Core Viewpoint - The company Xin Feng Ming (603225.SH) announced a share reduction plan by several directors due to personal financial needs, which may impact investor sentiment and stock performance [1] Group 1: Share Reduction Plan - Director Shen Jianyu plans to reduce his holdings by up to 1,000,000 shares, representing 0.07% of the total share capital and 7.24% of his direct holdings [1] - Director Xu Jizhong also intends to reduce his holdings by up to 1,000,000 shares, which is 0.07% of the total share capital and 7.39% of his direct holdings [1] - Director Yang Jianfei aims to reduce his holdings by up to 1,000,000 shares, accounting for 0.07% of the total share capital and 7.54% of his direct holdings [1] Group 2: Current Shareholding Status - As of the announcement date, Shen Jianyu holds 13,812,911 shares, which is 0.91% of the total share capital [1] - Xu Jizhong holds 13,535,976 shares, representing 0.89% of the total share capital [1] - Yang Jianfei holds 13,269,727 shares, making up 0.87% of the total share capital [1] Group 3: Fundraising History - Xin Feng Ming raised a total of 6.715 billion yuan from three fundraising events [4] - The company issued convertible bonds in 2018, raising a net amount of approximately 2.131 billion yuan after deducting issuance fees [2] - In 2021, the company issued convertible bonds again, raising a net amount of approximately 2.479 billion yuan after fees [3]

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。 ITG 国贸期货 世界500强投资企业 国贸期货有限公司 成为一流的衍生品综合服务商 入 用 市 市 W FF fød 官 方 网 站 服 热线 la jat 400-8888-598 www.itf.com.cn 投资咨询业务资格:证监许可【2012】31号 | | 一 国贸 期货 瓶片短纤数据日报 | | | | | 投资咨询号: | | --- | --- | --- | --- | --- | | | | | 国贸期货研究院 | Z0017251 2025/7/11 | | | | | 能源化工研究中心 陈胜 | 从业资格号: | | | | | | F3066728 | | 指标 | 2025/7/9 | 2025/7/10 | 变动值 | | | PTA现货价格 | 4750 | 4735 | (15.00) | 现货资讯: | | MEG内盘价格 | 4347 | 4374 | 27.00 | 短纤:涤纶短纤涨8至6528。现货市场:涤纶短 | | ...

1. Report Industry Investment Rating - PX/PTA/PF/PR are rated as neutral [4] 2. Core Viewpoints of the Report - Three major filament manufacturers plan to jointly cut production by 15%, and the market atmosphere has warmed up due to expectations of policy benefits from the Politburo meeting around mid - July [1] - The supply - demand outlook for crude oil is poor, with supply surplus expectations pressuring oil prices, but geopolitical tensions provide some support; gasoline cracking spreads have limited upside, and the aromatics market has seen a decline in Korean exports of blending materials to the US [1] - Recently, several domestic PX plants have undergone maintenance, and PXN has widened. The PTA fundamentals are neutral, and the polyester industry shows a mixed situation with the polyester开工 rate at 90.2% (down 1.2% month - on - month) [1][2] - The short - term filament load is expected to remain stable, and the polyester load in July is expected to drop to 89% - 90% [2] 3. Summary by Relevant Catalog I. Price and Basis - Figures show TA and PX main contract trends, basis, and inter - period spreads, as well as PTA East China spot basis and short - fiber basis [8][9][11] II. Upstream Profits and Spreads - Figures display PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [17][20] III. International Spreads and Import - Export Profits - Figures include toluene US - Asia spread, toluene South Korean FOB - Japanese naphtha CFR spread, and PTA export profit [25][27] IV. Upstream PX and PTA Start - up - Figures present the operating loads of PTA in China, South Korea, and Taiwan, as well as the operating loads of PX in China and Asia [28][31][32] V. Social Inventory and Warehouse Receipts - Figures show PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecasts, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [37][40][41] VI. Downstream Polyester Load - Figures cover filament sales, short - fiber sales, polyester load, direct - spinning filament load, polyester staple fiber load, polyester bottle - chip load, filament factory inventory days, and the operating rates of Jiangsu and Zhejiang textile, texturing, and dyeing industries [48][50][52] VII. PF Detailed Data - Figures show polyester staple fiber load, factory equity inventory days, 1.4D physical and equity inventory, recycled cotton - type staple fiber load, raw - recycled spread, pure polyester yarn and polyester - cotton yarn operating rates, and production profits and processing fees [70][81][85] VIII. PR Fundamental Detailed Data - Figures include polyester bottle - chip load, bottle - chip factory inventory days, bottle - chip spot and export processing fees, bottle - chip export profit, price difference between East China water bottle chips and recycled 3A - grade white bottle chips, and bottle - chip monthly spreads [89][93][96]

