PTA: The basis is strong and the monthly difference is strong. Under the current oil price level, PTA and PX processing fees are low, and there is limited room for continued compression. The downstream polyester plant started to recover slowly, maintaining an operating rate of 84.6%. The PTA plant had 4 million tons of equipment undergoing maintenance from November to December. After the end of the power curtailment in Zhejiang, the operating rate of the polyester plant is expected to increase. Tired inventory pressure is expected to have some links. Long 01 short 05.