Group 1 - The core viewpoint of the article highlights the selection of DURACON® POM resin by Polyplastics Co., Ltd. for a unique track transport system developed by Tokyo's CuboRex Co., Ltd., which is a leading provider of innovative mobility solutions [2] Group 2 - In manufacturing and construction sites, material and product handling is a daily operation, but transporting on stairs and rugged terrain often severely reduces work efficiency [4] - Traditional hand trucks with wheels often get stuck on uneven surfaces, leading to cargo tipping and making steering operations laborious, thus increasing the burden on operators [4] - To address these challenges, CuboRex Co., Ltd. developed a "tracked hand truck" using Polyplastics' DURACON® POM material as a key component to support its performance [4] - DURACON® POM was chosen for the structural track covering based on its superior characteristics compared to other resins like PA, effectively extending product lifespan and significantly reducing maintenance costs [4] - Key features of DURACON® POM include high load-bearing capacity suitable for heavy material handling in factories and construction sites, excellent friction characteristics with stable performance in both static and dynamic friction, and durability and reliability even in harsh site conditions [4]

1. Report's Industry Investment Rating - No information provided on the industry investment rating 2. Report's Core View - The PVC market has complex supply - demand and price situations. The开工率 of PVC has decreased, while the downstream开工率 has increased but is still lower than the same period last year. The social inventory has decreased for the first time after the Spring Festival but remains high. The real - estate market is in the adjustment phase, and the PVC market is affected by factors such as the situation of the Hormuz Strait and raw material prices. Due to the volatile market, it is recommended to stay on the sidelines and wait and see [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - The calcium carbide price in the upstream Northwest region has increased by 15 yuan/ton. The PVC开工率 has decreased by 1.23 percentage points to 80.12%, reaching a neutral level in the same period in recent years. The average downstream开工率 of PVC has increased by 2.33 percentage points to 41.66%, but is 4.79 percentage points lower than the same lunar period last year. Some overseas device loads have decreased, and the export price has increased significantly. The social inventory has decreased for the first time after the Spring Festival, but the inventory pressure is still high. The real - estate market is still in the adjustment phase, and the improvement needs time. The PVC has an anti - involution expectation, and there is an expectation of reduced device loads at home and abroad. If the Hormuz Strait cannot resume navigation, the supply reduction expectation of PVC remains [1] 3.2 Futures and Spot Market Conditions - The PVC2605 contract opened higher and then decreased in an oscillating manner with a position reduction. The lowest price was 5560 yuan/ton, the highest price was 5955 yuan/ton, and it finally closed at 5703 yuan/ton, above the 20 - day moving average, with a decline of 4.58% and a decrease in the position volume of 36,471 lots to 716,758 lots [2] 3.3 Basis - On March 25, the mainstream price of calcium carbide - based PVC in East China decreased to 5495 yuan/ton, and the futures closing price of the V2605 contract was 5703 yuan/ton. The current basis was - 208 yuan/ton, weakening by 75 yuan/ton, and the basis was at a relatively low level [3] 3.4 Fundamental Tracking Supply Side - Ethylene - based devices such as Qingdao Gulf and Xinpu Chemical have reduced their开工率. The PVC开工率 has decreased by 1.23 percentage points to 80.12%, reaching a neutral level in the same period in recent years. New production capacities including Wanhua Chemical, Tianjin Bohua, Qingdao Gulf, and Gansu Yaowang were put into production in the second half of 2025, and Jiaxing Jiahua started trial production in December 2025 [4] Demand Side - The real - estate market is still in the adjustment phase. From January to February 2026, the national real - estate development investment was 961.2 billion yuan, a year - on - year decrease of 11.1%. The sales area, new construction area, construction area, and completion area of commercial housing all had significant year - on - year declines. As of the week of March 22, the transaction area of commercial housing in 30 large and medium - sized cities increased by 13.10% week - on - week, but it was still at a relatively low level in the same period over the years [5] Inventory - As of the week of March 19, the PVC social inventory decreased by 2.55% week - on - week to 1.3713 million tons, 64.47% higher than the same period last year. The social inventory decreased for the first time after the Spring Festival but was still at a relatively high level [6]

