Report Industry Investment Rating - Not provided Core View - The overall supply - demand pattern of PP remains unchanged, there is no further macro - level positive news, the spot trading atmosphere is light, and it is expected that the upward space of PP will be limited in the near future. Due to the possibility of new PP production capacity coming on - stream this year and the gradual exit of the peak season for agricultural films, the L - PP price spread is expected to narrow [1] Summary by Relevant Catalogs Market Analysis - As of the week ending December 12, the downstream operating rate of PP increased by 0.06 percentage points to 53.99% week - on - week, which is at a relatively low level in the same period of previous years. However, the operating rate of plastic weaving, the main downstream of drawstring PP, decreased by 0.04 percentage points to 44.06% week - on - week, and plastic weaving orders continued to decline slightly, slightly lower than the same period last year [1] - On December 16, there were few changes in maintenance devices, the operating rate of PP enterprises remained at around 84%, at a neutral level, and the production ratio of standard drawstring PP dropped to around 24% [1] - Recently, the inventory reduction of petrochemicals has been slow, and the current petrochemical inventory is at a relatively high level in the same period of recent years. On the cost side, some previously faulty oil fields in Iraq have resumed production. The United States is still actively promoting peace talks between Russia and Ukraine, and Ukraine has made certain compromises on security guarantees. The crack spread of refined oil products in Europe and the United States has continued to decline, and crude oil prices have fallen [1] - In terms of supply, the 400,000 - ton/year new production capacity of PetroChina Guangxi Petrochemical was put into operation in mid - October. Recently, the number of maintenance devices has slightly decreased. The downstream is at the end of the peak season, orders for plastic weaving continue to decline, the price of BOPP film has dropped again, the market lacks large - scale centralized procurement, which has limited support for the market, and traders generally offer discounts to stimulate transactions [1] Futures and Spot Market Conditions - Futures: The PP2605 contract fluctuated with increasing positions, with a minimum price of 6,230 yuan/ton, a maximum price of 6,278 yuan/ton, and finally closed at 6,256 yuan/ton, below the 20 - day moving average, with a decline of 0.13%. The open interest increased by 11,398 lots to 497,942 lots [2] - Spot: The spot prices of PP in most regions have declined. The drawstring PP is quoted at 5,980 - 6,330 yuan/ton [3] Fundamental Tracking - Supply side: On December 16, new maintenance devices such as the second - phase HDPE of Sinopec - SK Wuhan Petrochemical were added, and the operating rate of plastics dropped to around 87%, currently at a neutral level [4] - Demand side: As of the week ending December 12, the downstream operating rate of PP increased by 0.06 percentage points to 53.99% week - on - week, which is at a relatively low level in the same period of previous years. However, the operating rate of plastic weaving, the main downstream of drawstring PP, decreased by 0.04 percentage points to 44.06% week - on - week, and plastic weaving orders continued to decline slightly, slightly lower than the same period last year [4] - On Tuesday, the early - morning inventory of petrochemicals decreased by 30,000 tons to 720,000 tons week - on - week, 65,000 tons higher than the same period last year. Recently, the inventory reduction of petrochemicals has been slow, and the current petrochemical inventory is at a relatively high level in the same period of recent years [4] Raw Material End - Brent crude oil contract 02 dropped to $60/barrel, and the CFR propylene price in China remained flat at $745/ton week - on - week [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The PP supply - demand pattern remains unchanged with no further macro - level positive factors. The spot trading atmosphere is light, and it is expected that PP will fluctuate weakly in the near term. Due to the possibility of new PP capacity coming online this year and the gradual end of the peak season for agricultural films, the L - PP spread is expected to narrow [1]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - As of the week of December 12, the PP downstream operating rate increased by 0.06 percentage points