Group 1: Report Title and Core View - The report is titled "LPG: Disk Valuation Repair, Macro Risks Still Exist; Propylene: Cost Support, Short - term Low - level Volatility" [1] - The core view is that the LPG disk valuation is being repaired but there are still macro risks, and propylene is supported by cost and will run with short - term low - level volatility [1] Group 2: LPG and Propylene Futures Data Futures Prices - PG2511 closed at 4,318 yesterday with a 1.91% daily increase and 4,326 in the night session with a 0.19% increase; PG2512 closed at 4,174 yesterday with a 2.03% daily increase and 4,181 in the night session with a 0.17% increase; PL2601 closed at 6,084 yesterday with a 0.81% daily increase and 6,098 in the night session with a 0.23% increase; PL2602 closed at 6,125 yesterday with a 0.69% daily increase and 6,143 in the night session with a 0.29% increase [1] Position and Trading Volume - PG2511 had 18,142 contracts traded yesterday, a decrease of 1,241 from the previous day, and a position of 21,319, a decrease of 3,024 from the previous day; PG2512 had 67,025 contracts traded yesterday, an increase of 3,151 from the previous day, and a position of 94,237, an increase of 1,934 from the previous day; PL2601 had 5,624 contracts traded yesterday, a decrease of 4,499 from the previous day, and a position of 10,672, a decrease of 610 from the previous day; PL2602 had 2,625 contracts traded yesterday, a decrease of 1,745 from the previous day, and a position of 5,324, a decrease of 92 from the previous day [1] Spreads - The spread between Guangzhou domestic gas and the PG11 contract was 82 yesterday, compared to 203 the previous day; the spread between Guangzhou imported gas and the PG11 contract was 142 yesterday, compared to 223 the previous day; the spread between Shandong propylene and the PL01 contract was - 74 yesterday, compared to - 25 the previous day; the spread between East China propylene and the PL01 contract was - 9 yesterday, compared to 40 the previous day; the spread between South China propylene and the PL01 contract was - 59 yesterday, compared to - 10 the previous day [1] Key Industrial Chain Data - The PDH operating rate was 68.8% this week, compared to 70.9% last week; the MTBE operating rate was 63.1% this week, compared to 64.1% last week; the alkylation operating rate was 44.9% this week, compared to 45.1% last week [1] Group 3: Trend Intensity - The trend intensity of LPG is 0, and the trend intensity of propylene is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4] Group 4: Market News CP Paper Goods Prices - On October 22, 2025, the November CP paper goods price for propane was 451 US dollars/ton, an increase of 11 US dollars/ton from the previous trading day; the price for butane was 448 US dollars/ton, an increase of 8 US dollars/ton from the previous trading day. The December CP paper goods price for propane was 460 US dollars/ton, an increase of 16 US dollars/ton from the previous trading day [5] Domestic PDH Device Maintenance Plans - Multiple domestic PDH devices have maintenance plans, such as Henan Huasong New Material Technology Co., Ltd. starting maintenance on May 12, 2023, with an undetermined end - date; Ningbo Jinfat New Material Co., Ltd. starting maintenance on September 29, 2025, and ending at the end of October 2025 [6] Domestic Liquefied Gas Factory Device Maintenance Plans - Many domestic liquefied gas factories have device maintenance plans, like Zhenghe Petrochemical starting maintenance on May 14, 2024, and ending in October 2025; Guangzhou Petrochemical starting a rotational inspection on October 17, 2025, and ending in early December 2025 [6]