Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - The demand for both PE and PP remains weak, which continues to limit their upward potential and is still constrained by supply - side pressure. The recovery of demand is slow, and the cost support is insufficient. For PE, the supply is increasing, and the demand realization rate is slow; for PP, the supply pressure is large, and the profit at a low level restricts its downward space [3]. Summary by Relevant Catalogs Market News and Important Data - **Price and Basis**: L main - contract closed at 7,169 yuan/ton (+27), PP main - contract at 6,898 yuan/ton (+21). LL North China spot was 7,130 yuan/ton (+50), LL East China spot 7,140 yuan/ton (+30), PP East China spot 6,750 yuan/ton (+20). LL North China basis was - 39 yuan/ton (+23), LL East China basis - 29 yuan/ton (+3), PP East China basis - 148 yuan/ton (-1) [1]. - **Upstream Supply**: PE开工率 was 81.8% (+1.5%), PP开工率 was 75.5% (+0.6%) [1]. - **Production Profit**: PE oil - based production profit was 48.7 yuan/ton (-128.7), PP oil - based production profit was - 571.3 yuan/ton (-128.7), PDH - based PP production profit was - 280.6 yuan/ton (-12.9) [1]. - **Import and Export**: LL import profit was - 64.1 yuan/ton (+84.8), PP import profit was - 529.7 yuan/ton (-0.8), PP export profit was 15.0 US dollars/ton (-19.9) [2]. - **Downstream Demand**: PE downstream agricultural film开工率 was 32.9% (+6.1%), PE downstream packaging film开工率 was 52.4% (+0.6%), PP downstream plastic weaving开工率 was 43.9% (+0.3%), PP downstream BOPP film开工率 was 61.4% (+0.0%) [2]. Market Analysis - **PE**: Supply increased as many previously - shut - down plants restarted. Demand improved slightly with pre - holiday stocking, but the demand realization rate was slow, and social inventory decreased slowly. Cost support from international oil prices was insufficient [3]. - **PP**: Supply pressure was large due to expected restart of plants, increased coal - enterprise production, and new capacity release. Demand improved marginally but slowly. Cost was supported by firm propane, and low profit limited the downward space [3]. Strategy - **Single - side**: Neutral for L and PP [4]. - **Inter - period**: L01 - L05 reverse spread; PP01 - PP05 reverse spread [4]. - **Inter - variety**: No strategy provided [4].

Report Industry Investment Rating - The rating for L and PP is neutral [4] Core Viewpoints - The polyolefin market continues its weak consolidation due to slow demand follow - up. For PE, supply exceeds expectations, demand improvement is slow, and cost support is insufficient, so its trend is suppressed by supply. For PP, supply pressure is large, demand recovery is slow, and low profit limits its downside [2][3] Summary by Directory 1. Polyolefin Basis Structure - The L main - contract closing price is 7105 yuan/ton (- 25), PP main - contract closing price is 6842 yuan/ton (- 31), LL North China spot price is 7070 yuan/ton (- 40), LL East China spot price is 7110 yuan/ton (- 60), PP East China spot price is 6730 yuan/ton (+ 0), LL North China basis is - 35 yuan/ton (- 15), LL East China basis is 5 yuan/ton (- 35), and PP East China basis is - 112 yuan/ton (+ 31) [1] 2. Production Profit and Operating Rate - PE operating rate is 80.4% (+ 2.3%), PP operating rate is 74.9% (- 1.9%). PE oil - based production profit is 316.5 yuan/ton (+ 9.5), PP oil - based production profit is - 363.5 yuan/ton (+ 9.5), PDH - based PP production profit is - 267.8 yuan/ton (- 8.2) [1] 3. Polyolefin Non - Standard Price Difference - Information not summarized from the given text 4. Polyolefin Import and Export Profits - LL import profit is - 91.3 yuan/ton (+ 1.5), PP import profit is - 531.3 yuan/ton (+ 1.5), PP export profit is 35.2 US dollars/ton (- 0.2) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profits - PE downstream agricultural film operating rate is 26.8% (+ 2.6%), PE downstream packaging film operating rate is 51.8% (+ 0.5%), PP downstream plastic weaving operating rate is 43.6% (+ 0.5%), PP downstream BOPP film operating rate is 61.4% (- 0.1%) [1] 6. Polyolefin Inventory - Information not summarized from the given text Strategies - Unilateral: Neutral for L and PP - Inter - period: Reverse spread for L01 - L05 and PP01 - PP05 - Inter - variety: None [4]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The overall supply pressure of PVC is strong, and the domestic demand recovery is sluggish. The market is affected by both positive and negative factors. The positive factors include supply resumption, cost support from calcium carbide and ethylene, and export benefits. The negative factors include the rebound of overall supply pressure, high - level inventory with slow consumption, and weak domestic and foreign demand. The PVC2601 contract is expected to fluctuate in the range of 4907 - 4969 [6][11][12] 3. Summary According to the Directory 3.1 Daily Views - Positive factors: Supply resumption, cost support from calcium carbide and ethylene, and export benefits. Negative factors: Rebound of overall supply pressure, high - level inventory with slow consumption, and weak domestic and foreign demand. The main logic is the strong overall supply pressure and the poor recovery of domestic demand [11][12] 3.2 Fundamental/Position Data - **Supply side**: In August 2025, PVC production was 2.07334 million tons, a month - on - month increase of 3.43%. This week, the capacity utilization rate of sample enterprises was 76.96%, a month - on - month decrease of 0.04 percentage points. The production of calcium carbide enterprises was 328,605 tons, a month - on - month decrease of 3.14%, and the production of ethylene enterprises was 132,310 tons, a month - on - month decrease of 5.16%. Next week, it is expected that maintenance will decrease, and the scheduled production will increase slightly to 39.43%, a month - on - month increase of 0.21 percentage points, which is lower than the historical average [7] - **Demand side**: The overall downstream operating rate was 49.26%, a month - on - month increase of 0.76 percentage points, which is lower than the historical average. The operating rate of downstream profiles, pipes, films, and paste resin has different changes, with some higher and some lower than the historical average [7][9] - **Cost side**: The profit of calcium carbide method was - 657.2513 yuan/ton, and the loss increased by 30.80% month - on - month, which is lower than the historical average. The profit of ethylene method was - 652.2011 yuan/ton, and the loss decreased by 2.00% month - on - month, which is lower than the historical average. The double - ton price difference was 2379.25 yuan/ton, and the profit decreased by 2.00% month - on - month, which is lower than the historical average [7] - **Inventory**: Factory inventory was 306,239 tons, a month - on - month decrease of 1.20%. The factory inventory of calcium carbide method was 241,039 tons, a month - on - month decrease of 1.30%. The factory inventory of ethylene method was 65,200 tons, a month - on - month decrease of 0.81%. Social inventory was 534,600 tons, a month - on - month increase of 0.56%. The inventory days of production enterprises in stock were 5.15 days, a month - on - month decrease of 0.96% [7] - **Market situation**: On September 22, the price of East China SG - 5 was 4830 yuan/ton, and the basis of the 01 contract was - 108 yuan/ton, with the spot at a discount to the futures. The MA20 was downward, and the futures price of the 01 contract closed above the MA20. The main position was net short, and the short position increased [7][8] 3.3 PVC Market Overview - The report provides a detailed overview of yesterday's PVC market, including various indicators such as different prices, spreads, production, inventory, and operating rates, and their changes compared with the previous period [14] 3.4 PVC Futures Market - **Basis trend**: The report shows the basis trend of PVC futures over a long - term period, along with the market price in East China and the closing price of the main contract [16] - **Price and trading volume trend**: It presents the price trend, trading volume, and position changes of the PVC futures main contract from August to September 2025 [20] - **Spread analysis**: Analyzes the spread of the main contract, including the 1 - 9 spread and 5 - 9 spread in 2024 and 2025 [22] 3.5 PVC Fundamental Aspects - **Calcium carbide method - Related raw materials**: It includes the price, cost - profit, operating rate, and inventory of raw materials such as semi - coke, calcium carbide, liquid chlorine, raw salt, and caustic soda in the calcium carbide method for PVC production [25][28][30][32] - **PVC supply trend**: Analyzes the capacity utilization rate, production, maintenance volume, and profit of PVC production by calcium carbide method and ethylene method [37][40] - **Demand trend**: Examines the sales volume of traders, pre - sales volume, production - sales rate, apparent consumption, and downstream operating rates of PVC, as well as the situation of related downstream products such as paste resin and the real - estate market and some macro - economic indicators [42][46][53] - **Inventory situation**: Analyzes the exchange warehouse receipts, factory inventory of calcium carbide method and ethylene method, social inventory, and inventory days of production enterprises [58] - **Ethylene method - Related aspects**: It includes the import volume of vinyl chloride and dichloroethane, PVC export volume, and some price spreads in the ethylene method for PVC production [60] - **Supply - demand balance sheet**: Presents the monthly supply - demand situation of PVC from July 2024 to August 2025, including export, demand, social inventory, factory inventory, production, and import [63]

