Group 1: Report Industry Investment Rating - The investment rating for the unilateral strategy is neutral, with a recommendation of short - term observation. There are no specific strategies for cross - period, cross - variety, spot - futures, and options [3] Group 2: Core View of the Report - On November 12, 2025, the LPG prices in different domestic regions varied. The PG futures market oscillated, and domestic spot prices showed mixed trends. Although the domestic market supply has tightened marginally, the supply - demand pattern has not reversed, with abundant overseas supplies and limited downstream chemical demand due to insufficient profit growth. The US LPG exports remain at a high level, and the estimated US LPG shipment volume in November is expected to reach 6.43 million tons, a month - on - month increase of 670,000 tons, possibly hitting the highest level this year [2] Group 3: Summary by Related Catalogs Market Analysis - On November 12, the LPG prices in different domestic regions were as follows: Shandong 4360 - 4460 yuan/ton, Northeast 3960 - 4090 yuan/ton, North China 4200 - 4400 yuan/ton, East China 4250 - 4350 yuan/ton, Yangtze River region 4590 - 4820 yuan/ton, Northwest 4150 - 4250 yuan/ton, and South China 4400 - 4500 yuan/ton. In the first half of December 2025, the CIF prices of frozen LPG in East China and South China increased. The domestic PG futures market oscillated, and spot prices showed mixed trends. The market atmosphere in East China cooled slightly, and the ether - post - carbon - four market remained stable with low prices. The domestic supply tightened marginally, but the supply - demand pattern did not change, and overseas supplies were abundant. The US LPG exports remained high, with an estimated November shipment volume of 6.43 million tons, a month - on - month increase of 670,000 tons [2] Strategy - Unilateral: Neutral, short - term observation is recommended. There are no strategies for cross - period, cross - variety, spot - futures, and options [3]

油料日报 | 2025-11-13 豆市供应偏紧，花生关注河南集中上量 大豆观点 市场分析 期货方面，昨日收盘豆一2601合约4127.00元/吨，较前日变化+15.00元/吨，幅度+0.36%。现货方面，食用豆现货基 差A01-47，较前日变化-15，幅度32.14%。 市场资讯汇总：东北新季大豆市场整体以稳为主，优质优价特征仍存，叠加收储政策托底，短期豆价仍有支撑， 高蛋白价格表现偏强。目前基层农户售粮积极性尚可，价格随行就市，部分略显惜售，粮贸企业谨慎收购，目前 市场普遍都有库存，但向销区售粮情况表现一般。黑龙江哈尔滨市场国标一等蛋白39%蛋白中粒塔粮装车报价2.03 元/斤，较前一日持平；黑龙江双鸭山宝清市场国标一等蛋白39%蛋白中粒塔粮装车报价2.04元/斤，较前一日持平； 黑龙江佳木斯富锦市场国标一等蛋白39%蛋白中粒塔粮装车报价2.02元/斤，较前一日持平；黑龙江齐齐哈尔讷河 市场国标一等蛋白39%蛋白中粒塔粮装车报价2.04元/斤，较前一日持平；黑龙江黑河嫩江市场国标一等蛋白39%蛋 白中粒塔粮装车报价2.03元/斤，较前一日持平；黑龙江绥化海伦市场国标一等蛋白39%蛋白中粒塔粮装车报价2.0 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The polyolefin market is characterized by an overall pattern of oscillation and consolidation. The PE market maintains an oscillation and consolidation pattern, while the PP market shows an oscillation and weakening trend in the short - term. The cost support has strengthened slightly, but the upward movement is still restricted by supply - demand factors [3][4] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data - **Price and Basis**: The closing price of the L main contract is 6,788 yuan/ton (+28), and that of the PP main contract is 6,460 yuan/ton (+31). The spot prices of LL in North China and East China are 6,800 yuan/ton (+0) and 6,850 yuan/ton (+0) respectively. The spot price of PP in East China is 6,480 yuan/ton (-20). The basis of LL in North China and East China is 12 yuan/ton (-28) and 62 yuan/ton (-28) respectively, and the basis of PP in East China is 20 yuan/ton (-51) [2] - **Upstream Supply**: The PE operating rate is 82.6% (+1.7%), and the PP operating rate is 77.8% (+0.7%) [2] - **Production Profit**: The PE oil - based production profit is 101.2 yuan/ton (-82.1), the PP oil - based production profit is - 488.8 yuan/ton (-82.1), and the PDH - based PP production profit is - 105.8 yuan/ton (+1.9) [2] - **Imports and Exports**: The LL import profit is - 72.5 yuan/ton (+2.5), the PP import profit is - 165.6 yuan/ton (+2.4), and the PP export profit is - 5.7 US dollars/ton (-0.3) [2] - **Downstream Demand**: The operating rate of PE downstream agricultural film is 50.0% (+0.4%), the operating rate of PE downstream packaging film is 50.8% (-0.5%), the operating rate of PP downstream plastic weaving is 44.5% (+0.3%), and the operating rate of PP downstream BOPP film is 62.5% (+0.9%) [2] 3.2 Market Analysis - **PE**: The pattern of strong supply and weak demand persists. The supply pressure is large due to high operating rates, new capacity releases, and some device restarts. The downstream demand is limited, with the agricultural film's demand expected to shrink and the packaging film's operating rate declining. The cost support from oil prices is weak, and PE is expected to maintain an oscillation and consolidation pattern in the short - term [3] - **PP**: There are still supply - demand contradictions. The cost support has strengthened slightly, but the supply surplus pattern remains. The downstream demand has a slow recovery, and the demand support is limited. PP is expected to continue an oscillation and weakening pattern in the short - term, but the downward drive is also limited [4] 3.3 Strategy - **Unilateral**: Adopt a wait - and - see approach; the market may maintain a bottom - oscillation pattern in the short - term [5] - **Inter - delivery Spread**: Consider reverse arbitrage when the L01 - 05 and PP01 - 05 spreads are high [5] - **Inter - commodity Spread**: No relevant strategy provided [5]

