供应端持续增量，需求延续低迷

1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The supply side of propylene continues to increase while the demand remains sluggish. The overall propylene start - rate continues to be high, with the restart of Shandong Binhua's PDH unit and potential new capacity release from Lianhong's MTO. The downstream overall start - rate weakens due to profit pressure and resistance to high - price raw materials. The cost side has mixed trends, with weak international oil prices and strong propane prices [1][2] - In terms of strategies, it is recommended to take a wait - and - see approach. The supply - demand situation is continuously loose with insufficient driving forces, and the short - term trend is mainly weak and volatile, waiting for marginal device maintenance [3] 3. Summary According to the Directory 3.1 Propylene Basis Structure - Propylene's main contract closing price is 5749 yuan/ton (+11), the East China spot price is 5975 yuan/ton (+0), the North China spot price is 6090 yuan/ton (+0), the East China basis is 226 yuan/ton (-11), and the North China basis is 140 yuan/ton (+9) [1] 3.2 Propylene Production Profit and Start - rate - Propylene's start - rate is 74% (+0%). The production profit margins of different production methods and the corresponding capacity utilization rates are involved in the report, such as the profit margin and capacity utilization of PDH, MTO, and naphtha cracking [1] 3.3 Propylene Import and Export Profit - The import profit is - 361 yuan/ton (-25), and there are also data on the price difference between South Korea's FOB and China's CFR [1] 3.4 Propylene Downstream Profit and Start - rate - PP powder start - rate is 40% (-0.93%), production profit is - 330 yuan/ton (+0); epoxy propane start - rate is 76% (+0), production profit is 82 yuan/ton (+0); n - butanol start - rate is 69% (-6%), production profit is 412 yuan/ton (+0); octanol start - rate is 77% (+1), production profit is 693 yuan/ton (+0); acrylic acid start - rate is 80% (+2), production profit is 408 yuan/ton (-25); acrylonitrile start - rate is 81% (+0), production profit is - 730 yuan/ton (-39); phenol - ketone start - rate is 80% (-3%), production profit is - 952 yuan/ton (+0) [1] 3.5 Propylene Inventory - The in - plant inventory of propylene is 45,960 tons (-1930) [1]