Core Insights - The report from Thailand's National Economic and Social Development Council indicates that since the establishment of 10 border economic zones in 2015, they have attracted a total investment of 54.82 billion Thai Baht (approximately 12.18 billion RMB) [1] Investment Overview - The 10 border economic zones are located in various provinces including Tak, Nong Khai, Mukdahan, Trat, Songkhla, Loei, Nakhon Phanom, Kanchanaburi, Narathiwat, and Chiang Rai [1] - A total of 132 investment projects have been approved in these zones, with a cumulative investment amount of 54.82 billion Thai Baht [1] - The sectors involved in these investment projects include apparel, plastics, animal feed, automotive parts, machinery, construction materials, medical gloves, and hospital construction [1] Business Landscape - There are currently 8,782 registered enterprises in the border economic zones, with 98% classified as small and medium-sized enterprises (SMEs) [1] - The development of these economic zones reflects the Thai government's commitment to promoting border economy and international cooperation, providing sustained momentum for local economies and creating more job opportunities [1]

1. Report's Investment Rating for the Industry No information provided regarding the report's investment rating for the industry. 2. Core Views of the Report - OPEC+ plans to suspend production growth in Q1 2026, suggesting the bottom of crude oil prices may have been reached. Polyolefin overall profits are declining, and the inventory at the mid - and upstream levels is being reduced. Given the low valuation of polyolefins, once the cost - end crude oil starts to rebound, polyolefins may rise significantly [16][17]. - The recommended strategy is to go long on the LL - PP spread at low prices [18]. 3. Summary by Relevant Catalogs 3.1 Monthly Assessment and Strategy Recommendation - **Valuation**: OPEC+'s plan to suspend production growth in Q1 2026 may indicate the bottom of crude oil prices [16]. - **Cost End**: WTI crude oil dropped by 3.45%, Brent by 2.95%, coal price remained unchanged at 0.00%, methanol fell by 6.73%, ethylene by 8.75%, propylene by 10.23%, and propane remained unchanged at 0.00%. The low - level rebound of oil prices has a significant impact on the cost end under the background of weak supply and demand [16]. - **Supply End**: PE capacity utilization was 83.3%, a month - on - month decrease of 0.76% and a year - on - year increase of 4.75%, 5.42% lower than the 5 - year average. PP capacity utilization was 78.55%, a month - on - month increase of 1.76% and a year - on - year increase of 5.46%, 5.87% lower than the 5 - year average. There were differences in the supply end of the polyolefin 2601 contract, with only 400,000 tons of planned PE capacity and 1.45 million tons of planned PP capacity [16]. - **Import and Export**: In September, domestic PE imports were 1.0222 million tons, a month - on - month increase of 7.58% and a year - on - year decrease of 10.04%. PP imports were 177,400 tons, a month - on - month decrease of 6.18% and a year - on - year decrease of 6.18%. The export season arrived. In September, PE exports were 99,200 tons, a month - on - month decrease of 14.48% and a year - on - year increase of 63.54%. PP exports were 208,200 tons, a month - on - month decrease of 16.82% and a year - on - year increase of 21.14% [16]. - **Demand End**: PE downstream operating rate was 45%, a month - on - month increase of 1.44% and a year - on - year decrease of 0.09%. PP downstream operating rate was 52.61%, a month - on - month increase of 1.74% and a year - on - year increase of 1.23%. During the seasonal peak season, the overall operating rate reached the same level as previous years, and the demand for PE agricultural film raw materials was good [17]. - **Inventory**: PE production enterprise inventory was 490,200 tons, a month - on - month inventory accumulation of 0.33% and a year - on - year inventory accumulation of 20.44%. PE trader inventory was 50,100 tons, a month - on - month inventory reduction of 7.28% and a year - on - year inventory accumulation of 0.58%. PP production enterprise inventory was 599,900 tons, a month - on - month inventory reduction of 11.96% and a year - on - year inventory accumulation of 12.11%. PP trader inventory was 228,600 tons, a month - on - month inventory reduction of 12.45% and a year - on - year inventory accumulation of 87.68%. PP port inventory was 64,600 tons, a month - on - month inventory reduction of 5.97% and a year - on - year inventory accumulation of 5.04% [17]. - **Next - Month Forecast**: The reference oscillation range for polyethylene (L2601) is (6600 - 6900); for polypropylene (PP2601), it is (6300 - 6600) [17]. 