What are the latest developments, development processes and latest development achievements of the private chemical fiber leading enterprises in the current refining and chemical integration projects? What is the development trend and market situation of polyester polyester industry in 2020? What key points do we need to grasp in the high quality development and industrial upgrading of polyester polyester industry in China? What kind of value can financial tools play in the development of real industry? How can funds from financial institutions such as banks, securities, funds and so on invest better in the advanced manufacturing industries that benefit from both supply and demand and have "multiplier effect"? In January 10th, China polyester polyester industry operation and financial institutions exchange meeting (Liaoyang hi tech 2020) The above topics were discussed at the Beijing conference. The conference was sponsored by China Chemical Fiber Industry Association, jointly organized by China Chemical Fiber Industry Association polyester filament Specialized Committee, polyester and polyester staple fiber Specialized Committee, industrial filament branch, PTA branch and Liaoyang hi tech Industrial Development Zone Management Committee. He Yanli, Chen Xinwei, vice president of China Chemical Fiber Industry Association, Duan Yanling, Secretary of Liaoyang Hongwei District Committee, Tong Kun group, Heng Yi group, Guo Wang Gao Ke, Yizheng chemical fiber company, Chuzhou Anxing Representatives of enterprises such as polyester industry chain, and representatives from the National Development Bank, ICBC, China CICC, and domestic related securities, funds and other financial sectors attended the meeting. "King competition" drives polyester market concentration to further upgrade
Polyester polyester is the "big brother" in the chemical fiber variety. Polyester fiber production accounts for nearly 80% of the total output of large chemical fibers. Moreover, the overall market size of polyester polyester is still expanding. Against this background, Polyester polyester industry in the past year's market situation, the development of large-scale polyester leading enterprises, and so on, are all the hot topics. The rapid expansion of the new capacity and led by the leading enterprises led to further improvement of the industry concentration, which is a distinct feature highlighted by the polyester polyester industry in 2019. Relevant statistics show that In 2019, Tong Kun group, Xin Fengming, Heng Yi petrochemical, Sheng Hong group, Hengli Group, Rongsheng Petrochemical 6 leading enterprises increased the total production capacity of new polyester by about 2 million 250 thousand tons. He Yan Li It points out: "in recent years, China's polyester polyester industry has been continuously upgrading its structural adjustment and transformation and upgrading process, as well as its differentiated and functional technology level. The products are more in line with the actual needs of the downstream and continue to maintain the leading position in the world. Polyester polymerization capacity of 400 thousand tons / year and above the scale of 34 enterprises, polyester fiber industry, the top 6 enterprises aggregate production capacity of 52%, an increase of 7.8 percentage points compared to the "early 13th Five-Year". " Lu Chen, research manager of China International Financial Limited by Share Ltd Points out: 2019 is the beginning of a new round of capacity competition in polyester industry. On the competitive track, it belongs to the "leading race". Large scale leading enterprises are leading industrial investment and new projects, which is a distinct competitive feature of polyester Market in 2019. Now, we rarely see any companies that have not heard names in the market before investing in new devices. In the round of investment around 2015, the new projects in the polyester market were basically a hundred flowers bloom. In the market situation in 2019, the focus of our investment is to see which company's capacity is the first to come out and who is the leader. At the same time, we have to judge whether the capacity of newly put into operation is really cost advantage, and the cost is determined by the technical level, the advanced nature of the new device, the scale of production capacity, the energy consumption and the integration level. It is worth noting that In the process of rapid expansion of large leading enterprises, different enterprises have highlighted certain differences. Heng Yi Group It is through the capital market to implement M & A, and rapidly expand the typical representative of polyester scale. In this regard, Gao Lili, chief financing officer of Zhejiang Hengyi Group Co., Ltd. "In the past few years, we have recreated a constant interest," he said. Through the operation of the capital market, we quickly expanded