宏观利好带动聚烯烃盘面小幅走强

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: 09 - 01 reverse spread; Inter - variety: None [3] Core View - The Sino - US economic and trade talks declared a 90 - day suspension of the 24% tariff. Under the macro - positive news, the market sentiment is optimistic, and the futures market has a slight increase. PE's supply is recovering, while PP's future supply pressure is large. The inventory in the upstream and mid - stream of polyolefins has accumulated. The cost - side support is weak, and the downstream agricultural film's operating rate continues to rise [2] Summary by Directory 1. Polyolefin Basis Structure - L主力合约收盘价为7329元/吨（+15），PP主力合约收盘价为7091元/吨（-4），LL华北现货为7250元/吨（+30），LL华东现货为7280元/吨（+0），PP华东现货为7040元/吨（+0），LL华北基差为-79元/吨（+15），LL华东基差为-49元/吨（-15），PP华东基差为-51元/吨（+4） [1] 2. Production Profit and Operating Rate - PE开工率为84.1%（+3.0%），PP开工率为77.3%（+0.4%）；PE油制生产利润为368.6元/吨（-5.1），PP油制生产利润为-111.4元/吨（-5.1），PDH制PP生产利润为225.1元/吨（+17.0） [1] 3. Polyolefin Non - standard Price Difference - No relevant detailed data provided 4. Polyolefin Import and Export Profits - LL进口利润为-74.1元/吨（-2.7），PP进口利润为-508.6元/吨（-2.8），PP出口利润为30.6美元/吨（+0.3） [1] 5. Polyolefin Downstream Operating Rate and Downstream Profits - PE下游农膜开工率为13.1%（+0.4%），PE下游包装膜开工率为49.3%（+0.6%），PP下游塑编开工率为41.1%（+0.0%），PP下游BOPP膜开工率为60.8%（+0.0%） [1] 6. Polyolefin Inventory - Polyolefin upstream and mid - stream inventories have accumulated, but no specific inventory data provided [2]