Core Viewpoint - On September 26, Haiyang Technology experienced a decline of 2.24% with a trading volume of 94.37 million yuan, indicating a negative market sentiment towards the company [1]. Financing Summary - On the same day, Haiyang Technology had a financing buy-in amount of 5.18 million yuan and a financing repayment of 7.11 million yuan, resulting in a net financing buy of -1.93 million yuan [1]. - As of September 26, the total financing and securities balance for Haiyang Technology was 82.39 million yuan, which accounts for 6.64% of its market capitalization [1]. - The company had no securities sold or repaid on that day, with a securities balance of 0.00 shares and a corresponding value of 0.00 yuan [1]. Company Profile - Haiyang Technology Co., Ltd. is located at 122 Haiyang West Road, Taizhou, Jiangsu Province, and was established on November 5, 1979, with its listing date on June 12, 2025 [1]. - The company's main business involves the research, production, and sales of nylon 6 series products, with revenue composition as follows: nylon 6 chips 60.75%, tire fabric 34.50%, nylon 6 yarn 4.51%, and others 0.23% [1]. Financial Performance - For the period from January to June 2025, Haiyang Technology reported an operating income of 2.36 billion yuan, a year-on-year decrease of 14.01%, while the net profit attributable to the parent company was 78.85 million yuan, reflecting a year-on-year increase of 1.61% [1]. - As of September 19, the number of shareholders for Haiyang Technology was 26,200, an increase of 1.58% from the previous period, with an average of 1,355 circulating shares per person, a decrease of 1.55% [1]. Dividend Information - Since its A-share listing, Haiyang Technology has distributed a total of 36.25 million yuan in dividends [2].

Core Insights - In the first eight months of the year, the total profit of industrial enterprises above designated size in the country reached 46,929.7 billion yuan, reflecting a year-on-year growth of 0.9% [1] Textile Industry - The total profit of the textile industry amounted to 42.64 billion yuan, showing a year-on-year decline of 7% [1] - The textile and apparel sector reported a total profit of 28.03 billion yuan, which represents a year-on-year decrease of 17.9% [1] Leather and Footwear Industry - The profit for the leather, fur, feather, and related products and footwear industry totaled 26.40 billion yuan, experiencing a year-on-year drop of 9.2% [1] Chemical Fiber Manufacturing - The chemical fiber manufacturing sector achieved a total profit of 16.52 billion yuan, marking a year-on-year decline of 2.6% [1]

■ 编者按 大众日报·大众新闻推出"走在前、挑大梁·产业链上的山东好品牌"专栏，派出记者深入各产业链上的骨干企业蹲点采访，展现山东加快全产业链布局、建 链补链延链强链的典型成效，以及企业攻克关键技术、做大做强品牌的生动实践。敬请关注。 破解废旧纺织品再生循环利用难题 泰和新材让化纤衣物可"永续再生" 烟台黄渤海新区泰和新材集团股份有限公司的展厅里，一件不起眼的棕色冲锋衣，有望改写纺织行业的发展方向。 这款"零碳"工装在第三届上海国际碳中和博览会一经发布，就获得了众多知名服装品牌的青睐。"目前，下游企业急切地等待我们的纤维材料。"王召辰 说，欧盟要求纺织品中再生材料的使用比例要达到30%以上，国际品牌对再生材料的需求尤为迫切。 2022年，泰和新材董事长宋西全在一次行业会议上与下游客户交流时，意识到服装回收不仅是行业的难点，更是全社会共同面对的痛点。 难点与痛点，往往蕴藏着机遇。回到公司后，宋西全立即组织研讨服装回收再利用项目的可行性，并专门成立了T2T项目组，由技术骨干申彦兵任项目负 责人。 所谓T2T，即"Textile to Textile"（纤维到纤维），该理念最早由欧盟提出，强调服装中必须含有源自废旧 ...

