Commodity Price Information - Crude oil price on September 16, 2025, was $604.88 per ton, up 0.60% from the previous day [1] - Northeast Asia ethylene price on September 16, 2025, was $851 per ton, unchanged from the previous day [1] - East China ethylene oxide ex - factory price on September 16, 2025, was $6300 per ton, unchanged from the previous day [1] - Inner Mongolia brown coal price on September 16, 2025, was $290 per ton, unchanged from the previous day [1] - Main contract settlement price on September 16, 2025, was $4298 per ton, up 0.49% from the previous day [1] - Near - month contract closing price on September 16, 2025, was $4338 per ton, up 0.81% from the previous day [1] - Inner - market ethylene glycol price on September 16, 2025, was $4380 per ton, unchanged from the previous day [1] - Near - far month price difference on September 16, 2025, was - $21 per ton [1] - Ethylene glycol comprehensive price difference on September 16, 2025, was - $14 per ton [1] Operating Rate and Load Rate - Oil - based ethylene glycol operating rate on September 16, 2025, was 65% [1] - Coal - based ethylene glycol operating rate on September 16, 2025, was 8.14% [1] - PTA factory load rate on September 16, 2025, was 88.88% [1] - Jiangsu and Zhejiang PTA textile machine industry load rate on September 16, 2025, was 65.54% [1] Other Information - Outer - market oil - based ethylene glycol price on September 16, 2025, was $126.89 per ton, a decrease of $5.64 from the previous day [1] - Outer - market ethylene price on September 16, 2025, was $141.11 per ton, unchanged from the previous day [1] - After - tax gross profit of coal - based synthesis gas method on September 16, 2025, was $1511.08 per ton, a decrease of $13.8 from the previous day [1] - Polyester price index on September 16, 2025, was $8550 per ton, unchanged from the previous day [1] - Polyester staple fiber price index on September 16, 2025, was $640 per ton, up 0.8% from the previous day [1] - Bottle - grade chip price index on September 16, 2025, was $5850 per ton, up 0.34% from the previous day [1]

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Report's Core Views - **PTA**: Near - end TA maintenance is over, and the start - up rate has increased. Polyester load has slightly risen, inventory is stable, the basis is weak, and spot processing fees are at a low level. PX domestic start - up has increased, and overseas plants have restarted. In the future, TA de - stocking will slow down, and long - term inventory accumulation is expected. However, processing fees are extremely low and have lasted for a long time. With the gradual return of PX supply, attention should be paid to the opportunity to expand processing fees under potential additional maintenance [1]. - **MEG**: Near - end domestic oil - based EG is stable, coal - based start - up has slightly increased, and overall load has recovered. Overseas, there are both maintenance and restarts. Port inventory has slightly accumulated. Downstream stocking levels have increased, the basis has weakened, and the benefit ratio has shrunk. New EG devices are put into operation earlier than expected, and valuations are significantly compressed. In the future, ports may start to gradually accumulate inventory, but the current inventory is not high, and valuations may be slowly compressed. Attention should be paid to the cost support of coal - based production [6]. - **Polyester Staple Fiber**: Near - end plants such as Sanfangxiang and Yizheng have increased their loads, and the start - up rate has reached 94.4%. Production and sales have improved, and inventory has slightly decreased. On the demand side, the start - up rate of the polyester yarn end is stable, raw material stocking has decreased, and finished product inventory has decreased. In the future, the rate of increasing the load at the polyester yarn end may slow down. The start - up rate of staple fiber is expected to remain high due to good spot benefits, and inventory pressure is limited. Processing fees are expected to fluctuate [6]. - **Natural Rubber**: National explicit inventory is stable, and the price of Thai cup lump rubber is stable. Rainfall has affected rubber tapping [6]. 3. Summary by Related Catalogs PTA - **Market Data**: From September 10 - 16, 2025, data on POY, PX CFR, PTA internal spot, etc. are presented, including prices, spreads, and load rates. For example, on September 10, PX CFR was 67.5, and PTA internal spot was 603 [1]. - **Device Changes**: Near - end TA maintenance is over, and the start - up rate has increased [1]. MEG - **Market Data**: From September 10 - 16, 2025, data on MEG internal and external prices, cash flow, load, and inventory are provided. For example, on September 10, MEG internal price was 4439, and the load was 74.9 [6]. - **Device Changes**: Near - end domestic oil - based EG is stable, coal - based start - up has slightly increased, and overall load has recovered. Overseas, there are both maintenance and restarts [6]. Polyester Staple Fiber - **Market Data**: From September 1 - 16, 2025, data on spot prices, spreads, and load rates are given. For example, on September 1, the spot price of 1.4D cotton - type staple fiber was 6540 [6]. - **Device Changes**: Near - end plants such as Sanfangxiang and Yizheng have increased their loads, and the start - up rate has reached 94.4% [6]. Natural Rubber - **Market Data**: From September 1 - 16, 2025, data on prices of Thai glue, cup lump rubber, and various rubber products are presented. For example, on September 1, the price of Thai glue was 1855 [6]. - **Main Contradictions**: National explicit inventory is stable, and the price of Thai cup lump rubber is stable. Rainfall has affected rubber tapping [6]. Other Chemical Products - **Ethylene, Pure Benzene, etc.**: From September 10 - 16, 2025, data on prices and production profits of ethylene, pure benzene, styrene, and related products are provided. For example, on September 10, the price of ethylene (CFR Northeast Asia) was 840, and the production profit of non - integrated styrene was - 338 [10].

