【现货方面】 【行情展望】 纯苯近期有新产能投产、装置重启及计划内外检修检修预期，但国内纯苯供应整体仍或维持宽松；需求 上，下游部分亏损品种有减产保价预期，需求端总体支撑有限。库存方面，华东港口库存周度虽去库， 但供应压力未减。11-12月有一定量进口到港预期，但美亚套利窗口及调油短期内或扰动市场情绪，实 际影响有待考量。原油供需预期偏弱，成本支撑有限，反弹空间有限，后续关注装置变动情况。策略 上，短期BZ2603自身驱动偏弱，关注5640压力位，谨慎追高。 免责声明：本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信 息的准确性及完整性不作任何保证。在任何情况下，报告内容仅供参考，报告中的信息或所表达的意见 并不构成所述品种买卖的出价或询价，投资者据此投资，风险自担。本报告的最终所有权归报告的来源 机构所有，客户在接收到本报告后，应遵循报告来源机构对报告的版权规定，不得刊载或转发。 纯苯供应：截至11月6日，石油苯产量43.78万吨（+0.89万吨），开工率75.14%（+1.04%）。本周期大 连福佳大化一套芳烃、盛虹炼化一套重整等装置重启，中原乙烯裂解、中海油大榭重整等装置 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - Domestic civil LPG prices dropped significantly, while the PG main contract fluctuated upward. With no pressure on inventory and increased downstream purchasing willingness, spot prices are expected to rise slightly. However, propane is still greatly affected by Sino - US tariff policies, so cautious participation is recommended [1]. 3) Summary by Related Catalog Price Changes - **Daily Changes**: Civil LPG prices in some regions showed small rebounds in decline. In the East China region, the price was 4285 (+11), in Shandong it was 4280 (+10), and in South China it was 4400 (+0). The price of ether - post carbon four was 4370 (+0). The lowest delivery location was Shandong. The daily spread was 27 (+69), and the 12 - 01 month spread was 82 (-5). The CP official price was announced slightly higher than expected, with propane and butane at 475 (-20) and 460 (-15) respectively. The FEI price increased to 513.62 (+1.62) dollars/ton [1]. - **Weekly Changes**: The domestic civil LPG price dropped significantly. The cheapest deliverable product was East China civil LPG at 4279 (-66); Shandong was 4360 (+160), and South China was 4405 (-55). The number of warehouse receipts was 2416 lots, with 2300 from Wanhua, 64 more from Yunda, and 52 more from Haiyu Petrochemical. The overseas market price increased significantly [1]. Market Indicators - **Basis and Month Spreads**: The basis was - 69 (-49), the 11 - 12 month spread was 90 (-47), and the 12 - 01 month spread was 113 (-1) [1]. - **Arbitrage Windows and Spreads**: The US - Asia arbitrage window opened. The CP South China arrival discount was 74 (-4). The freight from the US Gulf to Japan was 116 (+0), and from the Middle East to the Far East was 56 (-4). The FEI - MOPI spread narrowed but the switching window was still open. The latest value was - 82.5 (-11.5). The PG - CP spread was 114 (-17); the PG - FEI spread was 79 (-33). The FEI - CP spread was 35 (+15) [1]. Industry Conditions - **Profit and Operating Rate**: The profit of PDH decreased. The PDH operating rate was 71.66% (+2.9 pct) due to the restart of Hebei Haiwei and the increased load of Wanda Tianhong, but the second - phase of Zhongjing shut down again. Next week, Lihuayi Weiyuan is expected to resume production [1]. - **Inventory and Supply**: The arrival volume was at a low level, the external release decreased, and both port inventories and factory warehouses decreased. Chemical demand provided support, and the expectation of combustion demand improved [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - PG main contract fluctuates upward. The basis is -69 (-49), the 11 - 12 spread is 90 (-47), and the 12 - 01 spread is 113 (-1). Domestic civil gas prices have dropped significantly. The cheapest deliverable is East China civil gas at 4279 (-66); Shandong is at 4360 (+160), and South China is at 4405 (-55). [4] - Outer - market prices have risen sharply; FEI spread is -6.25 USD (+3.75), CP spread is -8 USD (-4). PG - CP reaches 114 (-17); PG - FEI reaches 79 (-33). FEI - CP reaches 35 (+15). The US - Asia arbitrage window is open. [4] - PDH profit declines. Arrivals are at a low level, external supply decreases, and both port and factory inventories have decreased; chemical demand provides support, and the expectation of combustion demand is warming up. [4] 3. Summary by Relevant Catalogs Daily Changes - On Wednesday, the decline of civil gas continued. East China was at 4274 (+0), Shandong at 4270 (+10), and South China at 4400 (+0). Ether - post carbon four was at 4370 (-30). The lowest delivery location was Shandong, with a basis of -109 (-27), the 11 - 12 spread of 74 (+15), and the 12 - 01 spread of 87 (-17). FEI and CP increased to 512 (+11) and 466 (+4) USD/ton respectively. [4] Weekly Views - The PG main contract fluctuates upward. The basis, spreads, domestic civil gas prices, outer - market prices, spreads between different benchmarks, and the