短纤：高位震荡，保持关注地缘波动20260226；瓶片：高位震荡，保持关注地缘波动20260226

Report Summary 1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints - Both short - fiber and bottle - chip markets are in high - level oscillations, and attention should be paid to geopolitical fluctuations [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Short - fiber: - Futures prices of short - fiber contracts 2604, 2605 decreased by 68 and 56 respectively, while 2606 increased by 114. PF04 - 05 and PF05 - 06 decreased by 12 and 170 respectively, and PF主力基差 increased by 43. The short - fiber main contract's open interest increased by 40043, the trading volume decreased by 16281, the East China spot price decreased by 25, and the production - sales rate decreased by 5% [1] - Bottle - chip: - Futures prices of bottle - chip contracts 2604, 2605, and 2606 decreased by 26, 30, and 26 respectively. PR04 - 05 remained unchanged, PR05 - 06 decreased by 4, and PR主力基差 increased by 26. The bottle - chip main contract's open interest increased by 5234, the trading volume increased by 6880, and the East China and South China spot prices remained unchanged [1] 3.2 Spot News - Short - fiber: - Short - fiber futures declined. Factory quotes were mostly stable, with some increasing by 50. High - level transactions were difficult. Traders and futures - cash merchants offered discounts. The mainstream negotiation price of semi - dull 1.4D was in the range of 6650 - 6850. Downstream yarn mills' operating rates increased, but orders after the festival were few, and raw material purchases were mostly on the sidelines. The average production - sales rate of direct - spinning polyester staple fiber factories was 51%, and the sales of pure polyester yarn and polyester - cotton yarn were stable with weak demand [1] - Bottle - chip: - Upstream polyester raw materials fluctuated and declined. Polyester bottle - chip factory quotes were mostly stable, with some decreasing by 30 - 50 yuan. The market trading atmosphere improved. Orders from February to March were mostly transacted at 6280 - 6350 yuan/ton ex - factory, with some slightly higher at 6380 - 6400 yuan/ton ex - factory and a small amount slightly lower at 6270 yuan/ton ex - factory [2] 3.3 Trend Intensity - The trend intensity of short - fiber and bottle - chip on the reporting day's daytime session of the main contract futures price fluctuations was both 0, indicating a neutral trend [2]