1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - For the nickel market, due to high inventories and a persistent supply - surplus situation, nickel prices are expected to remain range - bound. For the stainless - steel market, with low demand, high inventories, and a continuously declining cost center, stainless - steel prices are expected to stay in a low - level震荡 state [1][3] 3. Summary by Related Catalogs Nickel Market Market Analysis - On December 3, 2025, the main contract of Shanghai nickel 2601 opened at 118,050 yuan/ton and closed at 117,870 yuan/ton, a change of 0.11% from the previous trading day. The trading volume was 112,448 (+23,926) lots, and the open interest was 118,618 (-3,306) lots. The main contract of Shanghai nickel continued a slight rebound, supported by the improved liquidity expectation as the probability of a 25 - bp Fed rate cut in December approached 90%. However, fundamentals suppressed the price, resulting in limited rebound strength with an amplitude of about 1.12%. In November, China's refined nickel production was 28,392 tons, a 14.85% month - on - month decrease, narrowing the surplus situation [1] - The nickel ore market was quiet with a wait - and - see attitude. Nickel ore prices were under pressure due to recent lower transactions and weak downstream ferronickel prices. In the Philippines, mines mainly fulfilled previous orders, and northern mines had not started new tenders. Downstream iron plants, facing losses, tried to lower raw - material prices, and some planned production cuts. In Indonesia, the December (Phase I) domestic trade benchmark price dropped by 0.52 - 0.91 dollars/wet ton, and the mainstream domestic trade premium was +25 [2] - Jinchuan Group's sales price in the Shanghai market was 122,500 yuan/ton, up 200 yuan/ton from the previous day. Spot trading of refined nickel was average, and the spot premiums and discounts of various brands were generally stable. The premium of Jinchuan nickel changed - 50 yuan/ton to 4,850 yuan/ton, the premium of imported nickel was unchanged at 400 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warrant volume was 32,595 (+244) tons, and the LME nickel inventory was 252,990 (-84) tons [2] Strategy - Unilateral: Mainly conduct range - bound operations; Cross - period: None; Cross - variety: None; Spot - futures: None; Options: None [3] Stainless - Steel Market Market Analysis - On December 3, 2025, the main contract of stainless steel 2601 opened at 12,475 yuan/ton and closed at 12,465 yuan/ton. The trading volume was 80,361 (-14,747) lots, and the open interest was 96,947 (-4,171) lots. The main contract of stainless steel continued to be led by the Shanghai nickel price and showed a slight rebound, but the amplitude was only 65 yuan/ton, the smallest in recent times. Fundamentals changed little recently, and the continuous rebound trend might continue due to the increased Fed rate - cut expectation, but the rebound strength was expected to be limited [3] - Market confidence had increased recently, and transactions improved to some extent. However, due to fundamental constraints, spot trading cooled today compared with yesterday, and quotes were basically flat. The stainless - steel price in the Wuxi market was 12,700 (+0) yuan/ton, and in the Foshan market, it was also 12,700 (+0) yuan/ton. The premium and discount of 304/2B were 315 - 515 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron was unchanged at 881.5 yuan/nickel point [3][4] Strategy - Unilateral: Neutral; Cross - period: None; Cross - variety: None; Spot - futures: None; Options: None [4]

Core Insights - Domestic futures market showed mixed performance with significant gains in certain commodities like tin and copper while others experienced declines [2][7] Price Movements - Tin futures rose nearly 4% while international copper increased over 2% [2][7] - Other commodities such as copper and asphalt saw gains exceeding 1%, along with slight increases in corn and pulp [2][7] - On the downside, several contracts including shipping, rubber, caustic soda, glass, and soda ash fell by more than 1% [2][7] Contract Performance - Specific contracts showed notable changes: - International copper (contract 2601 M) increased by 2.47% [3] - Tin (contract 2601 W) rose by 3.83% [3] - Shipping contract (contract 2602 M) decreased by 1.89% [3] - Rubber (contract 2601 M) fell by 1.17% [3] Trading Volume and Open Interest - Trading volumes and open interest varied across contracts, indicating active market participation [3][8] - For instance, the trading volume for tin was reported at 321,180 contracts with an open interest of 58,905 [3] Market Sentiment - The mixed performance in the futures market reflects varying investor sentiment and market dynamics across different commodities [2][7]

