| | | | | | 2026/2/27 | | --- | --- | --- | --- | --- | --- | | 指标 | 河北 | 本期 1850 | 前值 1850 | 涨跌 0 | 一周走势 | | 河南 | | 1830 | 1830 | 0 | | | 山东 | | 1860 | 1860 | 0 | | | 主流地区市场价 | 山西 | 1720 | 1720 | 0 | | | （元/吨） | 江苏 | 1860 | 1860 | 0 | | | 安徽 | | 1840 | 1840 | 0 | | | 黑龙江 | | 1810 | 1810 | 0 | | | 内蒙古 | | 1830 | 1830 | 0 | | | 河北东光 | | 1800 | 1800 | 0 | | | 工厂价 | 山东华鲁 | 1810 | 1810 | 0 | | | （元/吨） | 江苏灵谷 | 1840 | 1840 | 0 | | | 安徽昊源 | | 1770 | 1770 | 0 | | | 山东05基差 | | 22 | -5 | 27 | | | 基差 | 山东01基差 | 51 | ...

| LPG早报 | 研究中心能化团队 2026/02/27 | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | L P G | 丙烷CIF日 | CP预测合 | 山东烷基 | | | | | | | | | | | | | | | | | | | | 日期 | 华南液化气 华东液化气 山东液化气 丙烷CFR华南 | 山东醚后碳四 | 纸面进口利润 主力基差 | 本 | 同价 | 化油 | 2026/02/12 | 4750 | 4467 | 4440 | 635 | 571 | 534 | 4460 | 7280 | -274 | 296 | | | | | | 2026/02/13 | 4750 | 4467 | 4470 | 621 | 551 | 529 | 4460 | 7280 | -171 | 31 ...

LPG = FA 台H 研究中心能化团队 2026/02/26 -P G 丙烷CIF日| CP预测合 山东烷基 纸面进口利润 日期 华南液化气 山东液化气 山东醚后碳四 主力基差 学东液化 丙烷CFR华南 k 同价 化油 2026/02/11 4475 4430 -282 4750 ୧35 281 4450 7250 238 313 2026/02/12 4750 4440 . 635 4467 571 534 4460 7280 -274 296 2026/02/13 4750 4467 4470 621 529 7280 551 4460 -171 315 2026/02/24 4424 4500 540 -289 4760 640 283 4380 7300 -58 4424 4500 641 4380 -272 2026/02/25 4770 600 551 7300 14 17 日度变化 0 ( 1 11 0 張思 0 17 72 10 0 2月25日，主力合约PG2604日盘收涨于4510（-78），4-5月差66（-13）。夜盘受沙特消息而大幅上行，04合约夜盘收涨于458 8（+64）, 4- ...

s 加安期货 沥青早报 | | | | | | | | FUARI ABRIAL AND | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 1/26 | | 2/11 | 2/12 | 2/13 | 2/24 | 日度变化 | 팀 | | 基差&月差 | 山东基差(+80)(非京博) | -79 | | -93 | -63 | 0 | 32 | 32 | | | | 华东基差(镇江库) | -79 | | -43 | -13 | 50 | -18 | -68 | | | | 华南基差(佛山库) | -49 | | -93 | -63 | 0 | -68 | -68 | | | | 03-06 | -7 | | -12 | -21 | -24 | -38 | -14 | | | | 04-06 | -7 | | 3 | -5 | -8 | -24 | -16 | | | | 06-09 | 22 | | 31 | 26 | 30 | 30 | 0 | | | | BU主力合约 | 3279 | | 3373 ...

免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 LPG早报 研究中心能化团队 2026/02/25 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华南 丙烷CIF日 本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2026/02/10 4750 4475 4490 638 578 538 4450 7280 -305 324 2026/02/11 4750 4475 4430 635 581 538 4450 7250 -282 313 2026/02/12 4750 4467 4440 635 571 534 4460 7280 -274 296 2026/02/13 4750 4467 4470 621 551 529 4460 7280 -171 315 2026/02/24 4760 4424 4500 640 583 541 4380 7300 -289 -58 日度变化 10 -43 30 19 32 12 -80 20 -118 -373 日度行情 2月24日， ...

