Report Industry Investment Rating - Not provided Core Viewpoint of the Report - Previously, the increase in costs and the peak season of downstream demand drove the price of plastics to rebound. However, with the overall supply - demand pattern remaining unchanged, it is expected that plastics will mainly show a weak and volatile trend in the near future [1] Summary by Relevant Catalogs Market Analysis - On November 19, the overhauled units such as full - density units of Ningxia Baofeng restarted, and the plastic operating rate rose to around 89%, currently at a neutral level. As of the week of November 14, the downstream operating rate of PE decreased by 0.36 percentage points to 44.49% week - on - week. The agricultural film is still in the peak season, with stable orders and raw material inventory, but the orders for packaging film continued to decline slightly. The overall downstream operating rate of PE is still at a relatively low level in the same period in recent years. Petrochemical inventory reduction slowed down, and the current petrochemical inventory is at a moderately high level in the same period in recent years. The cost - end crude oil price rebounded after a decline, but the supply surplus pattern limited its increase. New production capacities were put into operation, and downstream enterprises had insufficient purchasing willingness. Traders were cautious about the future market and actively sold goods at reduced prices. The anti - involution policy has not been implemented yet [1] Futures and Spot Market Conditions - **Futures**: The plastic 2601 contract decreased in positions and fluctuated upwards, with a minimum price of 6781 yuan/ton, a maximum price of 6838 yuan/ton, and finally closed at 6833 yuan/ton, below the 60 - day moving average, with a gain of 0.22%. The position volume decreased by 19,678 lots to 528,666 lots [2] - **Spot**: Most of the PE spot market declined, with price changes ranging from - 50 to + 0 yuan/ton. LLDPE was reported at 6790 - 7220 yuan/ton, LDPE at 8750 - 9280 yuan/ton, and HDPE at 6950 - 7990 yuan/ton [3] Fundamental Tracking - **Supply**: On November 19, the overhauled units such as full - density units of Ningxia Baofeng restarted, and the plastic operating rate rose to around 89%, currently at a neutral level [4] - **Demand**: As of the week of November 14, the downstream operating rate of PE decreased by 0.36 percentage points to 44.49% week - on - week. The agricultural film is still in the peak season, with stable orders and raw material inventory, but the orders for packaging film continued to decline slightly. The overall downstream operating rate of PE is still at a relatively low level in the same period in recent years [4] - **Inventory**: On Wednesday, the petrochemical early - morning inventory decreased by 10,000 tons to 700,000 tons week - on - week, 40,000 tons higher than the same period last year. Petrochemical inventory reduction slowed down, and the current petrochemical inventory is at a moderately high level in the same period in recent years [4] - **Raw Materials**: The Brent crude oil 01 contract fluctuated around 64 US dollars/barrel. The price of Northeast Asian ethylene decreased by 5 US dollars/ton to 720 US dollars/ton week - on - week, and the price of Southeast Asian ethylene decreased by 5 US dollars/ton to 730 US dollars/ton week - on - week [4]

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core View of the Report - The PP industry is expected to experience weak and volatile trends. Although previous cost increases and the downstream peak season pushed up the PP price, the overall supply - demand pattern remains unchanged [1] 3. Summary According to Relevant Catalogs 3.1行情分析 - PP downstream operating rate increased by 0.14 percentage points to 53.28% week - on - week, at a relatively low level in the same period over the years. However, the operating rate of plastic weaving, the main downstream of PP drawstring, decreased by 0.12 percentage points to 44.24% week - on - week, with slightly fewer orders and slightly lower than the same period last year [1] - On November 19th, new maintenance devices such as the first line of Guangdong Petrochemical were added, and the PP enterprise operating rate dropped to around 81%, at a moderately low level. The production ratio of the standard drawstring grade rose to around 25% [1][4] - Petrochemical inventory reduction slowed down, and the current petrochemical inventory is at a moderately high level in the same period in recent years [1][4] - On the cost side, after the end of the US government shutdown, the crack spread of refined oil in Europe and the US continued to strengthen, and the crude oil price rebounded after a decline. However, OPEC adjusted the global oil supply from a shortage of 400,000 barrels per day in Q3 2025 to a surplus of 500,000 barrels per day, and the pattern of crude oil supply surplus has become more of a consensus, so the increase in crude oil price is limited [1] - In terms of supply, PetroChina Guangxi Petrochemical with a new production capacity of 400,000 tons per year was put into operation in mid - October, and the number of maintenance devices has increased recently. The