Report Industry Investment Rating No relevant content provided. Core Views - The global plastic additives market is on an upward trajectory, with an expected compound annual growth rate of 3.2% in consumption from 2024 to 2029, driven by growth in plastic - consuming end - use sectors and influenced by changing policies [2] - The domestic PE and PP markets show different trends in capacity utilization, and shipping freight indices have an impact on polyolefin investment [2] - Events such as the US federal government shutdown and changes in import volumes affect the polyolefin market [5] - Policies like the "Petrochemical and Chemical Industry Steady Growth Work Plan (2025 - 2026)" and oil price fluctuations influence the market [8][9] Summary by Related Catalogs Market Situation - **L Plastic**: L2601 contract prices and regional LLDPE prices fluctuate. For example, on 25 - 10 - 10, L2601 closed at 7153 points, down 28 points or 0.39%. Regional LLDPE prices in North, East, and South China showed weak adjustments [1] - **PP Polypropylene**: PP2601 contract prices and regional PP拉丝 prices also fluctuate. On 25 - 10 - 10, PP2601 closed at 6852 points, down 51 points or 0.74%. Domestic PP market prices declined [1] Important Information - The global plastic additives market is growing, and the consumption of plastic additives is expected to increase at a CAGR of 3.2% from 2024 to 2029 [2] - The US federal government shutdown in October 2025 caused economic losses, with an estimated weekly loss of about $15 billion [5] - Seven departments issued the "Petrochemical and Chemical Industry Steady Growth Work Plan (2025 - 2026)", aiming for an average annual increase of over 5% in industry added - value [8] Logical Analysis - Domestic PE capacity utilization has increased for 4 consecutive weeks, reaching 83.9%, a year - on - year increase of 4.2%. Domestic PP capacity utilization has increased for 3 consecutive weeks, reaching 77.7%, a year - on - year decrease of 0.1% [2] - In August 2025, the net import of polyethylene decreased to 83.4 million tons, and that of polypropylene was - 2.9 million tons, with a difference of 86.3 million tons, which is favorable for the L - PP spread [5] - In September 2025, Brent crude oil rose to $67.6 per barrel, a year - on - year decrease of 7.5%, which is negative for L [9] Trading Strategies - **Unilateral**: Different strategies are recommended for L and PP contracts on different dates. For example, on 25 - 10 - 10, the L 01 contract should be watched, and the PP 01 contract should be lightly short - tried [2] - **Arbitrage (Long - Short)**: Hold the L2601 - PP2601 spread and set stop - losses at appropriate levels. For example, on 25 - 10 - 10, the spread was +313 points [2][3] - **Options**: Generally, the option strategy is to watch [2][3][6]

Core Viewpoint - Mexico has initiated multiple anti-dumping investigations against Chinese products, including float glass, self-adhesive tape, PVC coated cloth, and steel bolts, which raises concerns about protectionism and its impact on trade relations [2][3]. Group 1: Anti-Dumping Investigations - Mexico's Ministry of Economy has launched four anti-dumping investigations against Chinese products at the request of domestic companies [2]. - This year, Mexico has conducted 11 anti-dumping investigations against Chinese products, nearly double the total from the previous year [2]. Group 2: China's Response - The Chinese Ministry of Commerce firmly opposes protectionist actions that harm its legitimate rights and interests and will closely monitor the progress of Mexico's investigations [2]. - China has initiated a trade and investment barrier investigation based on its Foreign Trade Law and relevant regulations in response to Mexico's proposed increase in import tariffs and other trade restrictions [2][3]. Group 3: Broader Trade Context - The Chinese side emphasizes the need for countries to collectively oppose unilateralism and protectionism, especially in the context of the U.S. imposing tariffs [3]. - The potential implementation of Mexico's unilateral tax increases could harm not only China but also other trading partners and negatively affect the business environment in Mexico [3].

