LPG：需求改善有限，盘面估值偏高，丙烯：供需收窄，短期存止跌预期

Group 1: Report Title and Core View - The report focuses on LPG and propylene, with the view that LPG demand improvement is limited and the futures valuation is high, while propylene supply - demand gap narrows and there is a short - term expectation of price stop - falling [2][3] Group 2: Fundamental Data Futures Price - PG2512 yesterday's closing price was 4,272 with a daily increase of 0.16%, and night - session closing price was 4,290 with a night - session increase of 0.42% - PG2601 yesterday's closing price was 4,200 with a daily increase of 0.14%, and night - session closing price was 4,217 with a night - session increase of 0.40% - PL2601 yesterday's closing price was 5,897 with a daily increase of 0.19%, and night - session closing price was 5,895 with a night - session decrease of 0.03% - PL2602 yesterday's closing price was 5,916 with a daily increase of 0.27%, and night - session closing price was 5,929 with a night - session increase of 0.22% - PL2603 yesterday's closing price was 5,858 with a daily increase of 0.10%, and night - session closing price was 5,877 with a night - session increase of 0.32% [3] Position and Trading Volume - PG2512 yesterday's trading volume was 66,578, a decrease of 14,448 from the previous day, and the position was 90,244, a decrease of 5,137 from the previous day - PG2601 yesterday's trading volume was 19,177, a decrease of 1,381 from the previous day, and the position was 39,310, an increase of 2,677 from the previous day - PL2601 yesterday's trading volume was 1,962, a decrease of 816 from the previous day, and the position was 5,415, a decrease of 184 from the previous day - PL2602 yesterday's trading volume was 25,285, an increase of 5,291 from the previous day, and the position was 6,495, a decrease of 443 from the previous day - PL2603 yesterday's trading volume was 46,578, an increase of 2,643 from the previous day, and the position was 14,268, a decrease of 180 from the previous day [3] Spread - The spread between Guangzhou domestic gas and PG12 contract was 178 yesterday, compared with 185 the previous day - The spread between Guangzhou imported gas and PG12 contract was 238 yesterday, compared with 245 the previous day - The spread between Shandong propylene and PL01 contract was - 282 yesterday, compared with - 236 the previous day - The spread between East China propylene and PL01 contract was - 97 yesterday, compared with - 111 the previous day - The spread between South China propylene and PL01 contract was - 72 yesterday, compared with - 61 the previous day [3] Key Industrial Chain Data - This week, the PDH operating rate was 75.5%, compared with 73.9% last week - The MTBE operating rate was 68.6% this week, compared with 68.0% last week - The alkylation operating rate was 38.5% this week, compared with 43.6% last week [3] Group 3: 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 [7] Group 4: Market Information CP Paper Goods Price - On November 7, 2025, the December CP paper goods price for propane was 466 dollars/ton, a 3 - dollar/ton increase from the previous trading day; the price for butane was 459 dollars/ton, a 6 - dollar/ton increase from the previous trading day. The January CP paper goods price for propane was 476 dollars/ton, a 2 - dollar/ton increase from the previous trading day [8] Domestic PDH Device Maintenance Plan - Multiple companies have PDH device maintenance plans, such as Henan Huasong New Material Technology Co., Ltd. starting maintenance on May 12, 2023, with the end time to be determined; Jiangsu Yanchang Zhongran Chemical Co., Ltd. starting maintenance in late November 2023, with the end time to be determined [9] Domestic LPG Factory Device Maintenance Plan - Many LPG factories have device maintenance plans, including Huaxing Petrochemical in Shandong starting full - plant maintenance on October 22, 2024, with the end time in early November 2025; Rizhao (Zhonghai) in Shandong starting full - plant maintenance on January 3, 2025, with the end time to be determined [9]