Investment Rating - The report maintains an "Accumulate" rating for the basic chemical industry [5] Core Views - The chemical industry is expected to undergo a new round of supply-side reforms, driven by the government's initiatives to eliminate outdated production capacity and improve industry structure [1][21] - The "anti-involution" policy is anticipated to support the exit of old capacities, benefiting leading companies in sub-industries such as refining, fertilizers, pigments, organic silicon, soda ash, and chlor-alkali/PVC [1][21] Summary by Sections Refining - Strict control of refining capacity and low operating rates of local refineries in Shandong are expected to improve the profitability of major refineries [2][24] - As of 2024, China's refining capacity is projected to be 934 million tons, with a target to keep crude oil processing capacity below 1 billion tons by 2025 [24][25] Urea - Future supply is expected to decrease, with only 493,000 tons of new urea capacity projected by 2025, representing 6.5% of the current total capacity [2][26] - The industry is likely to benefit from supply reductions and potential export opportunities, particularly for leading companies capable of upgrading their facilities [26] Soda Ash and PVC - Increased demand from infrastructure projects is expected to drive recovery in the soda ash and PVC markets [3][27] - New soda ash capacity planned for 2025-2026 is estimated at 868,000 tons, accounting for 20% of the total capacity in 2024 [28] - The PVC industry is also expected to see limited new capacity, with a projected increase of 500,000 tons by 2025-2026, representing 17% of the total capacity in 2024 [29] Investment Recommendations - The report suggests focusing on leading companies in various sub-industries, including: - Refining: China Petroleum, Sinopec, Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong [4] - Fertilizers: Hualu Hengsheng, Chuanheng Co., Hubei Yihua, Salt Lake Potash, Yara International, Sinochem Fertilizer [4] - Pigments: Qicai Chemical, Baihehua, Xinkai Technology, Zhejiang Longsheng, Runtu Co. [4] - Chlor-alkali/PVC: Yangmei Chemical, Chlor-alkali Chemical, Xinjiang Tianye [4] - Organic Silicon/Industrial Silicon: Hoshine Silicon, Xin'an Chemical, Silbond Technology [4] - Soda Ash: Sanyou Chemical, Boyuan Chemical, Shandong Haihua [4]

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Views of the Report - The prices of filaments and staple fibers weakened in the week. The domestic key large refining project spread increased slightly, while the foreign spread decreased slightly. The profits of the polyester filament industry declined, and the inventory decreased. The prices of domestic and US refined oil products showed a downward trend. The PX price increased, and the spread with crude oil widened, but the PX operating rate decreased [2]. 3. Summary According to Related Catalogs 3.1 Big Refining Weekly Data Briefing 3.1.1 Price and Spread of Key Refining Projects - The spread of domestic key large refining projects this week was 2,526 yuan/ton, a week - on - week increase of 45 yuan/ton (1.8%). The spread of foreign key large refining projects was 1,098 yuan/ton, a week - on - week decrease of 12 yuan/ton (-1.1%) [2][8]. 3.1.2 Polyester Plate - **Product Prices and Profits**: The average weekly prices of POY/FDY/DTY were 6,579/6,814/7,804 yuan/ton respectively, with week - on - week decreases of 25/18/75 yuan/ton. The weekly average profits were - 155/-264/-205 yuan/ton, with week - on - week decreases of 76/71/109 yuan/ton. The price of polyester staple fiber was 6,617.1 yuan/ton, a week - on - week decrease of 32.9 yuan/ton, and the profit was 36.6 yuan/ton, a week - on - week decrease of 81.1 yuan/ton [2][9]. - **Inventory and Operating Rate**: The inventory of POY/FDY/DTY was 15.5/20.3/28.1 days respectively, with week - on - week decreases of 9.9/5.3/2.6 days. The operating rate of filaments was 92.7%, a week - on - week increase of 0.5 percentage points. The operating rate of downstream looms was 55.6%, a week - on - week decrease of 0.2 percentage points. The raw material inventory of weaving enterprises was 10.4 days, a week - on - week increase of 1.2 days, and the finished product inventory was 30.7 days, a week - on - week increase of 0.3 days [2][9]. 3.1.3 Refining Plate - **Domestic Refined Oil**: The prices of diesel and jet fuel decreased this week. - **US Refined Oil**: The US gasoline price decreased this week [2]. 3.1.4 Chemical Plate - The average PX price this week was 849.3 US dollars/ton, a week - on - week increase of 6.7 US dollars/ton. The spread with crude oil was 346.3 US dollars/ton, a week - on - week increase of 8.1 US dollars/ton. The PX operating rate was 82.4%, a week - on - week decrease of 0.8 percentage points [2][9]. 3.1.5 Related Listed Companies - Private large refining and polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin Fengming [2]. 3.2 Big Refining Weekly Report 3.2.1 Big Refining Index and Project Spread Trends - The report shows the changes in the Shanghai - Shenzhen 300, the petroleum and petrochemical index, and the oil price, as well as the market performance of six private large refining companies and the weekly spreads of domestic and foreign large refining projects [13][15][18]. 3.2.2 Polyester Plate - The report presents multiple data related to the polyester industry chain, including the prices and spreads of crude oil, PX, PTA, MEG, and various polyester products, the operating rates of related products, inventory days, and sales - to - production ratios [24][37][45]. 3.2.3 Refining Plate - The report analyzes the prices and spreads of refined oil products in different regions (domestic, US, Europe, and Singapore) and their relationships with crude oil prices [79][93][105]. 3.2.4 Chemical Plate - The report shows the prices and spreads of various chemical products such as polyethylene, polypropylene, EVA, and styrene and their relationships with crude oil prices [130][135][138].

