Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoint of the Report - The polyolefin market is expected to experience weak and volatile trends in the near future [3] Group 3: Summary by Relevant Catalogs 1. Plastic and PP开工率 - The plastic operating rate increased by 4.5 percentage points to around 89.5%, reaching a neutral level [14] - The PP operating rate rose by 3.5 percentage points to around 83.5%, at a slightly below - neutral level [14] 2. Plastic and PP下游开工率 - As of the week of November 7, the PE downstream operating rate decreased by 0.52 percentage points to 44.85% week - on - week, remaining at a relatively low level compared to the same period in recent years [20] - As of the week of November 7, the PP downstream operating rate increased by 0.52 percentage points to 53.14% week - on - week, at a relatively low level compared to the same period in previous years [20] 3. Plastic基差 - The basis of the 01 contract rose to 298 yuan/ton, at a neutral level [25] 4. Plastic and PP库存 - The petrochemical early inventory on Friday decreased by 25,000 tons to 665,000 tons week - on - week, 10,000 tons higher than the same period last year, and is currently at a neutral level compared to recent years [29]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report anticipates that polyolefins will experience weak and volatile trends in the near term. Although the previous cost increase and macro - economic improvement have driven the rebound of polyolefins, their own upward momentum is insufficient. Currently, the peak - season demand is below expectations, and there is a lack of large - scale centralized procurement in the market. Additionally, the anti - involution policies for the polyolefin industry have not been implemented yet [3]. 3. Summary by Related Catalogs a. Market Trend - Plastic and PP prices first rose and then declined [4]. b. Production Rate - Plastic production rate dropped by 1.5 percentage points to around 85%, at a neutral level. New maintenance devices such as those in Zhongyuan Petrochemical's full - density production were added [15]. - PP production rate remained at around 80%, at a neutral - low level. New maintenance devices like those in CNOOC Daxie's new first - line were added, while some devices such as Yulong Petrochemical's second - line restarted [15]. c. Downstream Production Rate - As of the week ending October 31, PE downstream production rate decreased by 0.38 percentage points to 45.37% week - on - week. Although the agricultural film sector is in the peak season with increasing orders and raw material inventory, reaching a neutral level in recent years, packaging film orders decreased slightly, and the overall PE downstream production rate is still at a relatively low level in the same period in recent years [21]. - As of the week ending October 31, PP downstream production rate increased by 0.24 percentage points to 52.61% week - on - week, at a relatively low level in the same period over the years. However, the plastic - weaving production rate decreased by 0.2 percentage points to 44.2%, and plastic - weaving orders decreased slightly compared with the previous week and were slightly lower than the same period last year [21]. d. Basis - Spot prices were stable, while futures prices declined. The basis of the 01 contract rose to 201 yuan/ton, at a neutral - low level [24]. e. Inventory - On Friday, the early petrochemical inventory decreased by 20,000 tons week - on - week to 675,000 tons, 45,000 tons lower than the same period last year. Near the end of the month, petrochemical inventory reduction accelerated slightly, and the current petrochemical inventory is at a neutral level in the same period in recent years [28]. f. Cost and New Capacity - Recently, the market digested the news of Russian oil sanctions. The meeting between Chinese and US leaders basically met market expectations, and the relationship between the two countries did not change fundamentally. OPEC+ decided to increase production by 137,000 barrels per day in December but suspend production increase in the first quarter of next year. Crude oil prices fluctuated within a narrow range [3]. - New production capacity includes the trial operation of ExxonMobil (Huizhou)'s 500,000 - ton/year LDPE and the recent commissioning of PetroChina Guangxi Petrochemical's 800,000 - ton/year PE and 400,000 - ton/year PP [3].

Report Overview - Report Name: Polyolefin Weekly Report - Release Time: October 20, 2025 - Analyst: Su Miaoda - Report Issuer: Guantong Futures Co., Ltd. Industry Investment Rating - Not provided in the report Core View - The polyolefin market is expected to fluctuate weakly in the near term due to factors such as cost pressure, new capacity releases, and under - expected seasonal demand [3] Summary by Directory Market Analysis - Plastic and PP prices are oscillating downward [4] - The cost of crude oil has declined due to the cease - fire agreement between Israel and Hamas, OPEC+ plan to increase production in November, and the escalation of Sino - US trade frictions [3] - New capacity has been added, including the trial operation of ExxonMobil (Huizhou) LDPE with an annual capacity of 500,000 tons, and the recent commissioning of PetroChina Guangxi Petrochemical's 800,000 - ton/year PE and 400,000 - ton/year PP [3] - Although the agricultural film is in the peak season, the demand is under - expected, and the stocking demand has weakened after the National Day [3] - Sino - US mutual collection of special port fees for ships has increased concerns about economic growth [3] - There is no actual anti - involution policy in the polyolefin industry, but relevant macro - policies will affect future market trends [3] Plastic and PP Operating Rates - Plastic operating rate has risen by 0.5 percentage points to around 88%, at a neutral level, due to the restart of maintenance devices at Yulong Petrochemical [14] - PP operating rate has dropped by 2 percentage points to around 82%, at a slightly lower - than - neutral level, because of new maintenance devices at Tianjin Bohua [14] Plastic and PP Downstream Operating Rates - As of the week of October 17, PE downstream operating rate has increased by 0.56 percentage points to 44.92%, still at a relatively low level compared to the same period in recent years. Agricultural film orders and raw material inventories have increased after the National Day, but are still lower than in previous years, and packaging film orders have slightly decreased [20] - As of the week of October 17, PP downstream operating rate has rebounded by 0.09 percentage points to 51.85%, at a relatively low level compared to the same period in previous years. The plastic weaving operating rate has remained flat at 44.26%, and plastic weaving orders have continued to slightly decrease, slightly lower than last year [20] Plastic Basis - The basis of the 01 contract has risen to 196 yuan/ton, at a slightly lower - than - neutral level, as the futures price has declined more than the spot price [25] Plastic and PP Inventories - During the National Day holiday, petrochemical early - morning inventories increased by 270,000 tons. As of Friday, they decreased by 30,000 tons to 770,000 tons, 45,000 tons lower than the same period last year. The inventory accumulation during the National Day this year is similar to previous years, and the current petrochemical inventory is at a neutral level compared to the same period in recent years [29]