Core Viewpoint - The sudden passing of Wang Guobin, founder and general manager of Quanguo Fund, has deeply saddened the asset management industry, marking a significant loss for both his family and the investment community [1][3]. Group 1: Wang Guobin's Contributions - Wang Guobin was a pioneer in China's asset management industry, founding the first securities asset management company, Dongfanghong Asset Management, and promoting value investing principles [4][6]. - Under his leadership, Dongfanghong Asset Management achieved remarkable performance, with products like Dongfanghong No. 4 yielding a return of 456.6% from 2009 to 2017, establishing the brand as a leader in value investing [6][7]. - Wang emphasized a focus on fundamental company growth rather than speculative trading, advocating for investments in "fortunate industries and capable companies" [5][12]. Group 2: Quanguo Fund's Journey - Quanguo Fund was established during a challenging market period, specifically at the onset of a bear market in 2022, which posed significant performance pressures on the firm [2][10]. - Despite initial struggles, Quanguo Fund's performance improved significantly in 2023, with its first public product achieving a return of 47.46% year-to-date as of October 31 [10][11]. - The fund's investment strategy continues to reflect Wang's value investing philosophy, focusing on stable growth companies rather than trending sectors [11][12]. Group 3: Legacy and Impact - Wang Guobin's commitment to value investing and his foresight in avoiding risky business models, such as channel business, showcased his deep understanding of the asset management landscape [8][9]. - His ability to adapt to market changes while maintaining a focus on long-term value creation has left a lasting impact on the industry [12][14]. - Wang's dedication to nurturing talent within the industry has resulted in many successful fund managers emerging from his mentorship, further solidifying his legacy [7][9].

发布时间：2025年11月03日 投资有风险，入市需谨慎，本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 冠通期货研究报告 --PVC周报 研究咨询部苏妙达 执业资格证号：F03104403/Z0018167 分析师苏妙达：F03104403/Z0018167 投资有风险，入市需谨慎。 行情分析 上游西北地区电石价格下跌25元/吨。目前供应端，PVC开工率环比增加1.69个百分点至78.26%，PVC开工率有所增加，仍处于 近年同期偏高水平。PVC下游开工率小幅提升，超过过去两年同期，只是仍是偏低水平。印度将BIS政策再次延期六个月至2025年12 月24日执行，中国台湾台塑11月份报价下调30-40美元/吨，8月14日，印度公示最新的进口PVC反倾销税，其中中国大陆地区上调50 美元/吨左右，四季度中国PVC出口预期减弱。不过，近期出口价格下降后，反倾销税还未执行，9月出口仍较好，目前出口签单暂 未明显走弱。上周社会库存略有减少，目前仍偏高，库存压力仍然较大。2025年1-9月份，房地产仍在调整阶段，投资、新开工、 竣工面积同比降幅仍较大，投资、销售、施工等同比增速进一步下降。30大中城市商品 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The polyolefin market is currently facing a continuous imbalance between supply and demand, which suppresses prices. High production expectations were realized in Q3, with new production capacity gradually released. In November, the demand is expected to weaken, and the cost side also lacks support. Overall, the downward pressure on polyolefin prices is expected to continue, and the market may fluctuate in the bottom range, with weak support from potential phased restocking demand due to low absolute prices [7][75][76]. 3. Summary by Directory 3.1. Market Review and Operational Suggestions - **Quarterly Performance**: In Q1, different upstream production rhythms led to different supply pressures for plastics and PP. In Q2, the market declined due to tariff impacts and weak demand. In Q3, the market was driven by policies, with a temporary rebound followed by a decline. In October, new production capacity and weakening cost support led to significant price drops [12][13]. - **Spot Market**: In October, the PE market declined. The monthly average price of LLDPE was 7,225 yuan/ton, down 2.41% month - on - month and 15.40% year - on - year. The monthly average price of LDPE was 9,325 yuan/ton, down 2.73% month - on - month and 14.31% year - on - year. In the PP market, the monthly average price of East China PP raffia was 6,585 yuan/ton, down 3.37% month - on - month and 13.25% year - on - year [14]. 3.2. Fundamental Analysis 3.2.1. Production and Capacity - **PP Production**: In September 2025, China's PP total production was 3.2754 million tons, down 6.20% month - on - month and up 9.84% year - on - year. The loss due to maintenance was still high, but the overall production level increased. In November, some maintenance devices will restart, and the loss due to maintenance is expected to decrease [15]. - **PE Production**: In October 2025, PE production was expected to be 2.7806 million tons, up 10.48% month - on - month. The start - up load rate increased. In November, the maintenance loss is expected to be about 470,000 tons [16]. - **New Capacity**: New capacity from Guangxi Petrochemical, ExxonMobil Huizhou, and BASF Zhanjiang will gradually be released [29]. 