L&PP 日报 【银河期货】塑料 PP 每日早盘观察（25-11-07） 塑料 L 及 PP：PE&PP 环、同比增产 【市场情况】 L 塑料相关：L2601 合约报收 6802 点，下跌-3 点或-0.04%。LLDPE 市场价格延 续跌势。华北大区线性部分跌 20-80 元/吨；华东大区线性部分跌 20-70 元/吨；华南 大区线性部分跌 20-50 元/吨。国内 LLDPE 市场主流价格在 6780-7450 元/吨。线性 期货延续弱势，市场交投气氛清淡，石化企业下调部分出厂价格，贸易商跟跌让利出 货，下游询盘积极性减弱，部分逢低小单补仓，实盘成交有限。 PP 聚丙烯相关：PP2601 合约报收 6459 点，下跌-12 点或-0.19%。国内 PP 市 场弱势难改，部分牌号价格下行 30-50 元/吨。持货商心态转弱，报盘持续松动。下 游工厂受"恐跌"情绪主导，备货意愿低迷，采购更偏好低价货源，进一步拖累市场 成交价格，上午整体成交氛围偏弱。华北拉丝主流价格在 6220-6450 元/吨，华东拉 丝主流价格在 6330-6550 元/吨，华南拉丝主流价格在 6390-6550 元/吨。 【重要资讯】 ...

L&PP 日报 聚烯烃研发报告 【银河期货】塑料 PP 每日早盘观察（25-11-06） 塑料 L 及 PP：空单持有 【市场情况】 L 塑料相关：L2601 合约报收 6774 点，下跌-40 点或-0.59%。LLDPE 市场价格 延续弱势，幅度在 10-100 元/吨。线性期货低开震荡，挫伤交投气氛，部分出厂价格 下调，贸易商跟跌报盘，下游拿货积极性不高，小单补仓为主。华北大区 LLDPE 主 流成交价格在 6790-7050 元/吨，部分跌 10-50 元/吨。 PP 聚丙烯相关：PP2601 合约报收 6436 点，下跌-55 点或-0.85%。国内 PP 市 场持续弱势，部分下跌 30-80 元/吨。PP 期货震荡走低明显，进一步加重现货市场担 忧气氛。叠加部分生产企业下调价格，货源成本支撑减弱。贸易商积极出货为主，报 盘走低，市场低价货源增加明显。下游目前新单跟进有限，采购谨慎，市场成交多集 中在低价位，但整体成交量仍较为有限。 【逻辑分析】 10 月，国内制造业 PMI 回落至 49.0%，同比下滑-2.2%，连续 2 个月边际下滑， 利空橡塑单边。11 月至今，国内农林牧渔行业指数小幅回升至 ...

