PTA: Short-term rebound, long 01 short 05. Recently, the mainstream suppliers of spot goods have a strong willingness to ship, with more selling orders and slightly weaker buying interest, but the basis remains at a high level around 210 yuan/ton. Recently, PX devices have been overhauled a lot. The operating rate of PTA devices was low from July to August, and the load fell below 70% again. PTA spot circulation is tight, so it is expected that PTA will maintain a rebound before the delivery month. Inventory of polyester fell rapidly, and the start of construction rebounded slightly. However, in the medium term, the demand for textile clothing is expected to be pessimistic in the second half of the year, and the terminal orders will continue to be weak. The demand for polyester is expected to be difficult to effectively increase. In addition, the new capacity of PTA on the 01 contract is huge, and in the medium term, PTA will gradually enter the stage of oversupply. Short-term long 01 short 05.