the Fujian Province development list [37] - Penghui Energy plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [38] Group 13 - Victory Energy reports that the acquirer has deposited a guarantee for the acquisition [39] - Fangsheng Pharmaceutical proposes a special dividend of 0.15 yuan per share for 2025 [40] - Nanning Department Store has received approximately 14.28 million yuan in government subsidies since January 2025 [41] Group 14 - Jushen Co. has signed a bauxite transfer agreement with a company in Guinea [42] - ST Huluwawa has received a drug registration certificate for a new inhalation solution [43] - Zhongzhi Co. will become the controlling shareholder following a share transfer agreement [44] Group 15 - Chuangli Group has signed a strategic cooperation framework agreement with Chuanjiu Construction [45]

Core Viewpoint - The domestic refining market is gradually emerging from an adjustment period, supported by favorable policies and declining international crude oil prices, leading to improved market concentration and prosperity [1][2]. Group 1: Industry Performance - The profitability of major private refining companies, including Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, and Dongfang Shenghong, has been steadily recovering since Q3 2025 [1]. - The integrated refining model and industrial chain advantages are key factors for these leading companies to withstand market fluctuations, improving their gross margins and overall industry prosperity [1][2]. - The refining capacity in China has reached 923 million tons as of 2024, nearing the 1 billion ton limit set by regulatory authorities, indicating the end of the expansion cycle [2]. Group 2: Cost and Pricing Dynamics - The average price of Brent crude oil was $68.17 per barrel in Q3 2025, a year-on-year decrease of 13.4%, while WTI crude oil averaged $64.97 per barrel, down 13.6% year-on-year [3]. - The decline in oil prices has reduced raw material procurement costs for refining companies and improved the price differentials of chemical products [3]. - The global refining capacity is experiencing a clear East-West differentiation, with older refineries in Europe and the U.S. being phased out, while Asian facilities continue to come online [3]. Group 3: Future Outlook - The industry is expected to continue its moderate recovery, although demand-side pressures remain a concern [5]. - The core variable affecting corporate profitability in 2026 will still be crude oil prices, with expectations of prices dropping to the marginal cost of shale oil [6]. - The refining market is anticipated to see a divergence in profits between chemical and refining sectors, with large refining companies benefiting from a higher proportion of chemical products [7].

Group 1: Company Developments - Hengyi Petrochemical announced the full launch of the PMB petrochemical project phase II in Brunei, aiming for completion by the end of 2028, in response to the Brunei government's policy direction and cooperation willingness [1] - The project has an optimized design capacity of 12 million tons per year, producing diesel, PX, benzene, polypropylene, and other high-value-added chemical 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 customer demands [1] Group 2: Industry Insights - The supply-demand balance for refined oil in Southeast Asia remains tight, with local GDP growth significantly exceeding the global average, leading to strong demand for refining products [2] - The International Energy Agency (IEA) predicts that the supply-demand gap for refined oil in Southeast Asia will expand to 68 million tons by 2026, providing significant market opportunities for the Brunei refining project [2] Group 3: Shareholder Actions - Hengyi Group and Hengyi Investment adjusted their share buyback price range from no more than 10 CNY per share to no more than 15 CNY per share to boost investor confidence and support the company's sustainable development [2] - As of January 5, 2026, Hengyi Group has cumulatively increased its shareholding by 140 million shares, with an investment amount of 1.159 billion CNY (excluding fees), while Hengyi Investment has increased its shareholding by 126 million shares, with an investment amount of 1.085 billion CNY (excluding fees) [2]

人民财讯1月5日电，恒逸石化（000703）1月5日公告，公司决定全面启动PMB石油化工项目二期项目 (简称"文莱炼化二期项目")建设，并力争于2028年年底建成。文莱炼化二期项目的设计产能优化调整为 1200万吨/年，主要生产柴油、PX、苯、聚丙烯以及其他附加值较高的成品油及化工产品。文莱炼化二 期项目建成后，文莱炼厂合计产能将达到2000万吨/年。 ...

每经AI快讯，1月5日，恒逸石化公告，控股股东恒逸集团及一致行动人恒逸投资将增持计划价格上限 由不超过10元/股调至不超过15元/股，其他条款不变。计划期限2025年12月2日至2026年6月1日，增持 金额15亿元至25亿元。截至2026年1月5日，恒逸集团已增持1.4亿股；恒逸投资增持1.26亿股，合计增持 2.65亿股。 ...

证券代码：000703 证券简称：恒逸石化 公告编号：2026-002 恒逸石化股份有限公司 关于调整控股股东及其一致行动人 增持股份计划价格上限的公告 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： 本次增持计划的增持价格区间由不超过 10 元/股调整为不超过 15 元/股。除 此之外，原增持计划的其他内容不变。 一、原增持计划的情况 （一）原增持计划的基本情况 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，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"）拟自增持计划公告披露之日起的 6 个 月内（即 2025 年 12 月 2 日至 2026 年 6 月 1 日），法律法规及深圳证券交易所 业务规则等有关规定不允许增持的期间除外，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（ ...

| 证券代码：000703 | 证券简称：恒逸石化 | 公告编号：2026-003 | | --- | --- | --- | | 债券代码：127022 | 债券简称：恒逸转债 | | | 债券代码：127067 | 债券简称：恒逸转 2 | | 恒逸石化股份有限公司 2025 年第四季度可转换公司债券转股情况公告 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"（债券代码：127022）转股期为2021年4月22日至2026年10 月15日；转股价格为9.14元/股（因公司已实施2020年度权益分派方案，恒逸转 债的转股价格于2021年7月6日起由原来的11.50元/股调整为11.20元/股；因公司 已实施2021年度权益分派方案，恒逸转债的转股价格于2022年7月7日起由原来 的11.20元/股调整为11.00元/股；因公司已实施2023年度权益分派方案，恒逸转 债的转股价格于2024年6月26日起由原来的11.00元/股调整为10.91元/股；因转股 价格向下修正，恒逸转债的转股价格于2024年11月19日起由原来的10.9 ...