供需逐步收紧，价格延续偏强

Industry Investment Rating - Not provided in the given content Core Viewpoints - The supply and demand of propylene are gradually tightening, and the price continues to be strong. The supply pressure of the propylene market is expected to be alleviated stage - by - stage due to the planned maintenance of PDH and MTO units. The downstream demand has a rigid support, and the cost - side support has rebounded. With the marginal improvement of supply and demand and emotional boost, the propylene price continues to be strongly sorted. It is recommended to cautiously go long on a hedging basis, waiting for the implementation of marginal unit maintenance [1][2] Summary by Directory 1. Propylene Basis Structure - The propylene basis structure part involves figures such as the closing price of the propylene main contract, the East China basis of propylene, the Shandong basis of propylene, the spread between the 03 - 04 contracts of propylene, the spread between the PL03 - 05 contracts, and the market prices of propylene in East China, Shandong, and South China [3][4][5] 2. Propylene Production Profit and Operating Rate - This part includes figures on the difference between propylene CFR in China and naphtha CFR in Japan, propylene production capacity utilization rate, PDH production gross profit of propylene, PDH production capacity utilization rate of propylene, MTO production gross profit of propylene, methanol - to - olefins production capacity utilization rate, propylene naphtha cracking production gross profit, crude oil main refinery production capacity utilization rate, the difference between South Korea FOB and China CFR, and propylene import profit [3][4][19] 3. Propylene Downstream Profit and Operating Rate - It covers figures related to the production profit and operating rate of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [3][4][37] 4. Propylene Inventory - This section involves figures on propylene factory inventory and PP powder factory inventory [3][4][60]