下游整体开工小幅回升，但供应压力持续

Report Summary 1. Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The overall downstream start - up has slightly increased, but the supply pressure persists. The supply of propylene remains in a loose pattern, and the downstream demand support is limited. In the short term, it is expected to fluctuate weakly, and one should wait for marginal device maintenance [1][2][3]. 3. Summary by Directory I. Propylene Basis Structure - Propylene's main contract closing price is 5770 yuan/ton (+26), the East China spot price is 5925 yuan/ton (-50), the North China spot price is 5955 yuan/ton (-60), the East China basis is 155 yuan/ton (-76), and the North China basis is -22 yuan/ton (-100) [1]. II. Propylene Production Profit and Capacity Utilization Rate - Propylene capacity utilization rate is 74% (+0%), China's propylene CFR - Japan's naphtha CFR is 217 US dollars/ton (+3), and the import profit is -343 yuan/ton (-2) [1]. III. Propylene Import and Export Profit - The report mentions the import profit of propylene is -343 yuan/ton (-2), but there is no other detailed information on import and export profit [1]. IV. Propylene Downstream Profit and Capacity Utilization Rate - PP powder: Capacity utilization rate is 37% (-2.62%), production profit is -155 yuan/ton (+60) [1]. - Epoxy propane: Capacity utilization rate is 76% (+0%), production profit is -276 yuan/ton (-30) [1]. - N - butanol: Capacity utilization rate is 78% (+9%), production profit is 146 yuan/ton (+37) [1]. - Octanol: Capacity utilization rate is 82% (+5%), production profit is 540 yuan/ton (+43) [1]. - Acrylic acid: Capacity utilization rate is 79% (+0%), production profit is 376 yuan/ton (+18) [1]. - Acrylonitrile: Capacity utilization rate is 81% (+0%), production profit is -643 yuan/ton (+41) [1]. - Phenol - acetone: Capacity utilization rate is 76% (-4%), production profit is -927 yuan/ton (+25) [1]. V. Propylene Inventory - The propylene plant inventory is 46,560 tons (+600) [1].