1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The sentiment in the industrial silicon market is experiencing increased fluctuations, and attention should be paid to the registration of warehouse receipts. The short - term fluctuations in the polysilicon market have significantly amplified [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: The closing price of Si2511 was 8,470 yuan/ton, with a decrease of 25 yuan compared to T - 1, 45 yuan compared to T - 5, and 30 yuan compared to T - 22. Its trading volume was 345,613 lots, a decrease of 14,243 lots compared to T - 1, 104,677 lots compared to T - 5, and an increase of 120,436 lots compared to T - 22. The open interest was 281,480 lots, a decrease of 3,969 lots compared to T - 1, 359 lots compared to T - 5, and an increase of 87,140 lots compared to T - 22. For PS2511, the closing price was 51,875 yuan/ton, a decrease of 410 yuan compared to T - 1 and an increase of 890 yuan compared to T - 5. The trading volume was 530,778 lots, a decrease of 5,320 lots compared to T - 1 and an increase of 264,958 lots compared to T - 5. The open interest was 145,855 lots, a decrease of 4,554 lots compared to T - 1 and an increase of 8,377 lots compared to T - 5 [1] - **Basis Data**: The spot premium or discount of industrial silicon (against East China Si5530) was +605 yuan/ton, 0 yuan/ton compared to T - 1, - 280 yuan/ton compared to T - 5, and - 595 yuan/ton compared to T - 22. The spot premium or discount of polysilicon (against N - type recycled material) was - 875 yuan/ton, 2,410 yuan/ton compared to T - 1, 1,110 yuan/ton compared to T - 5, and 2,455 yuan/ton compared to T - 22 [1] - **Price Data**: The price of Xinjiang 99 - silicon was 8500 yuan/ton, an increase of 50 yuan compared to T - 1, a decrease of 50 yuan compared to T - 5, and a decrease of 600 yuan compared to T - 22. The price of Yunnan Si4210 was 9650 yuan/ton, unchanged compared to T - 1, a decrease of 100 yuan compared to T - 5, and a decrease of 650 yuan compared to T - 22. The price of polysilicon - N - type recycled material was 51500 yuan/ton, an increase of 2500 yuan compared to T - 1, 2500 yuan compared to T - 5, and 4500 yuan compared to T - 22 [1] - **Profit Data**: The profit of silicon plants (Xinjiang new - standard 553) was - 2831 yuan/ton, a decrease of 25 yuan compared to T - 1, 410 yuan compared to T - 5, and 540 yuan compared to T - 22. The profit of polysilicon enterprises was - 14.4 yuan/kg, an increase of 1.6 yuan compared to T - 1, 1.7 yuan compared to T - 5, and 2.9 yuan compared to T - 22 [1] - **Inventory Data**: The