Core Viewpoint - The AMAC Chemical Fiber Index experienced a decline of 0.57%, closing at 3837.96 points, with a trading volume of 3.384 billion yuan, despite showing positive growth over the past month, three months, and year-to-date [1] Group 1: Index Performance - The AMAC Chemical Fiber Index has increased by 6.53% over the past month [1] - The index has risen by 9.31% over the last three months [1] - Year-to-date, the index has shown a growth of 9.89% [1] Group 2: Index Composition - The top ten holdings of the AMAC Chemical Fiber Index are: Tongkun Co., Ltd. (13.53%), Guangwei Composites (11.72%), Kaisa Biotechnology (11.33%), Huafeng Chemical (10.12%), Hengyi Petrochemical (8.51%), Zhongjian Technology (8.44%), New Fengming (6.32%), Jilin Chemical Fiber (5.23%), Taihe New Materials (4.32%), and Hailide (3.15%) [1] - The market share of the AMAC Chemical Fiber Index is composed of 60.77% from the Shenzhen Stock Exchange and 39.23% from the Shanghai Stock Exchange [1] Group 3: Industry Classification - The AMAC Chemical Fiber Index is entirely composed of the raw materials sector, with a 100% allocation [1]

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 功能纤维是在保持纤维现有性能的同时又具有某些特殊功能的纤维，根据纤维展示的功能性，主要有 光导纤维、相变纤维、导电纤维、离子交换纤维、 陶瓷粒子纤维、生物可降解纤维、弹性纤维、香味纤维、高发射率远红外纤维(远红外纤维)、负离子纤维、抗菌除臭纤维、阻燃纤维、防辐射纤维 等，表 5-1列举了典型功能纤维产品及其性能和应用领域。 | 产品功能 | 产品品牌 | 化纤材质 | 基本性能 | 应用领域 | 推出公司 | | --- | --- | --- | --- | --- | --- | | 抗菌纤维 | 达净纶 TOREXTM | 锦纶 | 基本性能优异、耐水性强、 非甲醛水系抗菌,对医院感染 | 家纺、医用品、军工用品 | 新会美达(中国) | | | | | 抗菌率高达 99% | | | | ARTISYARN | | 腊纶 | 优异的长效抗菌效果 | 贴身内衣 | 东丽公司(日本) | | | | | | 护理服装及卧具面料 | 东丽公司(日本) | | MAKSPECTM | | | 源具有良好抵 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The demand for viscose staple fiber is expected to continue growing due to rapid development in vortex spinning technology, with apparent consumption projected at 3.81 million tons in 2023 and 4.09 million tons in 2024, reflecting year-on-year growth of 9.74% and 7.28% respectively [5] - The viscose staple fiber industry has maintained a tight supply-demand balance, with capacity utilization rates above 80% and limited new capacity additions since 2022 [6] - The price of viscose staple fiber has shown resilience despite a decline in raw material prices, with recent price increases of approximately 150 CNY per ton [6] Summary by Sections Industry Overview - The viscose staple fiber industry is characterized by a high concentration, with the top three companies holding a combined market share of 69.77% [6] - The industry has seen limited new capacity additions, with only one planned project expected to come online in 2026 [6] Demand and Supply Dynamics - The apparent consumption of viscose staple fiber in the first half of 2025 is projected at 1.96 million tons, with a minor year-on-year decline of 1.00%, indicating strong demand resilience [5] - The industry has experienced a high operating rate of 85.9% as of August 2025, with inventory levels at a historical low of 10.9 days [6] Price Trends - The price gap between viscose staple fiber and its raw materials has been expanding, with viscose prices remaining firm despite fluctuations in raw material costs [6][9] - The recent suspension of tariffs between the US and China is expected to boost demand for viscose staple fiber in the upcoming peak seasons [6] Recommended Stocks - Recommended stock: Sanyou Chemical; Beneficiary stock: Zhongtai Chemical [7]

芳烃橡胶早报 研究中心能化团队 2025/08/12 P T A 石脑油 PX CFR PTA内盘现 POY 1 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货交易决策，独立承担 期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。未经我司授权，不得随意转 载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力 造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担 任何责任。 日期 原油 日本 台湾 货 50D/4 8F 解价差 PX加工差 工差 聚酯毛利 负荷 荷 效预报 TA基差 产销 2025/0 ...

