行业 MEG 日报 日期 2025 年 09 月 30 日 料油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 业硅）028-8663 0631 penghaozhou@ccb.ccbfutures.c om期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.c om期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 ...

行业 MEG 日报 日期 2025 年 09 月 29 日 料油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 业硅）028-8663 0631 penghaozhou@ccb.ccbfutures.c om期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.c om期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 ...

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoint - The polyolefin market continued to rebound overnight. In the medium - term, the market focuses on actual demand fulfillment and pre - holiday terminal stocking. Attention should also be paid to potential policy changes in the overall supply side in the fourth quarter in China. Due to the cost - driven nature, polyolefins may continue to oscillate in a low - level range [2][3]. 3. Summary Based on Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 7159, 7197, and 7225 respectively, with price drops of - 10, - 12, and - 6, and declines of - 0.14%, - 0.17%, and - 0.08% compared to two days ago. Trading volumes were 195523, 9491, and 39, and open interests were 554591, 46752, and 172, with changes of - 7269, 245, and 3 respectively. The current spreads for January - May, May - September, and September - January were - 38, - 28, and 66 [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6893, 6936, and 6908 respectively, with price drops of - 5, - 5, and - 6, and declines of - 0.07%, - 0.07%, and - 0.09% compared to two days ago. Trading volumes were 229349, 14353, and 521, and open interests were 609770, 78694, and 2230, with changes of - 18267, 1335, and 351 respectively. The current spreads for January - May, May - September, and September - January were - 43, 28, and 15 [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 were 2358 yuan/ton, 6475 yuan/ton, 586 dollars/ton, 5600 yuan/ton, 6730 yuan/ton, and 8800 yuan/ton respectively. The prices of methanol futures and PP recycled materials remained unchanged, while Shandong propylene decreased by 10 yuan/ton, South China propane decreased by 3 dollars/ton, North China powder decreased by 10 yuan/ton, and plastic film remained unchanged [2]. - **Spot Market**: For LL, the current prices in East China, North China, and South China markets were 7150 - 7600 yuan/ton, 7100 - 7400 yuan/ton, and 7250 - 7700 yuan/ton respectively. For PP, the current prices in East China, North China, and South China markets were 6700 - 6800 yuan/ton, 6650 - 6750 yuan/ton, and 6650 - 6850 yuan/ton respectively [2]. Consumption Information - On Friday (September 26), the settlement price of WTI crude oil futures for November 2025 on the New York Mercantile Exchange was $65.72 per barrel, up $0.74 or 1.14% from the previous trading day, with a trading range of $64.66 - $66.42. The settlement price of Brent crude oil futures for November 2025 on the London Intercontinental Exchange was $70.13 per barrel, up $0.71 or 1.02% from the previous trading day, with a trading range of $69.11 - $70.76 [2].

| | | | | 申银万国期货研究所 陆甲明 （从业编号F3079531 交易咨询号Z0015919） | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | lujm@sywgqh.com.cn 021-50583880 | | | | | | | | LL | | | PP | | | | 1月 | | 5月 | 9月 | 1月 | 5月 | 9月 | | | 前日收盘价 | 7169 | 7209 | 7231 | 6898 | 6941 | 6914 | | 期 | 前2日收盘价 | 7142 | 7182 | 7218 | 6877 | 6920 | 6910 | | 货 | 涨跌 | 27 | 27 | 13 | 21 | 21 | 4 | | 市 | 涨跌幅 | 0.38% | 0.38% | 0.18% | 0.31% | 0.30% | 0.06% | | 场 | 成交量 | 167193 | 10346 | 48 | 166035 | 9614 | 198 | | | 持仓量 | 561860 | 46507 ...

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 ...

Group 1: Report Information - Report Name: MEG Daily Report [1] - Date: September 24, 2025 [2] - Research Team: Energy and Chemical Research Team of Jianxin Futures [4] Group 2: Market Review and Operation Suggestions - Futures Quotes: EG2601 closed at 4,212 yuan/ton, down 37 yuan; EG2605 closed at 4,279 yuan/ton, down 26 yuan. The trading volume of the main ethylene glycol futures contract on the 23rd was 131,327 lots, and the open interest was 331,822 lots [7] - Market Outlook: The current fundamentals of ethylene glycol are weak, and the macro - level support is insufficient. It is expected that ethylene glycol will maintain a low - level sideways consolidation [7] Group 3: Industry News - International Oil Prices: International oil prices fell for the fourth consecutive day. On September 22, the settlement price of WTI crude oil futures for October 2025 was $62.64 per barrel, down $0.04 or 0.06%; the settlement price of Brent crude oil futures for November 2025 was $66.57 per barrel, down $0.11 or 0.16% [8] - Ethylene Glycol Market Prices: The mainstream transaction price in the Zhangjiagang ethylene glycol market was 4,270 - 4,315 yuan/ton, down 52.5 yuan/ton from the previous trading day; the negotiation range in the Dongguan market was 4,270 - 4,330 yuan/ton, down 5 yuan/ton; the negotiation range in the Fujian market was 4,270 - 4,330 yuan/ton, down 5 yuan/ton [8]