1. Report Industry Investment Rating - The report does not provide an overall industry investment rating. However, for L and PP, the unilateral strategy is neutral [4]. 2. Core Viewpoints - **PE**: The cost - side support weakens due to falling oil prices. The supply is increasing as more maintenance devices are restarting. Although the downstream demand has a slight improvement before the double - festivals, the follow - up is insufficient, and the demand is still weak, which restricts the upward space of PE. After the festivals, social inventory may accumulate [2]. - **PP**: The cost support is weak. The supply is expected to increase as the number of maintenance devices decreases. The demand is marginally improving but still recovering slowly, and the demand support is limited. The weak demand restricts the upward space of PP, and the low profit also limits its downward space [3]. 3. Summary by Directory 3.1 Market News and Key Data - **Price and Basis**: The closing price of the L main contract is 7181 yuan/ton (+22), and that of the PP main contract is 6903 yuan/ton (+10). The LL North China spot price is 7120 yuan/ton (-20), and the LL East China spot price is 7140 yuan/ton (+0). The PP East China spot price is 6750 yuan/ton (+0). The LL North China basis is -61 yuan/ton (-32), the LL East China basis is -41 yuan/ton (-22), and the PP East China basis is -153 yuan/ton (-10) [1]. - **Upstream Supply**: The PE operating rate is 81.8% (+1.5%), and the PP operating rate is 75.5% (+0.6%) [1]. - **Production Profit**: The PE oil - based production profit is -1.8 yuan/ton (-55.8), the PP oil - based production profit is -631.8 yuan/ton (-55.8), and the PDH - based PP production profit is -264.0 yuan/ton (-39.2) [1]. - **Import and Export**: The LL import profit is -56.7 yuan/ton (-1.9), the PP import profit is -532.6 yuan/ton (-1.9), and the PP export profit is 15.3 US dollars/ton (+0.2) [1]. - **Downstream Demand**: The PE downstream agricultural film operating rate is 32.9% (+6.1%), the PE downstream packaging film operating rate is 52.4% (+0.6%), the PP downstream plastic weaving operating rate is 43.9% (+0.0%), and the PP downstream BOPP film operating rate is 61.4% (+0.0%) [1]. 3.2 Market Analysis - **PE**: The cost - side support weakens as OPEC+ increases oil production in November, driving the oil price down. The supply is increasing as more maintenance devices restart. The demand has a slight improvement before the double - festivals, but the follow - up is insufficient, and the demand is still weak, which restricts the upward space of PE [2]. - **PP**: The cost support is weak due to the falling international oil price. The supply is expected to increase as the number of maintenance devices decreases. The demand is marginally improving but still recovering slowly, and the demand support is limited [3]. 3.3 Strategy - **Unilateral**: L and PP are neutral [4]. - **Inter - period**: L01 - L05 reverse spread; PP01 - PP05 reverse spread [4]. - **Inter - variety**: No strategy [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report PE (Polyethylene) - Cost side support is unstable, production profit shows mixed trends, supply is expected to increase, import may recover but less than previous years, inventory follows seasonal patterns with a slight de - stocking expected at the end of the year, and demand is in a weak recovery with concerns about future orders. The overall fundamentals are under pressure, especially in December. It is recommended to consider short - selling opportunities on rallies, with the main contract expected to trade between 7000 - 7400 yuan/ton. For inter - month arbitrage, pay attention to the L01 - 05 spread for reverse arbitrage opportunities [3]. PP (Polypropylene) - Cost side support fluctuates, production profit is generally below zero, supply will remain abundant in the fourth quarter due to new capacity and restarted devices, import may increase seasonally but less than before, export is expected to be stable, and demand is weak with limited upward drive. The overall supply - demand structure is loose, especially in December. It is advised to short - sell on rallies, with the main contract expected to fluctuate between 6800 - 7200 yuan/ton. Also, focus on the 01 - 05 contract spread for reverse arbitrage opportunities [5]. 3. Summary According to the Table of Contents 3.1 Market Review - In July, new capacity and restarted devices increased supply pressure, but oil price rebound and policy support boosted polyolefin prices. In August, oil price was weak, and supply and demand were in a state of "supply - strong, demand - weak". In September, cost support weakened, and the supply - demand contradiction was prominent, leading to a continuous decline in polyolefin futures prices. Taking LLDPE as an example, its price first rose slightly and then fell continuously in the third quarter, with a high of 7412 yuan/ton and a low of 7301 yuan/ton [10][12]. 