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In 2018, the chemical fiber industry has come out of a round of unexpected market. Take the polyester filament industry as an example. First, the price of the product rose steadily, the situation continued to improve, and everyone was happy; then everyone's mood experienced the process of "worry-tension-stability", although the "Golden Nine and Silver Ten" did not arrive as scheduled, But it was always a surprise. From the perspective of the overall development of the chemical fiber industry, this year, leading companies quickly laid out the industrial chain and showed initial results. Some projects that were launched before are also about to start. A number of mergers and reorganizations have been approved, and the capital market has made further progress in serving the real industry. breakthrough. At the same time, this year, the endogenous growth of the industry is obvious, and the wave of intelligent manufacturing is still in the ascendant. In terms of the overall quality and efficiency of the chemical fiber industry, the chemical fiber industry this year has faced multiple tests such as stable changes in the domestic and foreign market environment, slowing demand growth, and increasing risks. The market has gone out of the "heartbeat". Curve, but the overall operation of the industry is good.

Power upstream "refining" project 

Perfect industrial chain supporting 

In order to further solve the problem of upstream PX and other raw materials, improve the industrial chain supporting, in recent years, Rongsheng Group, Tongkun Group, Hengyi Group, Hengli Group, Shenghong and other enterprises have laid out the upstream refining field, to create 10 million tons of large-scale refining and chemical integration projects. What is worth mentioning this year is the refining and chemical integration project of Hengli Group and Shenghong.

Among them, Hengli Group's 20 million-ton/year refining and chemical integration project was put into operation on December 26. This is Hengli Group's major asset restructuring and supporting fund-raising investment project in 2017. It is the primary project and key link for it to accelerate the upgrading of production capacity structure and implement the strategic development of the entire chemical fiber industry chain. It is understood that the crude oil processing capacity of the project is 20 million tons/year, with 9.6 million tons/year continuous reforming and 4.5 million tons PX unit as the core, MTBE, isomerization and alkylation units as the core, and the designed annual output of 9.92 million tons of gasoline, diesel oil, aviation kerosene and 4.5 million tons of PX, at the same time, the annual by-products are 1.62 million tons of chemical light oil, 970000 tons of benzene, 640000 tons of liquefied gas, 530000 tons of lubricating base oil, 520000 tons of sulfur, 430000 tons of polypropylene, 350000 tons of acetic acid, 130000 tons of heavy aromatics and other products. With the project's commissioning and accelerated production, Hengli Group's business will extend from the existing polyester chemical fiber, PTA field to the industry's more upstream PX, refining and chemical links, the first in the industry to build and realize from "crude oil-PX-PTA-polyester" the whole industry chain development model.

In June this year, Sheng Hong, who successfully "backdoor" listed, also set his sights on refining and chemical integration projects. The project is located in Lianyungang Petrochemical Industry Base, with a total investment of about 75 billion yuan. The construction scale is 16 million tons/year oil refining, 1.1 million tons/year ethylene and 2.8 million tons/year aromatics. The downstream chemical plants such as LDPE/EVA and ethylene glycol will be constructed simultaneously. It is understood that the project started on December 14 and is expected to be put into trial operation in June 2021, thus forming a complete industrial chain with the integrated development of oil refining, petrochemical and textile.

Editor's comment:

At present, it has become the consensus of enterprises to expand upstream and explore an integrated development model, so that competitiveness and discourse power can be "leapfrogged" in the industry. This model can further strengthen the enterprise's upstream production capacity foundation and development leading advantage, which is conducive to optimizing and improving the enterprise's business structure and integrated collaborative operation, and also conducive to enhancing the enterprise's sustainable profitability and anti-risk level.

It is worth mentioning that in a number of future refining and chemical integration projects, whoever puts into production first will be able to gain market share first. Especially in the second half of this year, with the implementation of more open policies, foreign-funded chemical companies have already deployed refining and chemical projects in Guangdong, and domestic companies are under greater pressure. It is not difficult to see that this competition on refining has begun, and will gradually enter a white-hot stage in the following years.

Accelerate the pace of intelligent manufacturing 

Promote the integration of the two 

At present, intelligent manufacturing has become the future development direction of the manufacturing industry. Hengyi Group, Rongsheng Group, Tongkun Group, etc. have all accelerated the pace of intelligent manufacturing this year.

