Investment Rating - The report does not explicitly state the investment rating for Sanwei Holding Group (603033.CH) Core Insights - The company is focused on maintaining market health through "anti-involution" strategies, which are expected to restore profitability in the polyester fiber sector [2] - Sanwei Holding Group has established a business structure centered around two main sectors: chemicals and transportation, with significant production capacities in BDO and calcium carbide [2] - The company anticipates a net loss of between 250 million to 380 million yuan for 2025, primarily due to losses from its subsidiary in Inner Mongolia [4] - The polyester fiber industry is expected to turn profitable in 2026, driven by industry self-regulation and supply-demand adjustments [4] - The calcium carbide industry is undergoing capacity clearance, leading to a gradual price recovery since 2026, with prices expected to rise by 5%-8% compared to 2025 [4]

1. Report's Investment Ratings for the Industry - PX: High-level volatile market, with a strategy of going long on PX and short on PTA [1] - PTA: High-level volatile market [1] - MEG: High-level volatile market [1] 2. Core Views of the Report - PX: Geopolitical conflicts have raised costs. Without a significant further increase in oil prices, some long positions around 8200 - 8300 can be reduced, and the May - September spread can be reduced on rallies. In the medium term, the trend remains strong with increasing volatility, so position control is necessary. PX imports and domestic production cuts will gradually materialize in the second quarter. If the Iran issue persists for more than two weeks, the PX valuation may rise further. The strategy of going long on PX and short on PTA can be continued [7] - PTA: Some long positions around 5800 can be reduced, and the May - September positive spread can be reduced. The PTA operating rate has increased instead of decreased, and the spot basis has reacted slowly. During the current off - season of demand, the May - September positive spread can be exited. The strategy of going long on PX and short on PTA should be continued [8] - MEG: Long positions around 4200 - 4300 can be exited, and there is still support below 4000. The May - September positive spread can be exited. The navigation situation in the Strait of Hormuz is still poor, which will interfere with ethylene glycol imports. The overall supply of ethylene glycol has tightened, supporting its valuation [9] 3. Summary by Related Contents PX - **Price and Market Structure**: On March 5, the PX price rose, with a May Asian spot trading at 1052. The PX valuation on March 5 was 1055 dollars/ton, up 28 dollars from March 4. The market structure strengthened, with the April/May physical spread widening from 5.50 dollars/metric ton to 8 dollars/ton [3][5] - **Operating Rate**: As of Thursday this week, the domestic PX plant operating rate was 90.4%, and the Asian PX operating rate was 83.2%. This week, the domestic PX plant operating load dropped to around 90%, a year - on - year decrease of 2%. South Korean GS 550,000 - ton and Soil 770,000 - ton plants are under maintenance as planned [3][7] - **Upstream Situation**: The ICE Brent futures contract rose 35 cents/dollar to 84.25 dollars/dollar on the trading day, while the Platts - assessed naphtha C + F Japan index fell 2.125 dollars/ton to 774.375 dollars/ton [3] PTA - **Price**: The PTA2605 contract on the Zhengzhou Commodity Exchange closed at 5820 yuan/ton, up 126 yuan/ton from the previous day [5] - **Operating Rate**: This week, some PTA plants had changes, such as Yisheng New Materials ramping up to full capacity, some plants restarting, and some undergoing maintenance. As of Thursday, the domestic PTA load was adjusted to 81% [6] MEG - **Price**: The MEG spot price was 4170 yuan/ton, up 196 yuan from the previous day [2] - **Operating Rate**: As of March 5, the overall ethylene glycol operating load in mainland China was 74.14% (a 4.88% decrease from the previous period), and the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) was 83.03% (a 1.00% decrease from the previous period). Two South Korean MEG plants are under planned maintenance, and another is planning to reduce its load to around 70% [6] Polyester - **Operating Rate**: This week, the operating load of the polyester filament industry has increased. As of now, the overall theoretical operating load of domestic polyester filaments is around 74%. As of Thursday this week, the polyester load in mainland China is around 83.5%. There is still a possibility of multiple plants restarting in the future, and the polyester load will continue to increase [7]

