中化新网讯 近日，石家庄炼化成功攻克关键技术瓶颈，实现聚丙烯涂覆专用料规模化量产。截至目 前，该公司累计生产聚丙烯涂覆专用料800吨。 该产品熔指高、附着力强，既可以满足高速淋膜的工艺要求，又能有效解决传统工艺中存在的破膜率 高、幅宽缩颈明显、涂膜附着力不足等问题；可广泛应用于三合一彩印及二合一白色塑编袋、吨包袋、 纸袋包装的涂覆，起到防潮防水的作用；能增强印刷附着力，进一步提升塑编、纸袋等终端产品的品 质，为下游产业提质增效提供了关键材料支撑。 为进一步提升聚丙烯产品差异化生产水平，针对华北地区塑编行业发达、涂覆料需求量较大的实际情 况，石炼积极组建涂覆专用料专项攻关团队，聚焦淋膜工艺中的关键技术瓶颈开展集中攻关。他们通过 持续优化生产工艺参数、科学调整产品配方，成功试产聚丙烯涂覆专用料，并实现工业化稳定生产。 ...

Report Industry Investment Rating - The industry investment rating is neutral [3] Core Viewpoints - Upstream supply of polyolefins is high, but the supply pressure of PE is expected to ease due to planned maintenance of some PE devices, while the supply of PP continues to increase and the inventory pressure is large. The cost - side support is weak, and the downstream demand is gradually increasing as it is in the transition period between the off - season and peak season [1][2] Summary by Directory 1. Polyolefin Basis Structure - The L main contract closed at 7334 yuan/ton (-17), and the PP main contract closed at 7048 yuan/ton (-36). The LL North China spot was 7250 yuan/ton (+0), the LL East China spot was 7300 yuan/ton (+0), and the PP East China spot was 7000 yuan/ton (-40). The LL North China basis was -84 yuan/ton (+17), the LL East China basis was -34 yuan/ton (+17), and the PP East China basis was -48 yuan/ton (-4) [1] 2. Production Profit and Operating Rate - The PE operating rate was 84.2% (+0.1%), and the PP operating rate was 77.9% (+0.6%). The PE oil - based production profit was 451.6 yuan/ton (+72.3), the PP oil - based production profit was -48.4 yuan/ton (+72.3), and the PDH - based PP production profit was 190.0 yuan/ton (+15.1) [1] 3. Polyolefin Non - Standard Price Difference - No specific data provided in the given text 4. Polyolefin Import and Export Profit - The LL import profit was -115.0 yuan/ton (-5.3), the PP import profit was -461.4 yuan/ton (+37.8), and the PP export profit was 30.1 US dollars/ton (+0.7) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profit - The PE downstream agricultural film operating rate was 13.8% (+0.8%), the PE downstream packaging film operating rate was 49.1% (-0.2%), the PP downstream plastic weaving operating rate was 41.4% (+0.3%), and the PP downstream BOPP film operating rate was 61.1% (+0.3%) [1] 6. Polyolefin Inventory - The PE upstream and mid - stream inventory changed from rising to falling, while the PP upstream and mid - stream inventory continued to rise with large inventory pressure [2]

Core Viewpoint - The company has achieved a significant breakthrough in the production capacity of high-performance films, specifically the high-speed light-diffusing film, completing 135% of its annual import substitution target from January to July, effectively meeting domestic market demand [1] Group 1: Product Development and Market Position - The high-speed light-diffusing film and other high-performance film materials have historically been dominated by foreign companies, but the company has successfully tackled challenges related to light diffusion, tensile strength, and film stability through technological advancements [1] - The performance of the products has reached an internationally advanced level and offers significant cost advantages, positioning the company competitively in the market [1] Group 2: Economic Impact and Future Plans - The high-speed light-diffusing film has become a key product for the company's second HDPE (high-density polyethylene) unit, enhancing overall operational efficiency and generating considerable economic benefits [1] - The company plans to leverage its experience in the packaging and electronic protective film markets to develop a series of products and continue expanding into high-end markets such as medical and new energy sectors [1]