downstream is at the end of the peak season, the follow - up of orders such as plastic weaving is limited, the market lacks large - scale centralized procurement, and the boost to the market is limited. Traders generally offer discounts to stimulate transactions [1] 3.2期现行情 3.2.1期货方面 - The PP2601 contract reduced positions and fluctuated upwards, with a minimum price of 6,394 yuan/ton, a maximum price of 6,444 yuan/ton, and finally closed at 6,434 yuan/ton, below the 20 - day moving average, with a gain of 0.11%. The position decreased by 18,039 lots to 620,333 lots [2] 3.2.2现货方面 - Most PP spot prices in various regions declined. The drawstring grade was reported at 6,200 - 6,560 yuan/ton [3] 3.3基本面跟踪 - On the supply side, on November 19th, new maintenance devices such as the first line of Guangdong Petrochemical were added, and the PP enterprise operating rate dropped to around 81%, at a moderately low level [4] - In terms of demand, as of the week of November 14th, the PP downstream operating rate increased by 0.14 percentage points to 53.28% week - on - week, at a relatively low level in the same period over the years. However, the operating rate of plastic weaving, the main downstream of PP drawstring, decreased by 0.12 percentage points to 44.24% week - on - week, with slightly fewer orders and slightly lower than the same period last year [1][4] - On Wednesday, the petrochemical early inventory decreased by 10,000 tons to 700,000 tons week - on - week, 40,000 tons higher than the same period last year. Petrochemical inventory reduction slowed down, and the current petrochemical inventory is at a moderately high level in the same period in recent years [4] 3.4原料端原油 - The Brent crude oil 01 contract fluctuated around $64 per barrel, and the CFR propylene price in China remained flat at $730 per ton week - on - week [6]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - As of the close on November 19, domestic futures main contracts showed mixed performance, with some rising and some falling [6]. - The overall trend of various commodities is affected by factors such as supply and demand, production, consumption, and geopolitical situations, and most commodities are expected to show a weak - oscillating trend [9][11][12]. 3. Summary by Commodity Metals - **Copper**: Copper opened low and moved high, showing strength during the day. Affected by US employment data, copper prices slightly increased. With an expected increase in production and a transition from peak to off - peak demand, the fundamental situation restricts the upward space of prices [9]. - **Silver**: The main contract of Shanghai silver rose more than 2%, and the main contract of Shanghai silver 2602 had an inflow of 1.733 billion yuan [6][7]. - **Carbonate Lithium**: It opened low and moved high, rising during the day. Due to strong demand, inventory has been continuously decreasing, and the supply - demand balance pattern promotes the price to oscillate strongly, but a callback should be guarded against [11]. - **Aluminum Oxide**: It fell nearly 2% [6]. - **Coking Coal**: It opened low and moved low, falling during the day. With weakening supply - demand fundamentals and increased inventory pressure at the Mao Du Port, it is expected to run weakly [20][21]. Energy - **Crude Oil**: OPEC+ decided to increase production in December, which will intensify the supply pressure in the fourth quarter but reduce it in the first quarter of next year. With the end of the peak demand season and an increase in inventory, the supply - demand pattern is oversupplied, and prices are expected to oscillate weakly [12][13]. - **Asphalt**: The supply is decreasing, the demand is weakening, and the inventory is at a low level. With the approach of cold weather, the demand will further decline, and the futures price is expected to oscillate weakly [14]. Chemicals - **PP**: The downstream start - up rate is at a low level, the supply has increased due to new production capacity and some maintenance, and the demand is in the off - peak season. With an oversupplied crude oil market, the price is expected to oscillate weakly [15][16]. - **Plastic**: The start - up rate has slightly increased, new production capacity has been put into operation, the demand in the north has decreased, and the downstream purchasing intention is insufficient. With an oversupplied crude oil market, the price is expected to oscillate weakly [17]. - **PVC**: The upstream price has decreased, the supply start - up rate has decreased, the downstream start - up rate is low, the inventory is high, and the market is affected by policies and other factors. The price is expected to oscillate weakly [19]. - **Urea**: It opened high and moved low, oscillating strongly. The supply is loose, the cost is rising, the demand is improving, and the inventory is decreasing. The price is expected to continue to rebound, and attention should be paid to the upper pressure level [22]. Others - **Palm Oil**: It rose nearly 2% [6]. - **Peanuts**: It fell nearly 2% [6]. - **Concentration Index (European Line)**: It fell more than 2% [6]. - **Stock Index Futures**: The main contract of CSI 300 stock index futures (IF) rose 0.49%, the main contract of SSE 50 stock index futures (IH) rose 0.55%, the main contract of CSI 500 stock index futures (IC) fell 0.02%, and the main contract of CSI 1000 stock index futures (IM) fell 0.42% [7]. - **Treasury Bond Futures**: The main contracts of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures all fell [7].