2026 年 1 月 7 日 未来增长新引擎：绿色转型与产业升级。公司以"油转化"、"油转特"战略优 化炼油结构，提升化工品及高端特种油品比例，荆门石化等基地实现技术突破； 同步布局氢能全产业链（制储运加用），依托加油站网络的综合能源服务站战略 布局充换电以及光伏产业，并对地热、风电等清洁能源积极探索；加速数字化转 型，建成多家智能工厂，依托"线上中石化"发展汽服、餐饮等新业态，向绿色 化、智能化、多元化综合能源服务商转型。 公司治理与改革：价值重塑的深层驱动力。公司持续推进国企改革深化行动，通 过"对标世界一流管理提升行动"优化治理效能，深化市场化经营机制改革，全 面推行经理层任期制与契约化管理，激发组织活力，为"提质增效"提供制度保 障。在此背景下，公司 ESG 表现持续提升，制定清晰的"双碳"实施路径，ESG 评级位居同业前列，吸引长期资金积极配置。 盈利预测、估值与评级：我们维持公司 25-27 年盈利预测，预计公司 25-27 年 归母净利润分别为 401、462、514 亿元，折合 EPS 分别为 0.33、0.38、0.43 元/股。维持公司 A 股和 H 股的"买入"评级。 风险提示：油气价格 ...

Core Viewpoint - The successful operation of the first production line of the POE high-end new materials project by Liaoning Dingjide Petrochemical Co., Ltd. marks a significant advancement in domestic production capabilities, achieving over 5,000 tons of product delivery and meeting international standards for quality [1][2]. Group 1: Company Overview - Liaoning Dingjide was established in 2004 and specializes in the production of polyolefin catalysts and additives, positioning itself as a high-tech enterprise [1]. - In September 2023, the company signed an investment agreement to establish Liaoning Dingjide Petrochemical Technology Co., Ltd., focusing on the development of a new petrochemical materials project in Dalian Changxing Island [1]. Group 2: Project Details - The first phase of the POE project includes a planned capacity of 200,000 tons/year for POE and 300,000 tons/year for ethylene to alpha-olefins, along with supporting infrastructure [1]. - The project commenced construction in March 2024 and achieved pilot production in June 2024, with successful initial feed in October 2024 [1]. Group 3: Market Implications - POE materials, known for their flexibility and weather resistance, are essential in various industries, including photovoltaic films, automotive interiors, and medical consumables [2]. - The successful operation of the first production line validates the stability of Dingjide's technology and product quality, which has historically relied on imports [2]. - The upcoming completion of the second production line, expected to be operational by mid-January 2026, will enhance Dingjide's production capacity and contribute to a more robust market supply [2].

本报记者 李勇 当前，国内拟建POE项目总产能已突破600万吨/年，今年新增产能约100万吨/年。 李鹏岩认为，未来，随着我国POE产能的陆续投产，不仅将显著缓解国内POE供给受限局面，同时，也将直接带动茂金属 催化剂的本土采购需求。 对于此次收购，风光股份在公告中表示："三石博涛成为公司控股子公司后，有利于优化公司资源配置，提高公司盈利能 力。" POE在多个新兴领域都扮演着关键角色。其中，光伏封装胶膜是当前POE增长最快的下游应用。 "POE胶膜兼备抗PID（电位诱导衰减）性能和水汽阻隔性、无醋酸等特性，是目前双玻组件、N型电池的主流封装材 料。"有不愿具名的新能源业内人士向《证券日报》记者表示，随着N型组件的持续放量，高性能POE胶膜需求快速攀升，对 POE材料需求有望保持高速增长。 中国城市专家智库委员会常务副秘书长林先平向《证券日报》记者表示："POE作为重要的聚合物材料，在医疗、包装、 汽车、电子、建筑、光伏等领域都有着广泛的应用，已成为现代工业不可或缺的关键材料。" "POE制备存在三大难点，分别为高碳α-烯烃原料制备、茂金属催化剂的制备和溶液聚合工艺的控制。"李鹏岩表示，此次 在催化剂领域的自 ...

