市场进入高波动阶段，关注局势变化

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The market has entered a high - volatility stage, and the current major contradiction in the market lies in the Middle East geopolitical situation, especially the passage situation of the Strait of Hormuz. The situation is still unclear, and the region remains in a high - risk state. Recently, the import cost of LPG has been rising continuously, which has pulled up the domestic spot and futures prices. However, the profits of domestic downstream chemical plants (represented by PDH plants) will be further squeezed, and the negative feedback on the demand side may gradually materialize. The PG futures market has entered a high - volatility stage, and it is necessary to closely monitor the development of the Iranian situation [1]. - In terms of strategies, the short - term trend is expected to be oscillating and strengthening, and attention should be paid to the development of the Iranian situation. There are no strategies for inter - period, inter - variety, spot - futures, and options [2]. 3. Summary by Related Catalog Market Analysis - On March 5, the regional prices were as follows: Shandong market, 4800 - 4950; Northeast market, 3670 - 4100; North China market, 4450 - 4820; East China market, 4650 - 4930; Yangtze River market, 5060 - 5210; Northwest market, 4450 - 4800; South China market, 5100 - 5200 [1]. - In the first half of April 2026, the CIF prices of propane and butane for frozen cargo in East China and South China were both 870 US dollars/ton, up 3 US dollars/ton. The RMB - converted prices of propane and butane were both 6609 yuan/ton, up 11 yuan/ton [1]. Strategy - Unilateral: Short - term oscillating and strengthening, pay attention to the development of the Iranian situation. There are no strategies for inter - period, inter - variety, spot - futures, and options [2]