1. Report Industry Investment Rating - Not provided in the report 2. Core Views Plastic Part - The supply is expected to increase in January, with some production shifting back to standard products. The futures and spot markets may not continue to resonate. The market supply - demand pattern is not optimistic, and prices are under pressure. It is recommended to take a short - position on rebounds in the single - side trading, and not recommend cross - period and cross - variety trading for now [5] Polypropylene Part - The valuation has increased, leading some devices to return. The PDH has concentrated maintenance in the first quarter. The market supply - demand pattern is not optimistic, and prices are expected to fluctuate. It is also recommended to take a short - position on rebounds in the single - side trading, and not recommend cross - period and cross - variety trading for now [82][84] 3. Summary by Directory Plastic Part Price & Spread - Futures prices, spot prices, and various price spreads have changed. The basis has strengthened, and the 5 - 9 month spread has strengthened. The import window has been repaired, and the non - standard price spread has changed. The overall profit has been repaired, with significant recent repairs in ethane and externally - purchased ethylene profits [9][13][23][34] Supply - From the end of 2024 to the first half of 2025, the production capacity base has increased, with a significant increase in total supply. The current maintenance plan in Q1 is not yet available, and the supply is expected to remain loose. The import volume may remain relatively high at the end of the year and the beginning of the next year [38][40][49] Demand & Inventory - The overall downstream demand is showing signs of decline. The inventory has shifted from the upstream to the mid - stream, but the mid - stream inventory reduction has been slow [59][65][77] Polypropylene Part Price & Spread - Futures and spot prices, as well as various price spreads, have fluctuated. The basis has strengthened slightly, and the month - spread has fluctuated. The import window is approaching to open, and the non - standard price spread has changed. The overall profit is compressed [88][93][100][120] Supply - From the end of 2024 to the middle of 2025, the production capacity has increased significantly. The start - up rate has declined recently, and the maintenance volume is higher than the same period last year. The subsequent maintenance scale is considerable, and the supply is expected to decrease [128][129][140] Demand & Inventory - The downstream demand is mixed. The inventory has shifted from the upstream to the mid - stream, and the oil - based inventory has been significantly reduced [153][160][166]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company plans to acquire 51% of the equity in HaiRite Engineering Plastics Co., Ltd. for a cash consideration of 12.8826 million yuan, which will make HaiRite a subsidiary of the company [2]. - The acquisition aims to extend the company's business layout from upstream fluoroketones to downstream PAEK, enhancing its service capabilities for PAEK's entire industry chain and exploring new growth points [2]. - HaiRite specializes in the synthesis and modification of PEEK and PAEK specialty resins, with an annual production capacity of over 200 tons of high-quality PEEK resin [2][3]. Financial Projections - The projected revenues and net profits for the company from 2025 to 2027 are as follows: - 2025: Revenue of 790 million yuan, net profit of 79 million yuan, EPS of 0.45 yuan per share - 2026: Revenue of 850 million yuan, net profit of 85 million yuan, EPS of 0.49 yuan per share - 2027: Revenue of 1 billion yuan, net profit of 100 million yuan, EPS of 0.57 yuan per share [4][5]. - The company’s revenue is expected to grow at a CAGR of approximately 9.94% from 2025 to 2026 and 13.10% from 2026 to 2027 [5]. Valuation Metrics - The report provides the following valuation metrics for the company: - P/E ratio for 2025 is projected at 110, decreasing to 86 by 2027 - P/B ratio for 2025 is projected at 7.1, decreasing to 6.4 by 2027 [5][13].

公司公告汇总 截至2026年1月16日收盘，泛亚微透（688386）报收于92.4元，较上周的95.6元下跌3.35%。本周，泛亚 微透1月12日盘中最高价报100.16元。1月14日盘中最低价报87.24元。泛亚微透当前最新总市值84.08亿 元，在塑料板块市值排名25/72，在两市A股市值排名2343/5183。 本周关注点 公司公告汇总：获证监会同意向特定对象发行股票注册批复 公司应严格按照报送上海证券交易所的申报文件和发行方案实施发行。 如发生重大事项，需及时报告上海证券交易所并按相关规定处理。 董事会将根据批复要求及法律法规，在规定期限内办理相关事宜，并履行信息披露义务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 江苏泛亚微透科技股份有限公司收到中国证券监督管理委员会《关于同意江苏泛亚微透科技股份有限公 司向特定对象发行股票注册的批复》（证监许可〔2026〕82号），同意公司向特定对象发行股票的注册 申请。 批复自同意注册之日起12个月内有效。 ...

