Market Overview - On September 26, the stock indices of both markets experienced fluctuations and declined, with the ChiNext Index dropping over 2%, and more than 3,400 stocks in the market showing losses [1] - The Shanghai Composite Index closed down 0.65% at 3,828.11 points, the Shenzhen Component Index fell 1.76% to 13,209 points, and the ChiNext Index decreased by 2.6% to 3,151.53 points, while the Northbound 50 Index dropped nearly 2% [1] - The total trading volume of the Shanghai and Shenzhen stock exchanges combined reached 21,664 billion [1] Sector Performance - Sectors such as tourism, media, pharmaceuticals, and semiconductors saw declines, while sectors like chemical fiber, insurance, electricity, and oil experienced gains [1] - Military trade and wind power concepts were notably active in the market [1] Future Market Outlook - According to China Merchants Securities, there is a historical pattern of "pre-holiday contraction and post-holiday explosion" in financing before and after the National Day holiday [1] - The market typically shows a relatively calm trend before the holiday, but risk appetite improves significantly afterward [1] - Following the Federal Reserve's interest rate cut in September, historical data suggests a higher probability of A/H shares rising in the future [1] - The current market is still in the second phase of a bull market, with three main driving factors for the recent rise in A-shares remaining unchanged, indicating potential for continued growth along low penetration rate tracks until a significant policy shift occurs [1]

消息面上 转自：新华财经 新华财经北京9月26日电（罗浩）沪深两市三大股指26日早间普遍低开，各股指盘初完成缺口回补，转 涨后不久开始震荡下行，午后跌幅扩大，收盘时均显著下跌。 板块方面，神马股份因其控股股东拟实施战略重组消息涨停，带动新凤鸣、恒逸石化、新乡化纤、桐昆 股份等化纤股大幅上涨；风电板块延续近日强势表现，板块龙头明阳智能涨停，天能重工涨约8%。当 日，可燃冰、水务、航空、保险、POE胶膜等板块亦有显著上涨。游戏、元器件、铜缆高速连接、消费 电子、CPO概念等板块则遭遇较大幅度调整。 截至收盘，沪指报3828.11点，跌幅0.65%，成交额约9279亿元；深成指报13209.00点，跌幅1.76%，成 交额约12190亿元；创业板指报3151.53点，跌幅2.60%，成交额约5702亿元；科创综指报1671.02点，跌 幅1.97%，成交额约2466亿元；北证50指数报1528.98点，跌幅1.81%，成交额约195亿元。 机构观点 巨丰投顾：周五市场震荡运行，风电设备板块涨幅居前。目前形势下，财政货币政策在四季度有望实现 季节性发力，对盈利周期形成提振；在政策刺激下，A股与经济有望同步出现向上的拐 ...

Market Performance - The three major A-share indices collectively declined, with the Shanghai Composite Index down 0.65% to 3828 points, the Shenzhen Component Index down 1.76%, and the ChiNext Index down 2.6% [1] - The total trading volume for the day was 2.17 trillion yuan, a decrease of 225.7 billion yuan compared to the previous trading day, with over 3400 stocks declining across the market [1] Sector Performance - The gaming sector experienced a significant drop, with Jibite hitting the daily limit down [1] - The Nvidia concept stocks fell, with Magmi Tech down nearly 8% [1] - CPO and optical communication modules also saw declines, with Hangdian Co. hitting the daily limit down [1] - Other sectors that faced notable declines included laser radar, consumer electronics, and copper cable high-speed connections [1] - Conversely, the wind power equipment sector rose, with Weili Transmission and Mingyang Smart Energy hitting the daily limit up [1] - The chemical fiber sector saw gains, with Shunhua Co. hitting the daily limit up [1] - The pesticide and veterinary drug sector was active, with Lanfeng Biochemical hitting the daily limit up [1] - Other sectors with notable increases included fertilizers, plant-based meat, and green electricity [1] Index Performance - The Shanghai Composite Index closed at 3828.11, down 25.20 points or 0.65% [1] - The Shenzhen Component Index closed at 13209.00, down 236.90 points or 1.76% [1] - The ChiNext Index closed at 3151.53, down 84.23 points or 2.60% [1] - The CSI 300 Index closed at 4550.05, down 43.44 points or 0.95% [1] - The CSI 500 Index closed at 7240.91, down 100.41 points or 1.37% [1] - The CSI 1000 Index closed at 7397.59, down 108.92 points or 1.45% [1]