social inventory of industrial silicon (including warehouse receipt inventory) was 54.1 million tons, a decrease of 0.2 million tons compared to T - 5 and an increase of 0.1 million tons compared to T - 22. The enterprise inventory of industrial silicon (sample enterprises) was 17.4 million tons, a decrease of 0.16 million tons compared to T - 5 and a decrease of 0.4 million tons compared to T - 22. The polysilicon factory inventory was 21.3 million tons, a decrease of 3.6 million tons compared to T - 5 and a decrease of 1.6 million tons compared to T - 22 [1] - **Raw Material Cost Data**: The price of silicon ore in Xinjiang was 340 yuan/ton, unchanged compared to T - 5 and T - 22. The price of washed coking coal in Xinjiang was 1300 yuan/ton, an increase of 50 yuan compared to T - 5 and T - 22 [1] 3.2 Macroeconomic and Industry News - The photovoltaic module procurement project of the 2GW composite photovoltaic base project of China Aneng First Bureau's Guoneng Ling - Shao DC - supporting Lingwu has changed. The tender scale has been reduced from 2GW to 200MW, and the tender model has been changed. The original tender had a tax - included tender control price of 132 million yuan, with a tax rate of 13%, equivalent to 0.66 yuan per watt, while the revised tender has no tender control price [1][3] 3.3 Trend Intensity - The trend intensity of industrial silicon is 0, and the trend intensity of polysilicon is 0. The range of trend intensity values is in the interval [- 2,2], with - 2 indicating the most bearish and 2 indicating the most bullish [3]

. | . | | | | --- | --- | --- | | 品种 | 核心观点 | 主要逻辑 | | | | 周末 ProFarmer 公布最终美豆单产调研结果，预计单产为 53 蒲式耳，小于美农 8 | | 豆粕 | 短线止跌整理 | 月预计，偏利多。美豆地区降雨低于正常水平。前日豆粕小幅收跌，技术上有止跌 | | ★ | | 整理反弹的意图。但美豆收获逐步临近，看多暂以短线投机性反弹对待。 | | | | 高库存，高仓单现实，中澳贸易改善令近日市场炒作情绪有所降温。上周中加会晤 | | 菜粕 | 短线止跌整理 | 后，尚未有新的进展出现。菜粕前日小幅收跌，关注中澳后续进展以及加方对于中 | | ★ | | 国反倾销结果是否存在意图改善行为。 | | 棕榈油 | | 印尼及马来生柴政策利多棕榈油市场消费预期，并且中印存在采买需求。基本面展 | | ★ | 短线调整 | 望偏多，逢低看多思路为主。前日反弹，关注技术企稳看多机会。关注 8 月马棕榈 | | | | 油库存最终预估情况。 | | | | 现货端，进入 9 月现货价格逐步抬升，虽供应压力依旧存在，但需求好转的预期下 | | 豆油 | 短线调 ...

【冠通研究】 PVC：低开震荡 制作日期：2025年9月2日 【策略分析】 逢高做空 上游电石价格多数地区稳定。目前供应端，PVC开工率环比减少1.59个百分点至76.02%，PVC开工 率继续减少，但仍处于近年同期偏高水平。PVC下游开工率略有减少，同比往年仍偏低，采购较为谨 慎。印度将BIS政策再次延期六个月至2025年12月24日执行，中国台湾台塑9月份报价上调10-30美元/ 吨，近期出口签单一般，8月14日，印度公示最新的进口PVC反倾销税，其中中国大陆地区上调50美 元/吨左右，下半年中国PVC出口预期减弱。上周社会库存继续增加，目前仍偏高，库存压力仍然较 大。2025年1-7月份，房地产仍在调整阶段，投资、新开工、竣工面积同比降幅仍较大，投资、销售、 竣工等同比增速进一步下降。30大中城市商品房周度成交面积环比回升，但仍是历年同期最低水平 附近，房地产改善仍需时间。氯碱综合利润仍为正值，PVC开工率上周有所减少，但仍偏高，本周宁 波镇洋等装置将结束检修。同时新增产能上，50万吨/年的万华化学8月份已经量产，40万吨/年的天 津渤化8月份试生产后，预计9月份稳定生产，30万吨/年的甘肃耀望、20万 ...

