Core Insights - The article emphasizes the importance of portfolio analysis software for both novice and experienced investors to effectively manage holdings and understand risks and returns [1] Group 1: Overview of Portfolio Analysis Software - Various portfolio analysis software options are available in the market, each with different focuses [2] - AI Zhangle, developed by Huatai Securities, features dynamic valuation and event transmission functions, providing a comprehensive analysis of investment opportunities [2] - Xueqiu combines investment community features with analysis tools, allowing users to see other investors' perspectives but lacks deep quantitative analysis [2] - Luobo Research targets professional investors with data-driven analysis of fund holdings and industry allocation changes [2][3] - Tencent Stock offers basic portfolio analysis features suitable for everyday investors, with a user-friendly interface [3] - Qingting Dajing integrates portfolio analysis within trading, providing real-time profit and loss calculations [3] Group 2: Core Functions of Portfolio Analysis Software - Effective portfolio analysis software integrates trading data, market trends, and news for in-depth analysis [4] - Multi-dimensional portfolio profiling includes structure analysis, return attribution, and risk warnings to help investors understand their overall investment configuration [5] - Deep trading review analyzes historical trading habits and identifies reasons for profit or loss, aiding in strategy adjustments [6] - Potential optimization suggestions highlight areas for improvement in portfolio structure, such as industry concentration and valuation discrepancies [7] Group 3: Intelligent Assistance and Integration - Advanced software can link portfolio analysis with stock selection tools, suggesting potential stocks in high-growth sectors [8] - Analysis results can trigger monitoring alerts for stocks with high valuations, creating a feedback loop from analysis to monitoring [8] Group 4: Common Questions and Considerations - Portfolio analysis software significantly aids investors by addressing information overload, cognitive biases, and inefficiencies [9] - When selecting software, investors should consider user type, required features, data accuracy, and integration capabilities [10][11][12] - Users should recognize that these tools are meant to assist decision-making and should not replace independent judgment [13]

1. Report's Industry Investment Rating - The report gives a bearish investment view on LPG, indicating that the current market news is generally "bullish for中下游 PP and propylene, and bearish for upstream crude oil and LPG." The crude oil fundamentals remain loosely and weakly, and the near - term LPG prices are expected to continue the high - level decline trend [5]. 2. Core View of the Report - The LPG market shows a divergence in domestic and international trends, with an overall supply - demand imbalance in the domestic market. The supply has increased due to the production increase of some refineries in South and East China last week. Although the winter heating demand is gradually improving, the economic efficiency of LPG as a cracking raw material has weakened, and the downstream olefin demand is sluggish. The inventory has increased, and the price is expected to continue to decline [5][6]. 3. Summaries According to Relevant Catalogs 3.1 Market Review - The LPG futures main contract trended downward, with a fluctuation range of 4,180 - 4,330 yuan/ton. The international LPG price was still strong, but the international crude oil price fluctuated downward, and the propylene futures price was weak. The domestic PDH plant profit continued to lose money, and the market supply exceeded demand. As of Thursday this week, the basis in East China was 195 yuan/ton, in South China was 200 yuan/ton, and in Shandong was 180 yuan/ton. The lowest deliverable product was in Shandong [6]. 3.2 Supply - Last week, the total LPG commodity volume was about 52.29 million tons, including 21.87 million tons of civil gas, 19.35 million tons of industrial gas, and 17.12 million tons of ether - after C4. The LPG arrival volume was 283.44 million tons. Some refineries in South and East China increased production last week, so the supply increased. There is no news of refinery start - up or shutdown this week, but there are both some plant shutdowns and start - ups, and the domestic commodity volume is expected to change little [5]. 3.3 Demand - The winter heating demand is gradually coming, and the LPG combustion demand is gradually improving, with a slow recovery in demand. However, the absolute value of the PN spread has narrowed, the economic efficiency of LPG as a cracking raw material has weakened, and the substitution effect is limited due to the weak downstream olefin demand. The domestic propylene market has a serious oversupply, and the high - load operation of PDH plants suppresses the procurement demand for raw material propane. The European and American blenders have a strong demand for MTBE driven by the structural shortage of gasoline in the Atlantic Basin. The domestic isobutane dehydrogenation plants are operating at a high start - up rate, and although the profit loss has increased with the rise of raw material prices, the rigid demand is relatively resilient [5]. 3.4 Inventory - Last week, the LPG factory inventory was 201.00 million tons, and the port inventory was 215.20 million tons. Affected by the short - term weakness of international crude oil, the prices in various regions rose first and then fell. Coupled with the supply increase in some regions, downstream buyers chose to wait and see, which led to an increase in factory inventory. At the port, the arrival of ships increased, and the inventory of some ships arriving at the end of last week was reflected this week, with sufficient imported resources. With the continuous arrival of ships, the port shipping volume increased, but the port still showed an inventory accumulation trend [5]. 3.5 Basis and Position - The weekly average basis was 195 yuan/ton in East China, 200 yuan/ton in South China, and 180 yuan/ton in Shandong. The total LPG warehouse receipt volume was 5,476 lots, an increase of 0 lots, and the lowest deliverable location was in Shandong [5][6]. 3.6 Chemical Downstream - The start - up rates of PDH, MTBE, and alkylation were not fully filled in the data. The profits of PDH to propylene, MTBE isomerization, and Shandong alkylation were - 555 yuan/ton, - 172 yuan/ton, and - 484 yuan/ton respectively [5]. 3.7 Valuation - The PG - SC ratio was 1.27, and the PG main - secondary monthly difference was - 1.13% (84 yuan/ton). In the fourth quarter, the gas price was firm, while the crude oil returned to a bearish trend, and the oil - gas cracking spread showed a weakening trend [5]. 3.8 Other Factors - The IEA raised the global oil demand growth forecast for 2026 and slightly narrowed the supply surplus forecast. OPEC+ slightly increased crude oil production in November, and OPEC maintained the global oil demand growth forecasts for 2025 and 2026. The Central Economic Work Conference emphasized the continued implementation of a moderately loose monetary policy, stabilizing the real estate market, and implementing a special action to boost consumption. The Fed cut interest rates in December, and the expectation of further rate cuts in the future has increased, with Morgan and Citi unanimously expecting another rate cut in January [5]. 3.9 Investment Strategy - For single - side trading, it is recommended to wait and see temporarily. For arbitrage, pay attention to the PG3 - 4 reverse spread, long PG and short SC, and long PP and short PG [5].

