| | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | 活动类别 | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 （请文字说明其他活动内容） 申万宏源证券、中邮证券、国海证券、天风证券、长江证券、 | | | 易方达基金、嘉实基金、国泰基金、广发基金、永赢基金、 | | | 南方基金、摩根士丹利基金、国寿安保基金、招商基金、浙 | | 参与单位名称 | 商基金、兴银基金、长盛基金、万家基金、平安基金、华商 | | | 基金、融通基金、新华基金、中庚基金、大成基金、海富通 | | 及人员姓名 | 基金、华泰保兴基金、招银理财、太平养老保险、平安资管、 | | | 东方证券、中汇人寿、长江养老保险、真科基金、诚旸投资、 | | | 复霈投资、中欧瑞博资本、君榕资产、康曼德资本、喜世润 | | | （以上排名不分先后） | | 时间 | 年 月 2026 1 7 日，14：00—17：30 | | | 2026 年 1 月 8 日，10：00—17：30 | | 地点 | 公司会议室 | | 上 市 公 司 接 | 董事会 ...

Investment Rating - The report rates the textile and apparel industry as "Positive" [1] Core Insights - The textile and apparel sector has underperformed the market, with a year-to-date increase of 12%, lagging behind the CSI 300 index by 4.1 percentage points, ranking 18th among 31 first-level industries [4][10] - The apparel and home textile segment has seen an 11.3% increase, while the textile manufacturing segment rose by 9.6%, and the accessories segment outperformed with a 17.4% increase [4][10] - The report highlights a potential recovery in demand for textile manufacturing due to stable domestic consumption and a resilient export market, particularly in the U.S. [4][19] - The sleep economy is expanding rapidly, driven by increasing health awareness and consumer spending on sleep-related products [4][63] - The gold and jewelry sector faces short-term demand suppression due to rising gold prices, but consumer spending on gold jewelry remains strong [4][63] Summary by Sections Market Overview - The textile and apparel sector has a TTM price-to-earnings ratio of 27.48, above the historical average since January 2020 [4][14] - The apparel and home textile segment has a TTM P/E ratio of 29.07, while the textile manufacturing segment stands at 23.9, and the accessories segment at 30.27, all above historical averages [4][14] Textile Manufacturing - Raw material prices are at historical lows, with cotton and synthetic fiber prices declining, while Australian wool prices have recently increased [4][19] - Domestic retail sales are showing steady growth, with apparel sales experiencing a slight recovery [4][30] - Export performance is affected by fluctuating tariffs and weak external demand, with a 4.4% year-on-year decline in apparel exports from January to November [4][43] Apparel and Home Textiles - The sleep economy is projected to grow significantly, with the market size expected to exceed 500 billion yuan in 2024, driven by increased consumer awareness and spending on sleep health products [4][66] - The outdoor sports market is also expanding, with a trend towards specialization and segmentation, supported by rising consumer income levels [4][63] Gold and Jewelry - Gold prices have surged over 50% this year, temporarily suppressing demand for gold jewelry, but overall consumer budgets for gold jewelry are increasing [4][63] - The report notes that consumer preferences are shifting towards lighter and more innovative gold products, with a focus on craftsmanship and cultural connections [4][63] Investment Strategy - The report recommends investing in leading companies with strong barriers in production capacity, technology, and customer relationships within the textile manufacturing sector, such as Shenzhou International and Huayi Group [4][63] - For the apparel and home textile sector, it suggests focusing on high-growth segments related to the sleep economy and outdoor sports [4][63]

每经记者｜章光日 每经编辑｜程鹏 吴永久 不久前，恒逸石化全资子公司广西恒逸新材料有限公司因在门头悬挂"进入厂区，请自觉放弃一切自由"的大字标语而陷入舆情风波，而近期恒逸石化发布 的增持公告又牵出一段"心酸往事"。 图片来源：潇湘晨报 2025年12月15日晚间，恒逸石化发布了关于控股股东及其一致行动人增持公司股份进展的公告。该公告显示，2025年12月15日，公司控股股东浙江恒逸集 团有限公司（以下简称"恒逸集团"）以大宗交易的方式，增持公司股份约1.22亿股，增持金额约为10亿元（不含手续费）；控股股东的一致行动人杭州恒 逸投资有限公司（以下简称"恒逸投资"）以大宗交易的方式，增持公司股份约4784万股，增持金额为3.94亿元（不含手续费）。 以恒逸石化2025年12月10日总股本计算，恒逸集团及恒逸投资本次合计增持股份占公司总股本的4.72%，恒逸集团及恒逸投资合计持股比例从50.28%增加 至55.00%；若剔除恒逸石化回购专用账户中的股份数量，恒逸集团及恒逸投资合计持股比例从54.88%增加至60.03%。 | 序号 | 股东名称 | 权益变动前 | | 权益变动后 | | | --- | --- ...

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]