瓶片：高位震荡，成本驱动仍向上20260330：短纤：高位震荡，成本驱动仍向上20260330

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - Both short - fiber and bottle - chip markets are in high - level oscillations, and cost drivers are still upward [1] 3. Summary by Directory 3.1 Fundamental Tracking Short - fiber - Short - fiber 2604 price rose from 8220 to 8392, an increase of 172; short - fiber 2605 price rose from 8282 to 8436, an increase of 154; short - fiber 2606 price rose from 8110 to 8392, an increase of 282 [1] - PF04 - 05 spread increased from - 62 to - 44, an increase of 18; PF05 - 06 spread decreased from 172 to - 128, a decrease of 200; PF main contract basis decreased from - 70 to - 82, a decrease of 12 [1] - Short - fiber main contract position decreased from 188186 to 170124, a decrease of 18062; short - fiber main contract trading volume decreased from 134256 to 129851, a decrease of 4405 [1] - Short - fiber East China spot price rose from 8150 to 8310, an increase of 160; short - fiber production and sales rate decreased from 53% to 49%, a decrease of 4% [1] Bottle - chip - Bottle - chip 2604 price rose from 8042 to 8324, an increase of 282; bottle - chip 2605 price rose from 8104 to 8320, an increase of 216; bottle - chip 2606 price rose from 8124 to 8290, an increase of 166 [1] - PR04 - 05 spread increased from - 62 to 66, an increase of 128; PR05 - 06 spread increased from - 20 to 30, an increase of 50; PR main contract basis increased from 181 to 360, an increase of 179 [1] - Bottle - chip main contract position decreased from 37800 to 35674, a decrease of 2126; bottle - chip main contract trading volume increased from 53054 to 58278, an increase of 5224 [1] - Bottle - chip East China spot price rose from 8305 to 8650, an increase of 345; bottle - chip South China spot price rose from 8600 to 8900, an increase of 300 [1] 3.2 Spot News Short - fiber - Short - fiber futures rose during the day, while factory quotes in the spot market remained stable. The sales of direct - spinning polyester staple fiber factories declined slightly compared with the previous day. As of around 3:00 p.m., the average production and sales rate was 49%, and the production and sales rates of some factories were 50%, 50%, 30%, 50%, 60%, 150%, 90%, 30%, 51%, 0% [1] Bottle - chip - Upstream raw material futures rose, and polyester bottle - chip factories mostly raised their quotes by 100 - 300 yuan. The trading atmosphere in the polyester bottle - chip market was average during the day, with a large difference between high and low transaction prices. Orders from March to May were mostly transacted at 8150 - 8800 yuan/ton ex - factory, with some local prices slightly higher or lower, and prices slightly different due to different brands. Last week, the polyester bottle - chip market fluctuated greatly, with a large difference between high and low transaction prices, mostly transacted at 7850 - 8500, 8600 - 8950 yuan/ton ex - factory, mostly for orders to be executed from March to May [2] 3.3 Trend Intensity - Short - fiber trend intensity is 0; bottle - chip trend intensity is 0, referring only to the daily - session main - contract futures price fluctuations on the report day [2]