行业 MEG 日报 日期 2025 年 09 月 23 日 料油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 业硅）028-8663 0631 penghaozhou@ccb.ccbfutures.c om期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.c om期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 ...

行业 PTA 日报 期货从业资格号：F03094925 021-60635727 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 日期 2025 年 09 月 23 日 油） 021-60635738 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 每日报告 一、 行情回顾与操作 ...

| | lujm@sywgqh.com.cn 021-50583880 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | LL PP | | | | | | | | | | 1月 | 5月 | 9月 | 1月 | 5月 | 9月 | | | 前日收盘价 | 7169 | 7223 | 7250 | 6914 | 6958 | 6928 | | 期 | 前2日收盘价 | 7188 | 7233 | 7280 | 6926 | 6963 | 6931 | | 货 | 涨跌 | -19 | -10 | -30 | -12 | -5 | -3 | | 市 | 涨跌幅 | -0.26% | -0.14% | -0.41% | -0.17% | -0.07% | -0.04% | | 场 | 成交量 | 201711 | 10840 | 74 | 230403 | 18721 | 353 | | | 持仓量 | 556313 | 40101 | 92 | 609908 | 73691 | 1589 | | | 持仓量增减 | 26840 ...

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View of the Report - The polyolefin market is consolidating. In the spot market, prices of linear LL and拉丝PP from Sinopec and PetroChina are stable. Fundamentally, the inventory of PE is being slowly digested, and the PP inventory has also improved. After continuous declines, short - selling pressure has been released. The stabilization of crude oil prices supports the chemical products, and the market has rebounded. With the Fed starting an interest - rate cut cycle and potential for two more cuts this year, the international macro - environment may remain accommodative. In the short term, the recovery of terminal demand for polyolefins may support the market to rebound [2]. 3. Summary by Relevant Catalogs Futures Market - **Price and Volume Changes**: For LL, the previous day's closing prices for January, May, and September contracts were 7245, 7289, and 7299 respectively, with price changes of 11, 14, and - 10, and percentage changes of 0.15%, 0.19%, and - 0.14%. The trading volumes were 146481, 9789, and 15, and the open interests were 520256, 38553, and 32, with changes of - 3780, 193, and 1. For PP, the previous day's closing prices for January, May, and September contracts were 6982, 7017, and 6984 respectively, with price changes of 12, 17, and 7, and percentage changes of 0.17%, 0.24%, and 0.10%. The trading volumes were 183494, 13200, and 371, and the open interests were 570841, 67265, and 1051, with changes of - 10461, 3640, and 201 [2]. - **Spread Changes**: For LL, the current spreads of January - May, May - September, and September - January are - 44, - 10, and 54, compared to previous values of - 41, - 34, and 75. For PP, the current spreads of January - May, May - September, and September - January are - 35, 33, and 2, compared to previous values of - 30, 23, and 7 [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 2377 yuan/ton, 6615 yuan/ton, 598 dollars/ton, 5600 yuan/ton, 6750 yuan/ton, and 8800 yuan/ton respectively, mostly unchanged from the previous values [2]. - **Spot Market**: In the middle - stream market, for LL, the current price ranges in East China, North China, and South China are 7200 - 7700 yuan/ton, 7150 - 7450 yuan/ton, and 7300 - 7750 yuan/ton respectively. For PP, the current price ranges in East China, North China, and South China are 6750 - 6950 yuan/ton, 6750 - 6850 yuan/ton, and 6700 - 6950 yuan/ton respectively [2]. News and Evaluation - **Crude Oil Prices**: On Wednesday (September 17), the settlement price of WTI crude oil futures for October 2025 on the New York Mercantile Exchange was $64.05 per barrel, down $0.47 or 0.73% from the previous trading day. The settlement price of Brent crude oil futures for November 2025 on the London Intercontinental Exchange was $67.95 per barrel, down $0.52 or 0.76% from the previous trading day [2].