Core Viewpoint - The article discusses the 2025 Global Top 50 Chemical Companies ranking, highlighting the changes in the chemical industry landscape and the performance of major companies in terms of sales revenue and growth rates [1][2]. Summary by Sections Global Ranking and Sales Performance - The entry threshold for this year's ranking is $8 billion, a decrease of nearly $400 million from last year. The total sales revenue of the top 50 companies is $1.014 trillion, down 0.07% year-on-year from 2023, indicating stabilization at the bottom of the chemical market in 2024 [2]. - The top four companies are BASF, Sinopec, Dow, and PetroChina, with sales revenues of approximately $70.612 billion, $58.131 billion, $43 billion, and $42.783 billion respectively, showing changes of -5.3%, +1.7%, -3.7%, and +6.4% compared to 2023 [2][9]. Chinese Companies in the Ranking - Eleven Chinese companies made the list, including notable names such as Formosa Plastics (11th, $30.343 billion), Syngenta (13th, $26.9 billion), and Rongsheng Petrochemical (14th, $26.398 billion) [3][9]. - Tongkun Holding Group experienced the fastest sales growth at 23.3%, with a production capacity of 10 million tons of crude oil processing rights and leading global capacity in polyester filament [4][9]. Company Strategies and Innovations - Dongfang Shenghong is diversifying its product offerings, with recent projects including an 800 tons/year polyolefin development and a successful launch of a 5,000 tons/year para-aramid project [5]. - Rongsheng Petrochemical is heavily investing in high-end chemical materials, with projects totaling 1.48 trillion yuan for a 10 million tons/year facility covering various chemical products [6]. - Wanhua Chemical focuses on specialized products, including MDI and TDI, and is actively recruiting talent for new material sectors [7][8]. Market Trends and Future Outlook - The article indicates a shift in the chemical landscape, with Japanese companies showing overall sales growth, suggesting a changing dynamic in North America, Europe, and Asia [2]. - Sinopec is focusing on filling market gaps with innovative products like high-performance polypropylene and battery separator materials [8].

