Huatai Securities: The expansion period has ended, and the turning point of the PTA industry is gradually emerging.

Huatai Securities research report stated that the expansion cycle has ended, and the turning point of the PTA industry is gradually emerging. PTA, as the core raw material for polyester fiber, polyester bottle chips, and polyester film, has experienced two rounds of expansion cycles since 2010. As of September 2025, China's effective PTA production capacity has increased to 91.35 million tons, and the rapid saturation of the supply side has led to continuous low product price differentials over the past five years. There are basically no plans to put new production capacity in place in the next two years. The domestic "anti-internal circulation" policy and technological updates are expected to jointly promote the optimization of the supply pattern of the PTA industry. In addition, the steady increase in domestic and overseas terminal textile and consumption demand may lead to a significant rebound in PTA profits, and the industry's leading companies with a high proportion of new facilities are expected to benefit.