PTA-聚酯产业或将联合减产：国内供应格局梳理

市场资讯2025-09-26

（来源：伏白的交易笔记）一. 驱动逻辑产业链关系：原料（PTA）→中间品（聚酯）→下游制品（聚酯长丝），价格与需求相互传导。（1）行业景气度触底过去五年PTA行业快速扩张，产能年均复合增速11%，供给端快速释放导致行业盈利逐步收窄；目前行业平均开工率已经降低至78%，大厂效益改善诉求明显。（2）行业集中度高，有望开启联合减产逸盛、恒力、桐昆、新凤鸣、盛虹、三房巷6家产能集中度达到74%，行业协会正...

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