Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2]. Core Viewpoints - The upcoming peak season in September and October is expected to improve demand for polyester filament, leading to price elasticity [5]. - The organic silicon industry is anticipated to experience a phase of rebound due to strengthened collaboration expectations [5]. Summary by Sections Market Performance - The basic chemical sector outperformed the market with a weekly increase of 1.1%, while the Shanghai Composite Index rose by 0.8% and the ChiNext Index increased by 7.7% [4]. - Year-to-date, the basic chemical industry index has increased by 23.9%, outperforming the Shanghai Composite Index by 8.8% but underperforming the ChiNext Index by 11.1% [4]. Key News and Company Announcements - The demand for polyester filament is improving, supported by favorable external factors such as the extension of tariffs between China and the U.S. and the initiation of autumn and winter orders in the domestic market [5]. - The organic silicon industry is expected to face significant supply pressure in 2024, with a projected 26.5% year-on-year increase in new capacity [5]. Product Price and Price Difference Analysis - As of August 29, the prices for polyester filament (POY, DTY, FDY) were 6900, 8050, and 7150 CNY/ton respectively, with weekly increases of 100, 100, and 50 CNY/ton [5]. - The report highlights significant price increases in various chemical products, with liquid nitrogen in Hebei rising by 38.5% [6]. Investment Recommendations - Core assets are entering a long-term value zone, with chemical blue chips expected to experience a dual recovery in valuation and profitability [6]. - Industries facing supply shortages are likely to see price elasticity first, with specific companies recommended for investment [6].

Core Insights - The company Dongfang Shenghong (000301.SZ) reported a revenue of 60.916 billion yuan for the first half of 2025, representing a year-on-year decline of 16.36% [1][2] - The net profit attributable to shareholders increased by 21.24% to 3.86 billion yuan, while the net profit excluding non-recurring items surged by 166.21% to 2.72 billion yuan [1][2] - The net cash flow from operating activities reached 28.11 billion yuan, marking a 39.14% increase compared to the previous year [1][2] Financial Performance - Revenue for the reporting period was 60.916 billion yuan, down from 72.833 billion yuan in the same period last year, a decrease of 16.36% [2] - Net profit attributable to shareholders was 3.86 billion yuan, up from 3.18 billion yuan, an increase of 21.24% [2] - Net profit excluding non-recurring items was 2.72 billion yuan, compared to 0.102 billion yuan last year, reflecting a significant increase of 166.21% [2] - The net cash flow from operating activities was 28.11 billion yuan, compared to 20.20 billion yuan last year, an increase of 39.14% [2] Balance Sheet Overview - As of June 30, 2025, total assets amounted to 213.33 billion yuan, while total liabilities were 175.36 billion yuan [3][4] - The debt-to-asset ratio stood at 82.20%, an increase of 0.54 percentage points from the previous year [3] - The current ratio improved to 44.73%, up from 40.09% at the end of the previous year [3] Cash and Debt Position - The company had cash and cash equivalents of 15.36 billion yuan as of June 30, 2025, compared to 13.64 billion yuan at the beginning of the period [6] - Short-term borrowings were 58.13 billion yuan, while long-term borrowings were 59.35 billion yuan [7] - Total interest-bearing liabilities amounted to 143.46 billion yuan [7]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating [1][2][3] 2. Core Viewpoints - The spread between PX and naphtha has expanded, and the weak benzene price has restrained the further increase in PX output to some extent. The spread between PX and MX has recovered. The downstream load of polyester has remained at around 88%. Domestic PTA plants have gradually resumed operation, and domestic PTA output has rebounded. With the recent improvement in sales and inventory reduction, especially the significant reduction in filament inventory, profits have been significantly repaired. However, there are strong expectations for maintenance of some downstream devices [2] 3. Summary by Related Catalogs Spot Price and Index Changes - PTA spot price decreased from 4740 to 