Galaxy Securities: "The "anti-involution" wave makes the cycle elasticity of polyester filament worth following.

According to Jin10 data on August 3, Galaxy Securities' research report believes that in the long term, the demand growth for polyester filament in the terminal textile and apparel sector is relatively stable, the peak of industry production has passed, and under the self-discipline constraints of the leader, future industry supply may be more orderly. Currently, the price difference of polyester filament is still operating at a historically low level, indicating potential for upward correction. In the short term, the raw material inventory and grey fabric inventory of polyester filament production and weaving enterprises are both at a relatively low level. Referring to seasonal patterns, the demand peak in the second half of the year is expected to gradually kick off from August. In addition, the expectation of crude oil inventory accumulation in the fourth quarter of 2025 is difficult to disprove for the time being, and it is anticipated that there is limited upward space for costs. The "anti-involution" wave makes the cyclical elasticity of polyester filament worth paying attention to.