公司参股公司13家，包括云南三维铁路轨道制造有限公司、浙江三维能源管理有限公司、广西三维铁路轨道制造有限公司、浙江三维材料科技有限公司、广 东三维轨道交通装备有限公司等。 11月26日，三维控股集团股份有限公司（简称：三维股份）发布公告称，其股东上海赤钥投资有限公司-赤钥10号私募证券投资基金因自身资金需求，计划 减持公司股份不超过10,311,635股。实际通过集中竞价方式累计减持8,956,800股，占公司当前总股本的0.8686%，减持价格区间为12.29〜13.25元/股，减持总 金额为113,490,697.10元。 截至本公告披露日，本次减持计划时间区间已届满，当前持股数量为42,627,200股，占公司总股本的4.13%。 天眼查资料显示，三维股份成立于1997年08月29日，注册资本103180.5234万人民币，法定代表人叶继跃，注册地址为浙江省台州市三门县海游街道光明中 路518号。主营业务为橡胶制品、聚酯纤维、混凝土枕和1,4-丁二醇及电石等产品的制造和销售。 目前，公司董事长为叶继跃，董秘为程沧，员工人数为3381人，实际控制人为叶继跃、张桂玉。 雷达财经 文|杨洋 编|李亦辉 在业绩 ...

Report Overview - The report provides insights into the PX, PTA, and MEG markets, including price movements, market dynamics, and future trends [1][2][3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - PX: Supply is tight due to increased overseas aromatics blending demand and planned production cuts at the South Korean GS disproportionation unit, leading to rising prices. It's recommended to go long on PX and short on PTA/PF/PR, and conduct a long PX and short pure benzene hedging operation. The price will be in a high - level oscillating market [7] - PTA: The upside space may be limited, and it's advised not to chase high prices. With cost support, the monthly spread view is revised to mainly positive arbitrage. The pressure of inventory accumulation has eased [7] - MEG: The medium - term trend is weak. It's advisable to short at high prices, and maintain reverse arbitrage for monthly spreads. There is an oversupply situation, and the unilateral upward driving force is insufficient [8] 3. Summary by Relevant Catalogs Market Dynamics - PX: Naphtha prices were stagnant at the end of the session. PX prices rose, with two January Asian spot transactions at $832 and $831. The 1 - 2 month spread shifted from flat to continuous. Asian PX prices rebounded on November 19, mainly affected by the strong energy complex [3][4] - PTA: A 2.2 - million - ton PTA plant in East China started maintenance this week, expected to last 5 weeks [6] - Polyester: A new 100 - ton/day cationic staple fiber production line in a direct - spinning polyester staple fiber factory in northern Jiangsu was newly put into operation. A 300,000 - ton new polyester plant in Anhui and a 300,000 - ton new polyester filament plant in Xinjiang have started operation [6] Price and Spread Data - **Futures**: PX, PTA, PF, and SC futures prices rose, while MEG futures price fell. The monthly spreads of PX, PTA, MEG, PF, and SC all decreased [2] - **Spot**: PX, PTA, and naphtha prices rose, while MEG and Dated Brent prices fell. PX - naphtha spread decreased, PTA processing fee increased, and short - fiber and bottle - chip processing fees decreased [2] Trend Intensity - PX trend intensity is 1, indicating a relatively strong trend; PTA and MEG trend intensities are 0, indicating a neutral trend [7] Fundamentals - **PX**: Overseas refinery maintenance may lead to a continuous decline in gasoline and diesel inventories and strong cracking spreads until December. Domestic PX plants maintain high - level operation, but US and South Korean disproportionation units may cut production. The US - Asia window has opened, and domestic PTA plants face raw material supply shortages [7] - **PTA**: The extension of the maintenance time at Yisheng Ningbo and the commissioning of multiple new polyester plants have relieved the pressure of PTA inventory accumulation [7] - **MEG**: Although some devices have reduced production, new devices are being commissioned, and imports are expected to exceed 600,000 tons this month. Inventory continued to increase by 70,000 tons this Monday, and the polyester load will decline in December, resulting in an oversupply situation [8]

交易咨询业务资格：证监许可【2012】1091号 棉花早报——2025年11月19日 棉花： 1、基本面：ICAC11月报：25/26年度产量2540万吨，消费2500万吨。USDA11月报：25/26年度 产量2614.5万吨，消费2588.3万吨，期末库存1653.2万吨。海关：10月纺织品服装出口 222.62亿美元，同比下降12.63%。10月份我国棉花进口9万吨，同比减少15.6%；棉纱进口14 万吨，同比增加16.7%。农村部11月25/26年度：产量660万吨，进口140万吨，消费740万吨， 期末库存845万吨。中性。 6：预期：十月份纺织品服装出口数据较差，虽然目前中美谈判短暂达成临时协议，后续对美 出口关税比前期降低10%，但外贸订单旺季已过。郑棉短期利空震荡回落，但成本支撑，下跌 空间有限，当下反而是中长线多单逢低布局远月的机会。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询 ...

