Core Viewpoint - The article highlights the transformation of Jiaxing from a resource-poor agricultural city to an industrial powerhouse, driven by the "Red Boat Spirit," which embodies innovation, perseverance, and dedication to the people [1][2]. Group 1: Economic Development - By 2024, Jiaxing's GDP reached 756.95 billion yuan, with industrial strength ranking third in Zhejiang province, marking its emergence as a significant economic city [2]. - The traditional manufacturing sector in Jiaxing generated an added value of 181.94 billion yuan in 2024, with a year-on-year growth of 13.3%, the highest in the province [7]. Group 2: Industry Transformation - The wool sweater industry in Honghe has evolved from a small market in the 1970s to a global hub, with over 200 companies and an annual export value exceeding 20 billion yuan [4][5]. - The rise of the chemical fiber industry in Tongxiang, led by Tongkun Group, has transformed from near bankruptcy to a global leader with revenues exceeding 200 billion yuan [5]. Group 3: Innovation and Future Industries - Jiaxing is focusing on future industries such as artificial intelligence, life health, and future energy, with established bases in third-generation semiconductors and hydrogen energy [13]. - The establishment of the Zhejiang Tsinghua Yangtze River Delta Research Institute has fostered 78 listed companies and accelerated industrial upgrades, achieving an industrial output value of 60.5 billion yuan in 2024 [9][10]. Group 4: Strategic Initiatives - The "135N" system aims to develop a global advanced manufacturing cluster and several national and regional advanced manufacturing clusters, with strategic emerging industries accounting for 44.4% of the city's industrial output in 2024 [10]. - Jiaxing's commitment to future industries is evident in its comprehensive support system, including land, talent, funds, and innovative resources [13].

Core Insights - The article discusses the characteristics, applications, and market outlook of polypropylene short fibers, highlighting their lightweight, high strength, chemical resistance, and environmental benefits [1][6]. Market Overview - The global polypropylene short fiber market is projected to reach USD 1.404 billion by 2031, with a compound annual growth rate (CAGR) of 3.2% over the coming years [1]. Key Manufacturers - Major global manufacturers of polypropylene short fibers include Beaulieu Fibres International, International Fibres Group, Hubei Botao Fiber, Indorama Ventures, and Daiwabo, with the top five companies holding approximately 50% of the market share [5][11]. Driving Factors - Continuous growth in downstream demand is driven by infrastructure investments, which boost the demand for geotextiles, as well as sustained needs in hygiene materials, filtration materials, and automotive interiors [6]. Challenges - The polypropylene short fiber industry faces challenges such as low technical barriers, severe product homogeneity, and the presence of substitute products [7]. Industry Opportunities - Regulatory policies and environmental standards are driving traditional high-energy synthetic fiber companies towards green transformation, presenting opportunities for growth in the industry [8].

Group 1 - The company Shenma Industrial Co., Ltd. issued convertible bonds totaling 3 billion RMB, with a net amount of approximately 2.96 billion RMB after deducting issuance costs [1][10] - The convertible bonds have a maturity period of six years, from March 16, 2023, to March 15, 2029, with an annual interest rate starting at 0.20% in the first year [1][6] - The initial conversion price for the bonds is set at 8.38 RMB per share, subject to adjustments based on various corporate actions [2][3] Group 2 - The company reported a revenue of approximately 1.40 billion RMB for 2024, reflecting a 4.08% increase compared to the previous year [12][13] - The net profit attributable to shareholders decreased significantly by 77.57% to approximately 3.35 million RMB, primarily due to rising material costs and increased R&D investments [12][13] - The company's total assets decreased by 12.71% to approximately 2.80 billion RMB, while the net assets attributable to shareholders fell by 10.87% to approximately 716.33 million RMB [12][13] Group 3 - The company has a debt guarantee from its controlling shareholder, China Pingmei Shenma Group, covering the principal and interest of the bonds [10][11] - The company has established a special account for managing the funds raised from the bond issuance, ensuring proper allocation and usage [11] - The company has a current ratio of 1.87 and a quick ratio of 1.58 as of the end of 2024, indicating improved short-term solvency compared to the previous year [12][13]