3.2 PE: Weak Demand Support in Peak Season, Rising Future Supply Pressure Supply Side - **Maintenance**: The maintenance loss is expected to decrease seasonally in the fourth quarter. As of September 26, the current maintenance loss was 11.37 tons, and the total maintenance - related capacity in the fourth quarter is 258 tons, mainly concentrated in November and December [21][26]. - **New Capacity**: There will be 240 tons of new PE capacity in the fourth quarter, mainly oil - based devices [29]. - **Operation Rate**: The capacity utilization rate is expected to rise seasonally in the fourth quarter. As of September 26, it was 81.84%, up 4.6% from the end of the previous quarter [34]. - **Output**: Output is expected to continue to increase in the fourth quarter but with a seasonally narrowing growth rate. In August, it reached 282.72 tons/month, a 17% increase from the same period last year [39]. - **Import Profit and Volume**: The average import profit in the third quarter showed a quarter - on - quarter recovery. In August, the import volume decreased, and it is expected to recover in the fourth quarter but be less than previous years [43][48]. - **Production Profit**: LDPE and HDPE production profits recovered, while LLDPE production profit declined overall [53]. - **Inventory**: In the third quarter, inventory followed seasonal patterns. In the fourth quarter, it is expected to first rise and then fall, with low pressure on social inventory accumulation and a slight de - stocking expected at the end of the year [57]. Demand Side - **Downstream Product Operation Rate**: In the seasonal peak season, the operation rates of agricultural film and packaging film gradually recovered but were weaker than in previous years. The operation rates of hollow and drawing products also recovered quarter - on - quarter but were significantly lower year - on - year [61][65]. - **Downstream Product Orders**: Orders increased quarter - on - quarter but were still inferior to previous years [69]. - **Downstream Product Inventory**: With the arrival of the peak season, the raw material inventory of downstream products increased quarter - on - quarter but was significantly lower year - on - year [73]. 3.3 PP: Continuous Supply Pressure, Insufficient Demand Drive Supply Side - **Operation Rate**: It is expected to first rise and then fall in the fourth quarter. As of September 26, the overall operation rate was 75.52%, down 3.78% from the end of the previous quarter [79]. - **Maintenance**: The maintenance plan in the fourth quarter is less than in the third quarter. The estimated maintenance loss in the third quarter was 209 tons, and it is expected to decrease in the fourth quarter [87]. - **Capacity**: There will be 295 tons of new PP capacity in the fourth quarter, mainly in December [89]. - **Output**: Output is expected to remain at a high level in the fourth quarter due to new capacity and restarted devices [93]. - **Import**: Import profit decreased quarter - on - quarter, and the import volume in August decreased. It is expected to recover in the fourth quarter [97]. - **Export**: The export volume is at a high level in recent years and is expected to be stable in the fourth quarter [101]. - **Production Profit**: Production profits varied, with an overall fluctuation below zero [105]. - **Inventory**: Trader inventory may steadily decrease, producer inventory is not expected to accumulate significantly, and port inventory may slightly increase [109]. Demand Side - **Downstream Product Operation Rate**: The operation rate first decreased and then increased in the third quarter, similar to the second quarter, but most were lower than in previous years. It is expected to have little improvement in the fourth quarter [113]. - **Downstream Product Orders**: Orders are expected to first increase and then decrease in the fourth quarter [117]. - **Downstream Product Inventory**: The pressure on raw material and finished - product inventory is not high currently, but there is an expectation of accumulation in the fourth quarter [119]. - **Downstream End - User Situation**: The production of three major white - goods showed different trends in the third quarter. In the fourth quarter, air - conditioner production may increase, while refrigerator and washing - machine production may first rise and then fall, with limited production increase due to high inventory [124][128]. 3.4 Spread Structure and Warehouse Receipt Quantity - **Inter - month Spread**: The L01 - 05 spread is expected to first rise and then fall, the PP01 - 05 spread is expected to weaken, and the L - PP spread is expected to fluctuate [133][135]. - **Warehouse Receipt Quantity**: The warehouse receipt quantities of PE and PP have continuously climbed to high levels in recent years [138]. 