1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The Asian PTA market is affected by the sharp fluctuations in crude oil and the tightening of PX supply. The price increase of naphtha is much higher than that of PX, and the profit is significantly shrunk. The supply - side risks are significantly intensified, and the polyester may face production decline risks in April due to shortages of PX and MEG. The MEG market is also in chaos due to the tense Middle - East situation, with Northeast Asian refineries facing supply shortages and domestic MEG prices rising due to raw material reduction [2] 3. Summary According to Relevant Catalogs 3.1 Market Quotes - INE crude oil price dropped from 763.5 yuan/barrel on March 30, 2026, to 740.6 yuan/barrel on March 31, 2026, a decrease of 22.90 yuan/barrel. PTA - SC increased from 1219.6 yuan/ton to 1302.0 yuan/ton, an increase of 82.42 yuan/ton. PTA/SC ratio increased from 1.2198 to 1.2419, an increase of 0.0221. CFR China PX decreased from 1276 to 1252, a decrease of 24. PX - naphtha spread decreased from 133 to 46, a decrease of 88 [2] - PTA main contract futures price decreased from 6768 yuan/ton to 6684 yuan/ton, a decrease of 84.0 yuan/ton. PTA spot price decreased from 6810 yuan/ton to 6690 yuan/ton, a decrease of 120.0 yuan/ton. Spot processing fee decreased from 141.6 yuan/ton to 99.8 yuan/ton, a decrease of 41.8 yuan/ton. Disk processing fee increased from 99.6 yuan/ton to 143.8 yuan/ton, an increase of 44.2 yuan/ton. The main contract basis remained unchanged at (59). PTA warehouse receipt quantity remained unchanged at 159653 [2] - MEG main contract futures price decreased from 5359 yuan/ton to 5218 yuan/ton, a decrease of 141.0 yuan/ton. MEG - naphtha decreased from (474.27) yuan/ton to (474.46) yuan/ton, a decrease of 0.2 yuan/ton. MEG domestic price decreased from 5443 yuan/ton to 5339 yuan/ton, a decrease of 104.0 yuan/ton. The main contract basis remained unchanged at 5 [2] 3.2 Industrial Chain Start - up Situation - PX start - up rate decreased from 83.53% to 80.57%, a decrease of 2.96%. PTA start - up rate decreased from 80.01% to 79.31%, a decrease of 0.70%. MEG start - up rate increased from 52.27% to 53.80%, an increase of 1.53%. Polyester load decreased from 84.87% to 84.69%, a decrease of 0.18% [2] 3.3 Product Situation - For polyester filament, POY150D/48F increased from 9245 yuan/ton to 9295 yuan/ton, an increase of 50.0 yuan/ton. POY cash flow increased from 349 yuan/ton to 536 yuan/ton, an increase of 187.0 yuan/ton. FDY150D/96F increased from 9435 yuan/ton to 9495 yuan/ton, an increase of 60.0 yuan/ton. FDY cash flow increased from 39 yuan/ton to 236 yuan/ton, an increase of 197.0 yuan/ton. DTY150D/48F remained unchanged at 10465 yuan/ton. DTY cash flow increased from 369 yuan/ton to 506 yuan/ton, an increase of 137.0 yuan/ton. Filament sales rate decreased from 27% to 20%, a decrease of 7% [2] - For polyester staple fiber, 1.4D direct - spun polyester staple fiber decreased from 8460 yuan/ton to 8320 yuan/ton, a decrease of 140 yuan/ton. Polyester staple fiber cash flow decreased from (86) yuan/ton to (89) yuan/ton, a decrease of 3.0 yuan/ton. Staple fiber sales rate decreased from 38% to 37%, a decrease of 1% [2] - For polyester chips, semi - bright chips decreased from 7870 yuan/ton to 7680 yuan/ton, a decrease of 190.0 yuan/ton. Chip cash flow decreased from (126) yuan/ton to (179) yuan/ton, a decrease of 53.0 yuan/ton. Chip sales rate decreased from 42% to 31%, a decrease of 11% [2] 3.4 Device Maintenance - A 600,000 - ton/year unit of an 1.8 - million - ton/year syngas - to - ethylene glycol plant in Shaanxi has restarted and produced normally recently. The second 600,000 - ton/year unit is planned to be shut down for maintenance on April 15, with an expected duration of about 20 days [4]

