Investment Rating - The report maintains a positive outlook on the petrochemical industry, indicating potential for excess returns in certain segments under tariff impacts [4][5]. Core Insights - The petrochemical index has historically underperformed the broader market, but segments like refining and oil services have shown periods of excess returns [5][6]. - As of April 11, 2025, refining margins for major domestic refineries reached 767 CNY/ton, with a significant month-on-month increase of 24.16% [9]. - The report highlights that the current procurement of crude oil in China is primarily from Russia and Middle Eastern countries, limiting the impact on refining costs from U.S. imports [9]. - The oil service sector is expected to continue its upward trend due to domestic requirements for increased reserves and production [11]. Summary by Sections Upstream Sector - Brent crude oil prices closed at 64.76 USD/barrel on April 11, 2025, reflecting a decrease of 1.25% from the previous week [20]. - The number of active oil rigs in the U.S. decreased to 583, down by 7 rigs week-on-week [30]. Refining Sector - The report notes a recovery in refining profitability, with domestic refining margins improving significantly [9]. - The Singapore refining margin for major products was reported at 9.87 USD/barrel, down by 4.08 USD/barrel from the previous week [9]. Polyester Sector - PTA profitability has increased, with the average price in East China at 4316.25 CNY/ton, down 11.43% week-on-week [9]. - The report suggests that the polyester industry is currently underperforming but may improve as new capacities are expected to taper off in the coming years [9]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to favorable competitive dynamics [16]. - It also suggests looking at companies with high dividend yields like China Petroleum and China National Offshore Oil Corporation [16]. - For the ethylene production segment, Satellite Chemical is highlighted as a key player due to favorable supply-demand dynamics [16]. - In the polyester sector, companies like Tongkun Co. and Wankai New Materials are recommended as they are expected to benefit from tightening supply-demand conditions [16].

每经记者 朱成祥 每经编辑 文多 丨 2025年4月10日 星期四丨 NO.1 荣盛石化：控股股东拟以10亿~20亿元增持公司股份 4月9日，荣盛石化披露，控股股东浙江荣盛控股集团拟自2025年4月8日起6个月内，以不低于10亿元且 不超过20亿元增持公司股份，增持不设定价格区间，将根据股票价格波动情况及二级市场整体趋势择机 实施。中国工商银行浙江省分行承诺为浙江荣盛控股集团增持荣盛石化股份提供专项贷款支持，贷款金 额不超过18亿元，贷款期限三年。 点评：这表明控股股东对公司未来发展充满信心，增持行为将向市场传递积极信号。银行承诺为浙江荣 盛控股集团增持荣盛石化股份提供专项贷款支持，这将为控股股东提供充足的资金支持，有助于提升公 司股票的流动性和稳定性，增强投资者信心。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自 担。 NO.2 赣锋锂业拟授权董事会回购公司股份 4月9日，赣锋锂业公告称，公司董事会审议通过了《关于授予董事会回购A股及H股一般性授权的议 案》，拟授权回购数量不超过公司已发行H股股份的10%和已发行A股股份的10%。如该议案获得股东 大会审议通过，公司将结合 ...

Core Viewpoint - The controlling shareholder of Rongsheng Petrochemical plans to increase its stake in the company by investing between RMB 10 billion and RMB 20 billion, aiming to bolster investor confidence and support the company's stable development [2][5]. Group 1: Shareholder Information - The plan is initiated by Zhejiang Rongsheng Holding Group, which currently holds 5,382,659,734 shares, accounting for 53.16% of Rongsheng Petrochemical's total share capital [2][3]. - In the past 12 months, the controlling shareholder has increased its stake by 56,892,217 shares, representing 0.56% of the total share capital, with a total investment exceeding RMB 16.93 billion [3]. Group 2: Details of the Buyback Plan - The proposed buyback will not set a price range and will depend on the stock price fluctuations and overall market trends [2][5]. - The implementation period for the buyback plan is set for six months starting from April 8, 2025, with the possibility of extension if trading is suspended [2][5]. - The buyback will be conducted through centralized bidding transactions, and the shares acquired will be subject to a six-month lock-up period [6]. Group 3: Funding and Loan Commitment - The funding for the buyback will come from the controlling shareholder's own funds and a special loan, with at least 10% from its own funds and up to 90% from the loan [7][8]. - The Industrial and Commercial Bank of China has issued a commitment letter to provide a special loan of up to RMB 18 billion for this buyback, with a three-year term [7].

