Core Viewpoint - The company, Xin Feng Ming, announced the acquisition of a 36% stake in Zhejiang Jinlian Port Co., Ltd. for 70.08 million yuan, despite Jinlian Port's projected losses for 2024 and Q1 2025 [1][2][3]. Group 1: Acquisition Details - The acquisition is aimed at enhancing the raw material supply chain capabilities of Xin Feng Ming's wholly-owned subsidiary, Zhejiang Dushan Energy Co., Ltd. [1][2] - The transaction was approved by the company's board and does not require shareholder approval [2]. - Jinlian Port reported a net loss of 26.39 million yuan for 2024 and a loss of 4.26 million yuan for Q1 2025 [1][2]. Group 2: Financial Implications - The investment is expected to have a minimal impact on the company's performance in 2025 and beyond [3]. - Jinlian Port's net assets were approximately 47.86 million yuan at the end of the previous year [2]. Group 3: Valuation and Pricing - The valuation of Jinlian Port was assessed using both asset-based and income approaches, with the asset-based method yielding a value of about 120 million yuan for the entire company [4]. - The acquisition price of 70.08 million yuan is 60% higher than the estimated value of the 36% stake, which was approximately 43.64 million yuan based on the asset valuation [5].

ITG 国贸期货 世界500强投资企业 国贸期货有限公司 成为一流的衍生品综合服务商 入 用 市 市 W FF 客 服 热线 官 方 网 站 la jat 400-8888-598 www.itf.com.cn 直纺短纤负荷(周) 88. 90% 91. 30% 0. 02 涤纶短纤产销 56. 00% 57.00% 1. 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 涤纶短纤现金流 14000 10000 10000 1800 (探偵) 太原始術· t T325年演出 (群贝) 解日示52E= 舞想坝金流 ·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 ...

Core Viewpoint - The company Xin Feng Ming announced the acquisition of a 36% stake in Zhejiang Jin Lian Port Co., Ltd. for 70.08 million yuan, despite Jin Lian Port's projected losses in 2024 and Q1 2025, aiming to enhance its supply chain capabilities [1][2][6]. Group 1: Acquisition Details - The acquisition is made by Xin Feng Ming's wholly-owned subsidiary, Zhejiang Du Shan Energy Co., Ltd. [2] - The transaction was approved by the company's board and does not require shareholder approval [3]. - Jin Lian Port, established in 2011, primarily operates in port management [3]. Group 2: Financial Performance of Jin Lian Port - Jin Lian Port reported a total asset of approximately 19708.53 million yuan and total liabilities of 14922.55 million yuan as of December 31, 2024 [4][5]. - The net profit for 2024 is projected to be a loss of 2638.73 million yuan, with a further loss of 426.37 million yuan in Q1 2025 [5][6]. Group 3: Valuation and Pricing - The valuation of Jin Lian Port's equity was assessed at approximately 120 million yuan using the asset-based approach, while the income approach yielded a lower valuation of 70 million yuan [8]. - The acquisition price of 70.08 million yuan for a 36% stake is 60% higher than the assessed value of approximately 43.64 million yuan [7][9]. - The company justified the higher price by considering the asset-heavy nature of Jin Lian Port, which includes significant investments in port facilities [8].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoint - The conflict between Iran and Israel has further escalated. Israel attacked Iran's oil field facilities, and Iran responded. It is expected that crude oil prices will continue to rise, and the chemical industry as a whole will follow. Despite the expected reduction in polyester downstream load, it remains at 91.3%, and the actual polyester production has reached a new high. Recent promotions have helped with inventory reduction. PTA will reduce inventory in the future, and the move of mainstream factories to increase basis sales has had a significant impact on the market, making PTA spot supply tight. Affected by the rising crude oil prices, market purchasing willingness has increased. The maintenance of a PX plant in Northeast China and a reforming unit in Zhejiang has been postponed [2] 3. Summary by Relevant Indicators Price and Change - PTA spot price increased from 5005 to 5020, with a change of 15 [2] - MEG inner - market price increased from 4426 to 4446, with a change of 20 [2] - PTA closing price increased from 4766 to 4782, with a change of 16 [2] - MEG closing price increased from 4374 to 4400, with a change of 26 [2] - 1.4D direct - spun polyester staple fiber price increased from 6690 to 6710, with a change of 20 [2] - Short - fiber basis increased from 79 to 83, with a change of 4 [2] - 7 - 9 spread remained unchanged at 152 [2] - Polyester staple fiber cash flow increased from 240 to 246, with a change of 6 [2] - 1.4D imitation large - chemical fiber price remained unchanged at 5850 [2] - The price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 840 to 860, with a change of 20 [2] - East China water - bottle chip price decreased from 6075 to 6059, with a change of - 16 [2] - Hot - filling polyester bottle chip price decreased from 6075 to 6059, with a change of - 16 [2] - Carbonated - grade polyester bottle chip price decreased from 6175 to 6159, with a change of - 16 [2] - Outer - market water - bottle chip price remained unchanged at 800 [2] - Bottle - chip spot processing fee decreased from 313 to 277, with a change of - 35.53 [2] - T32S pure polyester yarn price remained unchanged at 10600 [2] - T32S pure polyester yarn processing fee decreased from 3910 to 3890, with a change of - 20 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16500 [2] - Cotton 328 price decreased from 14695 to 14690, with a change of - 5 [2] - Polyester - cotton yarn profit decreased from 1510 to 1498, with a change of - 11.37 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 7150 [2] - Hollow staple fiber 6 - 15D cash flow decreased from 188 to 168, with a change of - 19.53 [2] - Primary low - melting - point staple fiber price remained unchanged at 7355 [2] Load and Production and Sales - Direct - spun staple fiber load (weekly) increased from 88.90% to 91.30%, with a change of 0.02 [3] - Polyester staple fiber production and sales increased from - 106.00% to 56.00%, with a change of 162.00% [3] - Polyester yarn startup rate (weekly) remained unchanged at 67.00% [3] - Regenerated cotton - type load index (weekly) remained unchanged at 50.40% [3]

