Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - Due to the intensive maintenance of PX and the significant repair of the internal and external price difference of PX, coupled with the maintenance of domestic PTA plants, the basis of PTA has strengthened significantly. Some traders' concentrated replenishment has led to a certain market tightness. The long - short spread of the market has emerged, and there are rumors that mainstream factories are considering canceling warehouse receipts to complete contract supply. The PTA monthly spread has widened significantly. Polyester factories' inventory reduction is close to two weeks, and there has been a round of concentrated replenishment downstream. Polyester inventory has improved. According to the balance sheet calculation, PTA inventory will be significantly reduced in May, and port inventory will continue to decline. If polyester inventory remains strong, PTA inventory may continue to decline in June. With inventory reduction, the possibility of polyester factories reducing production is low [2] Group 3: Summary of Related Data Price and Spread Changes - PTA spot price decreased from 4555 to 4480, a decrease of 75 [2] - MEG internal market price decreased from 4216 to 4190, a decrease of 26 [2] - PTA closing price decreased from 4434 to 4362, a decrease of 72 [2] - MEG closing price decreased from 4155 to 4130, a decrease of 25 [2] - 1.4D direct - spun polyester staple fiber price decreased from 6410 to 6385, a decrease of 25 [2] - Short - fiber basis decreased from 230 to 215, a decrease of 15 [2] - 5 - 6 spread increased from 72 to 74, an increase of 2 [2] - 1.4D direct - spun and imitation large - chemical fiber price difference decreased from 535 to 510, a decrease of 25 [2] - East China water bottle chip price decreased from 5742 to 5716, a decrease of 26 [2] - Hot - filled polyester bottle chip price decreased from 5742 to 5716, a decrease of 26 [2] - Carbonated - grade polyester bottle chip price decreased from 5842 to 5816, a decrease of 26 [2] - Outer - market water bottle chip price decreased from 755 to 750, a decrease of 5 [2] - T32S pure polyester yarn price decreased from 10550 to 10540, a decrease of 10 [2] - Cotton 328 price decreased from 13680 to 13675, a decrease of 5 [2] Cash Flow and Processing Fee Changes - Polyester staple fiber cash flow increased from 240 to 246, an increase of 6 [2] - Bottle chip spot processing fee increased from 435 to 482, an increase of 46.83 [2] - T32S pure polyester yarn processing fee increased from 4140 to 4155, an increase of 15 [2] - Polyester - cotton yarn profit increased from 2099 to 2118, an increase of 18.46 [2] - Hollow staple fiber 6 - 15D cash flow increased from 408 to 481, an increase of 72.83 [2] Load and Production and Sales Changes - Direct - spun staple fiber load (weekly) increased from 88.90% to 91.30%, an increase of 0.02 [3] - Polyester staple fiber production and sales increased from 75.00% to 77.00%, an increase of 2.00% [3] - Polyester yarn startup rate (weekly) remained unchanged at 67.00% [3] - Regenerated cotton - type load index (weekly) remained unchanged at 50.40% [3]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - Due to the concentrated maintenance of PTA devices and the intensive maintenance of upstream PX devices, the internal - external price difference of PX has been significantly repaired. The load of PX devices has changed with the large - scale maintenance of reforming devices. More domestic PTA and reforming devices are planned to be maintained in May. PTA has weakened significantly, and market sentiment has begun to calm down [2]. - The profits of polyester downstream products are compressed, and the polyester load remains at a high level. Recently, polyester sales have continued to improve, and polyester inventory has been significantly reduced. However, the downstream load is decreasing, and the terminal export demand has significantly weakened. PTA has entered the de - stocking cycle, with an expected de - stocking amplitude of more than 400,000 tons in the next period, and the de - stocking will stop in June [2]. - PXN has shrunk to 160, and the price difference between PX - MX has shrunk to 65. The load of domestic PX devices has declined. The processing fee of PTA still remains at around 350 yuan and has expanded [2]. - The downstream of polyester may cut production, including FDY, short - fiber, and bottle, all showing production cuts. The downstream load has decreased, and orders have significantly decreased [3]. 3) Summary by Indicators Price and Price Difference Indicators - PTA spot price decreased from 4585 to 4540, a decrease of 45; PTA closing price decreased from 4480 to 4440, a decrease of 40 [2]. - MEG internal - market price increased from 4210 to 4216, an increase of 6; MEG closing price decreased from 4190 to 4187, a decrease of 3 [2]. - 1.4D direct - spinning polyester staple fiber price decreased from 6460 to 6430, a decrease of 30; the price difference between 1.4D direct - spinning and imitation large - chemical fiber decreased from 610 to 555, a decrease of 55 [2]. - Polyester bottle - chip prices in the Jiangsu - Zhejiang market decreased, with the average price down 35 yuan/ton compared to the previous working day. Various types of bottle - chip prices, such as East China water - bottle chips, hot - filling polyester bottle chips, and carbonated - grade polyester bottle chips, all decreased by 48 [2]. - T32S pure polyester yarn price decreased from 10600 to 10570, a decrease of 30; the processing fee remained unchanged at 4140 [2]. - Cotton 328 price decreased from 13875 to 13790, a decrease of 85 [2]. Load and Production and Sales Indicators - Direct - spinning short - fiber load (weekly) increased from 88.90% to 91.30%, an increase of 0.02 [3]. - Polyester staple fiber production and sales decreased from 89.00% to 74.00%, a decrease of 15.00% [3]. - Polyester yarn startup rate (weekly) remained unchanged at 67.00% [3]. - Regenerated cotton - type load index (weekly) remained unchanged at 50.40% [3].

