截至2026年1月9日收盘，东方盛虹（000301）报收于10.67元，较上周的10.89元下跌2.02%。本周，东 方盛虹1月6日盘中最高价报11.06元。1月5日盘中最低价报10.48元。东方盛虹当前最新总市值705.42亿 元，在炼化及贸易板块市值排名5/30，在两市A股市值排名267/5182。 机构调研要点 目前公司大部分装置已经按照前期规划建成投产，尚有 EVA、涤纶长丝等少量项目仍处于建设期，除 此外暂时没有其他新的大型项目建设规划。预计未来公司资本开支会呈现逐步下降趋势。公司会根据市 场情况和行业趋势，合理规划和控制资本开支规模。 公司公告汇总 江苏东方盛虹股份有限公司发布2025年第四季度可转换公司债券转股情况公告。盛虹转债代码127030， 转股价格13.21元/股，转股期限为2021年9月27日至2027年3月21日。2025年第四季度，盛虹转债因转股 减少20张，转股数量为150股。截至2025年12月31日，剩余可转债为49,974,584张，剩余金额 4,997,458,400.00元。公司总股本由6,611,230,167股增至6,611,230,317股。控股股东及其一致行动人 ...

2026年01月07日，东方盛虹披露接待调研公告，公司于01月07日接待睿远基金、天风证券、中汇人寿等 19家机构调研。 东方盛虹（000301）最新股价为10.76元，较前一交易日收盘价下跌0.13元，跌幅为1.19%，总市值 711.37亿元。从行业市盈率来看，东方盛虹所处的化学原料行业滚动市盈率平均47.25倍，行业中值 45.25倍。 调研情况显示，东方盛虹是一家全球领先、全产业链垂直整合并已深入布局新能源、新材料产业的能源 化工企业，拥有1600万吨/年盛虹炼化一体化项目、240万吨/年的甲醇制烯烃(MTO)及70万吨/年的丙烷 脱氢(PDH)装置，形成了烯烃、芳烃"双链"并延、协同发展的产业格局，具备独特的"油头""煤头""气 头"多头并举的烯烃制取能力。 公司已确立了从上游石油炼化向下游高附加值精细化工行业"强链、延链、补链"的全新发展战略，形成 了"1"个核心平台+"N"个新能源、新材料、电子化学、生物技术等多元化产业链条协同发展的"1+N"产 业格局，目前拥有PX产能280万吨/年、PTA产能630万吨/年，以及90万吨/年EVA、10万吨/年POE等精 细化工产品。 责任编辑：钟离 展望未 ...