Market Overview - A-shares opened lower and experienced fluctuations, with the ChiNext Index dropping over 1% and falling below 3200 points, while the Shanghai Composite Index and Shenzhen Component Index also showed slight declines [1] - The number of rising stocks slightly exceeded that of falling stocks, with trading volume showing a slight contraction trend [1] Wind Power Industry - Wind power concept stocks surged in the morning, with the sector index increasing over 5%, reaching a two-and-a-half-year high, and half-day trading volume exceeding the previous day's total [3] - Morgan Stanley reported a positive outlook for China's wind power industry, expecting an average annual new installed capacity of over 110GW during the 14th Five-Year Plan period, with potential to reach about 120GW between 2028 and 2030 [6] - The establishment of a self-regulatory agreement among 12 major wind turbine manufacturers has contributed to a more stable development of the wind power industry [6] - Wood Mackenzie forecasts unprecedented growth in the global wind power market over the next decade, with an expected new installed capacity of 170GW in 2025 [7] Chemical Industry - The chemical sector saw a collective rise, particularly in the chemical fiber segment, with the index increasing over 4% and half-day trading volume surpassing the previous day's total [8] - After a "de-involution" inventory cycle in 2024, signs of profit recovery are evident in some chemical sub-industries [9] - Prices of refrigerants have significantly increased, with R32, R134a, and R125 prices rising by 44.19%, 22.35%, and 8.33% respectively [11] - The demand for modified plastics is surging due to the growth in humanoid robots and lightweight requirements for new energy vehicles, leading to rapid earnings growth for related companies [11] - The potassium fertilizer market has seen substantial revenue growth due to reduced overseas supply and strong global demand, with four listed potassium fertilizer companies reporting a combined revenue increase of 3.57% [11][12]

Market Overview - The Shanghai Composite Index closed at 3846.33 points, down 0.18%, with a trading volume of 1.38 trillion yuan [1] - The Shenzhen Component Index fell by 0.79%, and the ChiNext Index decreased by 1.17% [1] Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation of 165.8 billion yuan at an interest rate of 1.40% [3] - A 14-day reverse repurchase operation of 600 billion yuan was also conducted [3] Pension Fund Investment - The basic pension insurance fund's investment operation scale reached 2.6 trillion yuan, doubling since the end of the 13th Five-Year Plan, with an average annual return of 5.15% over the past eight years [3] Sector Performance - The petrochemical sector led the market with significant gains, with stocks like Tongkun Co. and Hengyi Petrochemical rising by 6% [3] - Real estate stocks showed recovery, with Hefei Urban Construction hitting the daily limit, and other companies like Shanghai Urban Development and China Merchants Shekou also seeing substantial increases [3] - Military industry stocks rebounded from low levels, with Xiangdian Co. and Chengfei Integration both hitting the daily limit [3] Sector Analysis - The chemical fiber sector saw a rise of 2.78%, while telecommunications and internet sectors experienced declines of 2.50% and 1.49%, respectively [4] Industry Outlook - The chemical industry is expected to benefit from the exit of outdated facilities and supply-side reforms, particularly in the polyester filament sector [5] - Companies like Shimao Co., New Fengming, Tongkun Co., and Hengyi Petrochemical are positioned to benefit from these trends [5][8] Company Profiles 1. **Shimao Co.**: Actively expanding overseas with a project in Thailand for nylon 66 differentiated fibers and entering the high-end civilian silk market [8] 2. **New Fengming**: Established an integrated and scaled operation in the PTA-polyester spinning sector, with ongoing upstream project developments [8] 3. **Tongkun Co.**: Expected improvement in chemical fiber business due to favorable policies and demand recovery [8] 4. **Hengyi Petrochemical**: A leading private multinational in the petrochemical sector, focusing on product diversification and structural optimization [8]

