Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [2] Core Views - The report indicates that the supply and demand for polycarbonate (PC) are gradually improving, suggesting that the industry may enter a prosperous cycle [6][8] - The demand for PC is expected to grow significantly due to the increasing penetration of downstream applications such as electric vehicles, electronics, and optical materials [9] - The report highlights that the domestic production capacity of PC has increased from 12% in 2017 to 49% by 2025, indicating a significant shift towards domestic production [6][9] Summary by Sections Investment Recommendations - Recommended stocks include: - Wanhua Chemical (600309 CH) with a target price of 85.20 and a "Buy" rating - Luxi Chemical (000830 CH) with a target price of 17.85 and a "Buy" rating - Hengli Petrochemical (600346 CH) with a target price of 24.48 and an "Overweight" rating - Rongsheng Petrochemical (002493 CH) with a target price of 12.48 and an "Overweight" rating [5][34] Supply and Demand Dynamics - The report forecasts that the industry operating rates will improve to 87% in 2025, 94% in 2026, and 95% in 2027, driven by limited new capacity additions and ongoing demand growth [10] - The overall demand for PC is projected to reach 360 million tons in 2024, with a compound annual growth rate (CAGR) of 11% from 2018 to 2024 [9][32] Competitive Landscape - The competitive landscape for PC is relatively favorable, with major production concentrated among leading chemical companies that possess the necessary technical qualifications [6] - The report notes that the market concentration has decreased from 80% in 2017 to 62% globally by 2025, while domestic concentration is expected to be 66% [6] Price Trends - As of December 30, 2024, PC prices have increased by 3% from the low point in September 2024, indicating a recovery in the market [10] - The report highlights that the price of PC is expected to continue to rise as supply and demand improve [10]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The rise in PX prices has triggered a bullish trend in the petrochemical sector, indicating long-term recovery opportunities for the industry [2][7] - The report highlights that the increase in PX prices, with futures rising over 800 CNY/ton and spot prices up about 340 CNY/ton, has improved profit expectations for refining companies [7] - The report emphasizes that the refining industry has faced prolonged downturns, with major companies encountering challenges such as declining domestic demand for refined oil and stagnant export quotas [7] - The appointment of new leadership at China Petroleum & Chemical Corporation is seen as a potential catalyst for industry recovery [7] Summary by Relevant Sections Investment Recommendations and Targets - Recommended leading companies in the refining sector include Sinopec (600028, Buy), Rongsheng Petrochemical (002493, Buy), and Hengli Petrochemical (600346, Buy) [3] - The report expresses optimism for recovery opportunities across various chemical sub-industries, including MDI leader Wanhua Chemical (600309, Buy) and companies in the PVC sector such as Zhongtai Chemical (002092, Not Rated), Xinjiang Tianye (600075, Not Rated), and Chlor-alkali Chemical (600618, Not Rated) [3] - In the phosphoric chemical sector, companies like Chuanheng Co. (002895, Not Rated) and Yuntianhua (600096, Not Rated) are highlighted due to growth driven by energy storage [3] - The oxalic acid industry recommendations include Hualu Hengsheng (600426, Buy), Huayi Group (600623, Buy), and Wankai New Materials (301216, Buy) [3]

来源：进出口银行 1月4日，进出口银行董事长陈怀宇与恒力集团有限公司（以下简称恒力集团）董事长陈建华在京举行会 谈，共同见证双方签署战略合作协议。进出口银行副行长王康，恒力集团副董事长范红卫参加会谈。 来源：进出口银行 1月4日，进出口银行董事长陈怀宇与恒力集团有限公司（以下简称恒力集团）董事长陈建华在京举行会 谈，共同见证双方签署战略合作协议。进出口银行副行长王康，恒力集团副董事长范红卫参加会谈。 陈怀宇董事长表示，进出口银行与恒力集团互为重要合作伙伴，双方在对外贸易、先进制造、境外投资 等领域合作紧密，取得了务实成果。进出口银行将深入学习贯彻党的二十届四中全会和中央经济工作会 议精神，依托在支持制造业高质量"出海"等方面的专业优势，通过多元化金融服务助力恒力集团以科技 创新驱动转型升级，扩大船舶等高技术含量产品出口，共同为培育新质生产力、扩大高水平对外开放作 出贡献。 陈建华董事长对进出口银行长期以来给予恒力集团的支持表示感谢，并介绍了集团各业务板块特别是造 船领域的经营情况和发展规划。他表示，恒力集团将积极响应国家政策，持续推进产业转型升级，着力 布局绿色高端装备制造项目，稳步拓展国际合作空间。希望双方 ...

