Core Viewpoint - The article emphasizes the ongoing efforts by the government to optimize market competition and promote stable growth in the chemical industry, particularly through measures to eliminate backward production capacity and enhance industry health [4][5]. Group 1: Government Initiatives - The Ministry of Industry and Information Technology (MIIT) has announced a new round of stable growth work plans for key industries, including steel, non-ferrous metals, petrochemicals, and building materials, focusing on structural adjustments and supply optimization [4]. - A draft amendment to the Price Law has been proposed to strengthen the regulation of irrational price wars and improve standards for identifying low-price dumping [4]. - The MIIT and other departments have issued a stable growth work plan for the petrochemical industry for 2025-2026, targeting an average annual growth of over 5% in the industry's added value [4]. Group 2: Industry Trends - The MIIT has convened a meeting to address the development of purified terephthalic acid (PTA) and bottle-grade polyester chips, aiming to mitigate inward competition and promote stable industry operations [5]. - The chemical industry has seen a peak in new capacity investments in recent years, but the overall capital expenditure is expected to decrease moving forward [6]. - Fixed asset investment in the chemical raw materials and products manufacturing sector decreased by 5.6% year-on-year from January to September 2025, marking a decline for the first time since 2020 [6]. Group 3: Market Outlook - The financial data from listed companies indicate a 12.5% year-on-year decrease in capital expenditure for the basic chemical industry in the first half of 2025, with total ongoing projects down by 12.2% [6]. - As capital expenditures decline and demand gradually recovers, the supply-demand dynamics in the chemical industry are expected to improve, leading to a potential increase in industry prosperity [6][7]. - The current price-to-book (PB) valuation of the basic chemical industry is close to historical lows, suggesting that the sector may be poised for a valuation recovery as market conditions improve [7].

Company Overview - Jiangsu Sanfangxiang Polymeric Materials Co., Ltd. was established on June 13, 1994, and listed on March 6, 2003. The company is located in Zhouzhuang Town, Jiangyin City, Jiangsu Province. Its main business includes the production and sales of bottle-grade polyester chips and PTA, as well as PBT engineering plastics and thermal power [2]. Business Performance - For the period from January to September 2025, the company achieved operating revenue of 16.007 billion yuan, a year-on-year decrease of 12.49%. The net profit attributable to the parent company was -467 million yuan, reflecting a year-on-year decrease of 52.14% [2]. - The revenue composition of the company is as follows: bottle-grade polyester chips account for 79.87%, PTA for 17.60%, electricity and steam for 1.12%, engineering plastics for 0.78%, and other products and services for 0.62% [2]. Stock Performance - As of November 12, the stock price of Sanfangxiang decreased by 2.31%, trading at 2.54 yuan per share, with a total market capitalization of 9.898 billion yuan. The stock has increased by 38.04% year-to-date [1]. - The stock has appeared on the daily trading list (龙虎榜) seven times this year, with the most recent appearance on November 6, where it recorded a net purchase of 352.604 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders was 35,200, a decrease of 4.11% from the previous period. The average circulating shares per person increased by 4.28% to 110,719 shares [2]. - The company has distributed a total of 1.86 billion yuan in dividends since its A-share listing, with 584 million yuan distributed in the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 9.8844 million shares as a new shareholder [3].

Investment Rating - The report maintains an "Accumulate" rating for the basic chemical industry [4] Core Viewpoints - The PTA industry is expected to see a reversal in its economic situation due to the recent meeting held by the Ministry of Industry and Information Technology, which aims to mitigate internal competition and promote stable industry operations [1][2] - The PTA industry has been experiencing significant overcapacity, with operating rates between 70-80% since 2024, leading to widespread losses among companies. However, the demand for profitability improvement is strong, and the recent meeting may accelerate the implementation of necessary measures [2][3] - The peak production period for PTA has passed, with no new capacity expected in late 2025 and only a modest increase in 2027. This reduction in new capacity, combined with the implementation of anti-involution policies, is likely to improve the supply-demand balance in the PTA industry [3] Summary by Sections Industry Overview - The PTA industry has faced overcapacity issues since 2020, with most companies operating at a loss in 2025. The recent meeting is seen as a catalyst for change [2][3] Market Performance - The basic chemical sector has shown positive performance, with the CITIC basic chemical sector index rising by 3.4%, outperforming other sectors [8][10] Price Trends - Recent price increases have been noted in various chemical products, including Vitamin E and organic silicon, indicating a potential recovery in certain segments of the market [17][18] Sub-industry Dynamics - The polyester filament market is stabilizing, while the polyurethane market is experiencing a slight decline in activity. The titanium dioxide market is under pressure due to weak demand [20][21][22]

