短纤：成本抬升需求正反馈，短期反弹，PF-PR价差走扩，瓶片，成本抬升，短期反弹，PF-PR价差走扩

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report 2. Core View - Short - fiber and bottle - chip prices are experiencing a short - term rebound due to rising costs, and the PF - PR spread is widening [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Short - fiber (PF): The price of short - fiber 2511 decreased by 4 to 6142, short - fiber 2512 increased by 24 to 6160, and short - fiber 2601 increased by 110 to 6188. PF11 - 12 decreased by 28 to - 18, PF12 - 01 decreased by 86 to - 28, and the PF主力基差 decreased by 9 to 155. The short - fiber主力持仓量 increased by 35,800 to 199,910, and the short - fiber主力成交量 increased by 1875 to 202,860. The short - fiber华东现货价格 increased by 15 to 6,315, and the short - fiber产销率 decreased by 61% to 77% [1] - Bottle - chip (PR): The price of bottle - chip 2511 increased by 32 to 5678, bottle - chip 2512 increased by 36 to 5666, and bottle - chip 2601 increased by 28 to 5628. PR11 - 12 decreased by 4 to 12, PR12 - 01 increased by 8 to 38, and the PR主力基差 decreased by 6 to 34. The bottle - chip主力持仓量 increased by 1223 to 40,951, and the bottle - chip主力成交量 decreased by 15,657 to 41,452. The bottle - chip华东现货价格 increased by 30 to 5700, and the bottle - chip华南现货价格 increased by 20 to 5740 [1] 3.2 Spot News - Short - fiber: Short - fiber futures continued to rise but with a narrowing increase. Factory quotes remained stable with reduced discounts, and discounts from traders and futures - cash traders also decreased. The average factory sales - to - production ratio was 77%. Some factories producing primary three - dimensional hollow and low - melting - point short - fibers raised their quotes by 50 - 100 yuan/ton due to cost increases [2] - Bottle - chip: Upstream raw material futures continued to rise, and polyester bottle - chip factory quotes mostly increased by 10 - 50 yuan. The market trading volume was light, with orders from October to December mostly traded at 5620 - 5740 yuan/ton ex - factory, a small amount slightly lower at 5580 - 5600 yuan/ton ex - factory, and a small amount slightly higher at 5800 yuan/ton ex - factory [2] 3.3 Trend Intensity - The trend intensity of short - fiber and bottle - chip on the reporting day's daytime session of the main contract futures price fluctuations was both 1, indicating a neutral trend. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [3]