Group 1 - The company has confirmed that it will orderly suspend and renovate its biomass cellulose filament production line equipment in the northern district starting from October 1, 2025, with the renovation expected to last approximately 90 days [2] - Investors inquired about the operational status of the company's factories in Fengquan District, indicating interest in the company's production capabilities [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Categories Commodity Prices - The current price of crude oil is $577.63 per ton on October 27, 2025, with a previous price of $581.13, a decrease of 0.60% [1] - The price of the Northeast Asia ethylene is $766.00 per ton on October 27, 2025, unchanged from the previous value [1] - The ex - factory price of ethylene oxide in the East China region is $610.00 per ton on October 28, 2025, unchanged from the previous value [1] - The price of brown coal in Inner Mongolia is $290.00 per ton on October 29, 2025, unchanged from the previous value [1] - The settlement price of the main contract of a certain product is $4098.00 per ton on October 27, 2025, with a previous price of $4090.00, an increase of 0.20% [1] - The closing price of the nearby contract is $4000 per ton on October 2, 2025, unchanged from the previous value [1] - The market price of ethylene glycol in the East China region is $4190.00 per ton on October 27, 2025, with a previous price of $4180.00, an increase of 0.24% [1] - The price difference between the near - month and far - month contracts is $41.00 per ton on October 27, 2025, with a previous difference of $33.00, an increase of $8.00 [1] - The comprehensive price of ethylene glycol is $81.00 per ton on October 27, 2025, with a previous price of $103.00, a decrease of $22.00 [1] - The price index of polyester is $8400.00 per ton on October 27, 2025, unchanged from the previous value [1] - The price index of polyester chips is $6750.00 per ton on October 27, 2025, unchanged from the previous value [1] - The price index of polyester staple fiber is $6330.00 per ton on October 2, 2025, with a previous price of $6320.00, an increase of 0.16% [1] - The price index of bottle - grade chips is $5740.00 per ton on October 27, 2025, with a previous price of $5700.00, an increase of 0.70% [1] Operating Conditions - The operating rate of ethylene glycol produced from oil is 65.0% on October 27, 2025, compared with 56.23% previously, an increase of 2.68 percentage points [1] - The operating rate of ethylene glycol produced from coal is 61.1% on October 27, 2025, unchanged from the previous value [1] - The load rate of the PTA industry chain is 89.2% on October 2, 2025, compared with 88.93% previously, an increase of 0.10 percentage points [1] - The load rate of the textile machine industry in the Jiangsu and Zhejiang PTA chain is 71.86% on October 27, 2025, unchanged from the previous value [1] Other Information - The price of ethylene glycol produced from foreign - sourced ethylene is $1312.1 per ton on October 2, 2025, compared with $1102.5 previously, a decrease of $210.0 [1] - The post - tax gross profit of a certain production method is $1533.27 per ton on October 27, 2025, compared with $1547.94 previously, a decrease of $14.67 [1]

Core Viewpoint - Suzhou Longjie (603332.SH) reported a decline in both revenue and net profit for the third quarter of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the third quarter was 444 million yuan, representing a year-on-year decrease of 12.11% [1] - The net profit attributable to shareholders was 21.34 million yuan, down 22.65% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 18.29 million yuan, reflecting a year-on-year decline of 28.33% [1]

证券代码：603332 证券简称：苏州龙杰 公告编号：2025-048 | | 主要产品 | 2025 | 年 1-9 | 月产量 | 2025 | 年 1-9 | 月销量 | 2025 年 | 1-9 | 月营 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | （万吨） | | | （万吨） | | 业收入（万元） | | | | FDY | 差别化产品 | | 10.60 | | | 9.13 | | 76,990.63 | | | | DTY | 差别化产品 | | 3.15 | | | 3.11 | | 35,348.88 | | | | POY | 差别化产品 | | 2.17 | | | 0.05 | | 295.45 | | | 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 2025 年第三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 本公司根据上海证券交易所《 ...

