LPG：需求改善有限，盘面估值偏高，丙烯：供需收窄，短期存支撑

Report Summary 1. Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - The demand improvement of LPG is limited, and the valuation of the futures market is relatively high. The supply - demand gap of propylene is narrowing, and there is short - term support [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: For LPG futures, PG2512 closed at 4,323 yesterday with a 1.19% daily increase and 4,329 in the night session with a 0.14% increase; PG2601 closed at 4,239 yesterday with a 0.93% daily increase and 4,242 in the night session with a 0.07% increase. For propylene futures, PL2601 closed at 5,905 yesterday with a 0.14% daily increase and 5,908 in the night session with a 0.05% increase; PL2602 closed at 5,934 yesterday with a 0.30% daily increase and 5,945 in the night session with a 0.19% increase; PL2603 closed at 5,892 yesterday with a 0.58% daily increase and 5,911 in the night session with a 0.32% increase [1]. - Trading Volume and Open Interest: For PG2512, the trading volume yesterday was 82,991, an increase of 16,413 compared with the previous day, and the open interest was 88,811, a decrease of 1,433. For PG2601, the trading volume was 20,350, an increase of 1,173, and the open interest was 41,066, an increase of 1,756. For PL2601, the trading volume was 1,222, a decrease of 740, and the open interest was 5,520, an increase of 105. For PL2602, the trading volume was 32,642, an increase of 7,357, and the open interest was 6,545, an increase of 50. For PL2603, the trading volume was 51,745, an increase of 5,167, and the open interest was 15,114, an increase of 846 [1]. - Price Spreads: The spread between Guangzhou domestic gas and PG12 contract was 147 yesterday (178 the day before); the spread between Guangzhou imported gas and PG12 contract was 227 yesterday (238 the day before); the spread between Shandong propylene and PL01 contract was - 140 yesterday (- 282 the day before); the spread between East China propylene and PL01 contract was - 55 yesterday (- 97 the day before); the spread between South China propylene and PL01 contract was - 80 yesterday (- 72 the day before) [1]. - Industrial Chain Data: The PDH operating rate this week was 75.5% (73.9% last week), the MTBE operating rate was 68.6% (68.0% last week), and the alkylation operating rate was 42.2% (44.9% last week) [1]. 3.2 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 [5]. 3.3 Market Information - On November 10, 2025, the December CP paper - cargo price of propane was 468 dollars/ton, a 2 - dollar/ton increase from the previous trading day; the price of butane was 462 dollars/ton, a 3 - dollar/ton increase. The January CP paper - cargo price of propane was 478 dollars/ton, a 2 - dollar/ton increase from the previous trading day [6]. - There are multiple domestic PDH device maintenance plans. For example, Henan Huasong New Material Technology Co., Ltd.'s PDH device with a capacity of 15 started maintenance on May 12, 2023, and the end time is to be determined. There are also many other companies with similar maintenance situations [7]. - There are also multiple domestic liquefied gas plant device maintenance plans. For example, Huaxing Petrochemical in Shandong had its whole - plant maintenance from October 22, 2024, to the beginning of November 2025, with a normal production volume of 800 and a loss volume of 800 [7].