Group 1: Automotive Industry Employment Trends - The employment in the German automotive industry decreased by approximately 48,700 people year-on-year as of September 2025, marking a decline of 6.3%, with total employees dropping to 721,400, the lowest since Q2 2011 [1] - The automotive industry experienced the largest year-on-year employment decline among major industrial sectors with over 200,000 employees, despite remaining the second-largest industrial sector in Germany after mechanical engineering [1] - Within the automotive sector, suppliers faced significant layoffs, with employment in the automotive and engine manufacturing sector totaling 446,800, a year-on-year decrease of 3.8% [1] Group 2: Supplier Impact and Employment Statistics - Employment in the body, chassis, and trailer manufacturing sector saw a decline of 4.0%, with approximately 39,200 employees, while the automotive parts and accessories manufacturing sector experienced an 11.1% decrease, totaling around 235,400 employees [1] - Economists noted that the layoffs among suppliers were more pronounced than those among vehicle manufacturers, which is typical during economic downturns as manufacturers often shift cost pressures onto suppliers [1] Group 3: Broader Industrial Employment Trends - Other major industrial sectors in Germany also experienced varying degrees of layoffs, with the metal smelting and processing industry seeing a 5.4% year-on-year decline, and the data processing equipment, electronics, and optical products manufacturing sector declining by 3.0% [2] - The plastics and metal manufacturing industries also reported declines of 2.6% and 2.5%, respectively, both exceeding the average industrial decline [2] - Overall, German manufacturing employment totaled approximately 5.43 million as of September, reflecting a year-on-year decrease of 120,300, or 2.2% [3]

