新凤鸣 20250522 新凤鸣一季度利润约 7,000 万至 7,800 万元，短纤业务扭亏为盈，净利 润约 4,800 万元。尽管 2 月受春节影响产销停滞，但整体市场需求保持 良好态势。 关税政策对新凤鸣直接影响有限，但通过影响下游企业出口及原材料期 货波动，间接对公司账面减值构成压力。东南亚地区豁免减免措施后， 下游抢出口现象有所缓解。 短纤市场需求旺盛，库存水平低，下游开工率高。长丝市场整体产销率 接近 100%，下游采购积极。原材料价格上涨迅速，短纤盈利受限，但 预计价格将逐步修复。 原材料价格暴涨导致 5 月份产品价差疲软，给新凤鸣带来经营压力。公 司计划通过经营手段提升效益，逐步修复价差，长期来看有利于行业发 展。 今年 FDY（全拉伸丝）市场效益、产销和库存压力较大，而 DTY（低弹 丝）盈利水平相对较好。公司计划调整产品结构，提升 POY（预取向 丝）比例至 50%，FDY 至 30%，DTY 至 20%。 Q&A 新凤鸣公司在近期市场需求和关税政策影响下的表现如何？ 公司大股东增持对未来发展的信心如何体现？ 公司大股东在上个月开始增持股份，这传递了管理层和大股东对公司未来发展 的绝对信心 ...

海阳科技股份有限公司 （Haiyang Technology Co., Ltd. ） （泰州市海阳西路 122 号） 首次公开发行股票并在主板上市 招股意向书 保荐人（主承销商） （北京市西城区金融大街 5号（ 新盛大厦）12 、15层） 海阳科技股份有限公司 招股意向书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 海阳科技股份有限公司 招股意向书 致投资者声明 一、发行人上市的目的 本次发行上市目的系借助资本市场通过上市股权融资方式扩大公司生产经 营规模、提高智能化生产水平以及降低公司资产负债率等，用于提升企业的核心 竞争力，有利于公司进一步提高在行业的市场地位和市场占有率，推动企业的长 期发展，同 ...

Core Viewpoint - The company, Taihua New Materials, is focusing on expanding its production capacity and enhancing its product offerings in the nylon industry, particularly in differentiated and sustainable products. Production Capacity - The company has a nylon filament production capacity of 34.5 million tons, with specific capacities of 18.5 million tons in Jiaxing, Zhejiang, and two projects in Huai'an, Jiangsu, with annual capacities of 100,000 tons and 60,000 tons respectively. In 2024, the production volume is expected to be 21.22 million tons, with sales volume at 20.16 million tons [2]. Ongoing and Planned Projects - The company is currently constructing a high-end nylon fabric weaving and dyeing project in Huai'an with an annual capacity of 200 million meters, which is progressing as planned and has recently undergone trial production. Additionally, a new production base in Vietnam is planned with an investment of up to $100 million for a project with an annual capacity of 60 million meters [3]. Raw Material and Sales Situation - The company sources recycled nylon materials from production waste and post-consumer products, ensuring a steady supply of raw materials. The demand for recycled materials is increasing globally due to heightened sustainability and environmental awareness. The company's recycled nylon products have received certifications such as GRS and OBP, and it has established deep collaborations with various domestic and international brands [4]. Application and Sales of Nylon 66 - Nylon 66, produced by the company, offers superior strength, abrasion resistance, comfort, and vibrant colors compared to conventional nylon materials, leading to higher product value and profit margins. The product is used in various sectors including sportswear, yoga, lingerie, home textiles, down jackets, children's clothing, and formal wear. The customer base and sales volume for Nylon 66 have seen significant growth in recent years [5]. Future Development Strategy - The company aims to strengthen its integrated nylon industry chain, leveraging its scale and full-chain advantages. It will focus on maintaining production capacity for conventional products while enhancing profitability for differentiated products. The strategy includes optimizing product and customer structures, increasing the sales proportion of differentiated products, and pursuing high-quality development through high-end, branded, intelligent, and green initiatives [6]. Financial Performance - In the first quarter of 2025, the company reported a main revenue of 1.478 billion yuan, a year-on-year increase of 0.38%. The net profit attributable to shareholders was 163 million yuan, up 8.92% year-on-year, while the net profit excluding non-recurring items decreased by 22.62% to 105 million yuan. The debt ratio stands at 55.32%, with investment income of 439,600 yuan and financial expenses of 33.01 million yuan, resulting in a gross margin of 22.33% [6]. Analyst Ratings - Over the past 90 days, 10 institutions have rated the stock, with 9 buy ratings and 1 hold rating. The average target price set by institutions is 14.48 yuan [6]. Financing Data - Recent financing data indicates a net inflow of 8.628 million yuan in the last three months, with an increase in financing balance. The net inflow of securities lending was 303,900 yuan, also showing an increase in the balance [8].

