EASTERN SHENGHONG(SZ:000301)2022-12-04 09:02Group 1: PX and PTA Market Dynamics - PX prices are expected to gradually decline due to increased domestic supply from new private refining projects [1] - The price spread between PX and PTA is anticipated to become more reasonable as supply tightens [3] - Domestic PX supply was previously tight, with high import dependency, but new production capacity is alleviating this issue [1] Group 2: Downstream Demand and Economic Context - The demand for polyester filament is driven by increased domestic consumption and the "Belt and Road" initiative, expanding textile consumption in developing economies [3] - The company focuses on differentiated, functional polyester filament products, particularly high-quality DTY products, which have a strong market presence [3] - The international trade environment has not significantly impacted the company's filament sales [3] Group 3: Refining Project Progress - The integrated refining project is a major initiative in Jiangsu Province, commenced in December 2018, with a planned construction period of 36 months [3] - The project is currently in the civil construction phase, with ongoing design work and equipment procurement [3] Group 4: Investor Relations and Compliance - The company adhered to regulations during the investor relations activities, ensuring no major information leaks occurred [4]