status of arbitrage windows have changed as described above. [4] - PDH operating rate is 71.66% (+2.9 pct) due to the restart of Hebei Haiwei and the increased load of Wanda Tianhong, but Zhongjing Phase II has shut down again. Lihuayi Weiyuan is expected to resume next week. [4] - Overall, with no pressure on inventory and increased downstream purchasing willingness, spot prices are expected to rise slightly. Propane is still greatly affected by the China - US tariff policy. [4]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - The PG main contract fluctuated upwards. The basis was -69 (-49), the 11 - 12 spread was 90 (-47), and the 12 - 01 spread was 113 (-1). Domestic civil gas prices dropped significantly. The cheapest deliverable was East China civil gas at 4279 (-66), Shandong at 4360 (+160), and South China at 4405 (-55). With no pressure on inventory and an increase in downstream purchasing willingness, spot prices are expected to rise slightly. Propane is still greatly affected by the Sino - US tariff policy, and cautious participation is recommended. [4] 3) Summary by Relevant Content Daily Changes - On Monday, the decline of civil gas continued. In East China, it was 4282 (+3), in Shandong 4270 (-90), and in South China 4410 (+5). Ether - after carbon four was 4430 (-40). The lowest delivery location was Shandong, with a basis of -83 (-14), the 11 - 12 spread was 80 (-10), and the 12 - 01 spread was 106 (+1). FEI and CP increased to 495 (+3) and 458 (+4) dollars/ton respectively. [4] Weekly View - The PG main contract fluctuated upwards. The basis was -69 (-49), the 11 - 12 spread was 90 (-47), and the 12 - 01 spread was 113 (-1). Domestic civil gas prices dropped significantly. The cheapest deliverable was East China civil gas at 4279 (-66), Shandong at 4360 (+160), and South China at 4405 (-55). There were 2416 lots of warehouse receipts, including 2300 from Wanhua, an increase of 64 from Yunda, and an increase of 52 from Haiyu Petrochemical. The overseas market prices rose sharply. The FEI spread was -6.25 US dollars (+3.75), and the CP spread was -8 US dollars (-4). PG - CP reached 114 (-17), PG - FEI reached 79 (-33), and FEI - CP reached 35 (+15). The US - Asia arbitrage window opened. The CP South China CIF discount was 74 (-4). The freight from the US Gulf to Japan was 116 (+0), and from the Middle East to the Far East was 56 (-4). The FEI - MOPJ decreased but the switching window was still open, at -82.5 (-11.5). PDH profit decreased. The arrival volume was at a low level, the external release decreased, and both port inventory and factory inventory decreased. Supported by chemical demand and with the expectation of a recovery in combustion demand, the PDH operating rate was 71.66% (+2.9pct) due to the restart of Hebei Haiwei and the increased load of Wanda Tianhong, but Zhongjing Phase II shut down again. Lihuayi Weiyuan is expected to resume next week. [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The PG main contract fluctuated upward. The domestic civil gas price dropped significantly. The cheapest delivery product was East China civil gas. The warehouse receipt was 2416 lots. The overseas price soared. The PDH profit decreased. The arrival was at a low level, the external release decreased, and both port inventory and factory inventory decreased. With chemical demand support and the expectation of warming combustion demand, it is expected that the spot will maintain a slight increase. Propane is still greatly affected by the Sino - US tariff policy, and cautious participation is recommended [4] 3. Summary by Relevant Catalog 3.1 Daily Changes - On Friday, civil gas continued to rebound slightly. East China was 4279 (+12), Shandong was 4360 (+20), and South China was 4405 (+5). Ether - after carbon four was 4470 (+30). The lowest delivery location was East China, with a basis of - 94 (-45), and the November - December spread was 68 (-52). FEI and CP increased, reaching 492 (+6) and 455 (+1) US dollars per ton respectively [4] 3.2 Weekly View - The PG main contract fluctuated upward. The basis was - 69 (-49), the November - December spread was 90 (-47), and the December - January spread was 113 (-1). The domestic civil gas price dropped significantly. The cheapest delivery product was East China civil gas at 4279 (-66); Shandong was 4360 (+160), and South China was 4405 (-55). There were 2416 lots of warehouse receipts, including 2300 from Wanhua, 64 more from Yunda, and 52 more from Haiyu Petrochemical. The