Core Viewpoint - Zhongjian Technology (300777) is focusing on the development of thermoplastic resin composite materials, particularly PEEK, which is a key area in the aerospace sector [1] Company Summary - The company does not directly research or produce PEEK resin but is involved in the development of carbon fiber products that serve as raw materials for clients in this field [1] - Zhongjian Technology is committed to monitoring the advancements in advanced thermoplastic resin-based composite materials represented by PEEK [1] - The company aims to collaborate with downstream clients using its high-performance carbon fiber to support their research and development efforts [1]

Group 1 - The company, Zhongjian Technology, expressed its intention to consider expanding into foreign markets, contingent upon production capacity [2]

Core Viewpoint - The company plans to repurchase and cancel restricted stocks due to changes in the circumstances of certain incentive recipients, aiming to regulate its stock incentive plan and ensure orderly progress according to established rules [1]. Summary by Sections Repurchase and Cancellation Process Review - On November 7, 2022, the company held board and supervisory meetings to approve multiple proposals related to the 2022 restricted stock incentive plan, with independent directors and the supervisory board providing opinions [2]. - The company received approval from the Yantai State-owned Assets Supervision and Administration Commission on November 15, 2022 [2]. - On November 19, 2022, the supervisory board disclosed the list of incentive recipients and self-inspection reports regarding insider trading [2]. - The third extraordinary general meeting of shareholders on November 24, 2022, authorized the board to handle matters related to the incentive plan [2]. - The company completed the initial grant registration on December 1, 2022, awarding 18.81 million shares to 347 incentive recipients [2]. - On July 28, 2023, the company adjusted the reserved grant price and granted an additional 1.11 million shares to 75 incentive recipients [2]. Specific Reasons and Quantities for Repurchase and Cancellation - The company plans to repurchase and cancel a total of 156,000 shares from 10 incentive recipients who have left the company, which represents 0.02% of the current total share capital of 857,213,183 shares and 2.74% of the total unvested shares from the 2022 incentive plan [4]. - The repurchase price is set at 8.60 yuan per share, with additional interest for those who left due to objective reasons [4]. - The funding for the repurchase will come from the company's own funds, and the total share capital will decrease to 857,057,183 shares after the cancellation [4]. Internal Approvals and Next Steps - As of the date of the legal opinion, the company has obtained necessary internal approvals for the repurchase and cancellation but still requires approval from the shareholders' meeting [5]. - The company is obligated to fulfill information disclosure duties and handle the reduction of registered capital and share cancellation procedures as per regulations [5].

Group 1 - The core viewpoint of the article highlights that Nanshan Group has been recognized in the "Top 500 Chinese Manufacturing Enterprises" list, ranking 67th, which is an 11-position increase from the previous year, showcasing its strong development momentum and continuous innovation capability [1] Group 2 - Nanshan Group, founded during the early reform and opening-up period, has maintained its focus on its main business and has developed a multi-industry approach over 47 years, with key sectors including Nanshan Aluminum, Nanshan Zhishang, Hengtong Co., Yulong Petrochemical, and others [3] - The company operates in various manufacturing sectors, including non-ferrous metal smelting and rolling, textiles, petroleum and coal processing, and chemical manufacturing, demonstrating its robust industrial strength and diversified strategic layout [3] Group 3 - Nanshan Group has consistently driven technological innovation, optimized its industrial structure, improved product quality, and strengthened brand building, gaining wide market recognition [7] - The company is committed to high-quality development, guided by principles of integration, optimization, innovation, enhancement, and development, aiming to contribute more to the prosperity of Chinese manufacturing [7]

Core Viewpoint - Zhongjian Technology (300777) has confirmed that it currently has available funds exceeding the investment amount planned for its fourth phase project, which will be financed using its own funds [1] Group 1 - The company has responded to investor inquiries on an interactive platform [1] - The fourth phase project will be funded with self-owned capital [1]

