Group 1: Refining Sector - Domestic refined oil prices for gasoline and diesel have increased this week [1][2] - In the US, gasoline prices have also risen this week [2] Group 2: PX Market - The average price of PX this week is $895.6 per ton, down $26.4 per ton from the previous week, with a price difference from crude oil of $404.1 per ton, down $23.5 per ton [1][2] - PX operating rate stands at 89.9%, unchanged from the previous week [1][2] Group 3: Key Refining Projects - The price difference for key domestic refining projects this week is 2403 CNY per ton, up 38 CNY per ton (2% increase) from the previous week [1] - The price difference for key foreign refining projects this week is 1104 CNY per ton, up 7 CNY per ton (1% increase) from the previous week [1] Group 4: Polyester Sector - The average prices for POY, FDY, and DTY are 7071, 7279, and 8179 CNY per ton respectively, with increases of 171, 136, and 114 CNY per ton from the previous week [1] - Weekly profits for POY, FDY, and DTY are 208, 80, and 80 CNY per ton respectively, with increases of 275, 251, and 237 CNY per ton from the previous week [1] - Inventory days for POY, FDY, and DTY are 12.7, 15.8, and 19.4 days respectively, with changes of -1.3, +0.1, and -0.6 days from the previous week [1] - The operating rate for long filament is 83.5%, down 2.2 percentage points from the previous week [1] Group 5: Weaving Sector - The operating rate for weaving machines is 42.4%, down 8.8 percentage points from the previous week [1] - Raw material inventory for weaving enterprises is 8.7 days, up 0.1 days from the previous week [1] - Finished goods inventory for weaving enterprises is 26.0 days, down 2.7 days from the previous week [1]

Group 1 - The core viewpoint of the report indicates that domestic and international refining projects are experiencing price changes, with domestic projects showing a price difference of 2403 CNY/ton, up by 38 CNY/ton (2% increase) compared to the previous week [2] - In the polyester sector, the average prices for POY, FDY, and DTY are 7071, 7279, and 8179 CNY/ton respectively, with week-on-week increases of 171, 136, and 114 CNY/ton [2] - The average profit for POY, FDY, and DTY is reported at 208, 80, and 80 CNY/ton respectively, with significant week-on-week increases of 275, 251, and 237 CNY/ton [2] Group 2 - The PX average price this week is 895.6 USD/ton, down by 26.4 USD/ton from the previous week, with a price difference from crude oil of 404.1 USD/ton, which is a decrease of 23.5 USD/ton [2] - The PX operating rate stands at 89.9%, showing no change from the previous week [2] - Domestic gasoline and diesel prices have risen this week, as have gasoline prices in the United States [2] Group 3 - Relevant listed companies in the private refining and polyester filament sector include Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong, Hengyi Petrochemical, Tongkun Co., and Xin Fengming [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report presents a weekly update on major refining and petrochemical sectors, including price, profit, inventory, and production rate data for domestic and foreign projects, as well as key companies' performance and financial forecasts [1][2][8]. Summary by Relevant Catalogs 1. Big Refining Weekly Data Brief - **6 Major Private Refining Companies' Performance**: The report tracks the price changes of 6 major private refining companies in the past week, month, three months, and year. For example, Hengli Petrochemical had a -5.3% change in the past week, 12.3% in the past month, 41.5% in the past three months, and 70.9% in the past year [8]. - **Earnings Forecast**: It also provides earnings forecasts for these companies from 2024 to 2027, along with price - earnings ratios (PE) and price - to - book ratios (PB) [8]. - **Oil Prices and Refining Spreads**: International crude oil prices (Brent and WTI) and domestic and foreign refining spreads are presented. The domestic refining project spread this week was 2403 yuan/ton, a 1.6% increase from last week, while the foreign spread was 1104 yuan/ton, a 0.6% increase [8]. - **Polyester Sector**: Product prices, profits, inventories, and production rates are detailed for various polyester products such as PX, MEG, PTA, POY, FDY, DTY, polyester staple fiber, and polyester bottle chips. For instance, the POY industry average price was 7071 yuan/ton this week, a 171 yuan/ton increase, with a weekly average profit of 208 yuan/ton, a 275 yuan/ton increase [2][9]. - **Refining Sector**: Prices and spreads of gasoline, diesel, and aviation kerosene in China, the US, Europe, and Singapore are reported. For example, the domestic gasoline price was 7588 yuan/ton this week, a 53 yuan/ton increase [9]. - **Chemical Sector**: Prices and spreads of various chemical products like EVA, styrene, acrylonitrile, polyethylene, and polypropylene are provided [9]. 2. Big Refining Weekly Report 2.1 Big Refining Index and Project Spread Trends No specific data analysis is provided in the given content, but it likely focuses on the trends of the big refining index and project spreads [11][12][13]. 2.2 Polyester Sector The section covers multiple aspects such as the prices and profits of PX, PTA, and various polyester filaments (POY, FDY, DTY), as well as the production rates and inventories of polyester products and downstream weaving industries. For example, the PX average price was 895.6 dollars/ton this week, a 26.4 dollars/ton decrease, and the PX production rate was 89.9%, unchanged from last week [2][9]. 2.3 Refining Sector It includes the price and spread relationships between crude oil and refined oil products in different regions (China, the US, Europe, and Singapore), such as the relationship between crude oil and domestic diesel prices [72][75][83]. 2.4 Chemical Sector The section presents the price and spread relationships between crude oil and various chemical products, like the relationship between crude oil and polyethylene LLDPE prices [109][110].

