1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - On Tuesday, polyolefins closed in the red. For linear LL and拉丝PP, both Sinopec and PetroChina kept their prices stable. Fundamentally, the game in the Middle East has increased, and oil prices have turned volatile. This week, attention should be paid to the latest developments in the US - Israel - Iran conflict. Currently, the macro - environment has a repeated impact on the chemical industry during trading. In the future, the actual operating conditions of the plants should be monitored. As for the polyolefin market itself, attention should be paid to the support of demand at lower levels [2]. 3. Summary According to Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 8107, 8614, and 8465 respectively, down 206, 190, and 219 from two days ago, with percentage drops of - 2.48%, - 2.16%, and - 2.52%. The trading volumes were 10981, 830040, and 347706, and the open interests were 17668, 299225, and 197249, with changes of 2434, - 24962, and 6979. The current spreads of January - May, May - September, and September - January were - 507, 149, and 358, compared to - 491, 120, and 371 previously [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 8268, 9103, and 8737 respectively, down 191, 166, and 194 from two days ago, with percentage drops of - 2.26%, - 1.79%, and - 2.17%. The trading volumes were 9657, 912841, and 307687, and the open interests were 24235, 319551, and 212327, with changes of 2396, - 18026, and 1163. The current spreads of January - May, May - September, and September - January were - 835, 366, and 469, compared to - 810, 338, and 472 previously [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 3235 yuan/ton, 8750 yuan/ton, 1111 US dollars/ton, 5600 yuan/ton, 8930 yuan/ton, and 9000 yuan/ton respectively, compared to 3314 yuan/ton, 8770 yuan/ton, 1070 US dollars/ton, 5600 yuan/ton, 9160 yuan/ton, and 9000 yuan/ton previously [2]. - **Spot Market**: The current prices of LL in the East China, North China, and South China markets were 8650 - 9700 yuan/ton, 8550 - 9700 yuan/ton, and 8750 - 9600 yuan/ton respectively, compared to 8850 - 9700 yuan/ton, 8700 - 9800 (also 8100 - 8250), and 9000 - 9700 yuan/ton previously. The current prices of PP in the East China, North China, and South China markets were 8900 - 9200 yuan/ton, 8950 - 9150 yuan/ton, and 9100 - 9600 yuan/ton respectively, compared to 9150 - 9400 yuan/ton, 9150 - 9300 yuan/ton, and 9500 - 9650 yuan/ton previously [2]. News - On Tuesday (March 31), the settlement price of West Texas Intermediate crude oil futures for May 2026 on the New York Mercantile Exchange was $101.38 per barrel, down $1.50 or 1.46% from the previous trading day, with a trading range of $99.62 - $106.86. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $118.35 per barrel, up $5.57 or 4.94% from the previous trading day, with a trading range of $111.35 - $119.24 [2].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report Core View - On Monday, polyolefins opened higher and then declined. For linear LL, Sinopec kept prices stable, and some prices of PetroChina remained stable. For拉丝PP, both Sinopec and PetroChina kept prices stable. From a fundamental perspective, the game in the Middle East has increased, and oil prices have turned volatile. This week, attention should be paid to the latest developments of the US - Israel - Iran conflict. Currently, the macro - environment has a repeated impact on the chemical industry during trading. In the future, attention should be paid to the actual start - up situation of the plants. At this stage of the polyolefin market, attention should be paid to the support of demand at the lower level [2]. Group 3: Summary by Relevant Catalog Futures Market - **Price and Change**: For LL, the previous day's closing prices for January, May, and September contracts were 8313, 8804, and 8684 respectively, with price drops of - 103, - 64, and - 55 and percentage drops of - 1.22%, - 0.72%, and - 0.63% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 8459, 9269, and 8931 respectively, with price drops of - 77, - 44, and - 49 and percentage drops of - 0.90%, - 0.47%, and - 0.55% respectively [2]. - **Volume and Position**: For LL, the trading volumes for January, May, and September contracts were 9908, 890738, and 351294 respectively, and the positions were 15234, 324187, and 190270 respectively, with position changes of 1576, - 2555, and 2476 respectively. For PP, the trading volumes for January, May, and September contracts were 7273, 1032463, and 345405 respectively, and the positions were 21839, 337577, and 211164 respectively, with position changes of 1281, - 19730, and - 6088 respectively [2]. - **Spread**: For LL, the current spreads of January - May, May - September, and September - January were - 491, 120, and 371 respectively, compared with previous values of - 452, 129, and 323. For PP, the current spreads of January - May, May - September, and September - January were - 810, 338, and 472 respectively, compared with previous values of - 777, 333, and 444 [2]. 