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The report highlights that policy changes are expected to drive medium to long-term recovery in the industry, with a continued positive outlook on resource sector performance exceeding expectations [2][9] - The petrochemical sector is anticipated to stabilize growth, with the retirement of outdated facilities likely to enhance industry recovery [9][17] - The report emphasizes the sustained optimism regarding the agricultural resource chain, particularly in the phosphate and potassium sectors, which are expected to maintain a relatively balanced supply-demand situation despite concerns over new capacity releases [9][17] Summary by Sections Price and Price Spread Changes - The report monitors 188 chemical products, noting that the top three price increases were for liquid chlorine (up 21.8%), TDI 80/20 (up 18.8%), and natural gas (up 6.3%), while the largest declines were for D4 (down 9.6%), butane (down 6.7%), and acrylic acid (down 5.0%) [14][18] - The top three price spreads that increased were PTA (up 1103.7%), TDI spread (up 30.1%), and acrylic acid butyl ester spread (up 25.6%), with the largest declines in styrene (down 36.5%), oil head propylene spread (down 36.1%), and polyethylene spread (down 20.8%) [19][18] Industry Recovery Expectations - There is a continuous expectation for industry bottom recovery, driven by policy changes and market dynamics [12] - The report indicates that the petrochemical sector has been in a prolonged low phase, and recent policy adjustments are likely to enhance market expectations for recovery [9][17] Agricultural Resource Sector Outlook - The agricultural resource sector, particularly phosphate and potassium, is expected to remain in a relatively tight supply-demand balance, with traditional agricultural needs and emerging demands contributing to this stability [9][17]

Group 1 - The company announced the completion of the first phase of share repurchase, with 136 million shares canceled, reducing total share capital from 10,125,525,000 shares to 9,989,442,254 shares [1] - The first phase of the share repurchase plan was initiated on March 15, 2022, with a planned repurchase amount between 1 billion and 2 billion yuan, and a maximum repurchase price of 22 yuan per share [1] - The average repurchase price was 14.68 yuan per share, with a total expenditure of approximately 2 billion yuan (excluding transaction fees) [1] Group 2 - The cancellation of shares is expected to enhance earnings per share, optimize capital structure, and boost investor confidence [2] - The total amount for the first phase of share repurchase reached 19.98 billion yuan, which is considered significant in the context of China's capital market [2] - The company has committed to a total repurchase plan across three phases, aiming to repurchase over 553 million shares, accounting for 5.46% of total share capital, with a total transaction amount of 69.88 billion yuan [2] Group 3 - The company specializes in the research, production, and sales of various chemical products, oil products, and polyester products, covering multiple fields including new energy and new materials [3] - As a leading private refining and chemical integration enterprise in China, the company operates a 40 million tons per year integrated refining and chemical project, with a chemical product scale of nearly 60 million tons [3] - The company ranks 5th in the global chemical brand value list and 8th among the world's top 100 chemical companies [3]

证券代码：002493 证券简称：荣盛石化 公告编号：2025-041 荣盛石化股份有限公司 关于控股股东及其一致行动人增持及回购 股份注销触及 1%刻度的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 公司深圳分公司办理完成上述股份的注销手续。 易系统以集中竞价方式择机增持公司股份，拟增持股份金额不低于人民币 10 亿 元且不超过人民币 20 亿元，自 6 月 14 日至 7 月 18 日累计增持 33,635,496 股， 占注销前总股本 0.3322%。因回购股份注销，荣盛控股及一致行动人持股比例增 加触及 1%刻度，超过 61%。 荣盛石化股份有限公司（以下简称"荣盛石化"）控股股东浙江荣盛控股集 团有限公司（以下简称"荣盛控股"）因增持及荣盛石化的回购股份注销导致控 股股东及其一致行动人合计所持公司股份比例增加触及 1%刻度，超过 61%。根 据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 10 号 ——股份变动管理（2025 年修订）》等有关规定，现就相关持股比例变动情况 公告如下： 荣盛控股计划自 2025 年 ...

特别提示： 公司办理完成上述股份的注销手续。 一、第一期回购股份的批准及实施情况 证券代码：002493 证券简称：荣盛石化 公告编号：2025-040 荣盛石化股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 荣盛石化股份有限公司（以下简称"荣盛石化"）于 2022 年 3 月 15 日召开的 第五届董事会第二十一次会议审议通过了《关于回购公司股份的议案》，同意公司 使用自有资金以集中竞价交易方式回购部分荣盛石化已在境内发行的人民币普 通股（A 股）股票，用于转换上市公司发行的可转换为股票的公司债券。本次回 购金额不低于 10 亿元（含本数）不超过 20 亿元（含本数），回购价格不超过人民 币 22 元/股（含本数），实施期限为自董事会审议通过回购方案之日起 12 个月内。 具体内容详见 2022 年 3 月 16 日刊登于《证券时报》 《中国证券报》及巨潮资讯网 （http://www.cninfo.com.cn）的《关于回购公司股份方案的公告》 （公告编号：2022- 荣盛石化分别于 2022 年 4 月 2 日、2022 年 5 月 7 日 ...

