荣盛石化股份有限公司 独立董事工作制度 第一章 总则 第一条 为进一步完善荣盛石化股份有限公司（以下简称"公司"）的治理结 构，切实保护股东利益，有效规避公司决策风险，促进公司规范运作，根据《中华 人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》、 《上市公司独立董事管理办法》、《荣盛石化股份有限公司章程》（以下简称"《公 司章程》"）等相关规定，特制定公司《独立董事工作制度》（以下简称"本制度"）。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及主要股 东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客观 判断的关系的董事。 荣盛石化股份有限公司 独立董事工作制度 2025 年 10 月 荣盛石化股份有限公司 独立董事工作制度 荣盛石化股份有限公司 独立董事工作制度 第二章 独立董事构成 第三条 董事会成员中应至少包括三分之一的独立董事，其中至少包括一名会 计专业人士。 第四条 上市公司董事会下设薪酬与考核、审计、提名等专门委员会的，独立 董事应当在审计委员会、提名委员会、薪酬与考核委员会成员中占多数，并担任召 集人。 第三章 独立董事的任职条件 第 ...

Core Insights - The appreciation of the Renminbi has led to a 0.68% increase in the benefiting sectors compared to the previous trading day, with Zhongshun Jierou leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Summary of Benefiting Stocks - Zhongshun Jierou (002511) closed at 8.81, with a rise of 4.51% and a trading volume of 265,400 shares, amounting to a transaction value of 232 million [1] - Tongling Nonferrous Metals (000630) closed at 5.86, increasing by 2.81% with a trading volume of 3.91 million shares, totaling 2.299 billion [1] - Taiyuan Iron & Steel (000825) closed at 4.16, up 2.72% with a trading volume of 658,600 shares, amounting to 273 million [1] - Baosteel (600000) closed at 7.27, rising by 1.82% with a trading volume of 1.2066 million shares, totaling 877 million [1] - Other notable stocks include Aluminum Wine Food (300892) at 35.03 (+1.24%), Hengbang Co. (002237) at 13.22 (+1.15%), and Air China (601111) at 8.46 (+1.08%) [1] Fund Flow Analysis - The benefiting sector experienced a net outflow of 198 million from institutional investors, while retail investors saw a net inflow of 80.24 million [2] - Notable net inflows from retail investors were observed in stocks like Zhongshun Jierou and Taiyuan Iron & Steel, despite overall outflows from institutional investors [3]

