Core Viewpoint - The Chinese plastic processing industry is undergoing a comprehensive transformation driven by innovation and green circular economy, facing challenges such as market demand insufficiency, environmental pressures, and technological bottlenecks as it moves towards the "14th Five-Year Plan" [1][3]. Group 1: Industry Overview - The Chinese plastic processing industry has become the world's largest in terms of production, consumption, and export, with a total production of 77.076 million tons in 2024, representing a year-on-year growth of 2.9% [2]. - The total export value of plastic products reached $106.09 billion in 2024, an increase of 5.4% year-on-year, while imports totaled $17.8 billion, up 3.6%, resulting in a trade surplus of $88.29 billion [2]. Group 2: Challenges Faced - The industry is grappling with insufficient effective market demand, rapid changes in demand structure, severe internal competition, and intense competition in low-end products [3]. - Environmental pressures and sustainability challenges are significant, with increasing restrictions on single-use plastic products and high costs associated with recycling [3]. Group 3: Strategic Directions for Transformation - The China Plastic Processing Industry Association has proposed four strategic directions for the upcoming "14th Five-Year Plan": focusing on world-class technology, enhancing public health, addressing national needs, and promoting resource integration [4]. - The market for the plastic processing industry is expected to grow steadily during the "14th Five-Year Plan," with technological innovation as the core driving force, particularly in high-performance engineering plastics and smart manufacturing [4][5]. Group 4: Green Transformation - Green transformation is elevated to a strategic level, with a focus on the large-scale application of bio-based plastics, breakthroughs in chemical recycling technology, and the establishment of low-carbon certification systems [5]. - The EU's Carbon Border Adjustment Mechanism (CBAM) will compel export companies to accelerate their low-carbon transformation, intensifying competition over technological standards [5].

聚丙烯产业日报 2025-06-03 统消费旺季，近期国际油价走强。PP供需偏弱格局未改，不过需关注油价波动导致短期价格反弹。技术上 助理研究员: 徐天泽 期货从业资格号F03133092 ，PP2509下方关注6840附近支撑，上方关注6940附近压力。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:聚丙烯(日,元/吨) | 6884 | 9 1月合约收盘价:聚丙烯(日,元/吨) | 6822 | 20 | | | 5月合约收盘价:聚丙烯(日,元/吨 ...

Group 1 - The core viewpoint of the article highlights the acceleration of China's nylon industry towards high-end and low-carbon transformation, driven by the domestic production of key raw materials and the increasing demands from emerging sectors such as electric vehicles and robotics [2][3] - The upcoming advanced training course on "Nylon Modification and High-Performance Processing Technology" aims to address production challenges and promote technological innovation in the nylon industry [3][4] Group 2 - The training will cover various topics including the characteristics and modification paths of high-temperature nylon resins, the impact of glass fiber on nylon composite performance, and the application of halogen-free flame retardants [4][5][6] - Industry experts with extensive practical experience will share innovative ideas and practical experiences related to nylon modification and high-performance processing technology [3][4][5] - The event will facilitate interaction and discussion among participants, focusing on real-world technical issues faced in production processes [10][12][28]

Group 1 - The company, 聚赛龙, is a national high-tech enterprise specializing in modified general plastics, modified engineering plastics, and modified special engineering plastics [2] - 聚赛龙 was established in 1998 and listed on the Shenzhen Stock Exchange's Growth Enterprise Market in March 2022, with stock code 301131 [2] - The company has two major production bases located in East and South China [2] Group 2 - In the first quarter of 2025, 聚赛龙 achieved operating revenue of 360.3 million yuan, a year-on-year increase of 5.76% [2] - The net profit attributable to shareholders was 15.8 million yuan, reflecting a year-on-year increase of 9.32% [2] - The non-recurring net profit was 15.6 million yuan, showing a year-on-year increase of 13.75% [2] Group 3 - As of March 2025, the concentration of shares among the top ten shareholders is very