Core Viewpoint - The report emphasizes the importance of independent evaluation of investment opportunities and risks, highlighting the need for clients to consider their specific financial situations and investment goals [1]. Group 1 - The report is prepared by the research team of Industrial Securities, indicating a collaborative effort among multiple analysts [1]. - It mentions that the information provided is for reference only and does not constitute a recommendation for any specific securities transactions [1]. - The report underscores that the sources of information are deemed reliable, but the company does not guarantee their accuracy or completeness [1].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The current profit of float glass enterprises is poor. With the expected output of glass from previously ignited production lines and the possibility of some production lines storing water, the supply may decline slightly. The terminal demand for float glass remains weak, the orders of downstream deep - processing enterprises are weak, and the inventory of float glass enterprises has increased slightly. It is expected that the glass price will fluctuate weakly in the near future, with the upper pressure of the 09 contract at the 1050 level. Short - term short - selling on rallies is recommended, with attention to stop - loss [2][22] Summary by Relevant Catalogs Chapter 1: Market Review - The spot price of the domestic float glass market has declined. In the Shahe area, the initial weekly shipment was average, with small - plate prices mostly lowered. Subsequently, the mid - and downstream made appropriate purchases, and the overall shipment improved slightly, with small - plate prices rising and some large - plate market prices also increasing slightly. The Beijing - Tianjin - Tangshan market was lackluster, with the transaction center moving downward and different shipment situations among manufacturers. In the East China market, the negotiation center declined, demand follow - up was weak, the willingness of mid - and downstream to replenish inventory was low, and local enterprise prices continued to fall due to the inflow of low - priced external goods [8] Chapter 2: Price Influence Factor Analysis 2.1 Supply - demand Analysis - **Supply - side Analysis**: As of June 19, the national float glass output was 1.0935 million tons, a month - on - month increase of 0.21% and a year - on - year decrease of 7.88%. The average operating rate of the float glass industry was 75.4%, a month - on - month decrease of 0.17 percentage points; the average capacity utilization rate was 77.85%, a month - on - month increase of 0.26 percentage points. With the expected output of glass from previously ignited production lines and the possibility of some production lines storing water, the supply may decline slightly. As of June 19, the weekly average profit of float glass using natural gas as fuel was - 195.11 yuan/ton, a month - on - month decrease of 12.28 yuan/ton; that using coal - made gas was 83.70 yuan/ton, a month - on - month increase of 2.98 yuan/ton; and that using petroleum coke was - 108.47 yuan/ton, a month - on - month increase of 20.00 yuan/ton [12] - **Demand - side Analysis**: As of June 16, 2025, the average order days of national deep - processing sample enterprises was 9.83 days, a month - on - month decrease of 5.0% and a year - on - year decrease of 5.48%. Since June, deep - processing orders in many places have decreased. Enterprises maintaining orders have seen a significant compression of profit feedback due to low - price competition, and the phenomenon of workers taking turns off has increased in some areas, with the tempering start - up rate declining. The terminal demand for float glass remains weak. From January to May 2025, the cumulative real estate completion area was 183.85 million square meters, a year - on - year decrease of 17.3%. In May 2025, the inventory warning index of Chinese automobile dealers was 52.7%, a year - on - year decrease of 5.5 percentage points and a month - on - month decrease of 7.1 percentage points. The inventory warning index was above the boom - bust line, and the prosperity of the automobile circulation industry improved. In May, the automobile production was 2.649 million vehicles, and the sales volume was 2.686 million vehicles [14] - **Inventory Analysis**: As of June 19, the total inventory of national float glass sample enterprises was 69.887 million heavy boxes, a month - on - month increase of 202,000 heavy boxes, a month - on - month increase of 0.29%, and a year - on - year increase of 16.82%. The inventory days were 30.8 days, the same as the previous period. In the North China region, the initial weekly shipment was average and then improved slightly. Mid - and downstream enterprises made appropriate purchases according to their own situations, with different situations among enterprises. The average production - sales ratio decreased compared with the previous week, and the inventory increased slightly. In the East China region, the overall shipment of the float glass market improved slightly compared with the previous week, and the overall inventory decreased slightly [17] 2.2 Position Analysis - As of June 20, the long positions of the top 20 members in glass futures were 896,394, an increase of 12,633; the short positions were 1,144,221, an increase of 47,890. The net positions of the top 20 members were bearish [19] Chapter 3: Market Outlook and Investment Strategy - The current profit of float glass enterprises is poor. With the expected output of glass from previously ignited production lines and the possibility of some production lines storing water, the supply may decline slightly. The terminal demand for float glass remains weak, the orders of downstream deep - processing enterprises are weak, and the inventory of float glass enterprises has increased slightly. It is expected that the glass price will fluctuate weakly in the near future, with the upper pressure of the 09 contract at the 1050 level. Short - term short - selling on rallies is recommended, with attention to stop - loss [22]