Group 1: Industry Investment Rating - No information provided Group 2: Core View - Polyolefin futures continued to rebound. The fundamentals currently focus on the expectation of supply improvement, and the impact of macro factors on commodities has increased. The rebound in international crude oil prices also supports chemicals at the cost end. Overall, the current spot drive for polyolefins is relatively limited, and the market pays more attention to the driving rhythm of macro factors [2] Group 3: Summary by Related Catalogs Futures Market - **Prices**: For LL, the previous day's closing prices for January, May, and September contracts were 6974, 6935, and 6962 respectively, with increases of 88, 70, and 75 and涨幅 of 1.28%, 1.02%, and 1.09% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 6716, 6737, and 6778 respectively, with increases of 71, 81, and 90 and涨幅 of 1.07%, 1.22%, and 1.35% respectively [2] - **Volume and Open Interest**: The trading volumes for LL January, May, and September contracts were 137, 611978, and 42216 respectively, and the open interests were 187, 515013, and 69905 respectively, with open interest changes of 35, -4043, and 4941 respectively. For PP, the trading volumes for January, May, and September contracts were 468, 524463, and 40252 respectively, and the open interests were 2132, 521131, and 106892 respectively, with open interest changes of 134, 22199, and 7638 respectively [2] - **Spreads**: For LL, the spreads of January - May, May - September, and September - January were 39, -27, and -12 respectively, compared to the previous values of 21, -22, and 1. For PP, the spreads of January - May, May - September, and September - January were -21, -41, and 62 respectively, compared to the previous values of -11, -32, and 43 [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 2346 yuan/ton, 9350 yuan/ton, 631 dollars/ton, 5600 yuan/ton, 6510 yuan/ton, and 8700 yuan/ton respectively, compared to the previous values of 2298 yuan/ton, 6175 yuan/ton, 612 dollars/ton, 5600 yuan/ton, 6460 yuan/ton, and 8700 yuan/ton [2] - **Mid - stream**: The current price ranges of LL in the East China, North China, and South China markets were 6800 - 7100 yuan/ton, 6750 - 7100 yuan/ton, and 6950 - 7200 yuan/ton respectively, compared to the previous ranges of 6800 - 7050 yuan/ton, 6700 - 7000 (8100 - 8250), and 6850 - 7100 yuan/ton. The current price ranges of PP in the East China, North China, and South China markets were 6500 - 6650 yuan/ton, 6500 - 6550 yuan/ton, and 6450 - 6700 yuan/ton respectively, compared to the previous ranges of 6450 - 6600 yuan/ton, 6400 - 6500 yuan/ton, and 6350 - 6650 yuan/ton [2] News - On Monday (January 26), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $60.63 per barrel, down $0.44 or 0.72% from the previous trading day, with a trading range of $60.32 - $61.71. The settlement price of Brent crude oil futures for March 2026 on the London Intercontinental Exchange was $65.59 per barrel, down $0.29 or 0.44% from the previous trading day, with a trading range of $65.29 - $66.54 [2]

Group 1: Report Investment Rating - No relevant information provided Group 2: Core Viewpoints - Polyolefin futures continued to be weak during the day session and rebounded at night. The overall downstream demand has reached a high level and is being steadily released. Previously, the price was affected by the weakness of crude oil and the overall commodity market, causing the valuation of polyolefins to decline. In the short term, attention should be paid to whether the cost represented by crude oil can stop falling and the rhythm of upstream supply - demand digestion [2] Group 3: Summary by Category Futures Market - **Price and Change**: For LL, the previous day's closing prices for January, May, and September contracts were 6476, 6486, and 6519 respectively, with price drops of -58, -72, and -81 and declines of -0.89%, -1.10%, and -1.23%. For PP, the corresponding closing prices were 6129, 6168, and 6211, with drops of -48, -73, and -69 and declines of -0.78%, -1.17%, and -1.10% [2] - **Trading Volume and Open Interest**: The trading volumes for LL in January, May, and September contracts were 168516, 367973, and 5244, and the open interests were 184121, 479677, and 8875, with changes of -42964, 28241, and 1378. For PP, the trading volumes were 285479, 285582, and 3813, and the open interests were 293184, 443312, and 20304, with changes of -58109, 42697, and 528 [2] - **Spread**: For LL, the current spreads of January - May, May - September, and September - January were -10, -33, and 43, compared to the previous values of -24, -42, and 66. For PP, the corresponding spreads were -39, -43, and 82, compared to the previous values of -64, -39, and 103 [2] Raw Material 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 2104 yuan/ton, 6090 yuan/ton, 609 dollars/ton, 5600 yuan/ton, 6000 yuan/ton, and 8700 yuan/ton respectively. The previous values were 2123 yuan/ton, 6090 yuan/ton, 603 dollars/ton, 5600 yuan/ton, 6040 yuan/ton, and 8700 yuan/ton [2] - **Spot Middle - Stream**: The current prices of LL in the East China, North China, and South China markets were 6600 - 6900 yuan/ton, 6450 - 6750 yuan/ton, and 6500 - 6900 yuan/ton respectively. The previous values were 6600 - 6900 yuan/ton, 6550 - 6800 yuan/ton, and 6600 - 7000 yuan/ton. For PP, the current prices in the three markets were 6100 - 6300 yuan/ton, 6000 - 6150 yuan/ton, and 6100 - 6300 yuan/ton, and the previous values were 6100 - 6300 yuan/ton, 6000 - 6200 yuan/ton, and 6150 - 6350 yuan/ton [2] News - On Friday (December 12), the settlement price of the West Texas Intermediate crude oil futures contract for January 2026 on the New York Mercantile Exchange was $57.44 per barrel, down $0.16 or 0.28% from the previous day, with a trading range of $57.15 - $60. The settlement price of the Brent crude oil futures contract for February 2026 on the London Intercontinental Exchange was $61.12 per barrel, down $0.16 or 0.26% from the previous day, with a trading range of $60.81 - $61.86 [2] Comment and Strategy - For linear LL, Sinopec kept prices stable, while some prices of PetroChina were lowered by 70. For拉丝 PP, both Sinopec and PetroChina kept prices stable [2]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Polyolefin futures declined. On the spot side, for linear LL, Sinopec kept prices stable while PetroChina lowered some prices by 150 yuan. For拉丝PP, Sinopec maintained stability and PetroChina cut some prices by 30 yuan. Fundamentally, the overall operating rate of the downstream demand side seems to have reached its peak, with demand steadily releasing. However, market sentiment was still affected by the weakness of crude oil and the overall commodity market. In the short term, the self - valuation of polyolefins is at a low level, and after the current rebound, it generally remains in a low - level oscillation process [2] Group 3: Summary by Relevant Catalog Futures Market - **Prices and Changes**: The previous day's closing prices of LL for January, May, and September were 6557, 6610, and 6656 respectively, with price drops of 86, 98, and 98 from two days ago, and percentage drops of - 1.29%, - 1.46%, and - 1.45%. For PP, the previous day's closing prices for January, May, and September were 6192, 6280, and 6322, with price drops of 83, 90, and 87 from two days ago, and percentage drops of - 1.32%, - 1.41%, and - 1.36% [2] - **Trading Volume and Open Interest**: The trading volumes of LL for January, May, and September were 228488, 193612, and 2327 respectively, and the open interests were 339262, 359775, and 5745, with open interest changes of - 34931, 43792, and 656. For PP, the trading volumes for January, May, and September were 245848, 139975, and 3064, and the open interests were 411158, 341176, and 18638, with open interest changes of - 11906, 22036, and 718 [2] - **Spreads**: The current spreads of LL for January - May, May - September, and September - January were - 53, - 46, and 99 respectively, compared with previous values of - 65, - 46, and 111. For PP, the current spreads for January - May, May - September, and September - January were - 88, - 42, and 130, compared with previous values