Core Viewpoint - The domestic breakthrough in the production of Polyolefin Elastomer (POE) has made significant progress in the catalyst segment, with Fengguang Co. planning to acquire 51% of Ningxia Sanshi Botao Technology Co. for 5.2 million yuan, marking a step towards self-sufficiency in the POE industry [1] Group 1: Company Developments - Fengguang Co. focuses on the research, production, and sales of high-performance polymer chemical additives and is a leading enterprise in the domestic antioxidant industry [1] - The acquisition of Sanshi Botao represents Fengguang's further expansion in the field of metallocene catalysts, which are crucial for POE production [1] - The company aims to optimize resource allocation and enhance profitability following the acquisition [4] Group 2: Industry Insights - POE is a copolymer elastic material with excellent weather resistance, chemical performance, toughness, and processing capabilities, primarily produced using metallocene catalysts [2] - The demand for POE is rapidly increasing, particularly in photovoltaic encapsulation films, driven by the growth of N-type solar components [3] - China has been heavily reliant on imports for POE due to high technical barriers, but domestic production capacity is expected to exceed 6 million tons per year, with an additional 1 million tons added this year [3][4] - The breakthrough in metallocene catalyst production is significant for achieving self-sufficiency in the POE industry, addressing critical supply constraints [3]

Core Viewpoint - The company has made significant technological breakthroughs in high-end new materials such as α-olefins, POE (polyolefin elastomers), and metallocene polyethylene, and is actively engaging with downstream key customers for sample certification [2]. Group 1 - The company aims to become a world-class chemical new materials technology company, focusing on "management excellence" and "technological leadership" [2]. - The company is leveraging its advantages in the industrial chain to control core technologies and innovate processes, providing differentiated products tailored to customer needs [2]. - Currently, the company has samples being tested by customers in the C2 and C3 industrial chains, with new products being introduced to the market [2].

Core Viewpoint - The company emphasizes the accuracy and completeness of its quarterly financial report, asserting that there are no false records or misleading statements [2][3]. Financial Data Summary - The third-quarter financial report has not been audited [3][12]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - There are no non-recurring profit and loss items applicable for this quarter [3]. Changes in Financial Indicators - The company has provided explanations for changes in the balance sheet, income statement, and cash flow statement, although specific details are not disclosed in the provided documents [4][5]. Shareholder Information - The company has not reported any changes in the top ten shareholders or significant shareholders due to securities lending activities [5][7]. Other Important Matters - The company is in the process of establishing a health insurance company with a planned registered capital of 1 billion yuan, but there has been no progress reported as of the current period [5]. - The company is advancing its investment projects in Qingdao, including the POE project and ultra-high molecular weight polyethylene project, with ongoing procurement and construction activities [6]. - The company is preparing for the IPO of its subsidiary, Chengzhi Yonghua, and is actively engaging with regulatory bodies [8]. - A total investment of 350 million yuan is planned for a multifunctional workshop and raw material drug workshop project in Jiangxi, with construction progressing [9]. - The company has reached an agreement regarding debt recovery from Wansheng Bio, with a total claim of approximately 133.18 million yuan [10]. - The company is also investing in a high-performance liquid crystal materials upgrade project, with various preparatory works completed [11].

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Views - The chemical sector has experienced a decline, with the CITIC Basic Chemical Index dropping by 5.76% this week [14] - Dragon Group's acquisition of Venator UK's titanium dioxide production assets for $69.9 million is a strategic move to enhance its overseas business [3] - Dingjide's new 200,000 tons POE industrial facility has been successfully launched, marking a significant milestone in its diversification into new materials [3] Market Performance - The Shanghai Composite Index fell by 1.47%, while the ChiNext Index dropped by 5.71% this week [14] - The top five sub-industries in terms of decline include synthetic resin (-10.64%) and modified plastics (-9.6%) [17] - The top ten companies with the highest gains include Sanfu Co. (+33.17%) and New Agricultural Co. (+21.48%) [18] Key Industry Dynamics - Dragon Group's acquisition is aimed at expanding its titanium dioxide production capabilities, which is crucial given the competitive landscape dominated by major players like Chemours and Tronox [3] - Dingjide's POE project is expected to support domestic production and reduce reliance on foreign technology [3] - The tire industry shows strong domestic competition, with companies like Sailun Tire and Linglong Tire being highlighted as potential investment opportunities [4] Investment Themes - The tire sector is identified as having strong growth potential, with domestic companies showing competitive advantages [4] - The consumer electronics sector is anticipated to recover, benefiting upstream material companies [4] - The phosphorous chemical industry is expected to tighten supply due to environmental regulations, making it a focus for investment [8] - The vitamin market is experiencing supply disruptions, particularly in vitamins A and E, creating potential investment opportunities [9]

