Core Viewpoint - Hengyi Petrochemical is positioned as a leading integrated enterprise in the "refining-chemical-fiber" industry chain, focusing on technological innovation and green low-carbon upgrades to maintain its competitive edge in both domestic and international markets [2][8]. Group 1: Company Overview and Financial Performance - Hengyi Petrochemical achieved an operating revenue of 83.885 billion yuan and a net profit attributable to shareholders of 231 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 0.08% [2]. - As of September 30, 2025, the company reported total assets of 111.51 billion yuan and net assets attributable to shareholders of 24.458 billion yuan [2]. Group 2: Market Analysis - The Southeast Asian refined oil market is expected to see a growing supply-demand gap, with the International Energy Agency predicting oil demand in the region to increase from 5 million barrels per day to 6.4 million barrels per day by 2035 [3]. - The region's GDP growth is projected to remain at 4.5% in 2025, with Indonesia, the Philippines, and Vietnam expected to grow at rates of 5.1%, 6.1%, and 6.1% respectively, driving demand for refined products [3]. Group 3: Polyester Industry Insights - The polyester industry is anticipated to experience steady growth in downstream demand, with domestic retail sales increasing by 5% year-on-year in the first half of 2025 [4]. - The new capacity growth in the polyester sector is slowing, with only 650,000 tons of new polyester filament capacity added in the first half of 2025, leading to a higher market concentration among leading enterprises [4]. Group 4: Project Developments - The first phase of the Qinzhou project has successfully entered trial production, featuring a comprehensive integration of various production processes [6]. - The Brunei refining project is progressing smoothly, with updates to be announced in due course [6]. Group 5: Technological Advancements - As of June 30, 2025, Hengyi Petrochemical holds 566 effective patents, with 500 related to research and development, and 66 in intelligent manufacturing [7]. - The proportion of differentiated fibers in the company's product structure has increased to 27%, indicating a strong position in the industry [7].

Group 1: Commodity Prices and Changes - Crude oil price (CFR) on November 12, 2025, was $82.28 per ton, up 0.09% from November 10, 2025 [1] - North Asia ethylene price was $741 per ton on November 10, 2025, with no change [1] - East China ethylene oxide factory - ex price was $6000 per ton on November 11, 2025, with no change [1] - Methanol spot price was $2060 per ton on November 11, 2025, with no change [1] - Inner Mongolia brown coal (tax - included, Q3000) price was $290 per ton on November 11, 2025, with no change [1] -主力合约收盘价 on November 11, 2025, was $3875 per ton, up 1.9% [1] -主力合约结算价 on November 11, 2025, was $3921 per ton, down 0.38% [1] - Near - month contract收盘价 on November 11, 2025, was $3848 per ton, with no change [1] - Near - month contract结算价 on November 11, 2025, was $3848 per ton, with no change [1] - East China market ethylene glycol intermediate price was $4000 per ton on November 11, 2025, with no change [1] - Inner - market ethylene glycol price index was $3945 per ton on November 11, 2025, up 1.8% [1] - Near - far month price difference was $3.00 on November 11, 2025, down from $88 [1] - Basis difference was $5715 per ton on November 11, 2025 [1] -综合乙二醇 price on November 11, 2025, was $6000 per ton, with no change [1] Group 2: Industry Operating Rates - Ethylene glycol production operating rate (oil - based) was 66.16% on November 11, 2025, with no change [1] - Ethylene glycol production operating rate (coal - based) was 60.48% on November 11, 2025, up 0.91% [1] - PTA factory operating rate was 89.70% on November 11, 2025, with no change [1] - Zhejiang textile machine industry PTA chain operating rate was 2.28% on November 11, 2025, with no change [1] Group 3: External Market and Gross Margin - External market crude - oil - made ethylene glycol price was $151.62 per ton on November 10, 2025, down from $146.36 [1] - External market ethylene - made ethylene glycol price was $109.65 per ton on November 10, 2025, with no change [1] - Tax - after gross margin of coal - based equipment was $1401 per ton on November 11, 2025, down from $1423.94 [1] Group 4: Price Index of Chemical Fibers - Polyester price index was $8000 per ton on November 11, 2025, up 0.29% [1] - Polyester short - fiber price index was $6330 per ton on November 11, 2025, up 0.08% [1] - Bottle - grade chip price index was $6000 per ton on November 11, 2025, with no change [1] Group 5: Equipment Operation Information - A certain 800,000 - ton equipment in East China is expected to operate at a load from May - June 2024 to now [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No clear core view can be extracted from the given data 3. Summaries According to Related Catalogs Commodity Prices - The price of crude oil on November 11, 2025, was $581.75 per ton, unchanged from the previous value [1] - The price of ethylene in Northeast Asia on November 10, 2025, was $41.00 per ton, unchanged from the previous value [1] - The ex - factory price of ethylene oxide in East China on November 11, 2025, was 6000 yuan per ton, unchanged from the previous value [1] - The price of methanol on November 10, 2025, was 290 yuan per ton, unchanged from the previous value [1] - The settlement price of the main contract of a certain commodity on November 10, 2025, was 3936 yuan per ton, a 0.20% change from the previous value [1] - The settlement price of the near - month contract on November 10, 2025, was 3848 yuan per ton, unchanged from the previous value [1] - The price of ethylene glycol in East China on November 10, 2025, was 4020 yuan per ton, unchanged from the previous value [1] - The price difference between near and far - month contracts on November 10, 2025, was 88 yuan per ton, an 8 - yuan change from the previous value [1] - The basis on November 10, 2025, was 67 yuan per ton, a 1 - yuan change from the previous value [1] Industry Operating Conditions - The operating rate of ethylene glycol from oil on November 10, 2025, was 63.4% [1] - The operating rate of ethylene glycol from coal on November 10, 2025, was 66.51% [1] - The operating rate of a certain PTA factory on November 10, 2025, was 89.0% [1] - The operating rate of the textile industry in Zhejiang and Jiangsu on November 10, 2025, was 72.28% [1] Profit Conditions - The after - tax gross profit of a certain oil - based ethylene glycol production on November 10, 2025, was 1423.94 yuan per ton, a 40.3 - yuan change from the previous value [1] - The after - tax gross profit of a coal - based synthetic gas method production on November 10, 2025, was 19.6 yuan per ton, a 35.4 - yuan change from the previous value [1] Price Indexes - The price index of polyester on November 10, 2025, was 8525 yuan per ton, unchanged from the previous value [1] - The price index of polyester staple fiber on November 10, 2025, was 6850 yuan per ton, unchanged from the previous value [1] - The price index of bottle - grade chips on November 10, 2025, was 5750 yuan per ton, a 0.1% change from the previous value [1] Other Information - A coal - based ethylene glycol production unit in Inner Mongolia is expected to start up this month after inspection and maintenance [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The market for ethylene glycol and related products shows complex trends. The supply and demand situation is influenced by factors such as production capacity utilization, inventory levels, and market transactions. The price of ethylene glycol and related products fluctuates, with some products showing small increases or decreases, and the market is in a state of adjustment and change [1][2] 3. Summary by Related Catalogs Price Information - **Spot Prices**: On November 7, 2025, the spot price of East China ethylene oxide was 6,000 yuan/ton, unchanged from the previous day; the spot price of methanol was 2,095 yuan/ton, unchanged; the price of Inner Mongolia brown coal (Q3500) was 290 yuan/ton, unchanged; the closing price of the main contract of GCEED was 3,942 yuan/ton, up 0.46%; the closing price of the nearby contract of GCEED was 3,848 yuan/ton, down 0.08%; the settlement price of the nearby contract of GCEED was 3,848 yuan/ton, unchanged; the price of East China diethylene glycol was 0 yuan/ton, down 100 yuan from the previous day; the CFEI diethylene glycol index was 4,010 yuan/ton, up 0.25% [1] - **Futures Prices**: The price difference between the far - and near - month contracts of GCEED on November 7, 2025, was - 96 yuan/ton, compared with - 54 yuan/ton previously; the basis was 68 yuan/ton, down 8 yuan from the previous day [1] - **Product Index