Report Industry Investment Rating - Not provided in the content Core Viewpoint - The plastic industry is expected to experience weak and volatile trends in the near future due to factors such as increased supply, decreased downstream demand, and uncertain cost - related factors [1] Summary by Relevant Catalogs Market Analysis - On November 12, the restart of maintenance devices at Hengli Petrochemical led to an increase in the plastic operating rate to about 90.5%, which is at a moderately high level. The downstream PE operating rate decreased by 0.52 percentage points to 44.85%. Although the agricultural film is in the peak season with increasing orders, the packaging film orders decreased slightly. The overall downstream operating rate is at a relatively low level in recent years. The petrochemical inventory is moderately high. The crude oil price fluctuated within a narrow range. New production capacities were put into operation, and downstream purchasing willingness was low. The industry lacks effective anti - involution policies [1] Futures and Spot Market Conditions - Futures: The plastic 2601 contract fluctuated with increased positions, closing at 6788 yuan/ton, down 0.09% from the previous day, and the position increased by 2586 lots to 586919 lots [2] - Spot: Most prices in the PE spot market declined, with price changes ranging from - 150 to + 50 yuan/ton. LLDPE was reported at 6740 - 7270 yuan/ton, LDPE at 8770 - 9430 yuan/ton, and HDPE at 6900 - 8090 yuan/ton [3] Fundamental Tracking - Supply: On November 11, the maintenance devices changed little, and the plastic operating rate remained at about 88%, at a moderate level [4] - Demand: As of the week of November 7, the downstream PE operating rate decreased by 0.52 percentage points to 44.85%. The agricultural film was in the peak season with stable raw material inventory, but the packaging film orders decreased slightly. The overall downstream operating rate was at a relatively low level in recent years [4] - Inventory: The petrochemical early - morning inventory on Wednesday decreased by 20,000 tons to 690,000 tons, 10,000 tons higher than the same period last year, and is at a moderately high level in recent years [4] - Raw Materials: The Brent crude oil 01 contract fluctuated around 64 US dollars/barrel. The Northeast Asian ethylene price remained flat at 730 US dollars/ton, and the Southeast Asian ethylene price remained flat at 740 US dollars/ton [4]

Market Overview - The plastic sector experienced a decline of 2.28% on November 12, with Shangwei New Materials leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Notable gainers in the plastic sector included: - Zhonglun New Materials (301565) with a closing price of 29.49, up 10.91% and a trading volume of 213,200 shares, totaling 597 million yuan [1] - Ping An Electric (001359) closed at 50.17, up 6.05% with a trading volume of 44,000 shares, totaling 218 million yuan [1] - Pulit (002324) closed at 14.05, up 5.80% with a trading volume of 384,900 shares, totaling 528 million yuan [1] - Shangwei New Materials (688585) was the largest loser, closing at 115.99, down 10.91% with a trading volume of 136,700 shares, totaling 1.646 billion yuan [2] - Other significant decliners included: - Bofei Electric (001255) down 6.87% [2] - Daon Shares (002838) down 5.20% [2] Capital Flow - The plastic sector saw a net outflow of 873 million yuan from institutional investors, while retail investors contributed a net inflow of 609 million yuan [2] - The following stocks had notable capital flows: - Daon Shares (002768) had a net inflow of 41.36 million yuan from institutional investors [3] - Xiangyuan New Materials (300980) saw a net inflow of 39.01 million yuan from institutional investors [3] - Zhonglun New Materials (301565) had a net inflow of 32.63 million yuan from institutional investors [3]

Core Viewpoint - The company, Shuangxiang Co., Ltd. (002395.SZ), has indicated that its optical-grade PMMA materials can be applied in the solar photovoltaic cell sector [1] Group 1 - The company specializes in optical-grade PMMA materials [1] - The application of these materials extends to solar photovoltaic cells [1]

