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《能源化工》日报-20250826
Guang Fa Qi Huo· 2025-08-26 02:27
聚酯产业链日报 投资咨询业务资格:证监许可 【2011】1292号 本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料,但广发期货时这些信息的推确性及完整性不作任何保证,本报告反映研究人员的不同观点、见解及分析方 法,并不代表广发期货或其倾眉机楣机构的立场。在任何情况下,报告内容仅供参考,报告中的信息或所袁达的意见并不构成所述品种买卖的出价或均价,投资者局比投资,风险自担 。本报告旨在发送给广发期货特定客户及其他专业人士,版权归广发期货所有,未经广发期货书面授权,任何人不得对本报告进行任何形式的发布,复制,如引用、刊发,需注明 出处为"广发期货"。 知识图强,求实奉献,客户至上,合作共赢 2025年8月25日 张鹏珍 Z0003135 | 下游聚酯产品价格及现金流 | 上游价格 | 涨跌幅 | 8月22日 | 8月21日 | 涨跌幅 | 涨跌 | 单位 | 8月21日 | 品种 | 涨跌 | 品种 | 8月22日 | 单位 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...
基本面支撑下PTA反弹或延续
Qi Huo Ri Bao· 2025-08-21 23:27
Core Viewpoint - The PTA industry is experiencing tight supply and low processing fees, with expectations for a price rebound due to cost support and supply-demand improvements [1][5]. Group 1: PTA Production and Supply - As of early August, domestic PTA processing fees dropped to a historical low of 126 CNY/ton, recently recovering to around 200 CNY/ton, but still low [2]. - The production cost of PTA is approximately 4500 CNY/ton, with companies facing a loss of about 265 CNY/ton [2]. - Domestic PTA production enterprises have shown some operational resilience, with several plants undergoing maintenance and restarts, leading to a slight increase in operating rates [2]. - As of August 20, the operating load of domestic PTA production enterprises was 78.62%, down 4.47 percentage points year-on-year, with a production volume of around 1.38 million tons and a demand of approximately 1.42 million tons, resulting in a supply gap of about 35,000 tons [2]. Group 2: PTA Inventory and Market Conditions - Due to the supply gap, domestic PTA inventory is declining, with social inventory at 3.6952 million tons as of August 15, down 36,300 tons week-on-week and 0.97% lower year-on-year [3]. - Factory inventory of PTA is at 3.66 days, down 0.16 days year-on-year, while polyester factory PTA raw material inventory is at 7.15 days, down 1.06 days year-on-year [3]. Group 3: Polyester Industry and Demand - The polyester industry is currently in a loss state, but conditions have improved, particularly for polyester filament, which has moved from a loss of 200-300 CNY/ton to a near breakeven point [4]. - As of August 20, the operating load of the domestic polyester industry was 86.46%, down 2.83 percentage points year-on-year, with expectations for a slight increase in operating rates due to recent improvements [4]. - Polyester long filament inventory remains high, with significant de-stocking pressure; however, recent price reductions by some polyester companies have led to a decrease in inventory levels [4]. Group 4: Overall Market Outlook - Overall, the PTA supply is tight, production companies are facing increased losses, and there is a demand for price rebound. The processing fees are low and need to be repaired, while the supply side shows lower operating loads and declining inventories, indicating a potential for price rebound supported by costs [5].
