Core Viewpoint - Satellite Chemical Co., Ltd. has announced a cash dividend of 5.00 RMB per 10 shares, totaling 1.678 billion RMB, reflecting management's positive outlook on the company's development [2] Financial Performance - In 2024, Satellite Chemical achieved a revenue of 45.648 billion RMB, a year-on-year increase of 10.03%, and a net profit attributable to shareholders of 6.072 billion RMB, up 26.77% [2] - In Q1 2024, the company reported a revenue of 12.329 billion RMB and a net profit of 1.568 billion RMB, representing year-on-year growth of 40.03% and 53.38% respectively [2] Industry Context - The overall petrochemical industry is facing challenges, with a reported revenue growth of only 2.1% and a profit decline of 8.8% in 2024 [2] - The chemical sector specifically saw revenue growth of 4.6% but a profit decline of 6.4%, indicating a trend of "increased revenue without increased profit" [2] Strategic Initiatives - Satellite Chemical has implemented a high-quality green innovation strategy, focusing on core technologies and R&D [3] - The company developed a low-energy consumption process for producing ethylene glycol, significantly reducing production costs and generating over 100 million RMB in annual efficiency gains [3] - Investments in a 100,000-ton ethanolamine facility and advancements in the new materials and renewable energy sectors are part of the company's strategic transformation [3] Sustainability Focus - The green full-industry chain strategy aligns with global trends towards low-carbon and sustainable development in the chemical industry [3] - Satellite Chemical's approach integrates green principles throughout the supply chain, from raw material selection to product application, positioning the company favorably against external challenges and future market competition [3]

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, suggesting investment opportunities in high-quality refining companies and upstream oil service firms [2][3]. Core Insights - The current oil bear market is characterized by a prolonged duration, with expectations that it will not last much longer. Oil prices may continue to test lower levels due to supply-demand imbalances, but significant support is anticipated around the marginal cost of production for shale oil, estimated at approximately $62.5 per barrel [3][4][11]. - The upstream sector is experiencing a decline in oil prices, with Brent crude futures at $63.9 per barrel and WTI at $60.79 per barrel as of May 23, 2025. This has led to an increase in day rates for self-elevating drilling rigs [3][24]. - The refining sector is seeing improved profitability due to rising product crack spreads, although the overall margins remain low. The report anticipates a gradual recovery in refining profitability as domestic and overseas refining capacities adjust [3][54]. - The polyester sector is facing mixed performance, with PTA profitability declining while polyester filament profitability is on the rise. The report suggests monitoring demand changes closely [3]. Summary by Sections Upstream Sector - Brent crude futures decreased by 1.36% to $63.9 per barrel, while WTI fell by 1.2% to $60.79 per barrel as of May 23, 2025. The average prices for the week were $64.36 and $61.19 respectively [24]. - U.S. commercial crude oil inventories fell by 2.8 million barrels to 440 million barrels, which is 6% lower than the five-year average for the same period [27]. - The number of active drilling rigs in the U.S. decreased to 563, down by 3 from the previous week and 37 year-on-year [34]. Refining Sector - The Singapore refining margin increased to $12.86 per barrel, while the U.S. gasoline crack spread decreased to $22.49 per barrel [3]. - The report indicates that refining margins are expected to improve gradually as domestic and overseas refining capacities adjust [3][54]. Polyester Sector - The PTA price decreased to 4899 RMB per ton, while the polyester filament price spread increased to 1389 RMB per ton [3]. - The report highlights the need to monitor demand changes closely, as the polyester industry is currently in a seasonal downturn [3]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as upstream oil service companies like CNOOC Services and Haiyou Engineering [3][19]. - It also suggests that the long-term outlook for the polyester sector remains positive, with a focus on leading companies like Tongkun Co. and Wankai New Materials [3][19].

Core Viewpoint - The company has announced its profit distribution plan for the fiscal year 2024, which includes a cash dividend of 5.00 RMB per 10 shares for all shareholders, with a total distribution amount of approximately 1.68 billion RMB [1][2]. Group 1: Profit Distribution Plan - The profit distribution plan was approved at the shareholders' meeting held on April 14, 2025, and will be based on the total share capital as of the record date [1]. - The total number of shares eligible for distribution is 3,356,567,311 shares, leading to a total cash dividend of 1,678,283,655.50 RMB [1][4]. - The cash dividend per share after the distribution will be calculated as 0.4982072 RMB per share [1][4]. Group 2: Adjustments and Conditions - The distribution amount will be adjusted if there are changes in the total share capital due to share buybacks or other corporate actions before the record date [2]. - The company will not issue new shares or bonus shares this year, and any undistributed profits will be carried forward to future distributions [1][2]. - The record date for the dividend distribution is set for June 6, 2025, with the ex-dividend date on June 9, 2025 [3]. Group 3: Taxation and Distribution Method - The cash dividend will be subject to different tax rates based on the type of shareholder, with specific provisions for Hong Kong investors and domestic investors [2][3]. - The distribution will be directly credited to the shareholders' accounts through their custodial securities companies [3][4].

