当下如何看港股红利资产 20250921 摘要 港股红利资产企业多为成熟期企业，财务结构稳健，依赖内生融资，净 负债与 EBITDA 比值及资本开支与折旧摊销比值较低，扩张意愿不强。 港股红利资产成分构成与 A 股存在差异，除银行等金融板块外，还包括 三大运营商、商业地产等独特资产，为投资者提供了更多选择。 港股红利资产整体估值低于 A 股，现金分红比例更高，在银行、石化、 煤炭等行业中，港股的 PE、PB 均相对更低，具备估值优势。 港股拥有更多高息个股，以 5%股息率为例，高息个股在港股中的占比 接近 40%，而 A 股仅为 16%，为追求稳定收益的投资者提供了更多机 会。 在弱势市场环境下，港股红利资产具有防御属性，市场由强转弱时，恒 生高息率指数获得正超额收益的概率较高，例如在港股市场大跌环境下， 该指数获得正超额收益的概率超过 82%。 港股红利资产对美债利率更为敏感，在美债利率下行阶段，高股息率的 港股红利资产可能被视为美债替代品，上涨弹性相对于 A 股更大。 当前市场震荡波动加大，国内基本面修复仍有波折，港股红利资产性价 比相对 A 股更高，且随着岁末年初临近及海外流动性转向，港股红利资 产有望 ...

Group 1 - The petrochemical industry continues to adjust, with ongoing attention to the progress of eliminating outdated facilities and upgrading [1] - The oil and petrochemical index fell by 1.99% this week, while the best-performing segment was oil product sales and storage, which only declined by 0.46% [1] - Crude oil prices decreased, with an increase in US crude oil inventories and a reduction in gasoline inventories [1] Group 2 - Polyester filament prices and price spreads have decreased, with an increase in inventory days for polyester filament in Jiangsu and Zhejiang, and a decline in weaving machine operating rates [1] - The sample prices of polyolefins remained stable, with inventory depletion observed [1] - If demand improves and there is progress in eliminating backward production capacity, it would be beneficial for the midstream refining sector [2]

来源：格隆汇APP 国泰海通研报称，红利资产的本质是业绩稳定、现金流可持续的优质公司，能够为投资者提供稳定的高 股息回报，因此红利资产具备更高的股息率水平、可持续的稳定现金流、更稳健的财务结构、维持性的 资本开支。若对比两地红利资产看，港股性价比相对更高，第一，港股现金分红比例高于A股，2017- 2024年全部港股现金分红比例均值为44%，明显高于A股的36%；第二，相较A股，港股股息率优势明 显，港股恒生综合指数股息率为2.9%，高于万得全A指数的1.9%；第三，港股红利资产估值水平相对更 低，恒生高股息率R指数PE、PB分别为7.2倍、0.6倍（下同），均低于中证红利全收益指数7.9倍、0.8 倍；第四，港股高股息资产占比更高，行业分布更多样，A股中仅银行、石化等行业高股息资产较多， 而港股红利资产的行业选择更为多样。 ...

Core Insights - The company is advancing its digital transformation by implementing "digital twin" and "intelligent analysis" technologies, enhancing its laboratory management systems and overall operational efficiency [1][2][4] Group 1: Digital Transformation - The laboratory's digital transformation has led to the establishment of an intelligent laboratory management system that covers the entire lifecycle of laboratory equipment and the full process of data management [1][2] - The company has developed two core platforms: the "Laboratory Equipment Management System" and the "Laboratory Analysis Data Quality Management System," which facilitate automated data collection and analysis [1][2] Group 2: Operational Efficiency - The digitalization of laboratory equipment management has significantly improved operational efficiency, with all processes such as procurement, maintenance, and data recording now conducted online [2] - The implementation of a data quality management system allows for intelligent cross-checking of testing data with various production-related big data, resulting in a substantial reduction in error rates [2] Group 3: Innovation and Value Creation - The digital transformation has catalyzed innovation across the entire value chain, leading to the development of 38 new grades of polypropylene products and nine provincial or higher-level technological innovation achievements [4] - The shift towards digital management has not only enhanced product development but also integrated deeply into various management aspects, thereby increasing the company's core competitiveness and promoting high-quality development [4]

