Report Investment Rating - No investment rating information provided in the report. Core View - The report indicates that in the short - term, there is a small rebound due to cost - end support and sentiment boost. However, for PE, the supply is increasing while demand is weak, leading to inventory accumulation and high de - stocking pressure. For PP, the supply is still relatively loose, demand is weak, and the inventory level is high. The cost end, with the recent rebound of international oil prices and propane prices, provides some support, but the overall price is still under pressure from supply - demand contradictions [3][4]. Summary by Directory 1. Market News and Important Data - **Price and Basis**: L主力合约收盘价为6453元/吨（-12），PP主力合约收盘价为6274元/吨（-18）。LL华北现货为6300元/吨（+50），LL华东现货为6400元/吨（+0），PP华东现货为6140元/吨（+0）。LL华北基差为 - 153元/吨（+62），LL华东基差为 - 53元/吨（+12），PP华东基差为 - 134元/吨（+18） [1]. - **Upstream Supply**: PE开工率为82.6%（-1.2%），PP开工率为76.9%（-2.5%） [1]. - **Production Profit**: PE油制生产利润为73.7元/吨（+166.3），PP油制生产利润为 - 426.3元/吨（+166.3），PDH制PP生产利润为 - 848.4元/吨（-32.2） [1]. - **Import and Export**: LL进口利润为90.9元/吨（+16.1），PP进口利润为 - 295.6元/吨（+16.4），PP出口利润为 - 18.7美元/吨（-2.1） [2]. - **Downstream Demand**: PE下游农膜开工率为43.9%（-1.3%），PE下游包装膜开工率为48.2%（-0.7%），PP下游塑编开工率为43.7%（-0.3%），PP下游BOPP膜开工率为63.2%（+0.0%） [2]. 2. Market Analysis - **PE**: Supply remains high with planned restarts of some plants and low planned maintenance in the first quarter of next year, and new production capacity is about to be released. Demand enters the off - season with overall downstream开工率 declining, and social inventory continues to accumulate. Cost support has recovered due to the recent rebound of international oil prices. The supply - demand contradiction suppresses prices [3]. - **PP**: Short - term supply - demand fundamentals have limited changes. Supply is still relatively loose with temporary maintenance and planned restarts. Demand has limited order follow - up, and overall downstream开工率 declines steadily. Cost support has increased due to the rebound of international oil prices and propane prices. The supply - demand contradiction still puts pressure on prices [4]. 3. Strategy - **Unilateral**: Wait and see. The short - term sentiment drives the market to rebound, but the upward driving force is insufficient, and the rebound height is expected to be limited [5]. - **Inter - period**: No strategy provided. - **Inter - variety**: No strategy provided.