现货相对抗跌，盘面延续回落

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The spot market for propylene is relatively resistant to decline, while the futures market continues to fall. The overall supply of propylene remains high, with the restart of some PDH plants and the potential increase in commodity sales volume. The downstream demand has weakened, and the cost side is also under pressure due to the decline in international oil prices and coal prices. In the short term, the market is expected to be weak and volatile, with a wait - and - see strategy recommended [1][2][3] 3. Summary by Relevant Catalog 3.1 Propylene Basis Structure - The propylene basis structure is presented through figures including the closing price of the propylene main contract, the East China basis, the North China basis, the 01 - 05 contract, the East China market price, and the Shandong market price [6][8][10] 3.2 Propylene Production Profit and Capacity Utilization Rate - Figures show the difference between China's propylene CFR and Japan's naphtha CFR, propylene capacity utilization rate, PDH production gross profit and capacity utilization rate, MTO production gross profit, methanol - to - olefins capacity utilization rate, and naphtha cracking production gross profit [15][17][20] 3.3 Propylene Import and Export Profit - The report presents the differences 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 the propylene import profit [30][34] 3.4 Propylene Downstream Profit and Capacity Utilization Rate - The downstream profit and capacity utilization rate of propylene are analyzed through figures of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone, including their production profits and capacity utilization rates [36][37][38] 3.5 Propylene Inventory - Figures show the propylene inventory in the factory and the PP powder inventory in the factory [61][62]