现货涨跌互现，醚后碳四表现疲软

1. Report Industry Investment Rating - Unilateral: Neutral, short - term wait - and - see, focus on the geopolitical situation in the Middle East [2] - Inter - period: None [2] - Inter - variety: None [2] - Futures - spot: None [2] - Options: None [2] 2. Core View of the Report - The domestic LPG spot price fluctuated on January 7, 2026, with the ether - after carbon four market being relatively weak. The LPG market shows a pattern of "strong overseas and weak domestic". Although the overseas supply has tightened marginally and the external market price is relatively strong, the domestic market's response is limited. The price inversion between ether - after carbon four and civil gas suppresses the PG disk. The increase in registered warehouse receipts also suppresses the disk structure. In the short - term, the fundamentals have both positive and negative factors. In the medium - term, the overseas supply is expected to continue growing, and the global balance sheet is still expected to have oversupply. The escalation of the geopolitical situation may lead to a tightening of LPG supply [1] 3. Summary According to Relevant Contents Market Analysis - On January 7, the regional prices of LPG were as follows: Shandong market, 4400 - 4460 yuan/ton; Northeast market, 3890 - 4150 yuan/ton; North China market, 4080 - 4420 yuan/ton; East China market, 4300 - 4500 yuan/ton; Yangtze River market, 4780 - 4950 yuan/ton; Northwest market, 4200 - 4350 yuan/ton; South China market, 4800 - 4950 yuan/ton [1] - In the first half of February 2026, the CIF price of frozen propane in East China, China was 593 US dollars/ton, down 3 US dollars/ton, and butane was 588 US dollars/ton, down 3 US dollars/ton. The RMB price of propane was 4582 yuan/ton, down 26 yuan/ton, and butane was 4543 yuan/ton, down 26 yuan/ton. In South China, the CIF price of frozen propane was 586 US dollars/ton, down 3 US dollars/ton, and butane was 581 US dollars/ton, down 3 US dollars/ton. The RMB price of propane was 4528 yuan/ton, down 26 yuan/ton, and butane was 4489 yuan/ton, down 26 yuan/ton [1] - The domestic civil gas spot price fluctuated on the previous day. The ether - after carbon four market was weak, with prices generally falling. In East China, civil gas was stable, and industrial gas was weakly adjusted. Due to poor crude oil performance, downstream sentiment was cautious, upstream sales were average, and market expectations were weak [1] Strategy - Unilateral strategy: Neutral, short - term wait - and - see, focus on the geopolitical situation in the Middle East [2] - Inter - period, inter - variety, futures - spot, and option strategies: None [2]