需求延续弱势，压制反弹空间

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The demand continues to be weak, suppressing the rebound space. For PE, the supply is high, the demand is in the off - season, the inventory is accumulating, and the price is suppressed by the supply - demand contradiction. For PP, the short - term supply - demand fundamentals have limited variables, the demand is weak, and the short - term rebound drive is limited. The current cost and supply - demand contradictions are in a game, and the upward drive is insufficient, so the expected rebound height is limited [1][2][3][4] Group 3: Summary by Directory 1. Polyolefin Basis Structure - L主力合约收盘价为6461元/吨（+8），PP主力合约收盘价为6321元/吨（+47），LL华北现货为6280元/吨（-20），LL华东现货为6400元/吨（+0），PP华东现货为6150元/吨（+10），LL华北基差为-181元/吨（-28），LL华东基差为-61元/吨（-8），PP华东基差为-171元/吨（-37） [1] 2. Production Profit and Operating Rate - PE开工率为82.6%（-1.2%），PP开工率为76.9%（-2.5%）。PE油制生产利润为-24.2元/吨（-97.9），PP油制生产利润为-524.2元/吨（-97.9），PDH制PP生产利润为-793.1元/吨（+55.3） [1] 3. Polyolefin Non - Standard Price Difference - Not provided in the content 4. Polyolefin Import and Export Profits - LL进口利润为90.6元/吨（-0.3），PP进口利润为-380.2元/吨（-84.6），PP出口利润为-18.7美元/吨（+0.0） [1] 5. Polyolefin Downstream Operating Rate and Downstream Profits - PE下游农膜开工率为43.9%（-1.3%），PE下游包装膜开工率为48.2%（-0.7%），PP下游塑编开工率为43.7%（-0.3%），PP下游BOPP膜开工率为63.2%（+0.0%） [1] 6. Polyolefin Inventory - Not provided in the content Group 4: Strategies - Unilateral: Wait and see. Currently, there is a game between the cost side and the supply - demand contradiction. With insufficient upward drive, the expected rebound height may be limited. - Inter - period: None - Inter - variety: Short the spread of L05 - PP05 when it is high [4]