Core Viewpoint - The acquisition of the plastic and engineering plastics compound business in Vietnam by Daon Co., Ltd. is a strategic move to enhance supply chain collaboration and proximity to major clients in Southeast Asia [1][2]. Group 1: Acquisition Details - Daon Co., Ltd. plans to acquire the business through its wholly-owned subsidiary in Singapore, with a total purchase price of approximately $15.737 million [2]. - The target company, which will be established through a business separation, has a projected net asset value of $11.5723 million and expected revenue of $12.576 million for the first half of 2025 [2]. Group 2: Strategic Rationale - The acquisition aims to reduce cross-border logistics costs and delivery times, thereby enhancing supply chain stability and responsiveness [1]. - The vibrant market in Vietnam, along with local incentives, is expected to facilitate broader market penetration in Southeast Asia, supporting the company's long-term international development [1]. Group 3: Industry Implications - The transaction reflects a shift in Chinese companies' overseas strategies from simple investments to more precise industrial chain collaboration and capital operations [3]. - The complexity of the deal indicates a refined approach to risk management and strategic implementation in cross-border mergers and acquisitions [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Cost - side support for polyolefins has declined, leading to a correction in polyolefin futures. The supply - demand fundamentals of both PE and PP are weak, and the rebound sustainability is limited. It is recommended to adopt a wait - and - see strategy for L and PP [3][4][5] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data - **Price and Basis**: The closing price of the L main contract is 6,878 yuan/ton (-136), and that of the PP main contract is 6,714 yuan/ton (-110). LL North China spot is 6,800 yuan/ton (-50), LL East China spot is 6,850 yuan/ton (-70), and PP East China spot is 6,680 yuan/ton (+40). LL North China basis is -78 yuan/ton (+86), LL East China basis is -28 yuan/ton (+66), and PP East China basis is -34 yuan/ton (+150) [1] - **Upstream Supply**: PE开工率 is 85.4% (+0.7%), and PP开工率 is 74.8% (-1.2%) [1] - **Production Profit**: PE oil - based production profit is -115.3 yuan/ton (-30.1), PP oil - based production profit is -635.3 yuan/ton (-30.1), and PDH - based PP production profit is -505.3 yuan/ton (+25.9) [1] - **Import and Export**: LL import profit is 76.7 yuan/ton (-31.9), PP import profit is -328.7 yuan/ton (-43.8), and PP export profit is -74.1 US dollars/ton (+0.3) [2] - **Downstream Demand**: PE downstream agricultural film开工率 is 34.6% (-1.8%), PE downstream packaging film开工率 is 42.1% (-2.9%), PP downstream plastic weaving开工率 is 42.0% (+0.0%), and PP downstream BOPP film开工率 is 64.2% (+0.2%) [2] 3.2 Market Analysis - **PE**: International oil prices have dropped significantly, weakening the cost - side support for plastics. The supply is expected to increase due to the restart of many devices and more arriving imported resources, while the demand is in the off - season with a decline in overall downstream开工率. The supply - demand fundamentals are weakening, and the de - stocking pressure is large [3] - **PP**: The cost - side support of propane has declined, and international oil prices have dropped, causing the PP futures and spot prices to fall. The supply is difficult to be strongly supported, and the demand is in the off - season with limited new orders. The supply - demand structure is weak, and the de - stocking pressure may limit the rebound space [4] 3.3 Strategy - **Single - sided**: Adopt a wait - and - see strategy for L and PP. The short - term cost - side fluctuates strongly, and the macro and capital factors cause greater disturbances. The current supply - demand fundamentals of polyolefins are weak, and the rebound sustainability may be limited [5] - **Inter - period**: Not provided - **Inter - variety**: Not provided

股权交易完成后，目标公司拟与Hwaseung Polytech Co.,Ltd.("HS Polytech")签署关于额外不动产权利的 转让协议，购买价格为130万美元。该额外不动产包括5,626平方米的土地使用权和942平方米建筑物的 所有权。 道恩股份（002838）(002838.SZ)公告，公司拟以自有或者自筹资金收购Hwaseung Chemical Co.,Ltd.和 Hwaseung Vina Co.,Ltd.(合称"卖方")持有的Hwaseung Chemical Vietnam Co.,Ltd.的塑料和工程塑料化合物 业务部门。卖方拟将现有公司的化合物业务部门以分立方式设立一家新公司，并将目标公司100%的股 权转让给买方指定的全资子公司道恩高分子材料(新加坡)投资有限公司。目标股权的暂定总购买价格为 1573.7万美元。 实施该事项旨在旨在顺应重要客户产业链向越南等区域转移的趋势，通过实现本地化就近供应，巩固战 略合作关系、提升客户黏性，有效应对产业竞争格局变化，同时贴近客户产能布局以满足其供应链稳定 性、响应速度及成本优化需求，增强订单获取能力。 ...