3.5 Monthly Supply - Demand Balance Sheet - **PE**: The supply - demand difference is expected to be relatively balanced from October to November, but the supply pressure will significantly increase in December [146]. - **PP**: The overall supply - demand structure in the fourth quarter is loose, with the most prominent supply pressure in December [147].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the documents. 2. Report Core Views Pure Benzene - Styrene - Pure benzene supply is expected to remain high due to upcoming restarts and new capacity, while demand is weak as most downstream products are in the red and some downstream plants plan to cut production. The price driver is weak, and BZ2603 is expected to fluctuate with styrene and oil prices [1]. - Styrene supply is expected to increase with new plant startups and restarts, but demand support may be limited as some downstream profits are under pressure and inventories are high. The price is expected to face pressure, and EB11 should be shorted on rebounds [1]. Polyester Industry Chain - PX supply is expected to increase significantly in Q4, while demand is weak due to low PTA processing fees and potential PTA plant maintenance. PXN is expected to compress, and PX11 can be shorted or observed before the holiday [5]. - PTA supply is expected to contract due to low processing fees, postponed new plant startups, and potential maintenance. However, the rebound space is limited. TA can be shorted or observed before the holiday, and TA1 - 5 can be rolled in reverse [5]. - Ethylene glycol is expected to enter a destocking phase in Q4 as supply remains high and demand enters the off - season. It is recommended to observe before the holiday [5]. - Short - fiber support is strong in the short term but the rebound driver is limited during the holiday. It should follow raw material fluctuations, and the processing fee is expected to oscillate between 800 - 100 [5]. - Bottle - chip is likely to enter a seasonal destocking phase in Q4 as demand support is insufficient. PR should follow the cost end, and the processing fee can be shorted when it is high [5]. Polyolefin Industry - PE is at the peak of maintenance and production is gradually recovering. Inventory has decreased this week, but future supply and imports need attention. PP has seen an increase in unplanned maintenance due to losses, and inventory has decreased. However, there is significant inventory pressure after the holiday, and new capacity will limit the upside [10]. Urea Industry - Urea prices are oscillating downward due to a loose supply - demand pattern. Domestic production remains high, factory inventory is accumulating, and demand is weak. Export policies and Indian tenders have not yet boosted market confidence [18]. Methanol Industry - The core contradiction in the methanol market is the game between the current high supply pressure and the expected supply tightening due to potential gas restrictions in Iran. Supply pressure persists, but the expected supply cut in the future limits the downside of near - month contracts. Attention should be paid to Iranian plant dynamics in October [21]. Crude Oil Industry - Oil prices fell overnight due to expectations of increased supply, including potential OPEC+ production increases and the resumption of Iraqi Kurdish exports. The market focus has shifted from geopolitical risks to supply concerns, and prices are expected to move in a range. Band trading is recommended, and options can be considered after volatility increases [26]. Chlor - Alkali Industry - Caustic soda demand has short - term support, but the long - term outlook depends on downstream restocking. PVC supply is in excess, and demand is weak, but exports and cost support limit the downside. Attention should be paid to cost support and downstream demand in Q4 [31]. 3. Summary According to Relevant Catalogs Pure Benzene - Styrene Upstream Prices and Spreads - Brent crude (Nov) decreased by $0.16 to $70.13/barrel, a 0.2% decline; WTI crude (Oct) decreased by $2.27 to $63.45/barrel, a 3.5% decline [1]. - CFR Japan naphtha decreased by $1 to $608/ton, a 0.2% decline; CFR Northeast Asia ethylene decreased by $5 to $810/ton, a 0.6% decline [1]. - CFR China pure benzene decreased by $1 to $724/ton, a 0.1% decline [1]. Styrene - Related Prices and Spreads - Styrene East China spot price decreased by $30 to $6910/ton, a 0.4% decline; EB futures 2510 decreased by $28 to $6878/ton, a 0.4% decline [1]. Pure Benzene and Styrene Downstream Cash Flows - Phenol cash flow decreased by $28 to - $408/ton, a 7.4% decline; Caprolactam cash flow (single product) decreased by $40 to - $2010/ton, a 2.0% decline [1]. Pure Benzene and Styrene