（记者 王晓波） 每经AI快讯，恒逸石化1月22日晚间发布公告称，2026年1月22日，公司召开第十二届董事会第二十九 次会议，审议通过《关于以集中竞价交易方式回购公司股份方案（第六期）的议案》。本次回购的股份 拟将回购股份用于实施员工持股计划或股权激励。本次回购股份资金总额不低于人民币5亿元，不超过 人民币10亿元。本次回购股份的价格不超过15元/股。回购期限自董事会审议通过本回购方案之日起不 超过12个月。 每经头条（nbdtoutiao）——特朗普强要格陵兰岛，丹麦一养老基金率先清仓美债，美国资产全线下 跌！欧洲手握"金融核按钮"，双方会"鱼死网破"吗？专家解读→ ...

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoints of the Report - For PTA, in the short - term, the upward space is limited, but before the new device is put into production, the overall pattern remains unchanged. After the valuation callback, pay attention to the opportunity of buying at low prices [1]. - For MEG, the pattern is expected to remain weak under the continuous new production, and pay attention to the opportunity of short - selling on rebounds [1]. - For polyester staple fiber, the downstream seasonality is expected to continue to weaken, with limited inventory pressure and relatively high start - up. It has a low - to - medium valuation and weak driving force, and pay attention to the warehouse receipt situation [1]. 3. Summaries According to Related Catalogs PTA - **Market situation**: The spot transaction average daily basis is 2605(-69). Yisheng New Materials' 3.6 million - ton device and Ineos' 1.25 million - ton device are under maintenance. The start - up of the device has decreased month - on - month, the polyester load has decreased at an accelerated rate, the inventory has increased, the basis has weakened, and the spot processing fee has remained stable [1]. - **PX situation**: Domestic PX is under maintenance and the load has decreased, while the overseas load continues to increase. The PXN has decreased month - on - month, the disproportionation benefit has weakened, and the isomerization benefit remains high. The aromatics price difference between the US and Asia is weak [1]. - **Outlook**: PX has high profits, domestic production remains high, and overseas start - up has rebounded. The de - stocking amplitude of the far - month contract has been revised down. TA's own processing fee is acceptable, and the inventory has increased during the pre - holiday polyester maintenance period [1]. MEG - **Market situation**: The basis is around 05(-109). Inner Mongolia Yankuang's 400,000 - ton device has increased its load. The domestic oil - based operation is stable, and the overall load has increased slightly driven by the increase in coal - based load. The port inventory has increased significantly at the beginning of the week, and the arrival forecast during the week remains high. The basis has strengthened month - on - month, and the coal - based benefit has remained stable [1]. - **Outlook**: Recently, the reduction in MEG mainly comes from the MTO part under the stable benefit of the mainstream process. The absolute amount and sustainability need further observation. The inventory is expected to continue to increase, and the absolute inventory is not low. The pattern is expected to remain weak [1]. Polyester Staple Fiber - **Market situation**: The spot price is around 6481, and the market basis is around 02 - 90. The device operation is stable, the start - up rate is maintained at 97.6%, the production and sales have improved month - on - month, the inventory has increased slightly, and the spot processing fee has weakened month - on - month. On the demand side, the start - up of the polyester yarn end has decreased, the raw material inventory has increased, the finished product inventory has decreased, and the benefit has improved month - on - month [1]. - **Outlook**: The downstream seasonality of staple fiber is expected to continue to weaken. With limited inventory pressure, the start - up will remain relatively high. It has a low - to - medium valuation and weak driving force, and the overall contradiction is limited [1]. Natural Rubber and 20 - grade Rubber - **Market situation**: The prices of various rubber products have changed to different degrees. For example, the daily change of the price of mixed rubber is 10, and the weekly change is - 30. The price differences and processing profits between different types of rubber also show certain changes [1]. Styrene and Related Products - **Market situation**: The prices of styrene and related products such as ethylene, pure benzene, and EPS have changed. For example, the price of styrene in East China has increased by 180 on a daily basis. The production profits of ABS, EPS, and PS have also changed [1].

