Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The domestic market has a relatively high valuation. Although the domestic chemical industry has poor profits, the operating rate remains firm, and there is an expectation of a slight increase in civil demand, so there is still short - term support. Attention should also be paid to winter weather and oil price conditions [1]. 3) Summary by Related Content Daily Changes - On Monday, for civil gas, the prices in East China were 4401 (-10), in Shandong 4500 (+0), and in South China 4460 (-10). The price of ether - after carbon four was 4540 (+70). The lowest delivery location was East China, with a basis of 91 (-52) and a 01 - 02 month spread of 71 (-8). As of 21:00, FEI was 528 (+2) and CP was 508 (+2) dollars/ton [1]. Weekly Views - The futures market fluctuated. The basis was 143 (+232), the 01 - 02 month spread was 79 (+3), and the 03 - 04 month spread was -211 (-19). The number of warehouse receipts was 4611 (-200) hands. Civil gas prices rose, and the cheapest delivery product was East China civil gas at 4411 (+88). The external market FEI declined, while CP and MB increased, and the oil - gas ratio decreased. Both domestic and external markets weakened. PG - CP dropped to 100 (-21); PG - FEI dropped to 79 (-7). The US - Asia arbitrage window opened. The arrival premium of propane in East China was 97 (-2), and the FOB premiums of propane in AFEI, the Middle East, and the US were 30 (+18.75), 25 (-13), and 43 dollars (+4) respectively. Freight rates decreased [1]. - PDH spot profits weakened, and the futures market profits declined; the alkylation unit improved; MTBE profits fluctuated. Port inventories decreased (-7%) due to a significant drop in incoming ships (-18%) and a slight increase in demand; refinery inventories increased slightly (+0.86%). The PDH operating rate was 70.22% (+0.4pct), the alkylation operating rate was 37.93% (+1pct), and the MTBE operating rate was 71.58% (+0) [1].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The domestic market has a relatively high valuation. Although the domestic chemical industry has poor profits, its operation remains stable, and there is an expectation of a slight increase in civil demand. Therefore, there is still short - term support for the driving force. Attention should also be paid to winter weather and oil price conditions [1] 3. Summary by Relevant Content 3.1 Daily Changes - On Friday, in the civil gas market, the price in East China was 4411 (+0), in Shandong was 4500 (+20), and in South China was 4470 (-50). The price of ether - post carbon four was 4470 (+10). The lowest delivery location was East China, with a basis of 79 (-22), and the 01 - 02 month difference was 79 (+0). As of 15:00, FEI was 516 (-1) and CP was 498 (-4) dollars/ton [1] 3.2 Weekly Views - The futures market fluctuated. The basis was 143 (+232), the 01 - 02 month difference was 79 (+3), and the 03 - 04 month difference was -211 (-19). The number of warehouse receipts was 4611 lots (-200). The price of civil gas increased, and the cheapest deliverable product was East China civil gas at 4411 (+88). The external market FEI declined, while CP and MB increased, and the oil - gas ratio decreased. Both domestic and international markets weakened. The PG - CP spread reached 100 (-21); the PG - FEI spread reached 79 (-7). The US - Asia arbitrage window opened [1] - The arrival premium of propane in East China was 97 (-2), and the FOB premiums of propane in AFEI, the Middle East, and the United States were 30 (+18.75), 25 (-13), and 43 dollars (+4) respectively. Freight rates declined. The spot profit of PDH weakened, and the futures profit decreased; the alkylation unit improved; the MTBE profit fluctuated [1] - Port inventories decreased (-7%) due to a significant drop in arrivals (-18%) and a slight increase in demand; refinery inventories increased slightly (+0.86%). The PDH operating rate was 70.22% (+0.4pct), the alkylation operating rate was 37.93% (+1pct), and the MTBE operating rate was 71.58% (+0) [1]