10月20-24日，国内涤纶短纤价格小幅上涨，截止10月24日涤纶短纤(1.4D*38mm)市场均价在6314元/ 吨，较周初上涨0.38%。 据悉，福建某直纺涤短工厂25万吨装置停车检修两周，产品为1.4D棉型短纤。 机构观点 消息面 截至10月23日，中国涤纶短纤工厂权益库存6.18天，较上期增加0.07天；物理库存13.50天，较上期上升 0.1天。 新湖期货： 直纺涤短销售进一步回落，平均产销51%。需求端，纯涤纱及涤棉纱盘整走货，部分销售尚可，优惠适 度取消。总体来看，需求环比改善，短纤加工费有小幅修复空间，绝对价格跟随成本运行。 国投安信期货： 短纤无新投压力，负荷高位运行，大范围降温及电商销售节来临，织造提负，上周产销一度放量，现货 格局较好；但油价止涨带动市场情绪回落，下游备货后转为消化库存，短纤或再度累库。 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Cost-side crude oil is short-term bullish, and TA valuation drivers are mostly positive. Supply and demand are generally weak and stable, and the technical aspect rebounds from oversold conditions following crude oil [5]. - In terms of operations, reduce and then hold a small amount of previous short positions. The resistance level for the 2601 contract is around 4550 - 4650 [4]. 3. Summary by Relevant Catalogs 3.1 Supply - Last week, the weekly average PTA capacity utilization rate was 75.98%, a 0.42 percentage point increase from the previous week and a 4.83 percentage point decrease year-on-year, at a neutral level compared to the same period. During the week, the increase in production at Yisheng New Materials was higher than the decrease at Yisheng Ningbo. Newly commissioned production capacity this year is 5.7 million tons. Pay attention to the commissioning progress of 3 million tons by Xin Fengming in the fourth quarter [5][20]. - Last week, PTA production was 140,560 tons, a 0.54% increase from the previous week and a 0.96% increase year-on-year. From January to September 2025, China's cumulative PTA imports were 18,300 tons, a 34.31% increase year-on-year. As domestic self-sufficiency gradually improves, imports are low and can be basically ignored [24]. 3.2 Demand - In September 2025, the actual PTA consumption was 5.9116 million tons, a 0.58% decrease from the previous month and a 7.25% increase year-on-year. Last week, the polyester operating rate was 87.53%, a 0.25 percentage point decrease from the previous week and a 0.94 percentage point decrease year-on-year, generally at a neutral level compared to the same period [26]. - Last week, the polyester industry's output was 1.5497 million tons, a 0.28% decrease from the previous week and a 4.13% increase year-on-year. As of October 23, the comprehensive operating rate of chemical fiber weaving in the Jiangsu and Zhejiang regions was 66.45%, a 2.39 percentage point increase from the previous week and a 2.27 percentage point decrease year-on-year. According to Longzhong, the terminal performance is mediocre, downstream purchases are mostly for rigid demand, and the sales performance of polyester filament factories is average [5][29]. - From January to September 2025, the cumulative PTA export volume was 2.8739 million tons, a 16.07% decrease year-on-year. From January to September, the cumulative textile export value was $220 million, a 0.45% decrease year-on-year [47]. 3.3 Inventory - According to Longzhong statistics, last week, the PTA industry inventory was approximately 3.1413 million tons, a 1.58% decrease from the previous week. The PTA factory inventory was 4.07 days, a 0.01-day decrease from the previous week and a 0.31-day decrease year-on-year. The polyester product line also saw inventory reduction [5][51]. - Last week, the PTA raw material inventory of polyester factories was 6.95 days, a 0.4-day decrease from the previous week and a 1.4-day decrease year-on-year [52]. 3.4 Futures Market - Last week, the 1 - 5 spread weakened slightly week-on-week and was slightly higher year-on-year. The 5 - 9 spread remained stable week-on-week and was higher year-on-year. The overall futures inter-month spread showed a slightly contango structure with near-term prices lower and far-term prices higher [13]. - The 9 - 1 spread remained stable week-on-week and was weak year-on-year. The basis weakened slightly week-on-week and was low year-on-year [16]. 3.5 Valuation - PX prices rebounded, and PTA processing fees also rebounded. The PTA spot processing fee decreased slightly week-on-week and was the weakest in recent years compared to the same period. The futures contract processing fee decreased slightly week-on-week and was low year-on-year [64][71][75]. - The profits of PTA downstream products showed different trends, with some products' production margins fluctuating [72][76][81].