Market Overview - The three major indices in A-shares experienced slight declines, with the Shanghai Composite Index down 0.25% to 4065 points, the Shenzhen Component down 0.33%, and the ChiNext down 0.73% [2] - The total market turnover was 2.16 trillion yuan, a decrease of 308 billion yuan from the previous trading day, with over 2700 stocks rising [2] Sector Performance - The oil and gas, chemical, and mining sectors showed strong performance, with multiple stocks such as Tongyuan Petroleum and Junyou Co. hitting the daily limit [4] - The chemical sector saw an overall increase of 1.45%, with core sub-industries like basic chemicals and diversified chemicals leading the gains [16] - The basic chemical sector had a net inflow of over 156.73 billion yuan, while the power equipment sector saw a net inflow exceeding 203.54 billion yuan [6] Fund Flow Analysis - Main funds shifted away from defense, media, and food and beverage sectors, moving towards power equipment and basic chemicals [5] - The chemical industry ETF saw significant inflows, with a total of 14.49 billion yuan in net inflows over the past 15 days, indicating strong market confidence in the sector [20] Stock Highlights - Hunan Gold and Data Port were among the top gainers, with net inflows of nearly 29 billion yuan and over 20 billion yuan, respectively [10] - Stocks like Hunan Rihua and Zhejiang Wenlian saw significant outflows, with declines of 7.63% and 9.79% [10] Market Sentiment - The market is currently in a "trial period," with a high number of first-day limit-up stocks but lacking a unified logic, indicating rapid rotation of funds [14] - The strong performance of the chemical sector is attributed to a combination of rising product prices, supply-side contraction, and demand from emerging sectors, suggesting a fundamental recovery rather than mere speculation [17]

本公司董事会及全体董事保证本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 的真实性、准确性和完整性承担法律责任。 2025年5月19日，桐昆集团股份有限公司（以下简称"桐昆股份"或"本公司"）在全国银行间市场发行了 2025年度第三期科技创新债券（简称：25桐昆SCP003（科创债）），发行总额为5亿元人民币，期限 260天，发行利率为1.84%，到期一次还本付息。募集资金已于2025年5月20日全额到账。 股票代码：601233 股票简称：桐昆股份 公告编号：2026-008 桐昆集团股份有限公司 关于2025年度第三期科技创新债券 到期兑付的公告 桐昆集团股份有限公司 董事会 2026年2月5日 现本公司2025年度第三期科技创新债券已于2026年2月4日到期，本公司已兑付完成该期超短期融资券本 息，本息兑付总额为人民币506,553,424.66元。 特此公告。 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2026-008 桐昆集团股份有限公司 关于 2025 年度第三期科技创新债券到期兑付的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年 5 月 19 日，桐昆集团股份有限公司（以下简称"桐昆股 份"或"本公司"）在全国银行间市场发行了 2025 年度第三期科技 创新债券（简称：25 桐昆 SCP003（科创债）），发行总额为 5 亿元 人民币，期限 260 天，发行利率为 1.84%，到期一次还本付息。募集 资金已于 2025 年 5 月 20 日全额到账。 现本公司 2025 年度第三期科技创新债券已于 2026 年 2 月 4 日到 期，本公司已兑付完成该期超短期融资券本息，本息兑付总额为人民 币 506,553,424.66 元。 特此公告。 桐昆集团股份有限公司董事会 2026 年 2 月 5 日 ...

