LPG：短期震荡运行，丙烯：短期高位偏弱

Group 1: Report Investment Ratings - LPG is expected to fluctuate in the short term [1] - Propylene is expected to be weak at a high level in the short term [2] Group 2: Core Views - The report provides an analysis of the fundamentals, market trends, and relevant data of LPG and propylene futures, including price, trading volume, open interest, spreads, and industry operating rates, as well as market news and equipment maintenance plans [2][7][8] Group 3: Summary by Directory 1. Fundamental Tracking - Futures Prices: PG2510 closed at 4,325 with a daily increase of 0.46% and a night - session closing price of 4,345 with a 0.46% increase; PG2511 closed at 4,245 with a 0.24% increase and a night - session closing price of 4,258 with a 0.31% increase; PL2601 closed at 6,357 with a 0.47% increase and a night - session closing price of 6,364 with a 0.11% increase; PL2602 closed at 6,392 with a 0.47% increase and a night - session closing price of 6,399 with a 0.11% increase [2] - Trading Volume and Open Interest: For PG2510, the trading volume yesterday was 4,697, a decrease of 2,154 from the previous day, and the open interest was 9,199, a decrease of 1,919; for PG2511, the trading volume was 54,716, a decrease of 9,470, and the open interest was 87,780, an increase of 1,266; for PL2601, the trading volume was 2,754, a decrease of 1,441, and the open interest was 12,184, a decrease of 23; for PL2602, the trading volume was 2, a decrease of 11, and the open interest was 596, a decrease of 1 [2] - Spreads: The spread between Guangzhou domestic gas and the PG10 contract was 225 yesterday, down from 245 the day before; the spread between Guangzhou imported gas and the PG10 contract was 335, down from 355; the spread between Shandong propylene and the PL01 contract was 128, down from 158; the spread between East China propylene and the PL01 contract was - 7, down from 23; the spread between South China propylene and the PL01 contract was - 82, down from - 52 [2] - Industry Key Data: The PDH operating rate this week was 64.6%, down from 70.5% last week; the MTBE operating rate was 63.6%, up from 61.7%; the alkylation operating rate was 46.3%, up from 44.0% [2] 2. Market News - On September 24, 2025, the October CP paper - cargo price of propane was 544 US dollars/ton, unchanged from the previous trading day; the price of butane was 522 US dollars/ton, down 1 US dollar/ton from the previous trading day. The November CP paper - cargo price of propane was 558 US dollars/ton, up 3 US dollars/ton from the previous trading day [7] - There are multiple domestic PDH device and LPG factory device maintenance plans, including specific information such as enterprise names, device types, production capacities, maintenance start and end times [8] 3. Trend Intensity - The trend intensity of LPG is 0, and the trend intensity of propylene is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]