聚烯烃周报：关注英力士投产，聚烯烃窄幅震荡

研究院化工组 策略摘要 研究员 中性：上海石化装置计划停车检修，大庆石化、燕山石化即将开车重启，存量装置供应端压力大体维持，不确定性来自新装置投产进度，中石化英力士(天津)石化全密度与PP装置试车后进入停车状态，原计划中旬正式投产，但目前仍等待上游裂解装置开车。国际油价窄幅上涨，丙烷成本窄幅波动，成本端支撑相对平稳，PDH制PP开工率仍维持低位。下游农膜开工率上行，已经进入生产最旺季节，下游整体刚需尚可，石化库存去化，预计未来库存仍将缓慢下降，短期PE区间整理。 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 联系人 石化库存72.5万吨，较上一周去库9万吨。 杨露露0755-82790795yanglulu@htfc.com从业资格号：F03128371 基差方面，LL华东基差+250元/吨，PP华东基差0元/吨。 生产利润及国内开工方面，国际油价窄幅上涨，丙烷成本窄幅波动，成本端支撑相对平稳，PDH制PP开工率仍维持低位。 吴硕琮020-83901158wushuocong@htfc.com从业资格号：F03119179 进出口方面，LL进口窗口打开，PP进口窗口关闭。 下游需求方面，下游农膜开工率上行，已经进入生产最旺季节，下游整体刚需尚可。 ■策略 投资咨询业务资格：证监许可【2011】1289号 中性。 ■风险 原油价格大幅波动，需求恢复不及预期。 目录 聚烯烃基差结构................................................................................................................................................................................4聚烯烃检修计划................................................................................................................................................................................5聚烯烃生产利润及开工率.................................................................................................................................................................8聚烯烃非标价差及开工占比.............................................................................................................................................................9聚烯烃进出口利润...........................................................................................................................................................................11聚烯烃下游开工及下游利润...........................................................................................................................................................13聚烯烃库存......................................................................................................................................................................................14 图表 图1:LL主力合约走势&基差&跨期|单位：元/吨..........................................................................................................................4图2:PP主力合约走势&基差&跨期|单位：元/吨...........................................................................................................................4图3:中国PE检修量（乘以-1）|单位：万吨/月...........................................................................................................................5图4:中国油制PE检修量（乘以-1）|单位：万吨/月...................................................................................................................5图5:中国煤制PE检修量（乘以-1）|单位：万吨/月...................................................................................................................5图6:中国烷烃制PE检修量（乘以-1）|单位：万吨/月...............................................................................................................5图7:中国PP检修量（乘以-1）|单位：万吨/月...........................................................................................................................5图8:中国油制PP检修量（乘以-1）|单位：万吨/月...................................................................................................................5图9:中国煤制PP月度检修量（乘以-1）|单位：万吨/月...........................................................................................................6图10:中国PDH制PP月度检修量（乘以-1）|单位：万吨/月...................................................................................................6图11:聚烯烃周度开工预估|单位：%............................................................................................................................................6图12:PE开工率分工艺|单位：%...................................................................................................................................................7图13:PE开工率分品种|单位：%...................................................................................................................................................7图14:PP开工率分工艺|单位：%....................................................................................................................................................8图15:LL生产利润（原油制）|单位：元/吨..................................................................................................................................8图16:PE开工率|单位：%...............................................................................................................................................................8图17:PP生产利润（原油制）|单位：元/吨..................................................................................................................................9图18:PP生产利润（PDH制）|单位：元/吨.................................................................................................................................9图19:PP开工率|单位：%...............................................................................................................................................................9图20:HD注塑-LL（华东）|单位：元/吨.............................................................................................................