能源化工周报：塑料-20250728

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core View Recently, there are many restarted plants, resulting in a slight increase in supply. However, the demand side is more cautious, and the procurement intensity has slowed down. The demand of downstream factories remains in the off - season, with a low operating rate, and the restocking intensity may remain weak. Secondly, the capacity utilization rate has increased, and the supply has gradually returned. Inventory accumulation is expected next week [6]. Summary by Directory 1. Supply - PE production enterprise operating rate is 78.97%, with a month - on - month increase of 0.97%; PE weekly output is 61.51 tons, with a month - on - month increase of 0.96% [9]. 2. Demand - PE downstream weighted operating rate shows a seasonal decline, with a downstream weighted operating rate of 38.42%, a month - on - month decrease of 0.23% [9]. 3. Inventory - This week, PE enterprise inventory is 50.29 tons, a month - on - month decrease of 4.99%; social inventory is 55.84 tons, a month - on - month increase of 4.06% [9]. 4. Upstream and Cost - No specific summary data about upstream and cost are provided other than some related charts about ethylene production and downstream operating rate. 5. Price and Profit - This week, the PE spot price increased by 0.50% month - on - month to 7412 yuan/ton, and the PE futures price increased by 3.25% month - on - month to 7456 yuan/ton [9]. 6. Basis and Spread - The basis is - 43; the (9 - 1) spread is - 48 [9].