Group 1 - Taiwan's total wealth is expected to surpass South Korea's for the first time in over 20 years, driven by the rise of TSMC, indicating a shift in the Asian economic landscape [1] - Taiwan's GDP growth rate is projected to reach 4.55% in 2025, up from the previous estimate of 4.45%, with per capita GDP expected to be around $38,000, narrowing the gap with South Korea [1][3] - The semiconductor industry in Taiwan is experiencing strong growth due to the AI consumption boom, with companies like TSMC and Foxconn benefiting significantly from the demand for AI chips and servers [3][5] Group 2 - South Korea's economy is struggling, with Samsung Electronics, which accounts for 11% of its economy, facing challenges in advanced process competition, leading to a projected GDP growth of only 0.9% for the year [3][5] - Taiwan's exports have surpassed South Korea's for the first time, highlighting Taiwan's high concentration in technology and its benefits from the AI boom, while South Korea is hindered by a downturn in traditional industries [5] - The New Taiwan Dollar has appreciated approximately 9% against the US Dollar this year, while the Korean Won has only risen 6%, further widening the per capita GDP gap between the two regions [5] Group 3 - Despite the positive outlook, Taiwan's economy faces risks due to over-reliance on a single industry, particularly with increasing exports to the US amid geopolitical tensions [7] - There is a need for Taiwan to diversify its industries and transform traditional sectors into high-tech supply chain components, as well as explore mechanisms for redistributing technology company profits to ensure balanced development [7]

地缘政治动荡 贸易局势紧张 原油价格波动 地缘政治动荡与贸易紧张局势叠加原油价格波动，导致亚洲石化生产商在原料供应保障方面面临严重不 确定性。在新加坡举办的2025年亚太石油会议(APPEC)上，行业专家共同探讨了这一行业痛点。他们表 示，目前亚洲石化生产商原料采购趋于谨慎，乙烷等低成本原料成为行业新的焦点。 印度信实工业裂解业务负责人拉吉什·拉瓦特(Rajesh Rawat)表示，当前各类原料采购面临波动，"经济 性"已成为生产商选择原料的核心驱动因素。乙烷正是低成本原料的典型代表，但供应有限仍是买家面 临的主要问题。拉瓦特指出，印度、中国、拉美、欧洲等地区的乙烷买家目前均高度依赖从美国采购。 拉瓦特提到，传统上石化生产商会将大部分资本支出投入生产设施建设，如今这一趋势正发生转变，更 多资金开始流向乙烷等原料的供应保障领域。尽管此类投资能为生产商带来收益，但伴随的风险也同样 严峻。当被问及"乙烷买家过度依赖美国供应"时，拉瓦特明确表示这是最主要的风险点。这些风险不仅 包括关税等贸易壁垒，还涉及供应链中断问题，例如苏伊士运河等关键航道受阻、海运基础设施遭遇恐 怖袭击等。 对于单体市场，Anthony Tso分 ...

Group 1 - The petrochemical market, particularly for PET and PVC, is expected to see significant changes in trade flows due to geopolitical tensions and overcapacity leading to narrowed profits and price declines [1] - The U.S. has reinstated tariffs on imported PET, putting pressure on major Asian exporters such as South Korea, Thailand, Vietnam, Pakistan, and Malaysia, which may need to shift focus to alternative markets like the EU and Brazil [1] - India's anti-dumping duties on PVC imports, coupled with domestic demand growth, are likely to alter global PVC trade flows, with the highest impact on China and the U.S. [1] Group 2 - Northeast Asian petrochemical producers are actively pursuing industry consolidation to address overcapacity issues, with companies like Mitsui Chemicals and Asahi Kasei considering business unit mergers [2] - Mitsubishi Chemical and Asahi Kasei may decide by 2027 whether to consolidate ethylene capacity into a single facility, potentially increasing VAM import demand in Japan [2] - The current downturn in the petrochemical industry is expected to last until at least 2028-2029, necessitating measures such as capacity consolidation, plant shutdowns, and cost reductions [2]