交易咨询业务资格：证监许可【2012】1091号 棉花早报——2025年11月17日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 棉花： 1、基本面：ICAC11月报：25/26年度产量2540万吨，消费2500万吨。USDA9月报：25/26年度 产量2562.2万吨，消费2587.2万吨，期末库存1592.5万吨。海关：10月纺织品服装出口 222.62亿美元，同比下降12.63%。9月份我国棉花进口10万吨，同比减少18.7%；棉纱进口13 万吨，同比增加18.18%。农村部11月25/26年度：产量660万吨，进口140万吨，消费740万吨， 期末库存845万吨。中性。 6：预期：十月份纺织品出口数据较差，虽然目前中美谈判短暂达成临时协 ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - This week, cotton continued to oscillate and rebound. Positive news from China-US negotiations and previous price over - decline led to price recovery. New cotton is about to be listed in large quantities, and the previous negative news has been gradually digested. The purchase price of seed cotton has slightly increased. After a round of rebound, the futures main contract 01 is consolidating in the short - term between 13,500 - 13,700 [5][6]. - There are both positive and negative factors in the market. Positive factors include a slight increase in the purchase price of seed cotton and a year - on - year decrease in commercial inventory. Negative factors include ongoing trade negotiations, a slight reduction in export tariffs to the US, a decline in overall foreign trade orders, increased inventory, the upcoming large - scale listing of new cotton, and weak consumption during the "Golden September and Silver October" period [7][8]. 3. Summary by Directory 3.1 Previous Day Review - This week, cotton continued to oscillate and rebound. The expected national cotton output is 728 million tons, with Xinjiang hitting a new high. According to ICAC's September report, the output and consumption in the 2025/26 season are both 25.5 million tons. According to USDA's September report, the output in the 2025/26 season is 25.622 million tons, consumption is 25.872 million tons, and the ending inventory is 15.925 million tons. In September, textile and clothing exports were $24.42 billion, a year - on - year decrease of 1.4%. In September, China imported 100,000 tons of cotton, a year - on - year decrease of 18.7%, and imported 130,000 tons of cotton yarn, a year - on - year increase of 18.18%. According to the Ministry of Agriculture's October report on the 2025/26 season, the output is 6.36 million tons, imports are 1.4 million tons, consumption is 7.4 million tons, and the ending inventory is 8.22 million tons [5]. 3.2 Daily Tips - Positive factors: Slightly increased purchase price of seed cotton and year - on - year decrease in commercial inventory [7]. - Negative factors: Ongoing trade negotiations, a slight reduction in export tariffs to the US, a decline in overall foreign trade orders, increased inventory, the upcoming large - scale listing of new cotton, and weak consumption during the "Golden September and Silver October" period [8]. 3.3 Today's Focus No specific content is provided in the report. 3.4 Fundamental Data - **USDA Global Supply and Demand Forecast (September)**: In the 2025/26 season, the global output is expected to be 25.622 million tons, with a month - on - month increase of 230,000 tons; consumption is 25.872 million tons, with a month - on - month increase of 184,000 tons; and the ending inventory is 15.925 million tons, with a month - on - month decrease of 168,000 tons [12]. - **ICAC Global Cotton Supply - Demand Balance Sheet**: In the 2025/26 season, the global output is 2.59 million tons, a year - on - year increase of 40,000 tons (+1.6%); consumption is 2.56 million tons, basically flat; the ending inventory is 1.71 million tons, a year - on - year increase of 26,000 tons (+1.6%); the global trade volume is 970,000 tons, a year - on - year increase of 36,000 tons (+3.9%); the price forecast (Cotlook A Index) is 57 - 94 cents per pound (median 73 cents) [14]. - **Ministry of Agriculture's Data for China**: In the 2025/26 season, the output is 6.36 million tons, imports are 1.4 million tons, consumption is 7.4 million tons, and the ending inventory is 8.22 million tons. The average domestic cotton 3128B price is expected to be between 14,000 - 16,000 yuan per ton, and the Cotlook A Index is expected to be between 75 - 100 cents per pound [16]. 3.5 Position Data No specific content is provided in the report.

