Report Industry Investment Rating - Unilateral: Neutral; Propylene prices are expected to fluctuate weakly under supply - demand pressure [3] - Inter - period: PL01 - 02 inter - period reverse spread [3] - Cross - variety: None [3] Core Viewpoints - The macro sentiment has warmed up, and the propylene futures market has recovered. However, the continuous decline in crude oil prices at the cost end, combined with insufficient supply - demand drivers, restricts the upward space of propylene. On the supply side, there are maintenance works at Tianjin Bohua and Dongming Petrochemical, and the upstream operating rate has declined slightly. The overall operating rate of PDH has also decreased slightly month - on - month. There is an expectation of restarting the Bohua PDH device in early August, and with the expected release of new production capacity, the supply pressure still exists. On the demand side, some polypropylene and octanol devices have restarted, providing phased support for demand. The overall downstream operating rate has increased slightly month - on - month, but the sustainability is questionable during the traditional off - season of demand [2] Summary by Relevant Catalogs 1. Propylene Basis Structure - The report presents data on the closing price of the propylene main contract, East China basis, North China basis, 01 - 05 contract, East China market price, and Shandong market price of propylene [7][10][12] 2. Propylene Production Profit and Operating Rate - Data on the difference between propylene CFR in China and naphtha CFR in Japan, propylene capacity utilization rate, PDH production gross profit, PDH capacity utilization rate, MTO production gross profit, methanol - to - olefins capacity utilization rate, propylene naphtha cracking production gross profit, and crude oil main refinery capacity utilization rate are provided [16][23][26] 3. Propylene Import and Export Profit - Information includes the difference between South Korea FOB and China CFR, Japan CFR and China CFR, Southeast Asia CFR and China CFR, and propylene import profit [33][37] 4. Propylene Downstream Profit and Operating Rate - Data on the production profit and operating rate of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone are given [40][42][45] 5. Propylene Inventory - The report shows data on propylene factory inventory and PP powder factory inventory [66]