Group 1 - The core viewpoint of the article emphasizes the need for companies in the refining industry to adapt to changing market demands by transitioning from fuel-based operations to chemical production [3][4]. - The company is investing heavily in upgrading existing refining facilities to improve processing efficiency and reduce reliance on traditional fuel markets, aiming for sustainable development [3][4]. - The introduction of advanced technologies and equipment is a key strategy for the company to lower costs and enhance operational efficiency, including significant investments in energy-saving upgrades [4]. Group 2 - The company is accelerating its smart manufacturing initiatives, aiming to enhance production efficiency by 30% and reduce labor costs by 20% over the next two years through the use of IoT and automation technologies [5]. - Real-time monitoring and data integration across production, sales, and procurement are being implemented to improve decision-making and operational effectiveness [5].

8月24日，中金公司发布研报指出，三季度以来油价相对稳定，炼化整体盈利水平有望改善，看好2026 年石化产业链盈利修复，维持荣盛石化跑赢行业评级。 随着国家"反内卷"政策组合拳的密集落地，一场以淘汰低效产能、规范市场竞争、提升供给质量为核心 的行业洗牌正在加速。据相关数据统计，目前我国仍有约4880万吨规模不足200万吨的小产能尚未退 出，占现有炼能约5%。此外，炼能在 200（含）至 300（含）万吨/年的产能有 1.45 亿吨，占比约 15%。 随着各项反内卷政策的持续推进和落实，炼化行业有望迎来新的发展局面。从供给端来看，伴随老旧装 置的淘汰和产能的优化，行业集中度将进一步提高，资源将向优势企业集中，行业龙头企业凭借规模、 技术与合规优势，正迎来新一轮发展机遇。作为全球领先的化工材料生产商之一，荣盛石化主导运营全 球单体最大的炼化一体化项目4000万吨/年绿色石化基地，在当前增量有限、减量出清的竞争格局优化 背景下将持续受益。 ...

Macro Economic Overview - The cumulative profit of national industrial enterprises from January to July 2025 decreased by 1.7% year-on-year, while cumulative operating income increased by 2.3% year-on-year [5] - In July, the profit growth rate improved marginally, with a year-on-year increase of 2.8 percentage points to -1.5% [6] - Investment income is expected to continue contributing positively to profits, with a notable increase in the South China Comprehensive Index since June indicating potential growth in investment income [6] Industry Insights Computer Industry - The "Artificial Intelligence+" action plan was released, aiming for over 70% application penetration of new intelligent terminals and intelligent agents by 2027 [12] - The policy covers six major areas, promoting AI applications across technology, industry, consumption, and governance [13] - The domestic AI ecosystem is expected to flourish due to policy and technological synergies [14] Agriculture, Forestry, Animal Husbandry, and Fishery - Huadong Co., Ltd. reported a revenue of 4.244 billion yuan in H1 2025, with a net profit of 76 million yuan, reflecting a significant year-on-year increase of 163.98% [17] - The company aims to reduce costs in pig farming, targeting a cost of 13 yuan per kilogram by the end of 2025 [19] - The company has established a national layout for pig slaughtering, enhancing cash flow stability [20] Coal Mining Industry - China Coal Energy reported a revenue of 74.44 billion yuan in H1 2025, down 19.9% year-on-year, with a net profit of 7.71 billion yuan, down 21.3% [22] - The company’s coal production and sales volume increased by 1.3% and 1.4% respectively, despite a significant drop in coal prices [23] - The company has a high dividend potential, with a cash dividend of 0.166 yuan per share announced for H1 2025 [24] Chemical Industry - Rongsheng Petrochemical reported a 12.28% year-on-year increase in net profit excluding non-recurring items in H1 2025 [27] - The company’s revenue from chemical products decreased by 7.83%, while the gross margin for refining products improved [28] - The global petrochemical industry is undergoing restructuring, which may benefit the company [29] Steel and Nonferrous Metals - Jincheng Mining reported a 47.82% increase in revenue to 6.316 billion yuan in H1 2025, with a net profit growth of 81.29% [31] - The company’s resource segment saw a significant increase in sales revenue, driven by higher production volumes [32] - The mining service business is expected to grow, with new contracts signed worth 7.1 billion yuan [33] Real Estate and Construction - China Resources Vientiane Life reported a revenue of 8.524 billion yuan in H1 2025, with a net profit increase of 7.4% [44] - The company achieved a gross margin increase of 3.1 percentage points to 37.1% [44] - The company plans to distribute 100% of its core net profit as dividends for the first time [45]

