短纤：检修落实，加工费扩张，瓶片，区间震荡，结构偏弱

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Short - fiber: The maintenance plan has been implemented, and the processing fee has expanded. Polyester raw materials and direct - spun polyester staple fiber futures have risen. Spot factory quotes are stable, with some discounts reduced. The sales of direct - spun polyester staple fiber factories have generally improved, while the downstream pure - polyester yarn market is stable with average sales and stable inventory [1][2]. - Bottle chips: The market shows a range - bound trend with a weak structure. Upstream polyester raw materials have risen, and polyester bottle chip factory quotes are mostly stable with some local increases. The market trading is light, mainly for刚需 replenishment [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking Short - fiber - Futures prices: Short - fiber 2504 closed at 6628, up 46 from the previous day; short - fiber 2505 closed at 6662, up 72; short - fiber 2506 closed at 6702 [1]. - Spread: PF04 - 05 was - 34, down 26; PF05 - 06 was - 40, up 68; the PF basis was 103, down 47 [1]. - Position and volume: The short - fiber position was 320,429, up 7,577; the trading volume was 212,957, down 16,055 [1]. - Spot price and sales rate: The short - fiber spot price in East China was 6,765, up 25; the sales rate was 113%, up 41 percentage points [1]. Bottle chips - Futures prices: Bottle chips 2505 closed at 6088, up 62; bottle chips 2506 closed at 6132, up 52; bottle chips 2509 closed at 6174, up 46 [1]. - Spread: PR05 - 06 was - 44, up 10; PR05 - 09 was - 42, up 6; the PR main contract basis was - 8, down 32 [1]. - Position and volume: The bottle chip position was 21,457, down 2,764; the trading volume was 18,085, down 9,643 [1]. - Spot price: The bottle chip spot price in East China was 6080, up 30; the spot price in South China was 6110, up 40 [1] 3.2 Spot News Short - fiber - Polyester raw materials and direct - spun polyester staple fiber futures have risen. Spot factory quotes are stable, with some discounts reduced. The basis of Xin凤鸣 and Sanfangxiang's goods is 06 + 100 yuan/ton, and Yida's goods are at par with 06. By 3:00 pm, the average sales rate was 113%, and the downstream pure - polyester yarn market is stable with average sales and stable inventory [2]. Bottle chips - Upstream polyester raw materials have risen, and polyester bottle chip factory quotes are mostly stable with some local increases of 30 - 110 yuan. The market trading is light, mainly for刚需 replenishment. April orders are mostly traded at 6050 - 6080 yuan/ton ex - factory, and May orders are traded at 6060 - 6080 yuan/ton ex - factory, with some slightly higher prices depending on the brand [2] 3.3 Trend Intensity - The trend intensity of short - fiber is 1, and that of bottle chips is 0, referring to the daily price fluctuations of the main contracts on the reporting day [2]