3.2 Futures and Spot Market - Multiple charts are presented, including PE and PP term structures,主力 contract prices, basis, spreads, trading volumes, open interests, registered warrant volumes, and virtual - to - real ratios, showing the historical data trends from 2021 to 2025 [34][49]. 3.3 Cost End - The cost - end crude oil prices are oscillating at the bottom. The report provides price trend charts of WTI crude oil, steam coal, methanol, propane, etc., as well as data on LPG supply, production, import, and related profit margins and capacity utilization rates [85][96]. 3.4 Polyethylene Supply End - **Raw Material Proportion**: Charts show the proportion of PE production raw materials and their annual changes, including oil - based, coal - based, methanol - based, and light - hydrocarbon - based PE [131][133]. - **Capacity and Production**: PE capacity, production, and capacity growth rate data from 2014 to 2025E are presented. In 2025, there are multiple domestic polyethylene production projects, with 4.63 million tons already put into production and 400,000 tons yet to be [136][137]. - **Capacity Utilization and Maintenance Loss**: PE capacity utilization and maintenance loss data are provided, showing historical trends from 2021 to 2025 [138][140]. 3.5 Polyethylene Inventory and Import - Export - **Inventory**: Charts display the trends of total inventory, production enterprise inventory, two - oil inventory, and trader inventory of PE from 2021 to 2025 [146][148]. - **Import - Export**: Charts show the monthly and cumulative import and export volumes of PE from 2021 to 2025, including LLDPE export volume [151][156]. 3.6 Polyethylene Demand End - **Demand Proportion**: Charts show the proportion of polyethylene downstream demand and terminal demand, including packaging film, hollow products, pipes, injection molding, agricultural film, etc. [163][164]. - **Related Indicators**: Charts show CPI year - on - year and month - on - month changes, downstream demand cumulative year - on - year changes, and the operating rates of various downstream industries of PE from 2021 to 2025 [167][168].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - It is expected that plastics will continue to show a weak and volatile trend in the near future. The supply has increased due to new capacity and rising plastic operating rates, while the downstream demand has declined as the off - peak season for packaging films and the less - than - expected peak season for agricultural films have led to reduced downstream operating rates and weak purchasing willingness. Also, the macro - policy of anti - involution and old device elimination to address over - capacity will impact subsequent market trends [1] 3. Summary by Related Catalogs 3.1 Market Analysis - On November 7, the number of maintenance devices changed little, and the plastic operating rate remained at around 89.5%, at a neutral level. The PE downstream operating rate decreased by 0.52 percentage points to 44.85% on a month - on - month basis. Although the agricultural film is in the peak season with increasing orders and stable raw material inventory, the packaging film orders decreased slightly, and the overall PE downstream operating rate is at a relatively low level in recent years. The petrochemical inventory is currently at a neutral level in recent years. The crude oil price fluctuated narrowly. New capacity came on - stream, and the plastic operating rate increased. The downstream purchasing willingness was insufficient, and traders were cautious about the future market [1] 3.2 Futures and Spot Market Conditions - **Futures**: The plastic 2601 contract increased in position and fluctuated. It closed at 6802 yuan/ton, with a low of 6791 yuan/ton and a high of 6835 yuan/ton, below the 60 - day moving average, and a gain of 0.27%. The position increased by 7205 lots to 585377 lots [2] - **Spot**: Most PE spot markets declined, with price changes ranging from - 50 to + 0 yuan/ton. LLDPE was reported at 6740 - 7270 yuan/ton, LDPE at 8870 - 9730 yuan/ton, and HDPE at 7020 - 7990 yuan/ton [3] 3.3 Fundamental Tracking - **Supply**: On November 7, the number of maintenance devices changed little, and the plastic operating rate remained at around 89.5%, at a neutral level [1][4] - **Demand**: As of the week of November 7, the PE downstream operating rate decreased by 0.52 percentage points to 44.85% on a month - on - month basis. The agricultural film was in the peak season, but the overall PE downstream operating rate was at a relatively low level in recent years [1][4] - **Inventory**: On Friday, the petrochemical early - morning inventory decreased by 2.5 tons to 66.5 tons, 1 ton higher than the same period last year, and currently at a neutral level in recent years [4] - **Raw Materials**: The Brent crude oil 01 contract fell to 64 dollars/barrel, the Northeast Asian ethylene price remained flat at 730 dollars/ton on a month - on - month basis, and the Southeast Asian ethylene price remained flat at 740 dollars/ton on a month - on - month basis [4]