Among them, Hengyi Petrochemical and Aliyun will rely on Aliyun's core technologies such as cloud computing, big data, AI artificial intelligence and expert services to build an intelligent and intelligent information system to provide platform support and intelligent decision support for its production, operation, logistics and sales and other businesses.

Rongsheng Group and Dahua have reached a strategic cooperation agreement. The two sides will focus on the fields of safety fire control, machine vision, intelligent interaction, emergency command, data application, intelligent community and intelligent logistics, and carry out long-term and in-depth strategic cooperation in four major industry sectors, including petrochemical industry, special logistics and financial capital.

Tongkun Group and Zhejiang Zhongkong Technology Co., Ltd. have become long-term strategic partners. They will carry out in-depth cooperation in the fields of intelligent technology, intelligent factory construction, and new technology applications, and work together to accelerate intelligent construction and jointly promote the transformation and upgrading of traditional industries.

Xinjiang Zhongtai Group's 1.2 million-ton PTA digitization project will carry out in-depth cooperation with Siemens, using its cloud platform, big data, software-defined network, high-definition video collaboration, smart park, smart manufacturing, smart logistics and a series of digital network technologies to truly transform digital network applications into strategic assets and core competitiveness.

In addition, the Huading Digital Factory Project, which is a cooperation between Huading Co., Ltd. and Qingdao Olip Automation Control System Co., Ltd., was launched this year. This is the first intelligent manufacturing transformation and upgrading project in the chemical fiber industry in the country. It will lead the nylon industry to transform to digital, improve the overall informatization and digital level of the nylon industry, and further improve the efficiency of the whole business process of the nylon industry.

Editor's comment:

Under the background of the 4.0 of intelligent manufacturing industry, the transformation and upgrading of enterprises put forward higher requirements for energy saving and consumption reduction, quality improvement and management level improvement, which urgently needs the deep integration of digitalization, intelligence, automation and enterprise production and operation.

Based on this, the above-mentioned chemical fiber enterprises follow the trend and continue to increase intelligent manufacturing, realizing the digitization of production and operation data and the deep integration of industrialization and informatization, which can not only effectively deal with the problems faced by the manufacturing industry, such as rising labor costs and difficult employment, but also greatly improve the labor productivity of enterprises and the process operation efficiency of the whole industry chain, thus speeding up the transformation and upgrading of the traditional manufacturing industry.

Acquisition of high-quality assets in the industry 

Quickly become bigger and stronger 

This year, there have been frequent acquisitions, the most interesting of which is Hengshen's reverse acquisition of the world's No. 1 Fubon with the world's fourth reverse acquisition, which caused a sudden change in the pattern of the caprolactam market. Through this transaction, Hengshen has acquired the caprolactam production unit with an annual output of 280000 tons, the phenol-cyclohexanone production unit with an annual output of 320000 tons, and the caprolactam production unit with an annual output of 400000 tons in the Nanjing factory of Fubon. At the same time, Hengshen has also acquired its core technologies and intellectual property rights such as caprolactam production technology, phenol cyclohexanone production technology and ammonium sulfate large particle production technology. As a result, Hengshen caprolactam has become the largest in the world. So far, it has three major production bases in Lianjiang, Nanjing and Europe, with an annual production capacity of 1.08 million tons of caprolactam, forming a global chemical new material industry cluster with caprolactam production as the core.

In recent years, Huading shares have been committed to diversified development. This year, the company acquired 100 per cent of Tongtuo's shareholders by issuing shares and paying cash. Tongtuo Technology is a cross-border e-commerce enterprise that relies on China's high-quality supply chain products and uses e-commerce as a means to supply high-quality goods to end consumers around the world. Through this acquisition, Huading will add a cross-border e-commerce business in a period of rapid development on the basis of the original nylon filament business, and open a "dual main business" performance-driven business development model.

