Economic Overview - Weifang, located in central Shandong Peninsula, has a land area of 16,000 square kilometers and a permanent population of 9.32 million. It is known as a major industrial hub in northern China, with a GDP of 820.32 billion yuan in 2024, representing a year-on-year growth of 5.9% [1] - The city's industrial enterprises achieved revenues exceeding 1.2 trillion yuan, with a GDP of 406.53 billion yuan in the first half of the year, marking a 5.3% increase year-on-year [1] Private Sector Contribution - Private enterprises are crucial to Weifang's development, contributing 60% of GDP, 70% of investment, 80% of tax revenue, 90% of employment, and 99% of market entities. The "2025 Weifang Top 100 Private Enterprises" list, released on October 24, serves as an important indicator of local private enterprise development [3] - Weifang ranks second in Shandong for the number of companies in the "2025 Shandong Top 200 Private Enterprises," with 32 firms, including 17 in the top 100, the highest in the province [3] Key Companies - Two companies from Weifang have entered the "billion-yuan revenue club." GoerTek, a leader in the new generation information technology sector, reported a revenue of 100.95 billion yuan last year, a 2.41% increase, and a net profit growth of 144.93% to 2.665 billion yuan [5] - Hongrun Petrochemical achieved a revenue of 150.81 billion yuan last year, an 8.3% increase, ranking first in the "2025 Weifang Top 100 Private Enterprises" and 54th in the "2025 China Top 500 Private Enterprises" [8] Industry Highlights - GoerTek's revenue from smart hardware was 57.199 billion yuan, down 2.57%, while precision components revenue grew by 15.85% to 15.051 billion yuan. The company holds an 85% market share in the global mid-to-high-end VR headset market and is the top player in the micro microphone sector [6] - Hongrun Petrochemical is a key player in the high-end chemical industry, with significant investments in new projects, including a 28.9 billion yuan high-end polypropylene project, the largest of its kind in Asia [8] Top 100 Private Enterprises List - The top five companies in the "2025 Weifang Top 100 Private Enterprises" are: 1. Hongrun Petrochemical 2. GoerTek 3. Shandong Shouguang Luqing Petrochemical 4. Luli Group 5. Zhucheng Foreign Trade [9][10]

2025 年第三季度主要经营数据公告 证券代码：603255 证券简称：鼎际得 公告编号：2025-056 辽宁鼎际得石化股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 二、主要产品和原材料的价格变动情况 辽宁鼎际得石化股份有限公司（以下简称"公司"）根据《上海证券交易所 上市公司自律监管指引第 3 号行业信息披露：第十三号——化工》及相关要求， 现将 2025 年第三季度主要经营数据披露如下： 注 1：公司主要产品为催化剂、抗氧剂单剂和复合助剂，其中复合助剂生产 为物理过程，利用抗氧剂单剂及其他助剂进行配比。 注 2：以上销售金额为不含税金额。 注 3：本公告中任何数据及表格所载的数据之差，是由于四舍五入计算所致。 公司 2025 年 1-9 月己烷平均采购价格较去年同期下降 9.11%，2025 年第三 季度己烷平均采购价格较 2025 年第二季度环比上涨 1.65%。 3、苯酚 （一）主要产品价格变动情况 | 主要产品 | 2025 年 | 1-9 | 月平 | 2024 年 | 1-9 | 月平 | 变动 ...

Group 1: Traditional Industry Transformation - Shandong Province has accelerated the upgrade of traditional industries, with a focus on high-end quality and cluster development, resulting in the transfer of 23.56 million tons of crude steel capacity and the integration of 26.96 million tons of refining capacity [1] - The proportion of crude steel capacity along the coast has increased from less than 25% to 53% [1] - The province has implemented over 12,000 technical reform projects worth more than 5 million yuan each year, with advanced capacity in key industries exceeding 40% and a digital transformation coverage rate of 95.1% among industrial enterprises [1] Group 2: Emerging Industry Development - The number of high-tech enterprises in Shandong has surpassed 35,000, with over 50,000 technology-based SMEs, ranking third in the country [2] - The establishment of R&D institutions has reached a historical high of 16,000, accounting for 38.9% of all industrial enterprises, an increase of 25.6 percentage points since 2020 [2] - New emerging industries have maintained double-digit growth, with significant contributions from strategic emerging industries and future industries [2] Group 3: Digital Economy Advancement - Shandong has invested over 10 billion yuan annually in 5G infrastructure, establishing 266,000 5G base stations and ranking second in the number of gigabit cities nationwide [3] - The province has built three major computing power hubs, with intelligent computing accounting for over 50% of the total [3] - Shandong has cultivated 18 national-level digital leading enterprises and 46 national-level industrial internet platforms, both ranking first in the country [3]