证券代码：002648 证券简称：卫星化学 公告编号：2025-028 卫星化学股份有限公司 关于回购公司股份的进展公告 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》（ ...

证券代码：002648 证券简称：卫星化学 公告编号：2025-029 卫星化学股份有限公司 2024 年度分红派息实施公告 卫星化学股份有限公司（以下简称"公司"）2024年度分红派息方案已获2025 年4月14日召开的2024年度股东大会审议通过，现将分红派息事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、2024年度股东大会审议通过的分配方案的具体内容： 公司拟以未来实施分配方案时股权登记日的总股本为基数，按照"分配比例 固定"的原则，向全体股东每10股派发现金红利5.00元（含税）。本年度公司不 以资本公积金转增股本，不送红股，剩余未分配利润滚存至以后年度分配。 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。 特别提示： 1、公司2024年度利润分配方案为：以公司现有总股本剔除已回购股份 12,078,379股后的3,356,567,311股为基数，向全体股东每10股派5.00元人民币现金 （含税）。 2、鉴于公司回购专用账户中的股份不参与分红派息，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3,356,567,311股×0 ...

Core Viewpoint - Jiaxing City is advancing the construction of a strong manufacturing innovation city by focusing on the high-end, intelligent, and green development paths, establishing a modern industrial structure through the "135N" advanced manufacturing cluster system [1][14]. Group 1: New Quality Productive Forces - New Quality Productive Forces, introduced by President Xi Jinping, emphasize innovation as the main driving force, characterized by high technology, efficiency, and quality, aligning with the new development concept [2]. - This concept is crucial for promoting high-quality economic development and constructing a modern industrial system [2]. Group 2: Economic Performance of Jiaxing City - Jiaxing's GDP reached 756.95 billion yuan in 2024, with a year-on-year growth of 5.6%, surpassing the national average [4]. - The industrial structure is optimized, with the primary, secondary, and tertiary industries contributing 2.0%, 49.5%, and 48.5% respectively [4]. Group 3: Industrial Development and Innovation - Jiaxing has implemented a strong manufacturing strategy, achieving a 6.5% year-on-year increase in industrial added value, contributing 45.2% to economic growth [6]. - In 2024, 24 out of 33 major industrial sectors experienced growth, with advanced manufacturing sectors like electrical machinery and equipment manufacturing showing significant increases of 19.8% and 17.7% respectively [7]. Group 4: Technological Innovation and Intellectual Property - Jiaxing saw a total of 39,500 patent authorizations in 2024, with a notable 5,953 invention patents, marking a 22.2% increase [9]. - The city has recognized 579 new national high-tech enterprises, bringing the total to 4,509, and 1,500 new provincial technology-based SMEs, totaling 10,694 [9]. Group 5: Policy Framework for New Quality Productive Forces - The "New Quality Productive Forces" strategy was included in the State Council's work report, guiding the construction of a modern industrial system [11]. - Jiaxing has established a "1+N" policy system to support the development of new quality productive forces, with various policies targeting emerging industries and traditional industry upgrades [11]. Group 6: Modern Industrial System - Jiaxing's modern industrial system is supported by three major industries: chemical new materials, intelligent photovoltaics, and high-end equipment, with emerging industries like integrated circuits and hydrogen energy as growth drivers [22]. - The city aims to create a significant impact in the Yangtze River Delta region through its advanced manufacturing clusters [14][15]. Group 7: Future Development Trends - Jiaxing is expected to see a rise in strategic emerging industries, with a target of over 45% by 2027, and aims to establish 2-3 globally leading technology standard clusters [26]. - The city plans to enhance digital transformation, with 80% of large-scale enterprises expected to complete intelligent upgrades [27].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [66]. Core Insights - The report highlights a continued decline in the prices of coking coal and coke, with coking coal averaging 1141 yuan/ton and coke at 1240 yuan/ton, reflecting a decrease of 18 yuan and 34 yuan respectively [10][40]. - The polyurethane sector shows mixed performance, with pure MDI prices increasing by 260 yuan/ton to 17880 yuan/ton, while polymer MDI prices decreased by 70 yuan/ton to 16230 yuan/ton [2][17]. - The oil, coal, and gas olefin sector reported an increase in ethylene prices to 5617 yuan/ton, while propylene prices decreased slightly to 5768 yuan/ton [10][26]. - The coal chemical sector experienced a drop in average prices for synthetic ammonia, urea, DMF, and acetic acid, with synthetic ammonia averaging 2334 yuan/ton, down by 59 yuan [10][45]. Summary by Sections 2.1 Basic Chemical Index Trends - The basic chemical index has shown fluctuations, with a recent decline of 1.2% over the past week [8]. 2.2 Polyurethane Sector - The average prices for pure MDI, polymer MDI, and TDI are 17880, 16230, and 12118 yuan/ton respectively, with corresponding gross profits of 4438, 3859, and 1103 yuan/ton [2][19]. 2.3 Oil, Coal, and Gas Olefin Sector - Ethane and propane prices are reported at 1382 and 4302 yuan/ton, with ethylene averaging 5617 yuan/ton [10][34]. 2.4 Coal Chemical Sector - The average prices for synthetic ammonia, urea, DMF, and acetic acid are 2334, 1875, 4025, and 2431 yuan/ton respectively, with synthetic ammonia showing a decrease of 59 yuan [10][45].

