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].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core View of the Report - Polyolefin futures are trading in a consolidation pattern. On the spot side, the prices of linear LL from Sinopec and PetroChina are stable, and the prices of拉丝 PP from Sinopec and PetroChina are also stable. Fundamentally, the overall operating rate of the downstream demand side seems to have reached its peak, and demand is steadily being released. Previously, the disk drive was affected by the weakness of crude oil and the overall commodity market, leading to a lower valuation of polyolefins. In the 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 the future domestic consumption potential [2]. Group 3: Summary Based on Related Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 6516, 6543, and 6568 respectively. Compared with the prices two days ago, they decreased by 6, 14, and 15 respectively, with daily price changes of -0.09%, -0.21%, and -0.23%. The trading volumes were 74760, 300927, and 6417, and the open interests were 135903, 510143, and 10432, with changes of -14270, 21355, and 1247 respectively. The current spreads of January - May, May - September, and September - January were -27, -25, and 52, compared with the previous values of -35, -26, and 61 [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6192, 6256, and 6291 respectively. Compared with the prices two days ago, they increased by 14, 2, and 14 respectively, with daily price changes of 0.23%, 0.03%, and 0.22%. The trading volumes were 128985, 303323, and 6466, and the open interests were 195372, 497942, and 26213, with changes of -23998, 11398, and 1729 respectively. The current spreads of January - May, May - September, and September - January were -64, -35, and 99, compared with the previous values of -76, -23, and 99 [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 2131 yuan/ton, 6055 yuan/ton, 594 dollars/ton, 5600 yuan/ton, 6020 yuan/ton, and 8700 yuan/ton respectively. Compared with the previous values, methanol futures increased by 4 yuan/ton, Shandong propylene decreased by 10 yuan/ton, South China propane decreased by 5 dollars/ton, and North China powder materials decreased by 20 yuan/ton [2]. - **Spot Market - Middle Reaches**: For LL, the current prices in the East China, North China, and South China markets were 6550 - 6850, 6500 - 6750, and 6500 - 6900 yuan/ton respectively, remaining the same as the previous values. For PP, the current prices in the East China, North China, and South China markets were 6100 - 6300, 6050 - 6200, and 6100 - 6350 yuan/ton respectively, also remaining the same as the previous values [2]. News - On Tuesday (December 16), the settlement price of West Texas Intermediate crude oil futures for January 2026 on the New York Mercantile Exchange was $55.27 per barrel, down $1.55 from the previous trading day, a decrease of 2.73%, with a trading range of $54.98 - $56.70. The settlement price of Brent crude oil futures for February 2026 on the London Intercontinental Exchange was $58.92 per barrel, down $1.64 from the previous trading day, a decrease of 2.71%, with a trading range of $58.72 - $60.40 [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]

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View of the Report - Polyolefin futures declined. On the spot market, the prices of linear LL from Sinopec remained stable, while those from PetroChina were partially reduced by 100 yuan. For drawn PP, the prices from both Sinopec and PetroChina remained stable. Fundamentally, the overall operating rate of the downstream demand side seems to have reached its peak, and demand is steadily being released. However, market sentiment is still affected by the weakness of crude oil and the overall commodity market. In the short term, the valuation of polyolefins themselves is at a low level, and after the current rebound, they generally maintain a low-level oscillation process [2]. 3. Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 6643 yuan, 6708 yuan, and 6754 yuan respectively, with declines of -31 yuan, -34 yuan, and -34 yuan, and decreases of -0.46%, -0.50%, and -0.50% respectively. The trading volumes were 234,875, 153,809, and 1,942 respectively, and the open interests were 374,193, 315,983, and 5,089 respectively, with changes of -19,347, +21,166, and +386 respectively. The current spreads between January - May, May - September, and September - January were -65 yuan, -46 yuan, and 111 yuan respectively [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6275 yuan, 6370 yuan, and 6409 yuan respectively, with declines of -12 yuan, -12 yuan, and -11 yuan, and decreases of -0.19%, -0.19%, and -0.17% respectively. The trading volumes were 299,256, 139,493, and 2,275 respectively, and the open interests were 423,064, 319,140, and 17,920 respectively, with changes of -11,444, +12,252, and +124 respectively. The current spreads between January - May, May - September, and September - January were -95 yuan, -39 yuan, and 134 yuan respectively [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 2093 yuan/ton, 6100 yuan/ton, 589 dollars/ton, 5600 yuan/ton, 6083 yuan/ton, and 8700 yuan/ton respectively [2]. - **Mid - stream**: The current price ranges of LL in the East China, North China, and South China markets were 6750 - 7150 yuan, 6600 - 6900 yuan, and 6750 - 7100 yuan respectively. The current price ranges of PP in the East China, North China, and South China markets were 6200 - 6350 yuan, 6100 - 6250 yuan, and 6200 - 6450 yuan respectively [2]. News - On Monday (December 8), the settlement price of West Texas Intermediate crude oil futures for January 2026 on the New York Mercantile Exchange was $58.88 per barrel, down $1.20 from the previous trading day, a decrease of 2.00%, with a trading range of $58.68 - $60.30. The settlement price of Brent crude oil futures for February 2026 on the London Intercontinental Exchange was $62.49 per barrel, down $1.26 from the previous trading day, a decrease of 1.98%, with a trading range of $62.34 - $63.96 [2].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Polyolefin futures declined. On the spot market, prices of linear LL and拉丝 PP from Sinopec and PetroChina remained stable. From a fundamental perspective, the overall operating rate of downstream demand seems to have reached its peak, and demand is steadily being released. However, market sentiment is still affected by the weakness of crude oil and the overall commodity market. In the short term, the valuation of polyolefins is at a low level, and after the current rebound, they generally remain in a low - level oscillation process [2] Group 3: Summary by Related Catalogs Futures Market - **Price Changes**: For LL futures, the prices of contracts in January, May, and September decreased by -1.51%, -1.27%, and -1.15% respectively compared to the previous two days; for PP futures, the decreases were -1.13%, -1.08%, and -0.96% respectively [2] - **Trading Volume**: The trading volumes of LL futures contracts in January, May, and September were 282,287, 144,721, and 1,390 respectively; for PP futures, they were 259,821, 108,437, and 2,085 respectively [2] - **Open Interest**: The open interests of LL futures contracts in January, May, and September were 393,540, 294,817, and 4,703 respectively, with changes of +7,056, +25,032, and +250; for PP futures, they were 434,508, 306,888, and 17,796 respectively, with changes of -15,691, +14,332, and +78 [2] - **Spreads**: For LL futures, the spreads of January - May, May - September, and September - January were -68, -46, and 114 respectively; for PP futures, they were -95, -38, and 133 respectively [2] Spot Market - **Raw Materials and Semi - products**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film were 2,081 yuan/ton, 6,050 yuan/ton, 585 dollars/ton, 5,600 yuan/ton, 6,100 yuan/ton, and 8,700 yuan/ton respectively [2] - **Mid - stream Market**: The current price ranges of LL in the East China, North China, and South China markets were 6,800 - 7,150 yuan/ton, 6,650 - 6,950 yuan/ton, and 6,800 - 7,150 yuan/ton respectively; for PP, they were 6,200 - 6,350 yuan/ton, 6,150 - 6,300 yuan/ton, and 6,250 - 6,450 yuan/ton respectively [2] News - On Friday (December 5th), the settlement price of West Texas Intermediate crude oil futures for January 2026 on the New York Mercantile Exchange was $60.08 per barrel, up $0.41 or 0.69% from the previous trading day, with a trading range of $59.42 - $60.50. The settlement price of Brent crude oil futures for February 2026 on the London Intercontinental Exchange was $63.75 per barrel, up $0.49 or 0.77% from the previous trading day, with a trading range of $63.06 - $64.09 [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Polyolefin futures declined slightly. On the spot market, prices of linear LL and拉丝 PP from Sinopec and PetroChina remained stable. Fundamentally, the overall operating rate of downstream demand is high, with demand steadily released. However, market sentiment is still affected by the weakness of crude oil and commodities as a whole. In the short term, the valuation of polyolefins is at a low level, and after the rebound, they generally maintain a low - level oscillation process. Future attention should be paid to marginal consumption, supply, and production scheduling levels [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 6776, 6829, and 6867 respectively, down -0.47%, -0.65%, and -0.67% from the day before the previous day. For PP, the corresponding prices were 6359, 6452, and 6482, down -0.36%, -0.40%, and -0.32%. - **Trading Volume**: The trading volumes of LL for January, May, and September contracts were 210139, 118193, and 1134 respectively. For PP, they were 206027, 87292, and 1646. - **Open Interest**: The open interests of LL for January, May, and September contracts were 386484, 269785, and 4453 respectively, with changes of -16226, 14989, and 180. For PP, they were 450199, 292556, and 17718, with changes of -9702, 10392, and 161. - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January were -53, -38, and 91 respectively, compared with -66, -39, and 105 previously. For PP, they were -93, -30, and 123, compared with -96, -25, and 121 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 2116 yuan/ton, 6065 yuan/ton, 583 dollars/ton, 5600 yuan/ton, 6150 yuan/ton, and 8700 yuan/ton respectively. - **Mid - stream**: In the LL market, the current prices in East China, North China, and South China were 6850 - 7250 yuan/ton, 6700 - 7000 yuan/ton, and 6900 - 7200 yuan/ton respectively. In the PP market, they were 6250 - 6400 yuan/ton, 6150 - 6300 yuan/ton, and 6300 - 6450 yuan/ton [2] News - On Thursday (December 4), the settlement price of West Texas Intermediate crude oil futures for January 2026 on the New York Mercantile Exchange was $59.67 per barrel, up $0.72 or 1.22% from the previous trading day, with a trading range of $58.81 - $60.02. The settlement price of Brent crude oil futures for February 2026 on the London Intercontinental Exchange was $63.26 per barrel, up $0.59 or 0.94%, with a trading range of $62.53 - $63.62 [2]

Group 1: Report Industry Investment Rating - Not provided Group 2: Report's Core View - Polyolefin futures rebounded slightly. Spot prices of linear LL and拉丝PP from Sinopec and PetroChina remained stable. The overall operating rate of the downstream demand side is at a high level, with demand steadily released. However, market sentiment is 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 the market may continue the low - level oscillation trend in the future [2] Group 3: Summary According to Relevant Catalogs Futures Market - **Price and Change**: For LL, the previous day's closing prices for January, May, and September contracts were 6793, 6845, and 6880 respectively, with price increases of 23, 14, and 3 and percentage increases of 0.34%, 0.20%, and 0.04% respectively. For PP, the corresponding closing prices were 6372, 6474, and 6519, with price increases of 15, 0, and 2 and percentage increases of 0.24%, 0.00%, and 0.03% respectively [2] - **Trading Volume and Open Interest**: The trading volumes of LL for January, May, and September contracts were 334461, 107016, and 1244 respectively, and the open interests were 497429, 176591, and 2688 respectively, with open interest changes of - 15317, 25839, and 129 respectively. For PP, the trading volumes were 374416, 95707, and 1999 respectively, and the open interests were 605178, 183032, and 10073 respectively, with open interest changes of - 21657, 21079, and 206 respectively [2] - **Spread**: The current spreads of LL for January - May, May - September, and September - January are - 52, - 35, and 87 respectively, compared with previous values of - 61, - 46, and 107. For PP, the current spreads are - 102, - 45, and 147 respectively, compared with previous values of - 117, - 43, and 160 [2] Spot Market - **Raw Materials and Products**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film are 2082 yuan/ton, 5925 yuan/ton, 561 dollars/ton, 5600 yuan/ton, 6160 yuan/ton, and 8700 yuan/ton respectively, with some price changes compared to the previous values [2] - **Mid - stream**: The current price ranges of LL in the East China, North China, and South China markets are 6900 - 7350 yuan/ton, 6800 - 7050 yuan/ton, and 7000 - 7400 yuan/ton respectively. For PP, the ranges are 6250 - 6450 yuan/ton, 6150 - 6350 yuan/ton, and 6350 - 6550 yuan/ton respectively, with some price changes compared to the previous values [2] Consumption Information - On Monday (November 24), the settlement price of WTI crude oil futures for January 2026 on the New York Mercantile Exchange was $58.84 per barrel, up $0.78 or 1.34% from the previous trading day, with a trading range of $57.42 - $59.06. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $63.37 per barrel, up $0.81 or 1.29% from the previous trading day, with a trading range of $61.94 - $63.56 [2]

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].