吉林化纤8月21日收盘报4.52元，较前一交易日下跌0.12元，跌幅2.59%。当日开盘价为4.68元，最高触 及4.75元，最低下探至4.50元，成交量为273.42万手，成交金额达12.50亿元。 风险提示：股市有风险，投资需谨慎。 吉林化纤主营业务为化学纤维及其原料的生产和销售，产品包括粘胶长丝、粘胶短丝、腈纶纤维等。公 司所属行业为化纤行业，具有完整的产业链优势。 8月21日早盘9点35分左右，吉林化纤股价出现快速反弹，5分钟内涨幅超过2%，当时成交额达3.23亿 元。当日主力资金净流入773.19万元，近五个交易日累计净流入1.55亿元。 ...

Group 1 - The stock price of C Tianfu Long closed at 48.96 yuan on August 13, down 1.03% from the previous trading day [1] - The stock exhibited significant volatility during the day, with a high of 51.98 yuan and a low of 48.10 yuan, resulting in an intraday fluctuation of 7.84% [1] - The trading volume amounted to 834 million yuan, with a turnover rate of 46.92% [1] Group 2 - C Tianfu Long operates in the chemical fiber industry and is registered in Jiangsu, classified as a newly listed stock under the registration system [1] - The company's total market capitalization is 19.584 billion yuan, while the circulating market capitalization is 1.740 billion yuan [1] Group 3 - The stock showed a rapid rebound in the morning session, with a rise of over 2% within 5 minutes at 9:39 AM [1] - A subsequent quick pullback occurred at 10:59 AM, with a drop of over 2% within 5 minutes, indicating active trading and significant market divergence [1]

Group 1 - The Qiantang (New) District has reported impressive manufacturing investment growth, leading the city with a 10.5% increase in the added value of the digital economy core manufacturing sector in the first half of the year [1] - The district has successfully integrated into the Yangtze River Delta large aircraft industry cluster and received the "Zhejiang Manufacturing Tiangong Ding" award, highlighting its role in the construction of global advanced manufacturing bases [1] - The Meidike Optoelectronics project, with an investment of 1 billion yuan and an annual production capacity of 2 billion semiconductor devices, is expected to commence production by the end of the year, showcasing the district's "Hundred Enterprises Expansion" initiative [1] Group 2 - Qiantang has established a development model of "one industry, one platform, one policy, one fund, one institution," resulting in an ecosystem of 1,800 enterprises, 130,000 square meters of industrial accelerators, a 20 billion yuan fund, and 35,000 talents [2] - The district has streamlined the approval process for industrial projects, merging four approval items into a single integrated process, benefiting companies like Hangzhou Haojubao Chemical Fiber Co., Ltd. [2] - Qiantang allocates 30% of its general public budget expenditure annually for industrial development and has the largest total area of industrial standard factory land sold in the city over the past five years [2]

Core Viewpoint - Brazil's Ministry of Development, Industry, Trade and Services has made a preliminary affirmative ruling on anti-dumping measures against polyester yarn originating from China, but has not recommended the imposition of temporary anti-dumping duties, continuing the investigation and extending the final ruling deadline to 18 months from the date of filing [1] Group 1 - Brazil's foreign trade secretariat issued announcement No. 58 of 2025 regarding the anti-dumping investigation [1] - The investigation pertains to polyester yarn imported from China [1] - The final ruling deadline has been extended to 18 months from the initiation of the case [1]

