Core Viewpoint - The company expresses confidence in its future development and aims to enhance operational management efficiency and profitability to ensure high-quality and stable growth, ultimately creating sustainable returns for shareholders [1] Group 1 - The company's stock price is influenced by multiple factors [1] - The company will continue to focus on its main business [1] - The company is committed to improving operational management efficiency and profitability [1]

格隆汇11月10日丨吉林化纤(000420.SZ)在投资者互动平台表示，公司产品中没有直接出口美国的产 品。 ...

格隆汇11月10日丨吉林化纤(000420.SZ)在投资者互动平台表示，公司碳纤维业务绩效正在从底部逐步 转好。未来，公司将持续采取多种措施，持续改善碳纤维业务绩效。 ...

Industry Investment Rating - No relevant information provided Core Viewpoints - Gasoline profit and low benzene prices jointly support PX. The gasoline crack spread has risen above $15, prompting refineries to prioritize gasoline production and reduce feedstock for aromatics units. The processing fee of PTA has been compressed to less than 200 again. Industry profits are still constrained by overcapacity due to new plant commissions. Although the peak seasons of "Golden September and Silver October" are over, export demand may improve under the background of the easing of the Sino - US trade war. The downstream weaving has performed well recently, and the current peak season is expected to last until November. It is necessary to pay attention to whether the reduction of Sino - US tariffs can further stimulate domestic exports. Bottle chips and staple fibers follow the cost [2] Summary by Related Indicators Spot Price Changes - PTA spot price increased from 4540 to 4575, up 35 [2] - MEG internal price increased from 3972 to 4013, up 41 [2] - PTA closing price decreased from 4688 to 4664, down 24 [2] - MEG closing price increased from 3924 to 3942, up 18 [2] - 1.4D direct - spun polyester staple fiber price increased from 6380 to 6415, up 35 [2] - Short - fiber basis decreased from 135 to 122, down 13 [2] - 12 - 1 spread decreased from 34 to 38, down 4 [2] - Polyester staple fiber cash flow increased from 240 to 246, up 6 [2] - 1.4D imitation large - chemical fiber price remained unchanged at 5400 [2] - The price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 980 to 1015, up 35 [2] - East China water bottle chip price decreased from 5700 to 5698, down 2 [2] - Hot - filled polyester bottle chip price decreased from 5700 to 5698, down 2 [2] - Carbonated - grade polyester bottle chip price decreased from 5800 to 5798, down 2 [2] - Outer - market water bottle chip price remained unchanged at 760 [2] - Bottle chip spot processing fee decreased from 488 to 442, down 45.66 [2] - T32S pure polyester yarn price remained unchanged at 10310 [2] - T32S pure polyester yarn processing fee decreased from 3930 to 3865, down 35 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16300 [2] - Cotton 328 price decreased from 14490 to 14465, down 25 [2] - Polyester - cotton yarn profit decreased from 1593 to 1579, down 13.75 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 7020 [2] - Hollow staple fiber 6 - 15D cash flow decreased from 608 to 564, down 43.66 [2] - Primary low - melting - point staple fiber price remained unchanged at 7480 [2] Operating Rate and Sales Rate - Direct - spun staple fiber load (weekly) increased from 93.90% to 94.40%, up 0.01 [3] - Polyester staple fiber sales rate decreased from 86.00% to 48.00%, down 38.00% [3] - Polyester yarn startup rate (weekly) remained unchanged at 63.50% [3] - Regenerated cotton - type load index (weekly) increased from 51.00% to 51.50%, up 0.01 [3]

Core Points - The stock of Tongkun Co., Ltd. increased by 5.2% on November 10, reaching a price of 15.98 CNY per share, with a trading volume of 477 million CNY and a turnover rate of 1.27%, resulting in a total market capitalization of 38.428 billion CNY [1] Company Overview - Tongkun Group Co., Ltd. is located in Wutong Street, Tongxiang City, Zhejiang Province, and was established on September 27, 1999. The company was listed on May 18, 2011 [1] - The main business involves the production and sales of various types of civil polyester filament and grey cloth. The revenue composition of the main business includes: - Polyester pre-oriented yarn: 61.10% - Purified terephthalic acid: 37.69% - Polyester drawn yarn: 15.07% - Polyester textured yarn: 9.46% - Others: 2.90% - Other business revenue: 2.89% - Chips: 0.34% - Composite yarn: 0.27% [1] Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under Dongxing Fund holds a significant position in Tongkun Co., Ltd. The Dongxing CSI A500 Index Enhanced A (024274) held 68,100 shares in the third quarter, accounting for 1.34% of the fund's net value, ranking as the tenth largest heavy stock [2] - The fund has a latest scale of 41.7159 million CNY and has achieved a return of 13.97% since its establishment on July 1, 2025 [2] - The fund manager, Li Bingwei, has a tenure of 9 years and 153 days, with total assets under management of 624 million CNY. The best fund return during his tenure is 72.59%, while the worst is -11.19% [2]

Core Viewpoint - The chemical fiber sector continues to strengthen, with significant stock price increases observed in companies such as Xinxiang Chemical Fiber, Hengyi Petrochemical, New Fengming, Montai High-tech, Lanfeng Biochemical, and Huafeng Chemical [1] Company Summary - Xinxiang Chemical Fiber has reached its daily limit increase in stock price [1] - Hengyi Petrochemical, New Fengming, Montai High-tech, Lanfeng Biochemical, and Huafeng Chemical have also experienced stock price increases, indicating a positive trend in the chemical fiber industry [1]

