Report Industry Investment Rating - Not provided Core Viewpoints - International oil prices rebounded, and propane prices continued to rise, providing cost - side support for a slight rebound in the polyolefin market. Upstream supply is expected to remain at a high level, but there is significant inventory pressure. Downstream demand is in a seasonally improving phase, with overall downstream factory operating rates rising slightly, but the fundamental situation remains weak [3] Summary by Directory 1. Polyolefin Basis Structure - L主力合约收盘价为7232元/吨（+63），PP主力合约收盘价为6966元/吨（+53），LL华北现货为7160元/吨（+10），LL华东现货为7170元/吨（+0），PP华东现货为6800元/吨（+0），LL华北基差为 - 72元/吨（-53），LL华东基差为 - 62元/吨（-63），PP华东基差为 - 166元/吨（-53） [1] 2. Production Profit and Operating Rate - PE开工率为78.0%（-2.5%），PP开工率为76.8%（-3.1%）；PE油制生产利润为277.0元/吨（-69.2），PP油制生产利润为 - 333.0元/吨（-69.2），PDH制PP生产利润为 - 271.2元/吨（+64.0） [1] 3. Polyolefin Non - Standard Price Difference - Not provided in the summarized content 4. Polyolefin Import and Export Profits - LL进口利润为 - 101.2元/吨（-22.4），PP进口利润为 - 471.2元/吨（+40.4），PP出口利润为27.7美元/吨（+0.3） [1] 5. Polyolefin Downstream Operating Rates and Downstream Profits - PE下游农膜开工率为24.1%（+3.9%），PE下游包装膜开工率为51.3%（+0.8%），PP下游塑编开工率为43.1%（+0.4%），PP下游BOPP膜开工率为61.6%（+0.1%） [2] 6. Polyolefin Inventory - Upstream and mid - stream inventory pressure is large, but specific inventory data is not provided in the summarized content [3] Strategies - Unilateral: Neutral; - Inter - delivery: 01 - 05 reverse spread; - Inter - variety: Long L - P [4]

Report Industry Investment Rating - Not provided Core Viewpoints - The supply side of polyolefins has increased significantly due to the commissioning of new capacity and the increase in the overall operating rate of existing devices. The upstream inventory has shifted downward, with a slight decrease in production enterprise inventory and inventory accumulation in the middle - link, resulting in certain pressure on the supply side. The cost - end support is weak, and the demand side is slowly rising but lacks short - term new orders, with limited upward - driving force [3]. - For trading strategies, a neutral stance is taken for single - side trading; a 01 - 05 reverse spread is recommended for inter - period trading; and going long on the L - P spread is suggested for inter - variety trading [4]. Summary by Directory 1. Polyolefin Basis Structure - The closing price of the L main contract is 7247 yuan/ton (- 5), and the closing price of the PP main contract is 6954 yuan/ton (+ 11). The LL spot price in North China is 7180 yuan/ton (+ 10), in East China is 7170 yuan/ton (+ 0), and the PP spot price in East China is 6830 yuan/ton (- 20). The LL basis in North China is - 67 yuan/ton (+ 15), in East China is - 77 yuan/ton (+ 5), and the PP basis in East China is - 124 yuan/ton (- 31) [1]. 2. Production Profit and Operating Rate - The PE operating rate is 78.7% (+ 0.0%), and the PP operating rate is 80.2% (+ 2.0%). The PE oil - based production profit is 107.1 yuan/ton (- 95.7), the PP oil - based production profit is - 452.9 yuan/ton (- 95.7), and the PDH - based PP production profit is - 151.5 yuan/ton (- 125.4) [1]. 3. Polyolefin Non - Standard Price Spread - Not provided with specific content in the text 4. Polyolefin Import and Export Profit - The LL import profit is - 280.1 yuan/ton (- 20.0), the PP import profit is - 600.1 yuan/ton (- 50.0), and the PP export profit is 32.4 US dollars/ton (+ 6.2) [2]. 5. Polyolefin Downstream Operating Rate and Downstream Profit - The operating rate of PE downstream agricultural film is 17.5% (+ 2.9%), the operating rate of PE downstream packaging film is 49.6% (- 0.3%), the operating rate of PP downstream plastic weaving is 42.3% (+ 0.3%), and the operating rate of PP downstream BOPP film is 60.4% (- 0.3%) [2]. 6. Polyolefin Inventory - The upstream inventory has shifted downward, with a slight decrease in production enterprise inventory and inventory accumulation in the middle - link, indicating certain pressure on the supply side [3].

