供需支撑仍存，关注成本端波动

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The supply and demand of propylene are still supported, but attention should be paid to the cost - side fluctuations. The supply of propylene is expected to increase slightly. On the demand side, the downstream rigid demand continues to support, but the demand follow - up may be limited after the profit is compressed. The cost - side fluctuations are intensifying, and the future main drivers lie in the trends of crude oil and propane on the cost side, the maintenance dynamics of major PDH plants, and the start - up follow - up of downstream demand under cost pressure [1][2] - For trading strategies, it is recommended to wait and see in the single - side trading. There is no suggestion for inter - period and inter - variety trading [3] 3. Summary According to Relevant Catalogs I. Propylene Basis Structure - The report presents figures on 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 [6][8][15] II. Propylene Production Profit and Capacity Utilization - Figures include the difference between propylene CFR in China and naphtha CFR in Japan, propylene capacity utilization, PDH production gross profit of propylene, PDH capacity utilization of propylene, MTO production gross profit of propylene, methanol - to - olefins capacity utilization, propylene naphtha cracking production gross profit, crude oil refinery capacity utilization, the difference between South Korea FOB and China CFR, and propylene import profit [21][23][29] III. Propylene Downstream Profit and Capacity Utilization - The report shows figures on the production profit and capacity utilization of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [41][42][49] IV. Propylene Inventory - Figures on propylene in - plant inventory and PP powder in - plant inventory are presented [66]