日光温室大棚建设现场。 项目建设加速跑 春节假期过后，武威市召开新春第一会，发出干事创业最强音，重点项目建设吹响"开工号"，工厂企业开足马力赶订单，春耕备耕扎实推进，武威大地处处 涌动奋进热潮，各行各业铆足干劲拼开局，奋力冲刺首季"开门红"。 企业全力赶订单。 开足马力赶订单 走进天祝县新浙华碳化硅有限责任公司生产厂房，记者立刻感受到了火热的生产氛围：轰鸣的机器声不绝于耳，全自动生产线满负荷运转，一块块高品质的 碳化硅产品经过多道工序严格检验后，源源不断地下线。工人们精神饱满，在各自岗位上熟练操作…… 作为一家集研发、生产、销售于一体的碳化硅专业制造企业，天祝新浙华的主导产品涵盖碳化硅及其微粉、段砂等，具备年产3万吨高密度碳化硅的冶炼和 深加工能力，产品畅销江苏、上海、浙江等地，并成功进入中钢集团等大型冶金企业的供应链。2025年，企业实现产值1亿多元，上缴税金200余万元。 面对今年碳化硅市场逐步回暖的有利形势，该企业提前部署，科学安排生产计划，全力以赴抢生产、赶订单、保交付，力争实现"订单不断档"。 2月26日，记者在凉州区双城镇中山村日光温室产业园建设现场看到，挖掘机、货车等机械来回穿梭，搬运建材、平整 ...

抢农时、抓育 秧，广东打好春 耕备耕第一仗_ 南方+_南方plus 广东1300多万亩 早稻育秧加紧推 进，全省新建 175个集中育秧 中心......人勤春 早忙备耕，育秧 育苗盼丰年。眼 下，广东各地纷 纷抢抓农时，忙 碌田间备耕工 作，提早谋划春 耕生产，为新一 年农业生产奠定 坚实基础，一幅 幅生机勃勃的春 耕图景正在徐徐 展开。 清远 用行动诠释"人 勤春来早" 春风徐来，陌上 花开。眼下正是 春耕备耕开启时 节，走进清远清 新区太和镇田间 地头，农机轰鸣 声此起彼伏，一 派热火朝天的春 耕景象，拖拉机 耙田、插秧机精 量播种、无人机 精准施肥，各类 农机穿梭作业， 奏响了机械化春 耕生产的奋进 曲。 "今年春耕，我 们科学调整种植 结构，确保粮食 与经济作物协同 发展。"镇农业 农村办相关负责 人透露，2026年 全镇计划春耕粮 食作物9582亩， 其中水稻7344 亩、薯类约2000 亩、玉米约200 亩；并规划种植 花生超3000亩、 各类蔬菜超 10700亩。依托 绿肥养地与全程 机械化相结合的 生产模式，预计 水稻种植每亩成 本可压缩至780 元，实现降本增 效与提质增产的 双重目标。下一 ...

聚烯烃日报 | 2026-02-27 下游复工缓慢，去库压力仍存 市场要闻与重要数据 价格与基差方面，L主力合约收盘价为6668元/吨（-109），PP主力合约收盘价为6675元/吨（-45），LL华北现货为6580 元/吨（-100），LL华东现货为6660元/吨（-120），PP华东现货为6650元/吨（-30），LL华北基差为-88元/吨（+9）， LL华东基差为-8元/吨（-11）， PP华东基差为-25元/吨（+15）。 上游供应方面，PE开工率为88.0%（-0.5%），PP开工率为75.5%（-0.4%）。 生产利润方面，PE油制生产利润为-215.7元/吨（+13.9），PP油制生产利润为-555.7元/吨（+13.9），PDH制PP生产利 润为-467.7元/吨（+20.3）。 进出口方面，LL进口利润为-42.0元/吨（-17.3），PP进口利润为-390.5元/吨（-58.0），PP出口利润为-62.5美元/吨（-8.2）。 下游需求方面，PE下游农膜开工率为10.1%（-14.7%），PE下游包装膜开工率为24.7%（+4.4%），PP下游塑编开工 率为29.3%（+5.2%），PP下 ...

