1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Domestic PTA device is gradually returning, and domestic PTA output is rising, but PTA profit is still restricted by over - capacity and new device commissioning. Previously, due to pessimistic demand and new device commissioning expectations, PTA processing fees were low. Recently, with improved demand, postponed new device commissioning and some enterprises reducing production to maintain prices, PTA processing fees show signs of recovery. Polyester load remains above 90%, and the high polyester load does not cause significant inventory accumulation, indicating that market demand is optimistic at low prices, especially export demand. The promotion of mainstream factories has led to a small peak in pre - National Day stocking. Under the environment of low processing fees and market anti - involution, PTA operating rate may further improve [2] 3. Summary by Relevant Catalogs 3.1 Spot Price and Index Changes - PTA spot price increased from 4585 on 2025/9/25 to 4590 on 2025/9/26 [2] - MEG inner - market price decreased from 4315 on 2025/9/25 to 4294 on 2025/9/26 [2] - PTA closing price decreased from 4678 on 2025/9/25 to 4646 on 2025/9/26 [2] - MEG closing price decreased from 4246 on 2025/9/25 to 4213 on 2025/9/26 [2] - 1.4D direct - spun polyester staple fiber price decreased from 6500 on 2025/9/25 to 6495 on 2025/9/26 [2] - Short - fiber basis increased from 83 on 2025/9/25 to 102 on 2025/9/26 [2] - 10 - 11 spread decreased from 0 on 2025/9/25 to 2 on 2025/9/26 [2] - Polyester staple fiber cash flow increased from 240 on 2025/9/25 to 246 on 2025/9/26 [2] - 1.4D imitation large - chemical fiber price decreased from 5625 on 2025/9/25 to 5525 on 2025/9/26 [2] 3.2 Market Conditions of Short - fiber and Bottle - chip - Short - fiber: The price of polyester staple fiber production factories is stable, the price range of traders is adjusted, downstream purchases as needed, and on - site transactions are sluggish. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market is 6300 - 6550 RMB for cash on delivery, tax - included self - pick - up; in the North China market, it is 6420 - 6670 RMB for cash on delivery, tax - included delivery; in the Fujian market, it is 6300 - 6450 RMB for cash on delivery, tax - included delivery [2] - Bottle - chip: The mainstream negotiation price of polyester bottle - chip in the Jiangsu and Zhejiang markets is 5800 - 5890 RMB/ton, with the average price remaining the same as the previous working day. The futures market is closed, there is no futures guidance, the supply side's offers are stable, downstream terminals are temporarily on the sidelines, and the market trading atmosphere is cold [2] 3.3 Price and Profit Changes of Yarn - T32S pure polyester yarn price increased from 10270 on 2025/9/25 to 10300 on 2025/9/26, and the processing fee increased from 3770 to 3805 [2] - Polyester - cotton yarn 65/35 45S price increased from 16300 on 2025/9/25 to 16350 on 2025/9/26, and the profit increased from 1407 to 1504 [2] - Cotton 328 price decreased from 14770 on 2025/9/25 to 14655 on 2025/9/26 [2] 3.4 Load and Production - Sales Data - Direct - spun short - fiber load (weekly) increased from 93.90% to 94.40% [3] - Polyester staple fiber production - sales rate decreased from 78.00% to 45.00% [3] - Polyester yarn startup rate (weekly) remained at 63.50% [3] - Regenerated cotton - type load index (weekly) increased from 51.00% to 51.50% [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The domestic PVC market is currently in a situation of strong supply and weak demand. The export outlook is weakening, and domestic demand is flat, making it difficult to reverse the pattern of oversupply. The fundamentals are poor, and the short - term valuation has declined to a low level with limited downward space in the short term. In the medium term, attention should be paid to short - selling opportunities on rallies [11]. 3. Summary by Relevant Catalogs 3.1 Weekly Assessment and Strategy Recommendation - **Cost and Profit**: The price of Wuhai calcium carbide is 2,600 yuan/ton, unchanged week - on - week; the price of Shandong calcium carbide is 2,890 yuan/ton, up 50 yuan/ton week - on - week; the price of medium - grade semi - coke in Shaanxi is 730 yuan/ton, up 50 yuan/ton week - on - week. The comprehensive profit of chlor - alkali integration continues to decline, while the profit of ethylene - based production shows a slight improvement, and the current valuation is moderately low [11]. - **Supply**: The PVC capacity utilization rate is 79%, up 2% month - on - month. Among them, the calcium carbide method is 79.3%, up 2.4% month - on - month; the ethylene method is 78.1%, up 1% month - on - month. The supply load increased last week, mainly due to the increased loads of Haohua, Jinchuan, Zhenyang, and Yinlite. It is expected to further recover next week. Although the overall maintenance volume increased in September, there were multiple new device commissionings, so the supply pressure remains high [11]. - **Demand**: In terms of exports, the final anti - dumping duty ruling in India has been announced, and China's tax rate is at a significant disadvantage compared to other countries. Once implemented, exports are expected to decline. The operating rates of the three major downstream industries decreased last week. The pipe load is 40.4%, up 1.3% month - on - month; the film load is 63.9%, down 13% month - on - month; the profile load is 38.9%, down 0.5% month - on - month. The overall downstream load is 47.8%, down 1.5% month - on - month, indicating weak overall downstream operations. The pre - sales volume of PVC last week was 759,000 tons, up 3,000 tons month - on - month [11]. - **Inventory**: Last week, the factory inventory was 318,000 tons, up 12,000 tons month - on - month; the social inventory was 971,000 tons, up 18,000 tons month - on - month; the overall inventory was 1.29 million tons, up 29,000 tons month - on - month; the number of warehouse receipts stabilized. Currently, it is still in the inventory accumulation cycle, with upstream inventory gradually shifting to the mid - stream. Under the pattern of strong supply and weak demand, the inventory accumulation is expected to continue [11]. 3.2 Futures and Spot Market No specific analysis text is provided, only multiple charts are presented, including PVC term structure, East China SG - 5 price, spot basis, 1 - 5 spread, active contract positions, trading volume, total positions, and total trading volume [16][23][25]. 3.3 Profit and Inventory No specific analysis text is provided, only multiple charts are presented, including factory inventory, ethylene - based factory inventory, calcium carbide - based factory inventory, social inventory, factory + social inventory, warehouse receipts, Shandong's comprehensive profit of purchasing calcium carbide for chlor - alkali integration, calcium carbide - based PVC profit, ethylene - based PVC profit, and Inner Mongolia calcium carbide profit [30][32][39]. 3.4 Cost Side The cost side shows that calcium carbide prices have stabilized. No specific analysis text is provided, only multiple charts are presented, including Wuhai and Shandong calcium carbide prices, calcium carbide inventory, calcium carbide operating rate, Shaanxi mainstream price of medium - grade semi - coke, Shandong self - pick - up price of 32% liquid caustic soda, Shandong market price of liquid chlorine, and Northeast Asian ethylene CFR spot price [46][47][50]. 3.5 Supply Side In 2025, the PVC capacity expansion is significant, mainly concentrated in the third quarter. The total planned new capacity in 2025 is 2.5 million tons/year, including multiple projects such as Xinpu Chemical, Jintai Chemical, and Wanhua Chemical (Phase II). No specific analysis text is provided, only multiple charts are presented, including historical PVC capacity trends, 2025 PVC new capacity, 2025 PVC production raw material consumption, calcium carbide - based and ethylene - based PVC operating rates, overall PVC operating rate, and weekly PVC output [56][58][60]. 3.6 Demand Side The operating rates of the three major downstream industries of PVC have declined. No specific analysis text is provided, only multiple charts are presented, including downstream PVC operating rates (including profiles, films, and pipes), PVC export volume, PVC exports to India, PVC pre - sales volume, China's housing completion area rolling cumulative year - on - year growth rate, PVC industry chain, and PVC mind map [71][73][75][80][83][85][87][90][93].