宏源期货品种策略日报:油脂油料-20250821
Hong Yuan Qi Huo· 2025-08-21 01:45
Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The market anticipates a general cooling of the geopolitical situation, with the cease - fire between Russia and Ukraine progressing gradually, causing oil prices to give back gains and continue weak operation. PX supply is recovering, and it is at an advantageous position in the industrial chain with stable bottom support. Whether PX benefits can continue to rise depends on unexpected factors. PTA is expected to move in a volatile manner, with cost being the dominant factor. Polyester bottle - chip supply is sufficient, and the market sentiment is cautious. PX, PTA, and PR are all expected to run in a volatile manner [2] Group 3: Summary by Related Catalogs Price Information - **Upstream**: On August 20, 2025, the futures settlement price of WTI crude oil was $62.71 per barrel, up 0.58%; Brent crude oil was $66.84 per barrel, up 1.60%. The spot price of naphtha (CFR Japan) was $575.50 per ton, up 0.17%. The spot price of xylene (isomeric grade, FOB Korea) was $679.00 per ton, up 0.37%. The spot price of PX (CFR China Main Port) was $837.00 per ton, up 0.22% [1] - **PTA**: The closing price of the CZCE TA main contract was 4,778 yuan per ton, up 0.93%, and the settlement price was 4,742 yuan per ton, down 0.08%. The domestic spot price of PTA was 4,689 yuan per ton, up 0.49%. The CCFEI price index of domestic PTA was 4,686 yuan per ton, down 0.09%, and the foreign price index was $624.00 per ton, up 0.16% [1] - **PX**: The closing price of the CZCE PX main contract was 6,844 yuan per ton, up 1.03%, and the settlement price was 6,782 yuan per ton, down 0.15%. The domestic spot price of PX remained unchanged at 6,654 yuan per ton. The PXN spread was $261.50 per ton, up 0.32%, and the PX - MX spread was $158.00 per ton, down 0.42% [1] - **PR**: The closing price of the CZCE PR main contract was 5,964 yuan per ton, up 0.98%, and the settlement price was 5,914 yuan per ton, down 0.03%. The mainstream market price of polyester bottle - chips in the East China market was 5,900 yuan per ton, down 0.34%, and in the South China market was 5,950 yuan per ton, up 0.17% [1] - **Downstream**: The CCFEI price index of polyester DTY remained unchanged at 8,650 yuan per ton, the price index of polyester POY was 7,100 yuan per ton, down 0.35%, and the price index of polyester FDY68D and FDY150D remained unchanged at 7,150 yuan per ton [2] Device Information - Ningbo Taihua's 1.5 - million - ton PTA device started maintenance on August 7, expected to last 2 months. Yisheng Dalian's 2.25 - million - ton PTA device started maintenance on August 8, expected to last 1 month. Yisheng Hainan's 2 - million - ton PTA device is planned for technical transformation from August 15 for 3 months [2] Production and Sales Situation - The operating rate of the PX in the polyester industrial chain, PTA factories, polyester factories, bottle - chip factories, and Jiangsu and Zhejiang looms all remained unchanged on August 20, 2025. The sales rate of polyester filament was 74.19%, up 23.15 percentage points; the sales rate of polyester staple fiber was 48.70%, down 4.34 percentage points; and the sales rate of polyester chips was 103.06%, up 17.01 percentage points [1] Trading Strategy - The TA2601 contract closed at 4,778 yuan per ton (up 0.67%) with a daily trading volume of 790,700 lots; the PX2601 contract closed at 6,844 yuan per ton (up 0.77%) with a daily trading volume of 308,800 lots; the PR2511 contract closed at 5,964 yuan per ton (up 0.81%) with a daily trading volume of 73,600 lots. PX, PTA, and PR are all expected to run in a volatile manner (PX view score: 1, PTA view score: 1, PR view score: 1) [2]
聚酯链日报:成本偏弱&需求预期谨慎,PTA价格偏弱震荡-20250820
Tong Hui Qi Huo· 2025-08-20 14:18
1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The PTA price is expected to fluctuate weakly due to weak cost and cautious demand expectations. The supply of PX and PTA may increase due to high - device operation rates and new production capacities, while the demand lacks strong support, and inventory may accumulate, putting downward pressure on prices. However, seasonal changes in demand and device changes need to be monitored [1][38]. 3. Summary by Related Catalogs 3.1 Daily Market Summary 3.1.1 PTA & PX - On August 19, the PX主力contract closed at 6,774.0 yuan/ton, up 0.21% from the previous trading day, with a basis of - 165.0 yuan/ton. The PTA主力contract closed at 4,734.0 yuan/ton, down 0.25% from the previous trading day, with a basis of - 64.0 yuan/ton [2]. - The cost - end: On August 19, the Brent crude oil主力contract closed at 66.46 US dollars/barrel, and WTI at 62.58 US dollars/barrel. The demand - end: On August 19, the total transaction volume of the Light Textile City was 487.0 million meters, and the 15 - day average transaction was 485.47 million meters [2]. - Supply side: The operation rates of PX and PTA devices remain high, and with the gradual implementation of new production capacities, the pressure of increased industry supply may continue to be released. The cost - end drive of PX is weak under the background of low - level fluctuations in crude oil prices, and the processing fees of PTA are suppressed by over - capacity, and the willingness of factories to increase production may further exacerbate the supply - loosening situation [2]. - Demand side: The transactions in the Light Textile City maintain a weak and stable pattern. Although the downstream polyester operation rate has not weakened significantly, the fabric orders lack substantial improvement. The traditional textile peak season is approaching, but the demand has not shown a continuous improvement, and the terminal negative feedback pressure continues to be transmitted upstream, making it difficult for the PTA demand side to form effective support [2]. - Inventory side: The PTA factory inventory is restricted by the weak basis structure, and the social inventory continues to accumulate. Currently, there are not many active production - reduction actions by factories, and there is still pressure on the price ceiling [3]. 