Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The crude oil futures are expected to run strongly, with short - term and medium - term trends being oscillatory and the intraday trend being strong. The core logic is that the marginal improvement of supply - demand fundamentals provides solid support, and geopolitical risks are rising [1][5]. 3. Summary by Relevant Catalogs 3.1 Time - cycle Views - **Short - term**: The short - term view of crude oil 2604 is oscillatory [1]. - **Medium - term**: The medium - term view of crude oil 2604 is oscillatory, and the medium - term view of SC crude oil is also oscillatory [1][5]. - **Intraday**: The intraday view of crude oil 2604 and SC crude oil is strong [1][5]. 3.2 Price Movement and Core Logic - **Supply - demand fundamentals**: OPEC +'s eight major oil - producing countries announced to continue to suspend production increase in March 2026, maintaining the production level of December 2025, which eases the concern about oversupply. The US winter storm affects crude oil production, with last week's crude oil inventory decreasing by 3.5 million barrels and Cushing area inventory dropping by 743,000 barrels, strengthening the bullish logic [5]. - **Geopolitical risks**: Due to the large differences between the US and Iran, the Pentagon's "pizza index" has risen again, and geopolitical risks are rising, which boosted the domestic crude oil futures to maintain an oscillatory and strong trend on Tuesday night, and the futures price closed slightly higher. It is expected that the domestic crude oil futures may maintain an oscillatory and strong pattern on Wednesday [5].

Report Summary 1. Report Industry Investment Rating - The report recommends a "wait - and - see" approach for polyester bottle chips, suggesting a neutral stance [3]. 2. Core Viewpoint - The price of polyester bottle chips is expected to fluctuate at a low level in the short term, and the downside space may be limited due to factors such as the uncertainty of US tariff policies, the increase in bottle chip production in May, the strong expectation of the terminal consumption peak season, and the high - level export in April [3]. 3. Summary by Relevant Catalogs 3.1 Market Review - The futures price of the main contract PR2509 of bottle chips in the Tuesday night session fell 18 yuan/ton to 5794 yuan/ton, and the position of the main contract 2509 was 42,100 lots, with an increase of 60 lots. In the spot market, the price of water - grade bottle chips in the East China market rose 10 yuan to 5910 yuan/ton, and in the South China market, it rose 10 yuan to 6000 yuan/ton [3]. 3.2 Important Information - **Supply and cost - profit**: The domestic polyester bottle chip output was 382,600 tons, a decrease of 6800 tons from last week. The average weekly capacity utilization rate of domestic polyester bottle chips was 84.64%, a decrease of 3.7% from last week. The production cost of polyester bottle chips was 5705 yuan, a decrease of 0.25%. The weekly production gross profit of polyester bottle chips was - 351 yuan/ton, a decrease of 37.4 yuan/ton compared with the previous week [3]. - **Demand**: In April 2025, China's polyester bottle chip exports were 580,800 tons, a decrease of 5900 tons from the previous month, and the cumulative export volume in 2025 was 2.0766 million tons [3]. - **OPEC decision**: Eight OPEC and non - OPEC oil - producing countries, including Saudi Arabia and Russia, decided to increase daily production by 411,000 barrels from June this year [3]. - **Oil price**: International oil prices fell. The NYMEX crude oil futures 07 contract fell 0.31 dollars/barrel to 64.98 dollars/barrel, a month - on - month decrease of 0.47%; the ICE Brent oil futures 08 contract fell 0.17 dollars/barrel to 66.87 dollars/barrel, a month - on - month decrease of 0.25%. The main contract 2507 of China's INE crude oil futures rose 5.1 to 478.9 yuan/barrel, and rose 2.6 to 481.5 yuan/barrel in the night session [3]. 3.3 Market Logic - Macroscopically, the US tariff policy is still uncertain. With the obvious increase in bottle chip production in May, as the temperature gradually rises, the terminal consumption peak season is strongly expected. The start - up rate of the downstream soft drink industry is expected to rise to 80 - 90%, the start - up rate of oil refineries is 59%, and the start - up rate of the PET sheet industry is 65 - 80%. The bottle chip exports in April still remained at a high level [3]. 3.4 Trading Strategy - It is recommended to wait and see for the time being [3].