Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report [2] 2. Core View of the Report - The short - term price of bottle chips will fluctuate with raw materials. The reference range for the main contract PR2603 is 5950 - 6150 yuan/ton. It is recommended to take a wait - and - see approach [2] 3. Summary by Relevant Catalogs 3.1 Market Review - The price of the main bottle chip contract in the overnight session on Monday rose 34 yuan to 6020 yuan/ton. The price of East China water - grade bottle chips was 5980 yuan/ton (-70), and the price of South China bottle chips was 6020 yuan/ton (-70). Long - position holdings increased by 4952 lots to 55,000 lots, and short - position holdings increased by 4171 lots to 57,000 lots [2] 3.2 Important Information - **Supply, Cost, and Profit**: This week, the domestic polyester bottle chip production was 335,700 tons, a week - on - week increase of 0.21. The average weekly capacity utilization rate of domestic polyester bottle chips was 73.36%, a week - on - week increase of 0.31. The production cost of polyester bottle chips was 5623 yuan/ton, a week - on - week increase of 178 yuan/ton. The weekly production gross profit of polyester bottle chips was - 182 yuan/ton, a week - on - week decrease of 4 yuan/ton [2] - **Export**: In November 2025, China's polyester bottle chip exports were 533,000 tons, an increase of 99,000 tons from the previous month. The cumulative export volume in 2025 was 5.865 million tons [2] - **Production in December 2025**: The output of China's polyester bottle chip industry was 1.4789 million tons, a month - on - month increase of 3.48%. The capacity utilization rate this month was 73.12%, a month - on - month increase of 0.1 percentage points [2] - **Oil Price**: The market believes that after the US - Venezuela conflict, it will take time for Venezuela's oil production to recover and increase, leading to an increase in international oil prices. The NYMEX crude oil futures 02 contract rose 1.00 dollars/barrel to 58.32 dollars/barrel, a week - on - week increase of 1.74%. The ICE Brent crude oil futures 03 contract rose 1.01 dollars/barrel to 61.76 dollars/barrel, a week - on - week increase of 1.66%. The Chinese INE crude oil futures 2602 contract fell 9.7 to 426.8 yuan/ton, and rose 1.3 to 428.1 yuan/ton in the overnight session [2] 3.3 Market Logic - The US attacked Venezuela, but Venezuela's oil facilities were not affected for the time being. After the US "takes over", the medium - and long - term crude oil supply may increase, which is negative for market sentiment. This week, the supply of bottle chips increased slightly, and downstream factories mainly replenished stocks rigidly. The expected commissioning of new plants has little impact on the market [2] 3.4 Trading Strategy - It is recommended to take a wait - and - see approach [2]