证券研究报告 2 ◼ 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2636元/吨，环比+122元/吨（环比+5%）；国 外重点大炼化项目本周价差为1219元/吨，环比+67元/吨（环比+6%）。 ◼ 【聚酯板块】本周POY/FDY/DTY行业均价分别为6521/6696/7786元/吨，环比分别-121/-100/-89元/吨， POY/FDY/DTY行业周均利润为126/-24/102元/吨，环比分别+4/+18/+25元/吨，POY/FDY/DTY行业库存为 16.8/26.1/31.5天，环比分别+3.2/+2.0/+2.6天，长丝开工率为91.1%，环比-0.0pct。下游方面，本周织机开工 率为64.1%，环比+0.0pct，织造企业原料库存为10.2天，环比-1.9天，织造企业成品库存为25.8天，环比-0.2天。 ◼ 【炼油板块】国内成品油:本周汽油/柴油/航空煤油价格下跌。美国成品油:本周美国汽油/柴油/航煤价格下跌。 ◼ 【化工板块】本周PX均价为787.6美元/吨，环比-16.0美元/吨，较原油价差为332.2美元/吨，环比+4.3美元/吨， PX开工率为87.5%，环比-0 ...

Investment Rating - The industry investment rating is "Positive" as indicated by the report's outlook on the refining sector [153]. Core Insights - The report highlights an increase in demand for winter thermal fabrics, leading to a slight improvement in long filament profitability [2]. - The Brent crude oil average price for the week ending October 17, 2025, was $62.37 per barrel, reflecting a decrease of 4.26% from the previous week [2]. - The domestic key refining project price difference was 2425.56 CNY/ton, with a week-on-week increase of 21.37 CNY/ton (+0.89%) [3]. - The report notes that the international oil price experienced fluctuations due to trade tensions and economic concerns, impacting the overall market sentiment [14]. Summary by Sections Refining Sector - The report discusses the impact of U.S.-China trade tensions on oil prices, with Brent and WTI prices at $61.29 and $57.54 per barrel respectively, showing declines of $1.44 and $1.36 from the previous week [14]. - Domestic refined oil prices have slightly decreased, but the price differentials have improved [14]. - The report tracks the stock performance of six major refining companies, with notable declines in stock prices for several companies over the past week [140]. Chemical Sector - The chemical products in the petrochemical downstream faced price declines due to weak cost support, with polyolefin prices showing slight fluctuations [2]. - EVA demand remains weak, leading to price adjustments and a slight narrowing of price differentials [2]. - The report indicates that pure benzene prices have slightly decreased, but price differentials have improved [2]. Polyester & Nylon Sector - The report notes a decrease in polyester chain product prices due to weak cost support, with PX, MEG, and PTA prices all declining [89]. - The demand for polyester long filaments has increased due to colder temperatures in northern regions, although prices have slightly decreased [110]. - Nylon fiber prices have also shown weakness, with average prices for POY, FDY, and DTY all declining [120].

Market Overview - The chemical fiber sector experienced a decline of 1.45% on October 16, with Nanjing Chemical Fiber leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - Notable stock performances include: - Tianfulong (603406) rose by 3.38% to close at 50.50, with a trading volume of 83,400 shares and a turnover of 416 million yuan [1] - Nanjing Chemical Fiber (600889) fell by 6.19% to close at 15.62, with a trading volume of 152,400 shares and a turnover of 243 million yuan [2] - Other stocks like Huafeng Chemical (002064) and Xin Fengming (603225) showed minor increases of 0.46% and 0.13%, respectively [1] Capital Flow - The chemical fiber sector saw a net outflow of 223 million yuan from main funds, while retail investors contributed a net inflow of 186 million yuan [2] - Specific stock capital flows indicate: - Xinxiang Chemical Fiber (000949) had a main fund net inflow of 15.34 million yuan but a net outflow from retail investors of 17.45 million yuan [3] - Huafeng Chemical (002064) experienced a main fund net inflow of 11.19 million yuan, with retail investors showing a net inflow of 11.56 million yuan [3]

| 股票代码：603225 | 股票简称：新凤鸣 | | | 公告编号：2025-096 | | --- | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 | 21 | 转债 | | 新凤鸣集团股份有限公司 关于 2025 年半年度业绩说明会的公告 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个别及连带责任。 一、说明会类型 本次业绩说明会以网络方式举行，公司管理层就公司 2025 年半年度业绩等情况 与投资者进行了互动交流。 二、说明会召开的时间、地点 本次说明会于 2025 年 10 月 15 日(星期三)上午 10:00－11:00 通过上海证券交易 所上证路演中心（网址：https://roadshow.sseinfo.com/）进行在线交流。 三、参加人员 公司：董事长兼总裁庄耀中先生；副总裁兼董事会秘书杨剑飞先生；财务总监 沈孙强先生；独立董事宋爱军女士等。 四、投资者参加方式 本次业绩说明会的主要内容详见附件。 特此公告。 新凤鸣集团股份有限公司董事会 2025 年 10 ...