Investment Rating - The report maintains a positive outlook on the petrochemical industry, highlighting a divergence in aromatics profitability with PX strengthening while pure benzene weakens [4][5]. Core Insights - Aromatics prices have followed a downward trend alongside oil prices, with pure benzene margins at 619 CNY/ton, near historical lows, and PX margins at -41 USD/ton, showing some recovery from previous lows [4][5]. - The demand for pure benzene is suppressed due to low profitability in downstream products, while PX demand is positively influenced by the recovery in PTA production and margins [4][13]. - The report anticipates a short-term stabilization for pure benzene and a gradual recovery in the medium to long term as overseas refineries exit the market [4][8]. - The upstream sector is experiencing mixed trends, with oil prices declining and drilling day rates showing variability, indicating potential for future increases as global capital expenditures rise [4][26]. - The refining sector is seeing improved profitability due to a rebound in oil prices, although the overall margins remain low [4][19]. Summary by Sections Upstream Sector - Brent crude oil prices decreased to 64.78 USD/barrel, with a weekly decline of 1.54%, while WTI prices also fell [4][26]. - U.S. commercial crude oil inventories increased to 443 million barrels, with gasoline inventories rising as well, indicating a widening supply-demand trend [4][28]. - The number of U.S. drilling rigs decreased to 566, reflecting a reduction in exploration activity [4][36]. Refining Sector - The Singapore refining margin decreased to 12.23 USD/barrel, while the U.S. gasoline crack spread also saw a slight decline [4][19]. - The report notes that refining profitability is expected to improve as economic recovery progresses [4][19]. Polyester Sector - PTA prices have been rising, with the average price reaching 4922 CNY/ton, indicating a positive trend in the polyester supply chain [4][19]. - The overall performance of the polyester industry remains average, with a need to monitor demand changes closely [4][19]. Investment Recommendations - The report suggests focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to favorable competitive dynamics [4][19]. - It also highlights the potential for valuation recovery in companies like Satellite Chemical and Tongkun Co., Ltd. in the polyester sector [4][19].

Group 1 - The chemical sector showed strong performance on May 23, with the chemical ETF (159870.SZ) rising by 0.53% and the related index, the segmented chemical index (000813.CSI), increasing by 0.57% [1] - Key constituent stocks such as Wanhua Chemical, Yalake Co., and Guangwei Composites saw gains of 0.75%, 1.00%, and 1.62% respectively, indicating positive market sentiment [1] - The price of polyester FDY increased by 8.92% from the beginning of the month to 7424 yuan/ton, driven by rising raw material costs, which improved profit expectations for related companies [1] Group 2 - Securities research from Industrial Securities highlighted that the valuation of core chemical assets is currently at historically low levels, with significant safety margins [1] - For example, the historical PB percentiles for Wanhua Chemical and Huafeng Chemical are both below 1%, while Baofeng Energy and Hualu Hengsheng are below 20%, indicating strong investment value [1] - Huibo Intelligent Investment Research emphasized that AI technology is transforming R&D paradigms and production models in the chemical industry, with leading companies enhancing efficiency and reducing costs through technologies like intelligent coal blending systems [1]

Core Viewpoint - The AMAC Chemical Products Index experienced a decline of 1.58% on May 22, closing at 2513.22 points, with a trading volume of 59.798 billion yuan. Despite this, the index has shown an increase of 5.71% over the past month, 1.72% over the past three months, and 4.66% year-to-date [1]. Group 1: Index Performance - The AMAC Chemical Products Index has increased by 5.71% in the last month [1] - The index has risen by 1.72% over the past three months [1] - Year-to-date, the index has shown a growth of 4.66% [1] Group 2: Index Composition - The top ten holdings of the AMAC Chemical Products Index include Wanhua Chemical (6.37%), Salt Lake Industry (3.67%), and Baofeng Energy (2.17%) [1] - The index is composed of 43 industry classification indices, with 16 categories excluding manufacturing and 27 major categories within manufacturing [1] Group 3: Market Distribution - The Shenzhen Stock Exchange accounts for 52.29% of the index holdings, while the Shanghai Stock Exchange represents 47.71% [1] Group 4: Industry Breakdown - The AMAC Chemical Products Index is heavily weighted towards raw materials, which make up 84.55% of the holdings [2] - Major consumer goods account for 5.37%, while information technology comprises 4.43% [2] - Other sectors include industrial (3.95%), healthcare (0.74%), discretionary consumer (0.71%), energy (0.17%), and communication services (0.07%) [2]