Core Viewpoint - Fule New Materials (605488) has received approval from the China Securities Regulatory Commission (CSRC) for a specific stock issuance, which is expected to enhance its capital structure and support future growth initiatives [2][5]. Group 1: Stock Performance - As of January 16, 2026, Fule New Materials closed at 39.11 yuan, an increase of 11.97% from the previous week's closing price of 34.93 yuan [1]. - The stock reached a peak price of 40.05 yuan on January 16, 2026, and a low of 34.74 yuan on January 12, 2026 [1]. - The company's current total market capitalization is 10.959 billion yuan, ranking 16th out of 72 in the plastics sector and 1879th out of 5183 in the A-share market [1]. Group 2: Company Announcements - Fule New Materials has received the CSRC's approval for its application to issue stocks to specific investors, with the approval valid for 12 months from the date of issuance [2]. - The company is required to strictly follow the submitted documents and issuance plan, and must report any significant events in a timely manner [2]. - The 2026 first extraordinary general meeting of shareholders was held on January 15, 2026, where several important resolutions were passed, including credit limits, bill pool business, guarantee limits, foreign exchange derivative trading, and amendments to the company's articles of association [3][5]. Group 3: Legal Opinions - Beijing Junhe (Hangzhou) Law Firm provided a legal opinion confirming that the procedures for convening the 2026 first extraordinary general meeting of shareholders complied with relevant laws and regulations [3]. - The meeting was conducted both in-person and via online voting, with all resolutions, including special resolutions, receiving the required majority approval [3].

Core Viewpoint - The article emphasizes the transformative potential of Polyphenylene Oxide (PPO) in various industries, particularly in high-performance applications such as AI servers and electric vehicles, highlighting its transition from a general-purpose material to a strategic specialty material [4][18]. Summary by Sections Introduction - The evolution of material science, particularly engineering plastics, is linked to significant industrial transformations, with PPO being a key player in the information and green energy eras [3]. Chapter 1: Overview of PPO - PPO, known for its high production barriers and stringent polymerization processes, is recognized as one of the five major engineering plastics globally [4]. - Its unique molecular structure provides several physical advantages, including low dielectric loss, excellent thermal stability, and high mechanical strength [7][9][11]. Chapter 2: Industry Chain Analysis - The PPO industry chain is characterized by high technical and capital intensity, spanning from upstream raw materials to specialized downstream applications [20]. - The production process involves synthesizing the core monomer 2,6-Dimethylphenol (DMP), which constitutes 60%-70% of production costs [25]. Chapter 3: Market Analysis - The global PPO market is projected to grow from approximately 22.55 billion yuan in 2023 to nearly 30.68 billion yuan by 2030, with a CAGR of 3.5% [33]. - The demand for PPO is driven by the rise of AI servers and the electrification of vehicles, with significant growth expected in high-frequency communication applications [32][46]. Chapter 4: Technical Analysis - PPO's competitive edge lies in its unique molecular structure, which results in low dielectric loss and high thermal stability, making it ideal for high-performance applications [56]. - The production process, primarily through oxidative coupling, presents significant technical challenges, including the need for precise control of catalysts and reaction conditions [57]. Chapter 5: Application Scenarios - PPO is increasingly utilized in strategic sectors such as AI servers, electric vehicles, and renewable energy, where its properties ensure reliability and performance [16][50]. - The material's low water absorption and high electrical insulation make it particularly suitable for high-voltage applications in electric vehicles and charging infrastructure [51].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - International geopolitical conflicts have escalated, with Germany and France sending troops to Greenland. Against the backdrop of low profits in various polyolefin production processes, the supply side is facing the expectation of production cuts during the spring maintenance period. According to the production plan, the LL2605 contract has no new production capacity pressure. The rebound in the cost side and the alleviation of supply - side pressure may help the polyolefin prices continue to rebound [15][17][18]. - This week's forecast: The reference trading range for polyethylene (LL2605) is (6300 - 6600); for polypropylene (PP2605), it is (6200 - 6500). The recommended strategy is to go long on LL2605 - LL2609 (a positive spread strategy) [17]. Summaries According to the Directory 1. Weekly Assessment and Strategy Recommendation - **Market Information** - Policy: International geopolitical conflicts have escalated, with Germany and France sending troops to Greenland [15]. - Valuation: For polyethylene, the weekly increase is (spot > futures > cost); for polypropylene, it is also (spot > futures > cost) [15]. - Cost: Last