盘面震荡筑底，但上行驱动仍不足

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The market is oscillating to build a bottom, but the upward driving force is still insufficient. Crude oil prices have been rising continuously, driving the PG market to rebound, but the fundamentals of LPG itself are weak, and the market driving force is insufficient. The overseas supply remains abundant, the domestic commodity volume decline is limited, and the overall supply is sufficient. The demand for civil gas is in a off - season atmosphere, and the combustion demand is weak. Although the profit of PDH in deep - processing has improved marginally and the operating rate has rebounded, the subsequent growth momentum is limited [1] Group 3: Summary by Related Catalogs Market Analysis - On July 30, the regional prices were as follows: Shandong market, 4500 - 4600 yuan/ton; Northeast market, 4150 - 4500 yuan/ton; North China market, 4530 - 4650 yuan/ton; East China market, 4280 - 4600 yuan/ton; Yangtze River market, 4450 - 4640 yuan/ton; Northwest market, 4100 - 4350 yuan/ton; South China market, 4448 - 4550 yuan/ton [1] - In the second half of August 2025, the CIF prices of refrigerated propane and butane in East China were 550 dollars/ton (down 1 dollar/ton) and 528 dollars/ton (down 1 dollar/ton) respectively, equivalent to 4326 yuan/ton (down 12 yuan/ton) and 4153 yuan/ton (down 12 yuan/ton) in RMB. In South China, the CIF prices of refrigerated propane and butane were 543 dollars/ton (down 1 dollar/ton) and 521 dollars/ton (down 1 dollar/ton) respectively, equivalent to 4271 yuan/ton (down 12 yuan/ton) and 4098 yuan/ton (down 12 yuan/ton) in RMB [1] - The spot price of LPG in East China remained stable yesterday, and the downstream purchasing enthusiasm was fair. The rise in crude oil and import costs improved the mentality of market participants, and their enthusiasm for entering the market increased [1] Strategy - Unilateral: Oscillating, pay attention to the signals of the market bottom - building; Cross - period: None; Cross - variety: None; Spot - futures: None; Options: None [2]