交易咨询业务资格：证监许可【2012】1091号 聚烯烃早报 2025-12-16 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • 主要逻辑：供过于求，国内宏观政策 • 主要风险点：原油大幅波动、国际政策博弈 • LLDPE概述： • 1. 基本面：宏观方面，11月份，官方PMI为49.2，比上月回升0.2个百分点，制造业景气度平 稳。OPEC+11 月 30 日会议决定维持 11 月初制定的产量计划，12 月份增产 13.7 万桶 / 日， 在 2026 年 1 月、2 月和 3 月暂停增产计划。煤炭价格回落，煤制利润企稳。供需端，农膜需 求较稳，旺季结束包装膜需求转弱。当前LL交割品现货价6580（+40），基本面整体偏空； • 2. 基差： LLDPE 2601合约基差23，升贴水比例0.4%，中性； • 3. 库存：PE综合库存5 ...

交易咨询业务资格：证监许可【2012】1091号 聚烯烃早报 2025-12-11 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • LLDPE概述： • PP概述： • 1. 基本面：宏观方面，11月份，官方PMI为49.2，比上月回升0.2个百分点，制造业景气度平 稳。OPEC+11 月 30 日会议决定维持 11 月初制定的产量计划，12 月份增产 13.7 万桶 / 日， 在 2026 年 1 月、2 月和 3 月暂停增产计划。煤炭价格回落，煤制利润有所好转。供需端，塑 编进入淡季需求回落。管材需求尚可。当前PP交割品现货价6300（-50），基本面整体偏空； • 2. 基差： PP 2601合约基差138，升贴水比例2.2%，偏多； • 3. 库存：PP综合库存53.7万吨（-2.8），中性； • 4. 盘面： PP主力合约20日 ...

交易咨询业务资格：证监许可【2012】1091号 聚烯烃早报 2025-12-5 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • LLDPE概述： • 1. 基本面：宏观方面，10月份，官方PMI为49，比上月下降0.8个百分点，制造业景气度有所 回落。OPEC+11 月 30 日会议决定维持 11 月初制定的产量计划，12 月份增产 13.7 万桶 / 日， 在 2026 年 1 月、2 月和 3 月暂停增产计划。近日丙烷价格走强带动聚烯烃价格。供需端，农 膜需求逐步回落，包装膜仍以刚需为主，部分地区有所转好。当前LL交割品现货价6740（-80）， 基本面整体偏空； • 2. 基差： LLDPE 2601合约基差-36，升贴水比例-0.5%，中性； • 3. 库存：PE综合库存49.7万吨（-0.4），偏空； • 4. 盘面： LLD ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core Views - For glass and soda ash, the supply - demand pattern of soda ash is bearish, with expected bottom - side oscillations. Glass prices may face pressure in the medium - to - long term, especially after December [1]. - For PVC and caustic soda, the caustic soda price is expected to be weak, and PVC is likely to continue its bottom - weakening trend due to supply - demand imbalances [2]. - For LLDPE and PP, the fundamentals show a pattern of increasing supply and weakening demand, with cost support and inventory pressure coexisting [4]. - For methanol, port destocking expectations are strengthened, and the price has bottom - side support [6]. - For crude oil, short - term oil prices are expected to continue range - bound oscillations between $60 - 65 per barrel [11]. - For natural rubber, the short - term fundamentals are weak, and rubber prices are expected to be weakly volatile [12]. - For pure benzene and styrene, pure benzene prices may face upward pressure, and styrene is expected to be in a wide - range oscillation in the short term [13]. - For the polyester industry chain, PX, PTA, ethylene glycol, short - fiber, and bottle - chip all have their own supply - demand situations and price trends, with corresponding trading strategies proposed [14]. - For urea, no clear core view on price trends is provided, but supply and inventory data are presented [15]. Group 3: Summary by Relevant Catalogs Glass and Soda Ash - **Prices and Spreads**: Glass and soda ash spot prices in different regions remained stable on December 4, 2025. Futures prices of glass 2601 and soda ash 2601 decreased, while the basis of 01 contracts for both increased [1]. - **Supply**: Soda ash production and float - glass daily melting volume decreased, and photovoltaic daily melting volume also declined [1]. - **Inventory**: Glass factory inventories and soda ash factory and delivery - warehouse inventories decreased [1]. - **Real Estate Data**: New - construction area, construction area, and sales area declined year - on - year, while the completion area increased [1]. PVC and Caustic Soda - **Prices and Spreads**: Some