Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Polyolefin futures rebounded slightly. From a fundamental perspective, the market currently focuses on the expectation of supply improvement, and the impact of macro factors on commodities has increased. In the short term, polyolefins fluctuate with costs. Overall, the current spot drivers for polyolefins are relatively limited, and the market pays more attention to the driving rhythm of macro factors. With the long holiday approaching, positions need to be gradually controlled [2] Group 3: Summary by Related Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 6839, 6775, and 6826 respectively, with increases of 51, 54, and 49, and percentage increases of 0.75%, 0.80%, and 0.72% respectively. The trading volumes were 70, 282260, and 21211, and the open interests were 774, 512614, and 69891, with changes of 35, -5995, and -1078 respectively [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6671, 6688, and 6707 respectively, with increases of 43, 58, and 46, and percentage increases of 0.65%, 0.87%, and 0.69% respectively. The trading volumes were 134, 257385, and 20657, and the open interests were 2673, 488568, and 112610, with changes of -7, -1773, and 1575 respectively [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January were 64, -51, and -13 respectively, compared to previous values of 67, -56, and -11. For PP, the current spreads were -17, -19, and 36, compared to previous values of -2, -31, and 33 [2] Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2244 yuan/ton, 6440 yuan/ton, 632 US dollars/ton, 5600 yuan/ton, 6490 yuan/ton, and 8700 yuan/ton respectively. The previous values were 2234 yuan/ton, 6440 yuan/ton, 627 US dollars/ton, 5600 yuan/ton, 6480 yuan/ton, and 8700 yuan/ton [2] - **Midstream and Products**: The current price ranges in the East China, North China, and South China markets for LL were 6600 - 7000 yuan/ton, 6600 - 6900 yuan/ton, and 6800 - 7100 yuan/ton respectively, compared to previous ranges of 6650 - 7100 yuan/ton, 6600 - 6900 yuan/ton, and 6800 - 7150 yuan/ton. For PP, the current price ranges were 6500 - 6650 yuan/ton, 6450 - 6600 yuan/ton, and 6600 - 6800 yuan/ton, compared to previous ranges of 6550 - 6650 yuan/ton, 6500 - 6600 yuan/ton, and 6650 - 6850 yuan/ton [2] News - On Tuesday (February 10), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $63.96 per barrel, down $0.40 or 0.62% from the previous trading day, with a trading range of $63.65 - $64.71. The settlement price of Brent crude oil futures for April 2026 on the London Intercontinental Exchange was $68.8 per barrel, down $0.24 or 0.35% from the previous trading day, with a trading range of $68.44 - $69.49 [2]

Group 1 - The report is about the futures of polyolefins (LL&PP), including their performance in the futures and spot markets, raw material information, and market comments and strategies [1][2] Group 2 - Futures market: For LL, the previous day's closing prices for January, May, and September contracts were 6866, 6812, and 6864 respectively, with price increases of 16, 35, and 36 and percentage increases of 0.23%, 0.52%, and 0.53%. For PP, the previous day's closing prices for January, May, and September contracts were 6686, 6691, and 6723 respectively, with price increases of 25, 15, and 13 and percentage increases of 0.38%, 0.22%, and 0.19%. The trading volumes and open - interest changes are also provided [2] Group 3 - Spot market: Raw materials include methanol futures, Shandong propylene, South China propane, etc., and their current and previous values are given. For the mid - stream, the price ranges in different markets (East China, North China, South China) of LL and PP are provided, and the comparison between current and previous values shows some price changes [2] Group 4 - Market news: On Friday (February 6th), the settlement price of WTI crude oil futures for March 2026 on the New York Mercantile Exchange was $63.55 per barrel, up $0.26 or 0.41% from the previous trading day. The settlement price of Brent crude oil futures for April 2026 on the London Intercontinental Exchange was $68.05 per barrel, up $0.50 or 0.74% from the previous trading day [2] Group 5 - Market comments and strategies: Polyolefin futures closed up at a low level. The prices of linear LL and拉丝PP from Sinopec and PetroChina remained stable. Fundamentally, the market focuses on the expectation of supply improvement, and the impact of the macro - economy on commodities is increasing. Currently, the driving force of polyolefin spot is relatively limited, and the market pays more attention to the driving rhythm of macro factors [2]

