油价反弹走高，成本端支撑偏强

Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The cost - end support for polyolefins is strong due to the rebound of oil prices and the rising price of ethane. However, the supply - demand fundamentals of both PE and PP are weak. The market is mainly driven by the resonance of cost - end and macro - sentiment, and the sustainability of the rebound needs to pay attention to macro - guidance and inventory destocking progress. For trading strategies, it is recommended to cautiously buy LLDPE and PP on dips for hedging, and shrink the LLDPE - PP spread when it is high [3][4][5] 3. Summary by Directory I. Polyolefin Basis Structure - The L主力合约 closed at 7049 yuan/ton (+82), and the PP主力合约 closed at 6870 yuan/ton (+92). The LL North China spot was 6890 yuan/ton (+60), the LL East China spot was 6950 yuan/ton (+50), and the PP East China spot was 6640 yuan/ton (+30). The LL North China basis was - 159 yuan/ton (-22), the LL East China basis was - 99 yuan/ton (-32), and the PP East China basis was - 230 yuan/ton (-62) [1] II. Production Profit and Operating Rate - PE operating rate was 85.4% (+0.7%), and PP operating rate was 74.8% (-1.2%). The PE oil - based production profit was 30.4 yuan/ton (-42.1), the PP oil - based production profit was - 499.6 yuan/ton (-42.1), and the PDH - based PP production profit was - 476.1 yuan/ton (+144.9) [1] III. Polyolefin Non - Standard Price Difference - Not elaborated in the content IV. Polyolefin Import and Export Profits - The LL import profit was 50.6 yuan/ton (-315.1), the PP import profit was - 323.1 yuan/ton (+89.7), and the PP export profit was - 69.5 US dollars/ton (-1.4) [2] V. Polyolefin Downstream Operating Rate and Downstream Profits - The PE downstream agricultural film operating rate was 34.6% (-1.8%), the PE downstream packaging film operating rate was 42.1% (-2.9%), the PP downstream plastic weaving operating rate was 42.0% (+0.0%), and the PP downstream BOPP film operating rate was 64.2% (+0.2%) [2] VI. Polyolefin Inventory - Not elaborated in the content