3.2.2. Import and Export - **PE**: In September 2025, PE imports were 1.022 million tons, up 7.58% month - on - month and down 10.04% year - on - year. Exports were 99,000 tons, down 14.5% month - on - month and up 63.55% year - on - year [31]. - **PP**: In September 2025, PP imports were 290,100 tons, up 17.46% month - on - month and down 2.96% year - on - year. Exports were 237,600 tons, up 21.98% year - on - year [31]. 3.2.3. Inventory - After the National Day holiday, the inventory of Sinopec and PetroChina decreased. As of the end of October, the inventory level was 675,000 tons, down 85,000 tons year - on - year. The inventory of PP commercial enterprises was 595,100 tons, and the social sample inventory of PE was 527,400 tons, up 2,900 tons month - on - month [33]. 3.2.4. Cost and Profit Analysis - **Coal**: In October, the coal market was stable to weak. The average profit of coal - based PE was 197.05 yuan/ton, down 431.21 yuan/ton from the previous month. The average profit of coal - based PP was - 258.13 yuan/ton, down 492 yuan/ton month - on - month [36]. - **Crude Oil**: OPEC+ continued to increase production, and the market was worried about oversupply. The average profit of naphtha - based PE was 46.68 yuan/ton, up 186.8 yuan/ton month - on - month. The average loss of oil - based PP was - 246.15 yuan/ton, an increase of 106.4 yuan/ton month - on - month [37]. - **Propane**: In October, the domestic propane price fluctuated downward and then stabilized. The average profit of PDH - based PP was - 808.19 yuan/ton, a decrease in losses of 384.27 yuan/ton compared to the previous month [38]. 3.2.5. Downstream Demand - **PE**: In October, the downstream start - up rate of PE increased in most cases. The demand for agricultural films and pipes showed different trends, and overall, the demand for raw materials had limited support [52]. - **PP**: In October, the start - up rate of most PP downstream industries remained high, but the new orders had limited continuity, and the support for prices was limited [53]. 3.2.6. White Goods Production - In November 2025, the total production schedule of air conditioners, refrigerators, and washing machines was 2.847 million units, down 17.7% year - on - year. The domestic production schedule growth slowed down significantly in Q4, and the export decline narrowed [66][67]. 3.3. Market Outlook The polyolefin market will continue to be pressured by weak cost support and a loose supply - demand situation. Although the low absolute price may stimulate phased restocking demand, the market is expected to remain in a bottom - range oscillation [75][76].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - The domestic futures market showed mixed performance on November 3, 2025. Some commodities like rapeseed meal and SC crude oil rose, while others such as BR rubber and methanol declined. Different commodities have their own supply - demand fundamentals and price trends, and investors need to pay attention to various factors such as supply - side changes, demand fluctuations, and geopolitical events [6][7]. 3) Summary by Related Catalogs a) Commodity Performance and Market Overview - As of the close on November 3, domestic futures main contracts showed mixed trends. Rapeseed meal rose over 4%, and many commodities including SC crude oil and LU fuel oil rose over 1%. On the other hand, BR rubber fell over 3%, and methanol and soda ash fell over 2%. In the stock index futures and bond futures markets, there were also different degrees of rise and fall. In terms of capital flow, some contracts like Shanghai copper 2512 had capital inflows, while others such as Shanghai gold 2512 had capital outflows [6][7]. b) Market Analysis of Specific Commodities - **Copper**: The price of Shanghai copper opened flat and closed higher. The shortage of copper concentrate and production cuts in the smelting end make copper production tend to decline. Although the short - term price was affected by the Fed's statement and domestic PMI data, the long - term trend is still strong [9][11]. - **Lithium Carbonate**: It opened low and moved high, with prices in a narrow - range shock. The supply side is growing moderately, and the demand side is strong. The inventory has been continuously reduced, indicating a tight supply - demand pattern. Future attention should be paid to the resumption of production in the upstream [12]. - **Crude Oil**: OPEC+ decided to increase production in December, which will increase the supply pressure in the fourth quarter but reduce it in the first quarter of next year. The demand peak season has ended, and the market is worried about demand. Although the supply is in an oversupply pattern, factors such as the US sanctions on Russian oil companies and