Market Overview - The A-share market experienced a decline on September 26, with the Shanghai Composite Index falling by 0.18% to 3846.33 points, the Shenzhen Component Index down by 0.79%, and the ChiNext Index decreasing by 1.17% [1][2] - The total trading volume for A-shares reached 1.38 trillion yuan [1] Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation of 165.8 billion yuan at an interest rate of 1.40%, with the same amount being bid and accepted [2] - Additionally, a 14-day reverse repurchase operation of 600 billion yuan was also conducted [2] Pension Fund Investment - The scale of basic pension insurance fund investment operations has reached 2.6 trillion yuan, doubling since the end of the 13th Five-Year Plan, with an average annual return of 5.15% over the past eight years [3] Sector Performance - The petrochemical sector led the market with significant gains, with stocks like Tongkun Co. and Hengyi Petrochemical rising by 6% [3] - Real estate stocks showed signs of recovery, with Hefei Urban Construction hitting the daily limit, and other companies like Shanghai Urban Development and China Merchants Shekou rising by over 4% [3] - The military industry stocks also rebounded, with Xiangdian Co. and Chengfei Integration both hitting the daily limit [3] Sector Analysis - The chemical fiber sector is expected to benefit from the exit of outdated production facilities and the optimization of the polyester filament industry structure, with leading companies likely to gain from these changes [4] - The telecommunications and internet sectors experienced declines, with average decreases of 2.50% and 1.49%, respectively [4] Company Insights 1. **Shenma Co.**: The company is expanding its overseas market presence, establishing a subsidiary in Thailand, and is currently constructing a 20,000-ton nylon 66 differentiated fiber project [7] 2. **Xinfengming**: The company has established an integrated and scaled operation in the "PTA-polyester spinning-texturing" industry chain, with ongoing upstream PTA project developments [7] 3. **Tongkun Co.**: The company is expected to see significant improvements in its chemical fiber business due to favorable policies and recovering demand [7] 4. **Hengyi Petrochemical**: As a leading private multinational in the "refining-chemical-fiber" sector, the company is continuously enhancing its product range and structure, indicating strong growth potential [7]

Report Industry Investment Rating - No relevant content found Core View of the Report - Domestic PTA installations are gradually returning, leading to an increase in domestic PTA production, a rapid decline in PTA basis, and significant market pressure due to Hengli's concentrated sales. OPEC+ has increased oil production again, causing a sharp drop in crude oil prices and a contraction in the spread between PX and naphtha. Recently, sales and production have weakened, inventory has increased, and the polyester operating load has risen to 91% as the off - season approaches. However, due to the decline in crude oil prices and the weakening of the basis, PTA has shown weak performance [2] Summary by Relevant Catalogs Price Changes - PTA spot price increased from 4525 to 4585, a change of 60; MEG inner - market price rose from 4301 to 4315, a change of 14; PTA closing price increased from 4626 to 4678, a change of 52; MEG closing price rose from 4234 to 4246, a change of 12 [2] - 1.4D direct - spun polyester staple fiber price increased from 6460 to 6500, a change of 40; short - fiber basis decreased from 149 to 83, a change of - 66; 10 - 11 spread decreased from 6 to 0, a change of - 6; polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2] - Polyester bottle - chip prices in the Jiangsu and Zhejiang markets increased, with the average price rising by 55 yuan/ton. The prices of various types of bottle - chips such as East China water bottle - chips, hot - filled polyester bottle - chips, and carbonated - grade polyester bottle - chips all increased by 38 [2] Market Conditions - For polyester staple fibers, the production factory prices were stagnant, trader prices were warm, downstream demand was for replenishment on - demand, and trading volume increased in South China while it was average in other regions. The price ranges in different regions were provided [2] - For polyester bottle - chips, raw materials and futures were in a warm - oscillating state. Driven by costs, suppliers raised their offers, but downstream buying enthusiasm was low, and the market negotiation atmosphere declined [2] Industry Indicators - The operating load of direct - spun staple fibers (weekly) was 94.40%, with a change of 0.01; polyester staple fiber sales and production rate increased from 64.00% to 78.00%, a change of 14.00%; the opening rate of polyester yarn (weekly) remained at 63.50%, with a change of 0.00; the load index of recycled cotton - type fibers (weekly) increased from 51.00% to 51.50%, a change of 0.01 [3]

中化新网讯 9月24日，中国石化仪征化纤公司携怡然速干涤纶工装面料、防砸劳保鞋等劳动保护系列产 品亮相第四届易派客工业品展览会暨石油石化工业展览会。 轻柔保暖絮片则利用熔喷布生产装置研制，性能与同重量羽绒相当，不仅实现了保暖材料的自主创新， 还为服装加工企业提供了阻燃和远红外两种特殊功能冬装用絮片。 仪纶防静电工装面料作为合成纤维，能在保障防静电性能的同时适用于紫外线不强的户外环境，有效解 决产业工人在室外工作闷热的难题。 图为展会现场。 怡然速干涤纶工装面料以回收聚酯瓶为原料，经粉碎清洗、熔融挤出等工艺将其制成再生涤纶短纤维， 并通过创新技术赋予其永久抗菌、吸湿排汗等功能。这种面料强度高、耐磨抗皱，清洗后易干燥、不褪 色，能有效抑制细菌滋生，保持皮肤干爽舒适。 防砸劳保鞋拥有抗压性能的对位芳纶鞋头、超高分子量聚乙烯纤维防刺中底，有轻量化、高强度、耐高 温、抗切割、抗穿刺、阻燃等多重优势，既能满足各类严苛作业环境的防护需求，又能最大程度提升穿 着的舒适性。 ...