Report Summary 1. Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None; Inter - variety: None [3] 2. Core Viewpoints - International oil prices rebounded, strengthening the cost support of oil - based production. Propane prices rose slightly, and the profit of PDH - made PP was near the break - even point. The number of PE shutdown and maintenance devices increased, slightly alleviating the supply pressure. However, the overall current operation was still at a relatively high level, with inventory accumulation in production enterprises and certain de - stocking pressure upstream. The PP operation rate was flat month - on - month, and the inventory in the upstream and mid - stream links decreased slightly. The new 900,000 - ton/year Phase II device of Daxie Petrochemical started trial operation, and it was expected to produce qualified products soon. The continuous release of new production capacity would bring greater supply pressure in the long - term. The recovery of downstream demand was slow. The agricultural film entered the seasonal demand conversion stage, with the overall order follow - up slow and the terminal operation recovering slightly [2] 3. Summary According to the Directory a. Polyolefin Basis Structure - The closing price of the L main contract was 7,423 yuan/ton (+43), and the closing price of the PP main contract was 7,074 yuan/ton (+36). The LL North China spot price was 7,270 yuan/ton (+0), the LL East China spot price was 7,320 yuan/ton (+0), and the PP East China spot price was 6,980 yuan/ton (+0). The LL North China basis was - 153 yuan/ton (-43), the LL East China basis was - 103 yuan/ton (-43), and the PP East China basis was - 94 yuan/ton (-36) [1] b. Production Profit and Operation Rate - The PE operation rate was 78.7% (-5.5%), and the PP operation rate was 78.2% (+0.3%). The PE oil - based production profit was 332.5 yuan/ton (+17.9), the PP oil - based production profit was - 247.5 yuan/ton (+17.9), and the PDH - made PP production profit was 88.2 yuan/ton (+12.0) [1] c. Polyolefin Non - standard Price Difference - Not elaborated in the provided text d. Polyolefin Import and Export Profit - The LL import profit was - 44.2 yuan/ton (+23.4), the PP import profit was - 556.9 yuan/ton (+3.4), and the PP export profit was 36.6 US dollars/ton (-0.4) [1] e. Polyolefin Downstream Operation and Downstream Profit - The PE downstream agricultural film operation rate was 14.5% (+0.7%), the PE downstream packaging film operation rate was 49.9% (+0.8%), the PP downstream plastic braiding operation rate was 42.0% (+0.6%), and the PP downstream BOPP film operation rate was 60.7% (-0.5%) [1] f. Polyolefin Inventory - PE shutdown and maintenance devices increased, slightly alleviating the supply pressure, but the overall current operation was still at a relatively high level, with inventory accumulation in production enterprises and certain de - stocking pressure upstream. The PP operation rate was flat month - on - month, and the inventory in the upstream and mid - stream links decreased slightly [2]

Report Industry Investment Rating - Unilateral: Neutral. No strategy for inter - period trading [3] Core Viewpoints - Yulong Petrochemical's three - line maintenance and the upcoming maintenance season for upstream petrochemical plants have led to an increase in maintenance losses, easing market supply pressure and resulting in a slight reduction in production inventory. The anti - involution policy on the macro level has some positive impact, with an expected improvement in the medium - to - long - term supply side, but the short - term fundamentals of polyolefins have not significantly improved. The geopolitical situation in the Middle East is gradually easing, leading to lower international oil and propane prices. The production profit of PDH - made PP has turned from loss to profit, and the cost - side support has weakened. Downstream demand remains in the seasonal off - season, with the agricultural film industry's starting rate rising from the bottom, the plastic braiding industry's starting rate decreasing, and other downstream industries maintaining their starting rates, mainly for rigid - demand procurement [2] Summary by Directory 1. Polyolefin Basis Structure - L main contract closed at 7278 yuan/ton (+33), PP main contract closed at 7078 yuan/ton (+33). LL North China spot was 7180 yuan/ton (+0), LL East China spot was 7270 yuan/ton (+0), PP East China spot was 7120 yuan/ton (+0). LL North China basis was - 98 yuan/ton (-33), LL East China basis was - 8 yuan/ton (-33), PP East China basis was 42 yuan/ton (-33) [1] 2. Production Profit and Operating Rate - PE operating rate was 79.5% (+3.0%), PP operating rate was 77.4% (-1.9%). PE oil - based production profit was 94.8 yuan/ton (-71.4), PP oil - based production profit was - 295.2 yuan/ton (-71.4), PDH - made PP production profit was 250.4 yuan/ton (-49.8) [1] 3. Polyolefin Non - Standard Price Difference - No specific data provided in the given text 4. Polyolefin Import and Export Profits - LL import profit was - 109.6 yuan/ton (-10.0), PP import profit was - 634.8 yuan/ton (-10.3), PP export profit was 29.5 US dollars/ton (+1.2) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profits - PE downstream agricultural film operating rate was 12.1% (-0.3%), PE downstream packaging film operating rate was 48.4% (+0.5%), PP downstream plastic braiding operating rate was 42.2% (-1.0%), PP downstream BOPP film operating rate was 60.3% (-0.1%) [1] 6. Polyolefin Inventory - The text mentions that production inventory has a slight reduction, but no specific inventory data is provided [2]

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None [3] Core Viewpoints - The market trading of macro - positive factors has ended, and the atmosphere of waiting and seeing prevails. Downstream factories have low purchasing sentiment, and most end - users make purchases based on rigid demand. Upstream petrochemical plants will enter the maintenance season, and the maintenance loss is on the rise, alleviating the market supply pressure and leading to a slight reduction in production inventory. The geopolitical situation in the Middle East is gradually easing, international oil prices and propane prices are falling, the production profit of PDH - made PP has turned from loss to profit, and the cost - side support has weakened. The downstream demand remains in the seasonal off - season, with the bottom - up recovery of the agricultural film industry's start - up rate and the decline of the plastic weaving industry's start - up rate [2] Summary by Directory 1. Polyolefin Basis Structure - L主力合约收盘价为7245元/吨（-2），PP主力合约收盘价为7045元/吨（-12），LL华北现货为7180元/吨（-30），LL华东现货为7270元/吨（-20），PP华东现货为7120元/吨（+0），LL华北基差为 - 65元/吨（-28），LL华东基差为25元/吨（-18），PP华东基差为75元/吨（+12） [1] 2. Production Profit and Start - up Rate - PE开工率为79.5%（+3.0%），PP开工率为77.4%（-1.9%）；PE油制生产利润为166.2元/吨（-108.4），PP油制生产利润为 - 243.8元/吨（-108.4），PDH制PP生产利润为300.1元/吨（+0.0） [1] 3. Polyolefin Non - standard Price Difference - No specific data provided in the given text 4. Polyolefin Import and Export Profits - LL进口利润为 - 109.6元/吨（-10.0），PP进口利润为 - 624.5元/吨（+86.2），PP出口利润为28.3美元/吨（+0.0） [1] 5. Polyolefin Downstream Start - up and Downstream Profits - PE下游农膜开工率为12.1%（-0.3%），PE下游包装膜开工率为48.4%（+0.5%），PP下游塑编开工率为42.2%（-1.0%），PP下游BOPP膜开工率为60.3%（-0.1%） [1] 6. Polyolefin Inventory - Upstream petrochemical plants will enter the maintenance season, and production inventory has a slight reduction [2]