Core Viewpoint - The petrochemical industry must prioritize energy conservation and carbon reduction as an essential task for high-quality development, utilizing benchmarking management tools to identify gaps and set improvement targets [1][2]. Group 1: Macro Benchmarking - Petrochemical companies should benchmark against industry leaders, focusing on core indicators such as comprehensive energy consumption, and break these down into quantifiable metrics like water, electricity, and steam consumption [1]. - Fushun Petrochemical has established a detailed indicator system based on three levels of benchmarking: design best, historical best, and industry advanced, aiming to surpass these benchmarks [1]. - In 2024, Fushun Petrochemical aims to achieve the best energy consumption levels in the country for its 600,000-ton ketone benzene de-oiling and 400,000-ton ketone benzene de-waxing units [1]. Group 2: Meso Benchmarking - Companies should treat each indicator in the "indicator tree" as a process and identify transferable modules from benchmark units to localize and adapt advanced experiences [1]. - Fushun Petrochemical's oil plant identified the potential for a project utilizing the cascading use of cooling water, leading to a technical transformation of the ketone benzene unit [1]. - This project has effectively utilized condensate water waste heat, reducing demineralized water consumption in summer and steam consumption in winter, resulting in a monthly reduction of approximately 1,000 tons of steam [1]. Group 3: Micro Benchmarking - Management measures must ultimately be implemented at the individual level, with best practices from benchmark units broken down into quantifiable actions for each position [2]. - Fushun Petrochemical's heavy oil catalytic unit has targeted the reduction of catalyst natural loss as a key project, establishing two parameter adjustment standards based on benchmarking and site practices [2]. - Following the implementation of these measures, the natural loss of catalysts in the unit has significantly decreased [2]. Group 4: Overall Objective - The ultimate goal of benchmarking management is not merely to catch up with the benchmark but to create the next benchmark, enabling continuous improvement and a transition from "follower" to "leader" in the industry [2].

文|凯风 一线城市的天花板，又抬高了。 日前召开的主题发布会透露，"十四五"收官时（2025年末），北京GDP将站上5万亿台阶。 这意味着，继上海之后，北京将成为全国第二个5万亿城市，与深圳、广州、香港等拉开差距。 北京上海经济为何这么猛？广深能否再次迎头赶上？ 01 京沪GDP迈进5万亿，意味着什么？ 环顾国际，180多个国家和地区中，GDP超过5万亿（约7000亿美元）的仅有20多个。 这一数字，超过瑞典、比利时、泰国等国家，一城可敌一国，说是"富可敌国"不算夸张。 放眼国内，GDP超过5万亿的省份只有11个，京沪GDP已超近2/3省域。 京沪是省级的直辖市，也是严格意义上的城市，属于万亿俱乐部的领头羊。 目前，我国内地共有27个万亿GDP城市，未来几年有望扩容到30席。 这意味着，万亿城市早已不再稀缺，万亿GDP的含金量也不复以往。 毕竟，同为万亿城市，但经济梯度相当明显： 5万亿的京沪，4万亿的深广渝，2万亿的苏成杭武，1.5万亿-2万亿还有6座城市，万亿区间更有10多座城市。 当京沪联袂跻身5万亿，GDP10强城市也将集体站上2万亿，这是新的竞争起点。 02 京沪GDP，何以与广深拉开差距？ 过去2 ...

【DT新材料】 获悉，据路透社报道 ， 埃克森美孚公司 暂停 在欧洲的 1亿欧元（约8.4亿元）化学回收投资 ，原因是这家能源巨头表示欧洲对塑料的规定过 于严格，并且欧盟的官僚机构和审批十分繁琐。 目前埃克森美孚在荷兰鹿特丹和安特卫普现有的工厂有两个化学回收项目，每年处理 80,000 公吨 塑料垃圾。 据埃克森美孚高级副总裁 杰克·威廉姆斯所述， 欧盟的法规政策歧视使用现有石化工厂来实现塑料回收，更青睐使用独立技术和独立设施 。若依据当前的法 规和监管机制，对埃克森美孚的目前设施并不友好，因此公司决定暂停这两个化学回收项目。 此外，埃克森美孚还透露， 荷兰这两个化学回收项目是公司找到的为数不多具有竞争力的投资项目，并且 公司内部其实非常愿意继续投资，进口关税对公司 来说不是大问题，并且已在美国本土开展了类似的化学回收项目，但欧盟的现有政策已经完全跟不上不断变化的全球秩序 。 埃克森美孚位于美国德克萨斯州Baytown的化学回收设施 欧盟虽然制定了一系列的再生塑料目标，比如 到 2030 年塑料瓶中的再生成 分要达到 30%，但欧盟却又设置了一系列的法令限制企业，这位副总裁特别强 调，欧盟必须尽快废除 《企业 ...