| | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | 活动类别 | 新闻发布会 路演活动 | | | 现场参观 | | 其他 | （请文字说明其他活动内容） | | 参与单位名称 | 中信建投证券、易方达基金、华福证券、平安证券（以上排 | | 及人员姓名 | 名不分先后） | | 时间 2026 | 年 2 月 4 日，9：30—14：30 | | 地点 | 公司会议室 | | 上 市 公 司 接 待 | 董事会办公室主任：张开元 | | 人员姓名 | 投资者关系：王诗云 | | | 一、公司基本经营概况 | | | 恒逸石化（股票代码：000703.SZ）作为全球领先的"炼 | | | 油—化工—化纤"全产业链一体化龙头企业，始终秉持"一 | | | 滴油，两根丝"的战略定位，通过文莱炼化项目的前瞻性布 | | | 局，成功打通从原油加工到化纤产品的全产业链闭环，构建 | | | 起国内独有的"涤纶+锦纶"双主业驱动模式。依托"文莱 | | 投 资 者 关 系 活 | 炼化基地—国内聚酯产业"的境内外协同联动优势，公司已 | | ...

2020-2026年1月中旬涤纶长丝（POY150D/48F）市场价格变动统计图 数据来源：国家统计局 相关报告：智研咨询发布的《2026-2032年中国涤纶长丝行业发展动态及投资规划分析报告》 根据国家统计局公布的数据，化工产品类别下的涤纶长丝（POY150D/48F）2026年1月中旬市场价格为 6721.4元/吨，同比下滑7.29%，环比上涨2.23%，纵观近5年同时期其价格，2022年1月中旬达到最大 值，有7709.4元/吨。 ...

投资咨询业务资格:证监许可【2012】31号 【一国贸易报 瓶片短纤数据日报 | | | | 国贸期货研究院 | 投资咨询号:Z0017251 2026/2/4 | | --- | --- | --- | --- | --- | | | | | 能源化工研究中心 陈胜 | 从业资格号:F3066728 | | 指标 | 2026/2/2 | 2026/2/3 | 变动值 | | | PTA现货价格 | 5095 | 5080 | -15 | 现货资讯: | | MEG内盘价格 | 3722 | 3670 | -52 | 短纤:短纤主力期货跌86到6500。现货市场:涤 | | | | | | 纶短纤生产工厂价格微跌,贸易商价格微调,下 | | PTA收盘价 | 5092 | 5150 | 58 | 游按需采买,场内成交一般。1.56dtex*38mm半 | | MEG收盘价 | 3767 | 3767 | 0 | 光本白(1. 4D)涤纶短纤华东市场价格在6410- | | 1.4D直纺涤短 | 6545 | 6555 | 10 | 6680现款现汇含税自提,华北市场价格在6530- | | | | | | ...

Core Viewpoint - Tongkun Co., Ltd. has shown fluctuations in stock performance and financing activities, with a notable decrease in shareholder numbers and a mixed financial performance in recent periods [1][2]. Group 1: Stock Performance and Financing - On February 3, Tongkun's stock rose by 4.48%, with a trading volume of 974 million yuan [1]. - The financing buy-in amount for Tongkun on the same day was 44.88 million yuan, while the financing repayment was 136 million yuan, resulting in a net financing outflow of 90.92 million yuan [1]. - As of February 3, the total financing and securities lending balance for Tongkun was 1.918 billion yuan, with the financing balance at 1.909 billion yuan, accounting for 3.80% of the circulating market value, which is below the 10% percentile level over the past year [1]. Group 2: Financial Performance - For the period from January to September 2025, Tongkun reported operating revenue of 67.397 billion yuan, a year-on-year decrease of 11.38%, while the net profit attributable to shareholders increased by 53.83% to 1.549 billion yuan [2]. - The company has cumulatively distributed dividends of 3.203 billion yuan since its A-share listing, with 341 million yuan distributed over the past three years [3]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders for Tongkun was 50,100, a decrease of 28.96% from the previous period, while the average circulating shares per person increased by 40.76% to 47,780 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked fifth with 35.9221 million shares, an increase of 9.4667 million shares from the previous period [3].