Core Viewpoint - The successful commissioning of the world's largest 2 million tons/year diesel adsorption separation unit marks a significant advancement in the integrated transformation and upgrading of the petrochemical industry in Southwest China, providing a scalable and efficient solution for the global refining industry's transition from "oil-heavy" to "chemical-heavy" production [1][2]. Group 1: Project Overview - The diesel adsorption separation unit is part of a major national petrochemical project with a total investment of 30.5 billion yuan, covering over 4,400 acres [5]. - The project commenced construction in July 2023 and is expected to be fully completed by July 14, 2025, with initial operations starting on October 18, 2023 [5]. Group 2: Technological Innovation - The unit utilizes a proprietary "diesel adsorption separation" technology developed by Kunlun Engineering and CNOOC Tianjin Chemical Research Design Institute, which allows for precise molecular-level control to separate diesel into high-quality olefin and aromatic raw materials [2]. - The process enhances raw material utilization efficiency by over 15% compared to traditional methods, while also reducing energy consumption and carbon emissions [2]. Group 3: Industry Impact - The project is expected to facilitate the transformation of Guangxi's petrochemical industry from a "fuel-type" refinery to a "chemical products and organic materials-type" enterprise, filling gaps in high-end chemical new materials in the region [5]. - It aims to support the establishment of a trillion-yuan green chemical new materials industry cluster in Guangxi, enhancing China's position in the global refining industry and contributing to national energy security and high-quality development of the chemical industry [5].

Group 1 - The core viewpoint of the report is that Donghai Securities has given a "buy" rating for Rongsheng Petrochemical (002493.SZ) based on several favorable factors [1] - Decrease in raw material costs is beneficial for the refining and polyester sectors, while the decline in the price spread of aromatic products is negatively impacting the chemical sector's profits [1] - Continuous capital investment and orderly project construction are highlighted as positive indicators for the company's future performance [1] - The refining industry landscape is expected to improve under the "anti-involution" context, with leading companies likely to benefit first [1]

每日经济新闻 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 每经AI快讯，太平洋8月27日发布研报称，给予恒力石化（600346.SH，最新价：17.53元）买入评级。 评级理由主要包括：1）油价剧烈震荡及检修影响短期业绩，2025Q2盈利承压；2）行业"反内卷"背景 下，看好炼化板块持续修复。风险提示：原材料价格波动、产品价格波动、项目进展不及预期、需求下 滑、行业竞争加剧等。 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。 （记者 王晓波） ...

Summary of Conference Call Records Industry Overview - The conference call discusses the **refining and petrochemical industry** in China and globally, focusing on capacity reduction and structural optimization due to domestic policies and international market dynamics [1][3][4]. Key Points and Arguments 1. **Domestic Policies**: China is implementing anti-involution policies aimed at controlling total capacity and optimizing structure, encouraging a shift from oil to chemical production [1][3][6]. 2. **Global Capacity Reduction**: The global petrochemical industry is undergoing significant capacity reductions, particularly in Japan, South Korea, and Europe, to address cyclical downturns and environmental pressures [1][5][12]. 3. **Upcoming Standards**: By August 30, local governments are expected to complete inspections of enterprises and facilities, leading to the release of elimination standards by the Ministry of Industry and Information Technology [1][7]. 4. **Capacity Elimination Criteria**: Refining facilities with capacities below 2 million tons and ethylene facilities below 500,000 tons, particularly those over 20 years old, are likely to be targeted for elimination [1][7][8]. 5. **Impact on Industry Players**: The elimination of small-scale facilities will benefit integrated large state-owned enterprises and coastal private refining companies, promoting energy conservation and carbon reduction technologies [1][10][19]. 6. **Profitability Concerns**: The refining industry is currently experiencing its lowest profitability in nearly two decades, influenced by domestic policies and international market conditions [2][3]. 7. **Market Dynamics**: The European petrochemical sector faces rising costs, weak demand, and competition from Chinese firms, leading to a gradual exit from the market, with the U.S., Middle East, and China expected to fill the void [4][12][14]. 8. **Future Measures**: The government plans to implement strict project approvals, accelerate the elimination of old facilities, and promote high-end material research and industry self-regulation [6][9]. 9. **Integration and Upgrading**: New refining projects must exceed 10 million tons in capacity, while older facilities will need technological upgrades to meet energy efficiency and carbon reduction goals [8][10][21]. 10. **Global Supply Chain Effects**: The closure of facilities in Europe and Asia will create supply-demand mismatches, potentially increasing prices for ethylene and related products [17][18]. Additional Important Content - **Investment Opportunities**: The shift towards larger, integrated facilities presents opportunities for companies involved in energy conservation technologies and digital manufacturing processes [10][19]. - **Market Competition**: As European firms exit, Chinese companies are positioned to enhance their international competitiveness, particularly in fine chemicals and high-end polymers [14][18]. - **Long-term Trends**: The refining and petrochemical sectors will need to adapt to global market conditions, with a focus on integrating operations and enhancing efficiency to remain competitive [25][26][27]. This summary encapsulates the critical insights from the conference call, highlighting the current state and future outlook of the refining and petrochemical industry amidst evolving market dynamics and regulatory frameworks.