Group 1: Report's Investment Rating - No relevant information provided Group 2: Core Viewpoints - The Asian PTA market is affected by the sharp fluctuations in crude oil and the tightening supply of PX. The price increase of naphtha is much higher than that of PX, and the profit is significantly shrunk. The polyester industry is restricted from further increasing production and may even temporarily reduce production due to supply - chain chaos and raw - material bottlenecks. If Middle - East exports cannot recover in the near future, the Asian polyester industry chain will face a serious production decline risk due to the shortage of PX and MEG in April. The Middle - East situation is tense, and the market is in chaos. Northeast Asian refineries are facing crude - oil supply shortages and have to reduce their loads, and the domestic ethylene glycol market is affected by raw - material shortages [2] Group 3: Summary by Directory Market Data - INE crude oil rose from 733.1 yuan/barrel on March 26, 2026, to 740.8 yuan/barrel on March 27, 2026, an increase of 7.7 yuan/barrel. PTA - SC increased from 1450.5 yuan/ton to 1492.5 yuan/ton, an increase of 42.04 yuan/ton. PTA/SC increased from 1.2723 to 1.2772, an increase of 0.0050. CFR China PX increased from 1233 to 1263, an increase of 30. PX - naphtha spread decreased from 235 to 120, a decrease of 115 [2] - PTA's main futures price increased from 6778 yuan/ton to 6876 yuan/ton, an increase of 98 yuan/ton. PTA's spot price increased from 6570 to 6735, an increase of 165 yuan/ton. The spot processing fee increased from 141.9 yuan/ton to 167.4 yuan/ton, an increase of 25.5 yuan/ton. The disk processing fee decreased from 349.9 yuan/ton to 283.4 yuan/ton, a decrease of 66.5 yuan/ton [2] - MEG's main futures price increased from 5058 yuan/ton to 5279 yuan/ton, an increase of 221 yuan/ton. MEG - naphtha increased from - 338.37 yuan/ton to - 323.56 yuan/ton, an increase of 14.8 yuan/ton. MEG's domestic price increased from 4982 to 5134, an increase of 152 yuan/ton [2] Industry Chain and Production - PX, PTA, and MEG's operating rates remained unchanged at 83.53%, 80.01%, and 52.27% respectively. The polyester load decreased from 85.41% to 84.87%, a decrease of 0.54% [2] - POY150D/48F decreased from 9050 to 9025, a decrease of 25 yuan/ton. POY cash flow decreased from 514 to 297, a decrease of 217 yuan/ton. FDY150D/96F decreased from 9330 to 9295, a decrease of 35 yuan/ton. FDY cash flow decreased from 294 to 67, a decrease of 227 yuan/ton. DTY150D/48F remained unchanged at 10390. DTY cash flow decreased from 654 to 462, a decrease of 192 yuan/ton. The long - filament sales rate remained unchanged at 19% [2] - 1.4D direct - spun polyester staple fiber remained unchanged at 8245. Polyester staple fiber cash flow decreased from 59 to - 133, a decrease of 192 yuan/ton. The short - fiber sales rate decreased from 55% to 51%, a decrease of 4% [2] - Semi - bright chips increased from 7550 to 7620, an increase of 70 yuan/ton. Chip cash flow decreased from - 86 to - 208, a decrease of 122 yuan/ton. The chip sales rate increased from 30% to 67%, an increase of 37% [2] Device Maintenance - A 2.5 - million - ton PTA device in East China that stopped for maintenance around February 10 has returned to normal. A 3.6 - million - ton PTA device in East China that was operating at 50% capacity has returned to normal. A 1.25 - million - ton PTA device in South China that was under maintenance in mid - January has returned to normal [4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The PTA market is affected by geopolitical issues, with rising crude oil prices providing cost support and driving up the PTA market. However, the supply - chain chaos and raw material bottlenecks limit the further production increase of polyester and may even lead to temporary production cuts. The Asian polyester industry chain may