短纤：上游波动放大，短期震荡市，瓶片：上游波动放大，短期震荡市，加工费压缩

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View - The short - fiber market experiences amplified upstream fluctuations and is in a short - term volatile state. The bottle - chip market also has amplified upstream fluctuations, is in a short - term volatile state, and its processing fees are compressed [1]. 3. Summary by Directory 3.1 Fundamental Tracking - Short - fiber: - Futures prices: Short - fiber 2512 was 6186 (up 52 from the previous day), short - fiber 2601 was 6234 (up 58), and short - fiber 2602 was 6244 (up 14). - Spread: PF12 - 01 was - 48 (down 6), PF01 - 02 was - 10 (up 44). - Other indicators: The short - fiber主力基差 was 109 (down 47), the short - fiber主力持仓量 was 327774 (up 100355), the short - fiber主力成交量 was 158815 (up 6766), the short - fiber华东现货价格 was 6295 (up 5), and the short - fiber产销率 was 65% (up 30%) [1]. - Bottle - chip: - Futures prices: Bottle - chip 2512 was 5758 (up 16), bottle - chip 2601 was 5746 (up 28), and bottle - chip 2602 was 5800 (up 30). - Spread: PR12 - 01 was 12 (down 12), PR01 - 02 was - 54 (down 2). - Other indicators: The PR主力基差 was - 1 (down 18), the bottle - chip主力持仓量 was 39632 (up 2367), the bottle - chip主力成交量 was 49877 (down 847), the bottle - chip华东现货价格 was 5745 (up 10), and the bottle - chip华南现货价格 was 5800 (up 20) [1]. 3.2 Spot News - Short - fiber: The short - fiber futures fluctuated higher. Spot prices of Jiangsu and Zhejiang factories remained stable, while those in Fujian were lowered by 50. The mainstream quotation of semi - dull 1.4D was 6400 - 6500 for factory delivery or short - distance delivery. The discount of traders decreased, and downstream buyers were on the sidelines with reduced transactions. The mainstream negotiation price was in the range of 6150 - 6400. Factory sales improved moderately, with an average sales - to - production ratio of 65% by 3:00 pm [2]. - Bottle - chip: The upstream raw material futures rebounded slightly near noon. Polyester bottle - chip factories first lowered their quotes by 10 - 20 yuan and then raised them by 20 - 40 yuan in the afternoon. The trading atmosphere in the polyester bottle - chip market was fair, and there was a large price gap among different brands. Orders from November to January were mostly traded at 5700 - 5800 yuan/ton for factory delivery, with a small amount at 5620 - 5680 yuan/ton or 5840 yuan/ton [2]. 3.3 Trend Intensity - The trend intensity of short - fiber was 0, and that of bottle - chip was 0, indicating a neutral state for both in terms of the daily - session main - contract futures price fluctuations on the report day [2].