| 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-081 | | --- | --- | --- | | 转债代码：110092 | 转债简称：三房转债 | | 二、主要产品和原材料的价格变动情况 （一）主要产品价格波动情况（不含税） | 主要产品 | 2025 年 月 | 1-9 | 2024 年 | 1-9 月 | 变动比例 | | --- | --- | --- | --- | --- | --- | | | 平均售价（元/吨） | | 平均售价（元/吨） | | （%） | | 瓶级聚酯切片 | | 5,568.83 | | 6,337.71 | -12.13 | | PTA | | 4,242.43 | | 5,122.74 | -17.18 | （二）主要原材料价格波动情况（不含税） | 主要原材料 | 年 月 2025 1-9 | | 年 月 2024 1-9 | | 变动比例 | | --- | --- | --- | --- | --- | --- | | | 平均采购价（元/吨） | | 平均采购价（元/吨） | | （%） | | PX | | 5,978.45 ...

Report Industry Investment Rating The report does not provide an industry investment rating. Core Views - The PTA industry is facing over - capacity and low processing fees, but the situation may gradually reverse in 2026 as new PTA device investment plans are scarce while polyester has 300 - 400 million tons of investment plans [1]. - Crude oil prices have rebounded recently due to sanctions and other factors, but the upward momentum is insufficient as the supply - surplus contradiction has emerged and the market has priced in the impact of sanctions [2]. - PX has limited room for PXN rebound due to high - load operation, few maintenance plans in the fourth quarter, and capacity expansion of some devices [2]. - PTA has low processing fees due to new device investment, with less inventory accumulation pressure in the near term but increasing pressure after November [2]. - In terms of demand, polyester's domestic sales orders have improved, and inventory has decreased, but external demand depends on Sino - US tariff negotiations [3]. - For PF, demand has slightly improved, inventory has decreased, and processing fees are expected to be oscillatingly strong [4]. - For PR, the fundamentals have little change, and the spot processing fees are expected to oscillate within a range [5]. Summary by Directory Price and Basis - The report shows charts of TA and PX's main contract trends, basis, and inter - period spreads, as well as PTA's East China spot basis and short - fiber basis [9][10][12]. Upstream Profits and Spreads - It includes charts of PX processing fees (PXN), PTA spot processing fees, South Korea's xylene isomerization profit, and South Korea's STDP selective disproportionation profit [18][21]. International Spreads and Import - Export Profits - There are charts of toluene's US - Asia spread, toluene's South Korea FOB - Japan naphtha CFR spread, and PTA export profit [26][28]. Upstream PX and PTA Start - up - It presents charts of China, South Korea, and Taiwan's PTA loads, as well as China and Asia's PX loads [29][32][34]. Social Inventory and Warehouse Receipts - The report shows charts of PTA's weekly social inventory, PX's monthly social inventory, PTA's total warehouse receipts + forecast volume, and various warehouse receipt inventories [38][41][42]. Downstream Polyester Load - It includes charts of filament and short - fiber production and sales, polyester load, various filament factory inventory days, and the operating rates of weaving, texturing, and printing and dyeing in Jiangsu and Zhejiang [50][52][62]. PF Detailed Data - There are charts of polyester staple fiber load, factory equity inventory days, 1.4D physical and equity inventories, and related production and processing data [74][75][81]. PR Fundamental Detailed Data - It shows charts of polyester bottle - chip load, factory bottle - chip inventory days, spot and export processing fees, export profit, and other related data [87][89][95].

