1. Report Industry Investment Rating - No information provided 2. Core Viewpoint - The PP price is expected to fluctuate strongly. The supply reduction expectation of PP remains due to the un - restored navigation of the Strait of Hormuz. Although the domestic supply - demand pattern of PP has improved, the market is affected by the Middle - East situation, and the market fluctuates greatly. Attention should be paid to the resumption progress of downstream production after the festival and the development of the Middle - East situation [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - As of the week of March 27, the downstream start - up rate of PP increased by 1.15 percentage points to 47.51% week - on - week. After the Spring Festival, the downstream demand is slowly recovering, and the start - up rate has not reached the pre - holiday normal level. The start - up rate of plastic weaving, the main downstream of drawing, increased by 0.86 percentage points to 41.14%. On March 31, the parking devices changed little, and the start - up rate of PP enterprises remained at about 73%, at a low level, and the production ratio of standard drawing decreased to about 27.5%. After the Spring Festival, the petrochemical inventory has been reduced, and it is currently at a neutral level in the same period in recent years. The Middle - East conflict still exists, the risk of crude oil supply interruption has not been eliminated, and the crude oil price remains high. The start - up rate of devices has decreased again. After the Lantern Festival, the downstream rigid demand was released intensively, and the price of downstream BOPP film increased. The domestic supply - demand pattern of PP has improved, and there are still expectations for the chemical industry to counter - involute. The Middle - East situation boosts the energy and chemical industry. Although PP does not rely on imports from the Middle - East, its upstream depends on liquefied petroleum gas and crude oil from the Middle - East. The PP production capacity in the Middle - East accounts for 9% of the world and about 25% of the world's polyolefin exports, affecting international prices and supply. The shortage of raw materials has led to an increase in the load reduction of olefin devices at home and abroad, and the downstream has a resistance to high prices, with light spot transactions [1] 3.2 Futures and Spot Market Conditions 3.2.1 Futures - The PP2605 contract decreased in positions and fluctuated downward, with a minimum price of 9019 yuan/ton, a maximum price of 9393 yuan/ton, and finally closed at 9103 yuan/ton, above the 20 - day moving average, with a decline of 4.12%. The position decreased by 18026 lots to 319551 lots [2] 3.2.2 Spot - The spot prices of PP in most regions declined. The drawing was reported at 8480 - 9180 yuan/ton [3] 3.3 Fundamental Tracking - Supply: On March 31, the parking devices changed little, and the start - up rate of PP enterprises remained at about 73%, at a low level, and the production ratio of standard drawing decreased to about 27.5% [4] - Demand: As of the week of March 27, the downstream start - up rate of PP increased by 1.15 percentage points to 47.51% week - on - week. After the Spring Festival, the downstream has a low acceptance of high - priced raw materials, the demand is slowly recovering, and the start - up rate has not reached the pre - holiday normal level. The start - up rate of plastic weaving, the main downstream of drawing, increased by 0.86 percentage points to 41.14% [4] - Petrochemical inventory: On Tuesday, the early petrochemical inventory decreased by 10000 tons to 850000 tons week - on - week, 30000 tons higher than the same period in the lunar calendar last year. Currently, the petrochemical inventory is at a neutral level in the same period in recent years [4] - Raw material: The Brent crude oil 05 contract fell to $107/barrel, and the CFR propylene price in China increased by $10/ton to $1290/ton week - on - week [4]

