Group 1: General Information - Report title: Polyolefin Daily Report [1] - Date: September 4, 2025 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Quotes - Futures market quotes: Plastic 2601 opened at 7252 yuan/ton, closed at 7247 yuan/ton, down 14 yuan/ton (-0.19%); Plastic 2605 opened at 7238 yuan/ton, closed at 7240 yuan/ton, down 19 yuan/ton (-0.26%); Plastic 2509 opened at 7200 yuan/ton, closed at 7185 yuan/ton, down 22 yuan/ton (-0.31%); PP2601 opened at 6943 yuan/ton, closed at 6954 yuan/ton, up 1 yuan/ton (0.01%); PP2605 opened at 6952 yuan/ton, closed at 6965 yuan/ton, down 6 yuan/ton (-0.09%); PP2509 opened at 6861 yuan/ton, closed at 6860 yuan/ton, down 7 yuan/ton (-0.10%) [5] Group 3: Market Review and Outlook - Market performance: L2601 opened lower, fluctuated downward during the session, and finally closed at 7247 yuan/ton, down 14 yuan/ton (-0.19%); PP2601 closed at 6954 yuan/ton, up 1 yuan/ton (0.01%) [6] - Market sentiment: Futures opened lower and fluctuated downward, dampening market trading sentiment. Traders quoted prices according to the market, and end - users replenished stocks at low prices [6] - Supply and demand analysis: For PP, the impact of maintenance is weakening, new capacities are continuously released, and the supply pressure is increasing. The downstream is in the transition stage between peak and off - peak seasons, and the overall recovery trend is not good. For PE, the supply - demand contradiction is not obvious, and plastics may run stronger [6] Group 4: Industry News - Inventory: On September 3, 2025, the inventory level of major producers was 680,000 tons, a decrease of 20,000 tons (-2.86%) from the previous working day, compared with 750,000 tons in the same period last year [7] - Price trends: PE market prices were mainly stable; the mainstream price of propylene in Shandong market was 6610 - 6650 yuan/ton, down 15 yuan/ton from the previous working day; PP market prices were partially loose [7] Group 5: Data Overview - Multiple figures related to the polyolefin market are presented, including L - PP spread, crude oil futures settlement price, L and PP basis, two - oil inventory and its year - on - year change [15][17][18]

Group 1 - In July, the profits of industrial enterprises above designated size decreased by 1.5% year-on-year, with the decline narrowing by 2.8 percentage points compared to June, marking two consecutive months of narrowing [1][6] - High-tech manufacturing profits shifted from a 0.9% decline in June to an 18.9% increase in July, significantly boosting the overall profit growth rate of industrial enterprises [1][6] - From August 1 to 24, the retail sales of new energy vehicles in the passenger car market reached 727,000 units, a year-on-year increase of 6% and a month-on-month increase of 7%, with a cumulative retail of 7.182 million units in 2023, up 27% year-on-year [1] Group 2 - The 10-year government bond yield rose to 1.7625%, with a net withdrawal of 236.1 billion yuan in the central bank's open market operations [2][9] - The manufacturing PMI for August in both the US and Eurozone rebounded above the critical point, indicating a potential for interest rate cuts by the Federal Reserve in September [2][9] - The real estate market continues to adjust, with second-hand housing prices in first-tier cities declining month-on-month, prompting the government to enhance macro policy effectiveness [2][9] Group 3 - The palm oil production in Malaysia is expected to increase by 3.03% from the same period last month, while exports are projected to rise significantly [3][25] - The dual-fuel market is experiencing a mixed trend, with iron and coke prices showing fluctuations amid stable demand and increasing inventory levels [3][23] Group 4 - The upcoming Shanghai Cooperation Organization summit will take place from August 31 to September 1, 2025, in Tianjin, where member states will sign the "Tianjin Declaration" and approve the "10-Year Development Strategy of the SCO" [5]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The polyolefin futures closed positive yesterday. The spot prices of linear LL and拉丝 PP from Sinopec and PetroChina remained stable. The market heat has cooled down, and the polyolefin spot market is still mainly driven by supply and demand. Summer maintenance is in balance, and inventory is slowly being digested, but short - term petrochemical inventory may fluctuate. The domestic macro - level is still driven by domestic demand, and the terminal stocking demand may gradually pick up in mid - to late August. The future market should focus on the autumn stocking rhythm after supply - demand digestion and possible changes on the supply side [2]. 