11月25日，新凤鸣盘中上涨2.06%，截至10:47，报16.88元/股，成交9216.39万元，换手率0.37%，总市 值257.34亿元。 资金流向方面，主力资金净流入97.91万元，特大单买入385.94万元，占比4.19%，卖出295.30万元，占 比3.20%；大单买入1370.60万元，占比14.87%，卖出1363.34万元，占比14.79%。 截至10月20日，新凤鸣股东户数2.04万，较上期减少0.76%；人均流通股74455股，较上期增加1.02%。 2025年1月-9月，新凤鸣实现营业收入515.42亿元，同比增长4.77%；归母净利润8.69亿元，同比增长 16.53%。 分红方面，新凤鸣A股上市后累计派现17.33亿元。近三年，累计派现7.20亿元。 机构持仓方面，截止2025年9月30日，新凤鸣十大流通股东中，香港中央结算有限公司位居第九大流通 股东，持股1673.14万股，为新进股东。 责任编辑：小浪快报 新凤鸣今年以来股价涨54.73%，近5个交易日跌2.31%，近20日涨5.43%，近60日涨15.46%。 资料显示，新凤鸣集团股份有限公司位于浙江省桐乡市梧桐街道履祥路50 ...

投资咨询业务资格:证监许可【2012】31号 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号:Z0017251 | 2025/11/24 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/11/20 2025/11/21 | | 变动值 | 行情综述 | | | INE原油(元/桶) | 455. 5 | 447. 4 | -8. 10 | 成交情况: PTA:原油下跌,且PX行情下跌,成本支撑减弱,利空 | | SC | PTA-SC(元/陣) | 1385.8 | 1414. 7 | 28. 86 | PTA行情。PTA去库存,基差走强。 | | | PTA/SC(比价) | 1. 4187 | 1. 4351 | 0. 0165 | | | | CFR中国PX | 833 | 824 | -9 | | | PX | PX-石脑油价差 | 260 | 262 | 2 | | | | PTA主力期价(元/吨) | 4696 | ...

新凤鸣所属申万行业为：基础化工-化学纤维-涤纶。所属概念板块包括：新材料、中盘、增持回购、融 资融券、长三角一体化等。 新凤鸣今年以来股价涨51.89%，近5个交易日跌10.34%，近20日涨2.47%，近60日涨13.57%。 资料显示，新凤鸣集团股份有限公司位于浙江省桐乡市梧桐街道履祥路501号，成立日期2000年2月22 日，上市日期2017年4月18日，公司主营业务涉及民用涤纶长丝、短纤及其主要原材料之一PTA的研 发、生产和销售。主营业务收入构成为：POY42.73%，PTA13.29%，FDY13.27%，短纤11.16%， DTY10.16%，其他4.72%，其他(补充)4.37%，切片0.31%。 资金流向方面，主力资金净流入422.59万元，特大单买入110.07万元，占比0.67%，卖出437.87万元，占 比2.66%；大单买入2140.41万元，占比13.01%，卖出1390.01万元，占比8.45%。 11月24日，新凤鸣盘中上涨2.03%，截至13:16，报16.57元/股，成交1.65亿元，换手率0.67%，总市值 252.62亿元。 机构持仓方面，截止2025年9月30日，新凤 ...

Core Viewpoint - The stock of Xin Feng Ming has shown significant growth this year, with a year-to-date increase of 61.61%, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - As of November 12, Xin Feng Ming's stock price was 17.63 CNY per share, with a market capitalization of 26.878 billion CNY [1]. - The stock has experienced a 17.07% increase over the past five trading days, a 15.38% increase over the past 20 days, and a 37.20% increase over the past 60 days [1]. - The net inflow of main funds was 77,600 CNY, with large orders accounting for 14.89% of purchases and 14.53% of sales [1]. Group 2: Financial Performance - For the period from January to September 2025, Xin Feng Ming reported a revenue of 51.542 billion CNY, representing a year-on-year growth of 4.77% [2]. - The net profit attributable to shareholders was 869 million CNY, reflecting a year-on-year increase of 16.53% [2]. Group 3: Shareholder Information - As of October 20, the number of shareholders for Xin Feng Ming was 20,400, a decrease of 0.76% from the previous period [2]. - The average number of circulating shares per shareholder increased by 1.02% to 74,455 shares [2]. - The company has distributed a total of 1.733 billion CNY in dividends since its A-share listing, with 720 million CNY distributed over the past three years [3].