to 53.99% week - on - week, at a relatively low level compared to the same period in previous years. However, the operating rate of the plastic weaving industry, the main downstream of the drawstring, decreased by 0.04 percentage points to 44.06% week - on - week, and the plastic weaving orders continued to decline slightly, slightly lower than the same period last year [1]. - On December 12, the restart of maintenance devices such as the single - line of Zhong'an United drove the PP enterprise operating rate up to around 85%, at a neutral level, and the production ratio of standard drawstring rose to around 28% [1][4]. - Recently, the de - stocking of petrochemicals has been slow, and the current petrochemical inventory is at a relatively high level compared to the same period in recent years. The cost of crude oil has decreased as some previously malfunctioning oil fields in Iraq resumed production, the US is still actively promoting peace talks between Russia and Ukraine, and the crack spread of refined oil in Europe and the US has continued to decline [1]. - There is new production capacity of 400,000 tons/year from PetroChina Guangxi Petrochemical put into operation in mid - October, and the number of maintenance devices has slightly decreased recently. The downstream has entered the end of the peak season, orders for plastic weaving and other products have started to decline, the price of BOPP film has dropped again, and there is a lack of large - scale centralized procurement in the market, which has limited support for the market [1]. 3.2 Futures and Spot Market Conditions - In the futures market, the PP2601 contract decreased in an oscillatory manner with a position reduction. The lowest price was 6,110 yuan/ton, the highest price was 6,186 yuan/ton, and it finally closed at 6,129 yuan/ton, below the 20 - day moving average, with a decline of 1.18%. The open interest decreased by 58,109 lots to 293,184 lots [2]. - In the spot market, most of the PP spot prices in various regions declined. The drawstring was quoted at 5,970 - 6,330 yuan/ton [3]. 3.3 Fundamental Tracking - On the supply side, on December 12, the restart of maintenance devices such as the single - line of Zhong'an United drove the PP enterprise operating rate up to around 85%, at a neutral level [4]. - On the demand side, as of the week of December 12, the PP downstream operating rate increased by 0.06 percentage points to 53.99% week - on - week, at a relatively low level compared to the same period in previous years. However, the operating rate of the plastic weaving industry, the main downstream of the drawstring, decreased by 0.04 percentage points to 44.06% week - on - week, and the plastic weaving orders continued to decline slightly, slightly lower than the same period last year [4]. - On Friday, the early petrochemical inventory decreased by 10,000 tons week - on - week to 680,000 tons, 60,000 tons higher than the same period last year. Recently, the de - stocking of petrochemicals has been slow, and the current petrochemical inventory is at a relatively high level compared to the same period in recent years [4]. 3.4 Raw Material End Information The Brent crude oil 02 contract dropped below $62 per barrel, and the CFR propylene price in China remained flat at $745 per ton week - on - week [6].

1. Report Industry Investment Rating - No information provided about the report industry investment rating 2. Core Viewpoints - The PP market is expected to experience weak and volatile trends in the near future due to unchanged supply - demand patterns and no significant macro - level positive news [1] - The L - PP spread is expected to decline as there may be new plastic production capacity coming online this year and the peak season for agricultural films is ending [1] 3. Grouped Summaries 3.1 Market Analysis - As of the week ending December 5, the downstream PP operating rate rose 0.10 percentage points to 53.93% week - on - week, remaining at a relatively low level compared to the same period in previous years [1][4] - On December 9, the operating rate of PP enterprises increased to around 84% due to the resumption of some maintenance devices, and the production ratio of standard - grade drawstring products rose to around 27.5% [1][4] - The petrochemical inventory is at a relatively high level compared to the same period in recent years, with the early petrochemical inventory on Tuesday increasing 0.5 tons to 69.5 tons week - on - week, 3.5 tons higher than the same period last year [1][4] - Crude oil