Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - On Wednesday, polyolefins mainly declined. Sinopec and PetroChina lowered the prices of linear LL and drawn PP. Fundamentally, the market situation changed, and oil prices weakened. The macro - impact on the chemical industry in the market is fluctuating. In the future, attention should be paid to the actual operation of production facilities and the support of demand at lower levels [2] Group 3: Summary According to Related Catalogs Futures Market - **Price and Change**: For linear LL, the previous day's closing prices for January, May, and September contracts were 8273, 8715, and 8568 respectively, with price drops of - 170, - 203, and - 168 and percentage drops of - 2.01%, - 2.28%, and - 1.92% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 8206, 8975, and 8592 respectively, with price drops of - 188, - 139, and - 188 and percentage drops of - 2.24%, - 1.53%, and - 2.14% respectively [2] - **Trading Volume and Open Interest**: The trading volumes of linear LL for January, May, and September contracts were 13742, 1057929, and 325709 respectively, and the open interests were 11517, 319820, and 160509 respectively, with open - interest increases of 1749, 4893, and 3554 respectively. For PP, the trading volumes for January, May, and September contracts were 6404, 1186296, and 345779 respectively, and the open interests were 19023, 339198, and 182089 respectively, with open - interest changes of 434, - 360, and 12164 respectively [2] - **Price Spreads**: For linear LL, the current price spreads of January - May, May - September, and September - January were - 442, 147, and 295 respectively, compared with previous values of - 475, 182, and 293. For PP, the current price spreads of January - May, May - September, and September - January were - 769, 383, and 386 respectively, compared with previous values of - 720, 334, and 386 [2] Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film were 3092 yuan/ton, 8985 yuan/ton, 980 dollars/ton, 5600 yuan/ton, 8740 yuan/ton, and 9600 yuan/ton respectively, compared with previous values of 3136 yuan/ton, 9030 yuan/ton, 1080 dollars/ton, 5600 yuan/ton, 9160 yuan/ton, and 9600 yuan/ton [2] - **Mid - stream**: The current price ranges of linear LL in the East China, North China, and South China markets were 8350 - 9400 yuan/ton, 8300 - 9200 yuan/ton, and 8650 - 9550 yuan/ton respectively, compared with previous ranges of 8100 - 8250 yuan/ton, 8950 - 9800 yuan/ton, and 8800 - 9800 yuan/ton. The current price ranges of PP in the East China, North China, and South China markets were 8650 - 8800 yuan/ton, 8600 - 8800 yuan/ton, and 8700 - 9200 yuan/ton respectively, compared with previous ranges of 9150 - 9750 yuan/ton, 9000 - 9300 yuan/ton, and 9200 - 9600 yuan/ton [2] News - On Wednesday (March 25), the settlement price of West Texas Intermediate crude oil futures for May 2026 on the New York Mercantile Exchange was $90.32 per barrel, down $2.03 or 2.20% from the previous trading day, with a trading range of $86.46 - $91.73. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $102.22 per barrel, down $2.27 or 2.17% from the previous trading day, with a trading range of $97.15 - $103.37 [2]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On Tuesday, polyolefins opened significantly lower and closed with a negative candlestick. For linear LL, Sinopec kept prices stable while PetroChina raised some prices by 200. For drawn PP, both Sinopec and PetroChina kept prices stable. Fundamentally, the "taco" situation reappeared and oil prices plummeted. Currently, the macro - environment has a repeated impact on the chemical industry during trading. The future focus should be on the actual operation of plants and the support of demand at lower levels [2]. Group 3: Summary by Related Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 8443, 8918, and 8736 respectively. Compared with two days ago, the price drops were - 275, - 605, and - 576, with percentage drops of - 3.15%, - 6.35%, and - 6.19%. The trading volumes were 10692, 1133666, and 368709, and the open interests were 9768, 314927, and 156955, with changes of 1460, - 58310, and - 10289. The spreads between January - May, May - September, and September - January were - 475, 182, and 293, compared with previous values of - 805, 211, and 594 [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 8394, 9114, and 8780 respectively. Compared with two days ago, the price drops were - 193, - 679, and - 514, with percentage drops of - 2.25%, - 6.93%, and - 5.53%. The trading volumes were 11775, 1328839, and 372394, and the open interests were 18589, 339558, and 169925, with changes of 2245, - 59592, and - 21892. The spreads between January - May, May - September, and September - January were - 720, 334, and 386, compared with previous values of - 1206, 499, and 707 [2]. Spot Market - **Raw Materials and Semi - finished Products**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 3136 yuan/ton, 9030 yuan/ton, 1080 dollars/ton, 5600 yuan/ton, 9160 yuan/ton, and 9600 yuan/ton respectively. The previous values were 3349 yuan/ton, 9075 yuan/ton, 1159 dollars/ton, 5600 yuan/ton, 9160 yuan/ton, and 9600 yuan/ton [2]. - **Mid - stream**: For LL, the current price ranges in the East China, North China, and South China markets were 8950 - 9800 yuan/ton, 8800 - 9800 yuan/ton, and 9150 - 9750 yuan/ton respectively. The previous price ranges were 8100 - 8250 yuan/ton, 8950 - 9700 yuan/ton, and 8800 - 9700 yuan/ton. For PP, the current price ranges in the East China, North China, and South China markets were 9000 - 9300 yuan/ton, 8900 - 9300 yuan/ton, and 9200 - 9600 yuan/ton respectively. The previous price ranges were 9150 - 9700 yuan/ton, 9150 - 9350 yuan/ton, and 9350 - 9600 yuan/ton [2]. News - On Tuesday (March 24), the settlement price of West Texas Intermediate crude oil futures for May 2026 on the New York Mercantile Exchange was $92.35 per barrel, up $4.22 from the previous trading day, a 4.79% increase, with a trading range of $86.34 - $93.36. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $104.49 per barrel, up $4.55 from the previous trading day, a 4.55% increase, with a trading range of $98.15 - $105.00 [2].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - On Thursday, polyolefins continued to rise and then fall. Sinopec kept prices stable, while PetroChina lowered some prices by 1000. The increase in Middle East tensions led to a slight rebound in international crude oil prices, which had a positive impact on chemicals. Market sentiment was high, and macro factors had a significant impact on the chemical industry, with sentiment fluctuating. Future attention should be paid to the actual operation of production facilities, and a rational attitude should be taken towards the polyolefin market [2] Group 3: Summary of Futures Market Price and Volume - For linear low - density polyethylene (LL), the previous day's closing prices for January, May, and September contracts were 7719, 8236, and 7934 respectively, with price increases of 19, 82, and 128, and percentage increases of 0.25%, 1.01%, and 1.64% respectively. The trading volumes were 2351, 1238840, and 311182, and the open interests were 2085, 327108, and 134486, with changes of 280, 4435, and 16770 respectively [2] - For polypropylene (PP), the previous day's closing prices for January, May, and September contracts were 7448, 8303, and 7751 respectively, with price increases of 78, 106, and 105, and percentage increases of 1.06%, 1.29%, and 1.37% respectively. The trading volumes were 6457, 1381318, and 292114, and the open interests were 10706, 410773, and 164282, with changes of - 32, - 10939, and 15067 respectively [2] Spread - For LL, the current spreads of January - May, May - September, and September - January were - 517, 302, and 215 respectively, compared to previous values of - 454, 348, and 106 [2] - For PP, the current spreads of January - May, May - September, and September - January were - 855, 552, and 303 respectively, compared to previous values of - 827, 551, and 276 [2] Group 4: Summary of Spot Market Raw Materials - The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2727 yuan/ton, 8000 yuan/ton, 925 dollars/ton, 5600 yuan/ton, 8310 yuan/ton, and 8100 yuan/ton respectively, compared to previous values of 2662 yuan/ton, 8325 yuan/ton, 880 dollars/ton, 5600 yuan/ton, 8000 yuan/ton, and 8100 yuan/ton [2] Middle - stream Products - For LL, the current price ranges in the East China, North China, and South China markets were 8400 - 9100 yuan/ton, 8250 - 9000 yuan/ton, and 8500 - 9200 yuan/ton respectively, compared to previous ranges of 7900 - 8550 yuan/ton, 7800 - 8600 yuan/ton, and 8000 - 8850 yuan/ton [2] - For PP, the current price ranges in the East China, North China, and South China markets were 8300 - 8600 yuan/ton, 8300 - 8600 yuan/ton, and 8600 - 8800 yuan/ton respectively, compared to previous ranges of 7800 - 8150 yuan/ton, 7800 - 8200 yuan/ton, and 7950 - 8500 yuan/ton [2] Group 5: Market News - On Thursday (March 12), the settlement price of West Texas Intermediate (WTI) crude oil futures for April 2026 on the New York Mercantile Exchange was $95.73 per barrel, up $8.48 or 9.72% from the previous trading day, with a trading range of $88.61 - $97.19. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $100.46 per barrel, up $8.48 or 9.22% from the previous trading day, with a trading range of $95.20 - $101.80 [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - On Wednesday, the prices of polyolefins rebounded, and most spot prices of PE and PP also rebounded. The situation in the Middle East is volatile, especially the changing stances on the US-Israel-Iran conflict, which has an impact on the cooling of crude oil prices. Currently, the macro - environment has a significant impact on the chemical industry, and market sentiment is volatile. Investors should view the polyolefin market rationally at this stage [2] Group 3: Summary According to Relevant Catalogs Futures Market - **Price Changes**: For LL, the price increases on the previous day were 326 yuan/ton (January contract, 4.42% increase), 387 yuan/ton (May contract, 4.98% increase), and 362 yuan/ton (September contract, 4.86% increase). For PP, the increases were 239 yuan/ton (January contract, 3.35% increase), 377 yuan/ton (May contract, 4.82% increase), and 321 yuan/ton (September contract, 4.38% increase) [2] - **Volume and Open Interest**: The trading volumes of LL were 1,536 (January contract), 1,024,821 (May contract), and 225,165 (September contract). The trading volumes of PP were 5,803 (January contract), 1,181,121 (May contract), and 231,723 (September contract). The open interest changes of LL were - 67 (January contract), +9,286 (May contract), and +6,569 (September contract). The open interest changes of PP were +1,019 (January contract), +57,892 (May contract), and +18,490 (September contract) [2] - **Spread**: The current spreads of LL (January - May, May - September, September - January) were - 454, 348, and 106 respectively, compared with the previous values of - 393, 323, and 70. The current spreads of PP (January - May, May - September, September - January) were - 827, 551, and 276 respectively, compared with the previous values of - 689, 495, and 194 [2] Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2,662 yuan/ton, 8,325 yuan/ton, 880 US dollars/ton, 5,600 yuan/ton, 8,000 yuan/ton, and 8,100 yuan/ton respectively. The previous prices were 2,552 yuan/ton, 8,800 yuan/ton, 875 US dollars/ton, 5,600 yuan/ton, 8,550 yuan/ton, and 8,100 yuan/ton [2] - **Mid - stream**: The current price ranges of LL in the East China, North China, and South China markets were 7,900 - 8,550 yuan/ton, 7,800 - 8,600 yuan/ton, and 8,000 - 8,850 yuan/ton respectively. The previous price ranges were 7,700 - 8,250 yuan/ton, 7,600 - 8,250 yuan/ton, and 8,200 - 8,900 yuan/ton. The current price ranges of PP in the East China, North China, and South China markets were 7,800 - 8,150 yuan/ton, 7,800 - 8,200 yuan/ton, and 7,950 - 8,500 yuan/ton respectively. The previous price ranges were 7,750 - 8,000 yuan/ton, 7,600 - 7,900 yuan/ton, and 8,000 - 9,000 yuan/ton [2] News - On Wednesday (March 11), the settlement price of West Texas Intermediate crude oil futures for April 2026 on the New York Mercantile Exchange was $87.25 per barrel, up $3.80 from the previous trading day, a 4.55% increase, with a trading range of $81.79 - $88.99. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $91.98 per barrel, up $4.18 from the previous trading day, a 4.76% increase, with a trading range of $86.24 - $93.75 [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - On Tuesday, polyolefins opened high and closed low, with prices falling at night. PE and PP spot prices mostly dropped significantly compared to Monday. From a fundamental perspective, the situation in the Middle East is volatile, especially with Trump's changing stance on the US - Israel - Iran conflict, which has a significant cooling effect on crude oil. The overnight decline in international crude oil prices has a notable negative impact on chemicals, causing polyolefins to cool down. Currently, the macro - environment has a large impact on the chemical industry, with sentiment fluctuating. The polyolefin market should be treated rationally [2] Group 3: Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 7374, 7767, and 7444 respectively, down 331, 177, and 312 from two days ago, with percentage drops of 4.30%, 2.23%, and 4.02%. The trading volumes were 2520, 1362346, and 269232, and the open interests were 1872, 313387, and 111147, with changes of 80, - 97004, and 6324 respectively. The spreads of January - May, May - September, and September - January were - 393, 323, and 70, compared to - 239, 188, and 51 previously [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 7131, 7820, and 7325 respectively, down 391, 214, and 360 from two days ago, with percentage drops of 5.20%, 2.66%, and 4.68%. The trading volumes were 8809, 1454118, and 276758, and the open interests were 9719, 363820, and 130725, with changes of - 585, - 116215, and - 8474 respectively. The spreads of January - May, May - September, and September - January were - 689, 495, and 194, compared to - 512, 349, and 163 previously [2] Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and plastic film are 2252 yuan/ton, 8800 yuan/ton, 875 dollars/ton, 5600 yuan/ton, 8550 yuan/ton, and 8100 yuan/ton respectively, compared to 2831 yuan/ton, 9750 yuan/ton, 980 dollars/ton, 5600 yuan/ton, 9700 yuan/ton, and 8100 yuan/ton previously [2] - **Spot Market**: The current price ranges of LL in East China, North China, and South China markets are 7700 - 8250 yuan/ton, 7600 - 8250 yuan/ton, and 8200 - 8900 yuan/ton respectively, compared to 9500 - 10000 yuan/ton, 9200 - 10000 yuan/ton, and 9700 - 10200 yuan/ton previously. The current price ranges of PP in East China, North China, and South China markets are 7750 - 8000 yuan/ton, 7600 - 7900 yuan/ton, and 8000 - 9000 yuan/ton respectively, compared to 9000 - 9600 yuan/ton, 9050 - 9600 yuan/ton, and 9300 - 10050 yuan/ton previously [2] News - On Tuesday (March 10), the settlement price of West Texas Intermediate crude oil futures for April 2026 on the New York Mercantile Exchange was $83.45 per barrel, down $11.32 or 11.94% from the previous trading day, with a trading range of $76.73 - $91.48. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $87.8 per barrel, down $11.16 or 11.28% from the previous trading day, with a trading range of $81.16 - $95.04 [2]

Group 1: Report's Industry Investment Rating - No relevant information provided Group 2: Report's Core View - On Friday, polyolefins continued the bullish market. For linear LL, some prices of Sinopec were raised by 300, while those of PetroChina remained stable. For drawn PP, some prices of Sinopec were raised by 300, and some of PetroChina were raised by 150. From a fundamental perspective, the increasing tension in the Middle East led to a significant jump in the international crude oil price, which enhanced the boost to chemicals. The market sentiment was highly enthusiastic, strongly boosting polyolefins. The short - term strength will continue, and investors should approach the market rationally at this stage [2] Group 3: Summary According to the Catalog Futures Market - **Price and Change**: For LL, the previous day's closing prices for January, May, and September contracts were 7354, 7691, and 7456 respectively, with increases of 176, 298, and 215 and growth rates of 2.45%, 4.03%, and 2.97% compared to two days ago. For PP, the previous day's closing prices for January, May, and September contracts were 7171, 7797, and 7390 respectively, with increases of 117, 339, and 209 and growth rates of 1.66%, 4.55%, and 2.91% compared to two days ago [2] - **Volume and Open Interest**: For LL, the trading volumes for January, May, and September contracts were 1260, 1100826, and 139481 respectively, and the open interests were 1915, 409024, and 100816 respectively, with increases of 132, 18481, and 1621. For PP, the trading volumes for January, May, and September contracts were 2181, 1233367, and 146633 respectively, and the open interests were 7162, 493414, and 142714 respectively, with increases of 688, 17221, and 5664 [2] - **Spread**: For LL, the current spreads of January - May, May - September, and September - January were - 337, 235, and 102 respectively, compared to the previous values of - 215, 152, and 63. For PP, the current spreads of January - May, May - September, and September - January were - 626, 407, and 219 respectively, compared to the previous values of - 404, 277, and 127 [2] Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2586 yuan/ton, 7550 yuan/ton, 844 dollars/ton, 5600 yuan/ton, 7650 yuan/ton, and 8100 yuan/ton respectively, compared to the previous values of 2491 yuan/ton, 7370 yuan/ton, 870 dollars/ton, 5600 yuan/ton, 7550 yuan/ton, and 8100 yuan/ton [2] - **Mid - stream**: For LL, the current price ranges in the East China, North China, and South China markets were 7550 - 8200 yuan/ton, 7400 - 7900 yuan/ton, and 7800 - 8200 yuan/ton respectively, compared to the previous ranges of 7350 - 8200 yuan/ton, 7300 - 7800 and 8100 - 8250 yuan/ton, and 7700 - 8100 yuan/ton. For PP, the current price ranges in the East China, North China, and South China markets were 7450 - 7700 yuan/ton, 7450 - 7700 yuan/ton, and 7700 - 7950 yuan/ton respectively, compared to the previous ranges of 7400 - 7550 yuan/ton, 7400 - 7550 yuan/ton, and 7550 - 7700 yuan/ton [2] News - On Friday (March 6), the settlement price of the West Texas Intermediate crude oil futures contract for April 2026 on the New York Mercantile Exchange was $90.90 per barrel, the highest since September 28, 2023, up $9.89 or 12.21% from the previous trading day, with a trading range of $78.24 - $92.61. The settlement price of the Brent crude oil futures contract for May 2026 on the London Intercontinental Exchange was $92.69 per barrel, the highest since September 29, 2023, up $7.28 or 8.52% from the previous trading day, with a trading range of $83.16 - $94.64 [2]

Report Industry Investment Rating - Not provided Core View of the Report - The report suggests a bullish approach towards polyolefins, as the increase in geopolitical tensions in the Middle East over the weekend led to a rise in international crude oil prices, which in turn boosted the chemical products. The report also mentions that the downstream demand should be monitored for the terminal procurement rhythm after the resumption of work [2]. Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 7081, 6991, and 7071 respectively, with price increases of 397, 394, and 399, and percentage increases of 5.94%, 5.97%, and 5.98% respectively. The trading volumes were 1244, 963478, and 119036, and the open interests were 1958, 505479, and 90112, with changes of 126, -60599, and -3223 respectively [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6948, 6998, and 7020 respectively, with price increases of 355, 387, and 393, and percentage increases of 5.38%, 5.85%, and 5.93% respectively. The trading volumes were 1431, 888436, and 122800, and the open interests were 3942, 498613, and 133948, with changes of 546, 8140, and 7418 respectively [2]. - **Spread**: For LL, the spreads of January - May, May - September, and September - January were 90, -80, and -10 respectively. For PP, the spreads were -50, -22, and 72 respectively [2]. Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2366 yuan/ton, 6620 yuan/ton, 740 dollars/ton, 5600 yuan/ton, 6680 yuan/ton, and 8100 yuan/ton respectively [2]. - **Mid - stream**: The current price ranges of LL in East China, North China, and South China markets were 6700 - 7100 yuan/ton, 6600 - 7050 yuan/ton, and 7000 - 7250 yuan/ton respectively. The current price ranges of PP in East China, North China, and South China markets were 6650 - 6750 yuan/ton, 6650 - 6750 yuan/ton, and 6900 - 7100 yuan/ton respectively [2]. News - The retaliatory actions of a Middle Eastern country led to the closure of some oil and gas facilities in the Middle East and the shipping in the crucial Strait of Hormuz. The international oil prices soared at the beginning of the session but then retreated from the intraday high. On March 2, 2026, the settlement price of West Texas Intermediate crude oil futures for April 2026 on the New York Mercantile Exchange was $71.23 per barrel, up $4.21 or 6.28% from the previous trading day, with a trading range of $69.2 - $75.33. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $77.74 per barrel, up $4.87 or 6.68% from the previous trading day, with a trading range of $75.75 - $82.37 [2].