Report Industry Investment Rating - No information provided Core View of the Report - The domestic supply - demand pattern of plastics has improved, but the Middle East situation is volatile, causing large market fluctuations. It is recommended to temporarily exit the market and observe, while paying attention to the progress of downstream resumption of production after the festival and the development of the Middle East situation [1] Summary by Relevant Catalogs Market Analysis - On March 25, new parking devices such as Tarim Petrochemical HDPE were added, and the plastic operating rate dropped to about 81.5%, currently at a moderately low level. As of the week of March 20, the downstream operating rate of PE increased by 3.76 percentage points to 37.59% week - on - week. After the Spring Festival, petrochemical inventories have been reduced and are currently at a neutral level in the same period in recent years. The expected easing of the Middle East situation has led to a decline in crude oil prices. New production capacities have been put into operation, and the plastic operating rate has recently decreased. After the Lantern Festival, downstream factories have increased their resumption of work, and the prices of agricultural films in North, East, and South China have continued to rise. However, downstream resistance to high prices has led to cautious procurement and weak spot transactions. If the Strait of Hormuz cannot resume navigation, the expectation of reduced plastic supply still exists [1] Futures and Spot Market Conditions - Futures: The plastic 2605 contract opened higher, increased positions, and oscillated downward. The lowest price was 8340 yuan/ton, the highest was 9101 yuan/ton, and it finally closed at 8715 yuan/ton, above the 60 - day moving average, with a decline of 4.21%. The position increased by 4893 lots to 319,820 lots [2] - Spot: Most of the PE spot market declined, with price changes ranging from - 600 to + 0 yuan/ton. LLDPE was reported at 8380 - 9570 yuan/ton, LDPE at 10430 - 11810 yuan/ton, and HDPE at 8600 - 9940 yuan/ton [3] Fundamental Tracking - Supply: On March 25, new parking devices such as Tarim Petrochemical HDPE were added, and the plastic operating rate dropped to about 81.5%, currently at a moderately low level [4] - Demand: As of the week of March 20, the downstream operating rate of PE increased by 3.76 percentage points to 37.59% week - on - week. After the fourth week of the Spring Festival holiday, downstream enterprises have gradually resumed production but have not returned to pre - holiday levels, showing seasonal changes [4] - Inventory: On Wednesday, the petrochemical early inventory decreased by 80,000 tons to 825,000 tons week - on - week, 10,000 tons lower than the same period in the lunar calendar last year, currently at a neutral level in the same period in recent years [4] - Raw materials: The Brent crude oil 05 contract fell to $100/barrel. The Northeast Asian ethylene price remained flat at $1450/ton week - on - week, and the Southeast Asian ethylene price also remained flat at $1450/ton [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - PE production decreased by 2.81% to 664,000 tons, and capacity utilization decreased by 2.32 percentage points to 80.07%. Downstream operating rate increased by 3.8% week - on - week, with the agricultural film operating rate up 8.6% and the packaging film operating rate up 2.2%. Production enterprise inventory decreased by 1.23% to 568,300 tons, and social inventory decreased by 1.98% to 607,100 tons. PE maintenance plans increased, and industry supply pressure is expected to continue to ease. The downstream is in the "Golden March" peak season, and orders for mulch and packaging films are seasonally increasing, driving demand recovery. The short - term supply of raw materials such as ethylene in Asia is difficult to recover, giving some support to LLDPE. L2605 is expected to fluctuate with oil prices, and attention should be paid to geopolitical news from the Middle East [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main polyethylene futures contract was 8,715 yuan/ton, down 203 yuan. The 1 - month contract was 8,273 yuan/ton, down 170 yuan; the 5 - month contract was 8,715 yuan/ton, down 203 yuan; the 9 - month contract was 8,568 yuan/ton, down 168 yuan. Trading volume was 1,057,929 lots, down 75,737 lots; open interest was 319,820 lots, up 4,893 lots. The 1 - 5 spread was - 442, up 33; the 5 - 9 spread was 147, down 35; the 9 - 1 spread was 295, up 2. The long positions of the top 20 futures holders were 454,065 lots, down 989 lots; the short positions were 459,362 lots, down 7,665 lots; the net long positions were - 5,297 lots, up 6,676 lots [2] Spot Market - The average price of LLDPE (7042) in North China was 8,443.48 yuan/ton, down 446.96 yuan; in East China, it was 8,784.42 yuan/ton, down 352.79 yuan. The basis was - 271.52, down 243.95 [2] Upstream Situation - The FOB mid - price of naphtha in Singapore was 127.51 US dollars/barrel, down 11.24 US dollars; the CFR mid - price of naphtha in Japan was 1,088.5 US dollars/ton, down 101 US dollars. The CFR mid - price of ethylene in Southeast Asia was 1,426 US dollars/ton, up 75 US dollars; in Northeast Asia, it was 1,451 US dollars/ton, unchanged [2] Industry Situation - The national PE petrochemical operating rate was 80.07%, down 2.32 percentage points [2] Downstream Situation - The operating rate of polyethylene (PE) packaging film was 45.56%, up 2.19 percentage points; for pipes, it was 23.33%, up 5.33 percentage points; for agricultural film, it was 35.44%, up 8.63 percentage points [2] Option Market - The 20 - day historical volatility of polyethylene was 41.68%, up 0.24 percentage points; the 40 - day historical volatility was 33.5%, up 0.17 percentage points. The implied volatility of at - the - money put options and call options of polyethylene was 52.15%, down 6.51 percentage points [2] Industry News - From March 13th to 19th, China's polyethylene production was 664,000 tons, a decrease of 2.81% from the previous week; the capacity utilization rate of polyethylene production enterprises was 80.07%, a decrease of 2.32 percentage points from the previous period. The average operating rate of China's polyethylene downstream products increased by 3.8% from the previous period, with the overall operating rate of agricultural film up 8.6% and the PE packaging film operating rate up 2.2%. As of March 18th, the inventory of Chinese polyethylene production enterprises was 568,300 tons, a decrease of 1.23% week - on - week; as of March 20th, the social inventory