Group 1 - The company, Satellite Chemical (002648.SZ), announced a routine maintenance plan for its wholly-owned subsidiary Lianyungang Petrochemical Co., Ltd. [1] - The maintenance will involve two polyethylene units and one ethylene oxide/ethylene glycol unit along with supporting raw material facilities [1] - These facilities were put into operation in August 2022 and have been running continuously since then, reaching the industry maintenance cycle [1] - The expected duration of the maintenance is 45 days [1]

Core Viewpoint - The company has announced a routine maintenance plan for its wholly-owned subsidiary Lianyungang Petrochemical Co., Ltd., involving two polyethylene units and one ethylene oxide/ethylene glycol unit, which are due for maintenance after continuous operation since their commissioning in August 2022 [1] Group 1 - The maintenance period is expected to last for 45 days [1] - The maintenance is in line with the industry maintenance cycle [1] - The affected units include two polyethylene units and one ethylene oxide/ethylene glycol unit along with supporting raw material facilities [1]

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"）根据化工企业生产装置运行周 期的要求，为保障生产装置正常运行和安全稳定生产，按照年度计划决定对全资 子公司连云港石化有限公司2套聚乙烯装置、1套环氧乙烷/乙二醇装置及配套原 料装置进行例行检修，以上装置于2022年8月投产并连续运行至今，达到行业检 修周期，检修期限预计45天。公司将确保检修工作安全、环保、高效进行，不会 对公司全年生产经营产生较大的影响。 证券代码：002648 证券简称：卫星化学 公告编号：2025-038 卫星化学股份有限公司 关于部分装置检修的公告 公司将按照《深圳证券交易所股票上市规则》等法律法规，根据本次停车检 修的进展情况，及时履行信息披露义务。《证券时报》《中国证券报》和巨潮资 讯网（www.cninfo.com.cn）为公司指定信息披露媒体，公司所有信息均以在上 述指定媒体刊登为准，敬请广大投资者理性投资，注意风险。 特此公告。 卫星化学股份有限公司董事会 二〇二五年九月五日 ...

Core Viewpoint - Satellite Chemical (002648) announced routine maintenance for its wholly-owned subsidiary Lianyungang Petrochemical's two polyethylene units and one ethylene oxide/ethylene glycol unit, which are expected to last for 45 days, ensuring that the maintenance will not significantly impact the company's overall production and operations [1] Group 1 - The maintenance is part of the annual plan and is necessary as the units have been in operation since August 2022, reaching the industry maintenance cycle [1] - The company emphasizes that the maintenance will be conducted safely, environmentally friendly, and efficiently [1] - The expected duration of the maintenance is 45 days [1]

Core Viewpoint - Satellite Chemical (002648.SZ) announced a routine maintenance plan for its wholly-owned subsidiary Lianyungang Petrochemical, which includes two polyethylene units and one ethylene oxide/ethylene glycol unit, with an estimated maintenance period of 45 days [1] Group 1 - The maintenance is necessary to ensure the normal operation and safe, stable production of the chemical production facilities [1] - The company emphasizes that the maintenance work will be conducted safely, environmentally friendly, and efficiently [1] - The maintenance is not expected to have a significant impact on the company's overall production and operations for the year [1]