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The domestic futures market on November 17, 2025, showed a mixed performance. Some commodities like lithium carbonate and shipping index (European line) rose, while others such as silver and gold futures declined. Different commodities have their own supply - demand situations and market factors affecting their price trends [6][8]. 3. Summary by Commodity Metals - **Copper**: Copper prices showed a weak - upward trend. Although copper mines were in short supply, the increase in scrap copper and partial resumption of smelters led to an upward trend in production. Demand was transitioning from peak to off - peak season. Overall, copper was expected to be in a strong - oscillatory state, and attention should be paid to US economic data and interest - rate cut probabilities [10][12]. - **Lithium Carbonate**: It had a strong performance, hitting the daily limit. Supply was increasing, and demand was strong due to the performance of energy - storage batteries. The market was in a tight - balance state, supporting the strong performance of the lithium carbonate futures [13]. - **Silver and Gold**: Silver futures dropped by over 4%, and gold futures fell by over 3% [8]. Energy - **Crude Oil**: The supply - surplus situation was exacerbated by OPEC +'s production increase in the fourth quarter, and demand was weakening. Saudi Aramco lowered prices, and US production reached a record high. It was expected that crude oil prices would oscillate weakly [14][15]. - **Asphalt**: Supply decreased, and demand was weakening. With the supply - surplus situation of crude oil, asphalt prices were expected to oscillate weakly [16]. Chemicals - **PP**: Although downstream demand was in the peak season, the follow - up of orders was limited. With the supply - surplus situation of crude oil, PP prices were expected to oscillate weakly [18]. - **Plastic**: The开工 rate was stable, but downstream demand was weakening. With the supply - surplus situation of crude oil, plastic prices were expected to oscillate weakly [19]. - **PVC**: Supply was still at a relatively high level, and demand was weak. With the upcoming implementation of anti - dumping duties in India, PVC prices were expected to oscillate and face pressure [21]. Coal - **Coking Coal**: Prices showed an upward trend. Although there were short - term factors affecting supply, the overall supply was expected to be in a tight - balance state. Market sentiment was boosted by macro - policy expectations [22][23]. Others - **Urea**: Supply was relatively loose, but the release of export quotas supported the market. It was expected that the Indian tender situation would affect the domestic urea market sentiment [24].

Report Industry Investment Rating - No relevant content provided Core View of the Report - The PP market is expected to experience a weak and volatile trend in the near future due to factors such as the increase in new production capacity, the decline in plastic weaving start - up rate, lower - than - expected Double Eleven stocking demand, and the lack of large - scale centralized procurement [1] Summary by Relevant Catalogs Market Analysis - PP downstream start - up rate increased by 0.24 percentage points to 52.61% week - on - week, remaining at a relatively low level compared to the same period in previous years. However, the plastic weaving start - up rate dropped by 0.2 percentage points to 44.2%, with slightly fewer orders and slightly lower than the same period last year [1][4] - On November 6th, there were few changes in maintenance devices, and the PP enterprise start - up rate remained at around 82%, at a moderately low level. The production ratio of standard wire drawing dropped to around 21% [1][4] - Petrochemical inventory is currently at a neutral level compared to the same period in recent years, with significant inventory accumulation at the beginning of the month [1][4] - In terms of cost, the market has digested the news of Russian oil sanctions, and the meeting between Chinese and US leaders was in line with market expectations. OPEC+ decided to increase production by 137,000 barrels per day in December but suspend production increases in the first quarter of next year, resulting in a narrow - range fluctuation of crude oil prices [1] - New production capacity of 400,000 tons per year from PetroChina Guangxi Petrochemical was put into operation in mid - October, and the number of maintenance devices has slightly decreased recently [1] Futures Market - The PP2601 contract decreased by 0.57% with increased positions, closing at 6471 yuan/ton, below the 20 - day moving average. The trading range was between 6415 yuan/ton and 6490 yuan/ton, and the open interest increased by 8183 lots to 652,784 lots [2] Spot Market - Most spot prices of PP in various regions declined, with wire drawing priced at 6240 - 6560 yuan/ton [3] Fundamental Tracking - On the supply side, on November 6th, there were few changes in maintenance devices, and the PP enterprise start - up rate remained at around 82%, at a moderately low level [1][4] - On the demand side, as of the week ending October 31st, the PP downstream start - up rate increased by 0.24 percentage points to 52.61% week - on - week, remaining at a relatively low level compared to the same period in previous years. The plastic weaving start - up rate dropped by 0.2 percentage points to 44.2%, with slightly fewer orders and slightly lower than the same period last year [1][4] - Petrochemical inventory in the early morning of Thursday decreased by 20,000 tons to 690,000 tons, 20,000 tons higher than the same period last year [4] - The Brent crude oil 01 contract dropped to $64 per barrel, and the CFR propylene price in China remained flat at $740 per ton [5]

Report Summary 1. Market Performance - As of the close on November 5th, most domestic futures main contracts declined. Polysilicon dropped over 2%, and fiberboard, asphalt, caustic soda, red dates, rebar, polypropylene, styrene, and international copper fell over 1%. On the upside, the European Line of container shipping rose over 4%, and eggs, rapeseed meal, live pigs, soybean meal, soybean No.2, soybean No.1, and pulp rose over 1%. The CSI 300 Index Futures (IF) main contract rose 0.41%, the SSE 50 Index Futures (IH) main contract fell 0.01%, the CSI 500 Index Futures (IC) main contract rose 0.55%, and the CSI 1000 Index Futures (IM) main contract rose 0.77%. The 2-year Treasury Bond Futures (TS) main contract fell 0.01%, the 5-year Treasury Bond Futures (TF) main contract remained flat, the 10-year Treasury Bond Futures (T) main contract fell 0.01%, and the 30-year Treasury Bond Futures (TL) main contract fell 0.08% [6][7]. - In terms of capital flow, as of 15:31 on November 5th, the CSI 1000 2512 contract had an inflow of 2.188 billion yuan, the CSI 500 2512 contract had an inflow of 553 million yuan, and the SSE 50 2512 contract had an inflow of 403 million yuan. The Shanghai Gold 2512 contract had an outflow of 1.08 billion yuan, the Shanghai Copper 2512 contract had an outflow of 918 million yuan, and the Shanghai Aluminum 2512 contract had an outflow of 682 million yuan [7]. 2. Commodity Analysis Copper - Shanghai copper opened low and moved high, showing weakness during the day. The US government shutdown continued, and the copper supply was tight due to the accident in the Indonesian copper mine and the upcoming smelter maintenance. The scrap copper supply was expected to increase with the rising copper price. The downstream demand was suppressed, and the inventory was slightly increasing. The copper price lacked a clear signal [9]. Lithium Carbonate - Lithium carbonate opened low, moved high, and then declined during the day. The upstream production was active, with an increase in output. The downstream demand was strong, driven by the energy storage battery. The inventory was decreasing. However, the market was affected by the news of large - scale production resumption, showing a pattern of both supply and demand increase. If the resumption news was confirmed, the supply might become more abundant, and the price might be weak in the short term [11]. Crude Oil - OPEC+ decided to increase production by 137,000 barrels per day in December, which would increase the supply pressure in the fourth quarter but relieve it in the first quarter of next year. The demand peak season ended, and the market was worried about the demand. The supply - surplus pattern remained, but the export of Russian crude oil was expected to be restricted. The price was expected to fluctuate recently [12]. Asphalt - The asphalt supply was expected to decrease in November. The downstream demand was affected by funds and weather. The inventory was at a low level. The crude oil price fluctuated, and the asphalt futures price was expected to be weak and volatile [15]. PP - The PP downstream开工率 increased slightly, but the plastic weaving开工率 decreased. The supply increased with new capacity and fewer maintenance devices. The demand in the peak season was lower than expected. The price was expected to be weak and volatile [16][17]. Plastic - The plastic开工率 increased, and the downstream开工率 decreased. The supply increased with new capacity. The demand in the peak season was not as good as expected. The price was expected to be weak and volatile [18]. PVC - The PVC开工率 increased, and the downstream开工率 was low. The export was expected to weaken. The inventory was high, and the real - estate market was still adjusting. The price was expected to be weak and volatile [20]. Coking Coal - The coking coal supply tightened, and the inventory was transferred downward. The demand was weak in the short term due to environmental protection restrictions but was expected to recover. The supply - demand balance was tight [21][22]. Urea - The urea upstream factory's shipment improved, and the price rose slightly. The production was expected to be high. The downstream demand was mainly for terminal fertilizer storage. The inventory increased. The price was expected to consolidate at a low level without substantial positive news [23].

