证券代码：002493 证券简称：荣盛石化 公告编号：2025-038 及附件《详式权益变动报告书》，自荣盛石化上一次披露增持进展公告后，荣盛 控股于 2025 年 5 月 22 日至 2025 年 6 月 13 日期间通过深交所交易系统以集中 竞价交易方式累计增持荣盛石化股份 19,707,213 股，占荣盛石化总股本的 0.19%。 本次权益变动前，荣盛控股及其一致行动人持有公司股份为 6,057,067,472 股， 占公司总股本的 59.82%；本次权益变动后，荣盛控股及其一致行动人持有公司 股份为 6,076,774,685 股，占公司总股本的 60.01%。现将有关情况公告如下： 荣盛石化股份有限公司 关于控股股东及其一致行动人权益变动后 持股比例触及 5%整数倍的提示性公告 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（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 ...

荣盛石化股份有限公司 详式权益变动报告书 上市公司名称：荣盛石化股份有限公司 股票上市地点：深圳证券交易所 股票简称：荣盛石化 股票代码：002493 信息披露义务人 名称：浙江荣盛控股集团有限公司 住所：浙江省杭州市萧山区宁围街道望京商务中心 2 幢 1902 室 通讯地址：浙江省杭州市萧山区益农镇信益路678号荣盛控股大楼 信息披露义务人一致行动人 姓名：李水荣 住所：浙江省杭州市 通讯地址：浙江省杭州市萧山区益农镇信益路 678 号荣盛控股大楼 股份变动性质：股份增加（集中竞价） 签署日期：二〇二五年六月十三日 1 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号—权益变动报告书》《公开发行证券的公司信息披露内容与格式准则第 16 号 —上市公司收购报告书》等相关的法律、法规和规范性文件编写。 二、依据上述法律法规的规定，本报告书已全面披露了信息披露义务人在荣 盛石化股份有限公司拥有权益的股份变动情况。截至本报告书签署之日，除本报 告书披露的持股信息外，信息披露义务人不存在通过任何其他方 ...

Group 1: Real Estate Industry - The current housing policy indicates a new model for real estate development, with the implementation of immediate housing sales being orderly and effective. This is part of a long-term mechanism rather than a short-term switch [12][10] - The impact of the immediate housing sales policy includes a significant decline in investment, a reduction in land finance, and a contraction in industry demand. The average pre-sale period in first and second-tier cities has extended from 6 months to 30 months, leading to a drop in investment return rates from 30% to 6% [12][10] - The report maintains a "positive" rating for the real estate sector, emphasizing the need for policy support to stabilize the market and improve the asset-liability situation of residents [12][10] Group 2: Banking Sector - Since the end of 2023, the banking sector has experienced a recovery, with a cumulative increase of 55%, primarily driven by valuation recovery and stable earnings performance [13][11] - The report suggests that the banking sector is significantly undervalued, with an average ROE of about 10% and a PE ratio of approximately 6 times, indicating potential for systematic revaluation [15][11] - The investment strategy focuses on embracing stable, sustainable returns, with recommendations for regional banks and large state-owned banks that are expected to benefit from ongoing reforms and market conditions [15][11] Group 3: Coal Industry - The coal supply is expected to contract due to limited production recovery in Shanxi and declining import volumes, with domestic coal production primarily concentrated in Xinjiang [14][16] - The demand for thermal coal is projected to maintain positive growth in the coming years, supported by stable economic conditions and seasonal demand increases [16][14] - The report highlights that the economic viability of "Xinjiang coal transportation" depends on maintaining high coal prices, with the average price for thermal coal expected to remain between 700-750 RMB/ton [16][14] Group 4: Shipping Industry - The escalation of geopolitical tensions in the Middle East has led to significant increases in oil prices, with Brent crude exceeding 75 USD/barrel, impacting shipping routes and costs [16][3] - The report notes that the closure of the Strait of Hormuz could disrupt approximately 5% of global oil tanker capacity, significantly affecting oil transportation dynamics [16][3] - It is recommended to closely monitor the duration and expansion of the conflict, as well as changes in oil inventory and economic expectations [16][3]

