证券代码：002493 证券简称：荣盛石化 公告编号：2025-056 荣盛石化股份有限公司 第七届董事会第四次会议决议公告 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。 一、董事会会议召开情况 1.《关于公司 2026 年年度互保额度的议案》 该议案的具体内容详见 2025 年 12 月 9 日刊登于《证券时报》《中国证券报》 《上海证券报》《证券日报》及巨潮资讯网（http://www.cninfo.com.cn）上的《关 于公司 2026 年年度互保额度的公告》（公告编号：2025-057）。 1 重点提示：本议案需提交 2025 年第四次临时股东会审议。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 荣盛石化股份有限公司（以下简称"荣盛石化"）第七届董事会第四次会议 通知于 2025 年 11 月 28 日以电子邮件、书面形式送达荣盛石化全体董事。董事 会会议于 2025 年 12 月 8 日以通讯方式召开，会议由荣盛石化董事长李水荣先生 主持，会议应出席的董事 9 人，实际出席会议的董事 9 人，其中，以通讯表决方 式出席的董事 9 人。本 ...

厦门、杭州、上海，是国内大宗商品贸易龙头企业的三大集中地。 不同地区的贸易企业，特点不同。 厦门胜在拥有海港枢纽，海运大宗、跨境中转、离岸结算优势明显；杭州则汇集了大量的期货机构、期 现公司，风险管理和期现结合能力更为突出，并涌现出热联集团、物产中大等多家代表性企业。 而随着近些年实体经济对衍生品工具应用的不断娴熟，上述大宗商品贸易企业率先向产业综合服务商转 变。 "大宗商品市场具备交易对手多、规模大、价格波动剧烈等特点，上游想高价卖货、下游想低价买货， 上下游容易陷入价格零和博弈关系。"热联集团高级副总裁劳洪波表示。 期货、期权等工具的出现则打破这种困局。上下游企业从价格博弈的对手方，逐步变为服务赋能、合作 变现的产业链协作伙伴。 大宗商品贸易企业的经营逻辑和行业角色，也随之发生变化。从产业链的单纯交易对手方，逐步发展成 实体企业的"外部CFO"和"风险管理部"。以热联集团为例，该公司推出的"五维管家服务"体系，便涵盖 了对实体企业的库存、产能、订单风险管理，以及采购、销售两端的优化管理等多项服务。 也正是在这类综合服务商的带动下，以聚酯、玻璃产业为代表的行业期现融合水平不断提升，相关实体 企业的整体经营效 ...

Investment Rating - The report maintains a "Positive" outlook on the petrochemical industry, particularly highlighting the resilience of polyester filament in the off-season [3]. Core Insights - The demand for polyester filament has remained strong, with downstream textile operating rates reaching a high of 69.45% in early November and maintaining around 90% for polyester filament production [4][5]. - Inventory levels for polyester filament and downstream fabrics are relatively low, indicating a healthy supply-demand balance [7][8]. - Profitability for polyester filament has improved significantly since September, with expectations for further profit increases in Q4 [9][10]. Summary by Sections Polyester Filament Sector - Polyester filament has entered a demand peak since September, with downstream textile operating rates consistently high, peaking at 69.45% [4][5]. - As of December 5, the operating rate for polyester filament was 90.15%, indicating strong production levels [4][5]. - Inventory levels for polyester filament (POY/FDY/DTY) are at 16.3/21.2/24.3 days, remaining low compared to the annual average [7][8]. Upstream Sector - Brent crude oil prices increased to $63.75 per barrel, reflecting a 0.87% rise from the previous week [18]. - The number of active oil rigs in the U.S. increased to 549, indicating a slight uptick in drilling activity [29]. Refining Sector - The comprehensive price spread for major refined products in Singapore decreased to $19.06 per barrel, down by $0.57 from the previous week [54]. - Domestic refining margins are expected to improve as oil prices stabilize [51]. Investment Recommendations - The report recommends focusing on high-quality companies in the polyester filament sector, such as Tongkun Co., and bottle-grade PET producers like Wankai New Materials [12]. - It also suggests monitoring large refining companies like Hengli Petrochemical and Rongsheng Petrochemical due to expected improvements in cost structures [12]. - For upstream exploration and production, companies like CNOOC and offshore oil service firms are highlighted for their potential performance improvements [12].