high, accounting for 58.05% of total shares [2] - The top ten circulating shareholders hold a combined 35.11% of the circulating shares [2] - The number of shareholders is 8,168, with an average of 3,770 circulating shares and an average holding amount of 145,500 yuan per shareholder [2] Group 4 - The convertible bond, 赛龙转债, experienced a decline of 2.18%, trading at 138.901 yuan per bond with a transaction volume of 42.74 million yuan [1] - The bond has a credit rating of "A+" and a maturity period of 6 years, with varying interest rates from 0.30% to 2.80% over the years [1] - The conversion price for the bond is set at 36.81 yuan, with the conversion starting on January 13, 2025 [1]

Core Viewpoint - Plastic pollution is a significant ecological challenge globally, with China's polyamide 6 (Nylon 6) apparent consumption market exceeding 4 million tons by the end of 2023, while the recycling volume is only 1 to 1.5 million tons, primarily from old fishing nets and waste textile fibers [1][3]. Group 1: Recycling Challenges and Innovations - Traditional recycling of old fishing nets faces three main challenges: difficulty in separation, contamination, and performance degradation due to long exposure to marine environments [1]. - The development of green and efficient cleaning agents and processes has enabled the appearance quality of recycled PA6 pellets to approach that of virgin materials, meeting high-grade product application needs [3]. - The molecular weight of recycled PA6 has been improved through a synergistic approach of reactive extrusion and solid-phase toughening, resulting in a 22% increase in impact strength and a bending strength exceeding 111 MPa, surpassing some virgin resins [3][4]. Group 2: Chemical Recycling and Industrialization - A negative pressure melting depolymerization technology has been developed to achieve mild depolymerization in a vacuum environment, increasing the yield of caprolactam (CPL) monomer to 70% with a purity exceeding 99% [4]. - The company has established a full-process technology chain from targeted recycling channel construction to solvent recovery systems, supporting the supply of over 2 million tons of various types of environmentally friendly recycled plastics [4]. Group 3: Industry Trends and Future Directions - The Chinese nylon industry is accelerating its transition towards high-end and low-carbon production, driven by breakthroughs in the synthesis of special materials and the domestic production of key raw materials [7]. - Emerging applications in electric vehicles, electronics, and intelligent robotics are raising performance requirements for nylon materials, presenting both opportunities and challenges for formulation design and process optimization [7].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views Polyester Industry - PX: Short - term prices are supported due to planned outages, delayed PTA maintenance, and restart of previous maintenance devices. Suggest short - term focus around 6600, and consider PX9 - 10 positive spreads and PX - SC positive spreads [18]. - PTA: Weekly supply - demand weakens, downstream polyester losses increase, and terminal demand is in a wait - and - see state. Short - term is under pressure. Suggest short - term focus on support around 4600 and TA9 - 1 short - selling on rallies [18]. - Ethylene Glycol (MEG): Expected to de - stock from May to June, but the upside is limited by polyester factory production cuts. Suggest unilateral wait - and - see and EG9 - 1 positive spreads on dips [18]. - Short - fiber: Processing fees may be repaired, but short - term absolute prices are dragged down by oil price drops. Suggest PF unilateral trading similar to PTA and expanding PF processing fees at low levels [18]. - Bottle chips: Supply has an incremental expectation, but short - term supply - demand contradiction is not prominent. Suggest PR unilateral trading similar to PTA and focus on expanding processing fees at the lower end of the 350 - 550 yuan/ton range [18]. Urea Industry - The inventory pressure of domestic urea factories is becoming more obvious, and the market may continue to oscillate and bottom. The downward space of the futures market depends on cost support. Future attention should be paid to inventory inflection points, export port collection trends, and coal price fluctuations [28]. Polyolefin Industry - PE: Overall trading is weak, but