-500 音烙橡胶呈报 图书 研究中心能化团队 2025/06/25 P 不 A = 点击 POY 1 仓单+有 石脑油 PX CFR |PTA内盘现 PTA平衡 PTA加 PTA负 石脑油裂 聚酯毛利 TA基美 50D/4 日期 原油 PX加工美 产销 工差 效预报 日本 台湾 न्ह 解价差 荷 负荷 8F 图H 2025/0 5190 7130 76.7 633 888 70.92 255.0 333 25 85.1 79.1 80807 330 0.55 6/18 2025/0 37684 78.9 643 904 5190 7120 64.66 261.0 247 -3 85.1 79.1 270 0.30 6/19 (图H 2025/0 7165 77.0 5275 81.77 -34 265 0.40 646 898 252.0 369 86. P 79.1 37020 6/20 2025/0 71.5 899 5260 7225 117.80 257.0 36600 275 642 350 38 86.1 79.1 0.55 6/23 2025/0 图H 67 1 586 5100 7225 ...

Core Viewpoint - The company is strategically expanding from petrochemicals into the coal sector by launching the Changcaodong open-pit coal mine project in Xinjiang, with a total investment of 6.144 billion yuan and an annual production capacity of 5 million tons, thereby enhancing its dual energy supply system and solidifying its competitive position in the industry [1][2]. Group 1: Project Overview - The Changcaodong open-pit coal mine project has a total investment of approximately 6.144 billion yuan and a construction scale of 5 million tons per year, including a conventional capacity of 3.5 million tons per year and a reserve capacity of 1.5 million tons per year [2]. - The project is located in Shanshan County, Turpan City, and will be implemented by Xinjiang Zhongcan Comprehensive Energy Co., Ltd., which specializes in coal mining [2]. Group 2: Industry Chain Extension - The coal project is a critical move for the company to extend its industrial chain upstream, as the polyester filament business heavily relies on petrochemical products, and coal serves as an essential energy and chemical raw material [3]. - The coal produced will be used internally as chemical raw material coal or fuel coal, meeting the demand for 500,000 tons of fuel coal for the company's thermal power generation projects in Xinjiang by 2025 [3]. - The company plans to invest approximately 1 billion yuan in a project to utilize coal for producing ethylene glycol, which will enhance the self-sufficiency of raw materials for its polyester fiber business [3]. Group 3: Economic and Social Benefits - The Changcaodong coal mine project is expected to generate an average annual output value of about 1.8 billion yuan, with an average annual after-tax profit of 442 million yuan, a post-tax internal rate of return of 9.37%, and a payback period of 10.42 years [4]. - The project is anticipated to directly create around 500 jobs and indirectly stimulate approximately 4,000 jobs, significantly increasing local residents' income [4]. - The construction and operation of the coal mine will promote the development of related secondary and tertiary industries, such as transportation, equipment maintenance, and services, contributing to local economic stability [4].