3. Summary by Relevant Catalogs Futures Market - **Prices**: For linear LL futures, the previous day's closing prices for January, May, and September contracts were 7347, 7340, and 7308 respectively, with increases of 40, 49, and 40 and涨幅 of 0.55%, 0.67%, and 0.55% respectively. For拉丝 PP futures, the previous day's closing prices for January, May, and September contracts were 7056, 7062, and 7026 respectively, with increases of 40, 30, and 39 and涨幅 of 0.57%, 0.43%, and 0.56% respectively [2]. - **Volume and Open Interest**: The trading volumes of linear LL futures for January, May, and September contracts were 400529, 7534, and 95001 respectively, and the open interests were 381563, 20465, and 90092 respectively. The open interest changes were 21423, 1614, and - 35644 respectively. For拉丝 PP futures, the trading volumes were 341106, 14955, and 58830 respectively, the open interests were 442583, 31841, and 61893 respectively, and the open interest changes were 25989, 2844, and - 19500 respectively [2]. - **Spreads**: For linear LL, the current spreads of January - May, May - September, and September - January were 7, 32, and - 39 respectively, compared with previous values of 16, 23, and - 39. For拉丝 PP, the current spreads of January - May, May - September, and September - January were - 6, 36, and - 30 respectively, compared with previous values of - 16, 45, and - 29 [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 mulch film were 2427 yuan/ton, 6390 yuan/ton, 570 dollars/ton, 5600 yuan/ton, 6770 yuan/ton, and 8800 yuan/ton respectively, with some changes compared to previous values [2]. - **Spot Market**: In the middle - stream market, the current price ranges of linear LL in East China, North China, and South China were 7250 - 7700 yuan/ton, 7150 - 7450 yuan/ton, and 7350 - 7750 yuan/ton respectively. For拉丝 PP, the current price ranges in East China, North China, and South China were 6900 - 7000 yuan/ton, 6850 - 7000 yuan/ton, and 6850 - 7100 yuan/ton respectively [2]. News - On Wednesday (August 20), the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $63.21 per barrel, up $0.86 or 1.38% from the previous trading day, with a trading range of $62.39 - $63.55. The settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $66.84 per barrel, up $1.05 or 1.60% from the previous trading day, with a trading range of $65.81 - $67.06 [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The polyolefin futures showed narrow - range consolidation. The spot prices of linear LL and拉丝PP from Sinopec and PetroChina remained stable. The market heat has cooled, and the polyolefin spot market is still mainly driven by supply - demand factors. Summer maintenance is in balance, inventory is slowly being digested, and the market is in a stage of stopping decline after a previous rebound. However, short - term petrochemical inventory may fluctuate, and the de - stocking process in summer is tortuous. Fortunately, the domestic macro - level is still driven by domestic demand, and the terminal备货 demand may gradually pick up in mid - to late August. The market should focus on the rhythm of the autumn stocking market after supply - demand digestion and potential changes in the cost side [2]. 3. Summary by Relevant Catalogs Futures Market - **Prices**: For LL, the previous day's closing prices for January, May, and September contracts were 7351, 7346, and 7306 respectively, with changes of 8, - 1, and 19 and percentage changes of 0.11%, - 0.01%, and 0.26%. For PP, the previous day's closing prices for January, May, and September contracts were 7084, 7080, and 7058 respectively, with changes of - 1, - 7, and - 8 and percentage changes of - 0.01%, - 0.10%, and - 0.11% [2]. - **Volume and Open Interest**: The trading volumes of LL for January, May, and September contracts were 185379, 2572, and 67045 respectively, and the open interests were 318815, 16838, and 173330 respectively, with changes of 14919, 834, and - 22825. For PP, the trading volumes for January, May, and September contracts were 175405, 7038, and 52887 respectively, and the open interests were 363357, 25996, and 110716 respectively, with changes of 12810, 2433, and - 15155 [2]. - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January were 5, 40, and - 45 respectively, compared to previous values of - 4, 60, and - 56. For PP, the current spreads of January - May, May - September, and September - January were 4, 22, and - 26 respectively, compared to previous values of - 2, 21, and - 19 [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 plastic film were 2415 yuan/ton, 6425 yuan/ton, 562 dollars/ton, 5600 yuan/ton, 6830 yuan/ton, and 8800 yuan/ton respectively. The previous prices were 2437 yuan/ton, 6475 yuan/ton, 562 dollars/ton, 5600 yuan/ton, 6860 yuan/ton, and 8800 yuan/ton [2]. - **Mid - stream**: For LL, the current price ranges in the East China, North China, and South China markets were 7250 - 7750 yuan/ton, 7200 - 7450 yuan/ton, and 7400 - 7750 yuan/ton respectively. For PP, the current price ranges in the East China, North China, and South China markets were 7000 - 7150 yuan/ton, 6900 - 7050 yuan/ton, and 6950 - 7150 yuan/ton respectively [2]. News - On Friday (August 15), the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $62.80 per barrel, down $1.16 or 1.81% from the previous trading day, with a trading range of $62.68 - $64.15. The settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $65.85 per barrel, down $0.99 or 1.48% from the previous trading day, with a trading range of $65.73 - $67.06 [2].

