Investment Rating - The report maintains a rating of "Increase" for the basic chemical industry [5] Core Insights - The integration of quantum computing and AI for Science (AI4S) is expected to revolutionize chemical research and development, enhancing precision and efficiency [2][3] - By 2035, the total market size for quantum computing is projected to reach $908.9 billion, with quantum computing alone accounting for nearly 90% of this market [1] - AI4S is identified as a key application area, capable of optimizing product formulations and accelerating the development of new materials [2][3] Summary by Sections Quantum Computing - Quantum computing is positioned as a strategic frontier in global technology competition, with significant implications for chemical R&D [1] - The report anticipates that by 2030, 58% of downstream demand for quantum computing will come from chemical and pharmaceutical sectors [3] AI for Science (AI4S) - AI4S is highlighted as a transformative force in scientific research, enabling deeper insights into chemical reactions at the atomic level [2][3] - The combination of AI and supercomputing is expected to yield optimal solutions for compound structures and formulation systems [2] Market Opportunities - The report emphasizes China's potential to lead in AI4S development, particularly in the pharmaceutical and new materials sectors [4] - Key companies such as Crystal Tech Holdings and Micro Era are noted for their advancements in AI4S and quantum algorithms, respectively [4] Price Trends - The report includes a detailed tracking of chemical product prices, indicating fluctuations and trends in the market [12][13]

Investment Rating - The report maintains a positive outlook on the petrochemical industry, particularly regarding propylene profitability and the expected tightening of supply-demand dynamics [4][5]. Core Insights - The report highlights the anticipated reduction in operating rates for PDH units due to high costs associated with U.S. propane imports, which could lead to a significant drop in propylene supply [4][5]. - It emphasizes the potential for increased imports from Japan and South Korea, although these may not fully compensate for the domestic supply gap [4][5]. - The report suggests that the overall profitability of PDH units remains low, and future tariffs could delay or cancel planned new capacity [4][5]. Summary by Sections Upstream Sector - Brent crude oil prices closed at $66.87 per barrel, a decrease of 1.60% from the previous week, while WTI prices fell by 2.57% to $63.02 per barrel [4][22]. - U.S. commercial crude oil inventories increased by 244,000 barrels, while gasoline inventories decreased by 4.476 million barrels [25][22]. - The report notes a stable day rate for self-elevating drilling rigs, indicating a recovery trend in the oil service sector [4][22]. Refining Sector - The report indicates an increase in overseas refined oil crack spreads, with Singapore's refining margin rising to $10.75 per barrel [4][22]. - The profitability of domestic refining products is expected to improve gradually as economic recovery progresses [4][22]. Polyester Sector - PTA profitability has increased, while polyester filament profitability has decreased, indicating mixed performance within the polyester supply chain [4][22]. - The report suggests that the polyester industry may see improvements in the medium to long term as new capacity comes online [4][22]. Investment Recommendations - The report recommends focusing on leading refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to favorable competitive dynamics [4][17]. - It also highlights the potential for valuation recovery in companies like Satellite Chemical and Tongkun Co., given the expected improvements in the industry [4][17].

Group 1 - A total of 30 companies are mentioned as part of the statistics for the week of April 21 to April 27 [1] - The companies listed include 万润股份, 金晶科技, 浪潮软件, 湖南海利, and others [1] - The report indicates a diverse range of sectors represented by these companies, suggesting varied investment opportunities [1]

