1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The LPG futures price increased. On March 12, the PG2604 contract closed at 5,641 (+194) at 3 pm, with a 4 - 5 month spread of 127 (-32). The number of warehouse receipts was 3,108 (+0). The night - session closed at 5,706 (+21), and the 4 - 5 month spread was 143 (+16) [1]. - The LPG market in Shandong showed mixed price movements, with high - priced areas experiencing price corrections and low - priced areas seeing price rebounds. The overall trading atmosphere was good, driven by the rise in crude oil prices. The estimated price of domestic LPG in Shandong was 5,200 yuan/ton, a 170 - yuan increase from the previous period. The East China market was stable with a downward trend, and the mainstream transaction price was between 5,900 - 6,500 yuan/ton [1]. - Last week, the futures price rose significantly, mainly due to geopolitical factors. The basis first decreased and then rebounded, with the latest value at - 688 (-346). The 4 - 5 month spread was 127 (+60). The number of warehouse receipts was 4,652 lots (-2,027). The cheapest deliverable was Shanghai domestic LPG at 4,800 (+600). The FEI month spread was 57 US dollars (+32), and the oil - gas price ratio increased significantly [1]. - The domestic and international markets fluctuated widely. The PG - FEI c1 reached 97 (+2). The East China propane arrival premium was 208 (+101); the AFEI, US Gulf, and Middle East propane FOB premiums were 92 (+72), 159 (+81), and 0 (+0) respectively. The FEI - MOPJ spread was - 68 [1]. - The spot profit of PDH increased significantly, and the paper profit first decreased and then rebounded. The port inventory ratio was 35.6% (+2.5 pct). The production - sales rate of LPG sample enterprises was 103% (+3 pct), and the external supply was 562,000 tons (-1.87%). The PDH operating rate was 64.93% (+1.7 pct) [1]. - In the second week after the Spring Festival, the downstream demand recovered slowly, and the supply was not substantially affected. The fundamental situation was weak. The impact of the Middle East supply interruption may gradually emerge in late March or April. The domestic basis is weak, and the PG import profit has dropped to a deep negative value. The 4 - 5 month spread is mainly affected by the development of the Middle East situation and may remain strong in the short - term under the sign of geopolitical heating [1]. 3. Summary by Relevant Catalogs Day - to - Day Data | Date | South China LPG | East China LPG | Shandong LPG | Propane CFR South China | Propane CIF Japan | CP Forecast Contract Price | Shandong Ether - after Carbon Four | Shandong Alkylation Oil | Paper Import Profit | Main Contract Basis | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2026/03/06 | 5,145 | 4,981 | 4,940 | 770 | 791 | 570 | 5,150 | 7,800 | - 908 | - 220 | | 2026/03/09 | 5,920 | 5,973 | 7,310 | 860 | 954 | 593 | 7,350 | 10,500 | - 819 | 304 | | 2026/03/10 | 6,140 | 6,378 | 6,420 | 860 | 761 | 580 | 6,860 | 9,500 | - 562 | 868 | | 2026/03/11 | 6,120 | 6,378 | 5,030 | 865 | 791 | 575 | 6,000 | 9,000 | - 626 | - 217 | | 2026/03/12 | 6,110 | 6,264 | 5,230 | 935 | - | 578 | 5,420 | 8,500 | - 1,172 | - 211 | | Day - to - Day Change | - 10 | - 114 | 200 | 70 | - | 3 | - 580 | - 500 | - 546 | 6 | [1] Day - to - Day Viewpoint - The LPG futures price increased. On March 12, the PG2604 contract closed at 5,641 (+194) at 3 pm, with a 4 - 5 month spread of 127 (-32). The number of warehouse receipts was 3,108 (+0). The night - session closed at 5,706 (+21), and the 4 - 5 month spread was 143 (+16) [1]. - The LPG market in Shandong showed mixed price movements, with high - priced areas experiencing price corrections and low - priced areas seeing price rebounds. The overall trading atmosphere was good, driven by the rise in crude oil prices. The estimated price of domestic LPG in Shandong was 5,200 yuan/ton, a 170 - yuan increase from the previous period. The East China market was stable with a downward trend, and the mainstream transaction price was between 5,900 - 6,500 yuan/ton [1]. Weekly Viewpoint - Last week, the futures price rose significantly, mainly due to geopolitical factors. The basis first decreased and then rebounded, with the latest value at - 688 (-346). The 4 - 5 month spread was 127 (+60). The number of warehouse receipts was 4,652 lots (-2,027). The cheapest deliverable was Shanghai domestic LPG at 4,800 (+600). The FEI month spread was 57 US dollars (+32), and the oil - gas price ratio increased significantly [1]. - The domestic and international markets fluctuated widely. The PG - FEI c1 reached 97 (+2). The East China propane arrival premium was 208 (+101); the AFEI, US Gulf, and Middle East propane FOB premiums were 92 (+72), 159 (+81), and 0 (+0) respectively. The FEI - MOPJ spread was - 68 [1]. - The spot profit of PDH increased significantly, and the paper profit first decreased and then rebounded. The port inventory ratio was 35.6% (+2.5 pct). The production - sales rate of LPG sample enterprises was 103% (+3 pct), and the external supply was 562,000 tons (-1.87%). The PDH operating rate was 64.93% (+1.7 pct) [1]. - In the second week after the Spring Festival, the downstream demand recovered slowly, and the supply was not substantially affected. The fundamental situation was weak. The impact of the Middle East supply interruption may gradually emerge in late March or April. The domestic basis is weak, and the PG import profit has dropped to a deep negative value. The 4 - 5 month spread is mainly affected by the development of the Middle East situation and may remain strong in the short - term under the sign of geopolitical heating [1].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The LPG market has shown significant fluctuations. The LPG futures price has increased, while the spot price has largely given back the gains of the previous two days. The market is affected by geopolitical factors, and the impact of the supply interruption in the Middle East may gradually emerge in late March or April. The domestic basis is weak, the import profit has dropped to a deep negative value, and the 4 - 5 month spread may remain strong in the short term under the sign of rising geopolitical tensions [1] 3. Summary by Relevant Catalogs 3.1 Daily Data - **Prices**: From March 5 - 11, 2026, prices of LPG in South China, East China, and Shandong, as well as propane CFR South China, showed various changes. For example, on March 5, South China LPG was 5160, and on March 11, it was 6120. Propane CIF daily prices also fluctuated. The paper - import profit and the main basis also changed daily [1] - **Futures**: On March 11, the PG2604 contract closed at 5447 (+175) at 3 pm, with a 4 - 5 month spread of 159 (+7). The number of warehouse receipts was 3108 (-2268). At night, it closed at 5624 (+290), and the 4 - 5 month spread was 174 (+15) [1] - **Spot**: The spot price significantly gave back the gains of the previous two days. Shandong's civil LPG mainstream price was 5005 - 7000, down 500 - 1400, and the transaction was active after the price drop. The propane DES price at Longkou Port was 923 (-5). The East China market maintained stable prices, with the mainstream transaction price at 6100 - 6700 yuan/ton [1] 3.2 Weekly Data - **Market Trends**: The futures price rose significantly last week, mainly affected by geopolitical factors. The basis first decreased and then increased, with the latest at - 688 (-346). The 4 - 5 month spread was 127 (+60). The number of warehouse receipts was 4652 (-2027) [1] - **Related Indicators**: The FEI month spread was 57 US dollars (+32), and the oil - gas price ratio increased significantly. The PG - FEI c1 reached 97 (+2). The East China propane arrival premium was 208 (+101); the AFEI, US Gulf, and Middle East propane FOB premiums were 92 (+72), 159 (+81), and 0 (+0) respectively. The FEI - MOPJ spread was - 68 [1] - **Profit and Inventory**: The PDH spot profit increased significantly, and the paper profit first decreased and then increased. The port inventory ratio was 35.6% (+2.5pct). The production and sales rate of LPG sample enterprises was 103% (+3pct), the external supply was 56.2 tons (-1.87%). The PDH operating rate was 64.93% (+1.7pct) [1] 3.3 Market Outlook - In the second week after the holiday, downstream demand recovered slowly, and supply was not substantially affected. The fundamental pattern was weak. The impact of the supply interruption in the Middle East may gradually emerge in late March or April. The domestic basis is weak, and the PG import profit has dropped to a deep negative value. The 4 - 5 month spread is mainly affected by the development of the Middle East situation and may remain strong in the short term under the sign of rising geopolitical tensions [1]