现本公司2025年度第三期科技创新债券已于2026年2月4日到期，本公司已兑付完成该期超短期融资券本 息，本息兑付总额为人民币5.07亿元。 格隆汇2月4日丨桐昆股份(601233.SH)公布，2025年5月19日，公司在全国银行间市场发行了2025年度第 三期科技创新债券（简称：25桐昆SCP003（科创债）），发行总额为5亿元人民币，期限260天，发行 利率为1.84%，到期一次还本付息。募集资金已于2025年5月20日全额到账。 ...

格隆汇2月4日丨桐昆股份(601233.SH)公布，2025年5月19日，公司在全国银行间市场发行了2025年度第 三期科技创新债券（简称：25桐昆SCP003（科创债）），发行总额为5亿元人民币，期限260天，发行 利率为1.84%，到期一次还本付息。募集资金已于2025年5月20日全额到账。 现本公司2025年度第三期科技创新债券已于2026年2月4日到期，本公司已兑付完成该期超短期融资券本 息，本息兑付总额为人民币5.07亿元。 ...

Core Viewpoint - Tongkun Co., Ltd. has shown fluctuations in stock performance and financing activities, with a notable decrease in shareholder numbers and a mixed financial performance in recent periods [1][2]. Group 1: Stock Performance and Financing - On February 3, Tongkun's stock rose by 4.48%, with a trading volume of 974 million yuan [1]. - The financing buy-in amount for Tongkun on the same day was 44.88 million yuan, while the financing repayment was 136 million yuan, resulting in a net financing outflow of 90.92 million yuan [1]. - As of February 3, the total financing and securities lending balance for Tongkun was 1.918 billion yuan, with the financing balance at 1.909 billion yuan, accounting for 3.80% of the circulating market value, which is below the 10% percentile level over the past year [1]. Group 2: Financial Performance - For the period from January to September 2025, Tongkun reported operating revenue of 67.397 billion yuan, a year-on-year decrease of 11.38%, while the net profit attributable to shareholders increased by 53.83% to 1.549 billion yuan [2]. - The company has cumulatively distributed dividends of 3.203 billion yuan since its A-share listing, with 341 million yuan distributed over the past three years [3]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders for Tongkun was 50,100, a decrease of 28.96% from the previous period, while the average circulating shares per person increased by 40.76% to 47,780 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked fifth with 35.9221 million shares, an increase of 9.4667 million shares from the previous period [3].

Market Overview - The refining and trading sector experienced a decline of 0.77% on February 3, with ST Shenhua leading the drop [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Stock Performance - Notable gainers in the refining and trading sector included: - Runbei Hangke (001316) with a closing price of 56.33, up 10.00% [1] - Heshun Petroleum (603353) at 38.65, up 5.83% [1] - Tongkun Co. (601233) at 20.99, up 4.48% [1] - Conversely, ST Shenhua (000698) saw a decline of 3.04%, closing at 3.83 [2] Trading Volume and Capital Flow - The total trading volume for the refining and trading sector showed a net outflow of 79.01 million yuan from main funds, with retail investors contributing a net inflow of 244 million yuan [2] - The capital flow for individual stocks indicated that: - Guanghui Energy (600256) had a net inflow of 48.13 million yuan from main funds [3] - China Petroleum (601857) recorded a net inflow of 45.05 million yuan from main funds [3] - Runbei Hangke (001316) had a net inflow of 46.34 million yuan from main funds [3]