Mr. Xu's report is divided into the following two parts.

1. Industrial Supply-Demand Evolution. This includes the polyester industry chain capacity development, changes in industry imports and exports and changes in industry profit and regional conditions. With the premise of constant 1 billion tons of refining capacity, the incremental capacity of PX is limited. From a global consumption perspective, with the rise of the middle class, the demand for polyester products will continue to increase. In addition, as costs decrease, the substitutability of polyester compared to plastics and cotton will gradually strengthen.

2. Future Development and Industrial Operations. This involves industrial chain planning, policy influence, new energy development, and factors affecting PX/PTA output and polyester demand. As time progresses, the balance of PX on polyester consumption is the key factor, and a turning point will come. In terms of the industry chain, PX benefits first, followed by filament yarn, then PTA, but it will be relatively more challenging for PET bottle chips.