截至发稿，三维股份市值为113亿元。 每经头条（nbdtoutiao）——688496，被证监会立案！刚上市业绩就变脸，亏损超1亿元；核心产品受重 创：第一大客户"自产自用"，减少采购 每经AI快讯，三维股份（SH 603033，收盘价：10.94元）11月25日晚间发布公告称，三维控股集团股份 有限公司控股股东、实际控制人之一叶继跃先生持有公司股份约3.75亿股，约占公司总股本的36.32%。 公司控股股东、实际控制人叶继跃先生及其一致行动人张桂玉女士合计持有公司股份约4.39亿股，约占 公司总股本的42.62%，本次解除质押后，叶继跃先生及其一致行动人张桂玉女士累计质押公司股份约 2.1亿股，约占其持有公司股份总数的47.7%，约占公司总股本的20.33%。 2025年1至6月份，三维股份的营业收入构成为：聚酯化纤占比34.23%，BDO及电石占比32.76%，橡胶 行业占比24.6%，混凝土枕占比4.78%，其他占比3.62%。 （记者 曾健辉） ...

瓶片短纤数据日报 | | | | 国贸期货研究院 | 投资咨询号:Z0017251 2025/11/24 | | --- | --- | --- | --- | --- | | | | | 能源化工研究中心 陈胜 | 从业资格号:F3066728 | | 指标 | 2025/11/20 | 2025/11/21 | 变动值 | | | PTA现货价格 | 4630 | 4615 | -15 | 现货资讯: | | MEG内盘价格 | 3885 | 3852 | -33 | 短纤:涤纶短纤主力期货跌68至6162。现货市 | | PTA收盘价 | 4696 | 4666 | -30 | 场:涤纶短纤生产工厂价格稳定,贸易商价格下 | | | | | | 滑,客户逢低补货,中间环节成交放量,工厂产 | | MEG收盘价 | 3822 | 3808 | -14 | 销一般。1.56dtex*38mm半光本日(1.4D)涤纶短 | | 1.4D直纺涤短 | 6370 | 6340 | -30 | 纤华东市场价格在6080-6460现款现汇含税自 | | 短纤基差 | 110 | 126 | 16 | 提,华北市场价格 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Due to some domestic reforming units reducing their load, the load of PX units has declined. On the supply side, the supply of PTA has contracted, with Ningbo Yisheng Petrochemical's Phase 4 reducing its load by 50% until the end of the month. The processing fee of PTA has continued to be low. Industry profits are still constrained by over - capacity due to the commissioning of new devices. The downstream load of polyester has remained above 90%. Although the "Golden Nine and Silver Ten" period has ended, the demand for textile and clothing is still acceptable. In the later stage, the operating rate of PTA may decline further. With the rebound of crude oil prices, PTA has risen accordingly. Bottle chips and staple fibers continue to fluctuate with costs [2] Group 3: Summary by Related Catalogs 1. Price Changes - PTA spot price increased from 4370 to 4425, with a change of 55; MEG inner - market price rose from 4107 to 4173, a change of 66; PTA closing price went from 4482 to 4508, up 26; MEG closing price increased from 4051 to 4095, a gain of 44; 1.4D direct - spun polyester staple fiber price rose from 6365 to 6390, up 25; short - fiber basis decreased from 184 to 178, a decline of 6; 11 - 12 spread increased from 10 to 18, a change of 28; polyester staple fiber cash flow increased from 240 to 246, up 6; 1.4D direct - spun and imitation large - chemical spread increased from 965 to 990, up 25; East China water bottle chip price rose from 5663 to 5670, up 7; hot - filled polyester bottle chip price rose from 5663 to 5670, up 7; carbonated - grade polyester bottle chip price rose from 5763 to 5770, up 7; outer - market water bottle chip price rose from 745 to 750, up 5; bottle - chip spot processing fee decreased from 551 to 489, a decline of 62.13; T32S pure polyester yarn price rose from 10280 to 10300, up 20; T32S pure polyester yarn processing fee decreased from 3915 to 3910, a decline of 5; cotton 328 price rose from 14560 to 14575, up 15; polyester - cotton yarn profit decreased from 1626 to 1604, a decline of 22.25; 1.4D imitation large - chemical price remained unchanged at 5400; polyester - cotton yarn 65/35 45S price remained unchanged at 16350 [2] 2. Market Conditions - **Short - fiber Market**: The main futures of polyester staple fiber rose by 30 to 6160. In the spot market, the prices of polyester staple fiber production plants were stable, the prices of traders fluctuated, downstream buyers purchased as needed, and spot - futures buying decreased, with general trading volume. The price range of 1.56dtex*38mm semi - bright (1.4D) polyester staple fiber in the East China market was 6120 - 6460 (cash on the spot, tax - included, self - pick - up), 6240 - 6580 in the North China market (cash on the spot, tax - included, delivered), and 6130 - 6370 in the Fujian market (cash on the spot, tax - included, delivered) [2] - **Bottle - chip Market**: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5650 - 5740 yuan/ton, with the average price increasing by 25 yuan/ton compared to the previous working day. On the day, polyester raw material PTA and bottle - chip futures fluctuated upwards. Most supply - side offers were raised, downstream terminal purchases maintained rigid demand, market trading was light, and the price center of bottle chips moved upwards [2] 3. Load and Production and Sales Data - The weekly load of direct - spun staple fibers increased from 93.90% to 94.40%, a change of 0.01; the production and sales rate of polyester staple fibers decreased from 138.00% to 77.00%, a decline of 61.00%; the weekly starting rate of polyester yarn remained unchanged at 63.50%; the weekly load index of recycled cotton - type increased from 51.00% to 51.50%, a change of 0.01 [3]

