1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The overall risk preference in the crude oil market has improved, and oil prices are expected to continue to fluctuate. The prices of fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and polyvinyl chloride are all expected to fluctuate. Attention should be paid to the impact of macro - factors on oil prices [1][3] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Wednesday, oil prices rebounded. WTI December contract rose $0.33 to $60.48 per barrel (0.55% increase), Brent December contract rose $0.52 to $64.92 per barrel (0.81% increase), and SC2512 closed at 465.1 yuan per barrel, up 5.9 yuan (1.28% increase). EIA inventory data showed a comprehensive decline in inventories. Mexican national oil company's production decreased year - on - year. The Fed cut interest rates, and the subsequent rate - cut path is uncertain. The market is expected to fluctuate [1] - **Fuel Oil**: On Wednesday, the main contracts of high - sulfur and low - sulfur fuel oil on the Shanghai Futures Exchange fell. The Asian low - sulfur market structure weakened due to weak downstream demand and sufficient supply, while the high - sulfur market is expected to remain stable. FU and LU absolute prices will fluctuate with the cost side [3] - **Asphalt**: On Wednesday, the main asphalt contract on the Shanghai Futures Exchange fell. In November, the refinery's asphalt production plan decreased both month - on - month and year - on - year. The inventory levels all decreased. The supply pressure will ease, and there is still a rush - work expectation in some markets. The BU absolute price will fluctuate with the cost side [3] - **Polyester**: TA601 and EG2601 rose on Wednesday. The production and sales of polyester improved, and the fundamentals of TA improved. However, there is still a pressure of inventory accumulation for EG in the fourth quarter, and its price is under pressure. Attention should be paid to the trend of crude oil prices [4] - **Rubber**: On Wednesday, the main contracts of natural rubber and 20 - number rubber rose, while the butadiene rubber contract fell. The social inventory of natural rubber decreased. Due to the upcoming Sino - US leaders' meeting and good demand, rubber prices are expected to fluctuate strongly [4] - **Methanol**: On Wednesday, the spot price of methanol was reported. The domestic overhauled devices are gradually resuming production, and the overseas Iranian devices will be restricted by winter gas curtailment. The short - term port supply is still abundant, and methanol prices are expected to fluctuate [6] - **Polyolefins**: On Wednesday, the prices of polyolefins were reported. The short - term production will remain high, and the marginal increase in demand will gradually decline. The rebound of crude oil supports the valuation, but the fundamental driving force is weakening, and prices are expected to enter a fluctuating stage [6] - **Polyvinyl Chloride**: On Wednesday, the PVC market prices in East, North, and South China were reported. The supply remains high, domestic demand slows down, and exports are expected to be weak. The price has a demand for phased repair, but the rebound height is limited under high - inventory pressure [8] 3.2 Daily Data Monitoring - The document provides the basis price, basis rate, and their changes of various energy - chemical varieties on October 29 and 28, 2025, including crude oil, liquefied petroleum gas, asphalt, etc. It also shows the quantile of the latest basis rate in historical data [9] 3.3 Market News - US EIA data shows that the decline in US crude oil, gasoline, and distillate fuel inventories last week exceeded analysts' expectations, forcing the market to re - evaluate the expectation of a large surplus in the oil market [11] - Trump predicted that his talks with Chinese leaders would yield good results. The talks are scheduled for Thursday at a summit in South Korea. The positive news about the Sino - US talks and the US - South Korea trade agreement eased investors' concerns about the economic recession caused by Trump's tariffs and trade wars [11] 3.4 Chart Analysis - **4.1 Main Contract Prices**: It provides the closing price charts of main contracts of various energy - chemical varieties from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, etc. [13] - **4.2 Main Contract Basis**: It provides the basis charts of main contracts of various energy - chemical varieties from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, etc. [25] - **4.3 Inter - period Contract Spreads**: It provides the spread charts of different contracts of various energy - chemical varieties, such as the spread between 01 - 05 and 05 - 09 contracts of fuel oil, and the spread between the main and sub - main contracts of asphalt [39] - **4.4 Inter - variety Spreads**: It provides the spread and ratio charts between different varieties, such as the spread between domestic and foreign crude oil, the B - W spread of crude oil, the high - low sulfur spread of fuel oil, etc. [55] - **4.5 Production Profits**: It provides the production profit charts of LLDPE and PP from 2018 to 2025 [63] 3.5 Team Member Introduction - **Zhong Meiyan**: Assistant