Inventory - Pure benzene Jiangsu port inventory decreased by 0.10 million tons to 10.60 million tons, a 0.9% decline; Styrene Jiangsu port inventory increased by 1.10 million tons to 19.75 million tons, a 5.9% increase [1]. Pure Benzene and Styrene Industry Chain Operating Rates - Asian pure benzene operating rate remained unchanged at 79.0%; Domestic pure benzene operating rate increased by 0.9% to 79.3% [1]. Polyester Industry Chain Upstream Prices - Brent crude (Nov) decreased by $2.16 to $67.97/barrel, a 3.1% decline; CFR Japan naphtha decreased by $1 to $607/ton, a 0.2% decline [5]. Polyester Product Prices and Cash Flows - POY150/48 price increased by $45 to $6650/ton, a 0.7% increase; DTY150/48 price remained unchanged at $7840/ton [5]. PX - Related Prices and Spreads - CFR China PX increased by $3 to $817/ton; PX spot price (RMB) decreased by $61 to $6694/ton [5]. PTA - Related Prices and Spreads - PTA East China spot price remained unchanged at $4590/ton; TA futures 2601 increased by $6 to $4652/ton [5]. MEG Port Inventory and Arrival Forecast - MEG port inventory decreased by 5.8 million tons to 40.9 million tons, a 12.4% decline; MEG arrival forecast increased by 7.3 million tons to 23.4 million tons [5]. Polyester Industry Chain Operating Rate Changes - Asian PX operating rate decreased by 0.2% to 78.2%; China PX operating rate increased by 0.4% to 86.3% [5]. Polyolefin Industry Futures Closing Prices - L2601 closed at $7181, up $22 or 0.31%; PP2601 closed at $6903, up $10 or 0.15% [10]. Spot Prices - East China PP raffia spot price increased by $20 to $6750/ton; North China LLDPE film material spot price increased by $10 to $7100/ton [10]. Inventory and Operating Rates - PE enterprise inventory decreased by 3.20 million tons to 45.8 million tons, a 6.53% decline; PP enterprise inventory decreased by 3.03 million tons to 52.0 million tons, a 5.50% decline [10]. Urea Industry Futures Closing Prices - 01 contract closed at $1664, down $5 or 0.30%; Methanol main contract closed at $2359, up $4 or 0.17% [13]. Spot Prices - Shandong (small particles) spot price remained unchanged at $1600/ton; Shanxi (small particles) spot price remained unchanged at $1490/ton [17]. Supply and Demand - Domestic urea daily production decreased by 0.10 million tons to 19.94 million tons, a 0.50% decline; Coal - based urea daily production decreased by 0.10 million tons to 15.75 million tons, a 0.63% decline [18]. Methanol Industry Methanol Prices and Spreads - MA2601 closed at $2359, up $4 or 0.17%; Inner Mongolia North Line spot price increased by $5 to $2090/ton [21]. Methanol Inventory - Methanol enterprise inventory decreased by 2.05% to 31.994%; Methanol port inventory decreased by 6.56 million tons to 149.2 million tons [21]. Methanol Upstream and Downstream Operating Rates - Upstream - domestic enterprise operating rate increased by 1.61% to 74.27%; Downstream - externally - sourced MTO plant operating rate increased by 7.38% to 82.46% [21]. Crude Oil Industry Crude Oil Prices and Spreads - Brent closed at $67.97/barrel, down $2.16 or 3.08%; WTI closed at $63.14/barrel, down $0.31 or 0.49% [26]. Refined Oil Prices and Spreads - NYM RBOB decreased by 1.03 cents to 198.48 cents/gallon; NYM ULSD decreased by 1.60 cents to 234.06 cents/gallon [26]. Refined Oil Crack Spreads - US gasoline crack spread decreased by $0.15 to $20.22/barrel; European gasoline crack spread increased by $0.21 to $18.86/barrel [26]. Chlor - Alkali Industry PVC, Caustic Soda Spot & Futures - Shandong 32% liquid caustic soda converted to 100% price remained unchanged at $2500/ton; East China calcium carbide - based PVC market price decreased by $10 to $4730/ton [31]. Caustic Soda Overseas Quotes & Export Profits - FOB East China port remained unchanged at $400/ton; Export profit decreased by $58.7 to $164.7/ton [31]. PVC Overseas Quotes & Export Profits - CFR Southeast Asia remained unchanged at $650/ton; Export profit increased by $22.4 to $72.6/ton [31]. Supply: Chlor - Alkali Operating Rates & Industry Profits - PVC total operating rate increased by 0.7% to 76.1%; Externally - sourced calcium carbide - based PVC profit decreased by $90 to - $896/ton [31]. Demand: Caustic Soda Downstream Operating Rates - Alumina industry operating rate remained unchanged at 83.7%; Viscose staple fiber industry operating rate increased by 0.3% to 89.8% [31]. Demand: PVC Downstream Product Operating Rates - Longzhong sample pipe operating rate increased by 1.3% to 39.1%; Longzhong sample profile operating rate decreased by 0.5% to 38.0% [31]. Chlor - Alkali Inventory: Social & Factory Inventories - Liquid caustic soda East China factory inventory increased by 2.4 million tons to 19.7 million tons, a 14.2% increase; PVC upstream factory inventory increased by 1.2 million tons to 31.8 million tons [31].

