1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Geopolitical uncertainties persist, and the supply side continues to provide support for the polyolefin market. The ongoing tensions in the Middle East have led to supply issues for olefin raw materials, causing the market to rebound. For PE, the supply is tightening due to raw material shortages and upstream maintenance, while demand is gradually releasing but with cautious buying. For PP, the supply support remains strong, and although downstream purchasing is weak, the export window has opened, and prices are strongly supported in the short term [3][4] 3. Summary According to the Directory I. Polyolefin Basis and Inter - period Structure - The L main contract closed at 8767 yuan/ton (+52), the PP main contract closed at 9120 yuan/ton (+145). The LL North China spot price was 8500 yuan/ton (+200), the LL East China spot price was 8060 yuan/ton (-540), and the PP East China spot price was 9050 yuan/ton (+150). The LL North China basis was -267 yuan/ton (+148), the LL East China basis was -707 yuan/ton (-592), and the PP East China basis was -70 yuan/ton (+5) [1] II. Production Profit and Operating Rate - PE operating rate was 76.2% (-3.8%), PP operating rate was 70.0% (-0.5%). PE oil - based production profit was -734.1 yuan/ton (-191.4), PP oil - based production profit was -674.1 yuan/ton (-191.4), and PDH - based PP production profit was -3207.4 yuan/ton (-11.8) [1] III. Polyolefin Non - standard Price Difference - Not elaborated in the given content IV. Polyolefin Import and Export Profits - LL import profit was -817.2 yuan/ton (-361.0), PP import profit was -1265.0 yuan/ton (-145.9), and PP export profit was 310.5 US dollars/ton (+189.9) [1] V. Polyolefin Downstream Operating Rate and Downstream Profits - PE downstream agricultural film operating rate was 38.9% (+3.4%), PE downstream packaging film operating rate was 47.2% (+1.7%), PP downstream plastic weaving operating rate was 41.1% (+0.9%), and PP downstream BOPP film operating rate was 63.4% (+1.5%) [2] VI. Polyolefin Inventory - Not elaborated in the given content 4. Strategies - Unilateral: Cautiously go long on LLDPE and PP for hedging; - Inter - period: None; - Cross - variety: Cautiously shrink the spread of LL05 - PP05 when it is high [5]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The current situation in Iran remains a crucial factor influencing the prices of olefin products. The news of the US - Iran peace talks on the evening of March 23 led to a decline in the polyolefin futures market. However, the negotiation progress is expected to face difficulties, and the subsequent development of the situation needs to be monitored [1][3]. - For PE, the upstream maintenance plans are increasing, and the expected import resources are weak, resulting in a continuous tightening of market supply. On the demand side, although the overall downstream开工率 has increased, the high - price acceptance of downstream buyers is low, leading to a significant decline in the L basis. In the short term, without actual signs of US - Israel troop withdrawal or successful negotiations, the cost support and supply concerns for PE remain [4]. - For PP, the concerns about raw material supply are intensifying, and the supply support remains strong. The demand side shows that high prices squeeze downstream profits, and downstream procurement is cautious. However, the opening of the export window has boosted export demand. In the short term, the reduction in PP supply and the strong cost support from propane continue to resonate, and prices remain strongly supported before the Strait of Hormuz re - opens for navigation [4]. - The recommended strategy is to cautiously go long on LLDPE and PP for hedging on dips, with no recommendations for inter - period or cross - variety trading [5]. 