1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report 2. Core Viewpoints - Geopolitical risk expectations are cooling, and before the outcome of the OPEC+ production increase meeting, market confidence is still affected by expectations of increased crude oil supply, leading to overall weak oil prices [2] - Although the supply side has tightened significantly, the early - than - expected supply recovery of some PX plants, along with some units increasing or planning to increase their loads, has led to a decline in the overall de - stocking volume of PX, and the strong polyester production cut sentiment has affected market sentiment [2] - In the short term, the bottom of PX prices and PXN will still have support. In the medium - term supply - demand pattern, PX will continue to be in a de - stocking rhythm in the next few months [2] - The remarks of polyester factories about continued production cuts are negative for the PTA market, but the positive trend of PTA de - stocking continues, and the spot basis is strong. In the short term, PTA spot prices will mainly follow the cost side [2] - The operating load of polyester filament has further declined, the overall market sales performance has been average recently, and most factories still have inventory pressure. The supply side of the market has increased slightly [2] - During the tariff suspension period, the foreign trade market shows an increase in quotations and samples, and some traders indicate a large potential number of orders, with rush - to - export orders driving market recovery [2] - The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets remains stable. The supply side quotations are mostly stable, downstream terminal replenishment enthusiasm is not high, and market trading is in a stalemate [2] - It is expected that PX, PTA, and PR will operate weakly (PX view score: - 1, PTA view score: - 1, PR view score: - 1) [2] 3. Summary by Relevant Catalog Price Information - **Upstream**: On May 28, 2025, the futures settlement price (continuous) of WTI crude oil was $61.84 per barrel, up 1.56%; that of Brent crude oil was $64.90 per barrel, up 1.26%. The spot price (mid - price) of naphtha CFR Japan was $562.50 per ton, down 0.79% [1] - **PX**: The spot price of p - xylene PX CFR China Main Port was $836.00 per ton, down 0.63%. The CZCE PX main contract closing price was 6,590 yuan per ton, down 1.73% [1] - **PTA**: The CZCE TA main contract closing price was 4,672 yuan per ton, down 1.43%. The spot price of PTA in the domestic market was 4,878 yuan per ton, down 0.79% [1] - **PR**: The CZCE PR main contract closing price was 5,946 yuan per ton, down 1.06%. The market price (mainstream price) of polyester bottle chips in the East China market was 5,960 yuan per ton, down 0.17% [1] - **Downstream Fibers**: On May 28, 2025, the CCFEI price index of polyester staple fiber was 6,500 yuan per ton, up 0.15%; that of polyester chips was 5,880 yuan per ton, down 0.34% [2] Device Information - A 1.2 million - ton PTA device in the Northwest is planned to restart between May 15th and 20th [2] Operating Conditions - On May 28, 2025, the operating rate of the PX in the polyester industry chain was 79.18%, unchanged; the PTA industry chain load rate of PTA factories was 79.28%, unchanged; that of polyester factories was 90.69%, down 0.12% [1] Production and Sales - On May 28, 2025, the production - sales rate of polyester filament was 72.00%, up 15.00 percentage points; that of polyester staple fiber was 52.00%, down 2.00 percentage points; that of polyester chips was 37.00%, down 2.00 percentage points [1] Trading Strategy - PTA is operating in a range recently. The TA2509 contract closed at 4,672 yuan per ton (- 0.60%), with an intraday trading volume of 1.13 million lots [2] - The PX2509 contract closed at 6,590 yuan per ton (- 0.66%), with an intraday trading volume of 26,940 lots. PR follows the cost operation, and the 2507 contract closed at 5,946 yuan per ton (- 0.50%), with an intraday trading volume of 38,700 lots [2]

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年5月29日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 1、基本面：昨日PTA期货震荡下跌，现货市场商谈氛围一般，贸易商商谈为主，现货基差走强。本周及下周主港货主流在 09+185成交，宁波货在09+178附近商谈成交，价格商谈区间在4835~4925附近。下周仓单在09+180有成交，6月中上仓单在 09+190有成交。今日主流现货基差在09+184。中性 2、基差：现货4865，09合约基差195，盘面贴水 偏多 3、库存：PTA工厂库存4.15天，环比减少0.13天 偏多 4、盘面：20日均线向上，收盘价收于20日均线之上 偏多 5、主力持仓：净多 多增 偏多 6、预期： ...