期货市场上看，5月22日截至收盘，PTA期货主力合约报4702.00元/吨，跌幅1.43%，最高触及4794.00元/ 吨，最低下探4692.00元/吨，日内成交量达1048361手。 【市场资讯】 截止2025年5月21日，中国PTA平均加工区间：400.19元/吨，环比2.38%，同比-2.33%。 本周三（5月21日），PTA现货市场商谈一般，现货基差变动不大，5月主港在09+120～130附近商谈。 （5月22日）全国PTA价格一 览表 | | 规格 | 品牌/产 | 报价 | 报价类 | 交货地 | 交易商 | | --- | --- | --- | --- | --- | --- | --- | | | | 地 | | 型 | | | | 等级:优等品 | | 扬子石 | 5070元/ | 市场价 | 江苏省/南通 | 南通众合化工新材料有限公司 | | | | 化 | 吨 | | 市 | VIP | | 逸盛大化 | 优等品 | 逸盛大 | 4890元/ | 市场价 | 江苏省/苏州 | 青岛嘉德瑞工贸有限公司 | | | | 化 | 吨 | | 市 | | | 恒力大连 | 优等品 | 恒力大 ...

2025 年 5 月 22 日 行业研究 IEA、EIA 上调原油需求预期，关注 OPEC+增产进展 ——石化化工交运行业日报第 67 期（20250521） 要点 IEA、EIA 上调原油需求预期，预计 25 年新兴市场原油需求快速增长。IEA 在 5 月月报将 2025 年全球原油需求预期上调 1 万桶/日至 74 万桶/日，但 IEA 依然强调贸易不确定性、经济增长放缓和电动汽车销量增长对原油需求 的抑制效应。IEA 预计，尽管近期经济放缓，但新兴经济体仍然是原油需求 增长的主要驱动力，25 年将增加 86 万桶/日，26 年将增加 100 万桶/日，而 经合组织国家需求加速下降，25、26 年分别减少 12 万桶/日和 24 万桶/日。 此外，EIA 在 5 月短期能源展望中预计 25 年全球原油需求增长 138 万桶/ 日，较上月预测上调 3 万桶/日。供给端，IEA 预计美国页岩油产量增速将放 缓，在最新的财报电话会议上，美国页岩油独立生产商表示，他们将削减钻 机数量，并将 2025 年的资本支出预期下调 9%。IEA 预计 25、26 年美国原 油供应量增幅分别为 44 万桶/日和 18 万桶/ ...

周三市场消息面较为平静，A 股以横盘整理为主，走势平稳，波动幅度狭窄。盘中多空相持，市场 重心在权重股走势偏强的作用下略有上移。但成交量能没有明显放大，而是保持在不到 1.2 万亿元的较 低水平，显示市场活跃度偏低，观望气氛较浓。从技术面看，上证指数布林线位于中偏强位置，KDJ 指标在三分之二分位，总体以中性偏强震荡为主，只是能量指标滞后，量价关系上有所欠缺。未来，如 果大盘要向上突破，成交量应率先放大到 1.5 万亿元以上，这将是观察市场是否变盘的一个直观信号。 风险提示：消息面或海外市场表现超预期，流动性的不确定性。 展望后市：短线尚未出现明显的变盘信号及其预期，A 股行情大概率维持现有节奏，以指数窄幅波 动，成交保持低位，热点快速轮动为主。 从热点看，短线继续高频轮动。周三贵金属、珠宝首饰领涨，周二也是珠宝首饰涨幅第一，美容护 理、宠物经济等相关板块涨幅居前。事件性因素驱动为主。而此前已有表现的化纤化工、消费电子等跌 幅居前。题材刺激，资金推动，快速轮动的特点较为鲜明。 ...

