LPG：盘面估值修复，宏观风险仍存，丙烯：短期低位震荡运行

Group 1: Report Title and General Outlook - The report is titled "LPG: Disk Valuation Repair, Macro Risks Still Exist; Propylene: Short - term Low - level Volatility" dated October 22, 2025 [1] Group 2: LPG and Propylene Trend Intensity - LPG trend intensity is 0, and propylene trend intensity is 0, with the range of trend intensity being integers in the [-2, 2] interval [4] Group 3: Market Information CP Paper Goods Prices - On October 21, 2025, the November CP paper goods price for propane was 440 dollars/ton, down 7 dollars/ton from the previous trading day; butane was 440 dollars/ton, down 10 dollars/ton. The December CP paper goods price for propane was 444 dollars/ton, down 6 dollars/ton [5] Domestic PDH Device Maintenance Plans - Multiple companies have PDH device maintenance plans, such as Henan Huasong New Material Technology Co., Ltd. starting maintenance on May 12, 2023, with an undetermined end - date, and Ningbo Jinfa New Material Co., Ltd. having its PDH Phase I device under maintenance from September 29, 2025, to the end of October 2025 [6] Domestic Liquefied Gas Factory Device Maintenance Plans - Many factories have device maintenance plans, like Zhenghe Petrochemical starting full - plant maintenance on May 14, 2024, ending in October 2025, and Guangzhou Petrochemical having a rotational inspection starting on October 17, 2025, ending in early December 2025 [6] Group 4: Fundamental Tracking LPG Futures Prices - PG2511 yesterday's closing price was 4,237, with a -0.02% daily increase, and the night - session closing price was 4,249, with a 0.28% increase; PG2512 yesterday's closing price was 4,091, with a -0.12% daily increase, and the night - session closing price was 4,098, with a 0.17% increase; PL2601 yesterday's closing price was 6,035, with a 0.15% daily increase, and the night - session closing price was 6,044, with a 0.15% increase; PL2602 yesterday's closing price was 6,083, with a 0.20% daily increase, and the night - session closing price was 6,092, with a 0.15% increase [1] LPG Futures Positions and Trading Volumes - PG2511 yesterday's trading volume was 19,383, a decrease of 4579 from the previous day, and the position was 24,343, a decrease of 5229; PG2512 yesterday's trading volume was 63,874, an increase of 15455, and the position was 92,303, an increase of 4851; PL2601 yesterday's trading volume was 10,123, an increase of 3177, and the position was 11,282, an increase of 53; PL2602 yesterday's trading volume was 4,370, an increase of 2046, and the position was 5,416, an increase of 465 [1] LPG Price Spreads - The spread between Guangzhou domestic gas and the PG11 contract was 203 yesterday, compared to 242 the previous day; the spread between Guangzhou imported gas and the PG11 contract was 223 yesterday, compared to 242 the previous day; the spread between Shandong propylene and the PL01 contract was -25 yesterday, compared to -16 the previous day; the spread between East China propylene and the PL01 contract was 40 yesterday, compared to 49 the previous day; the spread between South China propylene and the PL01 contract was -10 yesterday, compared to -1 the previous day [1] LPG Industry Chain Important Data - This week, the PDH operating rate was 68.8%, compared to 70.9% last week; the MTBE operating rate was 63.1%, compared to 64.1% last week; the alkylation operating rate was 44.9%, compared to 45.1% last week [1]