Investment Rating - The report maintains a rating of "Buy" for the basic chemical industry [5] Core Views - The report highlights that the spandex industry is at a turning point, with prices reaching historical lows and recent price increases indicating a recovery in the industry [1][2] - The report emphasizes the limited new capacity in the spandex sector and the exit of outdated capacity, suggesting a favorable supply-demand balance and a positive outlook for the spandex industry [2] - The "anti-involution" policy is expected to enhance the recovery of the "refining-chemical fiber" industry chain, with improvements in market competition and supply-demand dynamics [3] Summary by Sections Industry Overview - Spandex prices have dropped from a peak of 83,750 yuan/ton in 2021 to 23,600 yuan/ton in early January 2026, a decline of 72% [1] - The report notes that spandex production capacity in China is projected to grow from 925,000 tons in 2020 to 1,430,000 tons by 2025, with a compound annual growth rate (CAGR) of 7.6% [2] Supply and Demand Dynamics - The apparent consumption of spandex in China is expected to increase from 720,000 tons in 2020 to 1,060,000 tons by 2025, with a CAGR of 6.7% [2] - The report indicates that the spandex industry is entering a recovery phase due to the reduction in new capacity and the exit of outdated production [2] Policy Impact - The "anti-involution" policy aims to optimize market competition and improve the supply-demand balance in the refining and chemical fiber sectors [3] - The report suggests that the refining industry is nearing the end of capacity expansion, which is expected to improve supply-demand dynamics [3] Investment Recommendations - The report recommends focusing on leading companies in the polyester filament sector such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong, as well as spandex companies like Huafeng Chemical and Xinxiang Chemical Fiber [4]

Core Insights - The article highlights the rapid growth and technological advancements of Jiangsu Songhe Song Intelligent Technology Co., Ltd., a leader in the electronic jacquard machine industry, which has become a global frontrunner in production efficiency and innovation [1][2]. Company Overview - Jiangsu Songhe Song has developed world-first technologies in crank direct drive chain transmission electronic jacquard machines and comb-type air-jet towel weaving machines, holding over 100 intellectual property rights, including more than 20 invention patents [2]. - The company has a monthly production capacity of 500 electronic jacquard machines and 300,000 components, making it the most competitive brand in the international market [2]. Industry Development - The high-end textile industry in Shuyang has emerged significantly, with a focus on mechanical equipment, spinning, and weaving, achieving technological breakthroughs in various segments [3]. - The county's high-end textile industry has formed a complete industrial chain, supported by major investments, such as the 15 billion yuan project by Tongkun Group, which is the largest investment in Shuyang's history [2][3]. Economic Impact - In 2024, the output value of Shuyang's high-end textile enterprises reached 34.02 billion yuan, accounting for 33.41% of the city's total, marking a significant milestone in the industry [2]. - From January to November 2025, the output value was 33.796 billion yuan, reflecting a year-on-year growth of 8% [2]. Strategic Initiatives - The region is focusing on "strong chain and cluster" strategies, establishing the first national "smart knitting industrial park" to enhance resource allocation and collaboration among textile projects [4]. - The park has attracted 12 high-end textile projects with a total investment of 4 billion yuan, creating a textile industry cluster that enhances regional competitiveness [4]. Future Plans - Shuyang aims to become the first county-level high-end textile industry cluster in Northern Jiangsu with a target of 100 billion yuan [6]. - The development strategy includes enhancing the entire industrial chain from spinning to garment production, focusing on high-quality, intelligent, and green development [6].

股票代码：601233 股票简称：桐昆股份 公告编号：2026-006 桐昆集团股份有限公司 住所：浙江省桐乡市洲泉镇德胜路1号12幢； 法定代表人：陈蕾； 注册资本：贰拾肆亿零贰拾贰万柒仟叁佰陆拾叁元； 成立日期：1999年09月27日； 经营范围：许可项目：危险化学品经营；危险化学品生产（依法须经批准的项目，经相关部门批准后方 可开展经营活动，具体经营项目以审批结果为准）。一般项目：货物进出口；合成纤维制造；合成纤维 销售；服装制造；服装服饰批发；针纺织品及原料销售；化工产品销售（不含许可类化工产品）；塑料 制品制造；塑料制品销售；纺织专用设备销售；机械零件、零部件销售；信息咨询服务（不含许可类信 息咨询服务）；热力生产和供应；普通货物仓储服务（不含危险化学品等需许可审批的项目）（除依法 须经批准的项目外，凭营业执照依法自主开展经营活动）。 关于公司注册资本变更完成工商变更登记的公告 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。 桐昆集团股份有限公司（以下简称"桐昆股份"或"公司"）在2025年12月10日召开的2024 ...