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. 2. Core Viewpoints of the Report The report presents a comprehensive analysis of the large refining and chemical industry, covering key aspects such as project spreads, product prices, profit margins, inventory levels, and operating rates across different segments including polyester, refining, and chemicals. It also tracks the performance and financial forecasts of major private refining and chemical companies [2][8][9]. 3. Summary According to Relevant Catalogs 3.1. Big Refining Weekly Data Briefing - **Project Spreads**: Domestic key large refining projects had a weekly spread of 2,564 yuan/ton, a decrease of 24 yuan/ton (1% decrease) compared to the previous week. Foreign key large refining projects had a weekly spread of 1,212 yuan/ton, a decrease of 2 yuan/ton (0% decrease) [2]. - **Polyester Sector**: POY/FDY/DTY industry average prices were 6,407/6,618/7,732 yuan/ton respectively, with week - on - week decreases of 114/79/54 yuan/ton. Their weekly average profits were 72/ - 54/88 yuan/ton, down 54/30/14 yuan/ton week - on - week. Inventory levels were 11.8/21.9/29.5 days, down 5.0/4.2/2.0 days. The filament开工率 was 91.0%, a 0.0 percentage point decrease. Downstream, the loom operating rate was 66.5%, up 2.4 percentage points, and the raw material inventory of weaving enterprises was 11.1 days, up 0.9 days, while the finished product inventory was 24.0 days, down 1.7 days [2]. - **Refining Sector**: Domestic refined oil prices of gasoline, diesel, and aviation kerosene decreased this week. In the US, the price of aviation kerosene decreased [2]. - **Chemical Sector**: The average price of PX this week was 794.4 dollars/ton, an increase of 6.9 dollars/ton compared to the previous week, and the spread over crude oil was 336.7 dollars/ton, up 4.5 dollars/ton. The PX operating rate was 86.3%, a 1.0 percentage point decrease [2]. - **Related Listed Companies**: Private large refining and polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin凤鸣 [2]. 3.2. Big Refining Weekly Report 3.2.1. Big Refining Index and Project Spread Trends The report provides historical data and trends on the performance of the large refining index, including the comparison of the performance of the petrochemical index and six private large refining companies over different time periods (recent week, recent month, recent three months, recent year, and since the beginning of 2025). It also shows the trends of domestic and foreign large refining project spreads in relation to Brent oil prices [8]. 3.2.2. Polyester Sector - **Price and Profit Analysis**: Analyzes the prices, spreads, and profit margins of various polyester products such as PX, MEG, PTA, POY, FDY, DTY, polyester staple fiber, and polyester bottle chips. It also examines the relationships between these products and raw materials like crude oil and PTA [9]. - **Operating Rate and Inventory Analysis**: Tracks the operating rates of PX, PTA, MEG, and polyester filaments, as well as the inventory levels of PTA, polyester filaments, and polyester staple fiber. It also analyzes the operating rates and inventory levels of downstream weaving enterprises [9]. - **Sales and Production Ratio**: Analyzes the sales - to - production ratios of polyester filaments and polyester staple fiber in the Jiangsu and Zhejiang regions [47][69]. 3.2.3. Refining Sector - **Domestic Refined Oil**: Compares the prices and spreads of domestic gasoline, diesel, and aviation kerosene with crude oil prices in both yuan/ton and dollars/barrel units [82][84][92]. - **US Refined Oil**: Analyzes the prices and spreads of US gasoline, diesel, and aviation kerosene in relation to crude oil prices in both yuan/ton and dollars/barrel units [94][103]. - **European Refined Oil**: Examines the prices and spreads of European gasoline, diesel, and aviation kerosene in relation to crude oil prices in both yuan/ton and dollars/barrel units [108][115]. - **Singapore Refined Oil**: Analyzes the prices and spreads of Singapore gasoline, diesel, and aviation kerosene in relation to crude oil prices in both yuan/ton and dollars/barrel units [120][130]. 3.2.4. Chemical Sector Analyzes the prices and spreads of various chemical products such as polyethylene LLDPE, EVA foaming material, EVA photovoltaic material, homopolymer polypropylene, styrene, acrylonitrile, PC, MMA, etc., in relation to crude oil prices [136][146].

Investment Rating - The investment rating for the basic chemical industry is optimistic (maintained) [1] Core Views - The PTA industry is experiencing severe losses, but there is potential for a positive turnaround due to limited future capacity expansion and high industry concentration [5][27] - The domestic PTA industry's effective capacity has increased from 46.69 million tons in 2019 to 84.27 million tons in 2024, with an average annual compound growth rate of 12.5% [21][23] - The industry concentration ratio (CR7) for PTA has reached 76%, indicating that leading companies have significant pricing power, which supports industry self-discipline and a potential recovery [22][27] Summary by Sections Industry Trends - The chemical industry index underperformed the CSI 300 index by 1.11% this week, with 75.6% of the 545 tracked chemical stocks showing weekly gains [17] - The CCPI (China Chemical Product Price Index) increased by 0.23% to 3885 points [20] PTA Industry Analysis - The PTA industry is projected to add 8.7 million tons of new capacity in 2025, with major contributions from companies like Dongfang Shenghong, Sanfangxiang, and Xin Fengming [5][21] - As of late October 2025, the PTA price spread has fallen below 100 yuan, indicating significant industry losses [25][27] Key Product Tracking - The inventory days for polyester filament yarn have significantly decreased, indicating improved market conditions [29][30] - The domestic urea market price has stabilized at 1596 yuan/ton, with a cautious outlook due to supply-demand pressures [45] Recommended and Beneficiary Stocks - Recommended stocks include Hengli Petrochemical, Rongsheng Petrochemical, Xin Fengming, and Tongkun Co., among others [5][27] - Beneficiary stocks include Hengyi Petrochemical, Sanfangxiang, and Dongfang Shenghong [5][27]