3. Summary According to the Catalog 3.1 Market News and Important Data - **Price and Basis**: The closing price of the L main contract is 8,918 yuan/ton (- 605), and that of the PP main contract is 9,114 yuan/ton (- 679). The LL spot price in North China is 8,800 yuan/ton (+ 0), in East China is 8,950 yuan/ton (- 150), and the PP spot price in East China is 9,200 yuan/ton (- 100). The LL basis in North China is - 118 yuan/ton (+ 605), in East China is 32 yuan/ton (+ 455), and the PP basis in East China is 86 yuan/ton (+ 579) [1]. - **Upstream Supply**: The PE operating rate is 80.1% (- 2.3%), and the PP operating rate is 70.5% (+ 0.4%) [1]. - **Production Profit**: The PE oil - based production profit is - 51.6 yuan/ton (+ 1,566.3), the PP oil - based production profit is - 91.6 yuan/ton (+ 1,566.3), and the PDH - based PP production profit is - 3,034.3 yuan/ton (+ 108.0) [1]. - **Imports and Exports**: The LL import profit is - 300.5 yuan/ton (+ 661.9), the PP import profit is - 1,012.9 yuan/ton (+ 397.0), and the PP export profit is 107.0 US dollars/ton (- 72.1) [1]. - **Downstream Demand**: The PE downstream agricultural film operating rate is 35.4% (+ 8.6%), the PE downstream packaging film operating rate is 45.6% (+ 2.2%), the PP downstream plastic weaving operating rate is 40.3% (- 0.3%), and the PP downstream BOPP film operating rate is 62.0% (+ 0.6%) [2]. 3.2 Market Analysis - The Iran situation is a key factor affecting olefin prices. After the news of the US - Iran peace talks on March 23, there were different stances from both sides, and the negotiation progress is expected to be difficult. The subsequent attitude of Iran needs to be continuously monitored [3]. - For PE, the supply is tightening due to more maintenance plans and weak import expectations. The demand side shows a negative feedback, and the L basis has declined significantly. The cost support and supply concerns remain in the short term [4]. - For PP, the supply support is strong due to increased maintenance losses. The demand side is cautious, but the export demand has increased. The short - term price is strongly supported by supply reduction and cost factors [4]. 3.3 Strategy - **Single - sided**: Cautiously go long on LLDPE and PP for hedging on dips [5]. - **Inter - period**: No strategy recommended [5]. - **Cross - variety**: No strategy recommended [5].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The PE market shows a pattern of strong supply and weak demand. Although the cost - side is supported by rising oil prices, the overall fundamentals are weak. The market is expected to fluctuate in a range, and attention should be paid to the geopolitical situation and post - holiday inventory levels [1][3] - The PP market also has a weak supply - demand structure. Cost - side support exists, but demand is expected to decline seasonally during the Spring Festival. Attention should be paid to inventory accumulation and macro - level guidance [4] - The recommended trading strategies are to wait and see for single - side trading, no operation for inter - period trading, and to cautiously shrink the L - PP spread when it is high [5] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data - **Price and Basis**: The closing price of the L main contract is 6,787 yuan/ton (+12), and that of the PP main contract is 6,693 yuan/ton (+5). LL North China spot is 6,550 yuan/ton (+0), LL East China spot is 6,700 yuan/ton (+0), and PP East China spot is 6,680 yuan/ton (+0). LL North China basis is - 237 yuan/ton (-12), LL East China basis is - 87 yuan/ton (-12), and PP East China basis is - 13 yuan/ton (-5) [1] - **Upstream Supply**: The PE operating rate is 85.9% (+0.6%), and the PP operating rate is 73.9% (-0.9%) [1] - **Production Profit**: PE oil - based production profit is - 165.2 yuan/ton (+27.0), PP oil - based production profit is - 425.2 yuan/ton (+27.0), and PDH - based PP production profit is - 517.0 yuan/ton (-54.4) [1] - **Imports and Exports**: LL import profit is - 106.7 yuan/ton (+11.4), PP import profit is - 251.5 yuan/ton (+53.3), and PP export profit is - 64.1 US dollars/ton (-1.5) [1] - **Downstream Demand**: The PE downstream agricultural film operating rate is 30.2% (-4.4%), the PE downstream packaging film operating rate is 38.8% (-3.3%), the PP downstream woven plastic operating rate is 27.9% (-8.9%), and the PP downstream BOPP film operating rate is 64.6% (+0.4%) [2] 3.2 Market Analysis - **PE Market**: The macro - sentiment is generally weakening. The plastic market fluctuates in a range. The cost - side support is strengthened by rising oil prices. The supply is under pressure due to more restarted devices and more imported resources, while the demand remains weak in the off - season, leading to inventory accumulation pressure in the upper and middle reaches [3] - **PP Market**: The cost - side support exists, but the supply increase is limited due to some device overhauls. The demand is expected to decline seasonally during the Spring Festival, and the overall supply - demand structure is weak. Attention should be paid to inventory accumulation and macro - level guidance [4] 3.3 Strategy - **Single - side**: Wait and see, as the rising oil prices and raw material propane provide cost support, and the short - term market is expected to fluctuate widely following the cost and macro - sentiment [5] - **Inter - period**: No operation [5] - **Inter - variety**: Cautiously shrink the L - PP spread when it is high [5]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The downstream overall start - up of polyolefins continued to decline. The polyolefin market was affected by cost, supply, demand, and macro - sentiment, with the overall situation being weak. The supply - demand fundamentals of PE and PP were not substantially reversed and showed signs of weakening, with large destocking pressure. The short - term disk trends were expected to be volatile, and attention should be paid to macro - level guidance and the destocking process [2][3] - For the strategy, it was recommended to wait and see for L/PP in the single - sided trading. For the cross - variety trading, it was advisable to cautiously shrink the L - PP spread when it was high [4] Summary According to the Directory 1. Polyolefin Basis and Inter - Period Structure - The L main contract closed at 6,777 yuan/ton (- 141), and the PP main contract closed at 6,676 yuan/ton (- 125). The LL North China spot was 6,650 yuan/ton (- 80), the LL East China spot was 6,850 yuan/ton (+ 0), and the PP East China spot was 6,680 yuan/ton (+ 0). The LL North China basis was - 127 yuan/ton (+ 61), the LL East China basis was 73 yuan/ton (+ 141), and the PP East China basis was 4 yuan/ton (+ 125) [1] 2. Production Profit and Operating Rate - The PE operating rate was 85.9% (+ 0.6%), and the PP operating rate was 73.9% (- 0.9%). The PE oil - based production profit was - 88.5 yuan/ton (- 105.0), the PP oil - based production profit was - 498.5 yuan/ton (- 105.0), and the PDH - based PP production profit was - 450.8 yuan/ton (- 88.0) [1] 3. Non - Standard Price Difference of Polyolefins - Not elaborated on specific data in the text 4. Polyolefin Import and Export Profits - The LL import profit was 13.2 yuan/ton (+ 54.6), the PP import profit was - 282.1 yuan/ton (+ 4.7), and the PP export profit was - 60.1 US dollars/ton (+ 19.4) [1] 5. Polyolefin Downstream Operating and Downstream Profits - The PE downstream agricultural film operating rate was 30.2% (- 4.4%), the PE downstream packaging film operating rate was 38.8% (- 3.3%), the PP downstream plastic weaving operating rate was 36.7% (- 5.3%), and the PP downstream BOPP film operating rate was 64.6% (+ 0.4%) [1] 6. Polyolefin Inventory - Not elaborated on specific data in the text

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The cost side of PE and PP is disturbed by factors such as the rebound of international oil prices and propane, and the market sentiment is cautious, with the disk tending to fluctuate. The supply - demand fundamentals of both are weak, with strong supply and weak demand, and the de - stocking pressure is large. The short - term disk rebound sustainability needs to pay attention to the macro - level guidance and the de - stocking process [2] - It is recommended to wait and see for L/PP in the unilateral strategy, as the current supply - demand fundamentals are weak and the rebound sustainability may be limited [3] Summary by Directory 1. Market News and Important Data - **Price and Basis**: L main contract closed at 6918 yuan/ton (+53), PP main contract at 6801 yuan/ton (+71). LL North China spot was 6730 yuan/ton (+0), LL East China spot 6850 yuan/ton (+50), PP East China spot 6680 yuan/ton (+0). LL North China basis was - 188 yuan/ton (-53), LL East China basis - 68 yuan/ton (-3), PP East China basis - 121 yuan/ton (-71) [1] - **Upstream Supply**: PE operating rate was 85.4% (+0.7%), PP operating rate 74.8% (-1.2%) [1] - **Production Profit**: PE oil - based production profit was 16.5 yuan/ton (-128.9), PP oil - based production profit - 343.5 yuan/ton (-128.9), PDH - based PP production profit - 362.8 yuan/ton (+25.2) [1] - **Import and Export**: LL import profit was - 41.4 yuan/ton (-52.8), PP import profit - 286.8 yuan/ton (-2.9), PP export profit - 79.5 dollars/ton (+0.4) [1] - **Downstream Demand**: PE downstream agricultural film operating rate was 34.6% (-1.8%), PE downstream packaging film operating rate 42.1% (-2.9%), PP downstream plastic weaving operating rate 42.0% (+0.0%), PP downstream BOPP film operating rate 64.2% (+0.2%) [1] 2. Market Analysis - **PE**: The cost side is disturbed by the rebound