3.1.2 Polyester - On August 19, the short - fiber主力contract closed at 6,432.0 yuan/ton, down 0.46% from the previous trading day. The spot price in the East China market was 6,500.0 yuan/ton, up 20.0 yuan/ton from the previous trading day, with a basis of 68.0 yuan/ton [4]. - Supply side: The PX price has recently shown high - level fluctuations (ranging from 6,614 to 6,832 yuan/ton from August 11 - 19), but the PTA price has risen steadily (up 1.4% to 4,746 yuan/ton during the same period), indicating that the cost - end support is weakening but the downstream acceptance is good [4]. - Demand side: The 15 - day moving average transaction volume of the Light Textile City has continuously rebounded from 479 million meters to 485 million meters, reflecting the gradual recovery of terminal textile demand [4]. - Inventory side: There is a structural differentiation in inventory. The inventory days of polyester staple fiber (7.25 days) are significantly higher than the five - year average (4.96 days), while the inventory of polyester filament POY (16.1 days) is lower than the average (20.4 days), and the inventory of FDY/DTY is basically the same as the historical average. The high - inventory pressure of short - fiber may restrict the overall increase, and continue to pay attention to polyester production - reduction information [4]. 3.2 Industrial Chain Price Monitoring - PX futures: The主力contract price on August 19 was 6,774 yuan/ton, up 0.21% from the previous day; the成交volume increased by 68.14%, and the持仓volume increased by 6.83%. PX spot: The CFR price at the main Chinese port remained unchanged at 833.33 US dollars/ton, and the FOB price in South Korea increased by 0.25% [5]. - PTA futures: The主力contract price on August 19 was 4,734 yuan/ton, down 0.25% from the previous day; the成交volume decreased by 16.25%, and the持仓volume decreased by 2.41%. PTA spot: The CFR price at the main Chinese port remained unchanged at 623 US dollars/ton [5]. - Short - fiber futures: The主力contract price on August 19 was 6,432 yuan/ton, down 0.46% from the previous day; the成交volume increased by 7.48%, and the持仓volume decreased by 0.53%. Short - fiber spot: The mainstream price in the East China market increased by 0.08% [5]. - Other prices: The prices of Brent crude oil, US crude oil, CFR Japanese naphtha, ethylene glycol, polyester chips, polyester bottle flakes, polyester POY, polyester DTY, and polyester FDY remained unchanged or changed slightly on August 19 compared with the previous day [5]. - Processing spreads: The processing spreads of naphtha decreased by 1.09%, and the processing spreads of PTA decreased by 1.57%, while the processing spreads of other products remained unchanged [6]. - Light Textile City transaction volume: On August 19, the total transaction volume was 487 million meters, a decrease of 4.32% compared with the previous day, with the long - fiber fabric volume decreasing by 2.72% and the short - fiber fabric volume decreasing by 9.71% [6]. - Industrial chain load rates: The load rates of PTA factories, polyester factories, and Jiangsu - Zhejiang looms remained unchanged on August 19 [6]. - Inventory days: From August 7 to August 14, the inventory days of polyester staple fiber, POY, FDY, and DTY all decreased [6]. 3.3 Industry Dynamics and Interpretation 3.3.1 Macroeconomic Dynamics - On August 19, due to the UK inflation data being higher than expected, traders reduced their bets on the Bank of England's interest - rate cuts, believing that there would be no further cuts this year [7]. - On August 18, Fed's Daly said to wait for more data, and the number of interest - rate cuts may be less or more. It is still a good prediction to cut interest rates twice this year; Goolsbee said that the latest PPI and CPI inflation data were disturbing. If signs show that inflation is not in a spiral in September or later in the fall, interest rates can be cut. The market reduced its bets on interest - rate cuts but still expected a cut in September and another cut in 2025 [7]. - On August 18, Hong Kong's Financial Secretary Paul Chan said that the plan for Hong Kong to develop an international gold trading center would be announced within the year [7]. 3.3.2 Supply - Demand (Demand) - On August 19, the total transaction volume of the Light Textile City was 487.0 million meters, a month - on - month decrease of 4.32%, with the long - fiber fabric transaction volume at 393.0 million meters and the short - fiber fabric transaction volume at 93.0 million meters [8]. 3.4 Industrial Chain Data Charts The report provides multiple data charts, including PX and PTA主力futures and basis, PX and PTA spot prices, PX capacity utilization, PTA futures monthly spreads, PTA processing profits, industrial chain load rates, polyester short - fiber and long - fiber sales situations, Light Textile City transaction volume moving average, and polyester product inventory days [9][11][13].