Summary of Conference Call on Polyester Bottle Chip Industry Industry Overview - The conference call involved leading companies in the polyester bottle chip industry, including Yisheng, China Resources, Wankai, Sinopec, and Sanfangxiang, which reached a consensus to reduce production by 20% to enhance industry profitability [2][3][4]. Key Points and Arguments - **Production Reduction Plan**: The industry has initiated a self-regulatory production cut of 20%, aiming to improve profit margins and stabilize processing fees at around 500 RMB per ton [2][3][6]. - **Capacity Control**: A commitment was made to prohibit any new polyester bottle chip production capacity for the next three years, ensuring controlled market supply and stable processing fees [2][4]. - **Industry Supervision Committee**: An industry supervision committee will be established to monitor the execution of the production cut and oversee industry operating rates, with the goal of reducing social inventory to reasonable levels [2][9]. - **Market Demand**: From January to May 2025, order volumes remained stable compared to the previous year, with exports around 700,000 tons and domestic growth rates of approximately 7% [2][14][15]. - **Price Dynamics**: The first quarter of 2025 saw favorable price differentials for polyester chips, but the second quarter faced pressure due to rising upstream raw material prices (PX, PTA) and increased operating rates [2][11]. Additional Important Insights - **Export Performance**: China’s bottle chip exports account for about 40% of total production, with export prices and volumes outperforming domestic sales despite rising shipping costs [5][17]. - **Future Capacity Outlook**: An additional 2 million tons of production capacity is expected to be introduced in the first half of 2025, but no new capacity is anticipated from 2026 onwards, indicating a potential improvement in industry profitability [5][12]. - **Inventory Levels**: Current social inventory has decreased significantly compared to the end of last year, although it remains high relative to historical data due to recent increases in total inventory levels [10]. - **Market Sentiment**: The industry outlook is cautiously optimistic, supported by the cooperation of major enterprises, particularly state-owned companies like China Resources [8]. Conclusion The polyester bottle chip industry is undergoing significant changes with a focus on production cuts and capacity control to stabilize prices and improve profitability. The establishment of a supervisory committee and the commitment to avoid new capacity additions reflect a strategic shift towards sustainable growth in the sector.

直纺短纤负荷(周) 88. 90% 91. 30% 0. 02 涤纶短纤产销 28. 00% 134. 00% 162. 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 涤纶短纤现金流 14000 10000 10000 1800 (探偵) 太原始欲德 ■T325加工费(右轴) t325年演到价格 会想坝金流 ·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 2025-01-01 2023-01-01 2024-01-01 涤棉纱65/35 45S价格与利润 中空短纤价格与现金流 2500 10000 22500 4000 涂棉纱利润 泽棉纱65/35 4 ...

东方盛虹（000301）公告，控股股东江苏盛虹科技股份有限公司的一致行动人盛虹(苏州)集团有限公司 计划自公告披露日起6个月内，通过深圳证券交易所以集中竞价交易方式增持公司A股股份，增持金额 不低于5亿元，不超过10亿元。截至公告披露日，盛虹苏州持有公司6.08%股份。本次增持计划不设定 价格区间，增持主体将根据公司股票价格波动情况及资本市场整体趋势择机实施。增持计划的资金安排 为自有资金和专项贷款相结合，专项贷款金额不超过9亿元。 ...