Group 1: Report Information - The reports cover multiple industries including polyolefin, methanol, crude oil, natural rubber, urea, benzene - styrene, glass - soda ash, PVC - caustic soda, and polyester产业链 on December 3, 2025 [1][5][9][10][12][13][14][15][16] Group 2: Industry Price and Spread Changes Polyolefin - Futures prices of L2601, L2605, PP2601, and PP2605 increased on December 2 compared to December 1, with L2601 rising 0.41% to 6831 yuan/ton and PP2601 rising 0.20% to 6410 yuan/ton [2] - Price differences such as L15, LP01, etc. also had corresponding changes, with L15 rising 8.33% [2] Methanol - MA2601 decreased 0.19% to 2132 yuan/ton on December 2 compared to December 1, while MA2605 remained unchanged [5] - Methanol enterprise inventory increased 4.19% to 37.3712%, and methanol port inventory decreased 7.83% to 136.4 million tons [5] Crude Oil - Brent decreased 1.14% to 62.45 dollars/barrel, and WTI decreased 1.15% to 58.64 dollars/barrel on December 2 compared to December 1 [9] Natural Rubber - Yunnan state - owned whole latex (SCRWF) in Shanghai increased 0.34% to 14850 yuan/ton on December 2 compared to December 1 [10] - The basis of whole latex decreased 13.33% to - 510 yuan/ton [10] Urea - Futures prices of different contracts had slight increases or decreases, with the 01 contract increasing 0.72% to 1687 yuan/ton [12] - The difference between the 01 and 05 contracts changed, with an increase of 4 in the difference [12] Benzene - Styrene - Brent crude oil (January) decreased 1.1% to 62.45 dollars/barrel on December 2 compared to December 1, and styrene in East China increased 0.9% to 6680 yuan/ton [13] Glass - Soda Ash - Glass in North China decreased 0.92% to 1080 yuan/ton, and soda ash in North China remained unchanged at 1300 yuan/ton [14] PVC - Caustic Soda - East China calcium carbide - based PVC increased 0.4% to 4510 yuan/ton on December 2 compared to December 1 [15] Polyester Industry Chain - Brent crude oil (February) decreased 1.1% to 62.45 dollars/barrel, and POY150/48 price increased 0.4% to 6485 yuan/ton on December 2 compared to December 1 [16] Group 3: Industry Supply and Demand and Inventory Polyolefin - Polypropylene supply maintenance due to high - level overhauls is expected to recover, and inventory reduction is accelerating but still higher than previous years; polyethylene supply is increasing, and although upstream inventory is decreasing, it is still higher year - on - year [2] Methanol - Inland methanol supply increased with device restarts, and coal - and gas - based profits were weak; port imports are expected to decline significantly in Q1 due to Iranian gas restrictions [5][6] Crude Oil - Under the pressure of OPEC+ continuous production increase and the record - high US crude oil production, the crude oil supply - demand pattern is weak, and inventories of crude oil and refined oil increased according to API data [9] Natural Rubber - Supply is expected to increase during the seasonal peak production period, and inventory is accumulating, while demand from semi - steel and full - steel tire markets is weak [10] Urea - Domestic urea daily production increased 1.19% to 20.34 million tons on November 27 compared to November 28, and urea plant inventory decreased 5.10% to 136.39 million tons [12] Benzene - Styrene - Pure benzene supply is sufficient with device restarts and expected imports, and demand support is limited; styrene supply is expected to be stable, and demand support is also limited, but the inventory accumulation expectation is not obvious in December [13] Glass - Soda Ash - Soda ash production decreased due to device overhauls but recently recovered, and glass factory inventory decreased slightly; real - estate data shows mixed trends with new construction area decreasing and completion area increasing [14] PVC - Caustic Soda - Caustic soda supply is abundant, and demand support is weak; PVC supply pressure remains, and demand is in the off - season, but