the military confrontation between the US and Venezuela limit Russian oil exports. The price is expected to fluctuate in the near future [13][14]. - **Asphalt**: The supply side has a slight reduction in production, and the downstream demand is affected by funds and weather. The inventory is at a low level. Considering the supply - demand situation and the trend of crude oil prices, it is recommended to cautiously observe the asphalt futures price [15]. - **PP**: The downstream start - up rate is at a low level, and the supply side has new production capacity and some device overhauls. The cost is affected by crude oil price fluctuations. The demand in the peak season is lower than expected, and it is expected to fluctuate weakly in the near future [17]. - **Plastic**: The start - up rate is at a neutral level, and the downstream demand is affected by the season. There is new production capacity on the supply side. Although the demand in the peak season is not as good as expected, the future demand of agricultural film may bring some support. It is expected to fluctuate weakly [18][19]. - **PVC**: The upstream calcium carbide price is stable. The supply side has an increase in start - up rate, and the downstream start - up rate is still at a low level. The export is expected to weaken, and the inventory pressure is still large. Considering various factors, it is expected to fluctuate in the near future [20]. - **Coking Coal**: The price opened low and closed high with a decline. The supply is tight, and the inventory is being transferred downward. The profit of coke enterprises is negative, and the demand of steel mills is expected to recover. The supply - demand balance pattern is maintained, and the upward trend remains unchanged [21][22]. - **Urea**: It opened low and fluctuated weakly. The production has recovered rapidly, and the cost is supported by coal prices. The downstream demand is mainly for wheat fertilizer and compound fertilizer winter storage, and the inventory is in the process of de - stocking but still in the accumulation cycle. It is expected to fluctuate at a low level [23].

Report Industry Investment Rating No relevant content provided. Core View of the Report The propylene market is under pressure, and the pattern of high supply and weak demand is difficult to change. In the absence of strong cost pull and significant improvement in demand, the market drive will return more to fundamental logic. The follow - up needs to closely monitor OPEC+ production policies, the actual impact of winter energy demand on propane and coal prices, and changes in downstream demand [3][52]. Summary by Directory 1. Market Review - In October, the center of propylene prices moved down overall. The propylene futures 2601 contract fell below 6,000 yuan/ton on October 21. After the National Day, the supply increased due to the restart of PDH units, and the cost support of PDH - made propylene weakened. In late October, the sanctions on Russian oil companies by the US led to a rebound in international oil prices and drove up propylene prices. However, high supply and inventory suppressed the price, and it dropped at the end of the month [2]. - In October, the average load of domestic propylene units was 78.47%, an increase of 1.34% compared to September. Although some units were under maintenance, the overall load remained high. The production in September decreased by 110,000 tons to 5.52 million tons compared to August, and it was expected to rebound in October. The demand was weak due to the low operating rate of polypropylene, and the supply - demand pattern remained loose [8]. 2. Market Outlook - Supply side: OPEC+ is expected to maintain a small increase in production, which may lead to a long - term supply surplus of global crude oil. Domestic propylene load is expected to remain at a high level of about 78%, and the restart of large - scale units in November and December will further increase supply [3][27][52]. - Cost side: The cost support may show a differentiated trend. The long - term supply surplus of crude oil may make the support of oil - based cost unstable. The seasonal increase in propane's combustion demand in winter may support CP prices and slow down the decline of PDH process costs, but its impact on propylene prices depends on downstream acceptance [3][52]. - Demand side: The recovery of demand is not optimistic. The operating rate of polypropylene, the largest downstream product, remains low, and the poor profit situation of most downstream derivative industries is difficult to improve in the short term [3][52]. 3. Strategy Recommendation - Unilateral: Consolidation in a range [5][53]. - Arbitrage: 1 - 2 reverse spread [5][53]. - Options: Double - selling options [5][53].