证券之星消息，10月14日化学纤维板块较上一交易日下跌2.93%，新凤鸣领跌。当日上证指数报收于 3865.23，下跌0.62%。深证成指报收于12895.11，下跌2.54%。化学纤维板块个股涨跌见下表： 从资金流向上来看，当日化学纤维板块主力资金净流出1.79亿元，游资资金净流入1637.12万元，散户资 金净流入1.63亿元。化学纤维板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600063 院维高新 | | -2524.34万 | 3.96% | -401.05万 | -0.63% | -2123.30万 | -3.33% | | 603406 | 天富龙 | 1987.55万 | 3.45% | -782.89万 | -1.36% | -1204.66万 | -2.09% | | 000677 恒天海龙 | | 1437.13万 | 7.76% | -1994.94万 | -1 ...

Market Overview - The chemical fiber sector experienced a decline of 1.72% on October 13, with Baogudi leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Notable gainers in the chemical fiber sector included: - Zhongfu Shenying (688295) with a closing price of 28.58, up 3.33% [1] - Hengtian Hailong (000677) at 5.17, up 3.19% [1] - Hengshen New Materials (000782) at 6.16, up 3.18% [1] - Major decliners included: - Baogudi (300905) at 37.83, down 5.07% [2] - Leixiu Chemical (002064) at 9.17, down 4.97% [2] - Xin Fengming (603225) at 16.16, down 4.21% [2] Capital Flow - The chemical fiber sector saw a net outflow of 63.995 million yuan from institutional investors, while retail investors contributed a net inflow of 124 million yuan [2] - The capital flow for specific stocks showed: - Xin Fengming (603225) with a net outflow of 29.5311 million yuan from institutional investors [3] - Tianfulong (603406) had a net inflow of 22.1812 million yuan from institutional investors [3] - Wanhui High-tech (600063) recorded a net inflow of 18.8015 million yuan from retail investors [3]

Group 1 - The chemical sector experienced a significant pullback on October 13, with the chemical ETF (516020) declining by 3.19% [1][2] - Key stocks in the sector, including Tongkun Co., Ltd., fell over 7%, while several others like Xin Fengming and Huafeng Chemical dropped more than 6%, negatively impacting the overall sector performance [1][2] - The chemical ETF has seen a capital inflow of over 80 million yuan in the last three trading days, indicating renewed interest from investors [1][2] Group 2 - The chemical industry is currently at a historical low in terms of profitability and valuation, with a profit margin of 4.14% for the chemical raw materials and products sector as of August 2025 [3] - The price-to-book ratio for the chemical ETF (516020) is at 2.4 times, which is in the 41.57 percentile of the last decade, suggesting a favorable long-term investment opportunity [3] - The construction of new projects in the basic chemical sector has seen a decline for three consecutive quarters, confirming a supply turning point and indicating a potential improvement in the industry landscape [4] Group 3 - Investment strategies suggest focusing on sectors with significant profit elasticity, such as pesticides, organic silicon, and polyester filament, which are expected to benefit from supply-side improvements [4] - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors and concentrating nearly 50% of its holdings in large-cap stocks like Wanhua Chemical and Salt Lake Industry [4] - Investors can also consider the chemical ETF linked funds (A class 012537/C class 012538) for exposure to the chemical sector [4]

Group 1 - The company Xin Feng Ming (SH 603225) announced on October 10 that its board members and vice presidents, Shen Jianyu, Xu Jizhong, and Yang Jianfei, have completed their share reduction plan, each reducing approximately 1 million shares, which represents 0.07% of the company's total share capital [1][1][1] - For the first half of 2025, Xin Feng Ming's revenue composition is as follows: chemical fiber accounts for 86.1%, petrochemicals account for 13.89%, and other businesses account for 0.01% [1][1][1] - As of the time of reporting, Xin Feng Ming's market capitalization is 25.7 billion yuan [1][1][1]

证券代码：603225 证券简称：新凤鸣 公告编号：2025-095 新凤鸣集团股份有限公司 部分董事减持股份结果公告 本公司董事会、全体董事及相关股东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： 部分董事持股的基本情况 本次减持计划实施前，新凤鸣集团股份有限公司（以下简称"公司"）董事 兼副总裁沈健彧先生持有公司股票 13,812,911 股，占公司总股本的 0.91%；董事 兼副总裁许纪忠先生持有公司股票 13,535,976 股，占公司总股本的 0.89%；董事 兼副总裁兼董事会秘书杨剑飞先生持有公司股票 13,269,727 股，占公司总股本的 0.87%。 减持计划的实施结果情况 公司于 2025 年 7 月 11 日披露了《新凤鸣集团股份有限公司部分董事减持股 份计划公告》（公告编号：2025-063），因个人资金需求，公司董事兼副总裁沈健 彧先生，拟通过集中竞价方式减持所持公司股份不超过 1,000,000 股，占公司总 股本的 0.07%，占其直接持有股份总数的 7.24%；公司董事兼副总裁许纪忠先生， 拟通过集中 ...

Core Viewpoint - The company announced that three executives, including the vice presidents, have completed their share reduction plans, collectively reducing their holdings by 300,150 shares, which represents 0.21% of the total share capital [1] Group 1: Executive Share Reduction - Executive Shen Jianyu reduced his holdings by 1,001,500 shares from August 4 to October 10, accounting for 0.07% of the total share capital [1] - Executive Xu Jizhong also reduced his holdings by 1,000,000 shares during the same period, representing 0.07% of the total share capital [1] - Executive Yang Jianfei similarly reduced his holdings by 1,000,000 shares, which is 0.07% of the total share capital [1]