【冠通期货研究报告】 【期现行情】 期货方面： PP2605合约减仓震荡下行，最低价6554元/吨，最高价6658元/吨，最终收盘于6611元/吨， 在20日均线下方，跌幅1.77%。持仓量减少16989手至490473手。 现货方面： PP各地区现货价格多数下跌。拉丝报6290-6760元/吨。 数据来源：博易大师 冠通研究 PP日报：震荡下行 发布日期：2026年2月27日 【行情分析】 截至2月27日当周，PP下游开工率环比春节前回落5.04个百分点至36.74%，春节假期，下游多数 停工放假，目前下游还未完全复工，整体PP下游开工率季节性变化。2月27日，检修装置变动不大， PP企业开工率维持在80%左右，处于中性偏低水平，标品拉丝生产比例维持在25%左右。春节期间石 化库存增加48万吨至94万吨，周五石化早库环比持平于87万吨，较去年农历同期低了4万吨，与往年 同期基本相当，目前石化库存处于近年同期中性水平。成本端，市场关注美伊谈判，目前中东局势 仍存变数，原油价格大幅波动。近期检修装置略有增加。目前现货市场刚需成交，谨慎观望，节后 下游工厂尚未完全启动，PP供需格局改善有限，但化工反内卷仍有预期， ...

【冠通期货研究报告】 PP日报：震荡下行 发布日期：2026年2月26日 【行情分析】 截至2月20日当周，PP下游开工率环比回落11.78个百分点至30%，春节假期，下游多数停工放假， 整体PP下游开工率季节性下滑。2月26日，新增宁波金发一线、北海炼厂单线等检修装置，PP企业开 工率下跌至80%左右，处于中性偏低水平，标品拉丝生产比例下降至25%左右。春节期间石化库存增 加48万吨至94万吨，周四石化早库下降0.5万吨至87万吨，较去年农历同期低了6万吨，与往年同期基 本相当，目前石化库存处于近年同期中性水平。成本端，市场关注美伊谈判，对伊朗局势感到担忧， 但美国原油库存大幅累库，原油价格基本稳定。近期检修装置略有增加。目前市场报价大稳小动， 节后下游工厂尚未完全启动，PP供需格局改善有限，但化工反内卷仍有预期，关注节后下游复产进 度。由于塑料近日有新增产能投产，开工率较PP高，叠加地膜集中需求尚未开启，继续做缩L-PP价 差。 【期现行情】 期货方面： PP2605合约增仓震荡下行，最低价6666元/吨，最高价6782元/吨，最终收盘于6675元/吨， 在20日均线下方，跌幅0.89%。持仓量增加276 ...

【期现行情】 期货方面： PP2605合约增仓震荡运行，最低价6709元/吨，最高价6769元/吨，最终收盘于6720元/吨， 在20日均线上方，涨幅0.22%。持仓量增加7385手至479778手。 【冠通期货研究报告】 PP日报：震荡运行 发布日期：2026年2月25日 【行情分析】 截至2月20日当周，PP下游开工率环比回落11.78个百分点至30%，春节假期，下游多数停工放假， 整体PP下游开工率季节性下滑。2月25日，检修装置变动不大，PP企业开工率维持在81%左右，处于中 性偏低水平，标品拉丝生产比例下降至27%左右。春节期间石化库存增加48万吨至94万吨，周三石化 早库下降6.5万吨至87.5万吨，较去年农历同期低了6.5万吨，与往年同期基本相当，目前石化库存处 于近年同期中性水平。成本端，市场对伊朗局势感到担忧，加上美国能源信息署数据显示美国原油 库存减少901.4万桶，且成品油库存全线下降，春节假期海外原油价格上涨。近期检修装置略有增加。 目前市场报价大稳小动，节后下游工厂尚未完全启动，PP供需格局改善有限，但化工反内卷仍有预 期，关注节后下游复产进度。由于塑料近日有新增产能投产，开工率较P ...