Group 1 - The core point of the article is that Guangdong Zhongsu New Materials Co., Ltd. has completed its IPO counseling report and plans to apply for listing on the Shenzhen Stock Exchange's Growth Enterprise Market [1] - Zhongsu specializes in the research, production, and sales of modified engineering plastics, with applications in consumer electronics, energy storage, automotive, and home appliances [1] - The company reported a revenue of 337 million yuan in the first half of 2025, representing a year-on-year growth of 2.93%, and a net profit attributable to shareholders of 59.14 million yuan, up 3.04% year-on-year [1][2] Group 2 - The gross profit margin for the current period is 33.67%, compared to 31% in the same period last year [2] - The weighted average return on equity based on net profit attributable to shareholders is 12.04%, down from 14% in the previous year [2] - The basic earnings per share for the company is reported at 1.60 [2] Group 3 - Liu Xiaoli resigned as the company's board secretary on April 18, 2025, but continues to hold other important management positions [2] - Jin Weina was appointed as the new board secretary on May 9, 2025, after approval from the company's board of directors [2] - Jin Weina has a background in investment banking, having worked at China Investment Securities and China International Capital Corporation before joining Zhongsu [3]

Group 1: Company Performance - The company reported a 1.41% decline in revenue for the first half of 2025, while net profit increased by 48.80% due to a focus on improving operational quality and optimizing product structure [3][5] - The operating cash flow decreased by 40.61%, primarily due to differences in settlement methods with customers and suppliers [6][7] Group 2: Product Development and Market Strategy - The company is actively developing lightweight, high-strength materials and environmentally friendly recycled plastics, with several products already in mass production [2][3] - The company has over 70 invention patents and is focusing on R&D in emerging industries such as new energy, low-altitude economy, robotics, and recycling [5][10] Group 3: Investor Relations and Confidence - The company plans to distribute a cash dividend of 2 yuan for every 10 shares, indicating confidence in future performance [5] - The company is considering feedback on the controlling shareholder's second reduction plan to restore investor confidence [3][4] Group 4: Market Position and Competition - The company maintains a competitive edge through its independent R&D capabilities and innovative modified formulations [5][9] - The company is exploring new market opportunities and product lines to enhance its market position [8][10]

Group 1 - The company has not yet ventured into the specialty engineering plastics sector [1] - The core business of the company focuses on the recycled plastics field, emphasizing an innovative model of "recycling - regeneration - utilization" [1] - The company aims to achieve efficient recycling and maximization of value from recycled plastic resources through technological and model innovation, promoting green and sustainable development in the industry [1]

Group 1: Futures Market Information - The previous day's closing prices of LL (1 - month, 5 - month, 9 - month) were 7188, 7233, 7280 respectively, with changes of - 57, - 56, - 19 and percentage changes of - 0.79%, - 0.77%, - 0.26% compared to the prices two days ago [2]. - The previous day's closing prices of PP (1 - month, 5 - month, 9 - month) were 6926, 6963, 6931 respectively, with changes of - 56, - 54, - 53 and percentage changes of - 0.80%, - 0.77%, - 0.76% compared to the prices two days ago [2]. - The trading volumes of LL (1 - month, 5 - month, 9 - month) were 207880, 9760, 66 respectively, and the trading volumes of PP (1 - month, 5 - month, 9 - month) were 234762, 20649, 871 respectively [2]. - The open interests of LL (1 - month, 5 - month, 9 - month) were 529473, 38224, 67 respectively, with changes of 9217, - 329, 35. The open interests of PP (1 - month, 5 - month, 9 - month) were 574719, 71061, 1575 respectively, with changes of 3878, 3796, 524 [2]. - The current spreads of LL (1 - month - 5 - month, 5 - month - 9 - month, 9 - month - 1 - month) were - 45, - 47, 92 respectively, and the current spreads of PP (1 - month - 5 - month, 5 - month - 9 - month, 9 - month - 1 - month) were - 37, 32, 5 respectively [2]. Group 2: Spot Market Information - In the raw material and spot market, the current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and plastic film were 2348 yuan/ton, 6625 yuan/ton, 593 dollars/ton, 5600 yuan/ton, 6750 yuan/ton, 8800 yuan/ton respectively [2]. - In the mid - stream spot market, the current price ranges of LL in East China, North China, and South China were 7200 - 7700 yuan/ton, 7150 - 7400 yuan/ton, 7300 - 7750 yuan/ton respectively. The current price ranges of PP in East China, North China, and South China were 6750 - 6900 yuan/ton, 6750 - 6850 yuan/ton, 6700 - 6950 yuan/ton respectively [2]. Group 3: News - On Thursday (September 18), the settlement price of WTI crude oil futures for October 2025 on the New York Mercantile Exchange was $63.57 per barrel, down $0.48 or 0.75% from the previous trading day, with a trading range of $63.33 - $64.55 [2]. - The settlement price of Brent crude oil futures for November 2025 on the London Intercontinental Exchange was $67.44 per barrel, down $0.51 or 0.75% from the previous trading day, with a trading range of $67.19 - $68.42 [2]. Group 4: Core Views and Strategies - Polyolefins closed down with a negative candlestick. In the spot market, the prices of linear LL from Sinopec and part of PetroChina were stable, and the prices of drawn PP from Sinopec and PetroChina were stable [2]. - From a fundamental perspective, the spot market of polyolefins is still mainly driven by supply - demand factors. Currently, the PE inventory is being slowly digested, and the PP inventory has also improved [2]. - After continuous declines, the short - selling pressure has been released, and the stabilization of crude oil prices provides support for chemicals. However, after the Fed's interest rate cut, the market declined due to concerns about future demand realization [2]. - In the medium - term, with the interaction of cost and supply - demand factors, polyolefins may continue to oscillate in a low - level range [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The short - term trend of polypropylene is more likely to rise than fall, but the upside space is limited, with pressure at the [7300] price level. The demand is in the process of transitioning from the off - season to the peak season, showing marginal improvement, which drives the price up in the short term. However, the supply pressure remains high, with new production capacity being continuously launched and the existing production load also being relatively high [6]. - The anti - involution policy announced last Friday did not materialize. This week, the price of polyolefins fluctuated and then weakened, especially on Friday. The supply - demand fundamentals are still weak. The supply pressure remains, while the recovery of the demand side is disappointing. The downstream acceptance is limited, and the market price has been adjusted downwards. Additionally, with the end of the peak season and OPEC+ increasing production, the cost - side crude oil situation is also not optimistic [9]. Summary by Directory 1. Basis and Spread - **Basis**: The spot price of plastic standard products is weak and falling, but the basis has weakened. The East China basis has weakened by 20 to around - 100 yuan/ton compared to the beginning of the week, the North China basis has weakened by 40 to around - 160 yuan/ton, and the South China basis has weakened by 40 to around - 90 yuan/ton [20]. - **Non - standard basis**: The trend of the non - standard basis of plastics is similar to that of the standard basis [21]. - **Regional spread**: The North China - East China spread has rebounded, and the South China - East China spread has remained stable at a low level [34]. - **Related product spread**: The injection - molding - to - drawing spread has weakened, and the low - melt copolymer - to - drawing spread is at a medium level [35]. - **Disk spread**: The 1 - 5 monthly spread has weakened again to below - 20. The L - PP01 spread has currently fallen to around 270. The previous PP - 701 spread dropped significantly as 1 rebounded and has recently recovered and stabilized. Overall, the supply pressure of PP is greater (high load + new production), while L has more maintenance and the demand for thick - film starts in September, but the demand recovery of PP is relatively slow. Recently, due to the lower - than - expected demand for L, the spread has turned downward. The methanol is statically weak, and the inventory has rapidly accumulated under high imports. However, the narrative of winter gas restrictions in Iran has begun, and the 01 contract has stopped falling and rebounded, with limited upward space for MTO profits [54]. 