Core Viewpoint - Dongfang Shenghong (000301.SZ) is a global leader in the energy and chemical industry, with a fully integrated vertical supply chain and a strong focus on new energy and new materials [1] Group 1: Company Overview - The company operates in multiple sectors, including petroleum refining, new energy and new materials, and polyester fibers [1] - Dongfang Shenghong has an EVA production capacity of 900,000 tons per year and a POE production capacity of 100,000 tons per year [1] Group 2: Product Applications - The company's products are utilized in downstream applications such as photovoltaic encapsulation materials [1] - The production and sales of these products are reported to be smooth [1]

Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - Market competition intensifies, and crude oil prices drop significantly. PX market transactions are scarce, and transaction prices plummet. Polyester downstream procurement halts. Asian naphtha cracking operates stably, with the spread between MX and naphtha narrowing from $88/ton last week to $85/ton, and the spread between PX and MX dropping to $132, continuing to support PX short - process profits. The US - Asia MX arbitrage window widens to $185, but there is no news of South Korea shipping to the US. Domestic large - scale PTA plants undergo rotational inspections, and domestic PTA production declines. Domestic PTA basis weakens, and demand remains stable. Polyester's operating load rebounds to 91%. Due to weak crude oil, PTA performs poorly. Bottle chips and short fibers continue to fluctuate with costs [2]. 3. Key Data Summaries Price Changes - PTA spot price drops from 4380 to 4325, a decrease of 55 [2]. - MEG domestic price falls from 4145 to 4114, a decrease of 31 [2]. - 1.4D direct - spun polyester staple fiber price decreases from 6385 to 6375, a decrease of 10 [2]. - Polyester bottle chip prices in the South China market drop, with the average price falling by 20 yuan/ton [2]. Market Conditions - Polyester short - fiber futures fall by 26 to 6050. In the spot market, prices of polyester short - fiber production plants are weakly negotiated, and trader prices decline. Downstream purchases as needed, and there are few transactions in the market [2]. - In the bottle - chip market, PTA and bottle - chip futures operate weakly. Supply - side offers are mainly lowered, downstream end - users replenish stocks with small orders for rigid demand, and the market negotiation atmosphere is cautious [2]. Operating Load and Production and Sales - Direct - spun short - fiber load (weekly) rises from 93.90% to 94.40%, an increase of 0.01 [3]. - Polyester short - fiber production and sales increase from 46.00% to 49.00%, an increase of 3.00% [3]. - Polyester yarn startup rate (weekly) remains unchanged at 63.50% [3]. - Regenerated cotton - type load index (weekly) drops from 51.50% to 51.00%, a decrease of 0.01 [3].