of international oil prices. The supply is increasing and the demand is decreasing. The supply pressure is expected to rise due to the restart of many devices and more incoming resources. The demand is in the off - season with weak order follow - up. The supply - demand fundamentals are weakening, and the de - stocking pressure is large [2] - **PP**: The cost side is disturbed by the rebound of propane and international oil prices. The supply is difficult to be significantly supported, and the demand is expected to decline seasonally. The supply - demand structure is weak, and the disk is affected by the cost and macro - sentiment [2] 3. Strategy - **Unilateral**: Wait and see for L/PP, as the current supply - demand fundamentals are weak and the short - term cost side fluctuates strongly, and the rebound sustainability may be limited [3] - **Inter - period**: None [4] - **Inter - variety**: None [4]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The market anticipates a weakening in pre - holiday demand. For PE, due to the decline in international oil prices, the cost - side support for plastics has weakened. With an increase in supply and a decrease in demand, the polyolefin market has corrected. For PP, the cost - side support of propane and oil has declined, and the market sentiment is cautious, leading to a correction in both futures and spot prices [2][3]. - The current supply - demand fundamentals of polyolefins are weak. For PE, there is an expected increase in supply pressure, and downstream demand is in the off - season with weak order follow - up. For PP, the supply side lacks strong support, and demand is expected to decline seasonally. The market is affected by cost - side and macro - sentiment fluctuations, and the sustainability of the rebound is limited. The report recommends a wait - and - see approach for L/PP [2][3][4]. 3. Summary by Directory Market News and Important Data - **Price and Basis**: The closing price of the L main contract is 6865 yuan/ton (-13), and that of the PP main contract is 6730 yuan/ton (+16). LL North China spot is 6730 yuan/ton (-70), LL East China spot is 6800 yuan/ton (-50), and PP East China spot is 6680 yuan/ton (+0). LL North China basis is -135 yuan/ton (-57), LL East China basis is -65 yuan/ton (-37), and PP East China basis is -50 yuan/ton (-16) [1]. - **Upstream Supply**: The PE operating rate is 85.4% (+0.7%), and the PP operating rate is 74.8% (-1.2%) [1]. - **Production Profit**: The PE oil - based production profit is 145.4 yuan/ton (+260.7), the PP oil - based production profit is -264.6 yuan/ton (+260.7), and the PDH - based PP production profit is -388.0 yuan/ton (+117.3) [1]. - **Imports and Exports**: The LL import profit is 11.4 yuan/ton (-65.3), the PP import profit is -283.9 yuan/ton (+44.8), and the PP export profit is -79.8 US dollars/ton (-5.7) [1]. - **Downstream Demand**: The PE downstream agricultural film operating rate is 34.6% (-1.8%), the PE downstream packaging film operating rate is 42.1% (-2.9%), the PP downstream plastic weaving operating rate is 42.0% (+0.0%), and the PP downstream BOPP film operating rate is 64.2% (+0.2%) [1]. Market Analysis - **PE**: The decline in international oil prices has led to a weakening of cost - side support. In terms of supply, there are many restarted devices, limited planned maintenance in February, and an increase in imported resources. In terms of demand, it is in the off - season, with a decline in overall downstream operating rates and weak order follow - up. The supply - demand fundamentals are weak, and the de - stocking pressure is large [2]. - **PP**: The cost - side support of propane and oil has declined, and the market sentiment is cautious. On the supply side, PDH is in a deep loss, but there is limited planned maintenance in the future, and some devices are resuming production. On the demand side, it is in the off - season, and there is a seasonal decline in demand with limited new orders. The supply - demand structure is weak, and the de - stocking pressure may limit the rebound space [3]. Strategy - **Single - sided**: Adopt a wait - and - see approach for L/PP. The short - term cost - side fluctuations are strong, and the macro - and capital - side disturbances are increasing. The current supply - demand fundamentals of polyolefins are weak, and the sustainability of the rebound may be limited [4]. - **Inter - period**: No strategy is provided [5]. - **Inter - variety**: No strategy is provided [5].

