Report Industry Investment Rating - Not specified in the report Core Viewpoints - The supply - demand pattern of plastics has limited improvement. Although the upstream petrochemical inventory is low and the basis has been repaired, and the sentiment in the commodity market has improved, plastics are expected to fluctuate within a range. Due to new capacity production and the high operating rate compared to PP, and the non - start of concentrated demand for mulch film, the L - PP spread is expected to decline [1]. Summary by Relevant Catalogs Market Analysis - On February 4th, the addition of maintenance devices such as Sinochem Quanzhou HDPE led to a decline in the plastics operating rate to around 91%, which is at a moderately high level. As of the week ending January 30th, the downstream operating rate of PE decreased by 1.77 percentage points to 37.76% week - on - week. The orders for agricultural films and raw material inventory decreased slightly, and packaging film orders also decreased slightly. The overall downstream operating rate of PE is still at a relatively low level in the same lunar period in recent years. At the end of January, petrochemical inventory was depleted quickly and is currently at a low level compared to the same period in recent years. The cost of crude oil has rebounded. New capacities were put into production in January 2026. The concentrated demand for mulch film has not started, and the downstream operating rate is expected to continue to decline. The supply - demand pattern of plastics has limited improvement, but there are still expectations for the chemical industry to counter - involute, and the plastics are expected to fluctuate within a range [1]. Futures and Spot Market Conditions - Futures: The plastics 2605 contract increased in positions and fluctuated upward, with a minimum price of 6,811 yuan/ton, a maximum price of 6,937 yuan/ton, and finally closed at 6,865 yuan/ton, above the 60 - day moving average, with a gain of 0.64%. The open interest increased by 17,366 lots to 529,051 lots [2]. - Spot: Most PE spot markets declined, with price changes ranging from - 100 to + 0 yuan/ton. LLDPE was reported at 6,700 - 7,170 yuan/ton, LDPE at 8,500 - 9,080 yuan/ton, and HDPE at 6,810 - 8,090 yuan/ton [3]. Fundamental Tracking - Supply: On February 4th, the plastics operating rate dropped to around 91% due to new maintenance devices, and it is at a moderately high level [4]. - Demand: As of the week ending January 30th, the downstream operating rate of PE decreased by 1.77 percentage points week - on - week to 37.76%, and it is at a relatively low level in the same lunar period in recent years [4]. - Inventory: The petrochemical early - morning inventory on Wednesday decreased by 0.5 tons week - on - week to 50 tons, 6 tons lower than the same lunar period last year. Currently, the petrochemical inventory is at a low level compared to the same period in recent years [4]. - Raw Materials: The Brent crude oil 04 contract rose to 67 US dollars/barrel. The price of ethylene in Northeast Asia remained flat week - on - week at 700 US dollars/ton, and the price of ethylene in Southeast Asia remained flat week - on - week at 680 US dollars/ton [4].

PVC产业日报 2026-02-04 响下，市场对于后市供应压力缓解的预期较为乐观，给到盘面一定支撑。PVC市场弱现实与强预期相博弈， 助理研究员: 徐天泽 期货从业资格号F03133092 短期盘面预计宽幅震荡。V2605日度区间预计在5000-5200附近。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 最新 | | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 收盘价:聚氯乙烯(PVC)(日,元/吨) | 5155 | 84 成交量:聚氯乙烯(PVC)(日,手) | 2182106 | -24041 | | | 持仓量:聚氯 ...

从资金流向上来看，当日塑料板块主力资金净流出7.16亿元，游资资金净流入8212.62万元，散户资金净 流入6.34亿元。塑料板块个股资金流向见下表： 证券之星消息，2月4日塑料板块较上一交易日下跌0.05%，*ST艾艾领跌。当日上证指数报收于4102.2， 上涨0.85%。深证成指报收于14156.27，上涨0.21%。塑料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 605488 | 福来新材 | 40.88 | 5.20% | 16.61万 | | 6.77亿 | | 301687 | 新广益 | 60.66 | 5.18% | 4.91万 | | 2.93亿 | | 688585 | 上纬新材 | 142.60 | 4.37% | 4.68万 | | 6.68 亿 | | 920056 | 能之光 | 28.72 | 3.46% | - 4.34万 | | 1.25亿 | | 603150 | 万朗薇塑 | 48.56 | 3.19% | 3.66 ...

