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湘财证券:氨纶供需格局有望向好 未来行业景气度有望改善
智通财经网·2025-08-27 08:43

Core Viewpoint - The report from Xiangcai Securities indicates that the supply-demand dynamics of spandex are expected to improve, leading to a potential recovery in industry prosperity as outdated production capacity exits and new capacity expansions are delayed [1][2]. Supply Side Summary - China is the largest producer of spandex globally, but the industry has faced overcapacity due to rapid expansion in recent years, resulting in weak market conditions and price margins at historical lows [2]. - The exit of outdated production capacity is anticipated, exemplified by Taekwang Industrial's decision to cease operations at its subsidiary in China, which had an annual production capacity of 27,000 tons and has been suffering significant losses [2]. - Some new capacity expansions are being postponed, such as Huafeng Chemical's adjustment of its differentiated spandex expansion project from an annual capacity of 300,000 tons to 250,000 tons, with the completion date pushed from February 2025 to December 2026 [2]. Demand Side Summary - Future demand for spandex is expected to grow due to consumption upgrades, with an anticipated increase in penetration rates and additive ratios in various textile products [1][2]. - Spandex is recognized for its excellent performance characteristics, including high elongation, low elastic modulus, good fatigue resistance, low density, corrosion resistance, and aging resistance, making it a valuable textile material [1].