Core Viewpoint - The Bank of Communications Pingdingshan Branch is actively supporting local foreign trade enterprises, particularly Shennma Co., by providing professional exchange rate risk management services to enhance their ability to cope with exchange rate fluctuations and promote stable foreign trade development [1][2]. Group 1: Exchange Rate Risk Management - The Bank of Communications Pingdingshan Branch has responded to national policies aimed at stabilizing foreign trade by offering targeted exchange rate risk management services to key local foreign trade enterprises [1]. - Shennma Co., as a benchmark enterprise in the local foreign trade sector, faces challenges from exchange rate fluctuations, prompting the bank to implement a financial management philosophy centered on exchange rate risk neutrality [1]. - The bank's services have helped Shennma Co. improve its cost control capabilities amid exchange rate volatility and recognize the importance of maintaining an exchange rate risk-neutral approach for financial stability [1]. Group 2: Future Initiatives - The Bank of Communications Pingdingshan Branch plans to continue implementing measures related to stabilizing foreign trade, focusing on financial product and service innovation [2]. - There will be an emphasis on promoting the exchange rate risk neutrality concept to assist more foreign trade enterprises in enhancing their overall risk resistance capabilities [2]. - The bank aims to inject financial momentum into the high-quality development of the local real economy through these initiatives [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The recent supply - demand situation of ethylene glycol has marginally improved, and the inventory accumulation expectation has narrowed with unexpected maintenance. However, the peak - season under - performance expectation is hard to reverse, and the upside of polyester is limited. The short - term drive is insufficient, and it is expected to fluctuate in the range of 4150 - 4350. In the long - term, the inventory accumulation expectation will keep the valuation under pressure [1]. - In the near term, the port's visible inventory has decreased to a historical low, the supply elasticity is limited, and the cost and sentiment have stabilized, so there is limited downward momentum. In the long term, the supply will gradually enter the inventory accumulation channel, and the inventory accumulation expectation from November is over 150,000 tons per month on average [2][6]. 3. Summary by Directory 3.1 Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - **Near - term trading logic**: The port's visible inventory is at a historical low, the supply elasticity is limited, and the cost and sentiment have stabilized [2]. - **Long - term trading expectation**: The supply will enter the inventory accumulation channel, and the inventory accumulation expectation will put long - term pressure on the valuation. The macro sentiment may provide new support for the price [6]. 3.1.2 Trading - Type Strategy Recommendations - **Trend judgment**: Wide - range oscillation [8]. - **Price range**: The EG2601 oscillates in the range of 4150 - 4350 [9]. - **Strategy suggestions**: EG2601 accumulative option purchase, sell EG01 put option eg2601 - P - 4150 at low prices. For basis strategy, consider positive spreads when the 10 - day paper cargo +70 is below [9]. 3.1.3 Industry Customer Operation Suggestions - Provide polyester price range forecasts and corresponding volatility information. Also, give hedging strategy suggestions for different scenarios such as inventory management and procurement management [10]. 3.1.4 Basic Data Overview - Present key data of MEG and polyester, including price, spread, profit, inventory, and operating rate, and show their week - on - week changes [11][12]. 3.2 This Week's Important Information and Next Week's Concerned Events 3.2.1 This Week's Important Information - **Positive information**: The Ministry of Industry and Information Technology and other seven departments issued the "Stable Growth Work Plan for the Petrochemical and Chemical Industry (2025 - 2026)", but its actual impact on the EG supply side is expected to be limited [13]. - **Negative information**: India's Ministry of Commerce and Industry announced anti - dumping duties on ethylene glycol imports from Kuwait, Saudi Arabia, and Singapore [14]. 3.2.2 Next Week's Important Events to Watch - Polyester load and the pre - National Day downstream replenishment rhythm. Also, the implementation of the restart plans of Xinjiang Tianye, Satellite Chemical, and Xinjiang Tianying [15][16]. 3.3 Disk Interpretation - **Price - volume and capital interpretation**: The ethylene glycol market shows a weak oscillation in the range of 4150 - 4300, with shrinking trading volume. The main funds are still bearish. The near - term 10 contracts maintain a premium structure over 01, and the basis has weakened slightly [17][20][26]. 3.4 Valuation and Profit Analysis - Provide valuation and profit data of MEG, including cost, upstream and downstream profits, and show their week - on - week changes [30]. 3.5 Supply - Demand and Inventory Deduction 3.5.1 Supply - Demand Balance Sheet Deduction - Provide the supply - demand balance sheet data of MEG from January 2024 to December 2025, including production, import, demand, inventory, etc., and mark the expected production changes of some enterprises [57]. 3.5.2 Supply - Side and Deduction - The ethylene glycol operating load has slightly decreased this week. The domestic production will remain at a high level in the fourth quarter. Some devices have stopped or are planning to restart, and production plan adjustments may occur due to economic factors [58]. 3.5.3 Demand - Side and Deduction - The polyester load has decreased to 90.3% this week. The polyester demand has a limited upward height in the seasonal peak, but the weaving orders have improved. The inventory of filament and staple fiber has decreased significantly, and the bottle - chip processing fee has improved [77]. 3.6 Industrial Chain - Related Chart Appendix - Provide various charts related to the ethylene glycol, polyester, and terminal industries, including price, spread, profit, operating rate, inventory, etc., to show their historical trends and seasonal characteristics [108][157][184].

