Group 1: Report Industry Investment Rating - No information provided regarding the industry investment rating in the report. Group 2: Core Views of the Report - For PTA, the near - end TA partial devices have short - stops, the start - up rate decreases slightly, the polyester load drops, the inventory continues to decline, the basis is stable, and the spot processing fee recovers significantly. However, after the PX price strengthens, the downstream filament profit decreases sharply, and the probability of accelerated production reduction increases. The short - term upward space of PX may be limited, and it is necessary to wait for the downstream to pass on the price [1]. - For MEG, the near - end domestic devices increase the load, the start - up rate rises month - on - month, the overseas maintenance plan increases, the port inventory accumulates at the beginning of next week, and the basis is weak. The overall pattern is expected to remain weak, and attention should be paid to short - selling opportunities on rebounds [1]. - For polyester staple fiber, the start - up rate increases slightly, the production and sales improve month - on - month, and the inventory accumulates slightly. The demand side shows a decline in the start - up rate of polyester yarn, and the raw material inventory and finished product inventory are both reduced month - on - month. Although the domestic demand side is gradually entering the off - season, the further weakening space is limited due to the low absolute inventory, and attention should be paid to the warehouse receipt situation [1]. - For natural rubber, the national explicit inventory remains stable, the Thai stage price is stable, and the strategy is to wait and see [1]. Group 3: Summary by Related Catalogs PTA - **Device Changes**: Yisheng New Materials' 3.6 million - ton device increases the load, and Dushan's 2.5 million - ton device restarts. The near - end TA partial devices have short - stops [1]. - **Market Situation**: The polyester load drops, the inventory continues to decline, the basis is stable, and the spot processing fee recovers significantly. The domestic start - up rate of PX remains stable, the overseas load rises, the PXN strengthens significantly, and the disproportionation and isomerization benefits both increase to a relatively high level, while the US - Asia aromatics spread shrinks [1]. - **Outlook**: After the PX price strengthens, the downstream filament profit decreases sharply, and the probability of accelerated production reduction increases. The short - term upward space of PX may be limited, and it is necessary to wait for the downstream to pass on the price [1]. MEG - **Device Changes**: Zheng Dakai's 600,000 - ton device restarts, and Zhongkun's 600,000 - ton device increases the load [1]. - **Market Situation**: The near - end domestic devices increase the load, the start - up rate rises month - on - month, the overseas maintenance plan increases, the port inventory accumulates at the beginning of next week, the basis is weak, and the coal - based profit fluctuates at a low level [1]. - **Outlook**: The domestic supply is stable with a slight increase, the overseas maintenance increases month - on - month, the overall inventory accumulation continues, and the absolute inventory is not low. The pattern is expected to remain weak under the continuous new production, and attention should be paid to short - selling opportunities on rebounds [1]. Polyester Staple Fiber - **Device Changes**: Sanfangxiang increases the load, and the start - up rate slightly increases to 96.2% [1]. - **Market Situation**: The production and sales improve month - on - month, and the inventory accumulates slightly. On the demand side, the start - up rate of polyester yarn drops, the raw material inventory and finished product inventory are both reduced month - on - month, and the profit decreases month - on - month [1]. - **Outlook**: Although the domestic demand side is gradually entering the off - season, the further weakening space is limited due to the low absolute inventory, and attention should be paid to the warehouse receipt situation [1]. Natural Rubber - **Price Changes**: There are daily and weekly changes in the prices of various types of natural rubber, such as Shanghai full - cream rubber, Shanghai 3L rubber, etc. Some indicators like the basis and spread also change [1]. - **Market Situation**: The national explicit inventory remains stable, and the Thai stage price is stable [1]. - **Strategy**: The strategy is to wait and see [1]. Styrene - related Products - **Price and Profit Changes**: There are daily changes in the prices of styrene, pure benzene, and related products. The domestic profits of PS, ABS, etc., also change [1]. - **Start - up Rate**: The start - up rates of EPS, ABS, and PS show different trends [1].

证券代码：000703 证券简称：恒逸石化 针对投资者的提问，公司进行回答，具体如下： 1、公司如何看待未来东南亚成品油市场？ 恒逸石化股份有限公司投资者关系活动记录表 编号：20251230 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | 活动类别 | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 （请文字说明其他活动内容） | | | 申万宏源证券、工银瑞信基金、交银施罗德基金、西部利得 基金、银河基金、国海富兰克林基金、华夏基金、招商基金、 | | 参与单位名称 | 富安达基金、兴证全球基金、融通基金、财通资管、国新自 | | 及人员姓名 | 营、申万宏源自营、国泰海通资管、泰康资产、杭银理财、 | | | 旌安投资、孚盈投资、双安资产、复胜资产、伟星资本、敦 | | | 和资管、浙江宝基、巨杉资产等（以上排名不分先后） | | 时间 | 年 月 日，14：00—15：30 2025 12 30 | | 地点 | 公司会议室 | | 上 市 公 司 接 | 副总裁、财务总监兼董事会秘书：郑新刚 待 | | ...