4720, a change of -20 [2] - MEG domestic price decreased from 4536 to 4513, a change of -23 [2] - PTA closing price decreased from 4784 to 4772, a change of -12 [2] - MEG closing price decreased from 4466 to 4427, a change of -39 [2] - 1.4D direct - spun polyester staple fiber price decreased from 6610 to 6605, a change of -5 [2] - Short - fiber basis decreased from 148 to 136, a change of -12 [2] - 9 - 10 spread increased from 84 to 78, a change of 6 [2] - Polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2] - 1.4D imitation large - chemical fiber price remained unchanged at 5700 [2] - The price difference between 1.4D direct - spun and imitation large - chemical fiber decreased from 910 to 905, a change of -5 [2] - East China water bottle chip price increased from 5907 to 5936, a change of 29 [2] - Hot - filled polyester bottle chip price increased from 5907 to 5936, a change of 29 [2] - Carbonated - grade polyester bottle chip price increased from 6007 to 6036, a change of 29 [2] - Outer - market water bottle chip price decreased from 780 to 775, a change of -5 [2] - Bottle chip spot processing fee increased from 335 to 389, a change of 53.81 [2] - T32S pure polyester yarn price remained unchanged at 10330 [2] - T32S pure polyester yarn processing fee increased from 3720 to 3725, a change of 5 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16300 [2] - Cotton 328 price decreased from 15380 to 15175, a change of -205 [2] - Polyester - cotton yarn profit increased from 1104 to 1185, a change of 80.80 [2] - Primary three - dimensional hollow (with silicon) price increased from 7120 to 7130, a change of 10 [2] - Hollow short - fiber 6 - 15D cash flow increased from 348 to 383, a change of 34.81 [2] - Primary low - melting - point short - fiber price increased from 7470 to 7500, a change of 30 [2] Load and Production and Sales Indicators - Direct - spun short - fiber load (weekly) increased from 90.60% to 91.10%, a change of 0.01 [3] - Polyester staple fiber production and sales decreased from 48.00% to 40.00%, a change of -8.00% [3] - Polyester yarn startup rate (weekly) increased from 62.00% to 62.80%, a change of 0.01 [3] - Regenerated cotton - type load index (weekly) decreased from 49.50% to 49.00%, a change of 0.01 [3]

Group 1 - Nanjing Chemical Fiber conducted two block trades on September 1, totaling 5.2676 million shares and a transaction amount of 78.4346 million yuan [2] - The transaction price was 14.89 yuan, representing a discount of 6.00% compared to the closing price of the day [2] - Institutional specialized seats were involved in both trades, with a net purchase amount of 78.4346 million yuan [2] Group 2 - The closing price of Nanjing Chemical Fiber on the same day was 15.84 yuan, reflecting an increase of 2.46% [2] - The daily turnover rate was 3.09%, with a total transaction amount of 180 million yuan and a net inflow of main funds amounting to 4.7626 million yuan [2] - Over the past five days, the stock has decreased by 1.80%, with a total net outflow of funds amounting to 20.0289 million yuan [2]

Summary of Key Points Core Viewpoint - Hengyi Petrochemical has made significant progress in its share repurchase plan, indicating a commitment to enhancing shareholder value through strategic buybacks [1][3]. Group 1: Share Repurchase Plan Overview - The company approved a share repurchase plan on October 22, 2024, with a total repurchase amount between 125 million yuan and 250 million yuan, and a maximum repurchase price of 9.00 yuan per share [2]. - Following the completion of share cancellations, the maximum repurchase price was adjusted to 8.94 yuan per share [2]. Group 2: Latest Repurchase Progress - As of August 29, 2025, the company has repurchased a total of 29,240,840 shares, representing 0.81% of the total share capital [3]. - The highest transaction price during the repurchase was 6.62 yuan per share, while the lowest was 5.97 yuan per share, with a total transaction amount of approximately 184.9 million yuan (about 1.85 million yuan) [3]. Group 3: Compliance and Future Plans - The company has confirmed that the timing, pricing, and trading methods of the share repurchase comply with relevant regulations [4]. - Hengyi Petrochemical plans to continue the share repurchase based on market conditions and will fulfill its information disclosure obligations [4].

