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]

Core Insights - The company, Taihe New Materials (002254), reported a decrease in the number of accounts holding its stock by 10%-20% compared to the publicly available data from the third quarter [1] Group 1 - The company responded to investor inquiries on its interactive platform [1] - The data regarding the reduction in stockholding accounts was provided by the Shenzhen branch of China Securities Depository and Clearing Corporation Limited [1]

Group 1: Market Overview - The A-share market showed mixed performance on February 11, with the ChiNext Index falling over 1% and total trading volume in the Shanghai and Shenzhen markets reaching 2 trillion yuan, a decrease of 123.7 billion yuan from the previous trading day [1] - Over 3,200 stocks in the market experienced declines, indicating a broad-based sell-off [1] Group 2: Chemical Industry Insights - UBS recently released a report raising expectations for the Chinese chemical industry, predicting a new upward cycle from 2026 to 2028 due to multiple positive factors, with expectations for profit recovery and valuation increases [1] - The chemical sector has shown resilience, with companies like Jihua Group and Taihe New Materials experiencing significant stock price increases [1] Group 3: Fiberglass Sector Performance - The fiberglass manufacturing sector saw a collective surge, with nearly all stocks hitting the daily limit, a rare occurrence in the market [1] - Notable stocks included International Composite Materials, which hit a 20% limit up shortly after market open, and others like Changhai Co., Honghe Technology, and China Jushi also saw significant gains [1][2] - The fiberglass sector's revaluation is linked to price increases and demand driven by AI, with major manufacturers indicating price hikes and low inventory levels [3] Group 4: Lithium Battery and Precious Metals - Lithium battery stocks were active, with Zhongcai Technology hitting the limit up and reaching a historical high [4] - The domestic commodity futures market saw most prices rise, with lithium carbonate increasing over 9% [4] - Precious metals also experienced volatility, with silver futures rising over 4% and gold prices recovering above $5,050 per ounce [5]

Group 1 - The steel sector experienced a midday rally, with Baodi Mining hitting the daily limit up, followed by gains in major companies such as Dazhong Mining, Ordos, Guangdong Mingzhu, and New Steel [4][5] - Key stocks in the sector included Baodi Mining at 8.71, up 9.97%, Dazhong Mining at 32.72, up 7.24%, and Ordos at 15.94, up 5.28% [5] - The overall steel index rose by 1.73%, indicating positive market sentiment in the sector [5] Group 2 - The stock of Taihe New Materials increased by 10.00% to 13.64, reflecting strong performance among component stocks [4] - Other notable gainers included Tongkun Co. at 23.85, up 7.24%, and Xin Fengming at 22.05, up 6.52% [4] - The market is advised to closely monitor intraday hot spots and sector movements to capture signals of fund flows [6]

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]

Group 1 - The chemical fiber sector experienced a significant upward movement, with Sanfangxiang reaching the daily limit increase [1] - Other companies such as Xin Fengming, Tongkun Co., Jilin Chemical Fiber, Hailide, and Taihe New Materials also saw gains [1]

Investment Rating - The report rates the industry as "Outperform" [8] Core Insights - The domestic spandex consumption is expected to reach 1.088 million tons by 2025, with a significant year-on-year growth of 7.55%, and a compound annual growth rate (CAGR) of 13.68% from 2022 to 2025 [1][30] - The spandex industry is currently experiencing a price and margin bottoming out, with prices as of January 23, 2026, at 23,000 yuan per ton, marking a historical low since 2010 [1][7] - The demand for spandex is driven by the growth of high spandex content apparel, particularly in sportswear and underwear, as consumer preferences shift towards comfort and quality [30][68] Summary by Sections 1. Spandex Product Overview - Spandex, known as polyurethane fiber, is characterized by its exceptional elasticity, capable of stretching 400%-800% and maintaining a recovery rate of over 95% even after being stretched five times [2][14] - The production process is dominated by dry spinning technology, which accounts for over 80% of the total production [19][25] 2. Supply and Demand Balance - The spandex production capacity in China is projected to reach 1.498 million tons by the end of 2025, with a significant concentration of production in the western regions due to energy cost advantages [30][49] - The demand for spandex is expected to grow steadily, driven by the increasing proportion of spandex in high-content apparel, particularly in sportswear and underwear [30][56] 3. Price and Cost Analysis - Current spandex prices and margins are at historical lows, with expectations for recovery as supply expansion approaches its end and demand continues to grow [7][28] - The main raw material costs account for over 40% of production costs, impacting overall profitability [21][30] 4. Related Companies - Key players in the spandex industry include Huafeng Chemical, Xinxiang Chemical Fiber, and Taihe New Materials, with significant market shares and production capacities [44][51]