Report Overview - The report is an asphalt morning report released by Jia'an Futures' research center's energy and chemical team on March 12, 2026 [1][2][5] Key Data Summary 1. Basis and Spread - **Basis**: The Shandong basis (+80) (non-Jingbo) changed from -63 on 2/10 to -64 on 3/11, with a daily change of -128; the East China basis (Zhenjiang warehouse) was -24 on 3/11, with a daily change of 22; the South China basis (Foshan warehouse) was -74 on 3/11, with a daily change of 32 [3] - **Spread**: 04 - 05 spread was 8 on 3/11, with no daily change; 04 - 06 spread was 33 on 3/11, with a daily change of 17; 06 - 09 spread was 129 on 3/11, with a daily change of 34 [3] 2. Futures Contracts - **BU Main Contract**: The price was 3874 on 3/11, with a daily increase of 128; the trading volume was 526,278, a decrease of 347,113; the open interest was 344,777, a decrease of 6,728 [3] 3. Spot Prices - **Brent Crude Oil (Jingbo)**: The price was 90.2 on 3/11, a decrease of 9.7 [3] - **Zhenjiang Warehouse**: The spot price was 3850 on 3/11, an increase of 150 [3] - **Foshan Warehouse**: The spot price was 3800 on 3/11, an increase of 160 [3] - **Shandong (non-Jingbo)**: The spot price was 3730 on 3/11, with no change [3] 4. Profit - **Asphalt Marrow Profit**: It was -150 on 3/11, with an increase of 519 [3] 5. Weekly Changes - The weekly changes in basis, spread, trading volume, open interest, spot prices, and profit are also provided, such as a weekly change of -34 in the Shandong basis (+80) [6]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - There is no clear core viewpoint presented in the provided content. 3. Summary by Relevant Catalogs 3.1. Basis and Spread - The Shandong basis (+80) (non - Jingbo) changed from -54 on 2/9 to -3751 on 3/10, with a daily change of -3751 [3]. - The East China basis (Zhenjiang warehouse) changed from -4 on 2/9 to -3771 on 3/10, with a daily change of -3771 [3]. - The South China basis (Foshan warehouse) changed from -54 on 2/9 to -3721 on 3/10, with a daily change of -3721 [3]. - The 04 - 05 spread changed from 6 on 2/9 to 7 on 3/10, with a daily change of 7 [3]. - The 04 - 06 spread changed from 7 on 2/9 to -5 on 3/10, with a daily change of -5 [3]. - The 06 - 09 spread changed from 32 on 2/9 to -15 on 3/10, with a daily change of -15 [3]. 3.2. Futures Contracts - The BU main contract price changed from 3334 on 2/9 to 3746 on 3/10, with a daily change of -329 [3]. - The trading volume changed from 273,099 on 2/9 to 873,391 on 3/10, with a daily change of 456,049 [3]. - The open interest changed from 379,965 on 2/9 to 351,505 on 3/10, with a daily change of -30,779 [3]. - The contract quantity remained at 24,640 from 3/3 to 3/10 [3]. 3.3. Spot Prices - The Brent crude oil price for Jingbo changed from $68.3 (3200) on 2/9 to $99.9 (0) on 3/10, with a daily change of 8.1 (-4130) [3]. - The Shandong (non - Jingbo) spot price changed from 3200 on 2/9 to 0 on 3/10, with a daily change of -4080 [3]. - The Zhenjiang warehouse spot price changed from 3330 on 2/9 to 0 on 3/10, with a daily change of -4100 [3]. - The Foshan warehouse spot price changed from 3280 on 2/9 to 0 on 3/10, with a daily change of -4050 [3]. 3.4. Profits - The asphalt - Ma Rui profit changed from 316 on 2/9 to -762 on 3/10, with a daily change of -762 [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views Manganese Silicon - The overall view is bearish. After a sharp rally this week, the price is oscillating at a high level. Due to overseas geopolitical conflicts, oil prices have soared, leading to a significant increase in shipping costs. As manganese ore has a high degree of external dependence, some market participants are worried about the stability of its subsequent shipments. Fundamentally, silicon - manganese is still in a state of oversupply. High production keeps manganese ore prices relatively firm in the short term. After the Spring Festival, downstream steel mills have gradually entered the resumption cycle. The procurement time of some northern steel mills is undetermined. After the Two Sessions, the demand for dual - silicon is expected to gradually recover, but it is still difficult to alleviate the oversupply situation. It is recommended to short on rallies [3]. - The monthly spread is bearish. As of March 5, the 5 - 9 monthly spread of manganese silicon was - 46 yuan/ton, continuing to oscillate at a low level [3]. - The spot market is neutral. Factory