face a severe production decline risk in April due to the shortage of PX and MEG. The MEG market is also in a state of chaos due to the tense situation in the Middle East, with Northeast Asian refineries facing crude oil supply shortages and domestic refineries' ethylene glycol production being affected by raw material reduction [2] Group 3: Summary by Relevant Catalogs 1. Market Data - **Crude Oil and PTA - SC**: INE crude oil price rose from 723.9 yuan/barrel on March 25, 2026, to 733.1 yuan/barrel on March 26, 2026, with a change of 9.20 yuan/barrel. PTA - SC increased from 1331.3 yuan/ton to 1450.5 yuan/ton, a change of 119.14 yuan/ton. The PTA/SC ratio increased from 1.2531 to 1.2723, a change of 0.0192 [2] - **PX**: CFR China PX increased from 1208 to 1233, with a change of 25. The PX - naphtha spread increased from 120 to 235, a change of 116 [2] - **PTA**: The PTA main contract futures price increased from 6592 yuan/ton to 6778 yuan/ton, a change of 186.0 yuan/ton. The PTA spot price increased from 6470 to 6570, a change of 100.0 yuan/ton. The spot processing fee decreased from 205.4 yuan/ton to 141.9 yuan/ton, a change of - 63.6 yuan/ton. The disk processing fee increased from 307.4 yuan/ton to 349.9 yuan/ton, a change of 42.4 yuan/ton. The main contract basis decreased from (68) to (70), a change of - 2.0. The PTA warehouse receipt quantity increased from 148915 to 149479, a change of 564 [2] - **MEG**: The MEG main contract futures price increased from 5036 yuan/ton to 5058 yuan/ton, a change of 22.0 yuan/ton. MEG - naphtha changed from (353.18) to (353.37), a change of - 0.2. The MEG domestic price increased from 4946 to 4982, a change of 36.0. The main contract basis increased from - 60 to - 35, a change of 25.0 [2] 2. Industry Chain Start - up Situation - PX start - up rate remained at 83.53%, PTA start - up rate remained at 80.01%, MEG start - up rate remained at 52.27%, and polyester load remained at 85.41% [2] 3. Product Price and Cash Flow - **Polyester Filament**: POY150D/48F decreased from 9075 to 9050, a change of - 25.0. POY cash flow decreased from 636 to 514, a change of - 122.0. FDY150D/96F remained at 9330. FDY cash flow decreased from 391 to 294, a change of - 97.0. DTY150D/48F decreased from 10455 to 10390, a change of - 65.0. DTY cash flow decreased from 816 to 654, a change of - 162.0. The long - filament production and sales rate decreased from 30% to 19%, a change of - 11% [2] - **Polyester Staple Fiber**: 1.4D direct - spun polyester staple fiber increased from 8060 to 8245, a change of 185. The polyester staple fiber cash flow increased from (29) to 59, a change of 88.0. The staple fiber production and sales rate decreased from 78% to 55%, a change of - 23% [2] - **Polyester Chip**: The semi - bright chip increased from 7410 to 7550, a change of 140.0. The chip cash flow increased from (129) to (86), a change of 43.0. The chip production and sales rate increased from 26% to 30%, a change of 4% [2] 4. Device Maintenance - A 2.5 - million - ton PTA device in East China that was shut down for maintenance around February 10 has returned to normal. A 3.6 - million - ton PTA device in East China that was operating at 50% capacity has returned to normal. A 1.25 - million - ton PTA device in South China that was under maintenance in mid - January has returned to normal [4]