Investment Strategy and Key Stock Portfolio - The report emphasizes the importance of enhancing macro governance effectiveness and maintaining a positive policy tone, with a combination of more proactive fiscal policy and moderately loose monetary policy expected to continue [4][9] - The focus is on expanding domestic demand and stabilizing investment, with recent policy adjustments such as the relaxation of housing purchase restrictions in Beijing and a reduction in the value-added tax rate for second-hand home sales [4][9] - The report highlights the potential for a pause in interest rate cuts by the Federal Reserve in the first half of the coming year, as recent U.S. GDP data exceeded expectations, driven by a rebound in personal consumption [10] Key Stock Recommendations - **Jinfa Technology (金发科技, 600143.SH)**: Positioned to transition from a comprehensive plastic leader to a high-end chemical materials platform, benefiting from strong demand in emerging industries [11][14] - **Hengli Petrochemical (恒力石化, 600346.SH)**: As a leading private refining enterprise, it is expected to benefit from a new cycle of refining prosperity due to its extensive production capacity and diversified product offerings [11][14] - **Satellite Chemical (卫星化学, 002648.SZ)**: Anticipated to enter a new growth phase with improved profitability in aromatics and polyester chains, supported by its cost control and market position [11][14] - **Huidi Technology (汇得科技, 603192.SH)**: Expected to maintain high-quality growth due to strong demand for polyurethane materials and a favorable cost environment [11][14] - **Aikodi (爱柯迪, 600933.SH)**: Positioned to benefit from the recovery of its robotics segment and potential contracts with Tesla, enhancing its growth prospects [11][14] - **TeBao Bio (特宝生物, 688278.SH)**: Anticipated to see significant growth driven by its core product and expanding R&D pipeline [11][14] - **New Dairy (新乳业, 002946.SZ)**: Expected to improve profitability through product innovation and a focus on low-temperature products [11][14] - **Zhongke Lanyun (中科蓝讯, 688332.SH)**: Positioned to benefit from AI-driven growth in the electronics sector, with a comprehensive product line [11][14] - **Hengxuan Technology (恒玄科技, 688608.SH)**: Focused on high-end SOC chips and AIOT applications, with strong competitive positioning [11][14] - **Jereh Group (杰瑞股份, 002353.SZ)**: Expected to see robust growth supported by its diversified business and significant orders in the natural gas sector [11][14] ETF Recommendations - **Southern CSI 1000 ETF (南方中证 1000ETF, 512100.OF)**: Notable growth of 29.27% year-to-date, tracking the CSI 1000 Index [15] - **E Fund CSI Artificial Intelligence Theme ETF (易方达中证人工智能主题, 159819.OF)**: Strong performance with a 70.29% increase year-to-date [15] - **Chemical ETF (化工 ETF, 159870.OF)**: Gained 43.01% year-to-date, reflecting the performance of the chemical industry [15] - **Huatai-PB CSI Major Consumption ETF (汇添富中证主要消费 ETF, 159928.OF)**: Slight decline of 2.40% year-to-date [15] - **Southern CSI Shenwan Nonferrous Metals ETF (南方中证申万有色金属 ETF, 512400.OF)**: Significant growth of 98.26% year-to-date [15]

Group 1 - The refining and trading sector increased by 0.73% compared to the previous trading day, with Runbei Hangke leading the gains [1] - On the same day, the Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] - Key stocks in the refining and trading sector showed varied performance, with Runbei Hangke closing at 39.48, up 5.31%, and China Petroleum at 10.41, up 1.56% [1] Group 2 - The refining and trading sector experienced a net outflow of 655 million yuan from main funds, while retail investors saw a net inflow of 549 million yuan [2] - The table of fund flows indicates that major stocks like Heshun Petroleum and Runbei Hangke had mixed net inflows and outflows from different investor types [3] - Heshun Petroleum had a main fund net inflow of 29.66 million yuan, while Runbei Hangke saw a net outflow of 30.16 million yuan from retail investors [3]

恒力石化股份有限公司 近日，公司收到中国银行间市场交易商协会（以下简称"交易商协会"）下发 的《接受注册通知书》（中市协注〔2025〕DFI77号）。《接受注册通知书》中明确： 交易商协会决定接受公司债务融资工具注册；注册自通知书落款之日起2年内有效； 公司在注册有效期内可分期发行超短期融资券、短期融资券、中期票据、永续票据、 资产支持票据、绿色债务融资工具等产品，也可定向发行相关产品；每期发行时应 确定当期主承销商、发行产品、发行规模、发行期限等要素。 公司将根据《接受注册通知书》要求，并按照《非金融企业债务融资工具注册 发行规则》《非金融企业债务融资工具注册工作规程》《非金融企业债务融资工具 定向发行注册工作规程》《非金融企业债务融资工具信息披露规则》等有关规则指 引规定执行，及时履行信息披露义务。 特此公告。 恒力石化股份有限公司董事会 2026 年 1 月 1 日 恒力石化股份有限公司 关于非金融企业债务融资工具（DFI）注册申请获准的 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 ...

