Core Viewpoint - The demand for regenerated cellulose fibers is increasing due to rising environmental awareness and government policies, leading to expanded production and market opportunities in the industry [1][13]. Industry Overview - Regenerated cellulose fibers are made from natural cellulose sources without altering their chemical structure, resulting in improved physical properties such as moisture absorption and breathability compared to cotton [3][5]. - The production of regenerated cellulose fibers in China is projected to reach 5.155 million tons in 2024, representing a year-on-year increase of 7.5% [1][13]. - The main categories of regenerated cellulose fibers include viscose fibers and differentiated fibers, with viscose fibers dominating the market, expected to reach 4.435 million tons in 2024, accounting for 86% of the total production [14]. Industry Chain - The industry chain encompasses the procurement of raw materials like cotton, hemp, bamboo, and trees, leading to applications in clothing and home textiles [9][11]. - Regenerated cellulose fibers are widely used in clothing due to their breathability and moisture absorption, as well as in home textiles like towels and curtains [9]. Competitive Landscape - Leading companies in the regenerated cellulose fiber industry include Xinjiang Zhongtai Chemical Co., Ltd., Nanjing Chemical Fiber Co., Ltd., and New乡化纤股份有限公司, which leverage technology and brand strength to maintain market share [16][17]. - Smaller and medium-sized enterprises are also emerging, focusing on technological upgrades and niche market development [16]. Development Trends - The industry is expected to undergo intelligent upgrades, with technologies like vortex spinning enhancing production efficiency and product quality [21]. - Market demand for regenerated cellulose fibers is anticipated to grow across various sectors, including apparel, home textiles, and medical applications, driven by increasing environmental consciousness [22]. - There is a trend towards product diversification, with companies developing functional fibers to meet specific consumer needs, such as temperature-regulating and antibacterial properties [24].

Market Overview - On August 1, the Xinjiang state-owned enterprise reform sector rose by 2.15%, led by Tianfu Energy [1] - The Shanghai Composite Index closed at 3559.95, down 0.37%, while the Shenzhen Component Index closed at 10991.32, down 0.17% [1] Stock Performance - Tianfu Energy (600509) closed at 6.59 with a gain of 2.01%, trading volume of 344,200 shares and a turnover of 227 million yuan [1] - Other notable stocks included Tiankang Biological (002100) with a 0.63% increase, and ST Zhongji (000972) with a 0.31% increase [1] - The overall performance of the Xinjiang state-owned enterprise reform sector showed mixed results, with some stocks experiencing slight declines [1] Capital Flow - The Xinjiang state-owned enterprise reform sector saw a net outflow of 441 million yuan from institutional investors, while retail investors contributed a net inflow of 214 million yuan [2] - The sector's capital flow indicates a divergence in investor sentiment, with institutional investors pulling back while retail investors remained active [2] Individual Stock Capital Flow - Qing Song Jian Hua (600425) had a net inflow of 14.21 million yuan from institutional investors, while Tianfu Energy (600509) saw a net inflow of 9.14 million yuan [3] - Conversely, stocks like Yili Te (600197) and Tiankang Biological (002100) experienced net outflows from institutional investors, indicating varying levels of confidence among different stocks [3]

天眼查商业履历信息显示，新疆中泰化学股份有限公司，成立于2001年，位于乌鲁木齐市，是一家以从 事食品制造业为主的企业。企业注册资本259001.9517万人民币，实缴资本259001.9517万人民币。公司 法定代表人为许鹏飞。 通过天眼查大数据分析，新疆中泰化学股份有限公司共对外投资了39家企业，参与招投标项目5000次， 知识产权方面有商标信息11条，专利信息1223条，此外企业还拥有行政许可22个。 来源：金融界 资金流向方面，今日主力资金净流出1918.86万元，占比成交额10.66%。其中，超大单净流出1356.37万 元、占成交额7.54%，大单净流出562.49万元、占成交额3.13%，中单净流出流出39.89万元、占成交额 0.22%，小单净流入1958.75万元、占成交额10.89%。 中泰化学最新一期业绩显示，截至2025一季报，公司营业总收入67.67亿元、同比减少13.02%，归属净 利润8979.79万元，同比增长49.28%，扣非净利润10553.02万元，同比增长43.16%，流动比率0.442、速 动比率0.340、资产负债率63.74%。 金融界消息 截至2025年7月30 ...

