1. Report Industry Investment Rating - No specific industry investment rating information is provided in the documents. 2. Core View of the Report - The fundamentals of LPG have shown marginal improvement recently, with market sentiment improving. The switch of the main contract to 2510 has relieved the pressure of warrant cancellation and strengthened the support for the futures market. The domestic LPG port inventory has decreased, but the global oversupply situation of LPG has not changed, and the market does not have the conditions for continuous strengthening [1]. - The strategy for LPG futures is to be oscillating and slightly stronger. There are opportunities to go long on the main PG contract at low prices, but the expected upside is limited [2]. 3. Summary by Relevant Catalog Market Analysis - On August 28, the regional prices of LPG were as follows: Shandong market, 4500 - 4630 yuan/ton; Northeast market, 3880 - 4150 yuan/ton; North China market, 4000 - 4600 yuan/ton; East China market, 4450 - 4510 yuan/ton; Yangtze River market, 4610 - 4860 yuan/ton; Northwest market, 4450 - 4550 yuan/ton; South China market, 4580 - 4660 yuan/ton [1]. - In the second half of September 2025, the CIF prices of frozen LPG in East China were propane at 579 dollars/ton, down 4 dollars/ton, and butane at 554 dollars/ton, down 4 dollars/ton, equivalent to 4530 yuan/ton for propane and 4334 yuan/ton for butane, both down 34 yuan/ton. In South China, the CIF prices were propane at 571 dollars/ton, down 4 dollars/ton, and butane at 546 dollars/ton, down 4 dollars/ton, equivalent to 4467 yuan/ton for propane and 4272 yuan/ton for butane, both down 34 yuan/ton [1]. - According to Longzhong Information, the domestic LPG port inventory this week was 3.0752 million tons, a decrease of 94,500 tons or 2.98% from last week. The decrease was due to limited incoming resources and improved downstream purchasing sentiment [1]. Strategy - Unilateral: The market is expected to be oscillating and slightly stronger. There are opportunities to go long on the main PG contract at low prices, but the expected upside is limited [2]. - Inter - period: No strategy provided. - Cross - variety: No strategy provided. - Spot - futures: No strategy provided. - Options: No strategy provided.