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 3314 yuan/ton, 8770 yuan/ton, 1070 dollars/ton, 5600 yuan/ton, 9160 yuan/ton, and 9600 yuan/ton respectively, compared with previous values of 3295 yuan/ton, 8300 yuan/ton, 1054 dollars/ton, 5600 yuan/ton, 8820 yuan/ton, and 9600 yuan/ton [2]. - **Mid - stream**: For LL, the current price ranges in the East China, North China, and South China markets were 8850 - 9700 yuan/ton, 8700 - 9800 yuan/ton, and 9000 - 9700 yuan/ton respectively. For PP, the current price ranges in the East China, North China, and South China markets were 9150 - 9400 yuan/ton, 9150 - 9300 yuan/ton, and 9500 - 9650 yuan/ton respectively [2]. News - On Friday (March 27), the settlement price of West Texas Intermediate crude oil futures for May 2026 on the New York Mercantile Exchange was $99.64 per barrel, the highest since July 20, 2022, up $5.16 or 5.46% from the previous trading day, with a trading range of $92.08 - $101.24. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $112.57 per barrel, the highest since July 4, 2022, up $4.56 or 4.22% from the previous trading day, with a trading range of $105.09 - $114.88 [2].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - On Monday, polyolefins closed at the daily limit and fell sharply in the night session. The prices of linear LL and拉丝PP were partially raised by Sinopec and PetroChina. Fundamentally, oil prices tumbled, and the macro - impact on chemicals in the market is fluctuating. Future attention should be paid to the actual start - up of plants and the support of demand at lower levels [2] Group 3: Summary by Related Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 8718, 9523, and 9312 respectively. Compared with the prices two days ago, they increased by 396, 705, and 708, with percentage increases of 4.76%, 8.00%, and 8.23% respectively. The trading volumes were 6422, 867839, and 306687, and the open interests were 8308, 373237, and 167244, with increases of 1719, 36927, and 10697 respectively. The spreads between January - May, May - September, and September - January were - 805, 211, and 594 respectively, compared with previous values of - 496, 214, and 282 [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 8587, 9793, and 9294 respectively. Compared with the prices two days ago, they increased by 416, 774, and 708, with percentage increases of 5.09%, 8.58%, and 8.25% respectively. The trading volumes were 3977, 1011727, and 250094, and the open interests were 16344, 399150, and 191817, with increases of 944, 37873, and 10086 respectively. The spreads between January - May, May - September, and September - January were - 1206, 499, and 707 respectively, compared with previous values of - 848, 433, and 415 [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 3349 yuan/ton, 9075 yuan/ton, 1159 US dollars/ton, 5600 yuan/ton, 9160 yuan/ton, and 9600 yuan/ton respectively. Compared with the previous values, methanol futures and Shandong propylene prices increased, while South China propane and PP recycled materials remained unchanged, and North China powder price increased [2] - **Spot Market**: In the middle - stream, for LL, the current price ranges in the East China, North China, and South China markets were 8950 - 9700 yuan/ton, 8800 - 9700 yuan/ton, and 9150 - 9700 yuan/ton respectively. For PP, the current price ranges in the East China, North China, and South China markets were 9150 - 9350 yuan/ton, 9100 - 9300 yuan/ton, and 9350 - 9600 yuan/ton respectively. Compared with the previous values, the prices generally increased [2] News - On Monday (March 23), the settlement price of West Texas Intermediate crude oil futures for May 2026 on the New York Mercantile Exchange was $88.13 per barrel, down $10.10 from the previous trading day, a decrease of 10.28%, with a trading range of $84.37 - $101.67. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $99.94 per barrel, down $12.25 from the previous trading day, a decrease of 10.92%, with a trading range of $96.00 - $114.43 [2]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - On Friday, polyolefins showed a relatively strong performance. The tension in the Middle East has increased again, leading to a significant rise in oil prices. Currently, the macro - environment has a fluctuating impact on the chemical sector during trading hours. In the future, attention should be paid to the actual operating conditions of the plants. For the polyolefin market itself, focus on the support of demand at the lower level, and avoid excessive chasing of rising prices. [2] Group 3: Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 8322, 8818, and 8604 respectively. Compared with the prices two days ago, the price