每经AI快讯，新凤鸣（SH 603225，收盘价：15.68元）12月12日晚间发布公告称，公司第六届第四十三 次董事会会议于2025年12月12日在公司二十四楼会议室召开。会议审议了《关于召开2025年第八次临时 股东会的议案》等文件。 2025年1至6月份，新凤鸣的营业收入构成为：化纤占比86.1%，石化占比13.89%，其他业务占比 0.01%。 截至发稿，新凤鸣市值为239亿元。 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 （记者 王晓波） ...

Core Viewpoint - The company plans to initiate a 360,000 tons/year functional fiber project in Egypt with a total investment of approximately $280 million, aiming to leverage local resources and tap into emerging market potential for sustainable development [1] Group 1 - The project is expected to enhance the company's strength and expand its competitive advantage [1] - The investment reflects the company's strategy to achieve high-quality sustainable development through overseas investments [1]

Core Viewpoint - The company plans to initiate a new functional fiber project in Egypt with an annual production capacity of 360,000 tons, involving a total investment of approximately $28 million [1] Group 1: Project Details - The new project will cover an area of 360 acres and will utilize advanced international polyester production technology [1] - The manufacturing facility will produce POY, FDY, and DTY types of functional polyester fibers [1] - The project includes leasing a nearby port for the construction of a terminal tank area [1]

Core Viewpoint - The company plans to initiate a 360,000 tons/year functional fiber project in Egypt with a total investment of approximately 1,977.86 million yuan [1] Group 1: Project Details - The project will be managed by the company's wholly-owned subsidiary, Jiangsu Xintuo, through its overseas subsidiaries, Hong Kong Industrial and Beisi Road, establishing a new materials company in Egypt [1] - The project is located in the Suez Canal Economic Zone, specifically in the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, with a construction period of 24 months [1] - The expected annual production capacity of the project is 360,000 tons of functional polyester fiber [1] Group 2: Financial and Approval Aspects - The total investment for the project is approximately 1,977.86 million yuan, funded by the company's own funds and bank financing [1] - This external investment does not constitute a related party transaction or a significant asset restructuring [1] - The matter has been approved by the company's board of directors and is pending approval from the shareholders' meeting and relevant government departments of both countries [1]

本文源自：卓创资讯 本周华东市场的涤纶短纤现货价格有所下滑，均价降至6291元/吨，跌幅为-0.55%，目前价格区间在 6080-6460元/吨之间。价格下降的主要原因是成本支撑减弱，由于主原料PTA和乙二醇的价格走低，以 及尽管涤纶短纤开工率略有下滑，但整体供应仍保持充足。此外，市场需求疲软，下游买家仅限于基本 采购。展望未来，随着成本端的回暖，预计短期内涤纶短纤价格可能有轻微回升，但下游采购依然谨 慎。 ...

（文章来源：证券日报） 证券日报网讯 12月11日，新凤鸣在互动平台回答投资者提问时表示，截至2025年12月10日，公司的股 东总数是19757户。 ...

东方盛虹公告，2025年12月1日至2025年12月11日期间，公司股票已有9个交易日的收盘价低于"盛虹转 债"当期转股价格的80%，预计将触发"盛虹转债"转股价格向下修正条件。 ...