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - PX, PTA, and MEG are all in a range - bound market. PX and PTA follow cost fluctuations, and it is recommended to go long on PTA and short on MEG [1][8] - The industry may enter a positive feedback pattern under the expectation of downstream order recovery, and attention should be paid to spring - summer orders [7][8] Summary by Related Catalogs Futures Market - The closing prices of PX, PTA, MEG, PF, and SC futures on the previous trading day were 7382, 5260, 3700, 6658, and 483.6 respectively, with price drops of - 50, - 52, - 47, - 64, and - 4.7, and declines of - 0.67%, - 0.98%, - 1.25%, - 0.95%, and - 0.96% [2] - The PX5 - 9, PTA5 - 9, MEG5 - 9, PF3 - 4, and SC2 - 3 spreads on the previous trading day were - 6, - 10, - 134, - 86, and 2.2 respectively, with price changes of - 26, - 24, - 16, 12, and - 2.8 compared to the previous day [2] Spot Market - The previous day's prices of PX CFR China, PTA in East China, MEG spot, Naphtha MOPJ, and Dated Brent were 930.67 dollars/ton, 5235 yuan/ton, 3612 yuan/ton, 632.5 dollars/ton, and 72.04 dollars/barrel respectively, with price changes of 2, - 50, - 46, 16.5, and 1.25 compared to the previous day [2] - The previous day's PX - naphtha spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude oil spread were 297.55, 412.68, 106.87, 240.63, and - 4.34 respectively, with price changes of - 2.66, - 17.01, 81.21, 40.06, and 0 compared to the previous day [2] PX Fundamental Data - On February 26, the PX price rebounded slightly, with two April Asian spot transactions at 929. The PX valuation on that day was 931 dollars/ton, up 2 dollars from February 25 [3] - A 700,000 - ton PX plant in East China postponed its maintenance from early March to early April for 50 - 60 days, and a 2 - million - ton PX plant of a large PX manufacturer in East China plans to shut down for maintenance for 30 - 40 days in mid - March [3] - The operating rate of PX on February 26 was estimated to be 89%, the same as on February 12 before the Chinese New Year holiday [5] PTA Fundamental Data - A 2.5 - million - ton PTA plant in East China is expected to restart on February 27, and a 1.25 - million - ton PTA plant in South China is expected to restart at the end of February or early March [5] - By Thursday, the domestic PTA load was adjusted to 76.6% [5] MEG Fundamental Data - As of February 26, the overall operating load of ethylene glycol in mainland China was 79.02%, and the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) was 84.03% [5] Polyester Fundamental Data - A low - melting short - fiber plant in China has restarted, and a direct - spinning polyester staple fiber plant in Jiangyin has basically returned to full - load operation [5] - As of Thursday, the domestic polyester load was around 79.7%, and the overall theoretical operating load of domestic polyester industrial yarn was around 68% [5][6] - On February 26, the sales of polyester yarn in Jiangsu and Zhejiang were still sluggish, with an average sales rate of just over 20% by 3:30 pm. The sales rates of direct - spinning polyester staple fiber plants were highly differentiated, with an average sales rate of 46% by 3:00 pm [6] Suggestions - For PX, go long on PXN and conduct a 5 - 9 calendar spread. The supply side has a high operating rate, and attention should be paid to plant maintenance. The demand side is expected to enter a positive feedback pattern [7][8] - For PTA, although the valuation has weakened, it will enter a de - stocking pattern from March, and attention should be paid to spring - summer orders [8] - For MEG, it is in a range - bound market. Go long on PTA and short on MEG. Pay attention to the rotation maintenance of Yulin Chemical's plant, and the price is expected to operate within a range [8]

