Core Insights - The "Three Reductions" policy (reducing salt, oil, and sugar) is crucial for the healthy development of China's catering industry, driven by the rising incidence of non-communicable diseases globally [2][3] - The World Health Organization and China's "Healthy China 2030" initiative set specific targets for the "Three Reductions" by 2030, highlighting the urgency of addressing dietary risks [2] Industry Role - The catering industry is encouraged to comply with national nutrition plans and dietary actions, including employing nutritionists and establishing nutritional operation standards for collective dining units [3] - Guidelines from the National Health Commission provide clear directives for the catering industry to implement the "Three Reductions" effectively [3] Current Implementation Status - Current assessments indicate that while the average sugar intake is within reasonable limits, there is a significant concern regarding excessive salt and oil consumption, which exceeds recommended levels [3] - The sources of salt, oil, and sugar intake have been analyzed, emphasizing that the "Three Reductions" require a gradual approach rather than abrupt changes [3] Collaborative Efforts - The advancement of the "Three Reductions" necessitates a collective effort from society, with policy support and industry innovation being essential [3] - There is a need for food education to instill a sense of personal responsibility for health among individuals, promoting a collaborative approach to achieving the "Three Reductions" [3]

Core Points - Lishui Airport is set to officially open on July 18, marking the city's entry into the "aviation era" with a design capacity of 1 million passengers and 4,000 tons of cargo annually [1] - The airport will initially operate routes to major cities including Beijing and Shanghai, with plans to expand to other popular destinations starting in August [1][2] - Lishui, located in the southwestern part of Zhejiang province, has been historically underserved in terms of transportation, which the new airport aims to address [2] Summary by Category Airport Development - Lishui Airport is classified as a domestic branch and tourism airport, designed to enhance connectivity and stimulate local economic growth [1][2] - The airport's terminal design incorporates local natural features, aiming to provide a comfortable travel experience [1] Economic Impact - The opening of Lishui Airport is expected to reduce travel time to major cities, thereby attracting more businesses and tourism to the region [2] - The airport is seen as a crucial addition to Zhejiang's airport network, filling a gap in air transport services in the southwestern region of the province [2] Future Projections - By 2027, the overall airport capacity in Zhejiang is projected to exceed 100 million passengers and 1.5 million tons of cargo, indicating significant growth in the aviation sector [4]

Core Insights - The article highlights the rapid development of the green petrochemical industry in Jieyang, Guangdong, with significant projects boosting the local economy and positioning the city as a new growth hub in the petrochemical sector [1][5]. Group 1: Industry Development - The Dannan Sea Petrochemical Industrial Zone has achieved significant milestones, including passing the second batch of chemical park reviews and successfully trialing a world-first continuous and large-scale waste plastic chemical recycling project [1][2]. - The Guangdong Petrochemical integrated refining and chemical project, with an investment of 65.4 billion yuan, has become a major player in the national petrochemical landscape, processing 20 million tons of crude oil annually and producing various petrochemical products [2][4]. - The industrial zone is expected to generate over 50 billion yuan in total output value from 14 downstream petrochemical projects [1]. Group 2: Economic Impact - Jieyang's GDP growth surged to 7.5% in 2023, ranking first in Guangdong, following the establishment of major petrochemical projects that have revitalized the local economy [5]. - The region is transitioning from a traditional manufacturing base to focus on green petrochemicals and offshore wind power, creating a diversified industrial structure [5][6]. Group 3: Technological Innovations - The successful launch of the 20,000 tons/year mixed waste plastic deep cracking project by Dongyue Chemical represents a significant technological breakthrough, positioning Jieyang as a potential global leader in plastic chemical recycling [6][7]. - The Guangdong Petrochemical project has developed 17 new chemical products, marking a shift from oil refining to integrated refining and chemical production [3][4]. Group 4: Future Prospects - Plans are in place to transform the Dannan Sea Petrochemical Industrial Zone into a hub for high-end chemical new materials and fine chemicals, aiming for an industrial output value of 250 billion yuan by the end of 2035 [8]. - The establishment of a "wet electronic chemicals specialty industrial park" is intended to support the electronic information industry, leveraging existing raw materials to enhance competitiveness [7][8].