聚酯数据日报-20250819
Guo Mao Qi Huo· 2025-08-19 12:15
Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - PTA: Domestic PTA production decreased slightly, and port inventory increased by 20,000 tons this week. The spread between PX and naphtha expanded to $260, and the weak benzene price restricted the further increase of PX production. The spread between PX and MX recovered to around $140, and the repair of short - process profit was the main driving force for the recovery of PX load. Polyester downstream load remained at around 88%, and the inventory of polyester factories was optimistic. The main production - reducing factories in polyester were concentrated in short - fiber and bottle - chip varieties. With the recent improvement in sales and inventory reduction, and the recovery of PTA price, the load of the weaving end increased slightly [2]. - Ethylene Glycol (MEG): Coal prices recovered, and MEG prices also recovered. The macro - sentiment weakened slightly, and the chemical industry followed the weakening sentiment of commodities. Overseas MEG plant maintenance, especially in Saudi Arabia, was continuously postponed, which might have a significant impact on the market outlook and boosted MEG prices. The later arrival volume of MEG decreased. Polyester inventory was in good condition, and the downstream weaving load increased [2]. 3) Summary by Relevant Catalogs Market Quotes - INE crude oil price increased from 486.3 yuan/barrel on August 15th to 486.5 yuan/barrel on August 18th, with an increase of 0.2 yuan/barrel. PTA - SC spread increased from 1182.0 yuan/ton to 1210.6 yuan/ton, with an increase of 28.55 yuan/ton. PTA/SC ratio increased from 1.3345 to 1.3424, with an increase of 0.0079. CFR China PX price increased from 827 to 833, with an increase of 6. PX - naphtha spread increased from 256 to 261, with an increase of 5 [2]. - PTA主力期价 increased from 4716 yuan/ton to 4746 yuan/ton, with an increase of 30 yuan/ton. PTA spot price increased from 4660 to 4670, with an increase of 10 yuan/ton. Spot processing fee decreased from 214.0 yuan/ton to 184.7 yuan/ton, with a decrease of 29.2 yuan/ton. Disk processing fee increased from 260.0 yuan/ton to 260.7 yuan/ton, with an increase of 0.8 yuan/ton. PTA仓单数量 decreased from 44709 to 41907, with a decrease of 2802 [2]. - MEG主力期价 decreased from 4369 yuan/ton to 4346 yuan/ton, with a decrease of 23 yuan/ton. MEG - naphtha spread decreased from (91.73) yuan/ton to (91.92) yuan/ton, with a decrease of 0.2 yuan/ton. MEG内盘 decreased from 4462 to 4441, with a decrease of 21 yuan/ton [2]. Industry Chain Starting Conditions - PX starting rate remained at 80.38%. PTA starting rate remained at 77.67%. MEG starting rate increased from 55.22% to 56.93%, with an increase of 1.71%. Polyester load increased from 86.88% to 87.30%, with an increase of 0.42% [2]. Product Performance - In polyester filament, POY150D/48F price remained at 6770, POY cash flow decreased from 41 to 39, with a decrease of 2. FDY150D/96F price increased from 7095 to 7100, with an increase of 5. FDY cash flow increased from (134) to (131), with an increase of 3. DTY150D/48F price remained at 7955, DTY cash flow decreased from 26 to 24, with a decrease of 2. Filament sales increased from 36% to 46%, with an increase of 10% [2]. - In polyester short - fiber, 1.4D direct - spun polyester short - fiber price decreased from 6555 to 6550, with a decrease of 5. Polyester short - fiber cash flow decreased from 176 to 169, with a decrease of 7. Short - fiber sales decreased from 49% to 40%, with a decrease of 9% [2]. - In polyester chips, semi - bright chip price increased from 5785 to 5800, with an increase of 15. Chip cash flow increased from (44) to (31), with an increase of 13. Chip sales increased from 54% to 70%, with an increase of 16% [2]. Device Maintenance An East - China supplier's 7.2 - million - ton PTA device reduced its load to 80 - 90% last night, and the recovery time depends on raw material logistics [2].
