昨晚，佳美新材赴美递交招股书，健永生技顺利登陆美股，前者来自福建福州，后者来自台湾。 1、递交招股书企业——佳美新材(CNMT) 当地时间6月17日，福建佳亿化纤有限公司控股公司Camerry New Material Tech Limited(以下简称：佳美新材)公开向美国证券交易委员会(SEC)递交IPO，拟 CNMT为股票代码，申请纳斯达克上市。根据披露，该公司最早于2024年12月3日向SEC递交秘密申请。 招股书暂未披露发行量和发行价格等信息。 佳美新材总部位于福州，是一家定制尼龙长丝产品制造商，从事定制尼龙长丝产品生产。截至2025年5月31日，该公司在中国拥有16个注册商标和21项专 利。 财务数据 2024年8月8日，成立了Camerry New Material Tech Limited(开曼); 2024年9月6日，成立了佳美新材料科技有限公司(HK); 2024年10月15日，成立了佳美新材料科技(福建)有限责任公司 1999年7月30日，成立了福建佳亿化纤有限公司; | | | Ordinary Shares beneficially owned | | | | --- | --- | ...

直纺短纤负荷(周) 88. 90% 91. 30% 0. 02 涤纶短纤产销 -106.00% 56.00% 162. 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) 太原始術· ■T325加工费(右轴) t T325年演出 震想坝金流 ·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 2025-01-01 2023-01-01 2024-01-01 涤棉纱65/35 45S价格与利润 中空短纤价格与现金流 2500 10000 22500 4000 涂棉纱利润 泽棉纱65/35 45S ...

2023年9月12日，印尼对原产于中国的合成纤维长丝纱线启动反倾销调查。2025年3月11日，印尼反倾销 委员会对该案作出肯定性终裁，建议对涉案产品征收为期五年的反倾销税。涉案产品的印尼税号为 5402.33.10、5402.33.90、5402.46.10和5402.46.90。 据中国贸易救济信息网，6月16日，印度尼西亚反倾销委员会（KADI）发布第AD.02/253/KADI/06/2025 号公告称，鉴于印尼国内相关产业供给不足，征收反倾销税不符合国家利益，因此，决定终止对原产于 中国合成纤维长丝纱线的反倾销调查，不实施反倾销措施。 ...

万凯新材 20250617 摘要 聚酯瓶片行业龙头企业（亿升、华润、万凯、中石化、三房巷）达成共 识，计划减产 20%，旨在提升行业利润，目标加工费提升至 500 元/吨 左右，以保障主流厂家利润，并已制定具体执行方案。 未来三年内，行业龙头企业承诺禁止新增聚酯瓶片产能，控制市场供给， 稳定加工费水平，此举旨在配合减产计划，共同恢复行业利润，避免恶 性竞争。 成立行业监督委员会，由各企业派员参与，监督减产执行情况，关注行 业开工率，目标是降低社会库存至合理水平，从而推动价格回升，并定 期召开会议评估执行效果。 2025 年一季度聚酯切片价差表现良好，但二季度受上游原料 （PX、PTA）价格快速上涨影响，加工费受到压缩，主要原因是 PTA 供 应紧张和 4 月份开工率提高。 2025 年 1-5 月订单量与去年同期基本持平，出口量约为 70 万吨，国内 外市场需求稳定增长，国内增长率约为 7%，国外约为 5%，瓶片行业处 于满产满销状态。 Q&A 如何确保此次减产计划顺利推进？ 为确保此次减产计划顺利推进，我们进行了详细讨论并达成共识。主要龙头企 业如亿升、华润、万凯、中石化和三房巷都表现出强烈意向，并且已经制 ...

直纺短纤负荷(周) 88. 90% 91. 30% 0. 02 涤纶短纤产销 28. 00% 134. 00% 162. 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 ■T325加工费(右轴) t325年演到价格 会想坝金流 ·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 2025-01-01 2023-01-01 2024-01-01 涤棉纱65/35 45S价格与利润 中空短纤价格与现金流 2500 10000 22500 4000 涂棉纱利润 泽棉纱65/35 4 ...

Core Viewpoint - Haiyang Technology's stock experienced significant volatility post-IPO, with a nearly 48% drop in three days, despite initial investor enthusiasm driven by the broader chemical fiber sector's performance [2][3]. Financial Performance - Haiyang Technology's revenue for 2022, 2023, and 2024 is projected to be 406.72 million, 411.28 million, and 554.24 million respectively, while its net profit after deducting non-recurring items is expected to be 149.82 million, 120.53 million, and 164.24 million respectively [4]. - The company's main business gross margin has declined from 10.37% in 2022 to 7.42% in 2024, significantly below the industry average of 14% [4][6]. Market Position - Haiyang Technology ranks third in the nylon tire cord fabric industry and second in the nylon 6 tire cord fabric sector, with a domestic market share of over 5% in nylon 6 chips [3]. Inventory and Receivables - The company's inventory has increased by 49.7% over two years, with balances of 376.80 million, 439.67 million, and 564.38 million for the respective years [7]. - Accounts receivable have also risen, with balances of 434.66 million, 552.42 million, and 638.01 million, indicating increasing collection pressure [7]. Debt and Financial Health - Haiyang Technology's debt-to-asset ratio has consistently exceeded the industry average, reaching 57.73% by March 2025, indicating potential repayment pressure if operational efficiency and debt structure are not improved [8]. Related Party Transactions - The company has complex related party transactions, including significant purchases from its largest supplier, Hengshen Group, which raises concerns about potential conflicts of interest and financial control [9][10]. Research and Development - Haiyang Technology's R&D expense ratio is below industry peers, with rates of 1.98%, 1.81%, and 2.01% over the report period, suggesting potential weaknesses in innovation capabilities [12]. Growth Potential - The company aims to enhance its product mix with high-margin products through new projects, but faces risks related to capacity expansion and cash flow erosion [13].