Core Viewpoint - Huaxi Co., Ltd. is progressing its chemical fiber expansion project according to the established plan, with all indicators meeting expected targets [2] Company Summary - The company has confirmed that its chemical fiber expansion project is on track and progressing as planned [2] - All performance indicators related to the project have reached the anticipated goals [2]

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【短纤维维持区间内震荡走势】OPEC+10月维持增产基调，供应过剩风险增强。传统燃油旺季结束， 需求进入拐点，供需呈供大于求，地缘局势暂难激化，原油支撑不足。9月以来国内PTA行情小幅下 跌，恒力惠州、新凤鸣等检修装置9月初重启，供应偏紧格局改善。当前行业开工率约77%，10月有新 装置投产预期，国内供应将持续增加。下游纺纱订单需求较上月回暖，虽订单量不及预期，但消息面提 振业者心态，涤纶短纤采购量温和增加。"金九"期间，保暖面料等品类销售尚可，家纺行业贡献需求增 量。部分坯布厂秋冬季面料打样需求阶段性回暖，市场订单以散单、小单为主。分析师认为，成本端 PTA供应增加，国际原油基本面弱、技术面反弹，需求端"金九"旺季未达预期，终端企业开工提升慢。 若无新增利好，短期涤纶短纤涨势难延续，主力合约或维持8300 - 8700震荡。 ...

Group 1: Core View - Domestic PTA installations are gradually resuming, leading to an increase in domestic PTA production and a rapid decline in PTA basis. OPEC+ will consider increasing oil production again at Sunday's meeting. The spread between PX and naphtha remains stable. With recent improvements in sales and inventory reduction, especially significant inventory reduction in filaments, downstream profits have been significantly restored, and the operating load of polyester has rebounded to 91%. However, due to the decline in crude oil prices and the weakening of the basis, PTA has shown weak performance [2] Group 2: Market Data Summary PTA and MEG - PTA spot price increased from 4575 to 4600, with a change of 25.00; MEG domestic price decreased from 4386 to 4378, with a change of -8.00. PTA closing price rose from 4648 to 4672, a change of 24.00; MEG closing price increased from 4272 to 4288, a change of 16.00 [2] Short Fiber - 1.4D direct-spun polyester staple fiber rose from 6520 to 6535, with a change of 15.00; short fiber basis increased from 90 to 102, a change of 12.00; 10 - 11 spread decreased from 6 to 4, a change of -2.00; polyester staple fiber cash flow increased from 240 to 246, a change of 6.00; 1.4D imitation large chemical fiber decreased from 5700 to 5650, a change of -50.00; the spread between 1.4D direct-spun and imitation large chemical fiber increased from 820 to 885, a change of 65.00 [2] Bottle Chip - Polyester bottle chip prices in the Jiangsu and Zhejiang markets were in the range of 5820 - 5880 yuan/ton, with the average price rising by 15 yuan/ton compared to the previous working day. The spot processing fee of bottle chips decreased from 469 to 422, a change of -46.70 [2] Others - T32S pure polyester yarn price remained unchanged at 10300; T32S pure polyester yarn processing fee decreased from 3780 to 3765, a change of -15.00; cotton 328 price increased from 14950 to 15005, a change of 55.00; polyester-cotton yarn profit decreased from 1296 to 1265, a change of -30.73; the price of virgin three-dimensional hollow (with silicon) decreased from 7095 to 7050, a change of -45.00; the cash flow of hollow staple fiber 6 - 15D decreased from 514 to 450, a change of -63.69; the price of virgin low-melting staple fiber remained unchanged at 7430 [2] Load and Production and Sales - The weekly load of direct-spun staple fiber increased from 90.60% to 91.10%, a change of 0.01; the production and sales of polyester staple fiber decreased from 64.00% to 51.00%, a change of -13.00%; the weekly start-up rate of polyester yarn increased from 62.00% to 62.80%, a change of 0.01; the weekly load index of recycled cotton-type fiber increased from 49.00% to 49.50%, a change of 0.01 [3]