Group 1 - The core viewpoint is that the supply-demand imbalance in the anhydride industry is worsening due to significant capacity expansion and weak downstream demand, leading to a continued decline in market conditions [1][2] Group 2 - Capacity is continuously being released, with new anhydride production capacity expected to reach 1.25 million tons per year in 2024, resulting in a total capacity of 3.08 million tons, an increase of over 68% compared to 2023 [1] - In 2025, over 1 million tons of new capacity is anticipated, with 450,000 tons of new capacity added by the end of May 2024, a year-on-year increase of nearly 15% [1] - The market remains sluggish, with anhydride prices continuing to decline, reaching a near five-year low, and capacity utilization dropping to around 48% [1][2] Group 3 - Demand support is weak, with oversupply being a significant factor in the ongoing downturn of the anhydride industry [2] - Despite an increase in downstream product consumption last year, the growth rate lagged behind raw material supply, exacerbating the supply-demand imbalance [2] - Economic slowdown and low real estate activity are impacting end demand, with limited growth in emerging downstream BDO and an oversupply of acid anhydride products [2] Group 4 - To alleviate domestic market pressure, production companies are actively exploring overseas markets, with a record high export volume of anhydride expected in 2024 [2] - In the first five months of this year, cumulative anhydride exports increased by 11.32% year-on-year, providing some relief to the domestic market, although it does not fundamentally resolve the supply-demand conflict [2] Group 5 - Facing intense competition, an integrated model is expected to be the mainstream development approach for anhydride companies in the future [2] - Leading anhydride producers are equipped with comprehensive industry chain structures to reduce overall production costs, while also relying on technological innovation to enhance market competitiveness [2]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - Since 2020, China's ethylene production capacity has been growing rapidly, with a compound growth rate of 14.3% from 2020 to 2024. From 2025 to 2027, there are plans to put into operation nearly 30 million tons of ethylene plants, which will drive up the demand for upstream raw materials such as naphtha [2][8]. - Due to the limitations of the growth of domestic crude oil primary processing capacity and naphtha circulation volume, the growth of naphtha demand is expected to be supplemented by imports [3][9]. - Short - process ethylene/PX plants that need to purchase naphtha externally are more vulnerable to production shocks and may become the marginal capacity affecting pricing [3][9]. 3. Summary by Directory 3.1 Preface - China's ethylene production capacity has been accelerating since 2020, with a five - year compound growth rate of 14.3% from 2020 to 2024. In 2024, the ethylene production capacity was 55.42 million tons, almost doubling compared to 2019. From 2025 to 2027, there are plans to put into operation nearly 30 million tons of ethylene plants. Naphtha cracking is the main process for ethylene production, accounting for 68% of the total ethylene production capacity by the end of 2024. The report aims to predict the growth of domestic naphtha demand by analyzing the existing ethylene/PX plants that need to purchase naphtha externally and the non - integrated ethylene plant construction plans from 2025 to 2027 [8]. 3.2 Existing Ethylene Plants Purchasing Naphtha Externally and Fewer PX Plants - There are about 14 ethylene plants using naphtha steam cracking in China without atmospheric and vacuum distillation capacity, with a total capacity of 10.24 million tons. These plants mainly use externally purchased naphtha as feedstock, and some also use light hydrocarbons. If fully operational, they would need to purchase more than 30 million tons of naphtha externally each year [11]. - There are relatively few PX plants purchasing naphtha externally, such as Qingdao Lidan and Fujia Dahua. This is because reforming units require heavy naphtha with higher aromatic potential requirements, while the market - circulated naphtha is mostly light naphtha [15]. 3.3 Intensive Commissioning of Steam Cracking Plants from 2025 to 2027, Potentially Further Increasing Naphtha Demand - From the end of 2024 to 2025, 14 steam cracking plants with a total capacity of 17.4 million tons are planned to be commissioned. Among them, 4 plants with a total capacity of 4.9 million tons need to purchase naphtha externally, with a theoretical external purchase demand of over 10 million tons [16]. - From 2025 to 2027 (including Q4 2024), about 31.69 million tons of ethylene cracking projects will be commissioned, mainly in 2025 - 2026. Some projects need to purchase naphtha externally. After the concentrated commissioning in 2025, several plants such as Fujian Zhongsha Petrochemical and CNOOC Shell (Phase III) will need to purchase naphtha externally from 2026 to 2028 [17]. - The growth of reforming capacity in the next few years is relatively small. About over 10 million tons of capacity will be gradually released from the end of 2024 to 2027, mostly as supporting facilities for new or expanded large - scale refineries [17]. 3.4 Limited Growth of Domestic Primary Processing Capacity, Requiring Import Supplements - Although new and改扩建 projects of refineries are expected to add over 100 million tons of atmospheric and vacuum distillation capacity, the actual growth of primary processing capacity is expected to be much lower, which may limit the increase in naphtha supply from atmospheric and vacuum distillation [23]. - According to relevant policies, by the end of 2025, the national crude oil primary processing capacity should be controlled within 1 billion tons. The elimination of old capacities may accompany the commissioning of new atmospheric and vacuum distillation capacities, restricting the increase in naphtha supply [23]. - The naphtha of domestic major refineries is mostly for self - use, with limited incremental tradable resources. The supply of naphtha from Shandong local refineries is expected to shrink, and the domestic supply gap of naphtha has been widening since 2022. The import volume is expected to further increase in 2025 [26]. - Globally, the supply of naphtha mainly comes from the Middle East, Russia, and the United States. From 2025 to 2027, the growth of naphtha supply may be relatively limited due to factors such as geopolitics and international sanctions [27]. 3.5 Early - Commissioned Plants Purchasing Naphtha Externally May Become Marginal Plants - If naphtha resources become scarce in the future, short - process ethylene/PX plants that need to purchase naphtha externally are more vulnerable to production shocks and may become the marginal capacity affecting pricing [32]. - Among the existing ethylene/PX plants purchasing naphtha externally in China, there are 3.89 million tons of ethylene plants and 1.7 million tons of PX plants commissioned before 2010. There are also many short - and medium - process plants in Japan and South Korea, and their profits may be more affected by naphtha price fluctuations [32].