Report Title - PX & PTA & MEG Strategy Report for September 2025 [1] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - PX supply is expected to reach a high level in September, with short - process MX being abundant and new MX production adding to PX output. However, downstream TA maintenance is increasing, and with the continuous compression of TA processing fees, TA devices may have further maintenance. Thus, PX fundamentals are weak, and it may show a weak and volatile trend without significant crude oil fluctuations [150]. - For PTA, although the polyester operating load is rising and the fundamentals are improving, the price performance is weak, and the TA processing fee is still compressed below 200 yuan/ton. The "Golden September and Silver October" demand is facing challenges, with increasing external tariff risks. The TA price is expected to have support and show an overall volatile trend [150]. - MEG's operating load has climbed to a high level. In September, there are both maintenance and restart of devices. The port inventory is low, and the spot liquidity is tight. With supply contraction and demand increase, the port inventory is expected to remain low, and the short - term price may be volatile and strong [150]. Summary by Relevant Catalogs 1. PX&PTA&MEG Price: Follow Crude Oil Price Oscillation - **Futures Prices**: From July 31 to August 28, 2025, PTA futures closing price decreased from 4808 yuan/ton to 4792 yuan/ton (-0.3%), MEG increased from 4414 yuan/ton to 4465 yuan/ton (1.2%), and PX decreased from 6928 yuan/ton to 6886 yuan/ton (-0.6%) [6]. - **Basis and Spread**: For PTA basis, it changed from - 17 yuan/ton to - 20 yuan/ton (-17.6%); MEG basis changed from 71 yuan/ton to 64 yuan/ton (-9.9%); PX basis changed from 188 yuan/ton to 97 yuan/ton (-48.6%). The TA - EG spread decreased from 394 yuan/ton to 327 yuan/ton (-17.0%), and the TA - PX*0.656 spread decreased from 337 yuan/ton to 313 yuan/ton (-7.2%) [16][19][22]. - **International and Domestic Price Differences**: The ethylene glycol price difference between Europe and China increased from 52 dollars/ton to 150 dollars/ton (186.8%) [26]. 2. PX&PTA&MEG Supply Situation: Focus on Device Recovery - **PX**: As of August 29, Asian PX operating load was 75.6% (month - on - month increase of 2.7 percentage points), and China's was 83.3% (month - on - month increase of 3.4 percentage points). The 160 - million - ton PX device of Fuhua Group restarted in early September. Multiple new reforming devices are expected to be put into operation starting from August, which may increase PX output [33][58][59]. - **PTA**: As of August 29, PTA operating load was 70.4% (month - on - month decrease of 9.3 percentage points). There were device maintenance and new device production. The autumn maintenance plan is concentrated in September - October [37][60]. - **MEG**: As of August 28, the overall operating load of ethylene glycol in mainland China was 75.13% (month - on - month increase of 5.79%). There are device restart and maintenance plans in September [52][61]. 3. PX&PTA&MEG Import and Export Situation: Tariff Extension for 90 Days - **Imports and Exports in July 2025**: China's PX imports were 78.20 million tons (month - on - month increase of 2.17%), PTA exports were 37.42 million tons (month - on - month increase of 46.66%), and ethylene glycol imports were 59.14 million tons (month - on - month decrease of 4.27%) [64][65][76]. - **Polyester Exports**: In July 2025, the total polyester export was 120.33 million tons, with a month - on - month decrease of 3.68%. Different polyester products had different export trends [75][77]. 4. PX&PTA&MEG Inventory Situation: Downstream Finished Product Inventory Rebounds - **PTA**: Polyester factories' PTA raw material inventory increased, and the number of warehouse receipts decreased [86]. - **MEG**: As of August 25, the ethylene glycol port inventory in the East China main port area was about 50 million tons, reaching a low level [89]. 5. Polyester Demand Situation: Terminal Demand Faces Challenges - **Domestic Polyester Data**: As of August 29, the polyester operating load was 90.3% (month - on - month increase of 2.5%). The inventory days of some polyester products changed, and the cash flow also changed [92]. - **Terminal Demand**: In July, textile and clothing exports faced downward pressure. With the extension of tariffs for 90 days, the export expectation of Chinese textiles and clothing is expected to improve [106][103]. 