Core Insights - The Guangdong Jieyang Dongyue Chemical 200,000 tons/year mixed waste plastic resource utilization demonstration project has successfully completed its trial production, marking a significant advancement in the chemical recycling of waste plastics [1][2] - The project utilizes an innovative "one-step" process for chemical recovery, which eliminates the need for complex sorting of low-value mixed waste plastics, achieving a product recovery rate of over 92% [1][2] Group 1 - The project is the world's first continuous and large-scale chemical recycling project for waste plastics, successfully passing industrial verification [1] - The "one-step" process allows for direct conversion of mixed waste plastics into high-value chemical raw materials, significantly reducing sorting costs [1] - When international crude oil prices are above $45 per barrel, the cost of producing basic chemical raw materials from waste plastics is comparable to that of using crude oil [1] Group 2 - The technology can replace approximately 100 million to 150 million tons of crude oil annually when processing 50 million tons of waste plastics, leading to a reduction of about 250 million tons of CO2 emissions [2] - The project aims to transform the petrochemical industry from reliance on crude oil to a model based on waste plastic resource recycling [2] - The long-term goal includes the establishment of a 3 million tons/year industrial base, creating a global hub for green circular economy in the chemical industry [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The polyethylene market has shown an emotional rebound, but there is a need to beware of callback risks. In the short - term, there is a rebound, and it is recommended to buy out - of - the - money put options. The LL - PP spread is advised to be temporarily exited for observation [1][7]. 3. Summary According to Relevant Catalogs 3.1 Recent Market Main Contradictions - This week, the polyethylene production increased slightly. Next week, many devices are expected to resume production after maintenance, and the production may continue to increase. The import volume remained stable, and the main reason for the stable import was the reduction of US goods in the early stage. The apparent demand was worse than expected this week, and there was a slight inventory accumulation instead of the expected de - stocking. If the demand improves next week, there may be a slight de - stocking [5]. 3.2 Polyethylene Industry Situation 3.2.1 Supply - **Production**: This week's production was 60.91 million tons, a slight increase from last week's 60.59 million tons. Next week, it is expected to reach 62.16 million tons, and the week after next, 62.95 million tons [5]. - **Import and Export**: The import volume was 28.89 million tons this week, the same as last week, and is expected to remain the same in the next two weeks. The export volume was 2.50 million tons this week, unchanged from last week and expected to remain so [5]. 3.2.2 Cost and Profit - **Raw Material Prices**: Crude oil prices were in a shock, with this week's price at 69.52, down 0.84 from last week's 70.36. Coal prices showed a weakening trend, rising from 623 last week to 630 this week [6]. - **Cost**: The cost of oil - based PE decreased from 8224 last week to 8159 this week, while the cost of coal - based PE remained unchanged at 6395 [6]. - **Profit**: The comprehensive profit of the oil - chemical end is expected to strengthen first and then weaken next week. The profit of coal - based PE weakened, with this week's profit at 395, down 80 from last week's 475. The import profit of LL weakened, with this week's profit at - 489, down 39 from last week's - 449 [6]. 3.2.3 Inventory - **Total Inventory**: This week, the total inventory was 106.59 million tons, an increase of 5.53 million tons from last week. It is expected to be 99.52 million tons next week and 97.58 million tons the week after next [5]. - **Upstream Inventory**: The upstream inventory increased from 49.31 million tons last week to 52.93 million tons this week. Among them, the inventory of "Two - Oil" enterprises increased from 40.00 million tons to 42.90 million tons, and the inventory of coal - chemical enterprises increased from 9.31 million tons to 10.03 million tons [5]. - **Mid - stream Inventory**: The mid - stream inventory increased from 51.75 million tons last week to 53.66 million tons this week [5]. 