| 序号 | 企业名称 | 全国排名 | | --- | --- | --- | | 1 | 利华益集团股份有限公司 | 48 | | 2 | 万达控股集团有限公司 | રેર | | 3 | 齐成(山东)石化集团有限公司 | 112 | | 4 | 富海集团新能源控股有限公司 | 113 | | 5 | 华泰集团有限公司 | 127 | | Q | 山东海科控股有限公司 | 145 | | 7 | 山东齐润控股集团有限公司 | 147 | | 8 | 山东东方华龙工贸集团有限公司 | 151 | | 9 | 山东金岭集团有限公司 | 171 | | 10 | 胜星集团有限责任公司 | 187 | | 11 | 山东垦利石化集团有限公司 | 192 | | 12 | 万通海欣控股集团股份有限公司 | 239 | | 13 | 山东科达集团有限公司 | 240 | | 14 | 东营市亚通石化有限公司 | 333 | | 15 | 山东神驰控股有限公司 | 339 | | 16 | 山东中海化工集团有限公司 | 371 | 2025中国制造业民营企业500强东营市入围企业 | 序号 | 企业名称 | 全国排名 ...

Core Viewpoint - The petrochemical industry is experiencing a mixed performance, with the China Petrochemical Industry Index showing a slight decline, while the petrochemical ETF has demonstrated significant annual growth and high tracking accuracy [1][2]. Group 1: Index Performance - As of August 28, 2025, the China Petrochemical Industry Index has decreased by 0.1% [1]. - The petrochemical ETF (159731) has dropped by 0.39%, with the latest price at 0.77 yuan [1]. - Over the past year, the petrochemical ETF has seen a net value increase of 20.37% [1]. Group 2: ETF Performance Metrics - The highest single-month return for the petrochemical ETF since inception was 15.86%, with the longest consecutive monthly gains being three months and a maximum increase of 19.49% [1]. - The average monthly return during the rising months is 5.30% [1]. - The ETF has outperformed its benchmark with an annualized excess return of 8.15% over the last three months [1]. Group 3: Industry Insights - Since 2024, the growth rate of fixed asset investment in the industry has noticeably slowed, leading to marginal improvements on the supply side [1]. - China's global market share in chemical products is steadily increasing, indicating a potential new cycle for the chemical industry [1]. - Short-term overseas demand may face challenges, but there is optimism for domestic demand and supply dynamics to improve, particularly for related industry targets [1]. - In the medium to long term, the chemical sector is expected to restart a new cycle against a backdrop of low oil prices and global recovery [1]. Group 4: Top Holdings in the Index - As of July 31, 2025, the top ten weighted stocks in the China Petrochemical Industry Index account for 56.18% of the index, including Wanhua Chemical, China Petroleum, and China Petrochemical [2]. - The top three stocks by weight are Wanhua Chemical (10.04%), China Petroleum (9.51%), and China Petrochemical (8.07%) [4].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The report presents a comprehensive overview of overnight market trends, important macro - economic news, and developments in various financial and commodity markets, including futures, stocks, bonds, and foreign exchange [3][4][5][6]. Summary by Category Overnight Market Trends - **Domestic Futures**: On Wednesday night, domestic futures contracts showed mixed performance, with corn rising over 1% and many contracts such as zinc, SC crude oil, and others falling over 1% [3]. - **International Crude Oil**: International crude oil settlement prices increased, with the US WTI crude oil up 0.96% at $63.86/barrel and Brent crude up 0.75% at $67.20/barrel [4]. - **International Precious Metals**: International precious metal futures generally rose, with COMEX gold up 0.55% at $3451.80/ounce and COMEX silver up 0.22% at $38.69/ounce [5]. - **London Base Metals**: Most London base metals declined, except for tin which rose 0.91%. LME zinc fell 1.76%, LME aluminum fell 1.29%, etc. [5]. - **International Agricultural Products**: International agricultural product futures all declined, with US soybeans down 0.12%, US corn down 0.85%, etc. [6]. Important Macroeconomic News - **Macro - Economy**: In July, the operating income of industrial enterprises above designated size increased year - on - year, and the profit decline narrowed. The Ministry of Commerce will introduce policies to promote service exports. The New York Fed President hinted at possible interest - rate adjustments [9]. - **Energy and Chemical Futures**: UAE's fuel inventory changed, China's methanol port inventory increased, Japan's commercial crude inventory decreased, and the US had changes in oil exports, production, and inventory. South Korea may reduce naphtha imports [14][15]. - **Metal Futures**: India may lift restrictions on pension investment in gold ETFs. The new - energy vehicle retail and wholesale in China from August 1 - 24 increased year - on - year [19]. - **Black - Series Futures**: Some steel enterprises in Tangshan plan to conduct blast furnace maintenance, and Mongolia's coking coal auction had a full - scale failure [21]. - **Agricultural Product Futures**: Malaysia's palm oil exports from August 1 - 25 increased. Ukraine's wheat output may decline, and corn output may rise. Domestic and international soybean prices have different trends [23][24][25]. Financial Markets - **Stocks**: A - shares, Hong Kong stocks, US stocks, and European stocks had different performances. Hong Kong's IPO market was strong in the first seven months. Some companies had major announcements such as acquisitions and listings [28][38][40]. - **Bonds**: Domestic bank - to - bank bond yields had mixed changes, new bond indices were released, and US bond yields fell [44][45][46]. - **Foreign Exchange**: The on - shore RMB against the US dollar declined slightly, and the US dollar index fell slightly [47]. Upcoming Events - There are various economic data releases and events scheduled, including central bank meetings, policy announcements, and corporate earnings reports [50][52].