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core Views - **Bottle Chip (PR)**: The market is expected to be in a weak oscillation pattern. With the approaching implementation of production cuts by leading factories, and considering factors such as high downstream domestic demand, reduced impact of freight on exports, and potential inventory reduction in July - August, it is recommended to go long on PR and short on PF [8][9][10]. - **Staple Fiber (PF)**: The market will be in a short - term oscillation and face medium - term pressure. Although there are plans for production cuts and contract reductions in July, the implementation may be relatively weak due to less prominent profit and inventory pressure. It is also recommended to go long on PR and short on PF [8][9]. 3. Summary by Directory Bottle Chip (PR) - **Valuation and Profit** - Aggregate cost has significantly increased, reaching around 6050 yuan/ton this week. Spot processing fees have recovered from 200 yuan/ton to the 270 - 300 yuan/ton range, and export profits have also improved, reaching about 700 - 720 yuan/ton [48]. - The bottle chip - slice spread has been at a historical low since 2024, and the short - fiber - bottle chip spread has compressed to a level similar to last year. The bottle chip - PVC spread is at a high level, and the substitution drive is low, while the bottle chip has a high cost - performance ratio compared to PP, and the substitution in the packaging field continues [27][28][29]. - **Fundamental Operation** - **Supply**: The total production capacity involved in production cuts by leading factories is about 2.4 million tons. This week, Huarun's three factories started production cuts, with an operating rate of 88%. Yisheng and Wankai will conduct maintenance in early July. The current effective production capacity has reached 21.68 million tons (CCF caliber), and this week's bottle chip load dropped to 88.7% [9][33]. - **Demand**: This week, the downstream operation remained stable. Beverage companies' device loads ranged from 80% - 95%, edible oil factories' average operation was around 60% - 80%, and the operation rate of sheet materials in East China was around 60% - 80% and in South China was around 40% - 60%. From January to May 2025, soft drink production increased by 3.0% year - on - year, and beverage product retail sales increased by 0.2% year - on - year. There are still many new beverage factory production lines to be put into operation this year [62][68][69]. - **Inventory**: The overall PTA inventory of polyester factories remained stable. The inventory of domestic polyester bottle chip factories was about 17.6 days (CCF caliber). According to CCF data, the estimated social inventory in May was 2.93 million tons, 3.1 million tons in June, and 3.02 million tons in July. After the implementation of production cuts, it is expected to reduce inventory [53]. - **Device Changes**: Sanfangxiang has a total of 1.8 million tons of production capacity shut down. Huarun's polyester bottle chip devices in Changzhou, Jiangyin, and Zhuhai started to cut production by 20% on June 22, with a total reduction of 660,000 tons. Yisheng Hainan plans to shut down and overhaul 750,000 tons of production capacity on July 1, Yisheng Dahua plans to shut down and overhaul 350,000 tons of production capacity on July 1, and Chongqing Wankai plans to shut down and overhaul 600,000 tons of production capacity on July 1 [57]. - **Export**: From January to May, exports increased rapidly year - on - year. In May, the total export volume of polyester bottle chips and slices was 742,000 tons, a year - on - year increase of 30.6%. However, there was a situation of over - exporting in May, which may affect the actual export volume from June to July. Overseas bottle chip production capacity has increased little in recent years, and overseas downstream demand will increasingly rely on imports [81][82][78]. - **Supply - Demand Balance Sheet** - In July - August, it is expected to be in a tight - balance state. Assuming that the large - scale production cut plan is implemented on schedule and lasts until August, and the downstream demand increases by 5% year - on - year compared to the peak season of last year, and the export demand is affected by freight in June - July but recovers in August, there may be a slight inventory reduction in July [93][94]. Staple Fiber (PF) - **Valuation and Profit** - The PF basis has maintained a stable oscillation, and the futures - spot structure remains in a backwardation structure. The disk processing fee has recovered [99][108]. - **Fundamental Operation** - **Supply**: The average load of direct - spinning staple fiber is 93.8%, and the operation rate of direct - spinning staple fiber for spinning is 97.1% (- 1%). Ningbo Zhuocheng has reduced the production of hollow staple fiber by 100 tons per day, and Sichuan Jixing's 200,000 - ton direct - spinning staple fiber device has been shut down for maintenance and is expected to restart in early July [113]. - **Demand**: The downstream polyester yarn operation rate has remained stable, but yarn replenishment is average, mainly consuming raw material inventory, and the finished product inventory has increased [133][135]. - **Inventory**: The downstream is in a wait - and - see state, and the inventory accumulation continues [118]. - **Profit**: With the decline in cost, most profits have recovered, but polyester chips are still in a loss state [125].

