盘面小幅反弹，等待8月CP出台

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The current fundamentals of LPG are weak, and the market atmosphere is dull. However, after continuous declines, the PG main contract shows certain signs of stabilization. Yesterday, the strengthening of crude oil prices drove a slight rebound in the LPG market. The industry is waiting for the release of the August CP price [1]. - The supply of LPG is sufficient, with abundant overseas supply, high - level US exports, and a limited decline in domestic commercial volume. The demand for civil gas is in the off - season, and the combustion demand is weak. Although the profit of PDH in the deep - processing sector has improved marginally and the operating rate has rebounded, the subsequent growth momentum is limited [1]. 3. Summary according to Related Sections Market Analysis - On July 29, the regional LPG prices were as follows: Shandong market, 4570 - 4650 yuan/ton; Northeast market, 4100 - 4430 yuan/ton; North China market, 4600 - 4650 yuan/ton; East China market, 4280 - 4600 yuan/ton; Yangtze River market, 4500 - 4640 yuan/ton; Northwest market, 4100 - 4300 yuan/ton; South China market, 4448 - 4550 yuan/ton [1]. - In the second half of August 2025, the CIF prices of frozen LPG in East China were: propane at 551 US dollars/ton (up 5 US dollars/ton), equivalent to 4338 yuan/ton (up 42 yuan/ton); butane at 529 US dollars/ton (up 6 US dollars/ton), equivalent to 4165 yuan/ton (up 50 yuan/ton). In South China, propane was at 544 US dollars/ton (up 5 US dollars/ton), equivalent to 4283 yuan/ton (up 42 yuan/ton); butane was at 522 US dollars/ton (up 6 US dollars/ton), equivalent to 4110 yuan/ton (up 50 yuan/ton) [1]. Strategy - Unilateral: The market is expected to fluctuate. Attention should be paid to the bottom - building signals of the market. There are no strategies for inter - period, inter - variety, spot - futures, and options [2].