2025 年 8 月 28 日 晨会速递 分析师点评 重点交流 【海外 TMT】精密线缆解决方案商，立讯控股赋能"数据中心+汽车"业务发展—— 汇聚科技（1729.HK）首次覆盖报告(买入) 汇聚科技是定制电线互连方案供应商，立讯精密是控股股东。基于：1）AI 算力维持 景气度，公司数据中心电线组件、特种线缆、服务器 ODM 业务收入持续高速增长； 2）汽车智能化趋势推动汽车线缆需求高速增长，Leoni K 与公司汽车线束相关业务 有望持续发挥渠道、技术等协同效应。我们认为公司具备一定的标的稀缺性和溢价空 间，首次覆盖，给予汇聚科技"买入"评级。 总量研究 【宏观】"反内卷"推动制造业盈利好转——2025 年 7 月工业企业盈利数据点评 7 月受利润率改善推动，工业企业利润同比降幅继续收窄。结构上，原材料行业利润 同比增速大幅反弹，主要受益于"反内卷"政策推动原材料价格上涨。当前随着"反 内卷"政策逐步落地，对于投资端调控、治理低价无序竞争的效果陆续显现，制造业 利润率迎来好转，未来随着市场供需关系的逐步调节，企业将陆续摆脱"以价换量" 局面，企业盈利也将迎来曙光。 行业研究 【建筑】周观点：上海发布楼市新政 ...

Core Viewpoint - Zhengzhou Municipal Government has issued a work plan to implement a dual control system for carbon emissions, aiming to achieve carbon peak and carbon neutrality goals while promoting green transformation of development methods [1] Group 1: Overall Requirements and Key Tasks - The plan outlines differentiated control measures during different phases, focusing on intensity control during the "14th Five-Year Plan" period and total control post-carbon peak [1] - The "14th Five-Year Plan" period will emphasize establishing a comprehensive carbon emission statistical accounting system and enhancing management levels in key energy-consuming and carbon-emitting sectors [1][2] - Post-carbon peak, the focus will shift to total control, reinforcing management measures towards carbon neutrality and implementing product carbon footprint management systems [1] Group 2: Institutional Planning - The plan includes ten key tasks, such as improving carbon emission planning systems, establishing carbon emission target decomposition and budget management systems, and developing a digital intelligent carbon control system [2] - Carbon emission indicators will be integrated into the city's economic and social development plans, with intensity reduction targets replacing energy consumption intensity constraints during the "14th Five-Year Plan" period [2] Group 3: Statistical Accounting and Target Management - The plan aims to enhance the timeliness and quality of carbon emission data through annual and quick reporting systems, and by compiling energy balance sheets [3] - It will focus on key industries such as electricity, steel, and construction, establishing monitoring and early warning mechanisms for carbon emissions [3] Group 4: Digital Carbon Management - Zhengzhou will develop a digital carbon management platform, creating a dynamic accounting model library and promoting various carbon management scenarios [4] - The initiative encourages enterprises and parks to establish digital carbon management centers, aiming for a comprehensive digital governance system for carbon emissions [4]

