短纤：上游波动放大，短期震荡偏强，瓶片：上游波动放大，短期震荡偏强瓶片

Report Summary 1) Report Industry Investment Rating No industry investment rating information is provided in the report. 2) Core View of the Report The upstream fluctuations of short - fiber and bottle - chip have amplified, and both are expected to be volatile and slightly stronger in the short term [1]. 3) Summary by Related Catalogs Fundamental Tracking - Short - fiber: The price of short - fiber 2512 decreased from 6192 to 6176, a change of - 16; short - fiber 2601 decreased from 6236 to 6222, a change of - 14; short - fiber 2602 remained unchanged at 6224. The PF12 - 01 spread changed from - 44 to - 46, a change of - 2; the PF01 - 02 spread changed from 12 to - 2, a change of - 14. The short - fiber主力基差 decreased from 123 to 119, a change of - 4. The short - fiber主力持仓量 decreased from 123296 to 110425, a change of - 12871; the short - fiber主力成交量 decreased from 64616 to 47495, a change of - 17121. The short - fiber华东现货 price decreased from 6.315 to 6.295, a change of - 20. The short - fiber产销率 increased from 38% to 56%, a change of 18% [1]. - Bottle - chip: The price of bottle - chip 2512 increased from 5736 to 5750, a change of 14; bottle - chip 2601 increased from 5718 to 5724, a change of 6; bottle - chip 2602 increased from 5756 to 5776, a change of 20. The PR12 - 01 spread increased from 18 to 26, a change of 8; the PR01 - 02 spread changed from - 38 to - 52, a change of - 14. The bottle - chip主力基差 decreased from 27 to - 4, a change of - 31. The bottle - chip主力持仓量 decreased from 40157 to 39714, a change of - 443. The bottle - chip主力成交量 increased from 39984 to 111874, a change of 71890. The bottle - chip华东现货 price decreased from 5745 to 5720, a change of - 25; the bottle - chip华南现货 price decreased from 5770 to 5750, a change of - 20 [1]. Spot News - Short - fiber: The decline of short - fiber futures narrowed. Zhejiang and Jiangsu factories' spot quotes remained stable, while those in Fujian dropped by 50. The mainstream quotation of semi - dull 1.4D was 6450 - 6500 for ex - factory or short - distance delivery, with discounts available for negotiation. Affected by the decline in oil prices, low - point price transactions of short - fiber increased in the morning. The mainstream negotiation price of semi - dull 1.4D was in the range of 6150 - 6400. Affected by the cancellation of India's BIS certification, the sales of factories showed high - low differentiation, with an average sales - to - production ratio of 56% by 3:00 pm [2]. - Bottle - chip: In the morning, the upstream raw material futures fell weakly, and polyester bottle - chip factories mostly lowered their quotes by 20 - 50 yuan. The trading atmosphere in the polyester bottle - chip market rebounded during the day, but most transactions were concentrated in the previous range. After the futures rose in the afternoon, the market follow - up was limited, and the price gap between different brands was large. Orders from November to January were mostly traded at 5650 - 5750 yuan/ton ex - factory, slightly lower at 5610 - 5640 yuan/ton ex - factory, and slightly higher at 5780 - 5810 yuan/ton ex - factory [2]. Trend Intensity The trend intensity of short - fiber is 0, and the trend intensity of bottle - chip is 0, referring only to the daily - session price fluctuations of the main contracts on the report day [2][3].