week, WTI crude oil rose by 10.77%, Brent crude oil rose by 10.94%, coal prices rose by 1.15%, methanol rose by 1.33%, ethylene rose by 12.01%, propylene rose by 2.65%, and propane rose by 2.34%. There is still support on the cost side [15]. - Supply: PE capacity utilization is 81.56%, a week - on - week decrease of - 2.19%, a year - on - year decrease of - 4.13%, and a decrease of - 9.64% compared to the five - year average. PP capacity utilization is 76.61%, a week - on - week increase of 3.74%, a year - on - year decrease of - 2.56%, and a decrease of - 10.55% compared to the five - year average. With the approaching spring maintenance and low profits in each process, there is an expectation of significant production cuts [15]. - Imports and Exports: In November, domestic PE imports were 1.0622 million tons, a month - on - month increase of 5.04% and a year - on - year decrease of - 9.99%. PP imports were 179,300 tons, a month - on - month increase of 5.97% and a year - on - year decrease of - 8.74%. The import profit has rebounded, and the supply of PE from North America has increased, increasing the pressure on the import side. In November, PE exports were 85,800 tons, a month - on - month increase of 3.07% and a year - on - year increase of 38.74%. PP exports were 224,100 tons, a month - on - month increase of 8.54% and a year - on - year increase of 36.59% [15]. - Demand: The downstream operating rate of PE is 41.10%, a week - on - week decrease of - 0.27% and a year - on - year increase of 104.58%. The downstream operating rate of PP is 52.58%, a week - on - week decrease of - 0.04% and a year - on - year increase of 4.12%. It is the seasonal off - season, and there are no bright spots in the downstream operating rate of polyolefins [16]. - Inventory: PE production enterprise inventory is 350,300 tons, a week - on - week de - stocking of - 11.41% and a year - on - year stocking of 7.72%; PE trader inventory is 29,200 tons, a week - on - week de - stocking of - 0.14%. PP production enterprise inventory is 431,000 tons, a week - on - week de - stocking of - 7.85% and a year - on - year stocking of 8.16%; PP trader inventory is 193,900 tons, a week - on - week de - stocking of - 5.28%; PP port inventory is 70,600 tons, a week - on - week de - stocking of - 0.70%. Middle - stream traders have started to stock up [16]. - **Strategy Viewpoints** - International geopolitical conflicts have escalated. Against the backdrop of low profits in various polyolefin production processes, the supply side is facing the expectation of production cuts during the spring maintenance period. According to the production plan, the LL2605 contract has no new production capacity pressure. The rebound in the cost side and the alleviation of supply - side pressure may help the polyolefin prices continue to rebound. - This week's forecast: The reference trading range for polyethylene (LL2605) is (6300 - 6600); for polypropylene (PP2605), it is (6200 - 6500). - Recommended strategy: Go long on LL2605 - LL2609 (a positive spread strategy) [17]. 2. Spot and Futures Market - Multiple charts are provided to show the term structure, prices, trading volume, open interest, basis, and spreads of LLDPE and PP futures contracts, as well as the price differences between different polyolefin products [31][32][47]. 3. Cost Side - The oil - based cost has increased significantly. The report presents multiple charts related to the prices of WTI crude oil, thermal coal, naphtha, propane, etc., as well as the production capacity utilization rate and gross profit of domestic LPG refineries, and the import and export situation of LPG [72][78][81]. 4. Polyethylene Supply Side - The raw materials for PE production mainly include oil, light hydrocarbons, coal, methanol, and外购乙烯, with oil - based raw materials accounting for 80%. - The report shows charts of PE production capacity utilization, maintenance loss volume, and production volume, as well as those of LLDPE [136][137][142]. 5. Polyethylene Inventory and Imports/Exports - Charts are presented to show the inventory situation of PE production enterprises, traders, and different types of enterprises, as well as the import sources, import volume, and import profit of LLDPE [158][163][166]. 6. Polyethylene Demand Side - The downstream demand for LLDPE is mainly concentrated in packaging films, followed by agriculture films, pipes, etc. - The report provides charts of the downstream operating rate, order days, and raw material and finished product inventory of PE [171][173][182]. 7. Polypropylene Supply Side - The raw materials for PP production mainly include oil, PDH, coal, methanol, and外购丙烯, with外购丙烯 accounting for 53%. - Charts of PP production capacity utilization, maintenance loss volume, and production volume are provided [193][194][199]. 8. Polypropylene Inventory and Imports/Exports - Charts show the inventory situation of PP production enterprises, different types of enterprises, and traders, as well as the import volume, import profit, export country composition, export volume, and export profit of PP [207][208][222]. 9. Polypropylene Demand Side - The downstream demand for PP is mainly concentrated in BOPP, followed by injection molding, drawing, etc. - The report provides charts of the downstream operating rate, raw material and finished product inventory of PP [228][230][235].

