Group 1: Chemical Sector Performance - The chemical raw materials index decreased by 1.75%, while the chemical machinery index increased by 0.47%. The pharmaceutical index fell by 0.24%, and the pesticide and fertilizer index dropped by 1.48% [1] - In the petroleum sector, the petroleum processing index declined by 2.65%, the petroleum extraction index fell by 2.49%, and the petroleum trading index decreased by 7.22% [1] Group 2: Oil Price Trends - International crude oil prices decreased, with the NYMEX West Texas Intermediate crude oil futures settling at $57.44 per barrel, down 4.39% from December 5. The ICE Brent crude oil futures settled at $61.12 per barrel, down 4.13% from December 5 [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases were lithium battery electrolyte (up 5.50%), vitamin VA (up 5.21%), bisphenol A (up 4.42%), sulfuric acid (up 4.36%), and sulfur (up 4.21%) [1] - The top five petrochemical products with price decreases were liquid chlorine (down 32.88%), 2% biotin (down 5.45%), vitamin D3 (down 5.11%), aniline (down 4.36%), and DEG (down 4.15%) [1] Group 4: Capital Market Performance of Chemical Companies - The top five performing listed chemical companies were Zai Sheng Technology (up 61.19%), Guoci Materials (up 23.46%), Lanxiao Technology (up 18.13%), Qiaoyuan Co. (up 15.18%), and Yongguan New Materials (up 14.34%) [2] - The top five underperforming listed chemical companies were Fanli Technology (down 22.56%), Qingshuiyuan (down 18.42%), Hengtong Co. (down 16.12%), Letong Co. (down 15.53%), and Asia Pacific Industry (down 14.06%) [2]

Core Viewpoint - The company Xingfu Electronics will hold its third extraordinary general meeting of shareholders for 2025 on December 26 at 14:00, chaired by Chairman Li Shaoping, with both on-site and online voting options available [1] Group 1: Meeting Agenda - The meeting will review three proposals: 1. A proposal to use 46.2678 million yuan of self-owned funds to purchase proprietary technology and experimental equipment for photoinitiators used in photolithography from the related party Sanxia Laboratory, which constitutes a related party transaction [1] 2. An estimate of routine related party transactions for 2026 [1] 3. A proposal to expand the business scope to include "production and sales of hazardous chemical packaging materials and containers" and amend the company's articles of association [1] Group 2: Board Approval - All three proposals have been approved by the fourth meeting of the second board of directors [1] - The related shareholder Hubei Xingfa Chemical Group Co., Ltd. is required to abstain from voting on the first and second proposals [1]