Report 1: Industrial Silicon 1. Report Industry Investment Rating Not provided. 2. Core Viewpoints In the short - term, industrial silicon prices were weakly volatile. With rising raw material costs and potential capacity clearance, the supply pressure may ease in the long - run. It is recommended to try long positions at low prices, with the main price fluctuation range expected to be between 8000 - 9500 yuan/ton, and specifically, try long positions when the price is in the 8000 - 8500 range [1]. 3. Summary by Directory - **Spot Prices and Basis**: On August 29, the prices of various industrial silicon products mostly declined compared to August 28. For example, the price of East China oxygen - permeable S15530 industrial silicon decreased by 2.16% [1]. - **Monthly Spread**: The monthly spreads of some contracts changed significantly. For example, the spread of 2509 - 2510 increased by 42.86% [1]. - **Fundamental Data (Monthly)**: National industrial silicon production increased by 3.23%, with significant changes in different regions. Yunnan's production increased by 153.86%, while Xinjiang's decreased by 15.21%. The national operating rate increased by 2.47% [1]. - **Inventory Changes**: Most inventory indicators decreased slightly, with the national social inventory decreasing by 0.37% [1]. Report 2: Natural Rubber 1. Report Industry Investment Rating Not provided. 2. Core Viewpoints New rubber listing is slow, overseas ship arrivals are scarce, inventory may continue to decline, and the fundamentals remain strong. It is expected that there is still upward space, with the 01 contract range expected to be between 15000 - 16500 yuan/ton. Pay attention to the raw material output in the peak - production season of the main producing areas, and consider short positions at high prices if the raw material supply increases smoothly [2]. 3. Summary by Directory - **Spot Prices and Basis**: On August 29, the prices of most natural rubber products were stable or changed slightly. The price of Thai standard mixed rubber decreased by 0.34% [2]. - **Monthly Spread**: The monthly spreads of some contracts changed. For example, the 9 - 1 spread increased by 1.02% [2]. - **Fundamental Data**: Thailand's production in June increased by 44.23%. The operating rates of semi - steel and all - steel tires decreased slightly, while tire exports in July increased by 10.51% [2]. - **Inventory Changes**: The bonded area inventory decreased by 0.50%, while the factory - warehouse futures inventory of natural rubber on the SHFE increased by 1.79% [2]. Report 3: Glass and Soda Ash 1. Report Industry Investment Rating Not provided. 2. Core Viewpoints - **Soda Ash**: The overall demand has no growth expectation, and the supply - demand pattern is bearish. It is recommended to hold short positions entered at high prices [3]. - **Glass**: The market is in a negative feedback cycle, with weak demand at the rigid - demand end. In the short - term, consider short positions on rebounds, and in the medium - term, pay attention to the actual demand in the peak season [3]. 3. Summary by Directory - **Glass - related Prices and Spreads**: The prices of glass in different regions were mostly stable, with the price of the glass 2509 contract increasing by 2.68% [3]. - **Soda Ash - related Prices and Spreads**: The prices of soda ash in different regions were stable, and the prices of the soda ash 2505 and 2509 contracts decreased by 0.51% [3]. - **Supply**: Soda ash operating rate and weekly output decreased by 6.79%, while the float glass daily melting volume and photovoltaic daily melting volume remained unchanged [3]. - **Inventory**: Glass factory - warehouse inventory decreased by 1.64%, soda ash factory - warehouse inventory decreased by 2.26%, and soda ash delivery - warehouse inventory increased by 0.89% [3]. - **Real Estate Data**: New construction area, construction area, completion area, and sales area all showed different degrees of decline [3]. Report 4: Polysilicon 1. Report Industry Investment Rating Not provided. 2. Core Viewpoints In August, polysilicon supply and demand both increased, but the supply growth rate was large, and there was still inventory accumulation pressure. The price is expected to fluctuate at a high level, with the lower limit of the price fluctuation range rising to 47,000 yuan/ton and the upper limit between 58,000 - 60,000 yuan/ton. It is recommended to try long positions at low prices and consider short positions with put options at high prices [4]. 3. Summary by Directory - **Spot Prices and Basis**: The average prices of N - type polysilicon products were mostly stable, with the N - type material basis (average price) changing by 16.54% [4]. - **Futures Prices and Monthly Spreads**: The main contract price decreased by 0.22%, and some monthly spreads changed significantly [4]. - **Fundamental Data**: Weekly polysilicon production increased by 6.53%, and monthly polysilicon production increased by 5.10%. Polysilicon imports increased by 47.48%, while exports decreased by 3.92% [4]. - **Inventory Changes**: Polysilicon inventory decreased by 14.46%, and silicon wafer inventory increased by 3.68% [4]. Report 5: Logs 1. Report Industry Investment Rating Not provided. 2. Core Viewpoints In August, the outer - market quotation continued to rise, the spot price increased moderately, and the arrival volume remained low. The inventory was at a low level and continued to decline. The market was in a weak - balance oscillation stage. It is recommended to pay attention to the opportunity of trying long positions on the 2601 contract at low prices [5]. 3. Summary by Directory - **Futures and Spot Prices**: Log futures prices mostly declined. The 2511 contract price decreased by 1.5 yuan/cubic meter. The spot prices of the main standard delivery products were stable [5]. - **Cost**: The import theoretical cost decreased slightly, and the RMB - US dollar exchange rate decreased by 0.68% [5]. - **Supply**: The port shipping volume decreased by 1.51%, and the number of ships decreased by 11.32%. The total inventory of national coniferous logs decreased by 0.33% [5]. - **Demand**: The demand increased slightly, with the daily average log delivery volume reaching 6.45 million cubic meters [5].