export orders are relatively good [15] Polyester Industry Chain - PX supply is expected to be better in the medium - term, and PTA supply decreased more than expected, while demand support is stronger than expected; MEG inventory accumulation in December is expected to narrow, but supply pressure remains [16] Group 4: Industry Core Views and Strategies Polyolefin - The fundamentals show a pattern of increasing supply and weak demand, with cost support and inventory pressure coexisting [2] Methanol - Inland supply increases, and port imports are expected to decline, with winter fuel demand providing support [6] Crude Oil - International oil prices are expected to continue range - bound, with Brent likely to fluctuate between 60 - 65 dollars/barrel in the short - term [9] Natural Rubber - The market is expected to maintain range - bound consolidation, with rubber prices expected to operate between 15000 - 15500 yuan/ton [10] Urea - No specific overall view and strategy are clearly stated in the provided text [12] Benzene - Styrene - For pure benzene, short - term BZ2603 is recommended to be short on rebounds; for styrene, short - term EB01 is recommended to be treated as wide - range fluctuations [13] Glass - Soda Ash - Soda ash is expected to be in a bottom - range fluctuation, and glass is expected to face pressure in the medium - and long - term, with the 01 contract having pressure in December [14] PVC - Caustic Soda - Caustic soda prices are expected to be weak, and PVC is expected to continue the bottom - weakening pattern [15] Polyester Industry Chain - PX is recommended to pay attention to the pressure around 7000 yuan/ton in the short - term; PTA is expected to be in a high - level range - bound in the short - term; MEG is expected to be in a range - bound in December; short - fiber follows raw material fluctuations, and processing fees are recommended to be shorted on highs; bottle - chip processing fees are expected to be squeezed [16]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - From the supply side, last week's lithium carbonate production was 21,865 tons, a 1.19% decrease from the previous week, but higher than the historical average. In November 2025, the production was 95,350 physical tons, and it is predicted to reach 98,210 physical tons next month, a 3.00% increase [8][9]. - On the demand side, last week, the inventory of sample enterprises of lithium iron phosphate was 104,341 tons, a 1.71% increase from the previous week, and the inventory of sample enterprises of ternary materials was 19,361 tons, a 0.37% increase [8]. - In terms of cost, the cost of purchasing spodumene concentrate was 95,970 yuan/ton, a 2.68% daily increase, resulting in a loss of 2,927 yuan/ton; the cost of purchasing lepidolite was 94,750 yuan/ton, unchanged from the previous day, with a loss of 4,016 yuan/ton. The production cost on the recycling side is generally higher than that on the ore side, with negative production income and low production enthusiasm. The quarterly cash production cost on the salt lake side is 31,477 yuan/ton, significantly lower than that on the ore side, with sufficient profit margins and strong production motivation [9]. - The fundamentals are neutral; on December 2nd, the spot price of battery - grade lithium carbonate was 94,400 yuan/ton, and the basis of the 05 contract was - 2,160 yuan/ton, with the spot at a discount to the futures, which is bearish. The smelter inventory was 24,324 tons, a 6.81% decrease from the previous week, lower than the historical average; the downstream inventory was 41,984 tons, a 5.51% decrease from the previous week, higher than the historical average; other inventories were 49,660 tons, a 3.72% increase from the previous week, higher than the historical average; the total inventory was 115,968 tons, a 2.07% decrease from the previous week, higher than the historical average, which is neutral. The MA20 of the disk is upward, and the futures price of the 05 contract closed above the MA20, which is bullish. The net position of the main players is short, and the short positions are decreasing, which is bearish [9]. - The expected price of lithium carbonate 2605 will fluctuate in the range of 92,980 - 96,740 yuan/ton. The bullish factors include the production cut plan of lepidolite manufacturers and the decrease in the volume of lithium carbonate imported from Chile. The bearish factor is the continuous high supply on the ore/salt lake side with limited decline [9][11][12]. - The main logic is the emotional shock caused by news under the tight supply - demand balance [13]. 