Supply and Demand Data - Current production capacity utilization rate is 74.43%, showing a slight increase of 0.08% [1] - Average operating rate of downstream PP is 50.86%, reflecting an increase of 0.63% [1] - Upstream inventory decreased by 0.68wt, while traders' inventory increased by 0.96wt [2] Market Insights - The intensity of PP maintenance is gradually peaking, with improvements in demand on a month-on-month basis and continuous inventory reduction [2] - Downstream raw material inventory has been reduced to a relatively low level [2] - PDH profit has slightly decreased, while oil-based profit has seen a rebound, leading to an overall neutral valuation [2] - New production capacity is being smoothly introduced, but combined with the return of maintenance, total pressure will continue to exist [2] Strategy - Suggested trading range is between 6950 and 7300, with previous short positions in the 7200-7300 range being advised to take profit around 7000 [3]