从业绩表现看，恒力石化以30.5亿元归母净利润仍居榜首，但同比降超24%。荣盛石化、东方盛虹、恒 逸石化分别以净利润6.02亿元、3.86亿元、2.27亿元次之，分别同比下滑29.82%、增长21.24%、下滑 47.32%。东方盛虹是四大民营炼化中唯一净利润增长的企业。 上述多数公司营收、净利润双下滑的主要原因是行业处于周期底部，产品价差收窄，成本传导不畅，加 之行业"内卷"激烈。 "'内卷式'竞争正在冲击既有市场秩序，导致近三年来'增产增销不增利'，即产量销量不断增加、全行业 营业收入利润率自2021年起连年下滑（今年上半年利润率继续低位）。"中国石化联副会长傅向升日前 公开表示，石化行业近十年来快速发展，新建炼化一体化装置接续投产，加之部分共性关键技术突破， 新产品、材料大量投放市场，一些如大宗基础产品和通用材料"内卷式"竞争日渐严重。例如，乙烯、苯 酚、EVA、PX、PA66等多种石化产品或材料近五年来的产能、产量累计增幅都在50%以上，有些产品 产能远大于国内市场消费量。 2025.09.12 本文字数：1764，阅读时长大约3分钟 作者 |第一财经 郭霁莹 民营大炼化龙头企业恒力石化（600346 ...

上述多数公司营收、净利润双下滑的主要原因是行业处于周期底部，产品价差收窄，成本传导不畅， 加之行业"内卷"激烈。 2025.09. 12 本文字数：1764，阅读时长大约3分钟 作者 | 第一财经 郭霁莹 民 营 大 炼 化 龙 头 企 业 恒 力 石 化 （ 600346.SH ） 、 恒 逸 石 化 （ 000703.SZ ） 、 荣 盛 石 化 （002493.SZ）、东方盛虹（000301.SZ）近日披露2025年半年报，四家公司营业收入全部下 滑，归母净利润合计约42.7亿元，比上年同期下滑近四成。 从业绩表现看，恒力石化以30.5亿元归母净利润仍居榜首，但同比降超24%。荣盛石化、东方盛 虹、恒逸石化分别以净利润6.02亿元、3.86亿元、2.27亿元次之，分别同比下滑29.82%、增长 21.24%、下滑47.32%。东方盛虹是四大民营炼化中唯一净利润增长的企业。 微信编辑 | 七三 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@ ...

此外，第一财经记者注意到，境外业务占比较大的企业营收亦受到较大冲击。例如，恒逸石化国外业务 营收占比在四成以上，公司上半年国外业务营收同比跌近15%至243.8亿元，超过国内营收同比12.6%的 跌幅，毛利率也比去年同期下跌了0.8%。荣盛石化国外地区营业收入占公司总营收比重的10.1%，上半 年同比跌超33%至149.7亿元，跌幅近国内地区营收的十倍。 "'内卷式'竞争正在冲击既有市场秩序，导致近三年来'增产增销不增利'，即产量销量不断增加、全行业 营业收入利润率自2021年起连年下滑（今年上半年利润率继续低位）。"中国石化联副会长傅向升日前 公开表示，石化行业近十年来快速发展，新建炼化一体化装置接续投产，加之部分共性关键技术突破， 新产品、材料大量投放市场，一些如大宗基础产品和通用材料"内卷式"竞争日渐严重。例如，乙烯、苯 酚、EVA、PX、PA66等多种石化产品或材料近五年来的产能、产量累计增幅都在50%以上，有些产品 产能远大于国内市场消费量。 这一市场环境下，上半年四大民营炼化主要产品营业收入过半出现下滑。荣盛石化的炼油、PTA产品营 业收入因售价下滑分别同比减少12.4%、39.6%，其主要生产芳 ...

近日，由总部健康安全环保管理部审批立项，茂名石化与青岛安全工程研究院联合开发的中国石化 （600028）首套大型压缩机组全尺寸VR仿真训练系统通过验收，标志着茂名石化在智能实训领域取得 新进展，为炼化行业高技能人才培养提供了创新范式。 该项目是茂名石化推进人员培训的一项重要成果，其经验将为后续虚拟仿真技术在催化裂化、加氢装置 等领域推广应用提供实践经验，助力构建覆盖全产业链的智能化人才培养体系。（傅懿莹 陆强 王洪 雨） 作为炼化装置的"心脏"，大型压缩机组安全稳定运行直接影响安全生产大局。针对传统培训中的实操场 景不足、培训效率低等痛点，该系统聚焦乙烯装置核心机组，运用三维虚拟仿真技术构建1：1高精度模 型，覆盖机组本体及上下游关键工艺设备，集成压缩机组开停工、异常处置等全流程的1000余项标准化 操作步骤，完整复现生产实际场景。创新采用"VR沉浸式演练+电脑协同操作"双模式，支持单人自主训 练与双人协同作业，自2024年12月试运行以来，已用于茂名石化化工分部开展10余批次培训。参训人员 可在虚拟场景中反复模拟高难度操作，大幅降低培训的时间与安全成本。 ...