Report Investment Ratings - PX: Short-term bullish [1] - PTA: Short-term rebound due to potential anti-involution policies [2] - MEG: Short-term rebound due to supply contraction from multiple plant overhauls [2] Core Views - PX: Anti-involution drives supply contraction expectations for PX and PTA, with a bullish unilateral trend and positive month-spread arbitrage. Demand improvement and cost support lead to a short-term rebound in PX prices. PXN should be shorted on rallies. PX supply and demand are slightly tight [8]. - PTA: Anti-involution policies create supply contraction expectations, leading to a significant rebound, but the upside is expected to be limited. The current PTA fundamental situation is in a positive feedback pattern, and the trend remains bullish. PTA processing fees are expected to expand in the short term [8][9][10]. - MEG: There is a short-term rebound, but the upside is expected to be limited. Domestic supply is marginally shrinking, while port inventories are expected to be high due to a significant increase in arrivals this week [11]. Market Data Summary Futures Data - PX主力昨日收盘价6626，涨跌104，涨跌幅1.59%；月差PX1 - 5昨日收盘价 - 26，涨跌 - 8 [3]. - PTA主力昨日收盘价4616，涨跌98，涨跌幅2.17%；月差PTA1 - 5昨日收盘价 - 60，涨跌6 [3]. - MEG主力昨日收盘价4109，涨跌32，涨跌幅0.78%；月差MEG1 - 5昨日收盘价 - 83，涨跌 - 7 [3]. - PF主力昨日收盘价6242，涨跌102，涨跌幅1.66%；月差PF12 - 1昨日收盘价 - 30，涨跌8 [3]. - SC主力昨日收盘价468.9，涨跌4，涨跌幅0.86%；月差SC11 - 12昨日收盘价 - 3.4，涨跌0.8 [3]. Spot Data - PX CFR中国昨日价格823.83美元/吨，涨跌9美元/吨 [3]. - PTA华东昨日价格4490元/吨，涨跌40元/吨 [3]. - MEG现货昨日价格4183元/吨，涨跌0元/吨 [3]. - 石脑油MOPJ昨日价格577.62美元/吨，涨跌 - 3.5美元/吨 [3]. - Dated布伦特昨日价格66美元/桶，涨跌 - 0.65美元/桶 [3]. Spot Processing Fee Data - PX - 石脑油价差昨日价格233.88美元/吨，涨跌 - 4.83美元/吨 [3]. - PTA加工费昨日价格85.62元/吨，涨跌2.41元/吨 [3]. - 短纤加工费昨日价格292.61元/吨，涨跌 - 16.07元/吨 [3]. - 瓶片加工费昨日价格82.17元/吨，涨跌 - 19.02元/吨 [3]. - MOPJ石脑油 - 迪拜原油价差昨日价格 - 4.34美元/吨，涨跌0美元/吨 [3]. Market Dynamics PX - 10月27日，Platts对亚洲对二甲苯CFR Unv1/China和FOB韩国标记的评估价分别环比上涨9美元/吨 [3]. - 中国主要PTA和PET生产商10月29日会议消息改善PX市场前景 [4]. - 越南义山炼油石化公司11月将关闭对二甲苯工厂约两周以扭亏为盈，该工厂自8月以来接近满负荷运行 [6]. - 尾盘石脑油价格下跌，今日PX价格上涨，12月亚洲现货有成交，PX估价较上周五上涨6美金 [6]. PTA - 华东一套300万吨PTA新装置上周末投料生产并已出料 [7]. MEG - 今日华东主港地区MEG港口库存约52.3万吨，环比下降5.6万吨，各地区库存有不同变化 [7]. - 四川一套60万吨/年合成气制乙二醇装置11月计划停车检修10天左右，目前高负荷运行 [7]. - 浙江一套80万吨/年乙二醇装置12月计划降负荷运行 [8]. - 华南一套50万吨/年MEG装置近日逐步恢复，上周临时短停 [8]. Polyester - 江浙涤丝今日产销整体尚可，至下午3点45分平均产销约7成 [8]. - 今日直纺涤短销售尚可，截止下午3点平均产销80% [8]. Industry Trends and Suggestions PX - 本周PX装置变化不多，国产装置开工率85.9%（+1%），亚洲整体负荷开工率78.5%（+0.5%） [8]. - 下周福佳大化140万吨将逐步重启，沙特Satorp70万吨检修推迟到11月，PTTG 54万吨10月底检修约50天 [8]. - 国内大榭、恒力重整装置降负，PX开工暂未受影响 [8]. - 新凤鸣PTA新装置近期开车，逸盛宁波220万吨降负，个别装置恢复，国产PTA负荷78.8%（+2.1%） [8]. - PX供需略显偏紧，PXN 234美元/吨（ - 12），PX - MX韩国FOB价差109美金（+7），PTA加工费跌至85元/吨 [8]. PTA - 我国PTA当前产能合计9171.5万吨，近5年每年新增产能700 - 1000万吨，存量落后装置不断退出 [9]. - 瓶片当前产能2168万吨，较三年前翻倍，下游织造服装出口利润下滑，行业整体利润压缩 [10]. - 基本面进入正反馈格局，趋势偏强，聚酯负荷维持91.4%（ - %），下游织机订单指数回升，坯布成品库存去化，聚酯产销好转 [8][10]. - 中美领导人下周会晤前释放利好信号，需求预期好转，市场预计10 - 12月聚酯负荷分别为91.5%、91%、90% [10]. MEG - 浙石化计划12月降负荷，四川正达凯计划11月检修，国产供应量边际收缩 [11]. - 本周到岗大幅上升，港口库存预期偏高，关注煤制装置降负荷计划 [11].

