短纤：情绪风险释放，短期震荡为主20260203

Report Industry Investment Rating - Not provided Core Viewpoints - Both short - fiber and bottle - chip markets have released emotional risks and are expected to be mainly in a short - term shock pattern [1] Summary by Relevant Catalogs Fundamental Tracking Short - fiber - Futures prices of short - fiber 2603, 2604, and 2605 decreased by 172, 180, and 248 respectively compared to the previous day; PF03 - 04 increased by 8, PF04 - 05 increased by 68, and the PF main contract basis increased by 75 [1] - The main contract's open interest decreased by 27,390, and the trading volume decreased by 11,706 [1] - The East China spot price decreased by 105, and the sales - to - production ratio decreased by 11% to 44% [1] Bottle - chip - Futures prices of bottle - chip 2603, 2604, and 2605 decreased by 170, 178, and 182 respectively compared to the previous day; PR03 - 04 increased by 8, PR04 - 05 increased by 4, and the PR main contract basis increased by 32 [1] - The main contract's open interest decreased by 6,735, and the trading volume decreased by 15,762 [1] - The East China spot price decreased by 150, and the South China spot price decreased by 100 [1] Spot News Short - fiber - Short - fiber futures dropped significantly. Factory quotes were mostly stable, with some down by 100 yuan. Due to the futures decline, traders and futures - cash merchants had increased trading volume. The mainstream negotiation range for semi - bright 1.4D was 6,400 - 6,700. The average sales - to - production ratio was 44%, and the short - fiber load dropped to 83.5% [1] Bottle - chip - Upstream polyester raw materials dropped significantly. Polyester bottle - chip factories lowered their quotes by 30 - 150 yuan. The market trading atmosphere was okay, with some large factories having large - volume transactions. Orders from February to March were mostly traded at 6,130 - 6,210 yuan/ton ex - factory, with a small amount slightly higher at 6,280 - 6,340 yuan/ton ex - factory and slightly lower at 6,100 - 6,120 yuan/ton ex - factory [2] Trend Intensity - The trend intensity of short - fiber and bottle - chip on the reporting day's daytime session of the main contract futures price fluctuation was 0, indicating a neutral trend [2]