Report Industry Investment Rating - The report does not provide an overall industry investment rating [1][2][3] Core Viewpoints - The PTA processing fee rebounded under the expectation of the anti-involution meeting. With the concentrated release of production capacity this year, the PTA processing fee was compressed to a low level, and most enterprises were in a loss state. The PTA overcapacity and low processing fee pattern are expected to gradually reverse in 2026 [1] - The recent rebound in crude oil prices was mainly due to the intensified sanctions on Russia by the US and the EU, but the contradiction of oversupply in the crude oil market has emerged, and the upward momentum of oil prices is insufficient. The PXN rebound space is limited, and the PTA processing fee was compressed to a low level due to the commissioning of new plants. The market is paying attention to anti-involution policies [2] - The polyester operating rate remained stable, domestic sales orders improved, and the inventory of filament yarn decreased significantly. The profit of PF production increased, the inventory continued to decline, and the processing margin was moderately compressed. The bottle chip processing fee was expected to fluctuate within a range, and attention should be paid to the raw material price fluctuations and new production capacity release [3][4][5] Summary by Directory 1. Price and Basis - The report presents the TA main contract, basis, and inter - period spread trends, as well as the PX main contract trends, basis, and inter - period spread [9][10] 2. Upstream Profits and Spreads - It shows PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [16][19] 3. International Spreads and Import - Export Profits - The report includes toluene US - Asia spread, toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit [24][26] 4. Upstream PX and PTA Start - up - It provides information on the operating rates of PTA in China, South Korea, and Taiwan, as well as the PX operating rates in China and Asia [27][30][32] 5. Social Inventory and Warehouse Receipts - The report shows the weekly social inventory of PTA, monthly social inventory of PX, and various warehouse receipt inventories of PTA, PX, and PF [36][39][40] 6. Downstream Polyester Load - It presents the production and sales of filament and staple fiber, polyester load, various factory inventory days of filament, and the operating rates of weaving, texturing, and dyeing in Jiangsu and Zhejiang [48][50][60] 7. PF Detailed Data - The report includes the load of polyester staple fiber, factory equity inventory days, physical and equity inventories of 1.4D, and the operating rates and profits of pure polyester yarn and polyester - cotton yarn [72][71][86] 8. PR Fundamental Detailed Data - It shows the polyester bottle chip load, bottle chip inventory days of factories, spot and export processing fees of bottle chips, export profit, and various month - to - month spreads of bottle chips [90][95][102]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The anti-involution of the polyester industry chain has fermented again, and the PTA and bottle-grade polyester chip industries will hold a development symposium to prevent and resolve involutionary competition [1]. - The PTA processing fee has been compressed to a low level, but with the end of this round of PTA production and the planned increase in polyester production capacity in 2026, the pattern of oversupply of PTA capacity and low processing fees is expected to gradually reverse [1]. - The recent rebound in crude oil prices is due to increased sanctions on Russia by the US and the EU, as well as other factors, but the contradiction of oversupply of crude oil has begun to materialize, and the macro situation is still unclear [2]. - The short-term rebound of PX floating prices is limited, and the rebound space of PXN is restricted due to fewer maintenance plans in the fourth quarter and capacity expansion of some devices [2]. - The PTA processing fee has been compressed to a low level, with more maintenance plans in the near term and less inventory accumulation pressure, but the pressure will gradually appear after November [2]. - The polyester operating rate is 91.4%, and domestic sales orders have improved significantly this week. The inventory of filaments has decreased significantly, but the current raw material inventory of weaving is not high [3]. - The spot production profit of PF is 202 yuan/ton, the short-fiber factory's sales are smooth, and the inventory continues to decrease [3]. - The spot processing fee of PR is 472 yuan/ton, the load remains stable, and attention should be paid to the later device load and new capacity release progress [3]. - For the futures market, PX/PTA/PF/PR are rated as neutral. It is recommended to go long on the PF processing fee at low prices and there is no recommendation for inter-period trading [4][5]. Summary by Relevant Catalogs I. Price and Basis - The TA main contract spot basis is -81 yuan/ton (month-on-month change +2 yuan/ton), and the PTA spot processing fee is 91 yuan/ton (month-on-month change +23 yuan/ton) [2]. II. Upstream Profits and Spreads - The PXN is 234 US dollars/ton (month-on-month change -4.00 US dollars/ton), and the PXN rebound space is limited [2]. III. International Spreads and Import-Export Profits - Not provided in the content IV. Upstream PX and PTA Startups - The PX load in China has gradually recovered to a relatively high level, and the PTA near-term maintenance plans are many [2]. V. Social Inventory and Warehouse Receipts - The PTA inventory accumulation pressure after November will gradually appear [2]. VI. Downstream Polyester Load - The polyester operating rate is 91.4% (month-on-month +0.0%), and the load of weaving machines and texturing machines has rebounded significantly [3]. VII. PF Detailed Data - The spot production profit of PF is 202 yuan/ton (month-on-month -42 yuan/ton), and the short-fiber processing difference is moderately compressed to the 1100 - 1200 range [3]. VIII. PR Fundamental Detailed Data - The spot processing fee of PR is 472 yuan/ton (month-on-month change +1 yuan/ton), and the load remains stable [3].

