Core Viewpoint - Jilin Chemical Fiber Group is leveraging technological innovation to transform and upgrade the traditional chemical fiber industry, showcasing China's innovative practices in this sector [1] Group 1: Technological Innovation - The company has implemented automation in key operational processes through smart equipment [1] - It has expanded its product range from traditional textile raw materials to carbon fiber, establishing a full production capability from raw silk to carbon fiber products and recycling [1] Group 2: Product Development - The carbon fiber materials produced are processed into end consumer products such as ski boards and bicycles [1] - The company is actively assembling carbon fiber bicycle frames in its composite sports and leisure equipment industrial park [3][8] Group 3: Production Facilities - Workers are seen packaging finished carbon fiber spools in the production workshop [4] - The company has automated production lines for carbon fiber, with workers monitoring the operations [17] - The artificial silk production workshop features robotic arms stacking finished silk spools [7]

Group 1: Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. Group 2: Report's Core View - The price of ethylene glycol (MEG) has been fluctuating within a certain range, with the spot price reaching a high of 4,460 yuan/ton and the basis weakening towards the end of the session. The market sentiment has been somewhat boosted, and the trading volume of futures contracts has increased. However, the downstream polyester industry is still facing pressure, with a decline in the operating rate and a decrease in the demand for raw materials. The restart of some MEG production facilities has been delayed, which may affect the supply in the short term. Geopolitical conflicts may also have an impact on the local loading plans and the market sentiment. [2] Group 3: Summary by Relevant Catalogs Price Information - **Naphtha CFR Japan**: The price on July 17, 2025, was $574.75/ton, down 1.14% from the previous value. [1] - **Ethylene Northeast Asia**: The price on July 16, 2025, was $821.00/ton, remaining unchanged from the previous value. [1] - **Ethylene Oxide in East China**: The ex - factory average price on July 18, 2025, was 6,450 yuan/ton, remaining unchanged from the previous value. [1] - **Methanol MA**: The price on July 17, 2025, was 2,377.50 yuan/ton, remaining unchanged from the previous value. [1] - **Lignite in Inner Mongolia**: The pit - mouth price (tax - included) on July 17, 2025, was 290 yuan/ton, remaining unchanged from the previous value. [1] - **DCE EG Futures Contracts**: - The closing price of the main contract on July 17, 2025, was 4,372 yuan/ton, up 0.48% from the previous value. - The settlement price of the main contract on July 17, 2025, was 4,367 yuan/ton, up 0.87% from the previous value. - The closing price of the near - month contract on July 17, 2025, was 4,226 yuan/ton, remaining unchanged from the previous value. - The settlement price of the near - month contract on July 17, 2025, was 4,226 yuan/ton, remaining unchanged from the previous value. [1] - **Ethylene Glycol (MEG) in East China**: The market price (mid - price) on July 17, 2025, was 4,440 yuan/ton, remaining unchanged from the previous value. The CCFEI price index for MEG inner - market on July 17, 2025, was 4,440 yuan/ton, up 0.45% from the previous value. [1] - **Near - far Month Spread of MEG**: On July 17, 2025, it was - 141 yuan/ton, down from - 107 yuan/ton previously. [1] - **Comprehensive Operating Rate of MEG**: On July 17, 2025, it was 56.46%, down 0.19% from the previous value. [1] - **Operating Rate of Petroleum - based MEG**: On July 17, 2025, it was 58.73%, up 0.82% from the previous value. [1] - **Operating Rate of Coal - based MEG**: On July 17, 2025, it was 53.17%, down 1.66% from the previous