In order to expand polyester production capacity, Hengyi has been happy on the road to acquisition. At the beginning of this year, in order to further carry out mergers and acquisitions, Hengyi Petrochemical announced that the company intends to establish subsidiaries in Fujian and Suqian, Jiangsu through its subsidiary Zhejiang Hengyi Petrochemical Co., Ltd. Shortly thereafter, Hengyi Petrochemical announced that it intends to purchase 100 percent of Jiaxing Yipeng Chemical Fiber Co., Ltd., 100 percent of Taicang Yifeng Chemical Fiber Co., Ltd., and 100 percent of Zhejiang Shuangtu New Materials Co., Ltd. held by Hengyi Group by issuing shares.

In the field of carbon fiber, Jilin Chemical Fiber Co., Ltd. (hereinafter referred to as "Jilin Chemical Fiber") invested in the purchase of 18% equity of Jilin Jinggong Carbon Fiber Co., Ltd. (hereinafter referred to as "Jilin Jinggong"), Jilin Chemical Fiber will rely on Jilin Jinggong's technical advantages in composite materials to rapidly expand the downstream market and bring new profit growth points to the company.

Editor's comment:

With the overall good operation of the chemical fiber industry, the pace of expansion of leading enterprises in various sub-sectors has accelerated significantly. Through the acquisition and absorption of some relatively high-quality enterprise assets in the industry, without increasing the total amount of the industry, we can quickly expand the scale of the company, improve the overall layout of the industry, optimize the product structure, and continuously enhance the core competitiveness.

For example, Hengshen's acquisition has opened up the complete industrial chain of "cyclohexanone-caprolactam-polymerization-spinning-inflating-warping-weaving-dyeing and finishing", and has the most advanced production technology in the field of caprolactam, which makes up for many technical gaps in the Chinese market, breaks the situation that related technologies are controlled by others, and realizes the all-round grasp of the whole nylon industry chain, it has greatly enhanced the pricing power and brand pricing power of Chinese enterprises in the field of caprolactam. Huading shares of the dual main business model can further optimize the company's business structure, enhance the company's profitability and anti-risk ability. Hengyi Petrochemical's merger and integration of the polyester fiber sector has promoted the increase of its polyester fiber production capacity and technological upgrading, laying a solid foundation for the improvement of overall benefits. The acquisition of Jilin Chemical Fiber will give full play to its advantages of low-cost large tow, focusing on the development of carbon fiber composite materials in addition to carbon fiber precursor and carbon wire in the carbon fiber plate.

Establishment of the Green Development Alliance 

Strengthen industry self-discipline 

In order to practice the concept of green development, build an effective communication system for the entire industry chain from fiber to clothing, and assume more social responsibilities for the construction of the "green water and green mountains" of the whole society, on March 15, China Chemical Fiber Industry Association, China Ten regenerated cellulose fiber companies including Cotton Textile Industry Association, Tangshan Sanyou Group Xingda Chemical Fiber Co., Ltd., and Saideri Group announced in Shanghai, established a public organization to promote the green development of the industry-the Green Development Alliance of the Regenerated Cellulose Fiber Industry (hereinafter referred to as the "Green Development Alliance").

Speaking of the original intention of advocating the establishment of a green alliance, Yu Hanjiang, chairman of the green alliance and deputy general manager of Tangshan Sanyou Group Xingda Chemical Fiber Co., Ltd., pointed out that in the past five years, the progress of technological level has promoted the viscose staple fiber industry in energy conservation, emission reduction, and cleaner production. Good results have been achieved. These tangible achievements and changes need to be understood more by the industry and consumers. For the better development of the viscose fiber industry in the future, it needs more recognition from government agencies, brand owners and related non-governmental organizations.

In September this year, the Green Development Alliance has publicly released the "Three-year Action Plan for the Green Development of the Regenerated Cellulose Fiber Industry" (hereinafter referred to as the "Three-year Action Plan") to the whole society. According to the overall plan, the green development alliance will establish a public exchange platform for green development with mutual supervision and mutual promotion among industries in three years, grasp and regularly publish the current situation of energy conservation and environmental protection level of the industry, put forward the action plan and suggestions for green development of the industry, and urge enterprises to improve the level of green production, Further reduce the environmental and social impact of the whole life cycle of the industry and products.

