LPG：地缘扰动仍存，基本面驱动向下，丙烯：现货持稳，基差收敛

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report focuses on the LPG and propylene markets, indicating that geopolitical disturbances in the LPG market still exist and the fundamental driving force is downward, while the propylene spot price remains stable and the basis converges [3] 3. Summary by Related Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Market - For LPG (PG): The 2603 contract closed at 4,262 with a daily increase of 0.26% and a night - session close of 4,295 with a night - session increase of 0.77%. The trading volume was 41,631, a decrease of 20,093 from the previous day, and the open interest was 25,613, a decrease of 3,707. Similar data is presented for the 2604 and 2605 contracts [3] - For propylene (PL): The 2603 contract closed at 6,240 with a daily increase of 0.97% and a night - session close of 6,264 with a night - session increase of 0.38%. The trading volume was 7,309, an increase of 6,094 from the previous day, and the open interest was 1,917, a decrease of 1,101. Similar data is presented for the 2604 and 2605 contracts [3] 3.1.2 Spot Market - For LPG (PG): Shandong civil use price was 4,430, with a main - contract basis of 168, a decrease of 71 from the previous day. Other regions like East China, South China also have corresponding price and basis data [3] - For propylene (PL): Shandong price was 6,445, with a main - contract basis of 173, a decrease of 43 from the previous day. East and South China also have relevant data [3] 3.1.3 Industrial Chain Start - Up - PDH start - up rate was 62.66%, an increase of 1.94 from the previous week. Alkylation start - up rate was 36.85%, unchanged from the previous week, and MTBE start - up rate was 68.01%, unchanged [3] 3.1.4 LPG Shipment Volume - From the US to the world, the shipment volume was 29.6 tons on February 11, 2026, an increase of 10.7 from the previous day. To Asia it was 22.9 tons, an increase of 7.1. To China it was 9.3 tons, an increase of 9.3. Similar data is presented for shipments from the Middle East [3] 3.2 Trend Strength - LPG trend strength is 0, and propylene trend strength is 0. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [7] 3.3 Market Information - On February 11, 2026, the March CP paper - cargo price of propane was 538 US dollars/ton, unchanged from the previous trading day; butane was 529 US dollars/ton, unchanged. The April CP paper - cargo price of propane was 523 US dollars/ton, unchanged [8] - There are domestic PDH device maintenance plans and domestic LPG factory device maintenance plans, including information such as enterprise names, device names, production capacities, maintenance start and end times [8][9]