投资咨询业务资格：证监许可【2012】31号 【PVC 周报（PVC ）】 出口价格拉涨，盘面突破新高 国贸期货 能源化工研究中心 2026-02-02 叶海文 从业资格证号：F3071622 投资咨询证号：Z0014205 张国才 从业资格证号：F03133773 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 PVC周度数据 | | | | | | PVC主要周度数据汇总 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 主要数据 | 最 新 | 上 周 | 涨 跌（幅） | | 主要数据 | 最 新 | 上 周 | 涨 跌（幅） | | | 主力价格（元/吨) | 5063 00 . | 4921 00 . | 2 89% . | | 中国产量(万吨) | 48 21 . | 48 75 . | -1 11% . | | | 近月价格 | 4790 00 . | 4658 00 . | 2 83% . | ...

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - In February, supported by the macro - level and geopolitical factors, the cost side will boost the polyolefin market, which is likely to run strongly [6][41]. 3. Summary by Relevant Catalogs Macro - level China - In December 2025, the year - on - year growth rate of broad money M2 was 8.5%, 0.5 percentage points higher than the previous month. In January 2026, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, 0.8 percentage points lower than the previous month, indicating a decline in manufacturing prosperity [7]. - In December 2025, the national consumer price increased by 0.8% year - on - year and 0.2% month - on - month. The ex - factory price of industrial producers decreased by 1.9% year - on - year, with the decline narrowing by 0.3 percentage points compared to the previous month, and increased by 0.2% month - on - month [9]. - In 2025, the national real estate development investment was 827.88 billion yuan, a 17.2% decrease from the previous year. The sales area of new commercial housing was 881.01 million square meters, a decrease of 8.7%. The sales volume of new commercial housing was 839.37 billion yuan, a 12.6% decrease. The funds available to real estate development enterprises were 931.17 billion yuan, a 13.4% decrease. The real estate development climate index was 91.45 [11][12]. - The overall economic recovery momentum is not strong. Although CPI and PPI improved in December 2025, real estate data continued to decline, and the manufacturing PMI in January 2026 fell below the 50% boom - bust line, indicating a weak economic recovery [14]. International - In December, the US CPI remained flat at 2.7% compared to the previous month. In the Eurozone, the CPI in December 2025 decreased by 0.2% to 1.9% compared to the previous month, facing greater economic recession pressure with lower inflation. Currently, inflation in both the US and the Eurozone has dropped to a relatively low level, which is conducive to further interest rate cuts to boost the economy [15]. - On January 29, the Federal Reserve maintained the federal funds rate range at 3.50% - 3.75%, which was in line with market expectations. Fed Chairman Powell said that inflation is still high, mainly due to the increase in commodity - sector inflation driven by tariffs. If tariff - related inflation peaks and then falls, the Fed may relax its policy. The US is likely to continue the interest - rate cut cycle in the future. The Eurozone benchmark interest rate remains at 2.15% [17][19]. - High tariffs and high interest rates still have a certain negative impact on the US economy. The US manufacturing PMI in December decreased by 0.3 percentage points to 47.9% compared to the previous month. The employment indicator improved last month, with the unemployment rate in December decreasing by 0.1% to 4.4% [20]. - The domestic real estate recovery is still difficult and requires further policy support. Domestic policies are likely to remain loose, and policies to boost the economy will continue to be introduced. In the US, the impact of tariffs on inflation is expected to decrease, and the demand to boost the economy will persist. The US is likely to continue to cut interest rates. Therefore, both the domestic and international macro - levels may improve [22]. Fundamental PE - In January, polyethylene supply increased. The capacity utilization rate was 83.94%, 0.38 percentage points higher than the previous period, and the output was 3.0594 million tons, a 