[Table_StockNameRptType]2 恒力石化（600346） 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S0010524070002 电话：13816562460 邮箱：pannx@hazq.com 公司点评 检修和油价波动影响业绩，高分红注入市场信心 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-08-27 | | [Table_BaseData] 收盘价（元） | 17.15 | | 近 12 个月最高/最低（元） | 17.15/12.26 | | 总股本（百万股） | 7,039 | | 流通股本（百万股） | 7,039 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 1207 | | 流通市值（亿元） | 1207 | [Table_Chart] 公司价格与沪深 300 走势比较 -20% 0% 20% 40% 恒力石化 沪深300 [Table_Author] 分析师：王强峰 [Table ...

石油石化/炼化及贸易 恒力石化（600346.SH） 中报业绩符合预期，中期分红提高股东回报 2025 年 08 月 27 日 投资评级：买入（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 17.53 | | 一年最高最低(元) | 17.95/12.13 | | 总市值(亿元) | 1,233.95 | | 流通市值(亿元) | 1,233.95 | | 总股本(亿股) | 70.39 | | 流通股本(亿股) | 70.39 | | 近 3 个月换手率(%) | 19.35 | 股价走势图 -12% 0% 12% 24% 36% 48% 2024-08 2024-12 2025-04 2025-08 恒力石化 沪深300 数据来源：聚源 相关研究报告 《炼化景气度回暖，2025Q1 扣非归母 净利润环比大增—公司信息更新报 告》-2025.4.24 《公司具备盈利韧性，未来关注业绩 弹性和高分红—公司信息更新报告》 -2025.4.21 ——公司信息更新报告 | 金益腾（分析师） 龚道琳（分析师） 蒋跨跃（分析师） | | | | --- | --- | ...

公 司 研 究 / 石 油 石 化 / 证 券 研 究 报 告 恒力石化（600346）财报点评 恒力石化：周期底部业绩承压，"反内 卷"有望优化行业格局 2025 年 08 月 26 日 -10% 0% 10% 20% 30% 40% 2024/8 2025/2 2025/8 恒力石化 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 120,720.56 | | 流通市值（百万元） | 120,720.56 | | 52 周最高/最低（元） | 17.15/12.26 | | 52 周最高/最低（PE） | 17.15/12.26 | | 52 周最高/最低（PB） | 1.90/1.36 | | 52 周涨幅（%） | 39.89 | | 52 周换手率（%） | 170.45 | | 注：数据更新日期截止 2025 年 08 月 25 日 | | 【投资要点】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：张志扬 证书编号：S1160524100006 证券分析师：马小萱 证书编号：S1160525070002 相对指数表现 相关研究 《全产业 ...

资源品牛市，继续看好 20250824 摘要 中国高收益无风险资产稀缺，叠加资本市场改革提升可投资性，吸引超 高净值、高净值人群及实业资本入市，推动股市上涨。散户入市意愿虽 低，但未来或随无风险收益率下沉及改革推进而增加。 中国经济转型在人工智能、集成电路等领域取得进展，降低经济不确定 性，增强市场信心。无风险收益下沉促使资金涌向股票等资产管理需求 旺盛领域，推动市场整体上行。 预计 2025 年中国市场上升动力来自经济转型加速、无风险收益下沉和 资本市场改革。即使市场短暂调整，整体趋势仍然向好。 美联储降息预期升温，中美或进入宽松共振期。中国可能通过中国版 QE（央行购买长端国债）投放流动性，而非 LPR 降息，利好周期品投 资机会。 推荐关注金融（券商、银行、保险）、成长股（港股互联网传媒、创新 药、国防军工、算力、国潮品牌）、零售化妆品及周期品（有色金属、 化工、钢铁、建材）等板块。 中国经济转型对股市有何影响？ 中国经济转型加快，在人工智能、集成电路、创新药物以及国防军工领域取得 了显著进展。这些积极表现降低了中国经济的不确定性，提高了经济能见度。 随着这些领域的发展，中国经济的不确定性逐步下降，使得 ...

恒力石化股份有限公司 证券代码：600346 证券简称：恒力石化 公告编号：2025-056 恒力石化股份有限公司 2025年半年度主要经营数据公告 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。 恒力石化股份有限公司（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》要求，现将公司 2025 年 半年度主要经营数据披露如下： 二、主要产品价格变动情况 | 主要产品 | 2025 年 1-6 月 | | | 2024 年 | 1-6 月 | 变动比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 平均售价（元/吨） | | 平均售价（元/吨） | | | | | | 炼化产品 | | 5,077.67 | | | 5,379.55 | | -5.61 | | PTA | | 4,249.42 | | | 5,273.21 | | -19.41 | | 新材料产品 | | 6,955.37 | | | ...

