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德邦证券:PTA反内卷在即 行业拐点已渐进
Zhi Tong Cai Jing· 2025-09-29 10:03
智通财经APP获悉,德邦证券发布研报称,PTA市场供需矛盾日益突出,产品盈利空间被不断压缩, 2025年8月价差已收窄至200元/吨以内,多数企业陷入亏损状态,行业盈利改善诉求强烈。。近期主要 PTA企业已就行业联合减产形式等问题展开协商,有望通过加强行业协同,推动供需格局优化。在国 内"反内卷"政策推进、行业协同有望开启以及技术迭代加速老旧产能出清的背景下,看好PTA格局优 化;叠加海内外纺服需求有望逐步企稳复苏,PTA有望步入新一轮景气周期。 德邦证券主要观点如下: PTA景气基本筑底,盈利改善诉求迫切 近年来,我国PTA产能快速扩张,根据百川盈孚,PTA有效产能已从2019年的4669万吨增长至2024年的 8428万吨,CAGR达12.5%;截至2025年8月,进一步攀升至9135万吨。供给端产能快速释放下,行业开 工率呈现明显下行趋势,2025年8月为78%,较2019年的90%下降12个百分点,处于历史底部区间。同 时,市场供需矛盾日益突出,产品盈利空间被不断压缩,2025年8月价差已收窄至200元/吨以内,多数 企业陷入亏损状态,行业盈利改善诉求强烈。 行业格局高度集中,龙头协同减产在即 根据百 ...
泰和新材:提名顾丽萍为公司第十一届董事会董事候选人
Mei Ri Jing Ji Xin Wen· 2025-09-29 09:02
每经AI快讯,泰和新材(SZ 002254,收盘价:9.75元)9月29日晚间发布公告称,公司收到公司控股股 东烟台国丰投资控股集团有限公司《关于提名董事人选的函》,提名顾丽萍女士担任公司董事候选人, 不再推荐齐贵山先生为董事候选人。 截至发稿,泰和新材市值为84亿元。 每经头条(nbdtoutiao)——农夫大战怡宝,抢到更多蛋糕的却是宗馥莉!农夫绿瓶上市后,怡宝上 演"滑铁卢":市占率大跌近5个百分点 (记者 王晓波) 公司第十一届董事会第十八次会议审议通过《关于更换选举董事的议案》,提名顾丽萍女士为公司第十 一届董事会董事候选人。顾丽萍女士现任公司监事,待公司监事会取消、其监事职务相应免除后,经股 东大会选举就任新职务,任期自股东大会审议通过之日起至第十一届董事会任期届满之日止。新任董事 经股东大会选举就任后,齐贵山先生将不再担任公司董事及战略委员会委员职务,战略委员会委员职务 由新任董事接任。 2025年1至6月份,泰和新材的营业收入构成为:化纤行业占比99.18%,其他行业占比0.82%。 ...
奥运健儿吉林行:探索运动赋能产业发展新未来
Zhong Guo Xin Wen Wang· 2025-09-29 08:55
中新网吉林9月29日电 (记者 石洪宇)"这辆碳纤维自行车的设计很好,能提升运动表现,也适合青少年 入门。"仁川亚运会场地自行车男子团体追逐赛冠军刘浩如是说。 29日,2025年"奥运健儿公益服务大行动"吉林站活动在吉林化纤集团拉开帷幕。刘浩与里约奥运会女排 冠军颜妮、速度滑冰名将李奇时、东京奥运会羽毛球混双冠军王懿律等以"碳"为媒,推广体育精神,连 接产业与健康生活。 活动现场 的互动游戏环节。 石洪宇 摄 吉林省吉林市素有"化工城"之称,近年来依托碳纤维原丝产能的显著优势,积极推动这种"黑色黄金"在 体育休闲等领域的创新应用。 当天,运动员们参观了碳纤维体育用品生产线,近距离了解碳纤维在自行车、羽毛球拍、滑雪板等器材 中的核心作用。 刘浩单手提起碳纤维自行车时赞不绝口:"这类材质在轻量化和刚性上很有优势,能直接提升竞技表 现。" 王懿律也认为,从木质、金属到碳纤维,羽毛球拍的材质演进优化了运动员的发力感,也提升了控球精 度。 吉林化纤集团党委副书记王宏介绍,企业正致力于推动体育器材创新,期待奥运精神赋能产业、引领全 民健身热潮。 四位奥运健儿分享成长故事后,互动游戏环节气氛热烈。羽毛球九宫格挑战、排球发球 ...