of - 95, - 39, and 134 [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 2070 yuan/ton, 6090 yuan/ton, 589 dollars/ton, 5600 yuan/ton, 6083 yuan/ton, and 8700 yuan/ton respectively. The previous values were 2094 yuan/ton, 6100 yuan/ton, 589 dollars/ton, 5600 yuan/ton, 6083 yuan/ton, and 8700 yuan/ton [2] - **Mid - stream Spot Market**: The current price ranges of LL in the East China, North China, and South China markets were 6700 - 7100 yuan/ton, 6550 - 6850 yuan/ton, and 6650 - 7050 yuan/ton respectively, compared with previous ranges of 6750 - 7150 yuan/ton, 6600 - 6900 yuan/ton, and 6750 - 7100 yuan/ton. For PP, the current price ranges in the East China, North China, and South China markets were 6150 - 6350 yuan/ton, 6100 - 6250 yuan/ton, and 6200 - 6400 yuan/ton respectively, compared with previous ranges of 6200 - 6350 yuan/ton, 6100 - 6250 yuan/ton, and 6200 - 6450 yuan/ton [2] News - On Tuesday (December 9), the settlement price of West Texas Intermediate crude oil futures for January 2026 on the New York Mercantile Exchange was $58.25 per barrel, down $0.63 or 1.07% from the previous trading day, with a trading range of $58.12 - $59.17. The settlement price of Brent crude oil futures for February 2026 on the London Intercontinental Exchange was $61.94 per barrel, down $0.55 or 0.88% from the previous trading day, with a trading range of $61.83 - $62.78 [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]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - Polyolefin futures mainly declined. For linear LL, some prices of Sinopec were lowered by 50, while PetroChina's prices remained stable. For拉丝 PP, some prices of Sinopec were lowered by 100, and some of PetroChina's were lowered by 50. 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. After the Sino - US game over the weekend, crude oil was under pressure, weakening cost support. In the short - term, polyolefin prices fluctuate passively with the cost side, and market sentiment is cautious [2]. 3. Summary by Related Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 6918, 6949, and 6997 respectively, down 65, 80, and 74 from the day before, with declines of - 0.93%, - 1.14%, and - 1.05%. Trading volumes were 266284, 25247, and 310, and open interests were 577097, 59045, and 546, with changes of 12312, - 70, and 120 respectively. The current spreads of January - May, May - September, and September - January were - 31, - 48, and 79, compared to - 46, - 42, and 88 previously [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6602, 6651, and 6680 respectively, down 91, 97, and 66 from the day before, with declines of - 1.36%, - 1.44%, and - 0.98%. Trading volumes were 365570, 42343, and 686, and open interests were 665454, 110491, and 3529, with changes of 22160, 1235, and 346 respectively. The current spreads of January - May, May - September, and September - January were - 49, - 29, and 78, compared to - 55, 2, and 53 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 mulch film were 2278 yuan/ton, 6280 yuan/ton, 524 dollars/ton, 5600 yuan/ton, 6520 yuan/ton, and 8800 yuan/ton respectively, compared to 2344 yuan/ton, 6210 yuan/ton, 527 dollars/ton, 5600 yuan/ton, 6560 yuan/ton, and 8800 yuan/ton previously [2]. - **Spot Market (Mid - stream)**: For LL, the current prices in the East China, North China, and South China markets were 6950 - 7550, 6950 - 7250, and 7150 - 7600 respectively, compared to 7050 - 7550, 7000 - 7250, and 7200 - 7650 previously. For PP, the current prices in the East China, North China, and South China markets were 6500 - 6650, 6500 - 6600, and 6500 - 6650 respectively, compared to 6550 - 6700, 6550 - 6650, and 6550 - 6650 previously [2]. News - On Tuesday (October 14), the settlement price of WTI crude oil futures for November 2025 on the New York Mercantile Exchange was $58.70 per barrel, down $0.79 or 1.33% from the previous trading day, with a trading range of $57.68 - $59.82. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $62.39 per barrel, down $0.93 or 1.47% from the previous trading day, with a trading range of $61.50 - $63.63 [2].