Report Industry Investment Rating - The report maintains a positive outlook on the far - month contracts of PXTA, suggesting continued optimism [1][2][6][7][27][56][68][85][118][123] Core Viewpoints - The current low valuation of PXTA combined with a production gap period provides an opportunity. The PTA market is in an upward - trending phase, and the price center is expected to rise in the future. The overall situation is expected to improve due to no new production plans for PTA and PX in the future and positive growth in downstream demand. There are long - term opportunities for long positions [5][14] - The market sentiment is currently positive, but there is a lack of substantial favorable news. The improvement in the overall situation is based on long - term optimism. During the off - season, the market is expected to see limited rebound, and it is advisable to focus on long - term long opportunities in far - month contracts [13] Summary by Directory Investment Strategy - **PX1 - 5 Reverse Spread**: The strategy involves the PX601 and PX605 contracts. The cost formula is PX601 - PX605. The target spread is - 200, and the stop - loss spread is 160. It was proposed on August 8, 2025. Attention should be paid to the reverse spread opportunity of PX1 - 5 [8] Industry Chain Operation Suggestions PX - **Refineries (Inventory Management)**: For those with PX inventory worried about price drops, they can sell a certain proportion on the market. The hedging derivative is PX601P6500, with a purchase ratio of 100% and an entry price of 20 [10] - **Polyester Traders (Procurement Management)**: To build inventory and buy PX at a low price, they can buy short - term call options to prevent price surges. The option is PX605, with a purchase ratio of 100% and an entry price of 6650 [10] - **Polyester Traders (Inventory Management)**: To protect inventory from price drops, they can sell on the market. The hedging derivative is PX601P6500, with a purchase ratio of 100% and an entry price of 20 [10] - **Polyester Factories (Procurement Management)**: When in need of PX and worried about price increases, they can buy call options according to the production plan to prevent price surges. The option is PX605, with a purchase ratio of 100% and an entry price of 6650 [10] - **Polyester Factories (Inventory Management)**: To protect inventory from price drops, they can sell on the market. The hedging derivative is PX601P6500, with a purchase ratio of 100% and an entry price of 20 [10] - **Textile Enterprises (Procurement Management)**: To prevent PX price increases, they can buy call options. The option is PX605, with a purchase ratio of 100% and an entry price of 6650 [10] PTA - **Polyester Traders (Inventory Management - Worried about Price Drops)**: They can hedge a small proportion of unsold PTA inventory by short - selling. The hedging derivative is TA601P4450, with a purchase ratio of 100% and an entry price of 20 [4] - **Polyester Traders (Inventory Management - Seeking High - Price Sales)**: They can hedge a small proportion of unsold PTA inventory by short - selling. The hedging derivative is TA601P4450, with a purchase ratio of 100% and an entry price of 20 [4] - **Polyester Traders (Procurement Management)**: They can buy futures or options on the market according to the proportion to prevent sudden price increases. The options are TA601C4800 and TA601P4550, with a purchase ratio of 100% and entry prices of 30 and 35 respectively [4] - **Polyester Factories (Inventory Management - Worried about Price Drops)**: They can hedge a small proportion of unsold PTA inventory by short - selling. The hedging derivative is TA601P4450, with a purchase ratio of 100% and an entry price of 20 [4] - **Polyester Factories (Procurement Management - Worried about Price Increases)**: They can buy futures or options on the market according to the proportion to prevent sudden price increases. The options are TA601C4800 and TA601P4550, with a purchase ratio of 100% and entry prices of 30 and 35 respectively [4] - **Textile Enterprises (Procurement Management - Worried about Price Increases)**: They can buy options to prevent sudden price increases. The option is TA601P4550, with a purchase ratio of 100% and an entry price of 35 [4] Fundamental Analysis and Strategies Supply - For PTA, with the planned maintenance of Yisheng and Honggang Petrochemical, the PTA load has recently decreased. The restart and maintenance are proceeding as planned. There is no significant unexpected situation on the supply side, but the subsequent supply pressure remains high due to the new 300 - million - ton Xin凤鸣 plant. For PX, the Zhonghua Quanzhou plant has reduced its load due to a fault, and the Shanghai Petrochemical plant has restarted, with fewer clear maintenance plans in the future [13] Demand - This week, the polyester operating rate has remained at around 90%. The overall terminal data is average. The profits of various polyester products have been compressed to different extents, and the inventory level is generally neutral. Due to previous export - rushing phenomena, the off - season expectations are average. Attention should be paid to the changes in polyester inventory and load during the off - season [13] Spot - Recently, due to the high supply pressure in the far - month, the spot performance has been weak. The basis has not rebounded as much as the single - sided price, and the spot is still at a discount of around 60 to the 01 contract [13] Valuation - Currently, PXN is around 288 US dollars per ton, and the 1.9 - cargo processing fee is around 150 yuan per ton. Overall, the PTA valuation is still low, and it has slightly recovered recently with the improvement in sentiment. The recent valuation repair is more reflected in PX [13] Unilateral Strategy - The current market sentiment is positive, but there is no actual favorable news. The improvement in the overall situation is based on long - term optimism about the future production gap of PTA and PX. During the off - season, the valuation is repaired in advance, and there is no substantial improvement in the overall supply - demand pattern from the basis. On the unilateral side, the expected rebound during the off - season is limited, and attention should be paid to long - term long opportunities in far - month contracts [13] PX Analysis PX Load - The Zhonghua Quanzhou 800,000 - ton plant stopped for maintenance on November 25, with an expected two - month maintenance period. A 100,000 - ton PX plant of Fujia Liuhe has been shut down since late March. There were no plant changes this week. The weekly PX output was 748,200 tons, a 0.58% decrease from last week. The domestic bi - weekly average capacity utilization rate was 89.21%, a 0.53% decrease from last week. The Asian weekly average capacity utilization rate was 79.12%, a 0.29% decrease [19] PX Profit - The current PXN is around 288 US dollars per ton. After rebounding from the bottom, the valuation is still at a relatively high level and is expected to remain volatile. Attention should be paid to the strong gasoline crack spread, which is at a relatively high level in the same period of history. There are also reports of the reconstruction of the aromatics logistics from South Korea to the United States, and attention should be paid to whether the subsequent gasoline blending will drive up PXN [29] PX Regional Spread - When the US - Asia spread is too large, there will be exports from Asia to the United States, affecting the Asian supply - demand pattern. Currently, the US - Asia spread has stabilized. After the export of aromatics dropped to zero last October, there was some flow in November and December. The volume of aromatics logistics increased in the first quarter of this year but dropped to zero after April. There has been little logistics in recent months, but there has been some logistics for other aromatics such as pure benzene. Attention should be paid to the subsequent export situation [37] PTA Analysis TA Operating Rate - The current effective operating rate is 75%. There were no changes in domestic PTA plants this week, but the supply increased due to the restart of Honggang Petrochemical last week. The domestic overall output has slightly increased this period. The PTA near - month still faces significant supply - demand pressure, but the situation has started to improve. If the downstream polyester can maintain a high load, the short - term supply - demand is acceptable [48] TA Profit - The current spot processing fee is around 150 yuan per ton. With the commissioning of new plants, the supply pressure is high, and the PTA processing fee has been continuously low. The improvement in supply - demand is more reflected in the valuation repair of PX. As the most over - supplied part of the industrial chain, it is difficult for PTA to repair its valuation, especially with the new Xin凤鸣 plant just commissioned [52] Polyester Analysis Polyester Operating Rate - The current polyester operating rate is 91.8%. The decline in the off - season is not significant, and the polyester factory load has stabilized at around 90%. Currently, the profits of polyester products are stable, and the inventory level is not too high. Overall, the performance during the peak season this year was average. With the arrival of the off - season, the demand is expected to be weak [62] Polyester Profit - Since last year, the profits of polyester bottle chips have been at the lowest level in the same period of history, leading to a continuous slump in the bottle - chip operating rate and a possible delay in the commissioning of new plants, as most planned new plants are for bottle chips. Currently, due to the continuous decline in raw material prices, the profits of downstream products have increased passively [67] Polyester Inventory - Polyester factories have maintained a load of around 90% recently. The inventory of some products is high, but with good sales, the inventory of products has remained at a neutral level. The performance of polyester on the demand side during the peak season this year was average. Due to the previous export - rushing, there was some order pre - empting. With the arrival of the off - season, the