【冠通期货研究报告】 PP日报：震荡上行 发布日期：2026年2月24日 期货方面： PP2605合约高开后减仓震荡运行，最低价6665元/吨，最高价6720元/吨，最终收盘于6693元 /吨，在20日均线上方，涨幅0.51%。持仓量减少1731手至486837手。 现货方面： PP各地区现货价格多数上涨。拉丝报6310-6850元/吨。 【行情分析】 截至2月20日当周，PP下游开工率环比回落11.78个百分点至30%，春节假期，下游多数停工放假， 整体PP下游开工率季节性下滑。2月24日，新增中景石化二期二线等检修装置，PP企业开工率下跌至 81%左右，处于中性偏低水平，标品拉丝生产比例上升至31%左右。春节期间石化早库增加48万吨至94 万吨，较去年农历同期低了2万吨，与往年同期基本相当，目前石化库存处于近年同期中性水平。成 本端，市场对伊朗局势感到担忧，加上美国能源信息署数据显示美国原油库存减少901.4万桶，且成 品油库存全线下降，海外原油价格涨幅较大，原油价格上涨。近期检修装置略有增加。目前市场报 价大稳小动。PP供需格局改善有限，但化工反内卷仍有预期，关注节后下游复产进度。由于塑料近 日有新增产 ...

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The improvement of the PP supply - demand pattern is limited, but there are still expectations for the chemical industry to counter the involution. The upstream petrochemical inventory is low, and the basis has been repaired. Due to the long Spring Festival holiday, the risk of unilateral positions is high, so it is recommended to hold no unilateral positions during the holiday. It is advisable to hold a light - position short position on the L - PP spread as plastic has new production capacity put into operation recently, its operating rate is higher than that of PP, and the centralized demand for mulch film has not started yet [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - As of the week of February 6, the downstream operating rate of PP decreased by 2.24 percentage points to 49.84% week - on - week, at a neutral level in the same lunar period over the years. The operating rate of the plastic weaving industry, the main downstream of the drawstring, decreased by 5.30 percentage points to 36.74% week - on - week, and the plastic weaving orders continued to decline, slightly lower than the same period last year. On February 12, there were little changes in the maintenance devices, the operating rate of PP enterprises remained at around 82.5%, at a moderately low level, and the production ratio of the standard drawstring decreased to around 28%. Petrochemical destocking in February was okay, and the current petrochemical inventory is at a relatively low level in the same period in recent years. The cost of crude oil rebounded due to market concerns about a potential military conflict between the US and Iran. The number of maintenance devices decreased slightly recently. The price of BOPP film in some downstream areas was stable, the operating rate of the downstream plastic weaving industry decreased, new orders were limited, and more terminal enterprises stopped work for the Spring Festival holiday, with downstream stocking mostly completed [1] 3.2 Futures and Spot Market Conditions 3.2.1 Futures - The PP2605 contract opened higher, then decreased in positions and oscillated downward. The lowest price was 6648 yuan/ton, the highest was 6730 yuan/ton, and it finally closed at 6648 yuan/ton, below the 20 - day moving average, with a decline of 0.73%. The position volume decreased by 7495 lots to 479342 lots [2] 3.2.2 Spot - The spot prices of PP in most regions were stable. The drawstring was quoted at 6340 - 6880 yuan/ton [3] 3.3 Fundamental Tracking - Supply: On February 12, there were little changes in the maintenance devices, the operating rate of PP enterprises remained at around 82.5%, at a moderately low level, and the production ratio of the standard drawstring decreased to around 28% [4] - Demand: As of the week of February 6, the downstream operating rate of PP decreased by 2.24 percentage points to 49.84% week - on - week, at a neutral level in the same lunar period over the years. The operating rate of the plastic weaving industry, the main downstream of the drawstring, decreased by 5.30 percentage points to 36.74% week - on - week, and the plastic weaving orders continued to decline, slightly lower than the same period last year [4] - Inventory: On Thursday, the early petrochemical inventory decreased by 20,000 tons to 440,000 tons week - on - week, 25,000 tons lower than the same lunar period last year. Petrochemical destocking was okay, and the current petrochemical inventory is at a relatively low level in the same period in recent years [4] - Raw materials: The Brent crude oil contract 04 rose above $69 per barrel, and the CFR propylene price in China increased by $5 per ton to $830 per ton week - on - week [4]