2025 年 9 月 2 日 研 究 棕榈油：基本面暂无新驱动，回调布多 豆油：四季度缺豆交易暂缓，回调整理 | | | 【基本面跟踪】 油脂基本面数据 | | | 单 位 | 收盘价 (日盘） | 涨跌幅 | 收盘价 （夜盘） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 棕榈油主力 | 元/吨 | 9,330 | 0.11% | 9,482 | 1.63% | | | 豆油主力 | 元/吨 | 8,390 | -0.10% | 8,396 | 0.07% | | | 菜油主力 | 元/吨 | 9,930 | -0.43% | 9,841 | -0.90% | | 期 货 | 马棕主力 | 林吉特/吨 | / | / | / | / | | | CBOT豆油主力 | 美分/磅 | / | / | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 255 | -13983 | 2,140 | -146 | | | 豆油主力 | 手 | 1,039 | -13,807 | 3, ...

Group 1: Core Insights - The article highlights that Sina Finance APP is the best choice for futures trading due to its comprehensive advantages in market data, news speed, and seamless trading capabilities [1][5][10] Group 2: Market Data Comparison - Sina Finance APP provides extensive coverage of the four major domestic futures exchanges and global markets, with real-time updates and customizable alerts, making it superior in market data [1][5] - Other apps like Tonghuashun offer a simple interface but have limited futures varieties and require payment for in-depth data [3] - Dongfang Caifu focuses more on domestic markets, with slower updates for international data [4] Group 3: News Comparison - Sina Finance APP excels in delivering 24/7 global news coverage, with instant push notifications for policies, supply-demand changes, and emergencies, along with exclusive analysis from industry experts [5][9] - Jin Shi Data provides fast international news but lacks depth in domestic futures analysis [6] - Wall Street Watch has strong macro analysis but sometimes has slower push notifications [7] Group 4: Trading Experience Comparison - Sina Finance APP allows direct connections to multiple futures companies for easy online account opening and transparent commissions, with a smooth trading interface that supports advanced order types [9][10] - Futures companies' own apps may offer professional trading features but have cumbersome account opening processes and weaker news and data functionalities [10] Group 5: Conclusion - The article concludes that Sina Finance APP is the optimal choice for futures trading, offering comprehensive market data, fast news updates, and a seamless trading experience, making it suitable for both beginners and experienced traders [1][5][10]

东海期货：预计玻璃短期区间震荡 上周的基本面数据来看，供应方面，玻璃产量持稳，开工率产量环比增加，产线开工条数环比增加，供 应端整体微增；需求方面，终端地产行业形势依旧维持弱势，需求难有起色，下游深加工订8月中旬环 比增加，整体需求仍是持稳的格局；利润方面，利润略有增加；整体玻璃供应持稳，需求难有大的增 量，地产消息的提振下，预计短期区间震荡。 国信期货：短期玻璃价格震荡为主 供给端，玻璃日熔量15.96万吨，环比上周持平。生产利润方面，天然气制玻璃利润-188.41元/吨，煤制 玻璃利润109.46元/吨，石油焦制玻璃利润25.66元/吨。需求端，周度LOW-E玻璃开工率环比持平，但企 业订单情况不佳。截至2025年8月28日，全国浮法玻璃样本企业总库存6256.6万重箱，环比减少104万重 箱。玻璃基本面变化不大，短期玻璃价格震荡为主。 9月1日盘中，玻璃期货主力合约遭遇一波急速下挫，最低下探至1125.00元。截止发稿，玻璃主力合约 报1137.00元，跌幅3.07%。 玻璃期货主力跌超3%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 东海期货 预计玻璃短期区间震荡 国信期货 短期玻璃价格震 ...