Report Industry Investment Rating - No information provided Core Viewpoints - PP's domestic supply - demand pattern has improved, but the market is volatile due to the changing Middle East situation. It is recommended to temporarily exit the market and observe the downstream resumption progress after the holiday and the development of the Middle East situation [1] Summary by Relevant Catalogs Market Analysis - As of the week of March 20, the downstream PP operating rate increased by 0.65 percentage points to 46.36% week - on - week. After the Spring Festival, the demand recovery was slow as downstream was not receptive to high - priced raw materials. The operating rate of plastic braiding, the main downstream of drawstring, decreased by 0.26 percentage points to 40.28%. On March 25, new shutdown devices such as the second line of Zhejiang Petrochemical were added, and the PP enterprise operating rate dropped to about 74%, with the drawstring production ratio rising to about 26%. After the Spring Festival, petrochemical inventory has decreased and is currently at a neutral level in recent years. The expected easing of the Middle East situation led to a decline in crude oil prices. The domestic PP supply is tight, and downstream is resistant to high prices, with weak spot transactions. If the Strait of Hormuz cannot resume navigation, the expectation of reduced PP supply remains [1] Futures and Spot Market - Futures: The PP2605 contract opened higher, then reduced positions and oscillated downward. The lowest price was 8,557 yuan/ton, the highest was 9,280 yuan/ton, and it closed at 8,975 yuan/ton, above the 20 - day moving average, with a decline of 3.93%. The position decreased by 360 lots to 339,198 lots [2] - Spot: Most spot prices of PP in various regions declined. The drawstring was quoted at 8,450 - 8,980 yuan/ton [3] Fundamental Tracking - Supply: On March 25, new shutdown devices such as the second line of Zhejiang Petrochemical were added, and the PP enterprise operating rate dropped to about 74%, with the drawstring production ratio rising to about 26% [4] - Demand: As of the week of March 20, the downstream PP operating rate increased by 0.65 percentage points to 46.36% week - on - week. After the Spring Festival, the demand recovery was slow as downstream was not receptive to high - priced raw materials. The operating rate of plastic braiding, the main downstream of drawstring, decreased by 0.26 percentage points to 40.28% [4] - Inventory: On Wednesday, the petrochemical early - morning inventory decreased by 80,000 tons to 825,000 tons week - on - week, 10,000 tons lower than the same period last lunar year. Currently, the petrochemical inventory is at a neutral level in recent years [4] - Raw Materials: The Brent crude oil 05 contract dropped to $100/barrel, and the CFR propylene price in China increased by $30/ton to $1,230/ton week - on - week [4]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - PP prices are expected to oscillate strongly in the near term, and attention should be paid to the progress of downstream resumption of production after the holiday and the development of the Middle - East situation. The domestic supply - demand pattern of PP has improved, and the chemical industry's anti - involution is still expected. The Middle - East situation boosts the energy and chemical industry. Although PP does not rely on Middle - East imported goods, its upstream depends on Middle - East liquefied petroleum gas and crude oil, and the shortage of raw materials has led to a reduction in the load of olefin plants at home and abroad, resulting in a tight supply of domestic PP standard products and weak spot transactions [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - As of the week of March 20, the downstream operating rate of PP increased by 0.65 percentage points to 46.36% week - on - week. After the fourth week of the Spring Festival holiday, the downstream's acceptance of high - priced raw materials was low, and demand recovered slowly. The operating rate of the main downstream plastics of drawstring decreased by 0.26 percentage points to 40.28%. On March 20, new shutdown devices such as a single line of Zhongsha Tianjin and a line of Zhenhai Refining and Chemical were added. The operating rate of PP enterprises dropped to about 76.5%, at a relatively low level, and the production ratio of standard drawstring increased to about 24.5%. After the Spring Festival holiday, the petrochemical inventory has been reduced, and currently the petrochemical inventory is at a neutral level in the same period in recent years. The cost of crude oil has dropped from a high level. Although the device operating rate has slightly recovered recently, it is still lower than the end of February. After the Lantern Festival, the downstream rigid demand was released intensively, and the price of downstream BOPP film increased [1] 3.2 Futures and Spot Market Conditions - **Futures**: The PP2605 contract decreased in position and oscillated downward, with a minimum price of 8762 yuan/ton, a maximum price of 9197 yuan/ton, and finally closed at 9019 