宏观利好消化，盘面回调整理

Report Industry Investment Rating - Unilateral: Neutral; Inter - term: 09 - 01 reverse spread; Cross - variety: None [3] Core View of the Report - The previous macro - level positive factors have been digested, market sentiment has weakened, and the trading atmosphere is poor. The polyolefin market has entered a correction phase. The upstream petrochemical plants are in the maintenance season, with high maintenance losses, which eases the market supply pressure and leads to a slight reduction in production inventory. The international oil price and propane price are weakly sorted. The production profit of PDH - made PP is acceptable, and its开工 rate is relatively high, while the cost - side support is weak. Downstream demand remains in the seasonal off - season, with the start - up of agricultural film at the bottom and rising, the start - up of plastic weaving decreasing, and other downstream starts remaining stable, mainly for rigid - demand procurement [2] Summary by Relevant Catalogs Market News and Important Data - Prices and Basis: The closing price of the L main contract is 7350 yuan/ton (- 37), the closing price of the PP main contract is 7118 yuan/ton (- 27), the LL spot price in North China is 7290 yuan/ton (- 10), the LL spot price in East China is 7370 yuan/ton (+ 0), the PP spot price in East China is 7080 yuan/ton (- 20), the LL basis in North China is - 60 yuan/ton (+ 27), the LL basis in East China is 20 yuan/ton (+ 37), and the PP basis in East China is - 38 yuan/ton (+ 7) [1] - Upstream Supply: The PE start - up rate is 81.1% (+ 2.1%), and the PP start - up rate is 76.9% (+ 0.0%) [1] - Production Profits: The PE oil - made production profit is - 44.6 yuan/ton (- 35.4), the PP oil - made production profit is - 554.6 yuan/ton (- 35.4), and the PDH - made PP production profit is 432.7 yuan/ton (+ 0.7) [1] - Imports and Exports: The LL import profit is 23.3 yuan/ton (+ 21.0), the PP import profit is - 441.0 yuan/ton (+ 44.2), and the PP export profit is 22.3 US dollars/ton (- 10.1) [1] - Downstream Demand: The PE downstream agricultural film start - up rate is 12.6% (+ 0.0%), the PE downstream packaging film start - up rate is 48.7% (+ 0.6%), the PP downstream plastic weaving start - up rate is 41.1% (- 0.1%), and the PP downstream BOPP film start - up rate is 60.8% (+ 0.0%) [1] Market Analysis - The previous macro - level positive factors have been digested, and the market sentiment has weakened. Polyolefin markets are in a correction phase due to the high maintenance losses during the upstream petrochemical plant maintenance season, which eases supply pressure with a slight reduction in production inventory. The cost - side support is weak, and downstream demand is in the seasonal off - season [2] Strategy - Unilateral: Neutral; Inter - term: 09 - 01 reverse spread; Cross - variety: None [3]