摘要：【图】2025年8月河北省初级形态的塑料产量统计分析 2025年1-8月初级形态的塑料产量分析： 据国家统计局数据，在2025年的前8个月，河北省规模以上工业企业初级形态的塑料产量累计达到了 114.2万吨，与2024年同期的数据相比，下降了3.40%，增速较2024年同期低11.8个百分点，增速较同期 全国低15.0个百分点，约占同期全国规模以上企业初级形态的塑料产量9707.30625万吨的比重为1.2%。 图表：河北省初级形态的塑料产量分月（累计值）统计 图表：河北省初级形态的塑料产量分月（当月值）统计 2025年8月初级形态的塑料产量分析： 注：初级形态的塑料2004年及以前名称为塑料树脂及共聚物，简称塑料。 单独看2025年8月份，河北省规模以上工业企业初级形态的塑料产量达到了15.2万吨，与2024年同期的 数据相比，8月份的产量下降了0.13%，增速较2024年同期低16.0个百分点，增速较同期全国低12.9个百 分点，约占同期全国规模以上企业初级形态的塑料产量1265.70537万吨的比重为1.2%。 从2011年起，我国规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主 ...

Core Viewpoint - The article discusses the launch of Arkema's Rilsan® Clear transparent polyamide production facility in Singapore, which has tripled its capacity and highlights the unique advantages of this biobased material over traditional plastics like PC and PMMA, leading to increased market demand despite higher prices [4][5][6]. Group 1: Product Advantages - Rilsan® Clear offers three core advantages: lightweight (density of 1.01 g/cm³, 18% lighter than PC and PMMA), strong chemical resistance, and excellent toughness (brittleness temperature down to -70°C) [6][7]. - The material's unique performance combination allows it to meet specific application needs, creating irreplaceable value in various sectors [7]. Group 2: Target Applications - Arkema has identified several precise application scenarios for Rilsan® Clear, including optical glasses, medical devices, and industrial applications [8]. - In optical glasses, the lightweight and chemical resistance of Rilsan® Clear are essential, making it a preferred choice over heavier PC and brittle PMMA [9][14]. - For medical devices, the material's toughness and biobased nature enhance user experience and align with sustainability goals [15]. - In industrial applications, Rilsan® Clear's chemical resistance and transparency are critical for components like filter housings and sight glasses, extending equipment lifespan [16]. Group 3: Biobased Material Benefits - The biobased nature of Rilsan® Clear contributes to its appeal, as brands increasingly prioritize materials with carbon reduction properties in their procurement decisions [17]. - Arkema's commitment to sustainability is further demonstrated by achieving ISCC PLUS certification for over 70% of its coating facilities, enhancing its market position [24]. Group 4: Market Outlook - The global transparent polyamide market is projected to grow from 158.178 billion RMB in 2024 to 201.48 billion RMB by 2030, with a compound annual growth rate of 4.12%, while biobased transparent polyamide is expected to grow at a rate significantly higher than the industry average [24].