乐凯胶片股份有限公司 2025 年第四季度主要经营数据 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 乐凯胶片股份有限公司（以下简称"本公司"）根据《上海证券交易所上市公 司自律监管指引第 3 号——行业信息披露》第十三号附件的相关规定，将 2025 年第四季度主要经营数据公告如下： 证券代码：600135 证券简称：乐凯胶片 公告编号：2026-022 | 产品名称 | 较去年同期变动幅度 | 较去年平均变动幅度 | | --- | --- | --- | | 银盐产品 | | | | 彩色相纸 | -0.27% | -1.34% | | 医疗产品 | | | | 医用干式胶片 | -4.36% | -11.25% | | 光电产品 | | | | 膜 TAC | 0.87% | 0.01% | | 原材料名称 | 较去年同期变动幅度 | 较去年平均变动幅度 | | 银盐产品 | | | | 硝酸银 | 104.17% | 60.07% | | 纸基 | -7.97% | -6.82% | | 医疗产品 | | | | 聚 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The expected easing of geopolitical tensions has led to a decline in the crude oil market, weakening the cost support for PTA. With sufficient PTA spot supply, the PTA market has also declined [2]. - The Asian PTA market is affected by the sharp fluctuations in crude oil and the tightening of PX supply. The price increase of naphtha is much higher than that of PX, resulting in a significant contraction of profits. The supply - side risks have significantly increased, and the polyester may face production cuts due to supply shortages [2]. - The Middle East situation is tense, and the market is in chaos. Northeast Asian refineries are facing crude oil supply shortages, leading to a large - scale reduction and shutdown of naphtha cracking units. The domestic ethylene glycol market is affected by raw material shortages and overseas price increases [2]. 3. Summary by Directory Market Data - **INE Crude Oil**: The price decreased from 739.1 yuan/barrel on March 24, 2026, to 723.9 yuan/barrel on March 25, 2026, a decrease of 15.20 yuan/barrel [2]. - **PTA - SC**: The value increased from 1322.9 yuan/ton on March 24 to 1331.3 yuan/ton on March 25, an increase of 8.46 yuan/ton [2]. - **PTA/SC (Ratio)**: It increased from 1.2463 on March 24 to 1.2531 on March 25, an increase of 0.0068 [2]. - **CFR China PX**: The price decreased from 1227 to 1208, a decrease of 19 [2]. - **PX - Naphtha Spread**: It increased from 38 to 120, an increase of 82 [2]. - **PTA**: The main futures price decreased from 6694 yuan/ton to 6592 yuan/ton, a decrease of 102.0 yuan/ton; the spot price decreased from 6725 to 6470, a decrease of 255.0 yuan/ton; the spot processing fee decreased from 233.6 yuan/ton to 205.4 yuan/ton, a decrease of 28.2 yuan/ton; the disk processing fee decreased from 307.6 yuan/ton to 307.4 yuan/ton, a decrease of 0.2 yuan/ton; the main basis increased from (75) to (68), an increase of 7.0; the number of PTA warehouse receipts increased from 147973 to 148915, an increase of 942 [2]. - **MEG**: The main futures price decreased from 5119 yuan/ton to 5036 yuan/ton, a decrease of 83.0 yuan/ton; MEG - naphtha decreased from (397.69) to (425.88), a decrease of 28.2; MEG domestic price decreased from 5223 to 4946, a decrease of 277.0; the main basis decreased from - 50 to - 60, a decrease of - 10.0 [2]. - **Industrial Chain Operating Rates**: PX operating rate remained at 83.53%; PTA operating rate remained at 80.01%; MEG operating rate increased from 51.87% to 52.27%, an increase of 0.40%; polyester load decreased from 85.44% to 85.41%, a decrease of - 0.03% [2]. - **Polyester Filament**: POY150D/48F remained at 9075; POY cash flow increased from 325 to 636, an increase of 311.0; FDY150D/96F remained at 9330; FDY cash flow increased from 80 to 391, an increase of 311.0; DTY150D/48F remained at 10455; DTY cash flow increased from 505 to 816, an increase of 311.0; filament sales increased from 13% to 30%, an increase of 17% [2]. - **Polyester Staple Fiber**: 1.4D direct - spun polyester staple decreased from 8400 to 8060, a decrease of 340; staple fiber cash flow decreased from 0 to (29), a decrease of - 29.0; staple fiber sales increased from 57% to 78%, an increase of 21% [2]. - **Polyester Chips**: Semi - bright chips decreased from 7590 to 7410, a decrease of 180.0; chip cash flow increased from (260) to (129), an increase of 131.0; chip sales decreased from 33% to 26%, a decrease of - 7% [2]. Device Maintenance - A 2.5 - million - ton PTA device in East China, which was shut down for maintenance around February 10, has returned to normal. A 3.6 - million - ton PTA device in East China, which was operating at 50% capacity, has also returned to normal. A 1.25 - million - ton PTA device in South China, which was under maintenance in mid - January, has returned to normal [2].

