1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - The PE market is in a supply - strong and demand - weak situation in the short term, and it is expected to maintain a low - level oscillation pattern. The supply pressure continues to increase, while the demand support is insufficient. In the medium - and short - term, a bearish view is taken, and in the long - term, the supply pressure of non - standard PE products may suppress LLDPE prices [1][6]. 3. Summary by Relevant Catalogs 3.1 Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - Supply side: The pressure is continuously increasing. There are few subsequent device maintenance plans, and the start - up rate is expected to continue to rise. In the fourth quarter, new device startups are still concentrated, such as the upcoming startups of two sets of Guangxi Petrochemical's devices [1]. - Demand side: The support is insufficient. Although the agricultural film industry is in the traditional peak season, the overall start - up rate and order growth rate have slowed down. After mid - November, the growth space for demand will be limited, and other downstream industries of PE have insufficient new orders [1]. 3.1.2 Trading Strategy Recommendations - **Trend judgment**: Weak oscillation. The price range of L2601 is 6600 - 7000. The strategy is to short on rallies [10]. - **Basis, spread, and hedging arbitrage strategy recommendations**: No basis strategy; 1 - 5 reverse spread; short - term hedging arbitrage space is limited, and in the long - term, consider narrowing the L - P spread on the 05 contract [10]. 3.1.3 Industrial Customer Operation Recommendations - **Inventory management**: For enterprises with high finished - product inventory, they can short plastic futures to lock in profits and sell call options to reduce costs [11]. - **Procurement management**: For enterprises with low procurement inventory, they can buy plastic futures to lock in procurement costs and sell put options to reduce costs [11]. 3.2 This Week's Important Information and Next Week's Events to Watch 3.2.1 This Week's Important Information - **Positive information**: On Wednesday, affected by the news of gas restrictions on Iranian devices, the methanol futures market strengthened, and polyolefins briefly followed the upward trend [12]. 3.2.2 Next Week's Events to Watch - The start - up situation of two sets of Guangxi Petrochemical's devices [12]. 3.3 Disk Interpretation 3.3.1 Price - Volume and Capital Interpretation - **Unilateral trend and capital movement**: This week, the futures market oscillated downward. The open interest increased, and there were no obvious changes in the top five long and short positions on the order book. The net long positions of the top five profitable seats slightly increased [17]. - **Basis structure**: The spot situation in East China improved and prices stabilized, but the situations in North and South China were still weak. As of Friday, the basis in North China was - 32 yuan/ton (strengthened by 47 compared with last week), in East China was 138 yuan/ton (+107), and in South China was 248 yuan/ton (- 3) [20]. - **Spread structure**: The L1 - 5 spread shows a contango structure due to the relatively optimistic market expectation for the subsequent macro - situation and the limited start - up of LLDPE devices in the first half of next year [22]. 3.4 Valuation and Profit Analysis - With the continuous weakness of PE prices, the production profits of all production lines are compressed. Currently, the coal - based production line with the best profit is also in a loss state. Since PE devices are not very sensitive to profit conditions, short - term losses usually do not lead to unexpected shutdowns, so PE lacks strong cost - side support in a downward market [26]. 3.5 Supply - Demand and Inventory Deduction 3.5.1 Supply - Demand Balance Sheet Deduction - The supply - strong and demand - weak pattern of PE is difficult to change. On the supply side, although device maintenance has increased recently, the high inventory capacity and the upcoming start - up of multiple devices in the fourth quarter, as well as the expected increase in imports after October, will further increase the total supply of PE. On the demand side, although the production and sales of agricultural films are still good, the subsequent growth is limited, and the support from other downstream industries of PE will gradually weaken [31]. 