Core Viewpoint - The domestic PP market has stabilized at a low price level by the end of December, with a slight recovery in prices, but overall support from fundamentals remains limited [1][8]. Price Trends - As of December 31, the benchmark price for PP filament is reported at 6170.00 CNY/ton, reflecting a year-on-year change of -3.04% [1]. Raw Materials - Concerns over excess oil supply due to OPEC+'s new production plans have affected market sentiment. Recent holiday-related demand has led to fluctuations in oil prices. Propylene prices reached a temporary high mid-month but have since declined due to recovering supply. Propane prices remain strong due to high external market prices [4]. Supply Side - By the end of December, domestic PP enterprises have balanced restarts and maintenance, with an overall operating rate slightly increasing to around 77%. Weekly total production exceeds 790,000 tons, with inventory levels also around 790,000 tons, indicating ample supply. However, there are multiple maintenance plans announced for January, leading to expectations of a decrease in production [5]. Demand Side - Year-end economic meetings released neutral information, failing to meet market expectations and providing limited support to market sentiment. E-commerce has driven some demand for packaging and home appliances, but overall market trading atmosphere remains weak. The impact of the Federal Reserve's interest rate cuts is still felt, affecting export of end products and leading to suboptimal operating rates for downstream enterprises. Current market heat for PP end products is average, with slow raw material digestion [6]. Market Outlook - The domestic PP market is expected to enter an adjustment phase, with high production levels and limited improvement in consumption. The overall supply remains ample, but previous destocking actions by petrochemical companies have stimulated some buying interest at lower prices [8].

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Group 1: Report Industry Investment Rating - The investment rating for the crude oil market is "Oscillating weakly" [9] Group 2: Core Views of the Report - The core contradiction in the current crude oil market lies in the game between the phased support of short - term disturbing factors (geopolitical risks, aftermath of macro - policies) and the continuous suppression of medium - and long - term fundamentals (increasing supply, decreasing demand, and surplus pressure). Short - term factors usually have an impact within a week and are often followed by price drops after rebounds, with the high points showing a downward trend [1] - In the medium - and long - term, the fundamentals are bearish. The supply side will face increasing pressure as OPEC+ starts the second - stage production resumption in October, and the end of the Middle East's summer peak electricity demand will turn direct - burning crude oil demand into supply. On the demand side, there is a clear seasonal inflection point, with demand in the US and China showing a "seasonal peak - to - decline" trend [4] Group 3: Summary by Relevant Catalogs 1. Core Contradiction and Strategy Suggestions 1.1 Core Contradiction - **Short - term trading logic**: Tensions in the Middle East, Eastern Europe, and South America have not substantially escalated, and the boost to oil prices is only an "expected risk premium", which is usually digested within a week. After the Fed's interest rate cut, the macro - sentiment is stable, and the policy impact has been gradually realized. Short - term oil price rebounds are often "weak repairs" and are difficult to form a trend reversal [3] - **Long - term trading expectation**: In the medium - and long - term, the supply side will see increased pressure due to OPEC+ production resumption and the change in Middle East demand - supply. The demand side shows a seasonal decline, and the supply - demand imbalance will accumulate surplus pressure unless OPEC+ makes a significant production cut [4] 1.2 Speculative Strategy Suggestions - **Market positioning**: Oscillating weakly - **Strategy suggestions**: Consider a long position in the spread between consecutive contracts 1 and 3; consider a short position in the spread between SC and Brent; gasoline cracking spreads are seasonally weak, while diesel cracking spreads are strong [9] 2. This Week's Important Information and Next Week's Focus Events 2.1 This Week's Important Information - **Positive information**: Ukraine's attack on Russian energy facilities, an unexpected decline in US crude oil inventories, and the Fed's interest rate cut have all supported oil prices [10] - **Negative information**: OPEC's production increase plan, an increase in US distillate inventories, and weak global demand expectations have put downward pressure on oil prices [11] 2.2 Next Week's Focus Events - A new round of domestic oil price adjustment will take place at 24:00 on September 23. As of September 19, the reference crude oil change rate is - 0.33%, and the expected reduction in domestic gasoline and diesel prices is 20 yuan/ton. Due to the impact of the previous price adjustment, there is a high probability of a price increase this time [13] 3. Disk Analysis 3.1 Volume, Price, and Capital Analysis - **Trend analysis**: This week, oil prices oscillated and rose slightly, showing a "rising in the early stage and adjusting in the later stage" pattern. The average price this week is higher than last week but lower than last month due to factors such as OPEC's production increase and weak global demand recovery [14] - **Domestic market**: On September 19, the warehouse receipts of medium - sulfur crude oil futures remained unchanged. The daily - level MACD is in a golden - cross cycle, and the price is close to the middle track of the Bollinger Bands [16] - **Foreign market**: On September 19, the trading volume of WTI crude oil futures decreased, while the number of open contracts increased. The trading volume of Brent crude oil futures increased, and the number of open contracts also increased slightly. As of the week ending September 16, the speculative net long positions in WTI crude oil increased [16] 4. Valuation and Profit Analysis 4.1 Crude Oil Market Spread Tracking - Analyze the seasonal trends of various crude oil spreads, such as the spreads between different contracts of Brent, WTI, and SC [25] 4.2 Crude Oil Regional Spread Tracking - Track the seasonal trends of regional spreads, including the spreads between SC and Brent, SC and WTI, etc. [27] 4.3 Crude Oil Downstream Valuation Tracking - Analyze the downstream valuation in different regions, including Europe, North America, Asia - Pacific, and China, and track the seasonal trends of cracking spreads and refining margins [37][41][48] 5. Supply, Demand, and Inventory Projections 5.1 Supply - side Tracking - From September 6 - 12, US crude oil production decreased week - on - week. From September 13 - 19, the number of active oil rigs in the US increased week - on - week [57] 5.2 Demand - side Tracking - From September 6 - 12, US refinery crude oil input and operating rate decreased week - on - week. From September 12 - 18, the capacity utilization rate of independent refineries in China increased week - on - week, while that of major refineries decreased slightly [59] 5.3 Inventory - side Tracking - As of September 12, US commercial crude oil inventories decreased, strategic petroleum inventories increased, and Cushing region oil inventories decreased week - on - week [62] 5.4 Balance Sheet Tracking - The EIA September report predicts that global oil demand will increase slightly in 2025, but the growth will slow down in the second half of the year. Global oil supply is expected to increase in 2025 and 2026. Refinery throughput will decrease in October due to seasonal maintenance. Global oil inventories increased in July and remained stable in August [65][66]