Investment Rating - The industry investment rating is "Positive" as indicated by the report's outlook on the refining sector [149]. Core Insights - The report highlights a rebound in oil prices, which has led to an increase in inventory replenishment among textile enterprises, resulting in a significant reduction in long filament inventory [1]. - Brent crude oil prices increased to $65.94 per barrel, up by $4.65 from the previous week, while WTI prices rose to $61.50 per barrel, an increase of $3.96 [1][13]. - The report notes that the domestic price difference for key refining projects is 2374.85 CNY/ton, a decrease of 30.36 CNY/ton (-1.26%) week-on-week, while the international price difference is 1213.16 CNY/ton, down by 2.88 CNY/ton (-0.24%) [2]. Refining Sector Summary - The report discusses the impact of geopolitical events on oil prices, including potential trade agreements between the US and China, and sanctions against Russia, which have contributed to a favorable environment for oil price recovery [1][13]. - The report indicates that the refining sector is experiencing a mixed performance, with some companies seeing stock price increases while others face declines [1][136]. Chemical Sector Summary - The chemical sector is facing weak overall demand, with oil price rebounds not translating into significant price support for chemical products [1]. - Specific products such as EVA and pure benzene have seen price declines due to weak downstream demand, leading to narrowed price differentials [1][51]. Polyester & Nylon Sector Summary - The report notes that polyester filament prices have slightly decreased, but the rebound in oil prices has stimulated replenishment sentiment among downstream textile enterprises, leading to a notable reduction in filament inventory [1][89]. - The average price for polyester filament is reported at 6439.29 CNY/ton for POY, with a slight decrease in profitability [1][112].

10月21日至23日，第八届油商大会在浙江省舟山市召开，吸引了366家国内外企业参会，世界再次将目 光聚焦东海之滨。本次大会以"深化开放合作 共建绿色低碳可持续的大宗商品市场"为主题，以高端论 坛和高层对话为核心，配套开展产业推介、商务洽谈、项目考察等活动，着力打造全球油气等大宗商品 行业交流合作新平台。 在22日举行的签约仪式上，荣盛石化旗下荣盛石化新加坡分别与BP（英国石油）新加坡达成了成品油 采购与销售协议，与COOST（中海油新加坡）达成扩大原油、成品油等贸易合作备忘录。同时，荣盛 石化还与全球自动化巨头艾默生达成采购框架协议。三个项目协议总额约297亿元。 "我们在舟山建设的4000万吨/年绿色炼化一体化项目，实现了从'原油—基础化工品—高端材料'的全链 覆盖，PX、乙烯等关键原料自给率显著提升，为区域绿色石化产业发展提供支撑。"浙江荣盛控股集团 副总裁罗伟在接受央视新闻采访时表示。 本届油商大会由中共舟山市委、舟山市人民政府主办，中国（浙江）自由贸易试验区舟山管理委员会综 合服务中心、舟山市投资促进中心共同承办。作为大会特别合作单位，荣盛石化积极参与，承办了包括 以荣盛命名的"荣盛之夜"等系列活动 ...

Market Overview - The Shanghai Composite Index rose by 0.71% on October 24, with 16 out of the 28 sectors in the Shenwan classification experiencing gains, particularly in the communication and electronics sectors, which increased by 4.73% and 4.72% respectively [1] - The oil and petrochemical sector saw a decline of 1.36%, leading the losses for the day [1] Oil and Petrochemical Sector Analysis - The oil and petrochemical sector experienced a net outflow of 524 million yuan, with 47 stocks in the sector; only 9 stocks rose, and 1 stock hit the daily limit [1] - Among the stocks with net inflows, 14 stocks saw capital inflows, with 6 stocks receiving over 10 million yuan; the top stock for net inflow was Maohua Shihua, with an inflow of 47.69 million yuan, followed by Shihua Oil Service and CNOOC Development with inflows of 24.91 million yuan and 18.68 million yuan respectively [1] - The stocks with the highest net outflows included CNOOC, PetroChina, and Rongsheng Petrochemical, with outflows of 78.02 million yuan, 75.66 million yuan, and 55.14 million yuan respectively [1] Key Stocks in Oil and Petrochemical Sector - CNOOC (600938) decreased by 0.65% with a turnover rate of 1.72% and a net outflow of 78.02 million yuan [1] - PetroChina (601857) fell by 1.31% with a turnover rate of 0.11% and a net outflow of 75.66 million yuan [1] - Rongsheng Petrochemical (002493) dropped by 1.68% with a turnover rate of 0.45% and a net outflow of 55.14 million yuan [1] - Maohua Shihua (000637) increased by 10.04% with a turnover rate of 19.67% and a net inflow of 47.69 million yuan [2]