● 2015 ● 2016 ● 2017 ● 2018 ● 2019 100 0 -100 -200 -300 -400 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 基差: 混合 - RU主力 ● 2013 ● 2014 ● 2015 ● 2016 ● 2017 1,000 _ ● 2018 ● 2019 ● 2020 音烙橡胶呈报 81+ 研究中心能化团队 2026/02/04 P 不 As 占 段 F POY 1 石脑油日 PX CFR PTA内盘现 PTA平衡 仓单+有 PTA加 PTA负 石脑油裂 聚酯毛利 TA基美 50D/4 日期 原油 PX加工美 产销 工差 效预报 台湾 न्ह 解价差 K 荷 负荷 8F Half 2026/0 7055 103960 0.25 68.4 585 924 5235 83.13 339.0 351 144 77.1 76.6 -78 1/28 2026/0 70.7 596 921 5245 7030 77.70 325.0 374 113 77.1 76.6 103558 -78 0.30 1/29 图H 2026/0 7120 ...

Core Insights - The article highlights the remarkable economic transformation of Tongxiang City, emphasizing its ability to create industries and opportunities from scratch, referred to as "creating something from nothing" [1][3][9]. Group 1: Economic Development - Tongxiang's GDP reached 134.71 billion, showcasing its economic strength comparable to a prefecture-level city despite its small size [9][11]. - The city has a significant entrepreneurial spirit, with approximately 20% of its population engaged in business, leading to a prosperous local economy [13][24]. - In 2024, the industrial output value of Tongxiang exceeded 225.86 billion, marking its evolution from "China's woolen sweater town" to "the capital of woolen sweaters in the world" [7][9]. Group 2: Industrial Growth - Tongxiang has developed a robust new materials industry cluster, with major companies like Jushi, New Fengming, and Tongkun leading the way [15][17]. - The city produces one-third of the country's wind turbine blades, demonstrating its significant role in the new materials sector [15][19]. - The local textile industry, particularly in Puyuan, supports the new materials sector by providing high-quality raw materials, with 31% of high-end functional fabrics used in new materials [15][17]. Group 3: Digital Transformation - The establishment of the "Wuzhen Light" supercomputing center has positioned Tongxiang as a leader in digital innovation, facilitating the digital transformation of traditional industries [20][23]. - The city has implemented a "supercomputing + intelligent computing" system to enhance production efficiency, achieving over a 40% increase in productivity for new materials companies [23][24]. - By 2023, 76% of enterprises in Tongxiang had undergone intelligent transformation, reflecting the city's commitment to integrating technology into its industrial framework [23][24]. Group 4: Government Support and Strategic Planning - The local government has committed significant resources to support the new materials industry, including a 500 million annual fund for three years [24][28]. - Tongxiang's "135N industrial cluster" strategy aims to cultivate a comprehensive new materials industry chain, indicating a structured approach to economic development [25][28]. - Various incentive programs, such as the "Eagle Plan" and "Chick Plan," provide financial support to both large and small enterprises, fostering a conducive environment for business growth [28][29]. Group 5: Future Prospects - The new materials market is projected to grow at a compound annual growth rate of 13.3% from 2020 to 2025, with Tongxiang positioned to be a key player in this expansion [32][33]. - The city's efforts in developing a high-quality new materials industry have resulted in a production capacity that could significantly contribute to China's overall new materials output [32][33].

