宏观政策面影响，丙烯上市偏强走势

Report Industry Investment Rating No relevant content provided Core Views of the Report - The market for both propylene and polyolefins is strongly influenced by the policy side, leading to a positive sentiment and higher prices. However, in the short term, the fundamentals of both industries show little change, and the supply - demand situation has not improved significantly. For propylene, the supply pressure is increasing, and the cost - side support is weak. For polyolefins, the supply pressure is large, the cost - side support is weak, and the terminal consumption is in the off - season [3] - The recommended trading strategies are: short - term long for single - side trading; PL01 - 05 reverse spread for inter - period trading; long PL2601 and short PP2509 for inter - variety trading [4] Summary According to the Directory 1. Propylene Basis Structure - The report includes figures on the closing price of the propylene main contract, the basis in East China and North China, the 01 - 05 contract, and the market prices in East China and Shandong [10][13][17] 2. Propylene Production Profit and Operating Rate - Figures cover the difference between China's CFR propylene and Japan's CFR naphtha, propylene capacity utilization rate, PDH production gross profit and capacity utilization rate, MTO production gross profit, and methanol - to - olefins capacity utilization rate [21][23][31] 3. Propylene Import and Export Profit - It contains figures on the price differences between South Korea's FOB, Japan's CFR, Southeast Asia's CFR and China's CFR, as well as propylene import profit [37][41] 4. Propylene Downstream Profit and Operating Rate - The report shows the production profits and operating rates of downstream products such as PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [44][55][62] 5. Propylene Inventory - Figures include propylene factory inventory and PP powder factory inventory [71] 6. Polyolefin Basis Structure - It has figures on the trends of plastic and polypropylene futures main contracts, and the basis between LL in East China and the main contract, and between PP in East China and the main contract [72][76] 7. Polyolefin Production Profit and Operating Rate - Figures involve the production profits (from crude oil and PDH) and operating rates of PE and PP, weekly production, and maintenance loss volumes [82][88][91] 8. Polyolefin Non - Standard Price Differences - It includes price differences such as HD injection molding - LL in East China, HD blow molding - LL in East China, etc., and PDH - made PP capacity utilization rate [94][101][102] 9. Polyolefin Import and Export Profit - The report shows the import and export profits of LL and PP, and the price differences between different regions' FOB/CFR and China's CFR [107][111][118] 10. Polyolefin Downstream Operating Rate and Profit - Figures cover the operating rates of PE downstream (agricultural film, packaging film, etc.) and PP downstream (plastic weaving, BOPP film, etc.), and the production gross profits of PP downstream plastic weaving and BOPP film [126][129][135] 11. Polyolefin Inventory - It includes the inventories of PE and PP in oil - based enterprises, coal - chemical enterprises, traders, and ports [137][141][144]