Group 1: Report Overview - Report Name: Aromatics and Rubber Morning Report [1][2] - Research Team: Research Center's Energy and Chemicals Team - Date: June 20, 2025 Group 2: Report Industry Investment Rating - No industry investment rating is provided in the report. Group 3: Report Core Views - **PTA**: Near - term TA开工 continues to rise, new devices stably increase loads, polyester开工 slightly declines, inventory accumulates, basis remains strong, and spot processing fees weaken. PX domestic开工 declines month - on - month, overseas continues to rise, PXN and structure continue to weaken. Bottleneck in bottle chips may drag down polyester load further. TA is entering the inventory accumulation stage, and opportunities to shrink processing fees on rallies should be noted [2]. - **MEG**: Near - term maintenance resumes,开工 rises significantly, port inventory slightly accumulates with stable arrivals, downstream stocking levels decline, basis weakens significantly, and oil - based benefits are compressed. The fastest port destocking stage is over, transitioning to a balanced and slightly accumulative stage. It is expected to be range - bound, and changes in Iranian imports should be noted [3]. - **Polyester Staple Fiber**: Near - term device operation is stable,开工 remains at 92.1%, sales improve month - on - month, and inventory decreases month - on - month. On the demand side,开工 of polyester yarn declines, raw material stocking increases, finished product inventory accumulates month - on - month, and benefits decline month - on - month. Supply reduction of staple fiber is limited, and benefits may recover due to the decline in polyester开工 caused by bottle chip production cuts. Downstream has no obvious improvement, and processing fees are expected to remain weak. Attention should be paid to whether there are further production cuts in the industry [3]. - **Natural Rubber & 20 - grade Rubber**: National explicit inventory remains stable at a relatively low level but does not show seasonal destocking. Thai cup rubber prices rebound due to rainfall affecting tapping. The strategy is to wait and see [3]. - **Styrene**: No overall view is summarized in the report, only data changes are presented. Group 4: Data Summary by Product PTA | Date | Crude Oil | Naphtha | PX CFR | PTA Domestic Spot | Naphtha Cracking Spread | PTA Processing Spread | PTA Balance Load | PTA Negative Load | Warehouse Receipts + Effective Forecast | TA Basis | Sales | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/06/13 | 74.2 | 621 | 854 | 5010 | 6975 | 76.39 | 233.0 | 343 | 67 | 85.6 | 83.0 | | 2025/06/16 | 73.2 | 624 | 862 | 5005 | 7030 | 87.35 | 238.0 | 297 | 118 | 85.6 | 83.0 | | 2025/06/17 | 76.5 | 626 | 880 | 5020 | 7030 | 65.25 | 254.0 | 209 | 98 | 85.6 | 83.0 | | 2025/06/18 | 76.7 | 633 | 888 | 5190 | 7130 | 70.92 | 255.0 | 333 | 25 | 85.6 | 83.0 | | 2025/06/19 | 78.9 | 643 | 904 | 5190 | 7120 | 64.66 | 261.0 | 247 | - 3 | 85.6 | 83.0 | | Change | 2.2 | 10 | 16 | 0 | - 10.00 | - 6.26 | 6.0 | - 86 | - 28 | 0.0 | 0.0 | [2] MEG | Date | Northeast Asia Ethylene | MEG FOB Price | MEG Domestic Price | MEG East China Price | MEG Forward Price | MEG Coal - based Profit | MEG Domestic Cash Flow (Ethylene) | MEG Total Load | Coal - based MEG Load | MEG Port Inventory | Non - coal - based Load | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/06/13 | 790 | 518 | 4400 | 4415 | 4395 | 414 | - 515 | 66.6 | 68.4 | 61.6 | 60 | | 2025/06/16 | 800 | 522 | 4426 | 4440 | 4423 | 414 | - 540 | 66.6 | 68.4 | 61.6 | 60 | | 2025/06/17 | 820 | 522 | 4446 | 4460 | 4445 | 414 | - 616 | 66.6 | 68.4 | 61.6 | 60 | | 2025/06/18 | 830 | 532 | 4529 | 4545 | 4530 | 414 | - 584 | 66.6 | 68.4 | 61.6 | 60 | | 2025/06/19 | 830 | 534 | 4585 | 4602 | 4588 | 414 | - 526 | 66.6 | 68.4 | 61.6 | 60 | | Change | 0 | 2 | 56 | 57 | 58.00 | 0.00 | 58 | 0 | 0 | 0 | 0 | [3] Polyester Staple Fiber | Date | 1.4D Cotton - type | Low - melting Point Staple Fiber | Primary Hollow | Imitation Large - diameter Chemical Fiber | Pure Polyester Yarn | Polyester - Cotton Yarn | Primary Staple Fiber Load | Recycled Cotton - type Load | Polyester Yarn Operation | Staple Fiber Profit | Pure Polyester Yarn Profit | Cotton - Polyester Staple | Viscose - Polyester Staple | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/06/13 | 6665 | 7355 | 7150 | 5850 | 12100 | 16500 | 92 | 49 | 67 | - 109 | - 15 | 7990 | 6085 | | 2025/06/16 | 6690 | 7355 | 7150 | 5850 | 12100 | 16500 | 92 | 49 | 67 | - 89 | 10 | 8005 | 6070 | | 2025/06/17 | 6710 | 7355 | 7150 | 5850 | 12100 | 16500 | 92 | 49 | 67 | - 88 | - 10 | 7980 | 6050 | | 2025/06/18 | 6835 | 7585 | 7280 | 5850 | 12100 | 16300 | 92 | 49 | 67 | - 136 | - 85 | 7895 | 5925 | | 2025/06/19 | 6890 | 7585 | 7280 | 5850 | 12100 | 16300 | 92 | 49 | 67 | - 100 | - 140 | 7800 | 5870 | | Daily Change | 55 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36 | - 55 | - 95 | - 55 | [3] Natural Rubber & 20 - grade Rubber | Date | US Dollar Thai Standard Spot | US Dollar Thai Mixed Spot | RMB Mixed Rubber | Shanghai Whole Milk | Shanghai 3L | Thai Latex | Thai Cup Rubber | Yunnan Latex | Hainan Latex | Butadiene Rubber | RU Main Contract | NR Main Contract | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/06/13 | 1685 | 1690 | 13720 | 13475 | 14950 | 56.8 | 47.1 | 13100 | 15000 | 11500 | 13875 | 12105 | | 2025/06/16 | 1695 | 1695 | 13750 | 13510 | 14900 | 56.8 | 47.5 | 13000 | 15000 | 11600 | 13910 | 12160 | | 2025/06/17 | 1695 | 1695 | 13740 | 13470 | 14950 | 57.0 | 47.2 | 13000 | 15100 | 11600 | 13870 | 12140 | | 2025/06/18 | 1715 | 1710 | 13850 | 13610 | 14900 | 57.5 | 47.7 | 13200 | 15100 | 11750 | 14010 | 12330 | | 2025/06/19 | 1715 | 1710 | 13860 | 13630 | 14800 | 57.8 | 48.3 | 13200 | 15400 | 11750 | 14030 | 12280 | | Daily Change | 0 | 0 | 10 | 20 | - 100 | 0 | 1 | 0 | 300 | 0 | 20 | - 50 | | Weekly Change | 45 | 45 | 320 | 445 | 50 | 1 | 2 | 100 | 400 | 350 | 445 | 350 | [3] Styrene | Date | Ethylene (CFR Northeast Asia) | Pure Benzene (CFR China) | Pure Benzene (East China) | Hydrogenated Benzene (Shandong) | Styrene (CFR China) | Styrene (Jiangsu) | Styrene (South China) | EPS (East China General Material) | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/06/13 | 790 | 782 | 6335 | 6350 | 945 | 8035 | 8140 | 8850 | | 2025/06/16 | 800 | 781 | 6315 | 6330 | 940 | 7920 | 8075 | 8850 | | 2025/06/17 | 810 | 775 | 6230 | 6235 | 925 | 7805 | 7950 | 8850 | | 2025/06/18 | 820 | 791 | 6360 | 6350 | 950 | 8010 | 8050 | 8850 | | 2025/06/19 | 820 | 791 | 6410 | 6400 | 955 | 8100 | 8100 | 8950 | | Daily Change | 0 | 0 | 50 | 50 | 5 | 90 | 50 | 100 | [3]

