Report Overview - Report Date: September 23, 2025 [3] - Analysts: Wang Jing (F0235424/Z0000771), Su Miaoda (F03104403/Z0018167) [1] Market Summary Futures Market Performance - As of September 23 closing, most domestic futures main contracts declined. Beans No. 2, rapeseed meal, soybean meal, soybean oil, and caustic soda dropped over 3%; palm oil, polysilicon, and soda ash fell over 2.5%. Shanghai gold and silver rose over 1%. CSI 300 Index Futures (IF) main contract rose 0.25%, SSE 50 Index Futures (IH) rose 0.26%, CSI 500 Index Futures (IC) dropped 0.78%, and CSI 1000 Index Futures (IM) fell 1.16%. 2-year Treasury Bond Futures (TS) main contract fell 0.05%, 5-year (TF) fell 0.13%, 10-year (T) fell 0.21%, and 30-year (TL) fell 0.67% [6] Capital Flow - As of 15:15 on September 23, in terms of capital inflow to domestic futures main contracts, CSI 1000 2512 had an inflow of 5.797 billion, Shanghai Gold 2512 had 3.357 billion, and CSI 300 2512 had 3.343 billion. In terms of outflow, Rapeseed Oil 2601 had an outflow of 789 million, Soybean Oil 2601 had 489 million, and Palm Oil 2601 had 429 million [8] Core Views Copper - Shanghai copper opened low and moved lower, oscillating weakly. Supply of copper ore and refined copper is tight. As of September 19, China's spot TC was -40.64 dollars/dry ton, RC was -4.05 cents/pound, remaining weakly stable. Many smelters had maintenance in September, with small and medium - sized ones under profit pressure. In August, SMM China's electrolytic copper output was 1.1715 million tons, a 0.24% MoM decrease but a 15.59% YoY increase. Affected by policies, scrap copper supply will decline significantly in September, and electrolytic copper output is expected to drop sharply. In August, imported copper quantity decreased to 307,200 tons, a MoM decrease of 27,300 tons. Demand is driven by pre - holiday restocking, reducing SHFE inventory. Fundamentals are tight, demand is resilient, but overseas macro factors still impact Shanghai copper, leading to narrow price fluctuations [10] Crude Oil - The peak travel season for crude oil has ended. EIA data shows a significant unexpected draw in US crude oil inventories, but a larger - than - expected build in refined oil inventories, increasing overall oil product inventories and reducing US refinery operating rates by 1.6 percentage points. Starting from October 2025, OPEC+ will adjust production by 137,000 barrels per day from the additional voluntary cut of 1.65 million barrels per day announced in April 2023, increasing pressure in Q4. Saudi Aramco cut the price of its flagship Arabian Light crude oil for October shipments to Asia by 1 dollar/barrel. With geopolitical risks not escalating further, the end of the consumption peak season, weak US non - farm payroll data, and OPEC+ accelerating production increase, it is recommended to short on rallies [11][12] Asphalt - Last week, asphalt operating rate dropped 0.5 percentage points to 34.4%, still at a relatively low level in recent years. In September, domestic asphalt production is expected to reach 2.686 million tons, a MoM increase of 273,000 tons (11.3%) and a YoY increase of 683,000 tons (34.1%). Downstream operating rates rose, but road asphalt operating rate is still at the lowest level in recent years due to funds and weather. National shipments increased 31.10% MoM to 313,600 tons, at a neutral level. Refinery inventory decreased but is still at a low level in recent years. With new production and weather and fund constraints, supply surplus is intensifying, and with the recent decline in crude oil futures prices, asphalt cost support is weakening, and its futures price is expected to decline [13] PP - PP downstream operating rate rose 0.59 percentage points to 51.45%, at a relatively low level in the same period over the years. On September 23, new maintenance devices increased, and PP enterprise operating rate dropped to around 80%, at a neutral - low level. The proportion of standard - grade拉丝 production remained around 24.5%. Petrochemical enterprises' destocking in September was average, and petrochemical inventory is at a neutral level in recent years. With the Fed's 25 - basis - point rate cut, increased US distillate inventories, and expected increased Iraqi crude oil exports, crude oil prices fell. New capacity has been put into operation, and maintenance devices have increased recently. Although downstream is entering the peak season, current peak - season demand is lower than expected, and there is no large - scale centralized procurement. It is recommended to wait and see [14][15] Plastic - On