今日聚焦 1、荣盛石化：控股股东拟10亿元-20亿元增持公司股份 荣盛石化公告，控股股东荣盛控股拟自2025年4月8日起6个月内增持不低于10亿元且不超过20亿元公司 股份，增持不设定价格区间，将根据股票价格波动情况及二级市场整体趋势择机实施。中国工商银行浙 江省分行承诺为荣盛控股增持荣盛石化股份提供专项贷款支持，贷款金额不超过18亿元，贷款期限三 年。 2、江丰电子：美国加征关税对公司影响较小 江丰电子公告，经评估，本次美国加征关税对公司经营产生的影响较小。公司采购的主要原材料为各种 高纯度的金属材料，公司作为国内电子材料领域的龙头企业，通过多年布局已实现原材料采购的国内 化、产业链的本土化，构建了安全稳定的供应链体系。因此，本次关税政策对公司现有采购业务的影响 较小。公司的主要产品高纯金属溅射靶材及半导体零部件具有定制化程度高、技术含量高、客户稳定性 强等特点，客户资源较为广泛。2024年公司出口美国的产品收入占公司总营业收入的比例约为1.19%， 占比较低。目前，公司订单充足，经营正常，各项业务稳步推进，未受到显著影响。 3、宁波海运：控股股东之一致行动人拟增持公司不超2%股份 宁波海运公告，公司控股股 ...

证券代码：002493 证券简称：荣盛石化 公告编号：2025-007 荣盛石化股份有限公司 关于公司控股股东增持公司股份计划（2025 第二期） 暨获得增持专项贷款承诺函的公告 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.本次拟增持股份的数量或金额：不低于人民币 10 亿元且不超过人民币 20 亿元，本次增持不设定价格区间，将根据荣盛石化股票价格波动情况及二级市场 整体趋势，择机实施增持计划。 2.本次增持计划的实施期限：自 2025 年 4 月 8 日起 6 个月内。在增持计划实 施期间，荣盛石化股票存在停牌情形的，增持期限可予以顺延，荣盛石化将及时 披露是否顺延实施。 近日，荣盛石化股份有限公司（以下简称"荣盛石化"）收到控股股东浙江荣 盛控股集团有限公司（以下简称"荣盛控股"）《关于增持荣盛石化股份有限公司 股份的函》，现将有关情况公告如下： 一、计划增持主体的基本情况 1.计划增持主体：浙江荣盛控股集团有限公司 4.计划增持主体在本次公告前 6 个月的减持情况：荣盛控股在本次公告前 6 个月内不存在减持情况。 二、增持计划的主要内 ...

4月8日，荣盛石化（002493）(002493.SZ)启动新一轮增持计划。 目前，公司位居全球化工最具价值品牌榜第6位、全球化工公司十亿美元俱乐部第6位、全球化工企业 100强第8位。公司控股股东荣盛控股集团位列世界500强第138位、2024中国制造业民营企业500强第3 位、2024中国民营企业500强第5位、2024浙江省百强企业第2位。 近期，中国资本市场迎来了多家央企密集宣布回购和增持的积极信号，多家上市公司表示，坚定看好中 国资本市场长期投资价值。与此同时，国资委、社保基金等也纷纷发声"维稳"，荣盛石化作为民营企业 的代表，也在积极响应这一趋势。 根据相关数据显示，截至4月8日13：00，4月7日至8日，有20家上市公司抛出了增持计划，总金额上限 超过125亿元。金额最高的为中国石油(601857.SH)，上限达到56亿元和30亿元。民企方面，增持金额最 高的为荣盛石化，金额上限达20亿元。 银河证券宏观分析研报认为，中国拥有全球人数最多的中等收入群体和全球最强大的产业体系，中国经 济基本面有望保持稳定，中国市场也将保持回升向好势头。 公告显示，基于看好国内资本市场长期投资的价值以及对公司未来持 ...