quotes are cautious, downstream transactions are a bit slow, and the steel procurement in March has been slow to start, with a wait - and - see attitude. The 6517 is quoted in the range of 5800 - 5900 yuan/ton, the 6014 is quoted at around 5450 yuan/ton, and the high - silicon silicon - manganese is quoted in the range of 6600 - 6800 yuan/ton. 6517 factories mainly engage in hedging, and retail transactions are average [3]. - Steel production is neutral. As of March 6, the weekly demand of Mysteel sample enterprises was 111200 tons, and the weekly production of the five major steel products increased to 797240 tons. The proportion of rebar in the five major steel products in Mysteel sample data increased slightly month - on - month [3]. - Inventory is bearish. As of March 5, the total of manganese silicon warehouse receipts and valid forecasts was 249200 tons [3]. - Cost - profit is neutral. The manganese ore market remains firm, and the transaction center has gradually moved up. Comilog released its April offer at 5.25 US dollars/ton degree. Recently, the supply of South African manganese ore has been concentrated, and the market's sentiment of holding back supply and raising prices is prominent [3]. Ferrosilicon - The overall view is neutral. After a sharp rally this week, the price is oscillating at a high level. The supply and demand of ferrosilicon are in a tight balance. The cost of semi - coke has decreased, but the increase in electricity cost makes the overall production cost relatively firm. The production of magnesium metal is at a high level. Due to the significant increase in the price of 72 ferrosilicon, the price difference between 75 and 72 ferrosilicon has narrowed significantly. Steel mills have started the March tender, and attention should be paid to the pricing. In the short term, the market price of ferrosilicon is stable with a slight upward trend. In February, the ferrosilicon warehouse receipts were concentrated for cancellation, and attention should be paid to the recovery of new warehouse receipts. For unilateral trading, be cautious about chasing long positions after the rapid rally of the futures price, and consider taking profits gradually [4]. - The monthly spread is bearish. As of March 5, the 5 - 9 monthly spread of ferrosilicon was - 50 yuan/ton, showing a slight weakening month - on - month [4]. - The spot market is neutral. The 72 is priced at 5300 - 5400 yuan/ton, and the 75 is priced at 5800 - 6000 yuan/ton for cash natural lumps ex - factory. The price of 72 has increased by 50 - 100 yuan/ton [4]. - Steel and magnesium metal demand is neutral. The total consumption of ferrosilicon by Mysteel sample steel mills is 17800 tons. The production of magnesium metal remains at a high level, and the demand for 75 ferrosilicon is better than that for 72 [4]. - Inventory is bullish. As of March 5, the total of ferrosilicon warehouse receipts and valid forecasts was 39500 tons. After the concentrated cancellation of ferrosilicon warehouse receipts in February, attention should be paid to the recovery of subsequent warehouse receipts [4]. - Cost - profit is neutral. The price of semi - coke has decreased slightly, while the electricity cost has increased, making the overall production cost firm [4]. 3. Summary by Directory Manganese Silicon Manganese Ore Inventory - The total port inventory of manganese ore is 4.954 million tons, showing a significant month - on - month increase. Among them, the inventory at Tianjin Port has increased to 3.595 million tons, higher than the same period last year; the inventory at Qinzhou Port has increased significantly to 1.354 million tons, significantly higher than the same period last year [11]. - At Tianjin Port, the inventory of South African ore is 2.289 million tons, showing a significant month - on - month increase; the inventory of Gabon ore is 336000 tons, showing a significant month - on - month increase but still far lower than the same period last year; the inventory of Australian ore is 537000 tons, continuing to increase and significantly higher than the same period last year [16]. Manganese Ore Port Price - At Tianjin Port, the price of Gabon lumps is 43.8 yuan/ton degree, Australian lumps are 43 yuan/ton degree, and South African semi - carbonate is 38.7 yuan/ton degree. The manganese ore market remains firm, and the transaction center has gradually moved up. Recently, the