September 23, there were few changes in maintenance devices, and the plastic operating rate remained around 85%, at a neutral level. PE downstream operating rate rose 0.75 percentage points to 42.92%. The agricultural film industry is entering the peak season, with increasing orders and raw material inventories but at a slower pace. Petrochemical enterprises' destocking in September was average, and petrochemical inventory is at a neutral level in recent years. With the Fed's rate cut and expected increased Iraqi crude oil exports, crude oil prices declined. New capacity has been put into operation, and the plastic operating rate has decreased. Although the agricultural film peak season is coming, the peak - season effect is not as expected. It is recommended to wait and see [16] PVC - The price of upstream calcium carbide in the northwest region is stable. PVC operating rate decreased 2.98 percentage points to 76.96%, at a neutral - high level in recent years. In the peak season, PVC downstream operating rate continued to increase, exceeding last year's level but still low compared to other years. India postponed the BIS policy for six months to December 24, 2025. Chinese PVC exports are expected to weaken in Q4, but export orders have increased recently. Social inventory continued to rise and is still high. The real estate market is still in adjustment. New capacity has been put into operation. With cost support strengthening and pre - holiday downstream stocking, but new production resuming and a low basis, PVC is expected to face downward pressure [18] Urea - Urea opened low and moved high, closing flat. The spot market remains weak, with limited improvement in sales after price cuts. Urea daily output has returned to over 190,000 tons. Before the holidays, downstream buyers stock up at low prices, and industrial demand is mainly for rigid needs. The compound fertilizer factory operating rate increased but at a slower pace, with high finished - product inventory. Urea factory inventory is increasing and is much higher than in previous years. The supply - demand situation remains loose, and it is necessary to monitor the progress and intensity of pre - holiday stocking [19][20]

2012 31 F03133773 2025-09-22 01 PART ONE 主要观点及策略概述 PVC: | 1 PVC PVC 2 PVC 76.96% 2.98% 2.36% 76.89% 2.50% 1.60% 77.12% 4.20% 4.54% 3 PVC 8.53 3.44 | | --- | | 1 2 PVC 39.13% 1.52% 1.63% 3 PVC 0.43% 23 39.43% 4 PVC 41.28% 5 2025 7 PVC 33.06 606 / 1-7 229.10 26.17% 112.82% 56.91% PVC | | 1 9 18 PVC 2.03% 95.37 11.76% 89.39 2.45% 9.95% 5.98 3.10% 48.39% 2 PVC 5.15 0.96% | | 1 -210 / | | 1 PVC PVC 2 9 18 PVC 657 / 155 / PVC -652 / 19.91 / | | 1 | | 1 | | PVC | F3071622 Z0014205 PVC | | | | | | PVC主要周度数据汇总 | | | ...

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The fundamentals show that the comprehensive profit of enterprises has declined, the valuation pressure has decreased, the maintenance volume is low, and the production is at a historical high. In the short term, multiple new devices will be tested. On the downstream side, domestic operations have improved. Regarding exports, the anti - dumping tax rate in India has been determined, and exports are expected to weaken after implementation. The cost of calcium carbide has continued to rebound, while caustic soda has declined, leading to stronger overall valuation support. In the medium term, the industry is continuously suppressed by the significant increase in production capacity and the continuous decline in real - estate demand, and the industry pattern has deteriorated. It is necessary to rely on export growth or the implementation of policies to clear old devices to consume the excess domestic production capacity. Overall, given the current situation of strong supply and weak demand in China, with the weakening export outlook, even if the downstream has improved recently, it is still difficult to change the pattern of oversupply. The fundamentals are poor. In the short term, there will be a small rebound due to stronger valuation support, improved domestic demand, and a better commodity atmosphere. In the medium term, pay attention to short - selling opportunities on rallies [11] Summary by Directory 1. Weekly Assessment and Strategy Recommendation - **Cost and Profit**: The price of Wuhai calcium carbide is reported at 2,600 yuan/ton, a week - on - week increase of 200 yuan/ton; the price of Shandong calcium carbide is reported at 2,840 yuan/ton, a week - on - week increase of 60 yuan/ton; the price of medium - grade semi - coke in Shaanxi is 680 yuan/ton, a week - on - week increase of 20 yuan/ton. In