Core Viewpoint - *ST Jiyuan's stock has been terminated from listing due to continuous trading below 1 yuan for 20 consecutive trading days, leading to a significant decline in its market value and operational challenges [2][3][4]. Group 1: Stock Termination and Transition - The Shenzhen Stock Exchange has decided to terminate the listing of *ST Jiyuan's stock, effective May 29, following a period of poor stock performance [2]. - The company is required to ensure that its shares can enter the National Small and Medium Enterprises Share Transfer System within 45 trading days after delisting [2]. - *ST Jiyuan has appointed Shanxi Securities Co., Ltd. as its main broker to assist with the share transfer process and related matters [2]. Group 2: Financial Performance and Challenges - *ST Jiyuan has experienced a cumulative stock price decline of 83.59% since the beginning of the year, reflecting severe financial distress [3]. - The company reported a revenue of 333 million yuan for 2024, a year-on-year decrease of 3.69%, and a net loss of 439 million yuan, indicating an increase in the loss margin compared to the previous year [4]. - The company faces significant operational challenges due to severe liquidity shortages, overdue debts, and multiple lawsuits, which have led to the freezing of bank accounts and assets [4][5]. Group 3: Audit and Bankruptcy Proceedings - The financial report for 2024 received an audit opinion of "unable to express" from Beijing Dehao International Accounting Firm, highlighting major uncertainties regarding the company's ability to continue operations [5]. - In 2023, *ST Jiyuan applied for bankruptcy reorganization due to its inability to repay debts and lack of repayment capacity, but the pre-reorganization process was ultimately unsuccessful [7]. - The court determined that the pre-reorganization plan was not approved, increasing the risk of delisting for the company [7].

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant developments, including regulatory actions, acquisitions, capital increases, and stock listings, which may present investment opportunities and risks for investors [2]. Regulatory Actions - Jiaying Pharmaceutical is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws, having received a notice of case filing on May 28, 2025 [3]. - *ST Longjin has received a decision from the Shenzhen Stock Exchange to terminate its stock listing, effective June 27, 2025, due to its stock price being below 1 yuan for twenty consecutive trading days [11][12]. Mergers and Acquisitions - ST United plans to acquire 100% of Runtian Industrial through a combination of share issuance and cash payment, aiming to enhance its positioning in the cultural tourism consumption sector [4]. - Longgao Co. is undergoing a restructuring of its controlling shareholder, Longyan Investment Development Group, which will become a wholly-owned subsidiary of the newly established investment development group with a registered capital of 3 billion yuan [6]. Capital Increases - Sanyou Chemical's controlling shareholder plans to increase capital by 100 million yuan in its subsidiary, Sanyou Silicon Industry, through a private agreement, with no changes to the consolidation scope [7]. Stock Listings - Shantui Co. is planning to issue H-shares and list on the Hong Kong Stock Exchange, with discussions ongoing with intermediaries [9]. - Hehe Information intends to issue H-shares and apply for a listing on the Hong Kong Stock Exchange to enhance its global strategy and brand recognition [10]. Share Buybacks and Increases - China Gold's controlling shareholder plans to increase its stake in the company by 168 million to 335 million yuan within 12 months [13]. - Taiji Industry intends to repurchase shares worth 100 million to 120 million yuan, with the repurchased shares to be canceled [14]. Major Contracts - China Energy Construction's subsidiary has won a coal power project contract worth approximately 14.586 billion yuan [15]. - ST Huaxi has signed a significant contract worth about 2.9 billion USD (approximately 20.84 billion yuan) for the restoration of a power plant in Iraq, which represents 80.38% of its latest audited revenue [16].