prices dropped as some previously malfunctioning oil fields in Iraq resumed production and the crack spread of refined oil in Europe and the US continued to decline [1] - The downstream market is at the end of the peak season, with orders for drawstring products and BOPP films decreasing, and the market lacks large - scale centralized procurement [1] 3.2 Futures and Spot Market - The PP2601 futures contract decreased in an oscillatory manner with a decline of 1.18%, closing at 6192 yuan/ton. The trading volume decreased by 11,906 lots to 411,158 lots [2] - Most spot prices of PP in various regions declined, with drawstring products priced at 6050 - 6380 yuan/ton [3] 3.3 Raw Material End - The Brent crude oil 02 contract fell below $63 per barrel, and the CFR propylene price in China remained unchanged at $745 per ton week - on - week [6]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - As of the week ending December 5, PP downstream operating rate increased 0.10 percentage points to 53.93% week-on-week, remaining at a relatively low level for the same period over the years. The operating rate of plastic weaving, the main downstream of drawing, remained flat at 44.1% week-on-week, and plastic weaving orders decreased slightly week-on-week, slightly lower than the same period last year. On December 5, new maintenance devices such as the second line of the first phase of Zhongjing Petrochemical were added, and the operating rate of PP enterprises dropped to around 82%, a moderately low level. The production ratio of standard drawing decreased to around 27%. At the beginning of the month, petrochemical inventory accumulated significantly, and currently petrochemical inventory is at a relatively high level for the same period in recent years. The cost side is affected by geopolitical factors and pipeline damage, with crude oil prices oscillating at a low level. In terms of supply, a new production capacity of 400,000 tons/year from PetroChina Guangxi Petrochemical was put into operation in mid - October, and there has been a slight increase in maintenance devices recently. The downstream is at the end of the peak season, orders for plastic weaving are decreasing, and the price of BOPP film has stabilized after a decline. The market lacks large - scale centralized procurement, and the trade - off between supply and demand of PP remains unchanged overall. With no further macro - level positive news, it is expected that PP will experience weak oscillations in the near future [1] Summary by Relevant Catalogs Market Analysis - As of the week ending December 5, PP downstream operating rate increased 0.10 percentage points to 53.93% week - on - week, at a relatively low level for the same period over the years. The operating rate of plastic weaving, the main downstream of drawing, remained flat at 44.1% week - on - week, and plastic weaving orders decreased slightly week - on - week, slightly lower than the same period last year. On December 5, new maintenance devices such as the second line of the first phase of Zhongjing Petrochemical were added, and the operating rate of PP enterprises dropped to around 82%, a moderately low level. The production ratio of standard drawing decreased to around 27%. At the beginning of the month, petrochemical inventory accumulated significantly, and currently petrochemical inventory is at a relatively high level for the same period in recent years. The cost side is affected by geopolitical factors and pipeline damage, with crude oil prices oscillating at a low level. The downstream is at the end of the peak season, orders for plastic weaving are decreasing, and the price of BOPP film has stabilized after a decline. The market lacks large - scale centralized procurement, and the trade - off between supply and demand of PP remains unchanged overall. With no further macro - level positive news, it is expected that PP will experience weak oscillations in the near future [1] Futures and Spot Market Conditions - **Futures**: The PP2601 contract oscillated with reduced positions, with a minimum price of 6,361 yuan/ton, a maximum price of 6,417 yuan/ton, and finally closed at 6,382 yuan/ton, below the 20 - day moving average, with a decline of 0.39%. The open interest decreased by 9,112 lots to 459,901 lots [2] - **Spot**: Most spot prices of PP in various regions declined. Drawing was reported at 6,150 - 6,450 yuan/ton [3] Fundamental Tracking - **Supply**: On December 5, new maintenance devices such as the second line of the first phase of Zhongjing