短纤：关税落地，跟随原料偏弱，瓶片：关税落地，跟随原料偏弱瓶片

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - Short fiber and bottle chip markets are both affected by tariff implementation and follow the raw materials market with a weak trend [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Short Fiber: - Futures prices: short fiber 2504 decreased by 6628 to 0, short fiber 2505 decreased by 32 to 6630, and short fiber 2506 increased by 34 to 6676 [1]. - Spread: PF04 - 05 changed by -6.596 to -6.630, PF05 - 06 changed by -66 to -46, and PF basis increased by 32 to 135 [1]. - Positions and trading volume: short fiber positions increased by 500 to 320929, and trading volume decreased by 5699 to 207258 [1]. - Spot price and sales rate: short fiber spot price in East China remained at 6.765, and the sales - to - production ratio decreased by 22% to 91% [1]. - Bottle Chip: - Futures prices: bottle chip 2505 decreased by 6 to 6082, bottle chip 2506 decreased by 6 to 6126, and bottle chip 2509 decreased by 6 to 6168 [1]. - Spread: PR05 - 06 remained at -44, PR05 - 09 remained at -42, and PR main contract basis decreased by 9 to -17 [1]. - Positions and trading volume: bottle chip positions decreased by 981 to 20476, and trading volume decreased by 5946 to 12139 [1]. - Spot price: bottle chip spot price in East China decreased by 15 to 6065, and in South China decreased by 10 to 6100 [1]. 3.2 Spot News - Short Fiber: Direct - spun polyester staple fiber futures fluctuated weakly, market sentiment declined. Spot factory quotes were stable, with preferential negotiations for transactions. The futures - spot basis was weakly stable. Transaction volume decreased, and the average sales - to - production ratio was 91% [1]. - Bottle Chip: Upstream polyester raw materials rose slightly, polyester bottle chip factory quotes were mostly stable with some slight downward adjustments. Market transactions were light, mainly for rigid demand replenishment, and most factories had prices but few transactions. Orders from April to May were transacted at 6020 - 6080 yuan/ton ex - factory, with some slightly higher at around 6160 yuan/ton ex - factory [2]. 3.3 Trend Intensity - The trend intensity of short fiber and bottle chip is -1, indicating a weak trend on the day of the report for the main contract futures price fluctuations [2].