1. Report Industry Investment Rating - The investment rating is neutral [4] 2. Core Viewpoints of the Report - The price of the three major oils fluctuated yesterday. The Canadian government will launch a new CAD 370 million production incentive plan to support Canadian rapeseed producers, which provides some support for rapeseed prices and drives the oils to fluctuate strongly [3] 3. Summary by Relevant Catalogs 3.1 Futures and Spot Market Conditions - Futures: The closing price of the palm oil 2601 contract was CNY 8,744.00 per ton, a decrease of CNY 26 or -0.30% compared to the previous day; the closing price of the soybean oil 2601 contract was CNY 8,288.00 per ton, an increase of CNY 50.00 or +0.61%; the closing price of the rapeseed oil 2601 contract was CNY 9,840.00 per ton, an increase of CNY 65.00 or +0.66% [1] - Spot: The spot price of palm oil in Guangdong was CNY 8,680.00 per ton, a decrease of CNY 60.00 or -0.69%, with a spot basis of P01+-64.00, a decrease of CNY 34.00; the spot price of first - grade soybean oil in Tianjin was CNY 8,450.00 per ton, an increase of CNY 20.00 per ton or +0.24%, with a spot basis of Y01+162.00, a decrease of CNY 30.00; the spot price of fourth - grade rapeseed oil in Jiangsu was CNY 10,190.00 per ton, an increase of CNY 60.00 or +0.59%, with a spot basis of OI01+350.00, a decrease of CNY 5.00 [1] 3.2 Market Information - Ukraine: The estimated rapeseed production for the 2026/27 season is 3.4 million tons, with an estimated range of 3.2 - 3.6 million tons, the same as the previous estimate. Excluding Crimea and occupied states, the estimated production is 3.3 million tons [2] - Australia: The estimated rapeseed production for the 2025/26 season is 6.3 million tons (estimated range of 5.9 - 6.0 million tons), the same as the previous estimate. Despite the recent cool weather, the estimate remains unchanged [2] - Global Soybean Export Prices: On November 11th, the FOB export price of Argentine soybeans increased by USD 3 to USD 434 per ton; the FOB export price of Brazilian soybeans in Paranagua remained unchanged at USD 452 per ton; the FOB export price of US soybeans in the Gulf of Mexico decreased by USD 3 to USD 451 per ton [2]

Report Core View - The prices of various black building materials are mainly in a state of volatile operation, and different varieties face different supply - demand situations and influencing factors [1][3][5][7] Steel Market Analysis - Yesterday, the main contract of rebar futures closed at 3,038 yuan/ton, and the main contract of hot - rolled coil closed at 3,255 yuan/ton. The national building materials trading volume was 91,600 tons. This week, the production and sales of building materials increased month - on - month, inventory decreased month - on - month, and demand rebounded slightly. However, there is a possibility of weakening demand in the off - season. The output of strip steel decreased due to production restrictions in North China this week, demand remained resilient, and inventory decreased slightly month - on - month. The contradiction of strip steel lies in its high inventory and production, and steel prices are suppressed due to export profit losses, and production cuts are needed to resolve the fundamental contradictions [1] Strategy - Unilateral: Volatile and weak [2] Iron Ore Market Analysis - Yesterday, the price of iron ore futures rose slightly. The prices of mainstream imported iron ore varieties at Tangshan Port increased slightly. Traders' enthusiasm for quoting was average, and quotes mostly followed the market. Steel mills' procurement was mainly for rigid demand. The cumulative trading volume of iron ore at major ports across the country was 988,000 tons, a month - on - month decrease of 8.35%. This week, the shipment of iron ore continued to decline, and the supply of iron ore was in a loose state. With steel mills' loss - induced production cuts, the demand for iron ore was under pressure. The current relative valuation of the Platts index of iron ore is relatively high, and