Core Insights - The company reported a revenue of 67.4 billion yuan for Q1-Q3 2025, a year-on-year decrease of 11.4%, while net profit attributable to shareholders was 1.55 billion yuan, an increase of 53.8% year-on-year [1] - In Q3 alone, the company achieved a revenue of 23.24 billion yuan, down 16.5% year-on-year and 6.1% quarter-on-quarter, with a net profit of 450 million yuan, marking a turnaround from losses [1] Financial Performance - For the first three quarters of 2025, the company reported a net profit of 1.55 billion yuan, up 53.8% year-on-year, and a non-recurring net profit of 1.3 billion yuan, up 58.1% year-on-year [1] - In Q3, the company recorded a net profit of 450 million yuan, a significant improvement from losses in the previous year [1] Industry Context - The PTA segment's losses impacted Q3 profitability, with the company being the largest polyester filament producer globally, having a capacity of 13.5 million tons/year for polyester filament and 10.2 million tons/year for PTA as of mid-2025 [2] - The polyester filament industry is experiencing a slowdown in capacity expansion, with a projected 2.3% year-on-year decline in capacity for 2024, indicating an improvement in supply-demand dynamics [3] Strategic Developments - The company has made a strategic breakthrough by acquiring high-quality coal resources in the Turpan region, with reserves of 500 million tons and an initial mining capacity of 5 million tons/year [3] - The company is diversifying its operations by expanding into coal resources, achieving full-category coverage from oil and gas to coal [3] Market Outlook - The Ministry of Industry and Information Technology announced a meeting to address the over-competition in the PTA and bottle-grade polyester chip industries, which may lead to improved market conditions [4] - The company is expected to benefit from the potential recovery in the polyester filament market, leveraging its significant market share and diversified operations [4]

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨桐昆股份（601233.SH） [Table_Title] Q3 浙石化贡献提升，看好反内卷带动景气修复 报告要点 分析师及联系人 [Table_Author] 马太 李禹默 SAC：S0490516100002 SAC：S0490525060002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Summary] 公司发布 2025 年三季报，Q1-Q3 实现收入 674.0 亿元（同比-11.4%），归属净利润 15.5 亿元 （同比+53.8%），归属扣非净利润 13.0 亿元（同比+58.1%）。其中单三季度实现收入 232.4 亿 元（同比-16.5%，环比-6.1%），实现归属净利润 4.5 亿元（同比扭亏转盈，环比-6.9%），实现 归属扣非净利润 2.5 亿元 （同比扭亏转盈，环比-45.1%）。 1 [Table_scodeMsg2] 桐昆股份（601233.SH） cjzqdt11111 [Table_Title2] Q3 浙石化贡献提升 ...

国泰君安期货·能源化工 短纤、瓶片周度报告 国泰君安期货研究所 陈鑫超 投资咨询从业资格号：Z0020238 贺晓勤 投资咨询从业资格号：Z0017709 钱嘉寅（联系人）期货从业资格号：F03124480 日期：2025年11月9日 瓶片（PR） 瓶片：震荡偏弱 估值与利润 基本面运行情况 供需平衡表 观点小结 上游观点汇总 短纤：短期震荡市，中期偏弱 01 CONTENTS 2 02 短纤（PF） 03 估值与利润 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 观点小结 01 本周短纤观点：需求支撑较强 | 供应 | 江阴三房巷直纺涤短产量提升200吨/天至2300吨/天；工厂开工提升至97.5%，纺纱用直纺涤短开工99.5%。4季度开工预计在93%-95%区间 震荡，近期下游采购较为积极，工厂或有动力小幅提开工 | | --- | --- | | 需求 | 秋冬季节内需保持较好，部分产品如针织、氨超依然紧俏，纺织各环节利润大多延续修复。新订单环比 ...

Investment Rating - The investment rating for the chemical industry is "Positive" (maintained) [1] Core Views - The chemical industry is experiencing a recovery in profitability, particularly in the phosphorous chemical sector, driven by strong demand for lithium iron phosphate and rising electricity costs, leading to price increases for most phosphorous chemical products [4][24][29] - The report highlights a trend of "anti-involution" in the caprolactam industry, with a 20% production cut agreed upon by manufacturers to stabilize prices [5] - The overall chemical industry index outperformed the CSI 300 index by 2.72% this week, indicating a positive market sentiment [16] Summary by Sections Industry Trends - The phosphorous chemical market is seeing a favorable demand for lithium iron phosphate, with prices for yellow phosphorus and phosphoric acid rising due to strong cost support and limited supply [4][24] - The average price of yellow phosphorus reached 22,486 CNY/ton, up 2.34% from the previous week [24] - Phosphoric acid prices have also increased, with an average of 10,530 CNY/ton, reflecting strong market orders [4][25] Key Products - The price of industrial-grade monoammonium phosphate (MAP) has risen to 6,082 CNY/ton, a 2.32% increase from the previous week, driven by stable demand and limited supply [4][26] - The price of diammonium phosphate (DAP) remains stable at 3,596 CNY/ton, with cautious purchasing behavior observed among traders [4][27] Recommended and Beneficiary Stocks - Recommended stocks include leading companies in the chemical sector such as Xingfa Group and Yuntianhua, while beneficiary stocks include companies like Hubei Yihua and Chuanheng Co [4][6][29] - The report emphasizes the importance of integrated operations in the phosphorous chemical sector, which enhances competitive barriers and supports long-term profitability [29] Market Performance - The chemical industry index reported a 3.54% increase this week, with 72.59% of the stocks in the sector showing positive performance [16][21] - The report tracks price movements across 226 chemical products, with 63 products seeing price increases and 96 experiencing declines [17]