Report Summary 1. Report Industry Investment Rating - The PP trend strength is -1, indicating a relatively bearish outlook. The range of trend strength is from -2 (most bearish) to 2 (most bullish), and -1 suggests a weak bearish sentiment [3]. 2. Core View of the Report - The short - term PP market is relatively strong, but the medium - term trend still faces significant pressure. Supply is currently high, which is a major factor suppressing the market. Although recent trading has improved due to low - price - driven short - term restocking, the peak demand period has passed. In the long run, factors such as cost pressure, high supply, and weak downstream demand will dominate the market in the first half of 2026. However, low PP profits also limit the potential for further price drops [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of PP2601 was 6382, with a daily decline of 0.39%. The trading volume was 228,079, and the open interest decreased by 9112. The 01 - contract basis was - 132 (compared to - 160 the previous day), and the 01 - 05 contract spread was - 96 (compared to - 94 the previous day) [1]. - **Spot Price**: The spot prices in North China were in the range of 6170 - 6300 yuan/ton, in East China 6250 - 6400 yuan/ton, and in South China 6290 - 6450 yuan/ton, remaining unchanged from the previous day [1]. 3.2 Spot News - The domestic PP market rose first and then fell this week, with a limited change in the price center. As of Thursday, the weekly average price of East China wire drawing was 6333 yuan/ton, a decrease of 9 yuan/ton (0.14% decline) from the previous week. The regional spread of wire drawing slightly widened, and the spread between wire drawing and low - melt co - polymer continued to narrow slightly [2]. 3.3 Market Condition Analysis - The high supply is currently the main factor suppressing the market. Although recent trading has improved due to low - price - driven short - term restocking, the peak demand period has passed. In the long run, cost pressure, high supply, and weak downstream demand will dominate the market in the first half of 2026. Low PP profits also limit the potential for further price drops [2].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The PP market shows a short - term rebound, but there is still pressure in the medium - term trend. The high supply on the supply side still exerts significant pressure on the market. Although the recent transaction has improved slightly, it is mainly due to the low - price factor for short - term restocking. The peak demand period in the year has passed, and the key to the future market lies in future demand factors. In the long - term, cost pressure, high supply, and weak downstream demand with low profits will be the dominant factors in the first half of 2026. However, the low profit of PP also limits the market's future downward space [2] Summaries by Related Catalogs 1. Fundamental Tracking - **Futures Data**: The closing price of PP2601 yesterday was 6409, with a daily increase of 1.91%. The trading volume was 424,635, and the open interest decreased by 50595. The 01 - contract basis was - 159, and the 01 - 05 contract spread was - 81 [1] - **Spot Price**: The spot prices in North China were in the range of 6130 - 6300 yuan/ton, in East China 6250 - 6400 yuan/ton, and in South China 6300 - 6470 yuan/ton [1] 2. Spot News - The domestic PP market showed a volatile trend in the morning and a slight increase in the afternoon. The rise of PP futures during the day boosted the spot market. At the end of the month, most traders had completed their monthly sales plans, with relatively mild inventory pressure. They tentatively raised prices slightly. Downstream factories were mostly on the sidelines in the morning, but as the futures continued to rise in the afternoon, the market's purchasing sentiment improved, and the overall trading atmosphere improved significantly [2] 3. Market Condition Analysis - The high supply on the supply side still suppresses the market. The recent improvement in trading is mainly due to short - term restocking at low prices. The peak demand period in the year has passed, and the key to the future market is future demand. In the long - term, cost pressure, high supply, and weak downstream demand with low profits will be the dominant factors in the first half of 2026 [2] 4. Trend Intensity - The PP trend intensity is 0, indicating a neutral trend [3]