of polyethylene was 607,100 tons, a decrease of 1.98% week - on - week. From March 13th to 19th, the cost of oil - based LLDPE increased by 9.35% to 10,177 yuan/ton, and the oil - based profit decreased by 519 yuan/ton to - 1,848 yuan/ton; the cost of coal - based LLDPE decreased by 0.72% to 6,542 yuan/ton, and the coal - based profit increased by 383 yuan/ton to 1,829 yuan/ton [2]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views of the Report - The report provides daily analysis and forecasts for various energy and chemical futures, including rubber, synthetic rubber, LLDPE, PP, etc. It indicates that most commodities are in a state of wide - range oscillation, high - level oscillation, or interval operation, and the market is significantly affected by geopolitical factors [2]. - For example, short - term price fluctuations of some commodities are affected by the decline of international night - market energy prices, but the domestic fundamentals provide support for the downside space [10][33][36]. - The impact of geopolitical conflicts on the supply and demand of commodities is a key factor, such as the impact of the conflict in the Middle East on the shipping of raw materials and the production and export of products [13][71]. 3. Summary According to Relevant Catalogs Rubber - **Market Trend**: Wide - range oscillation [2][4] - **Fundamental Data**: The closing price of the rubber main contract increased, the trading volume decreased, the open interest decreased, and the basis and some price differences changed [4]. - **Industry News**: From January to February 2026, the cumulative export volume of truck and bus tires increased year - on - year, but the export price decreased. The export regions were significantly differentiated, with a shift towards emerging markets. It is expected that the export volume of all - steel tires in March will decline [5][6][7]. Synthetic Rubber - **Market Trend**: Wide - range oscillation due to repeated geopolitical situations [2][8] - **Fundamental Data**: The closing price of the cis - butadiene rubber main contract decreased, the trading volume increased, the open interest decreased, and the basis and price differences changed [8]. - **Industry News**: As of March 18, 2026, the inventory of domestic cis - butadiene rubber sample enterprises decreased. It is expected that the price of synthetic rubber will oscillate widely in the short term [8][10]. LLDPE and PP - **Market Trend**: LLDPE's start - up continues to decline, and cost transmission is not smooth; PP's C3 raw materials fluctuate greatly, and the spot price follows the increase slowly [2][12] - **Fundamental Data**: The closing prices of LLDPE and PP futures decreased, the trading volume and open interest decreased, and the basis and price differences changed [12]. - **Market Analysis**: Geopolitical factors lead to the strengthening of raw materials, and the cost of LLDPE increases. The demand for LLDPE's post - holiday mulch film is in line with the season, and the start - up of packaging film has recovered, but cost transmission takes time. For PP, the cost is strongly supported, and the demand has improved, but the PDH profit is at a low level [13]. Caustic Soda - **Market Trend**: Wide - range oscillation [2][16] - **Fundamental Data**: The 05 - contract futures price, the price of the cheapest deliverable 32 - alkali in Shandong, and the basis are provided [16]. - **Market Analysis**: The caustic soda futures premium is large, and the 04 - contract is about to be delivered, which will suppress the market. In the long - term, the situation in the Middle East will affect the supply and demand of caustic soda. The market may oscillate widely in the short term [18]. Pulp - **Market Trend**: Oscillatory operation [2][21] - **Fundamental Data**: The closing price of the pulp main contract increased during the day and decreased at night, the trading volume increased, the open interest decreased, and the basis and price differences changed [23]. - **Industry News**: The pulp futures price increased slightly, but the market trading was light, and the downstream paper mills' purchasing enthusiasm was not high. The price of household paper is expected to be stable [24][25]. Glass - **Market Trend**: The price of the original sheet is stable [26] - **Fundamental Data**: The closing price of the glass futures decreased, the trading volume decreased, the open interest decreased, and the basis and price differences changed [27]. - **Market News**: The price of the domestic float glass market shows a trend of falling in the north and rising in the south, but the overall fluctuation range is limited, and the market trading is average [27]. Methanol - **Market Trend**: Wide - range oscillation [2][29] - **Fundamental Data**: The closing price of the methanol main contract decreased, the trading volume decreased, the open interest decreased, and the basis and price differences changed [30]. - **Market News**: The methanol spot price index increased, and the port inventory decreased. It is expected that the methanol price will oscillate widely in the short term [32][33]. Urea - **Market Trend**: Interval operation [2][35] - **Fundamental Data**: The closing price of the urea main contract decreased, the trading volume decreased, the open interest decreased, and the basis and price differences changed [36]. - **Industry News**: As of March 18, 2026, the total inventory of Chinese urea enterprises decreased. It is expected that the urea price will operate within an interval in the short term [36][38]. Styrene - **Market Trend**: High - level oscillation [2][39] - **Fundamental Data**: The prices of styrene futures contracts decreased, and the price differences and profits changed [39]. - **Market News**: Pure