Report Information - Report Name: Polyolefin Daily Report [1] - Date: July 3, 2025 [2] Investment Rating - No investment rating provided in the report Core Viewpoint - The futures market of polyolefin opened low and fluctuated upwards, but the market sentiment was not significantly boosted. The cost - end disturbance weakened, and the market returned to its own supply - demand logic. The supply - side pressure from new production capacity continued to be released, and the demand entered the off - season in July. The supply - demand relationship tended to deteriorate, and the single - side market showed a weak downward trend [6] Summary by Directory 1. Market Review and Outlook - The main contract of LLDPE (L2509) opened low, fluctuated upwards during the session, and closed up at 7288 yuan/ton, up 42 yuan/ton (0.72%), with a trading volume of 270,000 lots and a decrease in open interest by 14,574 to 443,293 lots. The main contract of PP closed at 7072 yuan/ton, up 24 yuan (0.34%), with a decrease in open interest by 12,023 lots to 411,306 lots. The trading atmosphere in the spot market was not strong, and terminal procurement was mainly for rigid demand [5][6] - The weekly maintenance volume of PP/PE increased, but the pressure on the supply side from new production capacity such as Zhenhai Refining & Chemical's fourth - line PP and Yulong Petrochemical continued to be released. In July, the off - season characteristics were more obvious, and the downstream operating rate was mainly supported by order execution [6] 2. Industry News - On July 2, 2025, the inventory level of major producers was 740,000 tons, a decrease of 15,000 tons (1.99%) from the previous working day, compared with 750,000 tons in the same period last year [7] - The PE market price continued to decline. The LLDPE price in North China was 7140 - 7380 yuan/ton, 7300 - 7700 yuan/ton in East China, and 7350 - 7650 yuan/ton in South China [7] - The propylene price on the west coast of the Yellow Sea was stable with minor fluctuations, and the mainstream price was 6525 yuan/ton. The downstream was in a wait - and - see state [7] - The PP market continued to decline weakly, with prices dropping by 20 - 30 yuan/ton. The downstream wait - and - see sentiment was strong, and the overall market transaction was poor [7] 3. Data Overview - The report presented multiple data charts, including L basis, PP basis, L - PP spread, and the settlement price of the main crude oil futures contract, but no specific data analysis was provided [12][16]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Linear futures opened lower and fluctuated, closing higher at the end of the session. PP fluctuated within a range. The spot market had a cautious trading atmosphere, with some factory prices adjusted and low terminal restocking willingness. The supply - side pressure will increase due to the decline in planned maintenance after June and new capacity expansion plans, while demand is pressured by seasonal weakness and tariff transmission. Although the cost side is supported by the US fuel consumption peak season, the rebound space of polyolefins is limited due to existing supply - demand contradictions [6] 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - Linear futures (L09) closed at 7078 yuan/ton, up 6 yuan/ton (0.08%), with a trading volume of 25 lots and an increase in open interest by 1429 to 545370 lots. PP closed at 6932 yuan/ton, up 6 yuan (0.09%), with open interest decreasing by 1541 to 516,300 lots. The spot market was cautious, with some factory prices adjusted and low terminal restocking enthusiasm. The supply - side pressure will increase after June due to reduced planned maintenance and new capacity expansion, and demand is affected by seasonality and tariffs. The cost side has some support, but the rebound space of polyolefins is limited [5][6] 3.2 Industry News - On June 9, 2025, the inventory level of major producers was 870,000 tons, a 40,000 - ton increase (4.82%) from the previous working day, compared with 855,000 tons in the same period last year. PP market prices were generally stable with minor fluctuations, and PE market prices showed mixed trends in different regions [7] 3.3 Data Overview - The report presents multiple data charts, including L basis, PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate, with data sources from Wind and Zhuochuang Information [9][14][16]

行业 聚烯烃日报 日期 2025 年 5 月 30 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-86630631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：彭婧霖（聚烯烃） 研究员：李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：彭 ...

行业 聚烯烃日报 日期 2025 年 5 月 29 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-86630631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：彭婧霖（聚烯烃） 研究员：李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：彭 ...