Report Industry Investment Rating - Not provided Core Viewpoint - The PP supply-demand pattern has limited improvement, but there are still expectations for the chemical industry to counter the involution. With low upstream petrochemical inventory and the current basis being repaired, it is expected that PP will fluctuate within a range. Due to the new production capacity of plastics being put into operation recently and the start-up rate being higher than that of PP, coupled with the fact that the centralized demand for mulch film has not yet started, it is expected that the L-PP spread will decline [1]. Summary by Directory Market Analysis - As of the week of February 6, the downstream operating rate of PP decreased by 2.24 percentage points to 49.84% week-on-week, at a neutral level in the same lunar period over the years. The operating rate of the downstream plastic weaving of the main drawstring decreased by 5.30 percentage points to 36.74% week-on-week, and the plastic weaving orders continued to decline week-on-week, slightly lower than the same period last year. On February 10, the overhaul devices such as the first line of Zhongjing Petrochemical Phase II restarted, and the PP enterprise operating rate rose to about 81.5%, at a neutral to low level, and the production ratio of the standard drawstring increased to about 29.5%. Petrochemical destocking in February was acceptable, and the current petrochemical inventory is at a low level in the same period in recent years. On the cost side, the US and Iran will hold a new round of negotiations, but the US warned that ships flying the US flag should stay as far away from Iranian waters as possible when sailing in the Strait of Hormuz, and the market is worried about a military conflict between the two sides, so the crude oil price rebounded. There has been a slight decrease in overhaul devices recently. The prices of downstream BOPP films in some areas are stable, the operating rate of downstream plastic weaving has decreased, and its new orders are limited. As the Spring Festival holiday approaches, the number of terminal shutdowns for holidays has further increased, and most downstream stocking has been completed [1]. Futures and Spot Market - Futures: The PP2605 contract opened higher and then oscillated with a reduction in positions. The lowest price was 6,627 yuan/ton, the highest price was 6,691 yuan/ton, and it finally closed at 6,688 yuan/ton, above the 20-day moving average, with a gain of 0.44%. The trading volume decreased by 1,773 lots to 488,568 lots [2]. - Spot: The spot prices of PP in various regions have partially declined. The drawstring is reported at 6,310 - 6,850 yuan/ton [3]. Fundamental Tracking - Supply: On February 10, the overhaul devices such as the first line of Zhongjing Petrochemical Phase II restarted, and the PP enterprise operating rate rose to about 81.5%, at a neutral to low level, and the production ratio of the standard drawstring increased to about 29.5% [4]. - Demand: As of the week of February 6, the downstream operating rate of PP decreased by 2.24 percentage points to 49.84% week-on-week, at a neutral level in the same lunar period over the years. The operating rate of the downstream plastic weaving of the main drawstring decreased by 5.30 percentage points to 36.74% week-on-week, and the plastic weaving orders continued to decline week-on-week, slightly lower than the same period last year [4]. - Inventory: The early petrochemical inventory on Tuesday decreased by 40,000 tons to 460,000 tons week-on-week, 35,000 tons lower than the same lunar period last year. Petrochemical destocking is acceptable, and the current petrochemical inventory is at a low level in the same period in recent years [4]. Raw Material End - Brent crude oil contract 04 rose to $69 per barrel, and the CFR propylene price in China remained flat at $825 per ton week-on-week [6].