Core Insights - The announcement by Liaoning Dingjide Petrochemical Co., Ltd. highlights the successful production of qualified POE products from its newly launched industrial facility, marking a significant milestone in the company's strategic development [1] Project Overview - The POE high-end new materials project is divided into short-term and long-term phases, with the short-term project involving an investment of 12 billion yuan [1] - The first phase of the short-term project includes the construction of a 200,000 tons/year POE facility, a 300,000 tons/year ethane-to-alpha-olefins unit, and related utilities [1] - Construction of the project commenced in March 2024, with pilot production expected to start in June 2025, achieving stable production of qualified POE products [1] Strategic Significance - The launch of the POE industrial facility signifies the company's transition from a producer of fine chemical additives and catalysts to a diversified manufacturer of new materials and fine chemicals [1] - This project is expected to support the domestic substitution of POE products and enhance the self-sufficiency of the industry chain [1] Industry Context - POE is recognized as a high-end polyolefin material with significant production challenges and high barriers to entry [1] - In recent years, domestic research institutions and companies have actively pursued independent research and development to break foreign technology monopolies, with several projects already achieving mass production [1]

Core Insights - The successful production of POE (polyolefin elastomer) products marks a significant milestone for Dingjide, transitioning the company from a fine chemical additive and catalyst manufacturer to a diversified producer of new materials and fine chemicals [1][2] Company Overview - Dingjide, established in 2004, is a national high-tech enterprise that integrates the research, production, and sales of polyolefin catalysts and additives [2] - In September 2023, the company signed an investment agreement to establish Liaoning Dingjide Petrochemical Technology Co., Ltd., entering the high-end new materials sector with a focus on POE [2] Project Details - The recently launched project includes a phase one capacity of 200,000 tons/year of POE and 300,000 tons/year of ethane to alpha-olefins, along with supporting infrastructure [2][3] - The project utilizes an "ethane-alpha-olefin-POE" core industrial chain, emphasizing synergy and integration across upstream and downstream operations [2] Market Potential - POE materials are characterized by flexibility and weather resistance, with applications in photovoltaic film, automotive interiors, and medical consumables [1] - The domestic POE market has historically relied on imports, and Dingjide's project is expected to enhance the self-sufficiency of China's POE material industry [1][2] - The project is anticipated to maintain high demand due to the rapid growth of sectors such as renewable energy and automotive [2] Future Plans - Following the successful launch of phase one, Dingjide plans to initiate phase two, which will include an additional 200,000 tons/year of POE and 300,000 tons/year of ethane to alpha-olefins [3] - Long-term plans include the development of 400,000 tons/year of liquid-phase polyethylene, 300,000 tons/year of ethane to vinyl acetate, and other related facilities [3]

Core Viewpoint - The "Stabilizing Growth Work Plan for the Petrochemical Industry (2025-2026)" emphasizes a transformation direction of "stabilizing total volume and optimizing structure," avoiding a one-size-fits-all approach to capacity reduction [1][2] Policy Impact on Chemical Prices - The plan focuses on controlling new capacity and upgrading existing facilities rather than eliminating current capacity, indicating that supply will not significantly shrink in the short term [1][2] - The core contradiction in the chemical market remains high capacity investment with weak demand, leading to a pessimistic market outlook despite policy changes [2] Specific Chemical Products Analysis - The plan supports refining enterprises to "reduce oil and increase chemicals," which may increase the total supply of chemical products, particularly affecting prices of basic chemicals like synthetic resins and ethylene glycol [2][5] - PX is viewed positively by multiple institutions due to the peak of capacity expansion being over, with no new capacity expected from 2024 to 2025, leading to a favorable supply-demand balance [3][4] - Ethylene is still in a capacity expansion cycle, and while the policy may slow down supply growth, the basic market remains loose, with price fluctuations expected to be limited [4] Long-term Market Opportunities - The policy aims to curb blind capacity expansion and improve the supply-demand mismatch, potentially increasing industry profit margins by 3-5 percentage points by 2026 [3] - Long-term investment opportunities are identified in three areas: high-end fine chemicals, green transition sectors, and companies with integrated layouts and technological advantages [5] Short-term Trading Strategies - Short-term trading strategies should focus on "swing trading" to avoid blind chasing of price increases, with attention to short-term mismatches due to policy windows and facility maintenance [6] - Investors are advised to be cautious of the potential for policy expectations to be overvalued in the market, particularly in high-end products [6]