Core Viewpoint - Haiyang Technology's stock experienced significant volatility post-IPO, with a nearly 48% drop in three days, despite initial investor enthusiasm driven by the broader chemical fiber sector's performance [2][3]. Financial Performance - Haiyang Technology's revenue for 2022, 2023, and 2024 is projected to be 406.72 million, 411.28 million, and 554.24 million respectively, while its net profit after deducting non-recurring items is expected to be 149.82 million, 120.53 million, and 164.24 million respectively [4]. - The company's main business gross margin has declined from 10.37% in 2022 to 7.42% in 2024, significantly below the industry average of 14% [4][6]. Market Position - Haiyang Technology ranks third in the nylon tire cord fabric industry and second in the nylon 6 tire cord fabric sector, with a domestic market share of over 5% in nylon 6 chips [3]. Inventory and Receivables - The company's inventory has increased by 49.7% over two years, with balances of 376.80 million, 439.67 million, and 564.38 million for the respective years [7]. - Accounts receivable have also risen, with balances of 434.66 million, 552.42 million, and 638.01 million, indicating increasing collection pressure [7]. Debt and Financial Health - Haiyang Technology's debt-to-asset ratio has consistently exceeded the industry average, reaching 57.73% by March 2025, indicating potential repayment pressure if operational efficiency and debt structure are not improved [8]. Related Party Transactions - The company has complex related party transactions, including significant purchases from its largest supplier, Hengshen Group, which raises concerns about potential conflicts of interest and financial control [9][10]. Research and Development - Haiyang Technology's R&D expense ratio is below industry peers, with rates of 1.98%, 1.81%, and 2.01% over the report period, suggesting potential weaknesses in innovation capabilities [12]. Growth Potential - The company aims to enhance its product mix with high-margin products through new projects, but faces risks related to capacity expansion and cash flow erosion [13].

| 品种 | 核心观点 | 主要逻辑及价格区间 | | --- | --- | --- | | 原油 | 高位震荡 | 伊以冲突不确定性上升，油价高位震荡。当前核心驱动由供需转为地缘政 | | | | 治，伊以冲突走向将主导油价，短期市场较为担忧战火扩大，极端情况下， | | | | 伊朗可能封锁霍尔木兹海峡。策略：双买期权策略。SC【530-570】 | | LPG | | 成本端油价走强，基本面边际改善，液化气短线偏强。原油受伊以冲突带 | | | | 动走强，成本端利好；下游化工需求有所回升，PDH、MTBE 开工率上升； | | | 偏强 | 库存端利好，厂库和港口库存均下降。策略：短线偏强，波动加剧，双买 | | | | 期权。PG【4300-4400】 | | L | 空头反弹 | 成本支撑好转，期现齐涨，华北基差为-18（环比-17），关注后续库存去 化力度。本周装置重启计划偏多，预计产量继续增加；社会库存转为累库， | | | | 农膜需求淡季，下游补库动力不足，后市中游存在继续累库风险。策略： | | | | 短期地缘冲突尚不明朗，空单减持。基差维持负值，上游企业可择机卖保。 | | | | ...

Report Summary 1. Investment Ratings - No investment ratings for the industry are provided in the report. 2. Core Views - **Bottle Chip (PR)**: Cost fluctuations are increasing, with prices oscillating at high levels and pressure accumulating. There is a weak fundamental support, with potential for short - term cost increases due to the Iran - Israel conflict. There are expectations of production cuts, and the processing fee is at a low level. Suggestions include going long on the processing fee around 350 and conducting positive spreads on the month - difference during cost fluctuations [9][10]. - **Staple Fiber (PF)**: Cost fluctuations are increasing, with prices oscillating at high levels. Both domestic and external demand are weakening, and there is a risk of concentrated production cuts if the processing fee deteriorates further. The medium - term outlook is weak [9][12]. 3. Summary by Directory Bottle Chip (PR) - **Valuation and Profit** - Aggregation cost has slightly decreased to around 5650 - 5700 yuan/ton. Spot processing fees for bottle chips have slightly recovered, ranging from 300 - 330 yuan/ton. Export profits are compressed, but the internal - external price difference remains high [50]. - **Fundamental Operation** - Factory and social inventories are accumulating simultaneously. The factory operating rate is 88.8%, and the total inventory is around 18 days. The impact of the Iran - Israel conflict on costs will continue, and costs may rise in the short term with increased volatility. Freight rates are high, which may lead to a decline in exports in June - July [10]. - Downstream demand is relatively stable. Beverage enterprises' operating rates range from 80 - 95%, edible oil factories' average operating rate is around 6 - 80%, and the operating rate of sheet materials in East China is around 6 - 80% and 4 - 60% in South China [65]. - **Supply - Demand Balance Sheet** - The entire society's inventory is in a trend of accumulation. To achieve a balanced supply - demand situation in May, leading factories need to cut production by at least 10%, and export shipments should exceed 600,000 tons [94][95]. Staple Fiber (PF) - **Valuation** - The basis of PF has remained stable and oscillating, and the futures - spot structure maintains a backwardation structure. The disk processing fee has been operating at a low level and rebounded slightly this week [100][107]. - **Fundamental Operation** - The operating rate of staple fiber factories is at a high level, with the average load of direct - spinning staple fiber at 92.1% and the operating rate of spinning - grade direct - spinning staple fiber at 92.2%. Some downstream factories have started to reduce their loads, and the inventory has decreased slightly. The 1.4D equity inventory is 11 days, and the physical inventory is 19 days [11][114]. - The demand from downstream yarn mills has been stable, but the yarn inventory has increased, and the profit of polyester yarn is generally better than that of last year [135][137][139].