2. Domestic Production - end Profit and Supply - **Production profit**: - Oil - based production: The oil price rebounded slightly this week and then fell back. Geopolitical conflicts continue, and OPEC+ is considering increasing production in October. The oil - based production profit remains at a relatively good level in recent years [82]. - PDH production: The overseas supply of LPG from the Middle East and the United States will further increase, and the domestic supply from local refineries will return. The supply pressure has further increased. The PDH profit is not good [82]. - Coal - based production: As the coal price rebounds, the CTO profit has shrunk but still remains at a high level. The inland MTO profit has deteriorated under the tight supply - demand situation of methanol [82]. - **Domestic production volume and load**: - In 2024, China's PP production capacity was 4401 tons, and in early 2025, it was expected to increase by 265.5 tons, with an expected capacity growth rate of about 1.28%. As of August 2025, the new domestic PP production capacity totaled 370.5 tons, with a capacity growth rate of 8.31%. The planned production capacity in 2025 is 490.5 tons, with an estimated annual capacity growth rate of 11% [115][117][118]. - This week, the PP production volume was 78.67 tons (- 2.73 tons), and the operating rate was 76.83% (- 3.08%). The supply loss of PP was 23.10 tons, including 16.64 tons of maintenance loss and 6.45 tons of load - reduction loss. Some devices such as Daqing Refining & Chemical and Donghua Energy (Zhangjiagang) stopped production this week, and the supply has declined from a high level [119]. - **Regional operating rate**: The operating rates of different regions show different trends. The data of the operating rates of the Northwest, North China, East China, South China, Central China, Northeast, and Southwest regions are provided, with different trends over time [131][132][136]. - **Production allocation ratio**: An increase in the drawing production allocation may indicate that the short - term standard products are stronger than non - standard products, but the medium - term supply pressure may increase [140]. 3. US Dollar Price and Import - Export Profit - **US dollar price and spread**: The prices in Northwest Europe and the Americas have fallen from high levels, and the overall price in Asia has weakened. The spread between CFR China and the overseas market has rebounded [149][150]. - **Import - export profit**: The domestic market is weakly consolidating. The export offers of production enterprises remain stable, while overseas inquiries are scarce. China's price is at a "global low," and it is difficult to open the import arbitrage window [166]. 4. Downstream Operating Rate - This week, the overall downstream operating rate increased by 0.63% month - on - month. Most operating rates are recovering. The operating rate of plastic weaving increased by 0.4%, the operating rates of BOPP and CPP increased by 0.12% and 2.2% respectively, the operating rate of PP pipes rebounded by 0.17%, and the operating rates of modification and injection molding are also rising. With the arrival of the peak seasons of "Golden September and Silver October," the downstream operating rate will further increase [169]. 5. Inventory - Production enterprises' inventory decreased by 1.24 tons to 57.51 tons. The inventory of the two major oil companies decreased by 3.09 tons, while the coal - chemical inventory increased by 0.58 tons. The PBI inventory decreased by 0.9 tons, and the local refinery inventory increased by 2.17 tons. The supply pressure has increased, but the upstream petrochemical inventory has been actively transferred to the intermediate - trader link, resulting in a slight decrease in the production enterprises' inventory this week [11][223]. - Traders' inventory increased by 2.29 tons, and the inventory in the intermediate link is being digested slowly. The port inventory decreased by 0.16 tons [11][223]. 6. Position, Trading Volume, and Warehouse Receipt Situation - **Position**: The position volumes of the polypropylene 05, 09, and 01 contracts are provided, with different trends over time [237]. - **Trading volume**: The trading volumes of the polypropylene 01, 05, and 09 contracts are provided, with different trends over time [239][242][245]. - **Warehouse receipt**: The number of registered PP warehouse receipts on September 12, 2025, is 17,191, with a trend over time [251][252].

