LPG：外盘支撑走强，内盘仍有修复空间

Group 1: Report Core Information - Report title: "LPG: Supported by Strong External Market, Domestic Market Still Has Room for Repair" [1] - Date: July 25, 2025 [1] - Analyst: Chen Xinchao [1] - Investment consulting qualification number: Z0020238 [1] - Email: chenxinchao@gtht.com [1] Group 2: Fundamental Tracking Futures - PG2509 yesterday's closing price was 4,023 with a daily increase of 1.41%, and night - session closing price was 4,037 with a night - session increase of 0.35%. Its yesterday's trading volume was 100,180 (a decrease of 1,582 from the previous day), and positions were 88,522 (a decrease of 3,742 from the previous day) [1] - PG2510 yesterday's closing price was 4,456 with a daily increase of 1.48%, and night - session closing price was 4,461 with a night - session increase of 0.11%. Its yesterday's trading volume was 23,707 (an increase of 3,001 from the previous day), and positions were 54,714 (an increase of 160 from the previous day) [1] Spreads - Yesterday, the spread between Guangzhou domestic gas and the 09 contract was 507, compared with 583 the day before [1] - Yesterday, the spread between Guangzhou imported gas and the 09 contract was 527, compared with 633 the day before [1] Industrial Chain Important Price Data - This week, the PDH operating rate was 73.1%, up from 71.8% last week [1] - This week, the MTBE operating rate was 69.0%, up from 67.6% last week [1] - This week, the alkylation operating rate was 47.5%, up from 45.9% last week [1] Group 3: Trend Intensity - LPG trend intensity is 0, with the range of values in the [-2, 2] interval for integers. The classification of strength levels is as follows: weak, relatively weak, neutral, relatively strong, strong, where -2 means the most bearish and 2 means the most bullish [6] Group 4: Market Information Saudi CP Expectations - On July 23, 2025, the August Saudi CP expectation for propane was 530 dollars/ton, up 18 dollars/ton from the previous trading day; for butane, it was 510 dollars/ton, up 18 dollars/ton from the previous trading day [8] - The September Saudi CP expectation for propane was 535 dollars/ton, up 19 dollars/ton from the previous trading day; for butane, it was 515 dollars/ton, up 19 dollars/ton from the previous trading day [8] Domestic PDH Device Maintenance Plans - Multiple PDH device maintenance plans from various companies are listed, including Henan Huasong New Material Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., etc., with different start times and some with undetermined end times [7] Domestic Liquefied Gas Factory Device Maintenance Plans - Multiple domestic liquefied gas factory device maintenance plans are listed, including those from Shandong - based companies like Shengli Heavy Oil Plant, Haike Ruilin, etc., with details of normal production volume, loss volume, start time, end time, and maintenance duration [9]