value. [1] - **PTA Industrial Chain Load Rate**: - The load rate of polyester factories on July 17, 2025, was 87.15%, remaining unchanged from the previous value. - The load rate of Jiangsu and Zhejiang looms on July 17, 2025, was 58.02%, down 1.10% from the previous value. [1] - **Cash - flow Situation**: - The after - tax gross profit of MTO - based MEG on July 17, 2025, was 1,650.73 yuan/ton, down 19.34 yuan/ton from the previous value. - The after - tax gross profit of coal - based syngas method on July 17, 2025, was 663.26 yuan/ton, up 28.76 yuan/ton from the previous value. [1] - **Polyester Price Index**: - The CCFEI price index of polyester DTY on July 17, 2025, was 8,500 yuan/ton, down 1.16% from the previous value. - The CCFEI price index of polyester staple fiber on July 17, 2025, was 6,605 yuan/ton, down 0.23% from the previous value. - The CCFEI price index of polyester POY on July 17, 2025, was 6,950 yuan/ton, down 1.42% from the previous value. - The CCFEI price index of bottle - grade chips on July 17, 2025, was 5,935 yuan/ton, up 0.17% from the previous value. [1] - **Basis of MEG**: On July 17, 2025, it was 68 yuan/ton, down 1 yuan/ton from the previous value. [1] Important Information - A 150,000 - ton/year syngas - based ethylene glycol production facility in Xinjiang has been facing difficulties in restarting recently. [2] - The price of ethylene glycol has been fluctuating within a certain range, with the spot price reaching a high of 4,460 yuan/ton. The basis of the spot price has weakened towards the end of the session. The negotiation price of some cargoes is around $515 - 520/ton, and some cargoes are traded at around $53/ton. [2] - The trading volume of ethylene glycol futures has increased, and the market sentiment has been somewhat boosted. The downstream polyester industry is still facing pressure, with a decline in the operating rate and a decrease in the demand for raw materials. [2] - Geopolitical conflicts may affect the local loading plans and the market sentiment. [2]

Core Viewpoint - The article discusses the recent developments in commercial energy storage projects by two companies, Wotai Energy and Lixing Energy, focusing on their applications in the chemical fiber industry, which faces significant energy demands and challenges under carbon neutrality goals [1]. Group 1: Wotai Energy - Wotai Energy has successfully connected a 60MWh energy storage station to the grid for Lixin Chemical Fiber, marking it as one of the largest commercial energy storage projects in Suzhou [2]. - The project utilizes 12 units of Wotai Energy's 5MWh liquid-cooled storage systems, integrated with 12 units of 2MW inverter-boosting units, ensuring safe and stable operation during high load scenarios [4]. - The centralized 60MWh solution is designed to manage energy distribution effectively, with an expected annual energy discharge of approximately 40 million kWh [5]. - Wotai Energy leverages its capabilities as a load aggregator to adapt to new regulations, allowing the project to generate revenue through various services beyond just price differences [6]. - The platform employs an "AI storage strategy" to optimize energy management by dynamically adjusting operations based on real-time load curves and cost considerations [7]. Group 2: Lixing Energy - Lixing Energy has partnered with a subsidiary of a major Chinese fiber group to implement energy storage projects across Jiangsu and Zhejiang provinces [8]. - In Xuzhou, a factory has installed a 5MW/10MWh energy storage system alongside a previously deployed 4000kWp photovoltaic system, creating a "solar + storage" integration [9]. - An 8MW/16MWh energy storage project in Huzhou, Zhejiang, supports high-intensity production needs and enhances the stability and resilience of the entire power system, with future potential for virtual power plant integration [11].