6. PX&PTA&MEG Positioning Situation - **Futures Positions**: From July 31 to August 28, 2025, PTA total positions decreased from 1,493,200 lots to 1,360,753 lots, MEG total positions decreased from 357,146 lots to 320,792 lots, and PX total positions increased from 243,421 lots to 289,662 lots [119].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The polyester staple fiber market shows a situation of increasing supply and demand. The supply side has seen the resumption of some maintenance and load - reducing devices, and the downstream yarn mills' load has increased month - on - month with continuous improvement in demand. The cost side is expected to fluctuate as the TA device autumn inspections increase under low processing fees and the EG port inventory is at a low level with tight spot liquidity. The price of polyester staple fiber is expected to follow the cost side fluctuations, and the improved demand supports the price to be relatively strong. The implementation of peak - season demand should be monitored in the future [71]. 3. Summary According to the Directory 3.1 Polyester Staple Fiber Price: Following Crude Oil Price Fluctuations - From July 31 to August 28, 2025, the PF main contract closing price increased from 6464 yuan/ton to 6526 yuan/ton, a change of 62 yuan/ton with a growth rate of 1.0%. The 14D direct - spinning polyester staple fiber price increased from 6650 yuan/ton to 6655 yuan/ton, a change of 5 yuan/ton with a growth rate of 0.1%. The basis decreased from 186 yuan/ton to 129 yuan/ton, a change of - 57 yuan/ton with a decline rate of 30.6% [4]. - For the price spreads, from July 31 to August 28, 2025, the PF01 - PF05 spread changed from - 40 yuan/ton to - 68 yuan/ton, a change of - 28 yuan/ton with a growth rate of 70.0%. The PF05 - PF09 spread changed from 98 yuan/ton to 164 yuan/ton, a change of 66 yuan/ton with a growth rate of 67.3%. The PF09 - PF01 spread changed from - 58 yuan/ton to - 96 yuan/ton, a change of - 38 yuan/ton with a growth rate of 65.5% [9]. 3.2 Polyester Staple Fiber Cost - end: Pay Attention to Device Restoration - **PTA**: In July 2025, PTA production was 6.38 million tons, a year - on - year increase of 290,000 tons (4.8%) and a month - on - month increase of 130,000 tons (2.1%). As of August 29, the PTA operating load was 70.4%, a month - on - month decrease of 9.3 percentage points. Dushan Energy's 2.5 million - ton device was under maintenance, Sanfangxiang's 1.2 million - ton device was shut down, and the second line of its 3.2 million - ton new device was put into production. In July 2025, China's PTA exports were 374,200 tons, a month - on - month increase of 119,100 tons (46.66%), and the cumulative export volume from January to July was 2.2311 million tons, a year - on - year decrease of 403,700 tons (15.32%) [15][17][18]. - **MEG**: In July 2025, ethylene - based ethylene glycol production was 991,000 tons, a year - on - year increase of 1.1%. Syngas - based ethylene glycol production was 674,000 tons, a year - on - year increase of 16.8%. The domestic ethylene glycol production was 1.665 million tons, a year - on - year increase of 6.9%. As of August 28, the overall operating load of ethylene glycol in mainland China was 75.13% (a month - on - month increase of 5.79%), and the operating load of oxalic acid catalytic hydrogenation (syngas) - based ethylene glycol was 77.74% (a month - on - month decrease of 1.55%). In July 2025, China's ethylene glycol imports were about 591,000 tons, a month - on - month decrease of 42,700 tons due to a significant reduction in US imports. On August 25, the MEG port inventory in the East China main port area was about 500,000 tons [22][24]. 3.3 Polyester Staple Fiber Supply - end: Golden September and Silver October - As of August 29, the polyester staple fiber operating load was 92.1%, a month - on - month increase of 1.5 percentage points. Xiamen Xinhongxiang's 100,000 - ton device restarted in late August. As of August 29, the polyester staple fiber inventory was 13.3 days, a month - on - month increase of 0.5 days [25][29][34]. 