Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The market anticipates a general cooling of the geopolitical situation, with the cease - fire between Russia and Ukraine progressing gradually, causing oil prices to give back gains and continue weak operation. PX supply is recovering, and it is at an advantageous position in the industrial chain with stable bottom support. Whether PX benefits can continue to rise depends on unexpected factors. PTA is expected to move in a volatile manner, with cost being the dominant factor. Polyester bottle - chip supply is sufficient, and the market sentiment is cautious. PX, PTA, and PR are all expected to run in a volatile manner [2] Group 3: Summary by Related Catalogs Price Information - **Upstream**: On August 20, 2025, the futures settlement price of WTI crude oil was $62.71 per barrel, up 0.58%; Brent crude oil was $66.84 per barrel, up 1.60%. The spot price of naphtha (CFR Japan) was $575.50 per ton, up 0.17%. The spot price of xylene (isomeric grade, FOB Korea) was $679.00 per ton, up 0.37%. The spot price of PX (CFR China Main Port) was $837.00 per ton, up 0.22% [1] - **PTA**: The closing price of the CZCE TA main contract was 4,778 yuan per ton, up 0.93%, and the settlement price was 4,742 yuan per ton, down 0.08%. The domestic spot price of PTA was 4,689 yuan per ton, up 0.49%. The CCFEI price index of domestic PTA was 4,686 yuan per ton, down 0.09%, and the foreign price index was $624.00 per ton, up 0.16% [1] - **PX**: The closing price of the CZCE PX main contract was 6,844 yuan per ton, up 1.03%, and the settlement price was 6,782 yuan per ton, down 0.15%. The domestic spot price of PX remained unchanged at 6,654 yuan per ton. The PXN spread was $261.50 per ton, up 0.32%, and the PX - MX spread was $158.00 per ton, down 0.42% [1] - **PR**: The closing price of the CZCE PR main contract was 5,964 yuan per ton, up 0.98%, and the settlement price was 5,914 yuan per ton, down 0.03%. The mainstream market price of polyester bottle - chips in the East China market was 5,900 yuan per ton, down 0.34%, and in the South China market was 5,950 yuan per ton, up 0.17% [1] - **Downstream**: The CCFEI price index of polyester DTY remained unchanged at 8,650 yuan per ton, the price index of polyester POY was 7,100 yuan per ton, down 0.35%, and the price index of polyester FDY68D and FDY150D remained unchanged at 7,150 yuan per ton [2] Device Information - Ningbo Taihua's 1.5 - million - ton PTA device started maintenance on August 7, expected to last 2 months. Yisheng Dalian's 2.25 - million - ton PTA device started maintenance on August 8, expected to last 1 month. Yisheng Hainan's 2 - million - ton PTA device is planned for technical transformation from August 15 for 3 months [2] Production and Sales Situation - The operating rate of the PX in the polyester industrial chain, PTA factories, polyester factories, bottle - chip factories, and Jiangsu and Zhejiang looms all remained unchanged on August 20, 2025. The sales rate of polyester filament was 74.19%, up 23.15 percentage points; the sales rate of polyester staple fiber was 48.70%, down 4.34 percentage points; and the sales rate of polyester chips was 103.06%, up 17.01 percentage points [1] Trading Strategy - The TA2601 contract closed at 4,778 yuan per ton (up 0.67%) with a daily trading volume of 790,700 lots; the PX2601 contract closed at 6,844 yuan per ton (up 0.77%) with a daily trading volume of 308,800 lots; the PR2511 contract closed at 5,964 yuan per ton (up 0.81%) with a daily trading volume of 73,600 lots. PX, PTA, and PR are all expected to run in a volatile manner (PX view score: 1, PTA view score: 1, PR view score: 1) [2]