3.2.4 Upstream, Mid - stream and Downstream Views - **Upstream**: Upstream maintenance devices have started to resume production. Currently, upstream supplies are relatively sufficient, and upstream inventory has increased month - on - month, so there is no large - scale price increase for now. However, the spot - futures arbitrage transactions are relatively good [7]. - **Mid - stream**: The mid - stream shipment situation has deteriorated. The recent price fluctuations have led to a decline in spot transactions to the downstream [7]. - **Downstream**: The continuity of downstream replenishment is poor. This week, the transactions deteriorated, and the replenishment willingness continued to decline. However, after the price increase on Friday night, the downstream's willingness to purchase slightly increased [7]. 3.3 Basis and Spread - **Basis**: The basis fluctuated and strengthened this week. The basis in North China increased from - 70 last week to - 30 this week, while the basis in South China weakened from 110 last week to 80 this week [6]. - **Inter - month Spread**: The inter - month spread fluctuated and weakened. The 1 - 5 month spread decreased from 36 last week to 23 this week, and the 9 - 1 month spread decreased from 13 last week to - 27 this week [6]. - **Variety Spread**: The HD - LL spread in North China increased from 260 last week to 270 this week, and the LD - LL spread in North China increased from 1880 last week to 2150 this week. The LL - PP spread is advised to be temporarily exited for observation [6][7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The polypropylene market rebounded driven by market sentiment, but there is a need to guard against callback risks [1]. - The production volume this week met expectations, with no new maintenance devices. In the next two weeks, device maintenance will decrease, and production volume may increase slightly. - The cost side fluctuated this week, and it is expected to change little next week. PP prices fluctuated, and production profits are expected to rebound first and then continue to weaken. - The basis and inter - month spreads of polypropylene fluctuated, and the spreads between varieties and on the disk also showed different trends. The multi - PP and short - MA strategy has been recommended to take profits and exit earlier. 3. Summary According to Relevant Catalogs 3.1 Recent Market Main Contradictions No specific content provided in the given text. 3.2 Polypropylene Supply and Demand Situation Supply - **Production Volume**: This week's production volume was 77.69 million tons, a week - on - week increase of 0.69 million tons. In the next two weeks, production volume may increase slightly as device maintenance decreases [6]. - **Maintenance Loss Volume**: This week, the maintenance loss volume was 15.87 million tons, a week - on - week decrease of 0.90 million tons [6]. - **Import and Export**: The weekly average import volume was 7.50 million tons, and the export volume was 3.75 million tons, both remaining unchanged from last week. In May, exports were 31.03 million tons, and imports were 25.27 million tons, meeting expectations [6]. Demand - **Apparent Demand**: This week's apparent demand was 83.11 million tons, a week - on - week increase of 3.64 million tons. Next week, the seasonal expected apparent demand is about 81 million tons [6]. 3.3 Polypropylene Basis and Spread Basis - The basis showed an overall oscillating trend, with limited basis opportunities. The 09 + 40 yuan/ton basis quote was around in the spot market [6][54]. Inter - month Spread - The inter - month spread oscillated and weakened. For example, the 1 - 5 month spread decreased from 17 to 8 [9]. Variety Spread - The spreads between different polypropylene varieties, such as fiber -拉丝, copolymer -拉丝, etc., showed different trends. The narrow spread between pellets and powders provided some support for pellet prices [9]. Disk Spread - The LL - PP spread oscillated this week and is expected to strengthen slightly later. The multi - PP and short - MA strategy has been recommended to take profits and exit earlier [9]. 3.4 Summary and Outlook - **Supply**: In the future, as device maintenance decreases, production volume may increase slightly. - **Demand**: Next week, the apparent demand is expected to be around 81 million tons according to the seasonal pattern. - **Inventory**: This week, there was a slight reduction in inventory, and it is expected to continue to decline slightly next week. - **Cost**: The cost side fluctuated this week, and it is expected to change little next week. - **Profit**: PP production profits are expected to rebound first and then continue to weaken. - **Strategy**: For the cross - variety strategy, the multi - PP and short - MA spread strategy has been recommended to take profits and exit. For the unilateral strategy, beware of callback risks. For the option strategy, buy put options [11].