Investment Rating - The investment rating for Tongkun Co., Ltd. is "Buy" (maintained) with a target price not specified for the next 6 months [1]. Core Insights - The company reported steady performance in the first three quarters of 2025, with a focus on green differentiated fiber projects [1][7]. - In the first three quarters of 2025, the company achieved operating revenue of 67.397 billion yuan, a year-on-year decrease of 11.38%, while net profit attributable to the parent company was 1.549 billion yuan, a year-on-year increase of 53.83% [7]. - The company is investing 5.6 billion yuan to build a green differentiated fiber project with an annual production capacity of 1.2 million tons, which will enhance its product structure [7]. Financial Performance Summary - **Revenue Forecast**: Expected operating revenue for 2024A is 101.307 billion yuan, increasing to 106.476 billion yuan in 2025E, with a growth rate of 22.59% in 2024A and 5.10% in 2025E [3][8]. - **Net Profit**: The net profit attributable to the parent company is projected to be 1.202 billion yuan in 2024A, increasing to 2.032 billion yuan in 2025E, reflecting a growth rate of 50.80% in 2024A and 69.10% in 2025E [3][8]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 0.50 yuan in 2024A to 0.85 yuan in 2025E [3][8]. - **Return on Equity (ROE)**: ROE is projected to improve from 3.29% in 2024A to 5.33% in 2025E [3][8]. Market Position and Strategy - Tongkun Co., Ltd. is a leading enterprise in the polyester filament industry, with a diversified product range and a strong integration advantage [7]. - The company is focusing on upstream integration and enhancing its product offerings to maintain its competitive edge in the market [7].

Summary of Hengyi Petrochemical Conference Call Company Overview - **Company**: Hengyi Petrochemical - **Date**: Q3 2025 Conference Call Key Points Financial Performance - In Q3 2025, Hengyi Petrochemical achieved a near breakeven point with a total profit of 230 million yuan for the first three quarters [2][4] - The polyester segment was the largest contributor, generating 800 million yuan in revenue, with 120 million yuan in Q3 alone [2][4] - The company earned 130 million yuan from its stake in China Merchants Bank [2][4] - Losses were reported in the caprolactam, PTA, and refining segments, with PTA losing 160 million yuan in Q3 and refining losing over 30 million yuan [2][4] Market Dynamics - The average price differential for diesel in October reached 24 USD, up from 14 USD in the same period last year, while gasoline price differential doubled to 12 USD [2][4] - Styrene price differential fell to 100 USD, down from last year's peak of 200-300 USD, influenced by adjustments in European facilities [2][4] - The operating rate of Hengyi Petrochemical is approximately 80%, consistent with the industry average [2][3] Supply and Demand - The bottle chip production has been reduced by 10-20% due to new capacity leading to supply-demand imbalance [2][3] - The nylon market is experiencing cash flow and profit declines due to increased supply, with an additional 770,000 tons entering the market, representing about 10% of total market volume [2][6] - Future production plans are expected to decrease over the next two years, which may help absorb excess supply [2][6] Strategic Initiatives - Hengyi Petrochemical is focusing on research breakthroughs and differentiated products, avoiding further investments in redundant capacity [3][13] - The company has signed a 1 million-ton agreement with the Jingzhou government, but actual implementation volume remains uncertain [3][13] - The Brunei project is progressing, with a total investment of 5 billion USD for the second phase, where Hengyi holds a 70% stake [3][11][13] Collaboration and Industry Position - Hengyi maintains a collaborative approach with Rongsheng Petrochemical in PTA and bottle chip sectors, supporting industry price maintenance and joint production cuts [3][16] - The company is actively participating in discussions regarding production cuts in the PTA sector, although no agreements have been reached yet [3][5] Future Outlook - The company anticipates improved