Market Overview - On June 23, PTA futures experienced a rebound after a decline, with a general atmosphere in the spot market and a slight increase in spot offers. The mainstream supply was focused on long-term sources, with June transactions mainly around 09+260 to 270, and individual prices slightly higher, within a negotiation range of 5220 to 5300 [1] - The processing fee for PTA spot reached approximately 398 yuan/ton, while the processing fee for TA2509 was 344 yuan/ton [2] Supply and Demand Dynamics - Supply: PTA operating rates dropped to 79.1%, a decrease of 3.9% [3] - Demand: Following routine maintenance on one unit and the restart of two units, the polyester comprehensive operating rate increased to around 92%, up by 1.1%. However, the demand from downstream sectors remains weak, with inventory accumulation in the terminal dyeing and weaving sectors [3] Price Trends and Outlook - Despite maintenance at Fuhai Chuang and Hengli facilities, the outlook for PTA supply and demand remains weak due to new installations coming online and continuous signals of production cuts from downstream polyester factories. The geopolitical situation in the Middle East has shown signs of easing, leading to a significant drop in oil prices, which is expected to negatively impact PTA in the short term [4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - For PTA, after the maintenance of the terminal TA is implemented, the start - up rate decreases month - on - month, the polyester start - up rate rises, the inventory is slightly reduced, the basis strengthens again, and the spot processing fee improves month - on - month. Subsequently, it will gradually enter the inventory accumulation stage, and the monthly drive may switch between the continuous reduction of PX inventory and the additional reduction of polyester efficiency, with increased fluctuations [1]. - For MEG, the domestic maintenance continues to resume, the start - up rate continues to rise, the Iranian devices stop intensively, the port inventory is slightly reduced, the downstream stocking level rises slightly, and the basis weakens month - on - month. In the future, it will also pass the inventory reduction stage, but the inventory accumulation amplitude is expected to be limited due to Iranian import disturbances, showing a sideways pattern [2]. - For polyester staple fiber, the start - up rate increases, the sales volume remains the same month - on - month, and the inventory accumulates slightly. The demand side has weakening efficiency, but the export maintains a high growth rate. There are also production reduction plans, and the processing fee is expected to remain weak [2]. - For natural rubber, the national explicit inventory remains stable, the absolute level is not high, but there is no seasonal reduction. The price of Thai cup rubber rebounds, and the strategy is to wait and see [2]. - For styrene and its downstream products, the prices and profits of related products fluctuate, and the start - up rates of different products also show different trends [2]. Group 3: Summaries by Related Catalogs PTA - **Price and Index Changes**: From June 17 to June 23, 2025, the price of crude oil decreased from $76.5 to $71.5, the PX price fluctuated, and the PTA internal spot price increased from 5020 to 5260. The PTA processing difference, production and sales, and other indicators also changed [1]. - **Device Changes**: Yisheng New Materials reduced the load of its 3.6 - million - ton device [1]. - **Market Outlook**: Gradually enter the inventory accumulation stage, with the monthly drive switching between PX inventory reduction and polyester efficiency compression [1]. MEG - **Price and Index Changes**: From June 17 to June 23, 2025, the MEG internal and external prices, profits, and other indicators changed. The basis for 09 was around +82 [2]. - **Device Changes**: Shaanxi Yueneng's 400,000 - ton device restarted, and Xinjiang Tianying's 150,000 - ton device was under maintenance [2]. - **Market Outlook**: After experiencing the inventory reduction stage, the inventory accumulation amplitude is expected to be limited, showing a sideways pattern [2]. Polyester Staple Fiber - **Price and Index Changes**: The spot price was around 6933, and the market basis was around 07 + 10. The prices of related products such as cotton - polyester staple fiber also changed [2]. - **Device Changes**: Fujian Jinlun restarted, and the start - up rate increased to 95.1% [2]. - **Market Outlook**: There are production reduction plans, and the processing fee is expected to remain weak [2]. Natural Rubber - **Price and Index Changes**: From June 1 to June 23, 2025, the prices of various types of natural rubber, such as Thai glue, Shanghai full - latex, and 20 - number glue, changed. The daily and weekly changes of different varieties were different [2]. - **Market Outlook**: With stable inventory and a rebound in Thai cup rubber price, the strategy is to wait and see [2]. Styrene and Related Products - **Price and Index Changes**: From June 17 to June 23, 2025, the prices of ethylene, pure benzene, styrene, and their downstream products such as EPS, ABS, and PS changed, and the profits of domestic products also fluctuated [2]. - **Start - up Rate Changes**: The start - up rates of EPS, ABS, and PS showed different trends over time [2].

Group 1 - The company’s board approved the issuance of short-term financing bonds, with a total amount not exceeding 6 billion RMB [1] - The shareholders' meeting scheduled for May 21, 2024, will review and approve the bond issuance proposal [1] - The registration amount for the short-term financing bonds has been accepted by the trading association, totaling 6 billion RMB [1] Group 2 - The company plans to issue a total of 500 million RMB in technology innovation bonds, with the issuance date set for June 23, 2025 [1] - The issuance interest rate for the bonds is set at 1.79% [1] - The main underwriter for the bond issuance is CITIC Bank, with China Everbright Bank as a co-underwriter [1]

Group 1 - The company Zhejiang Southeast Steel Structure Co., Ltd. is issuing convertible bonds totaling RMB 2 billion, with a net fundraising amount of approximately RMB 1.986 billion [2][3][18] - The bonds will be listed on the Shenzhen Stock Exchange starting January 24, 2024, under the name "Southeast Convertible Bonds" [3][18] - The bonds have a maturity of 6 years, with an annual interest rate that increases from 0.30% in the first year to 2.00% in the sixth year [3][4][18] Group 2 - The initial conversion price for the bonds is set at RMB 5.73 per share, subject to adjustments based on specific corporate actions [4][26] - The company has established a dedicated account for managing the raised funds, ensuring compliance with relevant regulations [18][19] - The company has a credit rating of AA for the bonds, indicating a stable outlook [14][23] Group 3 - The company's main business segments include steel structures, chemical fibers, and renewable energy, with a focus on engineering contracting and photovoltaic construction [16][17] - In 2024, the company reported a net profit of RMB 190.45 million, a decrease of 42.17% compared to the previous year [17] - The total revenue for 2024 was approximately RMB 11.24 billion, reflecting a decline of 13.52% from 2023 [17]

PTA：供需驱动仍弱 摘 要： PTA 方面，尽管福海创和恒力装置检修兑现，不过随 着新装置投产，且 PTA 后续装置检修计划不多，但终端订 单疲软导致下游仅能被动跟涨，需求未实质性改善，织机 印染开工下滑亦削弱补库持续性预期，7 月 PTA 供需仍弱。 成本方面，6 月尽管 PX 检修装置逐步回归，但下游 PTA 因 检修装置重启叠加新装置投产较预期提前，PX 供需预期仍 偏紧，6 月仍存去库预期，短期 PX 支撑仍偏强；原油短期 受地缘左右。PTA 观望或短线交易。 宁证期货投资咨询中心 期货交易咨询业务资格： 证监许可【2011】1775 号 作者姓名：师秀明 期货从业资格号：F0255552 期货交易咨询从业证号：Z0001784 邮箱：shixiuming@nzfco.com 策略建议：观望或短线 PTA周度跟踪报告 第 1 章 行情回顾 PTA09 合约震荡偏强。09 合约周度开盘 4820，最高 5044，最低 4694，收盘 4978，周度涨 196 或 4.10%。 图表 1：PTA09 合约价格走势 第 2 章 价格影响因素分析 风险提示：无 请务必阅读正文之后的免责条款部分 1 2.1 ...