Group 1: Report Information - Report Title: Asphalt Morning Report [2] - Release Date: December 8, 2025 [5] - Research Team: Research Center Energy and Chemicals Team [5] Group 2: Investment Rating - No investment rating information provided Group 3: Core Viewpoints - No core viewpoints information provided Group 4: Data Summary Basis and Spread - Shandong basis (+80) (Hongrun) on 12/5 was 42, with a daily change of -6 [3] - East China basis (Zhenjiang Warehouse) on 12/5 was 92, with a daily change of 4 [3] - South China basis (Foshan Warehouse) on 12/5 was -18, with a daily change of -16 [3] - 12 - 01 spread on 12/5 was -26, with a daily change of -7 [3] - 12 - 03 spread on 12/5 was -51, with a daily change of -4 [3] - 01 - 02 spread on 12/5 was -11, with a daily change of 0 [3] Futures - BU main contract (01) on 12/5 was 2948, with a daily change of -4 [3] - Trading volume on 12/5 was 253,337, with a daily change of -36,820 (-5%) [3] - Open interest on 12/5 was 428,146, with a daily change of -1,202 [3] - Lot size remained 4,690 [3] Spot - Brent crude on 12/5 was 63.3, with a daily change of 0.6 [3] - Jingbo price on 12/5 was 2940, with a daily change of -10 [3] - Hongrun price on 12/5 was 2910, with a daily change of -10 [3] - Zhenjiang Warehouse price on 12/5 was 3040, with no daily change [3] - Foshan Warehouse price on 12/5 was 2930, with a daily change of -20 [3] Profit - Asphalt - Ma Rui profit on 12/5 was 107, with a daily change of -36 [3] - Ma Rui - type refinery comprehensive profit on 12/5 was 719, with a daily change of -29 [3]

Report Overview - The report is a daily report on the feed and breeding industry, covering the markets of pigs, corn & starch, and eggs on December 5, 2025 [1] Pig Market Core View - Policy disturbances may affect the long - term supply of pigs. The long - term trend is strategically bullish, but the short - to medium - term is still based on fundamentals. Recently, the second - fattening replenishment has weakened, the near - term slaughter pressure persists, and the far - term trend is bullish due to expectations [3] Spot Prices - The national average spot price of pigs is 11.11 yuan, down 0.02 yuan or - 0.18%. Prices vary in different regions, such as 11.39 yuan in Henan (up 0.16 yuan or 1.42%), 11 yuan in Hunan (down 0.05 yuan or - 0.45%) [4] Futures Prices - Futures prices of different contracts show different trends. For example, the closing price of the "Pig 01" contract is 11385 yuan, with no change; the "Pig 03" contract is 11085 yuan, down 105 yuan or - 0.94% [5] Spreads and Basis - Spreads and basis between different contracts and regions have fluctuated. For instance, the spread of "LH01 - 03" is 195 yuan, down 60 yuan or - 23.53%; the basis of "Henan - 01 contract" is - 155 yuan, down 155 yuan or - 50% [10] Corn & Starch Market Core View - The national corn price continues to rise slightly. Ports and the Northeast production area have seen price increases, while the high arrival volume in Shandong restrains the upward trend. Spot transactions are good. The futures market is in a consolidation phase after continuous rallies, with some long - position liquidation, but the fundamental support makes the medium - term trend bullish [14] Futures Prices - Different corn and corn starch contracts show different price changes. For example, the closing price of the "Corn 01" contract is 2295 yuan, up 8 yuan or 0.35%; the "Corn 05" contract is 2286 yuan, down 8 yuan or - 0.35% [15] Spot and Basis - Corn and corn starch spot prices and basis in different regions have changed. For example, the price of corn at Jinzhou Port is 2325 yuan, up 20 yuan; the basis of Jinzhou Port main - continuous contract is 18 yuan, down 23 yuan [20] Month - to - Month Spreads - Month - to - month spreads of corn and corn starch have different changes. For example, the "Corn 1 - 5 month spread" is - 7 yuan, up 23 yuan; the "Starch 1 - 5 month spread" is - 34 yuan, up 22 yuan [23] US Corn Prices and Import Profits - US corn futures and spot prices have increased, and there is import profit. For example, the price of the CBOT corn main - continuous contract is 446.5, up 3.25 or 0.73%, and the import profit from the US Gulf is 320.49 yuan [28] Egg Market Core View - In the long - term, the egg - laying hen production capacity is still in excess, putting pressure on prices. In the short - term, due to the rapid decline in egg prices after the festival, some farmers have culled or molted chickens. Overall, the production capacity is at a high level but approaching an inflection point, and the general trend is still bearish [30] Futures Prices - Futures prices of different egg contracts show different trends. For example, the closing price of the "Egg 01" contract is 3117 yuan, down 21 yuan or - 0.67%; the "Egg 05" contract is 3589 yuan, down 25 yuan or - 0.69% [30] Spot Prices - Egg spot prices in different regions and types have decreased. For example, the price of main - producing area eggs is 3 yuan, down 0.06 yuan or - 1.96%; the price of main - consuming area eggs is 3.05 yuan, down 0.04 yuan or - 1.29% [31] Spreads and Basis - Spreads and basis between different egg contracts and regions have fluctuated. For instance, the spread of "Egg 1 - 5" is - 476 yuan, down 13 yuan or 2.81%; the basis of "main - producing area - egg main contract" is - 78 yuan, down 