Industry Rating - Investment Rating: Recommended (Maintain) [1] Core Viewpoints - The chemical industry is expected to benefit from the anticipated interest rate cuts by the Federal Reserve, which may drive demand and support the recovery of the industry [2][4]. - The significant growth of chemical ETFs, from 2.2 billion to 15.7 billion, indicates a positive outlook for leading chemical companies and new material growth [4]. - The report emphasizes the importance of focusing on core chemical assets, which are expected to see profit and valuation recovery in the medium to long term [3][5]. Summary by Sections Investment Recommendations - Long-term value in white horse stocks is emphasized, with core chemical assets expected to experience profit and valuation recovery [3]. - Attention is drawn to leading chemical companies as potential investment opportunities due to their strong market positions and growth prospects [4][5]. Market Dynamics - The report highlights the impact of external factors such as the U.S. tariffs on Indian goods, which may improve the pesticide trade between the U.S. and China, benefiting companies like Yangnong Chemical and Runfeng Shares [4]. - The recent adjustments in real estate policies in Shanghai are expected to marginally improve demand for chemical products related to the real estate sector [4]. Price Trends - The report notes that chemical product prices and price spreads are currently at bottom levels, suggesting potential for price increases in the future [5]. - Specific price movements are tracked, such as the increase in Vitamin B3 and D3 prices due to supply tightness, and the upward trend in refrigerant prices driven by supply constraints [9][10]. Supply Chain Insights - The report discusses the supply-side changes in the ethylene industry due to force majeure events, which may lead to supply recovery in the sector [4]. - It also mentions the ongoing supply constraints in the refrigerant market due to quota management, which is expected to maintain high price levels [9]. Strategic Focus Areas - The report recommends focusing on leading companies in the chemical sector, such as Hengli Petrochemical, Rongsheng Petrochemical, and others, as they are likely to benefit from industry recovery and supply-side improvements [4][5]. - The emphasis is placed on the potential for strategic opportunities in the petrochemical sector as oil prices stabilize and supply-demand dynamics shift [5].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Oil, Gas, and Chemicals - **Key Trends**: - OPEC+ is expected to fully unwind production cuts, leading to increased oil supply surplus expectations. - Brent crude oil prices fell by 3% month-over-month (MoM) to US$67.3 per barrel in August, indicating weaker prices as peak demand season ends. [2][28] - The International Energy Agency (IEA) projects a surplus of 1.8 million barrels per day (Mb/d) in 2025, increasing to 3.0 Mb/d in 2026. The Energy Information Administration (EIA) forecasts around 1.5 Mb/d for both years. [2][28] Chemical Sector Insights - **Price Movements**: - TDI (Toluene Diisocyanate) average selling price (ASP) increased by 13% MoM, but showed a downward trend due to soft demand and higher supply. [3] - mMDI (Modified MDI) ASP rose by 7% MoM, supported by maintenance periods for some plants. [3] - Refrigerant R32 ASP also increased by 7% MoM, driven by strong producer bargaining power. [3] - **Demand Dynamics**: - Price increases were noted among TiO2 producers and polyester filament businesses, indicating potential for further price hikes in the near term. [4] - Products with tight supply include acetic acid, hydrogen peroxide, refrigerants, and others, suggesting potential price support. [4] Stock Recommendations - **Preferred Sectors**: - Chemical subsectors are favored as beneficiaries of 'anti-involution', particularly: - Fertilizers (Hualu) - Refining/Olefins (Hengli, Baofeng, Satellite) - Products with price hike potential (Wanhua for pMDI, Tongkun for polyester filament, Fufeng/Meihua for MSG, and refrigerants). [5] Risk Factors - **Oil & Gas Sector Risks**: - Fluctuations in crude oil prices and disappointing productivity enhancements could impact the sector. [28] - **Chemical Sector Risks**: - Price volatility due to international oil price changes and macroeconomic uncertainties could affect demand. [29] - **New Materials Sector Risks**: - Technological changes and reliance on policy support pose risks to revenue growth and stability. [30] Price Trends and Spreads - **Chemical Product Prices**: - Significant price changes were observed in various chemical products, with some experiencing declines of over 30% year-over-year (YoY). [27] - For example, butyl acrylate saw a 20.9% decrease MoM, while methanol-coal prices increased by 63.5% YoY. [27] Conclusion - The oil and chemical sectors are facing a complex landscape characterized by supply surpluses, price volatility, and shifting demand dynamics. Investors are advised to monitor these trends closely for potential investment opportunities and risks.

从回购实施进展来看，美的集团、徐工机械回购金额最高，分别回购29.2亿元、27.46亿元。 每经AI快讯，Wind数据显示，9月3日，77家公司共发布78个股票回购相关进展。其中，1家公司首次披 露股票回购预案，68家公司披露股票回购实施进展，8家公司回购方案已实施完毕。 从首次披露回购预案来看，雷赛智能拟回购不超642.74万元。 （文章来源：每日经济新闻） 从已完成回购来看，卫星化学、广东明珠、金力永磁已完成回购金额最高，分别回购2.18亿元、1.94亿 元、1.42亿元。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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》（公告编号：2025-018）。 截至2025年8月31日，公司本次回购股份方 ...

证券代码：002648 证券简称：卫星化学 公告编号：2025-037 卫星化学股份有限公司 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》（公告编号：2025-018） ...