Overview - In 2024, China's acrylonitrile production capacity is expected to remain at 4.399 million tons, with a production volume of 3.113 million tons, reflecting a year-on-year growth of 6.56% [1] - The capacity utilization rate has been declining since 2020 and is projected to recover to 70.8% in 2024, indicating an oversupply situation due to rapid expansion in domestic production [1][11] - The apparent consumption of acrylonitrile in China is forecasted to be 2.946 million tons in 2024, with a growth rate of only 0.08%, highlighting a mismatch between supply and demand [1][11] Market Policies - Recent policies in China aim to promote technological innovation and industrial upgrades in the acrylonitrile sector, steering the industry towards high-end and green development [6][7] Industry Chain - The acrylonitrile industry chain includes upstream suppliers of propylene, liquid ammonia, and catalysts; midstream production; and downstream applications in ABS, acrylic fiber, and acrylamide [7][8] Consumption Structure - The consumption of acrylonitrile is primarily concentrated in three sectors: ABS, acrylic fiber, and acrylamide, with ABS accounting for 50% of total consumption [9][10] - The household appliance sector is the largest consumer of ABS, representing over 45% of the total ABS consumption in China [9] Competitive Landscape - In 2024, the global acrylonitrile production capacity is expected to grow by 3.3%, with the top ten producers accounting for 71.6% of total capacity [12] - In China, the market concentration is high, with the top five producers holding 63.47% of the capacity, led by Sierbang Petrochemical [12][14] Development Trends - The acrylonitrile industry in China is anticipated to enter a new phase of capacity expansion in 2025, with an expected increase of over 1.3 million tons, pushing total capacity beyond 5.7 million tons [15] - However, low operating rates in downstream sectors are likely to exacerbate the supply-demand imbalance, leading to continued low-price fluctuations [15]