At present, there are 14 members of the Green Development Alliance, and all member companies have met the requirements of the Viscose Fiber Industry Specifications. In the future, the Green Development Alliance will continue to aim at continuously improving the sustainable development level of the industry, continue to expand the scope of members, and move towards The goal of covering regenerated cellulose fiber companies and upstream and downstream industrial chain companies and associations is a global industry cooperation organization that integrates unity, professionalism and industry.

Editor's comment:

The Green Development Alliance is the first self-regulatory industry group established spontaneously from upstream companies in the industry. The establishment of the alliance aims to promote the overall improvement of the sustainable development capabilities of all member companies through the establishment of a sustainable development system for the cellulose fiber industry, and to build an effective communication platform for the entire industry chain from fiber to clothing. With the establishment of the alliance and the development of the work, it will help to change the society's perception of the industry, and it will also be conducive to the sustainable development of the industry itself. In the context of the continuous tightening of national environmental protection policies, the three-year action plan gradually implemented by the green development alliance will effectively promote the overall green development level of the industry, and those enterprises with advantages in this field will win in the future competition.

At the same time, the establishment of the green development alliance has a good demonstration and leading role in establishing a new industry positioning and opening up the development pattern in China's textile industry. Textile upstream and downstream work together to build a value chain partnership, and jointly convey the responsibility value of China's textile industry to the global textile and garment industry, which will effectively promote the integration of the global sustainable development economy.

Green fiber mark certification 

More deeply rooted in the hearts of the people 

The green fiber mark certification aims to promote green design, green materials and green manufacturing of products, promote environmental protection and public health, and then achieve the dual goals of corporate development and social responsibility. This year, the green fiber logo certification work continues to advance, and the team of members continues to grow. Zhejiang Jiaren New Materials Co., Ltd., Anhui Dongjin Resources Recycling Technology Co., Ltd., Yangzhou Tianfulong Technology Fiber Co., Ltd., and Zhejiang Huilong New Materials Co., Ltd. have become the third batch of enterprises that have obtained the green fiber logo certification. So far, 21 enterprises have obtained the "green fiber" logo certification. At present, these 21 companies are all companies with strong comprehensive strength in their respective sub-industries. Their certified products have the characteristics of green, recycling, and low-carbon, with strong representativeness and excellent quality.

During the 2018 China International Textile Yarn (Autumn and Winter) Exhibition, 21 companies gathered in the "Green Fiber" theme exhibition area and became the most dazzling one in the "Star Exhibition Area. This group appearance makes the consumption concept of "green life, starting from fiber" more deeply rooted in the hearts of the people.

It is also worth mentioning that in addition to the 21 enterprises in the "green fiber" theme exhibition area, 13 of them also displayed their brand image and "green fiber" product research and development achievements in the form of independent booths. In addition, in order to facilitate the downstream user enterprises in the textile industry chain to inquire, select the appropriate green fiber products and production enterprises, and make the docking and communication between the production and application of green fiber more smoothly, the China Chemical Fiber Association has also specially produced a green fiber logo certification product manual. According to the three categories of recycling, stock solution coloring and bio-based chemical fiber, the manual uses Chinese and English versions, respectively, listing the introduction of relevant green fiber logo certification enterprises, specific product varieties, application fields and other content, and officially released during the current yarn exhibition.

The development of green fiber mark certification has brought directional guidance to chemical fiber enterprises and terminal enterprises, and it is this directional guidance that makes chemical fiber enterprises more optimistic about the value of "green fiber" mark certification. The relevant persons in charge of the certified companies all agreed that the green fiber mark certification has played an important role in further strengthening corporate social responsibility, protecting the environment, and enhancing the competitiveness of products in domestic and foreign markets ". It is understood that after obtaining the green fiber mark certification, it not only greatly improves the visibility of the company, but also makes more downstream companies aware of the value that purchasing green fiber can bring, which in turn promotes more cooperation. It is worth mentioning that the degradable green fiber products produced by many enterprises have entered the international stage and have been favored by more and more international customers.

Editor's comment:

In order to realize the green transformation and upgrading of textile industry, the green process of fiber manufacturing is the key link. Green, low-carbon and recycling are important tasks for the sustainable development of China's chemical fiber industry and even the textile industry. The green fiber mark certification plays an important role in promoting the greening process of the whole industrial chain from fiber to terminal products.