Report Summary 1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core View of the Report - The PP market experienced a partial decline. The downward movement of the PP futures affected the sentiment of the spot market. Some petrochemical plants reduced their prices by 10 - 50 yuan/ton, weakening cost support. Sellers slightly adjusted their prices, and downstream factories mainly consumed their previous inventory, showing a cautious and wait - and - see attitude [2]. - Previously, factors such as the trade war, oil prices, high supply, and low profits of downstream processed products put downward pressure on the PP trend. Recently, the deterioration of US - Russia relations led to an oil price rebound, and the market generally expected the trade war to end. With a temporary reduction in PP supply and stable demand, a short - term market rebound is reasonable. In the long - term, the downward - driving factors cannot be fundamentally resolved, so the market may stop falling in the short - term but show a weakening trend in the medium - term [2]. 3. Summary by Relevant Catalogs 3.1 PP Fundamental Data - **Futures**: The closing price of PP2601 yesterday was [not clearly presented], with a daily decline of 1.21%. The trading volume was 294,656, and the open interest changed by 11,355 [1]. - **Spreads**: The basis of the 01 contract was - 90 (unit not clear), compared with - 121 the day before. The spread between the 01 - 05 contracts was - 84, compared with - 70 (the - 882 seems to be an error) the day before [1]. - **Important Spot Prices**: In the North China region, the price was 6430 - 6520 yuan/ton yesterday, compared with 6450 - 6590 yuan/ton the day before; in the East China region, it was 6500 - 6620 yuan/ton, compared with 6530 - 6630 yuan/ton the day before; in the South China region, it was 6470 - 6630 yuan/ton, compared with 6500 - 6650 yuan/ton the day before [1]. 3.2 Spot News The PP market had a partial decline. The downward movement of PP futures affected the spot market sentiment. Some petrochemical plants reduced prices, weakening cost support. Sellers adjusted prices slightly, and downstream factories mainly consumed previous inventory and were cautious [2]. 3.3 Market Condition Analysis Previously, multiple factors caused downward pressure on the PP trend. Recently, the oil price rebound and expected end of the trade war, along with short - term supply reduction and stable demand, led to a short - term rebound. In the long - term, the downward - driving factors remain, so the market may be weakening in the medium - term [2]. 3.4 Trend Intensity The PP trend intensity is 0, with the range of trend intensity being integers in the [- 2, 2] interval, where - 2 is the most bearish and 2 is the most bullish [3].

Report Summary 1. Core View - The domestic PP market showed partial loosening with a range of 20 - 30 yuan/ton. PP futures fluctuated, having limited guidance on the spot market. Most producer prices remained stable, with some slightly decreasing. Traders adjusted their quotes based on inventory and costs, and downstream demand was cautious after restocking at the beginning of the week, resulting in average morning trading [2]. - The PP trend intensity is 0, indicating a neutral outlook [2]. 2. Key Data Futures - The closing price of PP2509 was 7075, with a daily decline of 0.13%. The trading volume was 156,261, and the open interest decreased by 5827 [1]. - The basis of the 09 contract was -75, compared to -8 the previous day. The spread between the 09 - 01 contracts was -31, compared to -42 the previous day [1]. Spot - In North China, the spot price ranged from 6920 - 7050 yuan/ton, compared to 7000 - 7120 yuan/ton the previous day. In East China, it was 7000 - 7130 yuan/ton, compared to 7070 - 7170 yuan/ton. In South China, it was 6950 - 7130 yuan/ton, compared to 7000 - 7200 yuan/ton [1].

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Report's Core View - The domestic PP market remains weak, with some grades declining by 10 - 50 yuan/ton. PP futures are running at a low level, intensifying the wait - and - see atmosphere in the spot market. The weakening cost support and low - running futures lead to lower offers from traders, and the overall market trading is flat. The PP trend strength is - 1, indicating a bearish outlook [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The PP2509 contract closed at 7070 yesterday, down 0.59%. The trading volume was 218,846, and the open interest increased by 497. The 09 - contract basis was 0 (previous day: 17), and the 09 - 01 contract spread was 58 (previous day: 62) [1]. - **Spot Price**: In North China, the spot price was 7060 - 7160 yuan/ton (previous day: 7070 - 7160); in East China, it was 7070 - 7250 yuan/ton (previous day: 7120 - 7250); in South China, it was 7120 - 7230 yuan/ton (previous day: 7140 - 7250) [1]. 3.2 Spot News - The domestic PP market continued to be weak, with some grades dropping 10 - 50 yuan/ton. PP futures at a low level increased the wait - and - see mood. Lower prices from some enterprises weakened cost support, prompting traders to offer lower prices. The downstream new orders are limited, and procurement is cautious, resulting in flat trading [2]. 3.3 Trend Intensity - The PP trend intensity is - 1, suggesting a bearish view, with the range of trend intensity being [-2, 2] [2].