3.5.2 Supply - Side and Its Deduction - The current PE start - up rate is 82.56% (+1.69%). Multiple devices such as Fushun Petrochemical and ExxonMobil restarted at the beginning of the month, and the device maintenance volume decreased. It is expected that the device maintenance volume will continue to decrease, and with the upcoming start - up of two sets of Guangxi Petrochemical's devices, the supply pressure of PE will remain high [38]. 3.5.3 Import - Export and Its Deduction - **Import**: The overseas market is in a loose pattern, and the continuous decline in PE prices has led to an influx of low - price goods into China. Therefore, PE imports are expected to increase in the fourth quarter [43]. - **Export**: Enterprises' enthusiasm for expanding export channels is high this year, and PE exports have increased even in the off - season, but the total volume is still small and has little impact on the PE supply - demand pattern [43]. 3.5.4 Demand - Side and Its Deduction - The current average start - up rate of PE downstream industries is 45.75% (- 0.52%). The agricultural film industry is still in the peak season, but the start - up rate and order growth rate have slowed down. As the year - end approaches, the growth space for demand is limited, and the willingness of downstream enterprises to stock up has weakened [48].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - This week's PP trend remains weak, and the PE trend still faces pressure. Trade - war, oil - price factors, high - supply factors, and low - profit factors of downstream processed products together create downward pressure on the PP trend. For PE, raw - material crude oil is suppressed, and the supply - demand pattern is not optimistic [6][8]. - In the long - term, the downward - driving factors of PP are difficult to fundamentally resolve, and the trend remains weak. The future supply pressure of PE will increase while the demand is weak, and the market still has pressure [5][8]. 3. Summary by Relevant Catalogs 3.1 View Overview PP - **Supply**: This week, China's PP production was 79.65 tons, a 0.92% increase from last week and a 19.06% increase from the same period last year. Next week, the planned maintenance loss of PP is expected to decline significantly, and the capacity utilization rate is expected to rise to around 79.2% [7]. - **Demand**: The average starting rate of the PP downstream industry showed an upward trend this week. With the end of "Double 11", the demand for packaging industries such as CPP and PP non - woven fabrics slowed down. The starting rate of the modified PP and PP pipe industries increased. Next week, the starting rate of PP product industries may decline slightly [7]. - **View**: The market is suppressed by weak demand and high supply, and the long - term trend is weak. The base difference and monthly difference are weak, and the short - term valuation is neutral to weak. The low profits of MTO and PDH devices limit the market's downward space [5]. - **Strategy**: Unilateral trading is oscillating weakly, with an upper pressure of 6500 - 6550 and a lower support of 6200 - 6250; short - term cross - period trading is to buy 05 and sell 01; no cross - variety trading is recommended [5]. PE - **Supply**: The capacity utilization rate of Chinese PE production enterprises is 82.59%, a 1.72% increase from the previous period. Due to the restart of some devices, the capacity utilization rate increased month - on - month [8]. - **Demand**: The overall starting rate of the PE downstream industry is mixed. The starting rate of agricultural films has reached its annual high, with limited room for further increase. The starting rates of PE packaging films, PE pipes, and PE hollow products have declined [8]. - **View**: Raw - material crude oil is under pressure, and PE lacks cost support. The supply - demand pattern is not optimistic, and the future supply pressure will increase while the demand is weak, so the market still has pressure [8]. - **Strategy**: Unilateral trading is oscillating weakly, with an upper pressure of 6900 and lower supports of 6800 and 6600 for the 01 contract; no cross - period and cross - variety trading is recommended [8]. 