2025年四季度涤纶短纤策略报告-20250929
Guang Da Qi Huo· 2025-09-29 05:42
2 0 2 5年四季度涤纶短纤策略报告 涤纶短纤:成本端承压,短纤基本面尚可 p 2 | 目 | 录 | | --- | --- | | 1、涤纶短纤价格:跟随原油价格震荡 | | | 2、涤纶短纤成本端:关注装置新投产落地情况 | | | 3、涤纶短纤供应端:开工持续高位 | | | 4、涤纶短纤需求端:订单恢复一般 | | | 5、涤纶短纤终端需求:终端需求预期收缩 | | | 6、涤纶短纤持仓情况 | | 2 0 2 5 年 9 月 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S p 3 1.1 价格:涤纶短纤期货、现货、基差 资料来源:iFind,光大期货研究所 | 单位 :元/吨 | PF主力收盘价 | 1 4D直纺涤短 . | 基 差 | | --- | --- | --- | --- | | 2025/9/24 | 6296 | 6460 | 164 | | 2025/6/30 | 6542 | 6805 | 263 | | 变化值 | -246 | -345 | -99 | | 涨跌幅 | -3 8% . | -5 ...
涤纶短纤:本周均价跌53元,库存降产销好转
Sou Hu Cai Jing· 2025-09-28 09:16
本文由 AI 算法生成,仅作参考,不涉投资建议,使用风险自担 【本周华东涤纶短纤现货价先跌后涨,均价下滑】本周,华东市场涤纶短纤现货价格走势呈先跌后涨态 势,均价下滑。本周均价为6409元/吨,较上周跌53元/吨,幅度-0.82%。 截至9月25日,中国涤纶短纤 工厂物理库存为13.45天,较上期下滑0.8天。 9月25日,江浙涤丝产销部分放量,至下午3点半附近,平 均产销估算在180 - 190%。直纺涤短销售好转,截止下午3:00附近,平均产销78%。 新世纪期货认为, 涤纶短纤工厂库存水平不高、部分中间商有超卖情况,但成本端支撑或减弱,预计今日涤纶短纤续涨难 度增加,市场或窄幅整理,建议关注双节前下游备货进度。 西南期货表示,短期短纤供应维持偏高水 平,需求端环比改善,供需矛盾不大。短纤或跟随成本震荡运行,需注意控制风险,关注成本变化和宏 观政策调整。 ...
国庆持股OR持币?周末科技主线这个大消息很关键!