Report Summary 1. Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - The PTA market in Asia is affected by the sharp fluctuations in crude oil and the tightening of PX supply. The price increase of naphtha is much higher than that of PX, resulting in a significant contraction of profits. The supply - side risks have increased significantly. If Middle - East exports cannot recover in the near future, the Asian polyester industry chain will face a severe production decline risk in April due to the dual shortage of PX and MEG [2]. - The MEG market is also in chaos due to the tense situation in the Middle East. Northeast Asian refineries are facing a shortage of crude oil supply and have to reduce their loads. The shortage of Asian naphtha has led to large - scale production cuts and shutdowns of naphtha cracking units [2]. 3. Summary by Relevant Catalogs 3.1 Market Data Changes - **Crude Oil**: INE crude oil price dropped from 834.6 yuan/barrel on March 23, 2026, to 739.1 yuan/barrel on March 24, 2026, a decrease of 95.50 yuan/barrel [2]. - **PTA**: PTA - SC increased by 254.01 yuan/ton, PTA/SC ratio increased by 0.0701, PTA主力期价 dropped by 440.0 yuan/ton, PTA现货价格 dropped by 280.0 yuan/ton, spot processing fee and disk processing fee both decreased by 40.0 yuan/ton, and PTA仓单数量 increased by 1785 [2]. - **MEG**: MEG主力期价 dropped by 455.0 yuan/ton, MEG - naphtha decreased by 39.2 yuan/ton, MEG内盘 dropped by 255.0 yuan/ton, and the main base difference decreased by 10.0 [2]. - **PX**: CFR中国PX dropped by 75, and PX - naphtha spread decreased by 124 [2]. - **Polyester Products** - **Polyester Filament**: POY150D/48F increased by 35.0, POY现金流 increased by 359.0; FDY150D/96F increased by 65.0, FDY现金流 increased by 389.0; DTY150D/48F remained unchanged, DTY现金流 increased by 324.0; long - filament production and sales decreased by 41% [2]. - **Polyester Staple Fiber**: 1.4D直纺涤短 dropped by 105,涤短现金流 increased by 219.0, and short - fiber production and sales decreased by 4% [2]. - **Polyester Chips**: 半光切片 dropped by 110.0,切片现金流 increased by 214.0, and slice production and sales decreased by 7% [2]. 3.2 Industry Start - up Situation - PX start - up rate increased by 3.19% to 83.53% [2]. - PTA start - up rate increased by 0.50% to 80.01% [2]. - MEG start - up rate remained unchanged at 51.87% [2]. - Polyester load remained unchanged at 85.44% [2]. 3.3 Device Maintenance Status - A 2.5 million - ton PTA device in East China, which was shut down for maintenance around February 10, has returned to normal operation. A 3.6 million - ton PTA device in East China, which was operating at 50% capacity, has also returned to normal operation. A 1.25 million - ton PTA device in South China, which was under maintenance in mid - January, has resumed normal operation [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint - The Asian PX market is in a short - term situation caused by the Middle - East geopolitical conflict. The continuous closure of the Strait of Hormuz has blocked the transportation of 20% of global oil liquids and nearly 80% of petrochemical products shipped to Asia, leading to a sharp rise in PX spot prices. PTA factories have faced concentrated force majeure. If Middle - East exports do not resume soon, the Asian polyester industry chain may face a severe production decline risk in April due to the dual shortage of PX and MEG [3]. - The Middle - East situation has made the market chaotic. Northeast Asian refineries are facing a shortage of crude oil supply and have to reduce their loads. Asian naphtha cracking units have significantly reduced production and shut down, and domestic refineries' ethylene glycol units have seen a sharp increase in prices due to the reduction of raw materials [3]. 