1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In April, CP prices were significantly raised, and the landed cost remained high. The increase in CP official prices was in line with expectations. The high landed cost of LPG supported the domestic market. The market interpreted the recent remarks from the Iranian and US presidents as a signal of easing, leading to a decline in emotional premium and potentially driving an overall correction in the energy sector. However, the situation is still unclear and requires continuous monitoring [1] 3. Summary by Relevant Catalogs Market Analysis - On March 30th, the regional prices were as follows: Shandong market, 6300 - 6400; Northeast market, 5900 - 6250; North China market, 6350 - 6620; East China market, 6800 - 7400; Yangtze River market, 6760 - 6960; Northwest market, 5950 - 6400; South China market, 7200 - 7480 [1] - In the second half of April 2026, the landed price of frozen cargo in East China was 1111 US dollars/ton for propane, up 41 US dollars/ton, and 1161 US dollars/ton for butane, up 91 US dollars/ton. In RMB, propane was 8428 yuan/ton, up 274 yuan/ton, and butane was 8808 yuan/ton, up 654 yuan/ton. The same price increase occurred in South China [1] - Saudi Aramco announced the April CP. Propane was 750 US dollars/ton, up 205 US dollars/ton from the previous month, and butane was 800 US dollars/ton, up 260 US dollars/ton from the previous month. Due to the blockade of the Strait of Hormuz, the export of Middle - East LPG was interrupted, and the international market tightened significantly. The butane increase was more prominent because Middle - East LPG had a relatively high butane proportion while the US increment was mainly propane [1] Strategy - Unilateral: In the short term, there will be sharp fluctuations. It is advisable to wait and see for the time being. There are no strategies for inter - period, cross - variety, spot - futures, or options [2] Figures - The figures include the spot prices of civil LPG and ether - post carbon four in different regions, as well as the closing prices, month - to - month differences, and trading volume and open interest of PG futures contracts in different periods [3]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The supply gap of LPG may continue to accumulate, and the arrival cost has rebounded again. The market's expectation of the easing of the Iranian situation has increased, leading to a decline in crude oil and internal and external prices. However, the war has not really subsided, and the number of oil tankers passing through the Strait of Hormuz remains low, indicating that the impact on LPG supply continues to spread. The arrival price rebounded again yesterday. The spot prices in various domestic regions showed mixed trends yesterday. The mainstream transaction prices of civil LPG and ether-based C4 in Shandong decreased compared with the previous working day, and the sales volume of manufacturers was poor, with the market sentiment declining. Before the substantial recovery of the Middle East logistics, the LPG supply gap will continue to exist and its impact will gradually accumulate. Attention should be paid to the potential negotiation progress between Iran and the United States [1]. 3. Summary by Relevant Catalogs Market Analysis - On March 26, the regional prices were as follows: Shandong market, 6180 - 6250; Northeast market, 5620 - 6010; North China market, 6200 - 6350; East China market, 6700 - 7350; Yangtze River market, 6840 - 6960; Northwest market, 5700 - 5900; South China market, 7150 - 7400 [1]. - In the second half of April 2026, the arrival price of frozen LPG in East China was 1050 US dollars/ton for propane and 1050 US dollars/ton for butane, both up 70 US dollars/ton. The RMB - equivalent price was 7984 yuan/ton for propane and 7984 yuan/ton for butane, both up 549 yuan/ton [1]. - In the second half of April 2026, the arrival price of frozen LPG in South China was 1050 US dollars/ton for propane and 1050 US dollars/ton for butane, both up 70 US dollars/ton. The RMB - equivalent price was 7984 yuan/ton for propane and 7984 yuan/ton for butane, both up 549 yuan/ton [1]. Strategy - Unilateral: Short - term sharp fluctuations, mainly on the sidelines in the short term. - Inter - period: None. - Cross - variety: None. - Spot - futures: None. - Options: None [2].