yuan/ton, above the 20 - day moving average, with a decline of 1.04%. The position decreased by 29,253 lots to 361,277 lots [2] - **Spot**: Most spot prices of PP in various regions declined. The drawstring was reported at 8230 - 8930 yuan/ton [3] 3.3 Fundamental Tracking - **Supply**: On March 20, new shutdown devices such as a single line of Zhongsha Tianjin and a line of Zhenhai Refining and Chemical were added. The operating rate of PP enterprises dropped to about 76.5%, at a relatively low level, and the production ratio of standard drawstring increased to about 24.5% [4] - **Demand**: As of the week of March 20, the downstream operating rate of PP increased by 0.65 percentage points to 46.36% week - on - week. After the fourth week of the Spring Festival holiday, the downstream's acceptance of high - priced raw materials was low, and demand recovered slowly. The operating rate of the main downstream plastics of drawstring decreased by 0.26 percentage points to 40.28% [4] - **Inventory**: The early petrochemical inventory on Friday decreased by 30,000 tons to 810,000 tons week - on - week, 10,000 tons higher than the same period of last lunar year. Currently, the petrochemical inventory is at a neutral level in the same period in recent years [4] 3.4 Raw Material End - The Brent crude oil 05 contract dropped to $108 per barrel, and the CFR propylene price in China remained flat at $1100 per ton week - on - week [6]

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - PP price is expected to oscillate strongly in the near term, and attention should be paid to the progress of downstream resumption of production after the festival and the development of the Middle East situation. The domestic supply - demand pattern of PP has improved, the chemical anti - involution is still expected, and the Middle East situation boosts energy and chemicals. However, downstream has a resistance to high prices and spot trading is weak [1]. Summary According to Related Catalogs Market Analysis - As of the week of March 13, the downstream operating rate of PP decreased by 0.16 percentage points to 45.71% week - on - week. After the Spring Festival, downstream demand recovered slowly as it has low acceptance of high - price raw materials. But the operating rate of the main downstream plastics of drawing continued to rise by 2.88 percentage points to 40.54%. On March 18, the number of shutdown devices changed little, the PP enterprise operating rate remained at about 77.5%, at a low level, and the production ratio of standard drawing decreased to about 22.5%. After the Spring Festival, petrochemical inventory has been continuously reduced, and it is currently at a neutral level in recent years. Due to the Middle East situation, the crude oil price remains high. Although the device operating rate has recovered slightly, it is still lower than that at the end of February. After the Lantern Festival, downstream rigid demand was released intensively, and the price of downstream BOPP film increased [1]. Futures and Spot Market - Futures: The PP2605 contract opened lower and then oscillated with a reduction in positions. The lowest price was 8,530 yuan/ton, the highest price was 8,895 yuan/ton, and it finally closed at 8,628 yuan/ton, above the 20 - day moving average, with a decline of 0.23%. The position decreased by 725 lots to 372,576 lots [2]. - Spot: The spot prices of PP in various regions showed mixed trends. The price of drawing was reported at 8,120 - 8,880 yuan/ton [3]. Fundamental Tracking - Supply: On March 18, the number of shutdown devices changed little, the PP enterprise operating rate remained at about 77.5%, at a low level, and the production ratio of standard drawing decreased to about 22.5% [4]. - Demand: As of the week of March 13, the downstream operating rate of PP decreased by 0.16 percentage points to 45.71% week - on - week. After the Spring Festival, downstream demand recovered slowly as it has low acceptance of high - price raw materials. But the operating rate of the main downstream plastics of drawing continued to rise by 2.88 percentage points to 40.54% [4]. - Inventory: On Wednesday, the early petrochemical inventory decreased by 15,000 tons to 850,000 tons week - on - week, 35,000 tons higher than the same period of last lunar year. Currently, petrochemical inventory is at a neutral level in recent years [4]. - Raw materials: The Brent crude oil 05 contract fell below $102 per barrel, and the CFR propylene price in China decreased by $40 per ton to $1,100 per ton week - on - week [4].

