LPG：OPEC+增产预期，短期偏弱震荡，丙烯：现货供需支撑转弱，短期弱势运行

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - LPG is expected to experience short - term weak and volatile trends due to OPEC+ production increase expectations [1]. - Propylene is likely to operate weakly in the short term as the support from spot supply and demand weakens [2]. 3. Summary by Relevant Content 3.1 Fundamental Data - Futures Prices: PG2510 closed at 4,376 with a 0.18% daily increase and 4,368 at night with a - 0.18% decrease; PG2511 closed at 4,307 with a 0.23% daily increase and 4,292 at night with a - 0.35% decrease; PL2601 closed at 6,408 with a 0.25% daily increase and 6,370 at night with a - 0.59% decrease; PL2602 closed at 6,443 with a 0.41% daily increase and 6,406 at night with a - 0.57% decrease [2]. - Trading Volume and Open Interest: For PG2510, trading volume was 65,228 (a decrease of 2210) and open interest was 65,734 (an increase of 6); for PG2511, trading volume was 16,201 (a decrease of 2153) and open interest was 39,981 (an increase of 888); for PL2601, trading volume was 2,036 (a decrease of 1138) and open interest was 9,659 (an increase of 35); for PL2602, the spread was 10 (a change of 2 compared to the previous day) [2]. - Price Spreads: The spread between Guangzhou domestic gas and PG10 contract was 124 (previous 82); between Guangzhou imported gas and PG10 contract was 284 (previous 222); between Shandong propylene and PL01 contract was 152 (previous 213); between East China propylene and PL01 contract was 67 (previous 183); between South China propylene and PL01 contract was 67 (previous 83) [2]. - Industrial Chain Data: PDH operating rate was 73.1% (previous 73.0%), MTBE operating rate was 62.2% (previous 63.5%), and alkylation operating rate was 46.8% (previous 49.0%) [2]. 3.2 Trend Intensity - LPG trend intensity is 0, and propylene trend intensity is 0. The range of trend intensity is from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [8]. 3.3 Market Information - CP Paper Goods: On September 5, 2025, the price of propane in October CP paper goods was 545 dollars/ton, up 3 dollars/ton from the previous trading day; the price of butane was 519 dollars/ton, up 2 dollars/ton from the previous trading day. The price of propane in November CP paper goods was 553 dollars/ton, up 3 dollars/ton from the previous trading day [9]. - Domestic PDH Device Maintenance Plans: Multiple companies such as Henan Huasong New Material Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd. have PDH device maintenance plans, with some starting from 2023 and some in 2025, and some end - times are still undetermined [10]. - Domestic LPG Factory Device Maintenance Plans: Many production enterprises including Zhenghe Petrochemical, Huaxing Petrochemical have maintenance plans, with different start and end times and loss volumes [11].