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - On January 16, new maintenance devices such as Guoneng Yulin LDPE were added, and the plastic operating rate dropped to around 85%, which is at a neutral level. The downstream operating rate of PE decreased by 0.28 percentage points to 40.93%, and orders for agricultural films continued to decline. The overall downstream operating rate of PE is at a low level in the same period in recent years. The petrochemical inventory is at a low level in the same period in recent years. The cost of crude oil has fallen due to the easing of the situation in Iran. There has been new plastic production capacity put into operation recently, and the operating rate is higher than that of PP. The plastic supply - demand pattern has limited improvement, and it is expected to fluctuate in a range in the near future. The L - PP spread is expected to narrow [1]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - New maintenance devices such as Guoneng Yulin LDPE were added on January 16, and the plastic operating rate dropped to around 85%. The downstream operating rate of PE decreased by 0.28 percentage points to 40.93%. Agricultural film orders continued to decline, and packaging film orders decreased slightly. After the New Year's Day, petrochemical inventory reduction was good, and the current inventory is at a low level in the same period in recent years. The situation in Iran has cooled down, and the crude oil price has fallen. There has been new plastic production capacity put into operation recently. The plastic supply - demand pattern has limited improvement, and it is expected to fluctuate in a range. The L - PP spread is expected to narrow [1]. 3.2 Futures and Spot Market Conditions - **Futures**: The plastic 2605 contract increased positions and fluctuated downward, closing at 6695 yuan/ton, a decrease of 1.78%. The trading volume was between 6685 - 6857 yuan/ton, and the open interest increased by 3981 lots to 471487 lots [2]. - **Spot**: The PE spot market mostly declined, with the range of increase or decrease between - 150 to +0 yuan/ton. LLDPE was reported at 6650 - 6970 yuan/ton, LDPE at 8900 - 9210 yuan/ton, and HDPE at 6870 - 8290 yuan/ton [3]. 3.3 Fundamental Tracking - **Supply**: On January 16, new maintenance devices such as Guoneng Yulin LDPE were added, and the plastic operating rate dropped to around 85%, which is at a neutral level [1][4]. - **Demand**: As of the week of January 16, the downstream operating rate of PE decreased by 0.28 percentage points to 40.93%. Agricultural film orders continued to decline, and the overall downstream operating rate of PE is at a low level in the same period in recent years [1][4]. - **Inventory**: The petrochemical early inventory on Friday decreased by 40,000 tons to 490,000 tons, 15,000 tons lower than the same period last year. The inventory reduction after the New Year's Day was good, and the current inventory is at a low level in the same period in recent years [4]. - **Raw Materials**: The Brent crude oil 03 contract fell below $64/barrel. The price of Northeast Asian ethylene remained flat at $725/ton, and the price of Southeast Asian ethylene remained flat at $745/ton [4].

Report Industry Investment Rating - Not provided in the content Core Viewpoints Polyester Sector - In the short - term, the supply - demand outlook for the polyester sector has worsened. PX and PTA should be treated with an adjustment mindset, and attention should be paid to the risk of crude oil price fluctuations due to unstable geopolitical situations. The sector lacks fundamental support and will follow the general trend of commodities, fluctuating in a low - level range. - In the long - term, the polyester sector will show a differentiated trend. With supply expected to remain relatively tight, the operating centers of PX and PTA will tend to move up. Due to increasing supply pressure, ethylene glycol will perform relatively weakly. [30] Methanol - In the short - term, affected by the geopolitical situation in Iran, the price fluctuations of methanol have increased, maintaining a wide - range oscillation pattern. Methanol is in a deep game between strong expectations and weak reality, with limited upward space and potential for a slight adjustment. - In the long - term, the import volume of methanol is expected to decrease in February, but demand recovery is weak. Methanol will likely continue to oscillate widely until there is obvious recovery momentum in demand. [58] Plastic - In the short - term, the supply - demand situation of plastic has marginally improved this week, and the price has continued to rebound due to strong macro - sentiment. However, as geopolitical concerns ease, the cost - side support weakens, and plastic may return to fundamental operation, with a possible weak and oscillatory trend. - In the long - term, the supply pressure of plastic is unlikely to decrease due to new capacity releases, and overall demand is in the off - season. Plastic is expected to continue its weak trend. [59] Summary by Relevant Catalogs Macro and Crude Oil Important Information - Iran's short - term possibility of blocking the Strait of Hormuz has significantly decreased, and the risk premium has been quickly squeezed out. The US has imposed sanctions on multiple Iranian individuals, entities, and foreign companies associated with Iran. The US has completed the first - batch sale of Venezuelan crude oil as part of a $2 billion deal, and plans to continue selling Venezuelan crude oil indefinitely. [3] - The EIA has slightly revised up its future oil - price forecast, expecting the average price of WTI crude oil in 2026 to reach $52.21 per barrel, and maintaining the 2027 forecast at $50.36. US crude - oil production is expected to decline from a peak of 13.61 million barrels per day in 2025 to 13.59 million barrels per day in 2026 and 13.25 million barrels per day in 2027. The rebound in Venezuelan crude - oil production may exacerbate market oversupply. [4] - As of the week ending January 9, 2026, US commercial crude - oil inventories increased by 3.39 million barrels to 422.447 million barrels. The US refinery operating rate was 95.3%, up 0.6 percentage points from the previous week, while gasoline inventories surged by 8.977 million barrels to 251.013 million barrels. [4] Polyester Sector Spot and Futures Price Trends - Futures prices: WTI crude oil continuous increased by 0.03%, PX603 decreased by 0.53%, TA605 decreased by 0.75%, EG605 decreased by 0.75%, PF602 decreased by 1.21%, and PR603 decreased by 0.03%. - Spot prices: Naphtha increased by 2.87%, PX CFR: Taiwan decreased by 0.68%, PTA spot benchmark price decreased by 0.49%, ethylene glycol East China mainstream price decreased by 0.57%, polyester staple fiber East China mainstream price decreased by 0.84%, and polyester bottle - chip East China mainstream price increased by 0.50%. - Basis: PX basis decreased by 10.64 yuan/ton, PTA basis increased by 13 yuan/ton, ethylene glycol basis increased by 8 yuan/ton, short - fiber basis increased by 23 yuan/ton, and polyester bottle - chip basis increased by 32 yuan/ton. - Polyester filament prices: POY150D/48F increased by 2.29%, FDY150D/96F increased by 1.47%, and DTY150D/48F increased by 1.29%. [6] Supply and Demand Analysis of Polyester Sector PX - Last week, the restart of Fujia Dahua's 1 - million - ton PX plant increased supply. As of January 15, the domestic weekly average PX capacity utilization rate was 91.95%, up 2.83 percentage points, and the PX output was 760,600 tons, up 1.46%. - South Korea's GSCX Line 3's 550,000 - ton PX plant has restarted, and Asia's PX load has slightly rebounded. As of January 15, Asia's weekly average PX capacity utilization rate was 79.84%, up 0.66%. - There are no planned plant changes next week, and domestic PX supply is expected to remain stable. [12] PTA - During the week, Yisheng New Materials shut down for maintenance, and Xin Fengming restarted. As of January 15, the domestic PTA weekly capacity utilization rate was 77.22%, down 0.19 percentage points, and the weekly output was 1.4504 million tons, down 1,800 tons. - This week, the pace of PTA social inventory reduction has slowed. As of January 15, PTA in - plant inventory days were 3.62 days (+0.02 days), polyester factory PTA inventory was 7.5 days (+0 days), and PTA social inventory was about 2.8674 million tons (-16,800 tons). - There are maintenance plans for plants in South China next week, and domestic supply is expected to decline slightly. [15][16] Ethylene Glycol - This week, Yongcheng Yongjin restarted, and some plants increased their loads, while Sinopec Sichuan Petrochemical had a short - term shutdown, and some plants decreased their loads. As of January 15, the domestic weekly average ethylene glycol capacity utilization rate was 62.69% (-0.37 percentage points), with the integrated plant capacity utilization rate at 62.51% (-1.14 percentage points) and the coal - based ethylene glycol capacity utilization rate at 62.98% (+0.89 percentage points); the weekly output was 395,600 tons (-2,300 tons). Sinopec Sichuan Petrochemical will undergo maintenance next week, and domestic supply will decrease. - This week, port inventories increased. As of January 15, the total inventory at East China ports was 728,000 tons, down 9,000 tons