Report Investment Rating - No information provided in the given content. Core Views - The market for ethylene and related products shows fluctuations, with factors such as supply, demand, and trading conditions influencing prices. For example, ethylene trading has limitations, and prices have experienced drops. The investment environment requires caution, and adjustments and considerations are needed based on various factors like market trends, supply - demand relationships, and macro - economic conditions. [2] Summary by Related Aspects Market Conditions - There are fluctuations in the prices of various products such as ethylene, polyester, and related chemicals. For instance, ethylene prices have dropped, and the polyester market has seen price changes. The market is affected by factors like supply, demand, and trading activities. [1][2] Supply and Demand - The supply of ethylene and related products is affected by factors such as production, transportation, and trading. Demand is influenced by downstream industries like fiber production. There are issues such as over - supply in some cases and limited trading in others. [2] Investment and Trading - Investment in the market requires caution. Traders need to consider factors like price trends, supply - demand balance, and macro - economic conditions. Adjustments and strategies are needed for trading activities, and there are suggestions for reference in investment decisions. [2]

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - The report provides trend forecasts and investment suggestions for multiple energy - chemical futures, including PX, PTA, MEG, rubber, etc., with different futures showing various trends such as narrowing fluctuations, short - term weakness, and medium - term shocks [2]. 3. Summary by Related Catalogs PX, PTA, MEG - **PX**: The market is in a tight supply - demand balance. It is recommended to take a long - short position strategy. This week, the price rose first and then fell. The supply is expected to increase marginally in September. The PXN and PX - MX spreads have declined [4][9]. - **PTA**: The unilateral price is expected to be slightly stronger in a volatile manner, with limited downside space. After the Hengli Huizhou device stopped unexpectedly, it entered a de - stocking pattern. Attention should be paid to the long - PTA short - PX strategy for the November contract [10]. - **MEG**: It is in a unilateral volatile market. It is not advisable to chase long positions, and the valuation is high above 4550. It is recommended to go long on PTA and short on MEG. The supply and demand are both increasing, and the port has entered a stock - building pattern [11]. Rubber - The rubber market is expected to move sideways. The futures price has minor fluctuations, and the trading volume and open interest have increased. The inventories of full - steel tire sample enterprises are at a low level, and the export volume is higher than the historical average. The capacity utilization rate in September is expected to increase [13][16]. Synthetic Rubber - In the short term, it will follow the macro - sentiment and move within a range. The inventory of high - cis polybutadiene rubber sample enterprises has increased, and the inventory of butadiene in East China ports has decreased [18][20]. Asphalt - The asphalt market will have a narrow - range fluctuation. The trading volume and open interest of some contracts have decreased. The weekly output has decreased, and the inventories of factories and social warehouses have also decreased [22][34]. LLDPE - In the short term, it is weak, and in the medium term, it will be in a volatile market. The market price has slightly declined. The demand for PE is improving, but the commodity sentiment has declined recently. The inventory pressure is not significant [35][36]. PP - In the short term, it will move sideways, and in the medium term, there is still pressure. The domestic PP market has continued to decline slightly. The short - term demand has improved, but the cost side is still weak, and the supply pressure will increase [39][40]. Caustic Soda - The caustic soda market will move sideways. The price of liquid caustic soda in Shandong has remained stable. The near - month futures price has corrected due to the pressure of warehouse receipts and weak exports, but the domestic demand is stable [43][45]. Pulp - The pulp market is expected to move sideways. The futures price has increased slightly, and the trading volume and open interest have also increased. The supply pressure persists, and the demand during the peak