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Report Industry Investment Rating - Not provided in the content Core Viewpoints - The polyester industry is currently in a state of recovery, with the polyester load continuing to increase. The short - term polyester industry chain is expected to remain strong, but there are risks associated with chasing high prices [1][3][4] - The PXN has rebounded significantly due to short - term market sentiment improvement and increased unplanned maintenance, while the PTA market has shown price rebounds and strong demand support [2] - The demand side of the polyester industry has improved, with the polyester start - up rate rising, and downstream orders are expected to improve after the tariff reduction between China and the United States [3] Summaries by Directory Price and Basis - The TA main contract spot basis is 205 yuan/ton (a decrease of 40 yuan/ton compared to the previous period), and the PTA spot processing fee is 386 yuan/ton (an increase of 22 yuan/ton) [2] Upstream Profits and Spreads - The PXN was 280 dollars/ton the day before last (a month - on - month increase of 13 dollars/ton) and rose to 282 dollars/ton on Wednesday [2] International Spreads and Import - Export Profits - Not provided in the content Upstream PX and PTA Start - Up - In May, domestic PX maintenance devices will gradually restart, and supply is expected to increase. The PTA market is in a state of significant inventory reduction [2] Social Inventory and Warehouse Receipts - Not provided in the content Downstream Polyester Load - The polyester start - up rate is 94.2% (a month - on - month increase of 0.8%), and the polyester monthly average load in May may increase instead of decrease, exceeding market expectations [3] PF Detailed Data - The PF spot production profit is 23 yuan/ton (a month - on - month increase of 70 yuan/ton) [3] PR Fundamental Detailed Data - The bottle - chip spot processing fee is 356 yuan/ton (a month - on - month increase of 70.37 yuan/ton), and the bottle - chip load remains high and stable [3]