overseas price soared; the FEI monthly spread was - 6.25 US dollars (+3.75), and the CP monthly spread was - 8 US dollars (-4). PG - CP reached 114 (-17); PG - FEI reached 79 (-33). FEI - CP reached 35 (+15). The US - Asia arbitrage window opened. The CP South China arrival discount was 74 (-4). The freight from the US Gulf to Japan was 116 (+0), and from the Middle East to the Far East was 56 (-4). The FEI - MOPJ decreased but the switching window was still open, with the latest at - 82.5 (-11.5). The PDH profit decreased. The arrival was at a low level, the external release decreased, and both port inventory and factory inventory decreased; supported by chemical demand and with the expectation of warming combustion demand. The PDH operating rate was 71.66% (+2.9 pct) due to the restart of Hebei Haiwei and the increased load of Wanda Tianhong, but Zhongjing Phase II shut down again. Next week, Lihuayi Weiyuan is expected to resume. Overall, there is no pressure on inventory, the downstream purchasing willingness has increased, and it is expected that the spot will maintain a slight increase [4]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - PG main contract significantly increased due to news disturbances in macro and geopolitical aspects. The basis was -20 (-334), and the 11 - 12 monthly spread was 137 (+59). Domestic civil gas prices dropped significantly. The cheapest deliverable was Shandong civil gas at 4200 (-250); East China was 4345 (-39), and South China was 4460 (-110). Wanhua added 2300 lots of warehouse receipts. The external market prices tumbled. FEI monthly spread was -10 US dollars (+5), and CP monthly spread was -4 US dollars (+5). The internal - external price difference PG - CP reached 132 (+27); PG - FEI reached 112 (+14). FEI - CP reached 20 (+12.5). The US - Asia arbitrage window closed. The arrival discount of CP propane and butane increased significantly, with South China at 78 (+26). Freight rates dropped sharply, with the US Gulf - Japan at 108 (-18) and the Middle East - Far East at 60.5 (-2.5). FEI - MOPJ narrowed but the switching window remained open, at -71 (-12). PDH - to - propylene profit declined. Inventory pressure was high, with short - term supply pressure large, but supported by chemical demand and the expected recovery of combustion demand. PDH operating rate was 68.76% (-2.12 pct), with Zhongjing Phase II restored, but Bohua under maintenance and Wanda Tianhong having a short - term shutdown; enterprises were expected to gradually increase their loads next week. Although the spot supply pressure was large and the PG basis fell sharply to negative, due to tariff policies and geopolitical disturbances, the futures market might not decline significantly in the short term [1]. 3) Summary According to Related Catalogs Daily Changes - On Tuesday, civil gas showed differentiation, with a rebound in Shandong. In East China, it was 4264 (-74), in Shandong 4200 (+110), and in South China 4420 (-30). Ether - after carbon four was 4390 (-10). The lowest deliverable area was Shandong, with a basis of 49 (+197), and the 11 - 12 monthly spread was 151 (+9). FEI declined and CP fluctuated, at 465 (+2) and 440 (-2) US dollars/ton respectively [1]. Weekly View - The PG main contract rose significantly because of macro and geopolitical news. The basis decreased by 334 to -20, and the 11 - 12 monthly spread increased by 59 to 137. Domestic civil gas prices dropped substantially. The cheapest deliverable was Shandong civil gas with a price reduction of 250 to 4200; East China was 4345 (-39), and South China was 4460 (-110). Wanhua added 2300 lots of warehouse receipts. External market prices dropped sharply. FEI and CP monthly spreads increased by 5 US dollars, reaching -10 and -4 respectively. The internal - external price differences PG - CP, PG - FEI, and FEI - CP all increased. The US - Asia arbitrage window closed. The arrival discount of CP propane and butane in South China increased by 26 to 78. Freight rates decreased significantly. FEI - MOPJ narrowed but the switching window was still open. PDH - to - propylene profit decreased. Inventory pressure was high, but there was support from chemical demand and an expected recovery of combustion demand. PDH operating rate decreased by 2.12 pct to 68.76%. Although spot supply pressure was large and the PG basis dropped sharply, the futures market might not decline significantly in the short term due to tariff policies and geopolitical disturbances [1].

