Investment Rating - The report maintains an "Outperform" rating for the chemical industry [2] Core Viewpoints - The PTA industry is expected to see a cyclical bottoming out, with leading companies discussing coordinated production cuts to improve supply-demand dynamics [27][28] - The domestic PTA capacity has rapidly expanded from 46.69 million tons in 2019 to 84.28 million tons in 2024, with a CAGR of 12.5% [27] - The report highlights the potential for a new cyclical upturn in the PTA market, driven by the exit of older, high-cost production capacities and a stabilization in domestic and international textile demand [28][29] Market Performance - The basic chemical sector underperformed the market, with the industry index declining by 1% during the week of September 19-26, while the Shanghai Composite Index rose by 0.2% [15][20] - Year-to-date, the basic chemical industry index has increased by 22.3%, outperforming the Shanghai Composite Index by 8 percentage points [15][21] Key News and Company Announcements - Recent discussions among leading PTA companies regarding coordinated production cuts are expected to enhance industry self-discipline and avoid disorderly competition [26][27] - Xinxiang Chemical Fiber announced a planned shutdown of 31,200 tons of viscose filament capacity for maintenance starting October 1, 2025, which is anticipated to tighten supply in the viscose filament market [26][29] Price and Margin Analysis - The report notes that the price difference for PTA has narrowed to within 200 RMB/ton, indicating significant pressure on profitability for many companies [27] - The viscose filament industry is expected to see price increases driven by seasonal demand and coordinated actions among leading companies [29] Investment Recommendations - The report suggests focusing on companies such as Hengli Petrochemical, Tongkun Co., and Xinfonming, which are well-positioned to benefit from the expected improvements in the PTA market [28][29] - For viscose filament, attention is drawn to Xinxiang Chemical Fiber and Jilin Chemical Fiber, which may experience profit elasticity due to potential price increases [29]

Market Overview - The chemical fiber sector experienced a significant increase of 3.48% on September 26, with Shenyang Chemical leading the gains [1] - In contrast, the Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Key Performers - Shenyang Chemical (600810) closed at 11.06, up 10.05% with a trading volume of 270,600 shares and a transaction value of 296 million [1] - Sanfangxiang (600370) also saw a rise of 10.00%, closing at 2.20 with a trading volume of 547,100 shares [1] - New Fengming (603225) increased by 9.43%, closing at 16.60 with a trading volume of 491,400 shares [1] - Other notable performers include Xinxiang Chemical Fiber (000949) up 6.73% and Anhui Wuwei High-tech (600063) up 5.15% [1] Fund Flow Analysis - The chemical fiber sector saw a net inflow of 392 million from institutional investors, while retail investors experienced a net outflow of 310 million [2][3] - The main funds' net inflow for Shenyang Chemical was 76.46 million, representing 25.83% of its total trading volume [3] - Sanfangxiang had a net inflow of 35.76 million, accounting for 30.56% of its trading volume [3] Summary of Individual Stocks - Shenyang Chemical: 10.05% increase, 27,060 shares traded, 296 million transaction value [1] - Sanfangxiang: 10.00% increase, 547,100 shares traded [1] - New Fengming: 9.43% increase, 491,400 shares traded [1] - Xinxiang Chemical Fiber: 6.73% increase, 1,287,800 shares traded [1] - Anhui Wuwei High-tech: 5.15% increase, 1,880,300 shares traded [1]

Group 1 - The core viewpoint of the news highlights the recent stock performance and financial metrics of Jiangsu Sanfangxiang Polymeric Materials Co., Ltd, indicating a mixed performance in terms of stock price and financial results [1][2]. - As of September 26, the stock price increased by 2.50% to 2.05 CNY per share, with a total market capitalization of 7.988 billion CNY [1]. - The company has seen a year-to-date stock price increase of 11.41%, but a decline of 1.91% over the last five trading days [1]. Group 2 - The company operates primarily in the production and sales of bottle-grade polyester chips (79.87% of revenue) and PTA (17.60%), with other products contributing minimally [1][2]. - For the first half of 2025, the company reported a revenue of 10.08 billion CNY, a year-on-year decrease of 13.97%, and a net profit attributable to shareholders of -271 million CNY, down 90.89% year-on-year [2]. - The company has distributed a total of 1.86 billion CNY in dividends since its A-share listing, with 584 million CNY distributed over the last three years [3].

Group 1 - The stock price of Sanfangxiang fell by 2.45% on September 25, closing at 1.99 CNY per share, with a total market capitalization of 7.754 billion CNY [1] - Year-to-date, Sanfangxiang's stock price has increased by 8.15%, but it has decreased by 7.87% in the last five trading days [1] - The company has appeared on the trading leaderboard six times this year, with the most recent appearance on May 14, where it recorded a net buy of 27.4849 million CNY [1] Group 2 - Jiangsu Sanfangxiang Ju Cai Co., Ltd. was established on June 13, 1994, and listed on March 6, 2003, primarily engaged in the production and sales of bottle-grade polyester chips and PTA [2] - The main revenue composition includes bottle-grade polyester chips (79.87%), PTA (17.60%), and other products [2] - As of June 30, the number of shareholders decreased by 22.17% to 36,700, while the average circulating shares per person increased by 28.48% [2] Group 3 - Sanfangxiang has distributed a total of 1.86 billion CNY in dividends since its A-share listing, with 584 million CNY distributed over the past three years [3]