Core Viewpoint - The company is actively responding to national policy directions through technological innovation, green transformation, and strategic layout, promoting its transformation and upgrading efforts [1] Group 1: Business Strategy - The company is focusing on vertical integration to strengthen its refining and chemical integration resource integration and scale effect [1] - It is leveraging the cost reduction and efficiency enhancement advantages of the "refining and chemical integration" model and the potential of "oil conversion" to continuously improve operational efficiency [1] Group 2: Financial Health - The company has excellent cash flow and strong debt repayment capability, indicating stable business operations and financial health [1] - Both short-term and long-term debt repayment arrangements are well managed, with ongoing attention to debt repayment capability indicators to control repayment risks [1] - The company aims to enhance cash flow management while ensuring high-quality development and maintaining a reasonable level of debt [1]

Core Viewpoint - Rongsheng Petrochemical's stock price has experienced fluctuations, with a recent decline of 2.08%, while the company has shown a year-to-date increase of 10.44% in stock price [1] Financial Performance - For the first half of 2025, Rongsheng Petrochemical reported a revenue of 148.63 billion yuan, a year-on-year decrease of 7.83%, and a net profit attributable to shareholders of 602 million yuan, down 29.82% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 9.4 billion yuan, with 3.39 billion yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Rongsheng Petrochemical was 85,900, a decrease of 2.39% from the previous period, with an average of 110,611 circulating shares per shareholder, an increase of 2.45% [2] - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 174 million shares, a decrease of 10.53 million shares from the previous period [3] Market Activity - As of October 24, 2023, the stock price was 9.89 yuan per share, with a trading volume of 384 million yuan and a turnover rate of 0.41%, resulting in a total market capitalization of 98.796 billion yuan [1] - The net outflow of main funds was 60.83 million yuan, with significant buying and selling activity observed in large orders [1]

Core Viewpoint - Rongsheng Petrochemical's stock experienced a 4.34% increase on October 23, with a trading volume of 615 million yuan, indicating a potential recovery in investor sentiment despite recent financial challenges [1]. Financing Summary - On October 23, Rongsheng Petrochemical had a financing buy-in amount of 34.85 million yuan, while the financing repayment was 58.74 million yuan, resulting in a net financing outflow of 23.89 million yuan [1]. - As of October 23, the total financing and securities lending balance for Rongsheng Petrochemical was 1.378 billion yuan, with the financing balance at 1.372 billion yuan, accounting for 1.36% of the circulating market value, which is below the 10% percentile level over the past year, indicating a low financing level [1]. - In terms of securities lending, on October 23, 12,400 shares were repaid while 95,700 shares were sold short, with a selling amount of 966,600 yuan, and the securities lending balance was 6.26 million yuan, exceeding the 90% percentile level over the past year, indicating a high level of short selling [1]. Financial Performance - For the first half of 2025, Rongsheng Petrochemical reported a revenue of 148.629 billion yuan, a year-on-year decrease of 7.83%, and a net profit attributable to shareholders of 602 million yuan, down 29.82% year-on-year [2]. - Since its A-share listing, Rongsheng Petrochemical has distributed a total of 9.4 billion yuan in dividends, with 3.391 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Rongsheng Petrochemical was 85,900, a decrease of 2.39% from the previous period, while the average circulating shares per person increased by 2.45% to 110,611 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 174 million shares, a decrease of 10.5264 million shares compared to the previous period, while Huatai-PB CSI 300 ETF increased its holdings by 4.5904 million shares to 54.3801 million shares [3].