Core Viewpoint - Tongkun Co., Ltd. has completed the registration capital change, reducing its registered capital from 2,404,779,773 yuan to 2,400,227,363 yuan, and has obtained a new business license from the Zhejiang Provincial Market Supervision Administration [2] Group 1 - The registered capital of Tongkun Co., Ltd. has been officially changed [2] - The new registered capital is 2,400,227,363 yuan [2] - The company has received a new business license following the registration change [2]

股票代码：601233 股票简称：桐昆股份 公告编号：2026-006 桐昆集团股份有限公司 关于公司注册资本变更完成工商变更登记的公告 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。 桐昆集团股份有限公司（以下简称"桐昆股份"或"公司"）在 2025年12月10日召开的2024年第三次临时股东会上审议通过了《关于 调整2023年限制性股票激励计划回购价格并回购注销部分限制性股 票的议案》《关于变更注册资本并修订<公司章程>的议案》等议案。 鉴于公司已完成对公司2023年限制性股票激励计划激励对象已获授 但尚未解除限售的共计4,552,410股限制性股票的回购注销，公司注 册资本由人民币2,404,779,773元变更为人民币2,400,227,363元。 根据《公司章程》规定，经公司向浙江省市场监督管理局申请， 现已完成公司注册资本变更及《公司章程》修订备案登记手续，并于 近日取得浙江省市场监督管理局核发的营业执照，登记内容如下： 名称：桐昆集团股份有限公司； 类型：其他股份有限公司（上市）； 住所：浙江省桐乡市洲泉镇德胜路 ...

Group 1 - On January 22, Tongkun Co., Ltd. saw a stock price increase of 3.48% with a trading volume of 985 million yuan [1] - The financing data for January 22 indicates that the company had a net financing purchase of 17.83 million yuan, with a total financing and securities balance of 1.773 billion yuan [1] - The financing balance of 1.763 billion yuan accounts for 3.58% of the circulating market value, which is below the 10% percentile level over the past year, indicating a low financing level [1] Group 2 - As of September 30, the number of shareholders for Tongkun Co., Ltd. was 50,100, a decrease of 28.96% from the previous period [2] - For the period from January to September 2025, the company reported a revenue of 67.397 billion yuan, a year-on-year decrease of 11.38%, while the net profit attributable to shareholders increased by 53.83% to 1.549 billion yuan [2] - The company has distributed a total of 3.203 billion yuan in dividends since its A-share listing, with 341 million yuan distributed over the past three years [2]

Group 1 - The core project, a 150,000 tons/year polyether polyol facility and storage tank, has successfully produced qualified products [1] - The project is located in the Guangxi Free Trade Pilot Zone, covering approximately 2,400 acres, and is a key initiative by Tongkun Group to respond to the Belt and Road Initiative [1] - The production will continuously supply high-quality green polyether polyol products, significantly promoting the development of the regional green chemical new materials industry [1] Group 2 - The project is expected to inject new momentum into the construction of the chemical fiber and textile industry cluster along the new western land-sea corridor [1]