1. Report's Investment Rating for the Industry The provided content does not mention the investment rating for the polyester industry. 2. Core Views of the Report - In 2025, the polyester industry chain was affected by factors such as macro - sentiment fluctuations, tariff conflicts, cost oscillations, device changes, and weak demand, leading to intensified price fluctuations and a further downward shift in the price center, hitting a historical low since 2007 [2][21]. - In 2026, the cost is expected to maintain relatively weak wide - range fluctuations. The oversupply of crude oil will put further downward pressure on oil prices, with Brent crude oil mainly fluctuating in the range of $50 - 75 per barrel [3]. 3. Summary by Relevant Catalogs 3.1 2025 Polyester Industry Chain Market Review - The price of the polyester industry chain fluctuated significantly in 2025, showing different trends in each quarter due to various factors such as cost, tariffs, and device maintenance. For example, in the first quarter, it showed a trend of rising first and then falling; in the second quarter, it was affected by tariffs and device maintenance, showing a deep V - shaped trend [21][22][23]. 3.2 Crude Oil: Supply Surplus and Price Pressure - In 2025, crude oil prices continued to decline under the pressure of continuous production increase, but were also affected by US tariff policies and geopolitical conflicts, resulting in sharp price fluctuations. Brent crude oil fell below $59 per barrel, and WTI crude oil fell below $56 per barrel, both hitting new lows since February 2021 [29]. - In 2026, crude oil demand is expected to grow slowly, and supply growth will slow down, but there will still be an oversupply situation, and oil prices will continue to be under pressure. It is expected that Brent crude oil will mainly fluctuate in the range of $50 - 75 per barrel [34]. 3.3 PX: Capacity Increase and Supply - Demand Expected to Be Tight First and Then Loose - **Market Review**: In 2025, PX prices were affected by multiple factors and fluctuated widely, with the price center shifting downwards. In the first half of the year, prices declined, and in the second half, they showed a relatively strong performance, and the PX - Nap spread strengthened [45]. - **Cost Analysis**: The cost of PX is expected to be relatively weak. Naphtha supply and demand are expected to be relatively loose, and the cracking spread is expected to decline to the range of $50 - 100 per ton. The supply - demand of MX is also expected to be loose, and the PX - MX spread will remain at a relatively strong level above $80 per ton [58][66]. - **Supply - Demand Situation**: PX capacity expansion is coming to an end. In 2026, the supply - demand structure is expected to be tight first and then loose. The supply - demand will be relatively tight in the first half of the year, especially in the second quarter during the maintenance season, and the PX - Nap spread is expected to widen [79][114]. - **Price Forecast and Operation Suggestions**: PX prices are expected to be relatively strong, especially in the second quarter, but the absolute price will still be restricted by cost. The main price fluctuation range is 5400 - 7700 yuan per ton. It is recommended to buy on dips and seize short - selling opportunities. For arbitrage, it is recommended to go long on the basis, with a target of 300 - 600 yuan per ton, and go long on the PX05 - 09 spread, with a target of 100 - 200 yuan per ton [116]. 3.4 PTA: Stable Supply and Increasing Demand, Supply - Demand Structure to Improve - **Market Review**: In 2025, PTA prices fluctuated widely, with the price center shifting downwards. The market was affected by factors such as trade conflicts, cost fluctuations, and anti - involution [127]. - **Supply - Demand Analysis**: In 2026, there is no new PTA capacity plan, but downstream polyester capacity will continue to expand, which will improve the PTA supply - demand structure. The processing fee is expected to rise to the range of 300 - 500 yuan per ton, and the operating rate is expected to increase to the range of 80% - 90% [137][144]. - **Price Forecast and Operation Suggestions**: PTA prices will still follow cost fluctuations. The main price fluctuation range is 3800 - 5600 yuan per ton. It is recommended to buy high and sell low according to cost trends and seasonal laws. For arbitrage, it is recommended to go long on the basis and seize opportunities to go long on the PTA05 - 09 spread [186]. 3.5 Ethylene Glycol: Capacity Continues to Increase, Price Still Under Pressure - **Market Review**: In 2025, ethylene glycol prices continued to decline, hitting a new low in nearly five years. In the first half of the year, it showed a good supply - demand structure, but in the second half, the price was under pressure due to factors such as increased supply and weak cost [195]. - **Supply - Demand Situation**: In 2026, ethylene glycol supply and demand will both increase, but the supply will be relatively loose. The price is expected to fluctuate in the range of 3000 - 4500 yuan per ton. It is recommended to short on rallies and seize short - term long - buying opportunities [256]. - **Arbitrage Suggestions**: It is recommended to short the basis on rallies and seize opportunities to go long on the ethylene glycol 05 - 09 spread [248]. 3.6 Polyester Staple Fiber: Capacity Expansion, Supply - Demand Weakening - **Market Review**: In 2025, polyester staple fiber prices were affected by factors such as weak terminal demand and cost decline, with the absolute price declining, but the processing fee remained stable around the break - even point [266]. - **Supply - Demand Analysis**: In 2026, the supply and demand of polyester staple fiber will both increase, but the supply increase will be greater than the demand increase, which will put pressure on the processing fee. The main price fluctuation range is expected to be 5800 - 6800 yuan per ton [331]. - **Operation and Arbitrage Suggestions**: It is recommended to mainly short according to the cost, and try to go long from August to September according to the seasonal law. For arbitrage, pay attention to fundamental changes and seize opportunities to go long on the basis and the PF05 - 09 spread [331]. 3.7 Polyester Bottle Chips: Continued Capacity Expansion, Profit Still Under Pressure - **Market Review**: In 2025, polyester bottle chip prices were affected by factors such as capacity expansion and cost fluctuations, with the price center shifting downwards, and the processing fee was at a low level [338]. - **Supply - Demand Situation**: In 2026, the supply of polyester bottle chips is expected to increase, and the demand will increase steadily. The supply - demand will maintain a dynamic wide - balance, which will still strongly suppress the processing fee. The price is expected to be strong first and then weak, with the main fluctuation range of 5200 - 6400 yuan per ton [382]. - **Operation and Arbitrage Suggestions**: It is recommended to short on rallies and seize short - term long - buying opportunities according to seasonal laws, cost trends, and device maintenance dynamics. For arbitrage, it is recommended to short the basis on rallies and pay attention to opportunities to short the PR03/05 spread [382]. 3.8 Polyester Industry Chain - Related Stocks As of December 12, different stocks in the polyester industry chain showed different trends. For example, the stock price of PetroChina increased by 8.67%, while the stock price of Sinopec decreased by 11.89% [383].

