丙烯：需求预期好转，短期偏强震荡

Group 1: Report Title and Industry Outlook - The report is titled "LPG: Strong Buying Interest from Downstream, Relatively Resilient in the Short Term; Propylene: Improving Demand Expectations, Bullish in the Short Term" [1] - The outlook for LPG is that downstream buying interest is strong, making it relatively resilient in the short term, while propylene is expected to have improving demand and a bullish short - term trend [1] Group 2: Fundamental Data LPG Futures Prices - PG2512 yesterday's closing price was 4,350 with a daily increase of 0.60%, and night - session closing price was 4,363 with a night - session increase of 0.30% [1] - PG2601 yesterday's closing price was 4,256 with a daily increase of 0.78%, and night - session closing price was 4,270 with a night - session increase of 0.33% [1] Propylene Futures Prices - PL2601 yesterday's closing price was 5,903 with a daily increase of 0.22%, and night - session closing price was 5,894 with a night - session decrease of 0.15% [1] - PL2602 yesterday's closing price was 5,923 with a daily increase of 0.02%, and night - session closing price was 5,909 with a night - session decrease of 0.24% [1] - PL2603 yesterday's closing price was 5,917 with a daily decrease of 0.02%, and night - session closing price was 5,904 with a night - session decrease of 0.22% [1] Position and Trading Volume - PG2512 yesterday's trading volume was 114,980, an increase of 27,033 from the previous day, and yesterday's position was 69,585, a decrease of 1,680 from the previous day [1] - PG2601 yesterday's trading volume was 38,421, an increase of 2,281 from the previous day, and yesterday's position was 50,331, an increase of 4,003 from the previous day [1] - PL2601 yesterday's trading volume was 1,182, a decrease of 67 from the previous day, and yesterday's position was 5,165, a decrease of 125 from the previous day [1] - PL2602 yesterday's trading volume was 13,379, a decrease of 19,077 from the previous day, and yesterday's position was 6,857, a decrease of 144 from the previous day [1] - PL2603 yesterday's trading volume was 22,586, a decrease of 21,413 from the previous day, and yesterday's position was 14,187, a decrease of 19 from the previous day [1] Spreads - The spread between Guangzhou domestic gas and PG12 contract was 100 (previous day's spread was 176) [1] - The spread between Guangzhou imported gas and PG12 contract was 80 (previous day's spread was 176) [1] - The spread between Shandong propylene and PL01 contract was - 98 (previous day's spread was - 110) [1] - The spread between East China propylene and PL01 contract was - 28 (previous day's spread was - 40) [1] - The spread between South China propylene and PL01 contract was - 78 (previous day's spread was - 65) [1] Industry Chain Data - This week's PDH operating rate was 71.7%, down from last week's 75.5% [1] - MTBE operating rate was 70.3%, up from 68.6% [1] - Alkylation operating rate was 42.2%, up from 38.5% [1] Group 3: Trend Strength - LPG trend strength is 0, and propylene trend strength is 0. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [5] Group 4: Market Information - On November 14, 2025, the December CP paper cargo price for propane was 482 dollars/ton, up 1 dollar/ton from the previous trading day, and for butane was 474 dollars/ton, up 4 dollars/ton from the previous trading day. The January CP paper cargo price for propane was 484 dollars/ton, up 1 dollar/ton from the previous trading day [6] - There are multiple domestic PDH device maintenance plans from different companies with different start and end times and capacities [7] - There are also multiple domestic LPG factory device maintenance plans from different production enterprises in different regions with different normal and loss volumes, start and end times, and maintenance durations [7]