the scale of polyester production. Heng Yi has always been a leader in the field of PTA, and has an annual capacity of 13 million 500 thousand tons. But before that, Hengyi's annual production capacity of polyester is only about 1000000 tons, which is an inverted triangle. Since China has pushed forward the "supply side structural reform", Hengyi group has seized the opportunity to quickly integrate the enterprises with a certain technological strength in the polyester industry but bankrupt due to the breakup of the capital chain. In order to acquire suitable projects for merger and acquisition, in 2017, Hengyi also established several mergers and Acquisitions Funds in several enterprises. Since 2017, Heng Yi has increased about 4000000 tons of polyester production capacity through mergers and acquisitions. In this way, Hengyi realized the expansion with the fastest speed and the lowest cost. Moreover, some of the polyester factories we purchased still had a lot of land, which laid the foundation for our future expansion. " Sheng Hong Group The expansion of polyester industry presents a distinctive driving feature. Hao Yingchao, senior representative of Jiangsu Guo Wang Hi Tech Co., Ltd. "The annual production capacity of the polyester filament of Sheng Hong group is currently 2 million 100 thousand tons, with 4 factory areas and 730 additional machine, and the number of adding machine is the first in the domestic polyester filament industry. The leader of differential fiber is the location of Sheng Hong for many years. At present, Sheng Hong polyester product has a high differential rate, with an annual output of 200 thousand tons of cationic products and an annual production capacity of 300 thousand tons of full extinction products. The overall differential rate of polyester filament products exceeds 85%. Sheng Hong also has many types of equipment, some of which are thousands of tons, and tens of thousands of tons. In the area of product development and marketing, Sheng Hong keeps developing the market, and when a certain differentiated polyester filament forms a certain market scale, then the large device will be produced. Before that, the annual production capacity of a product was about 80 thousand tons. Later, through market cultivation, customers gradually accepted this product, so Sheng Hong enlarged the annual production capacity of this product to 250 thousand tons. "At present, the competitive advantages of large scale polyester leading enterprises are more obvious, and small and medium-sized enterprises have certain competitiveness in specialty and differentiated product development." Xin Wei Chen Say. Private oil refining and chemical project "explosion" triggering industrial chain transformation
China's private large-scale refining and chemical projects "explosion", the development of large scale leading enterprises "refining and chemical integration" further enhanced, which is another remarkable feature of China's polyester polyester Market in 2019. Relevant statistics show that In 2019, the capacity of PX in China increased by 11 million 900 thousand tons to 25 million 30 thousand tons. The newly increased capacity of PX, including Hengli refining and chemical integration project, has been put into operation in the first phase of 4 million 500 thousand tons, 100 thousand tons of Pengzhou petrochemical operation, 200 thousand tons of Liaoyang Petrochemical capacity expansion, 600 thousand tons of Sinopec Hongrun production, 1 million tons of Hainan refinery phase two project, 1 million 500 thousand tons of Hengyi Petrochemical phase I, and 4 million tons of Zhejiang Petrochemical first phase. In the PTA sector, China's capacity increased by 3 million 200 thousand tons in 2019, and the total capacity of PTA has increased to 48 million 980 thousand tons. In terms of ethylene glycol, China's new capacity in 2019 was 350 thousand tons, and the total output of ethylene glycol exceeded 10 million tons. " In 2019, the first year of China's large-scale refining and chemical projects broke out, which reduced the dependence of China's PX imports to about 50%. " Pang Chunyan, senior researcher of China Investment & amp; Futures Co. Ltd. I am very proud. The Tong Kun group has its own train of thought in deepening the integrated layout of the industrial chain and extending the industrial chain to the upstream. Zhou Jun, vice president of Tong Kun group Introduction, Tong Kun group began to consider how to extend upstream. Around 2009, the Tong Kun group got the relevant license and made it clear that it was necessary to go to the PTA production plant. Jiaxing petrochemical company was also one of the investment projects in the year when Tong Kun shares were listed. Since then, Jiaxing petrochemical PTA phase I and two projects have been put into operation. At present, the PTA production capacity of Tong Kun