Group 1: New Stock Offerings - Five new stocks are scheduled for subscription in the A-share market from December 15 to December 19, including Ningbo Jianxin Superconducting Technology Co., Ltd., Suzhou Jiangtian Packaging Technology Co., Ltd., Shanghai Yufan Environmental Technology Co., Ltd., Qiangyi Semiconductor (Suzhou) Co., Ltd., and Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. [1] - The subscription schedule is as follows: Jianxin Superconducting on December 15, Jiangtian Technology on December 16, and Yufan Technology, Qiangyi, and Shuangxin Environmental on December 19 [1]. Group 2: Company Profiles - Ningbo Jianxin Superconducting Technology Co., Ltd. focuses on the R&D, production, and sales of core components for medical MRI equipment, including superconducting magnets, permanent magnets, and gradient coils. It is the largest independent supplier of MRI superconducting magnets globally and has entered the supply chain of major companies like GE Healthcare [2][3]. - Suzhou Jiangtian Packaging Technology Co., Ltd. specializes in label printing products for the food and daily-use sectors, providing integrated label solutions for high-end consumer brands, including material selection and process design [3]. - Shanghai Yufan Environmental Technology Co., Ltd. is engaged in the operation and maintenance of underground pipeline networks, focusing on detection, investigation, and non-excavation repair, addressing urban flooding and pollution issues through green and intelligent technologies [3]. - Qiangyi Semiconductor (Suzhou) Co., Ltd. is a supplier of semiconductor testing solutions, specializing in the R&D, design, manufacturing, and assembly of testing probe cards, with a strong independent R&D and design team [3]. - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. develops and produces products along the polyvinyl alcohol (PVA) industry chain, including PVA fibers and calcium carbide, which is a fundamental raw material in the organic chemical industry [4].

周期行业：中央经济工作会议的周期信号 20251214 摘要 央国企新能源投资策略转变：从大规模扩张转向精耕细作，关注度电效 益，投资品类从光伏转向风电。容量电价预期下，储能及跨省跨区输电 线路投资将迎来新高峰，利好相关企业。 储能在新型电力系统中角色转变：从成本负担转为利润引擎，调频服务 盈利能力强。未来调频市场竞争加剧，容量电价机制将逐步探索，利好 拥有风光资源积累和灵活资源获取的公司。 动力煤价格底部支撑明确：政策托底及进口减量预期支撑，预计底部支 撑在 670-700 元/吨左右。炼焦煤则面临供需宽松局面，若明年需求疲 弱且蒙煤供应宽松，将对其价格形成压制。 房地产市场流动性风险进入尾声：头部房企出现债券展期，但对国央企 影响有限。政策围绕控增量、去库存和优化供给展开，预计明年上半年 或推出 LPR 牵引的房贷利率下降或贴息政策。 住房公积金制度改革有望推进：公积金资金使用效率较低，部分城市已 拓宽使用范围。未来，这些试点措施可能会进一步推广，在控存量、去 库存、优供给之外，公积金制度改革值得关注。 Q&A 中央经济工作会议对全国统一大市场和新兴能源体系建设有何影响？ 中央经济工作会议进一步强调了全国 ...