terms of profit, the comprehensive profit of chlor - alkali integration has decreased, while the profit of ethylene - based production has increased slightly. Currently, the valuation support is neutral [11] - **Supply**: The PVC capacity utilization rate is 77%, a month - on - month decrease of 3%. Among them, the utilization rate of calcium carbide - based production is 76.9%, a month - on - month decrease of 2.5%; the utilization rate of ethylene - based production is 77.1%, a month - on - month decrease of 4.2%. Last week, the supply - side load decreased mainly due to the reduced loads of enterprises such as Shaanxi Beiyuan, Gansu Jinchuan, Zhongtai, Henan Yuhang, and Haohua. The load is expected to pick up slightly next week. The overall maintenance volume in September is expected to decline, and multiple devices are expected to be commissioned and put into production, further increasing the supply pressure [11] - **Demand**: Regarding exports, the final anti - dumping tax rate ruling result in India has been announced, and China's tax rate is at a significant disadvantage compared to other countries. Exports are expected to decline after implementation. The operations of the three major downstream industries continued to improve last week. The load of the pipe industry is 39.1%, a month - on - month increase of 1.5%; the load of the film industry is 76.9%, remaining flat month - on - month; the load of the profile industry is 39.4%, a month - on - month increase of 0.2%. The overall downstream load is 49.2%, a month - on - month increase of 1.7%. The overall downstream operations have stabilized and improved. Last week, the pre - sales volume of PVC was 756,000 tons, a week - on - week increase of 67,000 tons [11] - **Inventory**: Last week, the in - factory inventory was 306,000 tons, a week - on - week decrease of 4,000 tons; the social inventory was 954,000 tons, a week - on - week increase of 19,000 tons; the overall inventory was 1.26 million tons, a week - on - week increase of 16,000 tons; the number of warehouse receipts continued to rise. Currently, it is still in the inventory accumulation cycle, and the upstream inventory is gradually transferred to the mid - stream. Under the pattern of strong supply and weak demand, the inventory accumulation is expected to continue [11] 2. Futures and Spot Market - The basis and price spread in the futures and spot market are fluctuating weakly, but specific data and analysis details are not provided in the text, only relevant charts are mentioned [16] 3. Profit and Inventory - **Profit**: The profit of chlor - alkali integration has declined, and the valuation is neutral. The text also provides charts showing the profit trends of Shandong's externally - purchased calcium carbide chlor - alkali integration, PVC calcium carbide - based production, PVC ethylene - based production, and Inner Mongolia's calcium carbide production [40] - **Inventory**: The text provides charts showing the inventory trends of PVC in - factory inventory, ethylene - based in - factory inventory, calcium carbide - based in - factory inventory, social inventory, the sum of factory and social inventory, and warehouse receipts [34][37][39] 4. Cost Side - **Calcium Carbide**: Calcium carbide prices have continued to rebound. The price of Wuhai calcium carbide and Shandong calcium carbide has increased week - on - week. The text also provides charts showing the price trends of Wuhai and Shandong calcium carbide, calcium carbide inventory, and calcium carbide operating rate [47][49] - **Other Raw Materials**: Semi - coke prices have risen, while caustic soda prices have fallen. The text provides charts showing the price trends of semi - coke in Shaanxi, 32% liquid caustic soda in Shandong, liquid chlorine in Shandong, and Northeast Asian ethylene CFR spot prices [52][53] 5. Supply Side - In 2025, the production capacity of PVC will be significantly increased, mainly concentrated in the third quarter. Multiple enterprises such as Xinpu Chemical, Jintai Chemical, and Wanhua Chemical (Phase II) will put new production capacity into operation. The total planned new production capacity in 2025 is 2.5 million tons/year [61][66] 6. Demand Side - The operating loads of the three major downstream industries of PVC have continued to improve. The operating rates of pipes, films, and profiles have either increased or remained stable. The pre - sales volume of PVC has also increased. However, regarding exports, due to the anti - dumping tax rate ruling in India, exports are expected to decline [78][11]