2025 年 06 月 16 日 硫酸、硫磺等涨幅居前，建议关注进口替代、纯 内需、高股息等方向 推荐(维持) 投资要点 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：高铭谦 S1050124080006 gaomq@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 基础化工(申万) 0.7 -0.8 9.3 沪深 300 -0.6 -3.6 9.1 市场表现 -20 -10 0 10 20 30 (%) 基础化工 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《基础化工行业周报：天然气、 盐酸等涨幅居前，建议关注进口替 代、纯内需、高股息等方向》2025- 06-09 2、《基础化工行业周报：磷矿石、 草甘膦等涨幅居前，建议关注进口 替代、纯内需、高股息等方向》 2025-06-03 3、《基础化工行业周报：丁二烯、 煤焦油等涨幅居前，建议关注进口 替代、纯内需、高股息等方向》 2025-05-26 · 证 券 研 究 报 告 行 业 研 究 ▌硫酸、硫磺等涨幅居前，氯化铵、尿素等跌幅较大 本周涨幅较大的产品：硫酸（CFR 西欧/北 ...

| 品种 | 核心观点 | 主要逻辑及价格区间 | | --- | --- | --- | | 原油 | 高位震荡 | 伊以冲突不确定性上升，油价高位震荡。当前核心驱动由供需转为地缘政 | | | | 治，伊以冲突走向将主导油价，短期市场较为担忧战火扩大，极端情况下， | | | | 伊朗可能封锁霍尔木兹海峡。策略：双买期权策略。SC【530-570】 | | LPG | | 成本端油价走强，基本面边际改善，液化气短线偏强。原油受伊以冲突带 | | | | 动走强，成本端利好；下游化工需求有所回升，PDH、MTBE 开工率上升； | | | 偏强 | 库存端利好，厂库和港口库存均下降。策略：短线偏强，波动加剧，双买 | | | | 期权。PG【4300-4400】 | | L | 空头反弹 | 成本支撑好转，期现齐涨，华北基差为-18（环比-17），关注后续库存去 化力度。本周装置重启计划偏多，预计产量继续增加；社会库存转为累库， | | | | 农膜需求淡季，下游补库动力不足，后市中游存在继续累库风险。策略： | | | | 短期地缘冲突尚不明朗，空单减持。基差维持负值，上游企业可择机卖保。 | | | | ...

Group 1 - The Ministry of Industry and Information Technology initiated a special action to support small and medium-sized enterprises (SMEs) in expanding overseas markets, gathering resources to assist them [1] - The banking sector is responding to this policy by innovating service models and optimizing product systems to support SMEs in their international ventures [1] - Postal Savings Bank of Quanzhou has developed a "Cross-border Finance+" service system to help local enterprises expand globally, benefiting companies like Baihong Group, which has established a presence in Vietnam [1][2] Group 2 - Postal Savings Bank of Quanzhou customizes financial service plans for cross-border enterprises, leveraging its comprehensive financial advantages to provide credit support for import and export businesses [2] - In the previous year, the bank facilitated over 500 million yuan in domestic self-operated forfaiting for enterprises, including Baihong Group and its supply chain partners, offering diverse solutions for global supply chain development [2] - China Bank has also launched a service plan to support the high-quality development of private enterprises, focusing on globalized, comprehensive, and digital solutions to meet the financing needs of businesses expanding overseas [3] Group 3 - China Bank's Zhejiang branch aims to provide comprehensive financial services to support local enterprises in their international investments, addressing challenges at various stages of cross-border expansion [3] - Over the past three years, China Bank's Zhejiang branch has underwritten 25 offshore bond issues for Chinese enterprises, totaling 6.6 billion USD [3] - The bank plans to continue expanding global financing channels and enhancing cross-border settlement services to support Zhejiang enterprises in their international endeavors [3]

国泰君安期货·能源化工 短纤、瓶片周度报告 国泰君安期货研究所 陈鑫超 投资咨询从业资格号：Z0020238 贺晓勤 投资咨询从业资格号：Z0017709 钱嘉寅（联系人）期货从业资格号：F03124480 日期：2025年6月15日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 瓶片（PR） 短纤：短期震荡市，中期偏弱 估值与利润 基本面运行情况 供需平衡表 02 观点小结 上游观点汇总 瓶片：震荡偏弱 CONTENTS 03 短纤（PF） 估值与利润 基本面运行情况 2 01 观点小结 01 观点总结 瓶片观点总结 短纤观点总结 瓶片：成本波动增大，单边高位震荡，压力累积 短纤：成本波动增大，单边高位震荡 （1）工厂、社会库同步累库，基本面支撑弱。三房巷检修合计180万 吨左右产能，澄高60万吨短停恢复，工厂开工88.8%，工厂库存与社 会总库存同步累库，本周在18天左右。部分工厂总体在前期低价锁定 原料的前提下仍能保持高开工，近期会议主要目标为挺 ...