Investment Rating - The report maintains a recommendation for the chemical industry, indicating a positive outlook due to the anticipated benefits from anti-involution policies [2]. Core Insights - The chemical industry is expected to benefit from the implementation of anti-involution policies, which aim to reduce unhealthy competition and improve pricing structures [13][14]. - The report highlights that certain chemical products are currently at historical low prices, suggesting potential for price recovery as market conditions improve [15]. - The focus is on eight specific products with significant price recovery potential: spandex, organic silicon, PVC, titanium dioxide, soda ash, propylene oxide, glyphosate, and TDI [15]. Summary by Sections Anti-Involution Policies - The government is committed to addressing "involution-style" competition, with plans for new policies to stabilize key industries including chemicals [13][14]. - The aim is to eliminate low-cost sales practices that have led to unsustainable pricing and profitability issues within the industry [14]. Spandex Market - Spandex prices have reached historical lows, with a steady increase in production and inventory pressures [19][22]. - The spandex market is dominated by major players such as Huafeng Chemical and Xinxiang Chemical Fiber, which hold significant market shares [29][40]. Organic Silicon Market - Organic silicon prices are at a five-year low, with a diverse range of applications across various industries [44][49]. - The industry is characterized by limited new capacity additions, with major producers like Hoshine Silicon and Dongyue Group leading the market [55]. PVC Market - PVC is a widely used plastic, primarily in the real estate sector, and is expected to benefit from the consolidation of production capacity [6][19]. - Key companies in the PVC market include Zhongtai Chemical and Xinjiang Tianye, which are positioned to capitalize on market recovery [6]. Titanium Dioxide Market - Titanium dioxide prices have hit five-year lows, with high inventory levels impacting profitability [6][19]. - Major players in this sector include China Nuclear Titanium Dioxide and Longbai Group, which are expected to navigate the challenging market conditions [6]. Soda Ash Market - The soda ash market is facing high inventory levels, with significant applications in real estate and photovoltaic industries [6][19]. - Key companies include Boyuan Chemical and Shandong Haihua, which are well-positioned to benefit from future demand recovery [6]. Propylene Oxide Market - Propylene oxide has a low concentration of production capacity, with broad applications across various sectors [6][19]. - Key players include Binhai Chemical and Weiyuan Chemical, which are expected to benefit from market dynamics [6]. Glyphosate Market - Glyphosate is the most widely used herbicide globally, with increasing demand driven by rising agricultural output [6][19]. - Major companies in this space include Xingfa Group and Jiangshan Chemical, which are positioned to benefit from a favorable market environment [6]. TDI Market - TDI supply-demand dynamics remain tight due to production disruptions, with significant barriers to entry for new players [6][19]. - Key companies include Cangzhou Dahua and Wanhua Chemical, which are expected to maintain strong market positions [6].

重要提示： 1、利率调整：根据《新疆中泰化学股份有限公司2023 年面向专业投资者公开发行科技创新公司债券（第一期）募 集说明书》（以下简称"《募集说明书》"）的约定，公司作 为"23新化K1"（债券代码：148437.SZ）的发行人，有权决 定在存续期的第2年末调整本期债券存续期第3、4年的票面 利率。根据当前的市场行情，公司决定下调票面利率，即"23 新化K1"债券存续期第3、4年的票面利率为2.90%。在债券存 续期的第4年末，如发行人行使调整票面利率选择权，未被 回售部分债券的票面利率为债券存续期第3年及第4年票面 利率加/减调整基点，在债券存续期第5年固定不变；如发行 人未行使调整票面利率选择权，则未被回售部分债券在债券 存续期第5年票面利率仍维持第3年及第4年票面利率不变。 债券代码：148437.SZ 债券简称：23 新化 K1 新疆中泰化学股份有限公司 关于23新化K1票面利率调整和回售实施办 法第三次提示性公告 2、投资者回售选择权：根据《募集说明书》中设定的 投资者回售选择权，投资者有权选择在投资者回售登记期内 进行登记，将持有的本期债券按面值全部或部分回售给发行 人，或选择继续持有本期债 ...

债券代码：148437.SZ 债券简称：23 新化 K1 3. 债券代码：148437.SZ 新疆中泰化学股份有限公司关于放弃行使 "23 新化 K1"发行人赎回选择权的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、 误导性陈述或者重大遗漏负连带责任。 新疆中泰化学股份有限公司（以下简称"公司"或"本 公司"）于 2023 年 8 月 22 日发行的新疆中泰化学股份有限 公司 2023 年面向专业投资者公开发行科技创新公司债券（第 一期）（以下简称"23 新化 K1"或"本期债券"）至 2025 年 8 月 21 日将期满 2 年。根据《新疆中泰化学股份有限公 司 2023 年面向专业投资者公开发行科技创新公司债券（第 一期）募集说明书》（以下简称"《募集说明书》"）有关 条款的规定，公司决定放弃对"23 新化 K1"债券行使发行 人赎回选择权。现将有关事项公告如下： 一、本期债券基本情况 1. 债券名称：新疆中泰化学股份有限公司 2023 年面向 专业投资者公开发行科技创新公司债券（第一期） 2. 债券简称：23 新化 K1 1 3 年末行使回售选择权，则回售部分债券的兑付日 ...