Report Summary Industry Investment Rating No industry investment rating is provided in the report. Core View The report indicates that although recent cost increases and macro - economic warming have pushed PP to rebound, PP lacks its own upward momentum. Considering factors such as supply, demand, and macro - policies, it is expected that PP will experience a weak and volatile trend [1]. Details from Different Sections Market Analysis - PP downstream开工率 increased by 0.52 percentage points to 52.37%, remaining at a relatively low level compared to the same period in previous years. The plastic weaving开工率 rose by 0.14 percentage points to 44.4%, with slightly more orders but still slightly lower than last year [1]. - On October 27, some overhauled devices like the second line of Yulong Petrochemical restarted, causing the PP企业开工率 to rise to around 81%, a moderately low level, and the production ratio of standard drawstring products increased to about 30% [1][4]. - Petrochemical inventories are currently at a neutral level compared to the same period in recent years. The cost of raw materials, with factors such as US sanctions on Russian oil companies and military confrontations, led to a significant rebound in crude oil prices from a low level [1]. - A new production capacity of 400,000 tons/year from PetroChina Guangxi Petrochemical was put into operation in mid - October, and the number of overhauled devices has recently decreased. The peak season demand is lower than expected, and there is a lack of large - scale centralized procurement in the market [1]. - The mutual collection of special port fees for ships by China and the US has increased concerns about economic growth. There are no practical anti - involution policies in the PP industry yet, but such policies and the elimination of old devices to address over - capacity will affect future market trends [1]. Futures and Spot Market - In the futures market, the PP2601 contract decreased by 0.37% with increased positions, closing at 6657 yuan/ton, below the 20 - day moving average, and the position increased by 2998 lots to 611,345 lots [2]. - In the spot market, most PP spot prices in various regions declined, with drawstring products priced at 6390 - 6630 yuan/ton [3]. Fundamental Tracking - On the supply side, on October 27, the restart of overhauled devices like the second line of Yulong Petrochemical led to the PP企业开工率 rising to around 81%, a moderately low level [4]. - On the demand side, as of the week ending October 24, the PP downstream开工率 increased by 0.52 percentage points to 52.37%, remaining at a relatively low level compared to the same period in previous years [4]. - Petrochemical inventories decreased by 30,000 tons to 720,000 tons on Tuesday, 35,000 tons lower than the same period last year, currently at a neutral level compared to the same period in recent years [4]. Raw Material End The Brent crude oil 01 contract dropped to $64 per barrel, and the CFR propylene price in China remained unchanged at $760 per ton [6].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - On October 24, 2025, most domestic futures main contracts rose. Some commodities like fuel oil, container shipping European routes, and eggs had significant increases, while others like red dates and polysilicon declined. Stock index futures generally rose, and treasury bond futures mostly fell. Different commodities have different market trends and influencing factors, with some showing upward trends but facing pressure, some in a state of supply - demand balance, and others with uncertain outlooks due to various factors such as macro - economic data, supply - demand fundamentals, and geopolitical events [7]. 3) Summary According to Relevant Catalogs Commodity Performance - Futures Market Overview - As of the close on October 24, domestic futures main contracts showed more gains than losses. Fuel oil, container shipping European routes, and eggs rose over 3%, international copper nearly 3%, and Shanghai copper and SC crude oil over 2%. Red dates fell over 4%, polysilicon over 1%, and rebar nearly 1%. Stock index futures rose, with CSI 1000 rising 2.41% leading the way, while treasury bond futures mostly fell, with the 30 - year treasury bond futures falling 0.24% the most. In terms of capital flow, Shanghai copper 2512 had an inflow of 2.504 billion yuan, while CSI 1000 2512 had an outflow of 5.183 billion yuan [7]. Market Analysis - **Shanghai Copper**: Opened high and went high, rising during the day. September 2025 refined copper production was 1.266 million tons, up 10.1% year - on - year and down 2.7% month - on - month. 