| | lujm@sywgqh.com.cn 021-50583880 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | LL PP | | | | | | | | | | 1月 | 5月 | 9月 | 1月 | 5月 | 9月 | | | 前日收盘价 | 7169 | 7223 | 7250 | 6914 | 6958 | 6928 | | 期 | 前2日收盘价 | 7188 | 7233 | 7280 | 6926 | 6963 | 6931 | | 货 | 涨跌 | -19 | -10 | -30 | -12 | -5 | -3 | | 市 | 涨跌幅 | -0.26% | -0.14% | -0.41% | -0.17% | -0.07% | -0.04% | | 场 | 成交量 | 201711 | 10840 | 74 | 230403 | 18721 | 353 | | | 持仓量 | 556313 | 40101 | 92 | 609908 | 73691 | 1589 | | | 持仓量增减 | 26840 ...

Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - Polyolefins are operating weakly. The spot market of polyolefins is still mainly driven by supply - demand fundamentals. This summer's maintenance is in balance. Currently, PE inventory is being slowly digested, and PP inventory has also improved. However, the futures market is in a process of gradually stopping the decline. In the future, attention should be paid to the support of downstream stocking for raw materials [2]. 3. Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 7209, 7220, and 7145 respectively, with price drops of -17, -17, and -31, and percentage drops of -0.24%, -0.23%, and -0.43%. The trading volumes were 217976, 5427, and 29, and the open interests were 533469, 34922, and 8028, with open interest changes of 16282, 1284, and -25. The spreads between January - May, May - September, and September - January were -11, 75, and -64 (current values) compared to -11, 61, and -50 (previous values) [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6939, 6961, and 6805 respectively, with price drops of -9, -10, and -49, and percentage drops of -0.13%, -0.14%, and -0.71%. The trading volumes were 197721, 6276, and 190, and the open interests were 624199, 53554, and 2184, with open interest changes of 9293, 1437, and -135. The spreads between January - May, May - September, and September - January were -22, 156, and -134 (current values) compared to -23, 117, and -94 (previous values) [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 2389 yuan/ton, 6700 yuan/ton, 601 dollars/ton, 5600 yuan/ton, 6770 yuan/ton, and 8800 yuan/ton respectively, compared to 2408 yuan/ton, 6675 yuan/ton, 598 dollars/ton, 5600 yuan/ton, 6770 yuan/ton, and 8800 yuan/ton (previous values) [2]. - **Spot Market (Mid - stream)**: The current price ranges of LL in East China, North China, and South China markets were 7150 - 7700 yuan/ton, 7100 - 7450 yuan/ton, and 7350 - 7750 yuan/ton respectively. The current price ranges of PP in East China, North China, and South China markets were 6750 - 6950 yuan/ton, 6700 - 6950 yuan/ton, and 6750 - 7000 yuan/ton respectively [2]. Market News - On Thursday (September 11), the settlement price of WTI crude oil futures for October 2025 on the New York Mercantile Exchange was $62.37 per barrel, down $1.30 or 2.04% from the previous trading day, with a trading range of $62.21 - $63.80. The settlement price of Brent crude oil futures for November 2025 on the London Intercontinental Exchange was $66.37 per barrel, down $1.12 or 1.66% from the previous trading day, with a trading range of $66.15 - $67.62 [2].

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].