Investment Rating - The report maintains a positive outlook on the petrochemical industry, indicating a favorable investment environment [3]. Core Insights - The escalation of conflicts in the Middle East has led to significant fluctuations in oil prices, with Brent crude reaching a peak of $78.5 per barrel on June 13, marking the largest single-day increase in nearly five years. The report outlines three potential scenarios for the impact of the Israel-Iran conflict on oil prices, ranging from limited upward pressure to a potential surge above $100 per barrel if the situation escalates further [6][7][14]. Summary by Sections Upstream Sector - As of June 13, 2025, Brent crude futures closed at $74.23 per barrel, up 11.67% from the previous week, while WTI futures rose 13.01% to $72.98 per barrel. The average prices for the week were $69.45 and $67.89 per barrel, respectively [6][21]. - U.S. commercial crude oil inventories decreased by 3.644 million barrels to 432 million barrels, which is 8% lower than the same period last year. Gasoline inventories increased by 1.504 million barrels, remaining 2% lower than the five-year average [21][23]. - The number of U.S. drilling rigs decreased by 4 to 555, which is a year-on-year decline of 35 rigs. The report anticipates a widening supply-demand trend in crude oil, with potential downward pressure on prices, but expects drilling day rates to continue rising due to ongoing capital expenditures in the global oil and gas upstream sector [6][21]. Refining Sector - The report notes a decline in overseas refined oil crack spreads, with Singapore's comprehensive product crack spread dropping to $5.40 per barrel, down $5.38 from the previous week. The gasoline crack spread in the U.S. also fell to $20.95 per barrel, below the historical average of $24.88 per barrel [6][54][56]. - Despite the decline in crack spreads, the report suggests that refining profitability may gradually improve as overseas refineries exit the market and domestic refining rates remain low [6]. Polyester Sector - PTA profitability has increased, while profits from polyester filament yarn have decreased. The report highlights that the overall performance of the polyester industry is average, with a need to monitor demand changes closely. However, it anticipates an upward trend in industry prosperity in the medium to long term due to a slowdown in new capacity additions [6][51]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as companies in the upstream exploration and development sector like CNOOC and Haiyou Engineering. It also suggests monitoring polyester leaders like Tongkun Co. and Wankai New Materials for potential investment opportunities [6][15][16].

Report Industry Investment Rating No information about the industry investment rating is provided in the given content. Core Viewpoints The report presents a weekly update on the large refining and chemical industry, including price, profit, inventory, and production rate data for various segments such as refining, polyester, and chemical products, as well as performance data for major private refining and chemical companies [2][8]. Summary by Related Catalogs 1. Big Refining Weekly Data Briefing - **6 Major Private Refining Companies' Performance**: The oil and petrochemical index had a 3.5% increase in the past week, 5.0% in the past month, 5.2% in the past three months, and -3.6% in the past year. Among the companies, Rongheng Petrochemical, Hengli Petrochemical, Orient Shenghong, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin Fengming had different performance in terms of stock price changes and profit forecasts [8]. - **Oil Prices and Refining Spreads**: International crude oil prices (Brent and WTI) increased this week. The domestic refining project spread was 2503.1 yuan/ton, a decrease of 172.1 yuan/ton (-6.4%) compared to the previous week. The foreign refining project spread was 968.9 yuan/ton, a decrease of 93.8 yuan/ton (-8.8%) [8]. - **Polyester Sector**: PX, MEG, PTA, POY, FDY, DTY, and other product prices, spreads, inventories, and production rates showed various changes. For example, the PX price was 818.9 dollars/ton, a decrease of 13.3 dollars/ton, and the PX production rate was 86.4%, an increase of 1.4% [9]. - **Refining Sector**: In China, the prices of gasoline, diesel, and aviation kerosene increased. In the US, the gasoline price decreased, while diesel and aviation kerosene prices increased. In Europe and Singapore, the prices and spreads of various refined oil products also changed [9]. - **Chemical Sector**: The prices and spreads of products such as EVA photovoltaic materials, EVA foaming materials, LDPE, LLDPE, HDPE, and others showed different trends [9]. 2. Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: The report may show the trends of the big refining index, the market performance of six private big refining companies, and the weekly spreads of domestic and foreign big refining projects [11][15][17]. - **2.2 Polyester Sector**: It includes data and trends on the prices, profits, inventories, and production rates of products in the polyester industry chain, such as crude oil, PX, PTA, MEG, POY, FDY, DTY, and downstream weaving [21][31][50]. - **2.3 Refining Sector**: It presents the price and spread relationships between crude oil and various refined oil products (gasoline, diesel, aviation kerosene) in different regions (China, the US, Europe, Singapore) [77][92][104]. - **2.4 Chemical Sector**: It shows the price and spread relationships between crude oil and various chemical products, such as polyethylene LLDPE, homopolymerized polypropylene, EVA foaming materials, EVA photovoltaic materials, etc. [127][128][135].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The 2025 Indian potash fertilizer contract price has been set at $349 per ton, which is expected to boost the potash fertilizer market [4][20] - The domestic potassium chloride market is experiencing limited supply and tight circulation, with domestic potassium chloride production reduced and inventory at low levels [21][22] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 1.73% this week [15] - The CCPI (China Chemical Product Price Index) reported 4033 points, down 1.08% from last week [17] Key Product Tracking - The price difference for polyester filament POY has expanded, while the price of chlorantraniliprole 97% continues to rise [29] - The domestic potassium chloride market is characterized by limited supply and cautious purchasing behavior from downstream buyers [21][22] Recommended and Beneficiary Stocks - Recommended stocks include Salt Lake Co., and Yaqi International; beneficiary stocks include Cangge Mining and Dongfang Iron Tower [27] - Other recommended stocks span various sectors including chemical leaders and fluorine chemicals [5]