音紧像胶呈报 图1 研究中心能化团队 2025/05/22 P 不 A A POY 1 仓单+有 PX CFR PTA内盘现 PTA平衡 PTA加 PTA负 石脑油 石脑油裂 聚酯毛利 TA基美 50D/4 日期 原油 PX加工美 产销 台湾 工差 效预报 日本 न्ह 解价差 荷 负荷 8F 图H 2025/0 5030 7050 80258 0.30 64.5 572 853 99.00 281.0 353 65 86.9 76.9 215 5/15 2025/0 70046 65.4 ୧୧୧ 839 4990 7050 85.92 274.0 386 103 87.9 76.9 200 0.25 5/16 (图H 2025/0 75 7025 87.9 200 0.35 65.5 569 841 4995 88.97 272.0 380 76.9 68831 5/19 2025/0 827 4860 7025 90.39 257.0 320 67816 0.25 65.4 570 205 87.9 76.9 165 5/20 2025/0 图H 65.4 570 4895 90.39 87.9 125 ...

Market Performance - A-shares continued to rise with major indices showing positive performance, including a 0.12% increase in the Shanghai Composite Index, which stabilized above 3380 points, and a 0.83% increase in the ChiNext Index [2] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.2 trillion, indicating active market participation [2] Sector Performance - The precious metals sector surged due to increased risk aversion stemming from global economic instability, leading to significant inflows into gold and other precious metals [2] - The battery sector also performed well, driven by the booming demand for electric vehicles and breakthroughs in solid-state battery technology [2] - The innovative drug concept saw a rebound, bolstered by recent significant collaborations that enhanced market confidence [3] Underperforming Sectors - The light industry and chemical fiber sectors faced declines, impacted by a sluggish real estate market affecting demand for household light industry products and raw material price pressures [3] - The semiconductor sector experienced a net outflow of 3.5 billion, attributed to instability caused by U.S. restrictions on advanced chip technologies [3] External Events and Impacts - The U.S. chip ban poses challenges for the semiconductor industry but may accelerate domestic companies' R&D capabilities [4] - The completion of the China-ASEAN Free Trade Area 3.0 negotiations is expected to create significant market opportunities for related sectors such as ports and logistics [4] - The promotion of IPv6 development has led to increased investment in seven related concept stocks, indicating market optimism [4]

2025 年 5 月 21 日 行业研究 新消费下的包装升级，持续看好 MXD6 产业链 ——石化化工交运行业日报第 66 期（20250520） 要点 我国内需呈现出较高的韧性，我们看好新消费下的包装升级发展机遇。根据 国家统计局发布社消数据，2025 年 4 月社会消费品零售总额为 3.72 万亿 元，同比增长 5.1%，增速比 3 月下降 0.8 个百分点。1-4 月，社会消费品零 售总额为 16.18 万亿元，同比增长 4.7%，增速比上年同期上升 0.6 个百分 点。我国内需呈现出较高的韧性，叠加近期我国持续出台多项提振消费等政 策，我们看好新消费细分赛道的发展机遇。在中国消费结构加速升级的大背 景下，产品包装也在持续升级革新。受包装材料轻量化和高性能化趋势驱 动，高阻隔包装薄膜以其有效实现阻隔氧气和水等物质的功能，延长产品的 保质期和基本性能，在食品、医药、精密仪器及精细化学制品等领域应用广 泛。其中，24 年食品和饮料领域占据阻隔包装材料下游市场的最大份额，占 比约为 48.13%，医药领域的市场份额约为 24.35%。 2030 年全球高阻隔包装薄膜市场规模有望突破千亿元，PVDC、EVOH、 ...

直纺短纤负荷(周) 88. 90% 91. 30% 0. 02 涤纶短纤产销 45. 00% 55.00% 10. 00% 涤纱开机率(周) 67.00% 67. 00% 0. 00 再生棉型负荷指数(周) 50. 40% 50. 40% 0. 00 涤纶短纤与纯涤纱价格 涤纶短纤现金流 14000 10000 10000 1800 (探偵) 太原始欲德 t T325年演出 (群贝) 解日示52E= 舞想坝金流 ·1.4D直纺条短 9000 9000 13000 1400 8000 8000 12000 1000 7000 7000 6000 11000 600 6000 5000 10000 200 5000 4000 -200 9000 + 3000 2021-01-01 2022-01-01 2023-01-01 2024-01-01 2025-01-01 2021-01-01 2022-01-01 2023-01-01 2024-01-01 2025-01-01 涤棉纱65/35 45S价格与利润 中空短纤价格与现金流 2500 10000 22500 4000 涂棉纱利润 泽棉纱65/35 45S ...