1.68% increase. The increase in output was mainly due to the new production of a 300,000 - ton/year new device and a 30.23% decrease in maintenance losses [23]. - In January, polyethylene downstream demand declined slightly. The overall downstream industry starting rate was 39.86%, a 2.02% decrease from the previous month. The demand for northern greenhouse films basically ended, with the starting rate decreasing by 8.08% month - on - month. The follow - up of long - term agreement orders for packaging films was limited, and the continuity of customized orders was average, with a 3.04% month - on - month decrease [25]. - In January, the social inventory of polyethylene increased. At the end of January, the social sample warehouse inventory was 479,600 tons, a 45,000 - ton increase from the previous month and a 39,000 - ton increase year - on - year. The cost and news boosted the market sentiment, downstream factories increased inventory replenishment, and trading among traders increased. Production enterprises actively sold to reduce inventory before the Spring Festival, resulting in a decrease in production enterprise inventory and a slight increase in social sample warehouse inventory [28]. - In January, the supply - demand situation of polyethylene was still weak, with supply increasing and demand decreasing. However, due to the boost from the macro - level and cost side, the polyethylene price ran strongly [30]. PP - In January, PP supply decreased. The total output of polypropylene in China was 3.4474 million tons, a 110,500 - ton decrease from December 2025, a 3.11% decrease. Temporary maintenance of production enterprises due to cost and unexpected reasons increased, and there was no new capacity put into production, resulting in a significant decline in output [31]. - In January, PP downstream demand decreased. The apparent consumption of polypropylene in January was estimated to be 3.4774 million tons, a 4.01% decrease from the previous month. The starting rates of BOPP and modified PP increased by 0.69% and 1.59% respectively, mainly due to the increase in express packaging demand during the year - end New Year goods season and the impact of new - energy vehicle subsidy policies on modified demand. However, the starting rates of most general - purpose products decreased due to insufficient follow - up of new orders [33]. - In January, the inventories of polypropylene production enterprises and traders both decreased. At the end of January, the inventory of production enterprises was 400,900 tons, a 24.83% decrease from the end of the previous month. Traders' inventory was 183,400 tons, a 2.02% decrease from the end of the previous month. In January, the supply - demand of polypropylene decreased, and the oversupply situation remained unchanged. However, due to the geopolitical boost, the prices of crude oil and propylene strengthened, which in turn boosted the PP price to run strongly [38]. Market Outlook PE - In February, there will be no new domestic polyethylene production enterprises. The output and imports are expected to decrease by 196,400 tons and 79,000 tons respectively, with a total supply decrease of 275,400 tons. Due to the impact of the Spring Festival holiday, the demand is expected to decrease by 389,300 tons. The demand enters the off - season, and the supply - demand gap continues to widen. Polyethylene will be in a situation of oversupply for most of the next three months. However, due to the boost from the macro - level and cost side, polyethylene is likely to still run strongly [39][41]. PP - In February, polypropylene enters the traditional off - season of demand, and the oversupply situation continues with inventory accumulation further intensifying the supply - demand contradiction. However, the macro - level policy is continuously favorable, and the cost side, especially the strong propane import cost, makes the polypropylene market regain the enthusiasm for price increase. Polypropylene may still run strongly [41].

