Group 1 - The chemical fiber sector increased by 0.62% on October 20, with Shenma Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] - Key stocks in the chemical fiber sector showed significant price increases, with Shenma Co., Ltd. rising by 4.45% to a closing price of 10.57 [1] Group 2 - The main capital flow in the chemical fiber sector showed a net inflow of 22.42 million yuan, while retail investors had a net inflow of 63.82 million yuan [2] - Major stocks like Shenma Co., Ltd. and Xinxiang Chemical Fiber saw varying levels of net capital inflow and outflow from different investor categories [3] - Shenma Co., Ltd. had a net inflow of 71.02 million yuan from main capital, while retail investors experienced a net outflow of 43.36 million yuan [3]

Group 1 - The stock price of Sanfangxiang increased by 2.00% on October 20, reaching 2.04 CNY per share, with a trading volume of 27.24 million CNY and a turnover rate of 0.35%, resulting in a total market capitalization of 7.949 billion CNY [1] - Year-to-date, Sanfangxiang's stock price has risen by 10.87%, with a decline of 1.92% over the last five trading days and a decrease of 3.32% over the last 20 days, while it has increased by 7.37% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on May 14, where it recorded a net purchase of 27.485 million CNY, accounting for 43.86% of total trading volume [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, with the main business revenue composition being 79.87% from bottle-grade polyester chips and 17.60% from PTA [2] - As of June 30, the number of shareholders for Sanfangxiang was 36,700, a decrease of 22.17% from the previous period, with an average of 106,172 circulating shares per person, an increase of 28.48% [2] - For the first half of 2025, Sanfangxiang reported an operating income of 10.08 billion CNY, a year-on-year decrease of 13.97%, and a net profit attributable to the parent company of -271 million CNY, a year-on-year decrease of 90.89% [2] Group 3 - Sanfangxiang has distributed a total of 1.86 billion CNY in dividends since its A-share listing, with a cumulative distribution of 584 million CNY over the past three years [3]

二、进展情况 | 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-077 | | --- | --- | --- | | 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对外投资 设立全资子公司的进展公告 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、对外投资基本情况 江苏三房巷聚材股份有限公司（以下简称"公司"）于 2025 年 9 月 15 日召开 第十一届董事会第二十一次会议，审议通过了《关于对外投资设立全资子公司的 议案》。具体内容详见公司 2025 年 9 月 16 日披露于上海证券交易所官网 （www.sse.com.cn）的《江苏三房巷聚材股份有限公司关于对外投资设立全资子 公司的公告》（公告编号：2025-069）。 法定代表人：卞永刚 住所：江阴市利港街道润华路 20 号 统一社会信用代码：91320281MAG0D3NB1G 经营范围：一般项目：再生资源回收（除生产性废旧金属）；生产性废旧金 属回收；再生资源销售；再生资源加工；资源循环利用服 ...

Core Viewpoint - Jiangyin Sanfangxiang Ju Cai Green Technology Co., Ltd. has been established with a registered capital of 100 million yuan, focusing on recycling and resource utilization services [1] Group 1 - The company is fully owned by Sanfangxiang [1] - The business scope includes sales and processing of renewable resources, technical consulting for resource recycling, and research and development of recycling technologies [1]

Group 1 - Company Sanfangxiang (SH 600370) announced on October 10 that its controlling shareholder, Sanfangxiang Group, has pledged and released part of its shares [1] - On October 9, 2025, Sanfangxiang Group pledged 335,000,000 unrestricted circulating shares to Industrial and Commercial Bank of China, Jiangyin Branch, and completed the pledge registration with China Securities Depository and Clearing Corporation [1] - As of the announcement date, Sanfangxiang Group has pledged a total of approximately 1.749 billion shares, accounting for 58.94% of its total holdings and 44.89% of the company's total share capital [1] Group 2 - Sanfangxiang Group's action partner, Jiangsu Sanfangxiang International Trade Co., Ltd., holds approximately 200 million shares, accounting for 5.14% of the company's total share capital, which are not pledged [1] - The total pledged shares by Sanfangxiang Group and its action partner account for 55.22% of their total holdings and 44.89% of the company's total share capital [1] - For the year 2024, Sanfangxiang's revenue composition is as follows: polyester industry 77.73%, chemical industry 20.13%, other industries 1.16%, and thermal power 0.97% [1] Group 3 - As of the report, Sanfangxiang's market capitalization is 8.3 billion yuan [2]

| 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-076 | | --- | --- | --- | | 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 关于控股股东部分股份质押及解除质押的公告 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。 1 | 股 | 是否 为控 | | 是否为 限售股 （如 | 是否 | 质押 | 质押到 | | 占其所 持股份 | 占公司 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 东 | | 本次质押股数 | | 补充 | 起始 | | 质权人 | | 总股本 | 质押融资资 | | 名 | 股股 | | 是，注 | 质押 | 日 | 期日 | | 比例 | 比例 | 金用途 | | 称 | 东 | | 明限售 类型） | | | | | （%） | （%） | | | 三 | | | | | 2025 | 至股份 | 中国工商 | | ...

| 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-075 | | --- | --- | --- | | 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 可转债转股结果暨股份变动公告 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: 累计转股情况："三房转债"转股期起止日期为2023年7月12日至2029年1 月5日。截至2025年9月30日，累计已有人民币1,001,000元"三房转债"转换为公司 A股股票，累计转股数为331,441股，占可转债转股前公司已发行股份总额的 0.0085%。 未转股可转债情况：截至2025年9月30日，尚未转股的"三房转债"金额为 人民币2,498,999,000元，占可转债发行总量的99.9600%。 本季度转股情况：自2025年7月1日至2025年9月30日期间，共有人民币 120,000元"三房转债"转换为公司A股股票，因转股形成的股份数量为39,733股。 一、可转债发行上市概况 经中国证券监督管理委员会《关于核 ...

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].