supply before early June is reduced due to maintenance and imports are low. Demand improves due to tariff cuts, and inventory is expected to decrease. - PP: Supply pressure increases after late May, but there is short - term demand support. Suggest unilateral short - selling on rallies and LP spreads expansion [31]. Crude Oil Industry - OPEC+ is discussing further production increases in July, and industry members are over - producing. US commercial crude inventories are accumulating, and gasoline and distillate demand is weak. Short - term oil prices will oscillate widely. Suggest a band - trading strategy, with WTI in the [59, 69] range, Brent in the [61, 71] range, and SC in the [450, 510] range. Consider buying volatility in the options market [75]. Styrene Industry - Crude oil price drops drag down the aromatics series. Styrene's recent rebound is weakening. Downstream 3S has high inventory, and raw material pure benzene supply - demand is not improving. Suggest a medium - term bearish view and focus on EB - BZ spread widening opportunities [81]. Methanol Industry - The inland methanol valuation has a downward pressure, production recovers after spring maintenance, and the port starts to accumulate inventory. The 09 contract is under pressure. Suggest short - selling MA09 on rallies [84]. Chlor - alkali Industry - Caustic soda: Short - term supply pressure is limited, demand from alumina is expected to increase, and spot prices are supported. However, non - aluminum demand pressure and cost reduction pose risks. Suggest unilateral wait - and - see. - PVC: The recent rebound is due to macro - stimulus, export support, and supply - demand balance. But in the long - term, there is an over - supply pressure due to the real estate situation. Suggest a medium - term short - selling strategy with a resistance level around 5100 for the 09 contract [89][91]. 3. Summary by Relevant Catalogs Polyester Industry - **Downstream Polyester Products**: On May 22, POY150/48 price was 6990 yuan/ton (- 0.4% from the previous day), FDY150/96 was 7275 yuan/ton, DTY150/48 was 8220 yuan/ton, etc. [18] - **Upstream Prices**: Brent crude (July) was 64.91 dollars/barrel (- 0.7% from the previous day), WTI crude (June) was 61.20 dollars/barrel, etc. [18] - **PX - related**: CFR China PX was 835 dollars/ton (- 1.4% from the previous day), PX - crude was 353 dollars/ton (- 2.4% from the previous day) [18]. - **PTA - related**: PTA华东现货价格 was 4895 yuan/ton (- 0.7% from the previous day), TA期货2509 was 4788 yuan/ton (- 1.8% from the previous day) [18]. - **MEG - related**: MEG港口库存 was 74.3 tons (- 1.1% from the previous day), MEG到港预期 was 10.9 tons [18]. Urea Industry - **Futures Prices**: On May 22, the 01 contract was 1766 yuan/ton (- 0.39% from the previous day), the 05 contract was 1772 yuan/ton (- 0.51% from the previous day), etc. [23] - **Futures Spreads**: The 01 contract - 05 contract spread was - 6 yuan/ton (25.00% change from the previous day), the 05 contract - 09 contract spread was - 77 yuan/ton (- 4.05% change from the previous day) [24]. - **Upstream Raw Materials**: On May 22, the price of无烟煤小块 (Jincheng) was 1000 yuan/ton, the price of动力煤坑口 (Yijinhuoluoqi) was 410 yuan/ton [26]. - **Spot Market**: On May 22, the price of山东 (small particles) was 1880 yuan/ton, the price of山西 (small particles) was 1750 yuan/ton (- 0.57% from the previous day) [27]. - **Supply - Demand**: On May 23, the domestic urea daily output was 20.48 tons (1.49% increase from the previous day), the domestic urea weekly output was 142.55 tons (2.20% increase from the previous week) [28]. Polyolefin Industry - **PE/PP Prices**: On May 22, L2505 was 7083 yuan/ton (- 0.80% from the previous day), PP2505 was 6938 yuan/ton (- 0.74% from the previous day) [31]. - **PE/PP Non - standard Prices**: On May 22, the price of华东LDPE was 9000 yuan/ton (- 1.64% from the previous day), the price of华东HD膜 was 7550 yuan/ton [32]. - **PE Upstream and Downstream**: The PE装置开工率 was 78.0% (- 1.80% from the previous value), the PE下游加权开工率 was 39.4% (0.33% increase from the previous value) [33]. - **PE Inventory**: The PE企业库存 (Wednesday update) was 49.8 tons (- 5.57% from the previous value), the PE社会库存 (Monday update) was 59.3 tons (- 2.85% from the previous value) [34]. Crude Oil Industry - **Crude Oil Prices and Spreads**: On May 23, Brent was 64.44 dollars/barrel (- 0.72% from May 22), WTI was 