Report Industry Investment Rating No relevant information provided. Core Viewpoint of the Report The supply - demand pattern of the plastic industry remains unchanged. Despite previous price rebounds driven by cost increases and downstream peak seasons, it is expected that plastics will mainly experience weak and volatile trends in the near future [1]. Summary by Relevant Catalogs Market Analysis - On November 20, the plastic operating rate remained at around 89%, at a neutral level. As of the week of November 14, the PE downstream operating rate decreased by 0.36 percentage points to 44.49% week - on - week. The agricultural film is in the peak season with stable orders, but the packaging film orders decreased slightly. The overall PE downstream operating rate is at a relatively low level in recent years. Petrochemical inventory reduction has slowed down, and the current inventory is at a neutral - to - high level in recent years [1][4]. - The end of the US government shutdown and the strengthening of refined oil crack spreads in Europe and the US led to a rebound in crude oil prices after a decline. However, OPEC adjusted the global oil market from a shortage of 400,000 barrels per day in Q3 2025 to a surplus of 500,000 barrels per day, limiting the increase in crude oil prices [1]. - New production capacities of ExxonMobil (Huizhou) LDPE (500,000 tons/year) and PetroChina Guangxi Petrochemical (700,000 tons/year) have been put into operation recently. The agricultural film peak season is coming to an end, downstream operating rates are falling, and downstream enterprises' purchasing willingness is insufficient. Traders are cautious about the future market and are actively selling at reduced prices. There is no actual anti - involution policy in the plastic industry yet [1]. Futures and Spot Market Conditions Futures - The plastic 2601 contract fluctuated with a reduction in positions. The lowest price was 6,779 yuan/ton, the highest was 6,855 yuan/ton, and it closed at 6,835 yuan/ton, below the 60 - day moving average, with a gain of 0.32%. The position volume decreased by 11,929 lots to 516,737 lots [2]. Spot - Most PE spot markets declined, with price changes ranging from - 50 to + 0 yuan/ton. LLDPE was reported at 6,790 - 7,220 yuan/ton, LDPE at 8,750 - 9,280 yuan/ton, and HDPE at 6,950 - 7,990 yuan/ton [3]. Fundamental Tracking - Supply: On November 20, there were few changes in maintenance devices, and the plastic operating rate remained at around 89%, at a neutral level [4]. - Demand: As of the week of November 14, the PE downstream operating rate decreased by 0.36 percentage points to 44.49% week - on - week. The agricultural film is in the peak season with stable orders and raw material inventory, but the packaging film orders decreased slightly. The overall PE downstream operating rate is at a relatively low level in recent years [1][4]. - Petrochemical inventory: On Thursday, the petrochemical early - morning inventory decreased by 10,000 tons to 690,000 tons week - on - week, 55,000 tons higher than the same period last year. Petrochemical inventory reduction has slowed down, and the current inventory is at a neutral - to - high level in recent years [4]. - Raw materials: The Brent crude oil 01 contract fluctuated around $64 per barrel. The Northeast Asian ethylene price remained flat at $720 per ton week - on - week, and the Southeast Asian ethylene price remained flat at $730 per ton week - on - week [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report provides daily observations and analyses of the plastic (L) and polypropylene (PP) markets from October 27 to November 25, 2025, including market conditions, important news, logical analyses, and trading strategies. Market conditions show fluctuations in contract prices and market prices of L and PP, influenced by factors such as futures trends, production enterprise price adjustments, and downstream demand. Important news covers various aspects such as corporate establishment, strategic cooperation, and industry development. Logical analyses consider factors like production volume, economic indicators, and industry indices to assess impacts on the market. Trading strategies suggest different actions for L and PP contracts, including holding, trying long or short positions, and setting stop - loss points [1][2][4]. Summary by Relevant Catalogs Market Conditions - **L Plastic**: Contract prices fluctuated, with daily changes ranging from - 0.67% to + 0.82%. Market prices showed partial increases, decreases, or mixed trends, with price changes in different regions ranging from 10 - 110 yuan/ton. Downstream demand was generally weak, with factories showing low procurement enthusiasm and mostly making small - quantity or on - demand purchases [1][4][7]. - **PP Polypropylene**: Contract prices also fluctuated, with daily changes from - 0.82% to + 0.34%. The market was characterized by narrow fluctuations, weak trends, or partial price adjustments. Downstream demand was cautious, with low inventory - building willingness and a preference for low - price sources [1][4][7]. Important News - **Corporate Events**: Include the establishment of new companies such as Wan华绿能 (东明) 清洁能源有限公司, strategic cooperation like the one between 中化塑料 and 陶氏化学, and corporate acquisitions such as 中国浙江艾昕尔丝袜公司's acquisition of 西班牙百年尼龙企业 Nylstar [7][16][23]. - **Industry Developments**: Involve the release of industry rankings, the implementation of new projects like 中国石油广西石化公司's 120 -万吨/年乙烯装置, and the issuance of industry - related policies such as 《石化化工行业稳增长工作方案 (2025—2026 年)》[54][37][62]. - **Economic Data**: Include industrial production and sales data, PMI data, and logistics industry indices, which reflect the overall economic situation and industry trends [34][31][58]. Logical Analyses - **Supply - side Factors**: Consider factors such as domestic and international production volume changes of polypropylene, PE and PP capacity utilization rates, and inventory changes of relevant products [8][14][31]. - **Demand - side Factors**: Analyze factors like downstream industry demand (e.g., automotive, home appliance), economic policy uncertainty, and industry indices (e.g., PMI, logistics industry index) [2][34][31]. - **Other Factors**: Include stock index trends, freight index changes, and the relationship between different economic indicators [17][38][11]. Trading Strategies - **Single - side Trading**: Suggest different strategies for L and PP contracts, including holding long or short positions, trying long or short positions, or taking a wait - and - see approach, and setting corresponding stop - loss points [2][5][8]. - **Arbitrage Trading**: Most of the time, it is recommended to take a wait - and - see approach [2][5][8]. - **Options Trading**: Usually, it is recommended to take a wait - and - see approach [2][5][8].

Market Overview - The plastic sector experienced a slight decline of 0.07% on November 20, with Guoen Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Top Gainers in the Plastic Sector - Zhangguang Co. (301092) saw a significant increase of 20.01%, closing at 41.02 with a trading volume of 116,300 shares and a turnover of 462 million yuan [1] - Guofeng New Materials (000859) rose by 10.04%, closing at 7.89 with a trading volume of 732,400 shares and a turnover of 577 million yuan [1] - Dongcai Technology (601208) increased by 10.01%, closing at 18.46 with a trading volume of 1,052,700 shares and a turnover of 1.926 billion yuan [1] Top Losers in the Plastic Sector - Tu'en Co. (002768) experienced a decline of 4.92%, closing at 53.13 with a trading volume of 25,000 shares and a turnover of 13.5 million yuan [2] - Weihai Bo (688718) fell by 4.26%, closing at 15.95 with a trading volume of 82,900 shares and a turnover of 138 million yuan [2] - Haizheng Biomaterials (688203) decreased by 4.00%, closing at 12.97 with a trading volume of 37,100 shares and a turnover of 48.77 million yuan [2] Capital Flow in the Plastic Sector - The plastic sector saw a net inflow of 49.82 million yuan from institutional investors, while retail investors contributed a net inflow of 75.13 million yuan [2] - However, there was a net outflow of 125 million yuan from speculative funds [2] Individual Stock Capital Flow - Dongcai Technology (601208) had a net inflow of 509 million yuan from institutional investors, representing 26.42% of its total trading [3] - Zhangguang Co. (301092) experienced a net inflow of 103 million yuan from institutional investors, with a net outflow of 67.61 million yuan from speculative funds [3] - Guofeng New Materials (000859) had a net inflow of 20.19 million yuan from institutional investors, while speculative funds saw a net outflow of 15.44 million yuan [3]