Core Viewpoint - The successful commissioning of the 1.2 million tons per year ethylene unit at Guangxi Petrochemical marks a significant transition from a fuel-based refinery to a comprehensive refining and chemical enterprise, enhancing the petrochemical industry ecosystem in Southwest China [1][4]. Group 1: Production Capacity and Technology - The ethylene unit, contracted by Huanyu Engineering Co., Ltd., utilizes proprietary technology from China National Petroleum Corporation, capable of producing 1.2 million tons of polymer-grade ethylene, 616,000 tons of polymer-grade propylene, 400,000 tons of hydrogenated gasoline, and 35,000 tons of styrene annually [4]. - The unit will also produce over 20 types of chemical raw materials, products, and semi-finished products, including hydrogen, cracked C5, C9, and cracked fuel oil [4]. Group 2: Impact on Industry and Supply - The commissioning of the unit is expected to reduce oil product output by 3.49 million tons and increase chemical product output by 3.06 million tons annually, addressing the domestic supply gap for high-end materials such as membrane and pipe materials [4]. - This development aims to alleviate the structural contradiction in China's petrochemical industry characterized by an excess of oil products and a shortage of high-end chemical products [4].

Core Viewpoint - The article discusses the upcoming expansion of the Environmental Protection Tax in China, particularly focusing on volatile organic compounds (VOCs), which are significant contributors to air pollution. The revision of the Environmental Protection Tax Law aims to enhance air quality and increase local government revenue through taxation on a broader range of VOCs [3][4]. Group 1: Legislative Changes - The draft amendment of the Environmental Protection Tax Law has been submitted for a second review, emphasizing the need for the State Council to establish a reasonable tax scope for VOCs and improve monitoring and emission calculation methods [3]. - The first draft of the amendment included all VOCs in the tax scope, with a focus on pilot programs before full implementation, indicating a strategic approach to environmental taxation [4]. Group 2: Industry Impact - Key industries such as petrochemicals, chemicals, industrial coatings, packaging printing, and oil storage and transportation are identified as major sources of VOC emissions in China. The inclusion of all VOCs in the tax will compel these industries to undergo transformation and cleaner production processes [4]. - The amendment allows the State Council to conduct pilot tax collection on VOCs not listed in the current tax table, with a five-year reporting requirement to the National People's Congress on the pilot's outcomes [4]. Group 3: Financial Implications - Environmental Protection Tax revenue has fluctuated around 20 billion yuan in recent years, with a projected increase to 24.6 billion yuan in 2024, representing a year-on-year growth of 19.7%. The first three quarters of 2025 saw revenues of 20.8 billion yuan, up 13.8% compared to the previous year, significantly outpacing the overall national tax revenue growth of 0.7% [4].

Core Viewpoint - SABIC remains optimistic about the growth opportunities in sustainable and circular plastic demand in Europe despite current challenges in the petrochemical market [1] Group 1: Market Outlook - SABIC's Polymer Executive Vice President, Sami Osama, highlighted Europe as an innovation center, particularly in sectors like automotive, mobility, and healthcare, where there is significant focus on developing circular solutions [1] - The global chemical industry is currently facing a difficult period with fluctuating demand [1] Group 2: Strategic Actions - To address market downturns and competitiveness issues, SABIC plans to permanently close several petrochemical facilities in Europe over an 18-month period from January 2024 to June 2025 [1] - The company is open to further optimizing its European asset portfolio and will continue to assess operations and business for efficiency improvements [1] Group 3: Recent Developments - In August, SABIC established a joint venture with Plastic Energy in Herne, which has produced its first batch of pyrolysis oil [1] - The facility is designed to process 20,000 tons of mixed waste plastic annually and is expected to begin commercial production by the end of this year, integrating the pyrolysis oil as a substitute for traditional naphtha in polymer production [1]