| 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 买方营业部 (万元) | | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-21 | 000420 | 吉林化纤 | 4.59 | 300.00 | 1,377.0国泰海通证券股份 | | 国元证券股份有限 | | | | | | | | 有限公司上海浦东 | 公司大连黄河路证 | | | | | | | | 新区浦东南路证券 | 劳营业部 | | | | | | | 营业部 | | | 1月21日，吉林化纤大宗交易成交300万股，成交额1377万元，占当日总成交额的2.45%，成交价4.59 元，较市场收盘价4.68元折价1.92%。 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - PX market continues to be strong, driven by speculative funds advancing long positions in 2026. Current supporting factors have exceeded pure financial drivers. Gasoline blending profit decline makes the reforming unit close to break - even between aromatics extraction and gasoline production. PX - MX spread has widened to over $150, and PX - naphtha spread reached $370, improving PX production economy. Korean factories plan to increase production in January but are limited by some reforming unit overhauls. Domestic PTA maintains high operation, domestic demand declines, and polyester factory production cuts have a negative feedback on PTA. PTA consumption remains high, but mainstream polyester plants conduct early overhauls and sell PTA raw materials, causing the basis to weaken rapidly [2] Group 3: Summary of Related Indicators Spot and Futures Prices - PTA spot price increased from 4970 to 5015, a change of 45; PTA closing price rose from 5030 to 5144, a change of 114 [2] - MEG domestic price decreased from 3637 to 3601, a change of - 36; MEG closing price dropped from 3755 to 3674, a change of - 81 [2] - 1.4D direct - spun polyester staple fiber price remained at 6450, with no change; short - fiber basis decreased from 67 to 61, a change of - 6 [2] - 3 - 4 spread increased from 44 to 42, a change of 2; polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2] - 1.4D imitation large - chemical fiber price remained at 5250, with no change; the price difference between 1.4D direct - spun and imitation large - chemical fiber remained at 1200, with no change [2] - East China water bottle chip price increased from 6020 to 6044, a change of 24; hot - filling polyester bottle chip price increased from 6020 to 6044, a change of 24; carbonated - grade polyester bottle chip price increased from 6120 to 6144, a change of 24; outer - market water bottle chip price increased from 805 to 810, a change of 5 [2] - Bottle chip spot processing fee decreased from 552 to 550, a change of - 2 [2] - T32S pure polyester yarn price remained at 10570, with no change; T32S pure polyester yarn processing fee remained at 4120, with no change [2] - Polyester - cotton yarn 65/35 45S price remained at 16700, with no change; cotton 328 price decreased from 15440 to 15390, a change of - 50 [2] - Polyester - cotton yarn profit increased from 1587 to 1606, a change of 19 [2] - Primary three - dimensional hollow (with silicon) price decreased from 7165 to 7150, a change of - 15; hollow staple fiber 6 - 15D cash flow decreased from 497 to 456, a change of - 41 [2] - Primary low - melting - point staple fiber price remained at 7760, with no change [2] Operating Rates and Sales Ratios - Direct - spun staple fiber load (weekly) increased from 86.77% to 88.84%, a change of 2.07% [3] - Polyester staple fiber sales ratio increased from 60.00% to 102.00%, a change of 42.00% [3] - Polyester yarn operating rate (weekly) remained at 66.00%, with no change [3] - Recycled cotton - type load index (weekly) remained at 51.10%, with no change [3]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - For PTA, the domestic PX maintenance and load reduction, overseas load continued to increase, PXN contracted month - on - month, disproportionation benefit weakened while isomerization benefit remained high, and the aromatics spread between the US and Asia was weak. In the short term, the strengthening space is limited, but before the new device is put into production, the overall pattern has not changed. After the valuation correction, pay attention to the opportunity of buying on dips [1] - For MEG, the recent reduction mainly comes from the MTO part. The overall inventory accumulation is expected to continue, and the pattern is expected to remain weak under the continuous new production. Pay attention to the opportunity of short - selling on rebounds [1] - For polyester staple fiber, the downstream seasonality is expected to continue to weaken. With limited inventory pressure, the start - up remains high. It is in a state of low - medium valuation and weak drive, with limited overall contradictions. Pay attention to the warehouse receipt situation [1] - For natural rubber and 20 - number rubber, no clear overall view was summarized in the text Group 3: Summary by Product PTA - **Market data**: From January 14 - 20, 2026, the price of crude oil fluctuated between 54.9 - 71, PX CFR Taiwan price was around 549 - 669, PTA inner - market spot price was in the range of 4960 - 5075, and the PTA load was about 72 - 88.89 [1] - **Device situation**: Yisheng New Materials' 3.6 million - ton device was under maintenance, and Ineos' 1.25 million - ton device was under maintenance [1] MEG - **Market data**: From January 14 - 20, 2026, the MEG outer - market price dropped from 730 to 710, the inner - market price decreased from 3711 to 3601, the coal - based MEG profit decreased from - 389 to - 499, and the MEG load remained at 74.4 [1] - **Device situation**: Inner Mongolia Yankuang's 400,000 - ton device increased its load [1] Polyester Staple Fiber - **Market data**: The spot price was around 6442, and the market basis was around - 60 for the 02 contract. The short - fiber profit was between 21 - 43, and the pure - polyester yarn profit was between - 55 - 260 [1] - **Device situation**: The end - device operation was stable, with a start - up rate of 97.6%. Product sales improved month - on - month, inventory increased slightly, and the spot processing fee weakened month - on - month [1] Natural Rubber and 20 - Number Rubber - **Market data**: From January 1 - 2, 2026, the price of US - dollar Thai mixed rubber was 1880 - 1910, the price of US - dollar Thai standard rubber was 1880 - 1920, and the price of Shanghai full - latex rubber dropped from 15660 to 15620 [1] Styrene and Related Products - **Market data**: From January 14 - 20, 2026, the price of ethylene (CFR Northeast Asia) fluctuated between 701 - 726, the price of pure benzene (CFR China) was around 706 - 726, and the price of styrene (East China) increased from 5430 to 5690 [3] - **Profit situation**: The domestic profit of PS, ABS, and EPS fluctuated greatly. For example, the domestic profit of PS was between - 926 - 180, and the domestic profit of ABS was between - 323 - 529 [3]

