供应端压力增加，限制盘面反弹高度

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Supply - side pressure restricts the rebound height of the propylene market. The overall propylene production remains high, and the supply is loose. Demand recovery is limited due to cost pressure on downstream industries. Although the cost - side support has strengthened recently, the short - term rebound of the market driven by sentiment may be limited [2][3] 3. Summary According to Relevant Catalogs 3.1 Propylene Basis Structure - The propylene basis structure involves various data such as the closing price of the propylene main contract, East China basis, Shandong basis, and contract spreads (PL01 - 03, PL03 - 05). The closing price of the propylene main contract is 5772 yuan/ton (+14), the East China basis is 78 yuan/ton (-14), and the North China basis is - 260 yuan/ton (-75) [1][7][11] 3.2 Propylene Production Profit and Capacity Utilization - The propylene capacity utilization rate is 75% (+1%). Different production methods have different profit situations, such as PDH production, MTO production, and naphtha cracking production. The import profit is - 388 yuan/ton (+7) [1][21][24] 3.3 Propylene Downstream Profit and Capacity Utilization - Different downstream products have different capacity utilization and profit changes. For example, PP powder capacity utilization is 37% (-0.20%) with a production profit of 25 yuan/ton (+0); epoxy propane capacity utilization is 74% (-2%) with a production profit of 372 yuan/ton (+230); etc [1] 3.4 Propylene Inventory - The propylene plant - level inventory is 46010 tons (-550), and there is also data on PP powder plant - level inventory [1][68]