Report Summary 1) Report Industry Investment Rating - No information provided. 2) Core Viewpoints - The inventory pressure is high, and the short - term supply pressure is large, but there is support from chemical demand, and the combustion demand is expected to pick up. Although the spot supply pressure is large and the PG basis has dropped significantly and turned negative, due to tariff policies and geopolitical disturbances, the market may not decline significantly in the short term [1]. 3) Key Points from the Table and Analysis - **Price Changes on October 20th - 21st**: - On October 21st, the civil gas prices decreased. In East China, it was 4338 (-7), in Shandong 4090 (-110), and in South China 4450 (-10). The post - ether carbon four was 4400 (-20). The lowest delivery location was Shandong, with a basis of - 161 (-41), and the November - December spread was 138 (+1). FEI and CP decreased to 456 (-15) and 438 (-9) dollars/ton respectively [1]. - **Weekly Changes and Other Information**: - The PG main contract rose significantly due to macro and geopolitical news. The basis was - 20 (-334), and the November - December spread was 137 (+59). Domestic civil gas prices dropped significantly. The cheapest delivery product was Shandong civil gas at 4200 (-250); in East China it was 4345 (-39), and in South China 4460 (-110). Wanhua added 2300 lots of warehouse receipts. The overseas market prices dropped sharply. The FEI - CP spread was 20 (+12.5), and the US - Asia arbitrage window was closed. The CP propane - butane arrival discount in South China increased to 78 (+26). Freight rates decreased significantly. The FEI - MOPJ spread narrowed but the switching window was still open at - 71 (-12). The profit of PDH to produce propylene decreased. The PDH operating rate was 68.76% (-2.12pct). Next week, the operating enterprises are expected to gradually increase their loads [1].

Group 1: Report's Core View - The PDH profit improvement may lead to increased demand for CP cargo purchases. One can focus on narrowing the PDH profit, but be aware of the risk of the low - opening of the end - of - month CP official price [1] Group 2: Market Data and Changes Daily Changes - On Thursday, civil gas prices declined. In East China, it was 4369 (-5), in Shandong 4280 (-70), and in South China 4500 (-30). Ether - post carbon four was 4460 (+0). The lowest delivery location was Shandong, with a basis of 28 (-174), and the November - December spread was 137 (+8). FEI and CP increased to 474 (+8) and 450 (+1) dollars per ton respectively [1] - The PG futures price dropped significantly. The cheapest deliverable was East China civil gas at 4384 (+21); in Shandong it was 4450 (-100), and in South China 4570 (-70). The basis was 314 (+188), and the November - December spread was 78 (+0). Warehouse receipts were cancelled to zero in September. The October CP official price opened low at 495/475, the lowest in two years, 40 - 60 dollars lower than expected. The FEI monthly spread was - 15 dollars (-8.5), and the CP monthly spread was - 8.75 dollars (+0.25). The domestic - foreign price difference PG - CP reached 108 (+3); PG - FEI reached 101 (+13). FEI - CP was 7.5 (-10). The US - Asia arbitrage window closed. AFEI was at a discount of - 18.75, and the South China CIF discount was 52. Freight rates dropped significantly, with the US Gulf - Japan at 126 (-5) and the Middle East - Far East at 63 (-5.5). The FEI - MOPJ spread widened significantly to - 83 (-28) [1] Market Conditions - The inventory pressure is small, the supply is abundant, the chemical demand provides strong support, and the combustion demand is gradually picking up. The PDH operating rate is 70.88% (-1.64pct), with some plants like Haiwei, Lihuayi Weiyuan, and Tianjin Bohua shut down, and Zhongjing is expected to resume next week [1]