from Monday and up 38,000 tons from last Thursday. Although the arrival of imported goods will decrease next week, considering the decline in shipments, port inventories are expected to increase slightly. [17] Polyester End - The weekly capacity utilization rate of the polyester end decreased by 0.5 percentage points to 86.7%. [18] Polyester Inventory - This week, the inventory of short - fiber and long - fiber polyester decreased slightly. [22] Terminal - As of January 15, the operating rate of Jiangsu and Zhejiang looms was 54.94% (-2.95 percentage points), the order days of Chinese weaving sample enterprises were 7.73 days (-0.95 days), and the坯布 inventory days were 28.27 days (+0.7 days). [27] Methanol and Polyolefin Spot and Futures Price Trends - Futures: MA2605 decreased by 1.50%, MA basis increased by 54.84%, L2605 increased by 0.31%, and L basis increased by 158.51%. - Methanol prices: Methanol (Taicang) increased by 0.40%, and methanol CFR increased by 0.65%. - Plastic prices: LLDPE increased by 2.58%, HDPE increased by 2.88%, and LDPE increased by 2.22%. [33] Supply and Demand Analysis of Methanol Supply Side - As of January 15, the domestic methanol operating rate was 91.11%, down 0.31 percentage points, and the output was 2.0353 million tons, down 6,990 tons (0.34%) from the previous period. - This week, Xinxiang Zhongxin's plant was under maintenance, with a loss of 300,000 tons/year of production capacity, and Inner Mongolia Jiuding's plant resumed operation, with a recovery of 100,000 tons/year of production capacity. - There are still some maintenance plans next week, and the operating rate is expected to continue to decline slightly. [40] Demand Side - As of January 15, the MTO operating rate decreased by 2.29 percentage points to 85.77%. Ningbo Fude continued to be shut down, and Zhejiang Xingxing shut down on January 12 due to economic pressure. Sierbang has a maintenance plan in February, and the support for coastal olefins is weakening. Other traditional downstream sectors are in the off - season, and although there is a slight increase in plant restarts, there is no obvious positive news. Olefins may continue to weaken in the next period. [43] Inventory - As of January 14, port inventories were 1.4353 million tons, down 101,900 tons (6.63%) from the previous period, and inland inventories were 450,900 tons, up 3,270 tons (0.73%). - The overall unloading volume this period was not large, and port inventories decreased. Although coastal olefins in Zhejiang weakened due to plant shutdowns, inventories also decreased significantly due to less unloading. However, this inventory reduction was mainly driven by unloading volume, and there was no obvious positive news on the demand side. There is still a large risk of inventory accumulation in the next period, and the turning point for effective inventory reduction has not yet arrived. Inland inventories are higher than in previous years due to high operating pressure and seasonal weakening of demand, and there is still pressure to reduce inventories. [46] Supply and Demand Analysis of Plastic Supply Side - As of January 15, the domestic plastic operating rate was 81.6%, down 2.07 percentage points, and the output was 669,800 tons, down 17,000 tons (2.47%) from the previous period. - This week, plants such as Guangdong Petrochemical and Dushanzi Petrochemical were under maintenance, with a total loss of about 480,000 tons/year of production capacity, and plants such as Yangzi Petrochemical and Dushanzi Petrochemical resumed operation, with a total recovery of about 280,000 tons/year of production capacity. - Next week, there are many plants resuming operation, with a total recovery of about 1.5 million tons/year of production capacity, and the operating rate is expected to increase. [49] Demand Side - As of January 15, the downstream plastic operating rate was 40.93%, down 0.28 percentage points. The agricultural film sector continued to weaken seasonally, with the operating rate continuing to decline (-0.91%), and the packaging film sector was slightly boosted by post - holiday replenishment demand, but order follow - up was weakening. [54] Inventory - As of January 13, social inventories were 484,300 tons, down 500 tons (0.1%) from the previous period, and two - oil enterprise inventories were 302,000 tons, down 23,000 tons (7.08%). - This period, the macro - news was positive, market sentiment was strong, and prices continued to rise. However, after the downstream had completed phased inventory replenishment, the trading atmosphere was stalemate. Two - oil enterprises successfully reduced inventories, but overall inventories fluctuated little. [57]