1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - The market of ethylene glycol is in a state of complex supply - demand relationship and price fluctuations. The price of ethylene glycol has experienced significant adjustments, with both domestic and foreign markets showing different trends. The downstream polyester industry's production and sales are uneven, and the cost support and demand outlook of ethylene glycol are also changing. The supply side is affected by factors such as equipment maintenance and geopolitical impacts, while the demand side is influenced by the purchasing intentions of downstream factories [2]. 3. Summary According to Related Information Price Information - **Domestic Market**: On July 16, 2025, the price of domestic ethylene glycol was 583.75 US dollars/ton, up 2.22% from the previous day; the price of ethylene oxide in the East China region was 640 US dollars/ton, unchanged from the previous day; the price of methanol was 2385 US dollars/ton, unchanged from the previous day; the price of brown coal in Inner Mongolia was 290 US dollars/ton, unchanged from the previous day. The settlement price of the main contract of ethylene glycol was 4338 US dollars/ton, up 0.16% from the previous day [1]. - **Foreign Market**: The price of foreign - produced ethylene glycol was 116.11 US dollars/ton on July 14, 2025, and the price of ethylene glycol produced from ethylene in the foreign market was 116.6 US dollars/ton on the same day [1]. Market Transaction and Trend - **Ethylene Glycol Market**: The domestic ethylene glycol market has wide - range price adjustments, with high - level price drops at night. The overall market is in a state of shock. The domestic market has narrow - range fluctuations, with transactions mainly around 686 - 690 US dollars/ton. The foreign market has narrow - range adjustments, with transactions mainly around 13 - 15 US dollars/ton in the morning. New cargo transactions in the afternoon are mainly around 513 - 514 US dollars/ton [2]. - **Downstream Industry**: The prices of polyester products such as polyester filaments, polyester staple fibers, and polyester chips have changed, with production and sales showing different situations. Polyester filament production and sales are light, while some polyester production and sales are still acceptable. Most downstream factories are still in a state of waiting and observing, and the overall demand is weak [2]. Supply and Demand Analysis - **Supply Side**: Multiple ethylene glycol units have completed maintenance and started to increase production, and the supply scale has gradually increased. At the same time, geopolitical impacts have eased, and the supply situation has improved [2]. - **Demand Side**: The downstream polyester industry's demand is weak. Most downstream factories are still waiting and observing, and the willingness to purchase raw materials is insufficient. With the weakening of oil prices, the cost support for ethylene glycol is also weakening [2].

Economic Growth - China's GDP for the first half of the year reached 66,053.6 billion yuan, with a year-on-year growth of 5.3%[3] - The GDP growth rate for the second quarter was 5.2%, slightly lower than the first quarter's 5.4%[3] - A projected growth rate of 4.7% in the second half would still allow for achieving the annual target of around 5%[4] Trade and International Relations - China's GDP share relative to the US is expected to recover, which is crucial amid current international trade tensions[4] - The resilience shown in China's economy may provide leverage in trade negotiations, especially with the US increasing tariffs on other economies[4] Consumption Trends - Retail sales showed a decline in June, influenced by the end of the "618" shopping festival and high base effects from last year[5] - Restaurant income saw a significant drop in June, with a year-on-year decrease attributed to high base effects and competitive pressures from platforms like JD and Meituan[5] Industrial Performance - Industrial production exceeded expectations, with June's industrial value-added growth recorded at 6.8%, driven by a surge in exports[5] - However, the industrial capacity utilization rate fell to 74.0% in the second quarter, indicating potential pressures on future production[7] Investment Insights - Manufacturing investment growth slowed to 5.1% in June, reflecting weakened private sector confidence and investment activity[7] - Infrastructure investment growth decreased to 5.3% in June, primarily due to declines in public utilities and environmental sectors[8] Real Estate Market - The real estate market is under pressure compared to the previous year, with investment growth declining and sales in 30 cities dropping significantly[8] - Despite improvements in certain real estate indicators, the overall investment trend remains negative, indicating ongoing challenges in the sector[8]

