地缘不确定性仍存，供应端继续提供支撑

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Geopolitical uncertainties persist, and the supply side continues to provide support for the polyolefin market. The ongoing tensions in the Middle East have led to supply issues for olefin raw materials, causing the market to rebound. For PE, the supply is tightening due to raw material shortages and upstream maintenance, while demand is gradually releasing but with cautious buying. For PP, the supply support remains strong, and although downstream purchasing is weak, the export window has opened, and prices are strongly supported in the short term [3][4] 3. Summary According to the Directory I. Polyolefin Basis and Inter - period Structure - The L main contract closed at 8767 yuan/ton (+52), the PP main contract closed at 9120 yuan/ton (+145). The LL North China spot price was 8500 yuan/ton (+200), the LL East China spot price was 8060 yuan/ton (-540), and the PP East China spot price was 9050 yuan/ton (+150). The LL North China basis was -267 yuan/ton (+148), the LL East China basis was -707 yuan/ton (-592), and the PP East China basis was -70 yuan/ton (+5) [1] II. Production Profit and Operating Rate - PE operating rate was 76.2% (-3.8%), PP operating rate was 70.0% (-0.5%). PE oil - based production profit was -734.1 yuan/ton (-191.4), PP oil - based production profit was -674.1 yuan/ton (-191.4), and PDH - based PP production profit was -3207.4 yuan/ton (-11.8) [1] III. Polyolefin Non - standard Price Difference - Not elaborated in the given content IV. Polyolefin Import and Export Profits - LL import profit was -817.2 yuan/ton (-361.0), PP import profit was -1265.0 yuan/ton (-145.9), and PP export profit was 310.5 US dollars/ton (+189.9) [1] V. Polyolefin Downstream Operating Rate and Downstream Profits - PE downstream agricultural film operating rate was 38.9% (+3.4%), PE downstream packaging film operating rate was 47.2% (+1.7%), PP downstream plastic weaving operating rate was 41.1% (+0.9%), and PP downstream BOPP film operating rate was 63.4% (+1.5%) [2] VI. Polyolefin Inventory - Not elaborated in the given content 4. Strategies - Unilateral: Cautiously go long on LLDPE and PP for hedging; - Inter - period: None; - Cross - variety: Cautiously shrink the spread of LL05 - PP05 when it is high [5]