成本端扰动加强，盘面延续反弹

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PE, short - term sentiment boost and cost - end disturbances drive the market to stop falling and rebound, but the improvement of supply - demand fundamentals is still limited. The supply pressure increases due to new production and expected increase in low - priced imports, while the demand is weak as it is in the off - season, and the de - stocking pressure remains [3]. - For PP, short - term market sentiment improvement, supply - side reduction expectations and cost - end support drive the price to stop falling and rebound. However, there are still supply - demand contradictions, and the short - term rebound space is expected to be limited due to insufficient demand improvement [4]. Summary by Directory 1. Polyolefin Basis Structure - The L main contract closed at 6579 yuan/ton (+130), the PP main contract closed at 6423 yuan/ton (+93). LL North China spot was 6370 yuan/ton (-30), LL East China spot was 6490 yuan/ton (+10), PP East China spot was 6220 yuan/ton (+30). LL North China basis was - 209 yuan/ton (-160), LL East China basis was - 89 yuan/ton (-120), and PP East China basis was - 203 yuan/ton (-63) [1] 2. Production Profit and Operating Rate - PE operating rate was 83.2% (+0.6%), and PP operating rate was 76.7% (-0.1%). PE oil - based production profit was 84.0 yuan/ton (+19.5), PP oil - based production profit was - 446.0 yuan/ton (+19.5), and PDH - based PP production profit was - 791.6 yuan/ton (+37.2) [1] 3. Polyolefin Non - standard Price Difference - Not provided in the content 4. Polyolefin Import and Export Profits - LL import profit was 189.1 yuan/ton (+89.8), PP import profit was - 311.0 yuan/ton (+40.1), and PP export profit was - 27.4 US dollars/ton (-5.1) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profits - PE downstream agricultural film operating rate was 39.0% (-4.9%), PE downstream packaging film operating rate was 48.4% (+0.2%), PP downstream plastic weaving operating rate was 43.1% (-0.6%), and PP downstream BOPP film operating rate was 63.2% (+0.0%) [2] 6. Polyolefin Inventory - Not provided in the content