profitability from the Guangxi project, which is currently in trial production, with expectations of becoming a leading player in the nylon sector [2][12] - The Brunei project is expected to enhance cost advantages once the second phase is operational, optimizing material balance and increasing the proportion of profitable products [3][20] - The Southeast Asian market is characterized by a supply-demand gap, with Hengyi positioned to benefit from regional growth and proximity to key markets [3][18][19] Risks and Challenges - The company faces pressure on profitability from the Brunei project, despite some revenue from refined oil products [3][11] - The nylon market's cash flow is currently negative, and the company is implementing production cuts to stabilize prices [2][6][10] Conclusion - Hengyi Petrochemical is navigating a challenging market environment with strategic initiatives aimed at enhancing profitability and maintaining competitive positioning in the polyester and refining sectors while addressing supply-demand imbalances and collaborating with industry peers for sustainable growth [2][3][4][5][6][11][12][13][20]

Report Summary 1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The PX market rose due to rumors of potential maintenance of an East - China PX plant at the beginning of next year, pushing up the PTA price. Although the PTA processing fee was compressed again, the polyester start - up was stable, the polyester load remained above 90%, and domestic polyester exports were still optimistic. The current peak season is expected to last until November. For ethylene glycol, low port inventory and expected decline in overseas imports are offset by new device production pressure, and the coal price increase has not provided strong cost support [3]. 3. Summary by Relevant Catalogs Market Data - **Crude Oil**: INE crude oil price decreased from 463.7 yuan/barrel on November 5, 2025, to 460.4 yuan/barrel on November 6, 2025, a decrease of 3.3 yuan/barrel [3]. - **PTA**: PTA - SC increased by 111.98 yuan/ton, PTA/SC ratio increased by 0.0361. PTA主力期价 rose from 4600 yuan/ton to 4688 yuan/ton, and the spot price rose from 4505 yuan/ton to 4540 yuan/ton. The spot processing fee decreased by 41.3 yuan/ton, while the disk processing fee increased by 36.7 yuan/ton. The PTA warehouse receipt quantity increased by 5909 [3]. - **PX**: CFR China PX price increased from 816 to 826, and the PX - naphtha spread increased by 9 [3]. - **MEG**: MEG主力期价 rose from 3914 yuan/ton to 3924 yuan/ton. The MEG - naphtha spread remained unchanged. The MEG domestic price decreased by 2 yuan/ton, and the main basis increased by 3 [3]. Industry Chain Start - up - PX, PTA, MEG start - up rates and polyester load all remained unchanged at 86.21%, 77.84%, 63.74%, and 89.56% respectively [3]. Product Price and Cash Flow - **Polyester Filament**: POY150D/48F price remained unchanged, and its cash flow decreased by 29. FDY150D/96F price remained unchanged, and its cash flow decreased by 29. DTY150D/48F price increased by 5, and its cash flow decreased by 24. The long - filament sales rate increased from 52% to 70% [3]. - **Polyester Staple Fiber**: 1.4D direct - spun polyester staple fiber price increased by 15, and its cash flow decreased by 14. The short - fiber sales rate increased from 38% to 70% [3]. - **Polyester Chip**: Semi - bright chip price increased by 5, and its cash flow decreased by 24. The chip sales rate increased from 46% to 143% [3]. Device Maintenance - An East - China 2.2 million - ton PTA device slightly reduced its load, and the recovery time is to be tracked [4]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - PTA supply has slightly shrunk, polyester production is stable, and polyester load remains above 90%. Although there are rumors of anti - involution in the polyester industry, PTA processing fees have been compressed to less than 200 due to lack of information. Industry profits are still affected by over - capacity. In the context of the easing of the Sino - US trade war, export demand may improve, and the current peak season is expected to last until November [2]. - For ethylene glycol, the inventory at East China ports is still low, port arrivals are limited, and overseas imports are expected to decline. New capacity puts pressure on prices, and low inventory is mainly reflected in the basis. The increase in coal prices does not provide strong cost support, and the profit of coal - based ethylene glycol has been repaired. Sino - US trade negotiations may increase export demand for textile and clothing [2]. 