3.2 Polypropylene Supply and Demand - **Price Difference**: The powder - granule price difference of PP rebounds, and the copolymer - drawing price difference weakens [17]. - **Capacity Utilization**: The average capacity utilization rate of PP this period is 77.78%, a 0.72% month - on - month increase; the capacity utilization rate of Sinopec is 75.77%, a 0.19% month - on - month decrease [23]. - **Device Maintenance**: In November, the PP maintenance is relatively low, and the restart of maintenance devices suppresses the rebound space [24]. - **New Capacity**: In 2025, the potential new PP capacity is 470.5 tons, with a capacity increase of 10.5%. The production pressure this year is relatively large [26]. - **Inventory**: The production and trader inventories of PP have increased month - on - month. The total commercial inventory of Chinese PP is 89.31 tons, a 2.19% increase from the previous period [28][32]. - **Cost**: The oil price has declined, and the oil - based production cost of PP has decreased [33]. - **Profit**: The profits of oil - based and PDH - based PP production have increased, but the overall profit levels of MTO, PDH, oil - based, and coal - based devices are still low [39][40]. - **Downstream**: The starting rate of BOPP is stable, the order days decline, and the finished - product inventory is at a high level; the profit of BOPP has slightly recovered but is still at a low level over the years. The starting rate of tape master rolls is stable, and the order days decline. The starting rate of plastic weaving remains the same, and the order days increase. The starting rate of non - woven fabrics remains the same, and the finished - product inventory is moderately high. The starting rate of CPP increases, and the order days increase [41][44][48][50][55][58]. 3.3 Polyethylene Supply and Demand - **Price Difference**: The L - LL price difference of PE oscillates and declines, and the HD - LL price difference oscillates and rises [67]. - **Capacity Utilization and Output**: The starting rate and output of PE have declined month - on - month. This week, the total PE output in China is 66.07 tons, a 2.67% increase from last week, and the capacity utilization rate is 82.59%, a 1.72% increase from the previous period [68][70]. - **Device Maintenance**: In November, the PE maintenance loss is less than that in October [71]. - **New Capacity**: In 2025, the potential new PE capacity is 543 tons, with a capacity increase of 15.2% [72]. - **Inventory**: The production - enterprise inventory of PE has increased month - on - month, and the social inventory has decreased month - on - month. The sample inventory of Chinese PE production enterprises is 49.02 tons, a 17.84% increase from the previous period [74][77]. - **Cost**: The oil price has declined, and the oil - based production cost of PE has decreased [79]. - **Profit**: The profit of oil - based PE production devices has declined [86]. - **Downstream**: The starting rate and order days of agricultural films have increased month - on - month; the starting rate and order days of packaging films have decreased month - on - month; the starting rates of pipes and hollow products are lower than the same period in previous years [88][89][90].

Core Insights - The report from Thailand's National Economic and Social Development Council indicates that since the establishment of 10 border economic zones in 2015, they have attracted a total investment of 54.82 billion Thai Baht (approximately 12.18 billion RMB) [1] Investment Overview - The 10 border economic zones are located in various provinces including Tak, Nong Khai, Mukdahan, Trat, Songkhla, Loei, Nakhon Phanom, Kanchanaburi, Narathiwat, and Chiang Rai [1] - A total of 132 investment projects have been approved in these zones, with a cumulative investment amount of 54.82 billion Thai Baht [1] - The sectors involved in these investment projects include apparel, plastics, animal feed, automotive parts, machinery, construction materials, medical gloves, and hospital construction [1] Business Landscape - There are currently 8,782 registered enterprises in the border economic zones, with 98% classified as small and medium-sized enterprises (SMEs) [1] - The development of these economic zones reflects the Thai government's commitment to promoting border economy and international cooperation, providing sustained momentum for local economies and creating more job opportunities [1]

