天风证券：近年来氨纶需求增速快 当前价格运行相对底部区间

Core Viewpoint - The report from Tianfeng Securities indicates that China's spandex supply is highly concentrated, with current prices operating in a relatively low range. The industry is experiencing an average loss, with profitability at historical low levels. New capacity additions are being delayed or reduced, while the elimination of capacity is expected to continue [1] Industry Overview - The demand for spandex has been growing rapidly in recent years, with downstream penetration rates continuously increasing. In 2005, China's apparent consumption of spandex was 121,000 tons, and it is projected to grow to 1,027,000 tons by 2024. The compound annual growth rate (CAGR) of demand from 2005 to 2024 is expected to reach 11.9% [1] Company Focus - In the context of the "anti-involution" trend, the report emphasizes the importance of focusing on listed companies that are positioned on the left side of the cost curve [1]