Investment Rating - The report maintains an "Accumulate" rating for the basic chemical industry [5] Core Views - The chemical industry is currently in a downcycle, with recent safety incidents leading to stricter regulations on high-risk chemical projects. Leading companies with better safety management and advanced production technologies are expected to benefit from stable production amidst supply constraints [2][3] - The recent suspension of the Gaomi Renhe Chemical Industrial Park in Shandong due to a major safety incident will impact the supply of chlorantraniliprole and its intermediates, leading to price increases in the market [1][2] - The report suggests focusing on leading companies in the chemical sector, such as Wanhua Chemical, Hualu Hengsheng, and Yangnong Chemical, which are expected to maintain long-term value [2][4] Summary by Sections Industry Overview - The chemical industry is experiencing a downturn, with safety incidents prompting tighter regulations on high-risk projects. Leading firms are likely to benefit from their superior safety protocols and production capabilities [2] Recent Developments - A significant safety accident at Shandong Youdao Chemical has led to the suspension of the Gaomi Renhe Chemical Industrial Park, affecting the supply of chlorantraniliprole and its intermediates. This has resulted in a strong cost support for chlorantraniliprole, with market prices reaching 305,000 CNY per ton as of June 20 [1] Investment Recommendations - The report recommends focusing on companies involved in chlorantraniliprole, such as Lier Chemical, and those with K amine, like Lianhua Technology. It also suggests looking at competitors of chlorantraniliprole, such as Yangnong Chemical [1][2] - For the upstream oil and gas sector, companies like China Petroleum, Sinopec, and CNOOC are highlighted as potential investment opportunities [4] Price Trends - The report tracks price movements of key chemical products, noting significant increases in diesel and Brent crude oil prices, which rose by 10.97% and 10.58% respectively over the past week [18][19] Sub-industry Dynamics - The report highlights various sub-industries, including the polyester market, which is experiencing price fluctuations due to seasonal demand changes. The polyurethane market is facing weak domestic demand, while the titanium dioxide sector is seeing supply constraints due to structural adjustments [21][22]

投资咨询业务资格:证监许可【2012】 31号 【 一 国贸 期货 得资讯。 直纺短纤负荷(周) 88. 90% 91. 30% 0. 02 涤纶短纤产销 -3.00% 54. 00% 51.00% 涤纱开机率(周) 67.00% 67.00% 0. 00 再生棉型负荷指数(周) 50. 40% 50. 40% 0. 00 涤纶短纤与纯涤纱价格 涤纶短纤观金流 14000 10000 10000 1800 t T325年演出 (探偵) 太原始術 (群贝) 解日示52E= 器短现金流 ·1.4D直纺条短 9000 9000 13000 1400 8000 8000 12000 1000 7000 7000 6000 11000 600 6000 5000 10000 200 5000 4000 -200 9000 + 3000 2021-01-01 2022-01-01 2023-01-01 2024-01-01 2025-01-01 2021-01-01 2022-01-01 2024-01-01 2025-01-01 2023-01-01 涤棉纱65/35 45S价格与利润 中空短纤价格与现金流 2500 ...

Focus Review - The hard technology sector sees significant financing in semiconductors, with Shenzhen Chip Vision completing approximately 600 million RMB in Pre-A round financing led by Chuangdong and Eucalyptus Capital [3][22]. - In the smart automotive sector, Ouyue Semiconductor announced the completion of a B3 round financing of 100 million RMB, led by Sunny Optical Technology's strategic fund [3][23]. - The health sector is witnessing early investment hotspots in precision medicine, with single-cell sequencing company Xiaolu Bio completing tens of millions of USD in angel round financing [3][33]. - Gene editing company Shanmu also completed a new round of tens of millions in Pre-A+ financing [3][38]. Internet Sector - Investment in computing infrastructure is heating up, with memory tensor technology completing nearly 100 million RMB in angel round financing [4][42]. - Softcom Intelligence, a full-stack intelligent computing service provider, completed over 100 million RMB in A round financing [4][43]. Health Sector - Chu Dong Technology completed its third round of financing with support from multiple investors [29][30]. - Yingsi Intelligent, a clinical-stage biopharmaceutical company, exceeded its target by raising approximately 123 million USD in E round financing [31]. - Xiaolu Bio completed tens of millions of USD in angel round financing [33]. Other Notable Financing - Zhidai Technology completed several million RMB in financing [11]. - Shiok Burger, a Southeast Asian burger brand, successfully completed Pre-A round financing [8]. - Nanjing Nengli Chip Technology announced nearly 100 million RMB in financing [26].