PVC and caustic soda prices decreased on December 3, 2025, and the basis and spread of some contracts changed [2]. - **Export**: The export profit of caustic soda increased, while that of PVC decreased [2]. - **Supply**: The caustic soda industry's overall开工 rate decreased slightly, and the PVC开工 rate increased [2]. - **Demand**: The开工 rate of some downstream industries of caustic soda and PVC changed, with some increasing and some decreasing [2]. - **Inventory**: The inventories of liquid caustic soda in some regions and PVC upstream factories increased [2]. LLDPE and PP - **Prices and Spreads**: The closing prices of LLDPE and PP futures contracts decreased on December 3, 2025, and the spreads between some contracts changed [4]. - **Supply and Demand**: The PE装置开工率 increased, and the PP粉料开工率 increased, while the downstream weighted开工 rate of PE decreased slightly, and that of PP increased slightly [4]. - **Inventory**: The enterprise and social inventories of PE and PP decreased [4]. Methanol - **Prices and Spreads**: Methanol futures prices decreased on December 3, 2025, and the basis and spread of some contracts changed [6]. - **Inventory**: Methanol enterprise, port, and social inventories decreased [6]. - **Supply and Demand**: The upstream domestic enterprise开工率 and overseas enterprise开工率 decreased, while some downstream开工率 increased [6]. Crude Oil - **Prices and Spreads**: Brent and WTI crude oil prices increased on December 3, 2025, while SC crude oil prices decreased. The spreads between different contracts of crude oil and refined oil changed [11]. - **Market Situation**: Due to the Ukraine - Russia situation and EIA data, oil prices first rose and then fell, and short - term oil prices are expected to range - bound oscillate [11]. Natural Rubber - **Prices and Spreads**: Some natural rubber spot prices decreased on December 3, 2025, and the basis and spread of some contracts changed [12]. - **Production and Consumption**: The production of natural rubber in some regions decreased, and the开工率 of some downstream industries changed [12]. - **Inventory**: The bonded - area inventory and the factory - warehouse futures inventory of natural rubber increased [12]. Pure Benzene and Styrene - **Prices and Spreads**: The prices of upstream products and styrene - related products changed on December 3, 2025, and the basis, spread, and cash - flow of some contracts changed [13]. - **Inventory**: The pure benzene inventory in Jiangsu ports increased, and the styrene inventory decreased [13]. - **Supply and Demand**: The开工 rate of some industries in the pure benzene and styrene industry chains changed [13]. Polyester Industry Chain - **Prices and Spreads**: The prices of upstream products, polyester products, and related spreads and cash - flows changed on December 3, 2025 [14]. - **Inventory**: The MEG port inventory increased, and the arrival expectation also increased [14]. - **Supply and Demand**: The开工 rate of some industries in the polyester industry chain changed, with some increasing and some decreasing [14]. Urea - **Prices and Spreads**: Urea futures prices and spot prices in different regions changed slightly on December 3, 2025, and the basis, spread, and cross - regional spread changed [15]. - **Supply and Demand**: The domestic urea daily output and the production enterprise开工率 increased, and the factory - warehouse inventory decreased [15].