supply of South African manganese ore has been concentrated, and the market's sentiment of holding back supply and raising prices is prominent. Comilog released its April offer at 5.25 US dollars/ton degree [19]. Manganese Silicon Production - As of March 6, the weekly production of silicon - manganese decreased to 195800 tons. The daily average production in Inner Mongolia increased slightly to 14820 tons/day; the daily average production in Ningxia remained flat at 6035 tons/day; the daily average production in Yunnan increased to 700 tons/day; the daily average production in Guizhou increased to 1830 tons/day; the daily average production in Guangxi decreased to 1685 tons/day [30]. Manganese Silicon Demand - As of March 6, the weekly demand of Mysteel sample enterprises was 111200 tons, and the weekly production of the five major steel products increased to 797240 tons. The proportion of rebar in the five major steel products in Mysteel sample data increased slightly month - on - month [35]. Manganese Silicon Price - The market price in Inner Mongolia is around 5850 yuan/ton, and in Tianjin, it is 5900 yuan/ton. A large steel group in Hebei had no silicon - manganese procurement plan in February due to recent maintenance and will resume normal procurement in March. In January, the factory purchased 17000 tons [43]. Chemical Coke Price - This week, the price of chemical coke remained stable. The ex - factory prices of 25 - 40mm chemical coke in Yinchuan, Ordos, and Alxa are 1190, 1140, and 1140 yuan/ton respectively. Hebei has a plan to lower the price of coke, and attention should be paid to the subsequent changes in the spot price [46]. Manganese Silicon Production Profit - The immediate profit of manganese silicon is low, and the point - to - point profit is in a loss [50]. Monthly Spread - As of March 6, the 5 - 9 monthly spread of manganese silicon was - 46 yuan/ton, continuing to oscillate at a low level [54]. Basis and Warehouse Receipts - The futures price is oscillating, and the basis has strengthened slightly. As of March 5, the total of manganese silicon warehouse receipts and valid forecasts was 249200 tons [57]. Ferrosilicon Ferrosilicon Production - As of March 6, the weekly production was 96500 tons, showing a slight month - on - month decrease. The daily average production in Inner Mongolia was 4685 tons, in Qinghai was 1415 tons, in Ningxia was 3620 tons, and in Shaanxi was 2500 tons [70]. Ferrosilicon Demand - **Steel Mills**: The total consumption of ferrosilicon by Mysteel sample steel mills was 17800 tons, lower than the same period last year [75]. - **Magnesium Metal**: The export price of magnesium metal at Tianjin Port is 2470 US dollars/ton; the market price is 16750 yuan/ton, showing a slight month - on - month increase. The weekly production of magnesium metal is 20741 tons, at a high level in the same historical period. The market of magnesium ingots is running smoothly; the factory quotes of magnesium ingots remain unchanged at 16800 yuan/ton ex - factory including tax, and the actual transaction price is 16700 yuan. The market transactions are tepid, and the transactions maintain just - in - time procurement [79]. Ferrosilicon Export - As of March 5, the overseas FOB price of 75 ferrosilicon is 1135 US dollars/ton, and that of 72 ferrosilicon is 1080 US dollars/ton, showing a slight month - on - month increase. In December, the import volume of ferrosilicon decreased slightly month - on - month, while the export volume increased month - on - month [87]. Ferrosilicon Raw Materials - As of March 5, the prices of mainstream semi - coke small materials decreased slightly. The current prices are 705 yuan/ton in Shaanxi, 805 yuan/ton in Ningxia, and 695 yuan/ton in Inner Mongolia. The price of oxidized iron scale is 750 yuan/ton [96]. Ferrosilicon Production Profit - As of March 5, the point - to - point profit loss of ferrosilicon has narrowed significantly. The production profits in Inner Mongolia, Ningxia, Shaanxi, and Qinghai are - 70, - 1, - 125, and - 449 yuan/ton respectively [108]. Monthly Spread - As of March 5, the 5 - 9 monthly spread of ferrosilicon was - 50 yuan/ton, showing a slight weakening month - on - month [110]. Basis and Warehouse Receipts - The futures price is oscillating, and the basis of ferrosilicon fluctuates slightly. As of March 5, the total of ferrosilicon warehouse receipts and valid