Market Overview - The plastic sector increased by 0.69% on November 7, with Guoen Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Top Gainers in the Plastic Sector - Guoen Co., Ltd. (002768) closed at 58.88, up 9.99% with a trading volume of 70,100 shares and a transaction value of 398 million [1] - Zhejiang Zhongcheng (002522) closed at 6.08, up 9.95% with a trading volume of 589,200 shares and a transaction value of 351 million [1] - Foshan Plastics Technology (000973) closed at 10.39, up 5.91% with a trading volume of 1,706,900 shares and a transaction value of 1.726 billion [1] Top Losers in the Plastic Sector - Wankai New Materials (301216) closed at 19.36, down 4.58% with a trading volume of 230,000 shares and a transaction value of 45.5 million [2] - Henghe Precision (300539) closed at 44.21, down 4.43% with a trading volume of 98,000 shares and a transaction value of 436 million [2] - Jun Ding Da (301538) closed at 78.71, down 4.34% with a trading volume of 15,400 shares and a transaction value of 122 million [2] Capital Flow in the Plastic Sector - The plastic sector saw a net inflow of 296 million from main funds, while retail investors experienced a net outflow of 391 million [2][3] - Major stocks like Foshan Plastics Technology and Zhejiang Zhongcheng had significant net inflows from main funds, indicating strong institutional interest [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report analyzes the market conditions, important news, logical analysis, and trading strategies of plastic L and PP on a daily basis. Overall, the market shows a weak trend, with prices mostly falling. The trading strategies mainly involve holding short - positions for the main contracts of L and PP, with appropriate adjustments to stop - loss points according to market changes. [1][5][8] Summary by Related Catalogs Market Conditions - **L Plastic**: The L2601 contract generally shows a downward trend, with prices fluctuating. The LLDPE market price mostly declines, and the trading atmosphere is weak. Downstream demand is not strong, and traders often reduce prices to sell goods. For example, on November 7, 2025, the L2601 contract closed at 6802 points, down 3 points or 0.04%, and the LLDPE market price continued to fall [1]. - **PP Polypropylene**: The PP2601 contract also mostly shows a downward trend. The PP market price is weak, and the cost support is weakened. Downstream procurement is cautious, and the market trading volume is limited. For example, on November 7, 2025, the PP2601 contract closed at 6459 points, down 12 points or 0.19%, and the domestic PP market was still weak [1]. Important News - **Industry - related Policies and Events**: The 7 - department "Petrochemical and Chemical Industry Steady Growth Work Plan (2025 - 2026)" aims to achieve an average annual growth of over 5% in the industry's added value from 2025 to 2026. The US government shutdown has affected data supply, increasing the difficulty of decision - making for central banks [33][55]. - **Company - related News**: PetroChina Guangxi Petrochemical's 120 - million - ton/year ethylene plant was successfully put into operation, which will promote the development of the petrochemical industry in the southwest region. Zhonghua International focuses on the main business of chemical new materials, and its MIAK project has achieved certain results [8][15]. Logical Analysis - **Positive Factors**: In September, the domestic pipeline transportation industry's fixed - asset investment completion amount increased by 14.8% year - on - year, with continuous marginal growth for 8 months, which is beneficial to the polyolefin single - side. The EuroCoin index has strengthened for 6 consecutive months, which is also beneficial to the polyolefin single - side [49][30]. - **Negative Factors**: In October, the domestic manufacturing PMI declined to 49.0%, a year - on - year decline of 2.2%, which is negative for the rubber and plastic single - side. The domestic real estate prosperity index has declined for 6 consecutive months, which is negative for the polyolefin single - side [5][6]. Trading Strategies - **Single - side**: Most of the time, it is recommended to hold short - positions for the main 01 contracts of L and PP, and adjust the stop - loss points according to market changes. For example, on November 7, 2025, it was recommended to hold short - positions for the L main 01 contract, with the stop - loss point moved down to 6850 points [2]. - **Arbitrage (Long - Short)**: Most of the time, it is recommended to wait and see. - **Options**: Most of the time, it is recommended to wait and see.