交易咨询业务资格：证监许可【2012】1091号 聚烯烃早报 2025-12-1 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • LLDPE概述： • 1. 基本面：宏观方面，10月份，官方PMI为49，比上月下降0.8个百分点，制造业景气度有所 回落。OPEC+11 月 30 日会议决定维持 11 月初制定的产量计划，12 月份增产 13.7 万桶 / 日， 在 2026 年 1 月、2 月和 3 月暂停增产计划。近日丙烷价格走强带动聚烯烃价格。供需端，农 膜需求逐步回落，包装膜仍以刚需为主，部分地区有所转好。当前LL交割品现货价6770（-0）， 基本面整体偏空； • 2. 基差： LLDPE 2601合约基差-19，升贴水比例-0.3%，中性； • 3. 库存：PE综合库存50.1万吨（-5.3），偏空； • 4. 盘面： LLDP ...

交易咨询业务资格：证监许可【2012】1091号 聚烯烃早报 2025-11-27 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • LLDPE概述： • 1. 基本面：宏观方面，10月份，官方PMI为49，比上月下降0.8个百分点，制造业景气度有所 回落。10 月 30 日，中美两国领导人在韩国釜山举行面对面会晤，美方取消针对中国商品的部 分限制措施，暂停对华海事、物流等领域 301 调查措施一年，中方同步调整反制措施，OPEC + 11 月12日将原油市场供不应求调整为供过于求，引发油价下跌。供需端，农膜需求有所回落， 其余膜类以刚需为主。当前LL交割品现货价6810（-30），基本面整体偏空； • 2. 基差： LLDPE 2601合约基差103，升贴水比例1.5%，偏多； • 3. 库存：PE综合库存55.4万吨（-2.5），偏空； ...

交易咨询业务资格：证监许可【2012】1091号 聚烯烃早报 2025-11-24 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • LLDPE概述： • 1. 基本面：宏观方面，10月份，官方PMI为49，比上月下降0.8个百分点，制造业景气度有所 回落。10 月 30 日，中美两国领导人在韩国釜山举行面对面会晤，美方取消针对中国商品的部 分限制措施，暂停对华海事、物流等领域 301 调查措施一年，中方同步调整反制措施，OPEC + 11 月12日将原油市场供不应求调整为供过于求，引发油价下跌。供需端，农膜需求有所回落， 其余膜类以刚需为主。当前LL交割品现货价6840（-20），基本面整体偏空； • 2. 基差： LLDPE 2601合约基差70，升贴水比例1.0%，偏多； • 3. 库存：PE综合库存55.4万吨（-2.5），偏空； ...

Report Information - Report Title: Polyolefin Morning Report [2] - Report Date: November 7, 2025 [2] - Analyst: Jin Zebin from Dayue Futures Investment Consulting Department [3] Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The overall outlook for LLDPE and PP is bearish, with expectations of weak and volatile trends today. The main factors include an oversupply situation, a decline in manufacturing PMI, limited support from the cost side of crude oil, and relatively high industrial inventories. However, the recent rebound in oil prices due to new sanctions on Russian oil and the phased easing of Sino-US relations may provide some support [4][6]. Summary by Content LLDPE Overview - **Fundamentals**: In October, the official PMI was 49, down 0.8 percentage points from the previous month, indicating a decline in manufacturing sentiment. The long - term pattern of "increasing supply and decreasing demand" in crude oil remains unchanged, providing limited support to the polyolefin cost side. The peak demand season for agricultural films continues, but inventory replenishment for other films is ending. The current spot price of LLDPE delivery products is 6750 (-80), and the overall fundamentals are neutral [4]. - **Basis**: The basis of the LLDPE 2601 contract is -55, with a premium/discount ratio of -0.8%, which is bearish [4]. - **Inventory**: The comprehensive PE inventory is 540,000 tons (+74,000), which is bearish [4]. - **Market**: The 20 - day moving average of the LLDPE main contract is downward, and the closing price is below the 20 - day line, which is bearish [4]. - **Main Position**: The net long position of the LLDPE main contract is increasing, which is bullish [4]. - **Expectation**: The LLDPE main contract is expected to be weak and volatile. With an oversupply in the fundamentals, recent Sino - US talks, and the escalation of sanctions on Russian oil leading to a rebound in crude oil prices, and relatively high industrial inventories, PE is expected to trend weakly and volatile today [4]. - **Likely Factors**: New sanctions on Russian oil leading to a rebound in oil prices and phased easing of Sino - US relations [5]. - **Negative Factors**: Weak demand compared to the same period last year and significant new production capacity coming online in the fourth quarter [5]. PP Overview - **Fundamentals**: Similar to LLDPE, the official PMI in October was 49, down 0.8 percentage points from the previous month. The long - term pattern of crude