短纤：短期跟涨原料，加工费压缩20251222瓶片：短期跟涨原料

Report Summary 1. Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View - Short - fiber and bottle - chip prices are following the increase of raw materials in the short term, with short - fiber processing fees being compressed [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Short - fiber: - Futures prices of short - fiber contracts (2601, 2602, 2603) increased, with short - fiber 2601 rising from 6180 to 6286, short - fiber 2602 from 6172 to 6292, and short - fiber 2603 from 6108 to 6276 [1]. - Spreads between contracts (PF01 - 02, PF02 - 03) changed, with PF01 - 02 dropping from 8 to - 6 and PF02 - 03 decreasing by 48 [1]. - The short - fiber主力基差 decreased from 108 to 38, the主力持仓 volume decreased from 141087 to 133093, and the主力 trading volume decreased from 220316 to 219076 [1]. - The short - fiber East China spot price increased from 6280 to 6330, and the short - fiber production and sales rate rose from 72% to 92% [1]. - Bottle - chip: - Futures prices of bottle - chip contracts (2601, 2602, 2603) increased, with bottle - chip 2601 rising from 5610 to 5672, bottle - chip 2602 from 5700 to 5766, and bottle - chip 2603 from 5698 to 5772 [1]. - Spreads between contracts (PR01 - 02, PR02 - 03) changed, with PR01 - 02 dropping from - 90 to - 94 and PR02 - 03 decreasing by 10 [1]. - The bottle - chip主力基差 decreased from - 21 to - 52, the主力持仓 volume increased from 37457 to 37920, and the主力 trading volume increased from 37859 to 63494 [1]. - The bottle - chip East China spot price increased from 5675 to 5720, and the bottle - chip South China spot price increased from 5700 to 5780 [1]. 3.2 Spot News - Short - fiber: Raw material futures rose significantly, and short - fiber spot factories mostly raised prices by about 150 yuan/ton. The sales of direct - spun polyester staple fiber improved, with an average production and sales rate of 92% by 3:00 pm [1]. - Bottle - chip: Upstream raw material futures rose strongly, and polyester bottle - chip factories mostly raised their quotes by 50 - 100 yuan. The trading atmosphere in the polyester bottle - chip market was average, and 12 - 2 month orders were mostly traded at 5700 - 5740 yuan/ton ex - factory [2]. 3.3 Trend Intensity - The trend intensity of short - fiber and bottle - chip is 0, indicating a neutral trend for the day - session main - contract futures prices on the report day [2].