Report Industry Investment Rating - The report suggests a cautious and bearish stance on plastics for unilateral trading, with no specific strategy for inter - period trading [3] Core Viewpoints - It is the off - season for downstream demand, with limited boosting effects. The agricultural film industry has low operating rates, and other end - user industries are running weakly. Upstream inventory is being depleted, while inventory reduction in the mid - stream trading sector is slow. International oil and propane prices have dropped significantly, weakening the cost support for polyolefins. Some previously shut - down and overhauled plants have resumed operation, and new supply has slightly increased. However, petrochemical plants are about to enter the traditional overhaul season, and future intensive overhauls of existing plants will relieve some of the new supply pressure [1][2] Summary by Directory 1. Polyolefin Basis Structure - The closing price of the L main contract is 7249 yuan/ton (- 12), and that of the PP main contract is 7044 yuan/ton (- 26). The LL North China spot price is 7190 yuan/ton (- 50), the LL East China spot price is 7300 yuan/ton (- 50), and the PP East China spot price is 7120 yuan/ton (- 40). The LL North China basis is - 59 yuan/ton (- 38), the LL East China basis is 51 yuan/ton (- 38), and the PP East China basis is 76 yuan/ton (- 14) [1] 2. Production Profit and Operating Rate - The PE operating rate is 76.4% (- 2.3%), and the PP operating rate is 79.3% (- 0.3%). The PE oil - based production profit is 378.7 yuan/ton (+ 19.9), the PP oil - based production profit is - 51.3 yuan/ton (+ 19.9), and the PDH - based PP production profit is 274.9 yuan/ton (+ 6.4) [1] 3. Polyolefin Non - Standard Price Difference - No specific data summary is provided in the given text 4. Polyolefin Import and Export Profits - The LL import profit is - 48.2 yuan/ton (+ 10.1), the PP import profit is - 496.8 yuan/ton (- 182.2), and the PP export profit is 23.2 US dollars/ton (+ 1.2) [1] 5. Polyolefin Downstream Operating Rates and Downstream Profits - The PE downstream agricultural film operating rate is 12.4% (+ 0.2%), the PE downstream packaging film operating rate is 48.0% (- 1.2%), the PP downstream plastic weaving operating rate is 43.2% (- 0.4%), and the PP downstream BOPP film operating rate is 60.4% (+ 0.0%) [1] 6. Polyolefin Inventory - Upstream inventory is being depleted, while inventory reduction in the mid - stream trading sector is slow. No specific inventory data is provided [2]

Report Industry Investment Rating No information provided Core View of the Report The supply of polyolefins is under pressure due to the expected restart of multiple previously shut - down plants and the ramp - up of new production capacities. The cost support for polyolefins has increased with the rising international crude oil prices. The propane price has been weakening, leading to a slight increase in the start - up rate of PDH - based PP production. It is the traditional off - season for polyolefin downstream demand, with the agricultural film start - up rate continuing to decline and other terminal start - up rates being weakly volatile. Terminal factories have low enthusiasm for raw material procurement, mainly making rigid - demand purchases. The inventories of upstream factories and traders are being slowly depleted. The strategy for plastics is to be cautiously bearish on the single - side, and there is no strategy for the inter - period [1][3][4] Summary According to Relevant Catalogs 1. Polyolefin Basis Structure The L main contract closed at 7106 yuan/ton (+28), the PP main contract closed at 6941 yuan/ton (+9), the LL spot price in North China was 7140 yuan/ton (+50), the LL spot price in East China was 7120 yuan/ton (+20), the PP spot price in East China was 7080 yuan/ton (+10), the LL basis in North China was 34 yuan/ton (+22), the LL basis in East China was 14 yuan/ton (-8), and the PP basis in East China was 139 yuan/ton (+1) [2] 2. Production Profit and Start - up Rate The PE start - up rate was 77.4% (+0.6%), the PP start - up rate was 77.0% (+1.6%). The PE