Core Viewpoint - The report highlights the growth trajectory of China's chemical fiber industry, projecting a production increase and providing insights into market dynamics from 2025 to 2031 [1] Industry Overview - In August 2025, China's chemical fiber production reached 7.45 million tons, marking a year-on-year growth of 7.1% [1] - Cumulatively, from January to August 2025, the total production of chemical fibers in China was 57.734 million tons, reflecting a growth of 5.5% [1] Companies Mentioned - Listed companies in the chemical fiber sector include Xinxiang Chemical Fiber (000949), Hengli Petrochemical (600346), Huafeng Superfiber (300180), Rongsheng Petrochemical (002493), Jilin Chemical Fiber (000420), Tongkun Co. (601233), Zhongtai Chemical (002092), Nanjing Chemical Fiber (600889), Taihe New Materials (002254), and Aoyang Health (002172) [1] Research Report - The report titled "Analysis of the Market Operation Status and Investment Prospects of China's Chemical Fiber Industry from 2025 to 2031" was published by Zhiyan Consulting, a leading industry consulting firm in China [1]

9月26日，A股指数走弱，创业板指盘中跌超2.5%。 沪深两市成交额2.17万亿元，较上一个交 易日缩量2257亿元，全市场超3400只个股下跌。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3828.11 | 13209.00 | 1528.98 | | -25.20 -0.65% -236.90 -1.76% -28.24 -1.81% | | | | 科创50 | 创业板指 | 万得全A | | 1450.82 | 3151.53 | 6224.91 | | -23.66 -1.60% -84.23 -2.60% -75.74 -1.20% | | | | 沪深300 | 中证500 | 中证A500 | | 4550.05 | 7240.91 | 5497.73 | | -43.44 -0.95% -100.41 -1.37% -63.41 -1.14% | | | | 中证1000 | 深证100 | 中证红利 | | 7397.59 | 5827.23 | 5455.01 | | -108.92 -1.45% -100.18 -1.69% +14.51 ...

| 2025年8月 | | 环比% | 同比% | 1-当月累计 | 同比% | | --- | --- | --- | --- | --- | --- | | | 当月 | | | | | | 纱(万吨) | | 1.81 | 5.30 | 1542.7 | 4.30 | | | 202.8 | | | | | | 布(亿米) | 27.0 | 1.12 | -0.70 | 210.5 | -0.60 | | 化学纤维(万 | | 1.50 | 7.10 | 5773.4 | 5.50 | | 吨) | 744.8 | | | | | 【大宗商品公式定价原理】 生意社基准价是基于价格大数据与生意社价格模型产生的交易指导价，又称生意社价格。可用于确定以 下两种需求的交易结算价： 定价公式：结算价 = 生意社基准价×K＋C K：调整系数，包括账期成本等因素。 C：升贴水，包括物流成本、品牌价差、区域价差等因素。 (文章来源：国家统计局) 1、指定日期的结算价 2、指定周期的平均结算价 ...

Group 1 - The core viewpoint of the articles highlights the growth in China's chemical fiber industry, with a projected production of 7.35 million tons in May 2025, representing a year-on-year increase of 5.2% [1] - Cumulative production from January to May 2025 is reported at 35.037 million tons, showing a cumulative growth of 5.5% [1] - The articles reference a market analysis report by Zhiyan Consulting, which covers the operational status and investment prospects of the chemical fiber industry in China from 2025 to 2031 [1][2] Group 2 - Listed companies in the chemical fiber sector include Xinxiang Chemical Fiber, Hengli Petrochemical, Huafeng Superfiber, and others [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and tailored services [2]

Group 1 - The core viewpoint of the article highlights the growth potential of China's chemical fiber industry, with a projected production increase of 4.7% year-on-year by June 2025, reaching 7.36 million tons [1] - In the first half of 2025, China's cumulative chemical fiber production is expected to be 42.36 million tons, reflecting a cumulative growth of 4.9% [1] - The article references a report by Zhiyan Consulting that analyzes the market operation status and investment prospects of the chemical fiber industry from 2025 to 2031 [1] Group 2 - Listed companies in the chemical fiber sector include Xinxiang Chemical Fiber, Hengli Petrochemical, Huafeng Superfiber, Rongsheng Petrochemical, Jilin Chemical Fiber, Tongkun Co., Zhongtai Chemical, Nanjing Chemical Fiber, Taihe New Materials, and Aoyang Health [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [2]

Core Viewpoint - Zheng cotton is experiencing a volatile adjustment, with a focus on macroeconomic factors and the upcoming U.S. cotton planting report [1] Market Overview - The latest price index for 328-grade cotton is 14,891 yuan/ton, an increase of 34 yuan/ton from the previous period [1] - The planting area for cotton is stable with an expected increase in new cotton production [1] - The cotton yarn market remains sluggish, with textile enterprises reducing prices to sell, and downstream orders showing no improvement [1] Production and Inventory - In May, cotton yarn production increased by 3% year-on-year to 1.951 million tons, while fabric production decreased by 3.3% to 2.67 billion meters [1] - Cumulative yarn production from January to May reached 9.368 million tons, a year-on-year increase of 4.9%, while cumulative fabric production was 12.63 billion meters, a slight increase of 0.2% [1] - Chemical fiber production in May rose by 5.2% year-on-year to 7.349 million tons [1] International Market Dynamics - The U.S. cotton planting progress is at 85%, down from 89% year-on-year, with a good quality rate of 48%, compared to 54% last year [1] - The USDA's June supply and demand report adjusted U.S. cotton exports for the 2024/25 season to 2.5 million tons, with ending stocks reduced to 960,000 tons [1] - The CFTC fund's net positions are low, indicating strong support for ICE cotton prices [1] Macroeconomic Factors - The Federal Reserve has maintained interest rates for the fourth consecutive time, contributing to a significant drop in overnight ICE cotton prices [1] - Short-term fundamentals are limited, leading to narrow fluctuations in Zheng cotton prices, with a need to monitor macroeconomic changes [1]