Core Viewpoint - Changyu Group has become the first IPO company accepted on the Shanghai Stock Exchange in 2023, leveraging acquisitions to meet listing requirements and establishing itself as a leading supplier in zirconium and specialty nylon products [1][10]. Company Overview - Established in March 2019, Changyu Group focuses on the research, production, and sales of zirconium products, specialty nylon products, and fine chemical products, with a notable position in the industry [2][4]. - The company has the largest global production capacity for oxychloride zirconium, with an annual capacity of 75,000 tons, and leads in market share across various metrics [3][10]. Acquisition Strategy - Changyu Group achieved rapid growth through strategic acquisitions, including the purchase of Shandong Guangtong New Materials Co., Ltd. in May 2021 and Shandong Guangyin New Materials Co., Ltd. in December 2021, which were crucial for meeting IPO conditions [4][8]. - The acquisitions allowed Changyu Group to significantly enhance its production capabilities and product offerings, particularly in zirconium and specialty nylon [6][10]. Financial Performance - In the years 2022 to 2024, Changyu Group reported revenues of 16.69 billion, 16.07 billion, and 16.37 billion respectively, with net profits of 2.57 billion, 1.88 billion, and 2.05 billion, indicating a decline in both revenue and profit in 2023 [11][10]. - The revenue from zirconium products constitutes approximately 70%-77% of total revenue, while specialty nylon products account for about 14%-19% [11][12]. IPO Plans - The company plans to raise 700 million through its IPO, with allocations for projects including 450 million for ultra-pure oxychloride zirconium and deep processing, 240 million for high-performance nylon elastomer production, and 160 million for bioceramics and functional ceramics [11][12]. - The high-performance nylon elastomer project aims to add 10,000 tons of production capacity, despite current utilization rates for specialty nylon products being below 50% [14][12]. Governance and Management - Changyu Group has not distributed dividends despite achieving a cumulative net profit of 650 million over three years, with a commitment to distribute at least 15% of net profits as cash dividends post-IPO [15]. - The company’s actual controller, Liu Qiyong, and his son control 53.20% of the shares, raising potential governance concerns [16][10]. - Notably, the company’s vice president and board secretary, Li Yaqiun, has a criminal record for dangerous driving, but this has not affected his position or the company’s IPO eligibility [18][17].

Group 1 - The research team at Tianjin University has developed a high-performance electrocatalyst for the efficient synthesis of green hydrogen peroxide, which is expected to achieve "on-demand" production [1][2] - Hydrogen peroxide is a crucial oxidant and disinfectant with a projected global demand of 6 million tons by 2024, but 95% of its current production relies on the energy-intensive anthraquinone process, posing safety and environmental risks [1][2] - The new electrocatalytic synthesis method utilizes oxygen and water at ambient conditions, addressing the challenges of low activity, poor selectivity, and insufficient stability of traditional catalysts in neutral and alkaline environments [1][2] Group 2 - The developed nickel-based metal-organic framework material features a unique layered structure that forms "interlayer hydrogen bonds," enhancing the catalyst's performance for electrosynthesis of hydrogen peroxide [2] - This innovative approach allows for precise control of catalytic reactions through non-coordinative structural adjustments, offering a new strategy for the development of novel electrocatalytic materials applicable to various chemical reaction systems [2] - Testing indicates that the catalyst significantly outperforms similar products in producing hydrogen peroxide, achieving a concentration of 1% in artificial seawater and 3% in alkaline solutions, meeting practical standards for pollutant degradation and sterilization [2] Group 3 - The new catalyst addresses the high energy consumption and pollution issues associated with traditional production methods, demonstrating good applicability in neutral, alkaline, and complex water environments [3] - The research team is currently optimizing the production process to transition the technology from laboratory to industrial production, aiming to replace traditional high-pollution methods and contribute to green chemical goals [3]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The industrial silicon futures price has reached a new low, and attention should be paid to upstream changes. The polysilicon futures price shows significant short - term fluctuations as it approaches the delivery month [1]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Market Data**: - For industrial silicon Si2507, the closing price is 7,440 yuan/ton, down 170 yuan from T - 1, 470 yuan from T - 5, and 1,360 yuan from T - 22. The trading volume is 360,878 lots, and the open interest is 227,207 lots [1]. - For polysilicon PS2507, the closing price is 35,290 yuan/ton, up 405 yuan from T - 1 and down 335 yuan from T - 5. The trading volume is 191,734 lots, and the open interest is 80,800 lots [1]. - **Basis and Spread**: - The spread between the near - month contract and the continuous first contract of industrial silicon is - 25 yuan/ton, and the cost of the spread trading strategy of buying the near - month and selling the continuous first is 47.5 yuan/ton [1]. - The spread between the near - month contract and the continuous first contract of polysilicon is 2,350 yuan/ton [1]. - **Spot Price and Premium**: - The spot premium of industrial silicon (against East China Si5530) is + 1,085 yuan/ton [1]. - The spot premium of polysilicon (against N - type re - investment material) is - 1,140 yuan/ton [1]. - **Profit**: - The profit of silicon plants in Xinjiang (new standard 553) is - 3,957 yuan/ton, and in Yunnan (new standard 553) is - 7,152 yuan/ton [1]. - The profit of polysilicon enterprises is - 5.1 yuan/kg [1]. - **Inventory**: - The social inventory of industrial silicon (including warehouse receipt inventory) is 58.2 million tons, and the enterprise inventory is 23.4 million tons. The total industry inventory is 81.6 million tons, and the futures warehouse receipt inventory is 32.3 million tons [1]. - The manufacturer inventory of polysilicon is 26.0 million tons [1]. - **Raw Material Cost**: - The price of silicon ore in Xinjiang is 420 yuan/ton, and in Yunnan is 375 yuan/ton [1]. - The price of washed coking coal in Xinjiang is 1,350 yuan/ton, and in Ningxia is 960 yuan/ton [1]. 3.2 Macro and Industry News - Turkey's trade department has launched an anti - dumping investigation into solar panel junction boxes and aluminum frames produced in China, which was initiated by local Turkish enterprises. However, the specific names of Chinese enterprises involved in dumping were not specified [3]. 3.3 Trend Intensity - The trend intensity of industrial silicon is - 1, indicating a bearish view, and the trend intensity of polysilicon is 0, indicating a neutral view [3]

