现货涨跌互现，外盘保持坚挺

Report Industry Investment Rating - Unilateral: Neutral, focus on the development of the Iranian situation and maintain a light position before the festival [2] - Inter - period: None [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2] Core View - On February 10, the regional prices of liquefied gas in different markets in China were as follows: Shandong market 4350 - 4530 yuan/ton, Northeast market 3740 - 4150 yuan/ton, North China market 4150 - 4480 yuan/ton, East China market 4150 - 4570 yuan/ton, Yangtze River market 4590 - 4830 yuan/ton, Northwest market 4250 - 4350 yuan/ton, South China market 4680 - 4800 yuan/ton [1] - In the first half of March 2026, the CIF prices of frozen propane and butane in East China were 642 dollars/ton (up 5 dollars/ton) and 632 dollars/ton (up 4 dollars/ton) respectively, equivalent to 4909 yuan/ton (up 34 yuan/ton) and 4833 yuan/ton (up 26 yuan/ton) in RMB; in South China, they were 632 dollars/ton (up 5 dollars/ton) and 622 dollars/ton (up 4 dollars/ton) respectively, equivalent to 4833 yuan/ton (up 34 yuan/ton) and 4756 yuan/ton (up 26 yuan/ton) in RMB [1] - The domestic liquefied gas spot prices showed a mixed trend. In East China, the civilian end of liquefied gas remained stable while the ether - after product prices decreased. The upstream focused on sales volume, and the downstream purchasing enthusiasm was acceptable. Overseas supply tightened marginally, but the PG futures market was relatively weak. High raw material costs suppressed downstream profits, and the price inversion between ether - after carbon four and civilian gas also put pressure on the PG market. There were also disturbances from warehouse receipts and delivery games [1] - Short - term attention should be paid to the Iranian situation. If the conflict escalates, it may lead to a significant tightening of domestic supplies and potential upward risks for the market. If the situation eases, the LPG market is still expected to be oversupplied [1] Summary by Relevant Directory Market Analysis - Regional prices of liquefied gas in different markets in China on February 10 [1] - CIF prices of frozen propane and butane in East and South China in the first half of March 2026 and their RMB equivalent [1] - The mixed trend of domestic liquefied gas spot prices, the situation of the civilian end and ether - after product in East China, upstream and downstream conditions, overseas supply, and the influence factors on the PG market [1] - The need to focus on the Iranian situation and its potential impact on the market [1] Strategy - Unilateral strategy: Neutral, focus on the Iranian situation and maintain a light position before the festival [2] - Other strategies (inter - period, cross - variety, spot - futures, options): None [2] Figures - Figures showing the spot prices of civilian liquefied gas and ether - after carbon four in different regions, as well as the closing prices, month - to - month differences, and trading volume and open interest of PG futures contracts [3]