Core Viewpoint - Satellite Chemical's Q1 2025 performance met expectations, with significant year-on-year growth in revenue and net profit, driven by new capacity releases and rising product prices [2][3][4]. Financial Performance - In Q1 2025, the company achieved revenue of 12.329 billion yuan, a year-on-year increase of 40.03%, and a net profit of 1.568 billion yuan, up 53.38% year-on-year, aligning with performance forecasts [2]. - The company's gross margin for Q1 2025 was 21.68%, showing a slight year-on-year increase of 0.02 percentage points, despite a quarter-on-quarter decline of 5.43 percentage points [3]. Capacity Expansion and Market Position - The company is positioned as a leading player in the domestic light hydrocarbon cracking sector, with multiple projects set to launch in 2025 and 2026, which are expected to significantly boost performance [4]. - New capacity releases in the second half of 2024 are anticipated to contribute positively to revenue and profit growth [3][4]. Product Pricing and Cost Factors - The increase in prices for acrylic acid and esters has enhanced profitability in the C3 industry chain, contributing to overall performance growth [3]. - The impact of ethane tariffs is expected to diminish, with a planned reduction in import tariffs from 2% to 1% by the end of 2024, which will alleviate cost pressures on the C2 industry chain [4]. Profit Forecasts - The company revised its profit forecasts, expecting net profits of 6.3 billion yuan, 7.5 billion yuan, and 9.1 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth of 4%, 18%, and 21% [5]. - The current A-share price corresponds to a low PE ratio of 9, 8, and 6 for the years 2025, 2026, and 2027, indicating potential for investment [5].

证券代码：002648 证券简称：卫星化学 公告编号：2025-026 卫星化学股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 3、近期公司经营情况及内外部经营环境未发生重大变化。 4、经核实，公司及控股股东、实际控制人不存在关于公司应披露而未披露 的重大事项或处于筹划阶段的重大事项。 5、经核实，公司控股股东、实际控制人未在公司股票异常波动期间买卖公 司股票。 三、是否存在应披露而未披露信息的说明 公司董事会确认，公司目前没有任何根据《深圳证券交易所股票上市规则》 等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协 议等；董事会也未获悉公司有根据《深圳证券交易所股票上市规则》等有关规定 应予以披露而未披露的、对公司股票及其衍生品种交易价格产生较大影响的信息； 一、股票交易异常波动情况 卫星化学股份有限公司（以下简称"公司"）股票（证券代码：002648，证 券简称：卫星化学）连续3个交易日（2025年4月23日 ...

证券代码：002648 证券简称：卫星化学 公告编号：2025-025 卫星化学股份有限公司 关于首次回购公司股份的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 卫星化学股份有限公司（以下简称"公司"）于2025年4月10日召开第五届 董事会第九次会议审议通过了《关于回购公司股份方案的议案》。公司拟使用自 有/自筹资金以集中竞价交易的方式回购公司部分股份，用于实施公司事业合伙 人持股计划或其他股权激励计划。本次回购股份的资金总额不低于2亿元（含）、 不超过4亿元（含），回购价格不超过29.50元/股（含）。按回购上限价格和拟回 购金额的上、下限测算，预计本次回购股份的数量为6,779,661股-13,559,322股， 约占公司目前已发行总股本的0.20%-0.40%，具体回购股份的数量以回购期限届 满时实际回购的股份数量为准。本次回购股份的实施期限为自公司董事会审议通 过本回购方案之日起不超过十二个月。具体内容详见公司在《证券时报》《中国 证券报》和巨潮资讯网（www.cninfo.com.cn）上披露的《关于回购公司股份方案 的公告暨回购报告书》（ ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected return of over 20% within the next six months [9][20]. Core Insights - The company's net profit attributable to shareholders for Q1 2025 is projected to increase by 53.4% year-on-year, reaching 1.57 billion [1]. - Ethane cracking profits remain robust, with average profits for ethane cracking, naphtha-based ethylene, and coal-based olefins at 2439, -7, and 1378 RMB/ton respectively [2]. - A new project is expected to double the company's ethylene production capacity from 2.5 million tons to 5 million tons by the end of 2025 [3]. - The average price of acrylic acid in Q1 2025 is expected to be 8062 RMB/ton, up from 6300 RMB/ton in Q1 2024, indicating potential growth in the C3 segment [4]. - The company maintains profit forecasts of 7.53 billion, 9.53 billion, and 11.61 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.24, 2.83, and 3.45 RMB per share [5]. Financial Data and Valuation - Revenue is projected to grow from 41.49 billion RMB in 2023 to 93.69 billion RMB in 2027, with a growth rate of 30% in 2025 [7][14]. - The net profit attributable to shareholders is expected to increase significantly, with a growth rate of 56.42% in 2023 and 24.04% in 2025 [5][15]. - The company's P/E ratio is forecasted to decrease from 13.47 in 2023 to 5.56 in 2027, indicating improving valuation metrics [7][15]. - The company's total assets are projected to grow from 64.58 billion RMB in 2023 to 98.46 billion RMB in 2027 [13][15].

