LPG：短期窄幅震荡，丙烯：短期高位偏弱

Group 1: Investment Ratings - LPG is expected to experience short - term narrow - range fluctuations [1] - Propylene is expected to be weak at a high level in the short term [2] Group 2: Core Views - The report provides a comprehensive analysis of LPG and propylene, including futures price trends, market information, and industry data such as开工率 and device maintenance plans Group 3: Summary by Directory 1. Fundamental Tracking Futures Prices - PG2510: Yesterday's closing price was 4,425 with a daily decline of 0.78%, and the night - session closing price was 4,383 with a decline of 0.95% [2] - PG2511: Yesterday's closing price was 4,360 with a daily decline of 0.57%, and the night - session closing price was 4,320 with a decline of 0.92% [2] - PL2601: Yesterday's closing price was 6,388 with a daily decline of 0.56%, and the night - session closing price was 6,393 with an increase of 0.08% [2] - PL2602: Yesterday's closing price was 6,434 with a daily decline of 0.46%, and the night - session closing price was 6,424 with a decline of 0.16% [2] Trading Volume and Open Interest - PG2510: Yesterday's trading volume was 26,838, a decrease of 15,542 from the previous day; open interest was 22,118, a decrease of 8,667 from the previous day [2] - PG2511: Yesterday's trading volume was 52,770, an increase of 6,334 from the previous day; open interest was 73,508, an increase of 6,877 from the previous day [2] - PL2601: Yesterday's trading volume was 3,844, a decrease of 1,385 from the previous day; open interest was 11,906, an increase of 98 from the previous day [2] - PL2602: Yesterday's trading volume was 170, an increase of 18 from the previous day; open interest was 648, a decrease of 98 from the previous day [2] Spreads - The spread between Guangzhou domestic gas and the PG10 contract was 175 yesterday, compared with 90 the previous day [2] - The spread between Guangzhou imported gas and the PG10 contract was 245 yesterday, compared with 210 the previous day [2] - The spread between Shandong propylene and the PL01 contract was 237 yesterday, compared with 201 the previous day [2] - The spread between East China propylene and the PL01 contract was 52 yesterday, compared with 31 the previous day [2] - The spread between South China propylene and the PL01 contract was 37 yesterday, compared with 1 the previous day [2] Industry Chain Data - PDH开工率 was 64.6% this week, down from 70.5% last week [2] - MTBE开工率 was 63.6%, up from 61.7% [2] - Alkylation开工率 was 44.9%, up from 43.4% [2] 2. Trend Intensity - LPG trend intensity is 0; propylene trend intensity is 0 [6] 3. Market Information - On September 19, 2025, for the October CP paper cargo, propane was at 543 US dollars/ton, down 3 US dollars/ton from the previous trading day; butane was at 521 US dollars/ton, down 1 US dollar/ton from the previous trading day. For the November CP paper cargo, propane was at 554 US dollars/ton, down 4 US dollars/ton from the previous trading day [7] - There are multiple domestic PDH device maintenance plans and domestic liquefied gas factory device maintenance plans, including details such as enterprise names, device types, capacities, maintenance start and end times [7][8]