证券日报网讯东方盛虹（000301）9月11日在互动平台回答投资者提问时表示，在反内卷政策背景下， 以公司为代表的全产业链布局的炼化企业凭借规模、技术及先进产能优势，能更好地把握政策、市场机 遇，在行业调整中迎来新的发展契机。未来，公司将把握高端化、数智化、绿色化的石化产业高质量发 展方向，打造世界一流的能源化工企业。 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [5][19]. Core Views - The company's performance in the first half of 2025 was impacted by fluctuations in oil prices, leading to a decline in revenue and net profit. However, the mid-term dividend distribution has helped boost investor confidence [1][9]. - The report anticipates a recovery in the refining industry supported by government policies aimed at reducing excessive competition, which may benefit the company's performance in the future [8][10]. Financial Summary - **Revenue and Profit Forecasts**: The company is projected to achieve revenues of 243.94 billion, 254.75 billion, and 265.98 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 77.49 billion, 93.11 billion, and 110.57 billion yuan [10]. - **Earnings Per Share (EPS)**: The expected EPS for 2025, 2026, and 2027 are 1.10 yuan, 1.32 yuan, and 1.57 yuan respectively [10]. - **Valuation Ratios**: The price-to-earnings (P/E) ratios for the next three years are projected to be 16.1x, 13.4x, and 11.3x, indicating a potentially attractive valuation [10]. Operational Performance - **Sales and Profit Margins**: In the first half of 2025, the company's revenue was 103.89 billion yuan, a decrease of 7.69% year-on-year, with a net profit of 3.05 billion yuan, down 24.08% year-on-year. The overall sales gross margin was 11.96%, slightly up from the previous year [1][2]. - **Cash Flow**: The net cash flow from operating activities increased by 55.42% year-on-year to 19.48 billion yuan, primarily due to an increase in customer deposits [3]. Product and Market Dynamics - **Product Performance**: The company experienced an increase in production volume for its main products, but average selling prices declined significantly. The production volumes for refining products, PTA, and new materials were 12.12 million, 8.43 million, and 3.21 million tons respectively, with price declines of -5.61%, -19.41%, and -14.17% [4]. - **Raw Material Prices**: The average prices for key raw materials such as coal, butanediol, crude oil, and PX decreased by -20.19%, -9.37%, -6.96%, and -18.83% respectively, which helped mitigate the impact of falling product prices on the company's performance [4].