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: 01 - 05 reverse spread; Cross - variety: None [3] Core View - The supply of PE is expected to increase due to device restarts, while the PP device production profit has shrunk significantly, leading to a decline in PP开工. The downstream demand is in the seasonal improvement stage of "Golden September", but the demand fulfillment rate is slow and the support is limited. The cost support has weakened as oil prices are under pressure and the external propane has corrected [2] Summary According to Related Catalogs 1. Polyolefin Basis Structure - Figures include the plastic futures main contract trend, LL East China - main contract basis, polypropylene futures main contract trend, and PP East China - main contract basis [8][11] 2. Production Profit and Operating Rate - PE开工 rate is 80.4% (+2.3%), PP开工 rate is 74.9% (-1.9%). PE oil - based production profit is 219.0 yuan/ton (+48.1), PP oil - based production profit is - 411.0 yuan/ton (+48.1), PDH - made PP production profit is - 247.5 yuan/ton (+55.5) [1] 3. Polyolefin Non - standard Price Difference - Figures show HD injection molding - LL East China, HD blow molding - LL East China, HD film - LL East China, LD East China - LL, PP low - melt copolymer - drawn wire East China, PP homopolymer injection molding - drawn wire East China [27][35][38] 4. Polyolefin Import and Export Profit - LL import profit is - 81.1 yuan/ton (+11.0), PP import profit is - 471.1 yuan/ton (+11.0), PP export profit is 27.7 US dollars/ton (-1.4) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profit - PE downstream agricultural film operating rate is 26.8% (+2.6%), PE downstream packaging film operating rate is 51.8% (+0.5%), PP downstream woven operating rate is 43.6% (+0.5%), PP downstream BOPP film operating rate is 61.4% (-0.1%) [1] 6. Polyolefin Inventory - Figures show 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, PP port inventory [75][78][83]

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: 01 - 05 reverse spread; Inter - variety: None [4] Core View - Recently, the cost - end oil price has rebounded, and the external propane price has risen strongly. With the support of macro - sentiment, polyolefins have rebounded slightly with fluctuations. Some upstream petrochemical plants have shut down for maintenance, and the capacity utilization rate has decreased slightly. There is an expectation of new capacity from ExxonMobil, and Daxie Petrochemical is continuously increasing production, so the supply is still under pressure. The downstream demand is in the "Golden September" seasonal improvement stage, with the overall downstream factory operating rate rising slightly. However, the downstream mainly maintains rigid procurement, and the demand fulfillment rate is still slow. PP production profit has shrunk significantly, and the cost - end support is strong [3] Summary by Related Catalogs Market News and Important Data - **Price and Basis**: L main contract closed at 7,245 yuan/ton (+11), PP main contract at 6,982 yuan/ton (+12). LL North China spot was 7,200 yuan/ton (+0), LL East China spot was 7,170 yuan/ton (+0), PP East China spot was 6,780 yuan/ton (+0). LL North China basis was - 45 yuan/ton (-11), LL East China basis was - 75 yuan/ton (-11), and PP East China basis was - 202 yuan/ton (-12) [2] - **Upstream Supply**: PE operating rate was 78.0% (-2.5%), PP operating rate was 76.8% (-3.1%) [2] - **Production Profit**: PE oil - based production profit was 170.9 yuan/ton (-70.8), PP oil - based production profit was - 459.1 yuan/ton (-70.8), and PDH - based PP production profit was - 303.0 yuan/ton (-12.1) [2] - **Import and Export**: LL import profit was - 92.1 yuan/ton (+10.2), PP import profit was - 482.1 yuan/ton (-9.8), and PP export profit was 29.1 US dollars/ton (+1.2) [2] - **Downstream Demand**: PE downstream agricultural film operating rate was 24.1% (+3.9%), PE downstream packaging film operating rate was 51.3% (+0.8%), PP downstream plastic weaving operating rate was 43.1% (+0.4%), and PP downstream BOPP film operating rate was 61.6% (+0.1%) [2] Market Analysis - Cost - end factors and macro - sentiment have driven polyolefins to rebound slightly. Supply is under pressure due to potential new capacity and production increases. Downstream demand is in a seasonal improvement stage, but the demand fulfillment is slow, and PP cost - end support is strong [3] Strategy - Unilateral strategy is neutral; inter - period strategy is 01 - 05 reverse spread; no inter - variety strategy [4]