oil remains unchanged in terms of cost support. The demand for plastic weaving is supported by the peak season, and the demand for pipes is improving. The current spot price of PP delivery products is 6500 (-0), and the overall fundamentals are neutral [6]. - **Basis**: The basis of the PP 2601 contract is 29, with a premium/discount ratio of 0.4%, which is neutral [6]. - **Inventory**: The comprehensive PP inventory is 600,000 tons (+5,000), which is bearish [6]. - **Market**: The 20 - day moving average of the PP main contract is downward, and the closing price is below the 20 - day line, which is bearish [6]. - **Main Position**: The net short position of the PP main contract is decreasing, which is bearish [6]. - **Expectation**: The PP main contract is expected to be weak and volatile. Considering the oversupply in the fundamentals, Sino - US talks, the rebound in crude oil prices, and relatively high industrial inventories, PP is expected to trend weakly and volatile today [6]. - **Likely Factors**: New sanctions on Russian oil leading to a rebound in oil prices and phased easing of Sino - US relations [7]. - **Negative Factors**: Weak demand compared to the same period last year and significant new production capacity coming online in the fourth quarter [7]. Supply - Demand Balance Sheets - **Polyethylene**: From 2018 to 2024, the production capacity, output, and apparent consumption of polyethylene generally showed an upward trend, while the import dependence gradually decreased. In 2025E, the production capacity is expected to reach 4.3195 million tons, with a growth rate of 20.5% [13]. - **Polypropylene**: From 2018 to 2024, the production capacity, output, and apparent consumption of polypropylene also showed an upward trend, and the import dependence decreased. In 2025E, the production capacity is expected to reach 4.906 million tons, with a growth rate of 11.0% [15].

Report Industry Investment Ratings - No investment ratings provided in the reports Core Views Methanol - The methanol market is currently trading on the "weak reality" logic, with the core contradiction being high port inventories. The inventory issue for the 01 contract cannot be resolved, and the weak reality will continue to be priced in until the Iranian gas restriction [3]. Polyolefins (LLDPE & PP) - PP supply recovery has slowed due to unplanned maintenance, while PE supply is expected to increase as maintenance nears its peak. Demand has improved, but there is still pressure as supply is expected to increase while demand may decrease. The 01 contract faces inventory pressure, while the 05 contract may present long - term low - buying opportunities, and the month - spread is biased towards reverse arbitrage [8]. Chlor - alkali (Caustic Soda & PVC) - In November, the caustic soda market faces supply - demand pressure, with prices expected to be weak and stable. PVC's supply - demand imbalance remains unimproved, with prices likely to continue weak and volatile, and a strategy of short - selling on rebounds is recommended [9]. Pure Benzene - Styrene - Pure benzene supply is expected to be loose in November, with weak price drivers. Short - term trading of BZ2603 should focus on short - selling on rallies following oil prices. Styrene supply may slightly decrease, and demand is expected to change little. The supply - demand situation is currently loose, and prices are expected to have limited drivers. EB12 should be short - sold on rebounds [10]. Polyester Industry Chain - PX supply is stable, but its price rebound is limited. PTA supply - demand is slightly loose, and its price rebound is under pressure. Ethylene glycol is expected to accumulate inventory, and its price faces upward