Core Viewpoint - Sinopec has established a new subsidiary focused on resource recycling, indicating a strategic move towards sustainable practices in the chemical industry [2][3]. Group 1: Company Developments - Sinopec has invested in China Resource Recycling Group and is involved with Changde Technology, a "little giant" in chemical resource utilization that has recently initiated an IPO [2]. - Zhejiang Hengyi Group has signed an investment agreement for a 1 million ton green circular new materials project, focusing on the recycling of waste textiles, with a potential annual recycling volume exceeding 200,000 tons, which could reduce carbon emissions by 300,000 tons [4]. - Jiangsu Sanfangxiang has announced the establishment of a wholly-owned subsidiary with an investment of 100 million RMB, focusing on polyester recycling and developing food-grade polyester chip preparation technology [6]. Group 2: Technological Insights - Hengyi Group employs chemical recycling technology to depolymerize polyester into its monomer components, utilizing their proprietary "Yitaikang" antimony-free polyester technology to minimize environmental impact [4][5]. - Various depolymerization technologies exist, with glycolysis being the most mainstream and accessible for new entrants, offering advantages such as mild reaction conditions, easy product separation, and minimal fiber damage [5]. Group 3: Regulatory Environment - The EU mandates that by 2030, recycled materials must constitute at least 30% of textile products, while China's circular economy development plan aims for a 25% recycled fiber ratio [8]. - New EU packaging regulations require that by 2030, packaging must contain 10-35% recycled materials, emphasizing the shift towards circular economy practices [8]. - The automotive industry is also adapting, with regulations requiring the inclusion of recycled fibers in vehicle interiors to meet mandated recycled content [8]. Group 4: Market Landscape - International players in polyester chemical recycling include Eastman, SK Chemicals, and CARBIOS, while domestic companies like Zhejiang Jiaren New Materials and Hubei Chengfa Technology are also making strides in this sector [9]. - The market for polyester chemical recycling is seeing a surge in startups receiving significant funding, particularly in regions such as Europe, the US, and Asia [9].

Group 1 - The company announced that it will hold a staff representative meeting on September 23, 2025 [2] - During the meeting, employee representatives voted to elect Mr. Li Yifeng as the employee representative director of the company's 11th board of directors [2]

| 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-073 | | --- | --- | --- | | 转债代码：110092 | 转债简称：三房转债 | | 江苏三房巷聚材股份有限公司 关于公司董事离任暨选举职工代表董事的公告 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。 重要内容提示： 江苏三房巷聚材股份有限公司（以下简称"公司"）于 2025 年 9 月 23 日召开 2025 年第二次临时股东大会，审议通过《关于取消监事会并修订<公司章程>的 议案》《关于制定、修订公司部分治理制度的议案》，本次章程修订内容主要包括 公司不再设置监事会、董事会增设职工代表担任的董事等。根据《中华人民共和 国公司法》《上海证券交易所上市自律监管指引第 1 号——规范运作》等法律法 规和规范性文件及《江苏三房巷聚材股份有限公司章程》的相关规定，公司于 2025 年 9 月 23 日召开职工代表大会，选举李屹峰先生为公司第十一届董事会职 工代表董事。现将相关情况公告如下： 一、董事离任情况 （一）提前离任的基本情况 ...

| 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-072 | | --- | --- | --- | | 转债代码：110092 | 转债简称：三房转债 | | 江苏三房巷聚材股份有限公司 2025年第二次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事7人，出席7人；候选独立董事 1 人，出席 1 人； 1 (二)股东大会召开的地点：江苏省江阴市周庄镇三房巷路 1 号三房巷办公大 楼二楼会议室。 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 165 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,174,635,433 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 82.0983 | | 份总数的比例（%） | | 注：截至股权 ...

德恒上海律师事务所 关于江苏三房巷聚材股份有限公司 2025 年第二次临时股东大会 见证法律意见书 德恒 02G20240275-00004 号 致:江苏三房巷聚材股份有限公司 N 见证法律意见书 上海市虹口区东大名路 501 号上海白玉兰广场办公楼 23 楼 电话: 021-55989888 传真: 021-55989898 德恒上海律师事务所 关于江苏三房巷聚材股份有限公司 2025 年第二次临时股东大会之见证法律意见书 德恒上海律师事务所 关于江苏三房巷聚材股份有限公司 2025 年第二次临时股东大会之 德恒上海律师事务所(以下简称"本所")接受江苏三房巷聚材股份有限公 司(以下简称"公司")委托,指派张露文律师、王金波律师(以下合称"本所 承办律师")出席公司于2025年9月23目下午14点00分在江苏省江阴市周庄镇三 房巷路1号三房巷办公大楼二楼会议室召开的2025年第二次临时股东大会（以下 简称"本次股东大会"),就本次股东大会召开的召集和召开程序、召集人及出 席会议人员的资格、会议议案、表决方式和表决程序、表决结果和会议决议等进 行见证并出具本法律意见书。 本所承办律师依据本法律意见书出具目前已 ...

| 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-074 | | --- | --- | --- | | 转债代码：110092 | 转债简称：三房转债 | | 江苏三房巷聚材股份有限公司 （三）本次董事会会议于2025年9月23日在本公司会议室以现场表决方式召 开。 （四）本次董事会应到会董事7名，实到会董事7名。 （五）本次会议由董事长卞惠良先生主持，公司高级管理人员列席会议。 二、董事会会议审议情况 本次会议审议并通过了如下议案： 审议通过了《关于调整第十一届部分董事会专门委员会委员的议案》 第十一届董事会第二十二次会议决议公告 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。 一、董事会会议召开情况 （一）江苏三房巷聚材股份有限公司（以下简称"公司"）第十一届董事会 第二十二次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公 司章程的规定。 （二）本次董事会会议通知于2025年9月12日以电话通知、电子邮件的方式 发出。 1 其他董事会专门委员会组成人员不变。 上述董事会各专门委员会委员 ...