瓶片：高位波动，成本驱动仍偏强20260318：短纤：高位波动，成本驱动仍偏强20260318

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Both short - fiber and bottle - chip markets are experiencing high - level fluctuations, with strong cost - driven factors [1] - Short - fiber futures rose and then fell, while bottle - chip factory quotes increased due to rising upstream raw materials [1][2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking Short - fiber - The prices of short - fiber 2604, 2605, and 2606 were 8398, 8360, and 8278 respectively, with changes of - 20, - 112, and 2 compared to the previous day [1] - The spreads of PF04 - 05, PF05 - 06 were 38 and 82 respectively, with changes of 92 and - 114 compared to the previous day [1] - The short - fiber主力基差 was - 68, a change of - 120 compared to the previous day [1] - The short - fiber主力持仓量 was 103287, a decrease of 63728 compared to the previous day [1] - The short - fiber主力成交量 was 24412, a decrease of 9392 compared to the previous day [1] - The short - fiber华东现货 price was 8330, a decrease of 140 compared to the previous day [1] - The short - fiber产销率 was 44%, a decrease of 3% compared to the previous day [1] Bottle - chip - The prices of bottle - chip 2604, 2605, and 2606 were 8760, 8738, and 8552 respectively, with changes of - 348, - 330, and - 270 compared to the previous day [1] - The spreads of PR04 - 05, PR05 - 06 were 22 and 186 respectively, with changes of - 18 and - 60 compared to the previous day [1] - The bottle - chip主力基差 was 448, an increase of 620 compared to the previous day [1] - The bottle - chip主力持仓量 was 47780, a decrease of 4171 compared to the previous day [1] - The bottle - chip主力成交量 was 242690, an increase of 9863 compared to the previous day [1] - The bottle - chip华东现货 price was 9000, an increase of 350 compared to the previous day [1] - The bottle - chip华南现货 price was 9400, an increase of 400 compared to the previous day [1] 3.2 Spot News Short - fiber - Short - fiber futures rose and then fell. Factory quotes remained stable, with semi - gloss 1.4D mainstream quotes at 8600 - 8700 yuan/ton. With the rise of futures, discounts from traders and basis traders decreased, and the mainstream price range was 8350 - 8600. Downstream buyers were mostly on the sidelines, with few purchases. As of 3:00 pm, the average sales - to - production ratio was 47% [1] Bottle - chip - Upstream raw materials continued to rise, and polyester bottle - chip factory quotes increased by 100 - 500 yuan. The market trading atmosphere was light, with a large gap between high and low transaction prices, mostly for rigid demand replenishment. Orders from March to May were mostly traded at 9000 - 9200 yuan/ton ex - factory, slightly lower at 8900 - 8950 yuan/ton ex - factory, and locally slightly higher at 9450 - 9550 yuan/ton ex - factory [2] 3.3 Trend Intensity - The trend intensity of short - fiber was 1, and that of bottle - chip was 1, indicating the daily - session price fluctuations of the main contracts on the report day [2]