证券研究报告 | 2025年06月20日 | 晨会纪要 | | --- | | 数据日期:2025-06-19 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3362.10 | 10051.96 | 3843.09 | 11411.90 | 2849.78 | 962.94 | | 涨跌幅度（%） | -0.78 | -1.21 | -0.82 | -1.24 | -1.70 | -0.54 | | 成交金额（亿元） | 4732.58 | 7773.65 | 2348.40 | 2813.42 | 3868.60 | 196.31 | 【常规内容】 宏观与策略 固定收益周报:政府债务周度观察-土地储备专项债已发行近 1700 亿 行业与公司 机械行业 6 月投资策略：重点关注工程机械、电测仪器、燃机叶片等细 分方向 互联网行业周报:人工智能周报（25 年第 24 周）-OpenAI 上线 o3-pro 模型，字节跳动发布豆包大模型 1.6 金 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][7]. Core Viewpoints - The company is the largest oil and gas producer in China, playing a crucial role in stabilizing energy supply for the economy and ensuring the operation of industrial production and infrastructure [4]. - The company is actively pursuing a "reduce oil and increase specialty products" strategy through refinery upgrades and extending the natural gas industry chain [5]. - The company has made significant advancements in unconventional oil and gas development, energy supply security, and refining upgrades, as demonstrated by its recent roadshow and facility tours [3]. Summary by Relevant Sections Energy Supply and Development - The company operates the Hutu Bi gas storage facility, which is the first large-scale underground gas storage facility in China with a capacity exceeding 10 billion cubic meters, ensuring stable gas supply for residents and emergency situations [4][17]. - The Xinjiang oilfield has a long history and has achieved breakthroughs in shale oil development, with a projected production of 20 million tons of crude oil by 2025 [6][8]. Refining and Chemical Production - The company has established four major bases for heavy oil processing, high-grade lubricating oil production, high-grade road asphalt production, and low-temperature diesel production [5]. - The Dushanzi Petrochemical Company is advancing its ethylene production capacity, with a 600,000 tons/year ethylene cracking unit already operational and a 1.2 million tons/year unit expected to be completed by 2026 [5][38]. Financial Projections - The company is expected to achieve a net profit attributable to shareholders of 167.4 billion, 170.9 billion, and 174 billion yuan for the years 2025, 2026, and 2027 respectively, with diluted EPS of 0.91, 0.93, and 0.95 yuan [5][42].

