汇安多策略混合A（005109）成立日期2017年11月22日，最新规模8765.5万。今年以来收益44.62%，同 类排名724/8194；近一年收益71.36%，同类排名1011/7963；成立以来收益100.33%。 汇安多策略混合A（005109）基金经理为柳预才。 截至发稿，柳预才累计任职时间4年242天，现任基金资产总规模12.22亿元，任职期间最佳基金回报 35.17%， 任职期间最差基金回报-17.08%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 8月27日，汇隆新材跌5%，截至发稿，报23.36元/股，成交5070.56万元，换手率2.57%，总市值27.32亿 元。 资料显示，浙江汇隆新材料股份有限公司位于浙江省德清县禹越镇杭海路88号，成立日期2004年6月14 日，上市日期2021年9月9日，公司主营业务涉及从事符合国家节能环保战略方向的原液着色纤维的研 发、生产及销售。主营业务收入构成为：FDY50.51%，DTY44 ...

8月25日，汇隆新材涨1.04%，成交额1.35亿元。两融数据显示，当日汇隆新材获融资买入额1968.78万 元，融资偿还1424.86万元，融资净买入543.92万元。截至8月25日，汇隆新材融资融券余额合计6884.04 万元。 融资方面，汇隆新材当日融资买入1968.78万元。当前融资余额6884.04万元，占流通市值的2.43%，融 资余额超过近一年90%分位水平，处于高位。 融券方面，汇隆新材8月25日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，浙江汇隆新材料股份有限公司位于浙江省德清县禹越镇杭海路88号，成立日期2004年6月14 日，上市日期2021年9月9日，公司主营业务涉及从事符合国家节能环保战略方向的原液着色纤维的研 发、生产及销售。主营业务收入构成为：FDY50.51%，DTY44.98%，其他(补充)2.62%，POY1.88%。 截至3月31日，汇隆新材股东户数7814.00，较上期增加21.22%；人均流通股10569股，较上期减少 17.22%。2025年1 ...

8月25日，汇隆新材跌5.01%，截至发稿，报22.75元/股，成交6747.10万元，换手率3.47%，总市值26.61 亿元。 从基金十大重仓股角度 截至发稿，柳预才累计任职时间4年240天，现任基金资产总规模12.22亿元，任职期间最佳基金回报 33.96%， 任职期间最差基金回报-17.08%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，汇安基金旗下1只基金重仓汇隆新材。汇安多策略混合A（005109）二季度持有股数12.33万 股，占基金净值比例为1.41%，位居第六大重仓股。根据测算，今日浮亏损失约14.8万元。 汇安多策略混合A（005109）成立日期2017年11月22日，最新规模8765.5万。今年以来收益43.05%，同 类排名671/8259；近一年收益70.49%，同类排名898/8023；成立以来收益98.16%。 汇安多策略混合A（005109）基金经理为柳预才。 资料显示，浙江汇隆新材料股份有限公司位于浙江 ...

证券研究报告 2025 年 8 月 25 日 湘财证券研究所 行业研究 涤纶行业动态分析 涤纶长丝库存有所去化，需求旺季即将到来 相关研究： | 1. | 《近期涤纶长丝价格随成本有 | | --- | --- | | 所上涨》 | 2025.6.23 | 近十二个月行业表现 % 1 个月 3 个月 12 个月 | 相对收益 | 4.0 | 8.2 | 29.7 | | --- | --- | --- | --- | | 绝对收益 | 10.3 | 20.0 | 61.8 | 地址：上海市浦东新区银城路 88 号 中国人寿金融中心 10 楼 核心要点： 涤纶长丝行业数据 行业评级：增持（维持） 近期涤纶长丝库存有所去化。供给端，2025 年 1-7 月，涤纶长丝产量同比 增长 6.5%，7 月开工率 89.2%。库存方面，截至 8 月 21 日，POY、DTY、 FDY 库存天数分别为 13.8、27.8、22.7 天，相较于一周前分别下降 2.3、0.4、 0.6 天。需求方面，2025 年 1-7 月，涤纶长丝表观消费量同比增长约 6.0%， 出口量同比增长 13.8%。盈利能力方面，POY、DTY 和 ...