pressure. Short - fiber prices are gradually under pressure, and bottle - chip supply - demand remains loose [11]. Summaries by Related Catalogs Methanol - **Prices and Spreads**: On October 31st, MA2601 closed at 2180, down 28 (-1.27%) from the previous day; MA2605 closed at 2260, down 24 (-1.05%); the MA15 spread was -80, down 4 (5.26%); the Taicang basis was -50, down 5 (11.11%); spot prices in Inner Mongolia, Henan, and Taicang all declined [1]. - **Inventories**: Methanol enterprise inventories increased by 1.57 (4.36%) to 37.606%; port inventories decreased by 0.57 (-0.38%) to 150.6 million tons; social inventories increased by 1.00 (0.53%) to 188.3% [2]. - **开工率**: Domestic upstream enterprise开工率 decreased by 0.07 (-0.09%) to 75.78%; overseas upstream开工率 decreased by 2.68 (-3.65%) to 70.7%; downstream MTO装置开工率 increased by 5.96 (7.63%) to 84.06% [3]. Polyolefins - **Prices and Spreads**: On November 3rd, L2601 closed at 6888, down 11 (-0.16%); PP2601 closed at 6576, down 14 (-0.21%); some spot and futures prices and spreads changed [8]. - **Inventories**: PE enterprise inventories decreased by 9.86 (-19.16%) to 41.6; social inventories decreased by 1.80 (-3.30%) to 52.7 million tons; PP enterprise inventories decreased by 4.34 (-6.80%) to 59.5 million tons; trader inventories decreased by 2.50 (-10.48%) to 21.4 [8]. - **开工率**: PE装置开工率 decreased by 0.59 (-0.73%) to 60.9; downstream weighted开工率 decreased by 0.38 (-0.83%) to 45.4; PP装置开工率 increased by 1.13 (1.5%) to 77.1; downstream weighted开工率 increased by 0.24 (0.5%) to 52.6 [8]. Chlor - alkali - **Prices and Spreads**: On November 3rd, the price of Shandong 32% liquid caustic soda remained unchanged at 2500; the price of East China PVC decreased, and some futures prices and spreads changed [9]. - **Supply**: The caustic soda industry开工率 increased by 2.8 (3.3%) to 88.3; PVC总开工率 increased by 3.4 (4.5%) to 77.1 [9]. - **Demand**: The开工率 of some caustic soda downstream industries changed slightly, and the开工率 of PVC downstream products increased [9]. - **Inventories**: Liquid caustic soda inventories in East China and Shandong increased, PVC upstream factory inventories increased slightly, and total social inventories decreased by 1.0 (-1.8%) to 54.5 [9]. Pure Benzene - Styrene - **Upstream Prices and Spreads**: On November 3rd, Brent crude oil (December) was at $64.89, down $0.18 (-0.3%); CFR China pure benzene was at $681, up $4 (0.6%); some pure benzene prices and spreads changed [10]. - **Styrene - Related Prices and Spreads**: Styrene East China spot price was 6440, down 30 (-0.5%); EB12 - EB01 was -49, down 8 (-19.5%); some other prices and spreads also changed [10]. - **Inventories**: Pure benzene Jiangsu port inventories increased by 3.60 (42.4%) to 12.10 million tons; styrene Jiangsu port inventories decreased by 1.37 (-7.1%) to 17.93 million tons [10]. - **开工率**: Asian pure benzene开工率 decreased by 0.4% (-0.5%) to 78.8%; domestic pure benzene开工率 increased by 1.4% (1.9%) to 74.1%; styrene开工率 decreased by 2.5% (-3.7%) to 66.7% [10]. Polyester Industry Chain - **Upstream Prices**: On November 3rd, Brent crude oil (January) was at $64.89, up $0.12 (0.2%); CFR China PX was at $820, unchanged; some other upstream prices changed [11]. - **Downstream Polyester Product Prices and Cash Flows**: POY150/48 price was 6515, up 100 (1.6%); POY150/48 cash flow was 37, up 91; some other downstream product prices and cash flows changed [11]. - **Inventories**: MEG port inventories increased by 3.9 (7.5%) to 56.2 million tons; MEG to - port expectations decreased by 0.9 (-4.5%) to 18 [11]. - **开工率**: Asian PX开工率 decreased by 0.4% to 78.1%; China PX开工率 increased by 1.1% to 87.0%; PTA开工率 decreased by 0.8% to 78.0% [11].