Prices**: On November 7, 2025, the CFEI polyester fiber index was 8,525 yuan/ton, up 0.29%; the CFEI polyester staple fiber index was 6,330 yuan/ton, up 0.08%; the CFEI bottle - grade chip index was 5,740 yuan/ton, up 0.17% [1] Production and Operation Conditions - **Production Capacity Utilization**: On November 7, 2025, the load rate of polyester plant in the coal - based ethylene glycol industrial chain was 59.57%, unchanged; the load rate of textile machinery in Zhejiang in the PTA industrial chain was 72.28%, unchanged [1] - **Profit Situation**: On November 7, 2025, the after - tax gross profit of the coal - based synthesis gas device was - 144.25 yuan/ton, an increase of 19.91 yuan compared with the previous day [1] Market Analysis - The market supply is relatively abundant, and the supply - demand relationship is in a state of adjustment. The trading volume and price of ethylene glycol and related products are affected by various factors such as market expectations, production costs, and downstream demand. The market presents a trend of narrow - range fluctuations, and investors need to pay attention to market information and price changes [2]

Group 1: Price Information - North America CFR ethylene price on November 6, 2021, was $557.50 per ton, up 0.30% from the previous day [1] - East Asia CFR naphtha price on November 6, 2021, was $41.00 per barrel, unchanged from the previous day [1] - East China ex - factory price of ethylene oxide was 6000 yuan per ton on November 6, 2021, unchanged from the previous day [1] - Inner Mongolia含税褐煤 price was 290 yuan per ton on November 6, 2021, unchanged from the previous day [1] - Futures contract prices and settlement prices for various products on November 6, 2021, with different price changes [1] - East China market price of ethylene glycol was 3900 yuan per ton on November 6, 2021, unchanged from the previous day [1] - Near - far price difference and basis difference information for different products on November 6, 2021 [1] - Comprehensive price index of ethylene glycol was 63.74 on November 6, 2021, unchanged from the previous day [1] - Operating conditions of oil - based and coal - based ethylene glycol production on November 6, 2021 [1] - Industrial chain load rates of PTA plants and Jiangsu - Zhejiang looms on November 6, 2021 [1] - External market prices of oil - based ethylene glycol in the US on November 5, 2021 [1] - After - tax gross profit of different production methods on November 6, 2021 [1] - Price indices of polyester products such as polyester fiber, polyester ester, and polyester short - fiber on November 6, 2021 [1] Group 2: Industry News - A 90,000 - ton/year synthetic gas - to - ethylene glycol unit in Inner Mongolia is expected to start up and produce materials this month after initial maintenance [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The market shows fluctuations, with various products such as polyester, alcohol, and related chemical products experiencing price changes and trading volume adjustments. The supply - demand relationship is complex, affected by factors like production, inventory, and market sentiment [1][2] Summary by Related Information Price and Quantity Information - There are multiple price data for different products including polyester, alcohol, etc., with values like - 1466.31, 6000.00, 2080.00, etc., and percentage changes such as (10.76)%, (10.00)%, etc. [1] - The trading volume and price of products like ethylene glycol are affected by factors such as supply, demand, and market sentiment, with prices ranging from 466 - 472 dollars per ton in some periods [2] Market Conditions - Recently, the trading of polyester yarn and alcohol has been affected by factors such as supply - demand relationship and market sentiment. The market is in a state of adjustment, with some products showing price increases and decreases [2] Investment and Business - Investment and business operations in the industry are influenced by factors such as market supply - demand, policy, and resource allocation. Enterprises need to make decisions based on comprehensive considerations of various factors [2]