以下文章来源于创业板观察 ，作者肖良华 创业板观察 . 创业板观察致力于发布深交所创业板的市场发展、政策变化、监管导向、上市企业动态等的及时信息，提供有价值的市场资讯。 "硫磺价格涨太多了，上半年还觉得硫磺价格超过3000元/吨是不可能的，现在已经在4000元上方，硫磺变成了'牛磺'。" 国内某磷肥上市 公司相关负责人对财联社记者表示，每吨硫磺价格上涨100元，下游磷肥的成本相应增加50元，按照市场价格计算，现在磷肥的成本较去年 上半年增加了1500元/吨。"考虑到长协供应等因素，成本增加没那么夸张，但是依然压力很大。" 从去年下半年至今，硫磺价格一路上涨，开启一波汹涌澎湃的大牛市，并于今年10月份后加速上扬。 截至12月7日，硫磺价格超过4100 元/吨，是行情启动前的4倍。 而在分析人士看来，硫磺的这波行情并未迎来终章，一定时期内供需格局难以改善，硫磺的强势表现仍有望 持续。 从产业链来看，作为油气化工的副产品，产能增长受限，国内中石化及民营大炼化占比超70%。财联社记者以投资者身份致电，恒力石化 （600346.SH）证券部工作人员表示，公司当前硫磺产量比较稳定，价格上涨对公司业绩有一定促进作用，暂时没 ...

证券之星消息，12月5日炼化及贸易板块较上一交易日下跌0.64%，和顺石油领跌。当日上证指数报收于 3902.81，上涨0.7%。深证成指报收于13147.68，上涨1.08%。炼化及贸易板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600800 | 渤海化学 | 5.05 | 10.02% | 100.15万 | | 5.01亿 | | 000985 | 大庆华科 | 19.98 | 2.83% | 2.96万 | 5872.20万 | | | 001316 | 润贝航科 | 37.12 | 2.54% | 2.57万 | 9511.51万 | | | 600506 | 统一股份 | 25.02 | 2.54% | 14.12万 | | 3.51亿 | | 000703 | 恒逸石化 | 8.40 | 2.19% | 43.51万 | | 3.64亿 | | 000301 | 东方盛虹 | 9.57 | 2.03% | 12.03万 | | 1.14亿 ...

记者丨赵云帆 编辑丨朱益民 历经四年之久行业承压，炼化行业的反转因子，几乎在2025年下半年形成完美共振。 行业公开信息显示，11月底，我国2026年原油进口配额提前批下发。其中恒力石化旗下大连恒 力、荣盛石化、东方盛虹旗下盛虹炼化分别获得300万吨、75万吨和50+万吨的配额。 值得注意的是，相比2025年第一批获得配额的数十家山东、河南"地炼"企业， 2026年"提前 批"仅三家头部民营大炼化获得配额 —— 而以上企业均有较强的一体化装置与产业协同优势， 为明确的"先进产能"。 考虑到以上企业在2026年均有主要在建产能落地，配额"厚此薄彼"的背后，由政策力量主导的 行业出清，以产业头部化为路径的"反内卷"模式，已跃然纸上。 事实上，今年下半年以来，工信部、行业协会、头部企业陆续出台的政策、行业自律措施等， 加速促进炼化行业形成反内卷的趋势。 当所有行业积极因素堆积共振，2026年，炼化行业的曙光是否就在眼前？ 反内卷政策集中出台 今年10月29日，工信部原材料工业司组织召开了"关于精对苯二甲酸(PTA)及瓶级聚酯切片产 业发展座谈会"，聚焦防范化解PTA及瓶级聚酯切片行业内卷式竞争，促进产业平稳运行。 ...

Group 1 - The refining and trading sector increased by 0.82% on December 2, with Hengyi Petrochemical leading the gains [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] - Hengyi Petrochemical's stock price rose by 10.05% to 8.21, with a trading volume of 1.27 million shares and a transaction value of 1.04 billion [1] Group 2 - The refining and trading sector saw a net inflow of 6.39 million from main funds, while retail investors experienced a net outflow of 87.25 million [2] - The top stocks in the sector included Hengyi Petrochemical, which had a main fund net outflow of 37.97 million, and China Petroleum, which had a net inflow of 34.74 million [3] - The overall trading activity showed a mixed sentiment, with significant retail outflows across several stocks, indicating cautious investor behavior [3]