Core Insights - The 2025 International (Wuhan) Intelligent Building Industry Expo focused on the theme of "Developing Industrial Internet and Jointly Building 'Quality Homes'" to promote the integration of the construction industry's value chain and foster an intelligent construction ecosystem [1][9] Industry Overview - The Expo was guided by key organizations including the China Construction Industry Association and the National Center of Technology Innovation for Digital Construction, with participation from 25 co-organizers such as Huawei and Tsinghua University [3] - The event attracted over 36,500 visitors and featured more than 1,300 innovative exhibits across seven exhibition zones, highlighting the industry's robust momentum [5][6] Economic Impact - The total signing value of transactions during the Expo exceeded 5.5 billion yuan, indicating strong commitment towards the development of the intelligent construction industry [5][16] Exhibition Highlights - The exhibition covered approximately 20,000 m² and included participation from nearly 200 entities across 13 countries, showcasing innovative products from well-known companies and universities [6] - Flagship products included self-healing concrete from China First Metallurgical Group and a digital home renovation solution from China State Decoration Group, demonstrating advancements in construction technology [15] Collaborative Efforts - Discussions at the Expo emphasized the importance of whole-industry-chain collaboration and the necessity of intelligent construction for high-quality development [9] - Experts highlighted the need for international cooperation in intelligent construction, particularly in aligning standards and leveraging China's strengths in global markets [11][13]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - In November, the caustic soda industry still faces certain supply - demand pressures. With fewer maintenance enterprises, the supply is expected to increase. The price is weakly stable, and the overall trend is bearish. For PVC, from November to December, the supply pressure will continue due to new production capacity, and the demand is in the off - season. The price is expected to continue the bottom - oscillating pattern [2][3]. - Futures trading for both caustic soda and PVC should adopt a bearish approach, and options trading should be on the sidelines [4][5]. Summary by Related Catalogs Caustic Soda - **Price and Market Situation**: The price of caustic soda futures has fluctuated due to various factors such as macro - environment, supply - demand changes, and cost shifts. The spot price has also been affected by factors like downstream demand and inventory. In November, the price is expected to be weakly stable [2][8]. - **Supply**: In October, the industry's operation was at a high - level with fluctuations, and the inventory of caustic soda plants first decreased and then increased. The national average weekly weighted operating load rate was 85.55%, a 0.1 - percentage - point increase from the previous week. The caustic soda production in terms of 100% purity was 82.53 tons, a 0.12% increase from the previous week [21][27]. - **Demand**: The main downstream, alumina, has a weakening demand for caustic soda. From the end of 2024 to 2025, the planned new alumina production capacity is 1230 tons, which is expected to increase the demand for caustic soda by about 80 tons per year [32]. - **Export**: In September, the export profit of caustic soda increased, and the export volume rebounded significantly. In October, the estimated export profit declined [56]. Polyvinyl Chloride (PVC) - **Price and Market Situation**: In October, the PVC spot price decline accelerated. The core contradiction is that the supply - demand situation has not been substantially improved. The futures price has also been affected by factors such as supply - demand, macro - environment, and cost [63][64]. - **Supply**: In October, there were 20 PVC maintenance enterprises, 3 fewer than in September. The utilization rate of calcium - carbide - based PVC production capacity was 78.10%, a 0.49 - percentage - point decrease from September. The utilization rate of ethylene - based PVC production capacity was 81.48%, a 2.46 - percentage - point increase from September [79][85]. - **Demand**: The two major downstream industries of PVC, profiles and pipes, face great pressure. The real - estate sector continues to have a negative impact on demand. The downstream orders are significantly lower than the average of the past five years, and the raw material and finished - product inventories are at high levels [94]. - **Inventory**: The PVC inventory has been continuously increasing, and the total inventory is at the highest level in recent years compared year - on - year [102]. - **Export**: In September 2025, the PVC import volume was 1.44 tons, with a single - month import increase of 16.08% month - on - month and 7.73% year - on - year. The export volume was 34.64 tons, with a single - month export increase of 21.945% month - on - month and 24.53% year - on - year [120].