LPG、丙烯：宏观情绪溢价支撑，基本面变化有限

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View of the Report The report focuses on the LPG and propylene markets, stating that the markets are supported by macro - sentiment premiums with limited fundamental changes. It presents detailed data on futures prices, trading volume, open interest, spreads, and key industrial chain data, as well as market news and device maintenance plans [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Prices: On August 21, 2025, PG2509 had a closing price of 3,890 with a daily increase of 0.99% and a night - session closing price of 3,891 with a night - session increase of 0.03%. PG2510 closed at 4,354 with a 1.23% increase, PL2601 at 6,446 with a 0.66% increase, and PL2602 at 6,493 with a 0.51% increase [1]. - Trading Volume and Open Interest: PG2509's trading volume was 37,785, a decrease of 2,184 from the previous day, and its open interest was 42,525, a decrease of 13,814. PG2510's trading volume was 98,441, an increase of 52,994, and its open interest was 104,754, an increase of 3,980 [1]. - Spreads: The spread between Guangzhou domestic gas and the PG09 contract was 610, compared to 598 the previous day. The spread between Shandong propylene and the PL01 contract was - 56, compared to 6 the previous day [1]. - Key Industrial Chain Data: The PDH operating rate this week was 76.3%, up from 73.8% last week. The MTBE operating rate was 63.4%, down from 66.6% last week, and the alkylation operating rate was 49.0%, down from 50.0% last week [1]. 3.2 Trend Intensity The trend intensity of LPG is 0, and that of propylene is also 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [7]. 3.3 Market News - CP Paper Goods Prices: On August 20, 2025, the September CP paper goods prices were 519 US dollars per ton for propane, up 4 US dollars per ton from the previous trading day, and 496 US dollars per ton for butane, up 5 US dollars per ton. The October CP paper goods price for propane was 533 US dollars per ton, up 3 US dollars per ton from the previous trading day [9]. - Domestic PDH Device Maintenance Plans: Multiple companies, including Henan Huasong New Material Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., etc., have PDH device maintenance plans, with some start times and end times determined and some end times still pending [8]. - Domestic LPG Factory Device Maintenance Plans: Many production enterprises, such as Shengli Heavy Oil Plant, Zhenghe Petrochemical, etc., have device maintenance plans, with different normal production volumes, loss volumes, start times, end times, and maintenance durations [10].