Core Insights - The forum on August 20, 2025, focused on how the futures market can support the polyester industry in going international [1] - The current state of China's polyester industry shows a divergence with bottle chip production leading while short fibers remain stable [1] - Future improvements in the supply-demand balance for bottle chips are anticipated due to enhanced industry discipline and ongoing expansion in overseas markets [1] Industry Overview - Since 2019, global bottle chip consumption has shown stable growth, averaging an annual increase of 5% to 6% [1] - The Chinese market has outperformed, with domestic demand growing at an average rate of 9% and export growth reaching 16%, making it a key driver of global market growth [1] - The growth rate of bottle chip production capacity is expected to slow down significantly, with global and Chinese rates at 5% and 1.1%, and 9% and 2.2% respectively, which is notably lower than demand growth [1] Demand Dynamics - Changes in consumer habits have led to rapid growth in the consumption of bottle chips for fresh produce and milk tea, while oil bottle consumption has seen slower growth [1] - The optimization of demand structure is providing strong support for the bottle chip market [1] Export Trends - China's bottle chip export orders have shown a "pulse-like" characteristic, with exports reaching 3.46 million tons in the first half of 2025, a year-on-year increase of 16.5% [2] - The recent decline in raw material prices has led to a noticeable increase in bottle chip export orders [2] - There is an optimistic outlook for the future of bottle chip exports, with expectations for continued improvement in global market competitiveness and potential for increased market share [2]

智通财经APP讯，新乡化纤(000949.SZ)发布2025年半年度报告，报告期内，公司实现营业收入37.38亿 元，同比下降1.52%。实现归属于上市公司股东的净利润6274.69万元，同比下降58.58%。实现归属于上 市公司股东的扣除非经常性损益的净利润3635.95万元，同比下降76.03%。基本每股收益0.0379元。 ...

（文章来源：每日经济新闻） 新乡化纤（SZ 000949，收盘价：4.1元）8月20日晚间发布半年度业绩报告称，2025年上半年营业收入 约37.38亿元，同比减少1.52%；归属于上市公司股东的净利润约6275万元，同比减少58.58%；基本每股 收益0.0379元，同比减少63.42%。 ...

格隆汇8月20日丨新乡化纤(000949.SZ)公布2025年半年度报告，上半年公司实现营业收入37.38亿元，同 比下降1.52%；归属于上市公司股东的净利润6274.69万元，同比下降58.58%；归属于上市公司股东的扣 除非经常性损益的净利润3635.95万元，同比下降76.03%；基本每股收益0.0379元。 ...

Group 1: Company Overview - Hengyi Petrochemical is a leading integrated enterprise in the "refining-chemical-fiber" industry chain, focusing on a strategic positioning of "one drop of oil, two threads" [2][3] - The company has established a unique dual-main business model of "polyester + nylon" through the Brunei refining project, creating a closed-loop from crude oil processing to fiber products [2][3] Group 2: Financial Performance - For the first half of 2025, the company achieved a revenue of CNY 55.96 billion and a net profit attributable to shareholders of CNY 227 million, with a 240% quarter-on-quarter increase in net profit for Q2 [4] - As of June 30, 2025, total assets amounted to CNY 109.77 billion, and net assets attributable to shareholders were CNY 24.63 billion [4] Group 3: Market Insights - Southeast Asia is projected to be the largest net importer of refined oil due to insufficient infrastructure investment, despite having rich oil and gas resources [4][5] - The region's oil demand is expected to rise from 5 million barrels per day to 6.4 million barrels per day by 2035, with Southeast Asia anticipated to account for 25% of global energy demand growth over the next decade [5] Group 4: Polyester Industry Outlook - The company maintains a positive long-term outlook for the polyester industry, supported by steady downstream demand and a 5% year-on-year increase in China's retail sales of consumer goods [6][7] - The polyester industry is experiencing a differentiation in capacity growth, with leading companies like Hengyi benefiting from technological and scale advantages [7] Group 5: Project Developments - The Guangxi 1.2 million tons caprolactam-nylon project is expected to commence production in the second half of 2025, enhancing the company's position in the industry chain [8][9] - This project integrates technological, structural, and product advantages, aiming to significantly reduce production costs and optimize resource consumption [8][9] Group 6: R&D and Innovation - The company increased R&D expenditure by 23.97% in the first half of 2025, submitting 460 invention patent applications [9] - The proportion of differentiated fiber production has risen to 27%, positioning the company as a leader in the industry [9]

