国金证券：PVC国内扩产周期进入尾声，供需格局有望迎来改善

Group 1 - The overall domestic PVC industry is currently facing significant loss pressure, which may lead to the accelerated exit of high-cost small and medium-sized capacities in certain regions [1] - The cancellation of export tax rebates is impacting the industry dynamics, potentially improving the supply-demand balance marginally in the future [1] - PVC prices and industry profitability are expected to gradually recover, suggesting a positive outlook for companies with large PVC production capacities and integrated supply chain layouts [1]