Green fiber mark certification vigorously develops and promotes green fiber, increases its application in three major fields of clothing, home textile and industrial use, and brings real benefits to chemical fiber enterprises. At the same time, the enterprises that have obtained the green fiber mark certification attach great importance to the related work of green fiber, regard it as one of the important directions of industrial transformation and upgrading, and are equipped with strong strength in team building, production and technology. committed to realizing the green sustainability of the whole life cycle of fiber, laying a solid foundation for the green development of the industry. There is no doubt that the green fiber mark certification is an important manifestation of the industry's own active practice of the concept of green development and the promotion of sustainable development, and will play a driving and promoting role in the realization of green development in the entire textile industry.

Futures service entity industry 

Get a big breakthrough 

On November 30, Zhengzhou Commodity Exchange (hereinafter referred to as "Zhengzhou Commercial Exchange") held the "Launch Ceremony for the Introduction of PTA Futures into Overseas Traders". At 9 o'clock in the morning of the same day, as Fang Xinghai, Vice Chairman of the China Securities Regulatory Commission, and He Jinping, Vice Governor of Henan Province, jointly sounded the gong, the introduction of PTA futures into overseas traders was successfully launched. This also means that the "Zhengzhou price" of the polyester industry chain opens the road to internationalization.

The successful introduction of PTA futures into overseas traders marks the beginning of Zheng Shang's transformation from futures to balanced development of futures and options, from OTC market to OTC market, from domestic market to domestic and overseas market, and from futures exchange to futures and derivatives exchange, It marks that Zheng Shang has taken an important step to become a "leading industry risk management platform and world-renowned commodity pricing center.

PTA is a very important petrochemical product and chemical raw material. Its upstream is connected to the PX industry, and its downstream is connected to polyester bottles, polyester film and polyester fiber. In the aromatics industry chain, 90% of PX is used to produce PTA and 90% of PTA is used to produce polyester products. Polyester fiber is made of clothing, toys, home textiles and other textiles, the largest amount of chemical fiber raw materials.

On the basis of the comprehensive advantages of PTA spot industry and textile and chemical fiber industry chain, since the listing of PTA futures in 2006, China has formed a business model of futures tools serving the real industry. As we all know, price discovery is one of the most fundamental functions of futures instruments. After continuous development and improvement, in recent years, PTA futures prices have become an important reference for the international trade pricing of the polyester industry chain and the price center of the global polyester industry chain. At present, 90% of PTA production enterprises, trading enterprises and 80% of polyester enterprises in China are using PTA futures to avoid risks. Especially in recent years, the ability of PTA futures market to serve the real industry has been continuously enhanced. In the functional evaluation of domestic futures varieties, PTA futures are stable in the top 5, which is the chemical variety with the best function.

In 2017, the average daily trading volume of PTA futures was 575000 lots, and the average daily position reached 1.08 million lots. For many years, the correlation between PTA futures prices and spot prices in China has been as high as 0.99. It can be said that its scale and liquidity can fully meet the needs of various investors in the international market for risk management.

Editor's comment:

The four key words of price benchmark, hedging tool, capacity combination and research market summarize the important role that PTA futures have played in the real industry in the past 12 years. For the real industry and production enterprises, PTA futures gradually become a very good tool to avoid the risk of price fluctuations, to achieve the relative lock of profits. At the same time, PTA warehouse receipts have good financial attributes, so that enterprises have a better tool for hedging. Moreover, using the price discovery function of futures, companies can have a better control of the future market. With the continuous expansion of the PTA futures market, the number of participating industrial enterprises and institutional investors is increasing, and the market functions well, achieving the goal of providing price discovery and risk management tools for domestic industries and enterprises at the time of listing.

It is worth mentioning that shortly after the successful introduction of PTA futures into overseas traders, ethylene glycol futures were officially listed on the Dalian Commodity Exchange on December 10. Ethylene glycol is also one of the basic raw materials of the chemical fiber industry. As the world's largest importer and consumer of ethylene glycol, after the listing of ethylene glycol futures, it will complement each other with PTA futures, providing a more complete and comprehensive raw material hedging tool system for the polyester industry and promoting the healthy development of related industries.