Core Viewpoint - The acquisition of the plastic and engineering plastics compound business from the South Korean chemical giant Hanwha by Shandong Dawn Polymer Materials Co., Ltd. is a strategic move to enhance the company's global presence and competitiveness in the international market [1] Group 1: Acquisition Details - The acquisition will be executed through Dawn's wholly-owned subsidiary, Dawn Polymer Materials (Singapore) Investment Co., Ltd., with a total purchase price of approximately $15.737 million [1] - The target business will be established as a new company, which will be fully owned by Dawn Polymer Materials (Singapore) Investment Co., Ltd. [1] Group 2: Strategic Implications - This acquisition aligns with the trend of key customers shifting their supply chains to regions like Vietnam, allowing the company to strengthen strategic partnerships and enhance customer loyalty [1] - Localized production will significantly reduce cross-border logistics costs, shorten product delivery times, and improve after-sales support efficiency [1] - The establishment of a production base in Vietnam will serve as a crucial hub for expanding into the Southeast Asian market, thereby enhancing the overall competitiveness of the company's products and services [1]

Core Insights - The production facility for 2,000 tons of specialty aromatic olefin polymers by Zhuhai Wantong Special Engineering Plastics Co., Ltd. has been launched, marking the first domestic achievement in the full chain of "catalyst-process-equipment" autonomy in this field [1] - This marks the first large-scale production of specialty aromatic olefin polymers, which are crucial materials for high-frequency communication, new energy vehicles, and smart home industries [1] Company Developments - Wantong Special Plastics has developed a high-activity catalyst system, a horizontal self-cleaning polymerization reactor, and a phase-controllable polymerization process, establishing a comprehensive technology platform covering the entire chain from catalyst to equipment [1] - The company plans to complete the construction of a 10,000-ton industrialization phase one project for specialty aromatic olefin polymers by 2028, providing comprehensive solutions for strategic industries such as robotics and new energy vehicles [1]

商 品 研 究 2026 年 2 月 4 日 LLDPE：进口缩窄递盘有限，油价支撑转弱 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 | | --- | --- | --- | --- | --- | --- | | | L2605 | 6865 | -0.19% | 627843 | 15259 | | 基差月差变化 | | 昨日价差 | | 前日价差 | | | | 05合约基差 | -185 | | -158 | | | | 05-09合约价差 | -51 | | -41 | | | 重要现货价格 | | 昨日价格 | （元/吨） | 前日价格 | （元/吨） | | | 华 北 | 6680 | | 6720 | | | | 东 华 | 6800 | | 6880 | | | | 华 南 | 6900 | | 6940 | | 资料来源：卓创资讯，国泰君安期货 期货研究 【现货消息】 期货震荡，上游前期库存转移，企业报价维持，代理开单及中游销售较弱 ...

安粮期货研究报告 安粮期货商品研究报告 塑料期货月报 | 安粮期货 | | --- | 展望 2 月，国内聚乙烯市场受春节季节性主导，供应增量对冲去化利好，下游需求整体 走弱，供需矛盾加剧，库存与成本存不确定性，市场预计偏弱调整。 总部地址：安徽省合肥市包河区花园大道 986 号安粮中心 23-24 层 客服热线： 400—626—9988 网站地址：www.alqh.com 2/11 安粮期货研究报告 一、供应端：边际改善难改宽松预期 安粮期货 2026 年 2 月 投资咨询业务资格 皖证监函【2017】203 号 研究所农产品小组 研究员: 龚悦：从业资格号：F3023504 投资咨询号：Z0014055 助理研究员： 郑钰岷：从业资格号：F03146524 初审： 张莎：从业资格号：F03088817 投资咨询号：Z0019577 复审： 赵肖肖：从业资格号：F0303938 投资咨询号：Z0022015 总部地址：安徽省合肥市包河区花园大道 986 号安粮中心 23-24 层 客服热线： 400—626—9988 网站地址：www.alqh.com 1/11 安粮期货研究报告 综述：成本托底难抵淡季压 ...

