第一条 为了进一步规范公司董事会的议事方式和决策程序，促使董事和董事会有效 地履行其职责，提高董事会规范运作和科学决策水平，根据《中华人民共和国公司法》《 中华人民共和国证券法》《上市公司治理准则》，结合公司章程及公司的具体情况，制订 本规则。 第二条 董事会下设董秘办，处理董事会日常事务。董事会秘书兼任董秘办负责人， 负责保管董事会印章。 吉林化纤股份有限公司 第三条 董事会会议分为定期会议和临时会议，董事会每年至少召开两次会议。 第四条 在发出召开董事会定期会议的通知前，董事会秘书应当充分征求各董事的意 见，初步形成会议提案后交董事长拟定。董事长在拟定提案前，应当视需要征求总经理和 其他高级管理人员的意见。 第五条 有下列情形之一的，董事会应当召开临时会议： （一）代表十分之一以上表决权的股东提议时； 第六条 按照前条规定提议召开董事会临时会议的，应当通过董秘办或者直接向董事 长提交经提议人签字（盖章）的书面提议。书面提议中应当载明下列事项： 提案内容应当属于本公司《公司章程》规定的董事会职权范围内的事项，与提案有关 的材料应当一并提交。董事会秘书在收到上述书面提议和有关材料后，应当于当日转交董 事长。董 ...

Group 1 - The company announced the approval of multiple proposals during the 17th meeting of the 10th Board of Directors, including the election of non-independent directors for the 11th Board of Directors [2]

Group 1 - The stock price of Haiyang Technology closed at 31.46 yuan on July 29, down by 0.09 yuan from the previous trading day [1] - The trading volume for the day was 18,925 hands, with a transaction amount of 59 million yuan, resulting in a turnover rate of 5.33% [1] - Haiyang Technology operates in the chemical fiber industry and is a newly listed stock under the registration system [1] Group 2 - The total market capitalization of Haiyang Technology is 5.702 billion yuan, with a circulating market value of 1.117 billion yuan [1] - The price-to-earnings (P/E) ratio is 45.17 times, and the price-to-book (P/B) ratio is 3.34 times [1]

Group 1 - The stock price of Suzhou Longjie closed at 14.57 yuan on July 29, down by 0.16 yuan, representing a decline of 1.09% [1] - The trading volume on that day was 63,350 hands, with a transaction amount of 0.92 billion yuan [1] - Suzhou Longjie specializes in the research, production, and sales of differentiated polyester filament and PTT fiber, with applications in clothing, home textiles, and industrial textiles [1] Group 2 - On July 29, the company announced the election of Guan Le as the employee representative director for the fifth board of directors during the employee representative assembly [1] - The temporary shareholders' meeting held on the same day approved the extension of the validity period for the resolution related to the targeted issuance of new shares [1] - The board meeting also approved the supplementary election of members for the audit committee and the strategic committee [1] Group 3 - On July 29, the net outflow of main funds was 6.6594 million yuan, accounting for 0.21% of the circulating market value [1]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and chemical fiber industry [1] Core Insights - The report highlights that the supply-side clearing pattern is improving, and the industry is awaiting a recovery in prosperity [1] - The report emphasizes the ongoing elimination and upgrading of outdated chemical facilities, which is expected to stabilize the supply side of the industry [4] - The polyester filament industry is experiencing a continuous increase in concentration, with leading companies likely to benefit from the recovery in industry prosperity [5][7] Summary by Sections Industry Overview - The chemical industry is undergoing a phase of eliminating outdated facilities, with a focus on safety and efficiency improvements. A plan has been issued for the period from 2024 to 2029 to phase out non-compliant production facilities and upgrade existing ones [4] - The domestic refining capacity is expected to be maintained at around 1 billion tons, with a target utilization rate of over 80% for major products by 2025 [4] Polyester Filament Sector - The domestic polyester filament capacity has grown from 33.28 million tons in 2019 to 43.16 million tons in 2023, with an annual growth rate of 5%. The growth rate is expected to slow down significantly due to high oil prices and weakened supply-demand dynamics [5] - The industry is shifting from extensive expansion to refined operations, with a focus on high-value-added products, which is expected to enhance the market competitiveness of leading companies [5][7] Investment Recommendations - The report suggests focusing on leading companies in the "refining-chemical fiber" sector, including Tongkun Co., Ltd., Xinfengming Group, Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, and Dongfang Shenghong, as they are expected to benefit from the ongoing industry recovery [8]

直纺短纤负荷(周) 92. 30% 93.00% (0. 01) 涤纶短纤产销 74. 00% 48.00% -26. 00% 涤纱开机率(周) 66. 00% 65.00% (0. 01) 再生棉型负荷指数(周) 51. 50% 46. 00% (0. 06) 涤纶短纤与纯涤纱价格 涤纶短纤现金流 10000 14000 10000 1800 (探偵) 太原始第 T325纯涤动价格 (器块) 解日式SZEL■ = 1.4D直纺余短 会短坝金流 9000 9000 13000 1400 8000 8000 12000 1000 7000 7000 6000 11000 600 6000 5000 10000 200 5000 4000 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 2023-01-01 2024-01-01 2025-01-01 涤棉纱65/35 45S价格与利润 中空短纤价格与现金流 10000 2500 22500 4000 条梯少利润 泽 ...