Group 1 - The core viewpoint of the article highlights that China National Petroleum Corporation (CNPC) has achieved a continuous growth rate of 50% in its new materials business over the past three years, with an expected production capacity of 5 million tons by the end of this year and a future target of 15 million tons [1] - CNPC is actively pursuing a strategy of "reducing oil and increasing chemicals" and "increasing specialty products," aiming to adjust its refining structure by decreasing the output of diesel and gasoline while increasing the proportion of chemical products [1] - In 2024, CNPC's listed company, PetroChina (601857.SH), is projected to produce approximately 2 million tons of new materials [1]

Group 1 - The provincial political consultative conference chairman Zhou Bo conducted research in Panjin City focusing on the development of the fine chemical industry cluster and the growth of the private economy [1][2] - Zhou Bo visited several companies including Liaoning Jincheng Petrochemical Co., Panjin Northern Asphalt Fuel Co., and Baolai Liande Basell Petrochemical Co., to understand their operational management and production conditions [1] - At the Huajin Amoco fine chemical and raw material engineering project site, Zhou Bo emphasized the importance of accelerating construction while ensuring safety [1] Group 2 - Zhou Bo encouraged Liaoning Zhonglian Automation Technology Co. to deepen its engagement in the production service industry to contribute to the high-quality development of modern services in the province [2] - At Dalian University of Technology Panjin Industrial Technology Research Institute, Zhou Bo learned about research achievements in energy conservation and environmental protection in the chemical sector [2] - Zhou Bo highlighted the need to promote the "reduce oil and increase chemicals" strategy, focusing on the development of new chemical materials and fine chemical products while adhering to green development principles [2]

Core Viewpoint - The event emphasizes the importance of reducing salt and oil intake, promoting balanced eating and maintaining a healthy weight, aligning with the health dietary initiatives of the Hunan provincial government [1] Group 1: Company Initiatives - Hunan Salt Industry Group received the title of "Low Sodium Salt and Ecological Salt Promotion Demonstration Unit" for its contributions in product innovation and health education [1] - Xue Tian Salt Industry, a subsidiary of Hunan Salt Industry Group, launched a series of health education initiatives called "Healthy Salt Science Year" to promote the concept of "less salt, better salt" [1] - The company showcased three major health product lines, including ecological salt with 99.7% purity, low sodium salt that substitutes part of sodium chloride with potassium chloride, and seaweed iodized salt that ensures stable iodine release [1][2] Group 2: Product Launch and Marketing - The highlight of the event was the launch of the "Xue Tian Salt: Three Meals Four Seasons" family pack, which combines various types of salt to cater to different cooking needs and health requirements [2] - To spread the health message, Xue Tian Salt collaborated with a researcher to create a health-themed rap song, and utilized public transport advertising to promote the event and products [2] - The market response was positive, with products like ecological salt, low sodium salt, and seaweed iodized salt selling out and requiring urgent restocking during the event [2] Group 3: Future Plans - Xue Tian Salt Industry plans to expand its health initiatives through community outreach, educational lectures, and a nationwide promotion of the "Healthy Salt Science Year" campaign [3] - The chairman of Hunan Salt Industry Group expressed intentions to accelerate the research and development of ecological and low sodium salt products to enhance public dietary health [3]