group is about 4 million 200 thousand tons, but it still can not meet all the demand for PTA produced by polyester filament. Therefore, the Tong Kun group still needs to purchase some PTA from abroad. "In the process of developing the polyester industry, we are thinking about what we need to produce, how much raw material we need to produce, how much raw material we need to produce, we do not produce goods in the raw materials of polyester, we do not sell PTA externally, we want to realize the development of" pagoda type ". In this mode, even when the market is bad, the raw materials required by Tung Kun to produce polyester polyester products are mainly their own, and will not be affected too much. From the perspective of enterprise operation, this also makes our PTA cost have some advantages over other enterprises. Over the years, the annual production and sale rate of polyester filament of Tong Kun group has reached 100%. At present, the total sales volume of Tong Kun polyester filament is more than 20 thousand tons per day. " Zhou Jun said. The layout of the Tong Kun group in the extension of the industrial chain is: On the one hand, it extends to "oil head", and can get relatively stable PX supply through participating in Zhejiang Petrochemical industry. On the other hand, the coal head has been extended to the new coal glycol project in Anhui. Besides, The Tong Kun group is currently distributing new projects in Nantong, Jiangsu and Qinzhou, Guangxi. Zhou Jun further said: "In Nantong, Jiangsu, Tong Kun will copy the" PTA- polyester integrated production "mode that has already been explored successfully. PTA can provide the polyester plant next to the wall through pipes and temperature. In Qinzhou, Guangxi, we will realize "partition wall supply" with Guangxi petrochemical company. In the future, Tung Kun will consider developing to the Southeast Asian market and overseas, because the demand for chemical fiber materials is increasing rapidly in the Southeast Asian market. We hope to seize this opportunity. The Beibu Gulf of Qinzhou is also very close to the Malacca Straits. This is the most Western outlet of China. We will continue to explore the integrated layout of "PX-PTA- polyester filament" in Qinzhou. " "With the continuous deepening and improvement of layout integration, leading enterprises' ability to resist risks and anti cyclical activities of the entire product chain has increased significantly over the past few years." Lu Chen said. Turning to the market of polyester Market in 2020, Pang Chunyan analysis pointed out: "this year, with Hengli petrochemical and other new PTA projects put into operation, China will usher in the peak of the PTA project. It is estimated that the new capacity of PTA will be 16 million tons in 2020, and the new capacity of ethylene glycol will be 6 million 490 thousand tons. By 2020, the supply of PTA and ethylene glycol will be fully supplied in the market. In the polyester industry, new projects will continue to go into production, but production growth may continue to slow down. " Besides, From the development trend of global commodity market, the increasing financial attribute of bulk commodities is a general trend. The upstream of polyester industry is connected with PTA, crude oil and other commodities. In recent years, pet enterprises are increasingly paying attention to and using financial instruments. At this meeting, how to better understand the financial instruments and guard against financial risks is also one of the topics. Chen Xinwei pointed out: " The financial service entity economy is the main keynote of the national financial policy. At present, polyester polyester industry is in a critical period of "supply side structural reform" and transformation and upgrading. Innovation and development of industry and finance combination is an effective way. Data from Zhengshang institute show that In 2019, there were 135135 investors participating in PTA futures trading, including 3254 legal investors and 60.71% positions. 。 The most important function of futures market is price discovery and finding forward price. At the same time, hedging management risk and asset allocation are also important functions. The role of futures market includes: providing a tool for dispersing and transferring price risk, and providing reference for macroeconomic policy formulation. "In the future, the market competition of the global petrochemical polyester industry will be more intense. Our petrochemical polyester enterprises should first familiarize themselves with this tool, and then try to use futures as a financial tool to do business risk management." Guo Xiangming, senior manager of non-agricultural products Department of Zhengzhou commodity exchange Say. Former "north chemical fiber city" refining and remolding advantages