to the director of the research institute and director of energy - chemical research. With more than ten years of experience in futures derivatives market research, she has won many awards and has rich experience in serving enterprises [67] - **Du Bingqin**: Analyst for crude oil, natural gas, fuel oil, asphalt, and shipping. She has won many industry awards and has in - depth research on the energy industry chain [68] - **Di Yilin**: Analyst for natural rubber and polyester. She has won several awards and is good at data analysis and research on related varieties [69] - **Peng Haibo**: Analyst for methanol, propylene, pure benzene, polyolefins, and PVC. He has a background in energy - chemical spot - futures trading and relevant professional qualifications [70]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Futures prices of plastics and PP decreased, with plastics L2601 closing at 7077 yuan/ton, down 79 yuan/ton (-1.1%), and PP2601 at 6745 yuan/ton, down 128 yuan (-1.86%). This weakened the spot trading atmosphere, causing some prices to loosen. The post - holiday social inventory increased, and the demand in October had some resilience but limited new orders. The cost support from crude oil was weak, putting pressure on polyolefins [3][4]. 3. Summary by Directory 3.1 Market Review and Outlook - Plastics L2601 opened lower, fluctuated downward during the session, and closed lower. PP2601 also dropped. The futures' weak performance affected the spot market, with traders offering discounts. The post - holiday inventory increase and limited new orders led to high de - stocking pressure. Crude oil's supply expectation adjustment reduced cost support for polyolefins [3][4]. 3.2 Industry News - On October 9, 2025, the major producers' inventory was 860,000 tons, a 270,000 - ton increase (45.76%) from before the holiday, compared to 930,000 tons in the same post - holiday period last year. PE market prices were weak, while the mainstream price of propylene in the Shandong market rose 90 yuan/ton. PP market prices declined [5]. 3.3 Data Overview - Multiple figures were presented, including L and PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and its year - on - year change rate, with data sources from Wind and Zhuochuang Information [7][13][15].

Report Information - Report Name: Polyolefin Daily Report [1] - Date: August 28, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Market Quotes Futures Market Quotes | Variety | Opening | Closing | Highest | Lowest | Change | Change Rate | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Plastic 2601 | 7399 | 7364 | 7414 | 7360 | -63 | -0.85% | 412274 | 4664 | | Plastic 2605 | 7407 | 7365 | 7421 | 7365 | -68 | -0.91% | 26767 | 576 | | Plastic 2509 | 7344 | 7310 | 7360 | 7309 | -63 | -0.85% | 34910 | -7171 | | PP2601 | 7041 | 7021 | 7056 | 7014 | -51 | -0.72% | 481684 | 7338 | | PP2605 | 7060 | 7035 | 7075 | 7031 | -54 | -0.76% | 39064 | 980 | | PP2509 | 6987 | 6963 | 7006 | 6961 | -51 | -0.73% | 20395 | -6062 | [5] Specific Contracts - L2601 opened higher, fluctuated up and down during the session, and finally closed at 7402 yuan/ton, down 9 yuan/ton (-0.12%), with a trading volume of 250,000 lots and an increase of 13,732 lots in open interest to 407,610 lots [6] - PP2601 closed at 7021 yuan/ton, down 51 yuan, a decline of 0.72%, with an increase of 7338 lots in open interest to 481,700 lots [6] Core Views - The futures market opened low and oscillated weakly, dampening market trading sentiment. Most ex-factory prices remained stable at the end of the month. Traders quoted prices based on inventory, and downstream buyers mainly made small orders [6] - The impact of maintenance decreased, and new production capacities were steadily put into operation, suppressing the market on the supply side. The demand side was gradually transitioning to the peak season, and the overall downstream operating rate was expected to increase, but short-term raw material procurement remained cautious [6] - Market sentiment weakened during the day, most futures markets closed lower, and crude oil prices declined, weakening cost support, leading to a decline in polyolefin prices [6] Industry News - On August 27, 2025, the inventory level of major producers was 705,000 tons, a decrease of 25,000 tons (-3.42%) from the previous working day. The inventory in the same period last year was 720,000 tons [7] - The PE market price was weakly sorted. The LLDPE price in North China was 7220 - 7450 yuan/ton, in East China was 7320 - 7750 yuan/ton, and in South China was 7430 - 7800 yuan/ton [7] - The mainstream price of propylene in the Shandong market was temporarily referred to as 6540 - 6560 yuan/ton, an increase of 80 yuan/ton from the previous working day. Some PDH device maintenance news boosted market sentiment, downstream factories' purchasing enthusiasm increased, propylene producers' shipments were smooth, and the willingness to hold prices was obvious [7] - The domestic PP market was weakly sorted, with some prices falling by 10 - 30 yuan/ton. Downstream terminals were not very interested in purchasing, mostly maintaining a cautious wait-and-see attitude, and the number of orders received was limited [7][8]