短纤：回归基本面，短期震荡，多PF空PR瓶片：回归基本面，短期震荡，多PF空PR

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - Both short - fiber and bottle - chip markets are expected to return to fundamentals and experience short - term fluctuations. The strategy is to go long on PF and short on PR [1]. 3) Summaries by Related Catalogs Fundamental Tracking - Short - fiber (PF): - Futures prices: Short - fiber 2511 decreased by 14 to 6214, short - fiber 2512 increased by 8 to 6250, and short - fiber 2601 increased by 100 to 6278 [1]. - Spread: PF11 - 12 decreased by 22 to - 36, PF12 - 01 decreased by 92 to - 28 [1]. - Basis: PF主力基差 increased by 17 to 110 [1]. - Positions and volume: The main contract's open interest decreased by 3976 to 147725, and the trading volume decreased by 19701 to 185418 [1]. - Spot price: The East China spot price increased by 25 to 6360, and the production - sales ratio decreased by 37% to 44% [1]. - Bottle - chip (PR): - Futures prices: Bottle - chip 2511 decreased by 16 to 5754, bottle - chip 2512 decreased by 10 to 5740, and bottle - chip 2601 decreased by 10 to 5712 [1]. - Spread: PR11 - 12 decreased by 6 to 14, PR12 - 01 remained unchanged at 28 [1]. - Basis: PR主力基差 increased by 30 to 20 [1]. - Positions and volume: The main contract's open interest decreased by 1856 to 37736, and the trading volume decreased by 28829 to 31154 [1]. - Spot price: The East China spot price increased by 20 to 5760, and the South China spot price increased by 30 to 5800 [1]. Spot News - Short - fiber: The short - fiber futures weakened in a volatile manner. Factory quotes were stable, with mainstream quotes at 6500 - 6550 for ex - factory or short - distance delivery. The PTA anti - involution meeting had no substantial positive impact. The mainstream negotiation price for semi - bright 1.4D was in the range of 6200 - 6450. The average production - sales ratio was 43% as of 3:00 pm [1]. - Bottle - chip: The upstream raw material futures declined in a volatile manner in the morning. Polyester bottle - chip factory quotes were mostly stable. The market trading atmosphere was light, and downstream customers were mostly on the sidelines. Orders from October to December were mostly traded at 5650 - 5800 yuan/ton ex - factory, with a small amount slightly lower at around 5600 yuan/ton ex - factory and slightly higher at 5830 - 5850 yuan/ton ex - factory [2]. Trend Intensity - The trend intensity of short - fiber and bottle - chip was 0 on the reporting day, indicating a neutral situation for the day - session main contract futures price fluctuations [2].