上游原油拖累，聚烯烃偏弱运行

Report Industry Investment Rating - The rating for plastics is cautiously bearish, and there is no recommendation for inter - period strategies [3] Core View - Affected by the decline in upstream crude oil, polyolefins are operating weakly. The increase in propane import tariffs will pressure the cost of PDH - made PP, and some PDH devices have temporarily shut down. New polyolefin devices are continuously being put into production, and the inventory of existing devices under maintenance is at a high level, alleviating supply pressure. The downstream demand for polyolefins is weak, and the overall inventory is being depleted [1][2] Summary by Directory 1. Polyolefin Basis Structure - L主力合约收盘价为6987元/吨（-96），PP主力合约收盘价为6995元/吨（-46），LL华北现货为7320元/吨（-10），LL华东现货为7330元/吨（-50），PP华东现货为7200元/吨（-80），LL华北基差为333元/吨（+86），LL华东基差为343元/吨（+46），PP华东基差为205元/吨（-34） [1] 2. Production Profit and Operating Rate - PE开工率为84.4%（+0.6%），PP开工率为74.4%（-1.1%）；PE油制生产利润为659.2元/吨（+88.4），PP油制生产利润为319.2元/吨（+88.4），PDH制PP生产利润为 - 677.0元/吨（-10.0） [1] 3. Polyolefin Non - Standard Price Difference - Not mentioned in the provided content 4. Polyolefin Import and Export Profits - LL进口利润为 - 152.3元/吨（+0.0），PP进口利润为 - 340.1元/吨（-10.0），PP出口利润为20.2美元/吨（+1.2） [1] 5. Polyolefin Downstream Operating Rate and Downstream Profits - PE下游农膜开工率为23.4%（-2.7%），PE下游包装膜开工率为47.9%（-1.0%），PP下游塑编开工率为45.0%（-0.3%），PP下游BOPP膜开工率为61.7%（-0.1%） [1] 6. Polyolefin Inventory - PE生产企业库存总量季节性偏低，PP库存压力尚可，整体库存维持去化 [2]