申银万国期货研究所 陆甲明 （从业编号F3079531 交易咨询号Z0015919） 免 责 声 明 本公司具有中国证监会核准的期货交易咨询业务资格 （核准文号 证监许可[2011]1284号） 研究局限性和风险提示 报告中依据和结论存在范围局限性，对未来预测存在不及预期，以及宏观环境和产业链影响因素存在不确定性变化等风险。 分析师声明 作者具有期货交易咨询执业资格，保证报告所采用的数据均来自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确地 反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或影响，作者及利益相关方不曾因也将不会因本 报告中的具体推荐意见或观点而直接或间接获取任何形式的不当利益。 免责声明 本报告的信息均来源于第三方信息提供商或其他已公开信息，本公司对这些信息的准确性、完整性、时效性或可靠性不作任何 保证，也不保证所包含的信息和建议不会发生任何变更。市场有风险，投资需谨慎。我们力求报告内容的客观、公正，但文中 的观点、结论和建议仅供参考，报告中的信息或意见并不构成所述品种的买卖出价，投资者据此做出的任何投资决策与本公司 无关。 本报告所涵括的信息仅供交流研讨，投资者应合 ...

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - Polyolefin futures showed narrow - range consolidation. On the spot market, linear LL prices from Sinopec remained stable, while some prices from PetroChina were raised by 50. For拉丝PP, prices from both Sinopec and PetroChina remained stable. The overall operating rate of the downstream demand side is at a high level, and demand is steadily being released. After a continuous decline earlier, there was a slight rebound last week. Overall, the market is still in a low - level consolidation. Future attention should be paid to the intensity of seasonal demand and changes in the cost side [2]. 3. Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 6843, 6902, and 6949 respectively. Compared with the prices two days ago, the price changes were - 10, - 13, and - 7, with price decline rates of - 0.15%, - 0.19%, and - 0.10% respectively. The trading volumes were 206820, 42477, and 227, and the open interests were 542295, 115114, and 2254, with changes in open interests of 1540, 1481, and - 31 respectively. The spreads between January - May, May - September, and September - January were - 59, - 47, and 106, compared with previous values of - 62, - 41, and 103 [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6467, 6565, and 6606 respectively. Compared with the prices two days ago, the price changes were - 7, - 10, and - 7, with price decline rates of - 0.11%, - 0.15%, and - 0.11% respectively. The trading volumes were 231256, 35837, and 591, and the open interests were 632878, 157881, and 9134, with changes in open interests of 10826, 3191, and 144 respectively. The spreads between January - May, May - September, and September - January were - 98, - 41, and 139, compared with previous values of - 101, - 38, and 139 [2]. Raw Materials and Spot Market - **Raw Materials**: The current values of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film were 2035 yuan/ton, 5845 yuan/ton, 553 dollars/ton, 5600 yuan/ton, 6230 yuan/ton, and 8700 yuan/ton respectively. Compared with the previous values, methanol futures decreased from 2062 yuan/ton, and Shandong propylene increased from 5800 yuan/ton, while other raw materials remained unchanged [2]. - **Spot Market (Mid - stream)**: For LL, the current price ranges in the East China, North China, and South China markets were 6950 - 7450 yuan/ton, 6800 - 7100 yuan/ton, and 7050 - 7400 yuan/ton respectively. The previous price ranges in the East China and South China markets remained the same, while in the North China market, the previous range was 6800 - 7050 and 8100 - 8250. For PP, the current price ranges in the East China, North China, and South China markets were 6350 - 6550 yuan/ton, 6250 - 6450 yuan/ton, and 6450 - 6550 yuan/ton respectively. The previous price ranges in the East China and North China markets remained the same, and in the South China market, the previous range was 6400 - 6550 [2]. Information and Comment - On Monday (November 17), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $59.91 per barrel, a decrease of $0.18 or 0.30% from the previous trading day, with a trading range of $59.32 - $60.44. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $64.2 per barrel, a decrease of $0.19 or 0.30% from the previous trading day, with a trading range of $63.67 - $64.72 [2].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating [1][2] 2. Core View of the Report - Polyolefin futures rebounded slightly. Spot prices of linear LL and拉丝PP remained stable for Sinopec and PetroChina. The overall operating rate of the downstream demand side is at a high level, with demand steadily releasing. However, there are concerns about the January contract as the peak - demand season enters the second half, leading to a cooling market sentiment and mainly downward - trending futures. After continuous declines since November released short - selling pressure, the market may gradually stabilize [2] 3. Summary by Relevant Catalogs Futures Market - **Prices and Changes**: For LL, the previous day's closing prices for January, May, and September contracts were 6853, 6915, and 6956 respectively, with price increases of 35, 22, and 18, and percentage increases of 0.51%, 0.32%, and 0.26%. For PP, the previous day's closing prices for January, May, and September contracts were 6474, 6575, and 6613 respectively, with price changes of - 6, - 2, and 1, and percentage changes of - 0.09%, - 0.03%, and 0.02% [2] - **Trading Volume and Open Interest**: The trading volumes of LL for January, May, and September contracts were 347525, 54367, and 707 respectively, and the open interests were 540755, 113633, and 2285 respectively, with open - interest changes of - 40847, 1248, and - 4. For PP, the trading volumes were 308865, 62940, and 1407 respectively, and the open interests were 622052, 154690, and 8990 respectively, with open - interest changes of - 6371, 7458, and 757 [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January were - 62, - 41, and 103 respectively, compared to previous values of - 75, - 45, and 120. For PP, the current spreads were - 101, - 38, and 139 respectively, compared to previous values of - 97, - 35, and 132 [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 materials, and mulch film were 2061 yuan/ton, 5800 yuan/ton, 553 dollars/ton, 5600 yuan/ton, 6230 yuan/ton, and 8700 yuan/ton respectively, with some price changes compared to the previous values [2] - **Spot Market**: In the LL spot market, the current price ranges in the East China, North China, and South China markets were 6350 - 6550, 6950 - 7450, and 6800 - 7050 respectively. In the PP spot market, the current price ranges in the East China, North China, and South China markets were 7050 - 7400, 6250 - 6450, and 6400 - 6550 respectively [2] News - On Friday (November 14), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $60.09 per barrel, up $1.40 or 2.39% from the previous trading day, with a trading range of $58.71 - $60.65. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $64.39 per barrel, up $1.38 or 2.19% from the previous trading day, with a trading range of $63.36 - $64.87 [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Polyolefin futures rebounded slightly. Spot prices of linear LL and拉丝PP remained stable. Fundamentally, polyolefins follow the crude oil trend. The overall operating rate of the downstream demand side is at a high level, and demand is steadily released. Currently, the supply - demand pressure of polyolefins is temporarily limited. After a short - term rebound in the market, it may start to fluctuate in the future [2] Group 3: Summary According to Related Catalogs Futures Market - **Prices and Changes**: For LL, the previous day's closing prices for January, May, and September contracts were 7009, 7075, and 7105 respectively, with increases of 24, 13, and 4, and percentage increases of 0.34%, 0.18%, and 0.06%. For PP, the previous day's closing prices for January, May, and September contracts