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - The demand for both PE and PP remains weak, which continues to limit their upward potential and is still constrained by supply - side pressure. The recovery of demand is slow, and the cost support is insufficient. For PE, the supply is increasing, and the demand realization rate is slow; for PP, the supply pressure is large, and the profit at a low level restricts its downward space [3]. Summary by Relevant Catalogs Market News and Important Data - **Price and Basis**: L main - contract closed at 7,169 yuan/ton (+27), PP main - contract at 6,898 yuan/ton (+21). LL North China spot was 7,130 yuan/ton (+50), LL East China spot 7,140 yuan/ton (+30), PP East China spot 6,750 yuan/ton (+20). LL North China basis was - 39 yuan/ton (+23), LL East China basis - 29 yuan/ton (+3), PP East China basis - 148 yuan/ton (-1) [1]. - **Upstream Supply**: PE开工率 was 81.8% (+1.5%), PP开工率 was 75.5% (+0.6%) [1]. - **Production Profit**: PE oil - based production profit was 48.7 yuan/ton (-128.7), PP oil - based production profit was - 571.3 yuan/ton (-128.7), PDH - based PP production profit was - 280.6 yuan/ton (-12.9) [1]. - **Import and Export**: LL import profit was - 64.1 yuan/ton (+84.8), PP import profit was - 529.7 yuan/ton (-0.8), PP export profit was 15.0 US dollars/ton (-19.9) [2]. - **Downstream Demand**: PE downstream agricultural film开工率 was 32.9% (+6.1%), PE downstream packaging film开工率 was 52.4% (+0.6%), PP downstream plastic weaving开工率 was 43.9% (+0.3%), PP downstream BOPP film开工率 was 61.4% (+0.0%) [2]. Market Analysis - **PE**: Supply increased as many previously - shut - down plants restarted. Demand improved slightly with pre - holiday stocking, but the demand realization rate was slow, and social inventory decreased slowly. Cost support from international oil prices was insufficient [3]. - **PP**: Supply pressure was large due to expected restart of plants, increased coal - enterprise production, and new capacity release. Demand improved marginally but slowly. Cost was supported by firm propane, and low profit limited the downward space [3]. Strategy - **Single - side**: Neutral for L and PP [4]. - **Inter - period**: L01 - L05 reverse spread; PP01 - PP05 reverse spread [4]. - **Inter - variety**: No strategy provided [4].

