Investment Rating - The report maintains a positive investment outlook for the polyester sector, particularly recommending high-quality companies in the polyester filament and bottle chip segments [6][13]. Core Insights - The report highlights that the cost support for polyester filament remains solid, with expectations for inventory replenishment post-holiday. The operating rate of polyester filament has significantly decreased, laying a foundation for recovery after the Spring Festival [6][7]. - Polyester filament inventory has been consistently declining since the beginning of 2026, with downstream textile raw material inventory also at low levels, indicating a strong demand for replenishment after the holiday [7][11]. - The price spread of polyester filament has improved significantly, with cost support expected to remain strong due to stable raw material prices and proactive supply adjustments [11][13]. Summary by Sections Supply and Demand Dynamics - The operating rate of polyester filament has dropped to 79.65%, down approximately 16 percentage points from previous highs, as companies conduct maintenance ahead of the holiday [6]. - Downstream textile operating rates have fallen to 25.15%, marking a low for the year, which is expected to lead to a rigid demand for inventory replenishment post-holiday [6][7]. Price Trends - As of February 6, 2026, the price spreads for polyester filament POY, FDY, and DTY are 1375, 1575, and 2475 CNY/ton respectively, indicating a recovery in price spreads since late January 2026 [11]. - The PTA price, a key raw material for polyester filament, remains high, with limited downward pressure expected, providing solid support for filament prices throughout the year [11][13]. Company Recommendations - The report recommends focusing on high-quality companies in the polyester filament sector such as Tongkun Co., Ltd. and in the bottle chip sector like Wankai New Materials. It also suggests monitoring leading refining companies such as Hengli Petrochemical and Rongsheng Petrochemical due to expected improvements in cost structures [13][15].

Investment Rating - The report maintains a positive outlook on the polyester filament industry, indicating a "Buy" recommendation for quality companies in this sector [5][14]. Core Insights - The cost support for polyester filament raw materials remains solid, with expectations for a post-holiday inventory replenishment trend. The industry is currently in a seasonal lull before the Spring Festival, but proactive supply adjustments are laying the groundwork for recovery after the holiday [5][6]. - As of February 6, 2026, the operating rate for downstream textile production has dropped to 25.15%, while the operating rate for polyester filament has decreased to 79.65%. This decline is attributed to seasonal maintenance and self-regulated production cuts, effectively alleviating supply pressure [5][6]. - Inventory levels for polyester filament (POY/FDY/DTY) are at historical lows, with respective days of inventory at 12.7, 15.8, and 19.4 days. Downstream raw material inventory has also fallen to a historical low of 8.74 days, indicating a clear need for replenishment post-holiday [5][7]. - The price spread for polyester filament has significantly improved since late January 2026, with POY/FDY/DTY spreads recovering to 1375, 1575, and 2475 CNY/ton respectively. The PTA cost support remains robust, with no major new PTA facilities expected to come online in 2026, suggesting a tight supply-demand balance that will continue to support filament prices [5][12]. Summary by Sections Upstream Sector - Brent crude oil prices have decreased, with the closing price on February 6, 2026, at 68.05 USD/barrel, down 3.73% from the previous week. The WTI price was 63.55 USD/barrel, down 2.55% [21]. - As of January 30, 2026, U.S. commercial crude oil inventories stood at 420 million barrels, a decrease of 3.455 million barrels from the previous week, marking a 4% decline compared to the past five years [23]. Refining Sector - The comprehensive price spread for major refined products in Singapore increased to 15.63 USD/barrel as of February 6, 2026, reflecting a rise of 6.2 USD/barrel from the previous week [60]. - The price spread for gasoline (RBOB) against WTI crude oil was 18.4 USD/barrel, up 1.8 USD/barrel from the previous week, although still below the historical average of 24.5 USD/barrel [63]. Polyester Sector - The profitability of PTA has increased, while the profitability of polyester filament has decreased. As of February 4, 2026, the average price of PX in Asia was 904.93 USD/ton, down 1.78% week-on-week [5][14]. - The overall performance of the polyester industry is currently average, with expectations for gradual improvement as new production capacities are expected to taper off in the coming years [5][14].

