能源化工周报：塑料-20251201

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint of the Report - Supply has increased. Although the maintenance of equipment remains at a medium level, the gradual recovery of some major overhaul equipment has put pressure on the supply side. The performance of the traditional peak demand season is below expectations. Although the operating rates of most downstream industries remain at a high level for the year, the subsequent orders of some factories have slowed down. Downstream buyers are highly cautious, with low willingness to purchase raw materials, and most are making just - in - time purchases at low prices. Overall, the supply - demand trend is loose [5]. 3. Summary by Directory Supply - PE production enterprises' operating rate is 84.51%, a 2.17% week - on - week increase; PE weekly output is 68.48 tons, also a 2.17% week - on - week increase [8]. Demand - The weighted operating rate of PE downstream industries remains stable, with a rate of 44.3%, a 0.39% week - on - week decrease [8]. Inventory - This week, PE enterprises' inventory is 45.4 tons, a 9.80% week - on - week decrease; social inventory is 47.11 tons, a 3.05% week - on - week decrease [8]. Upstream and Cost No specific data or analysis provided in the summary part, only some upstream - related charts are shown. Price and Profit - This week, the PE spot price has decreased by 0.40% week - on - week to 7076 yuan/ton, and the PE futures price has decreased by 0.44% week - on - week to 6789 yuan/ton [8]. Basis and Calendar Spread - The basis is 288; the (1 - 5) calendar spread is - 60 [8].