出行火热,地产降温
Consumption - Travel and tourism activity remains high, with significant recovery in urban and intercity population movement, reflected in increased subway ridership and flight operations[7] - Retail and wholesale volumes for automobiles have slightly declined, indicating a weakening effect of promotional activities and subsidies[7] - Movie attendance and box office revenues have significantly decreased post-summer, indicating a drop in consumer interest[7] Investment - New special bonds issued reached CNY 3.08 trillion as of August 16, with a recent acceleration in issuance[20] - Real estate transaction volumes remain subdued, with new home sales in 30 cities showing a slight recovery but still down year-on-year[20] - Construction activity is marginally improving, with asphalt operating rates increasing and cement shipment rates recovering seasonally[20] Trade and Prices - Import and export volumes are showing divergence, with a 11.1% decline in imports from China to South Korea and a 4.3% drop in global exports[26] - Domestic export freight rates have decreased for seven consecutive weeks, reflecting a retreat from previous shipping surges due to tariff concerns[26] - The Producer Price Index (PPI) remains flat overall, with industrial prices showing little change except for a notable 15% increase in lithium carbonate prices[44] Liquidity - The 10-year government bond yield rose by 5.7 basis points to 1.75%, indicating a tightening liquidity environment[47] - The US dollar index fell by 42 basis points, influenced by moderate inflation data from July, which strengthened expectations for a potential interest rate cut in September[47]
皖维高新: 皖维高新2025年半年度主要经营数据公告
Zheng Quan Zhi Xing· 2025-08-15 16:24
Core Viewpoint - Anhui Wanwei High-tech Materials Co., Ltd. reported its main operating data for the first half of 2025, highlighting significant changes in production, sales, and revenue across various products [1]. Group 1: Production and Sales Data - The production of Polyvinyl Alcohol (PVA) reached 152,710.74 tons, an increase of 33.17% year-on-year, while sales were 125,486.36 tons, up 24.51% [1]. - Vinyl Acetate production was 156,833.75 tons, a 94.29% increase, with sales at 37,097.06 tons, up 26.53% [1]. - Cement production decreased by 4.76% to 995,271 tons, with sales also down by 4.30% [1]. - Clinker production increased by 22.16% to 1,300,658.65 tons, with sales up 100.47% to 456,009.49 tons [1]. - High-strength PVA fiber production fell by 36.03% to 8,545.95 tons, with sales slightly down by 0.45% [1]. - Polyester chips production decreased by 3.47% to 40,290.83 tons, with sales down 12.73% [1]. - VAE emulsion production increased by 3.65% to 70,971.23 tons, while sales decreased by 0.94% [1]. - The production of PVA optical films surged by 56.72% to 420.49 million square meters, with sales up 100.98% [1]. - PVB interlayer film production fell by 32.95% to 6,654.06 tons, with sales down 58.45% [1]. - Methyl Acetate production increased by 58.34% to 198,733.59 tons, with sales up 65.58% [1]. Group 2: Price Fluctuations - The average price of PVA in the first half of 2025 was 10,623.24 yuan/ton, a slight increase of 0.06% from the previous year [1]. - Vinyl Acetate's average price decreased by 14.46% to 5,203.24 yuan/ton [1]. - Cement prices fell by 1.73% to 204.08 yuan/ton, while clinker prices rose by 12.55% to 209.36 yuan/ton [1]. - The average price of high-strength PVA fiber increased by 0.19% to 15,980.72 yuan/ton [1]. - Polyester chips saw a price drop of 6.05% to 7,576.43 yuan/ton [1]. - VAE emulsion prices decreased by 10.07% to 4,198.49 yuan/ton [1]. - The average price of PVA optical films fell by 8.89% to 113,070.68 yuan/ton [1]. - PVB interlayer film prices decreased by 12.24% to 20,516.79 yuan/ton [1]. - Methyl Acetate's average price dropped by 18.78% to 3,086.15 yuan/ton [1]. Group 3: Raw Material Price Changes - The average price of coal in the first half of 2025 was 529.44 yuan/ton, down 16.63% from the previous year [3]. - The average price of Vinyl Acetate raw material decreased by 9.74% to 5,445.07 yuan/ton [3]. - Electricity prices fell by 3.04% to 0.422 yuan/kWh [3].