Commodity Price Information - Crude oil price on November 4, 2025, was $576.50 per ton, down 1.01% from the previous value of $582.38 [1] - The price of the Northeast Asia ethylene in the upstream cost on November 3, 2025, was $741.00 per ton, unchanged from the previous value [1] - The ex - factory price of ethylene oxide in the East China region on November 4, 2025, was $6000.00 per ton, unchanged from the previous value [1] - The price of methanol on November 4, 2025, was $2095.00 per ton, unchanged from the previous value [1] - The含税 price of lignite in Inner Mongolia on November 4, 2025, was $290.00 per ton, unchanged from the previous value [1] - The closing price of the main contract on November 4, 2025, was $3901.00 per ton, up 571.74% compared to a certain reference [1] - The settlement price of the main contract on November 4, 2025, was $3930.00 per ton, up 1% compared to a certain reference [1] - The closing price of the near - month contract on November 4, 2025, was $3860.00 per ton, with a change compared to a certain reference [1] - The settlement price of the near - month contract on November 4, 2025, was $3891.00 per ton [1] - The price on November 4, 2025, was $4018.00 per ton, up 5.134% compared to a certain reference [1] - The market price of ethylene glycol in the East China region on November 4, 2025, was $4070.00 per ton, unchanged from the previous value [1] - The price of domestic ethylene glycol on November 4, 2025, was $3900.00 per ton, up 1.73% compared to a certain reference [1] - The price difference between near - month and far - month contracts on November 4, 2025, was $88.00 per ton, with a comparison to a previous value [1] - The basis difference on November 4, 2025, was $74.00 per ton, with a comparison to a previous value [1] Production and Operation Information - The operating rate of oil - based ethylene glycol on November 4, 2025, was 66.51%, with a comparison to a previous value [1] - The operating rate of coal - based ethylene glycol on November 4, 2025, was 9.61%, with a comparison to a previous value [1] - The load rate of the PTA industry chain factory on November 4, 2025, was 89.68%, unchanged from the previous value [1] - The load rate of the textile machine industry in the Jiangsu and Zhejiang PTA industry chain on November 4, 2025, was 72.28%, unchanged from the previous value [1] External Market and Profit Information - The price of foreign - market oil - based ethylene glycol on November 3, 2025, was $1423.1 per ton, with a comparison to a previous value [1] - The price of foreign - market ethylene - based ethylene glycol on November 3, 2025, was $1026.9 per ton, with a comparison to a previous value [1] - The after - tax gross profit of the coal - based synthesis gas method on November 4, 2025, was $1466.3 per ton, with a comparison to a previous value [1] - The after - tax gross profit of a certain equipment on November 4, 2025, was $1022.1 per ton, with a comparison to a previous value [1] Product Price Index Information - The price index of polyester on November 4, 2025, was $8500.00 per ton, unchanged from the previous value [1] - The price index of polyester chips on November 4, 2025, was $6825.00 per ton, unchanged from the previous value [1] - The price index of polyester staple fiber on November 4, 2025, was $630.00 per ton, up 0.08% compared to a certain reference [1] - The price index of bottle - grade chips on November 4, 2025, was $5715.00 per ton, up 0.26% compared to a certain reference [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The market for polyester and related products shows fluctuations. The price of polyester fiber and related raw materials such as ethylene glycol and esters is in a state of change, with factors like supply - demand relationship, investment, and market information influencing the trends. For example, the demand for ethylene glycol has increased to some extent, but the market is still facing challenges such as weak trading volume and price volatility [2] - The investment in the industry has a certain impact on the market. Some investors' actions and expectations affect the price and trading volume of products, and the market is also affected by macro - economic and industry - specific factors [2] Summary by Related Content Price and Market Conditions - The price of polyester fiber products has experienced adjustments. The price of polyester yarn has increased slightly, and the price of ethylene glycol has also shown a rising trend, with the price reaching a certain level per ton [2] - The market is in a state of shock. The price of products such as ethylene glycol and polyester fiber is fluctuating, and the trading