Investment Rating - The report maintains an "Increase" rating for the oil and petrochemical industry [5] Core Viewpoints - International oil prices have shown a downward trend recently, with Brent crude settling at approximately $63.90 per barrel, down about 1.30% week-on-week, and down approximately 15.80% since the beginning of the year [19][21] - The North American active rig count has decreased week-on-week, with a notable year-on-year decline of 37 rigs, indicating a potential future increase in global drilling platform activity [31] - The refining sector shows promising recovery potential, with significant increases in price differentials for various products, suggesting improved profitability for refining companies [35] Market Performance - The CITIC oil and petrochemical sector rose approximately 0.37% during the week of May 26 to May 30, outperforming the Shanghai Composite Index by about 0.39 percentage points [16] - Key stocks that led the gains include Hengtong Co., Hongtian Co., and Compton, while stocks like Guangju Energy and Dongfang Shenghong saw declines [17][18] Investment Recommendations - The report identifies four main investment themes: 1. Focus on major energy state-owned enterprises like China National Petroleum and China National Offshore Oil Corporation, which are pushing for oil and gas exploration and green transformation [53] 2. Increased global upstream capital expenditure benefiting oil service companies such as CNOOC Services and Offshore Engineering [53] 3. Accelerated development of coal chemical projects and natural gas resources in Xinjiang, with a focus on companies like Baofeng Energy and New Natural Gas [53] 4. Refining companies planning new capacities and accelerating new material projects, recommending companies like Satellite Chemical and Hengli Petrochemical [53]

Investment Rating - The report provides a standard investment rating for the basic chemical industry, indicating a cautious outlook due to recent market fluctuations and supply chain disruptions [1]. Core Insights - Japan's Mitsui Chemicals is exiting the NF3 business, which may enhance China's competitiveness in electronic specialty gases, with potential market share expansion [4][10]. - The chlorantraniliprole incident has caused supply disruptions, potentially boosting the market for pesticides and intermediates, with a shift towards high-efficiency, low-toxicity products [4][12]. - The report suggests focusing on key sub-sectors such as integrated refining and petrochemical chains, refrigerant industry leaders, and domestic alternative materials [4][14]. Summary by Sections 1. Industry News and Event Commentary - Mitsui Chemicals' exit from the NF3 business is attributed to rising competition and costs, indicating that Chinese manufacturers may fill the gap and increase exports [10][11]. - The chlorantraniliprole incident is expected to accelerate market consolidation, benefiting companies with technological advantages and regulatory compliance [12][13]. 2. Chemical Sector Weekly Performance - For the week of May 26 to May 30, the Shanghai Composite Index fell by 1.08%, while the Shenwan Petroleum and Petrochemical Index rose by 0.40%, outperforming the market by 1.48 percentage points [15][18]. - The basic chemical index decreased by 0.66%, ranking 23rd among all Shenwan primary industries [15][18]. 3. Key Product Price and Spread Performance - Notable price increases included potassium chloride (up 5.66%) and paraxylene (up 4.94%), while hydrochloric acid saw a significant drop of 28.00% [27][28]. - The price spread for carbon black increased by 31.13%, indicating a tightening supply situation [29][30].

Group 1 - The core viewpoint of the news is that Rongsheng Petrochemical's major shareholder has significantly increased its stake in the company, reflecting confidence in the long-term investment value of the domestic capital market and the company's future stability [1] - Rongsheng Petrochemical's major shareholder, Zhejiang Rongsheng Holding Group, has cumulatively increased its holdings by 203,554,992 shares, accounting for 2.01% of the total share capital, with a total investment amount close to 2 billion yuan [1] - The share buyback is part of three planned phases, with the third phase currently ongoing, involving an investment scale of 1 to 2 billion yuan [1] Group 2 - In the 2024 earnings presentation, Rongsheng Petrochemical emphasized its commitment to long-term value creation through technological innovation, green transformation, and strategic layout, enhancing its operational efficiency and global competitiveness [2] - The company reported a significant improvement in Q1 2025 net profit, achieving 588 million yuan, a quarter-on-quarter increase of 486.62%, driven by the recovery of crude oil cracking price differentials [2] - The company is actively expanding its product matrix to include differentiated, high-end, and green products, covering various fields such as new energy materials and synthetic resins [2] Group 3 - Analysts from Kaiyuan Securities noted that the adjustment of fuel oil policies is leading to the exit of marginal refining capacity, which will further highlight the value of Rongsheng Petrochemical's quality assets [3] - The collaboration with Saudi Aramco is expected to enhance the company's global layout and strengthen its risk resistance capabilities in cross-border operations [3] - The company's accelerated industrial layout and expansion into green product matrices are anticipated to improve profitability and long-term investment value [3]

证券代码：002493 证券简称：荣盛石化 公告编号：2025-037 荣盛石化股份有限公司 关于控股股东增持公司股份比例达到 2% 暨变动 1%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。 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"）自 2024 年 1 月 22 日至 2025 年 2 月 20 日 共实施两次增持计划，均已实施完毕，累计增持荣盛石化股份 172,422,254 股， 占目前荣盛石化总股本的 1.70%。荣盛控股于 2025 年 4 月 8 日再次实施增持计 划，通过深圳证券交易所（以下简称"深交所"）交易系统集中竞价方式，择机 增持荣盛石化股份，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，具体实施起始时间为 2025 年 4 月 15 日，本次增持不设置价格区间。具体内 容详见 2024 年 7 月 20 日刊登于《证券时报》《中国证券报》及巨潮资讯网的 《关于公司控股股东增持公司股份计划实施结果的公告》（公告编号：2024-046） 及 2025 ...