1 - 9 months cumulative production was 11.125 million tons, up 10.0% year - on - year. Copper price is supported by rigid demand and expected tight supply, but the high price is hard for downstream to accept. The price trend is still upward but with pressure, so be cautious about chasing the rise [9][10]. - **Lithium Carbonate**: Opened high and went high, oscillating strongly. Battery - grade and industrial - grade prices both rose 600 yuan/ton. Supply is growing steadily, and demand from the downstream battery industry is strong. The inventory in September was significantly reduced, and the price is supported by fundamentals [11]. - **Crude Oil**: OPEC + will increase production in November, increasing supply pressure. The demand peak season is over, but US refinery operations rebounded, and inventories decreased. The price is expected to rebound at a low level, and attention should be paid to Sino - US trade negotiations and the Russia - Ukraine peace talks [12][13]. - **Asphalt**: Supply decreased slightly in October. Downstream industry operations mostly rose, and national shipments increased. The inventory - to - sales ratio decreased slightly. With the rebound of crude oil prices, the basis in Shandong has dropped significantly. It is recommended to observe the asphalt futures price cautiously [14]. - **PP**: Downstream operations rebounded slightly, and the enterprise operation rate was around 80%. New production capacity was put into operation, and recent maintenance increased. Cost rose due to the rebound of crude oil prices. The demand in the peak season was less than expected, and it is expected to oscillate weakly [15][16]. - **Plastic**: The operation rate was around 86.5%, and downstream operations rose. New production capacity was put into operation. The demand in the peak season was less than expected, and it is expected to oscillate weakly [17]. - **PVC**: The upstream calcium carbide price rose. Supply decreased slightly, and downstream operations continued to rise. Export expectations weakened in the fourth quarter, and social inventory was high. New production capacity was put into operation. It is expected to oscillate in the near future [19]. - **Coking Coal**: Opened high and went high, oscillating strongly. Mongolian coal imports decreased, and domestic supply was short. Demand from coke enterprises supported the price, but downstream steel mills' profits shrank. Pay attention to major conferences and Mongolian coal imports [20][21]. - **Urea**: The futures price rose, and the spot market followed. Daily production decreased slightly, and the cost increased. Demand from compound fertilizer factories increased, and inventory accumulation was slow. The market is expected to be strong, and attention should be paid to policy changes [22].

Report Industry Investment Rating - No relevant information provided Core View of the Report - The recent cost increase has pushed the price of PP to rebound, but PP lacks the internal momentum to drive significant price hikes. It is expected that PP will experience a weak and volatile trend [1] Summary by Related Catalogs Market Analysis - The downstream operating rate of PP increased by 0.09 percentage points to 51.85% week - on - week, remaining at a relatively low level compared to the same period in previous years. Among them, the operating rate of plastic weaving remained flat at 44.26% week - on - week, and plastic weaving orders continued to slightly decrease, being slightly lower than the same period last year [1][4] - On October 23, new maintenance devices such as the first and second lines of Zhongjing Petrochemical Phase I were added. The operating rate of PP enterprises dropped to around 80%, a moderately low level, and the production ratio of standard - grade drawn yarn dropped to around 25% [1][4] - The inventory accumulation of petrochemicals during the National Day this year was similar to previous years, and currently, the petrochemical inventory is at a neutral level compared to the same period in recent years [1][4] - In terms of cost, due to the upcoming new round of economic and trade consultations between China and the United States and the US sanctions on important Russian oil companies, the crude oil price has rebounded significantly from its low level [1] - In terms of supply, new production capacities have been put into operation, and recently, the number of maintenance devices has increased [1] - Although the weather has improved and the downstream is gradually entering the peak seasons of "Golden September and Silver October", the peak - season demand is currently lower than expected, and there is a lack of large - scale centralized procurement in the market. After the National Day, the stocking demand has weakened periodically, and traders generally offer discounts to stimulate transactions [1] - China and the United States are charging special port fees on each other's ships, increasing concerns about economic growth. There are no actual policies for anti - involution in the PP industry yet, but anti - involution and the elimination of old devices to solve the problem of over - capacity in the petrochemical industry are