Report Overview - The report is an LPG morning report released by the Energy and Chemicals Team of the Research Center on October 14, 2025, providing daily and weekly data on LPG market [1]. Key Data and Changes Price Changes - On October 14, 2025, compared with the previous day, the prices of civil LPG in different regions showed mixed trends: in East China, it was 4386 (+2); in Shandong, it was 4450 (+0); in South China, it was 4560 (-30). The price of ether - post - carbon four was 4480 (-110) [1]. - The lowest delivery location was East China, with the latest basis at 265, and the spread between November and December was 136 (+29) [1]. - FEI and CP dropped significantly, with the latest prices at 470 and 452 US dollars per ton respectively [1]. PG Market Changes - The PG futures price dropped significantly. The cheapest deliverable was East China civil LPG at 4384 (+21); Shandong was 4450 (-100); South China was 4570 (-70). The basis was 314 (+188), and the spread between November and December was 78 (+0) [1]. - The warehouse receipts were cancelled to zero in September. The official price of CP in October opened low at 495/475, the lowest in two years, 40 - 60 US dollars lower than expected [1]. - The FEI monthly spread was -15 US dollars (-8.5), and the CP monthly spread was -8.75 US dollars (+0.25) [1]. - The internal - external price difference: PG - CP reached 108 (+3); PG - FEI reached 101 (+13). FEI - CP was 7.5 (-10). The US - Asia arbitrage window was closed [1]. - AFEI was at a discount of -18.75, and the South China CIF discount was 52. Freight rates dropped significantly, with the US Gulf - Japan at 126 (-5) and the Middle East - Far East at 63 (-5.5). The FEI - MOPJ spread widened significantly to -83 (-28) [1]. PDH Profit - The spot profit of PDH to produce propylene changed little; the profit of producing PP rebounded from a low level. The PDH operating rate was 70.88% (-1.64 pct), with Haiwei, Li Huayi Weiyuan, and Tianjin Bohua shut down, and Zhongjing expected to resume next week [1]. Core View - The LPG market shows that inventory pressure is small, supply is abundant, chemical demand provides strong support, and combustion demand is gradually picking up. With the current high PG basis, low FEI and CP valuations, and the expiration of the China - US tariff truce agreement on November 10, the improvement of PDH profit may lead to an increase in the demand for CP cargo purchases. It is advisable to pay attention to narrowing the PDH profit, but be aware of the risk of the low - opening of the official CP price at the end of the month [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current PG basis is high, FEI and CP valuations are low. The Sino - US tariff truce agreement will expire on November 10th. The improvement of PDH profit may lead to the purchase demand for CP cargo. One can focus on narrowing PDH profit, but should be aware of the risk of a low - opening CP official price at the end of the month [1] 3. Summary According to the Catalog Price and Basis Information - On Friday, for civil gas, prices had both increases and decreases: East China was 4384 (+4), Shandong was 4450 (+20), and South China was 4590 (-10). Ether - post carbon four was 4590 (-30). The lowest delivery location was East China, with a basis of 314 (+6), and the November - December spread was 78 (-16). FEI and CP decreased slightly, at 498 (-2) and 472 (-1) dollars/ton respectively [1] - The PG futures price dropped significantly. The cheapest delivery product was East China civil gas at 4384 (+21); Shandong was 4450 (-100), South China was 4570 (-70). The basis was 314 (+188), and the November - December spread was 78 (+0). Warehouse receipts were cancelled to zero in September. The October CP official price opened low at 495/475, the lowest in two years, 40 - 60 dollars lower than expected [1] Spread and Arbitrage Information - The internal - external spreads were as follows: PG - CP reached 108 (+3); PG - FEI reached 101 (+13). FEI - CP was 7.5 (-10). The US - Asia arbitrage window was closed. AFEI was at a discount of - 18.75, and the South China arrival discount was 52 [1] Freight and Margin Information - Freight rates dropped significantly: US Gulf - Japan was 126 (-5), Middle East - Far East was 63 (-5.5). The FEI - MOPJ spread widened significantly to - 83 (-28). The spot profit margin of PDH to propylene changed little; the profit of producing PP recovered from a low level [1] Inventory and Demand Information - Inventory pressure was small, supply was abundant, chemical demand provided strong support, and combustion demand was gradually picking up. The PDH operating rate was 70.88% (-1.64pct), with Haichang, Lihuayi Weiyuan, and Tianjin Bohua shut down, and Zhongjing expected to resume next week [1]