situation may not be optimistic [82] Terminal Weaving Analysis Weaving Operating Rate - The current weaving operating rate is 70% [87] Terminal Raw Material Stockpiling - Since the beginning of the month, the overall orders in the weaving market have been characterized by "scarce large orders and scattered small orders." The current clothing consumption demand has contracted, and the home - textile market is divided. The sales of functional fabrics have remained stable, while the conventional medium - and low - count fabrics face significant inventory pressure. Although there are occasional urgent foreign orders, the overall inventory - reduction progress is slow. Some small factories have cut production or shut down, while large - scale enterprises are still operating stably. Looking ahead, the price - negotiation atmosphere for spring orders is gradually heating up, and the market is waiting for further guidance. It is expected that the sales of home - textile products such as fleece will experience a phased recovery driven by promotional events such as "Double 12" [87] Basis and Spread Analysis - The basis reflects the strength of the spot relative to the futures. A negative basis indicates a weak spot market, and vice versa. The monthly spread sometimes provides arbitrage opportunities and can avoid unilateral risks. Attention should be paid to the PX01 contract basis, PX1 - 5 spread, TA01 contract basis, TA09 contract basis, and TA futures 5 - 9 spread [96][99] Position and Trading Volume Analysis - The position volume of the main contract can reflect the virtual - to - real ratio and sometimes affect delivery. The trading volume reflects the activity of the main contract. Attention should be paid to the trading volume and position volume of the PX_01 contract and the PTA_01 contract [113][114][119] Capacity and Cost Summary PX - **Supply - side Production Rhythm**: There has been no new production this year. As of now, the annual commissioned capacity is 0 tons, with a capacity growth rate of 0%. Yulongdao plans to commission 3 million tons at the end of the year. - **Demand - side Production Rhythm**: As of November 2025, the annual commissioned capacity is 11.7 million tons, with a capacity growth rate of 11%. There is no planned new production. - **Cost Curve**: PX is produced by pure oil - based methods, and the production processes are similar. The market generally believes that for PX, PXN around 200 - 300 US dollars per ton is near the cost, and currently, PXN is around 250 US dollars per ton [122] PTA - **Supply - side Production Rhythm**: As of November 2025, the annual commissioned capacity is 11.7 million tons, with a capacity growth rate of 11%. There is no planned new production. - **Demand - side Production Rhythm**: As of November 2025, the downstream polyester demand side has commissioned a total of 2.85 million tons, including 1.25 million tons of polyester bottle chips. The annual commissioned capacity is 2.85 million tons, with a capacity growth rate of 3%. There are still about 1.5 million tons of polyester capacity to be commissioned this year, and the expected annual commissioning growth rate is around 5%. - **Cost Curve**: PTA is all oil - based production, and the processes are similar. For most plants, the processing cost is in the range of 200 - 300 yuan per ton, and the current PTA spot processing fee is around 250 yuan per ton [125]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Gasoline crack spreads have declined, and gasoline blending has weakened. The economic performance of the PX industry chain has significantly diverged: the PX-naphtha price spread has widened to $252, reflecting raw material cost pressure; the by-product benzene price has dropped significantly, causing the PX-benzene price spread to only slightly increase to $210, weakening the overall profit of the integrated aromatics unit. High PX costs are pressuring PTA profits, but integrated enterprises have seen improved economic efficiency due to their raw material self-sufficiency advantage. New polyester plant startups have kept polyester operating rates high, and PTA consumption is approaching the historical high set in May. Although domestic demand has weakened seasonally, polyester factories have low to medium inventories and low willingness to cut production. The cancellation of India's BIS certification is expected to drive export growth, providing additional support for demand. The costs of bottle chips and staple fibers follow these trends [2] 3. Summary by Relevant Indicators 3.1 Price and Spread Changes - PTA spot price decreased from 4630 to 4605, a drop of 25; MEG domestic price increased from 3654 to 3674, a rise of 20; PTA closing price decreased from 4644 to 4616, a drop of 28; MEG closing price decreased from 3691 to 3682, a drop of 9; 1.4D direct-spun polyester staple fiber price decreased from 6350 to 6310, a drop of 40; short fiber basis increased from 92 to 107, a rise of 15; 12-1 spread decreased from 80 to 70, a drop of 10; polyester staple fiber cash flow increased from 240 to 246, a rise of 6; 1.4D imitation