Market Overview - The Shanghai Composite Index fell by 1.26% on February 13, with only 2 sectors rising, namely Comprehensive and Defense Industry, which increased by 2.06% and 0.65% respectively [1] - The sectors with the largest declines were Non-ferrous Metals and Building Materials, down by 3.36% and 3.10% respectively [1] Oil and Petrochemical Industry - The Oil and Petrochemical sector dropped by 3.09%, with a net outflow of 885 million yuan in main funds [1] - Out of 47 stocks in this sector, 7 stocks rose while 38 stocks fell [1] - The stocks with the highest net inflow were Tongkun Co., Ltd. with 56.42 million yuan, followed by China Petroleum and Hengyi Petrochemical with net inflows of 35.29 million yuan and 10.21 million yuan respectively [1] - The stocks with the largest net outflows included Sinopec Oilfield Service, China National Offshore Oil Corporation, and Intercontinental Oil and Gas, with net outflows of 129 million yuan, 111 million yuan, and 109 million yuan respectively [1] Fund Flow in Oil and Petrochemical Sector - The top stocks by fund flow in the Oil and Petrochemical sector included: - Sinopec Oilfield Service: -3.30% change, -128.75 million yuan net outflow [1] - China National Offshore Oil Corporation: -3.24% change, -111.14 million yuan net outflow [1] - Intercontinental Oil and Gas: -3.14% change, -109.09 million yuan net outflow [1] - Other notable stocks with significant net outflows include: - Haiyou Engineering: -5.25% change, -89.95 million yuan net outflow [1] - Rongsheng Petrochemical: -3.57% change, -82.54 million yuan net outflow [1] - Stocks with positive performance included: - Daqing Huake: +1.87% change, -4.03 million yuan net outflow [2]

Summary of Conference Call Notes Industry Overview - The focus is on the PTA (Purified Terephthalic Acid) industry and its supply-demand dynamics for 2026, which is recognized as a consensus within the industry [1][2] - The high expansion cycle of the PTA industry is officially ending, with no new capacity expected in 2026 due to the completion of several major projects in 2025 [1][2] Key Points on Supply and Demand - The downstream polyester sector (including filament, staple fiber, and bottle-grade) is expected to expand by 3-4 million tons, which will drive demand for PTA [1][2] - There is a clear mismatch in supply and demand, leading to an improvement in the market structure [2][3] Corporate Strategies and Market Dynamics - The PTA industry faced significant losses in October 2025, with losses exceeding 200 RMB per ton, creating immense operational pressure on producers [3] - Companies like Xinfonming, Yisheng, Sanfangxiang, and Dongfang Shenghong have begun to reduce or halt production, signaling a positive shift towards industry collaboration and improved profitability [3] - Three major polyester filament manufacturers have implemented successive production cuts to align inventory with downstream demand, particularly ahead of the Chinese New Year [3] Price Trends and Market Conditions - Oil prices have been in a downward trend in 2024 and 2025, affecting the pricing dynamics of polyester filaments [4] - Current oil prices are at a low point, suggesting limited downside potential, which may facilitate price increases for polyester filaments [5] Demand Drivers - Two marginally positive factors are identified: 1. Rising cotton prices may lead to increased demand for polyester filaments as a cost-effective alternative [6] 2. The reduction of tariffs on Chinese textile and apparel products by the U.S. could stimulate demand for domestic filament products [7] Profitability Expectations - Companies anticipate a profit increase of 100-200 RMB per ton compared to the previous year, supported by the favorable market conditions [7] Investment Recommendations - Suggested companies to watch include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Xinfonming, Dongfang Shenghong, and Sanfangxiang [8]

