Hot spots of the week
Nylon 66 is one of the main categories of nylon materials. It is mainly used as engineering plastics and industrial silk in industry. In civil use, it is mostly used as high-end fabrics and functional fabrics for yoga clothes, outdoor clothes and other products because of its excellent wear resistance, resilience and fabric comfort. Polyamide (nylon) is a synthetic fiber with good mechanical properties, heat resistance, wear resistance and other properties. Nylon 66 is one of the main products of nylon. According to Tiantian chemical data, in 2020, the production capacity of nylon 66 in China was 560000 tons, the output was 390000 tons, and the apparent consumption was 550000 tons, of which the consumption of engineering plastics, industrial silk, civil silk and other applications accounted for 58%, 28%, 10% and 4% respectively.
The production path of nylon 66 civil silk: adiponitrile hexanediamine nylon 66 slice (divided into civil slice and industrial slice). Nylon 66 civil silk is produced from nylon 66 civil slice. Nylon 66 fabric is superior to nylon 6 fabric in strength, high temperature resistance, cold resistance, flame retardancy and insulation. It is more suitable for outdoor sports, yoga clothes, down jacket and so on in the field of clothing.
On the demand side, nylon 66 civilian silk continues to maintain a high landscape with the growth of demand for high-quality yoga clothing and outdoor sports clothing in recent years. Nylon 66 fabric has high strength, good wear resistance and cold resistance. When the temperature is below minus 40 ℃, the resilience changes little, so it is suitable for making extreme outdoor clothes. Nylon 66 fabric is light, soft and low density. It is a light fiber, 35% lighter than cotton and 25% lighter than viscose fiber. It is suitable for making body clothes such as yoga clothes, close fitting sportswear, swimsuit, underwear and other close fitting fabrics. In recent years, with the clothing market constantly focusing on the specialization and high-end of products, high-quality yoga clothes, outdoor products and other categories are gradually rising. With its attribute advantages, the market demand of nylon 66 fabric continues to boom.
On the supply side, we expect that the current global output of nylon 66 civilian silk is about 200000 t / A, with high industry barriers and scarce production capacity. We are optimistic about the 60000 T / a capacity under construction of Zhe Jiang Taihua New Material Co.Ltd(603055) Huai’an factory (the capacity of Jiaxing factory in 2021 is about 40000 t / a and the output is about 10000 t / A. note: there is a great difference between the planned capacity and the actual output of nylon 66 civilian silk products under different thickness).
1) at present, the nylon 66 industry is highly concentrated. In 2020, the production capacity of INVISTA, Shenma Industry Co.Ltd(600810) and Huafeng Group in the Chinese market accounted for 79%. Due to the higher technical difficulty of nylon 66 civil chips compared with industrial chips, the products of Shenma Industry Co.Ltd(600810) and Huafeng Group are mainly industrial chips. At present, China’s main civil chip production capacity comes from NVIDIA, and its civil chip production capacity is expected to be only about 20000 tons in 2021. The scarcity of nylon 66 civil slicing capacity limits the output of civil silk. At the same time, the high price of slicing also greatly increases the price of civil silk, thus limiting the demand of downstream.
2) a major reason for the high price and low output of nylon 66 is that the production capacity of its core raw material adiponitrile was monopolized by overseas in the past. With the localization of adiponitrile imminent, the price of adiponitrile is expected to decline in the future and drive the output of nylon 66 to increase. From 2020 to 21, Tianchen Qixiang, Huafeng, Shenma and other Chinese enterprises have successively invested in adiponitrile projects. Among them, Tianchen Qixiang adiponitrile project is expected to be put into operation in 2022.
Industry regular data update
Brand clothing: according to the statistics of magic mirror online e-commerce data (including the total retail sales of Taobao, jd.com, Suning, Gome and other platforms, excluding returns), in December 2021, the year-on-year changes in monthly e-commerce sales of major sports brands were: Li Ning (+ 34.2%), Anta (+ 29.1%), FILA (+ 11.0%), Tebu (+ 17.9%), di Sante (+ 15.8%) Archaeopteryx (+ 43.9%); Among international brands, Nike (- 17.5%), Adidas (- 57.2%), andrma (- 19.5%) and Lulu lemon (+ 51.3%); Among professional and casual clothing brands, bosden (- 29.1%) and Ningbo Peacebird Fashion Co.Ltd(603877) (- 7.3%).
Household: according to the data of the General Administration of customs, the total export of household and parts in China in December 2021 was US $7.15 billion, a year-on-year decrease of 4.0%, and the growth rate fell by 5.9 PCT. According to the updated data on December 29, in November 2021, the export amount of metal frame sofas such as functional sofas was USD 870 million, a year-on-year decrease of – 0.05%, the export amount of functional office chairs was USD 460 million, a year-on-year decrease of 10.7%, and the export amount of spring mattresses was RMB 80 million, a year-on-year decrease of 17.5%.
Papermaking: according to the data of Zhuo Chuang information, as of February 11, the market prices of broad-leaved pulp, coniferous pulp, double copper paper, double gummed paper, household paper and white cardboard were 5314, 6351, 5380, 5700, 6433 and 6020 yuan / ton respectively, with a month on week change of 2.00%, 2.69%, 0, 0, 0.52% and 2.54%; The market prices of waste paper, box board paper, corrugated paper and white board paper were 2315, 4911, 3919 and 4905 yuan / ton respectively, with a month on week change of – 1.11%, 0.14%, 0.48% and 0.
Cultivated diamonds: according to GJEPC data, India’s cultivated diamond import and export data: 1) in December 2021, India’s cultivated diamond rough imports amounted to 132 million US dollars (year-on-year + 104.6%, month on month + 54.6%), and cultivated diamond imports accounted for 5.9%; In December, the export volume of cultivated diamond bare diamonds was 130 million US dollars (year-on-year + 65.6%, month on month + 20.5%), and the export volume of cultivated diamonds accounted for 5.5%. 2) 2021: India cultivated diamond blanks and exported bare diamonds of US $1144 million (+ 116.3%), accounting for 4.6%; Imports amounted to US $1.13 billion (+ 133.0%), accounting for 6.0%.
One week recommended portfolio
Light industry: Minhua holdings, Jason Furniture (Hangzhou) Co.Ltd(603816) , Xlinmen Furniture Co.Ltd(603008) , Suofeiya Home Collection Co.Ltd(002572) , Quzhou Wuzhou Special Paper Co.Ltd(605007) , Shenzhen Jinjia Group Co.Ltd(002191)
Textile clothing: Huali Industrial Group Company Limited(300979) , Li Ning, Anta sports, Shenzhou International
Meihu: Imeik Technology Development Co.Ltd(300896)
Risk warning: real estate sales fluctuate; Sino US trade friction; Industry competition intensifies; The exchange rate fluctuated sharply.