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The international oil price in 2025 may show a V-shaped trend. It is under short - and medium - term pressure but is expected to rebound from the bottom in the second half of the year, with an annual fluctuation range of $55 - 80 per barrel [3]. - It is recommended to focus on petrochemical chain targets with low valuations, complete industrial chains, and integrated cost advantages, such as Hengli Petrochemical, Rongsheng Petrochemical, and Tongkun Co., Ltd. [81]. - In the face of Trump's tariff policy, there is an increased expectation of economic growth slowdown. Interest - rate bonds' safe - haven demand rises, and the RMB exchange rate is under short - term pressure, but the risk of large - scale unilateral depreciation is controllable. It is short - term bearish on commodities but optimistic about domestic consumption recovery and self - controllable industrial chains [82]. Summary by Directory 1. Oil Price Review and Outlook - **Price Trend**: In March 2025, Brent crude oil fluctuated upward and closed at around $74 per barrel at the end of the month. After Trump's tariff policy was announced in early April, the oil price dropped significantly [3]. - **Supply**: OPEC +'s additional 1.65 million barrels per day production cut agreement will be extended until the end of 2026, while the 2.2 million barrels per day voluntary production cut agreement will end at the end of April. The United States' oil production in the Gulf of Mexico will reach a record 2 million barrels per day [3]. - **Demand**: US refinery processing volume in March was at a low level, and commercial crude oil inventory was repaired but lower than the same period last year. China's crude oil consumption improved in January - February 2025, with a 2.1% year - on - year increase in the processing of above - scale industrial crude oil [3]. - **Prediction**: The oil price is expected to fluctuate between $55 - 80 per barrel in 2025. The supply increase by the end of this year will lead to inventory accumulation and put downward pressure on prices [3][8][9]. 2. Commodities, Interest Rates, and Exchange Rates - **Interest Rates**: As of April 4, 2025, the yield of the US 10 - year Treasury bond was about 4.01% and declined again. The 10 - year - 2 - year US Treasury bond yield spread has basically ended the inversion, but there was an intensified inversion with the 3 - month Treasury bond in early April [28][34]. - **Exchange Rates**: In March, the US dollar index fluctuated downward, closing at 104.2, a 3.16% decline from the end of the previous month. The offshore RMB appreciated against the US dollar, closing at 7.27, a 0.39% appreciation from the end of the previous month [35]. - **Inflation**: In February, the US CPI increased by 2.8% year - on - year, lower than market expectations. The PPI increased by 3.2% year - on - year, with the smallest month - on - month increase since July last year [44]. - **Manufacturing PMI**: In March 2025, China's manufacturing PMI was 50.5%, up 0.3 percentage points from the previous month. The US 3 - month ISM manufacturing PMI index was 49.0, showing the first contraction this year [3][48]. 3. Polyester Industry Chain - **Profit**: In March, the price of international crude oil continued to decline, driving down the prices of industrial chain products. The ethylene cracking spread from naphtha was $162 per ton, a $3 per ton decline from the previous month. The profit of the PX - PTA - polyester filament full industrial chain was about - 136 yuan per ton, a 39 - yuan per ton decrease from the previous month [53]. - **Supply and Demand**: The terminal textile and clothing orders were less than expected, and the inventory of polyester filament enterprises increased. The PTA industry was still in a loss state, and only leading or integrated enterprises could maintain positive cash flow [59][68]. - **Export**: From January to February 2025, the export of polyester filament increased, while the export of textile and clothing decreased [73]. 4. Conclusion and Investment Suggestions - **Petrochemical Enterprises**: Optimistic about petrochemical enterprises with low valuations, complete industrial chains, and integrated cost advantages, such as Hengli Petrochemical, Rongsheng Petrochemical, and Tongkun Co., Ltd. [81]. - **Asset Allocation**: In terms of interest - rate bonds, the demand for safe - haven assets increases. In terms of commodities, short - term bearish due to the trade war, but the domestic petrochemical industry chain has cost - competitive advantages. In terms of equities, optimistic about domestic consumption recovery and self - controllable industrial chains [82].