Core Viewpoint - The carbon fiber sector is experiencing a strong rebound, with significant price stability and recovery in production capacity, indicating potential investment opportunities in the industry [1][2]. Industry Summary - As of August 2025, the market prices for mainstream carbon fiber models in East China are projected to be 85 RMB/kg for T300-12K, 75 RMB/kg for T300-24/25K, 70 RMB/kg for T300-48/50K, and 105 RMB/kg for T700-12K, reflecting a stable pricing environment since early 2025 [1]. - The domestic carbon fiber production capacity is expected to reach 144,000 tons by 2025, with demand in wind power, aerospace, and emerging fields like low-altitude flight and drones showing signs of recovery [1]. - The industry operating rate has recovered to 61.52%, an increase of 10.02 percentage points since the beginning of the year, indicating partial recovery [1]. Company Summary - Citic Securities indicates that the carbon fiber industry is in a cyclical bottom recovery phase, with supply-demand dynamics gradually improving after previous price adjustments and capacity reductions [2]. - The report suggests focusing on three key areas: high-end applications in aerospace and drones with companies capable of mass production of high-performance carbon fibers (3K, T700 grade and above), companies with advantages in the new energy supply chain, and suppliers with clear export strategies and strong international market expansion [2].

Report Summary 1. Report Industry Investment Rating - No information provided in the document. 2. Core View - No information provided in the document. 3. Summary by Relevant Catalog Price Changes - The spot price of naphtha CFR Japan on 2025/9/25 was $608.50 per ton, up 0.41% from the previous value [1]. - The price of ethylene in Northeast Asia on 2025/9/24 was $841.00 per ton, down 0.59% from the previous value [1]. - The ex - factory price of cycloethane in East China remained unchanged at 6300 yuan per ton [1]. - The spot price of methanol MA on 2025/9/25 was 2255 yuan per ton, with no change [1]. - The tax - included pit - mouth price of lignite in Inner Mongolia on 2025/9/25 was 290 yuan per ton, unchanged [1]. - The closing price of DCE EG主力合约 on 2025/9/25 was 4246 yuan per ton, up 0.28% [1]. - The settlement price of DCE EG主力合约 on 2025/9/25 was 4249 yuan per ton, up 0.52% [1]. - The closing price of DCE EG near - month contract on 2025/9/25 was 4175 yuan per ton, up 0.87% [1]. - The settlement price of DCE EG near - month contract on 2025/9/25 was 4175 yuan per ton, up 0.87% [1]. - The market price of ethylene glycol in East China on 2025/9/25 was 4300 yuan per ton, unchanged [1]. - The CCFEI price index of ethylene glycol (MEG) inner - market on 2025/9/25 was 4305 yuan per ton, unchanged [1]. - The near - far month price difference on 2025/9/25 was 74 yuan per ton, down 14 yuan from the previous value [1]. - The CCFEI price index of polyester DTY on 2025/9/25 was 8475 yuan per ton, down 0.59% [1]. - The CCFEI price index of polyester POY on 2025/9/25 was 6850 yuan per ton, down 0.72% [1]. - The CCFEI price index of polyester staple fiber on 2025/9/25 was 665 yuan per ton, up 0.23% [1]. - The basis on 2025/9/25 was 59 yuan per ton, down 12 yuan from the previous value [1]. - The CCFEI price index of bottle - grade chips on 2025/9/25 was 5790 yuan per ton, up 0.70% [1]. Operating Conditions - The overall operating rate of ethylene glycol on 2025/9/25 was 62.6%, unchanged [1]. - The operating rate of ethylene glycol (petroleum - based) on 2025/9/25 was 65.72%, unchanged [1]. - The operating rate of ethylene glycol (coal - based) on 2025/9/25 was 58.14%, unchanged [1]. - The load rate of polyester factories in the PTA industrial chain on 2025/9/25 was 87.81%, up 0.08% [1]. - The load rate of Jiangsu and Zhejiang looms in the PTA industrial chain on 2025/9/25 was 69.19%, up 1.64% [1]. Gross Margin - The after - tax gross margin of MTO MEG on 2025/9/25 was 1519.03 yuan per ton, down 4.66 yuan from the previous value [1]. - The after - tax gross margin of the coal - based synthesis gas method device on 2025/9/25 was 293.81 yuan per ton, up 6.64 yuan from the previous value [1]. External Market - The external market price of naphtha - based ethylene glycol on 2025/9/24 was $130.86 per ton, up $10.40 from the previous value [1]. - The external market price of ethylene - based ethylene glycol on 2025/9/24 was $139.65 per ton, down $3.25 from the previous value [1].