Core Insights - The primary form of plastic production in Chongqing for June 2025 was 17,000 tons, representing a year-on-year decline of 39.6% [1] - The production for the first half of 2025 totaled 123,000 tons, also showing a year-on-year decrease of 26.3% [1] Production Data Summary - June 2025 plastic production: 17,000 tons, down 39.6% year-on-year, with a growth rate change of +14.9 percentage points compared to the previous year [1] - National comparison: Chongqing's production accounted for 0.1% of the national total of 1,203,208.99 tons, which is 51.7% lower than the national growth rate [1] - First half of 2025 plastic production: 123,000 tons, down 26.3% year-on-year, with a growth rate change of +25.5 percentage points compared to the previous year [1] - National comparison for the first half: Chongqing's production represented 0.2% of the national total of 7,012,347.53 tons, which is 36.6% lower than the national growth rate [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On November 11, the plastic operating rate remained at around 88%, in a neutral level The PE downstream operating rate dropped 0.52 percentage points to 44.85% month - on - month, still at a relatively low level compared to the same period in recent years The petrochemical inventory is at a neutral - to - high level compared to the same period in recent years The crude oil price fluctuated narrowly New production capacities were put into operation, and the plastic operating rate decreased slightly The peak season of agricultural film was not as good as expected, and the downstream purchasing willingness was insufficient Traders were cautious about the future market and actively sold goods at reduced prices There was no actual anti - involution policy in the plastic industry It is expected that plastics will continue to fluctuate weakly in the near future [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - On November 11, the plastic operating rate was around 88%, a neutral level The PE downstream operating rate decreased 0.52 percentage points to 44.85% month - on - month The agricultural film was in the peak season with increasing orders and stable raw material inventory, but the packaging film orders decreased slightly The petrochemical inventory was at a neutral - to - high level compared to the same period in recent years The crude oil price fluctuated narrowly due to factors such as Russia's oil sanctions and OPEC+ production decisions New production capacities were put into operation, and the plastic operating rate decreased slightly The peak season of agricultural film was not as expected, and the downstream purchasing willingness was insufficient Traders were cautious and sold goods at reduced prices There was no anti - involution policy in the plastic industry, which would affect the subsequent market It is expected that plastics will fluctuate weakly in the near future [1] 3.2 Futures and Spot Market Conditions 3.2.1 Futures - The plastic 2601 contract decreased in position, fluctuated downward, with a minimum price of 6758 yuan/ton, a maximum price of 6815 yuan/ton, and closed at 6760 yuan/ton, below the 60 - day moving average, with a decline of 0.41% The position decreased by 1974 lots to 584333 lots [2] 3.2.2 Spot - The PE spot market showed mixed trends, with price changes ranging from - 50 to + 50 yuan/ton LLDPE was reported at 6740 - 7270 yuan/ton, LDPE at 8770 - 9580 yuan/ton, and HDPE at 7010 - 8090 yuan/ton [3] 3.3 Fundamental Tracking - Supply: On November 11, the plastic operating rate remained at around 88%, a neutral level - Demand: As of the week of November 7, the PE downstream operating rate decreased 0.52 percentage points to 44.85% month - on - month The agricultural film was in the peak season with increasing orders and stable raw material inventory, but the packaging film orders decreased slightly The overall PE downstream operating rate was at a relatively low level compared to the same period in recent years - Petrochemical inventory: On Tuesday, the petrochemical early - morning inventory decreased by 1000 tons to 71000 tons, 1000 tons higher than the same period last year It was at a neutral - to - high level compared to the same period in recent years - Raw material: The Brent crude oil 01 contract fluctuated around $64/barrel The Northeast Asian ethylene price remained flat at $730/ton month - on - month, and the Southeast Asian ethylene price remained flat at $740/ton month - on - month [4]

Group 1 - The plastic sector experienced a rise of 2.28% on November 11, with Shangwei New Materials leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] - Key stocks in the plastic sector showed significant price increases, with Shangwei New Materials up 20.00% to 130.20, and other notable gainers including Sdik up 9.77% and Tu'en Co. up 9.68% [1] Group 2 - The plastic sector saw a net outflow of 392 million yuan from institutional investors, while retail investors contributed a net inflow of 277 million yuan [2] - The stock performance of major companies showed varied results, with Da Dong Nan experiencing a net inflow of 90.97 million yuan from institutional investors, while Sdik faced a net outflow of 66.22 million yuan from retail investors [3] - Overall, the sector's trading volume and turnover reflected active participation, with significant movements in both institutional and retail investor segments [2][3]

