LPG：短期供应偏紧，关注下行驱动兑现，丙烯：现货供需收紧，趋势偏强

Report Summary 1. Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints - The short - term supply of LPG is tight, and attention should be paid to the fulfillment of downward drivers [1] - The spot supply and demand of propylene are tightening, and the trend is strong [2] 3. Summary of Key Information by Category 3.1 LPG and Propylene Futures Data - Futures Prices: PG2602 closed at 4,221 with a 0.52% daily increase and 4,246 at night with a 0.59% increase; PG2603 closed at 4,136 with a 0.80% daily increase and 4,155 at night with a 0.46% increase. PL2602, PL2603, and PL2604 also showed different price changes [2] - Trading Volume and Open Interest: The trading volumes and open interests of different contracts have changed compared to the previous day, such as PG2602's trading volume decreased by 5299 to 47,344, and its open interest decreased by 8297 to 33,462 [2] - Price Spreads: The price spreads of different regions and contracts have also changed, like the Guangzhou domestic gas to PG02 contract spread decreased from 661 to 639 [2] 3.2 Industry Chain Data - PDH, MTBE, and Alkylation Unit Operating Rates: The PDH operating rate this week is 75.6%, up from 75.1% last week; the MTBE operating rate is 67.6%, down from 68.0%; the alkylation unit operating rate is 38.2%, up slightly from 38.1% [2] 3.3 Market News - CP Paper Goods Prices: On January 9, 2026, the February CP paper goods price for propane was 522 US dollars/ton, up 5 US dollars/ton from the previous trading day; the butane price was 516 US dollars/ton, up 4 US dollars/ton. The March CP paper goods price for propane was 506 US dollars/ton, up 5 US dollars/ton from the previous trading day [7] - Domestic PDH Unit Maintenance Plans: Multiple companies have PDH unit maintenance plans, such as Henan Huasong New Materials Technology Co., Ltd. with a 15 - unit bDH starting maintenance on May 12, 2023, with the end time to be determined [8] - Domestic LPG Plant Maintenance Plans: Several LPG plants have maintenance plans, like Rizhao (CNOOC) with a full - plant shutdown starting on January 3, 2025, with the end time to be determined [8] 3.4 Trend Intensity - The trend intensity of LPG is 0, and that of propylene is also 0, both in a neutral state [6]