Group 1 - Wu Shanguo, a major shareholder of Sanwei Co., holds approximately 147 million shares, accounting for 14.24% of the total share capital [1] - Wu has pledged 50.3 million shares, which is about 34.25% of his total holdings and 4.88% of the company's total share capital [1] - Together with his associate Ye Jiting, they hold around 178 million shares, representing 17.27% of the total share capital [1] Group 2 - The revenue composition of Sanwei Co. for the first half of 2025 is as follows: polyester fiber 34.23%, BDO and calcium carbide 32.76%, rubber industry 24.6%, concrete sleeper 4.78%, and others 3.62% [1] - As of the latest report, the market capitalization of Sanwei Co. is 12 billion yuan [2]

Group 1: Report's Core View - Market competition intensifies, crude oil prices drop significantly, PX market trading is sluggish with prices plummeting, and polyester downstream procurement halts [2] - Asian naphtha cracking runs smoothly, the spread between MX and naphtha narrows from $88/ton last week to $85/ton, and the spread between PX and MX drops to $132, supporting PX short - process profit [2] - The US - Asia MX arbitrage window widens to $185, but there is no news of shipments from South Korea to the US [2] - Domestic large - scale PTA plants conduct rotational inspections, PTA production in China declines, PTA basis in China weakens, and demand is stable [2] - Polyester's operating load rebounds to 91%, PTA performs weakly due to weak crude oil, and bottle chips and short fibers continue to fluctuate with costs [2] Group 2: Price and Index Changes PTA and MEG - PTA spot price drops from 4500 to 4490, a decrease of 10; PTA closing price drops from 4584 to 4534, a decrease of 50 [2] - MEG domestic price drops from 4224 to 4206, a decrease of 18; MEG closing price drops from 4158 to 4100, a decrease of 58 [2] Short Fibers - 1.4D direct - spun polyester short fiber price drops from 6460 to 6425, a decrease of 35; short - fiber basis increases from 137 to 165, an increase of 28 [2] - 11 - 12 spread drops from 60 to 38, a decrease of 22; polyester short - fiber cash flow increases from 240 to 246, an increase of 6 [2] Bottle Chips - Polyester bottle chip prices in the Jiangsu - Zhejiang market range from 5700 - 5840 yuan/ton, with the average price dropping 25 yuan/ton from the previous workday [2] - Various types of bottle chips (e.g., East China water bottle chips, hot - filled polyester bottle chips) see price drops of 23 [2] - Bottle chip spot processing fee drops from 503 to 495, a decrease of 8.42 [2] Others - T32S pure polyester yarn price remains at 10300, T32S pure polyester yarn processing fee increases from 3840 to 3875, an increase of 35 [2] - Polyester - cotton yarn 65/35 45S price remains at 16350, polyester - cotton yarn profit increases from 1586 to 1609, an increase of 23.21 [2] Group 3: Operating Load and Sales - Direct - spun short - fiber load (weekly) drops from 94.40% to 93.90%, a decrease of 0.01 [3] - Polyester short - fiber sales rate drops from 67.00% to 66.00%, a decrease of 1.00% [3] - Polyester yarn startup rate (weekly) remains at 63.50% [3] - Regenerated cotton - type load index (weekly) increases from 51.00% to 51.50%, an increase of 0.01 [3]

Group 1 - The core point of the article is that Sanwei Co., Ltd. announced significant shareholding and pledge details involving major shareholders, which may impact the company's financial stability and market perception [1] - Wu Shanguo and his concerted action partner Ye Jiting collectively hold approximately 178 million shares, accounting for about 17.27% of the total share capital of Sanwei Co., Ltd. [1] - After the recent pledge, Wu Shanguo and Ye Jiting have pledged a total of 58.1 million shares, which represents 32.63% of their total holdings and 5.63% of the company's total share capital [1] Group 2 - For the first half of 2025, the revenue composition of Sanwei Co., Ltd. is as follows: polyester fiber accounts for 34.23%, BDO and calcium carbide account for 32.76%, the rubber industry accounts for 24.6%, concrete sleepers account for 4.78%, and others account for 3.62% [1] - As of the report, the market capitalization of Sanwei Co., Ltd. is 12 billion yuan [1]