3. Summaries According to Relevant Catalogs 3.1 Daily Viewpoint - Supply: Last week's production decreased slightly, but November's production and next - month's predicted production increased. The cost of spodumene concentrate increased, while the cost of lepidolite remained unchanged. The salt lake side has cost advantages [8][9]. - Demand: The inventory of lithium iron phosphate and ternary materials sample enterprises increased last week [8]. - Cost: Most production methods are in a loss - making state, except for the salt lake side [9]. - Market Indicators: Fundamentals are neutral, basis is bearish, inventory is neutral, disk is bullish, and main positions are bearish [9]. - Expectation: The price will fluctuate within a certain range, affected by both bullish and bearish factors [9][11][12]. 3.2 Fundamental/Position Data - **Market Quotes Overview**: The prices of various lithium - related products, including lithium ore, lithium compounds, cathode materials, and lithium batteries, have different degrees of rise and fall. For example, the price of spodumene (6%) decreased by 0.50%, and the price of battery - grade lithium carbonate increased by 0.05% [15]. - **Supply - Related Data** - **Lithium Ore**: The price of lithium ore has changed, and the production, import, and self - sufficiency rate of lithium ore in different periods are presented. The supply - demand balance of domestic lithium ore shows different situations in each month [24][25][28]. - **Lithium Carbonate**: The production, import, and export of lithium carbonate in different periods are provided, and the supply - demand balance also varies from month to month. The production and import of lithium carbonate in November 2025 increased compared with the previous period [30][31][37]. - **Lithium Hydroxide**: The capacity utilization rate, production, import, and export of lithium hydroxide are shown, and the supply - demand balance is also analyzed monthly [39][40][43]. - **Cost - Profit Data**: The cost, profit, and processing cost composition of various lithium compounds, such as spodumene, lepidolite, and recycled materials, are presented. Different production methods and materials have different cost - profit situations [45][46][48]. - **Inventory Data**: The inventory of lithium carbonate and lithium hydroxide, including smelter inventory, downstream inventory, and total inventory, shows different trends of increase and decrease [53][55]. - **Demand - Related Data** - **Lithium Batteries**: The price, production, sales, and export of lithium batteries are presented, as well as the inventory and winning bids of energy - storage batteries [56][57][59]. - **Ternary Precursors**: The price, cost, profit, production, and supply - demand balance of ternary precursors are analyzed [61][62][65]. - **Ternary Materials**: The price, cost, profit, production, and inventory of ternary materials are provided [67][68][71]. - **Iron Phosphate/Iron Phosphate Lithium**: The price, cost, profit, production, and inventory of iron phosphate and iron phosphate lithium are presented [73][74][77]. - **New Energy Vehicles**: The production, sales, export, and penetration rate of new energy vehicles are shown, as well as the retail - wholesale ratio and dealer inventory index [81][82][86].

商 品 研 究 【基本面跟踪】 LPG 基本面数据 | | | 昨日收盘价 | 日涨幅 | 夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | PG2601 | 4,312 | -0.69% | 4,291 | -0.49% | | 期货价格 | PG2602 | 4,225 | -0.78% | 4,206 | -0.45% | | | PL2601 | 5,995 | 0.20% | 5,984 | -0.18% | | | PL2602 | 5,932 | -0.05% | 5,921 | -0.19% | | | PL2603 | 5,959 | -0.10% | 5,946 | -0.22% | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | | PG2601 | 51,736 | -50611 | 75,419 | -4607 | | 持仓&成交 | PG2602 | 11,410 | -16869 | 56,559 | -3 | | | PL2601 | 521 | -686 | 3,332 | -91 | ...

王江在人民日报发表署名文章《加快建设金融强国（学习贯彻党的二十届四中全会精神）》指出，促进 资本市场健康稳定发展。提高资本市场制度包容性、适应性，着力提升对新产业新业态新技术的包容 性，主动适应科技创新发展需要和科技型企业成长需求，有效推动科技创新和产业创新深度融合，促进 发展新质生产力。健全投资和融资相协调的资本市场功能，建设培育鼓励长期投资的资本市场生态，完 善支持鼓励中长期资金入市的考核评价等配套政策，建立增强资本市场内在稳定性长效机制；增强上市 公司分红稳定性、持续性和可预期性，加强上市公司从准入到退出全链条监管，加快构建资本市场防假 打假综合惩防体系。积极发展多元化股权融资，扩大债券融资，加大对符合国家产业导向、突破关键核 心技术企业的股债融资支持力度。在风险可控的前提下，稳步发展期货、衍生品和资产证券化。 ...