Core Viewpoint - The article highlights the importance of tax compliance in various industries, showcasing exemplary cases from advanced manufacturing, electronic information, and ice and snow industries to guide businesses in enhancing their tax compliance awareness and practices [1][9]. Advanced Manufacturing Industry - Five advanced manufacturing companies, including Tongkun Co., Wangli Security, Huafeng Chemical, Crystal Optoelectronics, and Sanhua Intelligent Control, were recognized for their tax compliance practices, all maintaining an A-level tax credit rating for several consecutive years [3]. - Tongkun Co. established a dedicated tax management department in 2018 to oversee tax affairs across the group, implementing internal compliance guidelines and ensuring tax compliance in major decisions, with an average annual tax payment of approximately 360 million yuan from 2023 to 2025 [3]. - Wangli Security integrated tax compliance into contract review processes, ensuring that tax obligations are clearly defined in contracts, which led to the successful modification of a contract with an overseas institution to clarify tax responsibilities [4]. - Sanhua Intelligent Control developed a digital system to enhance invoice review efficiency, integrating 298 audit standards to ensure compliance across all financial documents, with a projected tax payment of 370 million yuan in 2025 [6]. - Huafeng Chemical created dual compliance defenses through digital means, including a supplier management system and real-time monitoring of business operations, with a tax payment exceeding 90 million yuan in 2025 [7]. Electronic Information Industry - The Guangdong Provincial Taxation Bureau published typical tax compliance cases from the electronic information sector, including companies like Fangbang Co., Desay SV, and Aohai Technology, which have implemented various compliance measures [1]. Ice and Snow Industry - The Jilin Provincial Taxation Bureau released tax compliance cases from the ice and snow industry, including Changbai Mountain, which provided tax compliance guidance to its subsidiaries and improved financial management through an integrated information system, resulting in a total tax payment of 53.07 million yuan in 2025 [10]. - The article emphasizes the growing importance of integrity and compliance management in the expanding ice and snow tourism market, with companies adopting proactive measures to ensure accurate tax reporting and compliance [10][11].

Group 1 - The stock price of Tongkun Co., Ltd. (601233) has shown active performance, with a continuous upward trend, closing at 23.98 yuan on February 11, 2026, marking a daily increase of 7.82% and reaching a new 60-day high [1] - As of February 12, 2026, the latest stock price is 24.00 yuan, reflecting a slight increase of 0.08% from the previous day, with a cumulative increase of 14.94% over the past five days and a year-to-date increase of 39.45% [1] - On February 11, 2026, there was a net buying of 404.2 million yuan in a single day, with a total net inflow of 605.1 million yuan over the past five days, indicating sustained investor interest; on February 12, 2026, the main capital net inflow was 4.46 million yuan, maintaining an active overall capital flow [1] Group 2 - On February 11, 2026, Tongkun Co., Ltd. released its 2024 Social Responsibility Report, highlighting progress in governance structure, safety production, energy conservation, emission reduction, and community welfare; however, the report is a summary of annual activities and has limited short-term impact on stock prices [2]

Group 1 - The company, Tongkun Group Co., Ltd., has approved the issuance of super short-term financing bonds with a total registered amount of up to 6 billion RMB [1] - The board of directors authorized the issuance of these bonds, which was approved by the shareholders' meeting held on May 21, 2024 [1] - The registration for the super short-term financing bonds was accepted by the Trading Association on August 30, 2024, and the registration is valid for two years from the date of the notice [1] Group 2 - On February 9, 2026, the company issued the first phase of its technology innovation bonds for the year 2026, with a total issuance amount of 500 million RMB [2] - The funds raised from this bond issuance were fully received on February 10, 2026 [2] - Relevant documents regarding the bond issuance have been published on the China Money website and the Shanghai Clearing House website [2]