Group 1: Refining Sector - Domestic refined oil prices for gasoline and diesel have increased this week [1][2] - In the US, gasoline prices have also risen this week [2] Group 2: PX Market - The average price of PX this week is $895.6 per ton, down $26.4 per ton from the previous week, with a price difference from crude oil of $404.1 per ton, down $23.5 per ton [1][2] - PX operating rate stands at 89.9%, unchanged from the previous week [1][2] Group 3: Key Refining Projects - The price difference for key domestic refining projects this week is 2403 CNY per ton, up 38 CNY per ton (2% increase) from the previous week [1] - The price difference for key foreign refining projects this week is 1104 CNY per ton, up 7 CNY per ton (1% increase) from the previous week [1] Group 4: Polyester Sector - The average prices for POY, FDY, and DTY are 7071, 7279, and 8179 CNY per ton respectively, with increases of 171, 136, and 114 CNY per ton from the previous week [1] - Weekly profits for POY, FDY, and DTY are 208, 80, and 80 CNY per ton respectively, with increases of 275, 251, and 237 CNY per ton from the previous week [1] - Inventory days for POY, FDY, and DTY are 12.7, 15.8, and 19.4 days respectively, with changes of -1.3, +0.1, and -0.6 days from the previous week [1] - The operating rate for long filament is 83.5%, down 2.2 percentage points from the previous week [1] Group 5: Weaving Sector - The operating rate for weaving machines is 42.4%, down 8.8 percentage points from the previous week [1] - Raw material inventory for weaving enterprises is 8.7 days, up 0.1 days from the previous week [1] - Finished goods inventory for weaving enterprises is 26.0 days, down 2.7 days from the previous week [1]

Group 1 - The core viewpoint of the report indicates that domestic and international refining projects are experiencing price changes, with domestic projects showing a price difference of 2403 CNY/ton, up by 38 CNY/ton (2% increase) compared to the previous week [2] - In the polyester sector, the average prices for POY, FDY, and DTY are 7071, 7279, and 8179 CNY/ton respectively, with week-on-week increases of 171, 136, and 114 CNY/ton [2] - The average profit for POY, FDY, and DTY is reported at 208, 80, and 80 CNY/ton respectively, with significant week-on-week increases of 275, 251, and 237 CNY/ton [2] Group 2 - The PX average price this week is 895.6 USD/ton, down by 26.4 USD/ton from the previous week, with a price difference from crude oil of 404.1 USD/ton, which is a decrease of 23.5 USD/ton [2] - The PX operating rate stands at 89.9%, showing no change from the previous week [2] - Domestic gasoline and diesel prices have risen this week, as have gasoline prices in the United States [2] Group 3 - Relevant listed companies in the private refining and polyester filament sector include Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong, Hengyi Petrochemical, Tongkun Co., and Xin Fengming [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report presents a weekly update on major refining and petrochemical sectors, including price, profit, inventory, and production rate data for domestic and foreign projects, as well as key companies' performance and financial forecasts [1][2][8]. Summary by Relevant Catalogs 1. Big Refining Weekly Data Brief - **6 Major Private Refining Companies' Performance**: The report tracks the price changes of 6 major private refining companies in the past week, month, three months, and year. For example, Hengli Petrochemical had a -5.3% change in the past week, 12.3% in the past month, 41.5% in the past three months, and 70.9% in the past year [8]. - **Earnings Forecast**: It also provides earnings forecasts for these companies from 2024 to 2027, along with price - earnings ratios (PE) and price - to - book ratios (PB) [8]. - **Oil Prices and Refining Spreads**: International crude oil prices (Brent and WTI) and domestic and foreign refining spreads are presented. The domestic refining project spread this week was 2403 yuan/ton, a 1.6% increase from last week, while the foreign spread was 1104 yuan/ton, a 0.6% increase [8]. - **Polyester Sector**: Product prices, profits, inventories, and production rates are detailed for various polyester products such as PX, MEG, PTA, POY, FDY, DTY, polyester staple fiber, and polyester bottle chips. For instance, the POY industry average price was 7071 yuan/ton this week, a 171 yuan/ton increase, with a weekly average profit of 208 yuan/ton, a 275 yuan/ton increase [2][9]. - **Refining Sector**: Prices and spreads of gasoline, diesel, and aviation kerosene in China, the US, Europe, and Singapore are reported. For example, the domestic gasoline price was 7588 yuan/ton this week, a 53 yuan/ton increase [9]. - **Chemical Sector**: Prices and spreads of various chemical products like EVA, styrene, acrylonitrile, polyethylene, and polypropylene are provided [9]. 2. Big Refining Weekly Report 2.1 Big Refining Index and Project Spread Trends No specific data analysis is provided in the given content, but it likely focuses on the trends of the big refining index and project spreads [11][12][13]. 2.2 Polyester Sector The section covers multiple aspects such as the prices and profits of PX, PTA, and various polyester filaments (POY, FDY, DTY), as well as the production rates and inventories of polyester products and downstream weaving industries. For example, the PX average price was 895.6 dollars/ton this week, a 26.4 dollars/ton decrease, and the PX production rate was 89.9%, unchanged from last week [2][9]. 2.3 Refining Sector It includes the price and spread relationships between crude oil and refined oil products in different regions (China, the US, Europe, and Singapore), such as the relationship between crude oil and domestic diesel prices [72][75][83]. 2.4 Chemical Sector The section presents the price and spread relationships between crude oil and various chemical products, like the relationship between crude oil and polyethylene LLDPE prices [109][110].