still macro - policies that will affect future market trends [1] Futures and Spot Market Conditions - Futures: The PP2601 contract decreased in positions and fluctuated upwards. The lowest price was 6616 yuan/ton, the highest was 6710 yuan/ton, and it finally closed at 6691 yuan/ton, below the 20 - day moving average, with a gain of 1.27%. The position volume decreased by 14,771 lots to 618,484 lots [2] - Spot: Most spot prices of PP in various regions increased. The price of drawn yarn was reported at 6390 - 6630 yuan/ton [3] Fundamental Tracking - Supply: On October 23, new maintenance devices such as the first and second lines of Zhongjing Petrochemical Phase I were added, and the operating rate of PP enterprises dropped to around 80%, a moderately low level [4] - Demand: As of the week of October 17, the downstream operating rate of PP increased by 0.09 percentage points to 51.85% week - on - week, remaining at a relatively low level compared to the same period in previous years. Among them, the operating rate of plastic weaving remained flat at 44.26% week - on - week, and plastic weaving orders continued to slightly decrease, being slightly lower than the same period last year [1][4] - Inventory: During the National Day holiday, the early petrochemical inventory increased by 270,000 tons. On Thursday, the early petrochemical inventory decreased by 20,000 tons to 760,000 tons, which was 10,000 tons lower than the same period last year. The inventory accumulation of petrochemicals during the National Day this year was similar to previous years, and currently, the petrochemical inventory is at a neutral level compared to the same period in recent years [1][4] - Raw materials: The Brent crude oil 01 contract rose to $64/barrel, and the CFR propylene price in China decreased by $15/ton to $760/ton week - on - week [4]

Report Industry Investment Rating - Not provided Core Viewpoint - The PP market is expected to show a weak and volatile trend. Although the downstream is in the peak season, the peak - season demand is lower than expected, and there are concerns about economic growth and the lack of actual anti - involution policies in the PP industry [1] Summary by Relevant Catalogs Market Analysis - PP downstream开工率 increased by 0.09 percentage points to 51.85% week - on - week, remaining at a relatively low level in the same period over the years. The plastic weaving开工率 remained flat at 44.26% week - on - week, and plastic weaving orders continued to decline slightly, slightly lower than the same period last year. On October 22, some overhauled devices such as Zhejiang Petrochemical 4PP restarted, and the PP enterprise开工率 rose to around 80.5%, at a moderately low level. The production ratio of standard wire drawing increased to around 27%. The petrochemical inventory accumulation during the National Day this year was similar to previous years, and the current petrochemical inventory is at a neutral level in the same period in recent years. The crude oil price may fluctuate more due to the upcoming Sino - US economic and trade consultations. There are new capacity additions, and recent overhauled devices have increased. The downstream is in the peak season, but the peak - season demand is lower than expected, and there are concerns about economic growth and the lack of anti - involution policies [1] Futures and Spot Market Conditions - Futures: The PP2601 contract decreased in positions and fluctuated upwards, with a low of 6575 yuan/ton, a high of 6642 yuan/ton, and finally closed at 6619 yuan/ton, below the 20 - day moving average, up 0.72%. The position decreased by 15,845 lots to 633,255 lots [2] - Spot: Most PP spot prices in various regions were stable, with wire drawing quoted at 6390 - 6630 yuan/ton [3] Fundamental Tracking - Supply: On October 22, some overhauled devices such as Zhejiang Petrochemical 4PP restarted, and the PP enterprise开工率 rose to around 80.5%, at a moderately low level [4] - Demand: As of the week of October 17, the PP downstream开工率 increased by 0.09 percentage points to 51.85% week - on - week, remaining at a relatively low level in the same period over the years. The plastic weaving开工率 remained flat at 44.26% week - on - week, and plastic weaving orders continued to decline slightly, slightly lower than the same period last year [4] - Inventory: The petrochemical early - morning inventory increased by 270,000 tons during the National Day holiday, decreased by 10,000 tons to 780,000 tons on Wednesday, 20,000 tons lower than the same period last year. The petrochemical inventory accumulation during the National Day this year was similar to previous years, and the current petrochemical inventory is at a neutral level in the same period in recent years [4] Raw Material End - The Brent crude oil 01 contract rose to $62/barrel, and the CFR propylene price in China remained flat at $775/ton week - on - week [5]