Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None [3] Core Viewpoints - The geopolitical situation between Israel and Iran has eased, causing a significant decline in crude oil and propane prices, weakening the cost - side support for polyolefins. There are many short - stop maintenance devices, and they are expected to start up one after another in the future. The short - term supply pressure is not large. The 500,000 - ton/PP unit of Line 4 of Zhenhai Refining and Chemical has been successfully put into production, and the future supply shows an increasing trend. The agricultural film industry is in a seasonal off - season, with the demand side remaining sluggish. The operating load is expected to remain stable and at a low level. The operating rate of packaging film is lower than the same period last year, the plastic weaving operating rate is decreasing, and the terminal's willingness to stock up is low, mainly for rigid - demand procurement. The inventory of production enterprises has increased slightly, while the inventory of mid - stream traders has decreased [1][2] Summary According to the Catalog I. Polyolefin Basis Structure - The L main contract closed at 7,250 yuan/ton (- 194), and the PP main contract closed at 7,074 yuan/ton (- 188). The LL North China spot was 7,400 yuan/ton (- 40), the LL East China spot was 7,400 yuan/ton (- 100), and the PP East China spot was 7,240 yuan/ton (- 20). The LL North China basis was 150 yuan/ton (+ 154), the LL East China basis was 150 yuan/ton (+ 94), and the PP East China basis was 166 yuan/ton (+ 168) [1] II. Production Profit and Operating Rate - The PE operating rate was 78.7% (- 0.5%), and the PP operating rate was 79.6% (+ 0.9%). The PE oil - based production profit was 217.1 yuan/ton (+ 482.0), the PP oil - based production profit was - 262.9 yuan/ton (+ 482.0), and the PDH - based PP production profit was - 141.1 yuan/ton (+ 51.7) [1] III. Polyolefin Non - standard Price Difference - No specific data provided in the text IV. Polyolefin Import and Export Profits - The LL import profit was 83.8 yuan/ton (+ 57.2), the PP import profit was - 329.0 yuan/ton (- 22.7), and the PP export profit was - 1.9 US dollars/ton (+ 2.8) [2] V. Polyolefin Downstream Operating Rate and Downstream Profits - The PE downstream agricultural film operating rate was 12.1% (- 0.3%), the PE downstream packaging film operating rate was 49.2% (+ 0.7%), the PP downstream plastic weaving operating rate was 43.6% (- 0.8%), and the PP downstream BOPP film operating rate was 60.4% (+ 0.0%) [2] VI. Polyolefin Inventory - The inventory of production enterprises has increased slightly, while the inventory of mid - stream traders has decreased [2]