成本端推动，聚烯烃延续走高

Report Industry Investment Rating - The investment rating for the polyolefin industry is neutral for unilateral trading, and there is no rating for inter - period trading [3] Core Viewpoints - Tensions between Israel and Iran have escalated, causing a significant increase in international oil prices. This has strengthened the cost support for polyolefins. PE's supply remains high as some previously - shut - down plants have resumed operation, while PP's supply pressure is large due to the return of shut - down plants. The upstream inventory reduction is limited. In the seasonal off - season, downstream demand is weak, mainly driven by rigid demand from end - users. Although the agricultural film industry has bottomed out, it is still at a low level, and demand is not sufficient to drive the market. PDH - based PP production is in the red, with new and extended plant shutdowns, providing strong cost support for PP [1][2] Summary by Directory 1. Polyolefin Basis Structure - L主力合约收盘价为7338元/吨（+80），PP主力合约收盘价为7133元/吨（+44），LL华北现货为7300元/吨（+100），LL华东现货为7350元/吨（+100），PP华东现货为7180元/吨（+30），LL华北基差为 - 38元/吨（+20），LL华东基差为12元/吨（+20），PP华东基差为47元/吨（ - 14） [1] 2. Production Profit and Operating Rate - PE开工率为79.2%（+1.8%），PP开工率为78.6%（+1.6%）；PE油制生产利润为 - 244.8元/吨（ - 295.9），PP油制生产利润为 - 584.8元/吨（ - 295.9），PDH制PP生产利润为33.4元/吨（+97.2） [1] 3. Non - standard Price Spread of Polyolefins - No specific data provided in the given text 4. Import and Export Profits of Polyolefins - LL进口利润为 - 205.0元/吨（ - 12.8），PP进口利润为 - 352.7元/吨（+62.1），PP出口利润为6.7美元/吨（ - 7.6） [1] 5. Downstream Operating Rate and Downstream Profits of Polyolefins - PE下游农膜开工率为12.4%（ - 0.5%），PE下游包装膜开工率为48.4%（ - 0.5%），PP下游塑编开工率为44.4%（ - 0.3%），PP下游BOPP膜开工率为60.4%（+0.0%） [1] 6. Polyolefin Inventory - No specific data provided in the given text