Core Viewpoint - The PVC market is currently facing significant pressure due to high social inventory and weak demand, leading to a potential test of historical low price support levels [1] Group 1: Social Inventory - PVC social inventory remains high, with a slight month-on-month decrease of 0.5% to 1.03 million tons by the end of October, but a year-on-year increase of 25.09% [3] - The East China region holds 0.9716 million tons of inventory, down 0.57% month-on-month but up 25.95% year-on-year, while South China shows an increase of 0.54% month-on-month to 0.0584 million tons, with a year-on-year rise of 12.30% [3] - High inventory levels are a key factor suppressing PVC prices, with the accumulation occurring even during the traditional consumption peak season [2][5] Group 2: Demand Side - The real estate sector, a major downstream market for PVC, remains sluggish, with significant year-on-year declines in investment, new construction, completion, and sales areas [4] - Although there has been a slight increase in operating rates for pipe and profile manufacturers due to promotions, the overall demand growth potential is limited, failing to provide effective support for PVC prices [4] - Despite challenges, PVC exports have surged, with a cumulative export volume of 3.3941 million tons from January to September, marking a year-on-year increase of 47.78% [4] Group 3: Production and Pricing - Domestic PVC production remains high, with an operating load of 78.26% as of October 31, consistent with levels from 2023 and 2024 [2] - The unit loss for calcium carbide-based PVC producers has reached 770 yuan per ton, while ethylene-based PVC losses have narrowed to approximately 475 yuan per ton [2] - The overall weak market for PVC is expected to persist, with supply pressures and high social inventory continuing to dominate, despite some cost support from stable calcium carbide prices [5]

Report Industry Investment Rating No relevant content provided. Report's Core View - The plastic industry is expected to experience weak and volatile trends in the near future. The开工率 of plastics is at a neutral level, while the downstream开工率 of PE is at a relatively low level in recent years. The cost of crude oil is fluctuating within a narrow range, and there is an increase in supply. The peak season for agricultural film is not as strong as expected, and downstream purchasing enthusiasm is insufficient. Traders are cautious about the future market, and there is no actual policy for anti - involution in the plastic industry yet [1]. Summary According to Related Catalogs Market Analysis - On November 6, the change in maintenance devices was small, and the plastic开工率 remained at around 89.5%, which is at a neutral level. The downstream开工率 of PE decreased by 0.38 percentage points to 45.37%. Agricultural film is in the peak season, with orders and raw material inventories increasing to a neutral level in recent years, but packaging film orders decreased slightly. The overall downstream开工率 of PE is still at a relatively low level in recent years. Petrochemical inventories at the beginning of the month increased significantly and are now at a neutral level in recent years. The market has digested the news of Russian oil sanctions, and the meeting between Chinese and US leaders was in line with market expectations. OPEC+ decided to increase production by 137,000 barrels per day in December but suspend production increase in the first quarter of next year, causing crude oil prices to fluctuate within a narrow range. There is new production capacity coming online, and the plastic开工率 has increased. The peak season for agricultural film is not as good as expected, and downstream purchasing willingness is insufficient. Traders are cautious about the future market and are actively selling at reduced prices. There is no actual anti - involution policy in the plastic industry yet [1]. Futures and Spot Market Conditions - **Futures**: The plastic 2601 contract increased in positions and fluctuated. The lowest price was 6,745 yuan/ton, the highest was 6,819 yuan/ton, and it closed at 6,805 yuan/ton, below the 60 - day moving average, with a decline of 0.38%. The position increased by 25,025 lots to 578,172 lots [2]. - **Spot**: Most of the PE spot market declined, with price changes ranging from - 100 to + 0 yuan/ton. LLDPE was reported at 6,740 - 7,270 yuan/ton, LDPE at 8,920 - 9,730 yuan/ton, and HDPE at 7,030 - 7,990 yuan/ton [3]. Fundamental Tracking - **Supply**: On November 6, the change in maintenance devices was small, and the plastic开工率 remained at around 89.5%, which is at a neutral level [4]. - **Demand**: As of the week ending October 31, the downstream开工率 of PE decreased by 0.38 percentage points to 45.37%. Agricultural film is in the peak season, with orders and raw material inventories increasing to a neutral level in recent years, but packaging film orders decreased slightly. The overall downstream开工率 of PE is still at a relatively low level in recent years [4]. - **Inventory**: On Thursday, the early petrochemical inventory decreased by 20,000 tons to 690,000 tons, 20,000 tons higher than the same period last year. Petrochemical inventories at the beginning of the month increased significantly and are now at a neutral level in recent years [4]. - **Raw Materials**: The Brent crude oil 01 contract fell to $64 per barrel. The price of Northeast Asian ethylene remained flat at $730 per ton, and the price of Southeast Asian ethylene remained flat at $740 per ton [4].