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Views of the Report - PX: Cost support is strong, and PX is expected to rise after the holiday. Go long on PXN and engage in 5 - 9 calendar spread trading. The PX - naphtha spread has recovered to $327/ton. The PX operating rate remains high, and the polyester operating rate is gradually recovering. The industry may enter a positive feedback pattern [1][7]. - PTA: Supported by costs, the short - term trend is strong. The PTA futures opened with a catch - up increase on the first day. It accumulates inventory from January to February and enters a de - stocking pattern from March. Pay attention to the 5 - 9 calendar spread. The downstream polyester price has increased by 50 yuan/ton, and the industry may enter a positive feedback pattern [1][7]. - MEG: It is in a range - bound market. Go long on PTA and short on MEG. The domestic ethylene glycol operating rate remains high, and it is in a significant inventory accumulation pattern from February to March. The price has limited downside but the upside is not yet open, so maintain range - bound operations [1][8]. 3. Summary by Related Catalogs 3.1 Market Data - **Futures Prices**: The closing prices of PX, PTA, MEG, PF, and SC futures on the previous day were 7432, 5312, 3747, 6722, and 488.3 respectively, with changes of - 46, - 40, 10, - 68, and - 5, and percentage changes of - 0.62%, - 0.75%, 0.27%, - 1.00%, and - 1.01% [2]. - **Calendar Spreads**: The closing prices of PX5 - 9, PTA5 - 9, MEG5 - 9, PF3 - 4, and SC2 - 3 calendar spreads on the previous day were 20, 14, - 118, - 98, and 5 respectively, with changes of - 6, - 18, - 6, - 32, and 5.6 compared to the day before [2]. - **Spot Prices**: The spot prices of PX CFR China, PTA in East China, MEG, naphtha MOPJ, and Dated Brent on the previous day were $928.67/ton, 5285 yuan/ton, 3658 yuan/ton, $616/ton, and $70.78/barrel respectively, with changes of - 4, 0, 10, 2.5, and - 0.55 [2]. - **Spot Processing Margins**: The spot processing margins of PX - naphtha, PTA, short - fiber, bottle - chip, and MOPJ naphtha - Dubai crude oil on the previous day were $297.55/ton, 412.68 yuan/ton, 106.87 yuan/ton, 240.63 yuan/ton, and - $4.34/ton respectively, with changes of - 2.66, - 17.01, 81.21, 40.06, and 0 [2]. 3.2 Market Trends - **PX**: On February 25, the PX price declined, and the raw material trend was generally weak. The negotiation and transaction level of PX also fell after rising. The spot transaction atmosphere was okay, and the 4 - and 5 - month spot maintained a - 2 C structure. The floating price fluctuated within a narrow range [3]. - **Polyester**: A 500,000 - ton polyester plant in Ningbo is being heated up and is planned to restart tomorrow, with products expected around the Lantern Festival. Another 250,000 - ton polyester plant in Ningbo is planned to start heating up on March 1 and feed on March 4. A large - scale polyester industrial yarn plant in Huzhou is restarting, and a 200,000 - ton polyester plant in Huzhou restarted on February 24. The sales of polyester yarn in Jiangsu and Zhejiang on February 25 were sluggish, with an average sales rate of about 20% by 3:30 p.m. The sales rate of direct - spinning polyester staple fiber plants was highly differentiated, with an average sales rate of 51% by 3:00 p.m [5][6]. 3.3 Supply and Demand Analysis - **PX**: The supply side has a high operating rate, with the Asian PX operating rate at around 84%. South Korea's PX exports increased significantly in the first 20 days of February. The demand side has a PTA operating rate of around 75%, and the polyester operating rate is gradually recovering [7]. - **PTA**: It accumulates inventory from January to February and enters a de - stocking pattern from March. The downstream polyester price has increased, and the industry may enter a positive feedback pattern [7]. - **MEG**: The domestic ethylene glycol operating rate remains high, with the coal - based plant operating rate reaching 83%. It accumulates inventory during the Spring Festival, and is in a significant inventory accumulation pattern from February to March [8].