1. Report's Investment Rating for the Industry No information provided regarding the report's investment rating for the industry. 2. Core Views of the Report - OPEC+ plans to suspend production growth in Q1 2026, suggesting the bottom of crude oil prices may have been reached. Polyolefin overall profits are declining, and the inventory at the mid - and upstream levels is being reduced. Given the low valuation of polyolefins, once the cost - end crude oil starts to rebound, polyolefins may rise significantly [16][17]. - The recommended strategy is to go long on the LL - PP spread at low prices [18]. 3. Summary by Relevant Catalogs 3.1 Monthly Assessment and Strategy Recommendation - **Valuation**: OPEC+'s plan to suspend production growth in Q1 2026 may indicate the bottom of crude oil prices [16]. - **Cost End**: WTI crude oil dropped by 3.45%, Brent by 2.95%, coal price remained unchanged at 0.00%, methanol fell by 6.73%, ethylene by 8.75%, propylene by 10.23%, and propane remained unchanged at 0.00%. The low - level rebound of oil prices has a significant impact on the cost end under the background of weak supply and demand [16]. - **Supply End**: PE capacity utilization was 83.3%, a month - on - month decrease of 0.76% and a year - on - year increase of 4.75%, 5.42% lower than the 5 - year average. PP capacity utilization was 78.55%, a month - on - month increase of 1.76% and a year - on - year increase of 5.46%, 5.87% lower than the 5 - year average. There were differences in the supply end of the polyolefin 2601 contract, with only 400,000 tons of planned PE capacity and 1.45 million tons of planned PP capacity [16]. - **Import and Export**: In September, domestic PE imports were 1.0222 million tons, a month - on - month increase of 7.58% and a year - on - year decrease of 10.04%. PP imports were 177,400 tons, a month - on - month decrease of 6.18% and a year - on - year decrease of 6.18%. The export season arrived. In September, PE exports were 99,200 tons, a month - on - month decrease of 14.48% and a year - on - year increase of 63.54%. PP exports were 208,200 tons, a month - on - month decrease of 16.82% and a year - on - year increase of 21.14% [16]. - **Demand End**: PE downstream operating rate was 45%, a month - on - month increase of 1.44% and a year - on - year decrease of 0.09%. PP downstream operating rate was 52.61%, a month - on - month increase of 1.74% and a year - on - year increase of 1.23%. During the seasonal peak season, the overall operating rate reached the same level as previous years, and the demand for PE agricultural film raw materials was good [17]. - **Inventory**: PE production enterprise inventory was 490,200 tons, a month - on - month inventory accumulation of 0.33% and a year - on - year inventory accumulation of 20.44%. PE trader inventory was 50,100 tons, a month - on - month inventory reduction of 7.28% and a year - on - year inventory accumulation of 0.58%. PP production enterprise inventory was 599,900 tons, a month - on - month inventory reduction of 11.96% and a year - on - year inventory accumulation of 12.11%. PP trader inventory was 228,600 tons, a month - on - month inventory reduction of 12.45% and a year - on - year inventory accumulation of 87.68%. PP port inventory was 64,600 tons, a month - on - month inventory reduction of 5.97% and a year - on - year inventory accumulation of 5.04% [17]. - **Next - Month Forecast**: The reference oscillation range for polyethylene (L2601) is (6600 - 6900); for polypropylene (PP2601), it is (6300 - 6600) [17]. 3.2 Futures and Spot Market - Multiple charts are presented, including PE and PP term structures,主力 contract prices, basis, spreads, trading volumes, open interests, registered warrant volumes, and virtual - to - real ratios, showing the historical data trends from 2021 to 2025 [34][49]. 3.3 Cost End - The cost - end crude oil prices are oscillating at the bottom. The report provides price trend charts of WTI crude oil, steam coal, methanol, propane, etc., as well as data on LPG supply, production, import, and related profit margins and capacity utilization rates [85][96]. 