Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View The LPG market has shown some marginal positive factors recently (such as rising international freight rates and improved chemical demand), and market sentiment has improved. The PG futures market is in a volatile and slightly stronger state, with the decline of the PG futures market smaller than that of the crude oil market. The spot market has continued to rise. However, considering that the supply - demand pattern of LPG has not been substantially reversed, the driving force and space for the market to rise continuously may be limited, but there is some short - term support [1]. 3. Summary by Related Content Market Analysis - On August 27, the regional LPG prices were as follows: Shandong market, 4500 - 4630 yuan/ton; Northeast market, 3880 - 4130 yuan/ton; North China market, 4100 - 4650 yuan/ton; East China market, 4350 - 4550 yuan/ton; Yangtze River market, 4610 - 4850 yuan/ton; Northwest market, 4450 - 4500 yuan/ton; South China market, 4600 - 4630 yuan/ton [1]. - In the second half of September 2025, the CIF prices of refrigerated propane and butane in East China were 583 US dollars/ton and 558 US dollars/ton respectively, down 3 US dollars/ton each, equivalent to 4564 yuan/ton and 4368 yuan/ton in RMB, down 29 yuan/ton each. In South China, the CIF prices of refrigerated propane and butane were 575 US dollars/ton and 550 US dollars/ton respectively, down 3 US dollars/ton each, equivalent to 4501 yuan/ton and 4306 yuan/ton in RMB, down 29 yuan/ton and 28 yuan/ton respectively [1]. - After a continuous weak market, the LPG market has some marginal positive factors recently. The market sentiment has improved, and the pressure of warehouse receipt cancellation has eased. Although the decline in oil prices has disturbed the LPG market, the decline of the PG futures market is smaller than that of the crude oil market. The spot market has continued to rise, with good trading in East China's civil LPG [1]. Strategy - Unilateral: The market is expected to be volatile and slightly stronger. There are opportunities to go long on the PG main contract at low prices, but the expected space is limited. There are no specific strategies for inter - period, inter - variety, spot - futures, and options [2].