3.4 Polyester Staple Fiber Demand - end: Order Improvement - As of August 29, the polyester yarn operating rate was 63.4%, a month - on - month increase of 1.9 percentage points; the Jiangsu - Zhejiang loom operating rate was 65%, a month - on - month increase of 6 percentage points. In July 2025, China's yarn production was 1.992 million tons, a year - on - year increase of 3.8% and a month - on - month decrease of 3.5%. Among them, Xinjiang's yarn production reached 275,000 tons, a year - on - year increase of 25.5%. The cumulative yarn production in the first seven months of 2025 was 13.426 million tons, a year - on - year increase of 4.4% [39][40]. - In July 2025, the export of uncombed polyester staple fiber (primary + recycled) was 128,400 tons, a month - on - month decrease of 12,600 tons (8.94%), with an export average price of 919.35 US dollars/ton. The cumulative export volume from January to July was 937,800 tons, a year - on - year increase of 213,200 tons (29.42%) [50]. 3.5 Polyester Staple Fiber Terminal Demand: Terminal Demand Expected to Shrink - In July 2025, due to the weakening of the "rush - to - export" effect and the obstruction of re - export trade, textile and clothing exports faced downward pressure. The textile and clothing export was 26.77 billion US dollars, a year - on - year decrease of 0.1% and a month - on - month decrease of 2%. Among them, textile exports were 11.6 billion US dollars, a year - on - year increase of 0.6% and a month - on - month decrease of 3.7%; clothing exports were 15.16 billion US dollars, a year - on - year decrease of 0.5% and a month - on - month decrease of 0.7%. The cumulative export from January to July was 170.74 billion US dollars, a year - on - year increase of 0.6%, with the growth rate 0.2 percentage points lower than that of the first half of the year and lagging behind the national goods trade level [55]. - In July, the total retail sales of consumer goods was 3.878 trillion yuan, a year - on - year increase of 3.7% and a month - on - month decrease of 0.14%. The cumulative online retail sales of physical goods from January to July was 7.079 trillion yuan, a year - on - year increase of 6.3%, accounting for 24.9% of the total retail sales of consumer goods. Among them, the sales of food, clothing, and daily - use products increased by 14.7%, 1.7%, and 5.8% respectively [58]. 3.6 Polyester Staple Fiber Positioning Situation - **Futures Positioning**: On August 28, 2025, the positions of PF2601, PF2605, and PF2509 were 23,246 lots, 157 lots, and 2,483 lots respectively. Compared with July 31, 2025, the month - on - month changes were 10,892 lots, 88 lots, and - 80,719 lots respectively. Compared with August 28, 2024, the year - on - year changes were 13,666 lots, 59 lots, and 111 lots respectively [63]. - **Options**: The report provides charts of historical volatility and historical volatility cones of PF, as well as charts of the closing price of polyester staple fiber and the put - call ratio of option trading volume and open interest [64][69].

Core Insights - Nanjing Chemical Fiber experienced a 2.46% increase in stock price, closing at 15.84 yuan on September 1 [1] - Two block trades occurred, totaling a volume of 5.2676 million shares and a transaction value of 78.4346 million yuan [1] Trading Activity - The first block trade was executed at a price of 14.89 yuan for 2.7 million shares, amounting to 40.203 million yuan, with a discount rate of -6.00% [1] - The second block trade also occurred at 14.89 yuan for 2.5676 million shares, totaling 38.2316 million yuan, maintaining the same discount rate of -6.00% [1] - Over the past three months, the stock has seen a total of two block trades with a cumulative transaction value of 78.4346 million yuan [1] Recent Performance - In the last five trading days, Nanjing Chemical Fiber's stock has declined by 1.80% [1] - The net outflow of main funds for the stock amounted to 22.0969 million yuan [1]

Group 1: Report Investment Rating - No information available Group 2: Core Viewpoints - The spread between PX and naphtha has expanded, and the weakness of benzene prices has restrained the further increase of PX production to some extent. The spread between PX and MX has recovered, the downstream load of polyester has remained at around 88%, domestic PTA plants have gradually resumed operation, and domestic PTA production has rebounded. With the recent improvement in production and sales and inventory reduction, especially the better inventory reduction of filament, profits have been significantly repaired. However, the maintenance expectations of some downstream devices are relatively strong [2] Group 3: Data Summary Price Changes - PTA spot price decreased from 4775 to 4740, a change of -35 [2] - MEG inner - market price increased from 4527 to 4536, a