●兵团日报全媒体记者 段若冰 常驻记者 哈尼克孜·哪斯尔 通讯员 田欣欣 帕夏古·克力木 2月14日，在三师四十四团原种连，职工阿不都衣明·买海木一大早便来到农资经销点，仔细挑选化肥和 棉种。今年他承包了80亩耕地，已提前备好4吨钾肥、3吨磷肥以及配套滴灌带和种子。"赶在采购高峰 前把农资备齐，春播就能按计划推进。"他说。 春耕备耕，农资先行。走进三师图木舒克市农资集散中心，各类化肥、种子、农膜、滴灌带等物资分类 摆放、储备充足，前来选购的职工群众络绎不绝。经销商苏里坦买合木提·吾斯曼介绍，为保障春耕生 产需要，企业从2025年10月起就着手组织货源，目前仅化肥储备量就达500吨，农膜、滴灌带等物资同 样准备充足，可满足周边团场春耕需求。 农资保供，生产端是源头。连日来，新疆农发集团肥业有限公司生产车间内机器轰鸣，两条生产线满负 荷运转，投料、混合、筛分、灌装、打包等环节高效衔接。据介绍，该企业化肥日产量稳定达到200 吨。目前，企业正加快生产节奏、满负荷运转，全力保障春耕备耕用肥需求，为农业生产提供坚实支 撑。"肥料质量是农业生产的生命线。"新疆农发集团肥业有限公司执行董事高青峰表示，企业严格执行 国家标准 ...

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The overall macro - sentiment has weakened, and the plastic futures market is in a range - bound oscillation. The geopolitical risk premium has boosted oil prices, strengthening the cost support for plastics. However, the fundamentals of plastics are weak, with strong supply and weak demand, and there is a risk of inventory accumulation in the upper - middle reaches after the holiday. For PP, the cost support exists in the short - term, but the supply - demand structure is still weak, and attention should be paid to the inventory accumulation and macro guidance during the off - season [4][5]. - The strategy suggests a wait - and - see approach for single - sided trading, no operation for inter - period trading, and a cautious shorting of the L - PP spread when it is high [6]. 3. Summary by Directory 3.1 Market News and Important Data - **Price and Basis**: The closing price of the L main contract is 6,734 yuan/ton (-53), and that of the PP main contract is 6,648 yuan/ton (-45). The spot prices and basis of different regions and varieties have also changed [2]. - **Upstream Supply**: The PE operating rate is 87.3% (+1.4%), and the PP operating rate is 75.9% (+2.0%) [2]. - **Production Profit**: The PE oil - based production profit is -211.6 yuan/ton (-46.4), and the PP oil - based production profit is -471.6 yuan/ton (-46.4). The PDH - based PP production profit is -546.4 yuan/ton (-29.4) [2]. - **Import and Export**: The LL import profit is -109.0 yuan/ton (-2.3), the PP import profit is -253.8 yuan/ton (-2.4), and the PP export profit is -53.7 US dollars/ton (+10.3) [3]. - **Downstream Demand**: The PE downstream agricultural film operating rate is 24.7% (-5.4%), the PE downstream packaging film operating rate is 20.3% (-18.5%), the PP downstream plastic weaving operating rate is 27.9% (-8.9%), and the PP downstream BOPP film operating rate is 60.3% (-4.3%) [3]. 3.2 Market Analysis - **PE**: The market is affected by macro - sentiment and fundamentals. The supply pressure remains high due to the high operating rate and more imported resources. The demand is in the off - season, and the inventory in the upper - middle reaches may accumulate after the holiday [4]. - **PP**: The cost support exists in the short - term, but the supply - demand structure is still weak. The supply pressure is acceptable in the short - term, and the demand is expected to decline seasonally, and the inventory accumulation situation should be concerned [5]. 3.3 Strategy - **Single - sided**: Adopt a wait - and - see approach as the oil price and raw material propane are strong, providing cost support, and the short - term futures market will oscillate widely following the cost and macro - sentiment [6]. - **Inter - period**: No operation [6]. - **Inter - variety**: Cautiously short the L - PP spread when it is high [6].