Market Overview - A-shares experienced narrow range consolidation with mixed performance across the three major indices, as the trading volume in the Shanghai and Shenzhen markets fell below 2 trillion yuan for the first time in 31 trading days, with over 3,200 stocks declining [1][19] - The market saw a return of funds to "price increase" themes, with prices of rare earths, tungsten, molybdenum, tin, and antimony rising [1][23] Sector Performance Non-ferrous Metals - The non-ferrous ETF Huabao (159876) rose by 2.29%, with a trading volume of 89.8 million yuan, marking an 80% increase in trading activity [1][20] - Significant inflows into the non-ferrous metals sector, with over 13.7 billion yuan in main funds entering, making it the top sector in terms of capital inflow [22] - Key stocks in the small metals sector, such as Xiamen Tungsten and Jinchuan Group, saw gains exceeding 7% [22] Chemical Sector - The chemical ETF (516020) surged by 2.19%, with a peak increase of 3.02% during the trading session, reflecting strong market momentum [8][26] - The chemical sector attracted 13.8 billion yuan in main funds, ranking second among all sectors [11] - Notable stock performances included New Zhonbang, which surged by 8.16%, and Tongkun Co., which rose by 7.82% [9][26] Hong Kong Market - The Hong Kong market showed signs of recovery, with the Hong Kong Stock Connect Automotive ETF Huabao (520780) gaining 1.6% for four consecutive days [1][21] - The Hong Kong Internet ETF (513770) rose nearly 1%, driven by the performance of major internet companies [1][21] Investment Insights - Analysts suggest that the recent adjustments have released certain risks, and upcoming events and the "Spring Festival effect" may create a favorable environment for market recovery [1][20] - Key investment themes include TMT (Technology, Media, and Telecommunications), high-end manufacturing, and price increase chains [1][20] - The Hong Kong Internet ETF is expected to highlight the value of AI core assets as new AI-related companies enter the market [2][21]

Group 1 - Huafeng Chemical (002064) is a global leader in the spandex industry, with strong technical advantages in differentiated spandex and early investments in bio-based and recycled spandex, benefiting from the growing demand for green fibers [2][34] - Tongkun Co., Ltd. (601233) is a domestic leader in the polyester filament industry, with strong technical and capacity advantages in differentiated and high-end products, and is expected to benefit from the recovery of downstream textile demand and policies promoting recycled fibers [3][35] - New Fengming (603225) is a core player in the polyester filament industry, with a strong position in differentiated and high-end products, and is well-positioned to benefit from the recovery of textile demand and the promotion of recycled fibers [4][36] Group 2 - Shuangxin Environmental Protection (001369) is a core enterprise in the PVA industry, with strong technical and capacity advantages, and is expanding into biodegradable and bio-based materials, expected to benefit from the growing demand for biodegradable materials [5][38] - Tianfulong (603406) is a core player in the polyester industrial yarn industry, with strong technical advantages and is expanding into high-performance and recycled industrial yarns, expected to benefit from the growth in automotive and industrial fabric demand [6][39] - Wanwei High-tech (600063) is a leading company in the PVA industry, with strong technical advantages and is expanding into biodegradable materials, expected to benefit from the growing demand for biodegradable materials [7][40] Group 3 - Xinxiang Chemical Fiber (000949) is a core enterprise in the viscose staple fiber industry, with strong technical advantages and is expanding into recycled viscose and bio-based viscose, expected to benefit from the recovery of textile demand [8][41] - Taihe New Materials (002254) is a leader in the aramid industry, with strong technical advantages and is expanding into high-performance and bio-based aramid, expected to benefit from the growth in high-end fields [9][42] - Jilin Chemical Fiber (000420) is a core player in the viscose staple fiber industry, with strong technical advantages and is expanding into high-performance carbon fiber, expected to benefit from the growth in aerospace and new energy sectors [10][44] Group 4 - Sanfangxiang (600370) is a core enterprise in the PTA industry, with strong technical advantages and is expanding into recycled PTA and bio-based PTA, expected to benefit from the recovery of textile demand [11][45] - Shenma Co., Ltd. (600810) is a leader in the nylon 66 industry, with strong technical advantages and is expanding into high-performance and recycled nylon, expected to benefit from the growth in automotive and industrial fabric demand [12][46] - Hailide (002206) is a leader in the polyester industrial yarn industry, with strong technical advantages and is expanding into high-performance and recycled industrial yarns, expected to benefit from the growth in automotive and industrial fabric demand [13][47] Group 5 - Youfu Co., Ltd. (002427) is a core player in the polyester industrial yarn industry, with strong technical advantages and is expanding into high-performance and recycled industrial yarns, expected to benefit from the growth in automotive and industrial fabric demand [14][48] - Huaxi Co., Ltd. (000936) is a core enterprise in the polyester staple fiber industry, with strong technical advantages and is expanding into recycled and bio-based polyester, expected to benefit from the recovery of textile demand [15][49] - Baolidi (300905) is a leader in the chemical fiber color masterbatch industry, with strong technical advantages and is expanding into biodegradable color masterbatches, expected to benefit from the green transformation of the chemical fiber industry [16][51] Group 6 - Nanjing Chemical Fiber (600889) is a core player in the viscose staple fiber industry, with strong technical advantages and is expanding into recycled viscose and bio-based viscose, expected to benefit from the recovery of textile demand [17][52] - Haiyang Technology (603382) is a core enterprise in the polyester industrial yarn industry, with strong technical advantages and is expanding into high-performance and recycled industrial yarns, expected to benefit from the growth in automotive and industrial fabric demand [18][53]