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: 09 - 01 reverse spread; Inter - variety: Short coal - based profit [3] Core View - The polyolefin market continues fundamental trading, with weak and stable prices. During the upstream petrochemical plant maintenance season, the number of maintenance enterprises increases slightly, capacity utilization decreases, and new capacity continues to be released, so the overall supply maintains an increasing trend. Enterprises' inventory accumulates, and the destocking rate is slow. Downstream demand remains in the off - season, the terminal operating rate remains low, and the overall operating rate changes little. Purchases are mainly for rigid demand, and there is little hope for improvement in the short term. International oil prices and propane prices continue to be weak, and are expected to remain weak, with weak cost support, and PDH - made PP profit remains slightly profitable [1][2] Summary by Directory 1. Polyolefin Basis Structure - L主力合约收盘价为7215元/吨（+1），PP主力合约收盘价为7020元/吨（+7），LL华北现货为7150元/吨（-10），LL华东现货为7190元/吨（-30），PP华东现货为7070元/吨（-10），LL华北基差为 - 65元/吨（-11），LL华东基差为 - 25元/吨（-31），PP华东基差为50元/吨（-17） [1] 2. Production Profit and Operating Rate - PE开工率为78.2%（+0.4%），PP开工率为77.3%（+0.7%）；PE油制生产利润为171.7元/吨（+4.6），PP油制生产利润为 - 208.3元/吨（+4.6），PDH制PP生产利润为301.8元/吨（+56.9） [1] 3. Polyolefin Non - Standard Price Difference - No specific data provided in the given text 4. Polyolefin Import and Export Profit - LL进口利润为 - 101.2元/吨（+76.3），PP进口利润为 - 672.8元/吨（+0.0），PP出口利润为34.2美元/吨（+0.0） [1] 5. Polyolefin Downstream Operating Rate and Downstream Profit - PE下游农膜开工率为12.5%（-0.2%），PE下游包装膜开工率为48.6%（+0.5%），PP下游塑编开工率为41.4%（-0.6%），PP下游BOPP膜开工率为60.8%（+0.2%） [1] 6. Polyolefin Inventory - No specific data provided in the given text

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The main logic is that the overall supply pressure is strong, and the domestic demand recovery is sluggish. [13] - The PVC2509 contract is expected to fluctuate in the range of 4921 - 4989. [8] - There are both positive and negative factors in the market. Positive factors include supply resumption, cost support from calcium carbide and ethylene, and export benefits. Negative factors include the rebound of overall supply pressure, high - level and slow - consuming inventory, and weak domestic and foreign demand. [12] 3. Summary by Relevant Catalogs 3.1 Daily Views - **Fundamentals**: The fundamentals are neutral. In June 2025, PVC production was 1.99134 million tons, a 1.40% month - on - month decrease. This week, the sample enterprise capacity utilization rate was 76.97%, a 0.01 - percentage - point month - on - month decrease. The production of calcium carbide enterprises was 338,190 tons, a 1.92% month - on - month decrease, and the production of ethylene enterprises was 114,390 tons, a 3.62% month - on - month increase. The downstream overall start - up rate was 41.11%, a 1.77 - percentage - point month - on - month decrease, lower than the historical average. The calcium carbide method profit was - 445.08 yuan/ton, with a 19.00% month - on - month reduction in losses, and the ethylene method profit was - 620.57 yuan/ton, with a 10.00% month - on - month reduction in losses, both lower than the historical average. [7] - **Basis**: On July 17, the price of East China SG - 5 was 4930 yuan/ton, and the basis of the 09 contract was - 25 yuan/ton, with the spot at a discount to the futures. It is neutral. [10] - **Inventory**: Factory inventory was 381,590 tons, a 1.21% month - on - month decrease. Calcium carbide factory inventory was 296,790 tons, a 1.61% month - on - month decrease, and ethylene factory inventory was 84,800 tons, a 0.22% month - on - month increase. Social inventory was 392,700 tons, a 5.25% month - on - month increase. The inventory days of production enterprises in stock were 6.18 days, a 0.32% month - on - month decrease. It is neutral. [10] - **Disk**: MA20 is upward, and the futures price of the 09 contract closed above MA20. It is bullish. [10] - **Main Position**: The main position is net short, and the short position is decreasing. It is bearish. [10] 3.2 PVC Market Overview - The report provides yesterday's PVC market overview data, including various indicators such as enterprise prices, monthly spreads, inventory, downstream start - up rates, profits, and costs, and their changes compared with the previous values. [15] 3.3 PVC Futures Market - **Basis Trend**: The report shows the historical basis trend of PVC, including the relationship between the basis, PVC East China market price, and the main contract closing price from 2022 to 2025. [17][18] - **Futures Price and Volume**: It presents the futures price, trading volume, and position changes of PVC in June - July 2025, including indicators such as the opening price, highest price, lowest price, closing price, and the changes in the net positions of the top 5 and top 20 seats. [20][21] - **Spread Analysis**: The report shows the historical spread trends of the main contracts of PVC from 2024 to 2025, such as the 1 - 9 