股票代码：000301 股票简称：东方盛虹 江苏东方盛虹股份有限公司 投资者关系活动记录表 编号：2026-001 投资者关系 活动类别 特定对象调研 □电话会议 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 路演活动 现场参观 □其他 参与单位名 称及人员姓 名 天风证券、易方达基金、中欧基金、睿远基金、招商基金、融通基 金、前海开源基金、华宝基金、新华基金、中庚基金、华商基金、 兴银基金、诚旸投资、永赢基金、保银投资、摩根士丹利基金、长 盛基金、中汇人寿、承珞资本等（以上排名不分先后） 时间 2026 年 1 月 7 日 14:00-16:00 地点 公司会议室 上市公司接 待人员姓名 投资者关系总监沈杰先生 一、基本情况介绍 投资者关系 活动主要内 容介绍 江苏东方盛虹股份有限公司（以下简称"公司"）在新能源、 新材料、石油炼化与聚酯化纤领域深耕多年，是一家全球领先、全 产业链垂直整合并已深入布局新能源、新材料产业的能源化工企 业。 公司拥有 1600 万吨/年盛虹炼化一体化项目、240 万吨/年的 甲醇制烯烃（MTO）及 70 万吨/年的丙烷脱氢（PDH）装置，形成了 烯烃、芳烃"双链"并延、 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Ethylene is the most important basic organic raw material in the chemical industry, known as the "mother of the petrochemical industry." Its production capacity, process routes, and downstream structure reflect a country's petrochemical development level [4]. - Ethylene production is mainly through steam cracking, with different raw materials leading to different process routes. Downstream applications are extensive, mainly in polyethylene, ethylene glycol, styrene, and PVC, and the demand is closely related to the macro - economy and industry cycles [4][5]. Summary According to Relevant Catalogs I. Ethylene Basics - **Definition**: Ethylene is the simplest olefin with the formula C₂H₄ and structure CH₂ = CH₂. It is an important chemical raw material and a natural plant - ripening hormone [8]. - **Physical and Chemical Properties** - **Physical Properties**: Colorless, slightly sweet - smelling gas at normal temperature and pressure; has a low melting point of - 169.2°C and a boiling point of - 103.7°C; less dense than air; difficult to dissolve in water but easy in organic solvents; highly volatile and flammable, with an explosion limit of 2.7% - 36.0% [10][11][15][16]. - **Chemical Properties**: Chemically active due to the C = C double - bond, mainly showing addition, oxidation, and polymerization reactions [17]. - **Storage and Transportation** - **Storage**: Commonly stored in low - temperature liquid form using double - layer or full - containment cryogenic storage tanks at about - 104°C; can also be stored in pressurized gaseous form in steel pressure vessels or spherical tanks [25][26]. - **Transportation**: Mainly transported by pipeline in large - scale plants and chemical parks; for long - distance or international transport, it is usually in low - temperature liquid form; high - pressure gaseous transport is used for short - distance and small - batch transport [27][29][30]. II. Ethylene Industry Chain - **Production Process** - **Mainstream Process: Hydrocarbon Steam Cracking**: Accounts for over 90% of global ethylene production. Raw materials include light (ethane, propane, butane), medium (naphtha), and heavy (AGO, VGO) types. The process involves raw material pre - treatment, cracking reaction, quenching and heat recovery, compression and purification, and low - temperature distillation separation [35][36][38]. - **Auxiliary Processes**: Catalytic cracking has a lower reaction temperature and is suitable for high - propylene demand scenarios; methanol - to - olefins (MTO) does not depend on petroleum resources and is suitable for areas rich in coal and natural gas [46][47]. - **Global Ethylene Production Process Pattern and Characteristics** - **Global Pattern**: In 2025, ethane cracking accounted for 39.27% and naphtha cracking 36.86%, together over 75%. Other processes play a supplementary role [51]. - **Trends**: The global ethylene process shows a trend of increasing light - hydrocarbon use, decreasing heavy - raw material use, and coexistence of multiple routes. There are significant regional differences based on resource endowments [57]. - **Downstream Demand** - **Polyethylene**: Consumes over 50% of ethylene, including LDPE, HDPE, and LLDPE, with different production processes and applications [68]. - **Styrene**: Produced mainly by ethylbenzene dehydrogenation. It is mainly used in synthetic polymers and rubbers, and its demand is sensitive to the manufacturing industry cycle [71]. - **Ethylene Glycol**: Produced by ethylene oxidation - hydration globally, and coal - based process is developed in China. Over 80% is used in the polyester industry [74]. - **Ethylene Oxide**: Produced by direct ethylene oxidation. It is mainly used to produce ethylene glycol and is also used in other fields [77]. - **PVC**: Produced by ethylene and calcium carbide methods, with products used in hard and soft goods [78]. - **EVA**: Produced by copolymerizing ethylene and vinyl acetate. Low - VA EVA is used in foaming materials, and high - VA EVA is used in photovoltaic encapsulation films, etc. [82].