The convening of this conference allowed the industry to focus on Liaoyang. "A city of Liaoyang, half of the history of Northeast China." Liaoyang is located in the central part of Liaoning province and belongs to southern Liaoning. In fact, Liaoyang Hongwei District and its chemical fiber industry have a deep origin. It is a new urban area developed in 1978 with the construction of Liaoyang petrochemical chemical fiber company, the largest enterprise in China. The development of polyester polyester, nylon 66, polypropylene and other varieties has been thriving here for a while, and because of this, it has been known as "Northern chemical fiber city". The Liaoyang hi tech Development Zone was established in 1992. It is an important part of the Liaodong Peninsula high tech Industrial Development Zone and Shenyang economic zone. In November 2010, it was officially approved by the State Council to become a state-level high-tech zone. In 2007, Liaoyang high tech zone approved the construction of Liaoning aromatics and fine chemical industrial base. In January 2010, it was recognized by the Ministry of science and technology as the national base for aromatics and fine chemical industrialization. In September 27, 2018, the leaders of the state visited the Petrochemical Industries Co of Liaoning and gave an important speech at the first station in Liaoyang, pointing out the way forward for speeding up the innovation and development of state-owned enterprises and private economy. This has greatly boosted confidence and determination in the development of Liaoyang hi tech Development Zone. The Liaoyang high tech Zone has also ushered in a new historic opportunity for revitalization and development. At this meeting, Yan Ling Du A special report on "regional advantages and aromatic development of Liaoyang high tech Zone" was made. She said that Liaoyang high-tech zone has distinct industrial characteristics, and is a modern industrial zone mainly based on petrochemical industry and industrial aluminum profile industry. Industry accounts for more than 80% of the total economic output of Liaoyang high tech Zone, accounting for nearly 70% of Liaoyang's industrial economy. In 2019, the gross domestic product (GNP) is expected to reach 25 billion 100 million yuan, with an estimated industrial value added of 19 billion 500 million yuan. Duan Yanling pointed out: "in recent years, the Liaoyang municipal Party committee and the municipal government have speeded up the construction of a modern economic system, promoted the development of high quality industries, and promoted the construction of the whole city. Aromatics and fine chemical industry base with output value of over 100 billion yuan 。 Liaoyang Petrochemical is a national key project. It was once one of the four major chemical fiber bases in China. At present, Liaoyang Petrochemical 2 million tons / year PX can meet 2 million 400 thousand tons of PTA raw material demand. In terms of ethylene glycol, if the PTA project is located in Liaoyang and further produces PET and downstream products, Liaoyang Petrochemical can apply immediately to PetroChina group to adjust the product plan of the ethylene expansion and expansion project to ensure the supply of ethylene glycol at 600 thousand tons / year. By then, PX and ethylene glycol can be directly transported to the PTA plant through pipelines. Generally speaking, the development of Liaoyang PX deep processing project is in line with the national development strategy for fine chemicals in the future. At the same time, from the overall development of the textile industry chain, there is also a certain industrial base in Liaoyang and its surrounding areas. Reporters learned that Within the 1 hour radius of Liaoyang, there are 105 enterprises in chemical fiber, textile, printing and dyeing industries. In 2018, their main business income totaled 5 billion 462 million yuan. Among them, there are 17 in Shenyang, 760 million yuan for main business, 23 for Anshan, 1 billion 176 million yuan for main business, 13 for Fushun, 890 million yuan for main business, 43 for Yingkou, 2 billion 323 million yuan for main business, 9 for Liaoyang, and 313 million yuan for main business. 。 Besides, Liaoning and Northeast China's automobile industry and mining industry are flourishing. Polyester industrial yarn is used for tire cord and mine conveyor belt, and has great market potential. "Northeast China chemical fiber market has great potential. At present, the vast majority of Liaoning's textile and textile market is transported from Jiangsu to Zhejiang provinces. If we use Liaoning's raw materials for further processing, extend the industrial chain and gradually revitalize the Northeast textile market, we will soon be ready. From Duan Yanling's remarks, we can easily feel the determination and confidence that Liaoyang wants to reshape its advantages in the petrochemical and chemical fiber industry.