benzene and styrene are in high - level oscillation. The conflict has affected the supply and demand of pure benzene and styrene, and the port inventory may decrease [40]. Soda Ash - **Market Trend**: The spot market changes little [2][45] - **Fundamental Data**: The closing price of the soda ash futures increased slightly, the trading volume decreased, the open interest decreased, and the basis and price differences changed [47]. - **Market News**: The domestic soda ash market is stable and oscillating, the enterprise equipment is operating stably, the downstream demand is average, and the price is expected to be stable [47]. LPG and Propylene - **Market Trend**: LPG has geopolitical risks and frequent supply disturbances; propylene's supply is expected to decrease due to geopolitical impacts on the cost side [2][49] - **Fundamental Data**: The closing prices of LPG and propylene futures decreased, the trading volume and open interest changed, and the spot prices and price differences changed [49]. - **Market News**: The prices of CP paper goods increased, and there are many domestic PDH and LPG plant maintenance plans [54][55]. PVC - **Market Trend**: Wide - range oscillation [2][57] - **Fundamental Data**: The 05 - contract futures price, the spot price in East China, the basis, and the 5 - 9 month spread are provided [57]. - **Market Analysis**: The geopolitical conflict in the Middle East affects the supply of PVC, and the domestic ethylene - based PVC production has decreased. The short - term basis converges, and the market is supported in the long - term [57]. Fuel Oil and Low - Sulfur Fuel Oil - **Market Trend**: Fuel oil continues to be weak, and short - term fluctuations continue to increase; low - sulfur fuel oil drops significantly, and the price difference between high - and low - sulfur in the overseas spot market continues to decline [2][59] - **Fundamental Data**: The closing prices of fuel oil and low - sulfur fuel oil futures decreased, the trading volume and open interest changed, and the spot prices and price differences changed [59]. Container Shipping Index (European Line) - **Market Trend**: The oscillation center may move down, and attention should be paid to geopolitical disturbances [2][61] - **Fundamental Data**: The closing prices of container shipping index futures contracts changed, and the freight rates and shipping schedules of different carriers are provided [61][67]. - **Market Analysis**: The market is affected by geopolitical emotions. The supply and demand of shipping capacity and the change of freight rates are analyzed, and the short - term and long - term trends of the market are predicted [71][72][75]. Short - Fiber and Bottle Chip - **Market Trend**: High - level fluctuations due to repeated geopolitical situations [2][78] - **Fundamental Data**: The prices of short - fiber and bottle - chip futures contracts decreased, and the basis, trading volume, open interest, and other data changed [78]. - **Market News**: The short - fiber futures price dropped, the spot price was stable or slightly decreased, and the sales rate was 52%. The bottle - chip factory price was mostly decreased, and the market trading atmosphere was average [78][79]. Pure Benzene - **Market Trend**: High - level oscillation [2][81] - **Fundamental Data**: The prices of pure benzene futures contracts decreased, and the price differences and inventory data changed [81]. - **Market News**: The pure benzene port inventory decreased, and the market trading was weak [82][83].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On March 24, 2026, with new parking devices such as Tarim Petrochemical's HDPE, the plastic operating rate dropped to around 82.5%, at a moderately low level. The downstream operating rate of PE increased by 3.76 percentage points week - on - week to 37.59% as of the week of March 20, but it hasn't returned to the pre - holiday level. The petrochemical inventory is at a neutral level in recent years. The cost of crude oil fluctuated due to the news of US - Iran relations. New production capacity was put into operation in January 2026, and there is no plan for new capacity in the first quarter. The domestic supply - demand pattern of plastics has improved, but there are factors like high - price resistance from downstream and weak spot trading. Recently, plastic prices are expected to fluctuate strongly, and attention should be paid to the progress of downstream resumption after the holiday and the situation in the Middle East [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - New parking devices such as Tarim Petrochemical's HDPE on March 24 led to a decline in the plastic operating rate to around 82.5%, which is at a moderately low level. The downstream operating rate of PE increased by 3.76 percentage points week - on - week to 37.59% as of the week of March 20, showing a seasonal change. Petrochemical inventory has decreased after the Spring Festival and is currently at a neutral level in recent years. The cost side was affected by the news of US - Iran relations, causing oil prices to fluctuate. New production capacities of BASF (Guangdong) FDPE and Yulong Petrochemical LDPE/EVA have been put into operation in January 2026, and there is no plan for new capacity in the first quarter. The domestic supply - demand pattern of plastics has improved, but downstream shows high - price resistance and spot trading is weak. If the Strait of Hormuz cannot resume navigation, refinery load reduction will increase. Recently, plastic prices are expected to fluctuate strongly [1] 3.2 Futures and Spot Market Quotes 3.2.1 Futures - The plastic 2605 contract opened lower, reduced positions, and oscillated downward. The lowest price was 8,857 yuan/ton, the highest was 9,313 yuan/ton, and it