恒力石化_PX 基本面改善；PTA 有望受益于 “反内卷”

abc 26 December 2025 Global Research First Read PTA industry self-discipline has improved notably following the industry symposium held in late Oct. Market-wide inventories have been falling, now at a low in nearly three years, due to reduced supply as a result of intense maintenance underway at mainstream producers. Compared to end-Oct, the PTA price rose over Rmb500/t to Rmb5,040/t as of 25 Dec, with a nearly Rmb100/t pickup in gross profit. 2026E earnings set to benefit from improving aromatics fundament ...