Group 1 - The core report "Brand Finance 2025 China Brand Value Top 500" was officially released on May 9, 2025, with Phoenix News as the exclusive media partner [1] - Sinopec's brand value reached $29.78 billion in 2025, representing a year-on-year growth of 4.6%, maintaining its national ranking at 15th place with a brand strength rating of AA+ [1] - The growth in Sinopec's brand value is attributed to its robust operations in refining and sales, as well as continuous investments in green and low-carbon development, which have solidified its brand position in the oil and gas industry [1] Group 2 - Sinopec has successfully established and put into operation a smart oil and gas field production command center, achieving digital control of the entire exploration and development process, which has reduced labor costs and improved production efficiency [1]

Group 1: Key Insights on Electronic Industry - The report highlights that 澜起科技 has achieved continuous quarter-on-quarter growth in revenue and net profit for eight consecutive quarters, driven by the demand for interconnected chips [4][6] - For Q1 2025, the company reported a revenue of 1.22 billion yuan, representing a year-on-year increase of 65.78% and a quarter-on-quarter increase of 14.43%, with a net profit of 525 million yuan, up 135.14% year-on-year [4][5] - The demand for DDR5 memory interface chips and high-performance interconnect chips is expected to continue growing, with significant orders in hand exceeding 1.29 billion yuan as of April 22, 2025 [6] Group 2: Key Insights on Petrochemical Industry - 恒力石化 reported a total revenue of 236.40 billion yuan for 2024, a year-on-year increase of 0.65%, with a net profit of 7.04 billion yuan, up 2.01% [8][9] - In Q1 2025, the company achieved a revenue of 57.05 billion yuan, a decrease of 2.34% year-on-year, and a net profit of 2.05 billion yuan, down 4.13% [8][9] - The company has seen a significant increase in new materials sales, with production of high-performance resins and new materials reaching 1.60 million tons per year, contributing to the overall growth [10][11] Group 3: Key Insights on Pharmaceutical Industry - 华东医药 reported a total revenue of 41.91 billion yuan for 2024, reflecting a year-on-year growth of 3.16%, with a net profit of 3.51 billion yuan, up 23.72% [14][15] - The company’s industrial business has become a core growth driver, with the pharmaceutical industrial segment achieving a revenue of 13.81 billion yuan, a year-on-year increase of 13.05% [15][16] - R&D investment in the pharmaceutical sector reached 2.68 billion yuan in 2024, marking a 16.77% increase, with a focus on endocrine, autoimmune, and oncology fields [16]

Core Viewpoint - The company, Hengli Petrochemical, has released its unaudited financial report for the first quarter of 2025, ensuring the accuracy and completeness of the information provided [3][5][9]. Financial Data Summary - The financial report for the first quarter of 2025 has not been audited [3]. - The report includes key financial data and indicators, although specific figures are not detailed in the provided documents [3][5]. - The company confirms that there were no significant changes in the financial indicators compared to the previous period [4]. Corporate Governance - The board of directors and supervisory board have guaranteed the authenticity and completeness of the quarterly report, taking legal responsibility for any misleading statements or omissions [2][6]. - The board meeting to approve the first quarter report was held on April 21, 2025, with all directors present [6][7]. Shareholder Information - The report includes information on the total number of shareholders and the status of major shareholders, although specific details are not provided in the documents [4]. Operational Data - The company has disclosed its main operational data for the first quarter of 2025, including production volumes, sales, and revenue from key products [9]. - The report also addresses price fluctuations of major products and raw materials, although specific figures are not included [10][12].

【生物基能源与材料】 获 悉 ，4月21日， 恒力石化 发布公告，2025年第一季度，公司实现营业收入为570.2亿元，同比下降 2.3%；归母净利润为20.5亿元，同比下降4.1%；扣非归母净利润为12.4亿元，同比下降31.9%；经营现金流净额为77.46亿元。截 至一季度末，公司总资产2786.01亿元，较上年度末增长2.0%；归母净资产为653.05亿元，较上年度末增长3.0%。 | 项目 | 本报告期 | 上年同期 | 本报告期比上年同 | | --- | --- | --- | --- | | | | | 期增减变动幅度 | | | | | (%) | | 营业收入 | 5,702, 408. 57 | 5,839,049.81 | -2. 34 | | 归属于上市公司股东的净利 | 205, 093. 54 | 213, 936. 87 | -4. 13 | | 润 | | | | | 归属于上市公司股东的扣除 | 123.908.73 | 181,886.72 | -31.88 | | 非经常性损益的净利润 | | | | | 经营活动产生的现金流量净 | 774.551.81 | 787.6 ...

二、主要产品价格波动情况 恒力石化股份有限公司 证券代码：600346 证券简称：恒力石化 公告编号：2025-030 恒力石化股份有限公司 2025年一季度主要经营数据公告 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。 | 主要产品 | 2025 年 | 1-3 | 月 | 2024 年 | 1-3 月 | 变动比率（%） | | --- | --- | --- | --- | --- | --- | --- | | | 平均售价（元/吨） | | | 平均售价（元/吨） | | | | 炼化产品 | | | 5,181.99 | | 5,314.66 | -2.50 | | PTA | | | 4,388.69 | | 5,263.29 | -16.62 | | 新材料产品 | | | 6,963.22 | | 8,339.31 | -16.50 | 恒力石化股份有限公司（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》要求，现将公司 2025 年 一季度主要经营数据 ...