成本端支撑偏强，盘面表现坚挺

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The cost side of propylene has strong support, and the market performance is firm. The supply of propylene is expected to have a slight increase, while the demand follow - up may be limited due to high prices. The future trend mainly depends on the cost side and downstream demand. The strategy suggests a wait - and - see approach for the single - side trading, and there are no suggestions for inter - period and inter - variety trading [1][2] 3. Summary According to the Catalog 3.1 Propylene Basis Structure - Propylene main contract closing price is 6272 yuan/ton (+48), propylene East China spot price is 6430 yuan/ton (+0), propylene North China spot price is 6445 yuan/ton (+5), propylene East China basis is 158 yuan/ton (-48), and propylene Shandong basis is 173 yuan/ton (-43) [1] 3.2 Propylene Production Profit and Capacity Utilization - Propylene capacity utilization is 72% (+1%), China propylene CFR - Japan naphtha CFR is 213 US dollars/ton (-15), propylene CFR - 1.2 propane CFR is 76 US dollars/ton (-8), and import profit is - 385 yuan/ton (-49) [1] 3.3 Propylene Downstream Profit and Capacity Utilization - PP powder capacity utilization is 31% (-0.61%), production profit is - 245 yuan/ton (-5); epoxy propane capacity utilization is 70% (-3%), production profit is - 783 yuan/ton (-328); n - butanol capacity utilization is 85% (-2%), production profit is 422 yuan/ton (-53); octanol capacity utilization is 91% (+0%), production profit is 88 yuan/ton (-203); acrylic acid capacity utilization is 82% (-2%), production profit is 235 yuan/ton (+0); acrylonitrile capacity utilization is 69% (+0%), production profit is - 1252 yuan/ton (-55); phenol - acetone capacity utilization is 86% (-2%), production profit is - 716 yuan/ton (+0) [1] 3.4 Propylene Inventory - Propylene plant inventory is 40470 tons (-2320) [1]