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].