spread and the 5 - 9 spread. [23][24] 3.4 PVC Fundamentals - **Calcium Carbide Method - Related**: It includes the price, cost, profit, start - up rate, and inventory trends of raw materials such as semi - coke, calcium carbide, liquid chlorine, raw salt, and caustic soda in the calcium carbide method from 2016 to 2025. [26][27][29][30][31][32][34][35][37][38] - **PVC Supply Trend**: It shows the capacity utilization rate, profit, daily and weekly production, and weekly maintenance volume trends of the calcium carbide method and ethylene method of PVC from 2018 to 2025. [39][40][42] - **Demand Trend**: It includes the daily sales volume of traders, weekly pre - sales volume, production - sales rate, apparent consumption, downstream average start - up rate, and start - up rates of various downstream products (profiles, pipes, films, paste resin) of PVC from 2018 to 2025. It also shows the real estate investment, construction area, new construction area, sales area, completion area, social financing scale increment, M2 increment, local government new special bonds, and infrastructure investment data related to PVC demand. [44][45][47][49][54][55][58] - **Inventory**: It presents the trends of exchange warehouse receipts, calcium carbide method factory inventory, ethylene method factory inventory, social inventory, and production enterprise inventory days of PVC from 2019 to 2025. [59][60] - **Ethylene Method**: It shows the import volume of vinyl chloride and dichloroethane, PVC export volume, FOB spread of the ethylene method, and import spread of vinyl chloride from 2018 to 2025. [61][62] - **Supply - Demand Balance Sheet**: It provides the monthly supply - demand balance data of PVC from May 2024 to June 2025, including export, demand, social inventory, factory inventory, production, and import. [64][65]

Report Industry Investment Rating - The report does not mention the industry investment rating [1][2][3] Core Viewpoints - The fundamentals of polyolefins maintain a loose supply - demand pattern with supply exceeding demand. During the maintenance season of upstream petrochemical plants, the number of maintenance enterprises increases slightly, capacity utilization declines, and new production capacity continues to be released. Overall, the supply side shows an incremental trend. Enterprises' inventories accumulate, and the destocking rate is slow. International oil prices and propane prices remain weak and are expected to continue this way, with weak cost support. PDH - made PP maintains a small profit. In the off - season, downstream demand shows no significant improvement, the operating rate remains low, with mainly rigid - demand purchases and insufficient follow - up of terminal orders [2] Summary by Catalog I. Polyolefin Basis Structure - The report presents the trends of plastic and polypropylene futures' main contracts, as well as the basis between LL East China and the main contract, and PP East China and the main contract [8][11] II. Production Profit and Operating Rate - PE oil - based production profit is 172.1 yuan/ton (+88.6), PP oil - based production profit is - 237.9 yuan/ton (+88.6), and PDH - made PP production profit is 192.5 yuan/ton (-38.7). PE operating rate is 77.8% (-1.7%), and PP operating rate is 76.6% (-0.8%) [1] III. Polyolefin Non - Standard Price Difference - The report shows the price differences between HD injection molding - LL East China, HD blow molding - LL East China, HD film - LL East China, LD East China - LL, PP low - melt copolymer - drawing East China, and PP homopolymer injection molding - drawing East China [28][36][37] IV. Polyolefin Import and Export Profits - LL import profit is - 133.0 yuan/ton (+0.3), PP import profit is - 648.1 yuan/ton (-19.7), and PP export profit is 31.2 US dollars/ton (+2.4) [1] V. Polyolefin Downstream Operating Rate and Downstream Profits - PE downstream agricultural film operating rate is 12.6% (+0.5%), PE downstream packaging film operating rate is 48.1% (-0.4%), PP downstream plastic weaving operating rate is 42.0% (-0.2%), and PP downstream BOPP film operating rate is 60.6% (+0.3%) [1] VI. Polyolefin Inventory - The report mentions the inventories of PE and PP in oil - based enterprises, coal - chemical enterprises, traders, and ports, but does not provide specific data [72][75][77] Strategies - Unilateral: Neutral; - Inter - period: Reverse spread of 09 - 01; - Cross - variety: Short coal - based profits [3]