60.75 dollars/barrel (- 0.74% from May 22) [75]. - **Refined Oil Prices and Spreads**: On May 23, NYM RBOB was 212.57 cents/gallon (- 0.26% from May 22), NYM ULSD was 210.89 cents/gallon (- 0.41% from May 22) [75]. - **Refined Oil Crack Spreads**: On May 23, the US gasoline crack spread was 28.53 dollars/barrel (0.77% increase from May 22), the European gasoline crack spread was 16.93 dollars/barrel [75]. Styrene Industry - **Upstream**: On May 22, Brent原油 (July) was 64.4 dollars/barrel (- 0.7% from the previous day), CFR日本石脑油 was 563.0 dollars/ton (- 2.4% from the previous day) [78]. - **Spot and Futures**: On May 22, the苯乙烯华东现货价 was 7765.0 yuan/ton (- 1.0% from the previous day), EB2506 was 7452.0 yuan/ton (- 1.7% from the previous day) [79]. - **Overseas Quotes and Import Profits**: On May 22, the苯乙烯CFR中国 was 906.0 dollars/ton (- 1.6% from the previous day), the苯乙烯进口利润 was 109.1 yuan/ton (29.8% increase from the previous day) [80]. - **Industry开工率 and利润**: The苯乙烯开工率 was 71.3% (- 1.3% from the previous value), the苯乙烯一体化利润 was 519.7 yuan/ton (349.6% increase from the previous value) [81]. Methanol Industry - **Methanol Prices and Spreads**: On May 22, MA2501 was 2311 yuan/ton (- 1.37% from the previous day), MA2505 was 2259 yuan/ton (- 3.59% from the previous day) [84]. - **Inventory**: The methanol企业库存 was 33.401% (- 0.52% from the previous value), the甲醇港口库存 was 49.0 tons (1.34% increase from the previous value) [84]. - **Upstream and Downstream开工率**: The上游 - 国内企业开工率 was 74.51% (- 1.31% from the previous value), the下游 - 外采MTO装置开工率 was 83.54% (10.39% increase from the previous value) [84]. Chlor - alkali Industry - **PVC/烧碱现货 & 期货**: On May 22, the price of山东32%液碱折自价 was 2656.3 yuan/ton, the price of华东电石法PVC市场价 was 4830.0 yuan/ton [89]. - **烧碱海外报价 & 出口利润**: On May 8, the FOB华东港口 was 395.0 dollars/ton, the出口利润 was 46.9 yuan/ton [89]. - **PVC海外报价 & 出口利润**: On February 15, the CFR东南亚 was 670.0 dollars/ton, the出口利润 was 54.1 yuan/ton [89]. - **Supply (开工率 and利润)**: The烧碱行业开工率 was 85.8% (- 1.9% from the previous value), the外采电石法PVC利润 was - 1042.0 yuan/ton (2.8% increase from the previous value) [89]. - **Demand (开工率)**: The氧化铝行业开工率 was 77.0% (- 3.3% from the previous value), the隆众样本管材开工率 was 49.1% (1.9% increase from the previous value) [90][91]. - **Inventory**: On May 15, the液碱华东厂库库存 was 19.4 tons (0.3% increase from the previous value), the PVC总社会库存 was 39.7 tons (- 3.1% from the previous value) [91].

Core Viewpoint - The article discusses the transformation of the nylon industry in China towards high-end and low-carbon materials, driven by the domestic production of key raw materials and the increasing demands from emerging sectors such as electric vehicles and robotics [1]. Group 1: Background and Context - The full-scale production of the key raw material, adiponitrile, has enabled the domestic nylon industry to accelerate its transition to high-end and low-carbon materials [1]. - Emerging applications in sectors like new energy vehicles, electronics, and intelligent robotics are raising the performance requirements for nylon materials, creating both opportunities and challenges for formulation design and process optimization [1]. Group 2: Workshop Details - DT New Materials will host the "Nylon Modification and High-Performance Processing Technology" advanced training course on July 4-5, 2025, in Ningbo, focusing on high-temperature nylon, performance additives, and innovative formulation design [2]. - The workshop aims to address production challenges and promote technological innovation and product quality improvement through expert insights [2]. Group 3: Workshop Agenda - The agenda includes various topics such as the characteristics and modification paths of high-temperature nylon resins, the impact of glass fiber on nylon composite performance, and the industry progress of halogen-free flame retardants [3][5][7]. - Interactive sessions will allow participants to engage with experts on practical issues faced in production processes [13]. Group 4: Expert Profiles - The workshop features industry experts with extensive experience in nylon materials and processing, including professionals from Shanghai Beigang New Materials, DT New Materials, and Klaus-Maffei Machinery [14][20]. - Each expert will share insights on specific topics related to nylon modification and processing, enhancing the knowledge base of participants [19][21].