Core Viewpoint - Rongsheng Petrochemical (002493) announced that its controlling shareholder, Rongsheng Holdings, will increase its stake in the company by acquiring 204 million shares, representing 2.01% of the total share capital, from January 22, 2024, to May 21, 2025 [1] Summary by Relevant Categories Shareholding Increase - Rongsheng Holdings will conduct the share purchase through the Shenzhen Stock Exchange via centralized bidding [1] - The funds for the share acquisition will come from self-owned funds and bank loans [1] Ownership Structure - After the share increase, Rongsheng Holdings and its concerted parties will hold a total of 6.057 billion shares, accounting for 59.8198% of the total share capital [1] Compliance - The share increase complies with relevant laws and regulations, including the Securities Law and the Measures for the Administration of the Acquisition of Listed Companies [1]

Core Insights - Hangzhou is recognized as the "Digital Economy Capital" and is rapidly evolving into a global innovation hub, with significant contributions from major companies like Alibaba and Hikvision [1][2] - The city's GDP is projected to reach nearly 2.2 trillion yuan in 2024, with the tertiary sector accounting for 73% of the GDP, marking a substantial increase from 55% in 2014 [1] Group 1: Economic Growth and Structure - Hangzhou's GDP surpassed 2 trillion yuan in 2023 and is expected to grow to approximately 2.2 trillion yuan in 2024, ranking 8th among Chinese cities and contributing over 24% to Zhejiang's economy [1] - The proportion of the tertiary sector in Hangzhou's GDP has increased from around 55% in 2014 to 73% in 2024, exceeding the provincial average by over 14 percentage points [1] Group 2: Capital Market Expansion - The number of listed companies in Hangzhou has surged, with over 30% of Zhejiang's listed firms based in the city, ranking 4th nationwide, and a 1.5-fold increase in A-share listings since 2015 [2] - The total market capitalization of listed companies in Hangzhou exceeds 6 trillion yuan, with major firms like Alibaba and Hikvision contributing approximately 60% of this value [2] Group 3: Technological Empowerment - The "Three New" economy, characterized by new industries, new business formats, and new models, is projected to account for 40% of Hangzhou's GDP in 2024, surpassing the provincial level by over 10 percentage points [3] - In 2024, Hangzhou is expected to authorize 38,000 new invention patents, with a total of 183,000 effective invention patents by year-end, and over 16,200 high-tech enterprises [3] Group 4: Innovation and R&D - The R&D intensity in Hangzhou is approaching 4% in 2024, higher than the provincial average, with A-share companies achieving a record R&D intensity of 2.78% [4] - Strategic emerging industry A-share companies have surpassed a 7% R&D intensity, with firms like Hikvision and Dahua maintaining R&D intensities above 10% over the past five years [4] Group 5: Private Sector Contribution - The private economy in Hangzhou accounts for 61.5% of the GDP in 2024, with the number of private listed companies increasing from around 70 in 2014 to over 230 currently [5] - Private companies contribute over 80% of the city's listed firms and more than 70% of the market capitalization [5] Group 6: Industry Ecosystems - Hangzhou is developing five major industry ecosystems, including smart IoT, biomedicine, high-end equipment, new materials, and green energy, with total revenue from these sectors reaching 1.9025 trillion yuan in 2024, a 2.6% increase [6] Group 7: Digital Economy Leadership - The core industries of the digital economy in Hangzhou are expected to generate an added value of 630.5 billion yuan in 2024, accounting for 28.8% of the GDP, an increase of 0.5 percentage points from the previous year [7] - By 2027, Hangzhou aims for its digital economy core industries to exceed 2.2 trillion yuan in revenue, with a GDP contribution of over 30% and more than 240,000 digital economy enterprises [7] Group 8: Active Financing Environment - Hangzhou's private equity investments reached 238.99 billion yuan in 2024, ranking 5th among Chinese cities, with A-share companies raising over 580 billion yuan [8] - The city has introduced new economic policies, increasing municipal fiscal funds from 49 billion yuan to 50.2 billion yuan, supporting a vibrant financing landscape [8]

