宏观提振延续，聚烯烃偏强整理

Report Industry Investment Rating - Unilateral: Neutral; Inter-period: None [3] Core View of the Report - The macroeconomic boost continues, the commodity atmosphere is slightly pushed up, international oil prices and propane prices have slightly increased, and the cost support for polyolefins has strengthened [2] - Some previously overhauled plants have restarted, leading to higher capacity utilization and increased domestic supply, with Zhenhai Refining & Chemical's 500,000-ton/year PP Line 4 successfully put into production [2] - The terminal industry is still in the off-season, with the agricultural film industry operating at a low level and other terminal industries maintaining weak operations. There are no signs of improvement in downstream demand, and factory operations remain at a low level, intensifying the expected supply-demand contradiction [2] Summary by Relevant Catalog I. Polyolefin Basis Structure - L主力合约收盘价为7284元/吨（-4），PP主力合约收盘价为7074元/吨（+2），LL华北现货为7190元/吨（+20），LL华东现货为7300元/吨（+0），PP华东现货为7120元/吨（+0），LL华北基差为-94元/吨（+24），LL华东基差为16元/吨（+4），PP华东基差为46元/吨（-2） [1] II. Production Profit and Operating Rate - PE开工率为79.5%（+3.0%），PP开工率为77.4%（-1.9%） [1] - PE油制生产利润为212.3元/吨（-154.6），PP油制生产利润为-207.7元/吨（-154.6），PDH制PP生产利润为243.3元/吨（-10.4） [1] III. Polyolefin Non-standard Price Difference - No specific data provided in the given text IV. Polyolefin Import and Export Profits - LL进口利润为-99.6元/吨（-1.2），PP进口利润为-538.3元/吨（-1.3），PP出口利润为28.3美元/吨（+0.2） [1] V. Polyolefin Downstream Operating Rate and Downstream Profits - PE下游农膜开工率为12.1%（-0.3%），PE下游包装膜开工率为48.4%（+0.5%），PP下游塑编开工率为43.2%（-0.4%），PP下游BOPP膜开工率为60.4%（+0.0%） [1] VI. Polyolefin Inventory - No specific data provided in the given text