the ore price is under downward pressure, but it is difficult to have a trend direction in the short term supported by downstream restocking demand [3] Strategy - Unilateral: Volatile and weak [4] Coking Coal and Coke Market Analysis - Yesterday, the main contracts of coking coal and coke futures fluctuated downward. In terms of coke, there were more coking maintenance operations, and supply decreased due to environmental protection factors in some areas. In terms of coking coal, market sentiment cooled slightly, and the auction non - success rate of coking coal increased. For imported Mongolian coal, the transaction center of Mongolian coal moved down, and the partial transaction price of Mongolian 5 raw coal dropped to about 1,120 - 1,130 yuan/ton. The seasonal off - season characteristics of the terminal demand for steel are obvious, and there is an expectation of a further decline in hot metal production, and terminal demand is suppressed. Coupled with the recovery of Mongolian coal customs clearance volume and relatively high imports, the supply contraction logic is weakened to a certain extent [5] Strategy - Coking coal: Volatile; Coke: Volatile [6] Thermal Coal Market Analysis - In terms of origin, the prices of main producing areas fluctuated. Currently, the procurement of metallurgical, chemical, and large - scale station customers is stable, and the prices of some coal mines are temporarily stable. However, as the wait - and - see sentiment increases, the procurement rhythm of traders slows down, the number of coal - pulling trucks in some coal mines decreases, and the price slightly回调. Currently, the inventory of coal mines is not high, and the port prices are relatively strong, so coal mines are not very willing to cut prices. At ports, the port shipments increased, downstream buyers were waiting and watching, and the trading activity was low. Traders expect the winter supply - demand situation to be tight, and the quotes remain firm, but downstream buyers have limited acceptance of high prices, and the game between buyers and sellers intensifies. In terms of imports, the recent trend of the imported coal market is stable and slightly strong, the price advantage of imported coal is obvious, terminal customers centrally purchase imported coal with cost - performance advantages, and the price of imported coal rises accordingly, maintaining a stable cost - performance advantage [7] Strategy - None [7]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The 12 - month contract trading focuses on rhythm, with the overall valuation support rising. Shipping companies will adjust supply to keep freight rates high for next - year's long - term agreement negotiations. The 12 - month contract trading rhythm involves alternating between trading price increase expectations and actual implementation of price increase letters. The initial estimated valuation range for the 12 - month contract is between 1700 - 1850 points, and the valuation bottom is rising. [5] - The 2026 February contract may have a large expectation gap but is currently suppressed by the resumption of shipping expectations. Attention should be paid to how the exchange defines the delivery and settlement price of the February contract. If the price - holding period is extended and high prices are achieved in January 2026, the February contract may be at parity with the 12 - month contract. [6] - The strategy is that the 12 - month contract will fluctuate, and the February contract will fluctuate with an upward bias. There is no arbitrage strategy currently. [8] Summary by Directory 1. Market Analysis - **Online Quotes**: Different shipping alliances and companies have various price quotes for Shanghai - Rotterdam routes. For example, Gemini Cooperation's Maersk has different prices in the 47th and 48th weeks, and HPL has different quotes for different shipping periods in November and December. Maersk has issued a price increase letter for December. [1] - **Geopolitical Situation**: The US military is researching the establishment of a temporary base for 10,000 people near the Gaza Strip to support a stable force for the cease - fire between Israel and Hamas. This is an early planning step and does not involve US troops. [3] - **Dynamic Supply**: The average weekly capacity in the remaining 4 weeks of November is 246,500 TEU, and in December, it is 338,800 TEU. There are 10 blank sailings and 1 TBN in November and 3 TBNs in December. [4] 2. Futures Prices - As of November 11, 2025, the total open interest of all container shipping index European line futures contracts is 73,528.00 lots, and the daily trading volume is 70,447.00 lots. The closing prices of different contracts such as EC2602, EC2604, etc., are