供应端持续缩量，丙烯价格延续偏强

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Supply-side PDH device maintenance information keeps releasing, leading to a phased tightening of propylene supply and expected alleviation of supply pressure. Demand-side downstream rigid demand persists, but demand follow-up may be limited after price hikes. Cost-side raw material cost support remains. Under the improvement of supply and demand and sentiment boost, propylene prices continue to be strong. Follow-up attention should be paid to cost changes and PDH device maintenance implementation [3]. - For the strategy, it is recommended to cautiously buy on dips for hedging. The supply and demand structure has slightly improved, but the easing of geopolitical disturbances has caused oil prices to fall from highs, and the short-term upward trend of the propylene market may slow down [4]. Summary by Directory 1. Propylene Basis Structure - Propylene basis structure is presented through figures such as the closing price of the propylene main contract, East China basis, Shandong basis, 03 - 04 contract spread, and PL03 - 05 contract spread, as well as market prices in East China, Shandong, and South China [7][12][15] 2. Propylene Production Profit and Operating Rate - Propylene production profit and operating rate are shown in figures including the difference between China's CFR propylene and Japan's CFR naphtha, propylene capacity utilization rate, PDH production gross profit, PDH capacity utilization rate, MTO production gross profit, methanol - to - olefins capacity utilization rate, naphtha cracking production gross profit, and crude oil refinery capacity utilization rate [18][21][25] 3. Propylene Downstream Profit and Operating Rate - Propylene downstream profit and operating rate are presented in figures such as PP powder production profit and operating rate, propylene oxide production profit and operating rate, n - butanol production profit and capacity utilization rate, octanol production profit and capacity utilization rate, acrylic acid production profit and capacity utilization rate, acrylonitrile production profit and capacity utilization rate, and phenol - acetone production profit and capacity utilization rate [37][43][49] 4. Propylene Inventory - Propylene inventory is shown in figures of propylene in - plant inventory and PP powder in - plant inventory [62]