Group 1 - The petrochemical industry is facing challenges such as intensified competition in the basic organic raw materials market, insufficient supply of high-end fine chemicals, slowing domestic demand growth, and increasing external uncertainties. The Ministry of Industry and Information Technology and six other departments have released a growth stabilization plan for the petrochemical industry for 2025-2026, aiming for an average annual growth of over 5% in added value [1] - The plan emphasizes the need to strictly control new refining capacity and rationally determine the scale and pace of new ethylene and paraxylene capacity, while preventing overcapacity risks in the coal-to-methanol industry. It supports the transformation of old petrochemical facilities and the industrialization of new technologies [1][3] - The industry is undergoing a market reshuffle, with refining capacities below 2 million tons/year being phased out. Major projects such as the 20 million tons/year integrated refining and chemical project by Yulong Petrochemical and the 6 million tons/year expansion project by Daxie Petrochemical are coming online, further accelerating the market reshuffle [3] Group 2 - The chemical industry is experiencing severe homogenization issues, with a significant increase in production capacity leading to limited profit margins. The capacity utilization rate in the chemical raw materials and chemical manufacturing sector has declined from 80% in Q2 2021 to 72% in the same period this year [5] - The petrochemical industry has seen a rapid development over the past decade, with new integrated refining and chemical facilities being continuously put into operation. However, this has led to "involution" competition, where production increases do not translate into profit growth. Major petrochemical products have seen capacity and output increases of over 50% in the past five years, resulting in declining profitability for companies [5] - The growth stabilization plan suggests focusing on high value-added areas to enhance high-end supply, targeting key industries such as integrated circuits, new energy, and medical equipment. Companies with early layouts in high value-added fields are expected to benefit [6]

Core Insights - PVC futures main contract closed at 4888 CNY/ton, with a weekly decline of 0.29% and a reduction in open interest by 18,540 contracts [1] - Production losses from PVC manufacturers amounted to 61,400 tons, a decrease of 23,900 tons from the previous period [2] - Social inventory of PVC increased by 1.84% to 971,300 tons, with a year-on-year increase of 16.23% [2] Group 1: Market Performance - PVC futures opened at 4894 CNY/ton, reaching a high of 4909 CNY/ton and a low of 4874 CNY/ton during the week [1] - The average profit margin for calcium carbide-based PVC producers was -785 CNY/ton, indicating an increase in losses by 137 CNY/ton [2] - The average profit margin for ethylene-based PVC producers was -650 CNY/ton, with a slight profit increase of 5 CNY/ton [2] Group 2: Industry Dynamics - Six departments jointly released a plan to stabilize growth in the building materials industry, but no actual policies have been implemented for the PVC sector yet [3] - The overall supply-demand balance remains weak, with domestic supply being strong and demand weak, leading to a bearish outlook for PVC prices [3] - Export expectations are weakening due to the confirmed anti-dumping tax rate in India, despite a slight recovery in domestic downstream operations [3]

Core Insights - The U.S. soybean market is facing a crisis due to zero imports from China since April 2023, causing significant distress among American farmers and impacting political support for the Trump administration [1][2] - The U.S. government is exploring two main strategies to address the crisis: opening new markets and restarting agricultural subsidies [2][4] Group 1: Market Conditions - U.S. soybean exports to China have been stagnant, with farmers expressing frustration and calling for immediate government action [1] - China is the largest soybean importer globally, with an annual import volume of 105 million tons, of which 22 million tons are from the U.S. [2] - The loss of the Chinese market is projected to result in over $100 loss per acre for U.S. soybean farmers, even with potential subsidies [4] Group 2: Government Response - The U.S. government is attempting to diversify markets, but finding alternative buyers for the significant volume of soybeans previously exported to China is challenging [2] - Agricultural subsidies previously provided during the trade war are difficult to sustain due to high national debt and fiscal constraints [4] - The U.S. soybean industry is losing international competitiveness, with China imposing a 23% tariff on U.S. soybeans compared to only 3% on Brazilian and Argentine soybeans [4] Group 3: Industry Challenges - The crisis highlights contradictions in U.S. agricultural policy, where the government aims to maintain market share while also engaging in trade protectionism [5] - The U.S. agricultural sector is experiencing overproduction, exacerbated by government subsidies that encourage increased planting [5] - Environmental concerns are raised as U.S. agriculture contributes significantly to global greenhouse gas emissions, indicating a need for capacity reduction in the soybean industry [5]