Report Investment Rating - No investment rating information provided in the report. Core View - The report indicates that in the short - term, there is a small rebound due to cost - end support and sentiment boost. However, for PE, the supply is increasing while demand is weak, leading to inventory accumulation and high de - stocking pressure. For PP, the supply is still relatively loose, demand is weak, and the inventory level is high. The cost end, with the recent rebound of international oil prices and propane prices, provides some support, but the overall price is still under pressure from supply - demand contradictions [3][4]. Summary by Directory 1. Market News and Important Data - **Price and Basis**: L主力合约收盘价为6453元/吨（-12），PP主力合约收盘价为6274元/吨（-18）。LL华北现货为6300元/吨（+50），LL华东现货为6400元/吨（+0），PP华东现货为6140元/吨（+0）。LL华北基差为 - 153元/吨（+62），LL华东基差为 - 53元/吨（+12），PP华东基差为 - 134元/吨（+18） [1]. - **Upstream Supply**: PE开工率为82.6%（-1.2%），PP开工率为76.9%（-2.5%） [1]. - **Production Profit**: PE油制生产利润为73.7元/吨（+166.3），PP油制生产利润为 - 426.3元/吨（+166.3），PDH制PP生产利润为 - 848.4元/吨（-32.2） [1]. - **Import and Export**: LL进口利润为90.9元/吨（+16.1），PP进口利润为 - 295.6元/吨（+16.4），PP出口利润为 - 18.7美元/吨（-2.1） [2]. - **Downstream Demand**: PE下游农膜开工率为43.9%（-1.3%），PE下游包装膜开工率为48.2%（-0.7%），PP下游塑编开工率为43.7%（-0.3%），PP下游BOPP膜开工率为63.2%（+0.0%） [2]. 2. Market Analysis - **PE**: Supply remains high with planned restarts of some plants and low planned maintenance in the first quarter of next year, and new production capacity is about to be released. Demand enters the off - season with overall downstream开工率 declining, and social inventory continues to accumulate. Cost support has recovered due to the recent rebound of international oil prices. The supply - demand contradiction suppresses prices [3]. - **PP**: Short - term supply - demand fundamentals have limited changes. Supply is still relatively loose with temporary maintenance and planned restarts. Demand has limited order follow - up, and overall downstream开工率 declines steadily. Cost support has increased due to the rebound of international oil prices and propane prices. The supply - demand contradiction still puts pressure on prices [4]. 3. Strategy - **Unilateral**: Wait and see. The short - term sentiment drives the market to rebound, but the upward driving force is insufficient, and the rebound height is expected to be limited [5]. - **Inter - period**: No strategy provided. - **Inter - variety**: No strategy provided.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For PE, the supply is continuously abundant, the demand is in the off - season, the inventory is accumulating, and the price is under pressure from supply - demand contradiction, although the cost support has increased [3]. - For PP, the supply pressure is expected to be less than that of PE, the demand is weak, the inventory is high, and the short - term price rebound drive is limited, with the cost support increasing [4]. - The strategy suggests to cautiously short - sell LLDPE for hedging at high prices, to wait and see for PP with short - term weak bottom - side fluctuations, and to shrink the L05 - PP05 spread when it is high [5]. 3. Summary According to the Directory 3.1 Market News and Important Data - **Price and Basis**: L主力合约收盘价为6296元/吨（+56），PP主力合约收盘价为6158元/吨（+39），LL华北现货为6200元/吨（-50），LL华东现货为6370元/吨（-30），PP华东现货为6120元/吨（-30），LL华北基差为-96元/吨（-106），LL华东基差为74元/吨（-86），PP华东基差为-38元/吨（-69） [1]. - **Upstream Supply**: PE开工率为83.9%（-0.2%），PP开工率为79.4%（+1.1%） [1]. - **Production Profit**: PE油制生产利润为-55.9元/吨（-117.5），PP油制生产利润为-545.9元/吨（-117.5），PDH制PP生产利润为-714.1元/吨（-84.3） [1]. - **Import and Export**: LL进口利润为-127.5元/吨（+4.3），PP进口利润为-271.6元/吨（-55.8），PP出口利润为-6.4美元/吨（+7.0） [2]. - **Downstream Demand**: PE下游农膜开工率为45.2%（-1.2%），PE下游包装膜开工率为49.0%（-0.6%），PP下游塑编开工率为44.0%（-0.1%），PP下游BOPP膜开工率为63.2%（+0.3%） [2]. 3.2 Market Analysis - **PE**: Supply remains high with limited planned maintenance at the end of the year and low maintenance in Q1 next year, and new capacity is expected to be put into operation. Demand enters the off - season with declining downstream开工率. Inventory is accumulating, and the de - stocking pressure is large. The cost support has increased, but the supply - demand contradiction suppresses the price [3]. - **PP**: Short - term supply - demand fundamentals have limited changes. Supply is still under pressure, but there may be a slow reduction in supply due to potential production cuts. Demand has limited order follow - up, and only BOPP provides some support. Inventory is high. The cost support has increased, and the short - term price rebound drive is limited [4]. 