聚烯烃日报：节前备货完毕，石化库存降低

策略摘要 研究院化工组 研究员 中性。聚烯烃延续窄幅震荡，石化厂检修最集中阶段过去，PP与PE开工负荷均已恢复至中等水平，未来供应压力将逐步增大。PE下游农膜整体逐渐进入生产淡季，PE其他下游与PP下游终端偏弱。原油与丙烷价格走低，聚烯烃生产利润回升，成本端支撑走弱。临近五一假期，石化库存走低，下游提前备货完毕，预计聚烯烃维持区间窄幅震荡，节后将出现累库。 梁宗泰020-83901031liangzongtai@htfc.com从业资格号：F3056198投资咨询号：Z0015616 陈莉020-83901135cl@htfc.com从业资格号：F0233775投资咨询号：Z0000421 核心观点 ■市场分析 库存方面，石化库存71万吨（-4）。 联系人 基差方面，LL华东基差在-90元/吨，PP华东基差在-50元/吨。 杨露露0755-82790795yanglulu@htfc.com从业资格号：F03128371 生产利润及国内开工方面，原油与丙烷价格走低，聚烯烃生产利润回升，成本端支撑走弱。北方华锦6 PP装置重启，中原石化6 PP装置停车检修。 进出口方面，LL进口利润维持微利，PP出口利润盈亏平衡附近，PP进口窗口关闭。 吴硕琮020-83901158wushuocong@htfc.com从业资格号：F03119179 ■策略 （1）单边：无。（2）跨期：无。 投资咨询业务资格：证监许可【2011】1289号 ■风险 地缘政治影响，原油价格波动，下游需求恢复情况。 目录 聚烯烃日度表格................................................................................................................................................................................4聚烯烃基差结构................................................................................................................................................................................6聚烯烃生产利润及开工率.................................................................................................................................................................7聚烯烃非标价差及开工占比.............................................................................................................................................................8聚烯烃进出口利润..........................................................................................................................................................................10聚烯烃下游开工及下游利润...........................................................................................................................................................12聚烯烃库存......................................................................................................................................................................................13 图表 表1:PE产业链日度表格丨单位：元/吨..........................................................................................................................................4表2:PP产业链日度表格丨单位：元/吨..........................................................................................................................................5 图1:LL主力合约走势&基差&跨期|单位：元/吨..........................................................................................................................6图2:PP主力合约走势&基差&跨期|单位：元/吨..........................................................................................................................6图3:LL生产利润（原油制）|单位：元/吨................................................................................................................................7图4:PE开工率|单位：%................................................................................................................................................................7图5:PP生产利润（原油制）|单位：元/吨................................................................................................................................7图6:PP生产利润（PDH制）|单位：元/吨.................................................................................................................................7图7:PP开工率|单位：%................................................................................................................................................................7图8:HD注塑-LL（华东）|单位：元/吨......................................................................................................................................8图9:LD-LL价差（华东）|单位：元/吨........................................................................................................................................8图10:LL开工占比|单位：%............................................................................................................................................................8图11:HD开工占比|单位：%............................................................................................................................................................8图12:LD开工占比|单位：%............................................................................................................................................................8图13:PP低融共聚-拉丝（华东）|单位：元/吨..........................................................................................................................8图14:拉丝开工占比|单位：%.........................................................................................................................................................9图15:均聚注塑开工占比|单位：%...............................................................................................................................................9图16:共聚注塑开工占比|单位：%.................................................................................................................................................9图17:纤维开工占比|单位：%.......................................................................................................................................................9图18:LL进口利润|单位：元