Core Viewpoint - The urgent demand for a more diverse futures product system in the plastic industry is highlighted, with the recent listing of pure benzene futures and options serving as a catalyst for discussions on enhancing the pricing influence of plastic futures [1][3]. Group 1: Industry Overview - China has become the world's largest producer and consumer of plastics, with production capacity increasing from less than 10 million tons in the 1990s to over 100 million tons by 2024, accounting for nearly 30% of global production [2]. - The revenue of the plastic products industry in China reached 2.5 trillion yuan, with PVC exports expected to hit 3.108 million tons in 2024, a year-on-year increase of approximately 59%, representing about 14% of domestic production [2]. Group 2: Futures Market Development - Plastic futures have gradually become an important pricing benchmark for domestic spot trade, playing a significant role in stabilizing production and operations for enterprises [2][3]. - The Dalian Commodity Exchange (DCE) is planning to enhance the plastic futures product system by expanding into olefins, aromatics, and refining by-products, and introducing contracts that better align with enterprise trading cycles [4]. Group 3: Future Expectations - Participants expressed optimism about the DCE's role in supporting the internationalization of plastic futures and enhancing China's pricing influence in global markets [3][4]. - The DCE aims to improve the integration of futures prices into procurement, sales, and inventory strategies, thereby enhancing the overall competitiveness of China's chemical enterprises in international trade [4][5]. Group 4: Market Performance - The DCE has maintained its position as the world's largest plastic futures market for 16 consecutive years, with an average holding ratio of 37% among industrial clients in 2024, reflecting a year-on-year increase of over 6 percentage points [5][6]. - The hedging efficiency and price correlation of plastic futures remain high, at 98% and over 92%, respectively, with approximately 90% of PVC spot trades directly using or referencing DCE futures pricing [6].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The polyethylene market is under pressure to accumulate inventory and has entered a weak and volatile phase [1]. - The actual inventory accumulation was slight this week, contrary to the expected destocking [5]. - The upstream profit is expected to continue to weaken, and attention should be paid to whether the import volume decreases in June [6]. - The basis fluctuated this week, and the inter - month spread fluctuated weakly [6]. - The HD - LL spread fluctuated, and it is recommended to temporarily exit and wait and see for the far - month LL - PP spread [6][7]. Summary by Directory 1. Recent Market Main Contradictions - Next week, the number of device overhauls will increase, and production may continue to decrease [5]. - The import volume this week was 28.89 million tons, and the main reason for the decrease was the reduction of US goods in the early stage. The apparent demand this week was worse than expected [5]. - The overall upstream operating rate was 60.10%, and the production decreased slightly this week. The total inventory was expected to be destocked but actually increased slightly [5]. - Crude oil prices fluctuated, and coal prices showed a weakening trend. The comprehensive profit of the oil - chemical end decreased, and the profit of coal - based PE also decreased [6]. 2. Polyethylene Industry Situation Supply - From 2024 to 2025, there were multiple new PE device launches, including Ningxia Baofeng Phase III, Tianjin Nangang, Yulong Petrochemical, etc. in 2024, and Inner Mongolia Baofeng, Exxon (Huizhou), etc. in 2025 [19][20]. - The production and import volume data from June 2025 to August 2025 are provided, and the cumulative production and import volume showed an increasing trend [8]. Demand - The downstream average operating rate, film - covering operating rate, and mulching film operating rate data are not clearly stated in the text, but it is mentioned that the downstream replenishment was not sustainable this week, and the transaction volume decreased [5][7]. - The profits of downstream products such as mulching film, double - prevention film, and winding film are presented in the form of charts, but specific profit data for this week are not clearly summarized [34][35][37]. Inventory - The upstream inventory of "Two - oil" decreased slightly, and the intermediate - level inventory of ports and traders also decreased. However, the total inventory increased slightly this week [5]. - The inventory data from 2020 to 2025 are presented in the form of charts, including petrochemical inventory, total PE inventory, upstream total inventory, and social inventory [42][43][45]. Valuation - The upstream profit, import and export profit, basis, inter - month spread, and variety spread data are provided. The upstream profit generally showed a weakening trend, and the basis and inter - month spread fluctuated [6]. 3. Basis and Spread - The basis fluctuated this week. The North China basis quoted around 09 - 70 on Friday, and the downstream purchasing enthusiasm decreased [50]. - The inter - month spread, such as the 1 - 5, 5 - 9, and 9 - 1 inter - month spreads, fluctuated weakly [6]. - The variety spread, such as HD - LL and LD - LL, also showed different trends of change [6]. 4. Summary and Outlook - It is necessary to beware of the callback risk, and the strategy is to buy out - of - the - money put options and sell call options [7]. - If the demand improves next week, the upstream inventory may decrease [5].