Core Insights - The Zhongzheng Petrochemical Industry Index increased by 0.16% as of October 28, 2025, with leading stocks including Hengli Petrochemical, Hangyang Co., Jinfa Technology, Yara International, and Xingfa Group [1] - The Petrochemical ETF (159731) saw a significant net inflow of 61.39 million yuan, indicating strong capital inflow [1] - The Petrochemical ETF reached a new high in both share count (14.3 million shares) and total scale (114 million yuan), ranking first among comparable funds [1] Performance Summary - As of October 27, 2025, the Petrochemical ETF's net value increased by 22.08% over the past six months [3] - The ETF achieved a maximum monthly return of 15.86% since its inception, with the longest consecutive monthly gains being five months and a maximum cumulative gain of 22.33% [3] - The average return during the rising months was 5.27% [3] - The ETF outperformed its benchmark with an annualized excess return of 5.8% over the last six months [3] - The maximum drawdown over the past six months was 6.47%, with a relative benchmark drawdown of 0.14%, marking the smallest drawdown among comparable funds [3] - The tracking error for the Petrochemical ETF over the past year was 0.037%, indicating the highest tracking precision among comparable funds [3] Index Composition - As of September 30, 2025, the top ten weighted stocks in the Zhongzheng Petrochemical Industry Index included Wanhua Chemical, China Petroleum, Salt Lake Industry, Sinopec, CNOOC, Juhua Co., Zangge Mining, Jinfa Technology, Hualu Hengsheng, and Baofeng Energy, collectively accounting for 55.12% of the index [3]

Core Points - The draft amendment to the Environmental Protection Tax Law is under review, aiming to expand the tax base to include all volatile organic compounds (VOCs) [1][2] - The amendment emphasizes accelerating pilot programs for VOC taxation, indicating imminent implementation [1] - The goal of the tax expansion is to improve air quality and enhance ecological protection while increasing local government revenue [1][2] Industry Impact - Key industries such as petrochemicals, chemicals, industrial coatings, packaging printing, and oil storage and transportation are major sources of VOC emissions in China [2] - The inclusion of all VOCs in the environmental tax will compel these industries to undergo transformation and cleaner production processes [2] - The Environmental Protection Tax is classified as a local tax, with all revenue allocated to local governments, which is expected to incentivize pollution control efforts [2] Financial Implications - Recent data indicates that environmental tax revenue has fluctuated around 20 billion yuan, with projections for 2024 at 24.6 billion yuan, reflecting a year-on-year increase of 19.7% [2] - For the first three quarters of 2025, environmental tax revenue reached 20.8 billion yuan, showing a year-on-year growth of 13.8%, significantly outpacing the national tax revenue growth rate of 0.7% [2]

Core Viewpoint - The article highlights the overall improvement in industrial production, with specific sectors showing varying performance, particularly in steel and construction industries [1][11][21]. Industrial Production - The blast furnace operating rate increased by 0.5% week-on-week to 84.7%, remaining stable year-on-year [1][4]. - Apparent steel consumption rose by 2% week-on-week, with a narrowing year-on-year decline of 3.8 percentage points to -0.1% [1][6]. - Social inventory continued to decline, down 2.3% week-on-week [1]. Chemical and Textile Industries - The soda ash operating rate remained stable at 84.9%, with a year-on-year decline narrowing to -2.2% [11][12]. - PTA operating rate increased by 0.4% week-on-week to 76.0%, with a year-on-year improvement of 1.3 percentage points to -4.8% [11][14]. - The operating rate for polyester filament remained stable at 91%, with a year-on-year increase of 1.7% [11]. Construction Industry - Cement production and demand were below last year's levels, with the nationwide grinding operating rate increasing by 1.6% week-on-week to 45.4% [21][22]. - Cement shipment rates remained stable at 44.8%, with a year-on-year decline of 9.3% [21][24]. - Cement inventory ratio slightly increased, up 1.2% week-on-week [21]. Glass and Asphalt Production - Glass production remained stable week-on-week, with a year-on-year decline of 0.6% [31]. - Asphalt operating rate increased by 1.5% week-on-week [31]. Demand Tracking - National commodity housing transactions decreased, primarily due to significant declines in second-tier cities, with a daily average transaction area down 5.7% week-on-week [40]. - National road freight volume increased year-on-year, with rail freight volume up 1.8 percentage points to 1.5% [44][49]. - Passenger car retail sales decreased by 0.5% week-on-week, with a year-on-year decline of 0.7% to 25.4% [59]. Price Tracking - Agricultural product prices generally fell, with vegetable prices rising by 4.3% week-on-week [74]. - Industrial product prices showed an overall upward trend, with the South China Industrial Price Index increasing by 0.4% week-on-week [82][83].