change of 9 [2] - PTA closing price decreased from 4792 to 4784, a change of -8 [2] - MEG closing price increased from 4465 to 4466, a change of 1 [2] - 1.4D direct - spun polyester staple fiber price decreased from 6655 to 6610, a change of -45 [2] - Short - fiber basis increased from 98 to 148, a change of 50 [2] - 9 - 10 spread decreased from 114 to 84, a change of -30 [2] - Polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2] - 1.4D direct - spun and imitation large - chemical fiber price spread decreased from 955 to 910, a change of -45 [2] - East China water bottle chip price increased from 5895 to 5907, a change of 12 [2] - Hot - filling polyester bottle chip price increased from 5895 to 5907, a change of 12 [2] - Carbonated - grade polyester bottle chip price increased from 5995 to 6007, a change of 12 [2] - T32S pure polyester yarn price decreased from 10350 to 10330, a change of -20 [2] - T32S pure polyester yarn processing fee increased from 3695 to 3720, a change of 25 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16300 [2] - Cotton 328 price increased from 15210 to 15380, a change of 170 [2] - Polyester - cotton yarn profit decreased from 1138 to 1104, a change of -34.42 [2] - Hollow short - fiber 6 - 15D cash flow increased from 321 to 348, a change of 26.91 [2] Market Conditions - Polyester staple fiber market: Prices fell, downstream replenishment enthusiasm increased, and on - site transactions were acceptable. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 6380 - 6700 for cash on delivery, tax - included self - pick - up; in the North China market, it was 6500 - 6820 for cash on delivery, tax - included delivery; in the Fujian market, it was 6430 - 6600 for cash on delivery, tax - included delivery [2] - Polyester bottle chip market: The market price slightly declined. Polyester raw materials PTA and bottle chip futures fluctuated narrowly, the supply - side quotations of bottle chips were mixed, downstream terminals were cautiously waiting and watching, and the trading atmosphere was light [2] Load and Production and Sales - Direct - spun short - fiber load (weekly) increased from 90.60% to 91.10% [3] - Polyester staple fiber production and sales increased from 11.00% to 37.00%, a change of 48.00% [3] - Polyester yarn startup rate (weekly) increased from 62.00% to 62.80% [3] - Regenerated cotton - type load index (weekly) decreased from 49.50% to 49.00% [3]

Core Insights - The company reported a revenue of 44.16 billion yuan for the first half of 2025, a year-on-year decrease of 8.41%, while net profit attributable to shareholders was 1.097 billion yuan, an increase of 2.93% [1] - In Q2 2025, the company achieved a revenue of 24.74 billion yuan, a year-on-year decrease of 8.73%, but a quarter-on-quarter increase of 27.4% [1] - The company maintained a healthy fundamental performance, with polyester filament prices following cost trends, and a significant increase in sales volume for polyester filament [2] Revenue and Profit Analysis - For the first half of 2025, polyester filament revenue was 37.8 billion yuan, down 9.6% year-on-year, with sales volume of 5.95 million tons, up 1.3% [1] - The average selling price of polyester filament was 6,352 yuan/ton, a decrease of 10.8% year-on-year [1] - PTA revenue was 3.52 billion yuan, down 7.5% year-on-year, with sales volume of 830,000 tons, up 14.3% [1] Cost and Margin Insights - The average procurement prices for key raw materials PX and PTA decreased by 18.9% and 18.1% year-on-year, respectively, while MEG prices increased by 0.71% [1] - The company's overall gross margin was 6.76%, an increase of 0.57 percentage points year-on-year [1] Market Position and Strategic Developments - The company is the largest polyester filament producer globally and has successfully established a presence in the coal sector, acquiring high-quality coal resources in Turpan with reserves of 500 million tons [3] - The company is working on a coal gas project expected to be operational by late 2026 to early 2027, aiming to integrate the entire supply chain from oil, coal, and gas [3] - The company plans to focus on aromatic route cooperation opportunities to strengthen its core competitiveness in PTA and ethylene glycol [3] Future Outlook - The company maintains an "overweight" investment rating, with projected net profits of 1.96 billion, 2.53 billion, and 3.09 billion yuan for 2025-2027, and corresponding EPS of 0.81, 1.05, and 1.29 yuan [3]