PP 聚丙烯相关：PP2601 合约报收 6546 点，下跌-30 点或-0.46%。PP 市场价格 偏弱整理，部分下跌 10-50 元/吨。PP 期货震荡走低令场内交投信心受挫，加之部分 石化厂价下调，成本支撑趋弱，持货商出货为主，报盘偏弱调整为主，下游接盘积极 性不高，场内现货交投偏弱。 【重要资讯】 援引 PUWORLD 消息：研究人员利用腐植酸加速聚氨酯微塑料降解，解决因 控释肥料导致的污染问题。控释肥料（CRF）因养分缓慢释放、提高肥料利用率而 广泛应用，但其残留聚氨酯膜层难以降解，会以微塑料形式进入土壤并积累，造成 污染。腐植酸能提升肥料利用效率、改良土壤结构、促进作物生长，且在微塑料降 解研究中表现出调控潜力，但其与聚氨酯微塑料的相互作用及机制尚不明确。山东 农业大学的研究人员发现，腐殖酸与控释肥料联合使用，可使作物增产 12.3%– 22.4%，并提升聚氨酯微塑料降解速率 34.3%–43.9%。 【逻辑分析】 9 月，国内载重汽车连续 2 个月增产至 33.4 万辆，同比增产+36.4%，连续 8 个月 边际增产，利多塑料单边。10 月，美国制造业 PMI 下滑至 48.7%，同比上涨+3. ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report comprehensively analyzes the market conditions, important information, logical analysis, and trading strategies of L plastic and PP polypropylene from September 19 to October 29, 2025. It provides investment suggestions based on various factors such as price trends, supply and demand, and macro - economic indicators. Summary by Related Catalogs Market Conditions - **L Plastic**: Prices showed partial fluctuations, with some regions experiencing price increases or decreases. Futures prices also fluctuated, affecting market sentiment and trading volume. For example, on October 29, L2601 closed at 6984 points, down 1 point or - 0.01% [1]. - **PP Polypropylene**: Market prices were mostly in a state of weak adjustment. Futures prices affected the spot market, and downstream demand was generally cautious. For instance, on October 29, PP2601 closed at 6664 points, up 7 points or + 0.11% [1]. Important Information - **Industry Policies**: The seven - department issued the "Petrochemical and Chemical Industry Steady Growth Work Plan (2025 - 2026)", aiming for an average annual increase of over 5% in industry added value and promoting high - end, green, and intelligent transformation [8][53]. - **Macroeconomic Data**: In the first three quarters, China's industrial production grew rapidly, and enterprise efficiency improved. Some industries and products achieved growth, and the export of industrial products accelerated [4]. - **International Events**: The US government shutdown led to a lack of official data, increasing the difficulty of decision - making for central banks in other countries [30]. Logical Analysis - **Supply - related Factors**: Factors such as production capacity utilization, net imports, and registered warehouse receipts affected the market. For example, as of August, the labor employment rate and resignation rate in the plastic products industry in Taiwan Province both increased, with the difference showing a narrowing increase, which was negative for polyolefin single - side trading [5]. - **Demand - related Factors**: Downstream demand, including the demand in the automotive, construction, and other industries, influenced the market. For example, the growth of the global plastic additive consumption was related to the output growth of plastic end - consumption fields [47]. - **Macroeconomic Indicators**: Macroeconomic indicators such as the EuroCoin index, PMI, and real estate data had an impact on the polyolefin market. For example, in September, the EuroCoin index strengthened for six consecutive months, which was positive for polyolefin single - side trading [5]. Trading Strategies - **Single - side Trading**: Strategies included holding long or short positions, or taking a wait - and - see approach. For example, on October 29, it was recommended to reduce long positions in L and PP [1]. - **Arbitrage Trading**: Most of the time, a wait - and - see approach was recommended. For example, on October 29, it was suggested to wait and see for arbitrage trading [2]. - **Options Trading**: Some contracts were recommended for selling or holding, with stop - loss settings. For example, on October 29, it was recommended to sell and hold the L2601 put 6800 contract and set a stop - loss at the recent high of 34.5 points [2].

L 塑料相关：L2601 合约报收 7004 点，下跌-33 点或-0.47%。LLDPE 市场 价格继续走软。华北大区线性部分跌 10-70 元/吨；华东大区线性部分跌 20-50 元/吨；华南大区线性部分跌 20-50 元/吨。国内 LLDPE 市场主流价格在 7000- 7680 元/吨。部分石化下调 LLDPE 出厂价，市场交投气氛疲软，商家出货不 畅，部分让利出货。终端订单跟进不足，接货积极性不高，多坚持随采随用，成 交侧重商谈。。 PP 聚丙烯相关：PP2601 合约报收 6697 点，下跌-25 点或-0.37%。国内 PP 市场继续弱行，跌幅在 20-50 元/吨。PP 期货夜盘走弱，加之成本以及外围 关税等消息面影响现货市场心态，持货商信心受挫，报盘重心下滑，场内低价频 现。因日内暂无期货参考，下游工厂多持观望心态，日内实盘成交偏弱于昨 日。。 【重要资讯】 援引商务部新闻发言人就近期中方相关经贸政策措施情况答记者问：10 月 9 日，中方依法对部分稀土物项实施出口管制，已提前通报各方，对合规民用申请将 予许可，旨在履行防扩散义务、维护和平，对供应链影响有限。美方 10 日宣布对 华加征 1 ...