Core Viewpoint - The company Xin Feng Ming (603225) announced that three executives plan to reduce their holdings due to personal financial needs, which may impact the stock price and investor sentiment [1] Summary by Relevant Sections Executive Share Reduction - Executives Shen Jianyu, Xu Jizhong, and Yang Jianfei plan to reduce their holdings by a maximum of 1 million shares each, representing 0.07% of the company's total share capital [1] Timing and Method - The reduction will occur through centralized bidding within three months after the announcement, starting 15 trading days from the disclosure date [1] Compliance and Oversight - The reduction plan complies with relevant laws and regulations, and the company will ensure that shareholders adhere to disclosure obligations during the reduction period [1]

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Market Overview - On July 9, PTA futures experienced a slight increase, with the spot market showing general trading activity primarily driven by traders, while some polyester factories made offers. The spot basis quickly weakened but stabilized afterward, with transactions occurring in the range of 4720 to 4770, and some higher at 09+60. The mainstream spot basis was at 09+36 [1] Cost Analysis - As of July 9, the PTA spot processing fee was around 159 yuan/ton, while the TA2509 market processing fee was 314 yuan/ton [2] Supply and Demand Dynamics - Supply: Last week, PTA operating rates rose to 78.2%, an increase of 0.5% - Demand: The polyester comprehensive operating rate continued to decline to 90.2%, a decrease of 1.2%. On July 9, the price of polyester filament saw a localized decrease, with overall sales remaining weak. The recent decline in filament prices, coupled with the off-season and hot weather, has led to subdued sales and an increase in fabric inventory. There is a high probability that filament prices will continue to trend downward, with filament factory inventories increasing. Attention should be paid to the production cuts by filament enterprises and adjustments in filament price levels [3] Market Outlook - In July, the maintenance of PTA facilities is moderate, and there is an expectation for the commissioning of the PTA facility at Sanfangxiang (600370). There is a strong expectation of production cuts in downstream polyester factories and continued weak terminal demand, leading to a weakening of PTA supply and demand expectations. The PTA basis has further weakened recently. In terms of absolute prices, short-term oil prices are expected to trend strong, and the supply-demand outlook for raw material PX is tight, combined with PTA processing fees compressed to very low levels, providing strong short-term cost support for PTA. However, with signs of accelerated negative feedback at the terminal, the rebound in PTA absolute prices remains limited. The strategy suggests that TA will oscillate in the range of 4600-4900, with a short position favored below 4700; the focus will be on rolling short positions in TA9-1 [4]

Market Overview - On July 7, PTA futures showed a weak fluctuation, with a quiet spot market and weak basis, primarily driven by traders' negotiations, with sporadic offers from polyester factories [1] - The mainstream spot basis was reported at 09+103, with transaction prices ranging from 4790 to 4830 RMB/ton [1] Cost Analysis - As of July 7, the PTA spot processing fee was around 265 RMB/ton, while the TA2509 contract processing fee was 332 RMB/ton [2] Supply and Demand Dynamics - Supply: Last week, Yisheng New Materials increased its load to 3.6 million tons, Hengli restarted 2.2 million tons, and Weilian Chemical had 2.5 million tons offline, resulting in PTA load rising to 78.2% (+0.5%) [3] - Demand: Some polyester facilities were under maintenance, while others increased their load, leading to a decline in polyester's overall load to 90.2% (-1.2%). On July 7, the price of polyester filament decreased by 50-150 RMB, indicating weak overall sales [3] - The current market is in the off-season with rising fabric inventory, and there is a high probability of continued downward pressure on filament prices [3] Price Outlook - The repair intensity of PTA facilities in July is moderate, and with new PTA facilities operating stably, there are expectations of reduced production in downstream polyester factories and continued weak terminal demand, leading to a bearish supply-demand outlook for PTA [4] - Despite short-term support from strong oil prices and tight PX supply-demand expectations, the absolute price rebound for PTA remains limited due to accelerating negative feedback from the terminal [4] - The strategy suggests that TA will fluctuate in the range of 4600-4900, with a bearish bias at the upper end [4]

转自：智通财经 注：智通财经VIP为内容资讯产品，并非投资建议。以下内容仅为资讯价值展示非对相关公 司的推荐建议，非未来走势预测。投资有风险，入市需谨慎。 市场热点一 跨境支付、稳定币 消息面上，7月4日央行就《人民币跨境支付系统业务规则（征求意见稿）》公开征求意见。此外香港特 区政府财经事务及库务局局长许正宇7日表示，目标今年内可发出稳定币牌照。 《公告全知道》：梳理隐藏在公告中的利好、利空。 6月30日21:58《公告全知道》 精选"金一文化"公司公告并展开梳理，发文指出：公司背靠北京海淀区国 资委，主营黄金珠宝首饰的研发设计及销售；公司积极拓展产业链，围绕金融科技纵、横方向发展，其 中开科唯识数字人民币产品利用区块链技术设计数币钱包的分布式账本，独立支持运营钱包核心处理体 系，掌握的部分技术可以应用于稳定币领域。金一文化收获3连板，5日最高涨幅达27.75%。 | | 金一文化(002721) | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 07-07 15:48:09 深 | | | | | | | ...