Petrochemical were added, and the operating rate of PP enterprises dropped to around 82%, a moderately low level [4] - **Demand**: As of the week ending December 5, PP downstream operating rate increased 0.10 percentage points to 53.93% week - on - week, at a relatively low level for the same period over the years. The operating rate of plastic weaving, the main downstream of drawing, remained flat at 44.1% week - on - week, and plastic weaving orders decreased slightly week - on - week, slightly lower than the same period last year [1][4] - **Inventory**: On Friday, the early petrochemical inventory decreased by 10,000 tons to 670,000 tons week - on - week, 60,000 tons higher than the same period last year. At the beginning of the month, petrochemical inventory accumulated significantly, and currently petrochemical inventory is at a relatively high level for the same period in recent years [4] - **Raw Materials**: The Brent crude oil 02 contract oscillated around $63 per barrel, and the CFR propylene price in China remained flat at $745 per ton week - on - week [4]

PP日报：震荡下行 发布日期：2025年12月04日 【行情分析】 PP下游开工率环比上涨0.26个百分点至53.83%，处于历年同期偏低水平。但其中拉丝主力下游塑 编开工率环比下降0.14个百分点至44.1%，塑编订单环比持平，略低于去年同期。12月4日，东莞巨正 源一期二线、独山子石化老二线等检修装置重启开车，PP企业开工率上涨至83%左右，处于中性偏低 水平，标品拉丝生产比例下降至29.5%左右。月初石化累库较多，目前石化库存处于近年同期偏高水 平。成本端，俄罗斯副总理诺瓦克表示，美国及西方最新实施的制裁并未对俄罗斯的石油产量造成 影响，另外特朗普政府极力促成俄乌停火，泽连斯基表明对和谈持开放态度，不过近期俄乌和谈达 成可能性不大，原油价格低位震荡。供应上，新增产能40万吨/年的中石油广西石化10月中旬投产， 近期检修装置略有减少。下游进入旺季尾声，塑编等订单跟进持续性有限，BOPP膜价格下跌后暂稳， 市场缺乏大规模集中采购，对行情提振有限，贸易商普遍让利以刺激成交。国家发展改革委会同有 关部门及相关行业协会召开会议，研究制定价格无序竞争成本认定标准等相关工作，给予大宗商品 一定提振，但PP供需格局整体 ...

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - PP downstream demand is in the late peak season, with limited follow - up of orders. The supply has new capacity put into operation and an increase in maintenance devices. The cost side has low - level fluctuations in oil prices. The overall supply - demand pattern remains unchanged, and the short - term upward space of PP is limited [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - PP downstream start - up rate rose 0.26 percentage points to 53.83% week - on - week, at a low level in the same period over the years. The start - up rate of plastic weaving, the main downstream of drawing materials, decreased 0.14 percentage points to 44.1%, and orders were flat week - on - week, slightly lower than last year [1][4] - On December 2, new maintenance devices were added, and the start - up rate of PP enterprises dropped to about 81%, at a moderately low level. The production ratio of standard drawing materials rose to about 28.5% [1][4] - At the beginning of the month, petrochemical inventory accumulated significantly and is now at a high level in the same period in recent years. The cost side has low - level fluctuations in oil prices, and the new production capacity of 400,000 tons/year of Guangxi Petrochemical of CNPC was put into operation in mid - October [1] - The National Development and Reform Commission's meeting on price competition gave some boost to bulk commodities, but the overall supply - demand pattern of plastics remained unchanged, and the short - term upward space of PP was limited [1] 3.2 Futures and Spot Market Conditions 3.2.1 Futures - The PP2601 contract decreased positions and fluctuated. The lowest price was 6391 yuan/ton, the highest was 6426 yuan/ton, and it closed at 6410 yuan/ton, with a gain of 0.08%. The position decreased by 19,931 lots to 469,013 lots [2] 3.2.2 Spot - The spot prices of PP in various regions showed mixed trends. The drawing materials were reported at 6150 - 6480 yuan/ton [3] 3.3 Fundamental Tracking - Supply: On December 2, new maintenance devices were added, and the start - up rate of PP enterprises dropped to about 81%, at a moderately low level [1][4] - Demand: As of the week of November 28, the downstream start - up rate of PP rose 0.26 percentage points to 53.83% week - on - week, at a low level in the same period over the years. The start - up rate of plastic weaving, the main downstream of drawing materials, decreased 0.14 percentage points to 44.1%, and orders were flat week - on - week, slightly lower than last year [1][4] - Inventory: On Tuesday, the early petrochemical inventory decreased by 35,000 tons to 735,000 tons week - on - week, 75,000 tons higher than the same period last year, at a high level in the same period in recent years [4] - Raw materials: Brent crude oil contract 02 fluctuated around $63/barrel, and China CFR propylene price rose by $15/ton week - on - week to $750/ton [4]