According to Huatai Securities Research Report, China's PX industry is highly concentrated. As of November 2025, CR5 is 62%. Major companies and production capacity include Rongsheng Petrochemical 6.8 million tons, Sinopec 6.11 million tons, Hengli Petrochemical 5.2 million tons, CNPC 4.77 million tons, and a Lianyungang plant 4 million tons. In addition, Tongkun Co., Ltd. has 1.96 million tons of equity production capacity due to holding 20% of Zhejiang Petrochemical shares. Considering that there is no clear increase in domestic PX production capacity in 2026, the stimulus of the Federal Reserve's interest rate cut on global macroeconomic and travel demand may gradually become apparent. Overseas gasoline and diesel price differences will increase or pressure the load on PX installations. Huatai Securities believes that domestic and foreign PX supply and demand may maintain a tight balance in 2026, and the industry's boom is expected to continue, and leading refining and chemical integration companies with PX production capacity are expected to benefit.

According to Huatai Securities Research Report, China's PX industry is highly concentrated. As of November 2025, CR5 is 62%. Major companies and production capacity include Rongsheng Petrochemical 6.8 million tons, Sinopec 6.11 million tons, Hengli Petrochemical 5.2 million tons, CNPC 4.77 million tons, and a Lianyungang plant 4 million tons. In addition, Tongkun Co., Ltd. has 1.96 million tons of equity production capacity due to holding 20% of Zhejiang Petrochemical shares. Considering that there is no clear increase in domestic PX production capacity in 2026, the stimulus of the Federal Reserve's interest rate cut on global macroeconomic and travel demand may gradually become apparent. Overseas gasoline and diesel price differences will increase or pressure the load on PX installations. Huatai Securities believes that domestic and foreign PX supply and demand may maintain a tight balance in 2026, and the industry's boom is expected to continue, and leading refining and chemical integration companies with PX production capacity are expected to benefit.