市场情绪延续乐观，PXN大幅上涨

Report Industry Investment Rating - PX/PTA/PF/PR are short - term bullish. Short - term, the polyester industry chain is expected to remain strong, but beware of the risk of chasing high prices. For cross - period, a positive spread strategy is recommended, and there is no strategy for cross - variety [6][7] Report's Core View - On May 14, all commodities in the polyester industry chain rose. The main reasons were the good macro - sentiment, the better - than - expected results of the Sino - US talks, the reduction of tariffs being beneficial to the demand side of polyester, the rebound and stabilization of crude oil prices, and the de - stocking of polyester raw materials [2] - In terms of cost, the Sino - US talks brought macro - benefits, the crude oil price rose, and downstream energy - chemical products rebounded. The gasoline cracking spread may improve seasonally, but its upward space is limited. The aromatics blending demand is not worth much expectation [3] - For PX, PXN has rebounded from a low level. In the short term, the market sentiment has improved and unexpected maintenance has increased. In May, domestic PX maintenance devices will restart, and supply is expected to increase. For TA, the basis has strengthened due to de - stocking in May [4] - In terms of demand, the polyester operating rate has increased. After the festival, the operating rates of downstream weaving and texturing have rebounded rapidly. After the reduction of tariffs, textile and clothing orders are expected to improve, and the inventory pressure of filament has decreased. The production reduction of polyester may be postponed [5] Summary According to Relevant Catalogs Price and Basis - The report shows the TA main contract, basis, and inter - period spread trends; PX main contract trend, basis, and inter - period spread; PTA East China spot basis; and short - fiber 1.56D*38mm semi - bright natural white basis [11][12][14] Upstream Profit and Spread - It includes PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [19][22] International Spread and Import - Export Profit - The report presents the toluene US - Asia spread, toluene South Korea FOB - Japan naphtha CFR, and PTA export profit [27][29] Upstream PX and PTA Startup - It shows the operating rates of PTA in China, South Korea, and Taiwan, as well as the operating rates of PX in China and Asia [30][33][35] Social Inventory and Warehouse Receipts - It includes PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [39][42][43] Downstream Polyester Load - It presents filament sales, short - fiber sales, polyester load, direct - spun filament load, polyester staple fiber load, polyester bottle - chip load, filament factory inventory days, and the operating rates of weaving, texturing, and dyeing in Jiangsu and Zhejiang [50][52][62] PF Detailed Data - It includes polyester staple fiber load, polyester staple fiber factory equity inventory days, 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple fiber load, raw - recycled spread, pure polyester yarn operating rate, pure polyester yarn production profit, polyester - cotton yarn operating rate, polyester - cotton yarn processing fee, and the available inventory days in pure polyester yarn and polyester - cotton yarn factories [76][84][86] PR Fundamental Detailed Data - It shows polyester bottle - chip load, bottle - chip factory bottle - chip inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, the price difference between East China water bottle - chips and recycled 3A - grade white bottle - chips, bottle - chip next - month spread, and bottle - chip next - next - month spread [92][94][99]