Group 1: Research Basic Information - The research object is Hengyi Petrochemical, belonging to the chemical fiber industry, and the reception time was on October 30, 2025. The listed company's reception staff included Senior Financial Manager Li Siyu and Investor Relations Officer Wang Shiyun [16] Group 2: Detailed Research Institutions - The research institutions included securities companies such as Shenwan Hongyuan Securities and Everbright Securities Self - operation, fund management companies like Huatai - PineBridge Fund, Invesco Great Wall Fund, and Tianhong Fund, insurance asset management companies such as Sunshine Asset Management, investment companies including Tibet Hezhong Yisheng and Zhejiang Baoji, and other types of institutions like Yangtze River Securities Asset Management, Shanghai Haoxiang, and Shanghai Pengshan [17] Group 3: Company's Basic Business Overview - Hengyi Petrochemical is a global leading integrated enterprise in the "refining - chemical - chemical fiber" industry chain. It adheres to the strategic positioning of "one drop of oil, two types of fibers", and has successfully established a closed - loop industrial chain from crude oil processing to chemical fiber products through the forward - looking layout of the Brunei refining project. It has a "polyester + nylon" dual - main - business model. The company is accelerating the implementation of the "Technological Hengyi" strategy, focusing on R & D, product promotion, and process innovation of high - value - added products, and promoting the green and low - carbon upgrade of the industrial chain [25] Group 4: Company's Q3 2025 Report - The company achieved an operating income of 83.885 billion yuan and a net profit attributable to shareholders of listed companies of 231 million yuan in the first three quarters of 2025, with a year - on - year increase of 0.08% in the net profit attributable to shareholders of listed companies from the beginning of the year to the end of the reporting period. As of September 30, 2025, the company's total assets were 111.51 billion yuan, and the net assets attributable to shareholders of listed companies were 24.458 billion yuan [26] Group 5: Views on the Southeast Asian Refined Oil Market - From the demand side, Southeast Asia is the world's largest net importer of refined oil due to insufficient infrastructure investment. With good economic prospects, the demand for refined oil products is expected to increase. From the supply side, there is a large gap in the Southeast Asian refined oil market compared to the domestic market. In 2025, 800,000 barrels per day of refining capacity will stop operating, and the supply - demand gap is expected to widen to 68 million tons in 2026. This provides strategic opportunities for integrated refineries with technological advantages [26][27] Group 6: Views on the Future Development Trend of the Polyester Industry - The company is optimistic about the long - term development of the polyester industry. Downstream demand is stable, with domestic consumer demand growing moderately and overseas exports showing a "quantity - for - price" growth pattern. The capacity growth rate is differentiated, with the growth of polyester filament capacity slowing down and that of polyester bottle - chip capacity still expanding rapidly. As the industry eliminates backward capacity, the market concentration will be optimized, and the company, as a leading enterprise, will benefit from industry integration [27][28] Group 7: Progress of the Brunei Refining Project Phase II - All work on the Brunei Phase II project is progressing in an orderly manner, and the relevant progress should be subject to the company's announcements [29] Group 8: Achievements of the "Technological Hengyi" Strategy - As of June 30, 2025, the company had 566 valid authorized patents, including 500 R & D patents and 66 intelligent manufacturing patents, and had participated in formulating and revising 58 standards. The proportion of differentiated fiber production has increased to 27% in the first half of 2025, and the company is accelerating the large - scale application of high - value - added products [29][30] Group 9: Introduction to the Qinzhou Project - The first phase of the Qinzhou project has smoothly achieved full - process operation and entered the trial - production stage. The project has technical, integration, and product - structure advantages, which are conducive to the company's development in the nylon market, the implementation of the integration strategy, and the improvement of overall competitiveness and profitability [30][31]

