智通财经网·2025-09-13 09:45Group 1 - Viscose staple fiber is the main type of regenerated fiber, with China being the largest producer, accounting for 65% of global production in 2023, with a total output of 412 million tons [1][2] - The production capacity of viscose staple fiber in China has decreased from 5.17 million tons in 2021 to 4.81 million tons in 2024 due to environmental regulations and market conditions [2] - The top three companies in the viscose staple fiber industry in China are Sateri (1.8 million tons), Zhongtai Chemical (880,000 tons), and Sanyou Chemical (800,000 tons), with a combined market share (CR3) of 72% [2] Group 2 - The viscose staple fiber industry is currently experiencing high operating rates and low inventory levels, with an operating rate of 88.6% as of September 5, 2025, the highest in the past five years [3] - The apparent consumption of viscose staple fiber in China has grown from 2.93 million tons in 2014 to 4.35 million tons in 2024, with a compound annual growth rate of 4.0% [4] - The main downstream applications of viscose staple fiber are yarns and non-woven fabrics, with yarns being the primary consumption area, while non-woven fabrics have provided significant demand growth in recent years [4] Group 3 - Companies with scale advantages are recommended for investment, including Sanyou Chemical, which has a production capacity of 800,000 tons and a market share of approximately 17% [5] - Zhongtai Chemical has an integrated circular economy advantage, with a production capacity of 880,000 tons per year, making it the second-largest producer in China [5]