Investment Rating - The report does not explicitly state an investment rating for the oil refining industry Core Insights - The domestic key refining project price difference is 2557.23 CNY/ton, with a week-on-week change of +11.87 CNY/ton (+0.47%), while the international key refining project price difference is 1254.57 CNY/ton, with a week-on-week change of -43.45 CNY/ton (-3.35%) [2][3] - Brent crude oil's average price for the week ending December 26, 2025, is 61.73 USD/barrel, reflecting a week-on-week increase of +2.74% [2][3] - The refining sector is affected by geopolitical tensions, particularly regarding Venezuela and Russia, which have led to supply concerns and fluctuations in oil prices [2][15] - The chemical sector is experiencing weak demand, leading to a downward shift in chemical product prices [2][49] - Polyester production has seen a significant increase in sales volume, with downstream demand improving, which has positively impacted upstream prices [2][55] Summary by Sections Refining Sector - The report highlights the impact of geopolitical events on oil prices, with Brent and WTI crude prices at 60.64 and 56.74 USD/barrel respectively, showing slight increases [2][15] - Domestic refined oil prices have slightly decreased, with diesel, gasoline, and aviation kerosene averaging 6566.86, 7622.14, and 5716.07 CNY/ton respectively [2][15] Chemical Sector - The report notes a decline in demand for chemical products, with prices for polyethylene and EVA showing downward trends [2][55] - The average price for LDPE, LLDPE, and HDPE is reported as 9000.00, 6329.29, and 8000.00 CNY/ton respectively, with corresponding price differences from crude oil [2][55] Polyester & Nylon Sector - The polyester sector has seen a significant increase in production and sales, with a notable reduction in inventory levels and a slight increase in prices for polyester filament yarn [2][55] - The report indicates that the nylon filament prices remain stable, with slight improvements in price differences [2][55] Stock Performance - The report provides stock performance data for six major refining companies, with notable increases in stock prices for companies like Hengli Petrochemical (+11.01%) and Rongsheng Petrochemical (+12.12%) over the past week [2]

Core Viewpoint - Lianhong Xinke has successfully launched two major new energy material projects, enhancing its product portfolio and industry chain advantages, which is expected to positively impact the company's performance [1][2]. Group 1: Project Launches - The company’s subsidiary, Shandong Huayu Tongfang Electronic Materials Co., has successfully put into operation a 4,000 tons/year lithium battery additive, vinyl carbonate (VC), on December 22, 2025 [1]. - Another subsidiary, Lianhong Gelun (Shandong) New Materials Co., has also launched its integrated project for new energy materials and biodegradable materials [1]. - The VC product is currently the most widely used additive in lithium battery electrolytes, significantly improving battery capacity and cycle life [2]. Group 2: Market Demand and Future Projections - The lithium battery industry is experiencing increased demand driven by sectors such as power, energy storage, and low-altitude economy, leading to a rapid rise in market prices for lithium solvents and additives [2]. - Industry forecasts predict that the demand for power and energy storage batteries will grow by over 30% by 2026, with energy storage batteries potentially increasing by more than 50% [2]. Group 3: Production Capacity Expansion - The integrated project will add a 300,000 tons/year propylene oxide (PO) facility, a natural gas hydrogen production facility, a 1.3 million tons/year methanol-to-olefins (MTO) facility, a 200,000 tons/year EVA facility, and a 240,000 tons/year polyether polyol (PPG) facility [2]. - With the new facilities, Lianhong Xinke will have two 1.3 million tons/year MTO plants, ensuring stable and sufficient raw material supply [2]. - The total EVA production capacity will exceed 350,000 tons/year, and the PPG facility will utilize industry-leading continuous processing technology [2]. Group 4: Financial Performance - In the first three quarters, the company achieved a revenue of 4.568 billion yuan, a year-on-year decrease of 8.02%, while net profit reached 232 million yuan, a year-on-year increase of 30.32% [3]. - The company benefited from price increases in key products like EVA and UHMWPE, with a significant net profit increase of 90.9% in the third quarter alone, amounting to 71.73 million yuan [3].

联泓新科（003022.SZ）12月23日在投资者互动平台表示，公司光伏材料主要为EVA和POE，可用于生 产光伏电池封装胶膜，终端产品是否用于太空光伏领域，请咨询下游组件企业。 每经AI快讯，有投资者在投资者互动平台提问：公司光伏材料能应用于太空光伏吗？ （记者 胡玲） ...