Report Industry Investment Rating - The rating for L and PP is neutral [4] Core Viewpoints - The polyolefin market continues its weak consolidation due to slow demand follow - up. For PE, supply exceeds expectations, demand improvement is slow, and cost support is insufficient, so its trend is suppressed by supply. For PP, supply pressure is large, demand recovery is slow, and low profit limits its downside [2][3] Summary by Directory 1. Polyolefin Basis Structure - The L main - contract closing price is 7105 yuan/ton (- 25), PP main - contract closing price is 6842 yuan/ton (- 31), LL North China spot price is 7070 yuan/ton (- 40), LL East China spot price is 7110 yuan/ton (- 60), PP East China spot price is 6730 yuan/ton (+ 0), LL North China basis is - 35 yuan/ton (- 15), LL East China basis is 5 yuan/ton (- 35), and PP East China basis is - 112 yuan/ton (+ 31) [1] 2. Production Profit and Operating Rate - PE operating rate is 80.4% (+ 2.3%), PP operating rate is 74.9% (- 1.9%). PE oil - based production profit is 316.5 yuan/ton (+ 9.5), PP oil - based production profit is - 363.5 yuan/ton (+ 9.5), PDH - based PP production profit is - 267.8 yuan/ton (- 8.2) [1] 3. Polyolefin Non - Standard Price Difference - Information not summarized from the given text 4. Polyolefin Import and Export Profits - LL import profit is - 91.3 yuan/ton (+ 1.5), PP import profit is - 531.3 yuan/ton (+ 1.5), PP export profit is 35.2 US dollars/ton (- 0.2) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profits - PE downstream agricultural film operating rate is 26.8% (+ 2.6%), PE downstream packaging film operating rate is 51.8% (+ 0.5%), PP downstream plastic weaving operating rate is 43.6% (+ 0.5%), PP downstream BOPP film operating rate is 61.4% (- 0.1%) [1] 6. Polyolefin Inventory - Information not summarized from the given text Strategies - Unilateral: Neutral for L and PP - Inter - period: Reverse spread for L01 - L05 and PP01 - PP05 - Inter - variety: None [4]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The overall supply pressure of PVC is strong, and the domestic demand recovery is sluggish. The market is affected by both positive and negative factors. The positive factors include supply resumption, cost support from calcium carbide and ethylene, and export benefits. The negative factors include the rebound of overall supply pressure, high - level inventory with slow consumption, and weak domestic and foreign demand. The PVC2601 contract is expected to fluctuate in the range of 4907 - 4969 [6][11][12] 3. Summary According to the Directory 3.1 Daily Views - Positive factors: Supply resumption, cost support from calcium carbide and ethylene, and export benefits. Negative factors: Rebound of overall supply pressure, high - level inventory with slow consumption, and weak domestic and foreign demand. The main logic is the strong overall supply pressure and the poor recovery of domestic demand [11][12] 3.2 Fundamental/Position Data - **Supply side**: In August 2025, PVC production was 2.07334 million tons, a month - on - month increase of 3.43%. This week, the capacity utilization rate of sample enterprises was 76.96%, a month - on - month decrease of 0.04 percentage points. The production of calcium carbide enterprises was 328,605 tons, a month - on - month decrease of 3.14%, and the production of ethylene enterprises was 132,310 tons, a month - on - month decrease of 5.16%. Next week, it is expected that maintenance will decrease, and the scheduled production will increase slightly to 39.43%, a month - on - month increase of 0.21 percentage points, which is lower than the historical average [7] - **Demand side**: The overall downstream operating rate was 49.26%, a month - on - month increase of 0.76 percentage points, which is lower than the historical average. The operating rate of downstream profiles, pipes, films, and paste resin has different changes, with some higher and some lower than the historical average [7][9] - **Cost side**: The profit of calcium carbide method was - 657.2513 yuan/ton, and the loss increased by 30.80% month - on - month, which is lower than the historical average. The profit of ethylene method was - 652.2011 yuan/ton, and the loss decreased by 2.00% month - on - month, which is lower than the historical average. The double - ton price difference was 2379.25 yuan/ton, and the profit decreased by 2.00% month - on - month, which is lower than the historical average [7] - **Inventory**: Factory inventory was 306,239 tons, a month - on - month decrease of 1.20%. The factory inventory of calcium carbide method was 241,039 tons, a month - on - month decrease of 1.30%. The factory inventory of ethylene method was 65,200 tons, a month - on - month decrease of 0.81%. Social inventory was 534,600 tons, a month - on - month increase of 0.56%. The inventory days of production enterprises in stock were 5.15 days, a month - on - month decrease of 0.96% [7] - **Market situation**: On September 22, the price of East China SG - 5 was 4830 yuan/ton, and the basis of the 01 contract was - 108 yuan/ton, with the spot at