Core Insights - In the first half of 2025, the plastic production in Henan Province reached 970,000 tons, marking an 11.8% increase compared to the same period in 2024, although the growth rate has slowed down by 14.9 percentage points compared to 2024 [1] - The production accounted for 1.4% of the national total plastic production of 70,123,475.3 tons during the same period [1] Monthly Analysis - In June 2025, the plastic production in Henan Province was 151,000 tons, which represents a decline of 4.4% compared to June 2024, with a significant drop in growth rate of 43.2 percentage points [3] - The June production accounted for 1.3% of the national plastic production of 12,032,089.9 tons [3] Industry Context - The term "primary form of plastic" was previously known as plastic resin and copolymer before 2004 [6] - Since 2011, the threshold for large-scale industrial enterprises in China has been raised from an annual main business income of 5 million yuan to 20 million yuan [6]

商 品 研 究 2025 年 11 月 11 日 LLDPE：单体环节利润压缩，关注进口压力 周富强 投资咨询从业资格号：Z0023304 zhoufuqiang@gtht.com 【基本面跟踪】 LLDPE 基本面数据 | 期 货 | | 昨日收盘价 | 日涨跌 | 昨日成交 | 持仓变动 | | --- | --- | --- | --- | --- | --- | | | L2601 | 6802 | 0.00% | 298530 | 930 | | 基差月差变化 | | 昨日价差 | | 前日价差 | | | | 01合约基差 | -32 | | -22 | | | | 01-05合约价差 | -76 | | -79 | | | 重要现货价格 | | 昨日价格 | （元/吨） | 前日价格 | （元/吨） | | | 华 北 | 6770 | | 6780 | | | | 东 华 | 6900 | | 6900 | | | | 华 南 | 7050 | | 7050 | | 资料来源：卓创资讯，国泰君安期货 【现货消息】 今日 LLDPE 市场价格延续弱调，幅度在 10-50 元/吨。线性期货低开震荡 ...

Market Overview - The plastic sector experienced a decline of 0.36% on November 10, with Qide New Materials leading the drop [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Notable gainers in the plastic sector included: - Jiangsu Boyun (301003) with a closing price of 42.10, up 4.39% and a trading volume of 40,700 shares, totaling 170 million yuan [1] - Foshan Plastics (000973) closed at 10.79, up 3.85% with a trading volume of 2,109,500 shares, totaling 2.325 billion yuan [1] - Shangwei New Materials (688585) closed at 108.50, up 3.71% with a trading volume of 88,000 shares, totaling 930 million yuan [1] - Key decliners included: - Qide New Materials (36600E) closed at 39.58, down 5.31% with a trading volume of 37,400 shares, totaling 151 million yuan [2] - Dongcai Technology (601208) closed at 19.23, down 4.04% with a trading volume of 536,600 shares, totaling 1.036 billion yuan [2] - Wankai New Materials (301216) closed at 18.62, down 3.82% with a trading volume of 143,700 shares, totaling 270 million yuan [2] Capital Flow - The plastic sector saw a net outflow of 554 million yuan from institutional investors, while retail investors contributed a net inflow of 412 million yuan [2] - Notable capital flows included: - Shengquan Group (605589) with a net inflow of 53.7853 million yuan from institutional investors [3] - Shenkai Co., Ltd. (002361) with a net inflow of 23.9277 million yuan from institutional investors [3] - Daoming Optical (002632) with a net inflow of 20.8714 million yuan from institutional investors [3]

【塑料数据周报（PP&PE ）】 国贸期货 能源化工研究中心 2025-11-10 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 L L DPE :现货价格持稳，盘面震荡偏弱 投资咨询业务资格：证监许可【2012】31号 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 中性 | （1）本周国内聚丙烯产量79.65万吨，相较上周的78.92万吨增加0.73万吨，涨幅0.92%；相较去年同期的66.9万吨增加12.75万吨，涨幅19.06%。（2）聚丙 | | | | 烯平均产能利用率77.78%，环比上升0.72%；中石化产能利用率75.77%，环比下降0.19%。 | | | | （1）平均开工上涨0.52个百分点至53.14%。前期部分企业因原料波动或检修导致开工滞后，电商双十一备货拉动终端需求，BOPP、透明包装、物流包装 | | 需求 | 偏多 | 等应用领域订单小增，相关行业开工负荷稳 ...