中化新网讯 9月9日，帝人株式会社旗下泰国子公司帝人聚酯(泰国)有限公司宣布，计划将其位于泰国空 銮的聚酯长丝产能提升至620吨/年。 目前，帝人子公司帝人前沿正针对性生产满足此类需求的纱线，但由于前端加工设备同时承担工业纤维 用回收聚酯长丝与其他工业材料用功能聚酯长丝的生产任务，产能提升面临瓶颈。泰国空銮工厂生产的 高强度回收聚酯长丝及功能性聚酯长丝计划销往日本及国际市场，作为帝人前沿集团的原料纱线和成 品。 此次扩产旨在应对回收聚酯长丝需求的显著增长，该需求主要由资源循环倡议及2023年欧盟《报废车辆 (ELV)法规提案》推动。新法规基于原有ELV指令和"3R(再利用、回收、再生)认证指令"，旨在强化回 收力度并减少废弃物。帝人指出，受此影响，市场对兼具高强度、阻燃性等增强功能的聚酯长丝需求持 续上升。 ...

Investment Rating - Industry Rating: Neutral (maintained rating) [6] Core Viewpoints - The Ministry of Industry and Information Technology (MIIT) is advancing a series of green factory expansion plans during the 14th Five-Year Plan period, aiming to establish the world's largest and most complete new energy industry chain [1][13] - The basic chemical sector has shown a week-on-week increase of 2.45%, outperforming the CSI 300 index by 1.07 percentage points, ranking 10th among all sectors [4][15] - Key sub-industries with significant week-on-week growth include spandex (+13.32%), potassium fertilizer (+7.27%), and membrane materials (+5.72%) [19][15] Summary by Sections Key News Tracking - MIIT emphasizes the promotion of green manufacturing systems and the establishment of zero-carbon factories and parks [1][13] - The basic chemical sector's performance is highlighted, with a notable increase in various chemical product prices [2][4] Product Price Tracking - Key chemical products such as viscose staple fiber and epoxy chloropropane have seen price increases of 3.1% and 6% respectively [2][3] - The top five chemical products with the highest price increases include carbon dioxide (+16%), natural gas (+14.8%), and epoxy chloropropane (+6%) [2][29] Sector Performance - The basic chemical sector's PB ratio is 2.43, while the overall A-share market's PB is 1.69 [25] - The PE ratio for the basic chemical sector stands at 28.54, compared to 17.39 for the overall A-share market [25] Key Sub-Industry Insights - Focus on sub-industries that are at the bottom of the cycle, with stable demand and global supply dominance, such as MDI and amino acids [5] - Recommendations for companies in the organic silicon and spandex sectors, indicating potential recovery opportunities [5][6]

Investment Rating - The report maintains a "Recommendation" rating for Taihe New Materials (002254) [1] Core Views - The company reported a revenue of 1.903 billion yuan for H1 2025, a decrease of 2.48% year-on-year, with a net profit attributable to shareholders of 26 million yuan, down 77.58% year-on-year [1] - The advanced textile products segment, particularly spandex, continues to face challenges with a revenue of 718 million yuan in H1 2025, down 12.59% year-on-year [7] - The aramid coating industrialization project has commenced trial production, with expectations for gradual market penetration and capacity release in the future [7] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 3.929 billion, 4.465 billion, 5.831 billion, and 7.568 billion yuan respectively, with year-on-year growth rates of 0.1%, 13.6%, 30.6%, and 29.8% [3] - Net profit attributable to shareholders is projected to be 90 million, 72 million, 180 million, and 338 million yuan for the same years, with year-on-year growth rates of -73.1%, -19.7%, 150.3%, and 88.2% [3] - The target price for the stock is set at 12.6 yuan, with the current price at 10.19 yuan [3] Industry Insights - The aramid industry is experiencing intensified competition, leading to a slight decline in gross margins due to increased production capacity and weak demand in traditional industrial sectors [7] - The spandex market is facing a supply-demand imbalance, with domestic production capacity reaching 1.43 million tons in H1 2025, an increase of 76,000 tons from the end of 2024, while demand growth remains limited [7] - The company's SAFEBM® battery aramid coating separator project has made significant progress, with small batch orders from clients and ongoing efforts to accelerate industrialization [7]