Core Viewpoint - The polypropylene (PP) market has shown signs of stabilization in a weak overall trend since September, with futures contracts experiencing a rebound after hitting a three-month low [1] Supply and Demand Analysis - The supply-side support for the PP market is weakening, although maintenance activities are providing some support; however, the expected rebound in prices may be limited [1] - As of mid-September, there has been a noticeable increase in unplanned maintenance of PP facilities, with nearly 40 plants currently offline, affecting over 9 million tons of capacity [1] - By September 15, the domestic PP plant shutdown ratio rose to 20.74%, an increase of 7.82 percentage points from the beginning of the month, indicating some relief in supply-side pressure [1] Future Market Outlook - There are no new capacity additions planned for PP in the latter half of September, but several facilities, including those from Shenhua Xinjiang, Daqing Refining, and Zhongjing Petrochemical, are expected to restart, which may reduce the intensity of maintenance activities [1] - Considering the need for inventory reduction before the National Day holiday, the supply-side support for the PP market may weaken, leading to a limited duration for any short-term price rebound [1]

Report Industry Investment Rating - The trend strength of LLDPE is rated as 1, indicating a "偏强" (relatively strong) outlook, with a range of [-2, 2] where -2 is most bearish and 2 is most bullish [3] Report's Core View - LLDPE is expected to be short - term strong and mid - term range - bound. The short - term strength is due to macro sentiment, improving demand, and relatively low inventory. The mid - term may see a range - bound situation considering factors like supply changes [1][2] Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The L2601 contract had a closing price of 7232, a daily increase of 0.81%, trading volume of 264,026, and a decrease in open interest of 6135 [1] - **Basis and Spread**: The 01 contract basis was - 152 (previous day: - 89), and the 01 - 05 contract spread was - 20 (previous day: - 12) [1] - **Spot Prices**: In the North China region, the price was 7080 yuan/ton (unchanged); in the East China region, it was 7160 yuan/ton (up from 7140); in the South China region, it was 7300 yuan/ton (unchanged) [1] Spot News - LLDPE market prices had small fluctuations of 10 - 50 yuan/ton. Linear futures rose, but while coal - chemical enterprises raised prices, some prices of Sinopec and PetroChina were lowered. Downstream demand was slow, leading to cautious purchasing and poor sales, and no obvious increase in the spot market [1] Market Condition Analysis - Affected by macro sentiment, PE is short - term strong. Demand for PE is improving as the agricultural film industry starts seasonal stockpiling. In September, the maintenance volume is similar to August, and the maintenance of Zhenhai Refining & Chemical at the end of September may relieve the supply pressure of LLDPE in the East China region. Polyethylene social inventory is lower year - on - year, with a slight reduction this week and overall low pressure [2]

2012 31 | 1 | PVC | PVC | 2 | PVC | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 79.94% | 2.81% | 1.40% | 79.39% | 2.66% | 1.09% | 81.31% | 3.18% | 2.10% | 3 | PVC | 5.10 | 0.68 | | 1 | 2 | PVC | 37.61% | 4.13% | 1.77% | 3 | PVC | | | | | | | 0.61% | 23 | 39% | 4 | PVC | 40.88% | PVC | 5 | 2025 | 7 | PVC | | | | 33.06 | 606 | / | 1-7 | 229.10 | 26.17% | 112.82% | 56.91% | PVC | | | | | | 1 | 9 | 11 | PVC | 1.75% | 93.42 | 8.63% | 87.25 | 2.33% | 6.56% | | ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The polyethylene market is currently in a state of weakening market sentiment and a downward - trending market. The overall market is expected to show a weak and volatile trend, with suggestions to sell call options [7]. 3. Summary by Relevant Catalogs 3.1 Recent Market Main Contradictions - This week's polyethylene production decreased, with domestic production dropping from 63.25 million tons last week to 61.28 million tons, a decrease of 1.97 million tons. Next week, production may slightly increase as some devices resume production after maintenance. Import and export volumes remained stable this week, with imports at 25.68 million tons and exports at 2.50 million tons. Apparent demand decreased significantly from 84.20 million tons last week to 80.86 million tons, a decrease of 3.34 million tons. There was a slight inventory build - up this week, with total inventory rising from 101.13 million tons to 104.73 million tons, and it is expected to continue to build up slightly next week [5]. 