finally closed at 8,918 yuan/ton, above the 60 - day moving average, with a decline of 3.57%. The position volume decreased by 58,310 lots to 314,927 lots [2] 3.2.2 Spot - The PE spot market showed mixed price movements, with price changes ranging from - 200 to + 900 yuan/ton. LLDPE was reported at 8,930 - 9,770 yuan/ton, LDPE at 10,880 - 11,880 yuan/ton, and HDPE at 8,970 - 10,140 yuan/ton [3] 3.3 Fundamental Tracking - Supply: On March 24, new parking devices such as Tarim Petrochemical's HDPE led to a decline in the plastic operating rate to around 82.5%, at a moderately low level [4] - Demand: As of the week of March 20, the downstream operating rate of PE increased by 3.76 percentage points week - on - week to 37.59%. After the Spring Festival, downstream enterprises are gradually resuming production, but the level has not returned to pre - holiday levels, with a seasonal change in the overall downstream operating rate of PE [4] - Inventory: On Tuesday, the petrochemical early - morning inventory decreased by 15,000 tons week - on - week to 905,000 tons, 55,000 tons higher than the same lunar period last year. Currently, the petrochemical inventory is at a neutral level in recent years [4] - Raw materials: The Brent crude oil 05 contract dropped to $102/barrel. The Northeast Asian ethylene price increased by $25/ton week - on - week to $1,450/ton, and the Southeast Asian ethylene price also increased by $25/ton week - on - week to $1,450/ton [4]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The domestic supply - demand of PVC is in a tight balance. The high inventory in the early stage is expected to be digested. The V2605 is expected to fluctuate widely in the short - term due to the influence of Middle - East geopolitical news. With the downstream entering the traditional peak season, the downstream start - up rate is expected to rise to a relatively high level throughout the year. In the context of the continuous Middle - East geopolitical conflict and the closure of the Strait of Hormuz, the positive impact on exports in the future cannot be falsified [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of PVC futures is 5853 yuan/ton, down 398 yuan; the trading volume is 1977737 lots, down 99122 lots; the open interest is 753229 lots, down 50885 lots. The long positions of the top 20 futures holders are 1037880 lots, down 16718 lots; the short positions are 1041333 lots, down 5499 lots; the net long positions are - 3453 lots, down 11219 lots [3]. 3.2 Spot Market - In the East China region, the price of ethylene - based PVC is 7300 yuan/ton, up 650 yuan; the price of calcium - carbide - based PVC is 6021.48 yuan/ton, up 328.15 yuan. In the South China region, the price of ethylene - based PVC is 6725 yuan/ton, up 245 yuan; the price of calcium - carbide - based PVC is 6141.25 yuan/ton, up 335 yuan. The CIF price of PVC in China and Southeast Asia is 1050 US dollars/ton, with no change. The FOB price of PVC in Northwest Europe is 1050 US dollars/ton, with no change. The basis of PVC is - 301 yuan/ton, down 96 yuan [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China is 2900 yuan/ton, with no change; in North China, it is 2921.67 yuan/ton, up 5 yuan; in Northwest China, it is 2733 yuan/ton, with no change. The mainstream price of liquid chlorine in Inner Mongolia is - 49.5 yuan/ton, up 100.5 yuan. The mid - price of VCM CFR Far East is 916 US dollars/ton, up 129 US dollars; the mid - price of VCM CFR Southeast Asia is 969 US dollars/ton, up 181 US dollars. The mid - price of EDC CFR Far East is 351 US dollars/ton, up 51 US dollars; the mid - price of EDC CFR Southeast Asia is 350 US dollars/ton, up 51 US dollars [3]. 3.4 Industry Situation - The operating rate of PVC is 80.12%, down 1.23 percentage points; the operating rate of calcium - carbide - based PVC is 84.71%, up 1.78 percentage points; the operating rate of ethylene - based PVC is 69.24%, down 8.36 percentage points. The total social inventory of PVC is 61.05 tons, down 2.13 tons; the total social inventory in East China is 56.73 tons, down 1.35 tons; the total social inventory in South China is 4.32 tons, down 0.78 tons [3]. 3.5 Downstream Situation - The national real - estate climate index is 91.45, down 0.45. The cumulative value of new housing construction area is 58769.96 square meters, up 5313.26 square meters. The cumulative value of real - estate construction area is 659890.29 square meters, up 3824.09 square meters. The cumulative value of real - estate development investment is 44895.98 billion yuan, up 2871.41 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC is 39.74%, down 0.53 percentage points; the 40 - day historical volatility is 32.31%, down 0.04 percentage points. The implied volatility of at - the - money put options is 50.78%, down 3.75 percentage points; the implied volatility of at - the - money call options is 50.77%, down 3.69 percentage points [3]. 3.7 Industry News - From March 13th to 19th, China's capacity utilization rate was 80.12%, down 1.23% from the previous period. From March 14th to 20th, the downstream start - up rate of PVC increased by 2.33% to 41.66%, among which the start - up rate of pipes increased by 1.2% to 39.2%, and the start - up rate of profiles increased by 4.35% to 34.35%. As of March 19th, the social inventory of PVC was 137.13 tons, a 2.55% decrease from the previous period and a 64.47% increase year - on - year. From March 13th to 19th, the average cost of calcium - carbide - based PVC increased by 4.68% to 5391 yuan/ton, and the cost of ethylene - based PVC increased by 13.06% to 7294 yuan/ton; the profit of calcium - carbide - based PVC decreased by 73 yuan/ton to 193 yuan/ton, and the profit of ethylene - based PVC decreased by 198 yuan/ton to - 433 yuan/ton [3].

