新装置投产在即，上游库存累库

Report Industry Investment Rating - Not provided Core Viewpoints - The second - phase 900,000 - ton/year PP new device of Daxie Petrochemical, with a postponed initial plan, is now scheduled to be put into production around August 23 - 24. In the long - term, there is significant pressure from new PP capacity. Downstream factory start - up rates are rising slowly, inventory transfer is sluggish, and upstream inventory is accumulating. Cost - side support is weak, and the demand side is in the transition period between peak and off - peak seasons [2] Summary by Relevant Catalogs 1. Polyolefin Basis Structure - Figures include the trend of the plastic futures main contract, LL East China - main contract basis, the trend of the polypropylene futures main contract, and PP East China - main contract basis [8][11] 2. Production Profit and Start - up Rate - Figures cover LL production profit (crude oil - based), PE start - up rate, PP production profit (crude oil - based), PP production profit (PDH - based), PP start - up rate, PE weekly output, PE maintenance loss, PP weekly output, PP maintenance loss, and PDH - based PP capacity utilization rate [20][21][29] 3. Polyolefin Non - Standard Price Difference - Figures involve HD injection molding - LL East China, HD blow molding - LL East China, HD film - LL East China, LD East China - LL, PP low - melt copolymer - drawn wire East China, and PP homopolymer injection molding - drawn wire East China [28][35][36] 4. Polyolefin Import and Export Profit - Figures include LL import profit, LL US Gulf FOB - China CFR, LL Southeast Asia CFR - China CFR, LL Europe FD - China CFR, PP import profit, PP export profit (to Southeast Asia), PP homopolymer injection molding US Gulf FOB - China CFR, PP homopolymer injection molding Southeast Asia CFR - China CFR, PP homopolymer injection molding Northwest Europe FOB - China CFR, and LL export profit [42][47][54] 5. Polyolefin Downstream Start - up and Downstream Profit - Figures show PE downstream agricultural film start - up rate, PE downstream packaging film start - up rate, PE downstream stretch film - LL - 2300, PP downstream woven bag start - up rate, PP downstream BOPP start - up rate, PP downstream injection molding start - up rate, PP downstream woven bag production gross profit, and PP downstream BOPP production gross profit [63][64][74] 6. Polyolefin Inventory - Figures display PE oil - based enterprise inventory, PE coal - chemical enterprise inventory, PE trader inventory, PE port inventory, PP oil - based enterprise inventory, PP coal - chemical enterprise inventory, PP trader inventory, and PP port inventory [73][79][84]