现货延续上探，盘面仍是震荡格局

Report Investment Rating - Unilateral: Neutral; no rating for inter - period and cross - variety [3] Core View - The spot market for propylene continued a slight upward trend due to increased downstream replenishment enthusiasm, but the cost - side support weakened as crude oil prices fluctuated downward and propane prices followed suit. Supply was tightened by PDH maintenance, which supported prices in the short term, but the upside was limited due to pressured downstream profits. Downstream demand showed an overall increase, with short - term support but uncertain sustainability [1][2] Summary by Directory 1. Propylene Basis Structure - Relevant figures include the closing price of the propylene main contract, East China basis, North China basis, 01 - 05 contract, East China market price, and Shandong market price [7][10][12] 2. Propylene Production Profit and Operating Rate - Figures cover the difference between China's propylene CFR and Japan's naphtha CFR, propylene capacity utilization rate, PDH production gross profit, PDH capacity utilization rate, MTO production gross profit, methanol - to - olefins capacity utilization rate, propylene naphtha cracking production gross profit, and crude oil refinery capacity utilization rate [18][20][28] 3. Propylene Import and Export Profit - Figures involve the difference between South Korea's FOB and China's CFR, Japan's CFR and China's CFR, Southeast Asia's CFR and China's CFR, and propylene import profit [35][39] 4. Propylene Downstream Profit and Operating Rate - Figures include PP powder production profit and operating rate, propylene oxide production profit and operating rate, n - butanol production profit and capacity utilization rate, octanol production profit and capacity utilization rate, acrylic acid production profit and capacity utilization rate, acrylonitrile production profit and capacity utilization rate, and phenol - acetone production profit and capacity utilization rate [42][56][64] 5. Propylene Inventory - Figures are about propylene factory inventory and PP powder factory inventory [69]