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Report Industry Investment Rating - The report gives a neutral rating to PX/PTA/PF/PR [4] Core Viewpoints - The cost side of the crude oil market has obvious long - short differences, and geopolitical factors put pressure on oil prices. PX supply is expected to increase, with many overseas restart plans and more imports from arbitrage. TA has a de - stocking balance sheet in December and limited inventory accumulation pressure in January. The polyester start - up rate is 90.8% (up 0.4% month - on - month), but the downstream weaving load is declining. PF has weak demand and increasing inventory, while PR's processing fee is expected to fluctuate in a range [1][2][3] - For the strategy, in the short term, PX, PTA, PF, and PR are rated neutral. In the medium term, after a pullback, it is advisable to go long on a hedging basis at low prices [4] Summary by Directory Price and Basis - The report includes charts on TA and PX's main contract trends, basis, and inter - period spreads, as well as PTA's East China spot basis and short - fiber basis [9][11][14] Upstream Profits and Spreads - Charts show PX processing fees, PTA spot processing fees, South Korea's xylene isomerization profit, and South Korea's STDP selective disproportionation profit [17][19] International Spreads and Import - Export Profits - It covers toluene's US - Asia spread, toluene's South Korea FOB - Japan naphtha CFR spread, and PTA's export profit [24][26] Upstream PX and PTA Start - up - The report presents the start - up loads of PTA in China, South Korea, and Taiwan, as well as PX loads in China and Asia [27][30][32] Social Inventory and Warehouse Receipts - Charts display PTA's weekly social inventory, PX's monthly social inventory, PTA's total warehouse receipts + forecast volume, and various warehouse receipt inventories of PTA, PX, and PF [37][39][40] Downstream Polyester Load - It includes data on filament and short - fiber sales, polyester load, various filament loads, polyester bottle - chip load, and related factory inventory days, as well as the start - up rates of Jiangsu and Zhejiang's weaving, texturing, and dyeing industries [47][49][58] PF Detailed Data - There are details on polyester staple fiber load, factory equity inventory days, 1.4D physical and equity inventories, recycled cotton - type staple fiber load, and the start - up rates and profits of pure polyester yarn and polyester - cotton yarn [69][76][79] PR Fundamental Detailed Data - It shows polyester bottle - chip load, bottle - chip factory inventory days, spot and export processing fees, export profit, and various month - on - month spreads of bottle - chips [86][88][97]