Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - Domestic PTA device is gradually returning, PTA production is rising, PTA basis is rapidly declining, and the market is under significant pressure due to Hengli's concentrated shipments. OPEC+ has increased oil production again, leading to a sharp decline in crude oil prices. The spread between PX and naphtha has shrunk. Recently, production and sales have weakened, inventory has increased, and as the off - season is approaching, the operating load of polyester has risen to 91%. However, due to the decline in crude oil prices and the weakening of the basis, PTA is performing weakly [2] Group 3: Summary of Related Indicators Price and Spread Changes - PTA spot price dropped from 4630 to 4555, a decrease of 75; MEG inner - market price dropped from 4362 to 4351, a decrease of 11; PTA closing price dropped from 4666 to 4604, a decrease of 62; MEG closing price dropped from 4268 to 4257, a decrease of 11; 1.4D direct - spinning polyester staple fiber price dropped from 6540 to 6490, a decrease of 50; short - fiber basis increased from 72 to 111, an increase of 39; 10 - 11 spread increased from 6 to 8, an increase of 2; 1.4D direct - spinning and imitation large - chemical spread decreased from 890 to 840, a decrease of 50;华东水瓶片, hot - filling polyester bottle - chip, and carbonated - grade polyester bottle - chip prices all dropped by 40; outer - market water bottle - chip price dropped from 770 to 765, a decrease of 5; T32S pure polyester yarn price dropped from 10300 to 10270, a decrease of 30; cotton 328 price dropped from 14890 to 14870, a decrease of 20 [2] Cash Flow and Processing Fee Changes - Polyester staple fiber cash flow increased from 240 to 246, an increase of 6; bottle - chip spot processing fee increased from 427 to 455, an increase of 27.81; T32S pure polyester yarn processing fee increased from 3760 to 3780, an increase of 20; polyester - cotton yarn profit increased from 1286 to 1326, an increase of 40.71; hollow short - fiber 6 - 15D cash flow increased from 430 to 498, an increase of 67.81 [2] Market Conditions - In the short - fiber market, the price of polyester staple fiber dropped by 122 to 6284. The spot market was mainly based on price negotiations by production factories, the prices of traders declined, downstream buyers replenished at low prices, the trading volume in the trader segment was good, and the factory trading volume was average. The price range of 1.56dtex*38mm semi - glossy natural white (1.4D) polyester staple fiber in the East China market was 6270 - 6570 (cash on the spot, tax - included, self - pick - up), in the North China market was 6390 - 6690 (cash on the spot, tax - included, delivered), and in the Fujian market was 6270 - 6500 (cash on the spot, tax - included, delivered). In the bottle - chip market, the mainstream negotiation price of polyester bottle - chips in the Jiangsu and Zhejiang markets was 5750 - 5870 yuan/ton, with the average price dropping by 40 yuan/ton compared to the previous working day. Polyester raw materials and bottle - chip futures were weakly operating, the supply side lowered its offers, downstream end - users made rigid purchases, and the market trading was okay, but the price center of bottle - chips declined [2] Load and Production - Sales Rate - The direct - spinning short - fiber load (weekly) was 94.40%, with a change of 0.01; the polyester staple fiber production - sales rate was 52.00%, a decrease of 8.00% compared to the previous period; the polyester yarn startup rate (weekly) was 63.50%, with no change; the recycled cotton - type load index (weekly) was 51.00%, with a change of 0.01 [3]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - Domestic PTA device is gradually returning, and domestic PTA production is rising while PTA basis is rapidly declining. OPEC+ will consider increasing oil production again at Sunday's meeting, and the spread between PX and naphtha remains stable. With the recent improvement in production and sales and inventory reduction, especially the significant reduction of filament inventory, downstream profits are significantly repaired, and the operating load of polyester has rebounded to 91%. However, due to the decline in crude oil prices and the weakening of the basis, PTA shows weakness [2]. 3. Summary by Relevant Catalogs Price and Index Changes - PTA spot price decreased from 4620 to 4575, a change of -45; MEG domestic price decreased from 4414 to 4386, a change of -28; PTA closing price decreased from 4688 to 4648, a change of -40; MEG closing price decreased from 4302 to 4272, a change of -30; 1.4D direct - spun polyester staple fiber price decreased from 6565 to 6520, a change of -45; short - fiber basis remained unchanged at 90; 10 - 11 spread decreased from 6 to 4, a change of -2; polyester staple fiber cash flow increased from 240 to 246, a change of 6; 1.4D imitation large - chemical fiber price remained unchanged at 5700; the spread between 1.4D direct - spun and imitation large - chemical fiber decreased from 865 to 820, a change of -45; East China water bottle chip price decreased from 5870 to 5850, a change of -20; hot - filling polyester bottle chip price decreased from 5870 to 5850, a change of -20; carbonated - grade polyester bottle chip price decreased from 5970 to 5950, a change of -20; outer - market water bottle chip price decreased from 765 to 760, a change of -5; bottle - chip spot processing fee increased from 441 to 469, a change of 27.85; T32S pure polyester yarn price remained unchanged at 10300; T32S pure polyester yarn processing fee increased from 3735 to 3780, a change of 45; polyester - cotton yarn 65/35 45S price remained unchanged at 16270; cotton 328 price remained unchanged at 14950; polyester - cotton yarn profit increased from 1266 to 1296, a change of 29.84; primary three - dimensional hollow (with silicon) price decreased from 7110 to 7095, a change of -15; hollow staple fiber 6 - 15D cash flow increased from 481 to 514, a change of 32.85; primary low - melting - point staple fiber price decreased from 7450 to 7430, a change of -20 [2]. Market Conditions - Short - fiber: Polyester staple fiber dropped 34 to 6332. In the spot market, the prices of polyester staple fiber production plants were stable, while those of traders declined. Downstream buyers purchased as needed, and the on - site trading volume was limited. The price of 1.56dtex*38mm semi - bright white (1.4D) polyester staple fiber in the East China market was 6300 - 6600 in cash on the spot, tax - included self - pick - up; in the North China market, it was 6420 - 6720 in cash on the spot, tax - included delivery; in the Fujian market, it was 6350 - 6550 in cash on the spot, tax - included delivery. - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5790 - 5880 yuan/ton, with the average price dropping 35 yuan/ton compared to the previous working day. On the day, polyester raw materials and bottle - chip futures fluctuated weakly. Most offers on the supply side were adjusted downward, and downstream end - users replenished stocks on a rigid basis. The trading atmosphere was fair, and the price center of bottle chips declined [2]. Load and Production and Sales Rates - Direct - spun short - fiber load (weekly) increased from 90.60% to 91.10%, a change of 0.01; polyester staple fiber production and sales rate decreased from 64.00% to 51.00%, a change of -13.00%; polyester yarn start - up rate (weekly) increased from 62.00% to 62.80%, a change of 0.01; recycled cotton - type load index (weekly) increased from 49.00% to 49.50%, a change of 0.01 [3].