Report Industry Investment Rating - Not provided Core Viewpoints - Plastic supply and demand pattern improves limitedly, 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 positions for the holiday. Since there is new plastic production capacity put into operation recently, the operating rate is higher than that of PP, and the concentrated demand for plastic film has not started yet, it is advisable to hold a light - position short L - PP spread [1]. Summary by Relevant Catalogs Market Analysis - On February 12, the number of overhauled devices changed little, and the plastic operating rate remained at around 92%, which is at a moderately high level. As of the week of February 6, the downstream operating rate of PE decreased by 4.03 percentage points to 33.73% week - on - week. Entering the Spring Festival holiday, orders and raw material inventory of agricultural film continued to decrease, and packaging film orders also decreased. The overall downstream operating rate of PE declined seasonally. Petrochemical de - stocking in February was acceptable, and the current petrochemical inventory is at a low level in recent years. The cost of crude oil rebounded due to market concerns about military conflicts between the US and Iran. New plastic production capacities were put into operation in January 2026. The plastic operating rate increased slightly recently. The concentrated demand for plastic film has not started yet, and it is expected that the downstream operating rate will continue to decline [1]. Futures and Spot Market Quotes - **Futures**: The plastic 2605 contract opened higher, then decreased in position and oscillated downward. The lowest price was 6732 yuan/ton, the highest was 6834 yuan/ton, and it finally closed at 6734 yuan/ton, above the 60 - day moving average, with a decline of 0.72%. The position decreased by 2602 lots to 501315 lots [2]. - **Spot**: Some prices in the PE spot market declined, with the price change ranging from - 100 to + 0 yuan/ton. LLDPE was quoted at 6600 - 7020 yuan/ton, LDPE at 8280 - 8960 yuan/ton, and HDPE at 6760 - 7990 yuan/ton [3]. Fundamental Tracking - **Supply**: On February 12, the number of overhauled devices changed little, and the plastic operating rate remained at around 92%, at a moderately high level [4]. - **Demand**: As of the week of February 6, the downstream operating rate of PE decreased by 4.03 percentage points to 33.73% week - on - week. Entering the Spring Festival holiday, orders and raw material inventory of agricultural film continued to decrease, and packaging film orders also decreased. The overall downstream operating rate of PE declined seasonally [4]. - **Inventory**: On Thursday, the petrochemical early - morning inventory decreased by 20,000 tons to 440,000 tons week - on - week, 25,000 tons lower than the same period of last lunar year. Petrochemical de - stocking was acceptable, and the current petrochemical inventory is at a low level in recent years [4]. - **Raw Materials**: The Brent crude oil 04 contract rose above $69 per barrel. The price of Northeast Asian ethylene remained flat at $695 per ton week - on - week, and the price of Southeast Asian ethylene remained flat at $675 per ton week - on - week [4].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The plastics supply-demand pattern has limited improvement, but there are still expectations for the chemical industry to counter the involution. With low upstream petrochemical inventories and the current basis having been repaired, plastics are expected to fluctuate within a range. Due to new plastics production capacity coming on stream recently, the operating rate being higher than that of PP, and the concentrated demand for mulch film not yet starting, the L-PP spread is expected to narrow [1]. Summary by Relevant Catalogs Market Analysis - On February 11th, the restart of overhauled units such as the new HDPE at Dushanzi Petrochemical led to the plastics operating rate rising to around 92%, which is at a moderately high level. As of the week ending February 6th, the downstream operating rate of PE decreased by 4.03 percentage points week-on-week to 33.73%. Entering the Spring Festival holiday, orders and raw material inventories for agricultural films continued to decline, reaching relatively low levels in recent years, and orders for packaging films also decreased. Petrochemical destocking in February was decent, and current petrochemical inventories are at relatively low levels in recent years. On the cost side, crude oil prices rebounded due to market concerns about a potential military conflict between the US and Iran. New production capacities were put into operation in January 2026, and the plastics operating rate has slightly increased recently. The concentrated demand for mulch film has not started yet, and the operating rates of agricultural and packaging films have decreased, with downstream operating rates expected to continue to decline [1]. Futures and Spot Market Conditions - Futures: The plastics 2605 contract fluctuated with a reduction in positions, closing at 6787 yuan/ton, up 0.55% and above the 60-day moving average. The持仓 volume decreased by 8697 lots to 503,917 lots [2]. - Spot: The PE spot market partially declined, with price changes ranging from -100 to +0 yuan/ton. LLDPE was quoted at 6600 - 7020 yuan/ton, LDPE at 8280 - 8960 yuan/ton, and HDPE at 6760 - 7990 yuan/ton [3]. Fundamental Tracking - Supply: On February 11th, the restart of overhauled units such as the new HDPE at Dushanzi Petrochemical led to the plastics operating rate rising to around 92%, which is at a moderately high level [4]. - Demand: As of the week ending February 6th, the downstream operating rate of PE decreased by 4.03 percentage points week-on-week to 33.73%. Entering the Spring Festival holiday, orders and raw material inventories for agricultural films continued to decline, reaching relatively low levels in recent years, and orders for packaging films also decreased, with the overall downstream operating rate of PE showing a seasonal decline [4]. - Inventory: Petrochemical early inventory on Wednesday was flat week-on-week at 460,000 tons, 15,000 tons lower than the same period last lunar year. Petrochemical destocking was decent, and current petrochemical inventories are at relatively low levels in recent years [4]. - Raw Materials: The Brent crude oil 04 contract rose above $69 per barrel. The price of ethylene in Northeast Asia remained flat week-on-week at $695 per ton, and that in Southeast Asia remained flat week-on-week at $675 per ton [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The supply - demand pattern of plastics has limited improvement, but there are still expectations for the chemical industry to break the involution. With low upstream petrochemical inventory and the current basis being repaired, plastics are expected to fluctuate within a range. Due to new plastic production capacity coming on - stream recently, a higher operating rate than PP, and the concentrated demand for mulch film not yet starting, the L - PP spread is expected to narrow [1]. 3. Summary by Relevant Catalogs **Market Analysis** - On February 10, the restart of maintenance devices such as Guangdong Petrochemical's full - density line 1 led to the plastic operating rate rising to around 91%, which is at a moderately high level. As of the week of February 6, the downstream operating rate of PE decreased by 4.03 percentage points to 33.73% on a week - on - week basis, showing a seasonal decline. Petrochemical inventory reduction in February was acceptable, and the current petrochemical inventory is at a relatively low level in recent years. The cost side saw an increase in crude oil prices due to market concerns about a potential military conflict between the US and Iran. New production capacities were put into operation in January 2026. The concentrated demand for mulch film has not started, and it is expected that the downstream operating rate will continue to decline [1]. **Futures and Spot Market Quotes** - **Futures**: The plastic 2605 contract opened higher, then reduced positions and fluctuated. The lowest price was 6723 yuan/ton, the highest was 6779 yuan/ton, and it finally closed at 6775 yuan/ton, up 0.24% above the 60 - day moving average. The position volume decreased by 5995 lots to 512614 lots [2]. - **Spot**: Part of the PE spot market declined, with price changes ranging from - 100 to +0 yuan/ton. LLDPE was reported at 6600 - 7020 yuan/ton, LDPE at 8280 - 8960 yuan/ton, and HDPE at 6760 - 7990 yuan/ton [3]. **Fundamental Tracking** - **Supply**: On February 10, the restart of maintenance devices such as Guangdong Petrochemical's full - density line 1 led to the plastic operating rate rising to around 91%, which is at a moderately high level [1][4]. - **Demand**: As of the week of February 6, the downstream operating rate of PE decreased by 4.03 percentage points to 33.73% on a week - on - week basis. With the approaching Spring Festival, orders and raw material inventories for agricultural films continued to decrease, and orders for packaging films also decreased, showing a seasonal decline in the overall downstream operating rate of PE [1][4]. - **Inventory**: On Tuesday, the early petrochemical inventory decreased by 40,000 tons to 460,000 tons on a day - on - day basis, 35,000 tons lower than the same period in the lunar calendar last year. Petrochemical inventory reduction was acceptable, and the current petrochemical inventory is at a relatively low level in recent years [4]. - **Raw Materials**: The Brent crude oil 04 contract rose to $69/barrel. The price of Northeast Asian ethylene remained flat at $695/ton on a week - on - week basis, and the price of Southeast Asian ethylene also remained flat at $675/ton on a week - on - week basis [4].