PVC Market Overview - The domestic PVC powder market prices have increased, with significant regional price differences observed. The PVC futures market has shown an upward trend after fluctuating within a range, while traders' basis quotes have weakened, leading to higher fixed price offers without price advantages for point pricing transactions. Downstream purchasing enthusiasm remains low, with most buyers adopting a wait-and-see approach, resulting in a sluggish spot market transaction volume [1] PVC Production and Inventory - The overall operating load rate for PVC powder this week is 75.07%, a decrease of 1.43% compared to the previous week. The operating load rate for calcium carbide method PVC powder is 76.93%, down 3.8%, while the ethylene method PVC powder load rate is 70.23%, up 4.77%. As of July 10, the social inventory of PVC has increased by 2.89% to 591,800 tons compared to the previous month, but has decreased by 7.66% year-on-year. The inventory in East China is 539,300 tons, and in South China is 52,600 tons [2] PVC Market Outlook - The spot market prices for PVC have stabilized, with prices pushed up by the atmosphere of the black commodities market. Currently, the supply-demand dynamics indicate a seasonal shift towards increased supply and reduced demand, with no significant improvement in the fundamentals. The demand for procurement during the off-season remains low, and foreign trade export orders are average, leading to a slight accumulation of inventory. A substantial increase in inventory may require a significant decline in exports. However, due to a recent improvement in the macroeconomic environment and a collective rebound in commodities, a sharp decline in prices is unlikely in the short term, with the PVC market showing a relatively strong performance. A wait-and-see approach is recommended for the time being [3]

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None [3] Core Viewpoints - The market trading of macro - positive factors has ended, and the atmosphere of waiting and seeing prevails. Downstream factories have low purchasing sentiment, and most end - users make purchases based on rigid demand. Upstream petrochemical plants will enter the maintenance season, and the maintenance loss is on the rise, alleviating the market supply pressure and leading to a slight reduction in production inventory. The geopolitical situation in the Middle East is gradually easing, international oil prices and propane prices are falling, the production profit of PDH - made PP has turned from loss to profit, and the cost - side support has weakened. The downstream demand remains in the seasonal off - season, with the bottom - up recovery of the agricultural film industry's start - up rate and the decline of the plastic weaving industry's start - up rate [2] Summary by Directory 1. Polyolefin Basis Structure - L主力合约收盘价为7245元/吨（-2），PP主力合约收盘价为7045元/吨（-12），LL华北现货为7180元/吨（-30），LL华东现货为7270元/吨（-20），PP华东现货为7120元/吨（+0），LL华北基差为 - 65元/吨（-28），LL华东基差为25元/吨（-18），PP华东基差为75元/吨（+12） [1] 2. Production Profit and Start - up Rate - PE开工率为79.5%（+3.0%），PP开工率为77.4%（-1.9%）；PE油制生产利润为166.2元/吨（-108.4），PP油制生产利润为 - 243.8元/吨（-108.4），PDH制PP生产利润为300.1元/吨（+0.0） [1] 3. Polyolefin Non - standard Price Difference - No specific data provided in the given text 4. Polyolefin Import and Export Profits - LL进口利润为 - 109.6元/吨（-10.0），PP进口利润为 - 624.5元/吨（+86.2），PP出口利润为28.3美元/吨（+0.0） [1] 5. Polyolefin Downstream Start - up and Downstream Profits - PE下游农膜开工率为12.1%（-0.3%），PE下游包装膜开工率为48.4%（+0.5%），PP下游塑编开工率为42.2%（-1.0%），PP下游BOPP膜开工率为60.3%（-0.1%） [1] 6. Polyolefin Inventory - Upstream petrochemical plants will enter the maintenance season, and production inventory has a slight reduction [2]