Group 1 - The company, Yiwu Huading Nylon Co., Ltd., has received acceptance from the Shanghai Stock Exchange for its application to issue A-shares to specific investors [1][2] - The application documents submitted by the company were found to be complete and in compliance with legal requirements by the Shanghai Stock Exchange [1] - The issuance of A-shares is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission, indicating uncertainty regarding the final approval [2] Group 2 - The company will fulfill its information disclosure obligations in accordance with relevant laws and regulations as the situation progresses [2] - The announcement was made by the board of directors of Yiwu Huading Nylon Co., Ltd. on September 27, 2025 [4]

Investment Purpose and Amount - The company aims to improve the efficiency of its idle funds by investing in government bond reverse repos and low-risk financial products, ensuring that the main business operations and capital safety are not affected, with a maximum investment amount of 100 million yuan [2][5] - The investment amount can be used on a rolling basis within the approved limit [2] Investment Types and Approval Process - The investment will focus on government bond reverse repos and low-risk financial products with high safety and liquidity [3] - The board of directors has approved the investment, granting the management team the authority to make decisions and sign contracts within the specified limits and duration, with the finance department responsible for implementation [3] Impact on the Company - Utilizing idle funds for investment is expected to enhance returns without affecting the main business operations, and it does not harm the interests of the company or its shareholders, particularly minority shareholders [5] - The supervisory board has recognized the legality and compliance of the decision-making and approval process [5]

Group 1 - The core viewpoint of the news is that Xidamen New Materials Co., Ltd. has seen a significant stock price increase of 5.02%, reaching 16.52 CNY per share, with a total market capitalization of 3.16 billion CNY [1] - The company, established on December 22, 1997, specializes in the research, production, and sales of functional shading materials, with its main revenue sources being finished curtains (50.84%), blackout fabrics (19.73%), sunlight fabrics (17.69%), adjustable light fabrics (8.89%), and others (2.84%) [1] Group 2 - According to data from the top ten heavy stocks of funds, Huaxia Fund holds a significant position in Xidamen, with the Huaxia Juhui FOFA (005218) fund maintaining 7,100 shares, unchanged from the previous period, representing 0.05% of the fund's net value [2] - The Huaxia Juhui FOFA fund, established on November 3, 2017, has a current scale of 132 million CNY, with a year-to-date return of 6.21% and a one-year return of 12.91% [2] Group 3 - The fund managers of Huaxia Juhui FOFA are Lu Shaoqiang and Meng Qingyang, with Lu having a tenure of 3 years and 127 days and Meng having a tenure of 1 year and 283 days [3] - During Lu's tenure, the best fund return was 26.64%, while the worst was -13.62%. Meng's tenure saw a best return of 14.37% and a worst return of 1.03% [3]