Supply and Demand - As of July 25, the restart of maintenance units has led to a recovery in short fiber load to approximately 90.6% (+1.1%) [3] - Downstream pure polyester yarn and polyester-cotton yarn maintain discussions for sales, but overall orders remain weak with inventory at high levels [3] Profitability - On July 28, the cash processing fee for short fibers is around 997 yuan/ton, while the processing fees for PF2509 and PF2510 contracts are 895 yuan/ton and 942 yuan/ton respectively [2] Market Outlook - Currently, the supply and demand for short fibers is marginally weakening, with prices having rebounded last week due to domestic macro sentiment, but downstream purchasing capacity remains weak [4] - The increase in short fiber prices is less than that of raw materials, leading to a significant compression in processing fees [4] - Short-term expectations for short fibers remain weak, with absolute prices fluctuating alongside raw materials; processing fees for PF contracts are expected to oscillate between 800-1100 with limited upward and downward drivers [4] Spot Market - On July 28, the direct-spun polyester short-term futures followed the weak trend of raw materials, with factory quotes maintained and transactions stabilizing, although sales have weakened [1] - Prices from traders have decreased, leading to increased downstream purchases and a noticeable increase in transaction volume [1] - Some basis prices have strengthened, with New Fengming (603225) and Sanfangxiang (600370) quoted at 09+150~160 yuan/ton, and Yida and Huaxi Village at 09+100 yuan/ton [1]

2025 年 07 月 29 日 短纤：情绪回落，偏弱震荡波动放大 瓶片：情绪回落，偏弱震荡波动放大 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin024367@gtjas.com 钱嘉寅（联系人） 从业资格号：F03124480 Qianjiayin028310@gtjas.com 【基本面跟踪】 | | | 昨日 | 前日 | 变化 | | 昨日 | 前日 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 短纤2508 | 6458 | ୧୧୨୪ | -140 | PF08-09 | -24 | -8 | -16 | | PF | 短纤2509 | 6482 | ୧୧୦୧ | -124 | PF09-10 | -50 | 36 | -86 | | | 短纤2510 | 6532 | 6570 | -38 | PF其差 | 128 | 54 | 74 | | | 短纤持仓量 | 271130 | 268777 | 2353 | 短纤华东现货价格 | 6.610 | 6.660 | -50 | | | 短纤成 ...

Group 1 - The A500 index (000510) increased by 0.02% as of July 28, 2025, with notable gains from companies such as Shenghong Technology (300476) up 12.77%, Xingsen Technology (002436) up 10.02%, and others [1] - As of July 27, 2025, 31 provinces in China released their mid-year economic performance, with 13 provinces reporting GDP exceeding 2 trillion yuan, including Guangdong and Jiangsu in the "6 trillion club" [1] - According to Everbright Securities, the current market trend is characterized by "rotational rebound," with a focus on sectors that have lagged behind in previous performance [1] Group 2 - The A500 ETF fund (512050) closely tracks the A500 index, which includes 500 securities selected for their large market capitalization and liquidity [2] - As of June 30, 2025, the top ten weighted stocks in the A500 index accounted for 20.67% of the index, with Kweichow Moutai (600519) being the largest [2] - The top ten stocks include notable companies such as Ningde Times (300750), China Ping An (601318), and BYD (002594) [2][3] Group 3 - The A500 ETF fund has several related funds, including the Huaxia A500 ETF Connect series, which offers different share classes [5]

Core Viewpoint - Tianfulong (603406.SH) has initiated its IPO with an issue price of 23.6 yuan per share and a price-to-earnings ratio of 20.93, which is lower than the industry average of 32.3, indicating potential investment attractiveness [1] Company Overview - Tianfulong specializes in the research, production, and sales of differentiated polyester staple fibers, expanding its product range from recycled colored polyester staple fibers to differentiated composite fibers and polyester new materials [1] - The company's differentiated composite fibers are characterized by high performance and recyclability, aimed at creating a healthy and green living experience for end consumers [1] Product Segmentation - The differentiated composite fiber products are categorized into four main types: low-melting-point staple fibers, polyolefin composite staple fibers, hot-melt filaments, and hollow polyester staple fibers, with applications in home textiles, automotive interiors, construction engineering, footwear materials, healthcare, and filtration materials [1] Financial Performance - Tianfulong's revenue for the years 2022, 2023, and 2024 is approximately 2.576 billion, 3.336 billion, and 3.841 billion yuan respectively, with net profits of about 358 million, 431 million, and 454 million yuan [5] - The company's total assets as of the end of 2024 are projected to be approximately 38.717 billion yuan, with equity attributable to shareholders of the parent company at around 34.719 billion yuan [6] Market Position - The domestic polyester staple fiber industry is highly concentrated, with the top four companies accounting for about 43% of total capacity as of the end of 2023, indicating a market structure dominated by large enterprises supplemented by several small and medium-sized companies [3] - In the recycled polyester staple fiber sector, Tianfulong ranks second in production capacity, while it ranks ninth in the virgin polyester staple fiber sector [3] Research and Development - The company allocates approximately 3.55% of its revenue to research and development, reflecting its commitment to innovation and product differentiation [6]