Mr. Shi believes that PX is leading the polyester industry into a new cycle. In terms of prices, PX broke through the prosperity range at the end of 2025 and has recently been driven up by geopolitical conflicts. 

On the capacity front, global PX has entered a period of low growth, China's capacity utilization rate is approaching its limit, while downstream polyester demand remains resilient, creating a capacity mismatch. The new cycle is characterized by a shift from "involutionary expansion" to "structural optimization," with PX becoming the value anchor of the industrial chain. 

Geopolitical risks could impact Asian PX through disruptions to feedstock supply, potentially accelerating the evolution of this new cycle.