作 者丨 见习记者李益文 编 辑丨陈思颖 尹华禄 黎雨桐 4月8日下午，据央视新闻消息，国务院国资委8日表示， 将全力支持推动中央企业及其控股上市公司主动作为，不断加大增持回购力度，切实 维护全体股东权益，持续巩固市场对上市公司的信心，努力提升公司价值，充分彰显央企责任担当。 同时，加大对央企市值管理工作的指导， 引导中央企业持续为投资者打造负责任、有实绩、可持续、守规矩的价值投资优质标的，为促进资本市场健康稳定发展作出贡献。 此前，A股市场回购与增持热潮已持续升温。截至8日1 3时3 0分左右， 当日已有近3 0家公司宣布加入股票增持回购行列，涉及金额最高超3 0 0 亿元。 继宁德时代（3 0 0 7 5 0 .SZ）、中国核电（6 0 1 9 8 5 .SH）之后，贵州茅台( 6 0 0 5 1 9 .SH)、招商蛇口( 0 0 1 9 7 9 .SZ)、荣盛石化（0 0 2 4 9 3 .SZ）等一 众龙头企业也相继公布了新一轮回购及增持计划。据Wi n d数据不完全统计，从4月7日盘后到截至目前，总共有7 0余家公司发布了回购公告， 2 0余家公司发布了增持公告。与此同时，"国家队"也同步表态加码， ...

荣盛石化股份有限公司（以下简称"荣盛石化"）今日收到控股股东浙江荣 盛控股集团有限公司（以下简称"荣盛控股"）《关于增持荣盛石化股份有限公司 股份的函》，现将有关情况公告如下： 基于看好国内资本市场长期投资的价值以及对荣盛石化未来持续稳定发展 的信心，为维护资本市场稳定，荣盛控股计划通过增持股份以提振投资者信心、 维护中小股东利益，同时进一步巩固控股地位，更好地支持荣盛石化未来持续、 稳定、健康的发展。 自本公告披露之日起 6 个月内，荣盛控股的增持金额（包括自有资金或自筹 资金等）不低于人民币 10 亿元且不超过人民币 20 亿元，具体计划请以后续公告 为准。 特此公告。 证券代码：002493 证券简称：荣盛石化 公告编号：2025-006 荣盛石化股份有限公司 关于收到控股股东计划增持函的提示性 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。 荣盛石化股份有限公司董事会 2025 年 4 月 7 日 1 ...

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The chemical industry is expected to enter a replenishment cycle in 2025 due to several factors, including decreasing inventory levels, bottoming out of profits, and institutional holdings reaching a low point [8][30] - The supply-demand tension in phosphate rock is likely to continue, with a potential revaluation of its value, particularly focusing on the capacity expansion of Batian Co., Ltd [4][6] - The impact of the new round of tariffs imposed by the U.S. on Chinese chemical enterprises is expected to be limited, as the U.S. still needs to import a significant amount of chemical products from China [4] Summary by Sections Market Performance - The basic chemical sector showed a performance of 0.0% over the last month, 8.4% over the last three months, and 1.2% over the last year, compared to the CSI 300 index which had performances of -0.7%, 2.3%, and 8.2% respectively [2] Investment Suggestions - Focus on companies with low-cost expansion opportunities, such as Wanhu Chemical, and those in the tire and fertilizer sectors [8] - Highlight the potential for increased demand in phosphate fertilizers and lithium iron phosphate batteries, with ongoing projects in fine phosphate chemicals [4][6] - Emphasize high dividend yield opportunities in state-owned enterprises within the chemical sector, including China Petroleum and China National Offshore Oil Corporation [10] Key Company Tracking - Batian Co., Ltd. plans to expand its phosphate rock production capacity from 900,000 tons/year to 2 million tons/year, with additional projects underway [6] - The chemical industry is expected to benefit from rising prices in sulfuric acid, acrylic acid, and synthetic ammonia, with a focus on companies like Batian Co., Ltd. and others in the phosphate sector [7][9] Price Trends - As of April 3, 2025, the price of phosphate rock was 1,038 CNY/ton, with slight fluctuations in related fertilizer prices [19] - The Brent and WTI crude oil prices were reported at 66.06 and 62.32 USD/barrel, respectively, indicating a week-on-week decrease of approximately 9.98% and 9.73% [12]