连续八年入围该榜单，不仅是市场对恒力综合实力的认可，更是中国品牌全球影响力的生动注脚。 当前，面对新一轮科技革命与产业变革，恒力集团将以绿色化、智能化、数字化为引擎，持续为品牌注 入发展动能。未来，恒力将继续深耕实体经济，以更强劲姿态向世界一流品牌行列迈进。 据了解，世界品牌实验室编制中国品牌报告已22年，2004年入选门槛仅为五亿元，前500名品牌的 平均价值为49.43亿元。今年，入选门槛提高到42.91亿元，前500名品牌的平均价值达840.53亿元，增幅 1600.45%。此次年度报告显示，江苏有38个品牌入选，数量位列第五位。 荣誉的背后，是恒力集团31年深耕实业的坚守与突破。自创立以来，恒力始终秉持"要做就做最 好"的企业信条，以"建世界一流企业，创国际知名品牌"为目标，构建起"从一滴油到一匹布"的全产业 链布局，形成以"恒力"为核心主品牌，多领域协同发展的品牌矩阵。 创新驱动是恒力品牌跃升的核心密码。今年4月，恒力集团专利授权总数突破2000件大关，这一里 程碑标志着其在纺织、化纤、新材料、石化、炼化、化工、高端装备制造等关键领域的创新能力迈上新 台阶。依托"全产业链+自主研发"双轮驱动模式，恒 ...