Group 1 - The focus of the brokerage strategy discussions this week is on the upcoming trade agreement progress and the sustainability of the "anti-involution" sector [1][2] - The Huaxi strategy team indicates that the core pricing in the global market is centered around the trade agreement progress on July 9, with potential tariff extensions being a negotiation tactic [1][3] - The A-share market is expected to maintain an upward trend, with two main lines of focus: positive mid-term performance expectations in sectors like wind power, thermal power, and robotics, and the potential for domestic chains to catch up following Nvidia's overseas breakthroughs [1][3] Group 2 - The Dongfang strategy team notes that the market previously viewed the July 9 tariff as a negligible short-term risk, but it may escalate into a core issue next week, leading to a volatile market [1][3] - The Zhongyin strategy team emphasizes that the current liquidity environment supports the market, and as the third quarter progresses, domestic demand expectations may improve if tariff policies do not experience unexpected fluctuations [1][3] - The Xuch team's analysis suggests that "expectation management" is a key tool in the "anti-involution" policy, with limited space for further capacity clearance in traditional cyclical industries like coal and steel due to already high industry concentration [2][4] Group 3 - The market is currently in a state of fluctuation, with the potential for increased volatility in the coming weeks due to the expiration of the 90-day tariff grace period and the implications of the "Great Beautiful Act" [5] - The overall sentiment in the A-share market is that the liquidity environment remains a primary support factor, with expectations for recovery in domestic demand as price pressures ease and policies are implemented [5] - The current cycle of capacity reduction is crucial, but its short-term impact on profitability may be limited if demand does not show signs of recovery [4][5]

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core Views - The polyester market is in a weak and volatile state in the short - term due to the off - season of demand. Multiple plant maintenance delays have led to an expected increase in supply in July. It is recommended to short PXN on rallies. - For PTA, it is advisable to conduct basis positive spreads, reverse calendar spreads, and the unilateral trend is weakly volatile. Take profit on the long PX and short PTA strategy. - For MEG, conduct basis and calendar positive spreads, and avoid shorting based on valuation. Consider going long on dips for the unilateral position. [3][4] 3. Summary by Directory 3.1 PX - **Valuation and Profit** - The unilateral trend of PX is weak, and the calendar spreads are also weakening. The PXN has fallen from a high level, and the gasoline cracking spread has declined, leading to weaker aromatics blending demand. Aromatic prices show a differentiated trend, with toluene and pure benzene prices weak, while PX prices are strong, and disproportionation profits have recovered. [20][26][43] - **Supply and Demand, Inventory** - The operating rate of PX has slightly decreased. In June, the domestic production of PX rebounded to 319 tons, and the operating rate this week was 81% (-2.8%). The import volume in May rebounded to 77.3 tons. The monthly inventory in June decreased to 435 tons (-16). [55][64][83] 3.2 PTA - **Valuation and Profit** - The basis of PTA has dropped significantly as spot traders have exited basis trades. The 9 - 1 calendar spread continues to focus on reverse spreads, and the number of warehouse receipts has decreased to a low level. The cost has risen, the profit of PX has declined, and the profit of PTA has remained at a low level. [95][97][102] - **Supply and Demand, Inventory** - The operating rate of PTA has remained stable. In June, the production volume was 629 tons, a month - on - month increase of 6.4%. The export volume in May decreased significantly to 27 tons, and it is expected to rebound in June - July. The social inventory last week was 215 (-5) tons, and the de - stocking slope has slowed down. [107][113][129] 3.3 MEG - **Valuation and Profit** - The unilateral valuation of MEG is in a volatile state, and the calendar spreads have declined. The profits of each production link have weakened month - on - month, and the MTO and ethylene - imported ethylene glycol production are suffering severe losses. [140][148] - **Supply and Demand, Inventory** - The operating rate of MEG has decreased month - on - month. The operating rate in July is expected to remain in the 66 - 70% range. The import volume in May was 60 tons, and it is expected to rebound in June. The inventory is at a low level. [156][160][167] 3.4 Polyester - **Valuation and Profit** - No specific valuation and profit information is provided in the report. - **Supply and Demand, Inventory** - The operating rate of polyester is 90.2% (-0.6%). The production volume has increased by 8% year - on - year. The inventory pressure of polyester filament has increased significantly. [171][177][179] 3.5 Terminal: Weaving, Clothing No specific information is provided in the report.