Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - PTA market seeks balance between cost support and demand expectations. PX price at a high level provides rigid support for PTA cost, while the recovery progress of downstream polyester demand will determine the upside space of PTA price. PTA price is expected to fluctuate within a range, and close attention should be paid to the trend of crude oil prices, PX plant operation, and downstream polyester production and sales data. If downstream demand recovery falls short of expectations, PTA price may face correction pressure [7]. 3. Summaries by Relevant Catalogs 3.1 Futures Market - The closing price of the main PTA futures contract on the Zhengzhou Commodity Exchange is 6,660 yuan/ton, and the settlement price is 6,336 yuan/ton, up 4.42% from the previous day. The trading volume is 2.84 million lots, and the open interest is 1.23 million lots. The basis is -480 yuan/ton, indicating a large discount of futures price relative to the spot [2]. 3.2 Influencing Factors - The increase in the main PX futures contract provides support for the cost side of PTA. The PTA - PX spread remains in a relatively reasonable range, but the high - level operation of PX price exerts pressure on PTA cost. The main influencing factors on the day are the game between cost - side support and supply - demand fundamentals. Crude oil price fluctuations are transmitted to the PTA cost side through PX, and the recovery of downstream polyester demand has become the focus of the market. The market generally pays attention to whether the demand in the traditional spring peak season can start as expected [4]. 3.3 Market Outlook - PTA price is expected to fluctuate within a range. Attention should be paid to crude oil price trends, PX plant operation, and downstream polyester production and sales data. If downstream demand recovery is less than expected, PTA price may face correction pressure [7].