恒力石化股份有限公司 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"）于2025年8月15日召开第九届董 事会第三十次会议，审议通过了《关于全资子公司之间吸收合并的议案》，同意 公司全资子公司恒力石化（大连）炼化有限公司（以下简称"恒力炼化"）吸收 合并公司全资子公司恒力石化（大连）化工有限公司（以下简称"恒力化工"）。 吸收合并完成后，恒力炼化存续经营，恒力化工将依法注销，恒力化工的全部资 产、债权、债务等其他一切权利和义务均由恒力炼化依法承继。具体内容详见公 司在指定信息披露媒体及上海证券交易所网站（www.sse.com.cn）披露的《关于 全资子公司之间吸收合并的公告》（公告编号：2025-047）。 近日，上述吸收合并涉及的市场主体登记手续，已在市场监督管理部门办理 完毕，至此，本次吸收合并事项已完成。本次吸收合并各方均在公司合并报表范 围内，吸收合并后不会对公司合并报表产生实质性影响，不会对公司的正常经营、 财务状况和经营成果产生重大影响，亦不存在损害公司及全体股东特别是中小 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the Tianhong Chemical ETF (159133), which saw a turnover of 4.42% and a transaction volume of 26.6075 million yuan, with the underlying index rising by 1.84% to reach a new annual high [1][3] - The Tianhong Chemical ETF has achieved a record high in size at 629 million yuan and a record high in shares at 567 million, with a net inflow of 21.9844 million yuan recently [3] - The chemical sector is characterized by its complexity and rapid rotation, with the Tianhong Chemical ETF tracking 50 leading companies, covering both traditional cyclical sectors and emerging growth areas [3] Group 2 - Recent news indicates that major companies in the lithium iron phosphate industry, including Wanrun New Energy and Hunan Youneng, have announced maintenance and production cuts, with reductions of 35% to 50% planned for January 2026 [3][4] - Research institutions suggest that the collective maintenance in the lithium iron phosphate industry is a response to rising raw material costs, leading to increased operational pressure on companies [4] - The lithium battery supply chain is experiencing a rise in both volume and price, with significant increases in production and prices for lithium carbonate and lithium iron phosphate, indicating a recovery in downstream demand [5]

Core Viewpoint - The PTA (Purified Terephthalic Acid) sector is experiencing strong performance, attracting market attention with significant gains in stock prices of leading companies in the industry. Group 1: Company Highlights - Hengyi Petrochemical (恒逸石化) has a latest stock price of 10.98 CNY with a daily increase of +10.02%, recognized as a leading private multinational with significant PTA production capacity [1] - Xin Feng Ming (新凤鸣) has a latest stock price of 19.90 CNY with a daily increase of +7.86%, ranking among the top three in the domestic polyester filament industry, with most PTA products used internally [2] - Zhongtai Chemical (中泰化学) has a latest stock price of 5.15 CNY with a daily increase of +7.29%, noted for being the largest PTA facility in Northwest China with significant regional market advantages [3] - Rongsheng Petrochemical (荣盛石化) has a latest stock price of 11.98 CNY with a daily increase of +7.06%, recognized as a leader in the PTA industry with a total PTA capacity of approximately 19 million tons [4] - Hengli Petrochemical (恒力石化) has a latest stock price of 22.43 CNY with a daily increase of +6.81%, noted for having the most advanced technology and cost advantages in PTA production [5] - Tongkun Co., Ltd. (桐昆股份) has a latest stock price of 17.40 CNY with a daily increase of +4.07%, established an integrated production and sales structure for PTA and polyester [6] - Shanghai Petrochemical (上海石化) has a latest stock price of 2.85 CNY with a daily increase of +3.64%, possessing a PTA capacity of 400,000 tons per year [8] - Dongfang Shenghong (东方盛虹) has a latest stock price of 11.37 CNY with a daily increase of +3.46%, recognized as an important polyester raw material supplier in East China with existing PTA capacity [9]

Core Viewpoint - The chemical sector has shown a significant rebound, with the Chemical ETF (516020) reaching a new high since September 2022, reflecting strong performance across various sub-sectors such as petrochemicals, polyester, phosphate chemicals, and lithium batteries [1][9]. Group 1: Market Performance - The Chemical ETF (516020) opened lower but experienced a rise, achieving a maximum intraday increase of 2.56% and closing up by 1.98% [1][9]. - The Chemical ETF's index has recorded a year-to-date increase of 41.4%, outperforming major A-share indices like the Shanghai Composite Index (18.3%) and the CSI 300 Index (18.21%) [1][9]. Group 2: Key Stocks Performance - Notable stocks within the sector include Hengyi Petrochemical, which hit the daily limit, and others like Xin Fengming and Rongsheng Petrochemical, which rose over 7% [1][9]. - Hengli Petrochemical increased by over 6%, while Jinfa Technology, Yuntianhua, and Tianci Materials also showed significant gains [1][9]. Group 3: Industry Trends - The chemical sector's strong performance is attributed to policy support and cyclical recovery, leading to a notable outperformance compared to the broader market [1][9]. - The sector's fixed asset investment growth is slowing, and the "anti-involution" policy is promoting industry self-discipline, which is expected to improve profitability levels [6][13]. Group 4: Future Outlook - The demand for lithium iron phosphate materials is expected to grow significantly, with projections indicating a global output of 5.25 million tons by 2026, a 36% increase year-on-year [4][12]. - The Chemical ETF (516020) is positioned to capture investment opportunities across various sub-sectors, with nearly 50% of its holdings in large-cap leading stocks [6][13].