Report Industry Investment Ratings - Aluminum: Bullish [1] - Alumina: Sideways at the bottom [1] - Cast aluminum alloy: Following the trend of electrolytic aluminum [1] Core Viewpoints - The report updates the fundamental data of aluminum, alumina, and cast aluminum alloy, including futures market prices, trading volumes, positions, spreads, and spot market prices, costs, and inventories [1]. - It also provides information on relevant economic news, such as the US ISM manufacturing PMI and the Japanese central bank's interest - rate hike hint [2]. - The trend intensities of aluminum, alumina, and aluminum alloy are given, with aluminum and aluminum alloy at 1 (relatively strong), and alumina at 0 (neutral) [2]. Summary by Relevant Catalogs Futures Market - **Aluminum**: The closing price of the Shanghai aluminum main contract was 21,865, with various changes compared to previous periods. The LME aluminum 3M closing price was 2,73 (seems incorrect data, might be 2,730 or other, assuming based on context). Trading volumes and positions of both Shanghai and LME aluminum had different trends. The LME注销仓单占比 was 9.73% [1]. - **Alumina**: The closing price of the Shanghai alumina main contract was 2,677, and its trading volume and position also changed compared to previous periods [1]. - **Aluminum alloy**: The closing price of the aluminum alloy main contract was 21,055, with corresponding changes in trading volume and position [1]. Spot Market - **Aluminum**: There were changes in various spot prices such as the EU Rotterdam aluminum ingot premium, pre - baked anode market price, and aluminum rod processing fees. The electrolytic aluminum enterprise profit was 5,529.78, and there were also changes in import and export profits [1]. - **Alumina**: The domestic average alumina price and the import price from Australia and other places changed. The profit of Shanxi alumina enterprises was 0 [1]. - **Aluminum alloy**: The theoretical profit of ADC12 was - 148, and the price of Baotai ADC12 was 20,900 [1]. Inventory - **Aluminum**: The domestic aluminum ingot social inventory was 59.10 million tons, the SHFE aluminum ingot warehouse receipt was 6.68 million tons, and the LME aluminum ingot inventory was 53.79 million tons [1]. - **Aluminum alloy**: The three - place inventory totaled 49,719 [1]. Economic News - The US November ISM manufacturing PMI was 48.2, lower than the expected 49, indicating continuous contraction of the manufacturing industry. New orders contracted at the fastest speed since July, and the raw material payment price index rebounded [2]. - The Japanese central bank governor strongly hinted at a December interest - rate hike, aiming to raise the interest rate to 0.75% [2].

研究员：王玺圳、刘倩楠 期货从业证号： F03118729、F3013727 投资咨询证号： Z0022817、Z0014425 研究所 农产品研发报告 农产品日报 2024 年 12 月 01 日 | 期货盘面 | 收盘 | 涨跌幅 | 成交量(手) | 增减幅 | 空盘量 | 增减量 | | --- | --- | --- | --- | --- | --- | --- | | CF01合约 | 13765 | 40 | 200,316 | -66349 | 546,943 | 1675 | | CF05合约 | 13725 | 40 | 118,427 | -3732 | 370,519 | 22949 | | CF09合约 | 13860 | 70 | 4,067 | -1026 | 13,609 | 1112 | | CY01合约 | 20045 | -45 | 4978 | -8693 | 6543 | -1364 | | CY05合约 | 20040 | 60 | 60 | 55 | 46 | 6 | | CY09合约 | 20095 | -30 | 2 | -8 | 7 | 0 | | | | ...

Group 1 - The core point of the article is that coking coal futures have increased by 3% on December 1, reaching a price of 1622 yuan per ton [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Polyolefins face significant upward pressure and are expected to trade within a range. The PE main contract is expected to oscillate within a range, with support at 6,700, while the PP main contract is expected to be weakly oscillating, with support at 6,400. The LP spread is expected to widen [8][9]. - Plastics still have supply - demand contradictions and are expected to trade in an oscillatory manner [10]. - PP faces high trend pressure and is expected to be weakly oscillating in the short - term [50]. Summary by Relevant Catalogs Plastic Section Market Review - On November 28, the closing price of the plastic main contract was 6,789 yuan/ton, a month - on - month increase of 0.28%. The average price of LDPE was 9,000 yuan/ton, a month - on - month decrease of 0.37%. The average price of HDPE was 7,387.90 yuan/ton, a month - on - month decrease of 0.94%. The average price of LLDPE (7042) in South China was 7,188.33 yuan/ton, a month - on - month decrease of 1.00%. The LLDPE South China basis was 399.33 yuan/ton, a month - on - month decrease of 18.60%, and the 1 - 5 month spread was - 68 yuan/ton (-7) [12]. Key Data Tracking - **Month - spread**: On November 28, 2025, the 1 - 5 month spread was - 68 yuan/ton (-7), the 5 - 9 month spread was - 25 yuan/ton (+21), and the 9 - 1 month spread was 93 yuan/ton (-14) [18]. - **Spot Price**: Different regions and varieties of plastics had various price changes on November 28, 2025, with some showing increases and others decreases [19][20]. - **Cost**: WTI crude oil closed at $58.48 per barrel, an increase of $0.50 per barrel from the previous week. Brent crude oil closed at $62.32 per barrel, a decrease of $0.43 per barrel from the previous week. The price of anthracite at the Yangtze River port was 1,110 yuan/ton (unchanged) [22]. - **Profit**: The profit of oil - based PE was - 337 yuan/ton, an increase of 78 yuan/ton from the previous week. The profit of coal - based PE was - 237 yuan/ton, a decrease of 129 yuan/ton from the previous week [27]. - **Supply**: The operating rate of polyethylene production in China this week was 84.51%, an increase of 1.79 percentage points from the previous week. The weekly output of polyethylene was 68.48 tons, a month - on - month increase of 2.16%. The maintenance loss this week was 8.68 tons, a decrease of 1.27 tons from the previous week [32]. - **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 scheduled for December 2025 [35]. - **Maintenance Statistics**: Multiple enterprises' polyethylene production lines are under maintenance, with some having undetermined restart times [36]. - **Demand**: The overall operating rate of domestic agricultural film this week was 49.04%, a decrease of 0.87% from the previous week. The operating rate of PE packaging film was 50.70%, a decrease of 0.23% from the previous weekend. The operating rate of PE pipes was 31.83%, a decrease of 0.17% from the previous weekend [38]. - **Downstream Production Ratio**: Currently, the production ratio of linear film is the highest, accounting for 39.1%, with a difference of 3.8% from the annual average level. The difference between the low - pressure film and the annual average data is significant, currently accounting for 10%, with a difference of 3.2% from the annual average level [41]. - **Inventory**: The social inventory of plastic enterprises this week was 47.11 tons, a decrease of 1.48 tons from the previous week, a month - on - month decrease of 3.05% [43]. - **Warehouse Receipts**: The number of polyethylene warehouse receipts was 11,546 lots, a decrease of 289 lots from the previous week [47]. PP Section Market Review - On November 28, the closing price of the PP main contract was 6,357 yuan/ton, a decrease of 117 yuan/ton from the previous weekend, a month - on - month decrease of 1.81% [51]. Key Data Tracking - **Downstream Spot Price**: Different PP products and related products had various price changes on November 28, 2025 [52][55]. - **Basis**: On November 28, the spot price of PP reported by Shengyi.com was 6,363.33 yuan/ton (-43.34). The PP basis was - 46 yuan/ton (-95), and the 1 - 5 month spread was - 81 yuan/ton (+36) [57]. - **Month - spread**: On November 28, 2025, the 1 - 5 month spread was - 81 yuan/ton (+36), the 5 - 9 month spread was - 14 yuan/ton (+29), and the 9 - 1 month spread was 95 yuan/ton (-65) [60]. - **Cost**: WTI crude oil closed at $58.48 per barrel, an increase of $0.50 per barrel from the previous week. Brent crude oil closed at $62.32 per barrel, a decrease of $0.43 per barrel from the previous week. The price of anthracite at the Yangtze River port was 1,110 yuan/ton (unchanged) [65]. - **Profit**: The profit of oil - based PP was - 598.26 yuan/ton, an increase of 77.39 yuan/ton from the previous weekend. The profit of coal - based PP was - 579.80 yuan/ton, a decrease of 34.13 yuan/ton from the previous weekend [70]. - **Supply**: The operating rate of Chinese PP petrochemical enterprises this week was 78.14%, a decrease of 0.14 percentage points from the previous week. The weekly output of PP pellets was 80.68 tons, a month - on - month decrease of 0.18%. The weekly output of PP powder was 7.65 tons, a month - on - month decrease of 9.01% [75]. - **Maintenance Statistics**: Multiple enterprises' PP production lines are under maintenance, with some having undetermined restart times [78]. - **Demand**: The average downstream operating rate this week was 53.83% (+0.26). The operating rate of plastic weaving was 44.10% (-0.14%), the operating rate of BOPP was 62.60% (unchanged), the operating rate of injection molding was 58.87% (-0.19%), and the operating rate of pipes was 42.17% (+2.04%) [80]. - **Production Ratio**: Different PP product production ratios had various changes from November 24 - 28, 2025 [86]. - **Import and Export Profit**: This week, the PP import profit was - 246.96 US dollars/ton, a decrease of 6.50 US dollars/ton compared to the previous week. The export profit was - 12.31 US dollars/ton, an increase of 8.10 US dollars/ton compared to the previous week [87]. - **Inventory**: The domestic PP inventory this week was 54.63 tons (-8.00%); the inventory of the two major oil companies decreased by 7.88% month - on - month, the inventory of traders decreased by 6.04% month - on - month, and the port inventory decreased by 0.76% month - on - month [90]. - **Finished Product and Raw Material Inventory**: The finished product inventory of large - scale plastic - weaving enterprises this week was 990.01 tons, a month - on - month decrease of 2.08%. The BOPP raw material inventory was 10.25 days, a month - on - month increase of 3.64% [98]. - **Warehouse Receipts**: The number of PP warehouse receipts was 15,866 lots, an increase of 133 lots from the previous week [103].