Report Summary 1. Reported Industry Investment Rating No relevant information provided. 2. Core View of the Report The report focuses on the research and analysis of Taihe New Materials in the chemical fiber industry. It covers the current situation, future prospects, and new product development of products such as spandex and aramid fibers [13][15][31]. 3. Summary by Related Catalogs 3.1 Research Basic Information - Research object: Taihe New Materials, belonging to the chemical fiber industry [9] - Reception time: July 9, 2025 - Listed company reception personnel: Board Secretary Dong Xuhai, Board Office staff [9] 3.2 Detailed Research Institutions - Guojin Securities (securities company, represented by Chen Yi) and Lantai Fund (others, represented by Liang Hongrui) participated in the research [10] 3.3 Main Content Spandex - Compared with the end of last year, the spandex price has little difference. The industry price has decreased this year, but the company's product quality has improved and the price has slightly increased [13] - The improvement of spandex is due to process and equipment optimization, reducing processes and energy consumption. The current investment density is higher than that of some peers, and the company plans to reduce it later [17] - The cost in Ningxia is lower than that in Yantai. The high investment density in Ningxia last year was due to factors such as new project design, production line transformation, and inventory management. This year, the quality has stabilized and the selling price has slightly increased [18][20] - There are no major opportunities for spandex in the next 2 - 3 years as the expansion has not ended and the downstream market is average [21] - The current proportion of differentiated spandex is about 10%, and the future plan is to reach 30% [22] Aramid Fibers - Meta-aramid is in a relatively good situation, with increasing volume, revenue, and profit, and the price is basically stable. Para-aramid has not fully stabilized, but the industry's motivation to cut prices is not strong and it should be close to the bottom [15] - The production capacity of both meta-aramid and para-aramid is 16,000 tons. Under normal circumstances, there will be growth, mainly depending on sales [27][29] - The meta-aramid coating production line has been partially put into operation, and products are being delivered in batches. The main customers are those with high requirements for product performance and willing to pay a premium, such as power backup for computing centers, special fields, power tools, and some car companies with battery factories [26] - The company's focus in the next two years is on optimizing products. In terms of incremental products, the coating products may see an increase in volume. In terms of existing products, meta-aramid and aramid paper are in good momentum and need to consolidate advantages and increase market share, especially in overseas markets; spandex and para-aramid need to reduce losses and improve quality [30] New Product Development - The company is conducting a pilot test for T2T recycling. It is promoting safety houses in the security and information business group, especially overseas. It is also providing solutions for aramid fiber series products to large enterprises and preparing a solution for new energy vehicle transportation [31] - The textile recycling technology is self-developed, and the company is currently building a pilot test [33]

Market Overview - On June 26, A-shares showed mixed performance with major indices fluctuating [1] - The trading volume in Shanghai and Shenzhen exceeded 500 billion yuan, an increase of over 60 billion yuan compared to the previous day [1] Sector Performance - The chemical and chemical engineering sector experienced a strong rally, with Youfu Co., Ltd. (002427) hitting the daily limit, and Suzhou Longjie (603332) rising over 5% [1] - Chip stocks also saw gains, with companies like Haoshanghao (001298) and Bocheng Co. (601133) achieving consecutive limit-ups [2] - The storage market is recovering rapidly, particularly for DDR4 memory, which has seen price increases amid production cuts from manufacturers [2] Individual Stock Highlights - Youfu Co., Ltd. (002427) is part of the chemical fiber industry, with a recent increase of 10.06% [2] - Haoshanghao (001298) is in the electronic components sector, showing a rise of 10.01% [3] - Cathay International (01788) in Hong Kong saw a significant price increase, initially rising nearly 90% before stabilizing at a 24% gain [4][5] Regulatory Developments - Cathay International received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to include virtual asset trading services [6] - This regulatory change allows investors to trade cryptocurrencies and stablecoins directly on the Cathay platform, enhancing the market's service ecosystem [6]