3.2 Polyethylene Industry Situation 3.2.1 Supply - In terms of production, although there are many upstream maintenance devices, the current output is still relatively high, and the upstream supply of goods is relatively sufficient. In 2025, new production capacity will continue to be released, such as the production capacity of Inner Mongolia Baofeng, Exxon (Huizhou), etc. [7][20]. 3.2.2 Cost and Profit - Raw material prices are in a weakening state. Crude oil prices fluctuated, rising from $65.50 last week to $66.37, and coal prices decreased from 690 to 681. PE costs have been fluctuating recently, with oil - made PE costs rising from 7803 to 7868, and coal - made PE costs remaining unchanged at 6669. Upstream profits are expected to weaken next week, with oil - chemical comprehensive profits dropping from - 1595 to - 1644, and weighted profits of PE by production capacity dropping from - 654 to - 697 [6]. 3.2.3 Market Conditions of Up, Middle, and Downstream - Upstream: Although there are many maintenance devices, the output is still high, and the upstream is actively selling goods. - Middle - stream: The middle - stream's sales situation has deteriorated, with fewer purchases from downstream and active sales by spot - futures arbitrageurs. - Downstream: This week's trading volume was average, with downstream mainly purchasing as needed. The downstream is gradually entering the peak season, which provides some support [7]. 3.3 Basis and Spread - The PE spot market price fluctuated weakly, and the intraday basis quotes fluctuated. On Friday, the North China basis quote was around 01 - 50, and downstream purchasing enthusiasm was average. The inter - month spread was in a state of fluctuation, and the far - month LL - PP spread is recommended to be temporarily observed. The import profit has deteriorated [49][6]. 3.4 Summary and Outlook - Strategy: In terms of trading strategies, a weak and volatile trend is expected in the short - term, and it is recommended to sell call options [7].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Currently, the self - driving force of PE is still weak. It is in a pattern of decreasing supply and increasing demand, but the slow recovery of downstream demand limits the upward push on PE. It is expected to be in a volatile pattern, waiting for a significant demand recovery signal on the spot side to drive PE up [3]. 3. Summary by Related Catalogs Price Forecast and Hedging Strategy - The monthly price range forecast for polyethylene is 7150 - 7400 yuan/ton, with a current 20 - day rolling volatility of 6.09% and a 3 - year historical percentile of 0.8% [2]. - For inventory management with high finished - product inventory, it is recommended to short plastic futures (L2601) with a 25% hedging ratio at 7300 - 7350 yuan/ton and sell call options (L2601C7400) with a 50% hedging ratio at 70 - 100 [2]. - For procurement management with low standing inventory, it is recommended to buy plastic futures (L2601) with a 50% hedging ratio at 7150 - 7200 yuan/ton and sell put options (L2601P7100) with a 75% hedging ratio at 70 - 100 [2]. Core Contradiction - Although PE supply is expected to decrease in September due to high - volume device maintenance and demand is expected to increase as downstream moves from the off - season to the peak season, the slow recovery of demand and weak base - strengthening trend limit the upward push on PE [3]. 利多 and 利空 Factors - **Liduo Factors**: Demand is expected to improve month - on - month; the commissioning of ExxonMobil's 500,000 - ton LDPE new device is expected to be postponed; there are still many device overhauls in September, leading to a de - stocking pattern in the balance sheet [4]. - **Likong Factors**: The current demand recovery speed is slow; the current LLDPE inventory is at a high level [5]. Daily Data Table - **Futures Prices and Spreads**: Plastic main base - spread was - 16 yuan/ton on September 10, 2025, with a daily change of 3 yuan/ton and a weekly change of - 14 yuan/ton. L01, L05, and L09 contracts had different price changes [6]. - **Spot Prices and Regional Spreads**: Prices in North China, East China, and South China showed different trends, and regional spreads also changed [8]. - **Non - standard and Standard Product Spreads**: Spreads between different HDPE products and LLDPE film, as well as LDPE film and LLDPE film, had different changes [8]. - **Upstream Prices and Processing Profits**: Brent crude oil price, US ethane price, coal price, and methanol price had different trends, and processing profits of different PE production methods also changed [8].