Core Viewpoint - The article highlights the presence of Shenzhen Stock Connect seats in 17 stocks on the weekly leaderboard, indicating significant net buying activity and overall positive market performance for these stocks [1] Group 1: Net Buying Activity - A total of 17 stocks appeared on the leaderboard, with 12 showing net buying from Shenzhen Stock Connect seats [1] - The stocks with the highest net buying amounts were Satellite Chemical (58,960.09 million), Tuo Wei Information (23,414.60 million), and Lakala (8,096.46 million) [1] - The average increase for the stocks with net buying was 14.13%, outperforming the Shanghai Composite Index, which rose by 0.56% [1] Group 2: Stock Performance - The stock with the largest increase was Hai Lian Jin Hui, which saw a cumulative rise of 46.57% over the week [1] - Other notable performers included Satellite Chemical (21.43% increase) and Lakala (23.83% increase) [1] - The stocks with the highest turnover rates included Tuo Wei Information (68.12%) and Lakala (123.35%) [1] Group 3: Net Selling Activity - Five stocks experienced net selling, with the largest net sell amounts recorded for Ying Wei Ke (12,449.79 million) and Wuhan Fan Gu (4,295.78 million) [1] - The net selling stocks included Ying Wei Ke (-8.93% change) and Wuhan Fan Gu (28.87% increase despite net selling) [1]

Investment Rating - The report indicates a declining trend in public fund allocation to the chemical industry, with the allocation ratio dropping to 4.1% in Q1 2025, down 1.6 percentage points year-on-year and 0.7 percentage points quarter-on-quarter, reflecting a historical low level [1][11]. Core Insights - The focus of public funds has shifted, with a notable decrease in the concentration of holdings in leading companies within the chemical sector. The top ten heavyweights' market capitalization share fell from 46.2% in Q4 2024 to 41.9% in Q1 2025 [1]. - Attention has been primarily directed towards the civil explosives and fluorochemical sectors in Q1 2025, with significant increases in holdings for companies like Guangdong Hongda and Zhenhua Co., while reductions were seen in companies such as Wanhua Chemical and Xinzhou Bang [2][3]. - The report highlights a strong interest in sectors with price increase potential, such as fluorochemicals, chromium salts, and pesticides, alongside improving supply-demand dynamics in the civil explosives sector [3]. Summary by Sections Public Fund Allocation Trends - The allocation of public funds to the chemical industry has been on a downward trajectory since Q2 2022, with the market capitalization share decreasing to 4.1% in Q1 2025, marking a significant decline from previous years [11][12]. Individual Stock Movements - Key stocks that saw increased holdings include Guangdong Hongda, Zhenhua Co., and Saint Spring Group, while major reductions were noted for Wanhua Chemical and Xinzhou Bang [2][16]. - The top ten companies by market capitalization in the chemical sector accounted for 52.2% of total holdings, a decrease of 3.3 percentage points [11][15]. Sector Performance - The report identifies the top five sectors by fund holdings in Q1 2025 as other chemical products (13.36 billion), polyurethane (5.91 billion), tires (5.18 billion), fluorochemicals and refrigerants (4.96 billion), and other chemical raw materials (3.85 billion) [24]. Investment Recommendations - The report suggests focusing on sectors with price increase potential and strong domestic demand, particularly civil explosives, while also highlighting opportunities in new materials such as AI materials [4].

Group 1 - Satellite Chemical (002648) reached the daily limit increase, with a trading volume of 5.727 billion yuan and a turnover rate of 9.01% [1] - The post-market data shows that the Shenzhen Stock Connect special seat bought 748 million yuan and sold 310 million yuan [1] - One institutional special seat had a net purchase of 214 million yuan, while another institutional special seat had a net sale of 118 million yuan [1]