Core Insights - Jiangsu Province is a key area for Sinopec, covering the entire petrochemical industry chain and housing several major subsidiaries [1][2] - During the 14th Five-Year Plan period, Sinopec's subsidiaries in Jiangsu achieved significant revenue growth, exceeding 1.7 trillion yuan, a 20% increase compared to the previous five-year period [1][2] Group 1: Production and Revenue - Sinopec's subsidiaries in Jiangsu have a production capacity of over 330 million tons/year of oil and gas equivalent, 30.5 million tons/year of refining, and 8 million tons/year of ethylene [1] - Jinling Petrochemical is projected to process 17.29 million tons of crude oil in 2024, ranking second among Nanjing's top manufacturing enterprises [2] - Yangzi Petrochemical supplies approximately 12 million tons of high-quality petrochemical products annually [2] Group 2: Technological Innovation - The East China Petroleum Bureau has made significant advancements in shale oil exploration, with cumulative production exceeding 350,000 tons and resource estimates of 350 million tons [2][3] - Various subsidiaries have developed cutting-edge technologies, including a major PTA project and advanced imaging techniques for deep reservoirs [3][4][5] Group 3: Green Development Initiatives - Sinopec is committed to achieving carbon neutrality, with Jiangsu subsidiaries implementing CCUS projects and developing environmentally friendly products [6][7] - Jinling Petrochemical has established a carbon emission monitoring system and zero-emission projects [8] Group 4: Community Engagement and Social Responsibility - Sinopec's subsidiaries actively engage in community support, with initiatives such as educational assistance and environmental protection projects [11] - The company emphasizes the importance of the petrochemical industry in contributing to national economic development and improving people's lives [11][12]

Report Summary 1. Report Industry Investment Rating No information is provided in the report regarding the industry investment rating. 2. Core Viewpoints - This week, cotton continued to fluctuate and rebound. The previous price was oversold, and with the new cotton coming onto the market and China - US negotiations in progress, the bearish sentiment has eased [4]. - Currently, new cotton is about to be listed in large quantities. The previous bearish news has been gradually digested, and the purchase price of seed cotton has slightly increased. The futures main contract 01 continued to fluctuate and rebound [5]. - Bullish factors include a slight increase in the purchase price of seed cotton and a year - on - year decrease in commercial inventory [6]. - Bearish factors include ongoing trade negotiations, high export tariffs to the US, a decline in overall foreign trade orders, increased inventory, the upcoming large - scale listing of new cotton, and weak consumption during the "Golden September and Silver October" period [7]. 3. Summary by Directory 3.1 Previous Day Review - This week, cotton continued to fluctuate and rebound. The national cotton output is expected to be 728000 tons, with Xinjiang hitting a new high. According to the ICAC September report, the output and consumption in the 2025/2026 season are both 25.5 million tons. The USDA September report shows that the output in the 2025/2026 season is 25.622 million tons, consumption is 25.872 million tons, and the ending inventory is 15.925 million tons. In September, textile and clothing exports were $24.42 billion, a year - on - year decrease of 1.4%. China's cotton imports in September were 100000 tons, a year - on - year decrease of 18.7%; cotton yarn imports were 130000 tons, a year - on - year increase of 18.18%. According to the Ministry of Agriculture's October forecast for the 2025/2026 season, the output is 6.36 million tons, imports are 1.4 million tons, consumption is 7.4 million tons, and the ending inventory is 8.22 million tons [4]. 3.2 Daily Tips - New cotton is about to be listed in large quantities, and the previous bearish news has been gradually digested. The purchase price of seed cotton has slightly increased, and the futures main contract 01 continued to fluctuate and rebound [5]. 3.3 Today's Focus - Bullish factors: a slight increase in the purchase price of seed cotton and a year - on - year decrease in commercial inventory [6]. - Bearish factors: ongoing trade negotiations, high export tariffs to the US, a decline in overall foreign trade orders, increased inventory, the upcoming large - scale listing of new cotton, and weak consumption during the "Golden September and Silver October" period [7]. 3.4 Fundamental Data - **USDA Global Production and Sales Forecast (September)**: In the 2025/2026 season, the total global cotton output is expected to be 25.622 million tons, consumption is 25.872 million tons, and the ending inventory is 15.925 million tons. Different countries have different production, consumption, import, and inventory trends [13][14]. - **ICAC Global Cotton Supply - Demand Balance Sheet**: In the 2025/2026 season, the global output is 2.59 million tons, an increase of 40000 tons (+1.6%); consumption is 2.56 million tons, basically flat; the ending inventory is 1.71 million tons, an increase of 26000 tons (+1.6%); the global trade volume is 970000 tons, an increase of 36000 tons (+3.9%) [15]. - **Ministry of Agriculture's Forecast for the 2025/2026 Season**: The output is 6.36 million tons, imports are 1.4 million tons, consumption is 7.4 million tons, and the ending inventory is 8.22 million tons [4]. 3.5 Position Data No information is provided in the report regarding position data.