本报记者 郭婧婷 北京报道 5月19日，证监会副主席李明在深交所主办的"2025全球投资者大会"上公开表示，上市公司更加注重回 报投资者。2024年，A股上市公司共实施分红2.4万亿元、回购股份1476亿元，均创历史新高，越来越多 的企业一年多次分红，沪深300指数股息率接近3.6%，回报投资者的稳定性、可预期性进一步增强。目 前A股估值水平仍处于相对低位，沪深300市盈率12.6倍，明显低于境外市场主要指数，配置价值进一步 凸显。 据Wind数据显示，截至5月19日，A股共有622家上市公司或重要股东获得回购增持贷款，总金额约为 1207.55亿元。 中央财经大学研究员张可亮在接受《中国经营报》记者采访时表示，上市公司同步释放回购增持信号， 这一集体行动在短期内可以提振市场信心，这显示了公司对自身价值的认可和对未来发展的信心。在中 期来看，这种行为可以起到托底作用，因为回购和增持可以减少市场上的流通股份，从而在一定程度上 稳定股价。 "回购增持行为体现了估值修复信号、政策协同导向和风险对冲需求的市场态度。大比例回购传递了'当 前股价低于内在价值'的判断，也反映监管层与企业共同维护市场稳定的意图，能够避免股价 ...

Core Viewpoint - Rongsheng Petrochemical Co., Ltd. has approved a cash dividend distribution plan for the year 2024, proposing a distribution of 1 RMB per 10 shares to shareholders, excluding repurchased shares [1][2]. Summary by Sections Dividend Distribution Plan - The total share capital of Rongsheng Petrochemical is 10,125,525,000 shares, from which 553,232,858 shares that have been repurchased are excluded, resulting in a base of 9,572,292,142 shares for the dividend distribution [1][2]. - The actual cash dividend amount totals 957,229,214.20 RMB, calculated as 9,572,292,142 shares multiplied by the distribution ratio of 0.1 RMB per share [1][5]. Dividend Payment Details - The cash dividend will be distributed to all shareholders, with no stock dividends or capital reserves being converted into shares [2]. - The cash dividend per share is calculated as 0.0945362 RMB, derived from the total cash dividend divided by the total share capital, including repurchased shares [5]. Key Dates - The record date for the dividend distribution is set for May 27, 2025, and the ex-dividend date is May 28, 2025 [3]. Eligibility and Taxation - The dividend distribution applies to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the record date [3]. - Different tax rates will apply based on the type of shares held, with specific provisions for Hong Kong investors and domestic investors [2].

荣盛石化本次实际现金分红的总金额=实际参与分配的总股本×分配比例，即 957,229,214.20 元=9,572,292,142 股×0.1 元/股；每股现金红利=现金分红总额÷总 股本（包含已回购股份），即 0.0945362 元/股=957,229,214.20 元÷10,125,525,000 股 （结果取小数点后七位，最后一位直接截取，不四舍五入）。在保证本次权益分派 方案不变的前提下，2024 年年度权益分派实施后的除权除息价格=股权登记日收 盘价-0.0945362 元/股。 证券代码：002493 证券简称：荣盛石化 公告编号：2025-036 荣盛石化股份有限公司 2024 年年度权益分派实施公告 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： 荣盛石化股份有限公司（以下简称"荣盛石化"）第六届董事会第二十三次会 议及 2024 年年度股东大会先后审议通过了关于 2024 年年度利润分配的预案，即 以现有总股本 10,125,525,000 股剔除已回购股份 553,232,858 股后的 9,572,292,142 股为基数，向 ...

Core Viewpoint - The chemical industry is currently at the bottom of its cycle, with prices and spreads still stabilizing, while demand is expected to improve with government policies aimed at economic recovery [1] Group 1: Industry Overview - The chemical industry is experiencing a bottoming phase, with most chemical prices and spreads still in a stabilization process [1] - Domestic capacity is gradually being released, leading to a significant slowdown in supply growth [1] - The report suggests focusing on sectors with relatively certain demand, such as agricultural chemicals and the civil explosives industry benefiting from western development [1] Group 2: Key Recommendations - Emphasis on long-term value of leading companies in the chemical sector, as core assets are expected to see profit and valuation recovery [1] - Recommended leading companies include Wanhua Chemical, Hualu Hengsheng, Huafeng Chemical, Longbai Group, Yangnong Chemical, New Hecheng, Satellite Chemical, Baofeng Energy, Hengli Petrochemical, and Rongsheng Petrochemical [1] Group 3: Subsector Insights - Agricultural chemicals show rigid demand, with steady growth in grain planting area and recovery in compound fertilizer volume and profit [2] - The civil explosives industry is driven by domestic demand, particularly in regions like Xinjiang and Tibet, with increasing concentration benefiting leading companies [2] Group 4: New Material Opportunities - The domestic replacement of chemical new materials is accelerating due to trade tariffs and anti-monopoly pressures [3] - Key areas include adsorption separation materials, lubricating oil components, OLED materials, and high-end photoresists, with specific companies recommended for investment [3] Group 5: Price Recovery Potential - Certain sectors may see profit improvements as supply growth slows and policy constraints are anticipated, particularly in organic silicon and spandex industries [4] - The petrochemical sector may present strategic opportunities following a potential bottoming of oil prices, with recommendations for strategic layouts in refining and downstream polyester filament industries [4]