Investment Rating - The report maintains a "Positive" outlook on the petrochemical industry, indicating favorable conditions for investment opportunities [1]. Core Insights - Qatar's LNG projects are expected to lead to a loosening of global LNG supply, with international gas prices likely to decline. Qatar's LNG production capacity is projected to reach 142 million tons by the end of 2030, nearly doubling from 77 million tons in 2020 [3][4]. - The report highlights that while global gas demand growth is expected to slow to around 1.5% in 2025, LNG demand in Asia will be significantly suppressed due to high prices, dropping from a growth rate of 17% in 2024 to below 3% [6][14]. - The upstream sector is experiencing rising oil prices, with Brent crude futures closing at $66.47 per barrel, a 4.02% increase week-on-week. The report anticipates a downward trend in oil prices due to a widening supply-demand balance [23][39]. - In the refining sector, the report notes a decline in overseas refined oil crack spreads, while olefin price spreads show mixed trends. The Singapore refining margin has decreased to $12.55 per barrel [53][55]. - The polyester sector is facing a decline in PTA profitability, while polyester filament profitability is on the rise. The report suggests that the overall performance of the polyester industry is average, with potential for improvement as new capacity slows down [53][60]. Summary by Sections LNG Supply and Demand - Qatar's LNG projects, including the Golden Pass LNG and North Field East expansion, are set to boost global LNG supply significantly by 2030 [4][5]. - The International Energy Agency (IEA) forecasts a 50% increase in global export capacity by 2030, with an additional 270 billion cubic meters expected [5][6]. Upstream Sector - Brent crude prices have risen, with a notable increase in drilling day rates for self-elevating platforms. The report indicates a potential for oil prices to decline in the medium term, despite current upward trends [23][39]. - The report also notes a decrease in the number of active drilling rigs in the U.S., which may impact future production levels [33]. Refining Sector - The report highlights a decrease in refining margins and crack spreads, indicating challenges in profitability for refiners. However, it suggests that domestic refining margins may improve as overseas refineries exit the market [53][55]. Polyester Sector - The report indicates a mixed performance in the polyester sector, with PTA profitability declining while polyester filament profitability is improving. It emphasizes the need to monitor demand changes closely [53][60]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as companies in the upstream exploration and development sector like CNOOC and CNOOC Engineering [17].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the content. 2. Core View of the Report The report focuses on the weekly data of the large refining and chemical industry, including price, profit, inventory, and operating rate of different sectors such as polyester, refining, and chemicals, as well as the performance and profit forecasts of related listed companies [2][8]. 3. Summary According to Relevant Catalogs 3.1 Big Refining Weekly Data Briefing - **Price and Spread**: The domestic key large refining project spread this week was 2,675 yuan/ton, a week - on - week decrease of 48 yuan/ton (-2%); the foreign key large refining project spread was 1,063 yuan/ton, a week - on - week decrease of 23 yuan/ton (-2%). The average price of PX this week was 832.1 dollars/ton, a week - on - week decrease of 8.0 dollars/ton, and the spread to crude oil was 356.4 dollars/ton, a week - on - week decrease of 13.1 dollars/ton [2]. - **Polyester Plate**: The average prices of POY/FDY/DTY this week were 6,979/7,279/8,200 yuan/ton respectively, with week - on - week changes of -57/-21/+0 yuan/ton. Their weekly average profits were 96/30/44 yuan/ton, with week - on - week increases of +8/+31/+46 yuan/ton. The inventory was 16.5/21.6/28.4 days, with week - on - week increases of +2.7/+0.9/+1.1 days. The filament operating rate was 89.1%, a week - on - week decrease of 0.6 pct. The downstream loom operating rate was 61.3%, a week - on - week decrease of 1.1 pct [2]. - **Refining Plate**: Domestic refined oil prices: gasoline, diesel, and jet fuel prices rose this week. US refined oil prices: gasoline prices fell, while diesel and jet fuel prices rose [2]. - **Chemical Plate**: The PX operating rate was 84.6%, a week - on - week increase of 3.9 pct [2]. - **Related Listed Companies**: Private large refining and chemical & polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Orient Shenghong, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin凤鸣 [2]. - **Stock Price and Profit Forecast**: The report provides the stock price changes of 6 private refining and chemical companies in different time periods and their profit forecasts from 2024A to 2027E [8]. 3.2 Big Refining Weekly Report 3.2.1 Big Refining Index and Project Spread Trend The report shows the changes in the Shanghai - Shenzhen 300, petroleum and petrochemical, and oil prices, as well as the weekly spreads of domestic and foreign large refining projects [14][16]. 3.2.2 Polyester Plate It presents various data such as the prices, spreads, operating rates, inventories, and production - sales ratios of PX, PTA, MEG, polyester filaments (POY, FDY, DTY), polyester staple fibers, and polyester bottle chips [10]. 3.2.3 Refining Plate The report details the prices, spreads, and changes of domestic, US, European, and Singapore refined oil products (gasoline, diesel, jet fuel) compared to crude oil [10]. 3.2.4 Chemical Plate It provides the prices, spreads, and changes of various chemical products such as pure benzene, styrene, acrylonitrile, polycarbonate, MMA, etc., compared to crude oil [10].