该行认为授权IP类产品的竞争本质或是产品力、渠道力和用户力的竞争。产品力方面，公司拥有72个授 权IP、925个在售SKU，不仅产品矩阵丰富并且在材质、结构设计与模具精度上深度打磨，在各个价格 段具备突出的质价比优势，为终端动销与品牌口碑夯实基础;渠道力方面，线下渠道密度扩张聚焦下沉 市场，精准触达校边店核心用户，替代高价广告构建高效品牌体验入口，并引流用户参与BFC赛事等线 上生态活动，也可反哺生态体系;用户力方面，公司通过会员Club、BFC赛事体系及KOL/KOC/UGC多端 共创，逐步沉淀圈层"语言"，强化用户粘性与复购，整体形成"高质价比-渠道扩张-生态反哺"的良性闭 环。 智通财经APP获悉，国金证券发布研报称 ，预计布鲁可(00325)2025-2027归母净利润分别为 6.78/9.16/11.54亿元，同比分别270%/35%/26%。当前股价对应26年PE为17倍，给予22倍PE，目标价 80.74港元，维持"买入"评级。该行认为授权IP类产品的竞争本质或是产品力、渠道力和用户力的竞 争。布鲁可在这三方面已经逐步形成良性正循环，奠定品牌势能与规模长期增长的坚实基础。 中期成长驱动一：人群破 ...

国金证券发布研报称，预计布鲁可(00325)2025-2027归母净利润分别为6.78/9.16/11.54亿元，同比分别 270%/35%/26%。当前股价对应26年PE为17倍，给予22倍PE，目标价80.74港元，维持"买入"评级。该 行认为授权IP类产品的竞争本质或是产品力、渠道力和用户力的竞争。布鲁可在这三方面已经逐步形成 良性正循环，奠定品牌势能与规模长期增长的坚实基础。 国金证券主要观点如下： 公司一方面依托中国供应链实现标准化生产与成本控制，另一方面通过丰富IP储备与高频推新的SKU体 系维持产品新鲜感与可玩性，同时在海外复制Club、赛事与展会等生态建设路径，逐步搭建本地化用户 社群。公司24年/25H1出海营收分别为0.64/1.11亿元，同比增长518.2%/898.6%，逐步验证了产品与模式 在海外市场的可行性。若布鲁可海外市场开拓顺利，现有IP中"变形金刚"等有望率先受益，贡献显著增 量，出海(尤其是北美和亚太)逐步成为公司后续重要增长点。 质价比x渠道密度x用户生态共同奠定布鲁可长期增长基础 风险提示：IP授权到期;收入过于集中在外部IP;人群破圈效果低于预期;出海业务低于预期;行 ...

行业探索产品高端化与装置智能化降本的破局之道。 石化行业正深陷"产能过剩、利润承压、转型迫切"的三重困境。今年以来，化工行业整体步入下行通道，据连云港市发改委近日监测的国内16种主要化工品 价格，其综合平均价较年初已下降近14%。 "'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'。"中国石化联合会副会长傅向升此前表示，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，一些大宗基础产品和通用材料"内卷式"竞争日渐严重。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，有些产品产能远超国内市场消费量。 而同时，建筑、服装等产业消费增速放缓，削弱对大宗化工品的需求，加之全国仍有大量产能200万吨以下的老旧炼油装置在运行，导致石化行业陷入"内 卷"旋涡，产业结构优化与升级改造迫在眉睫。 此一背景下，作为石化龙头企业，中国石化（600028.SH）尝试以旗下茂名石化和中科炼化为实践样本，探索产品高端化与智能化降本的破局之路。 "以前拼原油加工规模，现在拼高端材料话语权。"在中国石化近日召开的上市25周年投资者反向路演活动上，茂名石化总经理杨文德 ...