PTA行业召开反内卷座谈会，看好行业迎来景气反转：——基础化工行业周报（20251027-20251031）-20251102

Investment Rating - The report maintains an "Accumulate" rating for the basic chemical industry [4] Core Viewpoints - The PTA industry is expected to see a reversal in its economic situation due to the recent meeting held by the Ministry of Industry and Information Technology, which aims to mitigate internal competition and promote stable industry operations [1][2] - The PTA industry has been experiencing significant overcapacity, with operating rates between 70-80% since 2024, leading to widespread losses among companies. However, the demand for profitability improvement is strong, and the recent meeting may accelerate the implementation of necessary measures [2][3] - The peak production period for PTA has passed, with no new capacity expected in late 2025 and only a modest increase in 2027. This reduction in new capacity, combined with the implementation of anti-involution policies, is likely to improve the supply-demand balance in the PTA industry [3] Summary by Sections Industry Overview - The PTA industry has faced overcapacity issues since 2020, with most companies operating at a loss in 2025. The recent meeting is seen as a catalyst for change [2][3] Market Performance - The basic chemical sector has shown positive performance, with the CITIC basic chemical sector index rising by 3.4%, outperforming other sectors [8][10] Price Trends - Recent price increases have been noted in various chemical products, including Vitamin E and organic silicon, indicating a potential recovery in certain segments of the market [17][18] Sub-industry Dynamics - The polyester filament market is stabilizing, while the polyurethane market is experiencing a slight decline in activity. The titanium dioxide market is under pressure due to weak demand [20][21][22]