Report Industry Investment Rating - Not provided Core Viewpoints - PP prices are likely to rise rather than fall in the near term, with attention paid to the progress of downstream resumption after the holiday and the situation in the Middle East [1] Summary by Relevant Catalogs Market Analysis - As of the week ending March 13, the downstream operating rate of PP decreased by 0.16 percentage points to 45.71% week-on-week. After the Spring Festival holiday, downstream demand recovered slowly due to low acceptance of high-priced raw materials, but the operating rate of the main downstream plastics of drawstring continued to rise by 2.88 percentage points to 40.54% [1] - On March 17, there were few changes in the shutdown devices, and the operating rate of PP enterprises remained at around 77.5%, at a relatively low level. The production ratio of standard drawstring decreased to around 23% [1][4] - After the Spring Festival holiday, petrochemical inventories continued to decline, and currently petrochemical inventories are at a neutral level in the same period in recent years [1] - Although the IEA announced the release of 400 million barrels of oil reserves, the delivery speed was slow. Coupled with the attacks on multiple ships in the Strait of Hormuz and Iran's threat to continue blocking the strait, crude oil prices continued to rebound [1] - After the Lantern Festival, downstream rigid demand was concentrated, and the price of downstream BOPP film increased. The domestic supply-demand pattern of PP has improved, and there are still expectations for the anti-involution of the chemical industry. The situation in the Middle East has boosted the energy and chemical industry [1] - PP does not rely on imports from the Middle East, but its upstream depends on liquefied petroleum gas and crude oil from the Middle East. The PP production capacity in the Middle East accounts for 9% of the world's total and about 25% of the world's polyolefin exports, which affects international prices and supplies [1] - The shortage of raw materials has led to an increase in the reduction of domestic and foreign olefin plants. The supply of domestic PP standard products is tight, and downstream customers are resistant to high prices, resulting in weak spot transactions [1] Futures and Spot Market Conditions - Futures: The PP2605 contract opened lower and then oscillated with a reduction in positions. The lowest price was 8,460 yuan/ton, the highest price was 8,768 yuan/ton, and it finally closed at 8,671 yuan/ton, above the 20-day moving average, with a decline of 1.47%. The trading volume decreased by 42,481 lots to 923,271 lots [2] - Spot: The spot prices of PP in most regions declined. The drawstring was reported at 8,170 - 8,880 yuan/ton [3] Fundamental Tracking - Supply: On March 17, there were few changes in the shutdown devices, and the operating rate of PP enterprises remained at around 77.5%, at a relatively low level. The production ratio of standard drawstring decreased to around 23% [4] - Demand: As of the week ending March 13, the downstream operating rate of PP decreased by 0.16 percentage points to 45.71% week-on-week. After the Spring Festival holiday, downstream demand recovered slowly due to low acceptance of high-priced raw materials, but the operating rate of the main downstream plastics of drawstring continued to rise by 2.88 percentage points to 40.54% [4] - Petrochemical inventory: On Tuesday, the petrochemical early inventory increased by 0.5 tons to 86.5 tons week-on-week, 2 tons higher than the same period last lunar year. Currently, petrochemical inventories are at a neutral level in the same period in recent years [4] - Raw material: The Brent crude oil 05 contract rose above $103 per barrel, and the CFR propylene price in China increased by $40 per ton to $1,140 per ton week-on-week [4]

Report Industry Investment Rating - Not provided Core View - The domestic supply - demand pattern of PP has improved, and the anti - involution of the chemical industry is still expected. The Middle East situation boosts energy and chemicals. If the Strait of Hormuz cannot resume navigation, the PP price is likely to rise in the near term. Attention should be paid to the progress of downstream resumption of production after the festival and the Middle East situation [1] Summary by Relevant Catalog 1. Market Analysis - As of the week of March 13, the downstream operating rate of PP decreased by 0.16 percentage points to 45.71% week - on - week. After the Spring Festival, downstream demand recovered slowly due to low acceptance of high - priced raw materials. On March 13, the number of shutdown devices changed little. PP enterprise operating rate remained at around 75.5%, and the production ratio of standard drawstring was around 25.5%. Petrochemical inventory