Core Viewpoint - Indonesia's Anti-Dumping Committee (KADI) has decided to terminate the anti-dumping investigation against Chinese synthetic filament yarn, citing insufficient domestic supply and national interest considerations [1] Group 1: Investigation Background - On September 12, 2023, Indonesia initiated an anti-dumping investigation against synthetic filament yarn originating from China [1] - The investigation was prompted by concerns over potential dumping practices affecting local industries [1] Group 2: Final Ruling - On March 11, 2025, KADI issued a positive final ruling recommending a five-year anti-dumping duty on the involved products [1] - The products in question are classified under Indonesian tax codes 5402.33.10, 5402.33.90, 5402.46.10, and 5402.46.90 [1] Group 3: Current Decision - KADI's recent announcement indicates that imposing anti-dumping duties is not aligned with national interests due to the lack of sufficient domestic supply [1]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The company is in a favorable position in 2025 Q1, with a 38.19% increase in net profit due to low - oscillating crude oil prices supporting costs and the recovery of downstream chemical product demand [31]. - The company aims to build and promote an AI development strategy on the basis of the "1 + N" strategy, striving to become a world - class energy and chemical enterprise in the AI era [27]. - The company expects future crude oil prices to continue to fluctuate at current levels, which is beneficial for raw material cost support and potentially improving profitability [31]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Orient Shenghong, belonging to the chemical fiber industry. The reception time was May 20, 2025, and the company's reception staff included the deputy chairman, independent directors, and other executives [16]. 3.2. Detailed Research Institutions - The research institutions included investors who participated in the company's 2024 annual online performance briefing online [19]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Materials - **Company Achievements in 2024** - The company expanded its industrial layout. The devices for products such as PETG, nitrile latex, and EC/DMC were successfully started up at one time. The POSM and polyol devices of the chemical new material project were fully put into production. The photovoltaic - grade EVA increased by 200,000 tons in production capacity, reaching 500,000 tons/year [24]. - The company had significant innovation achievements, including building the world's first "from carbon dioxide to polyester fiber" industrial chain, winning multiple awards, and having some subsidiaries recognized as champions in the manufacturing industry [25][26]. - The company practiced green and low - carbon development, signing a clean power supply cooperation agreement and launching green product brands [27]. - **Q&A Session** - **EVA and POE Products**: As of the end of 2024, the company's EVA production capacity was 500,000 tons/year, ranking high in the industry in terms of scale and market share. The 100,000 - ton/year POE industrial device is under construction as planned. The company will use its strategic cooperation with downstream photovoltaic film leading enterprises to strengthen market promotion and customer expansion [28]. - **"1 + N" Strategy**: The company has formed a vertically integrated industrial chain layout. The "1 + N" pattern will enable the full linkage of refining, new energy and new materials, and polyester chemical fiber businesses in the future [30][31]. - **Profit and Market Outlook**: The company expects future crude oil prices to fluctuate, which is beneficial for cost support. It will optimize product structure, adjust pricing, and manage inventory according to market conditions [31][32]. - **Recycled Polyester Fiber**: The company's recycled polyester fiber production capacity is about 600,000 tons/year, and its downstream customers cover more than 30 well - known brands [32]. - **Tariff Impact**: In 2024, the company's overseas revenue was 6.753 billion yuan, accounting for about 5% of total revenue. The import and export volume to the US was almost zero, so future US tariff increases would have no direct impact [33]. - **Crude Oil Procurement**: The company's crude oil mainly comes from the Middle East. It formulates procurement plans based on price fluctuations and production plans and conducts appropriate crude oil futures hedging [33]. - **Capital Expenditure**: In 2024, capital expenditure was mainly for the construction of projects such as EVA, POE, POSM, and polyether polyol. The peak of capital expenditure has passed, and it is expected to decline gradually in the future [33]. - **R & D Investment**: In 2024, the company's R & D investment was 6.35 billion yuan, a year - on - year increase of 11.2%. It has multiple innovation platforms and has achieved many technological innovation results [33][34][35].