Group 1 - The latest stock price of Xin Feng Ming is 12.72 yuan, an increase of 0.19 yuan from the previous trading day [1] - The stock reached a maximum of 12.82 yuan and a minimum of 12.34 yuan during the trading session, with a trading volume of 140,688 hands and a transaction amount of 178 million yuan [1] - Xin Feng Ming is primarily engaged in the research, production, and sales of chemical fiber products, including polyester filament and polyester chips, and is a significant player in the chemical fiber industry [1] Group 2 - The company held its fourth extraordinary general meeting of shareholders for 2025 on August 11, where a proposal regarding the change of the company's registered capital and the revision of relevant documents was approved [1] - On the same day, the net inflow of main funds into Xin Feng Ming was 8.8161 million yuan, with a cumulative net inflow of 13.0834 million yuan over the past five days [1]

期货交易咨询业务资格：证监许可【2011】1285号 华联期货PTA周报 供需有所改善 但成本驱动偏空 20250810 供应：上周PTA周均产能利用率76.10%，环比降低3.57个百分点，同比降低2.26个百分点，处在同期中性位。据隆 众，周内华东地区多套装置短停或检修，短线供应压力稍有缓解。 需求：上周聚酯行业周产量151.37万吨，环比增加0.68%，同比增加10.29%。截至8月7日江浙地区化纤织造综合开 工率55.75%，环比增加0.16个百分点，同比降低3.2个百分点。据隆众，下游加弹以及终端织造工厂谨慎观望心态 明显，消耗前期原料库存为主。涤纶长丝产销数据持续处于清淡水平。 库存：上周PTA行业库存量约373.15万吨，环比降低1.32%。PTA工厂库存3.7天，环比降低0.12天，同比降低0.15 天。库存端行业库存有所去化，但成品长丝累库库。 观点：成本方面原油连续下跌关注区间下沿支撑。TA加工费继续走弱，下游产品亏损有所改善。总体看短线供需 尚可，但外围市场波动较大，估值驱动偏弱，技术面区间震荡。 策略：操作方面关注2601合约4600-4800区间交易。 黄桂仁 交易咨询号：Z0014 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Short - fiber (PF): In the short - term, it is in a volatile market with limited downside space. In the medium - term, it is weak. The demand is expected to improve in mid - to late August, and the processing fee is expected to expand as the peak season approaches [7]. - Bottle chips (PR): In the short - term, the downside space is limited, and there may be a stable rebound. In the medium - term, the pressure is still obvious. There is a de - stocking pattern from July to August, but there are pressure factors after the end of production cuts and during the peak season [8][9]. 3. Summary by Relevant Catalogs 3.1 Short - fiber (PF) 3.1.1 Valuation and Profit - Spot fluctuations are small, the futures market is weak, and the basis has strengthened slightly. The futures processing fee is still weak [101][106]. - The current spot processing fee is 900 - 1000 yuan/ton, and a processing fee below 900 yuan/ton is considered undervalued [7]. 3.1.2 Fundamental Operation - **Supply**: Based on low processing fees and inventory pressure, factories maintain high - level production. The average factory operating rate this week is 90.6%, and the operating rate of direct - spinning polyester staple fiber for spinning is 95.3%. It is expected to remain stable or increase slightly in the future [7]. - **Demand**: The terminal weaving operating rate has bottomed out and is rising. Short - term demand is still weak, but there is replenishment at low prices. The 1.4D equity inventory is 10.6 days, and the physical inventory is 23 days. Sino - US trade negotiations may lead to an increase in foreign trade orders after the new round of tariffs is implemented in August [7]. 3.1.3 Strategy - **Single - side**: None - **Inter - period**: None - **Inter - variety**: Go long on PF and short on PR when the spread is below 450 [7] 3.2 Bottle chips (PR) 3.2.1 Valuation and Profit - The spot processing fee has strengthened to 400 - 450 yuan/ton, which is relatively reasonable. There is increasing demand for short - covering or speculative purchases when the price is below 4900 yuan/ton [10]. - Aggregate costs have decreased, and export profits are fluctuating weakly [50]. 3.2.2 Fundamental Operation - **Supply**: After this round of production cuts, the processing fee has not risen above the factory cost. Factories are expected to maintain the current production - cut intensity until the end of August and gradually resume production in September, but may still maintain partial production cuts. The operating rate this week is 79% [8]. - **Demand**: Domestic downstream operating rates remain high, and there is restocking at low prices. Ocean freight has declined, and the impact on exports from July to August has decreased. There is a slight de - stocking pattern from July to August, and the factory inventory is about 17 days this week, showing a month - on - month decrease [8][9]. 3.2.3 Strategy - **Single - side**: None - **Inter - period**: Go long on the 10 - 11 or 10 - 12 spreads at low prices - **Inter - variety**: Go long on PF and short on PR at low prices [11] 3.2.4 Other Aspects - **"Anti - involution" Impact**: It mainly leads to potential cost increases, and has little impact on supply as most bottle - chip devices are less than 10 years old [14]. - **Base and Spread**: The emotional premium has declined, and the basis is strongly volatile [24]. - **Price and Spread**: The price has slightly decreased this week, with the domestic price at 5920 - 5950 yuan/ton and the FOB price at 770 - 795 US dollars/ton. The substitution relationship with PVC and PP shows different characteristics [27][30][31]. - **Production and Operation Rate**: Since 2024, the production capacity has been expanding, and the current effective production capacity is 2.168 million tons. This week, the bottle - chip load has remained at 79.3%, and the weekly production is still at a high level on a month - on - month basis [35]. - **Raw Material Operation**: There are new PTA device overhauls, and MEG has also shown certain operating characteristics [42][49]. - **Cost and Profit**: Aggregate costs have decreased, the bottle - chip spot processing fee has been repaired, and export profits are fluctuating weakly [50]. - **Inventory**: The overall PTA inventory of polyester factories has decreased, and the domestic polyester bottle - chip factory inventory has dropped to 17 days. There is a de - stocking pattern of social inventory from July to August [55][60]. - **Device Changes**: The production - cut expectation has been extended. Some factories plan to restart in September, and there are also new device investment plans [61]. - **Demand**: Downstream operating rates are at a high level and slightly increasing. Beverage consumption from January to June 2025 is relatively weak year - on - year, but there are new production lines being put into operation. Edible oil demand remains neutral, and sheet demand is average, but supermarket consumption has improved month - on - month [64][70][73][76]. - **Global Trade Flow**: Overseas bottle - chip production capacity has little growth, and China's bottle - chip exports have multiple trade flows [80]. - **Export Situation**: In June 2025, the total export volume of polyester bottle chips and slices was 657,000 tons, a year - on - year increase of 6.5%. The short - term is affected by ocean freight, but the trend is strong [83]. - **Anti - Dumping Policy**: Multiple countries have implemented anti - dumping policies on Chinese bottle chips [94]. - **Supply - Demand Balance Sheet**: There is a tight balance from July to August, and inventory will accumulate again after September [95].

