Core Viewpoint - Rongsheng Petrochemical's stock has shown a positive trend with a year-to-date increase of 10.11%, reflecting investor interest and market activity [1]. Group 1: Stock Performance - As of December 19, Rongsheng Petrochemical's stock price rose by 2.07% to 9.86 CNY per share, with a trading volume of 1.38 billion CNY and a turnover rate of 0.15%, resulting in a total market capitalization of 98.496 billion CNY [1]. - The stock has experienced a 5.57% increase over the last five trading days and a 0.51% increase over the last 20 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Rongsheng Petrochemical reported a revenue of 227.815 billion CNY, a year-on-year decrease of 7.09%, while the net profit attributable to shareholders was 0.888 billion CNY, reflecting a year-on-year growth of 1.34% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Rongsheng Petrochemical was 73,700, a decrease of 14.14% from the previous period, while the average number of circulating shares per person increased by 14.80% to 126,986 shares [2]. - The company has distributed a total of 9.4 billion CNY in dividends since its A-share listing, with 3.391 billion CNY distributed over the last three years [3]. Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 191 million shares, an increase of 17.0569 million shares from the previous period [3]. - Huatai-PB CSI 300 ETF was the seventh-largest circulating shareholder, holding 51.9743 million shares, a decrease of 2.4058 million shares from the previous period [3].

Group 1 - The chemical sector continues to show strong performance, with the chemical ETF (516020) rising by 1.12% as of the latest report [1] - Key stocks in the sector include Huafeng Chemical, which surged over 6%, and Luxi Chemical, which increased by over 4% [1] - Other notable gainers include Rongsheng Petrochemical, Yangnong Chemical, and Boyuan Chemical, each rising by more than 3% [1] Group 2 - Lithium carbonate prices have significantly increased, with futures reaching nearly 110,000 yuan/ton, marking an 8.84% rise on December 17 [2] - The price of lithium carbonate has risen by 84.1% from its low point earlier in the year [2] - Dongguan Securities expresses optimism about the lithium battery industry, predicting a 17% growth in global new energy vehicle sales by 2026 and a 20% increase in demand for power batteries [3] Group 3 - The chemical sector is currently viewed as having a favorable valuation, with the chemical ETF's underlying index trading at a price-to-book ratio of 2.4, which is relatively low historically [3] - Guohai Securities anticipates that the dividend capacity of Chinese chemical companies will improve, indicating a high potential dividend yield [3] - Huazhong Securities notes a clear differentiation in chemical product prices, with expectations for gradual recovery in pricing across the sector [3] Group 4 - The chemical ETF (516020) provides an efficient way to invest in the chemical sector, covering various sub-sectors and concentrating on large-cap leading stocks [4] - Nearly 50% of the ETF's holdings are in major companies like Wanhua Chemical and Salt Lake Co., allowing investors to capitalize on strong market leaders [4] - Investors can also access the chemical ETF through linked funds for broader exposure to the sector [4]

每经AI快讯，有投资者在投资者互动平台提问：请问贵公司2024年报第26页中化工产品包含PX产品？ （文章来源：每日经济新闻） 荣盛石化（002493.SZ）12月17日在投资者互动平台表示，公司PX产品设计产能约1040万吨/年，产能规 模位居行业前列，一体化布局与规模效应优势突出。PX 作为公司核心化工产品之一，其经营数据已纳 入化工产品板块披露，具体经营详情请查阅公司已披露的定期报告及相关公告。 ...

Core Viewpoint - The Chinese government has announced the "National Energy Conservation and Carbon Reduction Technology Equipment Recommendation Directory (2025 Edition)" to promote energy-saving and carbon-reduction technologies across key industries, providing a clear reference for enterprises' green transformation [1] Group 1: Policy and Industry Response - The directory focuses on energy conservation and carbon reduction technologies in industrial sectors, covering ten key industries such as steel, petrochemicals, and building materials, as well as information technology scenarios like data centers and communication bases [1] - Companies are leveraging their core strengths and focusing on technological innovation to actively engage in energy-saving and carbon-reduction practices, with distinct transformation paths emerging across different industries due to variations in industrial foundations and technological endowments [1] Group 2: Company Practices in Energy Conservation - In the traditional energy sector, Zhejiang Zheneng Power Co., Ltd. has invested over 1 billion yuan in comprehensive upgrades to its power plant, achieving emissions standards comparable to natural gas power generation and creating a closed-loop system for resource recycling [2] - In the refining sector, Rongsheng Petrochemical Co., Ltd. has achieved breakthroughs in energy conservation and emissions reduction through resource cascading utilization and low-temperature waste heat recovery technologies [2] Group 3: Innovations in Environmental Technology - Zhejiang Feida Environmental Technology Co., Ltd. has developed a carbon capture, utilization, and storage (CCUS) technology that captures over 90% of CO₂, significantly reducing the carbon footprint of its products and aiming to capture costs lower than traditional methods [3] - Visionox Technology Co., Ltd. has focused on material innovation to eliminate the use of harmful chemicals in its production processes, successfully developing over 20 PFAS-free materials [3] Group 4: Future Trends in Corporate Competitiveness - Under the dual carbon goals, companies are shifting their core competitiveness from traditional scale and cost advantages to a combination of "green technology + sustainable operations," with technology reserves and industry chain integration becoming essential [4] - The manufacturing industry's green transformation is entering a new phase characterized by standardized technology, normalized collaboration, and visible value, with companies needing to focus on core technology breakthroughs and integrating green concepts into their strategic operations [4]

