LPG：关注地缘扰动，丙烯：需求平稳，现货小幅探涨

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - The report focuses on LPG and propylene, suggesting to pay attention to geopolitical disturbances in the LPG market, and mentions that propylene demand is stable with a slight increase in spot prices [1][2]. 3. Summary by Relevant Catalogs 3.1 LPG and Propylene Futures Price and Trading Data - Futures Prices: On January 9, 2026, PG2602 closed at 4,199 with a -0.62% daily increase, and its night - session price was 4,203 with a 0.10% increase; PG2603 closed at 4,103 with a -0.87% daily increase, and its night - session price was 4,100 with a -0.07% increase. PL2602, PL2603, and PL2604 also had corresponding price changes [2]. - Trading Volume and Open Interest: PG2602's trading volume decreased by 15,927 to 52,643, and its open interest decreased by 8,012 to 41,759; PG2603's trading volume decreased by 2,560 to 36,134, and its open interest increased by 6,289 to 73,469. Other contracts also had different changes in trading volume and open interest [2]. - Price Spreads: The spreads between Guangzhou domestic gas and PG02 contract, Guangzhou imported gas and PG02 contract, and propylene in different regions and PL03 contract all had certain changes compared to the previous day [2]. 3.2 Industry Chain Data - Industry Operating Rates: This week, the PDH operating rate was 75.6% (last week: 75.1%), the MTBE operating rate was 67.6% (last week: 68.0%), and the alkylation operating rate was 38.1% (unchanged from last week) [2]. 3.3 Market Information - CP Paper Cargo Prices: On January 9, 2026, the February CP paper cargo price for propane was 517 USD/ton, a decrease of 5 USD/ton from the previous trading day; the price for butane was 512 USD/ton, a decrease of 7 USD/ton from the previous trading day. The March CP paper cargo price for propane was 502 USD/ton, a decrease of 5 USD/ton from the previous trading day [7]. - Domestic PDH Device Maintenance Plans: Multiple companies such as Henan Huasong New Material Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd. have PDH device maintenance plans, with some start times and end times determined and some still to be determined [8]. - Domestic LPG Plant Device Maintenance Plans: Production enterprises such as Rizhao (CNOOC), Shenchi Chemical, Yunnan Petrochemical, and Sinochem Quanzhou have LPG plant device maintenance plans, with different start times, end times, and loss volumes [8]. 3.4 Trend Intensity - The trend intensity of LPG is 0, and that of propylene is also 0, indicating a neutral trend [6].