Report Summary 1. Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints - The short - term supply of LPG is tight, and attention should be paid to the realization of downward drivers. After the rapid increase in the spot price of propylene, the upward driving force has weakened [1]. 3. Summary of Relevant Content by Category 3.1 Fundamental Tracking - **Futures Market**: For LPG (PG), on January 26th, the 2602 contract had a closing price of 4,202 with a daily decline of 2.12% and a night - session closing price of 4,217 with a 0.36% increase; the 2603 contract had a closing price of 4,137 with a 2.27% decline and a night - session closing price of 4,147 with a 0.24% increase; the 2604 contract had a closing price of 4,379 with a 1.55% decline and a night - session closing price of 4,397 with a 0.41% increase. For propylene (PL), the 2602 contract had a closing price of 5,953 with a 1.20% decline and a night - session closing price of 5,981 with a 0.47% increase; the 2603 contract had a closing price of 6,050 with a 1.18% decline and a night - session closing price of 6,084 with a 0.56% increase; the 2604 contract had a closing price of 6,089 with a 1.14% decline and a night - session closing price of 6,124 with a 0.57% increase [1]. - **Spot Market**: For LPG, the prices of Shandong civil, East China civil, South China civil were 4,440, 4,523, 5,035 respectively, with changes of 0, - 20, - 10 compared to the previous day; the prices of East China imported, South China imported were 4,933, 5,110 respectively, with changes of 23, - 25. For propylene, the prices in Shandong and East China were 6,145, 6,325 respectively, with changes of 35, 0 [1]. - **Industrial Chain Start - up Rate**: As of January 16, 2026, the PDH start - up rate was 73.07%, a decrease of 2.54% compared to the previous week; the alkylation start - up rate was 37.07%, unchanged; the MTBE start - up rate was 67.57%, unchanged [1]. - **LPG Shipment Volume**: On January 18, 2026, the global LPG shipment volume from the US was 19.6 tons, an increase of 9.6 tons compared to the previous day; the shipment volume to Asia was 9.2 tons, a decrease of 0.2 tons. The global LPG shipment volume from the Middle East was 7.2 tons, an increase of 0.5 tons; the shipment volume to Asia was 7.2 tons, an increase of 0.7 tons [1]. 3.2 Trend Intensity - The trend intensity of LPG is 0, and the trend intensity of propylene is 0. The range of trend intensity is an integer in the interval [-2, 2], with - 2 indicating the most bearish and 2 indicating the most bullish [5]. 3.3 Market Information - On January 16, 2026, the February CP paper - cargo price of propane was 527 US dollars/ton, a decrease of 3 US dollars/ton compared to the previous trading day; the price of butane was 515 US dollars/ton, unchanged. The March CP paper - cargo price of propane was 509 US dollars/ton, a decrease of 4 US dollars/ton [6]. - There are multiple domestic PDH device maintenance plans. For example, the PDH phase II of Jinneng Technology Co., Ltd. will be under maintenance from January 13, 2026, to early February 2026; the PDH phase II of Wanhua Chemical (Penglai) Co., Ltd. started maintenance on January 14, 2026, with the end time to be determined [7]. - There are also domestic liquefied gas plant device maintenance plans. For example, Rizhao (Zhonghai) will have the whole - plant maintenance starting from January 3, 2025, with the end time to be determined; Shenchi Chemical Co., Ltd. will have the whole - plant maintenance from December 2025 to the end of February 2026 [7].