1. Industry Investment Rating - No investment rating provided in the report. 2. Core Viewpoints - For PTA, in the near - term, TA device runs stably, polyester load drops slightly, inventory decreases, and basis strengthens slightly. In the future, as the terminal weakens, polyester load may reach a turning point, and TA inventory will accumulate. It is recommended to wait and see in the short - term, and consider long - position opportunities at low prices in the long - run due to good PX prospects [2]. - For MEG, domestic oil - based units reduce load, and overseas units also cut production. The port inventory accumulates. In the future, after the valuation is compressed, production cuts increase, and the inventory accumulation narrows. However, considering new production capacity, it is expected to fluctuate weakly [2]. - For polyester staple fiber, the start - up rate decreases due to maintenance. Sales are stable, and inventory is stable. In the future, demand remains the same, but new production capacity is accelerating, and the downstream is entering the off - season. Attention should be paid to the warehouse receipt situation [2]. - For natural rubber and 20 - number rubber, the national explicit inventory is stable, and the price of Thai cup - lump rubber is stable. The strategy is to wait and see [2]. 3. Summary by Product PTA - **Data Changes**: From December 8th to 12th, 2025, crude oil price dropped by 0.4 USD, PTA spot price decreased by 30 CNY, and polyester gross profit increased by 35 CNY. The PTA balance load decreased by 0.3%, and the basis increased by 3 CNY. The daily average basis of PTA spot trading for 2601 is - 22 [2]. - **Situation Analysis**: Near - term TA device runs stably, polyester load drops slightly, inventory decreases, basis strengthens slightly, and spot processing fee weakens. In the future, as the terminal weakens, polyester load may reach a turning point, and TA inventory will accumulate, but the overall pressure is not large and the valuation is not high [2]. MEG - **Data Changes**: From December 8th to 12th, 2025, MEG outer - market price dropped by 2 USD, and MEG inner - market price decreased by 28 CNY. The coal - based MEG profit increased by 14.24 CNY, and the inner - market cash flow (ethylene) decreased by 26 CNY [2]. - **Situation Analysis**: Near - term domestic oil - based units reduce load, overseas units also cut production, the port inventory accumulates, and the basis weakens. In the future, after the valuation is compressed, production cuts increase, and the inventory accumulation narrows [2]. Polyester Staple Fiber - **Data Changes**: From December 8th to 12th, 2025, the price of 1.4D cotton - type staple fiber decreased by 50 CNY, and the profit of pure - polyester yarn increased by 50 CNY [2]. - **Situation Analysis**: Near - term the start - up rate decreases due to maintenance, sales are stable, and inventory is stable. In the future, demand remains the same, but new production capacity is accelerating, and the downstream is entering the off - season [2]. Natural Rubber & 20 - Number Rubber - **Data Changes**: From December 8th to 12th, 2025, the price of US - dollar Thai standard rubber increased by 5 USD, and the price of Shanghai full - latex rubber increased by 40 CNY. The basis between mixed rubber and RU main contract decreased by 25 CNY [2]. - **Situation Analysis**: The national explicit inventory is stable, and the price of Thai cup - lump rubber is stable. The main contradiction lies in stable inventory and rainfall affecting rubber tapping. The recommended strategy is to wait and see [2]. Styrene - **Data Changes**: From December 8th to 12th, 2025, the price of styrene (CFR China) decreased by 10 USD, and the price of EPS (East China ordinary material) remained unchanged. The domestic profit of styrene decreased by 87 CNY [2][5]. - **Situation Analysis**: No overall situation analysis provided in the report. Only data changes are presented.

内容概要：硫氢化钠是一种无机化合物，化学式为NaHS，为白色结晶性粉末，易溶于水和醇。国家标 准《工业硫氢化钠（GB/T 23937-2020）》将硫氢化钠分为32%（液体）、38%（液体）、43%（液体） 和70%（固体）4个规格。工业硫氢化钠的生产方法有吸收法和中和法，中国主要采用吸收法制得硫氢 化钠。硫氢化钠是硫化工产业链中重要一环。近几年，中国硫氢化钠产能维持在50万吨/年以上，较为 稳定，整体呈小幅增长。数据显示，2024年中国硫氢化钠产能为52万吨，同比增加0.2万吨。我国是全 球主要的硫氢化钠供给国，产量呈逐年增加态势，2019年硫氢化钠产量为26.9万吨，到2024年增长至 36.0万吨，占全球总产量的48%左右。产能利用率方面，随着技术进步与需求增加，产能利用率持续提 升，由2019年的53.4%提升至2024年的69.2%。硫氢化钠在多个领域都有着广泛的应用，受益于造纸、 染料、采矿等下游行业不断发展，硫氢化钠重要性持续凸显，市场需求呈增长态势，2024年中国硫氢化 钠表观消费量为24.0万吨，同比增长1.3%。预计到2030年消费量仍将保持增长趋势。国内硫氢化钠主要 用于纸浆的蒸煮和漂白 ...