2026年2月3日午后，化学制品、化纤行业等震荡走强，截至13:14，中证细分化工产业主题指数强势上 涨2.18%，成分股浙江龙盛上涨5.99%，宏达股份上涨5.74%，光威复材上涨5.50%，博源化工，和邦生 物等个股跟涨。 数据显示，截至2026年1月30日，中证细分化工产业主题指数(000813)前十大权重股分别为万华化学、 盐湖股份、藏格矿业、天赐材料、华鲁恒升、恒力石化、巨化股份、宝丰能源、云天化、荣盛石化，前 十大权重股合计占比44.82%。 化工ETF嘉实(159129)紧密跟踪中证细分化工产业主题指数，聚焦行业"反内卷"背景下新一轮景气周 期。 场外投资者还可以通过化工ETF联接基金(013527)关注化工板块投资机遇。 消息面方面，天赐材料2025年Q4业绩超预期，单季净利润达9.3亿元，同比增长536%，环比增长 507%，主要受益于六氟磷酸锂价格从年初6.3万元/吨大幅上涨至年末16.7万元/吨（涨幅164%），叠加 电解液年度销量突破70万吨、满产运行及与瑞浦兰钧、中创新航等头部电池企业签订多项大额订单。 近期，化工行业迎来政策与产业双重催化。广发证券指出，新型储能作为电力系统关键调节 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The commodity market has declined significantly. PX maintains fundamental resilience during its high - level correction. Due to the geopolitical risks in Iran, there are still risks in crude oil prices. The downstream PTA industry remains strong, with China's PTA production in January expected to reach a new high, and there are no plans for Spring Festival production cuts. With no new PTA production capacity throughout the year, existing facilities will operate at full capacity to meet the growing polyester demand, providing a solid demand foundation for PX. The PX supply remains tight, with the South Korean TDP plant increasing its load and a Middle - Eastern PX plant scheduled to shut down before February, resulting in limited global effective production capacity release. The PX - mixed xylene toluene spread remains around $150. In terms of the profit structure, although the PX - naphtha spread has fallen to $335/ton, it remains at a healthy level. China's PTA maintains high - level operation, domestic demand has declined, and the production cuts by polyester factories have a limited negative impact on PTA. Bottle chip profits are expanding, while staple fiber profits are declining [2] Group 3: Summary by Related Indicators Price and Price Change - PTA spot prices dropped from 5280 to 5095, a decrease of 185; MEG domestic prices fell from 3835 to 3722, a decrease of 113; PTA closing prices decreased by 178 from 5270 to 5092; MEG closing prices dropped by 146 from 3913 to 3767; 1.4D direct - spun polyester staple fiber prices decreased by 140 from 6685 to 6545; short - fiber basis decreased by 5 from 23 to 18; the 3 - 4 spread increased by 28 from - 56 to - 28; polyester staple fiber cash flow increased by 6 from 240 to 246; the price of 1.4D imitation large - chemical fiber remained unchanged at 5300; the price difference between 1.4D direct - spun and imitation large - chemical fiber decreased by 140 from 1385 to 1245; East China water bottle chip prices decreased by 126 from 6309 to 6183; hot - filled polyester bottle chip prices decreased by 126 from 6308 to 6183; carbonated - grade polyester bottle chip prices decreased by 126 from 6409 to 6283; foreign - market water bottle chip prices decreased by 15 from 845 to 830; bottle chip spot processing fees increased by 70 from 510 to 580; T32S pure polyester yarn prices remained unchanged at 10720; T32S pure polyester yarn processing fees increased by 140 from 4035 to 4175; polyester - cotton yarn 65/35 45S prices remained unchanged at 16800; cotton 328 prices decreased by 125 from 15695 to 15570; polyester - cotton yarn profits increased by 140 from 1435 to 1575; the price of primary three - dimensional hollow (with silicon) remained unchanged at 7300; the cash flow of hollow staple fiber 6 - 15D increased by 196 from 301 to 497; the price of primary low - melting - point staple fiber remained unchanged at 7895 [2] Market Conditions - Short - fiber: The main short - fiber futures dropped 240 to 6484. In the spot market, the prices of polyester staple fiber production plants were stable with a slight decline, and traders' prices followed the futures price decline. Downstream buyers replenished stocks at low prices, but there was not much trading volume. The price of 1.56dtex*38mm semi - bright (1.4D) polyester staple fiber was 6410 - 6690 in the East China market (cash on delivery, tax - included, self - pick - up), 6530 - 6810 in the North China market (cash on delivery, tax - included, delivered), and 6550 - 6750 in the Fujian market (cash on delivery, tax - included, delivered) - Bottle chip: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 6200 - 6350 yuan/ton, with the average price dropping 75 yuan/ton compared to the previous working day. The PTA and bottle chip futures prices fluctuated weakly, the cost - side support weakened, most supply - side quotes were lowered, the market spot supply was tight, and downstream end - user demand was mainly for rigid needs, causing the market negotiation center to shift down [2] Operating Rate and Production and Sales - The direct - spun staple fiber load (weekly) decreased by 2.07% from 88.84% to 86.77% - Polyester staple fiber production and sales decreased by 21% from 65% to 44% - The polyester yarn startup rate (weekly) increased by 0.32% from 70% to 70.32% - The recycled cotton - type load index (weekly) decreased by 0.63% from 54.81% to 55.44% [3]