3. Summary by Relevant Catalogs 3.1 Market Quotes - **Crude Oil**: INE crude oil price rose from 458.7 yuan/barrel on October 31, 2025, to 467.9 yuan/barrel on November 3, 2025, an increase of 9.2 yuan/barrel [2]. - **PTA**: PTA futures price rose slightly, with the main contract rising from 4586 yuan/ton to 4596 yuan/ton, an increase of 10 yuan/ton. The spot price rose from 4510 yuan/ton to 4535 yuan/ton, an increase of 25 yuan/ton. The spot processing fee increased from 122.1 yuan/ton to 148.2 yuan/ton, and the disk processing fee increased from 198.1 yuan/ton to 214.2 yuan/ton [2]. - **MEG**: The main contract price of MEG decreased from 4018 yuan/ton to 3970 yuan/ton, a decrease of 48 yuan/ton. The domestic market price decreased from 4106 yuan/ton to 4068 yuan/ton, a decrease of 38 yuan/ton [2]. - **PX**: CFR China PX price decreased from 820 to 819, and the PX - naphtha spread decreased from 249 to 239 [2]. - **Polyester Filament**: POY150D/48F price increased by 100 yuan/ton, FDY150D/96F price increased by 20 yuan/ton, and DTY150D/48F price increased by 30 yuan/ton. The cash flow of POY, FDY, and DTY all improved [2]. - **Polyester Staple Fiber**: The price of 1.4D direct - spun polyester staple fiber decreased by 15 yuan/ton, and the cash flow decreased by 23 yuan/ton [2]. - **Polyester Chip**: The price of semi - bright chips increased by 5 yuan/ton, and the cash flow decreased by 3 yuan/ton [2]. 3.2 Industry Start - up Situation - PX start - up rate remained at 86.21%, PTA start - up rate remained at 79.66%, MEG start - up rate remained at 64.41%, and polyester load increased from 89.34% to 89.56%, an increase of 0.22% [2]. 3.3 Transaction Suggestions - For PTA, although the Sino - US trade negotiations have made progress, the market's optimistic sentiment has declined. Attention should be paid to whether the reduction of Sino - US tariffs can further stimulate domestic exports [2]. - For ethylene glycol, the low inventory situation and the impact of new capacity on prices should be concerned [2]. 3.4 Device Maintenance - A 2.2 - million - ton PTA device in East China has slightly reduced its load, and the recovery time is to be tracked [2].

Report Information - Report Title: Big Refining Weekly Report: PTA Industry Development Symposium Held, Pay Attention to the Advancement of Anti-Involution in the Chemical Industry [1] - Report Date: November 2, 2025 [1] - Analysts: Chen Shuxian, Zhou Shaowen [1] Industry Investment Rating - Not provided in the given content Core Viewpoints - The report provides a comprehensive analysis of the big refining industry, including the performance of key refining projects, the polyester, refining, and chemical sectors, and the market performance of related listed companies [2] Summary by Directory 1. Big Refining Weekly Data Briefing - **Price and Spread Data**: Domestic key big refining project spread is 2,450 yuan/ton, down 90 yuan/ton (down 4%) week-on-week; foreign key big refining project spread is 1,302 yuan/ton, up 79 yuan/ton (up 6%) week-on-week [2] - **Polyester Sector**: POY/FDY/DTY industry average prices are 6,429/6,679/7,779 yuan/ton, up 21/61/46 yuan/ton respectively; POY/FDY/DTY industry weekly average profits are -17/-116/17 yuan/ton, down 88/62/72 yuan/ton respectively; POY/FDY/DTY industry inventories are 8.5/18.3/24.5 days, down 3.3/3.6/5.0 days respectively; filament开工率 is 90.9%, down 0.1 pct; downstream loom开工率 is 69.0%, up 2.6 pct; weaving enterprise raw material inventory is 14.0 days, up 2.9 days; weaving enterprise finished product inventory is 23.0 days, down 1.1 days [2] - **Refining Sector**: Domestic refined oil: gasoline/diesel prices declined this week; US refined oil: US gasoline/diesel/aviation kerosene prices rose