volume is not stable, with some periods showing weak trading [2] Supply and Demand - The demand for ethylene glycol has increased. According to information, the demand from downstream industries has recovered to some extent, which has led to a certain increase in the price of ethylene glycol [2] - The supply side also has some changes. The production and supply of related products are affected by factors such as production capacity and market conditions, and there are differences in supply in different regions [1][2] Investment and Market Expectations - Investment in the industry has an impact on the market. Some investors' actions and decisions affect the price and trading volume of products, and the market also has certain expectations for future development [2] - Market participants need to be cautious. Given the volatility of the market, investors and market participants need to pay attention to market information and risks and make decisions carefully [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalog - **Commodity Prices** - Crude oil price on November 4, 2025, was $582.38 per ton, up 0.32% from the previous value of $580.50 [1] - Northeast Asia ethylene price index was $741.00 per ton on November 3, 2025, unchanged from the previous value [1] - East China ethylene oxide ex - factory price was $6000.00 per ton on November 4, 2025, up 50.00 from the previous value [1] - Inner Mongolia brown coal (tax - included) pit price was $290.00 per ton on November 3, 2025, unchanged from the previous value [1] - Main contract settlement price of a certain product was $4000.00 per ton on November 3, 2025, up 0.0% from the previous value, and the close price of the near - month contract was $3891.00 per ton, up 0.16% [1] - East China market intermediate price of ethylene glycol was $4110.00 per ton on November 3, 2025, up 100.00 from the previous value [1] - Near - far price difference was $35.00 per ton on November 3, 2025, and the basis difference was -$12.00 per ton [1] - Ethylene glycol comprehensive index was 64.41 on November 3, 2025, unchanged from the previous value [1] - Oil - based ethylene glycol operating rate was 66.57% on November 3, 2025, unchanged from the previous value; coal - based ethylene glycol operating rate was 61.16% on November 3, 2025, unchanged from the previous value [1] - PTA industry plant load rate was 89.68% on November 3, 2025, up 0.22% from the previous value; Jiangsu and Zhejiang PTA weaving machine industry load rate was 72.28% on November 3, 2025, unchanged from the previous value [1] - Outer - plate oil - based ethylene glycol price was $1362.11 per ton on November 1, 2025, down $145.90 from the previous value [1] - After - tax gross profit of a certain coal - based synthetic gas method device was $1450.33 per ton on November 3, 2025, up $37.29 from the previous value [1] - Polyester price index was $8500.00 per ton on November 3, 2025, up 0.9% from the previous value; polyester staple fiber price index was $6340.00 per ton on November 3, 2025, up 0.16% from the previous value; bottle - grade chip price index was $5730.00 per ton on November 3, 2025, up 0.3% from the previous value [1]

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - The market shows fluctuations, with the polyester market around 488 - 493. The market is weak, and investors are cautious. The supply - demand relationship in the industry is complex, with supply being relatively weak and demand also showing a narrow range of changes. There are factors such as macro - economic conditions and raw material prices affecting the market [2] 3. Summary According to Relevant Contents Market Conditions - The market is in a state of shock. For example, the polyester market has fluctuations, and the price range is around 488 - 493. The market is relatively weak, and trading is not active [2] Supply - Demand Relationship - Supply is relatively weak, with factors like low production volume and limited supply of raw materials. Demand also shows a narrow - range change, and the overall supply - demand gap is relatively small [2] Price Changes - Prices are in a state of shock and adjustment. For example, the price of ethylene glycol has certain fluctuations, and the price range is relatively narrow [2] Investor Sentiment - Investors are cautious. The market is affected by macro - economic data and other factors, and investors are waiting and observing [2]