Group 1 - The core viewpoint of the report emphasizes that the petrochemical cycle is on an upward trend, driven by three main conditions: rising oil prices from the bottom, supply-side capacity clearance, and demand-side stimulation through a loose monetary environment [1][2] - The report predicts that by 2025, oil prices will stabilize at around $50 to $60 per barrel, nearing historical lows, with the World Bank forecasting moderate GDP growth in 2026 and 2027 [1][2] - The report highlights that the reduction in capital expenditure and the clearance of outdated capacity will be key drivers for the improvement of the cycle, with China's refining enterprises expected to see a significant convergence in the ratio of capital expenditure to depreciation starting in 2024 [1][2] Group 2 - The "anti-involution" policy is effectively controlling capacity, with the government setting a cap of 1 billion tons on refining capacity, signaling the end of the expansion cycle [2] - The report notes that the price spread between naphtha and ethylene has dropped to its lowest point in November 2025, but has since recovered, indicating a positive price transmission mechanism in the industry [2] - The report anticipates that global oil supply and demand will improve in 2026, with Brent crude oil prices expected to fluctuate between $55 and $75 per barrel, benefiting refining profitability [2] Group 3 - The report discusses the increasing influence of China's petrochemical sector on the global stage, as high energy prices in Europe have led to capacity clearance among Western chemical companies, creating a trend of "West retreating and East advancing" [3] - China's private refining enterprises are showing strong profitability resilience and are expected to continue outperforming international petrochemical leaders [3] - The report suggests that the valuation of leading private refining companies in China is at a relative low point, with potential for significant valuation increases if return on equity (ROE) improves [3]

Market Overview - The Shanghai Composite Index fell by 0.01% on January 20, with 20 industries rising, led by the oil and petrochemical sector, which increased by 1.74% [1] - The communication and defense industries experienced the largest declines, with drops of 3.23% and 2.87% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 95.723 billion yuan, with 11 industries seeing net inflows [1] - The banking sector had the highest net inflow, increasing by 0.80% with a net inflow of 1.472 billion yuan, followed by the real estate sector, which rose by 1.55% with a net inflow of 627 million yuan [1] Oil and Petrochemical Sector - The oil and petrochemical industry rose by 1.74%, with a net outflow of 32.276 million yuan [2] - Out of 47 stocks in this sector, 31 rose while 15 fell, with 18 stocks experiencing net inflows [2] - The top three stocks with significant net inflows were Hengli Petrochemical (1.75 billion yuan), Sinopec (890.169 million yuan), and Continental Oil (587.633 million yuan) [2] Notable Stocks in Oil and Petrochemical Sector - Major stocks with significant net outflows included Rongsheng Petrochemical (-68.2609 million yuan), Baomo Co. (-66.8692 million yuan), and Tongkun Co. (-44.9582 million yuan) [2] - The table of capital flow in the oil and petrochemical sector highlights various stocks, including Hengli Petrochemical with a 6.62% increase and a net inflow of 17.49715 million yuan, and Sinopec with a 1.35% increase and a net inflow of 890.169 million yuan [3]

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, Jiangshan Co., and others [10]. Core Insights - Domestic gasoline and natural gas prices have seen significant increases, while products like hydrochloric acid and liquid chlorine have experienced substantial declines. The report suggests focusing on import substitution, pure domestic demand, and high-dividend opportunities [6][19]. - The international oil prices are expected to stabilize around $65 per barrel in 2026, influenced by geopolitical uncertainties. Companies with high dividend characteristics, such as Sinopec, are expected to benefit from declining raw material costs [6][19]. - The chemical industry is currently in a weak state, with mixed performance across sub-sectors. However, certain sectors like lubricants are performing better than expected, indicating potential investment opportunities [22]. Summary by Sections Chemical Industry Investment Recommendations - The report highlights significant price increases for domestic gasoline (11.38%) and natural gas (8.68%), while products like liquid chlorine (-18.02%) and hydrochloric acid (-13.79%) have seen notable declines [19][20]. - It emphasizes the importance of focusing on sectors that may enter a recovery phase, such as glyphosate, and suggests specific companies for investment [22]. Market Performance - The report notes that the chemical industry is currently facing a weak overall performance, with varying results across different sub-sectors due to past capacity expansions and weak demand [22]. - It recommends monitoring companies with strong competitive positions and growth potential, particularly in the lubricant additives and coal-to-olefins sectors [22]. Price Trends - The report provides insights into the price trends of various chemical products, indicating a mixed performance with some products rebounding while others continue to decline [20][22]. - It also discusses the impact of geopolitical factors on oil prices, which in turn affect the chemical industry [23][24]. Key Companies and Earnings Forecast - The report lists several companies with strong earnings forecasts, including Sinopec, Jiangshan Co., and others, all rated as "Buy" [10][11].