Group 1 - Tianfulong has been committed to green economy and low-carbon circular development since its establishment, evolving from a small fiber enterprise to a leading industry player in the A-share market [2] - The company focuses on differentiated polyester staple fiber, with a product range that includes recycled colored polyester staple fiber and differentiated composite fibers, covering various applications such as business, travel, home, healthcare, and clothing [2] - Tianfulong has over 100 authorized patents and has been recognized as a national high-tech enterprise and a "little giant" in specialized and innovative sectors, maintaining the top sales position in its market segment for three consecutive years [2] Group 2 - The company aims to leverage the capital market for new growth opportunities, emphasizing that the listing is a starting point for further development and collaboration [3] - The local government is actively promoting enterprise listings as a key part of high-quality development, focusing on nurturing companies that meet specific criteria for listing [5] - Future initiatives include guiding companies to connect with capital markets, updating the listing reserve database, and supporting high-tech and innovative enterprises in pursuing listings on various stock exchanges [6]

根据国家统计局公布的数据，化工产品类别下的涤纶长丝（POY150D/48F）2025年7月下旬市场价格为 6659.4元/吨，同比下滑14.38%，环比上涨0.58%，纵观近5年同时期其价格，2021年7月下旬达到最大 值，有8062.5元/吨。 数据来源：国家统计局 相关报告：智研咨询发布的《2025-2031年中国涤纶长丝行业发展动态及投资规划分析报告》 ...

Group 1 - The core revenue composition of Dongfang Shenghong for the year 2024 is as follows: petrochemical and chemical new materials account for 78.65%, chemical fibers account for 19.72%, and other industries account for 1.63% [1] Group 2 - Dongfang Shenghong announced on August 8 that its ninth board meeting was held via communication voting, where it reviewed proposals including the provision of loans by controlling shareholders and related parties to the company and its subsidiaries [3]