A股三大指数今日集体调整，截至收盘，沪指跌0.18%，深成指跌0.61%，创业板指跌0.68%，北证50指数涨0.08%。全市场成交额 10241亿元，较上日缩量97亿元。全市场2500只个股飘绿。 板块题材上，新消费、草甘膦、农化制品板块领涨；工业金属、消费电子板块跌幅居前。 盘面上，新消费概念领涨，保健饮品、休闲食品、珠宝、IP经济等方向均表现不俗，会稽山（601579）、京华激光（603607）、创源 股份（300703）、有友食品（603697）、交大昂立（600530）、明牌珠宝（002574）、莱绅通灵（603900）等十余只成分股封涨 停。无人物流车概念反复活跃，科捷智能、云内动力（000903）、通达电气（603390）涨停。化工股午后集体爆发，苏州龙杰 （603332）、尤夫股份（002427）、中农联合（003042）、利尔化学（002258）涨停。工业金属概念股领跌，永茂泰（605208）、 西部材料（002149）跌幅居前。 "聪明钱"流向曝光！暗盘资金破解主力操盘密码>> 【4连板】 中超控股（002471）、尚纬股份（603333）、京华激光。 【3连板】 融发核电（002366） ...

Group 1: Industry Overview - The petroleum and chemical indices mostly declined last week, with the chemical raw materials index down by 1.27% and the chemical machinery index down by 0.80% [1] - The chemical pharmaceutical index increased by 3.17%, and the pesticide and fertilizer index rose by 0.45% [1] - In the petroleum sector, the petroleum processing index remained flat, while the petroleum extraction index rose by 0.29% and the petroleum trade index increased by 0.10% [1] Group 2: Commodity Prices - International crude oil prices experienced slight fluctuations downward, with WTI settling at $61.53 per barrel, down by 1.54%, and Brent at $64.78 per barrel, down by 0.96% [1] - The top five rising petrochemical products included acrylic acid up by 10.79%, acifluorfen up by 7.69%, coal tar up by 6.72%, nitrile rubber up by 3.99%, and potassium chloride up by 3.57% [1] - The top five declining petrochemical products included chloroform down by 19.05%, butadiene down by 5.41%, maleic anhydride down by 4.62%, butane down by 4.5%, and propane down by 4.35% [1] Group 3: Capital Market Performance - In the capital market, the top five rising listed chemical companies included Huide Technology up by 35.58%, Yanggu Huatai up by 32.05%, Runyang Technology up by 24.74%, Lingpai Technology up by 23.81%, and Lafang Home up by 21.93% [2] - The top five declining listed chemical companies included Yuchanxia A down by 25.91%, Jitai Co. down by 24.85%, Hongqiang Co. down by 22.46%, Sanfu Xinke down by 13.54%, and Zhongxin Fluorine Material down by 12.38% [2]

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年5月27日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA： 1、基本面：今日PTA期货高开低走，现货市场商谈氛围一般，贸易商商谈为主，个别聚酯工厂有递盘，现货基差走强。个别主 流供应商出远期货源。5月主港在09升水165~170附近成交，价格商谈区间在4875~4950附近。6月中上09+170~180附近有成交。7 月中上在09+110有成交。今日主流现货基差在09+168。中性 2、基差：现货4913，09合约基差189，盘面贴水 偏多 3、库存：PTA工厂库存4.15天，环比减少0.13天 偏多 4、盘面：20日均线向上，收盘价收于20日均线之上 偏多 5、主力持仓：净多 空增 偏多 6、预期 ...