Core Viewpoint - On September 26, Haiyang Technology experienced a decline of 2.24% with a trading volume of 94.37 million yuan, indicating a negative market sentiment towards the company [1]. Financing Summary - On the same day, Haiyang Technology had a financing buy-in amount of 5.18 million yuan and a financing repayment of 7.11 million yuan, resulting in a net financing buy of -1.93 million yuan [1]. - As of September 26, the total financing and securities balance for Haiyang Technology was 82.39 million yuan, which accounts for 6.64% of its market capitalization [1]. - The company had no securities sold or repaid on that day, with a securities balance of 0.00 shares and a corresponding value of 0.00 yuan [1]. Company Profile - Haiyang Technology Co., Ltd. is located at 122 Haiyang West Road, Taizhou, Jiangsu Province, and was established on November 5, 1979, with its listing date on June 12, 2025 [1]. - The company's main business involves the research, production, and sales of nylon 6 series products, with revenue composition as follows: nylon 6 chips 60.75%, tire fabric 34.50%, nylon 6 yarn 4.51%, and others 0.23% [1]. Financial Performance - For the period from January to June 2025, Haiyang Technology reported an operating income of 2.36 billion yuan, a year-on-year decrease of 14.01%, while the net profit attributable to the parent company was 78.85 million yuan, reflecting a year-on-year increase of 1.61% [1]. - As of September 19, the number of shareholders for Haiyang Technology was 26,200, an increase of 1.58% from the previous period, with an average of 1,355 circulating shares per person, a decrease of 1.55% [1]. Dividend Information - Since its A-share listing, Haiyang Technology has distributed a total of 36.25 million yuan in dividends [2].

其中，2025年1—8月纺服工业企业利润情况如下： 1—8月份，全国规模以上工业企业实现利润总额46929.7亿元，同比增长0.9%。 纺织业利润总额为426.4亿元，同比下跌7%。 纺织服装、服饰业利润总额为280.3亿元，同比下跌17.9%。 皮革、毛皮、羽毛及其制品和制鞋业利润总额为264.0亿元，同比下跌9.2%。 化学纤维制造业利润总额为165.2亿元，同比下跌2.6%。 ...

■ 编者按 大众日报·大众新闻推出"走在前、挑大梁·产业链上的山东好品牌"专栏，派出记者深入各产业链上的骨干企业蹲点采访，展现山东加快全产业链布局、建 链补链延链强链的典型成效，以及企业攻克关键技术、做大做强品牌的生动实践。敬请关注。 破解废旧纺织品再生循环利用难题 泰和新材让化纤衣物可"永续再生" 烟台黄渤海新区泰和新材集团股份有限公司的展厅里，一件不起眼的棕色冲锋衣，有望改写纺织行业的发展方向。 这款"零碳"工装在第三届上海国际碳中和博览会一经发布，就获得了众多知名服装品牌的青睐。"目前，下游企业急切地等待我们的纤维材料。"王召辰 说，欧盟要求纺织品中再生材料的使用比例要达到30%以上，国际品牌对再生材料的需求尤为迫切。 2022年，泰和新材董事长宋西全在一次行业会议上与下游客户交流时，意识到服装回收不仅是行业的难点，更是全社会共同面对的痛点。 难点与痛点，往往蕴藏着机遇。回到公司后，宋西全立即组织研讨服装回收再利用项目的可行性，并专门成立了T2T项目组，由技术骨干申彦兵任项目负 责人。 所谓T2T，即"Textile to Textile"（纤维到纤维），该理念最早由欧盟提出，强调服装中必须含有源自废旧 ...

