1. Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The cost support for propylene remains strong, and downstream demand is maintained by rigid needs [1] - On the supply side, the restart of Wanhua Penglai's PDH unit is expected, but the actual supply increase may be slow due to the rising propane price and pressured PDH profits. The supply is expected to increase slightly. On the demand side, downstream rigid demand provides support, but the demand may be limited as propylene prices rise. The main drivers in the future are the trends of crude oil and propane in the cost - end, the maintenance status of major PDH plants, and the downstream demand and production resumption under cost pressure [2] - The strategy suggests a wait - and - see approach for single - side trading. In the short term, due to high geopolitical uncertainties and acceptable supply - demand support, propylene prices may fluctuate and strengthen following the cost side. No strategies are provided for inter - period and cross - variety trading [2] 3. Summary by Directory 3.1 Propylene Basis Structure - The propylene basis structure includes information on the closing price of the propylene main contract, the East China basis, the Shandong basis, the spread between 03 - 04 contracts, the spread between PL03 - 05 contracts, and the market prices in East, Shandong, and South China [1][5][11][13][15] 3.2 Propylene Production Profit and Capacity Utilization - It involves the difference between propylene CFR in China and naphtha CFR in Japan, propylene capacity utilization, PDH production gross profit and capacity utilization, MTO production gross profit and methanol - to - olefins capacity utilization, naphtha cracking production gross profit, crude oil refinery capacity utilization, the difference between South Korea FOB and China CFR, and propylene import profit [19][22][26][29][32] 3.3 Propylene Downstream Profit and Capacity Utilization - Covers the production profit and capacity utilization of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [35][36][37][44][50][53][57][58] 3.4 Propylene Inventory - Includes propylene in - plant inventory and PP powder in - plant inventory [60][61]