Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report Core View - The LPG market is characterized by a tight supply of Middle Eastern resources, rising premiums, and high prices in winter. The 1 - month CP official price is approaching release. The internal and external valuations are high, but the driving force is weak, and the internal and external trading logics are differentiated. The upward driving force of FEI is limited, and the domestic market needs to focus on the negative feedback between warehouse receipts and PDH, with high uncertainty [4] Group 3: Summary by Relevant Catalog Market Price and Basis - On December 15 - 19, 2025, the prices of Shandong LPG, propane CIF Japan, Shandong ether - after carbon four, etc. fluctuated. The lowest delivery location was Shandong, with a basis of 143 and a daily change of (- 19). The 01 - 02 month spread was 145 (+ 26), the 02 - 03 month spread was 166 (+ 5), and the 03 - 04 month spread was - 185 (+ 21). The FEI was 512 (+ 6) and the CP was 498 (- 1) US dollars/ton [4] Market Trends - The LPG futures price rebounded. The 01 basis was 162 (- 187), the 01 - 02 month spread was 119 (+ 35), and the 03 - 04 month spread was - 206 (+ 33). The number of warehouse receipts was 3368 lots (- 108). Domestic civil LPG prices were differentiated, with the most suitable delivery product being Shandong at 4380 (- 50), East China at 4398 (- 21), and South China at 4500 (+ 80). The FEI month spread strengthened, the CP month spread weakened, and the oil - gas ratio fluctuated [4] Profit and Inventory - The PDH spot profit was weak, but the futures profit rebounded. The number of arriving ships decreased by 7.64%, and the port inventory decreased by 7.89%. The refinery commercial volume increased by 0.82%, and the refinery inventory decreased by 0.03%. The PDH operating rate was 75% (+ 2.13 pct) [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The LPG market is expected to continue its weak and volatile consolidation trend. Although there are some improvements in the international spot market and the market sentiment has improved due to low valuation, the overall supply exceeds demand, and the weak combustion demand persists, despite being gradually approaching the end [1]. 3. Summary by Relevant Information 3.1. Price Data - **Daily Price Changes**: On August 18, 2025, compared with the previous day, the price of South China LPG increased by 50 to 4450, the price of Shandong LPG increased by 20 to 4440, the price of propane CFR South decreased by 2 to 561, the price of propane CIF Japan decreased by 7 to 520, and the CP forecast contract price decreased by 2 to 517. The price of Shandong ether - post - carbon four decreased by 40 to 4890, and the price of Shandong alkylated oil decreased by 30 to 7800. The paper import profit increased by 65 to - 188, and the main basis increased by 60 to 599 [1]. - **Weekly Price and Market Indicators**: The basis strengthened to 539 (+67), the 9 - 10 spread was - 471 (+9), the number of registered warehouse receipts was 12888 lots (+2709). PG - CP reached 8.9 (+12), PG - FEI reached 20.7 (+12), FEI - MOPJ was 39.6 (-1.6), and the naphtha crack spread strengthened slightly [1]. 3.2. Market Conditions - **Domestic Market**: The cheapest deliverable was East China civil LPG at 4410. The PG futures market was volatile. The rebound was due to the improvement of the international spot market and low valuation. The domestic supply increased while demand was weak, the spot price center shifted downward, and the port inventory decreased by 2.06%, the refinery commodity volume decreased by 1.68%, and the refinery inventory increased by 0.07%. The PDH operating rate was 76.33% (+2.49pct) [1]. - **International Market**: The international market was volatile, freight rates were generally high and volatile, and the waiting time for VLGCs at the Panama Canal decreased. FEI and CP discounts strengthened significantly [1]. 3.3. Profit Situation - The production profit of PP made from FEI and CP strengthened slightly, and the CP production cost was lower than that of FEI. The spot profit of PDH - made PP weakened, and the paper profit fluctuated. The production gross profit of alkylated oil and MTBE decreased [1].