Core Viewpoint - The stock of Sanwei Co., Ltd. has shown fluctuations with a recent increase of 2.01%, while the company faces a year-to-date decline of 7.88% in its stock price [1][2]. Financial Performance - For the first half of 2025, Sanwei Co., Ltd. reported a revenue of 2.246 billion yuan, representing a year-on-year decrease of 10.85%. The net profit attributable to shareholders was -18.63 million yuan, a significant decline of 131.03% compared to the previous year [2]. - The company has cumulatively distributed 260 million yuan in dividends since its A-share listing, with 51.47 million yuan distributed over the last three years [3]. Stock Market Activity - As of October 22, the stock price was 11.69 yuan per share, with a market capitalization of 12.054 billion yuan. The trading volume was 21.9663 million yuan, with a turnover rate of 0.19% [1]. - The net inflow of main funds was 3.3849 million yuan, with large orders accounting for 25.08% of purchases and 14.95% of sales [1]. - Sanwei Co., Ltd. has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on September 2, where it recorded a net buy of -177.237 million yuan [1]. Business Overview - Sanwei Co., Ltd. is located in Taizhou, Zhejiang Province, and was established on August 29, 1997. It was listed on December 7, 2016. The company's main business includes rail transit and rubber products, with revenue composition as follows: polyester fiber 34.23%, BDO and calcium carbide 32.76%, rubber products 24.60%, concrete sleepers 4.78%, and others 3.62% [1][2].

Report Industry Investment Rating No information provided in the given content. Core Viewpoints - The cotton market shows a mixed picture with both bearish and bullish factors. Bearish factors include expected high production, high inventory, downward - trending 20 - day moving average, and bearish主力持仓. Bullish factors are the positive basis and reduced Sino - US tariffs and lower commercial inventory. Currently, new cotton is about to be listed in large quantities, and short - term rebounds have occurred in the market, with the main 01 contract reaching the pressure level around 13,500, where there will be a tug - of - war between bulls and bears [4][5][6]. Summary by Catalog 1. Previous Day's Review No information provided in the given content. 2. Daily Tips - **Fundamentals**: Multiple reports show different production, consumption, and inventory data. For example, the ICAC 9 - month report predicts 2025/26 annual production of 25.5 million tons and consumption of 25.5 million tons; the USDA 9 - month report forecasts production of 25.622 million tons, consumption of 25.872 million tons, and ending inventory of 15.925 million tons. In September, textile and clothing exports were $24.42 billion, a year - on - year decrease of 1.4%. China's cotton imports in September were 100,000 tons, a year - on - year decrease of 18.7%, and cotton yarn imports were 130,000 tons, a year - on - year increase of 18.18%. The Ministry of Agriculture's October 2025/26 forecast shows production of 6.36 million tons, imports of 1.4 million tons, consumption of 7.4 million tons, and ending inventory of 8.22 million tons. Overall, the fundamentals are bearish [4]. - **Basis**: The national average price of spot 3128b is 14,679, and the basis for the 01 contract is 1,214, indicating a premium over futures, which is bullish [4]. - **Inventory**: The Ministry of Agriculture's October 2025/26 forecast for China's ending inventory is 8.22 million tons, which is bearish [4]. - **Market Chart**: The 20 - day moving average is downward, and the K - line is below the 20 - day moving average, which is bearish [4]. - **Main Position**: The position is bearish, with the net short position increasing, and the main trend is bearish [4]. - **Expectation**: New cotton is about to be listed in large quantities, and previous bearish news has been gradually digested. The market has shown a short - term rebound, and the main 01 contract has reached the pressure level around 13,500, where there will be a struggle between bulls and bears [4]. 3. Today's Focus No information provided in the given content. 4. Fundamental Data - **USDA Global Production and Sales Forecast (September)**: Global production is expected to be 25.622 million tons, a month - on - month increase of 230,000 tons; global consumption is expected to be 25.872 million tons, a month - on - month increase of 184,000 tons; and ending inventory is expected to be 15.925 million tons, a month - on - month decrease of 168,000 tons [10][11]. - **ICAC Global Cotton Supply - Demand Balance Sheet**: In the 2025/26 period, global production is 2.59 million tons, an increase of 40,000 tons (1.6%); global consumption is 2.56 million tons, basically flat; ending inventory is 1.71 million tons, an increase of 26,000 tons (1.6%); global trade volume is 970,000 tons, an increase of 36,000 tons (3.9%); and the price forecast (Cotlook A Index) is 57 - 94 cents per pound (median 73 cents), with a narrower year - on - year fluctuation [12]. - **Ministry of Agriculture's Forecast (October)**: In 2025/26, production is 6.36 million tons, imports are 1.4 million tons, consumption is 7.4 million tons, and ending inventory is 8.22 million tons. The domestic average price of cotton 3128B is expected to be between 14,000 - 16,000 yuan per ton, and the Cotlook A Index is expected to be between 75 - 100 cents per pound [14]. 5. Position Data No information provided in the given content.