has been decreasing, and is currently at a neutral level in recent years. Although the IEA announced the release of 400 million barrels of oil reserves, the delivery was slow. With ships attacked in the Strait of Hormuz and Iran's blockade statement, crude oil prices rebounded. After the Lantern Festival, downstream rigid demand was released, and the price of BOPP film rose [1] 2. Futures and Spot Market Conditions - Futures: The PP2605 contract increased in positions and fluctuated upward, with the lowest price of 8314 yuan/ton, the highest price of 8763 yuan/ton, and finally closed at 8603 yuan/ton, above the 20 - day moving average, with a gain of 1.33%. The position increased by 9927 lots to 420700 lots [2] - Spot: Most spot prices of PP in various regions declined. The drawstring was quoted at 8070 - 8620 yuan/ton [3] 3. Fundamental Tracking - Supply: On March 13, the number of shutdown devices changed little, the PP enterprise operating rate remained at around 75.5%, and the production ratio of standard drawstring was around 25.5% [4] - Demand: As of the week of March 13, the downstream operating rate of PP decreased by 0.16 percentage points to 45.71% week - on - week, and demand recovered slowly [4] - Petrochemical inventory: Petrochemical early inventory on Friday increased by 20,000 tons to 820,000 tons week - on - week, 45,000 tons higher than the same period last lunar year, and is currently at a neutral level in recent years [4] - Raw materials: The Brent crude oil 05 contract rose to $101/barrel, and the CFR propylene price in China decreased by $30/ton to $1100/ton week - on - week [4]

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The domestic supply - demand pattern of PP has improved, and there are still expectations for the chemical industry to avoid over - competition. The Middle East situation boosts the energy and chemical industry. If the Strait of Hormuz cannot resume navigation, the PP price is likely to rise in the near term. Attention should be paid to the progress of downstream resumption after the festival and the Middle East situation [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - As of the week of March 6, the downstream operating rate of PP increased by 9.13 percentage points to 45.87% week - on - week. After the Spring Festival, downstream factories gradually resumed production but did not reach the pre - festival level. The overall downstream operating rate of PP showed seasonal changes. On March 12, the number of shutdown devices changed little, the PP enterprise operating rate remained at about 75.5%, at a relatively low level, and the production ratio of standard grade drawn wire dropped to about 25.5%. The petrochemical inventory has been decreasing continuously after the Spring Festival and is currently at a neutral level in recent years. Although the IEA announced the release of 400 million barrels of oil reserves, the delivery speed was slow. Coupled with the attacks on multiple ships in the Strait of Hormuz, the crude oil price rebounded sharply. After the Lantern Festival, the resumption of work in downstream factories increased, the rigid demand was released intensively, and the price of downstream BOPP film rose. The shortage of raw materials led to an increase in the reduction of the load of olefin plants at home and abroad, and the downstream showed resistance to high prices, resulting in weak spot trading [1] 3.2 Futures and Spot Market Conditions Futures - The PP2605 contract opened higher and then oscillated with a reduction in positions. The lowest price was 8270 yuan/ton, the highest price was 8697 yuan/ton, and it finally closed at 8303 yuan/ton, above the 20 - day moving average, with a gain of 4.06%. The open interest decreased by 10,939 lots to 410,773 lots [2] Spot - The spot prices of PP in most regions rose. The price of drawn wire was reported at 7470 - 8580 yuan/ton [3] 3.3 Fundamental Tracking Supply - On March 12, the number of shutdown devices changed little. The PP enterprise operating rate remained at about 75.5%, at a relatively low level, and the production ratio of standard grade drawn wire dropped to about 25.5% [4] Demand - As of the week of March 6, the downstream operating rate of PP increased by 9.13 percentage points to 45.87% week - on - week. After the Spring Festival, downstream factories gradually resumed production but did not reach the pre - festival level. The overall downstream operating rate of PP showed seasonal changes [4] Inventory - On Thursday, the petrochemical early - morning inventory decreased by 40,000 tons to 800,000 tons week - on - week, 20,000 tons higher than the same lunar period last year. Currently, the petrochemical inventory is at a neutral level in recent years [4] Raw Materials - The Brent crude oil 05 contract rose to $98 per barrel, and the CFR propylene price in China decreased by $20 per ton to $1130 per ton week - on - week [4]