Report Summary 1. Industry Investment Rating No information provided in the given content. 2. Core Views - **PTA**: The near - end TA start - up increased slightly, polyester load declined further, inventory continued to accumulate, the basis of mainstream suppliers decreased, and spot processing fees weakened significantly. PX domestic start - up remained stable, with some overseas maintenance, PXN weakened slightly, and the disproportionation and isomerization benefits remained stable. Entering the inventory accumulation stage, the slope depends on the weakening degree of the polyester off - season. Since the spot processing fee has been compressed to an extremely low level, there may be a marginal reduction in supply. Given the relatively low absolute inventory, attention should be paid to the opportunity of increasing processing fees at low prices [2]. - **MEG**: The near - end domestic coal - based restart drove the start - up to increase month - on - month, Saudi Arabian devices were restarting, and port inventory would accumulate early next week. Downstream stocking levels increased, and the basis remained stable. With no reduction in Iranian and ethane supplies and the increase in domestic production start - up, it is gradually entering the inventory accumulation stage. With low actual inventory and relatively high valuation, it is expected to be range - bound, and attention should be paid to changes in warehouse receipts [8]. - **Polyester Staple Fiber**: Near - end supply from Ningbo Dafafa decreased, and the start - up dropped to 92.3%. Production and sales remained stable month - on - month, and inventory was basically maintained. On the demand side, the start - up of polyester yarn continued to decline, with raw material inventory decreasing and finished product inventory increasing, and benefits remained low. With acceptable benefits and inventory pressure, there is no obvious reduction or increase in supply. With weak domestic demand and high export growth, processing fees are expected to be range - bound [8]. - **Natural Rubber**: The national explicit inventory remained stable at a relatively low level, and the price of Thai cup rubber rebounded due to rainfall affecting tapping [8]. 3. Summary by Product PTA - **Price and Spread Changes**: From July 8 - 14, 2025, crude oil decreased by 1.2, PX CFR increased by 13, PTA internal - market spot increased by 13, and the PTA processing fee decreased by 81. The average daily basis of PTA spot transactions for 2509 increased by 6 [2]. - **Device and Market Situation**: Near - end TA start - up increased slightly, polyester load declined, inventory accumulated, and the basis decreased [2]. MEG - **Price and Spread Changes**: From July 8 - 14, 2025, the MEG internal - market price increased by 14, and the basis for 09 increased by 67 [8]. - **Device and Market Situation**: Near - end domestic coal - based restart drove the start - up to increase, Saudi Arabian devices were restarting, and port inventory would accumulate [8]. Polyester Staple Fiber - **Price and Spread Changes**: From July 8 - 14, 2025, the daily change in spot price was - 15, and the market basis for 08 was around + 0 [8]. - **Device and Market Situation**: Near - end supply from Ningbo Dafafa decreased, and the start - up dropped to 92.3%. On the demand side, the start - up of polyester yarn continued to decline [8]. Natural Rubber - **Price and Spread Changes**: From July 8 - 14, 2025, the daily change in Thai glue was - 5, and the weekly change in US - dollar Thai standard was 40 [8]. - **Market Situation**: The national explicit inventory remained stable, and the price of Thai cup rubber rebounded [8]. Aromatic Hydrocarbons (Benzene - related Products) - **Price and Profit Changes**: From July 8 - 14, 2025, the price of pure benzene (CFR China) increased by 8, and the domestic profit of styrene changed from 170 to 221 [13]. - **Production and Market Situation**: The start - up rates of EPS, ABS, and PS showed different trends, and the production profits of each product also fluctuated [14].

Economic Overview - The GDP for the first half of 2025 is reported at 66,053.6 billion yuan, reflecting a year-on-year growth of 5.3%, with Q1 growth at 5.4% and Q2 at 5.2% [1][2] - The resilience of China's GDP against the backdrop of international trade tensions is expected to provide a strategic advantage, particularly in the context of tariff escalations by the US [1][2] Policy Implications - The current economic growth rate reduces the urgency for aggressive policy adjustments, as a projected growth of 4.7% in the second half would still meet the annual target of around 5% [2] - The report highlights a potential risk of economic divergence, with a repeat of last year's trend of strong production but weak consumption, particularly influenced by real estate price declines and reduced policy support [2][3] Consumption Trends - Retail sales showed signs of recovery, driven by the "trade-in" policy, particularly in categories like home appliances and automobiles, although there are concerns about base effects impacting growth in the latter half of the year [3][4] - A significant decline in restaurant revenues in June is attributed to high base effects from the previous year, changes in statistical methodologies, and increased competition among platforms like JD and Meituan [3][4] Industrial Performance - Industrial production exceeded expectations due to a surge in exports, with June's industrial value-added growth recorded at 6.8% [3][4] - However, the report notes a decline in capacity utilization rates across several