1. Report Industry Investment Rating - The investment view for LLDPE is bullish [2] - The investment view for PP is bullish [3] 2. Core View of the Report - Due to the intensifying geopolitical conflicts, especially the ongoing stand - off between the US and Iran, there is a risk of raw material shortages on the supply side, which may lead to an upward trend in the prices of LLDPE and PP [2][3] 3. Summary by Relevant Catalogs 3.1 LLDPE Analysis 3.1.1 Supply - China's LLDPE production is 315,500 tons, a 0.19% increase from last week [2] - The capacity utilization rate of Chinese polyethylene production enterprises is 82.39%, a decrease of 4.52 percentage points from the previous period [2] - The linear film production ratio is the highest at 31.7%, with a 2.4% difference from the annual average; the low - pressure film production ratio is 11.5%, with a 3.2% difference from the annual average [2] 3.1.2 Demand - The average operating rate of downstream LLDPE/LDPE products in China has increased by 5.4% compared to the previous period, with the overall agricultural film operating rate up 8.6% and the PE packaging film operating rate up 2.2% [2] - The average operating rate of downstream polyethylene products in China has increased by 3.8% compared to the previous period, with the agricultural film operating rate up 8.6%, the PE pipe operating rate up 5.3%, the PE packaging film operating rate up 2.2%, the PE hollow operating rate up 3.2%, the PE injection - molding operating rate up 4.3%, and the PE drawing operating rate up 1.4% [2] - The cumulative import volume in 2026 is 2.3229 million tons, a year - on - year decrease of 8.41%. In February, China's polyethylene import volume was 1.0284 million tons, a year - on - year decrease of 22.39% and a month - on - month decrease of 20.55% [2] 3.1.3 Inventory - The sample inventory of Chinese polyethylene production enterprises is 568,300 tons, a decrease of 7,100 tons from the previous period, a month - on - month decrease of 1.23% [2] - The social sample warehouse inventory of polyethylene is 619,300 tons, a decrease of 43,600 tons from the previous period, a month - on - month decrease of 6.58% and a year - on - year decrease of 4.04% [2] 3.1.4 Basis - The current basis of the main contract is around - 201, with the futures price higher than the spot price [2] 3.1.5 Profit - The costs of oil - based, ethylene - based, and methanol - based production have increased by 742, 929, and 285 yuan/ton respectively compared to the previous period, while the costs of coal - based and ethane - based production have decreased by 31 and 90 yuan/ton respectively [2] 3.1.6 Valuation - The absolute spot price is at a medium level, and the main contract has a slight premium [2] 3.1.7 Macro - Geopolitical conflicts are intensifying, and there is a risk of rising international oil prices. The macro - sentiment is positive, and the RMB is appreciating [2] 3.2 PP Analysis 3.2.1 Supply - The average capacity utilization rate of polypropylene this period is 70.50%, a 0.52% increase from the previous period; the capacity utilization rate of Sinopec is 70.68%, a 1.94% decrease from the previous period [3] - This week's domestic polypropylene production is 727,900 tons, an increase of 5,300 tons from last week (a 0.73% increase) and a decrease of 4,700 tons from the same period last year (a 0.64% decrease) [3] 3.2.2 Demand - This week, the average domestic polypropylene operating rate has increased by 0.64 percentage points to 45.71%. Demand in industries such as spring plowing, grain packaging, and logistics and express delivery has been released, but some industries have reduced production due to squeezed profit margins [3] 3.2.3 Inventory - The inventory of Chinese polypropylene production enterprises is 596,200 tons, a decrease of 61,400 tons from the previous period, a month - on - month decrease of 9.34% [3] - The inventory of Chinese polypropylene traders' sample enterprises has decreased by 12,400 tons, a decrease of 6.04% [3] - The inventory of Chinese polypropylene port samples has decreased by 28,500 tons, a month - on - month decrease of 3.82% [3] 3.2.4 Basis - The current basis of the main contract is around - 179, with the futures price higher than the spot price [3] 3.2.5 Profit - This week, the profits of oil - based, methanol - based, and PDH - based PP production have declined, while the profits of coal - based and externally - sourced propylene - based PP production have recovered [3] 3.2.6 Valuation - The absolute spot price is at a medium level, and the main contract has a premium [3] 3.2.7 Macro Policy - Geopolitical conflicts are intensifying, and there is a risk of rising international oil prices. The macro - sentiment is positive, and the RMB is appreciating [3] 3.3 Main Weekly Data Changes - PP futures price has increased from 8,603 yuan/ton to 9,019 yuan/ton, a 4.84% increase; PE futures price has increased from 8,416 yuan/ton to 8,818 yuan/ton, a 4.78% increase [5] - PP spot price has increased from 8,310 yuan/ton to 8,840 yuan/ton, a 6.38% increase; LLDPE spot price has increased from 8,100 yuan/ton to 8,650 yuan/ton, a 6.79% increase [5] 3.4 PE Fundamental Changes 3.4.1 Supply - High production and a decline in social inventory [7] 3.4.2 Demand - Demand is starting to improve [14] 3.4.3 Cost - Energy price decreases have led to a decline in production costs [25] 3.4.4 Profit - Profits are lower than the same period last year [28] 3.4.5 Import and Export - Exports are better than the same period last year [33] 3.5 PP Fundamental Changes 3.5.1 Capacity and Production - There are data on PP capacity, production, operating rate, and maintenance losses [45] 3.5.2 Inventory - Inventories at all levels are decreasing, and port inventory is lower than the same period last year [49][57] 3.5.3 Downstream Demand - There are significant differences in downstream demand [68] 3.5.4 Production Profit - Profits are similar to those of last year [86] 3.6 Disk Data - The current 5 - 9 spread is at a medium - low or medium - high level historically, but there is still room for an upward trend. Considering the risk of the US - Iran conflict ending quickly, a 5 - 9 positive spread arbitrage is recommended [94][97] - From the perspective of trading volume, both PP and PE have seen an increase in price with a decrease in trading volume, especially PE. The L - P spread has narrowed [104]

1. Report Industry Investment Rating - No information provided in the content. 2. Core View of the Report - The polypropylene market is affected by geopolitical disturbances, with the market showing a strong and volatile trend. Upstream device load reduction has increased, affecting production. Demand will continue to strengthen slightly next week, and inventory will continue to decline. Cost is on the rise, and there is no sign of a decline. The 5 - 9 positive spread is weakening, and it is recommended to leave the market. It is advisable to adopt a bullish - but - cautious approach in trading and consider buying put options [6][7][8][10]. 3. Summary by Directory 3.1 Recent Market Main Contradictions - No specific content provided in the given text. 3.2 Polypropylene Supply and Demand Situation Supply - This week's production increased slightly to 72.79 million tons, with an increase of 0.53 million tons compared to last week. In the next two weeks, more devices will undergo maintenance or load reduction. The import volume remains stable at 6.60 million tons per week, and the export volume is 5.40 million tons per week. In February, imports were 20.6 million tons, and exports were 24.4 million tons [6]. - There are many unexpected PP maintenance cases. Multiple companies have announced device maintenance plans, which will affect future production [15][18]. - In 2025, new PP production capacity of 455.5 million tons was put into operation, and in 2026, it is planned to put into operation 610 million tons of new production capacity [20]. Demand - Currently, downstream demand is not very good [41]. Inventory - This week, there was a slight reduction in inventory. The total inventory decreased from 93.84 million tons last week to 86.17 million tons this week, a decrease of 7.67 million tons. It is expected that inventory will continue to decline next week, and the impact of upstream production cuts is expected to be evident [6]. 3.3 Polypropylene Basis and Spread Basis - The spot basis fluctuates greatly. The East China basis decreased from 0 last week to - 320 this week, and the North China basis decreased from - 200 to - 320. The South China basis decreased from - 100 to - 170 [8]. Spread - The 5 - 9 positive spread is starting to weaken, and it is recommended to leave the market temporarily. The 5 - 9 spread decreased from 535 last week to 433 this week, a decrease of 102 [8]. - The fiber - to - filament spread decreased from 250 to 100, and the copolymer - to - filament spread increased from 250 to 300. The pellet - to - powder spread in North China increased from 0 to 290, and in East China, it decreased from 0 to - 40 [8]. - The PP - 3MA spread on the 01 contract increased from - 214 to - 157, and on the 05 contract, it decreased from 188 to - 377. It is advisable to pay attention to the opportunity of going long on PP and short on MA [8]. - The LL - PP spread on the 01 contract decreased from 220 to 151, on the 05 contract, it decreased from - 187 to - 201, and on the 09 contract, it decreased from 77 to 18 [8]. 3.4 Summary and Outlook Upstream, Mid - stream, and Downstream Views - Upstream: The situation of upstream device load reduction has intensified, and production is expected to be affected. Some upstream companies have postponed their delivery plans [10]. - Mid - stream: Spot trading has slightly worsened. Some factories are selling a large amount of goods due to poor spot liquidity and concerns about difficulties in selling when prices fall [10]. - Downstream: The situation of downstream goods - grabbing has eased. After replenishing inventory in the early stage, inventory has gradually become sufficient [10]. Strategies - Pay attention to the opportunity of cash - and - carry arbitrage. Consider leaving the 5 - 9 positive spread. There is currently no cross - variety strategy. It is recommended to adopt a bullish - but - cautious approach in single - side trading and beware of callback risks. Consider buying put options [10].