Core Viewpoint - Guangdong Enbixin Intelligent Equipment Co., Ltd. is participating in the 2025 Polymer Industry Annual Conference, showcasing its vacuum weighing products, indicating a focus on innovation and collaboration within the polymer processing industry [1][8]. Product Introduction - The vacuum weighing product system includes components such as a feeding station, vacuum feeder weighing device, and PLC controller, designed for both single and multi-material quantitative feeding [4]. - The system allows for simultaneous material suction and measurement, achieving an accuracy control better than 5‰, with a 500L volume feeding speed of under 5 minutes [4]. Company Overview - Guangdong Enbixin Intelligent Equipment Co., Ltd. specializes in auxiliary equipment for plastic processing, with factories in Dongguan and Nanjing covering a total area of approximately 6000 square meters [4]. - The company has nearly 15 years of design and manufacturing experience, particularly excelling in the modified plastics sector, and has established partnerships with leading brands such as Kubota and Coperion [4][11]. Industry Event Details - The 2025 Polymer Industry Annual Conference will focus on new resins, materials, equipment, and emerging applications, aiming to explore development trends and high-quality growth directions in the modified plastics industry [9][10]. - The event will feature various forums, including topics on advanced materials for aerospace, low-altitude economy, and innovative materials for new energy vehicles [19][22]. Collaboration and Networking - The conference aims to foster collaboration among government, industry leaders, and academic institutions to enhance the development of the polymer industry and explore new project opportunities [26]. - Various experts and representatives from leading companies will participate, providing insights into the latest trends and technologies in the polymer sector [10][19].

Group 1 - The domestic PVC powder market prices have decreased, with mainstream market prices dropping by 40-55 yuan/ton, influenced by the downward trend in futures [1] - The overall operating load rate for PVC powder this week is 77.75%, an increase of 4.49 percentage points compared to the previous week [2] - The inventory of PVC production enterprises has decreased, with the number of days of inventory available for production down by 3.45% to 5.6 days [2] Group 2 - New production capacities are being released, leading to increased supply pressure on PVC, while demand remains weak with downstream enterprises showing low operating rates [3] - The overall market is still in a low season, with no improvement in demand expected, and the industry faces significant supply-demand pressure [3] - The impact of coking coal disturbances on the cost side is affecting the PVC market, suggesting a short-term wait-and-see approach [3]

Group 1: Report Information - Report Title: Polyethylene Risk Management Daily Report [1] - Date: August 14, 2025 [1] Group 2: Analyst Information - Analysts: Dai Yifan (Investment Consulting License No.: Z0015428), Gu Hengye (Futures Practice License No.: F03143348) [2] - Investment Consulting Business Qualification: CSRC License [2011] No. 1290 [2] Group 3: Price Forecast and Hedging Strategies - Polyethylene Price Range Forecast (Monthly): 7200 - 7400 [3] - Current Volatility (20 - day rolling): 9.94% [3] - Current Volatility Historical Percentile (3 - year): 11.1% [3] - Inventory Management Strategy: For high - level finished product inventory, sell L2509 futures at 25% ratio in the range of 7350 - 7400 and sell L2510C7400 call options at 50% ratio in the range of 50 - 100 [3] - Procurement Management Strategy: For low - level procurement inventory, buy L2509 futures at 50% ratio in the range of 7200 - 7250 and sell L2510P7200 put options at 75% ratio in the range of 30 - 70 [3] Group 4: Core Contradictions - Polyolefin market follows macro - sentiment and coking coal price fluctuations. PE is moving towards a supply - demand growth pattern. Supply is increasing as the maintenance season ends, and demand is transitioning from off - season to peak season but with a slow recovery speed. Near - term PE supply - demand pressure is not large, but there is a risk of inventory accumulation if demand recovery is less than expected [4] Group 5: Bullish and Bearish Factors - Bullish Factor: Demand is expected to improve after August [5] - Bearish Factors: Jilin Petrochemical has recently started production, and ExxonMobil's 500,000 - ton LDPE plant is expected to start production in August - September. LLDPE inventory is at a high level [6] Group 6: Market Data Futures Prices and Spreads - Plastic Main Contract Basis: 8 yuan/ton on August 14, with a daily change of 26 yuan/ton and a weekly change of 30 yuan/ton [7] - L01 Contract Price: 7343 yuan/ton on August 14, a daily decrease of 38 yuan/ton and a weekly decrease of 21 yuan/ton [7] Spot Prices and Regional Spreads - North China Spot Price: 7290 yuan/ton on August 14, unchanged daily and an increase of 80 yuan/ton weekly [9] - East China Spot Price: 7360 yuan/ton on August 14, unchanged daily and an increase of 40 yuan/ton weekly [9] Upstream Prices and Processing Profits - Brent Crude Oil Price: 66 dollars/barrel on August 14, unchanged daily and a decrease of 0.8 dollars/barrel weekly [9] - US Ethane Price: 0.2026 dollars/gallon on August 14, a daily decrease of 0.0024 dollars/gallon and a weekly decrease of 0.0137 dollars/gallon [9]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The suspension of the 24% tariff between China and the US for 90 days is a macro - level positive, but the market has returned to fundamental trading after a slight boost. PE supply is recovering with the restart of previously shut - down plants and new capacity from Jilin Petrochemical, while PP has low current overall开工率 but future supply pressure is high with the upcoming commissioning of Ningbo Daxie Petrochemical's new PP plant. Upstream and mid - stream inventories of polyolefins are accumulating, cost support is weak, and downstream demand is gradually transitioning to the peak season [2] Summary by Directory 1. Polyolefin Basis Structure - The L main contract closed at 7313 yuan/ton (-16), and the PP main contract closed at 7107 yuan/ton (+16). LL North China spot was 7270 yuan/ton (+20), LL East China spot was 7300 yuan/ton (+20), and PP East China spot was 7040 yuan/ton (+0). LL North China basis was - 43 yuan/ton (+36), LL East China basis was - 13 yuan/ton (+36), and PP East China basis was - 67 yuan/ton (-16) [1] 2. Production Profit and Operating Rate - PE operating rate was 84.1% (+3.0%), and PP operating rate was 77.3% (+0.4%). PE oil - based production profit was 404.4 yuan/ton (+35.8), PP oil - based production profit was - 75.6 yuan/ton (+35.8), and PDH - based PP production profit was 174.2 yuan/ton (-50.9) [1] 3. Polyolefin Non - Standard Price Difference - Not elaborated on in the provided content 4. Polyolefin Import and Export Profit - LL import profit was - 78.8 yuan/ton (-4.7), PP import profit was - 513.4 yuan/ton (-4.8), and PP export profit was 31.2 US dollars/ton (+0.6) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profit - PE downstream agricultural film operating rate was 13.1% (+0.4%), PE downstream packaging film operating rate was 49.3% (+0.6%), PP downstream plastic weaving operating rate was 41.1% (+0.0%), and PP downstream BOPP film operating rate was 60.8% (+0.0%) [1] 6. Polyolefin Inventory - Not elaborated on in the provided content Strategy - Unilateral: Neutral; - Inter - delivery spread: 09 - 01 reverse spread; - Inter - variety: None [3]

