1. Report Industry Investment Rating - The report suggests a bullish approach towards polyolefins [2] 2. Core View of the Report - The conflict between the US, Israel, and a Middle - Eastern country has disrupted energy transportation in the Middle East, causing Brent crude oil futures to reach their highest level since January 2025 and WTI crude oil futures to hit their highest settlement price since June last year. This has increased the upward pressure on the price of chemicals. Polyolefins closed at the daily limit and continued to rise overnight. For linear LL, some prices of Sinopec and PetroChina were raised, and for拉丝PP, prices of both Sinopec and PetroChina were increased. In the future, attention should be paid to the terminal procurement rhythm after the resumption of work. Overall, a bullish view is taken [2] 3. Summary by Related Catalogs Futures Market - **Price and Change**: For LL, the previous day's closing prices for January, May, and September contracts were 7175, 7200, and 7183 respectively, with price increases of 94, 209, and 112 and percentage increases of 1.33%, 2.99%, and 1.58% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 7070, 7223, and 7169 respectively, with price increases of 122, 225, and 149 and percentage increases of 1.76%, 3.22%, and 2.12% respectively [2] - **Trading Volume and Open Interest**: The trading volumes of LL for January, May, and September contracts were 1745, 1035216, and 185624 respectively, and the open interests were 2208, 436928, and 102815 respectively. For PP, the trading volumes for January, May, and September contracts were 2167, 1031797, and 229863 respectively, and the open interests were 4260, 502966, and 134631 respectively. The changes in open interest for LL were 250, - 68551, and 12703 respectively, and for PP were 318, 4353, and 683 respectively [2] - **Spread**: For LL, the current spreads of January - May, May - September, and September - January were - 25, 17, and 8 respectively, compared with previous values of 90, - 80, and - 10. For PP, the current spreads of January - May, May - September, and September - January were - 153, 54, and 99 respectively, compared with previous values of - 50, - 22, and 72 [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 mulch film were 2560 yuan/ton, 6640 yuan/ton, 750 dollars/ton, 5600 yuan/ton, 7220 yuan/ton, and 8100 yuan/ton respectively. The previous prices were 2369 yuan/ton, 6620 yuan/ton, 740 dollars/ton, 5600 yuan/ton, 6680 yuan/ton, and 8100 yuan/ton respectively [2] - **Mid - stream**: For LL, the current price ranges in the East China, North China, and South China markets were 7050 - 7450 yuan/ton, 6900 - 7550 yuan/ton, and 7400 - 7700 yuan/ton respectively, compared with previous ranges of 6650 - 6750 yuan/ton, 8100 - 8250 yuan/ton, and 6700 - 7100 yuan/ton. For PP, the current price ranges in the East China, North China, and South China markets were 7050 - 7200 yuan/ton, 7050 - 7150 yuan/ton, and 7100 - 7350 yuan/ton respectively, compared with previous ranges of 6600 - 7050 yuan/ton, 7000 - 7250 yuan/ton, and 6650 - 6750 yuan/ton [2] News - The conflict between the US, Israel, and a Middle - Eastern country has disrupted energy transportation in the Middle East. On March 3, 2026, the settlement price of WTI crude oil futures for April 2026 on the New York Mercantile Exchange was $74.56 per barrel, up $3.33 or 4.67% from the previous trading day, with a trading range of $70.41 - $77.98. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $81.40 per barrel, up $3.66 or 4.71% from the previous trading day, reaching the highest settlement price since January 2025, with a trading range of $78.38 - $85.12 [2]

Group 1 - The Iranian Revolutionary Guard Corps has announced the closure of the Strait of Hormuz, threatening to attack any vessels attempting to pass through [3] - Approximately 750 ships are currently stranded around the Strait of Hormuz, with around 100 of them being container ships, representing about 10% of the global container fleet [3] - The International Transport Workers' Federation has designated the Strait of Hormuz and surrounding waters as a "high-risk area," requiring shipowners and operators to enhance protections for seafarers [3] Group 2 - Maritime insurance companies have suspended navigation through the Strait of Hormuz, which is responsible for transporting about one-fifth of global oil consumption and significant amounts of natural gas [4] - The disruption in energy transport through the Strait of Hormuz is affecting the pricing of major crude oil grades globally [4] - S&P Global has stopped accepting bids for crude oil grades that require passage through the Strait of Hormuz, impacting benchmarks such as Dubai, Upper Zakum, Al-Shaheen, and some Murban cargoes [4]