Market Performance - The A-share market saw all three major indices rise collectively, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index reaching new highs for the year [2] - As of the market close, the Shanghai Composite Index increased by 1.04%, the Shenzhen Component Index rose by 0.89%, and the ChiNext Index gained 0.23% [2] - The total trading volume in the Shanghai and Shenzhen markets was approximately 24,082.34 billion yuan, a decrease of about 1,801.35 billion yuan compared to the previous trading day [2] - Out of 3,676 stocks in the market, 3,676 rose while 1,587 fell, with 102 stocks hitting the daily limit up and 14 stocks hitting the limit down [2] Sector Performance - Chip stocks experienced a significant surge in the afternoon, with Chip Origin Technology hitting the daily limit up and closing with a gain of over 15% [3] - Other notable performers in the chip sector included Aiwei Electronics, Chengdu Huamei, and Nanchip Technology, all of which also saw substantial gains [3] - The liquor and consumer stocks rebounded, with Jiugui Liquor achieving two consecutive limit ups [5] - The chemical fiber sector showed strength, with Suzhou Longjie hitting the limit up and several other stocks in the sector rising over 5% [5] - The innovative drug sector faced adjustments, with Fuyuan Pharmaceutical and Chenxin Pharmaceutical hitting the limit down [5] - The film and television sector experienced a downturn, with Ciweng Media and Huace Film & TV dropping over 6% [6]

20日，三大股指早盘震荡下探，午后发力拉升，沪指涨超1%，续创10年新高；科创50指数大涨超3%； 场内近3700股飘红。 截至收盘，沪指涨1.04%报3766.21点，深证成指涨0.89%报11926.74点，创业板指涨0.23%报2607.65点， 上证50指数涨1.23%，科创50指数涨3.23%，沪深北三市合计成交24489亿元。 盘面上看，酿酒板块涨幅居前，化纤、半导体、保险、有色等板块走强，消费电子、稀土、军贸概念等 活跃。 华龙证券表示，两融余额时隔10年突破2.1万亿元，随着行情的向好，两融余额呈现逐步上升，8月18日 两融余额较前一交易日大幅回升。从市场多项数据指标创新高来看，市场做多氛围有较明显的上升，应 保持多头思维，持续关注市场。 东兴证券指出，市场近期成交显著活跃，场外增量资金明显加快入场步伐，市场对慢牛行情的认可程度 开始逐步强化。从短期来看，市场有望剑指4000点整数关口，进而强化中期慢牛的宏大叙事，同时有望 进一步激活场外资金对A股的配置热情，从更长的维度看，相信中国股票市场会创出新的高度。 校对： 刘星莹 （文章来源：证券时报网） ...

Core Viewpoint - The robust development of the polyester industry chain relies on the support of futures tools, which have played a significant role in stabilizing operations and managing price volatility risks since the introduction of polyester futures options [1][2]. Group 1: Industry Overview - The chemical fiber industry is a core support for the stable development and continuous innovation of the textile industry chain, possessing international competitive advantages and being an important part of the new materials industry [1]. - China's chemical fiber industry demonstrates strong international competitiveness in market share, production cost control, and product quality management [1]. Group 2: Market Dynamics - The polyester industry is currently undergoing a critical transformation towards high-end, intelligent, and green development, facing increasing domestic competition and complex international conditions [1]. - The demand for risk management among industry chain enterprises is rising due to frequent price fluctuations [1]. Group 3: Futures Market Development - The first chemical futures, PTA futures, were launched in 2006, providing price discovery and risk management tools for polyester industry chain enterprises [2]. - The Zhengzhou Commodity Exchange has since introduced various futures and options products, achieving comprehensive coverage of major polyester industry chain varieties and significantly enhancing service capabilities [2]. - A considerable proportion of industry chain enterprises have established systematic futures research and application systems, aiming to strengthen risk control measures [2].

直纺短纤负荷(周) 90. 30% 90. 60% 0. 00 涤纶短纤产销 43.00% 14.00% 57.00% 涤纱开机率(周) 61. 50% 62. 00% 0. 01 再生棉型负荷指数(周) 49. 50% 49.00% (0. 01) 涤纶短纤与纯涤纱价格 涤纶短纤现金流 10000 14000 10000 1800 (探偵) 太原始第 (零收) 配日员(左特) T325纯涤纱价格 ■ 1.4D直红杀短 会短坝金流 9000 9000 13000 1400 8000 8000 12000 1000 7000 7000 6000 11000 600 6000 5000 10000 200 5000 4000 4000 -200 9000 - 3000 2025-01-01 2021-01-01 2022-01-01 2023-01-01 2024-01-01 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 10000 2500 22500 4000 条棉纱利润 泽棉纱 65/3 ...