Report Industry Investment Rating No information provided in the report. Core Viewpoints - The polyolefin market is experiencing intense supply - demand competition and is expected to trade in a range. The traditional "Golden September and Silver October" consumption season has arrived, with downstream polyolefin operating rates improving month - on - month, especially in the agricultural film sector. However, due to supply pressure and weakening crude oil prices, polyolefin prices have been declining. Terminal demand is still improving, and there is an expectation of price increase in the future. It is expected that the LL main contract will trade between 7200 - 7500, the PP will trade between 6900 - 7200, and the LP spread will widen [8]. - The supply - demand contradiction in plastics has eased, and there is strong support at the bottom. For PP, the upward trend faces significant pressure, and it is expected to be weak and fluctuate in the short term [8][9][47]. Summary by Directory Plastic 1. Market Review - On September 12, the closing price of the plastic main contract was 7169 yuan/ton, a month - on - month decrease of 1.05%. The average prices of LDPE, HDPE, and LLDPE in South China all decreased slightly. The LLDPE South China basis widened, and the 9 - 1 month spread narrowed [10]. 2. Key Data Tracking - **Month - spread**: On September 12, the 1 - 5 month spread was - 12 yuan/ton (unchanged), the 5 - 9 month spread was 131 yuan/ton (+40), and the 9 - 1 month spread was - 119 yuan/ton (-40) [18]. - **Spot Price**: The spot prices of various types of plastics in different regions showed different degrees of decline [19][20]. - **Cost**: WTI crude oil closed at $62.11 per barrel, up $0.14 from last week, and Brent crude oil closed at $66.88 per barrel, up $1.21 from last week. The price of anthracite at the Yangtze River port was 1050 yuan/ton, down 30 yuan [22]. - **Profit**: The profit of oil - based PE was - 220 yuan/ton, up 56 yuan/ton from last week, and the profit of coal - based PE was 931 yuan/ton, up 25 yuan/ton [26]. - **Supply**: The operating rate of polyethylene production in China this week was 78.04%, down 2.51 percentage points from last week, and the weekly output was 61.28 tons, a month - on - month decrease of 3.11%. The maintenance loss this week was 14.62 tons, an increase of 2.29 tons from last week [30]. - **2025 Production Plan**: A total of 15 projects are planned to be put into production in 2025, with a total capacity of 613 tons [33]. - **Maintenance Statistics**: Many enterprises' devices are under maintenance, and the maintenance time of some devices is uncertain [34]. - **Demand**: The overall operating rate of domestic agricultural films this week was 24.12%, up 3.94% from last week; the operating rate of PE packaging films was 51.30%, up 0.82% from last week, and the operating rate of PE pipes was 31.67%, up 1.34% from last week [36]. - **Downstream Production Ratio**: Currently, the production ratio of linear films is the highest, accounting for 32.8%, and the difference from the annual average level is 2.7%. The difference between low - pressure injection molding and the annual average data is obvious, currently accounting for 8.5%, and the difference from the annual average level is 3.7% [41]. - **Inventory**: This week, the social inventory of plastic enterprises was 56.03 tons, a decrease of 0.02 tons from last week, a month - on - month decrease of 0.04% [42]. - **Warehouse Receipts**: As of September 12, the number of polyethylene warehouse receipts was 12,525 lots, an increase of 4,262 lots from last week [45]. PP 1. Market Review - On September 12, the closing price of the PP main contract was 6913 yuan/ton, a decrease of 48 yuan/ton from last week. The prices of various PP products across the country also decreased [48][51]. 