Company Overview - Jiangsu Sanfangxiang Polymeric Materials Co., Ltd. is located in Jiangyin City, Jiangsu Province, established on June 13, 1994, and listed on March 6, 2003. The company's main business includes the production and sales of bottle-grade polyester chips and PTA, as well as PBT engineering plastics and thermal power [1][2]. Financial Performance - For the first half of 2025, Sanfangxiang achieved operating revenue of 10.08 billion yuan, a year-on-year decrease of 13.97%. The net profit attributable to the parent company was -271 million yuan, a year-on-year decrease of 90.89% [2]. - The company has cumulatively distributed 1.86 billion yuan in dividends since its A-share listing, with 584 million yuan distributed over the past three years [3]. Stock Performance - As of October 22, the stock price of Sanfangxiang increased by 2.38% to 2.15 yuan per share, with a total market capitalization of 8.378 billion yuan. The stock has risen 16.85% year-to-date [1]. - The stock has appeared on the daily trading leaderboard six times this year, with the most recent appearance on May 14, where it recorded a net purchase of 27.485 million yuan [1]. Shareholder Information - As of June 30, the number of shareholders for Sanfangxiang was 36,700, a decrease of 22.17% from the previous period. The average circulating shares per person increased by 28.48% to 106,172 shares [2]. Industry Classification - Sanfangxiang belongs to the Shenwan industry classification of basic chemicals, specifically in the chemical fiber and polyester sector. It is associated with concepts such as small-cap stocks, robotics, Yangtze River Delta integration, new materials, and low-priced stocks [2].

Group 1 - The stock price of Sanfangxiang increased by 2.45% on October 21, reaching 2.09 CNY per share, with a total market capitalization of 8.144 billion CNY [1] - Year-to-date, Sanfangxiang's stock price has risen by 13.59%, with a recent performance showing no change over the last 5 trading days, a decline of 1.88% over the last 20 days, and an increase of 7.73% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on May 14, where it recorded a net purchase of 27.4849 million CNY [1] Group 2 - Jiangsu Sanfangxiang Ju Cai Co., Ltd. was established on June 13, 1994, and listed on March 6, 2003, primarily engaged in the production and sales of bottle-grade polyester chips and PTA [2] - The main business revenue composition includes bottle-grade polyester chips (79.87%), PTA (17.60%), electricity and steam (1.12%), engineering plastics (0.78%), and other products and services (0.62%) [2] - As of June 30, the number of shareholders decreased by 22.17% to 36,700, while the average circulating shares per person increased by 28.48% to 106,172 shares [2] Group 3 - Sanfangxiang has distributed a total of 1.86 billion CNY in dividends since its A-share listing, with 584 million CNY distributed over the last three years [3]

Group 1 - The stock price of Sanfangxiang increased by 2.00% on October 20, reaching 2.04 CNY per share, with a trading volume of 27.24 million CNY and a turnover rate of 0.35%, resulting in a total market capitalization of 7.949 billion CNY [1] - Year-to-date, Sanfangxiang's stock price has risen by 10.87%, with a decline of 1.92% over the last five trading days and a decrease of 3.32% over the last 20 days, while it has increased by 7.37% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on May 14, where it recorded a net purchase of 27.485 million CNY, accounting for 43.86% of total trading volume [1] Group 2 - Jiangsu Sanfangxiang Ju Cai Co., Ltd. was established on June 13, 1994, and listed on March 6, 2003, primarily engaged in the production and sales of bottle-grade polyester chips and PTA, with the main business revenue composition being 79.87% from bottle-grade polyester chips and 17.60% from PTA [2] - As of June 30, the number of shareholders for Sanfangxiang was 36,700, a decrease of 22.17% from the previous period, with an average of 106,172 circulating shares per person, an increase of 28.48% [2] - For the first half of 2025, Sanfangxiang reported an operating income of 10.08 billion CNY, a year-on-year decrease of 13.97%, and a net profit attributable to the parent company of -271 million CNY, a year-on-year decrease of 90.89% [2] Group 3 - Sanfangxiang has distributed a total of 1.86 billion CNY in dividends since its A-share listing, with a cumulative distribution of 584 million CNY over the past three years [3]