provided. [7] 3. Spot Prices - On November 7, 2025, the SCFI prices for Shanghai - Europe, Shanghai - US West, and Shanghai - US East routes are 1323 US dollars/TEU, 2212 US dollars/FEU, and 2848 US dollars/FEU respectively. On November 10, the SCFIS for Shanghai - Europe is 1504.80 points, and for Shanghai - US West is 1329.71 points. [7] 4. Container Ship Capacity Supply - In 2025, it is a big year for container ship deliveries. As of November 9, 2025, 226 container ships have been delivered, with a total capacity of 1.879 million TEU. Among them, 71 ships of 12,000 - 16,999 TEU and 12 ships of over 17,000 TEU have been delivered, with capacities of 1.072 million TEU and 253,800 TEU respectively. [7] 5. Supply Chain - No specific summarized content in this part other than the figures mentioned in the document. 6. Demand and European Economy - No specific summarized content in this part other than the figures mentioned in the document.

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View The report presents a daily overview of the stock index options market, including option trading volume, PCR (Put-Call Ratio), and VIX (Volatility Index), providing data on multiple types of stock index options such as Shanghai 50 ETF options, CSI 300 ETF options, etc. 3. Summary by Directory I. Option Trading Volume - On November 11, 2025, the trading volume of Shanghai 50 ETF options was 741,600 contracts; CSI 300 ETF options (Shanghai market) was 900,600 contracts; CSI 500 ETF options (Shanghai market) was 1,301,700 contracts; Shenzhen 100 ETF options was 79,900 contracts; ChiNext ETF options was 1,701,600 contracts; Shanghai 50 stock index options was 34,900 contracts; CSI 300 stock index options was 109,100 contracts; and CSI 1000 options total trading volume was 229,500 contracts [1]. - The table shows the call, put, and total trading volumes of various stock index ETF options on the same day, for example, the total trading volume of Shanghai 50 ETF options was 747,500 contracts [21]. II. Option PCR - The turnover PCR of Shanghai 50 ETF options was reported at 0.75, with a month - on - month change of +0.12; the position PCR was 0.93, with a month - on - month change of - 0.05. Similar data is provided for other types of options, such as CSI 300 ETF options (Shanghai market), where the turnover PCR was 0.88, with a month - on - month change of +0.13, and the position PCR was 1.08, with a month - on - month change of - 0.03 [2]. III. Option VIX - The VIX of Shanghai 50 ETF options was reported at 17.51%, with a month - on - month change of +0.40%; the VIX of CSI 300 ETF options (Shanghai market) was 19.05%, with a month - on - month change of +0.54%. Similar data is provided for other types of options, like the VIX of CSI 1000 stock index options was 24.22%, with a month - on - month change of +0.75% [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report presents the market liquidity situation on November 11, 2025, including the trading volume, holding amount, and trading - holding ratio of various sectors in the market, as well as their changes compared with the previous trading day [1][2] 3. Summary by Directory I. Plate Liquidity - There are data on the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of each plate, with specific values and comparison data with the previous trading day, and the data sources are from Flush and Huatai Futures Research Institute [1][2][8] II. Stock Index Plate - On November 11, 2025, the trading volume of the stock index plate was 636.209 billion yuan, a change of - 2.76% compared with the previous trading day; the holding amount was 1313.794 billion yuan, a change of - 2.08% compared with the previous trading day; the trading - holding ratio was 48.16%. There are also relevant charts showing the price changes, trading - holding ratio, precipitation fund changes, precipitation fund trends, trading amount changes, and the top 20 net holding ratio trends of each variety in the stock index plate, and the data sources are from Flush and Huatai Futures Research Institute [1][9][12] III. Treasury Bond Plate - On November 11, 2025, the trading volume of the treasury bond plate was 306.618 billion yuan, a change of - 10.04% compared with the previous trading day; the holding amount was 877.984 billion yuan, a change of - 1.16% compared with the previous trading day; the trading - holding ratio was 33.87%. There are also relevant charts showing the price changes, trading - holding ratio, precipitation fund changes, precipitation fund trends, trading amount changes, and the top 20 net holding ratio trends of each variety in the treasury bond plate, and the data sources are from Flush and Huatai Futures Research Institute [1][21][24] IV. Base Metals and