【聚酯板块】本周POY/FDY/DTY行业均价分别为6789/7100/7986元/吨，环比分别 +61/+57/+57元/吨，POY/FDY/DTY行业周均利润为35/-25/-34元/吨，环比分别+18/+16/+16 元/吨，POY/FDY/DTY行业库存为13.8/22.7/27.8天，环比分别-2.3/-0.6/-0.4天，长丝开工率为 90.7%，环比+0.1pct。下游方面，本周织机开工率为60.1%，环比+2.1pct，织造企业原料库 存为14.2天，环比+1.9天，织造企业成品库存为28.2天，环比-1.8天。 【炼油板块】国内成品油:本周汽油/柴油/航煤价格下跌。美国成品油:本周美国航煤价格 下跌。 东吴证券近日发布大炼化周报：国内成品油:本周汽油/柴油/航煤价格下跌。美国成品油: 本周美国航煤价格下跌。周POY/FDY/DTY行业均价分别为6789/7100/7986元/吨，环比分别 +61/+57/+57元/吨，POY/FDY/DTY行业周均利润为35/-25/-34元/吨，环比分别+18/+16/+16 元/吨，POY/FDY/DTY行业库存为13.8/22.7/27.8天，环比分别 ...

能源化工分析师：周少玟 执业证书编号：S0600525070005 联系方式：zhoushm@dwzq.com.cn 2025年8月24日 请务必阅读正文之后的免责声明部分 投资要点 证券研究报告 大炼化周报：主流厂商协同，长丝价格上升 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 2 ◼ 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2579元/吨，环比+18元/吨（环比+1%）；国外 重点大炼化项目本周价差为1077元/吨，环比-33元/吨（环比-3%）。 ◼ 【聚酯板块】本周POY/FDY/DTY行业均价分别为6789/7100/7986元/吨，环比分别+61/+57/+57元/吨， POY/FDY/DTY行业周均利润为35/-25/-34元/吨，环比分别+18/+16/+16元/吨，POY/FDY/DTY行业库存为 13.8/22.7/27.8天，环比分别-2.3/-0.6/-0.4天，长丝开工率为90.7%，环比+0.1pct。下游方面，本周织机开工率 为60.1%，环比+2.1pct，织造企业原料库存 ...