Investment Rating - The report maintains a positive outlook on the petrochemical industry, indicating a favorable investment environment [2]. Core Insights - Three major institutions have raised their oil demand forecasts, with the EIA predicting a global crude oil surplus of 2.24 million barrels per day for the current year [4][17]. - The EIA has kept its 2025-2026 crude oil price forecasts unchanged at $69 and $55 per barrel, respectively, while raising its natural gas price forecasts for the same years [5][11]. - The report highlights a tightening supply-demand balance in the downstream polyester sector, with expectations of improved market conditions [19]. Summary by Sections Demand Forecasts - IEA expects global oil demand to increase by 830,000 barrels per day in 2025 and 860,000 barrels per day in 2026, driven by positive macroeconomic and trade outlooks [11][12]. - OPEC forecasts a demand growth of 1.3 million barrels per day in 2025 and 1.4 million barrels per day in 2026 [12][58]. - EIA anticipates a rise in global oil and other liquid fuel consumption by 1.14 million barrels per day in 2025 and 1.23 million barrels per day in 2026 [12][17]. Supply Forecasts - EIA has raised its global oil supply forecast for the current year by 200,000 barrels per day, while IEA has lowered its forecast by 100,000 barrels per day [14][17]. - EIA projects a global oil production increase of 3.01 million barrels per day in 2025 and 1.25 million barrels per day in 2026 [15][17]. - OPEC anticipates a growth in non-OPEC oil supply of 1 million barrels per day in 2025, primarily from the U.S., Brazil, Canada, and Argentina [58]. Upstream Sector - Brent crude oil prices have decreased, with the latest closing price at $61.12 per barrel, reflecting a 4.13% week-on-week decline [27]. - The report notes a slight increase in U.S. oil rig counts, with 548 rigs reported as of December 12, 2025 [40]. Downstream Sector - The report indicates an improvement in refining margins, with the Singapore refining margin rising to $19.82 per barrel [4]. - Polyester sector profitability is mixed, with PTA prices declining while polyester filament prices are on the rise [19]. Investment Recommendations - The report recommends high-quality companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as major refining companies like Hengli Petrochemical and Rongsheng Petrochemical [19][22]. - It also suggests focusing on high-dividend yield companies like China Petroleum and China National Offshore Oil Corporation [22].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the chemical industry [5] Core Views - The political bureau meeting emphasized the implementation of more proactive macro policies and the importance of expanding domestic demand and optimizing supply, which is expected to provide a clearer reversal signal for the chemical industry at the bottom of the cycle [2][3] - The chemical industry is currently at a historical low valuation, with a price-to-book (PB) ratio of 2.2, indicating significant upside potential [2][18] - The report highlights the importance of supply-side optimization and the potential for price recovery in industries with high concentration and low profitability [3][20] Summary by Sections 1. Core Insights of the Week - The report discusses the impact of the geopolitical situation on oil prices, with Brent oil closing at $61.28 per barrel, down $2.47 (-3.9%) from the previous week [17] - The Producer Price Index (PPI) has shown unexpected recovery, which has increased attention on the chemical sector [18] 2. Overall Performance of the Chemical Sector - The chemical sector index decreased by 2.2% in the week, ranking 26th among 31 industry sectors [24] - Year-to-date, the chemical sector index has increased by 25.0%, outperforming the Shanghai Composite Index by 9.0% [24][27] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the chemical sector, 97 stocks rose while 325 fell during the week [32] - The top gainers included companies like Bluestar Technology (+18.1%) and Qiaoyuan Co. (+15.2%) [34] 4. Key Investment Themes - **Theme One**: Focus on upstream resource assets with strong profit certainty, such as phosphorus and sulfur [19] - **Theme Two**: Emphasis on supply-side optimization and price elasticity in sectors like organic silicon and PTA [20] - **Theme Three**: Attention to low-valued leading companies in the sector, such as Wanhua Chemical and Hengli Petrochemical [22] - **Theme Four**: Investment in new productive forces aligned with green energy and semiconductor materials [23]