Group 1: Futures Market Information - The previous day's closing prices of LL (1 - month, 5 - month, 9 - month) were 7188, 7233, 7280 respectively, with changes of - 57, - 56, - 19 and percentage changes of - 0.79%, - 0.77%, - 0.26% compared to the prices two days ago [2]. - The previous day's closing prices of PP (1 - month, 5 - month, 9 - month) were 6926, 6963, 6931 respectively, with changes of - 56, - 54, - 53 and percentage changes of - 0.80%, - 0.77%, - 0.76% compared to the prices two days ago [2]. - The trading volumes of LL (1 - month, 5 - month, 9 - month) were 207880, 9760, 66 respectively, and the trading volumes of PP (1 - month, 5 - month, 9 - month) were 234762, 20649, 871 respectively [2]. - The open interests of LL (1 - month, 5 - month, 9 - month) were 529473, 38224, 67 respectively, with changes of 9217, - 329, 35. The open interests of PP (1 - month, 5 - month, 9 - month) were 574719, 71061, 1575 respectively, with changes of 3878, 3796, 524 [2]. - The current spreads of LL (1 - month - 5 - month, 5 - month - 9 - month, 9 - month - 1 - month) were - 45, - 47, 92 respectively, and the current spreads of PP (1 - month - 5 - month, 5 - month - 9 - month, 9 - month - 1 - month) were - 37, 32, 5 respectively [2]. Group 2: Spot Market Information - In the raw material and spot market, the current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and plastic film were 2348 yuan/ton, 6625 yuan/ton, 593 dollars/ton, 5600 yuan/ton, 6750 yuan/ton, 8800 yuan/ton respectively [2]. - In the mid - stream spot market, the current price ranges of LL in East China, North China, and South China were 7200 - 7700 yuan/ton, 7150 - 7400 yuan/ton, 7300 - 7750 yuan/ton respectively. The current price ranges of PP in East China, North China, and South China were 6750 - 6900 yuan/ton, 6750 - 6850 yuan/ton, 6700 - 6950 yuan/ton respectively [2]. Group 3: News - On Thursday (September 18), the settlement price of WTI crude oil futures for October 2025 on the New York Mercantile Exchange was $63.57 per barrel, down $0.48 or 0.75% from the previous trading day, with a trading range of $63.33 - $64.55 [2]. - The settlement price of Brent crude oil futures for November 2025 on the London Intercontinental Exchange was $67.44 per barrel, down $0.51 or 0.75% from the previous trading day, with a trading range of $67.19 - $68.42 [2]. Group 4: Core Views and Strategies - Polyolefins closed down with a negative candlestick. In the spot market, the prices of linear LL from Sinopec and part of PetroChina were stable, and the prices of drawn PP from Sinopec and PetroChina were stable [2]. - From a fundamental perspective, the spot market of polyolefins is still mainly driven by supply - demand factors. Currently, the PE inventory is being slowly digested, and the PP inventory has also improved [2]. - After continuous declines, the short - selling pressure has been released, and the stabilization of crude oil prices provides support for chemicals. However, after the Fed's interest rate cut, the market declined due to concerns about future demand realization [2]. - In the medium - term, with the interaction of cost and supply - demand factors, polyolefins may continue to oscillate in a low - level range [2]

Group 1 - The main plastic futures contract experienced a rapid increase, reaching a peak of 7339.00 yuan, with a closing price of 7339.00 yuan, reflecting a rise of 2.66% [1] - Zhonghui Futures suggests a bearish outlook for plastic, citing an increase in supply with 2.08 million tons of new capacity from companies like Wanhua and the startup of Shandong New Era's facility [2] - Shenyin Wanguo Futures indicates that the short-term trend for plastic will continue to rebound and repair prices, supported by a recent rebound in international crude oil prices [3] Group 2 - The demand side shows a decline in agricultural film operating rates for four consecutive weeks, indicating weak demand [2] - The overall sentiment in the commodity market is positive due to the recent consensus reached during the China-US meeting, which may support plastic prices [3] - The recommendation from Zhonghui Futures is to gradually take profits on long positions and avoid chasing higher prices, while monitoring the price trends of crude oil and coal [2]