交易咨询业务资格：证监许可【2012】1091号 PVC期货早报 2026年2月2日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，据隆众统计，2025年12月PVC产量为213.7356万吨，环比增加2.79%；本周样本 企业产能利用率为78.93%，环比增加0.00个百分点；电石法企业产量34.716万吨，环比增加 0.73%,乙烯法企业产量13.611万吨，环比减少0.96%；本周供给压力有所增加；下周预计检 修有所减少，预计排产少量增加。 需求端来看，下游整体开工率为44.75%，环比减少0.10个百分点，高于历史平均水平；下游 型材开工率为31.52%，环比持平，高于历史平均水平；下游管材开工率为37%，环比持平，高 于历史平均水平；下游薄膜开工率为65.71%，环 ...

Report Industry Investment Rating - Not provided Core Viewpoints - Low valuation, cold weather, and the Iran geopolitical situation have improved the sentiment in the chemical sector. PP will follow the market sentiment and show a strong and volatile trend in the short term. However, the improvement in the PP supply - demand pattern is limited, the spot market follow - up is limited, and the basis has declined. Caution should be exercised regarding the sustainability of the PP rebound. It is expected that the L - PP spread will decline [1]. Summary by Relevant Catalogs Market Analysis - As of the week of January 23, the downstream PP operating rate rebounded 0.34 percentage points to 52.87%, at a neutral level in the same lunar period over the years. The operating rate of plastic weaving, the main downstream of drawstring, decreased 0.56 percentage points to 42.04%, and plastic weaving orders continued to decline slightly, slightly lower than the same period last year. On January 28, new maintenance devices such as the first line of Dushanzi Petrochemical were added, and the PP enterprise operating rate dropped to around 79%, at a low level. The production ratio of standard drawstring remained at around 27%. Near the end of the month, petrochemical inventory was depleted quickly and is currently at a low level in the same period in recent years. Cold weather has boosted diesel heating demand, alleviating demand concerns, and combined with the escalating Iran geopolitical situation, crude oil prices have risen. There has been a slight increase in maintenance devices recently. The price of downstream BOPP film continued to rebound, but as the Spring Festival holiday approaches, the operating rate of downstream plastic weaving has continued to decline, and new orders are limited [1]. Futures and Spot Market - Futures: The PP2605 contract increased in positions and fluctuated upward. The lowest price was 6,697 yuan/ton, the highest was 6,808 yuan/ton, and it finally closed at 6,778 yuan/ton, above the 20 - day moving average, with a gain of 1.30%. The open interest increased by 17,453 lots to 543,384 lots [2]. - Spot: Most PP spot prices in various regions rose. Drawstring was reported at 6,400 - 6,830 yuan/ton [3]. Fundamental Tracking - Supply: On January 28, new maintenance devices such as the first line of Dushanzi Petrochemical were added, and the PP enterprise operating rate dropped to around 79%, at a low level. The production ratio of standard drawstring remained at around 27% [4]. - Demand: As of the week of January 23, the downstream PP operating rate rebounded 0.34 percentage points to 52.87%, at a neutral level in the same lunar period over the years. The operating rate of plastic weaving, the main downstream of drawstring, decreased 0.56 percentage points to 42.04%, and plastic weaving orders continued to decline slightly, slightly lower than the same period last year [4]. - Inventory: On Wednesday, the petrochemical morning inventory decreased by 40,000 tons to 450,000 tons, 110,000 tons lower than the same lunar period last year. Near the end of the month, petrochemical inventory was depleted quickly and is currently at a low level in the same period in recent years [4]. Raw Material End - Crude oil: The Brent crude oil 03 contract rose above $67 per barrel, and the CFR propylene price in China remained flat at $820 per ton [6].