Group 1: Investment Rating - No investment rating provided in the report Group 2: Core Views - The polyolefin futures closed with a negative line and rebounded at night. Sinopec and PetroChina kept the prices of linear LL and drawn PP stable. The market currently focuses on the expectation of supply improvement, and the macro - to - commodity transmission has increased. The rebound of international crude oil prices also supports chemicals at the cost end. However, the short - term shock of crude oil after the rebound has an impact on chemicals. Polyolefin may experience short - term shocks after continuous rebounds [2] Group 3: Futures Market Summary Price and Volume - For linear LL, the previous day's closing prices for January, May, and September were 6720, 6666, and 6694 respectively, with price increases of 14, 26, and 30, and increases of 0.21%, 0.39%, and 0.45% respectively. The trading volumes were 40, 374602, and 16431 respectively, and the open interests were 88, 504362, and 52481 respectively, with changes of 17, 9150, and 1432 respectively [2] - For drawn PP, the previous day's closing prices for January, May, and September were 6493, 6485, and 6519 respectively, with price increases of 34, 24, and 27, and increases of 0.53%, 0.37%, and 0.42% respectively. The trading volumes were 211, 291242, and 17041 respectively, and the open interests were 644, 468323, and 85636 respectively, with changes of 58, 2082, and - 349 respectively [2] Spread - For linear LL, the current spreads of January - May, May - September, and September - January are 54, - 28, and - 26 respectively, compared with the previous values of 66, - 24, and - 42 [2] - For drawn PP, the current spreads of January - May, May - September, and September - January are 8, - 34, and 26 respectively, compared with the previous values of - 2, - 31, and 33 [2] Group 4: Spot Market Summary Raw Materials and Semi - finished Products - The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film are 2208 yuan/ton, 6170 yuan/ton, 602 dollars/ton, 5600 yuan/ton, 6270 yuan/ton, and 8700 yuan/ton respectively, with some slight changes compared to the previous values [2] Middle - stream Products - The current price ranges of LL in the East China, North China, and South China markets are 6650 - 7050 yuan/ton, 6550 - 6900 yuan/ton, and 6750 - 7100 yuan/ton respectively. The current price ranges of PP in the East China, North China, and South China markets are 6300 - 6500 yuan/ton, 6300 - 6450 yuan/ton, and 6300 - 6550 yuan/ton respectively, with some changes compared to the previous values [2] Group 5: News - On Wednesday (January 21), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $60.62 per barrel, up $0.26 or 0.43% from the previous trading day, with a trading range of $59.22 - $60.89. The settlement price of Brent crude oil futures for March 2026 on the London Intercontinental Exchange was $65.24 per barrel, up $0.32 or 0.49% from the previous trading day, with a trading range of $63.61 - $65.41 [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Polyolefin futures continued the rebound trend, and the rebound trend in the future market will continue, but the speed may slow down [2] 3. Summary by Relevant Catalogs Futures Market - For LL (1 - month, 5 - month, 9 - month contracts), the previous day's closing prices were 6506, 6737, 6772 respectively, with price increases of 81, 63, 57 and increases of 1.26%, 0.94%, 0.85% respectively. The trading volumes were 531, 500823, 35734, and the open interests were 7553, 490780, 43396 with changes of - 156, - 509, 1050 respectively [2] - For PP (1 - month, 5 - month, 9 - month contracts), the previous day's closing prices were 6340, 6560, 6607 respectively, with price increases of 38, 46, 44 and increases of 0.60%, 0.71%, 0.67% respectively. The trading volumes were 492, 501126, 42288, and the open interests were 3303, 502710, 88908 with changes of - 50, - 614, 5473 respectively [2] - For LL, the current spreads of 1 - month - 5 - month, 5 - month - 9 - month, 9 - month - 1 - month were - 231, - 35, 266 respectively, compared with previous values of - 249, - 41, 290. For PP, the current spreads were - 220, - 47, 267 respectively, compared with previous values of - 212, - 49, 261 [2] Raw Material & Spot Market - In the upstream and downstream of raw materials, the current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2220 yuan/ton, 5935 yuan/ton, 590 dollars/ton, 5600 yuan/ton, 6340 yuan/ton, 8700 yuan/ton respectively, compared with previous values of 2161 yuan/ton, 5880 yuan/ton, 586 dollars/ton, 5600 yuan/ton, 6290 yuan/ton, 8700 yuan/ton [2] - In