Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - LPG is expected to experience short - term weak and volatile trends due to OPEC+ production increase expectations [1]. - Propylene is likely to operate weakly in the short term as the support from spot supply and demand weakens [2]. 3. Summary by Relevant Content 3.1 Fundamental Data - **Futures Prices**: PG2510 closed at 4,376 with a 0.18% daily increase and 4,368 at night with a - 0.18% decrease; PG2511 closed at 4,307 with a 0.23% daily increase and 4,292 at night with a - 0.35% decrease; PL2601 closed at 6,408 with a 0.25% daily increase and 6,370 at night with a - 0.59% decrease; PL2602 closed at 6,443 with a 0.41% daily increase and 6,406 at night with a - 0.57% decrease [2]. - **Trading Volume and Open Interest**: For PG2510, trading volume was 65,228 (a decrease of 2210) and open interest was 65,734 (an increase of 6); for PG2511, trading volume was 16,201 (a decrease of 2153) and open interest was 39,981 (an increase of 888); for PL2601, trading volume was 2,036 (a decrease of 1138) and open interest was 9,659 (an increase of 35); for PL2602, the spread was 10 (a change of 2 compared to the previous day) [2]. - **Price Spreads**: The spread between Guangzhou domestic gas and PG10 contract was 124 (previous 82); between Guangzhou imported gas and PG10 contract was 284 (previous 222); between Shandong propylene and PL01 contract was 152 (previous 213); between East China propylene and PL01 contract was 67 (previous 183); between South China propylene and PL01 contract was 67 (previous 83) [2]. - **Industrial Chain Data**: PDH operating rate was 73.1% (previous 73.0%), MTBE operating rate was 62.2% (previous 63.5%), and alkylation operating rate was 46.8% (previous 49.0%) [2]. 3.2 Trend Intensity - LPG trend intensity is 0, and propylene trend intensity is 0. The range of trend intensity is from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [8]. 3.3 Market Information - **CP Paper Goods**: On September 5, 2025, the price of propane in October CP paper goods was 545 dollars/ton, up 3 dollars/ton from the previous trading day; the price of butane was 519 dollars/ton, up 2 dollars/ton from the previous trading day. The price of propane in November CP paper goods was 553 dollars/ton, up 3 dollars/ton from the previous trading day [9]. - **Domestic PDH Device Maintenance Plans**: Multiple companies such as Henan Huasong New Material Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd. have PDH device maintenance plans, with some starting from 2023 and some in 2025, and some end - times are still undetermined [10]. - **Domestic LPG Factory Device Maintenance Plans**: Many production enterprises including Zhenghe Petrochemical, Huaxing Petrochemical have maintenance plans, with different start and end times and loss volumes [11].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints The report focuses on the fundamentals of LPG and propylene, including futures prices, trading volumes, positions, spreads, and industry data. It also provides market information such as CP paper prices and domestic device maintenance plans [1][2][7]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Prices**: PG2510 closed at 4,368 yesterday with a -1.09% daily increase, and 4,388 in the night session with a 0.46% increase; PG2511 closed at 4,297 yesterday with a -1.13% daily increase, and 4,319 in the night session with a 0.51% increase; PL2601 closed at 6,392 yesterday with a -0.36% daily increase, and 6,391 in the night session with a -0.02% increase; PL2602 closed at 6,417 yesterday with a -0.51% daily increase, and 6,424 in the night session with a 0.11% increase [2]. - **Trading Volume and Positions**: For PG2510, the trading volume yesterday was 67,438, an increase of 13,302 from the previous day, and the position was 65,728, a decrease of 5,811 from the previous day; for PG2511, the trading volume was 18,354, an increase of 4,182 from the previous day, and the position was 39,093, an increase of 1,791 from the previous day; for PL2601, the trading volume was 3,174, a decrease of 446 from the previous day, and the position was 9,624, an increase of 663 from the previous day; for PL2602, the trading volume was 8, an increase of 3 from the previous day, and the position was 872, an increase of 5 from the previous day [2]. - **Spreads**: The spread between Guangzhou domestic gas and the PG10 contract was 82 yesterday, compared to 14 the day before; the spread between Guangzhou imported gas and the PG10 contract was 222 yesterday, compared to 84 the day before; the spread between Shandong propylene and the PL01 contract was 213 yesterday, compared to 215 the day before; the spread between East China propylene and the PL01 contract was 183 yesterday, compared to 160 the day before; the spread between South China propylene and the PL01 contract was 83 yesterday, compared to 60 the day before [2]. - **Industry Data**: The PDH operating rate this week was 73.0%, the same as last week; the MTBE operating rate was 63.5%, the same as last week; the alkylation operating rate was 46.8%, compared to 49.0% last week [2]. 3.2 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 indicating the most bearish and 2 indicating the most bullish [6]. 3.3 Market Information - **CP Paper Prices**: On September 5, 2025, the October CP paper price for propane was 542 US dollars per ton, unchanged from the previous trading day; the price for butane was 517 US dollars per ton, an increase of 2 US dollars per ton from the previous trading day. The November CP paper price for propane was 550 US dollars per ton, a decrease of 1 US dollar per ton from the previous trading day [7]. - **Domestic PDH Device Maintenance Plans**: Multiple companies have PDH device maintenance plans, with some starting in 2023 and others in 2025, and some end times are still undetermined [8]. - **Domestic LPG Factory Device Maintenance Plans**: Many LPG factories have device maintenance plans, with some starting in 2024 and others in 2025, and some end times are still undetermined [9].