abc 2025 年 12 月 26 日 Global Research 快评 桐昆股份 PTA、长丝景气度有望受益于"反内卷" PX景气度10月底以来显著修复 截至12月25日，PX价格/单吨毛利分别较10月底上涨约650/1000元/吨。主 要由于：1）海外调和油对PX需求构成支撑；2）国内外部分装置启动检 修，供应收紧；3）国内库存处于低位。 行业自律提升，PTA近期盈利也有所改善 10月底行业座谈会召开以来，PTA行业自律显著提升。主流厂商密集启动检 修降低市场供应，市场库存持续下跌至近三年低位。截至12月25日，PTA价 格较10月底上涨超过500元/吨至5040元/吨，单吨毛利修复接近100元/吨。 2026年PTA盈利能力有望修复，关注"反内卷" 2026年我们对芳烃产业链景气度较为乐观：1）我们预计PX新产能集中于下 半年投产，上半年或仍供应偏紧，盈利能力或保持高位；2）我们预计PTA 2026年或无新增产能，叠加库存处于低位和行业"反内卷"，盈利或持续修 复。此外，2026年长丝新产能投放强度仍处于低位，考虑到边际厂商已经 连续亏损4年，我们预计若"反内卷"发力，长丝盈利能力有望修复。公司拥 ...

证券日报网讯12月29日，桐昆股份（601233）发布公告称，公司将于2026年1月15日14：00召开2026年 第一次临时股东会，审议注销回购股份及变更注册资本并修订《公司章程》两项特别决议议案，股权登 记日为1月9日，会议采用现场与网络投票结合方式。 ...

格隆汇12月29日丨上海石化(600688.SH)公布，碳纤维公司为本公司的全资子公司，注册资本为60,000万 元，主要从事碳纤维生产销售，主要目标市场为风电叶片用拉挤板材、交通运输材料和储能用新材料。 为实现新材料产业高端突围，推动上海石化碳纤维业务重组引资和高质量发展，构建以产业协同为核心 的合作共赢体系，碳纤维公司拟同步通过非公开协议增资与在北京产权交易所公开挂牌遴选方式新增注 册资本60,000万元，增资价格将以依照国有资产监督管理相关规定完成相应备案程序的评估值为依据， 结合公开挂牌结果确定。 本公司于近日接到控股股东中石化股份的通知，其拟以非公开协议方式参与碳纤维公司本次增资扩股， 该事项已取得有权国资主管单位中国石油化工集团有限公司（以下简称"中石化集团"）的批复同意。在 本次增资扩股中，中石化股份拟按与公开挂牌遴选的其他战略投资者同等的认购价格，以非公开协议形 式对碳纤维公司进行增资，认购新增注册资本不超过30,000万元，占增资完成后的持股比例不超过 25%；剩余拟增加的注册资本不超过30,000万元同步通过公开挂牌遴选方式由其他战略投资者认购。本 次增资扩股募集资金总额超出新增注册资本的 ...

（文章来源：证券日报） 证券日报网讯 12月29日，台华新材在互动平台回答投资者提问时表示，公司自成立以来，始终聚焦主 营业务发展，深耕锦纶产业链。 ...

Group 1 - The "rocket listing standard" for the Sci-Tech Innovation Board has been introduced, facilitating the IPO process for leading private enterprises in the commercial rocket sector [2] - The Shanghai Stock Exchange released guidelines that allow commercial rocket companies to apply for listing under the fifth set of standards, accelerating their entry into the market [2] Group 2 - A price increase trend has emerged in the carbon fiber industry, with major players like Toray Industries and Jilin Chemical Fiber announcing price hikes of up to 20% starting January 2026 [3] - This price adjustment indicates the potential onset of a new prosperous cycle in the carbon fiber sector, suggesting strong market demand and growth opportunities [3]

截至发稿，新凤鸣市值为281亿元。 每经头条（nbdtoutiao）——绕开光刻机"卡脖子"，中国新型芯片问世！专访北大孙仲：支撑AI训练和 具身智能，可在28纳米及以上成熟工艺量产 （记者 王晓波） 每经AI快讯，新凤鸣（SH 603225，收盘价：18.45元）12月29日晚间发布公告称，浙江独山能源有限公 司为新凤鸣集团股份有限公司全资子公司新凤鸣集团湖州中石科技有限公司全资子公司，注册资本为人 民币50亿元。根据公司战略发展目标和需要，中石科技以自有资金向独山能源新增10亿元人民币注册资 本，新增注册资本后独山能源注册资本变更为60亿元人民币，并仍为中石科技全资子公司，即公司全资 孙公司。 2025年1至6月份，新凤鸣的营业收入构成为：化纤占比86.1%，石化占比13.89%，其他业务占比 0.01%。 ...

恒逸石化公告称，近日控股股东恒逸集团5600万股解除质押，占其所持股份比例3.30%，占公司总股本 比例1.55%，解质日期为2025年12月24日。同日，恒逸集团再质押2710万股，占其所持股份比例 1.60%，占公司总股本比例0.75%，质押起始日为2025年12月26日，用途为自身生产经营。截至2025年 12月29日，恒逸集团及其一致行动人累计质押股份1.55亿股，占其所持股份比例7.49%，占公司总股本 比例4.31%，所质押股份不存在平仓风险，对公司无不利影响。 ...

格隆汇12月29日丨新凤鸣(603225.SH)公布，为提升公司全资孙公司浙江独山能源有限公司原材料供应 链的自主保障能力，扩大码头吞吐量，提高装卸效率，缩短货物周转时间，降低物流成本，为公司PTA 业务的原材料供应提供稳定、高效的运输通道，进一步增强供应链自主性和韧性，独山能源拟参与竞拍 独山港口发展35%股权。 ...