season is not strong [48][52]. Glass - The price of glass raw sheets is stable. The domestic float - glass raw - sheet price has remained stable, and the regional trading performance varies. Some manufacturers plan to slightly increase the price [53][54]. Methanol - In the short term, it is weak, and in the medium term, it will be in a volatile market. The port inventory has increased significantly. In the short term, the fundamental contradiction is large, and the downward pressure is significant. In the medium term, the downside space is narrowing [57][60]. Urea - In the short term, it will move sideways. The corporate inventory has increased slightly. The fundamental pressure is large, and the domestic demand trading is weak. The policy has uncertainties, and the medium - and long - term outlook is still weak [62][64]. Styrene - In the medium term, it is bearish. The anti - involution hype has ended, the inventory in East China ports has continued to increase, and the pressure on tank capacity in September is high. The short - term is volatile, and the medium - term fundamental is weak [65][66]. Soda Ash - The spot market of soda ash has little change. The futures price has declined slightly, and the market is stable. The device operation is normal, and the downstream demand is tepid [67][69]. LPG and Propylene - **LPG**: The supply and demand remain loose, and it will have a weak - side fluctuation in the short term. The Saudi Aramco CP price in September has remained unchanged, and there are many domestic device maintenance plans [72][77]. - **Propylene**: There is still support for the spot price, but attention should be paid to the risk of decline [72]. PVC - The PVC market still has pressure. The spot market is weakly volatile, and the supply is at a high level. The demand for downstream products related to real estate is weak, and the inventory is accumulating [79]. Fuel Oil and Low - Sulfur Fuel Oil - **Fuel Oil**: It will have a narrow - range fluctuation and remains weak. - **Low - Sulfur Fuel Oil**: It is weak in the short term, and the price difference between high - and low - sulfur fuels in the overseas spot market has slightly declined [82]. Container Shipping Index (European Line) - The container shipping index (European line) is under pressure in a volatile market. The futures price has declined, and the freight rate index has also decreased [84].

1. Report Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core View of the Report The fundamentals of LPG have improved, and the combustion demand has recovered. Both the domestic and overseas PG markets are running stably. The CP price remains stable, the demand for propane and butane in the Far East has been repaired periodically, and the high - level warehouse receipts are driving the PG reverse spread operation. In the short term, the PG futures price is affected by delivery and is expected to decline, but the overseas price is stable, and there is an expectation of subsequent repair [4]. 3. Summary by Related Catalogs 3.1 Energy and Chemical Product Price Monitoring - Different energy and chemical products have different price trends. For example, the current price of LPG is 4,411 yuan/ton, with a daily increase of 0.05%, a weekly increase of 0.55%, a monthly increase of 14.42%, and an annual decrease of 12.34% [3]. 3.2 LPG Fundamental Analysis - **Supply**: Last week, the total LPG commodity volume was about 650,000 tons (a decrease of 0.17%). The civil LPG commodity volume was 215,400 tons (a decrease of 1.03%), the industrial LPG was 206,200 tons (a decrease of 2.95%), and the ether - after C4 was 174,700 tons (a decrease of 3.03%). The LPG arrival volume last week was at a relatively low level, and the import resource supplement was limited. Some enterprises in Shandong resumed production, and the commodity volume increased month - on - month [4]. - **Demand**: The combustion demand has recovered, supporting the firm price of civil LPG. In the C4 deep - processing aspect, the domestic crude oil processing volume increased month - on - month, but the MTBE profit was inverted, and the alkylated gasoline profit turned from profit to loss. In the C3 deep - processing aspect, the PDH maintenance was concentrated and restarted, and the operating rate increased, which supported the demand, but the performance of propylene and terminal PP was average [4]. - **Inventory**: Last week, the LPG inventory in domestic factories was 171,700 tons (a decrease of 1.96%), and the port inventory was 3,075,200 tons (a decrease of 2.98%). The LPG inventory in various regions of