10 yuan or 14.71% [41]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - The PG futures price declined. The basis was -43 (-57), and the spread between January and February contracts was 109 (-19). Domestic civil LPG prices decreased, the spread between propane and civil LPG narrowed, and the number of warehouse receipts was 4561 (-54). [1] - The prices of overseas paper goods decreased, the monthly spread strengthened, the change in the oil - gas price ratio between North Asia and North America was small. The domestic - overseas PG - CP spread was 126 (-2); PG - FEI was 114 (+3). The discounts for East China arrival, North America, and AFEI departure remained flat, the Middle East supply was tight with a discount of 35 US dollars (+13). Freight rates decreased slightly. [1] - The FEI - MOPJ spread narrowed to -55 (+11). The profit of propylene production from PDH in Shandong slightly recovered, the alkylation unit slightly improved but was still poor, the MTBE production profit fluctuated, and the export profit was still good. [1] - The arrival volume increased, the external release decreased, factory inventories slightly increased, and port inventories increased. The PDH operating rate was 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan was expected to restart next week. [1] - Overall, the domestic chemical sector was relatively strong, and civil demand increased, but the arrival volume was expected to be high in December; the Middle East supply was tight, but the market may tend to wait and see as the CP official price was approaching. Attention should also be paid to the weather and oil prices. [1] 3) Summary According to Related Data Daily Changes - On Thursday, for civil LPG, the price in East China was 4411 (+0), in Shandong was 4480 (+0), and in South China was 4530 (+0). The price of ether - after carbon four was 4460 (-20). The lowest delivery location was East China, with a basis of 101 (-21), and the spread between January and February contracts was 79 (-17). [1] - As of 15:00, FEI was 517 (+10) and CP was 502 (+3) US dollars per ton. [1] Weekly View - The PG futures price declined, the domestic civil LPG price decreased, the difference between propane and civil LPG narrowed, and the number of warehouse receipts decreased. [1] - Overseas paper goods prices declined, the monthly spread strengthened, the change in the oil - gas price ratio between North Asia and North America was small, and the domestic - overseas spreads changed. The discounts and freight rates had corresponding changes. [1] - The profit of some chemical production units changed, the arrival volume increased, the external release decreased, inventories increased, and the PDH operating rate decreased. [1] - The domestic chemical sector was relatively strong, civil demand increased, but the arrival volume was expected to be high in December, and the market may wait and see as the CP official price was approaching. Attention should be paid to the weather and oil prices. [1]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The PG futures price has declined, with a decrease in the basis and a change in the 01 - 02 spread. Domestic civil gas prices have fallen, and the cheapest deliverable is East China civil gas with a shrinking propane - civil gas price difference. Warehouse receipts have decreased. The overseas paper - cargo prices have dropped, and the spread has strengthened. The price ratio between North Asian and North American oil and gas has changed little. The PG - CP and PG - FEI spreads have changed. The premiums and discounts for East China arrival, North American and AFEI departure have remained flat, while the premium for Middle Eastern goods has increased. Freight rates have slightly declined. The FEI - MOPJ spread has narrowed. The profit of Shandong PDH to produce propylene has slightly recovered, and the alkylation unit has slightly improved but is still poor. The MTBE production profit has fluctuated, and the export profit is still good. There is an increase in arrivals, a decrease in external sales, a slight accumulation of factory inventories, and an accumulation of port inventories. The PDH operating rate has decreased, and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week. Overall, domestic chemical demand is relatively strong, and civil demand has increased, but there are expected to be more arrivals in December. Middle Eastern supplies are tight, but the market may be more inclined to wait and see as the CP official price announcement approaches. Additionally, weather and oil prices need to be monitored [1] 3. Summary by Relevant Content 3.1 Daily Price Changes - On Wednesday, for civil gas, the price in East China