forecasts was 39500 tons. After the concentrated cancellation of ferrosilicon warehouse receipts in February, attention should be paid to the recovery of subsequent warehouse receipts [114]. Balance Sheet Manganese Silicon - From July 2025 to June 2026, the total supply and demand of manganese silicon show different trends. There is an oversupply situation in most months, but the degree of oversupply varies. The production and consumption cumulative year - on - year growth rates also show different trends over time [116]. Ferrosilicon - From July 2025 to June 2026, the total supply and demand of ferrosilicon also show different trends. There are periods of oversupply and short supply. The production and consumption cumulative year - on - year growth rates also change over time [117].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No clear core view presented in the given content 3. Summary According to Relevant Catalogs 3.1. Basis and Spread - The Shandong basis (+80) (non-Jingbo) on 3/5 was -3579, with a daily change of -3549 [3]. - The East China basis (Zhenjiang warehouse) on 3/5 was -3659, with a daily change of -3549 and a weekly change of -3602 [3][6]. - The South China basis (Foshan warehouse) on 3/5 was -3659, with a daily change of -3499 and a weekly change of -3502 [3][6]. - The 03 - 06 spread on 3/5 was -36, with a daily change of 5 [3]. - The 04 - 06 spread on 3/5 was -1, with a daily change of 12 [3]. - The 06 - 09 spread on 3/5 was 67, with a daily change of 2 [3]. 3.2. Futures Trading Data - The BU main contract price on 3/5 was 3659, with a daily change of -1 [3]. - The trading volume on 3/5 was 706321, with a daily decrease of 137258 [3]. - The open interest on 3/5 was 370385, with a daily decrease of 3568 [3]. - The contract volume on 3/5 was 24640, with no daily change [3]. 3.3. Crude Oil and Asphalt Prices - The Brent crude oil price on 3/5 was 82.1, with a daily decrease of 2.3 [3]. - The Jingbo asphalt price on 3/4 was 3580 [3]. - The Shandong (non-Jingbo) asphalt price on 3/4 was 3550 [3]. - The Zhenjiang warehouse asphalt price on 3/4 was 3550 [3]. - The Foshan warehouse asphalt price on 3/4 was 3500 [3]. 3.4. Asphalt Profit - The asphalt Ma Rui profit on 3/5 was -2, with a daily increase of 132 [3].

Group 1: Report Information - The report is the "Asphalt Morning Report" from the Research Center's Energy and Chemicals Team, dated March 5, 2026 [2][5] Group 2: Industry Investment Rating - No information provided Group 3: Core Viewpoints - No information provided Group 4: Data Summary Basis and Spread - Shandong basis (+80) (non-Jingbo) changed from -19 on 2/3 to -30 on 3/4, with a daily change of 29 [3] - East China basis (Zhenjiang warehouse) changed from -9 on 2/3 to -110 on 3/4, with a daily change of 29 [3] - South China basis (Foshan warehouse) changed from -59 on 2/3 to -160 on 3/4, with a daily change of 29 [3] - 03 - 06 spread changed from 5 on 2/3 to -41 on 3/4, with a daily change of 23 [3] - 04 - 06 spread changed from 8 on 2/3 to -13 on 3/4 [3] - 06 - 09 spread was 19 on 2/3 and 64 on 3/3 [3] Contract Data - BU main contract price changed from 3309 on 2/3 to 3660 on 3/4, with a daily change of 21 [3] - Trading volume changed from 303,609 on 2/3 to 843,579 on 3/4, with a daily change of 28,167 [3] - Open interest changed from 381,498 on 2/3 to 373,952 on 3/4, with a daily change of -11,389 [3] - Aggregate contracts remained at 24,640 from 3/2 to 3/4 [3] Crude Oil and Asphalt Prices - Brent crude oil price changed from 66.1 on 2/3 to 84.4 on 3/4, with a daily change of 5.3 [3] - Jingbo asphalt price changed from 3260 on 2/3 to 3580 on 3/4, with a daily change of 60 [3] - Shandong (non-Jingbo) asphalt price changed from 3210 on 2/3 to 3550 on 3/4, with a daily change of 50 [3] - Zhenjiang warehouse asphalt price changed from 3300 on 2/3 to 3520 on 3/4, with a daily change of 50 [3] - Foshan warehouse asphalt price changed from 3250 on 2/3 to 3500 on 3/4, with a daily change of 50 [3] Profit - Asphalt MRE profit changed from 440 on 2/3 to -134 on 3/4, with a daily change of -238 [3] Weekly Changes - Weekly changes in various indicators include -52, -82, -32, 4, 9, 29, 302, 654,178, 45,980, 1,130, 13.6, 260, 250, 220, 270, -428 in 2026 [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Last week, the futures price increased mainly due to geopolitical factors and a Saudi Arabian device failure. The basis was -342 (-76), and the April - May spread was 73 (-8). The number of warehouse receipts was 6679 lots (-83). The cheapest deliverable was Shanghai civilian LPG at 4200 (+50). The FEI monthly spread was 47.5 USD (+27.5), and the oil - gas price ratio decreased significantly. The March CP official price was lower than expected, with propane and butane at 545/540 (+0). The domestic and international markets were strong first and then weak, with PG - FEI c1 at 43.9 (-5.5). The CIF premium for propane in East China was 107 (+14); the FOB premiums for AFEI, US Gulf, and Middle East propane were 20 (-7), 78.15 (+13), and 0 (+0) respectively. The FEI - MOPJ spread was -22 (+20). The spot profit of PDH increased slightly, while the futures profit decreased significantly. The port inventory ratio was 33.12% (+2.77 pct). The production - sales rate of LPG sample enterprises was 100%, and the external supply was 57.27 tons (+1.74%). The PDH operating rate was 63.23% (-1.61 pct). Chemical demand was resilient, and combustion demand would gradually enter the off - season as the weather warmed. The impact of the Saudi Juaymah corridor facility failure on domestic imports might be relatively limited; the Iranian situation was the biggest risk factor. The domestic basis was weak, the April - May spread was moderately low, and with the escalation of geopolitical risks, the futures price was expected to be strong in the short term; the tight supply situation of overseas propane in April was difficult to ease, and the strategy of shorting the domestic - international spread could still be considered in the short term [1] 3. Summary by Relevant Catalogs Price and Market Data - From February 13 to February 27, 2026, the prices of LPG in South China, East China, and Shandong, as well as the CFR price of propane in South China, CIF price of propane in Japan, CP forecast contract price, price of ether - after carbon four in Shandong, and price of alkylated oil in Shandong showed certain changes. The daily changes were 5, -15, 20, -1, 7, 1, 10, 0 respectively, and the paper import profit changed by 1, and the basis of the main contract changed by 32 [1] Market Analysis - The futures price increase last week was affected by geopolitical factors and a Saudi Arabian device failure. The basis, month - spread, warehouse receipts, and other indicators changed. The FEI monthly spread increased, and the oil - gas price ratio decreased. The 3 - month CP official price was lower than expected. The domestic and international markets showed a trend of being strong first and then weak. The premiums of different regions also changed [1] Supply and Demand Analysis - The port inventory ratio increased by 2.77 pct to 33.12%. The production - sales rate of LPG sample enterprises was 100%, and the external supply increased by 1.74% to 57.27 tons. The PDH operating rate decreased by 1.61 pct to 63.23%. Chemical demand was resilient, and combustion demand would gradually enter the off - season as the weather warmed [1] Risk and Strategy - The impact of the Saudi Juaymah corridor facility failure on domestic imports might be relatively limited. The Iranian situation was the biggest risk factor, and the situation of Iranian docks, energy facilities, and the Strait of Hormuz needed to be continuously monitored. The domestic basis was weak, the April - May spread was moderately low, and with the escalation of geopolitical risks, the futures price was expected to be strong in the short term. The tight supply situation of overseas propane in April was difficult to ease, and the strategy of shorting the domestic - international spread could still be considered in the short term [1]

Group 1: Market Prices - The current mainstream market prices of urea in different regions on February 27, 2026, are as follows: 1850 yuan/ton in Hebei, 1830 yuan/ton in Henan, 1860 yuan/ton in Shandong, 1720 yuan/ton in Shanxi, 1860 yuan/ton in Jiangsu, 1840 yuan/ton in Anhui, 1810 yuan/ton in Heilongjiang, and 1830 yuan/ton in Inner Mongolia. There is no change compared to the previous values [2]. - The current factory prices of urea on February 27, 2026, are as follows: 1800 yuan/ton in Hebei Dongguang, 1810 yuan/ton in Shandong Hualu, 1840 yuan/ton in Jiangsu Linggu, and 1770 yuan/ton in Anhui Haoyuan. There is no change compared to the previous values [2]. - The international quotes for large - granular urea on the previous