Group 1: Report's Industry Investment Rating - No information provided Group 2: Report's Core View - Due to the concentrated maintenance of PTA plants and the intensive maintenance of upstream PX plants, the internal and external price difference of PX has been significantly repaired. The load of PX plants has changed with the large - scale maintenance of reforming plants. More domestic PTA and reforming plants are planned to be overhauled in May. The contraction of the domestic PTA and PX supply side has led to a gradual tightening of PTA spot, and there are market rumors that mainstream factories are considering injecting and selling warehouse receipts to complete the supply of contract goods. PTA has become significantly stronger, the monthly spread has widened, and market sentiment has continued to ferment. As the price of PTA rises, the profits of polyester downstream products are compressed, while the polyester load remains at a high level. Recently, the polyester production and sales have continued to improve, the polyester inventory has been significantly reduced, but the downstream load is decreasing, and the terminal export demand has weakened significantly. PTA has entered a de - stocking cycle, with an expected de - stocking volume of more than 400,000 tons, and the de - stocking will stop in June. The PTA basis has continued to strengthen, the maintenance of PTA plants has continued to increase, the market liquidity has slightly shrunk due to the maintenance supply, and large - scale traders have a relatively positive buying atmosphere. The downstream of polyester may cut production, including FDY and short - fiber bottle chips [2]. Group 3: Summary According to Related Data Price and Price Difference - PTA spot price increased from 4350 on April 24, 2025, to 4415 on April 25, 2025, with an increase of 65 [2]. - MEG internal - market price decreased from 4221 to 4188, a decrease of 33 [2]. - PTA closing price rose from 4370 to 4400, an increase of 30 [2]. - MEG closing price dropped from 4179 to 4160, a decrease of 19 [2]. - 1.4D direct - spinning polyester short - fiber price increased from 6360 to 6375, an increase of 15 [2]. - Short - fiber basis decreased from 354 to 310, a decrease of 44 [2]. - 5 - 6 spread decreased from 60 to 62, a decrease of 2 [2]. - The price difference between 1.4D direct - spinning and imitation large - chemical fiber increased from 510 to 525, an increase of 15 [2]. - East China water - bottle chip price increased from 5648 to 5710, an increase of 62 [2]. - Hot - filling polyester bottle chip price increased from 5648 to 5710, an increase of 62 [2]. - Carbonated - grade polyester bottle chip price increased from 5748 to 5810, an increase of 62 [2]. - Outer - market water - bottle chip price increased from 745 to 750, an increase of 5 [2]. - T32S pure - polyester yarn price remained unchanged at 10600 [2]. - T32S pure - polyester yarn processing fee decreased from 4240 to 4225, a decrease of 15 [2]. - Polyester - cotton yarn 65/35 45S price remained unchanged at 16550 [2]. - Cotton 328 price increased from 13910 to 13915, an increase of 5 [2]. - Polyester - cotton yarn profit decreased from 2075 to 2064, a decrease of 11.84 [2]. - Primary three - dimensional hollow (with silicon) price remained unchanged at 6890 [2]. - Hollow short - fiber 6 - 15D cash flow decreased from 557 to 512, a decrease of 44.52 [2]. - Primary low - melting - point short - fiber price remained unchanged at 7150 [2]. Processing Fee and Cash Flow - Bottle - chip spot processing fee increased from 515 to 532, an increase of 17.48 [2]. - Polyester short - fiber cash flow increased from 240 to 246, an increase of 6 [2]. Load and Production and Sales - Direct - spinning short - fiber load (weekly) increased from 84.80% to 88.60%, an increase of 0.04 [3]. - Polyester short - fiber production and sales increased from 8.00% to 62.00%, an increase of 70.00% [3]. - Polyester yarn startup rate (weekly) remained unchanged at 66.00% [3]. - Regenerated cotton - type load index (weekly) increased from 37.10% to 43.80%, an increase of 0.07 [3].