the middle - stream of the spot market, the current price ranges of LL in East China, North China, and South China markets were 6650 - 7050 yuan/ton, 6550 - 6750 yuan/ton, 6750 - 7050 yuan/ton respectively, same as the previous values. The current price ranges of PP in East China, North China, and South China markets were 6300 - 6450 yuan/ton, 6200 - 6400 yuan/ton, 6250 - 6550 yuan/ton respectively, same as the previous values [2] News - On Monday (January 12), the settlement price of West Texas Intermediate crude oil futures for February 2026 on the New York Mercantile Exchange was $59.50 per barrel, the highest since December 5, 2025, up $0.38 or 0.64% from the previous trading day, with a trading range of $58.45 - $59.91. The settlement price of Brent crude oil futures for March 2026 on the London Intercontinental Exchange was $63.87 per barrel, the highest since November 18, 2025, up $0.53 or 0.84% from the previous trading day, with a trading range of $62.76 - $64.33 [2] Comment and Strategy - In the spot market, for linear LL, some prices of Sinopec and PetroChina were raised by 50. For拉丝PP, some prices of Sinopec were raised by 50, and PetroChina's prices remained stable. Fundamentally, the market currently focuses on the expectation of supply improvement, and the transmission of the macro - economy to commodities has increased. The rebound of international crude oil prices over the weekend continued to support chemical products at the cost end [2]

Group 1: Report Investment Rating - No information provided on the industry investment rating. Group 2: Core View - Polyolefin futures are running weakly, with stable spot prices for linear LL and拉丝PP from Sinopec and PetroChina. The overall downstream demand side's overall operating rate seems to have reached its peak, and demand is steadily being released. The previous price movement was influenced by the weakness of crude oil and the overall commodity market, leading to a lower valuation of polyolefins. Short - term attention should be paid to whether the cost represented by crude oil can stop falling, the rhythm of upstream supply - demand digestion, and future domestic consumption potential [2]. Group 3: Summary of Related Catalogs Futures Market - **Prices**: For LL, the previous day's closing prices for January, May, and September contracts were 6272, 6320, and 6367 respectively, down - 161, - 156, and - 147 from the day before, with percentage drops of - 2.50%, - 2.41%, and - 2.26% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 6132, 6213, and 6240 respectively, down - 70, - 66, and - 63 from the day before, with percentage drops of - 1.13%, - 1.05%, and - 1.00% respectively [2]. - **Volume and Open Interest**: The trading volumes of LL for January, May, and September contracts were 66179, 721995, and 14047 respectively, and the open interests were 89235, 598214, and 18283 respectively, with changes in open interest of - 16247, 36438, and 4333 respectively. For PP, the trading volumes for January, May, and September contracts were 51796, 375015, and 6257 respectively, and the open interests were 124668, 533959, and 30093 respectively, with changes in open interest of - 17966, 10464, and 397 respectively [2]. - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January are - 48, - 47, and 95 respectively, compared to previous values of - 43, - 38, and 81. For PP, the current spreads are - 81, - 27, and 108 respectively, compared to previous values of - 77, - 24, and 101 [2]. Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film are 2150 yuan/ton, 5915 yuan/ton, 576 dollars/ton, 5600 yuan/ton, 6020 yuan/ton, and 8700 yuan/ton respectively, with some prices unchanged from the previous day [2]. - **Mid - stream**: The current price ranges of LL in the East China, North China, and South China markets are 6350 - 6800 yuan/ton, 6350 - 6600 yuan/ton, and 6350 - 6700 yuan/ton respectively. For PP, the current price ranges in the East China, North China, and South China markets are 6050 - 6250 yuan/ton, 6050 - 6150 yuan/ton, and 6100 - 6350 yuan/ton respectively, with some price ranges unchanged from the previous day [2]. News - On Friday (December 19), the settlement price of West Texas Intermediate crude oil futures for January 2026 on the New York Mercantile Exchange was $56.66 per barrel, up $0.51 or 0.91% from the previous trading day, with a trading range of $55.82 - $56.90. The settlement price of Brent crude oil futures for February 2026 on the London Intercontinental Exchange was $60.47 per barrel, up $0.65 or 1.09% from the previous trading day, with a trading range of $59.40 - $60.65 [2].