免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 LPG早报 研究中心能化团队 2026/02/24 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华南 丙烷CIF日 本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2026/02/09 4765 4475 4470 636 576 534 4370 7280 -281 381 2026/02/10 4750 4475 4490 638 578 538 4450 7280 -305 324 2026/02/11 4750 4475 4430 635 581 538 4450 7250 -282 313 2026/02/12 4750 4467 4440 635 571 534 4460 7280 -274 296 2026/02/13 4750 4467 4470 621 551 529 4460 7280 -171 315 日度变化 0 0 30 -14 -20 -5 0 0 103 19 周度观点 节前一周盘面上行为主，月差 ...

s 加安期货 10/1 11/1 9/1 -100 - -300 沥青早报 | | | | | | | | MIND L'O HOLOGIA EVEV | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 1/23 | 2/9 | 2/10 | 2/11 | 2/12 | 日度变化 | 間 | | | 山东基差(+80)(非京博) 华东基差(镇江库) | -56 -56 | -54 -4 | -63 -13 | -93 -43 | -63 -13 | 30 30 | | | | 华南基差(佛山库) | -56 | -54 | -63 | -93 | -63 | 30 | | | 基差&月差 | 03-06 | -7 | -6 | -8 | -12 | -21 | -9 | | | | 04-06 | -4 | 7 | -1 | 3 | -5 | -8 | | | | 06-09 | 23 | 32 | 31 | 31 | 26 | -5 | | | | BU主力合约 | 3236 | 3334 | 3343 | 3373 | ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalog 3.1 Basis and Calendar Spread - The daily changes in Shandong basis (+80, non - Jingbo), East China basis (Zhenjiang warehouse), and South China basis (Foshan warehouse) are all 30. The daily changes in 03 - 06, 04 - 06, and 06 - 09 are -9, -8, and -5 respectively [2][3]. 3.2 Futures Contract Data - The BU main contract price is 3343, with a daily change of -30. The trading volume is 271643, with a daily change of 37601 and a weekly change of -5. The open interest is 347769, with a daily change of -17689 and a weekly change of -4 [2][3]. 3.3 Spot Price - The prices of Jingbo, Shandong (non - Jingbo), Zhenjiang warehouse, and Foshan warehouse remain unchanged at 3200, 3200, 3330, and 3280 respectively [2][3]. 3.4 Profit - The asphalt - Marey profit is 250, with a daily change of -19 [2][3]. 3.5 Total Inventory - No specific data analysis is provided, but the total inventory (Longzhong) is mentioned in the report [7].

