短纤：预期驱动下跌，加工费高位震荡，瓶片：预期驱动下跌，加工费高位震荡瓶片

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - Both short - fiber and bottle - chip markets are driven down by expectations, with processing fees oscillating at high levels [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Short - fiber: The prices of short - fiber contracts 2511, 2512, and 2601 decreased by 92, 70, and 70 respectively compared to the previous day. The PF11 - 12 spread decreased by 22, while the PF12 - 01 spread remained unchanged. The short - fiber主力基差 increased from 138 to 203. The short - fiber主力持仓量 decreased by 2246 to 183370, and the主力成交量 decreased by 23204 to 93016. The short - fiber华东现货价格 dropped by 5 to 6.365, and the short - fiber产销 rate decreased by 34% to 32% [1] - Bottle - chip: The prices of bottle - chip contracts 2511, 2512, and 2601 decreased by 62, 80, and 78 respectively compared to the previous day. The PR11 - 12 spread increased by 18, and the PR12 - 01 spread decreased by 2. The PR主力基差 increased from - 18 to 12. The bottle - chip主力持仓量 increased by 11245 to 24189, and the主力成交量 increased by 29431 to 43984. The bottle - chip华东现货价格 dropped by 50 to 5680, and the bottle - chip华南现货价格 dropped by 55 to 5745 [1] 3.2 Spot News - Short - fiber: Due to the resurgence of the Sino - US trade war and a significant drop in crude oil prices, market sentiment turned pessimistic. Most short - fiber factories kept their quotes stable, while a few lowered them by 50. Traders expanded their discounts by 30 - 50 yuan/ton. Downstream buyers were mainly on the sidelines, resulting in scarce transactions. The average sales - to - production ratio was 32% as of 3:00 pm. Some large factories lowered the price of three - dimensional hollow short - fiber by 100 to 7100 yuan/ton with silicon, while others remained stable [1] - Bottle - chip: On Friday, polyester bottle - chip factories' export quotes were mostly stable. The negotiation range of mainstream bottle - chip factories in East China was 755 - 775 US dollars/ton FOB Shanghai Port, and in South China, it was 745 - 760 US dollars/ton FOB main ports. On Saturday, some factories lowered their quotes by 20 - 50 yuan. The market was quiet over the weekend, with orders from October to December mostly transacted at 5600 - 5750 yuan/ton ex - factory [2] 3.3 Trend Intensity - The trend intensity of short - fiber and bottle - chip is - 1, indicating a relatively bearish view on the day - session of the main contract futures prices [2]