large chemical fiber price remained unchanged at 5350; the price difference between 1.4D direct-spun and imitation large chemical fiber decreased from 1000 to 960, a drop of 40; East China water bottle chip price decreased from 5700 to 5687, a drop of 13; hot-filled polyester bottle chip price decreased from 5700 to 5687, a drop of 13; carbonated-grade polyester bottle chip price decreased from 5800 to 5787, a drop of 13; foreign water bottle chip price decreased from 753 to 750, a drop of 3; bottle chip spot processing fee increased from 517 to 519, a rise of 2; T32S pure polyester yarn price remained unchanged at 10280; T32S pure polyester yarn processing fee increased from 3930 to 3970, a rise of 40; polyester-cotton yarn 65/35 45S price remained unchanged at 16300; cotton 328 price increased from 14570 to 14590, a rise of 20; polyester-cotton yarn profit increased from 1582 to 1601, a rise of 19; primary three-dimensional hollow (with silicon) price decreased from 7060 to 7040, a drop of 20; hollow staple fiber 6-15D cash flow decreased from 677 to 672, a drop of 5; primary low-melting staple fiber price remained unchanged at 7605 [2] 3.2 Market Conditions - Polyester staple fiber: The main futures contract of polyester staple fiber dropped 70 to 6114. In the spot market, polyester staple fiber production factories negotiated prices, and trader prices followed the futures slightly lower. Downstream buyers showed increased interest in purchasing at low prices, intermediate transactions increased, and factory sales were average. The price of 1.56dtex*38mm semi-gloss natural white (1.4D) polyester staple fiber in the East China market was 6070 - 6460 (cash on delivery, tax included, self-pickup), 6190 - 6580 in the North China market (cash on delivery, tax included, delivered), and 6110 - 6350 in the Fujian market (cash on delivery, tax included, delivered) [2] - Polyester bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5670 - 5750 yuan/ton, with the average price dropping 5 yuan/ton from the previous working day. PTA and bottle chip futures fluctuated weakly. Supply-side quotes were mixed with stable and falling prices, the market trading atmosphere was average, downstream end-users followed up with small orders for rigid demand, and the market negotiation focus slightly declined [2] 3.3 Operating Rates and Sales Ratios - Direct-spun staple fiber operating rate (weekly) increased from 88.37% to 89.32%, a rise of 0.95%; polyester staple fiber sales ratio decreased from 66.00% to 55.00%, a drop of 11.00%; polyester yarn operating rate (weekly) remained unchanged at 66.00%; recycled cotton-type load index (weekly) remained unchanged at 51.10% [3]

Core Insights - Hengli Group's subsidiaries, Jiangsu Hengli Chemical Fiber Co., Ltd. and Jiangsu Kanghui New Materials Technology Co., Ltd., have obtained IATF 16949:2016 certification, allowing their automotive fiber and new material products to enter the global automotive supply chain [1] Group 1: Automotive Fiber Products - Hengli Chemical Fiber is advancing the high-end upgrade of fiber products, focusing on multifunctional civilian silk and high-performance industrial silk, creating a product matrix covering automotive safety, interior, and components [2] - The company produces high-strength low-shrink industrial silk for automotive airbags, which combines strength and elongation, earning trust and orders from domestic and international clients [2] - Strict quality control measures are implemented throughout the production process, ensuring consistent physical property indicators such as strength, elongation, and dry heat shrinkage [2] Group 2: Certification and Product Performance - Automotive fiber products, including high-strength wear-resistant industrial silk for seat belts and high-modulus low-shrink industrial silk for tire fabrics, have passed the automotive quality management system certification, indicating their performance meets international standards [3] - The newly developed black silk for automotive interiors maintains stable and uniform color under various light sources, addressing previous issues of color inconsistency in domestic products [3] Group 3: New Materials and Applications - Kanghui New Materials produces high-quality polyester films, lithium battery separators, and engineering plastics, with products certified under international automotive quality management systems, primarily for use in new energy vehicle power systems [5] - Various products, including high-transmittance low-fog window films and multiple types of modified plastics, demonstrate the capability to serve the automotive industry [5] Group 4: Company Development and Future Plans - Over its 31-year history, Hengli Group has driven innovation, optimized product structure, and established industry benchmarks in technology research and green manufacturing, leading industry transformation and sustainable development [7] - The company plans to continue increasing research and development efforts and enhancing quality control to ensure safety in driving and showcase the strength of Chinese manufacturing [7]