Report Information - Report Title: Polyolefin Morning Report - Report Date: November 4, 2025 - Analyst: Jin Zebin from Dayue Futures Investment Consulting Department Industry Investment Rating - Not provided in the report Core Viewpoints - LLDPE is expected to trade sideways today, with the plastic main contract fluctuating, oil prices rebounding due to new sanctions on Russian oil and the Sino-US meeting, and the peak season demand for agricultural films continuing [4]. - PP is also expected to trade sideways today, with the main contract fluctuating, oil prices rebounding, and downstream peak season demand supporting [6]. Summary by Section LLDPE Overview - **Fundamentals**: In October, the official PMI was 49, down 0.8 percentage points from the previous month, indicating a decline in manufacturing sentiment. The long - term "supply increase and demand decrease" pattern of crude oil remains unchanged, providing limited support to polyolefin costs. The Sino - US leaders' meeting led to the cancellation of the 10% "fentanyl tariff" and a one - year suspension of the 301 investigation. The sanctions on Russian oil by the US and Europe in late October led to an oil price rebound. The peak season demand for agricultural films continues, while the restocking of other films is gradually ending. The current LLDPE delivery spot price is 6910 (-60), with overall neutral fundamentals [4]. - **Basis**: The basis of the LLDPE 2601 contract is 22, with a premium - discount ratio of 0.3%, which is neutral [4]. - **Inventory**: The comprehensive PE inventory is 46.6 tons (-9.9), which is neutral [4]. - **Disk**: The 20 - day moving average of the LLDPE main contract is downward, and the closing price is below the 20 - day line, indicating a bearish trend [4]. - **Main Position**: The net position of the LLDPE main contract is long, which is bullish [4]. - **Likely Factors**: Positive factors include new sanctions on Russian oil leading to an oil price rebound and the Sino - US meeting reaching a phased easing; negative factors include weaker year - on - year demand and more new production in the fourth quarter [5]. PP Overview - **Fundamentals**: Similar to LLDPE, the macro - economic situation shows a decline in manufacturing sentiment. The Sino - US meeting and Russian oil sanctions affected oil prices. The demand for plastic weaving is supported by the peak season, and the demand for pipes has recovered. The current PP delivery spot price is 6550 (-80), with overall neutral fundamentals [6]. - **Basis**: The basis of the PP 2601 contract is - 26, with a premium - discount ratio of - 0.4%, which is neutral [6]. - **Inventory**: The comprehensive PP inventory is 59.5 tons (-4.3), which is bearish [6]. - **Disk**: The 20 - day moving average of the PP main contract is downward, and the closing price is below the 20 - day line, indicating a bearish trend [6]. - **Main Position**: The net position of the PP main contract is short, with a reduction in short positions, indicating a bearish trend [6]. - **Likely Factors**: Positive factors are the same as LLDPE; negative factors also include weaker year - on - year demand and more new production in the fourth quarter [7]. Spot and Futures Market Data - **LLDPE**: The spot delivery price is 6910 (-60), the 01 contract price is 6888 (-11), the basis is 22 (-49), and the PE comprehensive inventory shows different changes in various types [8]. - **PP**: The spot delivery price is 6550 (-80), the 01 contract price is 6576 (-14), the basis is - 26 (-66), and the PP comprehensive inventory also has different changes in various types [8]. Supply - Demand Balance Sheets - **Polyethylene**: From 2018 - 2024, the production capacity, output, net import volume, and apparent consumption of polyethylene have shown different growth rates and changes. The import dependence has generally decreased, and the consumption growth rate has fluctuated [13]. - **Polypropylene**: From 2018 - 2024, the production capacity, output, net import volume, and apparent consumption of polypropylene have also changed, with the import dependence gradually decreasing and the consumption growth rate showing fluctuations [15].