Group 1: Industry Investment Rating - No information provided Group 2: Core View - Polyolefin futures continued to rebound. The fundamentals currently focus on the expectation of supply improvement, and the impact of macro factors on commodities has increased. The rebound in international crude oil prices also supports chemicals at the cost end. Overall, the current spot drive for polyolefins is relatively limited, and the market pays more attention to the driving rhythm of macro factors [2] Group 3: Summary by Related Catalogs Futures Market - **Prices**: For LL, the previous day's closing prices for January, May, and September contracts were 6974, 6935, and 6962 respectively, with increases of 88, 70, and 75 and涨幅 of 1.28%, 1.02%, and 1.09% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 6716, 6737, and 6778 respectively, with increases of 71, 81, and 90 and涨幅 of 1.07%, 1.22%, and 1.35% respectively [2] - **Volume and Open Interest**: The trading volumes for LL January, May, and September contracts were 137, 611978, and 42216 respectively, and the open interests were 187, 515013, and 69905 respectively, with open interest changes of 35, -4043, and 4941 respectively. For PP, the trading volumes for January, May, and September contracts were 468, 524463, and 40252 respectively, and the open interests were 2132, 521131, and 106892 respectively, with open interest changes of 134, 22199, and 7638 respectively [2] - **Spreads**: For LL, the spreads of January - May, May - September, and September - January were 39, -27, and -12 respectively, compared to the previous values of 21, -22, and 1. For PP, the spreads of January - May, May - September, and September - January were -21, -41, and 62 respectively, compared to the previous values of -11, -32, and 43 [2] Spot Market - **Raw Materials and Semi - finished Products**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2346 yuan/ton, 9350 yuan/ton, 631 dollars/ton, 5600 yuan/ton, 6510 yuan/ton, and 8700 yuan/ton respectively, compared to the previous values of 2298 yuan/ton, 6175 yuan/ton, 612 dollars/ton, 5600 yuan/ton, 6460 yuan/ton, and 8700 yuan/ton [2] - **Mid - stream**: The current price ranges of LL in the East China, North China, and South China markets were 6800 - 7100 yuan/ton, 6750 - 7100 yuan/ton, and 6950 - 7200 yuan/ton respectively, compared to the previous ranges of 6800 - 7050 yuan/ton, 6700 - 7000 (8100 - 8250), and 6850 - 7100 yuan/ton. The current price ranges of PP in the East China, North China, and South China markets were 6500 - 6650 yuan/ton, 6500 - 6550 yuan/ton, and 6450 - 6700 yuan/ton respectively, compared to the previous ranges of 6450 - 6600 yuan/ton, 6400 - 6500 yuan/ton, and 6350 - 6650 yuan/ton [2] News - On Monday (January 26), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $60.63 per barrel, down $0.44 or 0.72% from the previous trading day, with a trading range of $60.32 - $61.71. The settlement price of Brent crude oil futures for March 2026 on the London Intercontinental Exchange was $65.59 per barrel, down $0.29 or 0.44% from the previous trading day, with a trading range of $65.29 - $66.54 [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Polyolefin futures continued to rebound. The fundamentals of the market are currently focused on the expectation of improved supply, and the impact of macro factors on commodities has increased. The rebound in international crude oil prices also provides cost support for chemicals. Currently, the spot drive of polyolefins is relatively limited, and the market pays more attention to the driving rhythm of macro factors [2] Group 3: Summary According to Relevant Catalogs Futures Market - **LL Futures** - The previous day's closing prices for January, May, and September were 6886, 6865, and 6887 respectively. The prices increased by 21, 51, and 42 compared to the day before, with percentage increases of 0.31%, 0.75%, and 0.61% respectively. The trading volumes were 71, 719797, and 45855, and the