短纤：趋势偏弱，瓶片：趋势偏弱瓶片

Report Industry Investment Rating - Short fiber: Weakening trend [1] - Bottle chips: Weakening trend [1] Core Viewpoints - During the National Day holiday, upstream crude oil and PX prices declined and then rebounded, while the export price of PTA slightly decreased. Before the holiday, the futures of direct - spinning polyester staple fiber fluctuated weakly following the raw materials. The factory quotes remained stable, and the transactions were negotiated on a case - by - case basis. Traders offered discounts for sales. The trading volume of traders was okay today, while the factory sales were average, with an average production - sales ratio of 57% by 3:00 pm. Some downstream polyester yarn factories had a 1 - 3 - day holiday as planned [1]. - Before the holiday, the futures of upstream polyester raw materials oscillated and closed lower. The quotes of polyester bottle chip factories were partially reduced by 20 - 50 yuan. The trading volume in the polyester bottle chip market was average. Orders from September to November were mostly transacted at ex - factory prices ranging from 5730 to 5830 yuan/ton, with a small amount slightly lower around 5710 yuan/ton ex - factory and slightly higher around 5850 - 5890 yuan/ton ex - factory, and prices varied by brand [2]. Summary by Relevant Catalogs Fundamental Tracking Short Fiber - Price changes: Short fiber 2510 decreased from 6326 to 6314, a change of - 12; short fiber 2511 increased from 6326 to 6336, a change of 10; short fiber 2512 decreased from 6334 to 6296, a change of - 38. The PF10 - 11 spread decreased from 0 to - 22, a change of - 22; the PF11 - 12 spread increased from - 8 to 40, a change of 48; the PF basis decreased from 114 to 99, a change of - 15 [1]. - Position and volume: The short - fiber main contract's open interest decreased from 194228 to 194058, a change of - 170; the trading volume decreased from 160384 to 149651, a change of - 10733. The East China spot price decreased from 6.440 to 6.435, a change of - 5. The production - sales ratio increased from 45% to 52%, a change of 7% [1]. Bottle Chips - Price changes: Bottle chips 2510 decreased from 5846 to 5832, a change of - 14; bottle chips 2511 decreased from 5802 to 5796, a change of - 6; bottle chips 2512 decreased from 5802 to 5798, a change of - 4. The PR10 - 11 spread decreased from 44 to 36, a change of - 8; the PR11 - 12 spread decreased from 0 to - 2, a change of - 2; the PR main contract basis increased from - 22 to - 16 [1]. - Position and volume: The bottle - chip main contract's open interest decreased from 26435 to 20146, a change of - 6289; the trading volume decreased from 56826 to 42587, a change of - 14239. The East China spot price remained at 5780, and the South China spot price also remained at 5860 [1]. Spot News - Short fiber: During the National Day, upstream raw materials fluctuated. Before the holiday, the market was weak. Today, trader transactions were okay, and factory sales were average, with an average production - sales ratio of 57% by 3:00 pm. Some downstream factories had holidays [1]. - Bottle chips: Before the holiday, upstream raw material futures closed lower, factory quotes were partially reduced, and the market trading volume was average. Orders from September to November had different price ranges [2]. Trend Intensity - Short fiber trend intensity: - 1 [2] - Bottle chips trend intensity: - 1 (only referring to the daily - session price fluctuation of the main contract on the report day) [2]