Core Viewpoint - The company, Xin Feng Ming, announced the acquisition of a 36% stake in Zhejiang Jinlian Port Co., Ltd. for 70.08 million yuan, despite Jinlian Port's projected losses for 2024 and Q1 2025 [1][2][3]. Group 1: Acquisition Details - The acquisition is aimed at enhancing the raw material supply chain capabilities of Xin Feng Ming's wholly-owned subsidiary, Zhejiang Dushan Energy Co., Ltd. [1][2] - The transaction was approved by the company's board and does not require shareholder approval [2]. - Jinlian Port reported a net loss of 26.39 million yuan for 2024 and a loss of 4.26 million yuan for Q1 2025 [1][2]. Group 2: Financial Implications - The investment is expected to have a minimal impact on the company's performance in 2025 and beyond [3]. - Jinlian Port's net assets were approximately 47.86 million yuan at the end of the previous year [2]. Group 3: Valuation and Pricing - The valuation of Jinlian Port was assessed using both asset-based and income approaches, with the asset-based method yielding a value of about 120 million yuan for the entire company [4]. - The acquisition price of 70.08 million yuan is 60% higher than the estimated value of the 36% stake, which was approximately 43.64 million yuan based on the asset valuation [5].

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 客 服 热线 官 方 网 站 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 56. 00% 57.00% 1. 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· t T325年演出 (群贝) 解日示52E= 舞想坝金流 ·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 ...

Core Viewpoint - The company Xin Feng Ming announced the acquisition of a 36% stake in Zhejiang Jin Lian Port Co., Ltd. for 70.08 million yuan, despite Jin Lian Port's projected losses in 2024 and Q1 2025, aiming to enhance its supply chain capabilities [1][2][6]. Group 1: Acquisition Details - The acquisition is made by Xin Feng Ming's wholly-owned subsidiary, Zhejiang Du Shan Energy Co., Ltd. [2] - The transaction was approved by the company's board and does not require shareholder approval [3]. - Jin Lian Port, established in 2011, primarily operates in port management [3]. Group 2: Financial Performance of Jin Lian Port - Jin Lian Port reported a total asset of approximately 19708.53 million yuan and total liabilities of 14922.55 million yuan as of December 31, 2024 [4][5]. - The net profit for 2024 is projected to be a loss of 2638.73 million yuan, with a further loss of 426.37 million yuan in Q1 2025 [5][6]. Group 3: Valuation and Pricing - The valuation of Jin Lian Port's equity was assessed at approximately 120 million yuan using the asset-based approach, while the income approach yielded a lower valuation of 70 million yuan [8]. - The acquisition price of 70.08 million yuan for a 36% stake is 60% higher than the assessed value of approximately 43.64 million yuan [7][9]. - The company justified the higher price by considering the asset-heavy nature of Jin Lian Port, which includes significant investments in port facilities [8].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoint - The conflict between Iran and Israel has further escalated. Israel attacked Iran's oil field facilities, and Iran responded. It is expected that crude oil prices will continue to rise, and the chemical industry as a whole will follow. Despite the expected reduction in polyester downstream load, it remains at 91.3%, and the actual polyester production has reached a new high. Recent promotions have helped with inventory reduction. PTA will reduce inventory in the future, and the move of mainstream factories to increase basis sales has had a significant impact on the market, making PTA spot supply tight. Affected by the rising crude oil prices, market purchasing willingness has increased. The maintenance of a PX plant in Northeast China and a reforming unit in Zhejiang has been postponed [2] 3. Summary by Relevant Indicators Price and Change - PTA spot price increased from 5005 to 5020, with a change of 15 [2] - MEG inner - market price increased from 4426 to 4446, with a change of 20 [2] - PTA closing price increased from 4766 to 4782, with a change of 16 [2] - MEG closing price increased from 4374 to 4400, with a change of 26 [2] - 1.4D direct - spun polyester staple fiber price increased from 6690 to 6710, with a change of 20 [2] - Short - fiber basis increased from 79 to 83, with a change of 4 [2] - 7 - 9 spread remained unchanged at 152 [2] - Polyester staple fiber cash flow increased from 240 to 246, with a change of 6 [2] - 1.4D imitation large - chemical fiber price remained unchanged at 5850 [2] - The price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 840 to 860, with a change of 20 [2] - East China water - bottle chip price decreased from 6075 to 6059, with a change of - 16 [2] - Hot - filling polyester bottle chip price decreased from 6075 to 6059, with a change of - 16 [2] - Carbonated - grade polyester bottle chip price decreased from 6175 to 6159, with a change of - 16 [2] - Outer - market water - bottle chip price remained unchanged at 800 [2] - Bottle - chip spot processing fee decreased from 313 to 277, with a change of - 35.53 [2] - T32S pure polyester yarn price remained unchanged at 10600 [2] - T32S pure polyester yarn processing fee decreased from 3910 to 3890, with a change of - 20 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16500 [2] - Cotton 328 price decreased from 14695 to 14690, with a change of - 5 [2] - Polyester - cotton yarn profit decreased from 1510 to 1498, with a change of - 11.37 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 7150 [2] - Hollow staple fiber 6 - 15D cash flow decreased from 188 to 168, with a change of - 19.53 [2] - Primary low - melting - point staple fiber price remained unchanged at 7355 [2] Load and Production and Sales - Direct - spun staple fiber load (weekly) increased from 88.90% to 91.30%, with a change of 0.02 [3] - Polyester staple fiber production and sales increased from - 106.00% to 56.00%, with a change of 162.00% [3] - Polyester yarn startup rate (weekly) remained unchanged at 67.00% [3] - Regenerated cotton - type load index (weekly) remained unchanged at 50.40% [3]