a discount to the futures. The MA20 was downward, and the futures price of the 01 contract closed above the MA20. The main position was net short, and the short position increased [7][8] 3.3 PVC Market Overview - The report provides a detailed overview of yesterday's PVC market, including various indicators such as different prices, spreads, production, inventory, and operating rates, and their changes compared with the previous period [14] 3.4 PVC Futures Market - **Basis trend**: The report shows the basis trend of PVC futures over a long - term period, along with the market price in East China and the closing price of the main contract [16] - **Price and trading volume trend**: It presents the price trend, trading volume, and position changes of the PVC futures main contract from August to September 2025 [20] - **Spread analysis**: Analyzes the spread of the main contract, including the 1 - 9 spread and 5 - 9 spread in 2024 and 2025 [22] 3.5 PVC Fundamental Aspects - **Calcium carbide method - Related raw materials**: It includes the price, cost - profit, operating rate, and inventory of raw materials such as semi - coke, calcium carbide, liquid chlorine, raw salt, and caustic soda in the calcium carbide method for PVC production [25][28][30][32] - **PVC supply trend**: Analyzes the capacity utilization rate, production, maintenance volume, and profit of PVC production by calcium carbide method and ethylene method [37][40] - **Demand trend**: Examines the sales volume of traders, pre - sales volume, production - sales rate, apparent consumption, and downstream operating rates of PVC, as well as the situation of related downstream products such as paste resin and the real - estate market and some macro - economic indicators [42][46][53] - **Inventory situation**: Analyzes the exchange warehouse receipts, factory inventory of calcium carbide method and ethylene method, social inventory, and inventory days of production enterprises [58] - **Ethylene method - Related aspects**: It includes the import volume of vinyl chloride and dichloroethane, PVC export volume, and some price spreads in the ethylene method for PVC production [60] - **Supply - demand balance sheet**: Presents the monthly supply - demand situation of PVC from July 2024 to August 2025, including export, demand, social inventory, factory inventory, production, and import [63]

Group 1 - The core point of the article is that Guangdong Zhongsu New Materials Co., Ltd. has completed its IPO counseling report and plans to apply for listing on the Shenzhen Stock Exchange's Growth Enterprise Market [1] - Zhongsu specializes in the research, production, and sales of modified engineering plastics, with applications in consumer electronics, energy storage, automotive, and home appliances [1] - The company reported a revenue of 337 million yuan in the first half of 2025, representing a year-on-year growth of 2.93%, and a net profit attributable to shareholders of 59.14 million yuan, up 3.04% year-on-year [1][2] Group 2 - The gross profit margin for the current period is 33.67%, compared to 31% in the same period last year [2] - The weighted average return on equity based on net profit attributable to shareholders is 12.04%, down from 14% in the previous year [2] - The basic earnings per share for the company is reported at 1.60 [2] Group 3 - Liu Xiaoli resigned as the company's board secretary on April 18, 2025, but continues to hold other important management positions [2] - Jin Weina was appointed as the new board secretary on May 9, 2025, after approval from the company's board of directors [2] - Jin Weina has a background in investment banking, having worked at China Investment Securities and China International Capital Corporation before joining Zhongsu [3]

Group 1: Company Performance - The company reported a 1.41% decline in revenue for the first half of 2025, while net profit increased by 48.80% due to a focus on improving operational quality and optimizing product structure [3][5] - The operating cash flow decreased by 40.61%, primarily due to differences in settlement methods with customers and suppliers [6][7] Group 2: Product Development and Market Strategy - The company is actively developing lightweight, high-strength materials and environmentally friendly recycled plastics, with several products already in mass production [2][3] - The company has over 70 invention patents and is focusing on R&D in emerging industries such as new energy, low-altitude economy, robotics, and recycling [5][10] Group 3: Investor Relations and Confidence - The company plans to distribute a cash dividend of 2 yuan for every 10 shares, indicating confidence in future performance [5] - The company is considering feedback on the controlling shareholder's second reduction plan to restore investor confidence [3][4] Group 4: Market Position and Competition - The company maintains a competitive edge through its independent R&D capabilities and innovative modified formulations [5][9] - The company is exploring new market opportunities and product lines to enhance its market position [8][10]