短纤：旺季需求持续，震荡偏强，瓶片，上游支撑，震荡市

Report Overview - Date: November 10, 2025 - Research Focus: Short - fiber and bottle - chip futures in the polyester industry Industry Investment Ratings - No industry investment rating is provided in the report Core Views - Short - fiber: The demand in the peak season continues, and the market is expected to fluctuate strongly [1] - Bottle - chip: Supported by upstream factors, the market will be in a fluctuating state [1] Summary of Related Catalogs 1. Fundamental Tracking Short - fiber - Futures Prices: The price of short - fiber 2512 increased from 6176 to 6244, short - fiber 2601 from 6210 to 6278, and short - fiber 2602 from 6214 to 6274 [1] - Spread: PF12 - 01 remained at - 34, PF01 - 02 increased from - 4 to 4 [1] - Basis: The short - fiber主力基差 decreased from 149 to 86 [1] - Position and Volume: The short - fiber主力持仓量 increased from 89628 to 95359, while the short - fiber主力成交量 decreased from 117976 to 106550 [1] - Spot Price and Sales Rate: The short - fiber华东现货价格 increased from 6325 to 6330, and the short - fiber产销率 decreased from 86% to 48% [1] Bottle - chip - Futures Prices: The price of bottle - chip 2512 increased from 5684 to 5756, bottle - chip 2601 from 5662 to 5736, and bottle - chip 2602 from 5706 to 5778 [1] - Spread: PR12 - 01 decreased from 22 to 20, PR01 - 02 increased from - 44 to - 42 [1] - Basis: The PR主力基差 decreased by 64 [1] - Position and Volume: The bottle - chip主力持仓量 increased from 38465 to 39554, and the bottle - chip主力成交量 increased from 35817 to 43438 [1] - Spot Price: The bottle - chip华东现货价格 increased from 5730 to 5740, and the bottle - chip华南现货价格 increased from 5750 to 5790 [1] 2. Spot News Short - fiber - The short - fiber futures followed the raw materials and fluctuated strongly. Some factories' spot prices remained stable, while some increased. The discounts of traders generally decreased. The sales of direct - spun polyester staple fiber were mostly weak, with an average sales - to - production ratio of 48% as of 3:00 pm [1] Bottle - chip - The upstream raw material futures fluctuated. The quotes of polyester bottle - chip factories were mostly stable, with some local increases of 20 - 50 yuan. The trading atmosphere in the polyester bottle - chip market was average, and the price gap between different brands was large. Orders from November to January were mostly traded at 5670 - 5700 yuan/ton ex - factory [2] 3. Trend Intensity - The short - fiber trend intensity was 0, and the bottle - chip trend intensity was 0, referring to the daily - session main - contract futures price fluctuations on the report day [2]