Group 1 - Nanjing Chemical Fiber announced the convening of its 12th meeting of the 11th board of directors on October 24, 2025, via communication voting [1] - The meeting reviewed the proposal to cancel the supervisory board and amend the company's articles of association and its attachments [1] - For the year 2024, Nanjing Chemical Fiber's revenue composition is as follows: industrial sector accounts for 96.12%, other businesses for 2.29%, and tourism and food services for 1.59% [1] Group 2 - As of the report date, Nanjing Chemical Fiber has a market capitalization of 5.6 billion yuan [1]

Core Viewpoint - Youfu Co., Ltd. has announced the receipt of a government subsidy amounting to 7.42 million yuan for project equipment upgrades, which has already been credited to the company's account [2] Group 1 - The government subsidy received by Youfu Co., Ltd. is specifically for the purpose of updating project equipment [2] - The total amount of the subsidy is 7.42 million yuan, which is approximately 1.05 million USD based on current exchange rates [2] - The announcement was made on the evening of October 23, indicating timely communication of financial support to stakeholders [2]

Group 1 - The core viewpoint of the news is that Xin Feng Ming Group Co., Ltd. has seen a stock price increase of 5.12%, reaching 15.82 CNY per share, with a total market capitalization of 24.118 billion CNY [1] - Xin Feng Ming's main business includes the research, production, and sales of civilian polyester filament, short fibers, and PTA, with revenue composition as follows: POY 42.73%, PTA 13.29%, FDY 13.27%, short fibers 11.16%, DTY 10.16%, and others 4.72% [1] - The company is located in Tongxiang City, Zhejiang Province, and was established on February 22, 2000, with its listing date on April 18, 2017 [1] Group 2 - From the perspective of fund holdings, Chuangjin Hexin Fund has a significant position in Xin Feng Ming, with its "Chuangjin Hexin Competitive Advantage Mixed A" fund increasing its holdings by 301,000 shares in the second quarter, totaling 1.8064 million shares, which represents 3.18% of the fund's net value [2] - The fund has achieved a year-to-date return of 17.4%, ranking 4595 out of 8159 in its category, and a one-year return of 17.04%, ranking 4256 out of 8030 [2] - The fund manager, Lu Di, has been in position for 4 years and 74 days, with the best fund return during his tenure being 53.55% [3]

Core Points - Hengli Petrochemical's stock increased by 5.05%, reaching 17.47 CNY per share, with a trading volume of 315 million CNY and a turnover rate of 0.26%, resulting in a total market capitalization of 1229.73 billion CNY [1] - The company, established on March 9, 1999, and listed on August 20, 2001, is based in Dalian, Liaoning Province, and specializes in the research, production, and sales of polyester fibers, polyester films, and related products, as well as steam and electricity production [1] - The main revenue composition of Hengli Petrochemical includes refining products at 45.92%, PTA at 31.10%, polyester products at 19.24%, and others at 3.73% [1] Fund Holdings - According to data, one fund under Southern Fund has a significant holding in Hengli Petrochemical, specifically the Southern CSI Xiaokang Industry ETF Linked A (202021), which held 60 shares in the second quarter, unchanged from the previous period, ranking as the seventh largest holding [2] - The fund has a current scale of 216 million CNY and has achieved a year-to-date return of 6.58%, ranking 3797 out of 4218 in its category, with a one-year return of 8.13%, ranking 3346 out of 3875 [2] - The fund manager, Gong Tao, has been in position for 6 years and 106 days, overseeing a total fund asset size of 8.862 billion CNY, with the best return during his tenure being 69.67% and the worst being -39.57% [2]