was 4411 (+35), in Shandong was 4480 (+10), and in South China was 4530 (+0). The price of ether - after carbon four was 4480 (-20). The lowest - delivery area was East China, with a basis of 129 (+65) and a 01 - 02 spread of 91 (+4). As of 21:00, FEI was 509 (-1) and CP was 500 (+0) dollars/ton [1] 3.2 Weekly Price and Market Conditions - The PG futures price has decreased, with a basis of - 43 (-57) and a 01 - 02 spread of 109 (-19). Domestic civil gas prices have dropped, and the cheapest deliverable is East China civil gas at 4315 (-49), with a shrinking propane - civil gas price difference. Warehouse receipts are 4561 hands (-54). Overseas paper - cargo prices have declined, and the spread has strengthened. The price ratio between North Asian and North American oil and gas has changed little, and the PG - CP has reached 126 (-2); the PG - FEI has reached 114 (+3). The premiums and discounts for East China arrival, North American and AFEI departure have remained flat, while the premium for Middle Eastern goods is 35 dollars (+13). Freight rates have slightly decreased. The FEI - MOPJ spread has narrowed to - 55 (+11) [1] 3.3 Profit and Operating Rate - The profit of Shandong PDH to produce propylene has slightly recovered. The alkylation unit has slightly improved but is still poor. The MTBE production profit has fluctuated, and the export profit is still good. The PDH operating rate is 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week [1] 3.4 Inventory and Market Outlook - There is an increase in arrivals, a decrease in external sales, a slight accumulation of factory inventories, and an accumulation of port inventories. Overall, domestic chemical demand is relatively strong, and civil demand has increased, but there are expected to be more arrivals in December. Middle Eastern supplies are tight, but the market may be more inclined to wait and see as the CP official price announcement approaches. Additionally, weather and oil prices need to be monitored [1]

Report Summary 1) Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2) Core Viewpoints of the Report - This week, the high - sulfur cracking in Singapore fluctuated and weakened on Friday. The monthly spread was at a historical low, and the basis weakened and then fluctuated at a historical low. The HSFO cracking in Europe oscillated at a low level, and the EW weakened on Friday. The 0.5% cracking in Singapore continued to weaken this week, with the monthly spread weakening and the basis oscillating at a low level [3]. - In terms of inventory, there was a slight accumulation of residue in Singapore, a significant accumulation of high - sulfur floating storage, a reduction of residue in ARA, an accumulation of residue in Fujairah, high - sulfur floating storage oscillated at a high level, and a slight reduction of EIA residue [3]. - With the strengthening expectation of Russia - Ukraine peace talks, the cracking of gasoline and diesel in the external market continued to decline this week, and the price difference between low - sulfur and diesel continued to rebound [4]. - After the fire at the Al Zour refinery on October 21st, it stopped production. In December, the RFCC unit of the Dangote refinery is expected to enter maintenance, and VGO exports are expected to increase [4]. - The global heavy - oil market has entered the off - season with inventory accumulation. The external cracking is affected by crude oil fluctuations, and there is no improvement in the spot market. FU01 should be treated bearishly. The low - sulfur valuation is low but lacks a driving force [4]. 3) Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From November 26th to December 2nd, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by 7.55, the price of Rotterdam 0.5% VLSFO swap M1 decreased by 6.28, and the price difference between Rotterdam HSFO - Brent M1 decreased by 0.53 [1]. - Other price differences and spreads also showed corresponding changes during this period [1]. Singapore Fuel Oil Data - For Singapore fuel oil, from November 26th to December 2nd, 2025, the price of Singapore 380cst M1 decreased by 7.03, the price of Singapore 180cst M1 decreased by 3.95, and the price of Singapore VLSFO M1 decreased by 1.19 [1]. - In the Singapore fuel oil spot market, the FOB 380cst price decreased by 1.00, and the FOB VLSFO price decreased by 1.20 from November 26th to December 2nd, 2025 [2]. Domestic Fuel Oil Futures Data - For domestic FU futures, from November 26th to December 2nd, 2025, FU 01 decreased by 26, FU 05 decreased by 20, and FU 09 decreased by 23 [2]. - For domestic LU futures, during the same period, LU 01 decreased by 19, LU 05 decreased by 15, and LU 09 decreased by 9 [3].

