Group 1: Market Data - LPG and propylene futures market data include yesterday's closing price, daily increase, night - session closing price, night - session increase, yesterday's trading volume, change compared to the previous day, yesterday's open interest, and change compared to the previous day. For example, for PG2603, yesterday's closing price was 4,297 with a 1.06% increase, and the night - session closing price was 4,255 with a - 0.98% increase [1]. - LPG and propylene spot market data include yesterday's price, change compared to the previous day, main contract basis, and change compared to the previous day. For instance, the price of Shandong civil LPG was 4,500, up 30, and the main contract basis was - 82, down 300 [1]. - Industrial chain start - up data shows that as of 2026/2/20, the PDH start - up rate was 64.84%, down 0.73 compared with last week; the MTBE start - up rate was 67.22%, down 0.65 compared with last week; the alkylation start - up rate was 36.85%, unchanged [1]. - LPG shipping volume data from the US and the Middle East to different regions are provided. For example, from the US to Asia, the shipping volume was 4.5 (in 10,000 tons) yesterday, down 4.6 compared to the previous day [1]. Group 2: Trend Intensity - The trend intensity of LPG is 0, and that of propylene is 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [7]. Group 3: Market News - On February 24, 2026, for March CP paper goods, propane was 540 US dollars/ton, up 2 US dollars/ton from the previous trading day; butane was 532 US dollars/ton, up 3 US dollars/ton from the previous trading day. For April CP paper goods, propane was 527 US dollars/ton, up 3 US dollars/ton from the previous trading day [8]. - Domestic PDH device maintenance plans from multiple companies are listed, including Henan Huasong New Material Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., etc., with different capacities and undetermined end - times for most [9]. - Domestic liquefied gas factory device maintenance plans are also provided, including production enterprises such as Rizhao (China Overseas), Shenchi Chemical, etc., with specific normal output, loss output, start - time, end - time, and maintenance duration [9].

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry, indicating expected performance above the market average [2][15]. Core Insights - The report highlights investment opportunities arising from the increase in domestic copper resource reserves, particularly noting the significant resource addition by Yulong Copper in Tibet, which adds 131.42 thousand tons of copper and 10.77 thousand tons of molybdenum [7][11]. - The aluminum sector is expected to maintain a strong performance due to optimistic macroeconomic expectations, despite a slight price correction [7][11]. - The precious metals market is experiencing mixed investor preferences, with gold demand increasing while silver demand shows a decline [7][11]. - The tungsten supply remains tight, with prices increasing, and there is a rising expectation for restocking post-holiday [7][11]. - The steel industry is poised for growth with new government policies aimed at stabilizing the sector, benefiting from infrastructure investments [8][11]. Summary by Sections Copper - LME copper and SHFE copper prices were reported at 13,000 and 100,770 USD/ton respectively, with a week-on-week decrease of 0.5% and 0.6% [7]. - The processing fee for imported copper concentrate is in negative territory, indicating tight supply [7]. - The operating rate of refined copper rod enterprises increased to 57.47%, up by 9.65 percentage points week-on-week [7]. Aluminum - LME aluminum and SHFE aluminum prices were reported at 3,147 and 23,925 USD/ton, with a week-on-week decrease of 1.0% and 1.7% [7]. - The operating rate of aluminum processing enterprises increased to 60.2% [7]. Precious Metals - SHFE gold and COMEX gold prices were reported at 1,032.3 CNY/gram and 4,601.1 USD/ounce, with week-on-week increases of 2.6% and 1.8% [7]. - SPDR gold ETF holdings increased by 21.1 tons week-on-week, indicating a preference for gold among overseas investors [7]. Tungsten and Rare Metals - Tungsten concentrate prices rose to 507,000 CNY/ton, with a week-on-week increase of 4.3% [7]. - The rare earth industry is experiencing tight supply, with prices for praseodymium-neodymium oxide and dysprosium oxide increasing [7]. Steel - SHFE rebar and hot-rolled coil prices were reported at 3,163 and 3,315 CNY/ton, with a week-on-week increase of 0.6% [8]. - The Ministry of Industry and Information Technology announced plans for a new round of growth stabilization policies for the steel industry [8].