市场氛围平淡，局部现货下跌

Group 1: Report Industry Investment Rating - Unilateral strategy: Neutral, with a short - term focus on waiting and seeing [2] Group 2: Core View of the Report - The LPG external market price shows an oscillating and strengthening trend, but the domestic market reaction is relatively flat, with overall stable spot prices and partial declines. The current LPG market has limited driving forces, and the price inversion between ether - post carbon four and civil gas suppresses the PG futures market. In the short - term, the fundamentals of the LPG market have both positive and negative factors. In the medium - term, the overseas supply growth trend continues, and the global balance sheet is expected to have an oversupply situation, so there is still resistance above [1] Group 3: Summary of Related Contents Market Analysis - On December 23, the regional prices were as follows: Shandong market, 4270 - 4390; Northeast market, 4240 - 4300; North China market, 4200 - 4330; East China market, 4250 - 4370; Yangtze River market, 4620 - 4960; Northwest market, 4100 - 4270; South China market, 4440 - 4530 [1] - In the second half of January 2026, the CIF price of frozen propane in East China was 596 US dollars/ton, up 5 US dollars/ton, and butane was 586 US dollars/ton, up 5 US dollars/ton. The RMB - converted price of propane was 4627 yuan/ton, up 35 yuan/ton, and butane was 4550 yuan/ton, up 36 yuan/ton. In South China, the CIF price of frozen propane was 589 US dollars/ton, up 5 US dollars/ton, and butane was 579 US dollars/ton, up 5 US dollars/ton. The RMB - converted price of propane was 4573 yuan/ton, up 36 yuan/ton, and butane was 4495 yuan/ton, up 35 yuan/ton [1] - The mainstream transaction price of the civil gas market in East China decreased yesterday. The downstream procurement enthusiasm was average, the market transaction atmosphere was mild, and the upstream was more focused on sales volume, with a decent attitude [1]