Core Viewpoint - The Bank of Communications Pingdingshan Branch is actively supporting local foreign trade enterprises, particularly Shennma Co., by providing professional exchange rate risk management services to enhance their ability to cope with exchange rate fluctuations and promote stable foreign trade development [1][2]. Group 1: Exchange Rate Risk Management - The Bank of Communications Pingdingshan Branch has responded to national policies aimed at stabilizing foreign trade by offering targeted exchange rate risk management services to key local foreign trade enterprises [1]. - Shennma Co., as a benchmark enterprise in the local foreign trade sector, faces challenges from exchange rate fluctuations, prompting the bank to implement a financial management philosophy centered on exchange rate risk neutrality [1]. - The bank's services have helped Shennma Co. improve its cost control capabilities amid exchange rate volatility and recognize the importance of maintaining an exchange rate risk-neutral approach for financial stability [1]. Group 2: Future Initiatives - The Bank of Communications Pingdingshan Branch plans to continue implementing measures related to stabilizing foreign trade, focusing on financial product and service innovation [2]. - There will be an emphasis on promoting the exchange rate risk neutrality concept to assist more foreign trade enterprises in enhancing their overall risk resistance capabilities [2]. - The bank aims to inject financial momentum into the high-quality development of the local real economy through these initiatives [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The recent supply - demand situation of ethylene glycol has marginally improved, and the inventory accumulation expectation has narrowed with unexpected maintenance. However, the peak - season under - performance expectation is hard to reverse, and the upside of polyester is limited. The short - term drive is insufficient, and it is expected to fluctuate in the range of 4150 - 4350. In the long - term, the inventory accumulation expectation will keep the valuation under pressure [1]. - In the near term, the port's visible inventory has decreased to a historical low, the supply elasticity is limited, and the cost and sentiment have stabilized, so there is limited downward momentum. In the long term, the supply will gradually enter the inventory accumulation channel, and the inventory accumulation expectation from November is over 150,000 tons per month on average [2][6]. 3. Summary by Directory 3.1 Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - **Near - term trading logic**: The port's visible inventory is at a historical low, the supply elasticity is limited, and the cost and sentiment have stabilized [2]. - **Long - term trading expectation**: The supply will enter the inventory accumulation channel, and the inventory accumulation expectation will put long - term pressure on the valuation. The macro sentiment may provide new support for the price [6]. 3.1.2 Trading - Type Strategy Recommendations - **Trend judgment**: Wide - range oscillation [8]. - **Price range**: The EG2601 oscillates in the range of 4150 - 4350 [9]. - **Strategy suggestions**: EG2601 accumulative option purchase, sell EG01 put option eg2601 - P - 4150 at low prices. For basis strategy, consider positive spreads when the 10 - day paper cargo +70 is below [9]. 3.1.3 Industry Customer Operation Suggestions - Provide polyester price range forecasts and corresponding volatility information. Also, give hedging strategy suggestions for different scenarios such as inventory management and procurement management [10]. 3.1.4 Basic Data Overview - Present key data of MEG and polyester, including price, spread, profit, inventory, and operating rate, and show their week - on - week changes [11][12]. 3.2 This Week's Important Information and Next Week's Concerned Events 3.2.1 This Week's Important Information - **Positive information**: The Ministry of Industry and Information Technology and other seven departments issued the "Stable Growth Work Plan for the Petrochemical and Chemical Industry (2025 - 2026)", but its actual impact on the EG supply side is expected to be limited [13]. - **Negative information**: India's Ministry of Commerce and Industry announced anti - dumping duties on ethylene glycol imports from Kuwait, Saudi Arabia, and Singapore [14]. 3.2.2 Next Week's Important Events to Watch - Polyester load and the pre - National Day downstream replenishment rhythm. Also, the implementation of the restart plans of Xinjiang Tianye, Satellite Chemical, and Xinjiang Tianying [15][16]. 3.3 Disk Interpretation - **Price - volume and capital interpretation**: The ethylene glycol market shows a weak oscillation in the range of 4150 - 4300, with shrinking trading volume. The main funds are still bearish. The near - term 10 contracts maintain a premium structure over 01, and the basis has weakened slightly [17][20][26]. 3.4 Valuation and Profit Analysis - Provide valuation and profit data of MEG, including cost, upstream and downstream profits, and show their week - on - week changes [30]. 3.5 Supply - Demand and Inventory Deduction 3.5.1 Supply - Demand Balance Sheet Deduction - Provide the supply - demand balance sheet data of MEG from January 2024 to December 2025, including production, import, demand, inventory, etc., and mark the expected production changes of some enterprises [57]. 3.5.2 Supply - Side and Deduction - The ethylene glycol operating load has slightly decreased this week. The domestic production will remain at a high level in the fourth quarter. Some devices have stopped or are planning to restart, and production plan adjustments may occur due to economic factors [58]. 3.5.3 Demand - Side and Deduction - The polyester load has decreased to 90.3% this week. The polyester demand has a limited upward height in the seasonal peak, but the weaving orders have improved. The inventory of filament and staple fiber has decreased significantly, and the bottle - chip processing fee has improved [77]. 3.6 Industrial Chain - Related Chart Appendix - Provide various charts related to the ethylene glycol, polyester, and terminal industries, including price, spread, profit, operating rate, inventory, etc., to show their historical trends and seasonal characteristics [108][157][184].