Group 1 - The stock price of Dongfang Shenghong (000301) increased by 1.72% to 8.3 yuan as of June 27, 2025, with a market cap of 54.873 billion yuan [1] - The company has a complete industrial chain layout from "crude oil - aromatics, olefins - PTA, ethylene glycol - polyester new materials" [2][4] - The company reported a total profit and net profit of -3.714 billion yuan and -2.284 billion yuan for 2024, respectively, indicating a significant decline in profitability due to global economic slowdown [2][4] Group 2 - The company maintains a long-term credit rating of AA+ from United Ratings, with a stable outlook for its convertible bonds [2][4] - The company has a significant debt burden with rapidly increasing short-term debt and high financial expenses, impacting its overall debt repayment capacity [2] - The company has achieved substantial research and development results with 640 patents, enhancing its competitive edge in the market [2]

Group 1 - The core announcement is about the adjustment of the second phase of the share buyback plan by Jiangsu Shenghong Technology Co., Ltd. and its affiliates, aimed at incentivizing employees and protecting shareholder interests [1][2] - The second phase of the buyback plan was initially announced on March 11, 2022, and involved the purchase of 89,536,499 shares, representing 1.44% of the total share capital, with a total investment of 1.38 billion yuan [1][2] - The duration of the second phase buyback plan has been extended from 36 months to 60 months, allowing for early termination if the assets held are all monetary funds [2]

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 直纺短纤负荷(周) 88. 90% 91. 30% 0. 02 涤纶短纤产销 31.00% 37.00% 6. 00% 涤纱开机率(周) 67.00% 67.00% 0. 00 再生棉型负荷指数(周) 50. 40% 50. 40% 0. 00 涤纶短纤与纯涤纱价格 涤纶短纤现金流 14000 10000 10000 1800 (探偵) 太原始欲德 t T325年演出 (群贝) 解日示52E= 短规金流 ·1.4D直纺条短 9000 9000 13000 1400 8000 8000 12000 1000 7000 7000 6000 11000 600 6000 5000 10000 200 5000 4000 -200 9000 + 3000 2021-01-01 2022-01-01 2023-01-01 2024-01-01 2025-01-01 2021-01-01 2022-01-01 2023-01-01 2024-01-01 2025-01-01 涤棉纱65/35 45S价格与利润 中空短纤价格与现金流 25 ...

Report Industry Investment Rating - Short - fiber: Oscillation [1] Core Viewpoints - The short - fiber supply - demand contradiction is not prominent, and its situation is relatively healthy among polyester products. However, the optimistic market expectations at the beginning of the year are unlikely to be fulfilled, and it will take time for the industry profit to recover. It is recommended to go long on the processing fee when it is low, but also set a timely profit - taking target [5][76] Summary by Directory 1. Fluctuation of Short - fiber Prices and Processing Fees in the First Half of 2025 - Short - fiber prices closely followed polyester raw materials in H1 2025, with increased volatility and a lower processing - fee center. The price trend can be divided into three stages: in the first stage, weak oil prices and demand led to a decline in polyester industry chain prices and weakening processing fees; in the second stage, the US tariff policy caused price fluctuations, and the processing fee first expanded passively and then weakened; in the third stage, geopolitical risks and PX plant production cuts pushed up prices, and the strong raw materials restricted the processing - fee recovery [15][16] 2. Supply: Factory Cyclical Production Cuts Limit Actual Output Growth Potential 2.1 New Capacity Addition is Small, and Existing Device Load Increases Significantly - From 2024 - 2025, new short - fiber capacity addition was small, but the load of existing devices increased significantly. In 2025, the total new capacity was 320,000 tons/year, with a year - on - year increase of 3.4%. The short - fiber capacity growth rate is lower among polyester products, and the supply - demand pattern is relatively healthy. The short - fiber output from January to May 2025 increased by 5.3% year - on - year, and the current output already reflects the impact of new capacity. There are no new capacity addition plans in H2, and factory cyclical production cuts will limit output growth [2][21][27] 2.2 Factory Joint Production Cuts Provide Temporary Support for Processing - Fee Recovery - Since last year, the industry's self - regulatory behavior of adjusting the operating rate based on the processing fee has been effective. In March and June 2025, short - fiber factories reached production - cut agreements. The production - cut plan in June was more aggressive. The current physical inventory of short - fiber factories is at a healthy level, and the production - cut news may boost market confidence and support the processing - fee recovery in the short term [30] 3. Domestic Demand: Terminal Demand Remains Resilient, and the Polyester Yarn Link is the Bottleneck 3.1 Consumption Policies are Effective, and Domestic Textile and Apparel Demand is Expected to Maintain Moderate Growth - In 2025, the domestic consumer market recovered. From January to May, the cumulative growth of total retail sales of consumer goods was 5.0%, and the retail sales of clothing, shoes, hats, and textiles increased by 3.3% year - on - year. With the implementation of consumption - boosting policies in H2, the domestic textile and apparel market is expected to continue to rise steadily [32] 3.2 The Window Period for "Grabbing Exports" is Coming to an End, and Overseas Orders will be the Core Variable in H2 - From January to May 2025, textile and apparel exports increased by 1.0% year - on - year. The US is still the largest single market for China's textile and apparel exports, but its share is declining. The "grabbing export" phenomenon may have overdrafted the export demand to the US in H2. However, China's exports to some countries such as Europe and ASEAN maintained high growth rates, and the export demand in H2 may decline month - on - month but still maintain some resilience [41][43][44] 3.3 The Profit of the Textile and Apparel Industry Declines, and the Weaving Operating Rate is Lower than the Same Period Last Year - The inventory pressure of textile and apparel finished products is increasing, the industry profit rate is declining, and the production enthusiasm is suppressed. The weaving operating rate has a downward trend and is more than 10% lower than the same period last year [53] 3.4 Downstream Yarn Mills Have High Finished - Product Inventory Pressure and Stable Raw - Material Procurement - The supply - demand situation of the polyester yarn market this year is weaker than last year, with a lower operating rate, high finished - product inventory, and a low processing fee. Yarn mills mainly make small - order and just - in - time purchases due to high inventory and cash - flow losses, which limits the short - fiber demand [62] 4. Exports: Upward Shift of Industry Chain Exports, Strong Growth in Short - fiber Exports - From January to May 2025, the cumulative export volume of uncombed polyester staple fibers was 668,400 tons, a year - on - year increase of 31.6%. The reasons for the high - speed growth are the cost advantage and the upward shift of industry chain exports. It is estimated that the export increment in the first five months absorbed about 72.2% of the new short - fiber output, relieving the sales pressure [67][69] 5. Investment Suggestions - Fundamentally, short - fiber supply and demand are relatively balanced. It is recommended to go long on the processing fee when it is near the factory's cash - flow cost, as it has a good risk - return ratio, but also set a timely profit - taking target [5][76]