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 index by more than 5% in the next six months [51]. Core Insights - Changes in geopolitical situations, along with a year-on-year decrease in US crude oil inventories by 4.36%, and a reduction in the number of active drilling rigs and fracturing fleets by 12% and 23.08% respectively, indicate a potential rebound in oil prices [3][4]. - The average Brent oil price for the year is reported at $70.8 per barrel, reflecting a year-on-year decline of 15.08% [16]. - Natural gas prices have shown significant increases, with US NYMEX natural gas futures averaging $3.69 per million British thermal units, a 75% increase year-on-year [8][9]. Summary by Sections 1. Subsector Tracking - Natural gas prices have seen fluctuations, with domestic LNG ex-factory prices at 4424 RMB/ton, a decrease of 0.85% week-on-week but an increase of 0.57% year-on-year [8]. - Brent oil prices have decreased by 1.36% in the latest week, while US commercial crude oil inventories have decreased by 0.98% week-on-week [16]. - The price of potassium fertilizer remains high, with domestic spot prices at 2900 RMB/ton, unchanged week-on-week but up 20.51% year-on-year [30]. 2. Market Performance - The petrochemical sector has seen a slight increase of 0.23%, while the CSI 300 index rose by 0.97%, ranking 23rd among 30 major sectors [35]. - Among the petrochemical sub-sectors, "Other Petrochemicals" experienced the largest increase of 2.42% [35]. 3. Key Company Announcements and Industry News - A subsidiary of a key company received a project award for the construction of a gas pipeline in Iraq, with an estimated contract value of approximately $294 million (about 2.12 billion RMB) [42]. - Domestic gasoline and diesel prices increased by 65 RMB and 60 RMB per ton respectively, effective from June 3, 2025 [43]. 4. Changes in Major Downstream Consumption Areas - Domestic fuel vehicle sales have decreased by 8.65% year-on-year since April 2025, while highway freight traffic has increased by 3.41% year-on-year [46].

Group 1 - The number of textile enterprises in China has shown a fluctuating trend, decreasing initially and then increasing, with a total of 21,263 enterprises by the end of 2024, representing a year-on-year growth of 2.12% [1] - The industrial added value of the textile industry in China has been on an upward trend, with a significant increase of 5.1% in 2024, marking the highest growth rate in eight years, although still 0.7 percentage points below the national average [2] - The capacity utilization rate in the textile industry improved in 2024, reaching 78.5%, which is 2.1 percentage points higher than the previous year, indicating a stable growth in supply [5][6] Group 2 - The production situation in the textile industry for 2024 is generally positive, with significant growth in the output of chemical fibers, yarn, and clothing, among others, with yarn production reaching 22.779 million tons, a year-on-year increase of 1.3% [8] - Inventory levels in the textile industry have stabilized, with the inventory days for grey cloth and yarn fluctuating between 34.2 to 41.5 days and 24.4 to 32.4 days respectively in 2024, indicating a balanced market supply and demand relationship [9]

Group 1: Industry Performance - The textile industry has shown a stable start in the first quarter, with production capacity utilization rates of 77.8% for textiles and 86.3% for chemical fibers, both exceeding the national industrial average of 74.1% [1] - The industrial added value of large-scale textile enterprises grew by 5.3% year-on-year, with sub-sectors like hemp textiles and filament weaving maintaining double-digit growth [1] - Fixed asset investment in the textile sector continued to grow rapidly, with increases of 13.5% for textiles, 22.9% for clothing, and 15.8% for chemical fibers compared to the previous year [1] Group 2: Export Dynamics - The textile industry faced unexpected pressures on exports due to high tariffs and complex international conditions, yet managed to maintain resilience, with total textile and apparel exports reaching $66.28 billion, a 1% increase year-on-year [2] - Exports of chemical fiber and textile yarns showed good growth, contributing to a total textile export value of $33.27 billion, up 4% year-on-year, while apparel exports decreased by 1.9% to $33.01 billion [2] - The industry is actively diversifying international markets and enhancing supply chain cooperation, with positive export growth to the US, EU, Japan, Africa, Turkey, and Bangladesh [2] Group 3: Domestic Sales - Domestic sales of textile products showed moderate growth, with per capita clothing expenditure rising by 1.2% and retail sales of clothing, shoes, and textiles increasing by 3.4% year-on-year [3] - Online retail for clothing experienced a slight decline of 0.1%, influenced by high base effects and unfulfilled consumer demand [3] - Notable growth was observed in national style and outdoor sports apparel, with sales of new Chinese-style clothing and outdoor footwear increasing by 120% and 50% respectively [3] Group 4: Profitability and Challenges - Despite stable production and sales, the profitability of textile enterprises remained flat compared to the previous year, with a slight decrease in total profits by 0.3% [4] - Revenue growth for large-scale textile enterprises was 1%, a decline of 7.1 percentage points from the previous year, indicating pressure on profit margins [4] - The comprehensive industry prosperity index was recorded at 42.8%, reflecting a low level of confidence in the sector [4] Group 5: Future Outlook - The textile industry is expected to face increasingly complex challenges, including weak market demand and heightened trade barriers, which may impact export competitiveness [6] - However, supportive national policies and emerging consumer trends in areas like winter sports, aging population, and national fashion are anticipated to stimulate demand [6] - The industry is likely to continue investing in high-end, intelligent, and green transformation, with a dual-driven development model emerging from domestic demand and innovation [6]