Core Viewpoint - The company is committed to the real economy, focusing on its existing industries and forming a business structure centered around two main fields: chemicals and transportation [2] Group 1: Chemical Industry - The new materials chemical business has a production base located in Wuhai City, Inner Mongolia, with established capacities of 300,000 tons/year for BDO and 360,000 tons/year for calcium carbide [2] - Future plans include expanding production capacities for lanthanum carbon and green electricity, as well as developing new material capacities for PBAT [2] - The company aims to become a leading integrated enterprise in BDO and biodegradable plastics on a global scale [2] Group 2: Transportation Industry - The rail transportation business focuses on key regions such as the Pearl River Delta, Yangtze River Delta, and provinces along the Belt and Road Initiative, including Yunnan and Sichuan [2] - The company is dedicated to the development of high-speed rail construction and urban subway projects [2] Group 3: Rubber and Chemical Fiber Industries - The rubber products and chemical fiber production bases are located in Sanmen County, with main products including rubber conveyor belts, V-belts, polyester chips, and polyester industrial yarns [2] - The company is recognized as one of the leading enterprises in the rubber conveyor belt and V-belt sectors in China [2]

Group 1 - Huafeng Chemical (002064) is a global leader in the spandex industry, with strong technical advantages in differentiated spandex and early investments in bio-based and recycled spandex, benefiting from the growing demand for green fibers [2][34] - Tongkun Co., Ltd. (601233) is a domestic leader in the polyester filament industry, with strong technical and capacity advantages in differentiated and high-end products, and is expected to benefit from the recovery of downstream textile demand and policies promoting recycled fibers [3][35] - New Fengming (603225) is a core player in the polyester filament industry, with a strong position in differentiated and high-end products, and is well-positioned to benefit from the recovery of textile demand and the promotion of recycled fibers [4][36] Group 2 - Shuangxin Environmental Protection (001369) is a core enterprise in the PVA industry, with strong technical and capacity advantages, and is expanding into biodegradable and bio-based materials, expected to benefit from the growing demand for biodegradable materials [5][38] - Tianfulong (603406) is a core player in the polyester industrial yarn industry, with strong technical advantages and is expanding into high-performance and recycled industrial yarns, expected to benefit from the growth in automotive and industrial fabric demand [6][39] - Wanwei High-tech (600063) is a leading company in the PVA industry, with strong technical advantages and is expanding into biodegradable materials, expected to benefit from the growing demand for biodegradable materials [7][40] Group 3 - Xinxiang Chemical Fiber (000949) is a core enterprise in the viscose staple fiber industry, with strong technical advantages and is expanding into recycled viscose and bio-based viscose, expected to benefit from the recovery of textile demand [8][41] - Taihe New Materials (002254) is a leader in the aramid industry, with strong technical advantages and is expanding into high-performance and bio-based aramid, expected to benefit from the growth in high-end fields [9][42] - Jilin Chemical Fiber (000420) is a core player in the viscose staple fiber industry, with strong technical advantages and is expanding into high-performance carbon fiber, expected to benefit from the growth in aerospace and new energy sectors [10][44] Group 4 - Sanfangxiang (600370) is a core enterprise in the PTA industry, with strong technical advantages and is expanding into recycled PTA and bio-based PTA, expected to benefit from the recovery of textile demand [11][45] - Shenma Co., Ltd. (600810) is a leader in the nylon 66 industry, with strong technical advantages and is expanding into high-performance and recycled nylon, expected to benefit from the growth in automotive and industrial fabric demand [12][46] - Hailide (002206) is a leader in the polyester industrial yarn industry, with strong technical advantages and is expanding into high-performance and recycled industrial yarns, expected to benefit from the growth in automotive and industrial fabric demand [13][47] Group 5 - Youfu Co., Ltd. (002427) is a core player in the polyester industrial yarn industry, with strong technical advantages and is expanding into high-performance