聚酯数据日报-20250815
Guo Mao Qi Huo· 2025-08-15 11:07
Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The sentiment in the commodity market has weakened. The domestic PTA production capacity supply has contracted, and the port inventory has decreased. The spread between PX and naphtha has expanded to around $250, while the profitability of alkyl transfer and TDP is not optimistic. The spread between PX and MX has remained at around $90. The market port inventory has been depleted, and polyester replenishment has improved under the weakening basis. The basis of PTA has weakened, and the market's willingness to replenish inventory has declined [2]. - Coal prices have rebounded, leading to an increase in ethylene glycol prices. The macro - sentiment has slightly weakened, and the chemical sector has followed the weakening sentiment of bulk commodities. Overseas ethylene glycol plants, especially those in Saudi Arabia, have experienced continuous delays in maintenance, which may have a significant impact on the future market. This has also been boosting the price of ethylene glycol. The future arrival volume of ethylene glycol is expected to decrease. Polyester sales have weakened, the profit of downstream weaving has shrunk, and the terminal load has significantly declined, which has had a certain negative impact on the market [2]. Group 3: Summary by Relevant Catalogs 1. Market Quotes - **PTA**: The market risk preference has recovered, and the crude oil price has slightly increased during the day, strengthening the cost support. The PTA supply side has seen both restarts and maintenance. The PTA spot price has slightly increased following the futures price. On August 12, 2025, the PTA main futures price was 4726 yuan/ton, the spot price was 4705 yuan/ton, the spot processing fee was 218.3 yuan/ton, and the futures processing fee was 229.3 yuan/ton [2]. - **MEG**: The spot negotiation price in the Zhangjiagang ethylene glycol market this week was 4507 - 4509 yuan/ton, up 20.5 yuan/ton from the previous working day. The ethylene glycol futures have maintained a relatively strong trend, and the spot price has continued to rise, while the basis negotiation has slightly weakened [2]. 2. Industry Chain Start - up Conditions - The PX start - up rate remained at 78.11%, the PTA start - up rate remained at 76.56%, the MEG start - up rate increased by 0.59 percentage points to 58.74%, and the polyester load decreased by 0.21 percentage points to 86.88% [2]. 3. Polyester Product Data - **Polyester Filament**: The prices of POY150D/48F remained unchanged at 6730 yuan/ton, FDY150D/96F increased by 50 yuan/ton to 7095 yuan/ton, and DTY150D/48F increased by 30 yuan/ton to 7935 yuan/ton. The cash flows of POY, FDY, and DTY were - 51, - 186, and - 46 respectively, with changes of - 10, 40, and 20 compared to the previous day. The sales of polyester filament increased from 40% to 41% [2]. - **Polyester Staple Fiber**: The price of 1.4D direct - spun polyester staple fiber increased by 20 yuan/ton to 6570 yuan/ton, the cash flow increased by 10 to 139, and the sales increased from 57% to 58% [2]. - **Polyester Chips**: The price of semi - bright chips increased by 20 yuan/ton to 5815 yuan/ton, the cash flow increased by 10 to - 66, and the sales increased from 89% to 115% [2]. 4. Device Maintenance - A 7.2 - million - ton PTA device of a supplier in East China reduced its load to 80 - 90% last night, and the recovery time depends on the raw material logistics situation [2].
