Gelonghui, December 13th丨Tangshan Sanyou Chemical Industries (600409.SH) stated at the investor conference that the current domestic PVC production capacity is approximately 28.5 million tons, with an estimated annual output of around 23.45 million tons, showing little year-on-year change. Since the beginning of this year, PVC has maintained a fluctuating and consolidating trend, with limited volatility, mainly affected by the poor performance in the Real Estate and Infrastructure Industries, compounded by high industry inventory exceeding 1 million tons. The market is primarily experiencing fluctuations and consolidation. Currently, the overall industry operating rate is around 77%-78%. Capacity growth is limited in 2025, and under the bullish policies from the government to stabilize Real Estate and increase Infrastructure, prices are expected to rise slightly.