1. Report Industry Investment Rating - The investment rating for the bottle chip in the energy and chemical sector is bullish [1] 2. Core View of the Report - The Middle East geopolitical situation is complex and volatile, causing high - level and intense fluctuations in international crude oil. Domestic polyester bottle chip production has declined, with many bottle chip factories declaring force majeure, and the demand side maintains rigid demand. Affected by the raw material side, the polyester bottle chip market price shows a strong - side oscillation. Attention should be focused on the development of the Middle East geopolitical situation [1] 3. Summary by Relevant Catalogs 3.1 Market Review - On Friday night, the main contract rose 176 yuan to 8362 yuan/ton. The price of East China water - grade bottle chips was 8525 yuan/ton (+110), and the price of South China bottle chips was 8700 yuan/ton (+100). In terms of positions, long positions decreased by 1028 lots to 56,600 lots, and short positions decreased by 1905 lots to 57,700 lots [1] 3.2 Important Information - In terms of supply, cost, and profit, domestic polyester bottle chip production was 331,400 tons, a week - on - week decrease of 6000 tons. The weekly average capacity utilization rate of domestic polyester bottle chips was 71.5%, a week - on - week decrease of 1.3%. The production cost of polyester bottle chips was 7426 yuan, a week - on - week decrease of 92 yuan/ton. The weekly production gross profit of polyester bottle chips was 427 yuan/ton, a week - on - week decrease of 223 yuan/ton [1] - In February 2026, China's polyester bottle chip exports were 430,000 tons, a decrease of 78,000 tons or 15.39% from the previous month. From January to February 2026, the cumulative export volume was 938,300 tons, an increase of 29,200 tons or 3.21% compared with the same period last year [1] - In February 2026, China's polyester bottle chip industry production was 1.2314 million tons, a month - on - month decrease of 11.93%. The capacity utilization rate this month was 66.48%, a month - on - month decrease of 1.70 percentage points [1] - The continuous blockage of the Strait of Hormuz has increased supply risks, and the market doubts the prospects of the US - Iran peace talks, leading to an increase in international oil prices. The NYMEX crude oil futures 05 contract rose 5.16 dollars/barrel to 99.64 dollars/barrel, a week - on - week increase of 5.46%. The ICE Brent oil futures 05 contract rose 4.56 dollars/barrel to 112.57 dollars/barrel, a week - on - week increase of 4.22%. The Chinese INE crude oil futures 2605 contract rose 12.1 to 740.5 yuan/barrel, and rose 19.8 to 760.3 yuan/barrel at night [1] 3.3 Market Logic - Due to the complex and changeable Middle East geopolitical situation, international crude oil fluctuates violently at a high level. Domestic polyester bottle chip production decreases, and many bottle chip factories declare force majeure. The demand side maintains rigid demand. Affected by the raw material side, the polyester bottle chip market price oscillates strongly. Attention should be paid to the development of the Middle East geopolitical situation [1] 3.4 Trading Strategy - Hold long positions [1]