Core Viewpoint - The "Red Boat Spirit" has been a guiding force for Jiaxing over the past 20 years, driving its development and innovation, and positioning it as a model for urban-rural integration and modernization in the Yangtze River Delta region [2][24]. Group 1: Economic Development - Jiaxing's government has achieved an average annual growth rate of 27.5% in technology investment over the past three years, ranking first in the province [1]. - The city's GDP is projected to reach 756.9 billion yuan in 2024, reflecting a 5.6% increase from the previous year [1]. - Rural residents' per capita income has historically surpassed 50,000 yuan, maintaining the highest level in Zhejiang province for 21 consecutive years [8]. Group 2: Innovation and Industry - Jiaxing has established 159 collective economic projects since 2013, contributing over 30% to the operating income of village collectives [5]. - The city has a high innovation index of 134.4, ranking second in Zhejiang, with R&D expenditure reaching 25.148 billion yuan, representing 3.56% of its GDP [8]. - Jiaxing has transformed into a hub for various industries, producing over half of the country's down jackets and becoming a major player in leather and chemical fiber production [7]. Group 3: Urban-Rural Integration - The urban-rural income ratio in Jiaxing stands at 1.51:1, making it one of the regions with the smallest urban-rural income gap in the country [8]. - The city has implemented a "flying land" model to consolidate low-efficiency land for industrial park development, enhancing rural economic vitality [5][12]. - Jiaxing has successfully integrated cultural and recreational facilities, such as libraries and art galleries, into a unified public service platform [5]. Group 4: Transportation and Connectivity - Jiaxing is enhancing its transportation infrastructure with over 80 billion yuan invested in comprehensive traffic projects in 2023, achieving 100% connectivity for key rural roads [8][20]. - The completion of the Tongsu-Jia-Ning high-speed rail will significantly reduce travel time to major cities, positioning Jiaxing as a central hub in the Yangtze River Delta [21][23]. - The upcoming Jiaxing Airport will further establish the city as a comprehensive transportation hub, integrating various modes of transport [23]. Group 5: Future Aspirations - Jiaxing aims to transition from being a supporting role in the Yangtze River Delta to becoming a proactive regional center, leveraging its innovative capabilities and industrial projects [18][24]. - The city is committed to high-quality development and efficient governance, seeking to explore a new path for urban modernization in China [24].

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 直纺短纤负荷(周) 88. 90% 91. 30% 0. 02 涤纶短纤产销 27.00% 37.00% 10. 00% 涤纱开机率(周) 67.00% 67.00% 0. 00 再生棉型负荷指数(周) 50. 40% 50. 40% 0. 00 涤纶短纤与纯涤纱价格 涤纶短纤现金流 14000 10000 10000 1800 T325加工费(右轴) t T325年演出版 (探贝) 太原始翁· 短规金流 ·1.4D直纺条短 9000 9000 13000 1400 8000 8000 12000 1000 7000 7000 6000 11000 600 6000 5000 10000 200 5000 4000 -200 9000 + 3000 2021-01-01 2022-01-01 2023-01-01 2024-01-01 2025-01-01 2021-01-01 2022-01-0 ...