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - The intraday 3 - 4 month spread is -206 (+52), and the 4 - 5 month spread is 88 (+6). The warehouse receipts remain unchanged. The East China market is mostly stable with the local transaction center moving down. As the Spring Festival approaches, the market transportation capacity gradually decreases, and refineries are actively shipping. It is expected that the East China market will remain stable in the short - term, with local areas possibly weakening [1] - This week, the futures price fluctuated and declined, mainly due to the decline in oil prices and the weak basis of PG itself. The basis strengthened by 163 to -71 (calculated using Shanghai civil LPG). The 3 - 4 month spread is -303 (-9). Warehouse receipts are 6902 lots (+1035), with 1000 lots added by Wuchan Zhongda. The current cheapest deliverable is Shanghai civil LPG at 4150 (+30). The overseas paper - cargo monthly spread has risen, and the oil - gas ratio has fluctuated. The domestic - overseas spread has weakened. PDH profit has declined. Port storage capacity decreased by 1.67 pct, ship arrivals decreased by 5.22%, mainly in East China; refinery storage capacity decreased by 0.39 pct; external sales increased by 0.94%. Chemical demand has increased, and PDH operating rate is 62.66% (+1.94 pct). Overall, the domestic basis is still weak; due to the large price difference between propane and civil LPG, the downward space for civil LPG may be limited before the festival; the 3 - 4 month spread is fairly valued, and subsequent attention should be paid to warehouse receipts. The overseas market is still tight in the short - term, with high freight rates, and geopolitics and cold snaps are still key factors that need continuous attention [1] 3. Summary by Relevant Catalogs Daily Data | Date | South China LPG | East China LPG | Shandong LPG | Propane CFR South China | Propane CIF Japan | CP Forecast Contract Price | Shandong Ether - after C4 | Shandong Alkylation Oil | Paper Import Profit | Main Contract Basis | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2026/02/06 | 4835 | 4475 | 4440 | 635 | 569 | 532 | 4240 | 7230 | -213 | 317 | | 2026/02/09 | 4765 | 4475 | 4470 | 636 | 576 | 534 | 4370 | 7280 | -281 | 381 | | 2026/02/10 | 4750 | 4475 | 4490 | 638 | 578 | 538 | 4450 | 7280 | -305 | 324 | | 2026/02/11 | 4750 | 4475 | 4430 | 635 | 581 | 538 | 4450 | 7250 | -282 | 313 | | 2026/02/12 | 4750 | 4467 | 4440 | 635 | 571 | 534 | 4460 | 7280 | -274 | 296 | | Daily Change | 0 | -8 | 10 | 0 | -10 | -4 | 10 | 30 | 8 | -17 | [1] Daily Viewpoint - The 3 - 4 month spread is -206 (+52), and the 4 - 5 month spread is 88 (+6). Warehouse receipts remain unchanged. The East China market is mostly stable, with local transaction centers moving down, and the mainstream transaction price is 4150 - 4800 yuan/ton. As the Spring Festival approaches, the market transportation capacity gradually decreases, and refineries are actively shipping. It is expected that the East China market will remain stable in the short - term, with local areas possibly weakening [1] Weekly Viewpoint - This week, the futures price fluctuated and declined, mainly due to the decline in oil prices and the weak basis of PG itself. The basis strengthened by 163 to -71 (calculated using Shanghai civil LPG). The 3 - 4 month spread is -303 (-9). Warehouse receipts are 6902 lots (+1035), with 1000 lots added by Wuchan Zhongda. The current cheapest deliverable is Shanghai civil LPG at 4150 (+30) [1] - The overseas paper - cargo monthly spread has risen, and the oil - gas ratio has fluctuated. The domestic - overseas spread has weakened. PG - FEI c1 is 75.26 (-9.6), FEI - MB is 185.6 (+16.6), and FEI - CP is 10 (+13). Freight rates have increased. The actual landed cost has fluctuated weakly. The FEI - MOPJ spread has widened, with the latest at -44.75 (-15.75) [1] - PDH profit has declined. Port storage capacity decreased by 1.67 pct, ship arrivals decreased by 5.22%, mainly in East China; refinery storage capacity decreased by 0.39 pct; external sales increased by 0.94%. Chemical demand has increased, and PDH operating rate is 62.66% (+1.94 pct). The temperature has slightly warmed up but is still low, and the rigid demand on the combustion side is still acceptable [1] - As the Spring Festival approaches, the downstream replenishment is coming to an end. It is expected that the transportation capacity will decline next week, and factories will mainly focus on inventory clearance. Overall, the domestic basis is still weak; due to the large price difference between propane and civil LPG, the downward space for civil LPG may be limited before the festival; the 3 - 4 month spread is fairly valued, and subsequent attention should be paid to warehouse receipts. The overseas market is still tight in the short - term, with high freight rates, and geopolitics and cold snaps are still key factors that need continuous attention [1]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalog 3.1. Basis and Calendar Spread - The Shandong basis (+80) (non-Jingbo) decreased from 10 on 1/13 to -93 on 2/11, with a daily change of -30 [3]. - The East China basis (Zhenjiang warehouse) decreased from 30 on 1/13 to -43 on 2/11, with a daily change of -30 [3]. - The South China basis (Foshan warehouse) decreased from -10 on 1/13 to -93 on 2/11, with a daily change of -30 [3]. - The 03 - 06 spread decreased from -15 on 1/13 to -12 on 2/11, with a daily change of -4 [3]. - The 04 - 06 spread increased from -11 on 1/13 to 3 on 2/11, with a daily change of 4 [3]. - The 06 - 09 spread remained at 31 on 2/11, with a daily change of 0 [3]. 3.2. Futures Contract Information - The BU主力合约 price increased from 3140 on 1/13 to 3373 on 2/11, with a daily change of 30 [3]. - The trading volume decreased from 409443 on 1/13 to 234042 on 2/11, with a daily change of 2427 and a decrease of 4 compared to the previous day [3]. - The open interest decreased from 434852 on 1/13 to 365458 on 2/11, with a daily change of -8941 and a decrease of 1 compared to the previous day [3]. - The contract value remained at 13580 from 2/5 to 2/11, with a daily change of 0 [3]. 3.3. Crude Oil and Asphalt Prices - The Brent crude oil price increased from 63.3 on 1/13 to 69.4 on 2/11, with a daily change of 0.7 [3]. - The Jingbo asphalt price decreased from 3260 on 2/5 to 3200 on 2/11, with a daily change of -10 [3]. - The Shandong (non-Jingbo) asphalt price remained at 3200 from 2/9 to 2/11, with a daily change of 0 [3]. - The Zhenjiang warehouse asphalt price remained at 3330 from 2/9 to 2/11, with a daily change of 0 [3]. - The Foshan warehouse asphalt price remained at 3280 from 2/9 to 2/11, with a daily change of 0 [3]. 3.4. Profit - The asphalt - Ma Rui profit decreased from 411 on 1/13 to 269 on 2/11, with a daily change of -31 [3]. 3.5. Weekly Changes - The weekly changes of various indicators are as follows: -104, -54, -54, -9, -7, 9, 34, -42033, -18419, 0, 1.8, -60, -70, -20, -20, -109 [6].