【冠通期货研究报告】 【期现行情】 PP日报：低开后震荡运行 期货方面： 发布日期：2026年1月27日 PP2605合约低开后增仓震荡运行，最低价6653元/吨，最高价6728元/吨，最终收盘于6709元 /吨，在20日均线上方，涨幅0.04%。持仓量增加4800手至525931手。 【行情分析】 现货方面： 截至1月23日当周，PP下游开工率环比回升0.34个百分点至52.87%，处于历年农历同期中性水平。 其中拉丝主力下游塑编开工率环比下跌0.56个百分点至42.04%，塑编订单环比继续小幅下降，略低于 去年同期。1月27日，新增中景石化二期一线等检修装置，PP企业开工率下跌至79.5%左右，处于偏低 水平，标品拉丝生产比例下跌至27%左右。临近月底，石化去库较快，目前石化库存处于近年同期偏 低水平。成本端，寒冷天气推动柴油取暖需求，需求担忧有所缓解，加上伊朗地缘局势升温，原油 价格上涨。近期检修装置略有增加。下游BOPP膜价格继续反弹，但临近春节放假，下游塑编开工率 持续下降，其新增订单有限。低估值、寒冷天气及伊朗地缘局势推动下，化工板块情绪好转，PP短 期跟随市场情绪偏强震荡，只是PP供需格局改善有 ...

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View - The C3 raw material for PP shows strong performance, but the profit repair is currently limited. The overall fundamental support at the end of the year is limited, and attention should be paid to the marginal changes of PDH units under deep - loss PDH profits [1][2] 3. Summary of Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of PP2605 was 6737, with a daily increase of 1.22%. The trading volume was 609,818, and the position increased by 22,199 [1] - **Basis and Spread Changes**: The basis of the 05 contract was - 147 (compared to - 176 the previous day), and the 05 - 09 contract spread was - 41 (compared to - 32 the previous day) [1] - **Spot Prices**: The spot prices in North China, East China, and South China were 6,530 yuan/ton, 6,590 yuan/ton, and 6,630 yuan/ton respectively, all higher than the previous day [1] 3.2 Spot News - The futures market rebounded again. The upstream pre - sale pressure was temporarily not large, and the mid - stream continued to place orders. The basis weakened, and the trading atmosphere improved, mainly mid - stream transactions [1] - The downstream profit has been repaired with the terminal price increase. The start - up and orders increased last week, but the end - year demand is difficult to provide continuous elasticity, and the sustainability of buying is questionable, with high warehouse receipts [1] - The PP US - dollar market price remained stable. Overseas suppliers had low enthusiasm for offering to China. Due to the strengthening of the exchange rate and the rise of the domestic market, the downstream continued to make rigid purchases, and the trading was difficult to improve [1] 3.3 Market Condition Analysis - **Cost Side**: Crude oil and propane prices are strong. The internal valuation of olefins is differentiated, and the valuation of PE in terms of internal - external and upstream profit is higher than that of PP [2] - **Supply Side**: There is no new production before the 2605 contract, and the game of existing supply and demand intensifies [2] - **Demand Side**: The follow - up of new downstream orders weakened, and downstream factories' purchases remained cautious, resulting in weak demand [2] 3.4 Trend Strength - The trend strength of PP is - 1 [3]

冠通期货研究报告 --聚烯烃周报 研究咨询部苏妙达 执业资格证号：F03104403/Z0018167 发布时间：2026年1月26日 投资有风险，入市需谨慎，本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 分析师苏妙达：F03104403/Z0018167 投资有风险，入市需谨慎。 行情分析 塑料开工率上涨至90%左右，处于中性偏高水平。PP开工率下跌至80%左右，处于中性偏低水平。截至1月23日当周，PE下游开 工率环比下降1.4个百分点至39.53%，农膜订单基本稳定，处于近年同期中性水平，农膜原料库存基本稳定，包装膜订单小幅回升， 整体PE下游开工率仍处于近年农历同期偏低位水平。PP下游开工率环比回升0.34个百分点至52.87%，处于历年农历同期中性水平。 其中拉丝主力下游塑编开工率环比下跌0.56个百分点至42.04%，塑编订单环比继续小幅下降，略低于去年同期。石化1月上中旬去 库较好，但近日去库一般，目前石化库存处于近年同期中性水平。成本端，寒冷天气推动柴油取暖需求，需求担忧有所缓解，加上 伊朗地缘局势升温，原油价格上涨。另外，新增产能，新增产能50万吨/年的巴斯夫（广东）FDPE ...