[Table_Reportdate] 2025年09月10日 [证券分析师： Table_Authors] 吴康辉 S0630525060001 wkh@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn [晨会纪要 Table_NewTitle]20250910 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.原油供需宽松显现，石化产业期待"金九银十"——原油及聚酯产业链月报（2025年8 月） ➢ 2.8月挖掘机内外销齐增长，半年报龙头盈利能力提升——机械设备行业简评 ➢ 1.美国就业数据大幅下修，截至3月少增91.1万个岗位 ➢ 2.工信部：将研究出台"人工智能+制造"专项行动实施方案 | 1. 重点推荐 | | | 3 | | --- | --- | --- | --- | | | | 1.1. 原油供需 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - Focus on the **Steel Industry**, **Precious Metals**, **Oil and Shipping**, and **Chemical Industry**. Core Insights and Arguments 1. **Monetary Policy and Economic Impact** - Anticipation of fiscal and monetary easing under Trump's policies may lead to a new price surge in non-ferrous metals, benefiting gold and related stocks [1][3] - The Federal Reserve's preventive rate cuts are expected to stimulate traditional demand sectors like manufacturing and real estate [2][9] 2. **Steel Industry Dynamics** - Continuous implementation of anti-involution policies in the steel sector, combined with Fed rate cuts, may lead to excess returns in the steel industry [1][11] - Improvement in supply-demand dynamics is expected if production reduction targets are met, with Q3 profits per ton increasing and further improvement anticipated in Q4 [1][16] - The government's commitment to reducing steel production is evident, with current profit margins remaining low but with significant recovery potential [13][14] 3. **Global Economic Effects of Rate Cuts** - Rate cuts are likely to stimulate global demand, particularly benefiting the oil shipping sector due to increased oil transport needs [20][21] - The anticipated increase in oil production by OPEC+ and sanctions on Russian oil may further enhance global shipping demand [20] 4. **Investment Opportunities in Steel and Shipping** - Recommended investments include **China Merchants Energy**, **China Merchants Jinling**, and **China Merchants South Oil** in the shipping sector [20] - In the steel sector, companies like **Hualing**, **Baosteel**, and **Nanjing Steel** are highlighted as undervalued assets with strong recovery potential [18][19] 5. **Chemical Industry Developments** - The domestic refining industry is facing pressure, with new capacity being controlled and investment growth slowing [25][26] - The chemical sector is expected to see a gradual balance in supply-demand due to global capacity closures, particularly in Europe [27] - Investment opportunities in rising price products like **Glyphosate** and **Silicone** are noted, with significant price increases expected [29][32] Other Important but Possibly Overlooked Content 1. **Liquid Cooling Technology Challenges** - The liquid cooling technology faces significant cooling challenges as power demands increase, with future solutions likely focusing on fluorochemicals [31] 2. **Market Sentiment and Valuation** - Current market sentiment indicates a recovery in valuations for A-shares and Hong Kong stocks in the non-ferrous sector, although some corrections have occurred [5] - The overall valuation levels in the steel industry are considered low relative to historical averages, suggesting potential for upward adjustments [14][17] 3. **Long-term Trends in the Steel Industry** - The steel industry is expected to undergo structural changes with increased concentration among leading firms, driven by supply-side reforms [17] 4. **Impact of PPI Data on Cyclical Stocks** - A narrowing decline in domestic PPI is expected to positively influence cyclical stocks, particularly in light of Fed rate cut expectations [6] 5. **Investment in High-Debt Dollar Companies** - Companies with significant dollar-denominated debt, such as those in the aircraft leasing sector, are seen as attractive investment opportunities due to reduced interest expenses from rate cuts [23] This summary encapsulates the key insights and potential investment opportunities across various sectors as discussed in the conference call records.

Group 1 - A-shares showed mixed performance on September 8, with the China Petroleum and Chemical Industry Index rising over 1%, led by stocks such as Huafeng Chemical, Yara International, and Xin Feng Ming [1] - The petrochemical ETF (159731) followed the index upward, indicating a favorable timing for investment [1] - According to Shenwan Hongyuan Securities, there is an expectation of recovery in polyester market conditions, with improved supply and demand potentially raising profit margins for leading polyester companies [1] Group 2 - The oil price has seen a downward adjustment, which is expected to improve the cost structure for refining companies, particularly as overseas refineries exit the market and domestic refinery operating rates remain low [1] - Recommended companies in the refining sector include Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as they may benefit from a favorable competitive landscape [1] - Oil companies are expected to mitigate risks associated with falling oil prices through improved operational quality, with a recommendation for high dividend yield stocks such as China National Petroleum and China National Offshore Oil [1] Group 3 - The petrochemical ETF (159731) and its linked funds (017855/017856) closely track the China Petroleum and Chemical Industry Index, with the basic chemical industry accounting for 60.7% and the petroleum and petrochemical industry for 32.3% of the index [1] - The top ten weighted stocks in the index include Wanhua Chemical, China National Petroleum, Sinopec, and others, collectively accounting for 55.63% of the index [1]

Core Insights - The Zhejiang Free Trade Zone has achieved significant growth in trade and investment, with total import and export volume expected to exceed 1 trillion yuan in 2024, up from approximately 480 billion yuan in 2020 [1][2] - The zone has introduced 690 institutional innovations, including 193 national firsts, and attracted over 17,000 registered enterprises, with more than 3,000 being foreign-funded [2] Group 1: Economic Performance - The Zhejiang Free Trade Zone contributed 19.2% of the province's foreign trade, 17.6% of foreign investment, and 8.9% of tax revenue, despite occupying less than 1/400 of the province's area [1] - The Ningbo area has seen a 25.5% year-on-year increase in offshore trade revenue, reaching 6.8 billion USD in the first half of the year [3] Group 2: Sectoral Highlights - The Zhoushan area has become one of the fastest-growing cities in the Yangtze River Delta, with an average GDP growth of 8.4% since its establishment [2] - The Jinhua area has achieved a significant milestone with the output value of new energy vehicles and key components surpassing 100 billion yuan for the first time in 2024 [3] Group 3: Technological Advancements - Hangzhou has seven companies in the artificial intelligence sector with revenues exceeding 10 billion yuan, and its computing power ranks second in the country [4][5] - The city has also established itself as a national pilot zone for cross-border e-commerce, with exports reaching 38.74 billion yuan in the first half of the year, a 37.9% increase year-on-year [5]