信达证券预计，2025–2026年国内炼能增速将显著放缓，在增量有限、存量出清的背景下，行业供需格 局改善，先进产能竞争优势凸显。荣盛石化凭借规模、成本与产业链一体化优势，看好存量竞争背景下 先进炼能的业绩弹性。 8月25日，信达证券（601059）发布荣盛石化（002493）(002493.SZ)研报指出，公司作为民营炼化先进 产能，有望在行业格局优化中持续受益。根据发改委政策，2025年国内原油一次加工能力将控制在10亿 吨以内，炼化扩能已接近尾声。2025年5月，国家发改委重申加快淘汰炼油行业落后产能，叠加"反内 卷"政策导向及税改趋严，地炼生存压力加大，落后产能或加速出清。 ...

□ 范玉波 今年是"绿水青山就是金山银山"理念(以下简称"两山"理念)提出20年。历经20年实践检验，这一理念不 断深入人心，成为习近平生态文明思想的原创性、标识性概念，指引我国生态文明建设取得举世瞩目的 巨大成就。 山东作为东部沿海大省，在服务全国发展大局中地位举足轻重，经济社会发展已进入加快绿色化、低碳 化的高质量发展阶段，必须始终牢固树立和践行"两山"理念，持续深化绿色低碳高质量发展实践，为全 国生态文明建设贡献山东力量。 在加强生态保护修复上深入实践，筑牢黄淮海流域生态屏障。健全以国家公园为主体的自然保护地体 系，为东部沿海地区生态保护与修复提供了实践样本。立足半岛丘陵、黄河三角洲、滨海湿地等独特生 态地貌，构建起"国家公园—自然保护区—自然公园"三级保护架构，形成覆盖森林、海洋、湿地等多元 生态系统的保护网络。推动黄河口陆海统筹型国家公园和长岛海洋型国家公园建设，在优化治理架构、 创新管理体制，在陆海统筹、系统治理、科技赋能、法治协同、共建共享等领域为全国自然保护地体系 完善贡献山东智慧。 "两山"理念的丰富内涵 "两山"理念是习近平生态文明思想的核心理念，揭示了生态环境保护与经济发展的辩证统一关系 ...

Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346) [1] Core Views - The company's performance in the first half of 2025 met expectations, with a revenue of 103.88 billion yuan, down 7.69% year-on-year, and a net profit attributable to shareholders of 3.05 billion yuan, down 24.08% year-on-year [6] - The company has initiated a mid-term dividend, distributing 0.08 yuan per share, totaling 563 million yuan, reflecting a dividend payout ratio of 18.46% [6] - Future profitability forecasts for 2025-2027 are set at 8 billion, 10 billion, and 12 billion yuan respectively, with corresponding price-to-earnings ratios of 15X, 12X, and 10X [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are 243.79 billion yuan, with a year-on-year growth rate of 3.1% [5] - The expected net profit for 2025 is 8.02 billion yuan, representing a year-on-year increase of 13.8% [5] - The gross profit margin for 2025 is projected at 10.9%, with a return on equity (ROE) of 11.5% [5] Market Data - As of August 22, 2025, the closing price is 17.10 yuan, with a market capitalization of 120.369 billion yuan [1] - The stock has a price-to-book ratio of 1.8 and a dividend yield of 2.63% based on the most recent dividend [1]