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints - The domestic LPG market has an overall high valuation. The domestic chemical market is strong, and civil demand is increasing, providing driving support. In winter, Middle - East LPG supplies decrease, and the arbitrage window between the US and Asia opens, providing short - term support for CP and MB. Attention should also be paid to weather and oil price conditions [1] 3) Summary by Related Information Day - to - Day Changes - On Friday, for civil LPG, prices in East China were 4323 (+13), in Shandong 4460 (+10), and in South China 4360 (+25). The price of ether - post - carbon - four was 4490 (+10). The lowest delivery location was East China, with a basis of - 6 (+37) and a 01 - 02 month spread of 84 (+8). The December CP official prices were announced, with propane and butane at 495/485 dollars/ton (+20/+25). FEI and CP paper goods were 514.6 and 501.63 dollars/ton respectively [1] Weekly Viewpoints - The futures price went up, with a basis of - 89 (-72), a 01 - 02 month spread of 76 (-32), and a 03 - 04 month spread of - 192 (+51). The number of warehouse receipts was 4811 lots (+250). Civil LPG prices were differentiated, with the cheapest delivery product in East China at 4274 (+8), in Shandong at 4460 (+120), and in South China at 4650 (+85). The price of ether - post - carbon - four was 4490 (-20). The overseas market rose significantly. The December CP official prices were announced, with propane and butane at 495/485 (+20/+25). The oil - gas ratio decreased, the month spread strengthened, and the domestic - overseas spread weakened, with CP > FEI > MB. The arrival premium of propane in East China was 99 (+21), and the FOB premiums of AFEI, Middle - East, and US propane were 11.25 (+4.25), 38 (+3), and 39 (+0) respectively. The freight from the Middle - East to the Far East was 72 (+5). The FEI - MOPJ spread reached - 25 (+30). The spot profit of propylene produced by PDH in Shandong recovered slightly, while the futures profit dropped significantly; the alkylation unit was in a poor state; the MTBE production profit fluctuated. The arrival volume increased slightly, the external release increased by +2.57%. Supported by demand, refinery inventories decreased by - 1.98%, and port inventories decreased slightly (-1.27%). The PDH operating rate was 69.82% (+0.18pct) [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - No information provided Group 3: Summary by Relevant Catalog 1. Basis and Spread - The Shandong basis (+80) (Hongrun) was 6 on 10/30, -8 on 11/25, 53 on 11/27, 44 on 11/28, 40 on 12/1, with a daily change of -4 [3] - The East China basis (Zhenjiang Warehouse) was 106 on 10/30, 22 on 11/25, 83 on 11/27, 54 on 11/28, 60 on 12/1, with a daily change of 6 [3] - The South China basis (Foshan Warehouse) was 126 on 10/30, -18 on 11/25, 33 on 11/27, -16 on 11/28, -10 on 12/1, with a daily change of 6 [3] - The 12 - 01 spread was -4 on 11/25, -22 on 11/27, -18 on 11/28, -19 on 12/1, with a daily change of -1 [3] - The 12 - 03 spread was -6 on 10/30, -19 on 11/25, -51 on 11/27, -48 on 11/28, -50 on 12/1, with a daily change of -2 [3] - The 01 - 02 spread was -5 on 10/30, 8 on 11/25, -5 on 11/27, -7 on 11/28, -7 on 12/1, with a daily change of 0 [3] 2. Futures Contracts - The BU main contract (01) was 3254 on 10/30, 3068 on 11/25, 3007 on 11/27, 2996 on 11/28, 2990 on 12/1, with a daily change of -6 [3] - The trading volume was 212219 on 10/30, 242577 on 11/25, 376428 on 11/27, 587546 on 11/28, 310076 on 12/1, with a daily change of -277470 [3] - The open interest was 338671 on 10/30, 343749 on 11/25, 414242 on 11/27, 407598 on 11/28, 421766 on 12/1, with a daily change of 14168 [3] - The warehouse receipts were 9120 on 10/30, 4690 from 11/25 to 12/1, with a daily change of 0 [3] 3. Spot Market - Brent crude oil was $65.0 on 10/30, $63.4 on 11/25, $63.1 on 11/27, $63.3 on 11/28, $63.2 on 12/1, with a daily change of -$0.1 [3] - Jingbo's spot price was 3260 on 10/30, 3000 from 11/25 to 11/28, 2970 on 12/1, with a daily change of -30 [3] - Hongrun's spot price was 3180 on 10/30, 2980 from 11/25 to 11/27, 2960 on 11/28, 2950 on 12/1, with a daily change