Report Industry Investment Rating The report does not mention the industry investment rating. Core Viewpoints of the Report Plastic - The raw material logistics is blocked, and the supply contraction expectation supports the near - end strength. The geopolitical conflict continues to escalate, and the oil price provides cost support. The supply - side contraction is gradually realized, and the polyolefin price is strong. However, the demand resistance in the past two weeks has led to the profit compression of derivatives [6]. - The downstream demand continues to recover, but it is necessary to pay attention to the downstream cost transmission. The inventory has started to decline, and the basis has weakened [6]. - In terms of strategies, it is recommended to be bullish on the unilateral, wait and see on the inter - period, and wait and see on the inter - variety [6]. Polypropylene - The shortage of raw materials leads to the simultaneous reduction of cracking and PDH, and the supply side has strong support. The cost of raw materials such as crude oil and propane continues to rise, and the total weighted profit is compressed. The supply center will decline month - on - month, and the price may be strong in Q1 [99]. - The downstream demand is differentiated, and the cost transmission of some products is difficult. The basis has weakened, and the inventory needs to be consumed and the supply needs to be continuously reduced to support the price transmission [99]. - In terms of strategies, it is recommended to be bullish on the unilateral with high risks, wait for inventory digestion in the inter - period, and wait and see on the inter - variety [99]. Summary According to the Directory Plastic Part Price & Spread - The futures price has increased, and the basis has weakened. The 5 - 9 month spread has also weakened. The import window is closed, and the import profit of LD has been significantly compressed. The non - standard spread shows that the ratio of HD and LD to the standard product has weakened [8][14][24][26]. - The upstream prices of crude oil, naphtha, and ethylene have increased, while the coal price has remained stable. The oil - based profit has been compressed, while the coal - based and ethane - based profits have been significantly repaired, and the profit of externally purchased ethylene has reached a new low [31][37]. Supply - The new capacity from the end of 2024 to the first half of 2025 has been put into production intensively, and the nominal capacity growth rate has reached 19.2%, with an effective capacity growth rate of 16.7%. The supply is expected to contract significantly due to geopolitical conflicts, and the standard product production ratio has declined [42][44][50]. - The maintenance plan in March has increased, and if the geopolitical situation persists, the incremental reduction and maintenance may continue to increase, with the operating rate approaching 70% [53]. - The import is expected to decline month - on - month due to shipping delays and geopolitical uncertainties [58]. Demand & Inventory - The downstream operating rate has continued to recover, but the profit has been in a loss state. The demand for agricultural films has a seasonal improvement, while the new orders for other products have slowed down. The raw material inventory of downstream enterprises is not high, and they mainly purchase on a rigid - demand basis [6][74][80][86]. - The total supply is expected to contract, and the upstream inventory has started to decline [66]. Polypropylene Part Price & Spread - The futures price has increased, the basis has weakened, and the 5 - 9 month spread has also weakened. The export signing of PP has improved, but the domestic acceptance is limited. The import profit has been compressed [102][107][113]. - The upstream prices of crude oil, naphtha, and propylene have increased significantly, and the coal price has remained stable. The overall profit has been compressed, the PDH - based valuation has remained low, the coal - based profit has been repaired, and the propylene - based process has been in a loss state [126][133]. Supply - The new capacity from the end of 2024 to the middle of 2025 has been put into production on a large scale, with an effective capacity growth rate of 12.7%. The supply is expected to decline significantly, and the operating rate may drop below 65% in April [142][99]. - The oil - based production has declined, and the PDH - based maintenance has been relatively high. The supply contraction will continue, and attention should be paid to the implementation [149]. - The import is expected to decline, and the export has increased significantly, but part of it comes from the processing trade of southern China's plants [158]. Demand & Inventory - The downstream operating rate is differentiated. The operating rate of plastic weaving and injection molding has declined slightly in the off - season, while the demand for BOPP and modification has been stable. The cost transmission of some products is difficult, and the resistance of other products has increased [99]. - The supply is expected to decline significantly, and the upstream inventory has been decreasing seasonally [167].