2020-2025年1-9月中国初级形态的塑料产量统计图 数据来源：国家统计局，智研咨询整理 上市企业：恒逸石化（000703）,荣盛石化（002493）,上海石化（600688）,中国石化（600028）,中国石 油（601857）,华锦股份（000059）,桐昆股份（601233）,恒力石化（600346）,卫星化学（002648）,ST 鸿达（002002） 相关报告：智研咨询发布的《2025-2031年中国塑料制品行业市场现状分析及未来前景规划报告》 根据国家统计局数据显示：2025年9月中国初级形态的塑料产量为1267万吨，同比增长10.4%；2025年1- 9月中国初级形态的塑料累计产量为10970.3万吨，累计增长11.6%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the chemical industry [4]. Core Insights - The global chemical competition landscape is being reshaped, with European and Japanese companies facing capacity exits due to high energy costs and environmental pressures, while Chinese companies are rapidly gaining market share due to significant cost advantages [1][15]. - The EU chemical capacity utilization rate has decreased from 75.6% in Q2 2025 to 74.6% in Q3 2025, significantly below the long-term average of 81.3% [2][31]. - China's chemical industry is characterized by high capital investment and R&D, leading to a strong cost advantage and enhanced global competitiveness [3][36]. Summary by Sections 1. Europe: Dual Dilemma of High Energy Costs and Environmental Pressure - European chemical companies are heavily reliant on natural gas, with over 40% of raw materials sourced from it, leading to increased production costs [20]. - The average wholesale electricity price in the EU rose by 30% year-on-year to $90 per megawatt-hour in H1 2025, expected to be twice that of the US and 1.5 times that of China [2][20]. - The EU's carbon emissions trading system (ETS) and the Carbon Border Adjustment Mechanism (CBAM) are tightening regulations, further squeezing the competitiveness of European chemical products [23][29]. 2. China: Scale Effects and Cost Advantages of Super Factories - China leads globally in chemical capital expenditure and R&D, accounting for 47% and 32% of the global total, respectively [36][38]. - The production capacity of ethylene in China has doubled from 26.69 million tons in 2019 to 54.49 million tons in 2024, with import dependency decreasing from 8.8% to 5.0% [10]. - Major Chinese companies like Wanhua Chemical are expected to further reduce costs through technological upgrades and capacity expansions, enhancing their competitive edge [9][12]. 3. Domestic Chemical Core Assets Exhibit Strong Competitive Strength - The report highlights the increasing global influence of Chinese chemical companies, which are leveraging cost, scale, and technological advantages to expand their market presence [12]. - Key players in the industry include Wanhua Chemical, Hualu Hengsheng, and others, which are positioned to benefit from the ongoing industry consolidation and optimization [12].

Investment Rating - The report maintains a neutral investment rating for the petrochemical industry, with specific recommendations for various companies based on their performance and market conditions [16]. Core Insights - Natural gas demand is expected to recover in 2026 after a significant slowdown in 2025, with global demand growth projected at 2% [6][10]. - The report highlights a tightening supply-demand balance in the downstream polyester sector, with improved outlooks for companies like Tongkun Co. and Wankai New Materials [16]. - Oil prices are expected to stabilize, with a neutral outlook for 2026, while companies like China Petroleum and CNOOC are recommended for their high dividend yields [16]. Summary by Sections Natural Gas Market - Global natural gas demand growth for 2025 is projected at only 0.5%, primarily driven by Europe, while Asian demand remains flat [6]. - In 2026, demand growth is expected to recover to 2%, with Asia-Pacific leading the increase at around 5% [6][10]. - Current low inventory levels in Europe and Japan are anticipated to support relatively strong gas prices during the heating season [8]. Oil Market - Brent crude oil prices have shown a slight increase, closing at $63.20 per barrel, while WTI prices reached $58.55 per barrel [20]. - The report notes a decrease in the number of active oil rigs in the U.S., indicating a potential slowdown in production growth [29]. - Global oil demand is expected to grow by 790,000 barrels per day in 2025, with the U.S., China, and Nigeria being the main contributors [42]. Petrochemical Sector - The downstream polyester sector is experiencing a tightening supply-demand balance, with recommendations for companies like Hengli Petrochemical and Rongsheng Petrochemical [16]. - The report indicates that the refining sector is seeing improved margins, with domestic refining margins increasing by 244 RMB/ton month-on-month [50]. - Ethylene prices in Northeast Asia have stabilized, while the price spread between ethylene and naphtha has increased, indicating favorable conditions for ethylene production [59][62].