changes were - 68, - 98, and - 77, with percentage changes of - 0.81%, - 1.10%, and - 0.89%. The trading volumes were 3912, 793373, and 280679, and the open interests were 6589, 336310, and 156547, with changes of 660, - 20434, and - 3383. The current spreads of 1 - 5 months, 5 - 9 months, and 9 - 1 months were - 496, 214, and 282, compared with the previous values of - 526, 235, and 291. [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 8171, 9019, and 8586 respectively. Compared with the prices two days ago, the price changes were - 47, - 139, and - 59, with percentage changes of - 0.57%, - 1.52%, and - 0.68%. The trading volumes were 4004, 1021174, and 260035, and the open interests were 15400, 361277, and 181731, with changes of 81, - 29253, and 971. The current spreads of 1 - 5 months, 5 - 9 months, and 9 - 1 months were - 848, 433, and 415, compared with the previous values of - 940, 513, and 427. [2] Raw Materials & Spot Market - **Upstream and Downstream**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder (semi - finished products), and mulch film were 3133 yuan/ton, 8580 yuan/ton, 1159 dollars/ton, 5600 yuan/ton, 8410 yuan/ton, and 9600 yuan/ton respectively, compared with the previous values of 3183 yuan/ton, 8525 yuan/ton, 1090 dollars/ton, 5600 yuan/ton, 8590 yuan/ton, and 9600 yuan/ton. [2] - **Midstream**: For LL, the current price ranges in the East China, North China, and South China markets were 8400 - 9400 yuan/ton, 8300 - 9100 yuan/ton, and 8500 - 9200 yuan/ton respectively, compared with the previous ranges of 8400 - 9200 yuan/ton, 8200 - 9100 (8100 - 8250) yuan/ton, and 8500 - 9100 yuan/ton. For PP, the current price ranges in the East China, North China, and South China markets were 8630 - 8750 yuan/ton, 8600 - 8700 yuan/ton, and 8700 - 8900 yuan/ton respectively, compared with the previous ranges of 8530 - 8700 yuan/ton, 8450 - 8650 yuan/ton, and 8600 - 8800 yuan/ton. [2] News - On Friday (March 20), the settlement price of the West Texas Intermediate crude oil futures contract for April 2026 on the New York Mercantile Exchange was $98.32 per barrel, up $2.18 or 2.27% from the previous trading day, with a trading range of $93.42 - $99.67. The settlement price of the Brent crude oil futures contract for May 2026 on the London Intercontinental Exchange was $112.19 per barrel, the highest since July 4, 2022, up $3.54 or 3.26% from the previous trading day, with a trading range of $105.05 - $113.11. [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - On Wednesday, the prices of polyolefins rebounded, and most spot prices of PE and PP also rebounded. The situation in the Middle East is volatile, especially the changing stances on the US-Israel-Iran conflict, which has an impact on the cooling of crude oil prices. Currently, the macro - environment has a significant impact on the chemical industry, and market sentiment is volatile. Investors should view the polyolefin market rationally at this stage [2] Group 3: Summary According to Relevant Catalogs Futures Market - **Price Changes**: For LL, the price increases on the previous day were 326 yuan/ton (January contract, 4.42% increase), 387 yuan/ton (May contract, 4.98% increase), and 362 yuan/ton (September contract, 4.86% increase). For PP, the increases were 239 yuan/ton (January contract, 3.35% increase), 377 yuan/ton (May contract, 4.82% increase), and 321 yuan/ton (September contract, 4.38% increase) [2] - **Volume and Open Interest**: The trading volumes of LL were 1,536 (January contract), 1,024,821 (May contract), and 225,165 (September contract). The trading volumes of PP were 5,803 (January contract), 1,181,121 (May contract), and 231,723 (September contract). The open interest changes of LL were - 67 (January contract), +9,286 (May contract), and +6,569 (September contract). The open interest changes of PP were +1,019 (January contract), +57,892 (May contract), and +18,490 (September contract) [2] - **Spread**: The current spreads of LL (January - May, May - September, September - January) were - 454, 348, and 106 respectively, compared with the previous values of - 393, 323, and 70. The current spreads of PP (January - May, May - September, September - January) were - 827, 551, and 276 respectively, compared with the previous values of - 689, 495, and 194 [2] 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 2,662 yuan/ton, 8,325 yuan/ton, 880 US dollars/ton, 5,600 yuan/ton, 8,000 yuan/ton, and 8,100 yuan/ton respectively. The previous prices were 2,552 yuan/ton, 8,800 yuan/ton, 875 US dollars/ton, 5,600 yuan/ton, 8,550 yuan/ton, and 8,100 yuan/ton [2] - **Mid - stream**: The current price ranges of LL in the East China, North China, and South China markets were 7,900 - 8,550 yuan/ton, 7,800 - 8,600 yuan/ton, and 8,000 - 8,850 yuan/ton respectively. The previous price ranges were 7,700 - 8,250 yuan/ton, 7,600 - 8,250 yuan/ton, and 8,200 - 8,900 yuan/ton. The current price ranges of PP in the East China, North China, and South China markets were 7,800 - 8,150 yuan/ton, 7,800 - 8,200 yuan/ton, and 7,950 - 8,500 yuan/ton respectively. The previous price ranges were 7,750 - 8,000 yuan/ton, 7,600 - 7,900 yuan/ton, and 8,000 - 9,000 yuan/ton [2] News - On Wednesday (March 11), the settlement price of West Texas Intermediate crude oil futures for April 2026 on the New York Mercantile Exchange was $87.25 per barrel, up $3.80 from the previous trading day, a 4.55% increase, with a trading range of $81.79 - $88.99. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $91.98 per barrel, up $4.18 from the previous trading day, a 4.76% increase, with a trading range of $86.24 - $93.75 [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - On Tuesday, polyolefins opened high and closed low, with prices falling at night. PE and PP spot prices mostly dropped significantly compared to Monday. From a fundamental perspective, the situation in the Middle East is volatile, especially with Trump's changing stance on the US - Israel - Iran conflict, which has a significant cooling effect on crude oil. The overnight decline in international crude oil prices has a notable negative impact on chemicals, causing polyolefins to cool down. Currently, the macro - environment has a large impact on the chemical industry, with sentiment fluctuating. The polyolefin market should be treated rationally [2] Group 3: Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 7374, 7767, and 7444 respectively, down 331, 177, and 312 from two days ago, with percentage drops of 4.30%, 2.23%, and 4.02%. The trading volumes were 2520, 1362346, and 269232, and the open interests were 1872, 313387, and 111147, with changes of 80, - 97004, and 6324 respectively. The spreads of January - May, May - September, and September - January were - 393, 323, and 70, compared to - 239, 188, and 51 previously [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 7131, 7820, and 7325 respectively, down 391, 214, and 360 from two days ago, with percentage drops of 5.20%, 2.66%, and 4.68%. The trading volumes were 8809, 1454118, and 276758, and the open interests were 9719, 363820, and 130725, with changes of - 585, - 116215, and - 8474 respectively. The spreads of January - May, May - September, and September - January were - 689, 495, and 194, compared to - 512, 349, and 163 previously [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 plastic film are 2252 yuan/ton, 8800 yuan/ton, 875 dollars/ton, 5600 yuan/ton, 8550 yuan/ton, and 8100 yuan/ton respectively, compared to 2831 yuan/ton, 9750 yuan/ton, 980 dollars/ton, 5600 yuan/ton, 9700 yuan/ton, and 8100 yuan/ton previously [2] - **Spot Market**: The current price ranges of LL in East China, North China, and South China markets are 7700 - 8250 yuan/ton, 7600 - 8250 yuan/ton, and 8200 - 8900 yuan/ton respectively, compared to 9500 - 10000 yuan/ton, 9200 - 10000 yuan/ton, and 9700 - 10200 yuan/ton previously. The current price ranges of PP in East China, North China, and South China markets are 7750 - 8000 yuan/ton, 7600 - 7900 yuan/ton, and 8000 - 9000 yuan/ton respectively, compared to 9000 - 9600 yuan/ton, 9050 - 9600 yuan/ton, and 9300 - 10050 yuan/ton previously [2] News - On Tuesday (March 10), the settlement price of West Texas Intermediate crude oil futures for April 2026 on the New York Mercantile Exchange was $83.45 per barrel, down $11.32 or 11.94% from the previous trading day, with a trading range of $76.73 - $91.48. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $87.8 per barrel, down $11.16 or 11.28% from the previous trading day, with a trading range of $81.16 - $95.04 [2]

1. Report Industry Investment Rating - There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - Plastic and PP prices showed a trend of first declining and then rising [5] - The plastic market is expected to experience short - term strong oscillations following the positive sentiment in the chemical sector, but the sustainability of the plastic rebound should be treated with caution due to limited improvement in the supply - demand pattern and weak spot market follow - up [4] - The L - PP spread is expected to decline because of new plastic production capacity, higher plastic开工率 compared to PP, and the fact that the concentrated demand for plastic film has not yet started [4] 3. Summary by Relevant Catalogs 3.1 Plastic and PP开工率 - Plastic开工率 increased by 5 percentage points to around 90%, at a moderately high level, due to the restart of some Shanghai Petrochemical's overhauled units [13] - PP开工率 decreased by 1 percentage point to around 80%, at a moderately low level, because of new overhauled units in some PP enterprises [13] 3.2 Plastic and PP Downstream开工率 - As of the week of January 23, the PE downstream开工率 decreased by 1.4 percentage points to 39.53%, remaining at a