LPG：短期窄幅偏强震荡，丙烯：短期高位偏弱运行

Report Summary 1. Industry Investment Ratings - No investment ratings for the industry are provided in the report. 2. Core Views - LPG is expected to experience a short - term narrow - range and slightly stronger oscillation [1]. - Propylene is likely to operate at a high level with a weakening trend in the short term [2]. 3. Summary by Directory 3.1 Fundamental Tracking - LPG Futures Prices: PG2510 closed at 4,449 yesterday with a - 0.47% daily increase and 4,505 in the night session with a 1.26% increase; PG2511 closed at 4,400 yesterday with a - 0.54% daily increase and 4,449 in the night session with a 1.11% increase; PL2601 closed at 6,420 yesterday with a 0.17% daily increase and 6,426 in the night session with a 0.09% increase; PL2602 closed at 6,440 yesterday with a - 0.03% daily increase and 6,449 in the night session with a 0.14% increase [2]. - LPG Futures Trading Volume and Open Interest: For PG2510, yesterday's trading volume was 52,056 (a decrease of 6,755 from the previous day), and open interest was 61,188 (a decrease of 6,172 from the previous day); for PG2511, trading volume was 20,151 (a decrease of 3,417 from the previous day), and open interest was 50,813 (an increase of 2,043 from the previous day); for PL2601, trading volume was 3,192 (a decrease of 53 from the previous day), and open interest was 11,270 (an increase of 491 from the previous day); for PL2602, trading volume was 96 (an increase of 43 from the previous day), and open interest was 888 (an increase of 2 from the previous day) [2]. - LPG Price Spreads: The spread of Guangzhou domestic gas to the PG10 contract was 31 yesterday (30 the day before); the spread of Guangzhou imported gas to the PG10 contract was 101 yesterday (60 the day before); the spread of Shandong propylene to the PL01 contract was 280 yesterday (291 the day before); the spread of East China propylene to the PL01 contract was 155 yesterday (191 the day before); the spread of South China propylene to the PL01 contract was 55 yesterday (66 the day before) [2]. - LPG Industry Chain Data: The PDH operating rate this week was 70.5% (73.1% last week); the MTBE operating rate was 61.7% (62.2% previously); the alkylation operating rate was 43.4% (46.8% previously) [2]. 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 indicating the most bearish and 2 indicating the most bullish [6]. 3.3 Market Information - CP Paper Cargo Prices: On September 12, 2025, the October CP paper cargo price for propane was 546 dollars/ton, a decrease of 3 dollars/ton from the previous trading day; the price for butane was 521 dollars/ton, a decrease of 3 dollars/ton from the previous trading day. The November CP paper cargo price for propane was 557 dollars/ton, a decrease of 2 dollars/ton from the previous trading day [7]. - Domestic PDH Plant Maintenance Plans: Multiple companies have PDH plant maintenance plans, including Henan Huasong New Materials Technology Co., Ltd. (starting on May 12, 2023, end time undetermined), Jiangsu Yanchang Zhongran Chemical Co., Ltd. (starting in late November 2023, end time undetermined), etc. [8]. - Domestic LPG Plant Maintenance Plans: Many production enterprises have LPG plant maintenance plans, such as Zhenghe Petrochemical (starting on May 14, 2024, end time in late September 2025), Huaxing Petrochemical (starting on October 22, 2024, end time in November 2025), etc. [9].