Summary of Conference Call on Polyester Bottle Chip Industry Industry Overview - The conference call involved leading companies in the polyester bottle chip industry, including Yisheng, China Resources, Wankai, Sinopec, and Sanfangxiang, which reached a consensus to reduce production by 20% to enhance industry profitability [2][3][4]. Key Points and Arguments - **Production Reduction Plan**: The industry has initiated a self-regulatory production cut of 20%, aiming to improve profit margins and stabilize processing fees at around 500 RMB per ton [2][3][6]. - **Capacity Control**: A commitment was made to prohibit any new polyester bottle chip production capacity for the next three years, ensuring controlled market supply and stable processing fees [2][4]. - **Industry Supervision Committee**: An industry supervision committee will be established to monitor the execution of the production cut and oversee industry operating rates, with the goal of reducing social inventory to reasonable levels [2][9]. - **Market Demand**: From January to May 2025, order volumes remained stable compared to the previous year, with exports around 700,000 tons and domestic growth rates of approximately 7% [2][14][15]. - **Price Dynamics**: The first quarter of 2025 saw favorable price differentials for polyester chips, but the second quarter faced pressure due to rising upstream raw material prices (PX, PTA) and increased operating rates [2][11]. Additional Important Insights - **Export Performance**: China’s bottle chip exports account for about 40% of total production, with export prices and volumes outperforming domestic sales despite rising shipping costs [5][17]. - **Future Capacity Outlook**: An additional 2 million tons of production capacity is expected to be introduced in the first half of 2025, but no new capacity is anticipated from 2026 onwards, indicating a potential improvement in industry profitability [5][12]. - **Inventory Levels**: Current social inventory has decreased significantly compared to the end of last year, although it remains high relative to historical data due to recent increases in total inventory levels [10]. - **Market Sentiment**: The industry outlook is cautiously optimistic, supported by the cooperation of major enterprises, particularly state-owned companies like China Resources [8]. Conclusion The polyester bottle chip industry is undergoing significant changes with a focus on production cuts and capacity control to stabilize prices and improve profitability. The establishment of a supervisory committee and the commitment to avoid new capacity additions reflect a strategic shift towards sustainable growth in the sector.

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 ...

东方盛虹（000301）公告，控股股东江苏盛虹科技股份有限公司的一致行动人盛虹(苏州)集团有限公司 计划自公告披露日起6个月内，通过深圳证券交易所以集中竞价交易方式增持公司A股股份，增持金额 不低于5亿元，不超过10亿元。截至公告披露日，盛虹苏州持有公司6.08%股份。本次增持计划不设定 价格区间，增持主体将根据公司股票价格波动情况及资本市场整体趋势择机实施。增持计划的资金安排 为自有资金和专项贷款相结合，专项贷款金额不超过9亿元。 ...

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].