open interests were 152, 519056, and 64964, with increases of 29, 3532, and 11154 respectively. The current spreads between January - May, May - September, and September - January were 21, -22, and 1, compared to previous values of 51, -31, and -20 [2] - **PP Futures** - The previous day's closing prices for January, May, and September were 6645, 6656, and 6688 respectively. The prices increased by 46, 32, and 39 compared to the day before, with percentage increases of 0.70%, 0.48%, and 0.59% respectively. The trading volumes were 806, 555332, and 41610, and the open interests were 1998, 498932, and 99254, with increases of 473, 12150, and 8633 respectively. The current spreads between January - May, May - September, and September - January were -11, -32, and 43, compared to previous values of -25, -25, and 50 [2] Spot Market - **Raw Materials** - The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2298 yuan/ton, 6175 yuan/ton, 612 dollars/ton, 5600 yuan/ton, 6460 yuan/ton, and 8700 yuan/ton respectively. The previous day's prices were 2261 yuan/ton, 6175 yuan/ton, 620 dollars/ton, 5600 yuan/ton, 6370 yuan/ton, and 8700 yuan/ton [2] - **Midstream** - The current prices of LL in the East China, North China, and South China markets were 6800 - 7050 yuan/ton, 6700 - 7000 yuan/ton, and 6850 - 7100 yuan/ton respectively, remaining the same as the previous day. The current prices of PP in the East China, North China, and South China markets were 6450 - 6600 yuan/ton, 6400 - 6500 yuan/ton, and 6350 - 6650 yuan/ton respectively, also remaining the same as the previous day [2] News - On Friday (January 23rd), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $61.07 per barrel, up $1.71 or 2.88% from the previous trading day, with a trading range of $59.52 - $61.36. The settlement price of Brent crude oil futures for March 2026 on the London Intercontinental Exchange was $65.88 per barrel, up $1.82 or 2.84% from the previous trading day, with a trading range of $64.29 - $66.24 [2]

Group 1: Investment Rating - No investment rating provided in the report Group 2: Core Views - The polyolefin futures closed with a negative line and rebounded at night. Sinopec and PetroChina kept the prices of linear LL and drawn PP stable. The market currently focuses on the expectation of supply improvement, and the macro - to - commodity transmission has increased. The rebound of international crude oil prices also supports chemicals at the cost end. However, the short - term shock of crude oil after the rebound has an impact on chemicals. Polyolefin may experience short - term shocks after continuous rebounds [2] Group 3: Futures Market Summary Price and Volume - For linear LL, the previous day's closing prices for January, May, and September were 6720, 6666, and 6694 respectively, with price increases of 14, 26, and 30, and increases of 0.21%, 0.39%, and 0.45% respectively. The trading volumes were 40, 374602, and 16431 respectively, and the open interests were 88, 504362, and 52481 respectively, with changes of 17, 9150, and 1432 respectively [2] - For drawn PP, the previous day's closing prices for January, May, and September were 6493, 6485, and 6519 respectively, with price increases of 34, 24, and 27, and increases of 0.53%, 0.37%, and 0.42% respectively. The trading volumes were 211, 291242, and 17041 respectively, and the open interests were 644, 468323, and 85636 respectively, with changes of 58, 2082, and - 349 respectively [2] Spread - For linear LL, the current spreads of January - May, May - September, and September - January are 54, - 28, and - 26 respectively, compared with the previous values of 66, - 24, and - 42 [2] - For drawn PP, the current spreads of January - May, May - September, and September - January are 8, - 34, and 26 respectively, compared with the previous values of - 2, - 31, and 33 [2] Group 4: Spot Market Summary Raw Materials and Semi - finished Products - The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film are 2208 yuan/ton, 6170 yuan/ton, 602 dollars/ton, 5600 yuan/ton, 6270 yuan/ton, and 8700 yuan/ton respectively, with some slight changes compared to the previous values [2] Middle - stream Products - The current price ranges of LL in the East China, North China, and South China markets are 6650 - 7050 yuan/ton, 6550 - 6900 