day are: 465.5 dollars/ton for Middle East FOB, 456 dollars/ton for US Gulf FOB, 490 dollars/ton for Egypt FOB, 414 dollars/ton for Baltic FOB, and 475 dollars/ton for Brazil CFR. There is no change compared to the previous values [2]. Group 2: Basis and Spread - The basis values on February 27, 2026, are: Shandong 05 basis is 22 yuan/ton (up 27 yuan/ton from the previous value), Shandong 01 basis is 51 yuan/ton (up 23 yuan/ton from the previous value), Hebei 05 basis is 12 yuan/ton (up 47 yuan/ton from the previous value), and Hebei 01 basis is 41 yuan/ton (up 43 yuan/ton from the previous value) [2]. - The spread values on February 27, 2026, are: 1 - 5 spread is 45 yuan/ton (down 10 yuan/ton from the previous value), and 5 - 9 spread is 29 yuan/ton (down 4 yuan/ton from the previous value) [2]. Group 3: Warehouse Receipts - The total number of warehouse receipts on February 27, 2026, is 0, a decrease of 5958 from the previous value [2].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - On February 26, the main contract PG2604 first rose and then fell, closing up at 4566 (+42), with the 4 - 5 month spread at 74 (+8). The night session closed at 4543 (-61), and the 4 - 5 month spread was 75 (+1) [1] - The cheapest deliverable in the domestic spot market is Shanghai civil gas at 4200. As the CP official price is approaching and transportation capacity is gradually recovering, the market is highly cautious. In Shandong, the civil gas price is stable with a slight decline, with the mainstream transaction price ranging from 4440 - 4500 yuan/ton. Driven by the shift from weakness to strength in the international LPG market, market enthusiasm has improved significantly, and the downstream product trend has rebounded. It is expected that the short - term market may stop falling and rebound. In the East China market, the price is stable with an upward trend, with the mainstream transaction price ranging from 4200 - 4700 yuan/ton. There is a positive boost from the news, and refineries are firm in their attitude, but some areas are still focused on sales and operate cautiously [1] - In the week before the holiday, the market trended upward, and the month spread fluctuated greatly due to capital behavior. The basis is - 102 (-31), the 3 - 4 month spread is - 164 (+139), and the 4 - 5 month spread is 81 (-10). The current cheapest deliverable is Shanghai civil gas at 4150 (+0). During the holiday, the overseas market price increased with the oil price due to geopolitical tensions. The PDH profit increased slightly but is still poor, and the short - term operation has resilience. The domestic basis is still weak. After the holiday, downstream replenishment may occur, and chemical demand also provides support, so there is room for the spot price to rebound. The 04 contract is priced based on the overseas market, and its valuation is within a reasonable range, and the 4 - 5 month spread valuation is neutral. The overseas market is still tight in the short term, but there is an expectation of weakness in the second quarter. Geopolitics is still a key factor and needs continuous attention [1] Group 3: Summary by Relevant Catalogs Daily Quotes - From February 12 to February 26, data on LPG prices in South China, East China, and Shandong, as well as propane CFR South China, Shandong ether - post carbon four, paper import profit, and main contract basis are provided. On February 26, compared with the previous day, the price of South China LPG decreased by 10, East China LPG increased by 20, Shandong LPG decreased by 20, propane CFR South China remained unchanged, Shandong ether - post carbon four increased by 31, and other data also had corresponding changes [1] Weekly Viewpoints - The market trended upward before the holiday, and the month spread fluctuated greatly due to capital behavior. The basis and month spreads changed. The overseas market price increased during the holiday. The PDH profit is still poor but has a slight increase, and the short - term operation has resilience. The domestic basis is weak. After the holiday, there may be downstream replenishment and chemical demand support, and the spot price has room to rebound. The 04 contract valuation is reasonable, and the 4 - 5 month spread valuation is neutral. The overseas market is tight in the short term but may weaken in the second quarter, and geopolitics needs to be continuously monitored [1]