Core Viewpoint - The article highlights the rapid advancement of China's nylon industry towards high-end and low-carbon transformation, driven by the domestic production of key raw materials and the increasing demands from emerging sectors such as electric vehicles and robotics [1][2]. Group 1: Background and Context - The full-scale production of the key raw material, adiponitrile, has enabled the domestic nylon industry to accelerate its transition to high-end and low-carbon solutions [1]. - Emerging applications in sectors like new energy vehicles, electronics, and intelligent robotics are raising the performance requirements for nylon materials, creating both opportunities and challenges for the industry [1]. Group 2: Workshop Details - DT New Materials will host the "Nylon Modification and High-Performance Processing Technology" advanced training course on July 4-5, 2025, in Ningbo, focusing on high-temperature nylon, performance additives, and innovative formulation design [2][3]. - The workshop will feature industry experts sharing practical experiences and innovative ideas to enhance technical innovation and product quality in nylon processing [2]. Group 3: Workshop Agenda - The agenda includes sessions on high-temperature nylon resin characteristics, the impact of various additives on glass fiber-reinforced nylon, and the design of modification paths and processing techniques [3][4]. - Specific topics will cover the optimization of glass fiber parameters, the characteristics of halogen-free flame retardants, and the challenges in laser welding nylon materials [4][5]. Group 4: Instructor Information - The instructors include experienced professionals from leading companies, such as Zhu Jun from Shanghai Beigang New Materials and Zhao Guodong from Guangzhou Yinyuan New Materials, who bring extensive expertise in nylon modification and processing [11][19][20].

Core Viewpoint - The Northwest region of China is witnessing traditional enterprises embracing modern financial concepts, particularly risk management and futures trading, to achieve transformation and upgrade their operations [1] Group 1: Company Transformation and Futures Trading - Qinglong Pipeline Group has evolved into a comprehensive service provider in the water-saving sector, participating in major engineering projects while actively engaging in futures trading since 2021 to stabilize operations amid fluctuating raw material prices [2][3] - The company successfully utilized basis trading to secure favorable pricing for future raw material purchases, significantly reducing production costs compared to traditional procurement methods [4] Group 2: Agricultural Film Procurement and Cost Management - Gansu Jiyang Plastic Co., Ltd. leverages basis trading to provide affordable agricultural films, essential for crop growth in the arid Northwest climate, while managing raw material costs effectively [5][6] - The company has adopted futures and options to hedge against price volatility, resulting in a more stable profit margin and reduced procurement costs for government agricultural film subsidies [7][8] Group 3: Industry Collaboration and Risk Management - Longchang Petrochemical Group has been involved in the futures market since 2007, developing a mature system for integrating futures and spot trading, benefiting both itself and downstream partners like Qinglong Pipeline and Jiyang Plastic [9][10] - The company emphasizes collaboration across the supply chain, offering various methods to help clients lock in procurement costs, including the use of call and put options [10] Group 4: Future Prospects and Industry Growth - The risk management awareness among Northwest enterprises has significantly improved, with many now actively using futures for price discovery and hedging, indicating a positive trend for future market participation [12] - The region is attracting more industries due to lower labor costs and resource availability, presenting new opportunities for growth, particularly in the plastic and chemical sectors [13]

瑞达期货研究院 「2025.05.16」 聚丙烯市场周报 研究员：林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 助理研究员：徐天泽 期货从业资格号F03133092 关 注 我 们 获 取 更 多 资 讯 业务咨询 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 3 价格：本周受中美关税下调叠加国际油价走强影响，PP期货价格大幅拉涨。周四、周五PP随国际油价走 弱回调，整体冲高回落收涨。截至2025年5月16日收盘，PP2509合约报收于7093元/吨，较上周收盘上涨 1.81%。 基本面：供应端，本周中煤榆林、茂名石化、惠州立拓等装置停车检修，PP产量环比-4.00%至74.86万吨， 产能利用率环比-3.19%至76.56%。需求端，本周下游开工止降回升，平均开工率环比+0.33%至49.83%。 本周PP商业库存在83.86万吨，环比-6.51%，压力不大。上游企业密集检修，供应压力减弱，生产企业库 存环比-8.04%；终端产品外贸环境改善，市场交投好转，中间商低位备货，贸易商库存环比+11.27%；出 口成交增量有限，港口库 ...