3. Summary by Relevant Catalogs Market Data - **Crude Oil**: INE crude oil price dropped from 814.9 yuan/barrel on March 19, 2026, to 773.6 yuan/barrel on March 20, 2026, a decrease of 41.30 yuan/barrel [3]. - **PTA**: PTA - SC increased from 912.0 yuan/ton to 1028.2 yuan/ton, with an increase of 116.13 yuan/ton; PTA/SC ratio rose from 1.1540 to 1.1829, an increase of 0.0289. PTA主力期价 dropped from 6834 yuan/ton to 6650 yuan/ton, a decrease of 184.0 yuan/ton; PTA现货价格 dropped from 6885 yuan/ton to 6555 yuan/ton, a decrease of 330.0 yuan/ton. The spot processing fee increased from 168.0 yuan/ton to 184.0 yuan/ton, an increase of 16.0 yuan/ton; the disk processing fee increased from 252.0 yuan/ton to 299.0 yuan/ton, an increase of 47.0 yuan/ton. The PTA仓单数量 remained unchanged at 143452 [3]. - **MEG**: MEG主力期价 increased from 5220 yuan/ton to 5353 yuan/ton, an increase of 133.0 yuan/ton; MEG - naphtha increased from - 363.79 yuan/ton to - 343.79 yuan/ton, an increase of 20.0 yuan/ton. MEG内盘 dropped from 5143 yuan/ton to 5108 yuan/ton, a decrease of 35.0 yuan/ton. The主力基差 increased from - 80 to - 50, an increase of 30.0 [3]. - **Industrial Chain开工率**: PX开工率 remained at 80.34%; PTA开工率 remained at 76.69%; MEG开工率 dropped from 52.36% to 52.16%, a decrease of 0.20%; the聚酯负荷 remained at 85.83% [3]. - **Polyester Products**: POY150D/48F dropped from 9130 yuan/ton to 9105 yuan/ton, a decrease of 25.0 yuan/ton; POY现金流 increased from 270 yuan/ton to 539 yuan/ton, an increase of 269.0 yuan/ton. FDY150D/96F remained at 9445 yuan/ton; FDY现金流 increased from 85 yuan/ton to 379 yuan/ton, an increase of 294.0 yuan/ton. DTY150D/48F dropped from 10640 yuan/ton to 10580 yuan/ton, a decrease of 60.0 yuan/ton; DTY现金流 increased from 580 yuan/ton to 814 yuan/ton, an increase of 234.0 yuan/ton. The长丝产销 dropped from 18% to 12%, a decrease of 6%. 1.4D直纺涤短 dropped from 8380 yuan/ton to 8300 yuan/ton, a decrease of 80 yuan/ton; the涤短现金流 increased from - 130 yuan/ton to 84 yuan/ton, an increase of 214.0 yuan/ton. The短纤产销 increased from 53% to 59%, an increase of 6%. The半光切片 dropped from 7470 yuan/ton to 7320 yuan/ton, a decrease of 150.0 yuan/ton; the切片现金流 increased from - 490 yuan/ton to - 346 yuan/ton, an increase of 144.0 yuan/ton. The切片产销 dropped from 42% to 37%, a decrease of 5% [3]. Device Maintenance - An East - China 2.5 - million - ton PTA device that stopped for maintenance around February 10 has returned to normal operation. An East - China 3.6 - million - ton PTA device that was operating at 50% capacity has also returned to normal. A South - China 1.25 - million - ton PTA device that was under maintenance in mid - January has resumed normal operation [4].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - PTA market first rose and then fell with an average price increase. Due to the escalation of geopolitical situation, the crude oil market rose, and the PTA spot market soared in the morning under the cost advantage. However, the buying sentiment in the spot market was poor, downstream resisted the high PTA price, the estimated PTA output next week would rise, and the PTA market still had an oversupply situation, causing the PTA market to decline. The Asian PX market is in a short - term situation caused by the Middle - East geopolitical conflict. The continuous closure of the Strait of Hormuz has blocked the transportation of 20% of the world's petroleum liquids and nearly 80% of petrochemical products shipped to Asia, leading to a sharp rise in PX spot prices. If the Middle - East exports cannot resume in the near future, the Asian polyester industry chain will face a severe production decline risk in April due to the double shortage of PX and MEG [2] - The ethylene glycol market