Core Viewpoint - The profit growth rate continues to recover, but it is more related to a low base, and current cost pressures remain high [3][9][57] Group 1: Profit and Revenue Analysis - In July, industrial profits showed a month-on-month increase of 3.3 percentage points to -1.1%, driven by cost and expense rate improvements [3][9] - The cumulative profit year-on-year decreased by 1.7%, while revenue growth was 2.3%, slightly down from the previous month's 2.5% [2][8] - The cost rate for the consumer manufacturing chain remains at a historical high of 84.2%, with the petrochemical and metallurgy chains also experiencing increases [3][9][57] Group 2: Industry-Specific Insights - The consumer manufacturing sector saw a significant decline in revenue growth, with a year-on-year drop of 2.6 percentage points to 6.2% in July [4][23] - The automotive industry's revenue growth fell sharply by 7.9 percentage points to 4.1% compared to the previous month [4][23] - In contrast, the petrochemical and metallurgy sectors experienced slight improvements in revenue, with increases of 1.1 and 1.2 percentage points, respectively [4][23] Group 3: Cost and Inventory Trends - The overall cost pressure for industrial enterprises remains high, with accounts receivable turnover rates showing no significant improvement [29][26] - Actual inventory growth saw a slight rebound, with upstream and midstream inventories performing better [44][59] - The nominal inventory decreased by 0.7 percentage points to 2.4%, while actual inventory increased by 0.3 percentage points to 7.6% [59][44] Group 4: Future Outlook - The ongoing cost pressures are primarily due to downstream "involution" investments, leading to rigid cost increases [29][58] - There is an expectation for a long-term trend of profit recovery, supported by continuous domestic demand recovery, although attention should be paid to the negative impact of upstream price surges on profitability [29][58]

Group 1: AI Industry Insights - The report highlights the release of the "Artificial Intelligence+" action plan by the State Council, which aims to strengthen foundational support capabilities in AI, including innovation in AI chips and software ecosystem development [3] - The action plan is expected to provide long-term institutional guarantees for the development of the AI industry, addressing current bottlenecks such as insufficient computing power and low-quality data supply [3] - Companies to watch include those involved in AI technology and applications, such as Kingdee International, Meituan, and various players in AI education and healthcare [3] Group 2: Economic and Market Outlook - The "14th Five-Year Plan" emphasizes the need for a unified market to break local protectionism and promote efficient resource allocation [4] - The plan also aims to support consumer spending and upgrade consumption structures, indicating a shift in fiscal spending towards improving livelihoods [4] - The capital market reform during this period is expected to transition from policy-driven to institution-driven, promoting high-quality development of the capital market [4] Group 3: Aerospace Industry Developments - China's commercial aircraft market share exceeds 20%, with the C919 aircraft production capacity expanding, potentially breaking the Airbus and Boeing duopoly [4] - The demand for commercial engines in China is projected to exceed $600 billion over the next 20 years, with an average annual demand of over 200 billion RMB [4] - The report indicates that the domestic aerospace industry is likely to experience significant growth due to the focus on local market development and self-sufficiency [4] Group 4: Semiconductor Sector Performance - Changdian Technology reported a revenue of 18.605 billion RMB for the first half of 2025, reflecting a year-on-year growth of 20.14%, driven by increased domestic orders and market demand recovery [8][34] - The company's net profit decreased by 23.98% due to ongoing construction of new factories and rising financial costs, but gross margin improved from 12.6% to 14.3% [34][38] - The semiconductor industry is experiencing a recovery, with global sales expected to continue growing, providing opportunities for companies in this sector [36] Group 5: Consumer Electronics and Home Appliances - Wanhe Electric reported a revenue of 4.08 billion RMB in the first half of 2025, with overseas revenue growing by 26.5% while domestic revenue declined by 4.4% [16] - The company is focusing on digital transformation and cost optimization to enhance its competitiveness in both domestic and international markets [16] - The report anticipates steady growth in the home appliance sector, driven by innovations and expansion into overseas markets [16] Group 6: Automotive and New Energy Sectors - Tuhu-W reported a revenue of 7.877 billion RMB in the first half of 2025, with a year-on-year growth of 10.54%, driven by expansion into lower-tier cities [17] - The company is enhancing its supply chain and logistics efficiency, which has positively impacted its operational performance [17] - The new energy vehicle segment is emerging as a significant growth driver, with a notable increase in transaction users on the platform [17]