Group 1: Report Information - Date: May 27, 2025 [1] - Industry: Polyolefins [1] Group 2: Research Team - Peng Jinglin (Polyolefins) [2] - Li Jie, CFA (Crude Oil and Fuel Oil) [2] - Ren Junchi (PTA, MEG) [2] - Peng Haozhou (Urea, Industrial Silicon) [2] - Liu Youran (Pulp) [2] - Feng Zeren (Glass and Soda Ash) [2] Group 3: Futures Market Quotes - Plastic 2601: Opened at 7001 yuan/ton, closed at 7019 yuan/ton, highest 7057 yuan/ton, lowest 6994 yuan/ton, down 36 yuan/ton (-0.51%), with a position of 93379 and an increase of 3501 [3] - Plastic 2605: Opened at 7000 yuan/ton, closed at 7008 yuan/ton, highest 7050 yuan/ton, lowest 6995 yuan/ton, down 49 yuan/ton (-0.69%), with a position of 247 and an increase of 42 [3] - Plastic 2509: Opened at 7070 yuan/ton, closed at 7080 yuan/ton, highest 7118 yuan/ton, lowest 7055 yuan/ton, down 40 yuan/ton (-0.56%), with a position of 513654 and a decrease of 2282 [3] - PP2601: Opened at 6908 yuan/ton, closed at 6885 yuan/ton, highest 6926 yuan/ton, lowest 6869 yuan/ton, down 36 yuan/ton (-0.52%), with a position of 64751 and an increase of 4340 [3] - PP2605: Opened at 6900 yuan/ton, closed at 6899 yuan/ton, highest 6955 yuan/ton, lowest 6890 yuan/ton, down 34 yuan/ton (-0.49%), with a position of 307 and an increase of 171 [3] - PP2509: Opened at 6945 yuan/ton, closed at 6929 yuan/ton, highest 6979 yuan/ton, lowest 6915 yuan/ton, down 48 yuan/ton (-0.69%), with a position of 492604 and an increase of 20629 [3] Group 4: Market Review and Outlook - L2509 opened lower, fluctuated downward during the session, and closed down at 7080 yuan/ton, down 40 yuan/ton (-0.56%), with a trading volume of 33 lots and a position decrease of 2282 to 513654 lots [4] - PP main contract 09 closed at 6929 yuan/ton, down 48 yuan (-0.69%), with a position increase of 20600 lots to 492600 lots [4] - Supply side: Maintenance losses decreased month-on-month. As previously shut-down units restarted, supply pressure resumed, and new production capacity is expected to be put into operation in June [4] - Demand side: Downstream factories' inventory replenishment enthusiasm is average. The operating levels of some industries are basically flat, and new orders are scarce [4] - Market outlook: Tariff easing drove the futures price to rebound slightly, but supply pressure and lack of new orders in the off-season suppressed the market. Polyolefins are expected to consolidate weakly in the short term, and there is still downward pressure in the medium term due to the supply-demand imbalance [4] Group 5: Industry News - On May 26, 2025, the inventory of major producers was 840,000 tons, an increase of 45,000 tons (5.66%) from the previous working day, compared with 890,000 tons in the same period last year [5] - Domestic PP market declined slightly. Morning PP futures pressured market trading. Some regional enterprises lowered their factory prices, and the cost support weakened. Traders offered discounts to promote sales. Downstream terminals' willingness to enter the market was limited, and the morning inquiry atmosphere was weak. The mainstream price of North China drawstring was 7020 - 7200 yuan/ton, East China was 7030 - 7200 yuan/ton, and South China was 7110 - 7300 yuan/ton [5] - PE market prices declined slightly. In North China, some linear PE prices dropped by 10 - 90 yuan/ton, some high-pressure PE prices dropped by 20 - 100 yuan/ton, and some low-pressure PE prices dropped by 10 - 100 yuan/ton. In East China, some linear and high-pressure PE prices dropped by 20 - 100 yuan/ton, and some low-pressure PE prices dropped by 10 - 50 yuan/ton. In South China, some low-pressure PE prices fluctuated by 10 - 100 yuan/ton, some linear PE prices dropped by 10 - 80 yuan/ton, and some high-pressure PE prices dropped by 20 - 100 yuan/ton. The LLDPE price in North China was 7170 - 7400 yuan/ton, in East China was 7250 - 7700 yuan/ton, and in South China was 7350 - 7700 yuan/ton [5] Group 6: Data Overview - Figures include L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventories, and two - oil inventory year - on - year change rate [7][11][14] - Data sources include Wind and Zhuochuang Information [8][10][12]