is in chaos due to the tense Middle - East situation. Northeast Asian refineries are facing a shortage of crude oil supply and have to reduce their loads. Asian naphtha cracking units have large - scale production cuts and shutdowns, and domestic refinery ethylene glycol units have risen sharply due to the reduction of raw materials [2] Group 3: Summary by Related Catalogs 1. Market Data - **Crude Oil and PTA - SC**: INE crude oil rose from 735.4 yuan/barrel on March 18, 2026, to 814.9 yuan/barrel on March 19, 2026, an increase of 79.5 yuan/barrel. PTA - SC decreased from 1445.8 yuan/ton to 912.0 yuan/ton, a decrease of 533.73 yuan/ton. The PTA/SC ratio decreased from 1.2705 to 1.1540, a decrease of 0.1165 [2] - **PX**: CFR China PX rose from 1250 to 1264, an increase of 14. The PX - naphtha spread rose from 218 to 225, an increase of 7 [2] - **PTA**: The PTA main futures price rose from 6790 yuan/ton to 6834 yuan/ton, an increase of 44 yuan/ton. The PTA spot price rose from 6805 yuan/ton to 6885 yuan/ton, an increase of 80 yuan/ton. The spot processing fee decreased from 207.1 yuan/ton to 168.0 yuan/ton, a decrease of 39.1 yuan/ton. The disk processing fee decreased from 287.1 yuan/ton to 252.0 yuan/ton, a decrease of 35.1 yuan/ton. The main basis increased from (88) to (79), an increase of 9. The PTA warehouse receipt quantity remained unchanged at 143452 [2] - **MEG**: The MEG main futures price rose from 4849 yuan/ton to 5220 yuan/ton, an increase of 371 yuan/ton. MEG - naphtha decreased from (407.79) to (407.98), a decrease of 0.2. The MEG domestic price rose from 4807 to 5143, an increase of 336. The main basis decreased from - 80 to - 86, a decrease of 6 [2] - **Polyester Products**: POY150D/48F rose from 9105 to 9130, an increase of 25. POY cash flow decreased from 426 to 270, a decrease of 156. FDY150D/96F remained unchanged at 9445. FDY cash flow decreased from 266 to 85, a decrease of 181. DTY150D/48F remained unchanged at 10640. DTY cash flow decreased from 761 to 580, a decrease of 181. The long - filament sales rate increased from 17% to 18%, an increase of 1%. 1.4D direct - spun polyester staple fiber rose from 8335 to 8380, an increase of 45. The polyester staple fiber cash flow decreased from 6 to (130), a decrease of 136. The short - fiber sales rate increased from 49% to 53%, an increase of 4%. The semi - bright chip decreased from 7480 to 7470, a decrease of 10. The chip cash flow decreased from (299) to (490), a decrease of 191. The chip sales rate increased from 15% to 42%, an increase of 27% [2] 2. Industrial Chain Start - up Situation - PX start - up rate remained unchanged at 80.34%. PTA start - up rate rose from 75.96% to 76.69%, an increase of 0.73%. MEG start - up rate remained unchanged at 52.36%. The polyester load remained unchanged at 85.83% [2] 3. Device Maintenance Dynamics - A 2.5 - million - ton PTA device in East China that was shut down for maintenance around February 10 has returned to normal. A 3.6 - million - ton PTA device in East China that was operating at 20 - 50% load has returned to normal. A 1.25 - million - ton PTA device in South China that was under maintenance in mid - January has returned to normal [2]