and recycled industrial yarns, expected to benefit from the growth in automotive and industrial fabric demand [14][48] - Huaxi Co., Ltd. (000936) is a core enterprise in the polyester staple fiber industry, with strong technical advantages and is expanding into recycled and bio-based polyester, expected to benefit from the recovery of textile demand [15][49] - Baolidi (300905) is a leader in the chemical fiber color masterbatch industry, with strong technical advantages and is expanding into biodegradable color masterbatches, expected to benefit from the green transformation of the chemical fiber industry [16][51] Group 6 - Nanjing Chemical Fiber (600889) is a core player in the viscose staple fiber industry, with strong technical advantages and is expanding into recycled viscose and bio-based viscose, expected to benefit from the recovery of textile demand [17][52] - Haiyang Technology (603382) is a core enterprise in the polyester industrial yarn industry, with strong technical advantages and is expanding into high-performance and recycled industrial yarns, expected to benefit from the growth in automotive and industrial fabric demand [18][53]

Report Industry Investment Rating - Not provided Core Viewpoints - PX: Unilateral price fluctuates downward with cost, pay attention to position control before the Spring Festival. Processing fees decline, and conduct reverse arbitrage on monthly spreads. The fundamentals are gradually weakening, and PX is in a pattern of inventory accumulation [7]. - PTA: It is in a range - bound market, and the monthly spread is bearish. The polyester开工 rate is expected to decline marginally in the short - term, and PTA is in a pattern of inventory accumulation in January - February [8]. - MEG: It is in a unilateral range - bound market, and operate within the range of 3700 - 4000. The supply is increasing, and the short - term demand is weak, remaining in a pattern of inventory accumulation [8]. Summary by Relevant Catalogs Futures - PX主力昨日收盘价7200，涨跌 - 96，涨跌幅 - 1.32%，月差PX5 - 9昨日收盘价14，较前日涨10 [2]. - PTA主力昨日收盘价5144，涨跌 - 74，涨跌幅 - 1.42%，月差PTA5 - 9昨日收盘价 - 4，较前日跌10 [2]. - MEG主力昨日收盘价3745，涨跌 - 43，涨跌幅 - 1.14%，月差MEG5 - 9昨日收盘价 - 112，较前日跌1 [2]. - PF主力昨日收盘价6564，涨跌 - 66，涨跌幅 - 1.00%，月差PF3 - 4昨日收盘价 - 80，较前日跌10 [2]. - SC主力昨日收盘价467.2，涨跌4.8，涨跌幅1.04%，月差SC2 - 3昨日收盘价 - 7.5，较前日跌3 [2]. Spot - PX CFR中国昨日价格892.67美元/吨，较前日跌9.66美元/吨 [2]. - PTA华东昨日价格5115元/吨，较前日跌35元/吨 [2]. - MEG现货昨日价格3642元/吨，较前日跌40元/吨 [2]. - 石脑油MOPJ昨日价格604.25美元/吨，较前日涨6美元/吨 [2]. - Dated布伦特昨日价格69.7美元/桶，较前日跌0.12美元/桶 [2]. Spot Processing Fees - PX - 石脑油价差昨日价格313.25，较前日涨3.62 [2]. - PTA加工费昨日价格413，较前日涨42.1 [2]. - 短纤加工费昨日价格82.15，较前日涨40.24 [2]. - 瓶片加工费昨日价格225.16，较前日涨34.09 [2]. - MOPJ石脑油 - 迪拜原油价差昨日价格 - 4.34，较前日无变化 [2]. Fundamentals - PX: 尾盘石脑油价格小幅上涨，今日PX价格下跌，估价892美元/吨，较昨日跌10美元 [4]. - PTA: 本周能投100万吨PTA装置恢复，本周四PTA负荷为77.6% [4]. - MEG: 华南一套70万吨/年装置3月上旬开始停车检修至4月底；截至2月5日，中国大陆地区乙二醇整体开工负荷76.22%（环比上升1.85%），草酸催化加氢法制乙二醇开工负荷76.77%（环比下降5.02%）；巴斯夫（广东）80万吨/年新装置1月出料并稳定运行，2月计入产能基数；科威特62万吨/年装置重启延后十天；沙特70万吨/年装置仍停车，重启时间待跟进 [4][5]. - 聚酯: 春节临近，聚酯装置多套检修，大厂减产扩大，综合聚酯负荷下降，本周四国内大陆地区聚酯负荷79.3%附近；涤纶工业丝大厂开工负荷总体下降，目前理论开工负荷67%左右；今日直纺涤短工厂产销高低分化，平均产销45%；江浙涤丝今日产销清淡，平均产销2成左右 [6]. Trend Intensity - 对二甲苯趋势强度： - 1 - PTA趋势强度： - 1 - MEG趋势强度： - 1 [6]

Group 1 - The core viewpoint of the article indicates that the polyester industrial filament industry is expected to show an upward trend in prosperity by 2025, driven by national policy guidance, industry association leadership, and corporate self-discipline through measures like "production limits to maintain prices" and "coordinated operating rates" [1] - The company has reported a significant reduction in losses in its polyester industrial yarn business, suggesting an improvement in financial performance [1] - Future profitability is anticipated to improve further as the company shifts towards high-threshold, high-tech, and high-value-added automotive yarn sectors, alongside the ongoing implementation of anti-involution policies and improvements in supply-demand dynamics [1]