Precious Metals (Metal Plate) - On November 11, 2025, the trading volume of the base metal plate was 361.394 billion yuan, a change of - 14.51% compared with the previous trading day; the holding amount was 606.448 billion yuan, a change of + 0.71% compared with the previous trading day; the trading - holding ratio was 72.67%. The trading volume of the precious metal plate was 676.209 billion yuan, a change of - 12.19% compared with the previous trading day; the holding amount was 466.083 billion yuan, a change of + 4.06% compared with the previous trading day; the trading - holding ratio was 169.06%. There are also relevant charts showing the price changes, trading - holding ratio, precipitation fund changes, precipitation fund trends, trading amount change rate, and the top 20 net holding ratio trends of each variety in the metal plate, and the data sources are from Flush and Huatai Futures Research Institute [1][30][33] V. Energy and Chemical Plate - On November 11, 2025, the trading volume of the energy and chemical plate was 364.619 billion yuan, a change of - 11.38% compared with the previous trading day; the holding amount was 467.431 billion yuan, a change of + 1.11% compared with the previous trading day; the trading - holding ratio was 68.09%. There are also relevant charts showing the price changes, trading - holding ratio, precipitation fund changes, precipitation fund trends, trading amount change rate, and the top 20 net holding ratio trends of the main varieties in the energy and chemical plate, and the data sources are from Flush and Huatai Futures Research Institute [1][37][40] VI. Agricultural Products Plate - On November 11, 2025, the trading volume of the agricultural products plate was 294.841 billion yuan, a change of + 5.37% compared with the previous trading day; the holding amount was 588.412 billion yuan, a change of + 1.26% compared with the previous trading day; the trading - holding ratio was 46.89%. There are also relevant charts showing the price changes, trading - holding ratio, precipitation fund changes, precipitation fund trends, trading amount change rate, and the top 20 net holding ratio trends of the main varieties in the agricultural products plate, and the data sources are from Flush and Huatai Futures Research Institute [1][44][52] VII. Black Building Materials Plate - On November 11, 2025, the trading volume of the black building materials plate was 235.001 billion yuan, a change of - 9.48% compared with the previous trading day; the holding amount was 382.632 billion yuan, a change of + 0.73% compared with the previous trading day; the trading - holding ratio was 54.93%. There are also relevant charts showing the price changes, trading - holding ratio, precipitation fund changes, precipitation fund trends, trading amount change rate, and the top 20 net holding ratio trends of each variety in the black building materials plate, and the data sources are from Flush and Huatai Futures Research Institute [2][55][57]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - PVC shows a weak and volatile trend. The supply side has a slight reduction in supply due to new device maintenance, but new production capacity is gradually reaching full production, resulting in an abundant supply. The demand side has a decline in downstream开工 and general purchasing sentiment. The export side exchanges volume for price, and export orders are weakening. The inventory is high, and the futures price is under pressure. Attention should be paid to relevant policies in the future [3]. - The spot price of caustic soda is stable with a slight decline. The supply side has an increase in开工 due to less device maintenance, and attention should be paid to the new production capacity. The demand side has stable orders from Shandong alumina, but the overall demand may weaken in the off - season. The inventory has decreased slightly, and the cost support still exists. Attention should be paid to the procurement demand of new alumina plants [3]. Summary by Directory Market News and Important Data PVC - **Futures Price and Basis**: The closing price of PVC's main contract is 4,572 yuan/ton (-42), the East China basis is -42 yuan/ton (+32), and the South China basis is 18 yuan/ton (+22) [1]. - **Spot Price**: The East China calcium carbide method offers 4,530 yuan/ton (-10), and the South China calcium carbide method offers 4,590 yuan/ton (-20) [1]. - **Upstream Production Profit**: The semi - coke price is 800 yuan/ton (+0), the calcium carbide price is 2,830 yuan/ton (+0), the calcium carbide profit is -100 yuan/ton (+0), the PVC calcium carbide method production gross profit is -769 yuan/ton (-6), the PVC ethylene method production gross profit is -465 yuan/ton (+79), and