industries, indicating potential pressures on future industrial output [6][22] Investment Insights - Manufacturing investment growth has slowed, with June's year-on-year growth at 5.1%, reflecting weakened private sector confidence and investment activity [6][25] - Infrastructure investment remains crucial, with a resilient performance in the first half of the year, although growth rates have recently declined [6][29] Real Estate Market - The real estate sector is under pressure compared to the previous year, with a clear trend of focusing on existing stock rather than new developments [6][34] - Despite improvements in sales and construction metrics compared to last year, recent data indicates a decline in transactions in major cities since July [6][34]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints - The price center of ethylene glycol has moderately strengthened, but the support from the fundamentals will gradually weaken as polyester product inventories increase and multiple ethylene glycol plants restart [2]. - The trading of polyester filament remains average, and downstream players mostly continue to hold a wait - and - see attitude [2]. Group 3: Summary by Relevant Catalogs Price Information - On July 14, 2025, the price of crude oil was $584.25 per ton, with a 1.14% increase; the price of the northeast Asian ethylene price index was $821 per ton, with no change; the ex - factory price of ethylene oxide in the East China region was $640 per ton, with no change [1]. - The settlement price of the main contract of a certain commodity was $4331 per ton on July 14, 2025, with a 0.32% increase; the closing price of the nearby contract was $4226 per ton [1]. - The price index of polyester products such as polyester filament, polyester staple fiber, and bottle - grade chips showed different price levels and changes on July 14, 2025 [1]. Device and Production Information - A 380,000 - ton/year EO - EG co - production device in East China has restarted, increasing the supply of ethylene glycol [2]. - The operating rate of the polyester PTA factory was 81.86% on a certain date, and the operating rate of the weaving machines in the Jiangsu and Zhejiang PTA industry was 59.12% [1]. Transaction and Market Information - On July 14, the spot of ethylene glycol had a small - scale upward movement, and the trading of polyester filament was still average [2]. - The downstream players mostly maintained a wait - and - see attitude, and the cost support for ethylene glycol was insufficient [2].

责任自负。本报告仅向特定客户推送,未经国贸期货授权许可,任何引用、转载以 传播的行为均构成对国贸期货的侵权,我可将视情况适究法律 险,入市需谨慎。 瓶片短纤数据日报 | | | | 国贸期货研究院 能源化工研究中心 陈胜 | 投资咨询号: Z0017251 2025/7/14 从业资格号: | | --- | --- | --- | --- | --- | | | | | | F3066728 | | 指标 | 2025/7/10 | 2025/7/11 | 变动值 | | | PTA现货价格 | 4735 | 4710 | (25.00) | | | MEG内盘价格 | 4374 | 4384 | 10. 00 | 现货资讯: | | PTA收盘价 | 4742 | 4700 | (42.00) | 短纤:涤纶短纤跌46至6388。现货市场:涤纶 短纤生产企业价格僵持,贸易商价格下滑,下游 | | MEG收盘价 | 4325 | 4305 | (20.00) | 采购意愿低,市场成交谨慎。1.56dtex*38mm半 | | | | | | 光本白(1.4D)涤纶短纤华东市场价格在6500- | | 1.4 ...

Core Viewpoint - Zhejiang Hailide New Materials Co., Ltd. (Hailide) expects a significant increase in net profit for the first half of 2025, driven by improved market conditions and operational efficiency [1] Group 1: Financial Performance - Hailide anticipates a net profit attributable to shareholders between 280 million to 310 million yuan, representing a year-on-year growth of 47.65% to 63.47% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 325 million to 355 million yuan, with a growth rate of 74.07% to 90.14% compared to the previous year [1] Group 2: Business Operations - All business segments of Hailide performed well in the first half of the year, with improvements in gross margins for industrial yarns and tire fabrics, contributing to overall profitability [1] - The company has been accelerating the construction of its Vietnam base, enhancing local operational capabilities and responsiveness to international markets [1] Group 3: Strategic Initiatives - Hailide plans to advance the second phase of its Vietnam spinning project and related polyester chip project, aiming to add an annual production capacity of 100,000 tons of differentiated polyester filament, 20,000 tons of differentiated nylon filament, and 250,000 tons of polyester chips [1] - The company is establishing a "domestic + overseas" collaborative manufacturing system to leverage advantages in cost and efficiency while replicating successful domestic management practices abroad [2] Group 4: Product Development and Market Focus - Hailide is focusing on optimizing product structure and developing high-performance materials, targeting high-value sectors such as automotive safety products, advertising materials, and new materials [2] - The company is committed to advancing R&D projects for specialty high-performance fibers like LCP and PPS, enhancing its technological capabilities in high-end materials [2][3] Group 5: Future Outlook - Hailide aims to improve the production capacity and technology of polyester industrial filament, while also increasing the utilization rates of flooring, coating, and plastic materials [3] - The company plans to strengthen strategic resource allocation to ensure sustainable and stable business development [3]