oil - based production profit was 159.4 yuan/ton (-47.7), the PP oil - based production profit was - 110.6 yuan/ton (-47.7), and the PDH - based PP production profit was - 122.1 yuan/ton (+42.8) [2] 3. Polyolefin Non - standard Price Difference No specific data and analysis provided in the content 4. Polyolefin Import and Export Profits The LL import profit was - 310.6 yuan/ton (+9.4), the PP import profit was - 475.4 yuan/ton (-15.3), and the PP export profit was 16.5 US dollars/ton (+1.9) [2] 5. Polyolefin Downstream Start - up and Downstream Profits The PE downstream agricultural film start - up rate was 12.9% (-0.1%), the PE downstream packaging film start - up rate was 48.9% (+0.3%), the PP downstream plastic weaving start - up rate was 44.7% (-0.5%), and the PP downstream BOPP film start - up rate was 60.4% (+0.7%). No downstream profit data provided [2] 6. Polyolefin Inventory The upstream factory inventories and trader inventories are being slowly depleted, but no specific inventory data provided [3]

Report Investment Rating - No investment rating provided in the report Core Viewpoints - The terminal downstream demand for polyolefins has entered the traditional off - season, with limited market demand, general restocking enthusiasm, mainly rigid - demand procurement, and a cold market trading atmosphere. The supply side continues to increase, and the supply - demand contradiction has not been significantly improved. Currently, the number of PE inventory maintenance devices has increased, alleviating the PE supply side. The previously shut - down PP devices have gradually restarted, and the upstream production inventory of polyolefins has been depleted. It is expected that the future supply will increase. The downstream demand is in the off - season, the agricultural film operating rate is at a low level, the packaging film operating rate fluctuates slightly, and the operating rates of industries such as plastic weaving and BOPP have increased slightly [2] - For the trading strategy, it is recommended to be cautiously bearish on plastics for single - side trading, and there is no strategy for inter - period trading [3] Summary by Directory 1. Polyolefin Basis Structure - The L main contract closed at 6972 yuan/ton (- 35), the PP main contract closed at 6893 yuan/ton (- 3), the LL North China spot was 7080 yuan/ton (- 50), the LL East China spot was 7200 yuan/ton (- 50), the PP East China spot was 7060 yuan/ton (+ 0), the LL North China basis was 108 yuan/ton (- 15), the LL East China basis was 228 yuan/ton (- 15), and the PP East China basis was 167 yuan/ton (+ 3) [1] 2. Production Profit and Operating Rate - The PE operating rate was 78.0% (- 1.4%), and the PP operating rate was 76.8% (+ 0.3%). The PE oil - based production profit was 533.5 yuan/ton (- 10.5), the PP oil - based production profit was 103.5 yuan/ton (- 10.5), and the PDH - based PP production profit was - 363.1 yuan/ton (- 91.3) [1] 3. Polyolefin Non - Standard Price Difference - No relevant data presented in the provided content 4. Polyolefin Import and Export Profits - The LL import profit was - 213.2 yuan/ton (- 64.7), the PP import profit was - 619.4 yuan/ton (- 85.1), and the PP export profit was 23.2 US dollars/ton (+ 10.4) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profits - The PE downstream agricultural film operating rate was 14.1% (- 2.6%), the PE downstream packaging film operating rate was 49.2% (+ 0.5%), the PP downstream plastic weaving operating rate was 45.7% (+ 0.4%), and the PP downstream BOPP film operating rate was 60.2% (+ 0.2%) [1] 6. Polyolefin Inventory - No relevant data presented in the provided content