were 6685, 6765, and 6762 respectively, with increases of 28, 31, and 25, and percentage increases of 0.42%, 0.46%, and 0.37% [2] - **Trading Volume and Open Interest**: The trading volumes of LL for January, May, and September contracts were 212938, 21224, and 643 respectively, and the open interests were 512269, 66284, and 1678 respectively, with changes of - 7218, - 322, and 309. For PP, the trading volumes for January, May, and September contracts were 201901, 20539, and 557 respectively, and the open interests were 612658, 133945, and 7119 respectively, with changes of 1313, - 468, and 280 [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January are - 66, - 30, and 96 respectively, compared to previous values of - 77, - 39, and 116. For PP, the current spreads of January - May, May - September, and September - January are - 80, 3, and 77 respectively, compared to previous values of - 77, - 3, and 80 [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 materials, and mulch film are 2261 yuan/ton, 5985 yuan/ton, 543 dollars/ton, 5600 yuan/ton, 6450 yuan/ton, and 8700 yuan/ton respectively, compared to previous values of 2245 yuan/ton, 6010 yuan/ton, 534 dollars/ton, 5600 yuan/ton, 6480 yuan/ton, and 8700 yuan/ton [2] - **Mid - stream**: In the mid - stream, the current price ranges of LL in the East China, North China, and South China markets are 7000 - 7500 yuan/ton, 6900 - 7150 yuan/ton, and 7200 - 7500 yuan/ton respectively. For PP, the current price ranges in the East China, North China, and South China markets are 6550 - 6650 yuan/ton, 6450 - 6550 yuan/ton, and 6500 - 6650 yuan/ton respectively [2] News - On Wednesday (October 29), the settlement price of West Texas Intermediate crude oil futures for December 2025 on the New York Mercantile Exchange was $60.48 per barrel, up $0.33 or 0.55% from the previous trading day, with a trading range of $59.70 - $61.02. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $64.92 per barrel, up $0.52 or 0.81% from the previous trading day, with a trading range of $63.92 - $65.37 [2]

Report Industry Investment Rating - Not provided in the report Core View - Polyolefin futures declined slightly. Spot prices of linear LL and拉丝PP remained stable for Sinopec and PetroChina. Fundamentally, polyolefins have gradually stopped falling. With the easing of the external environment and the stop - fall and rebound of crude oil, polyolefins follow the crude oil trend. Currently, the supply - demand pressure is temporarily limited, and the market may maintain a short - term oscillatory rebound trend [2] Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 6969, 7021, and 7050 respectively, with changes of - 30, - 23, and - 8, and corresponding percentage changes of - 0.43%, - 0.33%, and - 0.11%. The trading volumes were 229753, 23556, and 105, and the open interests were 529187, 62588, and 1136, with changes of - 2302, 182, and 7 respectively. The current spreads of 1 - 5 months, 5 - 9 months, and 9 - 1 months were - 52, - 29, and 81, compared to previous values of - 45, - 14, and 59 [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6662, 6719, and 6728 respectively, with changes of - 29, - 21, and - 6, and corresponding percentage changes of - 0.43%, - 0.31%, and - 0.09%. The trading volumes were 229145, 19734, and 517, and the open interests were 608100, 126861, and 6141, with changes of - 10384, 281, and 106 respectively. The current spreads of 1 - 5 months, 5 - 9 months, and 9 - 1 months were - 57, - 9, and 66, compared to previous values of - 49, 6, and 43 [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 were 2274 yuan/ton, 6025 yuan/ton, 537 dollars/ton, 5600 yuan/ton, 6500 yuan/ton, and 8800 yuan/ton respectively, compared to previous values of 2295 yuan/ton, 6010 yuan/ton, 