Group 1: Report Industry Investment Rating - The investment rating for the energy and chemical industry (specifically for bottle chips) is "Oscillating" [1] Group 2: Report's Core View - The price of bottle chips is expected to oscillate in the short - term with the main contract reference range of 5630 - 5800 yuan/ton, and the recommended trading strategy is to wait and see [1] Group 3: Summary According to Related Content Market Conditions - On the night of Tuesday, the main price of bottle chips dropped 28 yuan to 5706 yuan/ton. The price of East China water - grade bottle chips fell 10 yuan to 5735 yuan/ton, and the price of South China bottle chips dropped 20 yuan to 5780 yuan/ton. Long - position holdings decreased by 763 lots to 5.68 million lots, and short - position holdings decreased by 609 lots to 5.7 million lots [1] Important Information - In terms of supply, cost, and profit, China's polyester bottle chip production was 33.14 million tons, a week - on - week decrease of 0.69 million tons. The weekly average capacity utilization rate was 72.5%, a week - on - week decrease of 2.2%. The production cost was 5271 yuan/ton, a week - on - week increase of 37 yuan/ton, and the weekly production gross profit was - 128 yuan/ton, a week - on - week decrease of 9 yuan/ton [1] - In September 2025, China exported 46.77 million tons of polyester bottle chips, 5.3 million tons less than the previous month. The cumulative export volume in 2025 was 480.91 million tons [1] - Due to the instability of the Russia - Ukraine situation and potential risks from US sanctions, international oil prices rose. The NYMEX crude oil futures December contract rose 0.83 dollars/barrel to 60.74 dollars/barrel, a week - on - week increase of 1.39%. The ICE Brent oil futures January contract rose 0.69 dollars/barrel to 64.89 dollars/barrel, a week - on - week increase of 1.07%. China's INE crude oil futures 2601 contract rose 1.5 to 462.3 yuan/ton, and rose 3.4 to 465.7 yuan/ton at night [1] - The end of the US government shutdown, hawkish statements from Fed officials, and the uncertainty of the December FOMC meeting have suppressed the temporarily warming market sentiment [1] Market Logic - This week, the supply of bottle chips has changed little. Downstream factories mainly replenish inventory rigidly, and the market has a cautious expectation for future demand. The export volume of bottle chips decreased month - on - month in September. Affected by the news of the anti - involution meeting in the chemical fiber and polyester industry, the price soared. Although the relaxation of Indian policies is beneficial to polyester products, the impact on bottle chips is limited. In the short term, the price of bottle chips will oscillate [1] Trading Strategy - The recommended trading strategy is to wait and see [1]

Group 1: Report Industry Investment Rating - The investment rating for the energy and chemical sector (specifically for bottle chips) is "Oscillating Weakly" [1] Group 2: Report's Core View - The price of bottle chips has declined, with the main contract price dropping by 48 yuan to 5664 yuan/ton, and prices in East China and South China also falling. The short - term price of bottle chips will oscillate, with the main contract reference range between 5600 - 5780 yuan/ton, and the recommended trading strategy is to wait and see [1] Group 3: Summary According to Related Catalogs Market Review - On Wednesday, the main price of bottle chips fell 48 yuan to 5664 yuan/ton. The price of East China water - grade bottle chips dropped 10 yuan to 5750 yuan/ton, and the price of South China bottle chips fell 30 yuan to 5770 yuan/ton. Long - position holdings increased by 175 lots to 58,400 lots, and short - position holdings increased by 1024 lots to 58,200 lots [1] Important Information - In terms of supply, cost, and profit, the domestic polyester bottle chip production was 341,900 tons, a week - on - week increase of 6800 tons. The average weekly capacity utilization rate of domestic polyester bottle chips was 74.8%, a week - on - week increase of 1.49%. The production cost of polyester bottle chips was 5234 yuan/ton, a week - on - week decrease of 33 yuan/ton, and the weekly production gross profit was - 119 yuan/ton, a week - on - week increase of 15 yuan/ton [1] - In September 2025, China's polyester bottle chip exports were 467,700 tons, a decrease of 53,000 tons from the previous month. The cumulative export volume in 2025 was 4.8091 million tons [1] - The market expects the end of the US government shutdown, which boosts demand expectations. Coupled with the instability of the geopolitical situation, international oil prices have risen. The NYMEX crude oil futures December contract rose 0.91 dollars/barrel to 61.04 dollars/barrel, a week - on - week increase of 1.51%. The ICE Brent crude oil futures January contract rose 1.10 dollars/barrel to 65.16 dollars/barrel, a week - on - week increase of 1.72%. The China INE crude oil futures 2601 contract fell 0.8 yuan to 461.8 yuan/ton, and rose 9.3 yuan to 471.1 yuan/ton at night [1] - The Federal Reserve cut the benchmark interest rate by 25 basis points to 3.75% - 4.00%, the second consecutive meeting to cut interest rates, which is in line with market expectations and the fifth interest rate cut since September 2024 [1] Market Logic - This week, the supply of bottle chips has changed little. Downstream factories mainly make rigid restocking, and the market is cautious about the later demand expectations. The export volume of bottle chips in September decreased month - on - month. Affected by the news of the anti - involution meeting in the chemical fiber polyester industry, the price has risen, and the market is waiting for the details of the anti - involution policy to be implemented. The fundamentals may limit the upward space [1] Trading Strategy - The recommended trading strategy is to wait and see [1]