Refining Projects - Domestic refining project price spread this week is 2601 CNY/ton, up by 97 CNY/ton (4% week-on-week) [2] - International refining project price spread this week is 1110 CNY/ton, up by 11 CNY/ton (1% week-on-week) [2] Polyester Sector - Average prices for POY, FDY, and DTY are 6729, 7043, and 7929 CNY/ton respectively, with week-on-week changes of +4, +32, and -4 CNY/ton [2] - Weekly profits for POY, FDY, and DTY are 16, -40, and -50 CNY/ton respectively, with week-on-week changes of -2, +17, and -6 CNY/ton [2] - Inventory days for POY, FDY, and DTY are 16.1, 23.3, and 28.2 days respectively, with week-on-week changes of -3.6, -2.4, and -1.8 days [2] - The operating rate for polyester filament is 90.6%, down by 0.6 percentage points week-on-week [2] Oil and Chemical Sector - PX average price this week is 832.1 USD/ton, down by 6.6 USD/ton, with a price spread against crude oil of 347.9 USD/ton, up by 3.3 USD/ton [2] - Domestic gasoline and diesel prices have decreased this week [2] - The operating rate for PX is 82.9%, up by 0.6 percentage points week-on-week [2] Risks - Potential delays in project implementation [2] - Slower-than-expected recovery in demand due to macroeconomic slowdown [2] - Geopolitical risks leading to fluctuations in raw material prices [2]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [1]. Core Insights - The cost side supports the price increase of long filament yarns, with domestic and foreign refining project price differentials showing positive trends [2]. - The polyester sector shows varied performance with POY, FDY, and DTY average prices increasing, while profits remain under pressure for FDY and DTY [2]. - The refining sector indicates a decline in domestic gasoline, diesel, and aviation fuel prices, reflecting broader market trends [2]. - The chemical sector shows a decrease in PX average price, but the price differential with crude oil has improved [2]. Summary by Sections 1. Refining Projects Price Differential - Domestic refining project price differential is 2548 CNY/ton, up by 186 CNY/ton (8% increase) week-on-week [2]. - Foreign refining project price differential is 1103 CNY/ton, up by 79 CNY/ton (8% increase) week-on-week [2]. 2. Polyester Sector - Average prices for POY, FDY, and DTY are 6725 CNY/ton, 7011 CNY/ton, and 7932 CNY/ton respectively, with week-on-week increases of 4 CNY, 25 CNY, and 25 CNY [2]. - Weekly average profits for POY, FDY, and DTY are 18 CNY/ton, -58 CNY/ton, and -44 CNY/ton respectively, with significant week-on-week profit increases for POY and FDY [2]. - Inventory levels for POY, FDY, and DTY are 19.7 days, 25.7 days, and 30.0 days respectively, with slight increases week-on-week [2]. 3. Refining Sector - Domestic gasoline, diesel, and aviation fuel prices have decreased, reflecting a broader trend in the market [2]. - The average price of gasoline in the US has also seen a decline, indicating a similar trend in the international market [2]. 4. Chemical Sector - PX average price is 838.7 USD/ton, down by 16.1 USD/ton week-on-week, but the price differential with crude oil has improved to 344.7 USD/ton, up by 9.3 USD/ton [2]. - PX operating rate remains stable at 82.4% [2].