【冠通期货研究报告】 PP日报：震荡下行 发布日期：2026年2月5日 【行情分析】 截至1月30日当周，PP下游开工率环比回落0.79个百分点至52.08%，处于历年农历同期中性水平。 其中拉丝主力下游塑编开工率环比持平于42.04%，但塑编订单环比继续小幅下降，略低于去年同期。 2月5日，检修装置变动不大，PP企业开工率维持在80%左右，处于中性偏低水平，标品拉丝生产比例 下降至27.5%左右。1月底，石化去库较快，目前石化库存处于近年同期偏低水平。成本端，伊朗地 缘局势反复，美国降低对印度加征的关税，印度炼厂或将增加中东和美洲地区的原油采购，原油价 格反弹。近期检修装置略有减少。下游BOPP膜价格继续反弹，临近春节放假，下游塑编开工率稳定， 但其新增订单有限。PP供需格局改善有限，1月底现货跟进有限，但化工反内卷仍有预期，上游石化 库存偏低，目前基差有所修复，预计PP区间震荡。由于塑料近日有新增产能投产，开工率较PP高， 叠加地膜集中需求尚未开启，预计L-PP价差回落。盘面波动大，注意控制风险。 【期现行情】 期货方面： PP2605合约减仓震荡下行，最低价6658元/吨，最高价6788元/吨，最终收盘 ...

1. Report Industry Investment Rating - No relevant content 2. Core View of the Report - The supply - demand pattern of PP has limited improvement, and the spot price followed up limited at the end of January. However, there are still expectations for the chemical industry to counter the involution, the upstream petrochemical inventory is low, the basis has been repaired, and the sentiment of bulk commodities has improved. It is expected that PP will fluctuate within a range. Due to the new production capacity of plastics being put into operation recently and the concentrated demand for plastic film not yet starting, the L - PP spread is expected to decline [1] 3. Summary According to the Catalog 3.1行情分析 - As of the week of January 30th, the downstream operating rate of PP decreased by 0.79 percentage points to 52.08% week - on - week, at a neutral level in the same lunar period over the years. The operating rate of plastic weaving, the main downstream of drawstring, remained flat at 42.04% week - on - week, but plastic weaving orders continued to decline slightly week - on - week, slightly lower than the same period last year [1] - On February 4th, there were few changes in the maintenance devices, the operating rate of PP enterprises remained at around 80%, at a moderately low level, and the production ratio of standard drawstring increased to around 29.5%. At the end of January, petrochemical inventory was reduced rapidly, and the current petrochemical inventory is at a relatively low level in the same period in recent years [1][4] - On the cost side, the geopolitical situation in Iran is volatile, the US has reduced tariffs on India, and Indian refineries may increase crude oil purchases from the Middle East and the Americas, leading to a rebound in crude oil prices. Recently, the number of maintenance devices has slightly decreased. The price of downstream BOPP film continued to rebound. As the Spring Festival holiday approaches, the operating rate of downstream plastic weaving is stable, but its new orders are limited [1] 3.2期现行情 3.2.1期货方面 - The PP2605 contract increased in position and fluctuated upwards. The lowest price was 6727 yuan/ton, the highest price was 6824 yuan/ton, and it finally closed at 6801 yuan/ton, above the 20 - day moving average, with a gain of 1.15%. The position increased by 11,151 lots to 521,043 lots [2] 3.2.2现货方面 - The spot prices of PP in various regions were mostly stable. The drawstring was reported at 6340 - 6880 yuan/ton [3] 3.3基本面跟踪 - On the supply side, on February 4th, there were few changes in the maintenance devices, the operating rate of PP enterprises remained at around 80%, at a moderately low level, and the production ratio of standard drawstring increased to around 29.5% [4] - On the demand side, as of the week of January 30th, the downstream operating rate of PP decreased by 0.79 percentage points to 52.08% week - on - week, at a neutral level in the same lunar period over the years. The operating rate of plastic weaving, the main downstream of drawstring, remained flat at 42.04% week - on - week, but plastic weaving orders continued to decline slightly week - on - week, slightly lower than the same period last year [4] - On Wednesday, the early petrochemical inventory decreased by 0.5 million tons to 50 million tons week - on - week, 6 million tons lower than the same lunar period last year. At the end of January, petrochemical inventory was reduced rapidly, and the current petrochemical inventory is at a relatively low level in the same period in recent years [4] 3.4原料端原油 - The Brent crude oil 04 contract rose to 67 US dollars/barrel, and the CFR propylene price in China remained flat at 825 US dollars/ton week - on - week [5]