Core Insights - The company demonstrated resilience in operations with a significant increase in net profit excluding non-recurring items in H1 2025 despite a challenging environment in the petrochemical industry [1][2] Financial Performance - In H1 2025, the company reported operating revenue of 60.916 billion yuan, a decrease of 16.36% year-on-year, while net profit attributable to shareholders was 0.386 billion yuan, an increase of 21.24% year-on-year [1] - The net profit excluding non-recurring items reached 0.272 billion yuan, marking a substantial increase of 166.21% year-on-year [1] - In Q2 2025, the company achieved a net profit of 0.045 billion yuan, a decrease of 0.027 billion yuan year-on-year and a decline of 0.296 billion yuan quarter-on-quarter [2] - The gross profit for Q2 2025 was 3.180 billion yuan, down by 0.552 billion yuan year-on-year but up by 0.181 billion yuan quarter-on-quarter [2] Segment Performance - The refining segment (Shenghong Refining) turned profitable in H1 2025 with a net profit of 0.257 billion yuan [1] - The new materials segment (Sierbang Petrochemical) and the chemical fiber segment (Shenghong Chemical Fiber) performed steadily, with net profits of 0.120 billion yuan and 0.140 billion yuan, respectively [1] Cost Management - In H1 2025, the company’s expense ratios for sales, management, R&D, and financial costs were 0.25%, 0.79%, 0.54%, and 3.75%, respectively, with slight year-on-year changes [1] - In Q2 2025, the company’s expenses for sales, management, R&D, and financial costs were 0.700 billion, 2.380 billion, 1.600 billion, and 11.540 billion yuan, showing a decrease in most categories year-on-year [2] Strategic Initiatives - The company is advancing its "1+N" industrial layout, focusing on integrating AI into core business operations to enhance productivity and ensure sustainable high-quality development [3] - The EVA project has added 400,000 tons/year of capacity, solidifying the company's position in the new energy and materials sectors, with total EVA capacity reaching 900,000 tons [2][3] Future Outlook - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of 124.2 billion, 131.65 billion, and 136.92 billion yuan, with net profits of 0.796 billion, 1.134 billion, and 1.532 billion yuan, respectively [4] - The company maintains a "buy" rating based on its growth potential and comprehensive coverage of various olefin production processes [4]

Report Summary 1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the given content. 2. Core Viewpoints - OPEC+ will consider increasing oil production again at Sunday's meeting [2] - The spread between PX and naphtha has widened, and the weakness of benzene prices has restrained the further increase of PX production to some extent [2] - The spread between PX and MX has rebounded, and the downstream load of polyester remains at around 88%. Domestic PTA plants are gradually resuming, and domestic PTA production is increasing [2] - With the recent improvement in sales and inventory reduction, especially the significant reduction of filament inventory, profits have been significantly restored. However, the maintenance expectations of some downstream devices are relatively strong [2] 3. Summary by Relevant Catalogs Price and Index Changes - PTA spot price decreased from 4725 to 4705, a decrease of 20 [2] - MEG domestic price decreased from 4468 to 4435, a decrease of 33 [2] - 1.4D direct - spun polyester staple fiber price decreased from 6590 to 6575, a decrease of 15 [2] - Short - fiber basis increased from 46 to 66, an increase of 20 [2] - 9 - 10 spread decreased from 94 to 88, a decrease of 6 [2] - Polyester staple fiber cash flow increased from 240 to 246, an increase of 6 [2] - The spread between 1.4D direct - spun and imitation large - chemical fiber decreased from 890 to 875, a decrease of 15 [2] - East China water bottle chip price decreased from 5926 to 5916, a decrease of 10 [2] - Bottle chip spot processing fee increased from 389 to 408, an increase of 18.16 [2] - T32S pure polyester yarn processing fee increased from 3740 to 3755, an increase of 15 [2] - Polyester - cotton yarn profit increased from 1185 to 1218, an increase of 32.62 [2] - Hollow short - fiber 6 - 15D cash flow increased from 393 to 422, an increase of 28.15 [2] Market Conditions - **Short - fiber market**: Polyester staple fiber prices fell by 52 to 6410. The spot market prices of production plants were flexibly negotiated, and the prices of traders decreased. Downstream procurement mainly focused on low - price goods, and intermediate - link transactions were relatively active [2] - **Bottle chip market**: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5880 - 6010 yuan/ton, with the average price remaining flat compared to the previous working day. Polyester raw materials and bottle chip futures fluctuated narrowly, most supply offers remained unchanged, downstream terminals were cautiously waiting and watching, and market transactions were limited [2] Load and Production and Sales - Direct - spun short - fiber load (weekly) increased from 90.60% to 91.10%, an increase of 0.01 [3] - Polyester staple fiber production and sales decreased from 45.00% to 41.00%, a decrease of 4.00% [3] - Polyester yarn startup rate (weekly) increased from 62.00% to 62.80%, an increase of 0.01 [3] - Regenerated cotton - type load index (weekly) decreased from 49.50% to 49.00%, a decrease of 0.01 [3]