格隆汇11月20日丨银禧科技(300221.SZ)在互动平台表示，公司的PPO业务材料分为PPO注塑用改性塑料 与化工合成的电子化学品PPO材料。PPO注塑用改性塑料是公司成熟的产品，共用改性塑料产线，产能 充足。公司的电子化学品PPO年设计产能为300吨，但受多种因素影响，实际产能远低于设计产能，目 前还在爬坡中。 （原标题：银禧科技(300221.SZ)：PPO注塑用改性塑料是公司成熟的产品，共用改性塑料产线，产能充 足） ...

Core Viewpoint - PPS resin, recognized as a high-performance specialty engineering plastic, is experiencing significant growth in production capacity and demand due to its superior properties and increasing applications in various industries [1][2][10]. Group 1: Industry Overview - PPS resin is a crystalline thermoplastic with a high melting point of 290°C and excellent thermal, chemical resistance, dimensional stability, flame retardancy, electrical properties, and mechanical performance [2]. - It is considered the sixth major specialty engineering plastic and one of the eight aerospace materials [1][2]. Group 2: Supply Situation - Global PPS resin production capacity is projected to reach 210,000 tons per year by 2024, an increase of 34,000 tons from 2020 [6][7]. - In China, the nominal capacity for PPS resin is expected to be 92,000 tons per year in 2024, with an effective capacity of 68,000 tons and a production volume of 50,000 tons, resulting in an effective operating rate of 73% [8][10]. Group 3: Market Demand - Global consumption of PPS resin is anticipated to grow from 99,000 tons in 2020 to 129,000 tons in 2024, with a compound annual growth rate (CAGR) of approximately 6.8% [10][11]. - China is projected to account for 43.4% of global PPS resin consumption by 2024, with significant demand driven by the automotive, environmental, and electronics sectors [12][14]. Group 4: Application Structure - The automotive industry is expected to be the largest consumer of PPS resin in China, accounting for about 32% of total consumption, followed closely by environmental filter bags and other textile applications at approximately 30% [16]. - PPS resin is increasingly used in high-end manufacturing sectors, including aerospace, due to its performance advantages [16]. Group 5: Development Trends - The global PPS resin market is set to evolve towards product performance optimization, increased penetration rates, and industry chain integration [17]. - By 2030, China's PPS resin consumption is projected to reach 94,000 tons, driven by trends in lightweight automotive manufacturing and home appliance modernization [17].

Report Industry Investment Rating - Not provided Core Viewpoint of the Report - Previously, the increase in costs and the peak season of downstream demand drove the price of plastics to rebound. However, with the overall supply - demand pattern remaining unchanged, it is expected that plastics will mainly show a weak and volatile trend in the near future [1] Summary by Relevant Catalogs Market Analysis - On November 19, the overhauled units such as full - density units of Ningxia Baofeng restarted, and the plastic operating rate rose to around 89%, currently at a neutral level. As of the week of November 14, the downstream operating rate of PE decreased by 0.36 percentage points to 44.49% week - on - week. The agricultural film is still in the peak season, with stable orders and raw material inventory, but the orders for packaging film continued to decline slightly. The overall downstream operating rate of PE is still at a relatively low level in the same period in recent years. Petrochemical inventory reduction slowed down, and the current petrochemical inventory is at a moderately high level in the same period in recent years. The cost - end crude oil price rebounded after a decline, but the supply surplus pattern limited its increase. New production capacities were put into operation, and downstream enterprises had insufficient purchasing willingness. Traders were cautious about the future market and actively sold goods at reduced prices. The anti - involution policy has not been implemented yet [1] Futures and Spot Market Conditions - **Futures**: The plastic 2601 contract decreased in positions and fluctuated upwards, with a minimum price of 6781 yuan/ton, a maximum price of 6838 yuan/ton, and finally closed at 6833 yuan/ton, below the 60 - day moving average, with a gain of 0.22%. The position volume decreased by 19,678 lots to 528,666 lots [2] - **Spot**: Most of the PE spot market declined, with price changes ranging from - 50 to + 0 yuan/ton. LLDPE was reported at 6790 - 7220 yuan/ton, LDPE at 8750 - 9280 yuan/ton, and HDPE at 6950 - 7990 yuan/ton [3] Fundamental Tracking - **Supply**: On November 19, the overhauled units such as full - density units of Ningxia Baofeng restarted, and the plastic operating rate rose to around 89%, currently at a neutral level [4] - **Demand**: As of the week of November 14, the downstream operating rate of PE decreased by 0.36 percentage points to 44.49% week - on - week. The agricultural film is still in the peak season, with stable orders and raw material inventory, but the orders for packaging film continued to decline slightly. The overall downstream operating rate of PE is still at a relatively low level in the same period in recent years [4] - **Inventory**: On Wednesday, the petrochemical early - morning inventory decreased by 10,000 tons to 700,000 tons week - on - week, 40,000 tons higher than the same period last year. Petrochemical inventory reduction slowed down, and the current petrochemical inventory is at a moderately high level in the same period in recent years [4] - **Raw Materials**: The Brent crude oil 01 contract fluctuated around 64 US dollars/barrel. The price of Northeast Asian ethylene decreased by 5 US dollars/ton to 720 US dollars/ton week - on - week, and the price of Southeast Asian ethylene decreased by 5 US dollars/ton to 730 US dollars/ton week - on - week [4]

