1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The domestic PP market fluctuated narrowly, with a range of 10 - 30 yuan/ton. The PP futures main contract underwent a corrective adjustment, suppressing the spot market sentiment. The spot supply was abundant, but downstream new orders were insufficient, and demand was flat. After the decline in the market today, the purchasing willingness of factories further weakened. Traders' quotations remained the same as yesterday, and most real - deals were subject to negotiation. Overall, inquiries were dull, and trading volume was scarce [2] 3. Summary by Relevant Catalogs 3.1 PP Fundamental Data - Futures: The closing price of PP2509 yesterday was 7069, with a daily decline of 0.45%. The trading volume was 241,668, and the open interest decreased by 2015. The basis of the 09 contract was - 19 (previous day: - 92), and the spread between the 09 - 01 contracts was 15 (previous day: 23) [1] - Important Spot Prices: In North China, the price range was 7000 - 7100 yuan/ton (previous day: 7050 - 7150 yuan/ton); in East China, it was 7050 - 7180 yuan/ton (previous day: 7020 - 7180 yuan/ton); in South China, it was 7050 - 7220 yuan/ton (same as the previous day) [1] 3.2 Spot News - The domestic PP market had a narrow - range fluctuation. The futures adjustment affected the spot market. There was an ample supply of spot goods, but downstream demand was weak, and factory purchasing willingness declined [2] 3.3 Trend Intensity - The PP trend intensity was 0 [2]

Report Industry Investment Rating - No information provided Core View - The domestic PP market fluctuated narrowly. The futures' volatile operation had limited guidance for the spot market. Some producers raised factory prices, giving strong cost support to traders' goods. However, some traders slightly reduced prices to promote sales. Downstream buyers were cautious and mainly replenished goods on a need - basis at low prices, resulting in general market trading [2]. - The PP trend intensity is 0, indicating a neutral outlook [2]. Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of PP2509 was 7262, with a daily decline of 0.08%. The trading volume was 387,080, and the open interest decreased by 6373 [1]. - **Spread Data**: The 09 - contract basis was - 12 (previous day: - 2), and the 09 - 01 contract spread was 62 (previous day: 54) [1]. - **Spot Price Data**: In North China, the spot price ranged from 7160 - 7280 yuan/ton (previous day: 7160 - 7270); in East China, it was 7250 - 7330 yuan/ton (previous day: 7240 - 7330); in South China, it was 7200 - 7330 yuan/ton (previous day: 7170 - 7330) [1]. Spot News - The domestic PP market had a narrow - range fluctuation. Futures' performance had limited influence on the spot market. Some producers raised prices, while some traders offered small discounts to boost sales. Downstream buyers were cautious and mainly made low - price, need - based purchases, leading to average market trading [2]. Trend Intensity - The PP trend intensity was 0, within the range of [-2, 2], indicating a neutral view [2].

Report Summary 1) Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2) Core View of the Report - The domestic PP market shows a narrow - range fluctuation. PP futures' high - level oscillation supports the spot market atmosphere, and some petrochemical companies have slightly increased their factory prices. However, downstream factories are less willing to accept high - priced goods after continuous price increases, and middlemen maintain a wait - and - see attitude after moderate restocking, resulting in mediocre trading before noon [2]. 3) Summary According to Related Catalogs [Fundamental Tracking] - **Futures Data**: The closing price of PP2509 yesterday was 7161, with a daily increase of 0.18%. The trading volume was 379,584, and the open interest decreased by 5927 [1]. - **Spread Data**: The basis of the 09 contract was 39 yesterday, compared with - 13 the day before; the spread between the 09 - 01 contracts was 67 yesterday, compared with 57 the day before [1]. - **Important Spot Price**: In the North China region, the spot price was in the range of 7150 - 7300 yuan/ton yesterday, compared with 7110 - 7320 yuan/ton the day before; in the East China region, it was 7200 - 7350 yuan/ton yesterday, compared with 7180 - 7350 yuan/ton the day before; in the South China region, it was 7220 - 7380 yuan/ton yesterday, compared with 7220 - 7400 yuan/ton the day before [1]. [Spot News] - The domestic PP market has a narrow - range fluctuation. PP futures' high - level oscillation supports the spot market atmosphere, and some petrochemical companies have slightly increased their factory prices. But downstream factories' willingness to accept high - priced goods has weakened, and middlemen maintain a wait - and - see attitude after moderate restocking, resulting in mediocre trading before noon [2]. [Trend Intensity] - The trend intensity of PP is 1, indicating a relatively neutral market sentiment. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [2].