Mei Ri Jing Ji Xin Wen· 2025-09-28 04:38
Market Overview - The three major indices experienced slight increases during the week from September 22 to September 26, with the Shanghai Composite Index closing at 3828.11 points, a weekly increase of 0.21%, the Shenzhen Component Index at 13209.00 points, up 1.06%, and the ChiNext Index at 3151.53 points, up 1.96% [1] Trading Volume and Activity - The total trading volume in the Shanghai and Shenzhen markets was 6759.59 billion shares, a decrease of approximately 15.25% from the previous week. The total trading value was 114606.56 billion yuan, with an average daily trading amount of 22921.41 billion yuan, down about 7.98% from the previous week [2][3] Stock Performance - A total of 1649 stocks rose, while 3729 stocks fell, and 57 stocks remained flat during the week [3] - The top ten stocks with the largest gains included Jianfa Zhixin, Jinhua New Materials, Haocreat Technology, and others, with Jianfa Zhixin seeing a five-day increase of 325.53% [4][5] - Conversely, the ten stocks with the largest declines included Borui Pharmaceutical and Xiangjiang Holdings, with Borui Pharmaceutical experiencing a five-day decrease of 38.36% [6] Market Sentiment and Predictions - Recent market trends indicate a clear divergence between large-cap and small-cap stocks, with large-cap stocks frequently reaching new highs. For instance, Huagong Technology achieved 18 new highs in the last 30 trading days, with a total market value of 927.1 billion yuan [7] - The upcoming week is expected to be influenced by the National Day holiday, with only two trading days remaining. Market sentiment appears to be cooling, as indicated by trading volumes [7][8] Institutional Insights - Financial institutions have noted that ahead of the holiday, some funds may seek to reduce positions to avoid uncertainty, leading to a potential decrease in market risk appetite. The market is expected to remain volatile, with a focus on sectors such as chemical fibers, aerospace, automotive, and wind power equipment for investment opportunities [9][10] IPO Developments - A significant event occurred with the successful IPO application of Moer Thread Technology, known as the "domestic Nvidia," which passed the review by the Shanghai Stock Exchange. This reflects strong policy support for key sectors such as semiconductors and AI computing [11][12] Upcoming Events - Key upcoming events include the start of the National Day holiday transportation on September 29 and the release of the official manufacturing PMI by the National Bureau of Statistics on September 30, which could indicate economic recovery if it rises above the neutral level of 50 [13][14][15]
2019-2025年9月中旬涤纶长丝(POY150D/48F)市场价格变动统计分析
Chan Ye Xin Xi Wang· 2025-09-28 03:38
2019-2025年9月中旬涤纶长丝(POY150D/48F)市场价格变动统计图 数据来源:国家统计局 相关报告:智研咨询发布的《2025-2031年中国涤纶长丝行业发展动态及投资规划分析报告》 根据国家统计局公布的数据,化工产品类别下的涤纶长丝(POY150D/48F)2025年9月中旬市场价格为 6732.1元/吨,同比下滑5.18%,环比下滑1.59%,纵观近5年同时期其价格,2022年9月中旬达到最大 值,有8229.2元/吨。 ...
基础化工行业周报(20250922-20250926):终端需求扩增,国产替代推进,持续关注半导体材料-20250927
EBSCN· 2025-09-27 12:56
Investment Rating - The report maintains an "Overweight" rating for the semiconductor materials sector [6] Core Viewpoints - Terminal demand is expanding, with the global semiconductor industry continuing to improve. In the first half of 2025, demand from AI computing, data centers, and intelligent driving is expected to drive growth, following a recovery in 2024. The industry chain remains robust [1] - Global semiconductor sales are projected to reach approximately $405 billion in the first seven months of 2025, marking a year-on-year increase of 20.4%. The Chinese market is expected to grow to about $113.5 billion, with a year-on-year increase of 11.1% [1] - The semiconductor materials market is set to grow significantly, with a forecasted global market size of $70 billion in 2025, reflecting a 6% year-on-year increase. The Chinese market for key materials is expected to reach approximately 174.08 billion yuan, growing by 21.1% [2][4] Summary by Sections Semiconductor Industry Overview - The global semiconductor market is projected to reach $700.9 billion in 2025, with a year-on-year growth of 11.2%. The Asia-Pacific region is expected to account for about $370.6 billion, growing by 9.8% [1] - By 2026, the global semiconductor market is anticipated