Investment Rating - The report does not explicitly state an investment rating for the oil refining industry Core Insights - The report highlights a seasonal decline in demand and weak cost support, leading to a downward trend in chemical product price spreads [2] - Domestic key refining project price spread is 2527.61 CNY/ton, with a week-on-week increase of 22.27 CNY/ton (+0.89%), while the international key refining project price spread is 1330.98 CNY/ton, with a week-on-week decrease of 6.23 CNY/ton (-0.47%) [3] - Brent crude oil weekly average price is 62.00 USD/barrel, with a week-on-week decrease of 1.73% [2] Summary by Sections Refining Sector - Positive signals in China-US trade relations boosted market risk appetite, while concerns over Russian supply supported international oil prices [2] - Brent and WTI crude oil prices on December 12, 2025, were 61.12 USD/barrel and 57.44 USD/barrel, respectively, down by 2.63 USD/barrel and 2.64 USD/barrel from December 5, 2025 [2] - Domestic refined oil prices showed slight fluctuations, with diesel and aviation kerosene prices in Southeast Asia experiencing minor increases, while other regions saw price declines [2] Chemical Sector - The industry is entering a demand off-season, with weak cost support leading to a decline in chemical product prices and spreads [2] - Polyolefins prices and spreads have decreased due to a continuous decline in terminal operating levels [2] - EVA prices have dropped due to supply pressure from new installations and weak demand, with the average price at 10028.57 CNY/ton [2] - Benzene prices remained stable, with a slight increase in spreads, while styrene prices increased due to tight supply [2] Major Refining Companies - Stock price changes for six major private refining companies as of December 12, 2025, include: Rongsheng Petrochemical (-4.69%), Hengli Petrochemical (-5.22%), Dongfang Shenghong (-0.96%), Hengyi Petrochemical (-1.09%), Tongkun Co. (-6.62%), and Xin Fengming (-9.99%) [2]

Core Viewpoint - Rongsheng New Materials (Zhoushan) Co., Ltd. has increased its registered capital from 5 billion RMB to 10 billion RMB, marking a 100% increase, indicating significant growth and potential expansion in its operations [2]. Company Information - Rongsheng New Materials (Zhoushan) Co., Ltd. was established on January 28, 2022, and is wholly owned by Rongsheng Petrochemical Co., Ltd. [2][3]. - The legal representative of the company is Xiang Jiong Jiong, and it operates in the chemical raw materials and chemical products manufacturing industry [3][4]. - The company has a registered address in Zhoushan, Zhejiang Province, and employs between 500 to 899 people [3]. Business Scope - The company's business scope includes the sale and manufacturing of petroleum products (excluding hazardous chemicals), synthetic materials manufacturing, and various chemical product sales [3][4]. - It also engages in the research and development of new materials, technical services, and import-export activities [4].

Core Viewpoint - Rongsheng New Materials (Zhoushan) Co., Ltd. has increased its registered capital from 5 billion RMB to 10 billion RMB, marking a 100% increase [1] Company Summary - Rongsheng New Materials was established in January 2022 and is fully owned by Rongsheng Petrochemical (002493) [1] - The company's business scope includes the sale and manufacturing of petroleum products and synthetic materials [1]

Investment Direction 1: Dividend Strategy - Recommended companies include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) with an expected Brent oil price range of $60-70 per barrel in 2026 [2][3] - CNOOC is committed to maintaining a dividend payout ratio of no less than 45% from 2025 to 2027, while PetroChina benefits from domestic natural gas market reforms [2][3] Investment Direction 2: Capital Allocation to Undervalued Chemical Leaders - Recommended companies include Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng, which are expected to benefit from industry barriers related to cost, technology, and market [2][3] - The report suggests prioritizing capital allocation to chemical ETFs and leading companies as their performance is expected to stabilize [2][3] Investment Direction 3: Price Increases Driven by Downstream Demand - Traditional demand sectors such as food additives, pesticides, and fertilizers are highlighted, with companies like New Hope Liuhe and Jiangshan Chemical expected to benefit from stable growth in demand [2][3] - Emerging demand in phosphorous and fluorine chemicals is driven by the needs of new energy battery and AI cooling applications, with companies like Chuanheng Chemical and Juhua Co. being key players [2][3] Investment Direction 4: Domestic Anti-Competition Driving Price Increases - The report emphasizes the focus on large refining and chemical companies such as Hengli Petrochemical and Rongsheng Petrochemical, which are expected to benefit from anti-competitive measures in the domestic market [2][3] - The organic silicon sector is entering the end of its expansion cycle, with major companies like Sinan Silicon Material adjusting industry operating rates [2][3] - The soda ash industry is facing capacity controls and the need to phase out outdated production, with companies like Boyuan Chemical under observation [2][3] Oil Price Analysis - The report anticipates a Brent oil price range of $60-70 per barrel in 2026, with a slight oversupply expected [11][12] - OPEC+ has postponed production increases for Q1 2026, indicating a cautious approach to market conditions [11][12] - The report highlights geopolitical factors, including the ongoing Russia-Ukraine conflict and U.S.-Venezuela relations, which may impact oil supply dynamics [12][13] Three Major Oil Companies Insights - CNOOC is focused on increasing reserves and production while reducing costs, while PetroChina is benefiting from natural gas market reforms [34][36] - Sinopec is concentrating on domestic refining and chemical anti-competition developments [34][36] - The overall profitability of the three major oil companies is expected to be supported by the anticipated oil price stabilization [34][36]