this week [2] - **Chemical Sector**: This week's PX average price is 820.7 US dollars/ton, up 26.3 US dollars/ton; the spread to crude oil is 344.9 US dollars/ton, up 8.2 US dollars/ton; PX开工率 is 87.1%, up 0.8 pct [2] - **Related Listed Companies**: Private big refining & polyester filament: Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Ltd., Xin凤鸣 [2] 2. Big Refining Weekly Report 2.1 Big Refining Index and Project Spread Trends - **Market Performance Comparison**: The report presents the price trends and spreads of domestic and foreign big refining projects, as well as the market performance of six private big refining companies compared to the Shanghai and Shenzhen 300 Index, the petroleum and petrochemical index, and the Brent crude oil price [13][15][17] 2.2 Polyester Sector - **Price and Profit Analysis**: The report analyzes the prices, spreads, and profits of various polyester products, including PX, PTA, MEG, POY, FDY, DTY, polyester staple fiber, and polyester bottle chips, as well as their relationships with raw material prices and inventories [23][24][35] - **开工率 and Inventory Analysis**: It also examines the开工率 and inventory levels of polyester products and their downstream industries, such as looms, and analyzes the seasonal distribution of polyester filament production and sales rates [30][42][56] 2.3 Refining Sector - **Domestic Refined Oil**: The report analyzes the prices and spreads of domestic gasoline, diesel, and aviation kerosene compared to crude oil prices [78][80][87] - **US Refined Oil**: It also examines the prices and spreads of US gasoline, diesel, and aviation kerosene compared to crude oil prices [92][94][101] - **European Refined Oil**: The report analyzes the prices and spreads of European gasoline, diesel, and aviation kerosene compared to crude oil prices [106][108][114] - **Singapore Refined Oil**: It also examines the prices and spreads of Singapore gasoline, diesel, and aviation kerosene compared to crude oil prices [118][120][126] 2.4 Chemical Sector - **Price and Spread Analysis**: The report analyzes the prices and spreads of various chemical products, including polyethylene, polypropylene, EVA, styrene, acrylonitrile, PC, MMA, etc., compared to crude oil prices [132][141]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing pressure in the filament industry, but it is expected to benefit from the recovery of PTA prices due to anti-involution measures [1][7] - In the first three quarters of 2025, the company reported a revenue decline of 11.38% year-on-year, but a net profit increase of 53.83% year-on-year, attributed to lower raw material costs and increased investment income [7] - The company has a nominal PTA capacity of 10.2 million tons and is expected to benefit from the gradual improvement in the PTA industry as leading companies collaborate to reduce production [7] Financial Summary - **Revenue Forecast**: The company's main revenue is projected to grow from 61,993.35 million in 2022 to 101,306.83 million in 2024, followed by a decline to 95,756.72 million in 2025, and then a recovery to 110,795.26 million by 2027 [4] - **Net Profit**: The net profit is expected to increase significantly from 130.21 million in 2022 to 2,361.26 million in 2025, reaching 4,408.73 million by 2027 [4] - **Gross Margin**: The gross margin is forecasted to improve from 3.23% in 2022 to 8.94% by 2027 [4] - **Earnings Per Share (EPS)**: EPS is projected to rise from 0.05 in 2022 to 1.83 by 2027 [4] - **Price-to-Earnings Ratio (PE)**: The PE ratio is expected to decrease from 266.32 in 2022 to 7.87 by 2027 [4] Market Position and Strategy - The company is positioned as a leading integrated player in the filament industry, with a focus on expanding into western regions and international markets, which is expected to enhance its long-term growth potential [7] - The average operating rate in the polyester filament industry is around 90%, but weak downstream demand has led to price fluctuations [7] - The PTA industry is expected to see a recovery due to improved cost support and a favorable external trade environment, which may lead to a warmer market for filament products [7]