新疆中泰化学股份有限公司对外担保进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 2025 年 4 月 1 日至 2025 年 6 月 30 日，新疆中泰化学股份有限公司（以下 简称"公司"、"中泰化学"）为控股公司、参股公司提供担保共计 422,403.72 万元 （数据未经审计）。具体情况如下： | 担保方 | 被担保方 | 二季度担保 发生金额 | 累计担保 | | --- | --- | --- | --- | | | | （万元） | 金额（万元） | | | 新疆中泰化学托克逊能化有限公司 新疆中泰化学阜康能源有限公司 | 75,749.50 51,650.00 | 297,707.09 182,970.10 | | | 新疆中泰矿冶有限公司 | 5,000.00 | 27,965.00 | | | 新疆华泰重化工有限责任公司 | 9,999.50 | 181,468.87 | | | 新疆中泰金晖能源股份有限公司 | 20,000.00 | 128,896.81 | | | 新疆中泰新材料股份有限公司 | 41,323. ...

债券代码：148437.SZ 债券简称：23 新化 K1 新疆中泰化学股份有限公司 关于23新化K1票面利率调整和回售实施办 法第二次提示性公告 重要提示： 1、利率调整：根据《新疆中泰化学股份有限公司2023 年面向专业投资者公开发行科技创新公司债券（第一期）募 集说明书》（以下简称"《募集说明书》"）的约定，公司作 为"23新化K1"（债券代码：148437.SZ）的发行人，有权决 定在存续期的第2年末调整本期债券存续期第3、4年的票面 利率。根据当前的市场行情，公司决定下调票面利率，即"23 新化K1"债券存续期第3、4年的票面利率为2.90%。在债券存 续期的第4年末，如发行人行使调整票面利率选择权，未被 回售部分债券的票面利率为债券存续期第3年及第4年票面 利率加/减调整基点，在债券存续期第5年固定不变；如发行 人未行使调整票面利率选择权，则未被回售部分债券在债券 存续期第5年票面利率仍维持第3年及第4年票面利率不变。 2、投资者回售选择权：根据《募集说明书》中设定的 投资者回售选择权，投资者有权选择在投资者回售登记期内 进行登记，将持有的本期债券按面值全部或部分回售给发行 人，或选择继续持有本期债 ...

Group 1 - The company has decided to lower the coupon rate for the "23 Xin Hua K1" bond to 2.90% for the third and fourth years of its term [1][2] - The issuer has the right to adjust the coupon rate at the end of the fourth year, with the possibility of increasing or decreasing the rate by a certain basis point [1][2] - Investors have the option to sell back their bonds at face value during the designated resale period, or choose to continue holding the bonds [1][2] Group 2 - The bond's interest will be calculated using simple interest on an annual basis, without compounding [2] - The announcement includes details on the payment arrangements for the resale portion of the bonds, including interest distribution [3][4] - The company has provided contact information for relevant personnel and institutions involved in the bond resale process [4]

债券代码：148437.SZ 债券简称：23 新化 K1 新疆中泰化学股份有限公司 关于 23 新化 K1 票面利率调整和回售实施办 法第一次提示性公告 重要提示： 1、利率调整：根据《新疆中泰化学股份有限公司2023 年面向专业投资者公开发行科技创新公司债券（第一期）募 集说明书》（以下简称"《募集说明书》"）的约定，公司作 为"23新化K1"（债券代码：148437.SZ）的发行人，有权决 定在存续期的第2年末调整本期债券存续期第3、4年的票面 利率。根据当前的市场行情，公司决定下调票面利率，即"23 新化K1"债券存续期第3、4年的票面利率为2.90%。在债券存 续期的第4年末，如发行人行使调整票面利率选择权，未被 回售部分债券的票面利率为债券存续期第3年及第4年票面 利率加/减调整基点，在债券存续期第5年固定不变；如发行 人未行使调整票面利率选择权，则未被回售部分债券在债券 存续期第5年票面利率仍维持第3年及第4年票面利率不变。 3、投资者选择将持有的本期债券全部或部分回售给发 行人的，须于回售登记期内登记；若投资者未作登记，则视 为继续持有债券。 4、回售价格：人民币100元/张（不含利息）。投资者 ...