Investment Rating - The chemical industry is rated as "Weak" and stable for 2025, with expectations of continued low economic prosperity and pressure on profitability [1]. Core Insights - The chemical industry is expected to remain in a low prosperity phase in 2025, with most raw material and product prices at historical lows. The decline in oil, coal, and gas prices has eased raw material cost pressures for chemical companies, but has weakened support for product prices [1][7]. - The overall profitability of the chemical industry is under pressure, with different segments experiencing varying levels of impact. The supply side shows a slowdown in fixed asset investment, while certain petrochemical raw materials like ethylene and propylene are expected to see significant new capacity released [1][4]. - Demand from downstream sectors is expected to remain weak, with notable differences across industries. Real estate demand continues to be sluggish, while automotive production is growing rapidly, and the demand for chemical raw materials in the new energy and new materials sectors remains high [1][27][32]. Summary by Sections Industry Overview - The chemical industry is categorized into basic chemicals and fine chemicals, with basic chemicals including acids, alkalis, and plastics, while fine chemicals encompass pesticides, fuels, and specialty chemicals [6]. Supply and Demand Dynamics - The supply of basic chemical raw materials is expected to grow moderately, while demand is anticipated to improve slightly. However, issues of overcapacity and homogenized competition are expected to persist in the short term [4][18]. - Fixed asset investment in the chemical industry has shown a general slowdown, with significant growth in the petrochemical and chemical fiber sectors, while investment in chemical raw materials and products has decreased [20][21]. Financial Performance - In the first three quarters of 2025, the overall operating income of sample companies in the chemical sector showed a slight decline, with profitability remaining at historical lows. However, cash flow from operations has improved [2][3]. - The credit quality of the chemical industry has weakened, with a concentration of credit ratings in the AAA and AA+ categories. The financing environment is stable, with a focus on leading companies [3][4]. Price Trends - The CCPI index for chemical products has shown a downward trend, with an average decline of 12.69% compared to 2023. Prices for many chemical products have reached historical lows due to weak demand and oversupply [9][17]. Sector-Specific Insights - In the agricultural chemicals sector, prices for key products like urea and glyphosate have fluctuated, influenced by global price trends and domestic demand [31]. - The new energy sector continues to drive demand for chemical raw materials, with significant growth in lithium battery production and renewable energy installations [32]. Future Outlook - The chemical industry is expected to face challenges in 2026, including continued overcapacity and competition issues. However, the fine chemicals sector is projected to develop towards high-end, green, and intelligent growth [4][5].

音烙橡胶呈报 81+ 研究中心能化团队 2026/02/03 P 不 As 占 商品 POY 1 石脑油日 PX CFR PTA内盘现 PTA平衡 仓单+有 PTA加 PTA负 石脑油裂 50D/4 聚酯毛利 TA基美 日期 原油 PX加工美 产销 工差 效预报 台湾 न्ह 解价差 K 荷 负荷 8F Hill 2026/0 67.6 5225 7055 73.21 103966 0.30 569 903 334.0 448 150 77.1 76.6 -78 1/27 2026/0 68.4 ୧୫୧ 924 5235 7055 83.13 339.0 351 144 77.1 76.6 103960 -78 0.25 1/28 图H 2026/0 70.7 921 5245 7030 77.70 113 77 P -78 0.30 596 325.0 374 76.6 103558 1/29 2026/0 70.7 597 914 5280 7120 317.0 103558 0.30 78.34 443 171 75.4 76.6 -78 1/30 2026/0 l 图H 581 5095 7120 7 ...