September Focus On Chemical Fiber And Textile Boom

The September boom: chemical fiber,

Material manufacturing: the demand for nonferrous metals and black metals is downward and petrochemical industry is booming.

From a fundamental point of view, the demand for ferrous metals and non-ferrous metals has deteriorated, and new orders and orders have declined.

Meanwhile, the boom of petrochemical and chemical fibers has improved, and the volume of purchases has gone up. New orders and orders have been rebounded, while stocks are down.

From the perspective of excess earnings, ferrous metals industry is constrained by the factors of purchase price fall, and the overall excess returns are difficult to go up. The nonferrous metals industry has rebounded from the purchase price year-on-year, and the overall excess return has upward space. The chemical fiber industry has gone up slightly because of the purchase price, and the overall excess return has an upward space.

Equipment manufacturing in the middle reaches: special equipment, declining overseas demand

From a basic point of view, special equipment

Orders fell year-on-year, while purchase prices also declined, and the overall boom deteriorated.

New orders and export orders for general equipment have declined, but finished goods inventories have declined. Prosperity needs further observation.

New orders and export orders for metal products have all come down, and production is down.

From the perspective of excess earnings, the purchase price of general equipment and metal products could not support the upward trend of excess returns.

Downstream consumption manufacturing: automobile boom and poor, textile boom improved

From the basic point of view, the demand indicators such as export orders and purchase prices of equipment manufacturing have decreased, and the export orders and raw materials inventories of household appliances have decreased compared with the same period.

Demand indicators for new orders and production of food products have dropped, and new orders and production of clothing have also dropped. In addition to the rise of new orders in textile manufacturing and the decline in finished product inventories, the economy has improved, and the whole daily consumption production industry has deteriorated.

From the perspective of excess returns, the delivery of equipment and appliances with export orders and purchases

Index correlation is relatively high, while food, clothing and light industry manufacturing and demand side variables have higher correlation with new orders, export orders and production volume. In August, PMI data showed that the purchase price of equipment manufacturing and home appliance manufacturing decreased year by year, which could not support the upward trend of excess returns, and the same decline in food production and clothing production did not support the upward trend of excess returns.