【冠通期货研究报告】 PP日报：震荡运行 发布日期：2026年2月3日 PP2605合约增仓震荡运行，最低价6681元/吨，最高价6771元/吨，最终收盘于6730元/吨， 在20日均线上方，跌幅0.65%。持仓量增加229手至509892手。 现货方面： PP各地区现货价格多数下跌。拉丝报6340-6880元/吨。 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 【行情分析】 截至1月30日当周，PP下游开工率环比回落0.79个百分点至52.08%，处于历年农历同期中性水平。 其中拉丝主力下游塑编开工率环比持平于42.04%，但塑编订单环比继续小幅下降，略低于去年同期。 2月3日，茂名石化二线等检修装置重启开车，PP企业开工率上涨至80%左右，处于中性偏低水平，标 品拉丝生产比例维持在29%左右。1月底，石化去库较快，目前石化库存处于近年同期偏低水平。成 本端，地缘局势降温，本次寒潮转弱，原油价格大幅下跌。近期检修装置略有减少。下游BOPP膜价 格继续反弹，临近春节放假，下游塑编开工率稳定，但其新增订单有限。宏观情绪降温，塑料短期 跟随市场情绪偏弱震荡，春节前PP ...

Report Industry Investment Rating - Not provided Core Viewpoints - PP is expected to follow the market sentiment and show a strong and volatile trend in the short - term, driven by low valuation, cold weather and the geopolitical situation in Iran, but the sustainability of the PP rebound should be treated with caution due to limited improvement in the supply - demand pattern and limited spot follow - up [1] - The L - PP spread is expected to decline as plastics have new production capacity coming on - stream recently, with a higher operating rate than PP, and the concentrated demand for plastic mulch has not yet started [1] Summary by Relevant Catalogs Market Analysis - As of the week of January 23, the downstream operating rate of PP rebounded 0.34 percentage points month - on - month to 52.87%, at a neutral level in the same lunar period over the years. The operating rate of plastic weaving, the main downstream of drawstring, dropped 0.56 percentage points month - on - month to 42.04%, and plastic weaving orders continued to decline slightly month - on - month, slightly lower than the same period last year [1] - On January 29, there were few changes in maintenance devices. The operating rate of PP enterprises remained at around 79%, at a low level, and the production ratio of standard drawstring rose to around 27.5% [1][5] - Near the end of the month, petrochemical inventory was depleted rapidly and is currently at a relatively low level in the same period in recent years. The cold weather boosted the demand for diesel for heating, alleviating demand concerns. Coupled with the escalating geopolitical situation in Iran, crude oil prices rose [1] - Recently, the number of maintenance devices increased slightly. The price of downstream BOPP film continued to rebound, but as the Spring Festival holiday approached, the operating rate of downstream plastic weaving continued to decline, and new orders were limited [1] Futures and Spot Market - Futures: The PP2605 contract increased in positions and fluctuated upward, with a minimum price of 6780 yuan/ton, a maximum price of 6898 yuan/ton, and finally closed at 6870 yuan/ton, above the 20 - day moving average, up 1.54%. The open interest increased by 13300 lots to 556684 lots [2] - Spot: Most spot prices of PP in various regions rose. Drawstring was quoted at 6400 - 6910 yuan/ton [3] Fundamental Tracking - Supply: On January 29, there were few changes in maintenance devices. The operating rate of PP enterprises remained at around 79%, at a low level, and the production ratio of standard drawstring rose to around 27.5% [5] - Demand: As of the week of January 23, the downstream operating rate of PP rebounded 0.34 percentage points month - on - month to 52.87%, at a neutral level in the same lunar period over the years. The operating rate of plastic weaving, the main downstream of drawstring, dropped 0.56 percentage points month - on - month to 42.04%, and plastic weaving orders continued to decline slightly month - on - month, slightly lower than the same period last year [5] - Inventory: On Thursday, the early petrochemical inventory increased by 2.5 tons month - on - month to 47.5 tons, 8.5 tons lower than the same lunar period last year. Near the end of the month, petrochemical inventory was depleted rapidly and is currently at a relatively low level in the same period in recent years [5] Raw Material End - Brent crude oil contract 03 rose above 69 US dollars per barrel, and the CFR propylene price in China remained flat at 820 US dollars per ton month - on - month [6]