证券代码：600063 股票简称：皖维高新 编号：临 2026-022 安徽皖维高新材料股份有限公司 2025 年年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担个别及连带责任 根据上海证券交易所《上市公司行业信息披露指引第十八号—— 化工》、《关于做好主板上市公司 2025 年年度报告披露工作的通知》 的有关要求，安徽皖维高新材料股份有限公司（以下简称"公司"） 现将 2025 年年度主要经营数据公告如下： 注： 1、上表中，公司熟料销量低于产量的原因为部分熟料产品用作生产水泥产品的原 料；公司 VAE 乳液销量低于产量的原因为部分 VAE 乳液产品用作可再分散性胶粉产品的原 料。2、上表中，销售量包括贸易销售量。 二、报告期公司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 特此公告 主要产品 单 位 产量 同比变动比 例 销量 同比变动 比例 营业收入（万元） 同比变动 比例 聚乙烯醇（PVA） t 306,362.01 22.18% 266,652.77 27.61% 261,986.66 1 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Views - The Asian PX market is in a short - term situation due to the Middle - East geopolitical conflict. The continuous closure of the Strait of Hormuz has disrupted the transportation of 20% of global oil liquids and nearly 80% of petrochemical products to Asia, causing a surge in PX spot prices. The polyester industry is about to enter the peak season, but the extreme supply shortage has led to concentrated force majeure in PTA factories. If Middle - East exports do not resume soon, the Asian polyester industry chain will face a severe risk of production decline in April [2]. - The Middle - East situation is tense, and the market is in chaos. Northeast Asian refineries are facing a shortage of crude oil supply and have to reduce their loads. Asian naphtha cracking units have undergone large - scale production cuts and shutdowns. The domestic refinery ethylene glycol units have seen a sharp increase due to the reduction of raw materials [2]. Group 3: Summary by Relevant Catalogs 1. Market Price and Index Changes - INE crude oil price decreased from 761.2 yuan/barrel on March 17, 2026, to 735.4 yuan/barrel on March 18, 2026, a decrease of 25.80 yuan/barrel. PTA - SC increased from 1386.3 yuan/ton to 1445.8 yuan/ton, an increase of 59.49 yuan/ton. PTA/SC ratio increased from 1.2506 to 1.2705, an increase of 0.0199 [2]. - CFR China PX decreased from 1275 to 1250, a decrease of 25. PX - naphtha spread decreased from 223 to 218, a decrease of 5 [2]. - PTA's主力期价 decreased from 6918 yuan/ton to 6790 yuan/ton, a decrease of 128 yuan/ton. PTA's现货价格 increased from 6770 yuan/ton to 6805 yuan/ton, an increase of 35 yuan/ton. The spot processing fee increased from 147.1 yuan/ton to 207.1 yuan/ton, an increase of 60.1 yuan/ton. The disk processing fee increased from 280.1 yuan/ton to 287.1 yuan/ton, an increase of 7.1 yuan/ton [2]. - MEG's主力期价 increased from 4826 yuan/ton to 4849 yuan/ton, an increase of 23 yuan/ton. MEG - naphtha decreased from (407.92) yuan/ton to (408.11) yuan/ton, a decrease of 0.2 yuan/ton. MEG's内盘 increased from 4700 to 4807, an increase of 107 [2]. 2. Industry Chain Start - up Conditions - PX, PTA, and MEG start - up rates remained unchanged at 80.34%, 75.96%, and 52.36% respectively on March 17 - 18, 2026. Polyester load increased from 85.75% to 85.83%, an increase of 0.08% [2]. 3. Product Situation in Polyester Industry - In polyester long - filament, POY150D/48F decreased from 9175 to 9105, a decrease of 70. POY cash flow decreased from 562 to 426, a decrease of 136. FDY150D/96F increased from 9440 to 9445, an increase of 5. FDY cash flow decreased from 327 to 266, a decrease of 61. DTY150D/48F decreased from 10705 to 10640, a decrease of 65. DTY cash flow decreased from 892 to 761, a decrease of 131. Long - filament production and sales decreased from 19% to 17%, a decrease of 2% [2]. - In polyester short - fiber, 1.4D direct - spun polyester short - fiber decreased from 8350 to 8335, a decrease of 15. Polyester short - fiber cash flow decreased from 87 to 6, a decrease of 81. Short - fiber production and sales remained unchanged at 49% [2]. - In polyester chips, semi - bright chips decreased from 7500 to 7480, a decrease of 20. Chip cash flow decreased from (213) to (299), a decrease of 86. Chip production and sales remained unchanged at 15% [2]. 4. Device Maintenance - A 2.5 - million - ton PTA device in East China that was shut down for maintenance around February 10 has returned to normal. A 3.6 - million - ton PTA device in East China that was operating at 50% load has returned to normal. A 1.25 - million - ton PTA device in South China that was under maintenance in mid - January has returned to normal [2].