Group 1 - The core viewpoint of the articles indicates a decline in the production of primary plastic shapes in Guangxi Zhuang Autonomous Region during the first half of 2025 compared to the same period in 2024, with a total production of 651,000 tons, representing a decrease of 6.6% [1] - The growth rate of plastic production in Guangxi is significantly lower than the national average, with a decrease of 79.5 percentage points compared to 2024 and 16.9 percentage points lower than the national growth rate [1] - In June 2025, the production of primary plastic shapes in Guangxi reached 153,000 tons, showing a year-on-year increase of 15.9%, although this growth rate is still 18.2 percentage points lower than that of June 2024 [2] Group 2 - The production in June 2025 accounted for 1.3% of the national total production of primary plastic shapes, which was 12,032,089.9 tons [2] - The data indicates that while Guangxi's production growth in June was higher than the national average by 3.8 percentage points, the overall trend shows a slowdown in growth [2] - The articles provide context on the classification of primary plastic shapes, noting that prior to 2004, they were referred to as plastic resins and copolymers [5]

佛塑科技今日涨停，全天换手率21.78%，成交额28.24亿元，振幅10.87%。龙虎榜数据显示，机构净买 入880.72万元，深股通净卖出5656.04万元，营业部席位合计净买入1.53亿元。 深交所公开信息显示，当日该股因日涨幅偏离值达10.50%上榜，机构专用席位净买入880.72万元，深股 通净卖出5656.04万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交9.04亿元，其中，买入成交额为5.04亿 元，卖出成交额为3.99亿元，合计净买入1.05亿元。 具体来看，今日上榜的营业部中，共有3家机构专用席位现身，即买四、卖二、卖三，合计买入金额 1.13亿元，卖出金额1.05亿元，合计净买入880.72万元，深股通为第一大买入营业部及第一大卖出营业 部，买入金额为1.70亿元，卖出金额为2.27亿元，合计净卖出5656.04万元。 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 深股通专用 | 17039.53 | 22695.57 | | 买二 | 长江证券股份 ...

Market Overview - The plastic sector experienced a decline of 0.27% on November 19, with Stik leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Top Performers in the Plastic Sector - 佛塑科技 (Foshan Plastics) saw a significant increase of 9.99%, closing at 13.87, with a trading volume of 2.1066 million shares and a transaction value of 2.824 billion [1] - 国风新材 (Guofeng New Materials) rose by 9.97%, closing at 7.17, with a trading volume of 686,900 shares [1] - 唯赛勃 (Weisibo) increased by 5.31%, closing at 16.66, with a transaction value of 153 million [1] Underperformers in the Plastic Sector - 斯迪克 (Stik) led the decline with a drop of 9.17%, closing at 27.52, and a trading volume of 319,300 shares, resulting in a transaction value of 900.2 million [2] - 緊石化学 (Jinshi Chemical) fell by 6.83%, closing at 24.13, with a transaction value of 115 million [2] - 润阳科技 (Runyang Technology) decreased by 4.37%, closing at 39.83, with a transaction value of 84.9 million [2] Capital Flow Analysis - The plastic sector experienced a net outflow of 194 million from major funds, while retail investors saw a net inflow of 1.87 billion [2][3] - Major funds showed a net inflow in 佛塑科技 (Foshan Plastics) of 200 million, while 国风新材 (Guofeng New Materials) had a net inflow of 157 million [3] - The overall trend indicates a shift in investment focus, with retail investors actively participating despite the outflow from institutional funds [2][3]