Mr. Lin believes that the PTA industrial chain is transitioning from a phase of rapid expansion to existing capacity optimization. On the supply side, capacity growth is slowing, PX expansion is constrained, and PTA exports are contracting. The industry structure is shifting from fragmentation to oligopoly, with the logic moving from "high output with losses" to "controlled output to expand profits." On the demand side, the polyester structure remains stable, with filament yarn coordinating to restore profitability, while polyester staple fiber and PET bottle chip are undergoing optimization and upgrading.