the country showed a downward trend, and the fundamentals in various regions were gradually improving. The port arrival volume decreased significantly, but the unloading volume was more than the arrival volume, and the overall import resources showed a downward trend [4]. - **Basis and Position**: The weekly average basis in East China was 112 yuan/ton, in South China was 171 yuan/ton, and in Shandong was 132 yuan/ton. The total number of LPG warehouse receipts was 13,207 lots, an increase of 320 lots, and the lowest deliverable area was East China [4]. - **Chemical Downstream**: The operating rates of PDH, MTBE, and alkylation were 73.02%, 54.43%, and 48.29% respectively. The profits of PDH to propylene, MTBE isomerization, and alkylation in Shandong were 117 yuan/ton, - 531 yuan/ton, and - 328 yuan/ton respectively [4]. - **Valuation**: The PG - SC ratio was 2.29%, and the PG continuous first - continuous second monthly spread was 87 yuan/ton. The continuous increase in crude oil production dragged down the cost section, and the PG - SC cracking spread continued to strengthen [4]. - **Others**: OPEC+ continued to increase production, and EIA and IEA relaxed the supply - demand balance sheet, so crude oil was regarded as bearish in the long term. The newly added RMB loans of financial institutions in July showed negative growth, and the M2 - M1 scissors gap narrowed to 3.2%. The government launched consumer loan interest subsidies, and the domestic economy still faced pressure. The country phased out backward petrochemical production capacity below 2 million tons and upgraded technological facilities, and South Korea reduced the naphtha cracking capacity by 2.7 million tons [4]. 3.3 LPG Market Review - The main contract of LPG futures fluctuated higher, with a fluctuation range of 4,270 - 4,400 yuan/ton. The main contract this week was PG2510, which is a traditional peak - season contract. Although the crude oil price fell, the domestic spot market rebounded from the bottom, and the peak - season demand was expected to be strong. Coupled with the increase in import costs, the sellers pushed up the price, and the futures price followed the spot price higher. The domestic transaction price increased, but the increase was small, and the basis weakened this week. The lowest deliverable product was priced in East China. As of Thursday this week, the total number of LPG warehouse receipts on the Dalian Commodity Exchange was 13,283 lots, an increase of 335 lots compared with last Thursday [5]. 3.4 LPG Futures Price, Monthly Spread, and Cross - Month Spread Overview - **Futures Price**: The prices of different LPG futures contracts showed different trends. For example, the current price of PG01 was 4,202 yuan/ton, with a month - on - month decrease of 1.89% [10]. - **Monthly Spread**: The monthly spreads of different contracts also showed different trends. For example, the current PG01 - PG02 monthly spread was 60 yuan/ton, with a month - on - month decrease of 34.07% [10]. - **Cross - Month Spread**: The cross - month spreads of different contracts also had different changes. For example, the current PG01 - PG03 cross - month spread was 147 yuan/ton, with a month - on - month decrease of 14.53% [10]. 3.5 Refinery and Device Maintenance Plan - **Main Refineries**: Many main refineries in China had maintenance plans in 2025, including Sinopec, PetroChina, and CNOOC refineries. For example, Beihai Refining and Chemical had a full - plant maintenance from March 25 to June 6, 2025, with a processing capacity of 6.4 million tons [12]. - **Local Refineries**: Some local refineries also had maintenance plans, mainly in Shandong, Northeast, Central China, and North China. For example, Zhonghaiwai Energy in Rizhao had a normal - pressure distillation unit maintenance starting from May 25, 2025 [12]. - **LPG Factories**: Many LPG factories in China had device maintenance in 2025. For example, Shengli Heavy Oil Plant in Shandong had a full - plant maintenance from June 16 to mid - August 2025, with a normal production volume of 400 tons/day [14]. - **PDH Devices**: Some PDH devices in China had maintenance or shutdown situations. For example, Wanhua Chemical (Penglai) in Shandong planned to have a two - week maintenance starting from August 22, 2025 [15]. 3.6 Market Price and Spread Charts - The report also provided a series of market price and spread charts, including domestic and overseas LPG prices, basis, monthly spreads, cross - month spreads, and cross - variety spreads, to show the historical trends and changes of these indicators [19][21][27]