Report Industry Investment Rating - Not provided Core Viewpoint - PP is expected to show a strong and volatile trend. After the Spring Festival, the domestic supply - demand pattern of PP has improved, and the situation in the Middle East has boosted the energy - chemical sector. Attention should be paid to the resumption progress of PP downstream production after the festival [1] Summary by Directory Market Analysis - As of the week of March 6, the downstream PP operating rate increased by 9.13 percentage points to 45.87% week - on - week. After the Spring Festival, downstream enterprises gradually resumed production but did not reach the pre - festival level. The PP enterprise operating rate remained at around 79%, at a relatively low level, and the production ratio of standard drawstring decreased to about 26.5%. During the Spring Festival, petrochemical inventory increased by 480,000 tons to 940,000 tons and has been decreasing since then. Currently, it is at a neutral level in recent years. The conflict in the Middle East has led to a sharp rise in crude oil prices, which has significantly boosted PP [1] Futures and Spot Market - Futures: The PP2605 contract increased in position and fluctuated upward. The lowest price was 7,424 yuan/ton, the highest was 7,800 yuan/ton, and it closed at 7,797 yuan/ton, above the 20 - day moving average, with a gain of 4.18%. The position increased by 17,221 lots to 493,414 lots [2] - Spot: Most spot prices of PP in various regions increased. The drawstring was reported at 7,320 - 7,980 yuan/ton [3] Fundamental Tracking - Supply: On March 6, there were few changes in maintenance devices. The PP enterprise operating rate remained at around 79%, at a relatively low level, and the production ratio of standard drawstring decreased to about 26.5% [4] - Demand: As of the week of March 6, the downstream PP operating rate increased by 9.13 percentage points to 45.87% week - on - week. After the Spring Festival, downstream enterprises gradually resumed production but did not reach the pre - festival level [4] - Inventory: During the Spring Festival, petrochemical inventory increased by 480,000 tons to 940,000 tons. On Friday, the petrochemical early - morning inventory decreased by 5,000 tons to 820,000 tons, 60,000 tons lower than the same period last lunar year. Currently, it is at a neutral level in recent years [4] - Raw Materials: The Brent crude oil 05 contract rose above $85 per barrel, and the CFR propylene price in China increased by $35 per ton week - on - week to $890 per ton [4]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - As of the week of February 27, the downstream operating rate of PP decreased by 5.04 percentage points to 36.74% compared with that before the Spring Festival. Currently, the downstream has not fully resumed work, showing a seasonal change. On March 4, the number of maintenance devices changed little, and the operating rate of PP enterprises remained at around 79%, at a relatively low level, while the production ratio of standard-grade drawn wire increased to around 31%. During the Spring Festival, petrochemical inventory increased by 480,000 tons to 940,000 tons, and it has been continuously decreasing after the Spring Festival. Currently, the petrochemical inventory is at a neutral level compared with the same period in recent years. Due to the conflict in the Middle East, the crude oil price has risen significantly, which has a significant boosting effect on PP. Although the domestic supply - demand pattern of PP has limited improvement, there are still expectations for the chemical industry to counter the involution. It is expected that PP will oscillate strongly, and attention should be paid to the progress of the downstream resumption of work after the Spring Festival [1]. Group 3: Summary According to the Directory 1. Market Analysis - As of the week of February 27, the downstream operating rate of PP decreased by 5.04 percentage points to 36.74% compared with that before the Spring Festival. On March 4, the number of maintenance devices changed little, and the operating rate of PP enterprises remained at around 79%, at a relatively low level, while the production ratio of standard - grade drawn wire increased to around 31%. During the Spring Festival, petrochemical inventory increased by 480,000 tons to 940,000 tons, and it has been continuously decreasing after the Spring Festival. Currently, the petrochemical inventory is at a neutral level compared with the same period in recent years. The conflict in the Middle East has led to a significant increase in crude oil prices, which has a significant boosting effect on PP. Although the domestic supply - demand pattern of PP has limited improvement, there are still expectations for the chemical industry to counter the involution. It is expected that PP will oscillate strongly, and attention should be paid to the progress of the downstream resumption of work after the Spring Festival [1]. 