yuan/ton, and 6750 - 7100 yuan/ton respectively. The current price ranges of PP in the East China, North China, and South China markets are 6300 - 6500 yuan/ton, 6300 - 6450 yuan/ton, and 6300 - 6550 yuan/ton respectively, with some changes compared to the previous values [2] Group 5: News - On Wednesday (January 21), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $60.62 per barrel, up $0.26 or 0.43% from the previous trading day, with a trading range of $59.22 - $60.89. The settlement price of Brent crude oil futures for March 2026 on the London Intercontinental Exchange was $65.24 per barrel, up $0.32 or 0.49% from the previous trading day, with a trading range of $63.61 - $65.41 [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Polyolefin futures closed in the red. For linear LL, prices from Sinopec and PetroChina remained stable; for drawn PP, prices from Sinopec and PetroChina also remained stable. Fundamentally, the market is currently focused on the expectation of supply improvement, and the impact of macro factors on commodities has increased. The rebound in international crude oil prices continues to support chemical products at the cost end. However, after the short - term rebound, crude oil has started to fluctuate, which has a certain impact on chemicals. After continuous rebounds, polyolefins may fluctuate in the short term [2] 3. Summary by Relevant Catalogs Futures Market - **Price and Change**: For LL, the previous day's closing prices for January, May, and September contracts were 6706, 6640, and 6664 respectively, with price drops of -14, -27, and -27 and percentage drops of -0.21%, -0.40%, and -0.40% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 6459, 6461, and 6492 respectively, with price drops of -37, -21, and -23 and percentage drops of -0.57%, -0.32%, and -0.35% respectively [2] - **Trading Volume and Open Interest**: The trading volumes for LL January, May, and September contracts were 50, 384215, and 20448 respectively; the trading volumes for PP January, May, and September contracts were 141, 293620, and 21559 respectively. The open interests for LL January, May, and September contracts were 71, 495212, and 51049 respectively; the open interests for PP January, May, and September contracts were 586, 466241, and 85985 respectively. The changes in open interests for LL January, May, and September contracts were +29, +9748, and +2270 respectively; the changes in open interests for PP January, May, and September contracts were +79, -4253, and -3354 respectively [2] - **Price Spreads**: For LL, the current spreads of January - May, May - September, and September - January were 66, -24, and -42 respectively; the previous spreads were 53, -24, and -29 respectively. For PP, the current spreads of January - May, May - September, and September - January were -2, -31, and 33 respectively; the previous spreads were 14, -33, and 19 respectively [2] Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and plastic film were 2208 yuan/ton, 6145 yuan/ton, 600 dollars/ton, 5600 yuan/ton, 6300 yuan/ton, and 8700 yuan/ton respectively. The previous prices were 2215 yuan/ton, 6145 yuan/ton, 598 dollars/ton, 5600 yuan/ton, 6370 yuan/ton, and 8700 yuan/ton respectively [2] - **Spot Market**: For LL, the current prices in the East China, North China, and South China markets were 6650 - 7050 yuan/ton, 6550 - 6900 yuan/ton, and 6750 - 7100 yuan/ton respectively; the previous prices were 6300 - 6550 yuan/ton, 6750 - 7100 yuan/ton, and 6650 - 6950 yuan/ton respectively. For PP, the current prices in the East China, North China, and South China markets were 6300 - 6500 yuan/ton, 6300 - 6450 yuan/ton, and 6300 - 6550 yuan/ton respectively; the previous prices were 6800 - 7150 yuan/ton, 6350 - 6500 yuan/ton, and 6350 - 6500 yuan/ton respectively [2] Market News - On Tuesday (January 20), the settlement price of West Texas Intermediate crude oil futures for February 2026 on the New York Mercantile Exchange was $60.34 per barrel, up $0.90 from the previous trading day, a 1.51% increase, with a trading range of $58.95 - $60.68. The settlement price of Brent crude oil futures for March 2026 on the London Intercontinental Exchange was $64.92 per barrel, up $0.98 from the previous trading day, a 1.53% increase, with a trading range of $63.38 - $65.15 [2]