Group 1: Report Basic Information - The research object is Taihe New Material, belonging to the chemical fiber industry, and the reception time is May 15, 2025. The listed company's reception staff includes Chief Accountant Gu Yumei and Board Secretary Dong Xuhai [17] Group 2: Investor Questions and Company Responses Market Value Management - The company aims to achieve a dynamic balance between intrinsic value and market value by strengthening core business competitiveness, optimizing capital structure, and enhancing investor communication and returns [24] Cooperation with Xingyuan Materials - The aramid-coated separator products have entered the technical certification systems of multiple leading battery companies in China. The specific number of customers and business progress are confidential. Xingyuan Materials has leading technical strength and support capabilities in the separator field, and both parties are jointly promoting customer introduction [24] Business Performance - For information on the losses of spandex and profits of aramid in the first quarter, and the profitability of aramid in the second quarter, please refer to the regular reports [24][30] Demolition Compensation - The company has signed demolition compensation agreements in batches. Specific content can be found in relevant announcements. The company will recognize the gains and losses from asset disposal according to accounting standards based on the progress of land recovery and compensation received [26] Shareholder Number Inquiry - The company will consider the suggestion of not disclosing the specific number of shareholders and instead referring to the regular reports [26] Response to Battery New Regulations - The company will actively follow up on the new battery safety standards, which are conducive to promoting the implementation of relevant safety solutions and providing better safety experiences for consumers [27] Other Business Cooperation - The company has established a strategic cooperation with Xingyuan Materials in the separator coating field, jointly investing in the establishment of Yantai Xinghe Battery Material Technology Co., Ltd. They are promoting customized development with multiple leading battery companies, covering full-scenario requirements such as power, energy storage, and 3C [27] Business Outlook - For the company's business situation this year and next year, please refer to the future regular reports [29] Application in Solid-State Batteries - The company's aramid-coated products are being verified in semi-solid batteries, and the company is researching relevant materials for application in all-solid-state batteries [30][34] Senior Management Shareholding Reduction - The reason for the senior management's shareholding reduction is personal capital needs, which has nothing to do with the company's prospects [30] Business Plan for 2025 - The company's overall business goal in 2025 is to sell approximately 100,000 tons of various fibers and deep-processed products, accelerate the implementation of incremental business results, and increase the proportion of high-value-added products in the company's profit sources. In terms of incremental business, it will strengthen market development and verification, and promote the early effectiveness of projects such as aramid-coated separators, Ecody green printing and dyeing, and composite paper for new energy vehicles. There should be no major safety and environmental protection accidents throughout the year [31] Restricted Stock Repurchase - The restricted stock repurchase targets the restricted stocks held by the grantees of the company's equity incentive, not the unrestricted tradable shares [33] Ammonia Price and Performance - The statement about the spandex price increase during the research was an immediate reflection of industry price changes, while the regular reports are a comprehensive reflection of the company's multiple business operating results, and the comparison is made with the same period of the previous year [34]

Investment Rating - The report does not explicitly state an investment rating for the chemical fiber industry or the specific company involved [1]. Core Insights - The company is focusing on enhancing its profitability through various strategies, including contributions from newly acquired subsidiaries and optimizing product structure to increase the share of high-value products [17]. - The company is currently in the early stages of developing tendon ropes for humanoid robots, with ongoing exploration with downstream customers [16]. - The company anticipates a growth in production capacity for ultra-high molecular weight polyethylene fibers in 2025 compared to the previous year [17]. Summary by Sections 1. Basic Research Information - The research was conducted on the chemical fiber industry, specifically focusing on the company Tongyizhong, with the meeting held on March 4, 2025 [13]. 2. Detailed Research Institutions - The research involved institutions such as Guosen Securities,招商基金 (Zhaoshang Fund), and 具力启航基金 (Juli Qihang Fund) [14]. 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved [15]. 4. Main Content Information - The company primarily uses domestic raw materials, with a higher proportion than imported materials [16]. - The company’s fiber products are utilized in various downstream fields, including marine engineering, protective gloves, cement reinforcement, and sports goods, in addition to the bulletproof sector [16]. - The company is committed to a prudent management philosophy, aiming to control costs and improve product quality to maintain its competitive edge [17].