聚烯烃日报：供需矛盾难改善，延续低位整理-20251120

Report Industry Investment Rating No information provided on the industry investment rating. Core View The report suggests that the supply - demand contradiction in the polyolefin market is difficult to improve, and the market will continue to consolidate at a low level. Both PE and PP are expected to maintain a weak and volatile pattern in the short term, with prices under long - term pressure [1][2][3]. Summary by Directory 1. Polyolefin Basis Structure - L主力合约收盘价为6833元/吨（+48），PP主力合约收盘价为6434元/吨（+42），LL华北现货为6820元/吨（-20），LL华东现货为7000元/吨（+100），PP华东现货为6450元/吨（-30），LL华北基差为 - 13元/吨（-68），LL华东基差为167元/吨（+52），PP华东基差为16元/吨（-72） [1] 2. Production Profit and Operating Rate - PE开工率为83.1%（+0.5%），PP开工率为79.6%（+1.8%）；PE油制生产利润为178.2元/吨（-3.2），PP油制生产利润为 - 481.8元/吨（-3.2），PDH制PP生产利润为 - 354.4元/吨（-75.7） [1] 3. Polyolefin Non - Standard Price Difference No specific data analysis provided in the given text. 4. Polyolefin Import and Export Profits - LL进口利润为28.5元/吨（+49.2），PP进口利润为 - 177.6元/吨（-0.7），PP出口利润为 - 4.3美元/吨（+0.1） [1] 5. Polyolefin Downstream Operating Rate and Downstream Profits - PE下游农膜开工率为50.0%（+0.0%），PE下游包装膜开工率为50.4%（-0.4%），PP下游塑编开工率为44.2%（-0.2%），PP下游BOPP膜开工率为62.6%（+0.2%） [1] 6. Polyolefin Inventory No specific data analysis provided in the given text. Strategies - Unilateral: Wait and see; short - term shock pattern, medium - and long - term prices remain under pressure. - Inter - period: Reverse spread for L01 - 05 and PP01 - 05 when prices are high. - Inter - variety: None [4]