Report Summary Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoints - The overall market sentiment for bulk chemicals is weak due to the decline in crude oil prices. The PTA market shows a weakening spot basis and falling spot prices, while the ethylene glycol market experiences a slight decline in spot prices and a slightly stronger basis negotiation. The polyester market has weakening production and sales, and the downstream weaving profit is shrinking, which has a certain negative impact on the market [2]. Summary by Relevant Catalogs Market Quotes - **INE Crude Oil**: The price dropped from 527.9 yuan/barrel on August 1st to 514.3 yuan/barrel on August 4th, a decrease of 13.6 yuan [2]. - **PTA**: The主力期 price decreased from 4744 yuan/ton to 4698 yuan/ton, a drop of 46 yuan; the spot price fell from 4750 yuan/ton to 4690 yuan/ton, a decrease of 60 yuan. The spot processing fee decreased slightly by 0.4 yuan/ton, and the disk processing fee increased by 3.6 yuan/ton. The PTA - SC spread increased by 52.83 yuan/ton, and the PTA/SC ratio increased by 0.0204. The PTA warehouse receipt quantity decreased by 600 to 27131 [2]. - **PX**: The CFR China PX price decreased from 846 to 838, a drop of 8; the PX - naphtha spread decreased by 8 to 234. The PX operating rate increased by 0.82 percentage points to 78.11% [2]. - **MEG**: The主力期 price dropped from 4405 yuan/ton to 4389 yuan/ton, a decrease of 16 yuan; the MEG - naphtha spread increased slightly by 0.8 yuan/ton. The MEG domestic price decreased from 4480 to 4455, a drop of 25 yuan. The basis of the main contract increased by 15 to 78. The MEG operating rate remained unchanged at 58.81% [2]. Polyester Products - **Polyester Filament**: The prices of POY150D/48F, FDY150D/96F decreased by 25 yuan and 70 yuan respectively, while the price of DTY150D/48F remained unchanged. The cash flows of POY, DTY improved by 35 yuan and 60 yuan respectively, and the cash flow of FDY decreased by 10 yuan. The production and sales rate of filament increased from 25% to 32% [2]. - **Polyester Staple Fiber**: The price of 1.4D direct - spun polyester staple fiber decreased by 25 yuan to 6575 yuan/ton. The cash flow increased by 35 yuan to 173 yuan/ton, and the production and sales rate decreased from 56% to 49% [2]. - **Polyester Chips**: The price of semi - bright chips decreased by 45 yuan to 5800 yuan/ton. The cash flow increased by 15 yuan to - 52 yuan/ton, and the production and sales rate increased from 59% to 63% [2]. Industry Operating Conditions - The PTA operating rate increased by 2.75 percentage points to 76.81%, the MEG operating rate remained unchanged at 58.81%, and the polyester load remained unchanged at 86.15% [2]. 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].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The report is a weekly briefing on large - scale refining and chemical industries, presenting the latest data on key projects' spreads, various product prices, profits, inventories, and operating rates, as well as the performance of related listed companies [1][2]. 3. Summary by Directory 3.1 Big Refining Weekly Data Briefing - **Stock Price and Market Value of Listed Companies**: On August 1, 2025, the stock prices of companies like Hengli Petrochemical, Rongsheng Petrochemical, and others were reported, along with their total market values, and the data on their changes in stock prices over different time periods such as the past week, month, three - month, and one - year were presented. The profit forecasts for these companies from 2024 to 2027 were also provided [8]. - **Oil Price and Refining Spread**: The average price of international crude oil (Brent and WTI) this week increased compared to last week, with Brent at $71.2 per barrel (up 3.3%) and WTI at $68.0 per barrel (up 2.7%). The spreads of domestic and foreign key refining projects decreased, with the domestic spread at 2403.5 yuan/ton (down 3.4%) and the foreign spread at 1025.4 yuan/ton (down 7.0%) [8]. - **Polyester Sector**: The average prices of POY, FDY, and DTY increased this week, with POY at 6721.4 yuan/ton (up 142.9 yuan/ton), FDY at 6985.7 yuan/ton (up 171.4 yuan/ton), and DTY at 7907.1 yuan/ton (up 103.6 yuan/ton). The weekly average profits of POY, FDY, and DTY improved, but the inventory days increased, and the operating rate of filament decreased by 0.7 percentage points to 91.9%. The operating rate of downstream looms decreased by 0.1 percentage points to 55.5%, and the raw material inventory of weaving enterprises increased by 1.2 days to 10.4 days, while the finished - product inventory increased by 0.3 days to 30.7 days [2][10]. - **Refining Sector**: The prices of diesel and aviation kerosene in China and the United States decreased this week [2][10]. - **Chemical Sector**: The average price of PX this week was $854.9 per ton (up $5.6 per ton), and the spread compared to crude oil was $335.4 per ton (down $10.8 per ton), with an operating rate of 82.4% (unchanged) [2][10]. 3.2 Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: It mainly shows the changes in the Shanghai - Shenzhen 300 Index, the petroleum and petrochemical index, and oil prices, as well as the weekly spreads of domestic and foreign large - scale refining projects [14][19]. - **2.2 Polyester Sector**: It presents multiple data such as the prices, profits, inventories, and operating rates of PX, PTA, MEG, POY, FDY, DTY, polyester staple fiber, polyester bottle chips, and the operating rate of downstream weaving [24][33][38]. - **2.3 Refining Sector**: It includes the prices, spreads, and related data of gasoline, diesel, and aviation kerosene in China, the United States, Europe, and Singapore [83][98][111][121]. - **2.4 Chemical Sector**: It shows the prices, spreads, and related data of various chemical products such as polyethylene LLDPE, homopolymerized polypropylene, EVA foaming materials, EVA photovoltaic materials, styrene, PC, acrylonitrile, and MMA [131][132][139].