基础化工：纤维行业整体价格承压，出口同比增长

Investment Rating - The industry rating is "Outperform the Market" [4][37] Core Viewpoints - The fiber industry is experiencing overall price pressure, with a year-on-year increase in exports [2][24] - Domestic demand is improving alongside overseas destocking, which is expected to enhance fiber demand [2] - Supply-side expansion has led to increased concentration in specific products, with a potential slowdown in future expansion [2] Summary by Sections Prices - As of September 14, 2024, the prices for various fiber products are as follows: - PA6: 14,250 CNY/ton, down 0.3% month-on-month - Viscose filament: 44,750 CNY/ton, unchanged - Caprolactam: 12,225 CNY/ton, down 3.9% - Adipic acid: 8,150 CNY/ton, down 6.9% - Nylon short fiber: 15,600 CNY/ton, up 0.3% - Acrylic short fiber: 14,100 CNY/ton, unchanged - Spandex: 25,000 CNY/ton, unchanged - Viscose short fiber: 13,650 CNY/ton, up 1.1% - PA66: 24,250 CNY/ton, down 5.8% [2][8] Supply - As of September 13, 2024, the operating rates and inventory levels are: - Spandex: 87% operating rate, 49 days inventory - Acrylic: 69.6% operating rate, 15.5 days inventory - Viscose short fiber: 84% operating rate, 5 days inventory [2][19] Downstream - In August, the export value of textile yarns, fabrics, and related products was 1.15 billion USD, up 3% year-on-year - The export value of clothing and accessories was 15.73 billion USD, down 3.6% year-on-year - The inventory of U.S. clothing and fabric wholesalers was 28.903 billion USD, up 0.1% month-on-month [2][24]