of -10 [3] - Zhenjiang Warehouse's spot price was 3360 on 10/30, 3090 from 11/25 to 11/27, 3050 from 11/28 to 12/1, with a daily change of 0 [3] - Foshan Warehouse's spot price was 3380 on 10/30, 3050 on 11/25, 3040 on 11/27, 2980 from 11/28 to 12/1, with a daily change of 0 [3] 4. Profits - The asphalt - Ma Rui profit was 247 on 10/30, 177 on 11/25, 181 on 11/27, and 153 on 12/1, with a daily change of -3 [3] - The comprehensive profit of Ma Rui - type refineries was 690 on 10/30, 764 on 11/25, 772 on 11/27, 749 on 11/28, 738 on 12/1, with a daily change of -12 [3]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - PG futures prices have declined The basis is -43 (-57), and the spread between January and February contracts is 109 (-19) Domestic LPG prices for civil use have decreased The cheapest deliverable is the civil - use LPG in East China at 4315 (-49), and the price difference between propane and civil - use LPG has narrowed The number of warehouse receipts is 4561 (-54) [1] - The paper prices in the overseas market have decreased, while the spread between contracts has strengthened The ratio of oil and gas prices in North Asia and North America has changed little The spread between domestic PG and CP has reached 126 (-2); the spread between PG and FEI has reached 114 (+3) The discounts for East China's arrival, North America's and AFEI's departure have remained stable The supply of Middle - Eastern goods is tight, with a discount of 35 USD (+13) Freight rates have slightly decreased The spread between FEI and MOPJ has narrowed to -55 (+11) [1] - The profit of propylene production from PDH in Shandong has slightly recovered The profit of alkylation units has slightly improved but remains poor The profit of MTBE production has fluctuated, and the export profit is still good The arrival volume has increased, the external release has decreased, the factory inventory has slightly accumulated, and the port inventory has increased The PDH operating rate is 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week [1] - Overall, the chemical industry in China is relatively strong, and the civil demand has increased, but more arrivals are expected in December The Middle - Eastern supply is tight, but the market may tend to wait and see as the CP official price announcement approaches Attention should also be paid to weather and oil price conditions [1] Group 3: Summaries According to Relevant Catalogs Daily Changes - On Friday, for civil - use LPG, the price in East China is 4323 (+13), in Shandong is 4460 (+10), and in South China is 4360 (+25) The price of ether - post - carbon - four is 4490 (+10) The lowest delivery location is East China, with a basis of -43 (-57), and the spread between January and February contracts is 109 (-19) FEI is 537 (+10) USD/ton The official CP prices for December have been released, with propane and butane at 495/485 (+20/+25) [1] Weekly Views - The PG futures prices have declined, with a decrease in the basis and the spread between January and February contracts The domestic civil - use LPG prices have dropped, the cheapest deliverable has decreased in price, and the propane - civil LPG price difference has shrunk The number of warehouse receipts has decreased [1] - Overseas paper prices have fallen, contract spreads have strengthened, and the oil - gas price ratio in North Asia and North America has changed little The spreads of domestic PG - CP and PG - FEI have changed, and the discounts in different regions have different trends The freight rates have slightly decreased, and the FEI - MOPJ spread has narrowed [1] - The profits of some chemical production processes have shown different trends, with the arrival volume increasing, external release decreasing, and inventory accumulating in factories and ports The PDH operating rate has decreased, and a PDH unit is expected to restart next week [1] - The domestic chemical industry is relatively stable, civil demand has increased, but more arrivals are expected in December The Middle - Eastern supply is tight, and the market may wait and see before the CP official price announcement Attention should also be paid to weather and oil prices [1]