每经AI快讯，天风证券8月27日发布研报称，给予恒力石化（600346.SH）买入评级。评级理由主要包 括：1）重视投资者回报，近年来首次增加中期分红；2）反内卷有望助力石化周期反转。风险提示：原 油大幅波动风险；行业政策不及预期风险；市场竞争加剧风险；关税风险；安全生产风险。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ （记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

Profit and Revenue Trends - In July, industrial enterprises' cumulative revenue increased by 2.3% year-on-year, down from 2.5% in the previous month[7] - Cumulative profit showed a decline of 1.7% year-on-year, slightly improved from a decline of 1.8% previously[7] - The profit growth rate in July rebounded by 3.3 percentage points to -1.1%[3] Cost and Profitability Analysis - Cost and expense rates contributed significantly to profit recovery, with costs up by 9.8 percentage points to 5.9% and expenses up by 0.5 percentage points to -1.6%[3] - The cost rate's impact on profit year-on-year decreased by 16.8 percentage points to -10.9% in July 2024 compared to the previous month[3] - The profit margin for industrial enterprises improved, with July's profit rising by 2.8 percentage points to -1.5%[28] Sector Performance - The automotive sector experienced a significant profit decline of 113.7 percentage points to -17.1% in July, indicating high volatility in specific industries[14] - Revenue growth in the consumer manufacturing sector fell sharply, with a year-on-year decline of 2.6 percentage points to 6.2%[21] - The petrochemical and metallurgy sectors showed slight revenue improvements, with increases of 1.1 and 1.2 percentage points to 0.2% and 2.7%, respectively[21] Inventory and Receivables - The inventory growth rate for industrial enterprises slightly increased, with nominal inventory down by 0.7 percentage points to 2.4%[39] - Accounts receivable as a percentage of total assets rose to 14.6%, indicating prolonged collection cycles[23] - Actual inventory growth improved by 0.3 percentage points to 7.6%, particularly in upstream and midstream sectors[39]

Core Viewpoint - The profit growth rate continues to recover, but it is largely due to a low base effect, and current cost pressures remain high [3][9][57] Group 1: Profit and Cost Analysis - In July, industrial profits showed a month-on-month increase of 3.3 percentage points to -1.1%, driven by cost and expense rate improvements [3][9] - The cost rate for the consumer manufacturing chain remains at a historical high of 84.2%, while the petrochemical and metallurgy chains also saw increases in cost rates to 85.9% and 86.8% respectively [3][9][57] - Other gains and short-term fluctuations in specific industries significantly constrained monthly profits, particularly in the automotive sector, which experienced a dramatic profit growth decline of 113.7 percentage points to -17.1% [3][18][57] Group 2: Revenue Trends - July revenue showed signs of weakening, particularly in the consumer manufacturing sector, with actual revenue growth declining by 2.6 percentage points to 6.2% year-on-year [4][23][58] - The automotive industry's revenue growth fell by 7.9 percentage points to 4.1%, while the petrochemical and metallurgy sectors experienced slight improvements [4][23][58] Group 3: Future Outlook - Current cost pressures for industrial enterprises remain significant, necessitating ongoing monitoring of the effects of the "anti-involution" policy [4][29][58] - The long-term trend of profit recovery for enterprises is expected to continue, supported by a gradual easing of rigid cost pressures and ongoing recovery in domestic demand [4][29][58] Group 4: Regular Tracking - Industrial enterprise profits have shown a recovery, primarily due to improvements in operating profit margins, with July profits increasing by 2.8 percentage points to -1.5% [5][59] - Revenue growth for industrial enterprises has declined, with significant drops in sectors such as instruments and automobiles, where revenue fell by 9.7% and 7.9% respectively [5][59] - Actual inventory growth has slightly rebounded, particularly in the upstream and midstream sectors, with nominal inventory decreasing by 0.7 percentage points to 2.4% [5][59][44]