纺织服装触底反弹带动化纤需求改善。受疫情影响，上半年我国纺织服装服饰生产及出口大幅下降，而后于下半年部分恢复，带动国内原材料化纤需求增长。

一、纤维简介 .................................................................. 5

二、投资看点 .................................................................. 5

1. 主要化纤品种产量及价格上涨 ............................................... 5

1.1 涤纶纤维 .............................................................. 8

1.2 粘胶短纤 ............................................................. 12

1.3 氨纶 ................................................................. 15

1.4 锦纶 ................................................................. 17

2. 油价上涨推动产品价格上涨 ................................................ 19

3. 服装需求反弹推动需求改善 ................................................ 19

三、相关标的 ................................................................. 21

1. 氨纶相关标的 ............................................................ 21

1.1 泰和新材 ............................................................. 21

1.2 华峰化学 ............................................................. 23

2. 锦纶标的台华新材 ........................................................ 24

3. 涤纶相关标的 ............................................................ 25

3.1 恒力石化 ............................................................. 25

3.2 荣盛石化 ............................................................. 26

3.3 桐昆股份 ............................................................. 27

3.4 恒逸石化 ............................................................. 28

3.5 东方盛虹 ............................................................. 29

4.粘胶短纤标的中泰化学 ..................................................... 29

风险提示 ..................................................................... 32