Core Insights - The company is actively collaborating with leading clients in the robotics sector for material development and cooperation [1] - The company has already achieved bulk supply of modified engineering plastics and specialty engineering plastics to robotics companies [1] - The supplied materials are primarily used in the limbs, masks, radar, and battery pack housings of robots and robotic dogs [1]

Market Overview - The plastic sector increased by 1.57% on November 6, with Zhonglun New Materials leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - Zhonglun New Materials (301565) closed at 26.42, up 6.58% with a trading volume of 155,300 shares and a turnover of 406 million yuan [1] - Fospower Technology (000973) closed at 9.81, up 6.40% with a trading volume of 1,762,200 shares and a turnover of 1.675 billion yuan [1] - Xiangyuan New Materials (300980) closed at 32.35, up 6.27% with a trading volume of 163,800 shares and a turnover of 516 million yuan [1] - Other notable stocks include Zhenguang Co. (301092) up 5.97%, and Jishi Chemical (688669) up 5.89% [1] Capital Flow - The plastic sector saw a net inflow of 277 million yuan from institutional investors, while retail investors experienced a net outflow of 266 million yuan [2][3] - Major stocks with significant net inflows include Dongcai Technology (601208) with 91.99 million yuan and Fospower Technology (000973) with 55.98 million yuan [3] - Retail investors showed a notable outflow from stocks like Zhonglun New Materials (301565) and Zhejiang Zhongcheng (002522) [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market for plastics L and PP has been showing a weak trend recently, with both futures and spot prices experiencing declines. The report provides daily market observations, important news, logical analyses, and trading strategies for these two products [2][3][4]. - Various factors, including domestic and international economic data, industry policies, and corporate news, influence the prices of plastics L and PP. These factors can be either positive or negative, and the report assesses their impact on the market [3][5][9]. 3. Summary by Relevant Catalogs Market Situation - **L Plastic**: The L2601 contract generally shows a downward trend, and the LLDPE market price is mostly weak, with prices in different regions fluctuating and some falling. Trade sentiment is often affected by futures trends, and downstream procurement is cautious [2][4][8]. - **PP Polypropylene**: The PP2601 contract also generally trends downward, and the domestic PP market is weak, with prices falling in parts. The futures trend impacts the spot market, and downstream procurement is limited [2][4][8]. Important News - **Industry - related Policies**: The government has introduced policies to support the development of the petrochemical and chemical industries, such as the "Work Plan for Stabilizing Growth in the Petrochemical and Chemical Industry (2025 - 2026)" [29]. - **Corporate News**: Many companies have made progress, such as Guangxi Petrochemical's successful commissioning of a new ethylene plant, and Liaoyang Petrochemical's successful start - up of a nylon 66 project [4][46]. - **Economic and Trade News**: Global economic and trade policies, such as US tariff policies and China's export control policies for rare earths, have an impact on the market [34][40][63]. Logical Analysis - **Positive Factors**: Some factors are favorable for the polyolefin market, such as an increase in domestic vehicle production, a rise in the US manufacturing PMI, and an increase in the profit - to - loss ratio of the domestic rubber and plastics industry [9][51]. - **Negative Factors**: Other factors are unfavorable, including a decline in the domestic manufacturing PMI, an increase in inventory, and a decrease in the international shipping freight index ratio [3][5][41]. Trading Strategies - **Single - side Trading**: For the most part, it is recommended to hold short positions in the L and PP main 01 contracts, with appropriate stop - loss settings. In some cases, there are suggestions to try short positions or hold long positions [3][5][9]. - **Arbitrage**: Generally, it is recommended to wait and see [3][5][9]. - **Options**: Usually, it is recommended to wait and see [3][5][9].