聚烯烃日报：延续基本面交易，聚烯烃弱稳为主-20250718

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: 09 - 01 reverse spread; Inter - variety: Short coal - based profit [3] Core View - The polyolefin market continues fundamental trading, with weak and stable prices. During the upstream petrochemical plant maintenance season, the number of maintenance enterprises increases slightly, capacity utilization decreases, and new capacity continues to be released, so the overall supply maintains an increasing trend. Enterprises' inventory accumulates, and the destocking rate is slow. Downstream demand remains in the off - season, the terminal operating rate remains low, and the overall operating rate changes little. Purchases are mainly for rigid demand, and there is little hope for improvement in the short term. International oil prices and propane prices continue to be weak, and are expected to remain weak, with weak cost support, and PDH - made PP profit remains slightly profitable [1][2] Summary by Directory 1. Polyolefin Basis Structure - L主力合约收盘价为7215元/吨（+1），PP主力合约收盘价为7020元/吨（+7），LL华北现货为7150元/吨（-10），LL华东现货为7190元/吨（-30），PP华东现货为7070元/吨（-10），LL华北基差为 - 65元/吨（-11），LL华东基差为 - 25元/吨（-31），PP华东基差为50元/吨（-17） [1] 2. Production Profit and Operating Rate - PE开工率为78.2%（+0.4%），PP开工率为77.3%（+0.7%）；PE油制生产利润为171.7元/吨（+4.6），PP油制生产利润为 - 208.3元/吨（+4.6），PDH制PP生产利润为301.8元/吨（+56.9） [1] 3. Polyolefin Non - Standard Price Difference - No specific data provided in the given text 4. Polyolefin Import and Export Profit - LL进口利润为 - 101.2元/吨（+76.3），PP进口利润为 - 672.8元/吨（+0.0），PP出口利润为34.2美元/吨（+0.0） [1] 5. Polyolefin Downstream Operating Rate and Downstream Profit - PE下游农膜开工率为12.5%（-0.2%），PE下游包装膜开工率为48.6%（+0.5%），PP下游塑编开工率为41.4%（-0.6%），PP下游BOPP膜开工率为60.8%（+0.2%） [1] 6. Polyolefin Inventory - No specific data provided in the given text