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None [3] Core View - The recent 90 - day tariff suspension agreement between China and the US has continued the positive impact of tariff policies, leading to a continuous increase in the polyolefin futures prices. Propane prices have declined, but the production profit of PDH - made PP remains significantly in the red. Multiple new PDH units have been shut down for maintenance, and the restart time is undetermined. There is an expectation of rising PDH costs in the future. The new facility of Huizhou ExxonMobil has increased production. Among the existing facilities, the number of PE shutdown units has increased, with a slight decrease in the operating rate, while the PP operating rate has increased, resulting in significant supply pressure in the polyolefin market. Polyolefin producers have accumulated large inventories and face great pressure to reduce stocks. Downstream demand is weak, with fewer new orders. The operating rate of the agricultural film industry has seasonally decreased, while the operating rates of other industries are stable, mainly for rigid - demand purchases [2] Summary by Directory 1. Polyolefin Basis Structure - L main contract closed at 7339 yuan/ton (+152), PP main contract at 7193 yuan/ton (+119), LL North China spot at 7400 yuan/ton (+170), LL East China spot at 7400 yuan/ton (+100), PP East China spot at 7250 yuan/ton (+50), LL North China basis at 61 yuan/ton (+18), LL East China basis at 61 yuan/ton (-52), and PP East China basis at 57 yuan/ton (-69) [1] 2. Production Profit and Operating Rate - PE operating rate was 84.1% (-0.8%), PP operating rate was 79.7% (+5.4%). PE oil - based production profit was 374.1 yuan/ton (-42.7), PP oil - based production profit was 34.1 yuan/ton (-42.7), and PDH - made PP production profit was - 266.6 yuan/ton (+163.3) [1] 3. Polyolefin Non - Standard Price Difference - No specific data provided in the text 4. Polyolefin Import and Export Profit - LL import profit was - 95.1 yuan/ton (+92.5), PP import profit was - 238.5 yuan/ton (+62.6), and PP export profit was 18.3 US dollars/ton (-7.7) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profit - PE downstream agricultural film operating rate was 19.4% (-4.0%), PE downstream packaging film operating rate was 47.6% (-0.3%), PP downstream plastic weaving operating rate was 44.8% (-0.2%), and PP downstream BOPP film operating rate was 57.6% (-1.9%) [1] 6. Polyolefin Inventory - Polyolefin producers have significantly accumulated inventories and face great pressure to reduce stocks, but no specific inventory data provided [2]

Report Industry Investment Rating - The rating for plastics is cautiously bearish, and there is no recommendation for inter - period strategies [3] Core View - Affected by the decline in upstream crude oil, polyolefins are operating weakly. The increase in propane import tariffs will pressure the cost of PDH - made PP, and some PDH devices have temporarily shut down. New polyolefin devices are continuously being put into production, and the inventory of existing devices under maintenance is at a high level, alleviating supply pressure. The downstream demand for polyolefins is weak, and the overall inventory is being depleted [1][2] Summary by Directory 1. Polyolefin Basis Structure - L主力合约收盘价为6987元/吨（-96），PP主力合约收盘价为6995元/吨（-46），LL华北现货为7320元/吨（-10），LL华东现货为7330元/吨（-50），PP华东现货为7200元/吨（-80），LL华北基差为333元/吨（+86），LL华东基差为343元/吨（+46），PP华东基差为205元/吨（-34） [1] 2. Production Profit and Operating Rate - PE开工率为84.4%（+0.6%），PP开工率为74.4%（-1.1%）；PE油制生产利润为659.2元/吨（+88.4），PP油制生产利润为319.2元/吨（+88.4），PDH制PP生产利润为 - 677.0元/吨（-10.0） [1] 3. Polyolefin Non - Standard Price Difference - Not mentioned in the provided content 4. Polyolefin Import and Export Profits - LL进口利润为 - 152.3元/吨（+0.0），PP进口利润为 - 340.1元/吨（-10.0），PP出口利润为20.2美元/吨（+1.2） [1] 5. Polyolefin Downstream Operating Rate and Downstream Profits - PE下游农膜开工率为23.4%（-2.7%），PE下游包装膜开工率为47.9%（-1.0%），PP下游塑编开工率为45.0%（-0.3%），PP下游BOPP膜开工率为61.7%（-0.1%） [1] 6. Polyolefin Inventory - PE生产企业库存总量季节性偏低，PP库存压力尚可，整体库存维持去化 [2]