Summary of Key Points Core Viewpoint The company has decided to cancel the remaining shares repurchased in 2022, which were initially intended for employee stock ownership plans, and will instead reduce its registered capital by the same amount. Group 1: Share Repurchase Overview - On March 7, 2022, the company approved a share repurchase plan with a total fund of no less than RMB 150 million and no more than RMB 300 million, at a price not exceeding RMB 18.00 per share [2] - The company repurchased 798,100 shares on March 8, 2022, at a price range of RMB 12.10 to RMB 12.35, totaling RMB 9,788,945 [2] Group 2: Repurchase Completion and Usage Change - By March 6, 2023, the company had repurchased a total of 18,381,291 shares, accounting for 1.20% of the total share capital, with an average price of RMB 10.88 and total expenditure of RMB 199,985,473.56 [3] - On August 6, 2024, the company changed the purpose of the repurchased shares from employee stock ownership to equity incentives, with 1,299.30 million shares granted to 289 incentive targets [4] Group 3: Cancellation Decision and Implementation - On November 18, 2025, the company decided to cancel the remaining 5,388,291 shares that were not used for equity incentives, as they had not been transferred within three years [6] - The cancellation was approved in a board meeting and a subsequent shareholder meeting, with the announcement made on December 5, 2025 [5][6] Group 4: Impact of Cancellation - Following the cancellation, the total share capital will decrease from 1,524,555,706 shares to 1,519,167,415 shares [8] - The cancellation is not expected to significantly impact the company's financial status or operational results, and the company will maintain its listing status [8]

Group 1: Market Overview - The majority of stocks are underperforming today, but sectors such as electric grid, semiconductor equipment and materials, and chemicals continue to strengthen [1] - The chemical sector is entering an accelerated phase, similar to previous cycles where cyclical commodities performed well [2] Group 2: Chemical Sector Insights - Key companies in the chemical sector include: - Hengli Petrochemical (600346): Market cap of 47.089 billion, focusing on refining products [2] - Rongsheng Petrochemical (002493): Market cap of 32.776 billion, involved in refining and chemical products [2] - Lianhe Chemical (000301): Market cap of 24.954 billion, focusing on refining and other petrochemicals [2] - Other notable companies include Tongkun Co. (601233), Huafeng Chemical (002064), and Wanhua Chemical (600309) with respective market caps of 28.339 billion, 21.981 billion, and 142.694 billion [2] Group 3: Investment Strategy - A gradual accumulation strategy is being employed, indicating a traditional institutional operation method that has entered a stable second phase [3] - Holding onto these stocks over a longer period is expected to yield better returns compared to frequent trading [3] Group 4: Market Dynamics - Caution is advised regarding potential sudden market declines, although significant corrections are not anticipated [4] - The current market is characterized by oscillation, making sector selection crucial to avoid stark contrasts in performance [6] Group 5: Historical Context - Historical bull stocks serve as valuable lessons, with current bull stocks following similar patterns due to unchanging human behavior [6] - The characteristics of successful stocks include clear upward trends and compact adjustment structures [6] Group 6: Retail Investor Guidance - For retail investors, transitioning from the first to the second phase of stock performance is generally more successful than chasing high-performing stocks at peak levels [7]