Report Summary 1. Report Industry Investment Rating - The investment rating for the energy and chemical bottle - chip sector is "oscillation" [1] 2. Core View - The supply of bottle chips this week has changed little, downstream factories mainly replenish inventory rigidly, and the market is cautious about the later - stage demand. The export volume of bottle chips in September decreased month - on - month. Affected by the news of the anti - involution meeting in the chemical fiber and polyester industry, the price soared, but the fundamentals may limit the upward space. The short - term bottle - chip price will oscillate, with the main contract reference range of 5650 - 5800 yuan/ton. The recommended trading strategy is to wait and see [1] 3. Summary by Related Catalogs Market Review - On the night of Friday, the PR2601 contract fell 16 yuan to 5708 yuan/ton. The price of East China water - grade bottle chips rose 10 yuan to 5740 yuan/ton, and the price of South China bottle chips rose 40 yuan to 5790 yuan/ton. In terms of positions, long positions decreased by 175 lots to 58,300 lots, and short positions increased by 720 lots to 57,200 lots [1] Important Information - Supply, cost, and profit: The domestic polyester bottle - chip output was 341,900 tons, a month - on - month increase of 6,800 tons. The weekly average capacity utilization rate of domestic polyester bottle chips was 74.8%, a month - on - month increase of 1.49%. The production cost of polyester bottle chips was 5234 yuan/ton, a month - on - month decrease of 33 yuan/ton. The weekly production gross profit of polyester bottle chips was - 119 yuan/ton, a month - on - month increase of 15 yuan/ton [1] - In September 2025, China's polyester bottle - chip exports were 467,700 tons, a decrease of 53,000 tons from the previous month. The cumulative export volume in 2025 was 4,809,100 tons [1] - Considering the risk of oversupply and the improvement of local demand, international oil prices rose. The NYMEX crude oil futures December contract rose 0.32 dollars to 59.75 dollars/barrel, a month - on - month increase of 0.54%. The ICE Brent crude oil futures January contract rose 0.25 dollars to 63.63 dollars/barrel, a month - on - month increase of 0.39%. The China INE crude oil futures 2512 contract fell 3.6 yuan to 456.9 yuan/ton, and rose 2.7 yuan to 459.6 yuan/ton at night [1] - The Federal Reserve cut the benchmark interest rate by 25 basis points to 3.75% - 4.00%, the second consecutive meeting to cut interest rates, in line with market expectations and the fifth interest - rate cut since September 2024 [1] Market Logic - The supply of bottle chips has little change this week, downstream factories mainly replenish inventory rigidly, and the market is cautious about the later - stage demand. The export volume of bottle chips in September decreased month - on - month. Affected by the news of the anti - involution meeting in the chemical fiber and polyester industry, the price soared, but the fundamentals may limit the upward space. The short - term bottle - chip price will oscillate, with the main contract reference range of 5650 - 5800 yuan/ton [1] Trading Strategy - The recommended trading strategy is to wait and see [1]

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View - The short - term price of bottle chips is expected to be volatile and slightly stronger, with the main contract reference range of 5,650 - 5,800 yuan/ton. The trading strategy is to wait and see or go short - term long on dips [1] 3. Summary by Relevant Catalogs 3.1 Market Review - On Thursday night, the PR2601 contract rose 50 yuan to 5,722 yuan/ton. The price of East China water - grade bottle chips rose 40 yuan to 5,730 yuan/ton, and the price of South China bottle chips rose 20 yuan to 5,750 yuan/ton. Long - position holdings increased by 1,738 lots to 58,500 lots, and short - position holdings increased by 1,999 lots to 56,700 lots [1] 3.2 Important Information - Supply and cost - profit: Domestic polyester bottle chip production was 341,900 tons, a week - on - week increase of 6,800 tons. The weekly average capacity utilization rate was 74.8%, a week - on - week increase of 1.49%. The production cost was 5,234 yuan/ton, a week - on - week decrease of 33 yuan/ton. The weekly production gross profit was - 119 yuan/ton, a week - on - week increase of 15 yuan/ton [1] - In September 2025, China's polyester bottle chip exports were 467,700 tons, a decrease of 53,000 tons from the previous month. The cumulative export volume in 2025 was 4.8091 million tons [1] - International oil prices fell due to the increase in US commercial crude oil inventories and market concerns about oversupply. NYMEX crude oil futures December contract fell 0.96 dollars/barrel to 59.60 dollars/barrel, a month - on - month decrease of 1.59%. ICE Brent crude oil futures January contract fell 0.92 dollars/barrel to 63.52 dollars/barrel, a month - on - month decrease of 1.43%. China's INE crude oil futures 2512 contract fell 3.1 yuan to 462.1 yuan/ton, and fell 4.4 yuan to 457.7 yuan/ton at night [1] - The Federal Reserve cut the benchmark interest rate by 25 basis points to 3.75% - 4.00%, the second consecutive meeting to cut interest rates, in line with market expectations and the fifth rate cut since September 2024 [1] 3.3 Market Logic - This week, the supply of bottle chips changed little, downstream factories mainly replenished stocks rigidly, and the market was cautious about future demand expectations. The export volume of bottle chips in September decreased month - on - month. Affected by the news of the anti - involution meeting in the chemical fiber and polyester industry, the price soared. The market is waiting for the details of the anti - involution policy to be finalized. The fundamentals may limit the upside space [1] 3.4 Trading Strategy - The trading strategy is to wait and see or go short - term long on dips [1]