Report Summary 1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the given content. 2. Core Viewpoints - OPEC+ will consider increasing oil production again at Sunday's meeting [2] - The spread between PX and naphtha has widened, and the weakness of benzene prices has restrained the further increase of PX production to some extent [2] - The spread between PX and MX has rebounded, and the downstream load of polyester remains at around 88%. Domestic PTA plants are gradually resuming, and domestic PTA production is increasing [2] - With the recent improvement in sales and inventory reduction, especially the significant reduction of filament inventory, profits have been significantly restored. However, the maintenance expectations of some downstream devices are relatively strong [2] 3. Summary by Relevant Catalogs Price and Index Changes - PTA spot price decreased from 4725 to 4705, a decrease of 20 [2] - MEG domestic price decreased from 4468 to 4435, a decrease of 33 [2] - 1.4D direct - spun polyester staple fiber price decreased from 6590 to 6575, a decrease of 15 [2] - Short - fiber basis increased from 46 to 66, an increase of 20 [2] - 9 - 10 spread decreased from 94 to 88, a decrease of 6 [2] - Polyester staple fiber cash flow increased from 240 to 246, an increase of 6 [2] - The spread between 1.4D direct - spun and imitation large - chemical fiber decreased from 890 to 875, a decrease of 15 [2] - East China water bottle chip price decreased from 5926 to 5916, a decrease of 10 [2] - Bottle chip spot processing fee increased from 389 to 408, an increase of 18.16 [2] - T32S pure polyester yarn processing fee increased from 3740 to 3755, an increase of 15 [2] - Polyester - cotton yarn profit increased from 1185 to 1218, an increase of 32.62 [2] - Hollow short - fiber 6 - 15D cash flow increased from 393 to 422, an increase of 28.15 [2] Market Conditions - **Short - fiber market**: Polyester staple fiber prices fell by 52 to 6410. The spot market prices of production plants were flexibly negotiated, and the prices of traders decreased. Downstream procurement mainly focused on low - price goods, and intermediate - link transactions were relatively active [2] - **Bottle chip market**: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5880 - 6010 yuan/ton, with the average price remaining flat compared to the previous working day. Polyester raw materials and bottle chip futures fluctuated narrowly, most supply offers remained unchanged, downstream terminals were cautiously waiting and watching, and market transactions were limited [2] Load and Production and Sales - Direct - spun short - fiber load (weekly) increased from 90.60% to 91.10%, an increase of 0.01 [3] - Polyester staple fiber production and sales decreased from 45.00% to 41.00%, a decrease of 4.00% [3] - Polyester yarn startup rate (weekly) increased from 62.00% to 62.80%, an increase of 0.01 [3] - Regenerated cotton - type load index (weekly) decreased from 49.50% to 49.00%, a decrease of 0.01 [3]