Core Viewpoint - *ST Green Kang is divesting its photovoltaic film business by selling 100% equity of three subsidiaries to Jiangxi Raoxin New Energy Materials Co., Ltd. for cash, aiming to protect shareholder interests and improve financial health [1][4]. Group 1: Company Background - *ST Green Kang, originally focused on veterinary drug development and sales, shifted to the photovoltaic film industry in 2022 due to persistent losses in its core business [2]. - The company acquired Green Kang Yushan for 95 million yuan, despite its book value being only 160,350 yuan, indicating a significant overvaluation at the time of purchase [2][4]. Group 2: Financial Performance - The company has faced substantial losses, reporting a net loss of 222 million yuan in 2023, which is expected to increase to 445 million yuan in 2024, totaling over 700 million yuan in losses within two and a half years [4][5]. - As of June 2023, *ST Green Kang's debt-to-asset ratio surged to 105.82%, indicating a state of insolvency [5]. Group 3: Industry Context - The photovoltaic film industry experienced a downturn from 2023 to 2024, with oversupply leading to declining prices for POE, EVA, and EPE films, adversely affecting *ST Green Kang's profitability [5][6]. - The company's subsidiaries reported negative gross margins in 2024, with Green Kang Yushan at -19.28%, Green Kang Haining at -35.96%, and Green Kang New Energy at 0.41% [5]. Group 4: Strategic Implications - By divesting the loss-making photovoltaic film business, *ST Green Kang aims to refocus on its core veterinary products, enhancing its profitability and sustainability [7]. - The exit from the photovoltaic sector reflects a broader trend of companies withdrawing from the industry amid significant adjustments, with several other firms also choosing to leave [7][8].

Core Insights - The current implementation of the "anti-involution" policy focuses on capacity regulation and price guidance, which may lead to a dual turning point in the market [1][3] - The "anti-involution" policy is expected to promote a downward turning point in excess capacity and an upward turning point in the Producer Price Index (PPI) as the process of resolving excess capacity accelerates [1][3] Policy Development - The "anti-involution" policy began with the Central Political Bureau meeting in July 2024, which first proposed preventing "involution-style" vicious competition, and has since evolved into specific corrective actions by December 2024 [2] - The policy has become a frequent topic in high-level meetings this year, with related measures being implemented, including the construction of a unified market and ten industry stabilization plans [2] Industry-Specific Measures - Different industries may adopt varying approaches to "anti-involution," but the overarching focus remains on capacity regulation and price guidance [2] - The main strategies include controlling new capacity, eliminating outdated capacity, and encouraging mergers and acquisitions, all aimed at regulating capacity and guiding prices [2] Market Implications - The successful implementation of the "anti-involution" policy, supported by effective demand expansion measures, is expected to provide bullish support for the capital market [1][3]

每经记者｜彭斐 每经编辑｜魏官红 随着集中检修季进入尾声，山东地方炼厂的开工率呈现持续回升的态势。 根据隆众资讯的最新数据，截至9月25日的当周，山东地炼常减压开工率已攀升至53.49%，不仅实现了连续七周的上涨， 更创下了今年以来的最高纪录。 《每日经济新闻》记者注意到，这一涨势始于8月7日当周的46.87%开工率，标志着市场供应正逐步恢复。彼时，受燃料油 税改及油轮接卸新规等多重因素影响，山东地炼开工率曾在2月28日当周跌至43.17%，创下自2020年4月以来的新低。 不过，在看似回暖的景象之下，仍有寒流侵袭着地方炼厂的盈利能力。与持续走高的开工率形成鲜明对比的是，炼油利润 正经历下滑。数据显示，截至9月25日，山东独立炼厂加工进口原油日度综合利润跌至132.83元/吨，较9月上旬利润缩水近 六成。 更广泛的行业背景是，中国炼油产业正面临着结构性挑战。新能源汽车的加速替代以及过去几年炼化项目集中投产带来的 巨大产能，构成了行业产能过剩的困局。 创年内新高，山东地炼开工率实现"七连涨" 进入2025年下半年，山东地炼的生产节奏明显加快。 根据隆众资讯的数据，截至9月25日的当周，山东地炼常减压装置的产能利 ...

Group 1 - Volkswagen Group's Zwickau plant in Germany will temporarily halt production for one week starting October 8, 2023 [1][3] - The Emden plant is also expected to implement a work reduction plan, leading to several days of production stoppage [1][3] - Both Zwickau and Emden plants are dedicated to electric vehicle production, with Zwickau focusing on models like ID.3, ID.4, and Audi Q4 e-tron, while Emden primarily produces ID.7 and some ID.4 models [3] Group 2 - Volkswagen has become the largest electric vehicle brand in the EU, surpassing Tesla in sales during the first half of the year [3] - Despite strong sales growth, Volkswagen faces challenges such as overcapacity and slowing market demand [3] - To address these challenges and avoid large-scale factory closures, Volkswagen plans to cut 35,000 jobs in the German market by 2030, although this will not affect employees at Zwickau and Emden due to job protection agreements [3]