新凤鸣股价上涨1.52% 临时股东大会通过注册资本变更议案
Jin Rong Jie· 2025-08-11 16:45
Group 1 - The latest stock price of Xin Feng Ming is 12.72 yuan, an increase of 0.19 yuan from the previous trading day [1] - The stock reached a maximum of 12.82 yuan and a minimum of 12.34 yuan during the trading session, with a trading volume of 140,688 hands and a transaction amount of 178 million yuan [1] - Xin Feng Ming is primarily engaged in the research, production, and sales of chemical fiber products, including polyester filament and polyester chips, and is a significant player in the chemical fiber industry [1] Group 2 - The company held its fourth extraordinary general meeting of shareholders for 2025 on August 11, where a proposal regarding the change of the company's registered capital and the revision of relevant documents was approved [1] - On the same day, the net inflow of main funds into Xin Feng Ming was 8.8161 million yuan, with a cumulative net inflow of 13.0834 million yuan over the past five days [1]
聚酯数据日报-20250811
Guo Mao Qi Huo· 2025-08-11 06:24
Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The PTA market is waiting for the peace - talk information between the US and a European country. International oil prices are weak, and PTA has insufficient cost support. With a weak supply - demand structure, the PTA market declined slightly today. The PTA supply has shrunk, and port inventories have decreased. The spread between PX and naphtha has expanded, but alkyl transfer and TDP profit margins are not optimistic. PTA basis has weakened, and market replenishment willingness has declined [2] - The coal price has rebounded, driving up the ethylene glycol price. However, the macro - sentiment has weakened slightly, and the chemical industry has followed the weakening of bulk commodities. Overseas ethylene glycol plant maintenance, especially in Saudi Arabia, has been continuously postponed, which may significantly affect the market. The future arrival volume of ethylene glycol has decreased. Polyester production and sales have weakened, downstream weaving profits have shrunk, and terminal loads have significantly declined, which is a negative impact on the market [2] Group 3: Summary by Relevant Catalogs 1. Market Data - **Crude Oil**: INE crude oil price dropped from 501.0 yuan/barrel on August 7th to 489.8 yuan/barrel on August 8th, a decrease of 11.20 yuan/barrel [2] - **PTA**: The PTA - SC spread increased from 1047.2 yuan/ton to 1124.6 yuan/ton, a rise of 77.39 yuan/ton. The PTA/SC ratio increased from 1.2876 to 1.3159, an increase of 0.0283. The PTA main - contract futures price dropped from 4688 yuan/ton to 4684 yuan/ton, a decrease of 4.0 yuan/ton. The PTA spot price dropped from 4690 yuan/ton to 4670 yuan/ton, a decrease of 20.0 yuan/ton. The spot processing fee increased from 150.6 yuan/ton to 191.7 yuan/ton, a rise of 41.2 yuan/ton. The futures - based processing fee increased from 163.6 yuan/ton to 205.7 yuan/ton, a rise of 42.2 yuan/ton. The PTA main - contract basis increased from (20) to (18), an increase of 2.0. The PTA warehouse - receipt quantity remained unchanged at 33459 [2] - **PX**: CFR China PX price dropped from 840 to 831, a decrease of 9. The PX - naphtha spread increased from 259 to 261, an increase of 2 [2] - **MEG**: The MEG main - contract futures price dropped from 4396 yuan/ton to 4384 yuan/ton, a decrease of 12.0 yuan/ton. The MEG - naphtha spread increased from (90.51) yuan/ton to (89.70) yuan/ton, an increase of 0.8 yuan/ton. The MEG domestic price dropped from 4486 to 4465, a decrease of 21.0. The MEG main - contract basis decreased from 76 to 73, a decrease of 3.0 [2] 2. Industry Chain Operating Rates - PX operating rate remained unchanged at 78.11%. PTA operating rate dropped from 76.09% to 74.50%, a decrease of 1.59%. MEG operating rate remained unchanged at 58.15%. Polyester load remained unchanged at 87.09% [2] 3. Polyester Product Data - **Polyester Filament**: POY150D/48F price dropped from 6665 to 6660, a decrease of 5.0. POY cash flow increased from (98) to (79), an increase of 19.0. FDY150D/96F price dropped from 6965 to 6960, a decrease of 5.0. FDY cash flow increased from (298) to (279), an increase of 19.0. DTY150D/48F price dropped from 7910 to 7890, a decrease of 20.0. DTY cash flow increased from (23) to (49), an increase of 4.0. Polyester filament production and sales increased from 38% to 40%, an increase of 2% [2] - **Polyester Staple Fiber**: 1.4D direct - spun polyester staple fiber price remained unchanged at 6550. Polyester staple fiber cash flow increased from 137 to 161, an increase of 24.0. Polyester staple fiber production and sales increased from 46% to 57%, an increase of 11% [2] - **Polyester Chips**: Semi - bright chip price dropped from 5805 to 5795, a decrease of 10.0. Chip cash flow increased from (58) to (44), an increase of 14.0. Chip production and sales decreased from 92% to 89%, a decrease of 3% [2] 4. Device Maintenance - A 720 - million - ton PTA plant of a supplier in East China reduced its load to 80 - 90% last night, and the recovery time depends on raw - material logistics [2]