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The chemical industry is expected to enter a replenishment cycle, driven by the recovery of demand and limited supply in certain sectors [30] - The chromium salt and phosphate rock sectors are highlighted as key areas of focus due to their potential for growth and value reassessment [4][6] - The report emphasizes the importance of companies with cost advantages and stable market positions, particularly in the context of rising prices for key products [10][30] Summary by Sections Recent Performance - The basic chemical sector has shown a performance increase of 2.4% over the last month, 1.0% over the last three months, and 8.9% over the last year, outperforming the CSI 300 index [3] Key Opportunities - Focus on chromium salt and phosphate rock industries, with expectations of continued demand growth in fine phosphorus chemicals and lithium iron phosphate batteries [7] - Companies like Zhuhai Holdings and Baitian Co. are noted for their capacity expansions and potential for increased profitability [7][9] Price Trends - Recent price adjustments include a decrease in metal chromium prices from 76,000 yuan/ton to 73,000 yuan/ton, reflecting market fluctuations and demand shifts [5][17] - Phosphate rock prices are stable at 1,038 yuan/ton, with expectations of a reassessment of value due to supply constraints [19] Company Focus - Companies such as Zhuhai Holdings and Baitian Co. are highlighted for their strategic advantages in technology innovation, cost reduction, and capacity expansion [5][7] - The report suggests that leading companies in the chemical sector are entering a long-term upward performance cycle, supported by their competitive advantages [8][30] Investment Recommendations - The report recommends a focus on companies with low-cost expansion capabilities, such as Wanhu Chemical and Yantai Chemical, as well as those in the chromium salt and phosphate rock sectors [9][10] - High dividend yield companies, particularly state-owned enterprises, are also recommended for their stable returns and resource advantages [10][11]

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]