1. Report Industry Investment Rating No information provided in the documents. 2. Core Views of the Report - PTA: The start - up of PTA devices has rebounded slightly, polyester load has increased, inventory has continued to decline, basis has weakened month - on - month, and spot processing fees have declined. PX domestic start - up is stable, overseas devices are restarted, PXN has weakened month - on - month. Although TA inventory continues to decline, its structure and efficiency are still weakening. Considering the lack of unexpected performance in polyester and subsequent new production, there is an expectation of inventory accumulation in the far - month. However, the processing fee has reached a very low level, and PX supply is gradually recovering. One can pay attention to the opportunity of expanding the processing fee at low prices [1]. - MEG: Recently, domestic oil - based production has increased the load, coal - based start - up has slightly declined, the overall load has decreased, overseas maintenance has increased. At the beginning of the week, port inventory continued to decline, and the arrival of goods within the week has rebounded. Downstream inventory levels have decreased, and the basis has strengthened month - on - month. There is an expectation of inventory accumulation in the far - month due to the return of maintenance and the commissioning of new devices. The pattern is not bad, and the profit level is also considerable. It is expected to fluctuate in a relatively wide range. One should pay attention to the restart progress of Satellite and Xinrun [8]. - Polyester Staple Fiber: Recently, the start - up of Xin凤鸣, Times Hollow, and Zhongtai has increased, and the start - up rate has reached 93.9%. Sales have weakened month - on - month, and inventory has remained stable month - on - month. On the demand side, the start - up of the polyester yarn end has slightly increased, raw material inventory has rebounded, and finished product inventory has continued to accumulate, with weak efficiency. In the future, the start - up rate of the polyester yarn end may slow down after the accumulation of finished product inventory. It is expected that the start - up will remain high under the good spot efficiency of staple fiber, and the processing fee is expected to fluctuate [8]. - Natural Rubber: The national explicit inventory remains stable at an absolute level, and the price of Thai cup rubber remains stable. The strategy is to wait and see [8]. 3. Summaries According to Related Catalogs PTA - **Device Changes**: Dushan Energy's 2.5 million - ton device and Hengli Huizhou's 2.5 million - ton device have been restarted [1]. - **Market Data**: From September 5th to 11th, 2025, the price of PTA internal - market spot fluctuated, the PX processing difference changed slightly, and the polyester production and sales rate also had certain fluctuations [1]. MEG - **Device Changes**: Shaanxi Weihua's 300,000 - ton device, Inner Mongolia Jianyuan's 260,000 - ton device, and Xinjiang Tianying's 150,000 - ton device have been under maintenance [8]. - **Market Data**: From September 5th to 11th, 2025, the prices of MEG in various markets such as the East China market, far - month market, and coal - based market have changed to different degrees, and the profit and load have also shown corresponding changes [8]. Polyester Staple Fiber - **Device Changes**: Recently, Xin凤鸣, Times Hollow, and Zhongtai have increased their loads, and the start - up rate has reached 93.9% [8]. - **Market Data**: From September 5th to 11th, 2025, the prices of various types of staple fibers and related products such as pure polyester yarn and polyester - cotton yarn have changed to different degrees, and the load and profit have also shown corresponding changes [8]. Natural Rubber - **Market Data**: From September 5th to 11th, 2025, the prices of various types of natural rubber such as Shanghai full - latex, Shanghai 3L, and Thai cup rubber have changed to different degrees, and the price difference and processing profit have also shown corresponding changes [8]. Other Chemical Products - **Ethylene, Pure Benzene, Styrene, etc.**: From September 5th to 11th, 2025, the prices of ethylene (CFR Northeast Asia), pure benzene (CFR China), styrene (East China), etc. have changed to different degrees, and the production profits of related products such as ABS, EPS, and PS have also shown corresponding changes [8].

供应缩量支撑价格韧性，TA驱动有待终端放量 一、日度市场总结 1. PTA&PX 09月10日，PX 主力合约收6770.0元/吨，较前一交易日收涨0.65%，基差 为-149.0元/吨。PTA 主力合约收4698.0元/吨，较前一交易日收涨0.43%， 基差为-88.0元/吨。 成本端，09月10日，布油主力合约收盘66.53美元/桶。WTI收62.77美元/ 桶。需求端，09月10日，轻纺城成交总量为702.0万米，15 日平均成交为 662.8万米。 供给端： PX短期供应存在趋紧预期。尽管原油价格维持窄幅震荡对PX成本端驱动有 限，但PX装置开工率小幅下降，叠加下游PTA负荷降低导致PX采购节奏放 缓，或倒逼PX厂商调整开工率，从而支撑PX价格。PTA方面，近期部分大型 装置因加工费低迷进入检修（如逸盛宁波200万吨装置停车），行业整体负 荷已降至75%以下，供应缩量或对PTA价格形成底部支撑。 需求端： 聚酯需求仍存韧性但边际转弱风险增大。当前聚酯开工率维持在89%高位， 但需警惕终端坯布库存持续累积，欧美秋冬订单前置效应逐步消退，可能 压制后续补库动能。 库存端： PTA工厂库存去化力度成为关键变 ...