Summary of Conference Call on Viscose Staple Fiber Market Outlook Industry Overview - The conference call focused on the viscose staple fiber market, particularly the nylon staple fiber segment and its dynamics in China and globally [1][2][3]. Key Points and Arguments Nylon Staple Fiber Market - Despite a decline in total production capacity, the nylon staple fiber market is experiencing growth due to increased capacity utilization, with production expected to reach approximately 4.35-4.4 million tons in 2024-2025 [1][3]. - The growth is driven by the widespread adoption of vortex spinning technology and increased demand in the non-woven fabric sector, particularly for spunlace non-woven fabrics [1][4]. - Current total capacity for nylon staple fiber in China is around 4.86 million tons, with the top three companies holding over 70% market share [2]. Viscose Market Dynamics - The viscose market is facing a tightening supply-demand situation, with total supply and consumption around 4.5 million tons, and potential consumption growth to 4.7 million tons [1][5]. - The industry is operating at high capacity utilization with low inventory levels, indicating a near bull market status [5]. - Downstream bargaining power remains weak, leading to cautious price increases by manufacturers [1]. Lyocell Fiber Market - The lyocell fiber market is expanding rapidly, currently at about 790,000 tons, but its impact on nylon staple fiber is limited, especially in denim and home textile sectors [1][6][7]. - Lyocell's price advantage has allowed it to replace some nylon staple fiber in specific applications, but the overall impact remains minimal [7][8]. Dissolving Pulp Market - The global dissolving pulp market has seen an increase in capacity, primarily from swing facilities that can produce both dissolving pulp and paper pulp [9]. - Due to falling paper pulp prices, more facilities are shifting to dissolving pulp production, with prices expected to continue declining [9]. Cost and Production Insights - Some companies are substituting paper pulp for dissolving pulp in viscose staple fiber production, reducing costs by approximately 1,000 yuan per ton without significant performance differences [10][33]. - The overall cost structure in the viscose industry shows a complete cost of about 12,800 yuan per ton, with manufacturing costs around 6,000 yuan per ton [25]. Market Challenges and Future Outlook - The viscose industry is currently in a phase of "anti-involution," where despite conditions favoring price increases, the market's small order and quick return model limit price flexibility [26]. - The future price elasticity of the viscose market will depend on demand growth and supply changes, particularly from vortex spinning technology and new capacity [29]. Competitive Landscape - The viscose staple fiber market is facing competition from polyester staple fibers, which have gained market share in recent years [31]. - The profit distribution within the viscose supply chain shows that dissolving pulp accounts for 55-60% of total profits, while viscose staple fiber production captures about 30% [32]. Additional Important Insights - The macroeconomic environment remains unpredictable, with geopolitical tensions affecting trade dynamics [11]. - The industry has not seen significant new capacity additions in recent years, with the only notable project being by the Golden Light Group, expected to come online by 2027 [21]. - The industry's exit of some capacities is primarily due to poor management rather than environmental regulations [23]. This summary encapsulates the key insights from the conference call, highlighting the current state and future outlook of the viscose staple fiber market, along with competitive dynamics and cost structures.

Summary of Key Points Core Viewpoint - On September 25, Haiyang Technology experienced a decline of 1.11% in stock price, with a trading volume of 90.19 million yuan. The company had a net financing outflow of 830,000 yuan on that day, indicating a potential decrease in investor confidence [1][2]. Financing and Trading Data - On September 25, Haiyang Technology had a financing buy-in amount of 7.89 million yuan and a financing repayment of 8.72 million yuan, resulting in a net financing buy-in of -0.83 million yuan. The total financing and securities balance as of that date was 84.32 million yuan, which represents 6.64% of the company's market capitalization [1][2]. - The company had no short selling activity on September 25, with both short selling and short balance recorded at zero [2]. Company Overview - Haiyang Technology, established on November 5, 1979, is located at 122 Haiyang West Road, Taizhou, Jiangsu Province. The company specializes in the research, production, and sales of nylon 6 series products. The revenue composition includes nylon 6 chips (60.75%), tire fabric (34.50%), nylon 6 yarn (4.51%), and other products (0.23%) [2]. - As of September 19, the number of shareholders for Haiyang Technology was 26,200, an increase of 1.58% from the previous period, with an average of 1,355 circulating shares per shareholder, a decrease of 1.55% [2]. Financial Performance - For the first half of 2025, Haiyang Technology reported a revenue of 2.358 billion yuan, reflecting a year-on-year decrease of 14.01%. However, the net profit attributable to shareholders was 78.85 million yuan, showing a year-on-year increase of 1.61% [2]. - Since its A-share listing, Haiyang Technology has distributed a total of 36.25 million yuan in dividends [3].