Core Viewpoint - Dinglong Technology has not yet entered the photoresist field but is actively developing photosensitive polyimide (PSPI) monomers, which are essential for high-end manufacturing applications [2] Company Overview - Dinglong Technology primarily produces raw materials for hair dye, specialty engineering materials monomers, and agricultural protection materials [2] - The company is currently focusing on cultivating PSPI monomers, which have not yet been industrialized [2] Industry Application - PSPI monomers are crucial raw materials for synthesizing photosensitive polyimide materials, with applications in semiconductors, flexible displays, and micro-electromechanical systems (MEMS) [2] - The specific application of the produced PSPI monomers in the photoresist field is not confirmed, and details will depend on disclosures from downstream and end manufacturers [2]

Core Viewpoint - The announcement from First Capital indicates that its wholly-owned subsidiary, Yi Chuang Investment Bank, has received a notice of administrative penalty from the Jiangsu Securities Regulatory Bureau for failing to fulfill its duties during the continuous supervision of Hongda Xingye's 2019 convertible bond project [2][4]. Group 1: Regulatory Actions - Jiangsu Securities Regulatory Bureau claims that Yi Chuang Investment Bank did not diligently verify the use and repayment of raised funds during the supervision period, leading to false records in related documents [4]. - The bureau plans to impose a total penalty of 16.9811 million yuan on Yi Chuang Investment Bank, along with warnings and fines of 1.5 million yuan each for two responsible individuals [4]. - The company has stated that it will learn from this case, accept the penalties, and enhance its operational quality and compliance [4]. Group 2: Company and Market Impact - First Capital asserts that the operational status of both the company and Yi Chuang Investment Bank remains normal, and the proposed penalties will not significantly impact their business activities, financial condition, or debt repayment capabilities [4]. - Hongda Xingye was delisted in March 2024 due to triggering "face value delisting" conditions, with its stock and convertible bonds now traded in the National Equities Exchange and Quotations system [4]. - The convertible bond, known as "Hongda Tui Zhai," defaulted in June 2024, drawing market attention [4]. Group 3: Previous Violations - In June 2025, Jiangsu Securities Regulatory Bureau previously penalized Hongda Xingye for three violations, including unauthorized changes to the use of raised funds and false records in financial reports [5].

Key Points - Zhaoxin Co. plans to acquire 70% stake in Youde New Energy, a leading company in the new energy operation and maintenance sector [1][3] - Chaojie Co. estimates that the value of structural components for a single rocket is approximately 15 million yuan, with rapid revenue growth expected in commercial aerospace-related businesses by 2026 [1] - Health元's innovative flu drug, Mapasavir capsules (Yilikan®), has received a drug registration certificate [1] Capital Operations - Nandu Power is planning a change in company control, leading to a stock suspension [1] - Xinlitai is planning to issue H-shares and list on the Hong Kong Stock Exchange [1] - Duofluor is set to increase capital by 1 billion yuan to its subsidiary Guangxi Ningfu [1] Acquisitions and Investments - Honglin Electric's subsidiary has achieved bulk shipments of high-speed copper cable connection products, with major clients including Amphenol, Tyco, and Molex [2] - Chuangyuan Xinke intends to acquire 100% of Weiyu Tiandao for 886 million yuan, constituting a major asset restructuring [2] - China Iron & Steel plans to jointly invest with Shidai Qiji to establish a joint venture focusing on the full lifecycle operation of new energy heavy trucks [2] Share Buybacks - SF Holding has repurchased A-shares for a total of 1.542 billion yuan, with an average transaction price of 39.59 yuan per share [4] - Jerry Co. has adjusted the upper limit for share buyback price from 48.16 yuan per share to 90 yuan per share [3]