3.3 Strategy - **Single - sided**: Cautiously short - sell LLDPE for hedging at high prices; wait and see for PP with short - term weak bottom - side fluctuations [5]. - **Inter - period**: No strategy [5]. - **Inter - variety**: Shrink the L05 - PP05 spread when it is high [5].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The supply and demand sides of the polyolefin market are under continuous pressure, and the price rebound lacks momentum. For PE, the supply is expected to increase while the demand is weakening, leading to large inventory pressure and limited short - term improvement. For PP, the supply is expected to remain high, demand is weak, and short - term rebound drivers are limited. [1][2][3] 3. Summary by Directory 3.1 Market News and Important Data - **Price and Basis**: The closing price of the L main contract is 6479 yuan/ton (-64), and the PP main contract is 6254 yuan/ton (-2). LL and PP spot prices and basis have different changes. [1] - **Upstream Supply**: PE开工率 is 84.1% (+0.1%), and PP开工率 is 78.3% (+0.7%). [1] - **Production Profit**: PE oil - based production profit is 358.7 yuan/ton (+127.6), PP oil - based production profit is - 261.3 yuan/ton (+127.6), and PDH - based PP production profit is - 714.1 yuan/ton (+60.0). [1] - **Imports and Exports**: LL import profit is - 100.0 yuan/ton (+5.1), PP import profit is - 268.1 yuan/ton (+4.9), and PP export profit is - 12.1 US dollars/ton (-0.6). [1] - **Downstream Demand**: PE downstream agricultural film and packaging film开工率 decline, while PP downstream BOPP film开工率 increases slightly and plastic weaving开工率 remains unchanged. [1] 3.2 Market Analysis - **PE**: Supply is expected to increase due to low maintenance and new device production. Demand is weakening as downstream开工率 drops. Inventory pressure is large, and cost support is weakening. [2] - **PP**: Supply is expected to remain high with less maintenance. Demand is limited, and inventory levels are high. Cost support is weakening, and short - term rebound drivers are limited. [3] 3.3 Strategy - **Unilateral**: Adopt a wait - and - see approach, with prices expected to fluctuate weakly at the bottom in the short term. - **Inter - period**: No strategy is provided. - **Inter - variety**: Short the spread of L05 - PP05 when it is high. [4]

1. Industry Investment Rating No investment rating provided in the report. 2. Core Viewpoints - The demand in the polyolefin market continues to be weak, and the market is oscillating weakly. For PE, the supply pressure remains due to the expected increase in the start - up rate and the approaching of the demand off - season, leading to a pattern of increasing supply and weakening demand. For PP, the weak supply - demand situation persists in the short term, with inventory accumulating and the demand side lacking follow - up [1][2][3]. - The recommended strategy is to remain on the sidelines for single - side trading, with the market expected to be weakly oscillating in the short term. For inter - period trading, conduct a reverse spread on the L01 - 05 contract when the price is high. For inter - variety trading, narrow the L - P price spread when it is high [4]. 3. Summary by Directory 3.1 Polyolefin Basis Structure - L主力合约收盘价为6643元/吨（-31），PP主力合约收盘价为6275元/吨（-12）；LL华北现货为6620元/吨（-40），LL华东现货为6750元/吨（-60），PP华东现货为6310元/吨（-40）；LL华北基差为 - 23元/吨（-9），LL华东基差为107元/吨（-29），PP华东基差为35元/吨（-28） [1] 3.2 Production Profit and Operating Rate - PE开工率为84.1%（-0.5%），PP开工率为77.6%（-0.5%）；PE油制生产利润为202.2元/吨（-107.2），PP油制生产利润为 - 497.8元/吨（-107.2），PDH制PP生产利润为 - 568.5元/吨（+0.0） [1] 3.3 Polyolefin Non - Standard Price Difference No specific data summary provided for this section in the given content. 3.4 Polyolefin Import and Export Profits - LL进口利润为59.3元/吨（-70.0），PP进口利润为 - 273.0元/吨（+0.0），PP出口利润为 - 22.4美元/吨（+0.0） [1] 3.5 Polyolefin Downstream Operating Rate and Downstream Profits - PE下游农膜开工率为48.1%（-0.9%），PE下游包装膜开工率为50.2%（-0.5%），PP下游塑编开工率为44.1%（+0.0%），PP下游BOPP膜开工率为62.6%（+0.0%） [1] 3.6 Polyolefin Inventory - For PE, the social inventory increased slightly month - on - month, and the absolute inventory level was relatively high compared to the same period. The LLDPE social inventory also increased further during the week. For PP, the inventory continued to accumulate [2][3]