聚烯烃日报：检修装置增多，聚烯烃震荡整理

策略摘要 研究院化工组 研究员 中性。聚烯烃期现价格偏强震荡，现阶段部分石化厂已进入检修期，聚烯烃检修装置增多，检修损失量有增加预期。清明节前部分工厂补库，需求小幅回升，下游农膜行业处于需求旺季，石化库存压力较大，价格上涨幅度有限。PDH制PP生产利润恢复盈利，标品PP拉丝排产大幅提升。LL进口窗口关闭，PP进口窗口关闭。预计聚烯烃延续震荡整理。 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84万吨，较上一工作日累库8万吨。 联系人 基差方面，LL华东基差在-130元/吨，PP华东基差在-70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，油价持续上行，聚烯烃成本支撑增强。中化泉州35 PP装置、荆门石化12 PP装置重启。茂名石化11 PE装置、大连石化二线7 PP装置与一线20 PP装置、天津石化20 PP装置、中原石化30 PE与6 PP装置、东莞巨正源二期60PP装置停车检修，PP开工率大幅下行。 吴硕琮020-83901158wushuocong@htfc.com从业资格号：F03119179 进出口方面，LL进口窗口关闭，PP进口窗口关闭，PP出口窗口打开。 ■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：%..........................................................................................