Summary of Zhejiang Hailide New Materials Co., Ltd. Conference Call Company Overview - Zhejiang Hailide New Materials Co., Ltd. was established in 2001 and is a national key high-tech enterprise integrating research, production, and sales. The company specializes in products such as polyester chips, polyester industrial yarns, tire cord fabrics, digital printing materials, coating materials, decorative materials, and stone-plastic flooring, exporting to over 80 countries and regions worldwide. Hailide has become one of the leading providers of products and services globally, supported by a strong team of mid-to-high-end talents and a provincial-level "Key Enterprise Research Institute" for outstanding performance in technology research and development [3][10][11]. Key Points from the Conference Call Strategic Focus and Transformation - Hailide is transitioning from "manufacturing" to "intelligent manufacturing," emphasizing innovation and technology as the foundation for sustainable development. The company is committed to continuous evolution and aims to establish a solid technological foundation through research and development [10][12]. - The company plans to align its development with national strategic needs, setting clear goals for a five-year strategic cycle to promote technological iteration and accelerate industrial upgrades [12]. New Materials Development - Hailide is advancing its new materials projects, focusing on high-performance fibers for applications in composite materials and hydrogen energy. Key developments include: - PPS long fibers achieving mass sales and testing in hydrogen membrane applications - LCP fibers receiving multiple small batch orders - PEEK fibers in the customer sampling stage - Completion of production lines for LCP films and FCCL [14][15]. Competitive Advantages - Hailide's competitive advantages in high-performance fibers include: - Deep technical accumulation with over 20 years of experience in fiber spinning and modification, particularly in high-end automotive and industrial yarns - Full supply chain capabilities from raw material processing to finished product production, ensuring cost control and quality stability - Strong customer certification, with products certified by numerous high-end clients, securing a place in core supply chains - A well-established R&D system with a professional team and pilot testing bases for rapid market response [16]. Industry Trends and Market Position - The tire cord fabric industry is expected to see increased concentration, with high technical and customer certification barriers. Hailide's two-decade technical accumulation provides a first-mover advantage in high-end products, fostering strong partnerships with major tire manufacturers [21]. - The rise of domestic new energy vehicles is anticipated to create growth opportunities for Hailide's automotive yarns, particularly in safety belt and airbag yarns, as these vehicles prefer high-end, lightweight products [22][23]. Capacity Expansion and Global Strategy - Hailide's Vietnam base is focused on expanding production capacity for polyester industrial yarns and tire cord fabrics, with plans to meet global enterprise demands. The dual-base strategy of "domestic + Vietnam" aims to enhance global supply chain responsiveness [24]. - The Vietnam base serves as a hedge against trade tensions, allowing Hailide to mitigate tariff impacts through product exports to markets like Europe and the U.S. [26]. Future Investments and Capital Expenditure - Hailide is pursuing external investments through an industrial fund, focusing on high-performance fibers and life sciences, while planning to allocate resources for capacity expansion in overseas production bases and the industrialization of new materials developed by its research institute [28][30]. Collaboration and Innovation - Hailide has established a joint innovation center with Donghua University, integrating academic research with practical enterprise capabilities to enhance competitiveness in high-end new materials and address domestic substitution challenges [19]. Conclusion - Hailide is strategically positioned for growth through innovation, capacity expansion, and collaboration, with a clear focus on high-performance materials and a robust response to market demands and industry trends. The company's commitment to technology and strategic alignment with national policies will be crucial for its future success.

Core Viewpoint - The company is expanding its production capacity in Vietnam, focusing on polyester industrial yarn and tire cord fabric, with plans to meet global demand from overseas factories [1] Group 1: Production Expansion - The Vietnam base is currently focused on expanding production capacity for polyester industrial yarn and tire cord fabric [1] - The capacity construction is progressing as planned, with new capacity aimed at matching the needs of global enterprises [1] - The company expects to gradually complete the capacity construction in the next 2-3 years, forming a dual-base capacity layout of "domestic + Vietnam" [1] Group 2: Supply Chain Enhancement - The new production capacity will also include supporting polyester chips, enhancing the global supply chain response capability [1]