relatively low level in the same lunar period in recent years, with stable agricultural film orders and a slight increase in packaging film orders [4][19] - As of the week of January 23, the PP downstream开工率 increased by 0.34 percentage points to 52.87%, at a neutral level in the same lunar period over the years. The开工率 of the plastic weaving industry, the main downstream of拉丝, decreased by 0.56 percentage points to 42.04%, and orders continued to decline slightly, slightly lower than the same period last year [4][19] 3.3 Plastic Basis - The spot price decreased while the futures price increased, causing the basis of the 05 contract to drop to - 85 yuan/ton, at a relatively low level [23] 3.4 Plastic and PP Inventory - The Friday morning inventory of petrochemicals decreased by 40,000 tons to 500,000 tons, 35,000 tons higher than the same period last year. The inventory reduction was good in the first and middle of January, but has been average recently, and the current petrochemical inventory is at a neutral level compared to recent years [26]

1. Report Industry Investment Rating - There is no information provided about the industry investment rating in the report. 2. Core Viewpoints - Futures prices opened low, fluctuated, and weakened, dampening market trading sentiment. New maintenance is limited, and the loss of equipment maintenance has decreased. Domestic supply shows an increasing trend. The downstream industry has entered the traditional off - season, with a significant lack of new orders. Due to high raw material prices and weak downstream profits, the enthusiasm for raw material procurement is difficult to improve significantly. The Middle East situation is changeable, and the cost - driven logic still supports polyolefins in the short term, but the downstream demand is difficult to follow up, and the basis of plastic and PP continues to weaken. Once the geopolitical risk premium fades, polyolefins face the pressure of falling from high levels [4]. 3. Summary by Directory 3.1 Market Review and Outlook - **Futures Market Performance**: Lian su L2509 opened low, fluctuated during the session, and closed down at 7444 yuan/ton, a decrease of 2 yuan/ton (-0.03%), with a trading volume of 420,000 lots and a decrease in positions by 7,189 to 477,335 lots. PP's main contract closed at 7262 yuan/ton, a decrease of 6 yuan, a decline of 0.08%, and the positions decreased by 6,373 lots to 488,500 lots [3][4]. - **Supply - side Situation**: New maintenance is limited, and the loss of equipment maintenance has decreased. The 500,000 - ton/year fourth - line of PP Zhenhai Refining and Chemical is planned to be put into production on June 19, and domestic supply shows an increasing trend [4]. - **Demand - side Situation**: The downstream industry has entered the traditional off - season, with a significant lack of new orders. Affected by high - temperature and rainy weather, the construction progress of terminal projects has slowed down. Due to high raw material prices and weak downstream profits, the enthusiasm for raw material procurement is difficult to improve significantly [4]. - **Market Outlook**: The Middle East situation is changeable, and the cost - driven logic still supports polyolefins in the short term, but the downstream demand is difficult to follow up, and the basis of plastic and PP continues to weaken. Once the geopolitical risk premium fades, polyolefins face the pressure of falling from high levels [4]. 3.2 Industry News - **Inventory Situation**: On June 23, 2025, the inventory level of major producers was 810,000 tons, an increase of 70,000 tons from the previous working day, an increase of 9.46%. The inventory in the same period last year was 780,000 tons [5]. - **PE Market**: The PE market price rose steadily. The LLDPE price in North China was 7,380 - 7,600 yuan/ton, in East China was 7,430 - 7,850 yuan/ton, and in South China was 7,550 - 7,800 yuan/ton [5]. - **PP Market**: The PP market still showed an upward trend, with cost support remaining. Traders' offer centers moved up, but downstream sentiment was cautious, and the intention to enter the market was not high. The actual transaction volume was limited, and the transactions focused on the lower prices after negotiation. The mainstream price of North China drawn wire in the morning was 7,160 - 7,270 yuan/ton, in East China was 7,240 - 7,330 yuan/ton, and in South China was 7,170 - 7,330 yuan/ton [5]. 3.3 Data Overview - The report provides multiple data charts, including two - oil inventory (in tons), two - oil inventory year - on - year increase/decrease rate (%), L - PP price difference (in yuan/ton), crude oil futures main contract settlement price (in US dollars/ton), L basis (in yuan/ton), and PP basis (in yuan/ton). The data sources are mainly Wind and Zhuochuang Information, and the research and development department of Jianxin Futures [9][13][16].