Group 1 - The company Taihe New Materials announced that on February 4, 2026, it will accept an investor survey from Guotou Ruijin Fund and other investors, with the company’s board secretary Dong Xuhai and office personnel participating in the reception and answering investor questions [1]

Group 1: Core Business Operations - The company reported that the current operating rate of spandex is around 70-80%, showing an improvement compared to last year [2] - The company is undergoing a production line transformation that started in 2025, expected to be completed by the end of 2026, with a focus on enhancing profitability [2] - The company has no current plans for new production capacity until the effects of the ongoing upgrades are fully realized [2] Group 2: Market Competition and Product Development - In the aramid business, the company holds the second position globally for meta-aramid and first in China, while for para-aramid, it ranks third globally and first domestically [3] - The aramid market is experiencing increased competition due to slowing demand growth and new capacity releases, although further price declines are expected to be limited [3] - The company has completed the setup of a large production line for aramid-coated separators and aims for significant delivery improvements by 2026 [3] Group 3: New Business Initiatives - The company is exploring T2T (textile-to-textile) recycling, green dyeing, and composite materials, with a focus on reducing costs in T2T to meet European recycling standards [4] - The green dyeing initiative emphasizes salt-free dyeing technology and digital printing applications to address traditional dyeing pollution [4] - In the composite materials sector, the company targets automotive and low-altitude applications, leveraging the complementary properties of aramid and carbon fiber [4] Group 4: Industry Trends and Demand Outlook - The company anticipates spandex demand growth exceeding 10% in 2024 and between 5-10% in 2025, driven by increased usage of nylon in apparel [5] - The cost structure of spandex production indicates that raw materials account for nearly 80% of production costs, followed by depreciation and energy costs [5] - The spandex industry currently faces no government approval barriers, with competition relying more on technology, cost, and scale advantages [6]

Group 1: Product Performance - The overall situation of aramid fiber has been average over the past two years due to low demand growth and increased production capacity, leading to declining prices [2] - The production capacity of aramid fiber is approximately 32,000 tons, with sales around 19,000 tons in 2024 [3] - The export ratio of aramid fiber is about 20%, with fluctuations in growth rates compared to domestic sales [3] Group 2: Production Capacity and Costs - The current production capacity of spandex is 100,000 tons, with 15,000 tons in Yantai and 85,000 tons in Ningxia [3] - The cost in Ningxia is slightly lower than in Yantai, and the company is not operating at full capacity due to the need for suitable customers [4] - Inventory levels are currently at one to two months, which is considered low compared to previous years [4] Group 3: Technological Developments - The company is focusing on systematic improvements in engineering technology to enhance product quality and efficiency by the end of the year [2] - Digital printing technology is being explored to address traditional dyeing challenges, with potential cost reductions [5][6] - New product lines, including T2T and POD films, are being developed, with market potential estimated in the billions [7][8] Group 4: Market Strategy and Customer Engagement - The company is shifting from a production-oriented approach to a market-oriented strategy, focusing on customer needs and providing tailored solutions [8] - There are ongoing efforts to develop fire safety solutions for high-rise buildings and electric vehicle safety, which may receive policy support [8]