2. Futures and Spot Market Conditions - **Futures**: The PP2605 contract opened higher and then decreased in positions and oscillated. The lowest price was 7,188 yuan/ton, the highest price was 7,646 yuan/ton, and it finally closed at 7,506 yuan/ton, above the 20 - day moving average, with a gain of 5.27%. The position decreased by 38,423 lots to 464,543 lots [2]. - **Spot**: The spot prices of PP in most regions increased. The price of drawn wire was reported at 7,010 - 7,480 yuan/ton [3]. 3. Fundamental Tracking - **Supply**: On March 4, the number of maintenance devices changed little, and the operating rate of PP enterprises remained at around 79%, at a relatively low level, while the production ratio of standard - grade drawn wire increased to around 31% [6]. - **Demand**: As of the week of February 27, the downstream operating rate of PP decreased by 5.04 percentage points to 36.74% compared with that before the Spring Festival. Currently, the downstream has not fully resumed work, showing a seasonal change [6]. - **Inventory**: During the Spring Festival, petrochemical inventory increased by 480,000 tons to 940,000 tons. On Wednesday, the early petrochemical inventory decreased by 40,000 tons to 850,000 tons, which was 50,000 tons lower than the same period of last lunar year. Currently, the petrochemical inventory is at a neutral level compared with the same period in recent years [6]. - **Raw Materials**: The Brent crude oil 05 contract rose above $83 per barrel, and the CFR propylene price in China increased by $10 per ton to $845 per ton [6].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - PP is expected to fluctuate strongly, and attention should be paid to the resumption progress of PP downstream after the Spring Festival. It is recommended to take profit and leave the market to wait and see when narrowing the L - PP spread [1] 3. Summary by Relevant Catalogs 3.1行情分析 - As of the week of February 27, the downstream operating rate of PP decreased by 5.04 percentage points to 36.74% compared with that before the Spring Festival. Currently, the downstream has not fully resumed work, showing a seasonal change. On March 3, the number of maintenance devices changed little, and the operating rate of PP enterprises remained at around 79%, at a relatively low level, while the production ratio of standard - grade drawn wire increased to around 28.5%. During the Spring Festival, petrochemical inventory increased by 480,000 tons to 940,000 tons, and has been continuously decreasing after the Spring Festival. Currently, petrochemical inventory is at a neutral level in the same period in recent years. The conflict in the Middle East has led to a significant increase in crude oil prices, which has a significant boost to PP. Although the domestic supply - demand pattern of PP has limited improvement, there are still expectations for the anti - involution of the chemical industry. The L - PP spread has fallen to a low level, and it is recommended to take profit and leave the market to wait and see [1] 3.2期现行情 3.2.1 Futures - The PP2605 contract increased in positions and fluctuated upward. The lowest price was 7,021 yuan/ton, the highest price was 7,223 yuan/ton, and it finally closed at 7,223 yuan/ton, above the 20 - day moving average, with a gain of 5.99%. The open interest increased by 4,353 lots to 502,966 lots [2] 3.2.2 Spot - The spot prices of PP in all regions rose across the board. The price of drawn wire was reported at 6,570 - 7,280 yuan/ton [3] 3.3基本面跟踪 - Supply side: On March 3, the number of maintenance devices changed little, and the operating rate of PP enterprises remained at around 79%, at a relatively low level, while the production ratio of standard - grade drawn wire increased to around 28.5% [4] - Demand side: As of the week of February 27, the downstream operating rate of PP decreased by 5.04 percentage points to 36.74% compared with that before the Spring Festival. Currently, the downstream has not fully resumed work, showing a seasonal change [4] - Inventory: During the Spring Festival, petrochemical inventory increased by 480,000 tons to 940,000 tons. On Tuesday, the early petrochemical inventory increased by 10,000 tons to 890,000 tons, 20,000 tons lower than the same period in the lunar calendar last year. Currently, petrochemical inventory is at a neutral level in the same period in recent years [4] 3.4原料端原油 - The Brent crude oil 05 contract rose above $80 per barrel, and the CFR propylene price in China remained flat at $835 per ton [5]