3.4 Polyethylene Supply End - **Raw Material Proportion**: Charts show the proportion of PE production raw materials and their annual changes, including oil - based, coal - based, methanol - based, and light - hydrocarbon - based PE [131][133]. - **Capacity and Production**: PE capacity, production, and capacity growth rate data from 2014 to 2025E are presented. In 2025, there are multiple domestic polyethylene production projects, with 4.63 million tons already put into production and 400,000 tons yet to be [136][137]. - **Capacity Utilization and Maintenance Loss**: PE capacity utilization and maintenance loss data are provided, showing historical trends from 2021 to 2025 [138][140]. 3.5 Polyethylene Inventory and Import - Export - **Inventory**: Charts display the trends of total inventory, production enterprise inventory, two - oil inventory, and trader inventory of PE from 2021 to 2025 [146][148]. - **Import - Export**: Charts show the monthly and cumulative import and export volumes of PE from 2021 to 2025, including LLDPE export volume [151][156]. 3.6 Polyethylene Demand End - **Demand Proportion**: Charts show the proportion of polyethylene downstream demand and terminal demand, including packaging film, hollow products, pipes, injection molding, agricultural film, etc. [163][164]. - **Related Indicators**: Charts show CPI year - on - year and month - on - month changes, downstream demand cumulative year - on - year changes, and the operating rates of various downstream industries of PE from 2021 to 2025 [167][168].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - It is expected that plastics will continue to show a weak and volatile trend in the near future. The supply has increased due to new capacity and rising plastic operating rates, while the downstream demand has declined as the off - peak season for packaging films and the less - than - expected peak season for agricultural films have led to reduced downstream operating rates and weak purchasing willingness. Also, the macro - policy of anti - involution and old device elimination to address over - capacity will impact subsequent market trends [1] 3. Summary by Related Catalogs 3.1 Market Analysis - On November 7, the number of maintenance devices changed little, and the plastic operating rate remained at around 89.5%, at a neutral level. The PE downstream operating rate decreased by 0.52 percentage points to 44.85% on a month - on - month basis. Although the agricultural film is in the peak season with increasing orders and stable raw material inventory, the packaging film orders decreased slightly, and the overall PE downstream operating rate is at a relatively low level in recent years. The petrochemical inventory is currently at a neutral level in recent years. The crude oil price fluctuated narrowly. New capacity came on - stream, and the plastic operating rate increased. The downstream purchasing willingness was insufficient, and traders were cautious about the future market [1] 3.2 Futures and Spot Market Conditions - **Futures**: The plastic 2601 contract increased in position and fluctuated. It closed at 6802 yuan/ton, with a low of 6791 yuan/ton and a high of 6835 yuan/ton, below the 60 - day moving average, and a gain of 0.27%. The position increased by 7205 lots to 585377 lots [2] - **Spot**: Most PE spot markets declined, with price changes ranging from - 50 to + 0 yuan/ton. LLDPE was reported at 6740 - 7270 yuan/ton, LDPE at 8870 - 9730 yuan/ton, and HDPE at 7020 - 7990 yuan/ton [3] 3.3 Fundamental Tracking - **Supply**: On November 7, the number of maintenance devices changed little, and the plastic operating rate remained at around 89.5%, at a neutral level [1][4] - **Demand**: As of the week of November 7, the PE downstream operating rate decreased by 0.52 percentage points to 44.85% on a month - on - month basis. The agricultural film was in the peak season, but the overall PE downstream operating rate was at a relatively low level in recent years [1][4] - **Inventory**: On Friday, the petrochemical early - morning inventory decreased by 2.5 tons to 66.5 tons, 1 ton higher than the same period last year, and currently at a neutral level in recent years [4] - **Raw Materials**: The Brent crude oil 01 contract fell to 64 dollars/barrel, the Northeast Asian ethylene price remained flat at 730 dollars/ton on a month - on - month basis, and the Southeast Asian ethylene price remained flat at 740 dollars/ton on a month - on - month basis [4]