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The recent US-China talks have led to a potential recovery in demand, which is expected to positively impact the chemical industry [7] - The energy storage sector is driving an optimistic outlook for lithium battery demand, particularly benefiting the phosphate rock segment due to its rigid supply characteristics [7] Summary by Sections Industry Overview - The chemical industry is facing challenges due to the US-China trade disputes, but recent negotiations have shown signs of easing tensions, which may stabilize demand [7] - The global energy storage battery shipments are projected to exceed 500 GWh in 2025, representing a year-on-year growth of approximately 60% [7] Investment Recommendations - The report recommends buying shares in companies that are well-positioned in the green polyester industry, such as Wankai New Materials (301216) [3] - Companies in the pesticide formulation sector, like Runfeng Co. (301035), Guoguang Co. (002749), and Hailier (603639), are also recommended for purchase due to their lower exposure to trade disputes [3] - The report highlights potential recovery in the petrochemical and chemical sectors, suggesting investments in Sinopec (600028), Hengli Petrochemical (600346), Rongsheng Petrochemical (002493), Wanhua Chemical (600309), and Huayi Group (600623) [3]

Core Insights - The chemical sector is experiencing a significant influx of funds, with the chemical ETF (159870) seeing a net subscription of 500 million units during trading hours. This is attributed to a new direct deamination strategy developed by a research team from the University of Science and Technology of China, which allows for the replacement of stable carbon-nitrogen bonds in aromatic amines with various important chemical bonds using common and inexpensive reagents, enabling kilogram-scale synthesis [1]. Group 1 - The new technology is considered a "disruption of 140 years," as it eliminates the need for the dangerous diazonium salt intermediate, addressing safety concerns associated with traditional processes that are prone to explosions [1]. - The new method is expected to reduce the synthesis cost of certain drug intermediates, such as anticancer drugs, by 40% to 50%, benefiting multiple fine chemical sectors including pharmaceuticals, pesticides, dyes, pigments, and fragrances [1]. Group 2 - As of October 31, 2025, the top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index (000813) include Wanhua Chemical (600309), Salt Lake Industry (000792), Tianci Materials (002709), Juhua Co. (600160), Cangge Mining (000408), Jinfa Technology (600143), Baofeng Energy (600989), Hualu Hengsheng (600426), Hengli Petrochemical (600346), and Yuntianhua (600096), collectively accounting for 44.83% of the index [2].

Report Industry Investment Rating - Not provided in the document Core Views - Polyolefins face significant upward pressure and are expected to trade within a range. Key factors to watch include downstream demand, Fed rate cuts, China-US talks, the Middle East situation, and crude oil price fluctuations. The cost side provides short-term support at the bottom, but due to insufficient supply-demand improvements, upward pressure remains high. The PE main contract is expected to oscillate within a range, with support at 6900, while the PP main contract is expected to weaken with support at 6600. The LP spread is expected to widen [8][9] - Plastics still have supply-demand contradictions and are expected to move in a sideways pattern [10] - PP faces significant trend pressure and is expected to weaken in the short term [51] Summary by Directory Plastic Market Review - On October 31, the closing price of the plastic main contract was 6,899 yuan/ton, a month-on-month decrease of 3.55%. The average price of LDPE was 9,136.67 yuan/ton, a month-on-month decrease of 2.92%. The average price of HDPE was 7,650 yuan/ton, a month-on-month decrease of 3.32%. The average price of LLDPE (7042) in South China was 7,421.76 yuan/ton, a month-on-month decrease of 1.70%. The South China basis of LLDPE closed at 522.76 yuan/ton, a month-on-month increase of 31.68%. The 1-5 month spread was -75 yuan/ton (-178) [12] Key Data Tracking - **Month Spread**: The 1-5 month spread was -75 yuan/ton (-178), the 5-9 month spread was -53 yuan/ton (-39), and the 9-1 month spread was 128 yuan/ton (+217) [19] - **Spot Price**: The spot prices of various polyethylene products in different regions showed different degrees of change, with some prices rising and some falling [20][21] - **Cost**: In October, WTI crude oil closed at $60.88 per barrel, a decrease of $1.55 from the previous month, and Brent crude oil closed at $64.58 per barrel, a decrease of $1.57 