Investment Rating - The report rates the petrochemical industry as "Overweight" indicating a positive outlook for the sector compared to the overall market performance [2][8]. Core Insights - The petrochemical industry is expected to gradually phase out old production capacities that are over 20 years old, driven by new regulations from the Ministry of Emergency Management and the Ministry of Industry and Information Technology [2]. - The refining sector has a high proportion of old facilities, with nearly 50% of the total refining capacity being over 20 years old, suggesting significant room for improvement in supply [2][3]. - The olefins market, particularly propylene, shows potential for recovery as 21% of its capacity is over 20 years old, and current market conditions are favorable due to reduced overseas supply [2]. - The polyester segment has fewer old facilities, but the recovery potential for polyester filament is significant, with 13% of its capacity being over 20 years old [2]. Summary by Sections Old Capacity Analysis - The report highlights that nearly 50% of refining capacity and 40% of capacity over 30 years old are considered old, indicating a substantial opportunity for supply-side improvements [2][3]. - Specific old capacity percentages for various petrochemical products include: - Refining: 49.3% (20 years), 39.4% (30 years) - Propylene: 21.2% (20 years), 10.1% (30 years) - Pure Benzene: 17.8% (20 years), 3.1% (30 years) [3]. Investment Recommendations - The report suggests focusing on leading refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as they are well-positioned to benefit from the phase-out of old capacities [2]. - In the propylene sector, companies like Satellite Chemical and Baofeng Energy are highlighted as potential beneficiaries of the market recovery [2]. - For polyester filament, Tongkun Co. is recommended as a key player to watch as the market conditions improve [2].

证券代码：002493 证券简称：荣盛石化 公告编号：2025-041 荣盛石化股份有限公司 关于控股股东及其一致行动人增持及回购 股份注销触及 1%刻度的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1.荣盛石化本次注销部分回购股份 136,082,746 股，占本次注销前总股本的 1.3440%。本次注销完成后，荣盛石化总股本将由 10,125,525,000 股变更为 9,989,442,254 股。荣盛石化已于 2025 年 7 月 18 日在中国证券登记结算有限责任 公司深圳分公司办理完成上述股份的注销手续。 1 年 5 月 16 日召开的 2024 年年度股东大会审议通过了《关于注销部分回购股份、 减少注册资本暨修订<公司章程>的议案》，同意将存放于回购专用证券账户的 136,082,746 股股份予以注销，并相应减少注册资本。荣盛石化本次注销部分回购 股份 136,082,746 股，占本次注销前总股本的 1.3440%。本次注销完成后，荣盛 石化总股本将由 10,125,525,000 股变更为 9,989,442,254 ...

证券代码：002493 证券简称：荣盛石化 公告编号：2025-040 荣盛石化股份有限公司 关于部分回购股份注销完成暨股份变动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 2.荣盛石化已于 2025 年 7 月 18 日在中国证券登记结算有限责任公司深圳分 公司办理完成上述股份的注销手续。 一、第一期回购股份的批准及实施情况 荣盛石化股份有限公司（以下简称"荣盛石化"）于 2022 年 3 月 15 日召开的 第五届董事会第二十一次会议审议通过了《关于回购公司股份的议案》，同意公司 使用自有资金以集中竞价交易方式回购部分荣盛石化已在境内发行的人民币普 通股（A 股）股票，用于转换上市公司发行的可转换为股票的公司债券。本次回 购金额不低于 10 亿元（含本数）不超过 20 亿元（含本数），回购价格不超过人民 币 22 元/股（含本数），实施期限为自董事会审议通过回购方案之日起 12 个月内。 具体内容详见 2022 年 3 月 16 日刊登于《证券时报》《中国证券报》及巨潮资讯网 （http://www.cninfo.com.cn）的《关于回购公司股 ...