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The PE market is under pressure with a weak supply - demand situation. The cost side and macro - sentiment are volatile, and attention should be paid to geopolitical developments and post - holiday inventory accumulation [3] - The PP market also has a weak supply - demand structure. The cost side has short - term support but is also volatile, and the focus is on inventory accumulation during the off - season and macro - level guidance [4] - The recommended trading strategy is to wait and see, as the short - term market will fluctuate widely following the cost side and macro - sentiment [5] 3. Summary by Directory 3.1 Market News and Important Data - **Price and Basis**: The closing price of the L main contract is 6721 yuan/ton (-91), the PP main contract is 6630 yuan/ton (-61). LL North China spot is 6620 yuan/ton (-30), LL East China spot is 6700 yuan/ton (-50), PP East China spot is 6680 yuan/ton (+0). LL North China basis is - 101 yuan/ton (+61), LL East China basis is - 21 yuan/ton (+41), and PP East China basis is 50 yuan/ton (+61) [1] - **Upstream Supply**: PE operating rate is 85.9% (+0.6%), PP operating rate is 73.9% (-0.9%) [1] - **Production Profit**: PE oil - based production profit is - 81.4 yuan/ton (-135.1), PP oil - based production profit is - 391.4 yuan/ton (-135.1), PDH - based PP production profit is - 485.2 yuan/ton (-52.7) [1] - **Import and Export**: LL import profit is - 84.1 yuan/ton (-97.3), PP import profit is - 362.9 yuan/ton (+2.8), PP export profit is - 60.4 US dollars/ton (-0.4) [2] - **Downstream Demand**: PE downstream agricultural film operating rate is 30.2% (-4.4%), PE downstream packaging film operating rate is 38.8% (-3.3%), PP downstream plastic weaving operating rate is 36.7% (-5.3%), PP downstream BOPP film operating rate is 64.6% (+0.4%) [2] 3.2 Market Analysis - **PE**: The macro - sentiment has weakened, and the plastic market is under pressure. The cost side is uncertain due to geopolitical factors. The supply side has increased pressure with many restarting devices and more imported resources, while the demand side is in a off - season with declining downstream operating rates. There may be inventory accumulation pressure in the upper and middle reaches [3] - **PP**: The short - term cost side has support. The supply side pressure is acceptable with some PDH devices under maintenance and limited increase in overall operating rate, and enterprises are actively reducing inventory. The demand side is expected to decline seasonally, and the overall demand is weak [4] 3.3 Strategy - **Single - sided**: Wait and see, as the short - term market will fluctuate widely following the cost side and macro - sentiment [5] - **Inter - period**: No relevant strategy provided - **Inter - variety**: No relevant strategy provided

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - The supply - demand pattern of polyolefins has limited improvement. Although the spot market followed up limitedly at the end of January, there is still an expectation of anti - involution in the chemical industry, and the upstream petrochemical inventory is low. Currently, the basis has been repaired, and polyolefins are expected to fluctuate within a range. Due to the recent new production capacity of plastics and its higher operating rate than PP, coupled with the fact that the concentrated demand for mulch film has not started, the L - PP spread is expected to decline [4]. Group 3: Summary by Related Catalogs 1. Plastic and PP Operating Rates - Plastic operating rate rose 0.5 percentage points to about 90.5% and is at a moderately high level, as the overhaul devices such as Yulong Petrochemical's full - density line 2 restarted. PP operating rate rose 0.5 percentage points to about 80% and is at a moderately low level, with the restart of overhaul devices like Maoming Petrochemical's second - line [13]. 2. Plastic and PP Downstream Operating Rates - As of the week of February 6, the PE downstream operating rate decreased 4.03 percentage points to 33.73% week - on - week. Entering the Spring Festival holiday, agricultural film orders and raw material inventories continued to decrease, and packaging film orders also decreased, showing a seasonal decline. The PP downstream operating rate dropped 2.24 percentage points to 49.84% week - on - week, at a neutral level in the lunar calendar over the years. Among them, the operating rate of the plastic weaving industry, the main downstream of drawn - wire PP, decreased 5.30 percentage points to 36.74% week - on - week, with orders continuing to decline and slightly lower than last year [4][18]. 3. Plastic Basis - Both spot and futures prices fell, and the basis of the 05 contract slightly rose to - 62 yuan/ton, at a relatively low level [22]. 4. Plastic and PP Inventories - The petrochemical early inventory on Friday increased 0.5 tons week - on - week to 42.5 tons, 8 tons lower than the same period of last year. At the end of January, petrochemical inventory was depleted rapidly, and the current inventory is at a relatively low level compared to the same period in recent years [26][27].