2. Key Data Tracking - **Downstream Spot Price**: The prices of PP granules, PP powder, PE, PVC powder, PVC paste, and PS all showed different degrees of change compared with the previous period [53]. - **Basis**: On September 12, the spot price of PP reported by Shengyi was 7106.67 yuan/ton (-0.09%). The PP basis was 194 yuan/ton (+41), and the basis widened. The 9 - 1 month spread was - 126 yuan/ton (-14), and the month spread narrowed [55]. - **Month - spread**: On September 12, the 1 - 5 month spread was - 23 yuan/ton (-8), the 5 - 9 month spread was 149 yuan/ton (+22), and the 9 - 1 month spread was - 126 yuan/ton (-14) [64]. - **Cost**: The same as the cost data of plastics, WTI crude oil and Brent crude oil prices increased, and the price of anthracite at the Yangtze River port decreased [66]. - **Profit**: The profit of oil - based PP was - 322.17 yuan/ton, an increase of 67.84 yuan/ton from last week, and the profit of coal - based PP was 490.20 yuan/ton, a decrease of 23.73 yuan/ton from last week [70]. - **Supply**: The operating rate of Chinese PP petrochemical enterprises this week was 76.83%, down 3.08 percentage points from last week. The weekly output of PP granules was 78.67 tons, a month - on - month decrease of 3.35%, and the weekly output of PP powder was 5.99 tons, a month - on - month decrease of 10.87% [73]. - **Maintenance Statistics**: Many PP production lines of various enterprises are under maintenance, and the maintenance time of some devices is uncertain [77]. - **Demand**: The average downstream operating rate this week was 50.86% (+0.63). The operating rate of plastic weaving was 43.10% (+0.40), the operating rate of BOPP was 61.55% (+0.12%), the operating rate of injection molding was 58.06% (+0.08%), and the operating rate of pipes was 36.67% (+0.17%) [79]. - **Import and Export Profit**: This week, the PP import profit was - 500.86 US dollars/ton, an increase of 83.04 US dollars/ton compared with last week, and the export profit was - 3.60 US dollars/ton, a decrease of 2.40 US dollars/ton compared with last week [84]. - **Inventory**: This week, the domestic PP inventory was 57.51 tons (-1.17%); the inventory of the two major oil companies decreased by 0.99% month - on - month; the inventory of traders increased by 4.97% month - on - month; and the port inventory increased by 0.68% month - on - month. The finished product inventory of large - scale plastic - weaving enterprises was 1026.30 tons, a month - on - month increase of 12.30%, and the BOPP raw material inventory was 9.52 days, a month - on - month increase of 6.25% [88][92]. - **Warehouse Receipts**: On September 12, the number of PP warehouse receipts was 13,706 lots, a decrease of 43 lots from last week [96].

Core Viewpoint - The PC industry is undergoing a green transformation, focusing on establishing a comprehensive recycling system to address the premature retirement of PC products and to embrace the "dual carbon" era [1] Group 1: Recycling and Sustainability - Ningbo Jianfeng New Materials Co., Ltd. has developed a technology that allows discarded PC water buckets to be transformed into cultural and daily-use products [1] - The company highlights the environmental impact of improper disposal of food-grade PC water buckets, which can lead to resource waste and pollution [1] - The traditional recycling methods face challenges due to technological limitations, prompting the need for innovative solutions [1] Group 2: Technological Innovations - The developed technology integrates a standardized efficient recycling system, ultra-pure processing techniques, big data, and material algorithms to address technical challenges related to impurities and product quality [2] - The company has created a hierarchical design and formula upgrade technology for high-value products derived from discarded water buckets, tackling issues of aging and molecular instability [2] - An automated low-carbon demonstration production line has been established to ensure a closed-loop recycling process and improve industry efficiency [2] Group 3: Product Development and Standards - Recycled PC materials can be repurposed into various products such as backpacks, travel cases, goggles, and more, while maintaining food-grade standards [3] - The recycled materials meet FDA standards for food-grade PCR PC materials, significantly reducing carbon emissions by 92.3% [3] - The company has established a complete lifecycle value chain from resource recovery to consumer products, emphasizing the potential for "infinite circulation" of PC materials [3] Group 4: Digital and Carbon Management - Ningbo Jianfeng has created a zero-carbon digital consumption platform that assigns carbon codes to each recycled product, facilitating tracking and management of carbon credits and identities [4] - This platform aims to integrate physical and data chains across the entire value chain, enhancing sustainability and traceability [4] - Future plans include exploring new paradigms for the integration of PC material recycling with ESG and commercial innovation to further promote the green transformation of the PC industry [4]