从内需来看，国内瓶片消费量保持稳健增长，近五年复合年增长率(CAGR)达10.63%。其中，软饮料包 装作为核心应用领域，是内需的主要驱动力;外卖经济的蓬勃发展也带动瓶片片材需求增长。外需方 面，2024年出口量达到585万吨，占总产量的比例高达36%，近五年出口CAGR达到15.04%，高于内需 增速。出口市场相对分散，前十大出口目的地合计占比约40%，有助于分散贸易摩擦风险，增强出口韧 性。 减产规模可观，叠加需求旺季，行业利润修复前景可期 自2025年6月起，行业计划减产规模达到336万吨，约占行业总产能的15.7%，7月行业整体开工率下降 至约79%。参考2024年第二季度大幅减产后，瓶片价差最高修复至500元/吨左右的水平。本次减产位于 供给端扩张尾声、需求端迎来季节性高峰的双重作用下，市场供需格局有望改善，推动产品利润改善。 华安证券发布研报称，当前瓶片行业供需格局迎来边际改善，减产执行叠加需求旺季有望推动行业利润 修复。2025年6月起行业计划减产336万吨(占总产能15.7%)，7月开工率已降至79%，参考2024年Q2减产 后价差修复至500元/吨的历史表现，本轮减产或催化价格回升。同时，行 ...