股票代码：601233 股票简称：桐昆股份 公告编号：2026-009 桐昆集团股份有限公司关于 2026年度第一期科技创新债券发行结果的公告 本公司董事会及董事会全体成员保证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、准确和完整承担法律责任。 2024 年 4 月 25 日，桐昆集团股份有限公司（以下简称"桐昆股 份"或"公司"）第九届董事会第八次会议审议通过了《关于发行超 短期融资券的议案》，上述议案经 2024 年 5 月 21 日召开的公司 2023 年年度股东大会审议批准。股东大会同意公司向中国银行间市场交易 商协会（以下简称"交易商协会"）申请注册发行不超过 60 亿元（人 民币，下同）的超短期融资券，并授权董事会办理发行的具体事项。 2024 年 8 月 30 日，经交易商协会《接受注册通知书》（中市协 注［2024］SCP273 号）核准，交易商协会决定接受公司超短期融资 券注册，注册金额为人民币 60 亿元。注册额度自通知书发出之日起 2 年内有效，公司在注册有效期内可分期发行超短期融资券。 2026 年 2 月 9 日，公司在全国银行间市场发行了 2026 年度 ...

Group 1 - Chemical ETF rose by 2.10%, outperforming the Shanghai Composite Index by 2.01 percentage points [1] - PTA production cut confirmed by Xin Feng Ming, with 2.5 million tons of PTA capacity being taken offline, indicating a tightening supply which supports the recovery of PTA profit margins [1] - Gotion High-Tech signed a strategic cooperation memorandum with BASF to focus on next-generation solid-state battery technology, with expectations for small-scale production of all-solid-state batteries by CATL in 2027 [1] - Zhejiang Longsheng raised the price of disperse dyes by 2000 yuan/ton, marking a potential turning point in the industry due to supply discipline and cost anchoring [1] Group 2 - The 14th Five-Year Plan will promote carbon peak measures, with restrictions on high-energy-consuming products expected to be implemented, indicating a clearer turning point for the chemical industry [2] - The real estate sector is showing signs of stabilization, particularly in first-tier cities, which may lead to a gradual recovery in the industry, highlighting investment opportunities in the chemical real estate chain [2] - The CSI sub-industry chemical theme index (000813) rose by 2.32%, with significant gains in stocks such as Xinzhou Bang (up 8.16%) and Tongkun Co. (up 7.82%) [2] Group 3 - As of January 30, 2026, the top ten weighted stocks in the CSI sub-industry chemical theme index (000813) accounted for 44.82% of the index, including Wanhua Chemical and Yilong Co. [3]

Group 1 - Taihe New Materials reached the daily limit increase in stock price [1] - Sanfangxiang previously hit the daily limit increase [1] - Tongkun Co., Xin Fengming, Anhui Weiqiao, Tongyi Zhong, Xinxiang Chemical Fiber, and Jilin Carbon Valley also showed significant price increases [1]