Market Overview - The plastic sector increased by 0.69% on November 7, with Guoen Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Top Gainers in the Plastic Sector - Guoen Co., Ltd. (002768) closed at 58.88, up 9.99% with a trading volume of 70,100 shares and a transaction value of 398 million [1] - Zhejiang Zhongcheng (002522) closed at 6.08, up 9.95% with a trading volume of 589,200 shares and a transaction value of 351 million [1] - Foshan Plastics Technology (000973) closed at 10.39, up 5.91% with a trading volume of 1,706,900 shares and a transaction value of 1.726 billion [1] Top Losers in the Plastic Sector - Wankai New Materials (301216) closed at 19.36, down 4.58% with a trading volume of 230,000 shares and a transaction value of 45.5 million [2] - Henghe Precision (300539) closed at 44.21, down 4.43% with a trading volume of 98,000 shares and a transaction value of 436 million [2] - Jun Ding Da (301538) closed at 78.71, down 4.34% with a trading volume of 15,400 shares and a transaction value of 122 million [2] Capital Flow in the Plastic Sector - The plastic sector saw a net inflow of 296 million from main funds, while retail investors experienced a net outflow of 391 million [2][3] - Major stocks like Foshan Plastics Technology and Zhejiang Zhongcheng had significant net inflows from main funds, indicating strong institutional interest [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report analyzes the market conditions, important news, logical analysis, and trading strategies of plastic L and PP on a daily basis. Overall, the market shows a weak trend, with prices mostly falling. The trading strategies mainly involve holding short - positions for the main contracts of L and PP, with appropriate adjustments to stop - loss points according to market changes. [1][5][8] Summary by Related Catalogs Market Conditions - **L Plastic**: The L2601 contract generally shows a downward trend, with prices fluctuating. The LLDPE market price mostly declines, and the trading atmosphere is weak. Downstream demand is not strong, and traders often reduce prices to sell goods. For example, on November 7, 2025, the L2601 contract closed at 6802 points, down 3 points or 0.04%, and the LLDPE market price continued to fall [1]. - **PP Polypropylene**: The PP2601 contract also mostly shows a downward trend. The PP market price is weak, and the cost support is weakened. Downstream procurement is cautious, and the market trading volume is limited. For example, on November 7, 2025, the PP2601 contract closed at 6459 points, down 12 points or 0.19%, and the domestic PP market was still weak [1]. Important News - **Industry - related Policies and Events**: The 7 - department "Petrochemical and Chemical Industry Steady Growth Work Plan (2025 - 2026)" aims to achieve an average annual growth of over 5% in the industry's added value from 2025 to 2026. The US government shutdown has affected data supply, increasing the difficulty of decision - making for central banks [33][55]. - **Company - related News**: PetroChina Guangxi Petrochemical's 120 - million - ton/year ethylene plant was successfully put into operation, which will promote the development of the petrochemical industry in the southwest region. Zhonghua International focuses on the main business of chemical new materials, and its MIAK project has achieved certain results [8][15]. Logical Analysis - **Positive Factors**: In September, the domestic pipeline transportation industry's fixed - asset investment completion amount increased by 14.8% year - on - year, with continuous marginal growth for 8 months, which is beneficial to the polyolefin single - side. The EuroCoin index has strengthened for 6 consecutive months, which is also beneficial to the polyolefin single - side [49][30]. - **Negative Factors**: In October, the domestic manufacturing PMI declined to 49.0%, a year - on - year decline of 2.2%, which is negative for the rubber and plastic single - side. The domestic real estate prosperity index has declined for 6 consecutive months, which is negative for the polyolefin single - side [5][6]. Trading Strategies - **Single - side**: Most of the time, it is recommended to hold short - positions for the main 01 contracts of L and PP, and adjust the stop - loss points according to market changes. For example, on November 7, 2025, it was recommended to hold short - positions for the L main 01 contract, with the stop - loss point moved down to 6850 points [2]. - **Arbitrage (Long - Short)**: Most of the time, it is recommended to wait and see. - **Options**: Most of the time, it is recommended to wait and see.

