供需宽松延续，盘面反弹乏力

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The supply-demand situation remains loose, and the market rebound is weak. The overall start - up of propylene has slightly increased, and the start - up of some downstream products has recovered, but downstream resistance to high - priced raw materials exists. The cost side has uncertainties, and the rebound space of the market is limited [1][2][3] Summary by Directory I. 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 [6][8][10] II. Propylene Production Profit and Capacity Utilization Rate - Figures cover the difference between China CFR propylene and Japan CFR naphtha, propylene capacity utilization rate, PDH production gross profit, PDH capacity utilization rate, MTO production gross profit, methanol - to - olefin capacity utilization rate, naphtha cracking production gross profit, and crude oil main refinery capacity utilization rate [16][18][21] III. Propylene Import and Export Profit - Relevant figures are the difference between South Korea FOB and China CFR, Japan CFR and China CFR, Southeast Asia CFR and China CFR, and propylene import profit [32][34] IV. Propylene Downstream Profit and Capacity Utilization Rate - Figures include the production profit and capacity utilization rate of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - ketone [40][41][48] V. Propylene Inventory - Relevant figures are the in - plant inventory of propylene and PP powder [66]