to further increase to $760.7 billion, with an 8.5% year-on-year growth [1] Capacity Expansion and Material Demand - The expansion of wafer production capacity is accelerating, particularly in advanced processes. By 2028, global monthly capacity for 12-inch wafers is expected to reach 11.1 million pieces, with a CAGR of approximately 7% from 2024 to 2028 [2] - The demand for semiconductor materials is expected to rise significantly, driven by increased wafer production capacity [2] Domestic Technological Advancements - Significant progress has been made in domestic semiconductor equipment, with Shanghai Microelectronics showcasing EUV lithography machine parameters, marking a breakthrough in high-end lithography technology [3] Market Growth in Specific Segments - The market for photolithography resists, wet electronic chemicals, and electronic specialty gases is steadily growing. The demand for wet electronic chemicals is projected to reach 4.685 million tons in 2025, with a year-on-year increase of 3.9% [4] - The global market for electronic specialty gases is expected to reach $6.4 billion in 2025, growing by 6.7% year-on-year, while the Chinese market is projected to reach 27.9 billion yuan, with a growth of 6.3% [4] Investment Recommendations - The report suggests focusing on leading companies in core material sectors such as photolithography resists, wet electronic chemicals, and electronic specialty gases, which possess technological advantages and customer validation [5]
兼评8月企业利润数据:低基数与反内卷共振修复利润
KAIYUAN SECURITIES· 2025-09-27 10:08
2025 年 09 月 27 日 宏观研究团队 低基数与反内卷共振修复利润 ——兼评 8 月企业利润数据 hening@kysec.cn 何宁(分析师) 陈策(分析师) chence@kysec.cn 证书编号:S0790522110002 证书编号:S0790524020002 事件:2025 年 1-8 月全国规上工企利润累计同比 0.9%,前值-1.7%;营业收入累 计同比 2.3%,前值 2.3%。 低基数叠加统一大市场纵深推进,工业企业景气度边际回升 1、8 月工企营收小幅改善、利润增速显著转正。测算 8 月营收当月同比约 2.3%、 较前值改善了 1.2 个百分点;利润当月同比则明显回升了 21.9 个百分点至 20.4%, 连续 3 个月边际改善。拆分来看(利润增速=工业增加值*PPI*利润率同比),三 因子对 8 月利润增速的贡献分别为+5.6、-3.2、+17.7 个百分点。价(PPI)的负 贡献见底回升,利(利润率同比)由负贡献大幅转为正贡献。分类型来看,8 月 国企利润改善较快,明显好于私营和股份制工企。 2、低基数叠加统一大市场纵深推进,利润率同比回升。8 月工业企业每百元营 收构成中 ...
市场分析:航天汽车行业领涨,A股震荡整固
Zhongyuan Securities· 2025-09-26 11:12
Investment Rating - The industry is rated as "stronger than the market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 index over the next six months [13]. Core Viewpoints - The A-share market experienced slight fluctuations with a notable resistance at 3856 points for the Shanghai Composite Index, while sectors such as aerospace, wind power equipment, automotive, and chemical fibers performed well [2][3]. - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are 15.72 times and 50.62 times, respectively, which are above the median levels of the past three years, suggesting a favorable environment for medium to long-term investments [3][12]. - The total trading volume on the two exchanges reached 21,663 billion, indicating a robust market activity above the median of the past three years [3][12]. - Government policies are expected to support economic recovery, with a focus on consumer promotion and real estate stabilization, providing a solid foundation for the market [3][12]. - The market is anticipated to present new investment opportunities amidst fluctuations, with a recommendation to focus on sectors like chemical fibers, aerospace, automotive, and wind power equipment [3][12]. Summary by Sections A-share Market Overview - On September 26, the A-share market faced resistance and exhibited slight fluctuations, with the Shanghai Composite Index closing at 3828.11 points, down 0.65% [6][7]. - The trading volume for the day was 21,663 billion, showing a decrease compared to the previous trading day [6][12]. - Over 60% of stocks declined, with notable gains in wind power equipment, chemical fibers, fertilizers, insurance, and pesticides, while sectors like gaming, consumer electronics, and software development saw significant declines [6][8]. Future Market Outlook and Investment Recommendations - The market is expected to maintain a steady upward trend in the short term, with a focus on sectors such as chemical fibers, aerospace, automotive, and wind power equipment for potential investment opportunities [3][12]. - Investors are advised to remain cautious and avoid blind chasing of high prices, while optimizing their investment strategies based on market conditions [3][12].