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - On February 3, the plastic operating rate remained at around 92%, at a moderately high level. As of the week of January 30, the downstream operating rate of PE declined by 1.77 percentage points to 37.76% week-on-week, and the overall downstream operating rate of PE was still at a relatively low level in the same lunar period in recent years. At the end of January, the petrochemical inventory was de-stocked rapidly, and currently, the petrochemical inventory is at a relatively low level in the same period in recent years. The geopolitical situation cooled down, the cold wave weakened, and the crude oil price dropped significantly. New production capacities were put into operation in January 2026. The plastic operating rate increased slightly recently. The concentrated demand for mulching film has not started yet, the temperature dropped, the terminal construction slowed down, the demand in the north decreased, the production of greenhouse film in the north basically stopped, the prices of agricultural film remained stable, the operating rates of agricultural film and packaging film decreased, and it is expected that the downstream operating rate will continue to decline. The macro sentiment cooled down, and plastics are expected to fluctuate weakly in the short term following the market sentiment. Before the Spring Festival, the supply - demand pattern of plastics will improve limitedly, the spot follow - up is limited, the basis will decline, but there are still expectations for the chemical industry to counter the involution, and the upstream petrochemical inventory is low. It is expected that plastics will fluctuate within a range. Due to the new production capacity of plastics in recent days, the operating rate is higher than that of PP, and the concentrated demand for mulching film has not started yet. It is expected that the L - PP spread will decline [1]. Summary by Relevant Catalogs Market Analysis - On February 3, there were few changes in the overhaul devices, and the plastic operating rate remained at around 92%, at a moderately high level. The geopolitical situation cooled down, the cold wave weakened, and the crude oil price dropped significantly. New production capacities were put into operation in January 2026. The plastic operating rate increased slightly recently. The concentrated demand for mulching film has not started yet, the temperature dropped, the terminal construction slowed down, the demand in the north decreased, the production of greenhouse film in the north basically stopped, the prices of agricultural film remained stable, the operating rates of agricultural film and packaging film decreased, and it is expected that the downstream operating rate will continue to decline. The macro sentiment cooled down, and plastics are expected to fluctuate weakly in the short term following the market sentiment. Before the Spring Festival, the supply - demand pattern of plastics will improve limitedly, the spot follow - up is limited, the basis will decline, but there are still expectations for the chemical industry to counter the involution, and the upstream petrochemical inventory is low. It is expected that plastics will fluctuate within a range. It is expected that the L - PP spread will decline [1]. Futures and Spot Market Quotes Futures - The plastic 2605 contract increased its positions and fluctuated. The lowest price was 6,811 yuan/ton, the highest price was 6,937 yuan/ton, and it finally closed at 6,865 yuan/ton, above the 60 - day moving average, with a decline of 1.15%. The position increased by 15,259 lots to 511,685 lots [2]. Spot - Most of the PE spot markets declined, with a price change range between - 200 and + 0 yuan/ton. LLDPE was reported at 6,700 - 7,170 yuan/ton, LDPE at 8,600 - 9,180 yuan/ton, and HDPE at 6,810 - 8,090 yuan/ton [3]. Fundamental Tracking - Supply side: On February 3, there were few changes in the overhaul devices, and the plastic operating rate remained at around 92%, at a moderately high level. - Demand side: As of the week of January 30, the downstream operating rate of PE declined by 1.77 percentage points to 37.76% week - on - week. The orders of agricultural film and the raw material inventory of agricultural film decreased slightly, at a neutral level in the same period in recent years. The orders of packaging film also decreased slightly, and the overall downstream operating rate of PE was still at a relatively low level in the same lunar period in recent years. - Petrochemical inventory: On Tuesday, the petrochemical early - morning inventory decreased by 95,000 tons to 505,000 tons week - on - week, 75,000 tons lower than the same lunar period last year. At the end of January, the petrochemical inventory was de - stocked rapidly, and currently, the petrochemical inventory is at a relatively low level in the same period in recent years. - Raw material: The Brent crude oil 04 contract dropped to $66/barrel. The price of Northeast Asian ethylene remained flat at $700/ton week - on - week, and the price of Southeast Asian ethylene remained flat at $680/ton week - on - week [4].

摘要：【图】2025年9月天津市初级形态的塑料产量统计分析 2025年1-9月初级形态的塑料产量分析： 注：初级形态的塑料2004年及以前名称为塑料树脂及共聚物，简称塑料。 从2011年起，我国规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入 2000万元。 产业调研网为您提供更多 单独看2025年9月份，天津市规模以上工业企业初级形态的塑料产量达到了45.4万吨，与2024年同期的 数据相比，9月份的产量增长了21.8%，增速较2024年同期高9.2个百分点，继续保持增长，增速较同期 全国高11.4个百分点，约占同期全国规模以上企业初级形态的塑料产量1266.54696万吨的比重为3.6%。 图表：天津市初级形态的塑料产量分月（当月值）统计 据国家统计局数据，在2025年的前9个月，天津市规模以上工业企业初级形态的塑料产量累计达到了 364.9万吨，与2024年同期的数据相比，增长了27.7%，增速较2024年同期高30.7个百分点，增速较同期 全国高16.1个百分点，约占同期全国规模以上企业初级形态的塑料产量10970.31113万吨的比重为 3.3%。 图表：天津市初级形态的 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603580 | *ST文文 | 14.79 | -5.01% | 7221.0 | 1067.99万 | | 300806 | 斯迪克 | 54.14 | -2.03% | 38.24万 | 20.91亿 | | 002768 | 国恩股份 | 55.75 | -0.09% | 3.27万 | 1.83亿 | | 603879 | 永悦科技 | 6.26 | 0.16% | 1 10.16万 | 6355.34万 | | 605008 | 长鸡层松 | 13.76 | 0.22% | 2.06万 | 2835.67万 | | 301395 | 仁信新材 | 13.60 | 0.37% | 3.35万 | 4582.82万 | | 000920 | 沃顿科技 | 13.02 | 0.62% | 6.10万 | 7942.45万 | | 920469 | 富恒新材 | 10.91 | 0.83% | 1.73万 | 1873.14万 | | 3016 ...