the PVC export profit is 8.3 dollars/ton (+3.5) [1]. - **Inventory and Capacity Utilization**: The in - plant PVC inventory is 33.5 tons (-0.3), the social PVC inventory is 54.6 tons (+0.1), the PVC calcium carbide method capacity utilization is 80.17% (+3.70%), the PVC ethylene method capacity utilization is 77.23% (-1.27%), and the overall PVC capacity utilization is 79.28% (+2.19%) [1]. - **Downstream Orders**: The pre - sales volume of production enterprises is 74.2 tons (-3.2) [1]. Caustic Soda - **Futures Price and Basis**: The closing price of SH's main contract is 2,357 yuan/ton (+8), and the basis of 32% liquid caustic soda in Shandong is 112 yuan/ton (-39) [1]. - **Spot Price**: The price of 32% liquid caustic soda in Shandong is 790 yuan/ton (-10), and the price of 50% liquid caustic soda in Shandong is 1,250 yuan/ton (+0) [1]. - **Upstream Production Profit**: The single - variety profit of caustic soda in Shandong is 1,478 yuan/ton (-31), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 854.5 yuan/ton (+8.8), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is -7.47 yuan/ton (-51.25), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 811.83 yuan/ton (+0.00) [2]. - **Inventory and Capacity Utilization**: The liquid caustic soda factory inventory is 41.48 tons (-2.78), the flake caustic soda factory inventory is 2.90 tons (+0.17), and the caustic soda capacity utilization is 84.80% (+0.50%) [2]. - **Downstream Capacity Utilization**: The alumina capacity utilization is 85.25% (-0.61%), the dyeing and printing capacity utilization in East China is 68.06% (+0.00%), and the viscose staple fiber capacity utilization is 89.60% (-0.06%) [2]. Market Analysis PVC - The supply side has a slight reduction in supply due to new device maintenance, but new production capacity is gradually reaching full production, resulting in an abundant supply [3]. - The demand side has a decline in downstream开工, and the overall purchasing sentiment is general. The export side exchanges volume for price, and export orders are weakening. The inventory is high, and the futures price is under pressure [3]. Caustic Soda - The supply side has an increase in开工 due to less device maintenance, and attention should be paid to the new production capacity [3]. - The demand side has stable orders from Shandong alumina, but the overall demand may weaken in the off - season. The inventory has decreased slightly, and the cost support still exists. Attention should be paid to the procurement demand of new alumina plants [3]. Strategy PVC - Unilateral: Range - bound and volatile, choose the right time for cash - and - carry arbitrage [4]. - Inter - delivery: Wait and see [4]. - Inter - commodity: None [4]. Caustic Soda - Unilateral: Range - bound and volatile [5]. - Inter - delivery: Go long on SH12 and short on SH01 when the price difference is low [5]. - Inter - commodity: None [5].

Report Industry Investment Rating - Unilateral strategy: Neutral, with a short - term focus on waiting and observing [2] Core View - The domestic LPG spot market generally continued to rise, and the market atmosphere improved marginally. However, the overall supply - demand pattern remained unchanged, with a global oversupply of LPG. The PG futures price had short - term support but limited upside potential [1] Market Analysis - On November 11, regional prices were as follows: Shandong market, 4320 - 4420; Northeast market, 3960 - 4050; North China market, 4200 - 4420; East China market, 4250 - 4400; Yangtze River market, 4590 - 4810; Northwest market, 4140 - 4200; South China market, 4400 - 4500 [1] - In the first half of December 2025, the CIF prices of refrigerated propane and butane in East China were stable at 543 dollars/ton and 542 dollars/ton respectively, equivalent to 4236 yuan/ton and 4228 yuan/ton in RMB. In South China, the CIF prices of propane and butane were stable at 538 dollars/ton and 537 dollars/ton respectively, equivalent to 4197 yuan/ton and 4189 yuan/ton in RMB [1] - The overseas market prices remained relatively stable. The mainstream transaction price of civil LPG in Shandong increased, and the price of post - ether C4 remained stable after a sharp increase. The downstream chemical demand was acceptable, while the combustion demand was poor. The downstream's ability to accept high - priced post - ether C4 decreased, which restricted the market's rebound space [1] - The supply tightened marginally due to refinery maintenance and a decline in arrivals, but the overall supply - demand pattern remained unchanged, with a global oversupply of LPG [1] Strategy - Unilateral: Neutral, short - term wait - and - see [2] - Inter - period: None [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2]