542 dollars/ton, 5600 yuan/ton, 6510 yuan/ton, and 8800 yuan/ton [2] - **Spot Market**: For LL, the current prices in East China, North China, and South China markets were 6500 - 6650 yuan/ton, 7000 - 7450 yuan/ton, and 6900 - 7150 yuan/ton respectively, compared to previous values of 6450 - 6600 yuan/ton, 6900 - 7450 yuan/ton, and 6850 - 7150 yuan/ton. For PP, the current prices in East China, North China, and South China markets were 7150 - 7500 yuan/ton, 6550 - 6650 yuan/ton, and 6500 - 6600 yuan/ton respectively, compared to previous values of 7100 - 7500 yuan/ton, 6450 - 6650 yuan/ton, and 6450 - 6550 yuan/ton [2] News - On Friday (October 24), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $61.5 per barrel, down $0.29 or 0.47% from the previous trading day, with a trading range of $61.21 - $62.59. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $65.94 per barrel, down $0.05 or 0.08% from the previous trading day, with a trading range of $65.41 - $66.78 [2]

Investment Rating - The investment rating for Wanhua Chemical is "Outperform the Market" [5][31] Core Views - In Q3 2025, Wanhua Chemical reported a revenue of 53.32 billion yuan, a year-on-year increase of 5.5% and a quarter-on-quarter increase of 11.5%. The net profit attributable to shareholders was 3.03 billion yuan, up 4.0% year-on-year but down 0.2% quarter-on-quarter [8][31] - The polyurethane segment showed differentiated demand with orderly capacity expansion. The revenue from the polyurethane segment was 18.25 billion yuan, down 1.1% quarter-on-quarter, with production and sales volumes of 1.56 million tons and 1.55 million tons, respectively [10][24] - The petrochemical segment faced price pressure but benefited from new capacity contributions, achieving a revenue of 24.39 billion yuan, up 31.1% quarter-on-quarter, with production and sales volumes of 1.83 million tons and 1.75 million tons, respectively [24][27] - The fine chemicals and new materials segment maintained stable production and sales, with revenue of 8.18 billion yuan, down 1.0% quarter-on-quarter, and production and sales volumes of 650,000 tons [27][28] Summary by Sections Financial Performance - In Q3 2025, Wanhua Chemical's gross margin was 12.8%, a decrease of 0.6 percentage points year-on-year but an increase of 0.6 percentage points quarter-on-quarter. The net profit margin was 6.3%, down 0.3 percentage points year-on-year and 0.7 percentage points quarter-on-quarter [8][10] - The company adjusted its net profit forecasts for 2025-2027 to 12.556 billion yuan, 14.057 billion yuan, and 14.307 billion yuan, respectively, with corresponding EPS of 4.00, 4.48, and 4.56 yuan [31][33] Segment Analysis - The polyurethane segment's product prices showed fluctuations, with pure MDI priced at 18,300 yuan/ton, polymer MDI at 15,200 yuan/ton, TDI at 14,700 yuan/ton, and soft foam polyether at 8,000 yuan/ton [10][24] - The petrochemical segment's product prices generally declined, with significant drops in major products like propylene and butanol, but the company managed to offset price pressures through increased capacity utilization [24][27] - The fine chemicals and new materials segment continued to develop, with a focus on high-value products and new energy industry demand supporting long-term growth [27][28]

2025年三季度主要经营数据公告 证券代码：600309 证券简称：万华化学 公告编号：临 2025-60 号 万华化学集团股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之《第 十三号——化工》的相关规定，现将万华化学集团股份有限公司 2025 年前三季度主 要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 2025 年前三季度，公司聚氨酯系列产品实现销售收入 5,514,261 万元，石化系 列产品和贸易实现销售收入 5,931,928 万元，精细化学品及新材料系列产品实现销 售收入 2,381,145 万元。 | 主要产品 | 产量（万吨） | 销量（万吨） | | --- | --- | --- | | 聚氨酯系列 | 454 | 458 | | 石化系列 | 478 | 460 | | 精细化学品及新材料系列 | 189 | 184 | 注：以上销量为各系列产品产量对应的销售量，包含产品系列之间的内部使用量。 （一）主 ...

Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core View of the Report - Polyolefin futures continued to rebound. With the easing of the external environment and the rebound of crude oil prices, polyolefins followed the crude oil trend. Currently, the supply - demand pressure is temporarily limited, and the market may maintain a short - term volatile rebound trend [2]. 3. Summary According to Related Catalogs Futures Market - **LL (Linear Low - Density Polyethylene) Futures**: The previous day's closing prices for January, May, and September contracts were 6999, 7044, and 7058 respectively, with price increases of 63, 66, and 49 and percentage increases of 0.91%, 0.95%, and 0.70% respectively. The trading volumes were 253296, 26147, and 495, and the open interests were 531489, 62406, and 1129, with changes of - 18375, 487, and 194 respectively. The current spreads between January - May, May - September, and September - January were - 45, - 14, and 59, compared to previous values of - 42, - 31, and 73 [2]. - **PP (Polypropylene) Futures**: The previous day's closing prices for January, May, and September contracts were 6691, 6740, and 6734 respectively, with price increases of 72, 75, and 54 and percentage increases of 1.09%, 1.13%, and 0.81% respectively. The trading volumes were 320558, 28822, and 1586, and the open interests were 618484, 126580, and 6035, with changes of - 14771, 1854, and 1037 respectively. The current spreads between January - May, May - September, and September - January were - 49, 6, and 43, compared to previous values of - 46, - 15, and 61 [2]. Spot Market - **Raw Materials and Semi - finished Products**: Methanol futures were at 2294 yuan/ton, Shandong propylene at 6010 yuan/ton, South China propane at 542 dollars/ton, PP recycled materials at 5600 yuan/ton, North China powder at 6510 yuan/ton, and plastic film at 8800 yuan/ton. Most prices remained stable compared to the previous day [2]. - **Mid - stream Products**: The spot prices of LL in the East China, North China, and South China markets were 6900 - 7450, 6850 - 7150, and 7100 - 7500 yuan/ton respectively. The spot prices of PP in the East China, North China, and South China markets were 6450 - 6650, 6450 - 6550, and 6450 - 6600 yuan/ton respectively, remaining unchanged from the previous day [2]. News - On Thursday (October 23, 2025), the settlement price of WTI crude oil December 2025 futures on the New York Mercantile Exchange was $61.79 per barrel, up $3.29 or 5.62% from the previous trading day, the largest increase since June 13. The trading range was $59.64 - $62.20. The settlement price of Brent crude oil December 2025 futures on the London Intercontinental Exchange was $65.99 per barrel, up $3.40 or 5.43% from the previous trading day, with a trading range of $63.86 - $66.36 [2].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Polyolefin futures are oscillating at a low level. In the medium - term, the market focuses more on the actual demand fulfillment and potential industrial policy changes on the supply side of polyolefins in the fourth quarter. Currently, due to the continued Sino - US game, crude oil is under pressure, weakening cost support. In the short - term, polyolefin prices fluctuate passively with the cost side, and market sentiment is cautious. However, after continuous declines, the decline speed of chemical products may slow down [2] Group 3: Summary by Related Catalogs Futures Market - **Price and Fluctuation**: For LL, the previous day's closing prices for January, May, and September contracts were 6929, 6968, and 7004 respectively, with increases of 19, 23, and 7, and涨幅 of 0.27%, 0.33%, and 0.10% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 6618, 6670, and 6691 respectively, with increases of 23, 22, and 19, and涨幅 of 0.35%, 0.33%, and 0.28% respectively [2] - **Volume and Open Interest**: The trading volumes of LL for January, May, and September contracts were 239611, 22986, and 234 respectively, and the open interests were 566645, 60931, and 662 respectively, with open interest changes of - 2181, 662, and 44 respectively. For PP, the trading volumes for January, May, and September contracts were 264044, 23995, and 804 respectively, and the open interests were 661984, 115861, and 3936 respectively, with open interest changes of - 5795, 2387, and 279 respectively [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January are - 39, - 36, and 75 respectively, compared with previous values of - 35, - 52, and 87. For PP, the current spreads of January - May, May - September, and September - January are - 52, - 21, and 73 respectively, compared with previous values of - 53, - 24, and 77 [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 materials, and mulch film are 2321 yuan/ton, 6215 yuan/ton, 533 dollars/ton, 5600 yuan/ton, 6500 yuan/ton, and 8800 yuan/ton respectively, compared with previous values of 2301 yuan/ton, 6260 yuan/ton, 531 dollars/ton, 5600 yuan/ton, 6510 yuan/ton, and 8800 yuan/ton [2] - **Mid - stream Spot**: For LL, the current price ranges in the East China, North China, and South China markets are 6950 - 7500 yuan/ton, 6900 - 7150 yuan/ton, and 7150 - 7600 yuan/ton respectively, compared with previous ranges of 6950 - 7550 yuan/ton, 6950 - 7250 (8100 - 8250) yuan/ton, and 7150 - 7600 yuan/ton. For PP, the current price ranges in the East China, North China, and South China markets are 6450 - 6650 yuan/ton, 6500 - 6600 yuan/ton, and 6500 - 6650 yuan/ton respectively, which are the same as the previous ranges [2] News - On Thursday (October 16), the settlement price of West Texas Light Crude Oil futures for November 2025 on the New York Mercantile Exchange was $57.46 per barrel, the lowest since May 5, down $0.81 or 1.39% from the previous trading day, with a trading range of $57.26 - $59.11. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $61.06 per barrel, also the lowest since May 5, down $0.85 or 1.37% from the previous trading day, with a trading range of $60.84 - $62.75 [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The polyolefin futures are running weakly. In the spot market, some prices of linear LL from Sinopec were lowered by 100, and some from PetroChina were lowered by 50. For drawn PP, some prices from Sinopec were lowered by 50, while those from PetroChina remained stable. From a fundamental perspective, the market focuses more on the actual demand fulfillment in the medium - term and potential industrial policy changes on the supply side of polyolefins in the fourth quarter. With the continuation of China - US game on Friday, crude oil was under pressure, and in the short - term, polyolefin prices generally fluctuate passively following the cost side, with cautious market sentiment [2]. 3. Summary by Relevant Catalog Futures Market - **Prices and Changes**: For LL, the previous day's closing prices for January, May, and September contracts were 7037, 7066, and 7124 respectively, with decreases of - 40, - 40, and - 34 compared to the day before the previous day, and declines of - 0.57%, - 0.56%, and - 0.47% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 6722, 6762, and 6782 respectively, with decreases of - 23, - 23, and - 25, and declines of - 0.34%, - 0.34%, and - 0.37% respectively [2]. - **Volume and Open Interest**: The trading volumes of LL for January, May, and September contracts were 225133, 21799, and 186 respectively, and the open interests were 557868, 53285, and 427 respectively, with increases of 11563, 4180, and 119 respectively. For PP, the trading volumes were 251636, 14886, and 258 respectively, and the open interests were 634901, 109252, and 2775 respectively, with increases of 11295, 3625, and 170 respectively [2]. - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January were - 29, - 58, and 87 respectively, compared to previous values of - 29, - 52, and 81. For PP, the current spreads were - 40, - 20, and 60 respectively, compared to previous values of - 40, - 22, and 62 [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 materials, and plastic film were 2390 yuan/ton, 6470 yuan/ton, 532 dollars/ton, 5600 yuan/ton, 6590 yuan/ton, and 8800 yuan/ton respectively. The previous values were 2293 yuan/ton, 6495 yuan/ton, 535 dollars/ton, 5600 yuan/ton, 6590 yuan/ton, and 8800 yuan/ton [2]. - **Spot Market**: In the LL spot market, the current price ranges in the East China, North China, and South China markets were 7050 - 7600 yuan/ton, 7000 - 7250 yuan/ton, and 7200 - 7650 yuan/ton respectively, compared to previous ranges of 8100 - 8250 yuan/ton, 7100 - 7600 yuan/ton, and 7050 - 7300 yuan/ton. In the PP spot market, the current price ranges were 6600 - 6700 yuan/ton, 6550 - 6650 yuan/ton, and 6550 - 6700 yuan/ton respectively, compared to previous ranges of 7250 - 7650 yuan/ton, 6650 - 6750 yuan/ton, and 6600 - 6750 yuan/ton [2]. Energy News - Oil prices dropped significantly on Friday. The settlement price of WTI crude oil futures for November 2025 on the New York Mercantile Exchange was $58.9 per barrel, the lowest since early May, down $2.61 from the previous trading day, a decline of 4.24%, with a trading range of $58.22 - $61.67. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $62.73 per barrel, the lowest since May 5, down $2.49 from the previous trading day, a decline of 3.82%, with a trading range of $62 - $65.36 [2].