Core Viewpoint - The PVC market is currently facing significant pressure due to high social inventory and weak demand, leading to a potential test of historical low price support levels [1] Group 1: Social Inventory - PVC social inventory remains high, with a slight month-on-month decrease of 0.5% to 1.03 million tons by the end of October, but a year-on-year increase of 25.09% [3] - The East China region holds 0.9716 million tons of inventory, down 0.57% month-on-month but up 25.95% year-on-year, while South China shows an increase of 0.54% month-on-month to 0.0584 million tons, with a year-on-year rise of 12.30% [3] - High inventory levels are a key factor suppressing PVC prices, with the accumulation occurring even during the traditional consumption peak season [2][5] Group 2: Demand Side - The real estate sector, a major downstream market for PVC, remains sluggish, with significant year-on-year declines in investment, new construction, completion, and sales areas [4] - Although there has been a slight increase in operating rates for pipe and profile manufacturers due to promotions, the overall demand growth potential is limited, failing to provide effective support for PVC prices [4] - Despite challenges, PVC exports have surged, with a cumulative export volume of 3.3941 million tons from January to September, marking a year-on-year increase of 47.78% [4] Group 3: Production and Pricing - Domestic PVC production remains high, with an operating load of 78.26% as of October 31, consistent with levels from 2023 and 2024 [2] - The unit loss for calcium carbide-based PVC producers has reached 770 yuan per ton, while ethylene-based PVC losses have narrowed to approximately 475 yuan per ton [2] - The overall weak market for PVC is expected to persist, with supply pressures and high social inventory continuing to dominate, despite some cost support from stable calcium carbide prices [5]

Report Industry Investment Rating No relevant content provided. Report's Core View - The plastic industry is expected to experience weak and volatile trends in the near future. The开工率 of plastics is at a neutral level, while the downstream开工率 of PE is at a relatively low level in recent years. The cost of crude oil is fluctuating within a narrow range, and there is an increase in supply. The peak season for agricultural film is not as strong as expected, and downstream purchasing enthusiasm is insufficient. Traders are cautious about the future market, and there is no actual policy for anti - involution in the plastic industry yet [1]. Summary According to Related Catalogs Market Analysis - On November 6, the change in maintenance devices was small, and the plastic开工率 remained at around 89.5%, which is at a neutral level. The downstream开工率 of PE decreased by 0.38 percentage points to 45.37%. Agricultural film is in the peak season, with orders and raw material inventories increasing to a neutral level in recent years, but packaging film orders decreased slightly. The overall downstream开工率 of PE is still at a relatively low level in recent years. Petrochemical inventories at the beginning of the month increased significantly and are now at a neutral level in recent years. The market has digested the news of Russian oil sanctions, and the meeting between Chinese and US leaders was in line with market expectations. OPEC+ decided to increase production by 137,000 barrels per day in December but suspend production increase in the first quarter of next year, causing crude oil prices to fluctuate within a narrow range. There is new production capacity coming online, and the plastic开工率 has increased. The peak season for agricultural film is not as good as expected, and downstream 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 increased in positions and fluctuated. The lowest price was 6,745 yuan/ton, the highest was 6,819 yuan/ton, and it closed at 6,805 yuan/ton, below the 60 - day moving average, with a decline of 0.38%. The position increased by 25,025 lots to 578,172 lots [2]. - **Spot**: Most of the PE spot market declined, with price changes ranging from - 100 to + 0 yuan/ton. LLDPE was reported at 6,740 - 7,270 yuan/ton, LDPE at 8,920 - 9,730 yuan/ton, and HDPE at 7,030 - 7,990 yuan/ton [3]. Fundamental Tracking - **Supply**: On November 6, the change in maintenance devices was small, and the plastic开工率 remained at around 89.5%, which is at a neutral level [4]. - **Demand**: As of the week ending October 31, the downstream开工率 of PE decreased by 0.38 percentage points to 45.37%. Agricultural film is in the peak season, with orders and raw material inventories increasing to a neutral level in recent years, but packaging film orders decreased slightly. The overall downstream开工率 of PE is still at a relatively low level in recent years [4]. - **Inventory**: On Thursday, the early petrochemical inventory decreased by 20,000 tons to 690,000 tons, 20,000 tons higher than the same period last year. Petrochemical inventories at the beginning of the month increased significantly and are now at a neutral level in recent years [4]. - **Raw Materials**: The Brent crude oil 01 contract fell to $64 per barrel. The price of Northeast Asian ethylene remained flat at $730 per ton, and the price of Southeast Asian ethylene remained flat at $740 per ton [4].

Core Insights - The company is actively collaborating with leading clients in the robotics sector for material development and cooperation [1] - The company has already achieved bulk supply of modified engineering plastics and specialty engineering plastics to robotics companies [1] - The supplied materials are primarily used in the limbs, masks, radar, and battery pack housings of robots and robotic dogs [1]