Report Summary 1. Report Industry Investment Rating - Unilateral: Neutral; Inter - period: 09 - 01 reverse spread; Inter - variety: None [3] 2. Core View - PE's supply is recovering with the restart of previously shut - down plants and new capacity output, while PP's current low overall operating rate will face greater supply - side pressure in the future. Upstream and mid - stream inventories of polyolefins are accumulating, cost - side support is weak, and downstream demand is gradually transitioning to the peak season with a positive long - term outlook [2] 3. Summary by Directory I. Polyolefin Basis Structure - Figures include the trend of the plastic futures main contract, LL East China - main contract basis, the trend of the polypropylene futures main contract, and PP East China - main contract basis [8][11] II. Production Profit and Operating Rate - Figures cover LL production profit (crude oil - based), PE operating rate, PE weekly output, PE maintenance loss, PP production profit (crude oil - based), PP production profit (PDH - based), PP operating rate, PP weekly output, PP maintenance loss, and PDH - based PP capacity utilization [19][14][18] III. Polyolefin Non - Standard Price Difference - Figures involve HD injection molding - LL East China, HD blow molding - LL East China, HD film - LL East China, LD East China - LL, PP low - melt co - polymer - drawn wire East China, and PP homopolymer injection molding - drawn wire East China [25][33][34] IV. Polyolefin Import and Export Profit - Figures include LL import profit, LL US Gulf FOB - China CFR, LL Southeast Asia CFR - China CFR, LL Europe FD - China CFR, PP import profit, PP export profit (to Southeast Asia), PP homopolymer injection molding US Gulf FOB - China CFR, PP homopolymer injection molding Southeast Asia CFR - China CFR, PP homopolymer injection molding Northwest Europe FOB - China CFR, and LL export profit [38][43][50] V. Polyolefin Downstream Operating Rate and Downstream Profit - Figures are about PE downstream agricultural film operating rate, PE downstream packaging film operating rate, PE downstream stretch film - LL - 2300, PP downstream woven fabric operating rate, PP downstream BOPP film operating rate, PP downstream injection molding operating rate, PP downstream woven fabric production profit margin, and PP downstream BOPP production profit margin [60][59][68] VI. Polyolefin Inventory - Figures contain PE oil - based enterprise inventory, PE coal - chemical enterprise inventory, PE trader inventory, PE port inventory, PP oil - based enterprise inventory, PP coal - chemical enterprise inventory, PP trader inventory, and PP port inventory [70][73][79] 4. Market Data - **Price and Basis**: L main contract closed at 7314 yuan/ton (+24), PP main contract at 7095 yuan/ton (+33), LL North China spot at 7220 yuan/ton (+0), LL East China spot at 7280 yuan/ton (+0), PP East China spot at 7040 yuan/ton (+0), LL North China basis at - 94 yuan/ton (-24), LL East China basis at - 34 yuan/ton (-24), PP East China basis at - 55 yuan/ton (-33) [1] - **Upstream Supply**: PE operating rate was 84.1% (+3.0%), PP operating rate was 77.3% (+0.4%) [1] - **Production Profit**: PE oil - based production profit was 373.7 yuan/ton (-12.5), PP oil - based production profit was - 106.3 yuan/ton (-12.5), PDH - based PP production profit was 208.1 yuan/ton (-47.6) [1] - **Import and Export**: LL import profit was - 71.4 yuan/ton (-0.2), PP import profit was - 505.8 yuan/ton (-0.2), PP export profit was 30.2 US dollars/ton (+0.0) [1] - **Downstream Demand**: PE downstream agricultural film operating rate was 13.1% (+0.4%), PE downstream packaging film operating rate was 49.3% (+0.6%), PP downstream woven fabric operating rate was 41.1% (+0.0%), PP downstream BOPP film operating rate was 60.8% (+0.0%) [1]

Core Viewpoint - The XPS foam industry is actively working towards eliminating HCFCs in compliance with national regulations, achieving significant results and contributing to environmental protection goals [1][2]. Group 1: Industry Compliance and Achievements - The industry has eliminated nearly 18,000 tons of HCFCs in accordance with policies and regulations [1]. - Since 2011, 46 companies have participated in the multilateral fund elimination project, achieving a total HCFCs consumption elimination of 17,922.264 tons [2]. - The industry is expected to comply with the national plan to ban the production and consumption of HCFCs starting January 1, 2026, with a complete phase-out of HCFCs as a foaming agent by July 1, 2026 [2]. Group 2: Regulatory Framework and Future Directions - The Ministry of Ecology and Environment emphasizes the importance of ozone layer protection and is enhancing regulatory frameworks and responsibilities at local levels [1]. - Companies are encouraged to operate legally and comply with national policies while understanding their responsibilities [1]. - The XPS industry is seeking expert discussions to address the impact of alternative foaming agents on thermal conductivity and to develop feasible solutions [2]. Group 3: Standardization Efforts - A seminar on the group standards for XPS backing boards was held, focusing on the organization, member roles, and responsibilities for drafting the standards [3]. - The standards will prioritize scientific validity, advanced applicability, and practical implementation to address real industry challenges [3].