Market Overview - The three major indices in A-shares experienced slight declines, with the Shanghai Composite Index down 0.25% to 4065 points, the Shenzhen Component down 0.33%, and the ChiNext down 0.73% [2] - The total market turnover was 2.16 trillion yuan, a decrease of 308 billion yuan from the previous trading day, with over 2700 stocks rising [2] Sector Performance - The oil and gas, chemical, and mining sectors showed strong performance, with multiple stocks such as Tongyuan Petroleum and Junyou Co. hitting the daily limit [4] - The chemical sector saw an overall increase of 1.45%, with core sub-industries like basic chemicals and diversified chemicals leading the gains [16] - The basic chemical sector had a net inflow of over 156.73 billion yuan, while the power equipment sector saw a net inflow exceeding 203.54 billion yuan [6] Fund Flow Analysis - Main funds shifted away from defense, media, and food and beverage sectors, moving towards power equipment and basic chemicals [5] - The chemical industry ETF saw significant inflows, with a total of 14.49 billion yuan in net inflows over the past 15 days, indicating strong market confidence in the sector [20] Stock Highlights - Hunan Gold and Data Port were among the top gainers, with net inflows of nearly 29 billion yuan and over 20 billion yuan, respectively [10] - Stocks like Hunan Rihua and Zhejiang Wenlian saw significant outflows, with declines of 7.63% and 9.79% [10] Market Sentiment - The market is currently in a "trial period," with a high number of first-day limit-up stocks but lacking a unified logic, indicating rapid rotation of funds [14] - The strong performance of the chemical sector is attributed to a combination of rising product prices, supply-side contraction, and demand from emerging sectors, suggesting a fundamental recovery rather than mere speculation [17]

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。 2025年5月19日，桐昆集团股份有限公司（以下简称"桐昆股份"或"本公司"）在全国银行间市场发行了 2025年度第三期科技创新债券（简称：25桐昆SCP003（科创债）），发行总额为5亿元人民币，期限 260天，发行利率为1.84%，到期一次还本付息。募集资金已于2025年5月20日全额到账。 股票代码：601233 股票简称：桐昆股份 公告编号：2026-008 桐昆集团股份有限公司 关于2025年度第三期科技创新债券 到期兑付的公告 桐昆集团股份有限公司 董事会 2026年2月5日 现本公司2025年度第三期科技创新债券已于2026年2月4日到期，本公司已兑付完成该期超短期融资券本 息，本息兑付总额为人民币506,553,424.66元。 特此公告。 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2026-008 桐昆集团股份有限公司 关于 2025 年度第三期科技创新债券到期兑付的公告 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。 2025 年 5 月 19 日，桐昆集团股份有限公司（以下简称"桐昆股 份"或"本公司"）在全国银行间市场发行了 2025 年度第三期科技 创新债券（简称：25 桐昆 SCP003（科创债）），发行总额为 5 亿元 人民币，期限 260 天，发行利率为 1.84%，到期一次还本付息。募集 资金已于 2025 年 5 月 20 日全额到账。 现本公司 2025 年度第三期科技创新债券已于 2026 年 2 月 4 日到 期，本公司已兑付完成该期超短期融资券本息，本息兑付总额为人民 币 506,553,424.66 元。 特此公告。 桐昆集团股份有限公司董事会 2026 年 2 月 5 日 ...

现本公司2025年度第三期科技创新债券已于2026年2月4日到期，本公司已兑付完成该期超短期融资券本 息，本息兑付总额为人民币5.07亿元。 格隆汇2月4日丨桐昆股份(601233.SH)公布，2025年5月19日，公司在全国银行间市场发行了2025年度第 三期科技创新债券（简称：25桐昆SCP003（科创债）），发行总额为5亿元人民币，期限260天，发行 利率为1.84%，到期一次还本付息。募集资金已于2025年5月20日全额到账。 ...

格隆汇2月4日丨桐昆股份(601233.SH)公布，2025年5月19日，公司在全国银行间市场发行了2025年度第 三期科技创新债券（简称：25桐昆SCP003（科创债）），发行总额为5亿元人民币，期限260天，发行 利率为1.84%，到期一次还本付息。募集资金已于2025年5月20日全额到账。 现本公司2025年度第三期科技创新债券已于2026年2月4日到期，本公司已兑付完成该期超短期融资券本 息，本息兑付总额为人民币5.07亿元。 ...