Core Viewpoint - The company, Xinxiang Chemical Fiber, announced that its stock experienced an abnormal trading fluctuation, with a cumulative closing price increase of 21.43% over two consecutive trading days [2]. Group 1: Stock Performance - The stock price of Xinxiang Chemical Fiber showed a cumulative increase of 21.43% on January 19 and January 20, 2026, indicating significant trading volatility [2]. - The company confirmed that there were no corrections or supplements needed for previously disclosed information [2]. Group 2: Company Operations - Xinxiang Chemical Fiber reported that its recent operational conditions are normal, with no significant changes in the internal or external business environment [2]. - The company did not identify any recent media reports that could have significantly impacted its stock trading price [2].

Market Sentiment Analysis - Since mid-December last year, A-share sentiment has been gradually rising, with a rapid increase since January, leading to a doubling of total trading volume and turnover rate from the lows [1] - The financing balance has increased at a rate similar to Q3 last year, but the financing balance as a percentage of circulating market value remains around 2.5%, and the proportion of financing purchases is about 11%, indicating no significant breakout from previous ranges [1] - There is a notable structural valuation differentiation in the market, with the valuation ratios of the CSI 500/1000 and CSI 300 reaching highs not seen since 2018, and technology growth sectors showing generally high valuations while consumer and financial sectors have lower valuation levels [1] - Despite the recent market uptrend, industrial capital reduction has not accelerated and remains at a moderate level, primarily concentrated in growth and manufacturing sectors [1] Polyester Filament Industry - Major filament manufacturers have decided to initiate a 15% production cut starting January 14 for one quarter, with the possibility of increasing the cut depending on market conditions [2] - As of January 16, the inventory days for mainstream POY in the filament industry are only 10 days, indicating a low level of stock; the weekly operating load for filaments is at 88.8%, down 1.4 percentage points week-on-week [2] - Domestic small and medium-sized direct-spun polyester filament enterprises are increasingly announcing shutdowns for the holiday period, which, combined with the production cuts, may lead to an operating load of around 71%-72% during the Spring Festival, marking the lowest level in nearly three years [2][3] - The peak of polyester filament capacity expansion has passed, with future new capacity mainly concentrated in major manufacturers like Tongkun and New Fengming [3] - Domestic demand is expected to gradually recover due to consumption stimulus policies, while external demand may maintain rapid growth due to factors like the Federal Reserve's interest rate cuts and India's cancellation of BIS certification [3] Profitability Outlook - The polyester filament industry is expected to maintain a relatively balanced supply-demand structure, allowing for good profitability through effective industry collaboration [3] - The planned large-scale production cuts by major filament manufacturers before and after the 2026 Spring Festival are anticipated to help keep inventories low, with expectations for demand peaks in March-April and overall price differentials for 2026 being promising [3]

Core Viewpoint - The company announced a share repurchase plan initiated in March 2022, with a total expenditure of 199 million yuan for repurchasing shares for employee stock ownership plans and later changing the purpose to equity incentives [1] Group 1: Share Repurchase and Usage - In March 2022, the company decided to repurchase shares amounting to 150 to 300 million yuan for employee stock ownership plans [1] - As of March 2023, the company had repurchased a total of 18.38 million shares, costing 199 million yuan [1] - The purpose of the repurchased shares was later changed to equity incentives [1] Group 2: Stock Grant and Cancellation - In 2024, the company granted 12.99 million restricted shares to 289 incentive recipients, with 5.39 million shares remaining [1] - In 2025, the board and shareholders agreed to cancel the remaining shares [1] - The cancellation was completed on January 21, 2026, reducing the total share capital from 1.525 billion shares to 1.519 billion shares, without affecting the company's listing status [1]