Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - Polyolefin futures continued to rebound. Spot prices of linear LL and拉丝 PP from Sinopec and PetroChina remained stable. Fundamentally, market enthusiasm has cooled, and the polyolefin spot market is still mainly driven by supply - demand. Summer maintenance is in balance, and inventory is slowly being digested, but short - term petrochemical inventory may fluctuate. The de - stocking process in summer is tortuous. Domestically, the macro - level is still driven by domestic demand, and terminal stocking demand may gradually pick up in mid - and late August. The market should focus on the autumn stocking rhythm after supply - demand digestion and possible changes in supply and cost [2]. 3. Summary by Directory Futures Market - **LL Futures**: For the 1 - month, 5 - month, and 9 - month contracts, the previous day's closing prices were 7386, 7383, and 7331 respectively, with increases of 39 (0.53%), 43 (0.59%), and 23 (0.31%) compared to two days ago. The trading volumes were 381879, 6260, and 52643 respectively, and the open interests were 386389, 21714, and 75937 respectively, with changes of +4826, +1249, and - 14155 [2]. - **PP Futures**: For the 1 - month, 5 - month, and 9 - month contracts, the previous day's closing prices were 7048, 7068, and 7016 respectively, with changes of - 8 (-0.11%), +6 (0.08%), and - 10 (-0.14%) compared to two days ago. The trading volumes were 252769, 12288, and 31224 respectively, and the open interests were 453181, 32678, and 54053 respectively, with changes of +10598, +837, and - 7840 [2]. - **Spreads**: For LL, the 1 - month to 5 - month, 5 - month to 9 - month, and 9 - month to 1 - month spreads were 3, 52, and - 55 respectively (previous values: 7, 32, - 39). For PP, the spreads were - 20, 52, and - 32 respectively (previous values: - 6, 36, - 30) [2]. Raw Materials and Spot Market - **Raw Materials**: The current values of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2428 yuan/ton, 6470 yuan/ton, 571 dollars/ton, 5600 yuan/ton, 6800 yuan/ton, and 8800 yuan/ton respectively. Compared with the previous values, Shandong propylene increased, while others remained stable [2]. - **Mid - stream Spot**: In the mid - stream spot market, the price ranges of LL in the East China, North China, and South China markets were 7250 - 7700 yuan/ton, 7150 - 7450 yuan/ton, and 7350 - 7750 yuan/ton respectively. The price ranges of PP in these three markets were 6900 - 7000 yuan/ton, 6850 - 7000 yuan/ton, and 6850 - 7100 yuan/ton respectively, remaining stable compared to the previous values [2]. Market News - On Thursday (August 21), the settlement price of WTI crude oil futures for October 2025 on the New York Mercantile Exchange was $63.52 per barrel, up $0.81 (1.29%) from the previous trading day, with a trading range of $62.52 - $63.67. The settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $67.67 per barrel, up $0.83 (1.24%) from the previous trading day, with a trading range of $66.74 - $67.80 [2].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View - Futures are oscillating warmly, but the sentiment of the spot market is not significantly boosted. The prices of producers are mostly stable, and traders are mainly focused on active sales. Downstream procurement remains cautious, with purchases based on low - price and just - in - time needs. - The upstream device operating load continues to increase. Although the PP maintenance loss is still at a high level, the impact of maintenance is decreasing. With the approaching of new capacity release plans, the pressure of supply increase is gradually emerging. - The downstream factories are still affected by the off - season, and the willingness to stock up is low. It is expected that the demand will gradually emerge from the off - season in the second half of the month. - The cost - side support is somewhat differentiated. Coal prices are likely to rise, while oil prices may fall again. - The fundamental loose pattern will continue to restrict the upward space. With the release of new capacity and the expected stocking demand in the "Golden September" peak season in the second half of the month, the polyolefin prices may show a trend of bottom - building through oscillation followed by a rebound [4]. 3. Summary by Directory 3.1 Market Review and Outlook - **Futures Market**: The plastic 2509 contract closed at 7314 yuan/ton, up 20 yuan/ton (0.27%), with a trading volume of 176,000 lots and a decrease in positions. The PP main contract closed at 7095 yuan/ton, up 29 yuan (0.41%), with a decrease in positions. - **Supply**: The upstream device operating load is increasing. The impact of PP maintenance is decreasing, and new capacity release plans are approaching. For PE, new capacity has been put into operation in July, and more is expected in August. - **Demand**: Downstream factories are in the off - season, with low stocking willingness. It is expected that demand will improve in the second half of the month. - **Cost**: Coal prices are likely to rise, while oil prices may fall [4]. 3.2 Industry News - On August 11, 2025, the inventory level of major producers was 835,000 tons, a 12.08% increase from the previous working day, the same as the same period last year. - The PE market prices fluctuated slightly. The LLDPE prices in North, East, and South China were in the ranges of 7180 - 7410 yuan/ton, 7200 - 7650 yuan/ton, and 7320 - 7700 yuan/ton respectively [5]. 3.3 Data Overview - **Futures Market Data**: Tables show the opening, closing, highest, lowest prices, price changes, price change rates, open interest, and open interest changes of plastic and PP futures contracts [3]. - **Other Data**: Graphs present information such as L and PP basis, L - PP spread, and crude oil futures settlement prices. The mainstream price of propylene in the Shandong market increased by 245 yuan/ton to 6500 - 6580 yuan/ton. The PP market was slightly adjusted, with different price ranges in North, East, and South China [7][8].

行业 聚烯烃日报 日期 2025 年 7 月 8 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：彭浩 ...

行业 聚烯烃日报 日期 2025 年 6 月 26 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 20 日 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 塑料 | 2601 | 7177 | 7172 | 7217 | 7157 | -18 | -0.25 | 83662 | 2845 | | 塑料 | 2505 | 7381 | 7330 | 7381 | 7330 | -177 | -2.36 | 0 | -1605 | | 塑料 | 2509 | 7227 | 7238 | 7279 | 7218 | -27 | -0.37 | 514086 | -4004 | | PP2601 | | 7034 | 7018 | 7073 | 7002 | -42 | -0.59 | 48743 | 3915 | | PP2505 | | 7137 | 7137 | 7137 | 7137 | -111 | - ...