from the previous month. The quotation of anthracite at the Yangtze River port was 1,090 yuan/ton (+10) [23] - **Profit**: The profit of oil-based PE was -357 yuan/ton, an increase of 9 yuan/ton from the previous month, and the profit of coal-based PE was 201 yuan/ton, a decrease of 320 yuan/ton from the previous month [28] - **Supply**: The production start-up rate of polyethylene in China this month was 80.86%, a decrease of 0.98 percentage points from the end of last month. The weekly output of polyethylene was 643,500 tons, a month-on-month decrease of 0.71%. The maintenance of petrochemical enterprise equipment remained at a high level this week, with a maintenance loss of 112,100 tons, an increase of 54,000 tons from last week [33] - **2025 Production Plan**: A total of 5.43 million tons of new polyethylene production capacity is planned to be put into operation in 2025, with some already in operation and some still under construction [36] - **Maintenance Statistics**: Multiple polyethylene production lines of various enterprises are under maintenance, with some having uncertain restart times [38] - **Demand**: The overall start-up rate of domestic agricultural film this week was 49.53%, an increase of 16.67% from the end of last month; the start-up rate of PE packaging film was 51.30%, a decrease of 1.07% from the end of last month; the start-up rate of PE pipes was 32.17%, unchanged from the end of last month [39] - **Downstream Production Ratio**: Currently, the production ratio of linear film is the highest, accounting for 33.5%, which is 1.8% different from the annual average level. The difference between the high-pressure film and the annual average data is significant, currently accounting for 8.8%, which is 1.8% different from the annual average level [43] - **Inventory**: The social inventory of plastic enterprises this week was 527,400 tons, a decrease of 7,400 tons from the end of last month, a month-on-month decrease of 1.38% [45] - **Warehouse Receipts**: The number of polyethylene warehouse receipts was 12,706 lots, a decrease of 30 lots from the end of last month [48] PP Market Review - On October 31, the closing price of the polypropylene main contract was 6,590 yuan/ton, a decrease of 262 yuan/ton from the end of last month, a month-on-month decrease of 3.82% [52] Key Data Tracking - **Downstream Spot Price**: The prices of various polypropylene products showed different degrees of change, with some prices rising and some falling [54][56] - **Basis**: On October 31, the spot price of polypropylene reported by Business Society was 6,723.33 yuan/ton (-2.84). The PP basis was 133 yuan/ton (+65), and the basis widened. The 1-5 month spread was -40 yuan/ton (-19), and the month spread narrowed [58] - **Month Spread**: The 1-5 month spread was -84 yuan/ton (-128), the 5-9 month spread was -19 yuan/ton (-85), and the 9-1 month spread was 103 yuan/ton (+213) [63] - **Cost**: In October, WTI crude oil closed at $60.88 per barrel, a decrease of $1.55 from the previous month, and Brent crude oil closed at $64.58 per barrel, a decrease of $1.57 from the previous month. The quotation of anthracite at the Yangtze River port was 1,090 yuan/ton (+10) [68] - **Profit**: The profit of oil-based PP was -606.91 yuan/ton, a decrease of 113.03 yuan/ton from the end of last month, and the profit of coal-based PP was -269.20 yuan/ton, a decrease of 607.60 yuan/ton from the end of last month [73] - **Supply**: The start-up rate of Chinese PP petrochemical enterprises this week was 77.06%, an increase of 1.54 percentage points from the end of last month. The weekly output of PP pellets reached 789,200 tons, a week-on-week increase of 1.48%, and the weekly output of PP powder reached 78,200 tons, a week-on-week increase of 4.82% [77] - **Maintenance Statistics**: Multiple PP production lines of various enterprises are under maintenance, with some having uncertain restart times [80] - **Demand**: The average start-up rate of downstream industries this week was 52.61% (+0.30). The start-up rate of plastic weaving was 44.20% (-0.20%), the start-up rate of BOPP was 61.57% (+0.16%), the start-up rate of injection molding was 59.06% (+0.72%), and the start-up rate of pipes was 36.807% (-0.07%) [82] - **Import and Export Profit**: The import profit of polypropylene this week was -$337.83 per ton, an increase of $208.99 from last month, and the export profit was -$31.12 per ton, a decrease of $23.89 from last month [87] - **Inventory**: The domestic inventory of polypropylene this week was 595,100 tons (-6.80%); the inventory of the two major state-owned oil companies decreased by 9.19% month-on-month, the inventory of traders decreased by 2.91% month-on-month, and the port inventory decreased by 2.25% month-on-month [90] - **Warehouse Receipts**: The number of polypropylene warehouse receipts was 14,569 lots, an increase of 471 lots from the end of last month [103]