Group 1: Report Industry Investment Rating - Unilateral investment rating is neutral [2] Group 2: Report's Core View - The pre - holiday atmosphere is dull, and domestic LPG spot prices are generally stable with partial slight declines [1] - The upstream in the East China market has good sales volume, no inventory pressure, and industry players are actively supporting the market. The East China market is still at a low level considering the main delivery areas of PG futures [1] - Recently, overseas LPG supply has tightened marginally, especially due to the significant decline in US production and inventory affected by the cold wave, providing phased support to the outer - market. But there are still resistance factors in the market [1] - High raw material costs suppress the profits of downstream PDH and other devices, causing negative demand feedback. Although some devices restarted this week, the profit situation has not improved significantly [1] - The price inversion between ether - after carbon four and civil gas also exerts additional pressure on the PG disk [1] - The game between warehouse receipts and delivery disturbs the market, and the pressure of centralized cancellation of warehouse receipts is more obvious for the main PG2603 contract [1] - The potential uncertainty in the market before the Spring Festival comes from the geopolitical level. If the conflict between Iran and the US escalates, it may lead to a significant tightening of domestic LPG supply, which is a potential upward risk factor for the disk. Otherwise, the LPG fundamentals are still expected to be oversupplied after the impact of the US cold wave fades [1] Group 3: Market Analysis Summary Regional Prices - On February 11, the regional prices of LPG in different markets were as follows: Shandong market 4380 - 4480 yuan/ton; Northeast market 3740 - 4150 yuan/ton; North China market 4150 - 4460 yuan/ton; East China market 4150 - 4570 yuan/ton; Yangtze River market 4590 - 4830 yuan/ton; Northwest market 4250 - 4350 yuan/ton; South China market 4680 - 4800 yuan/ton [1] Imported Prices in March 2026 - In the first half of March 2026, the CIF prices of frozen propane in East China and South China increased by 1 US dollar/ton to 643 US dollars/ton and 633 US dollars/ton respectively, and the CIF prices of butane also increased by 1 US dollar/ton to 633 US dollars/ton and 623 US dollars/ton respectively. The corresponding RMB - converted prices of propane and butane increased by 6 yuan/ton [1] Group 4: Strategy Summary - Unilateral strategy: Be neutral, pay attention to the development of the Iran situation, and operate with a light position before the Spring Festival [2] - No strategies for inter - period, inter - variety, spot - futures, and options [2]

Report Industry Investment Rating - Unilateral: Neutral, focus on the development of the Iranian situation and maintain a light position before the festival [2] - Inter - period: None [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2] Core View - On February 10, the regional prices of liquefied gas in different markets in China were as follows: Shandong market 4350 - 4530 yuan/ton, Northeast market 3740 - 4150 yuan/ton, North China market 4150 - 4480 yuan/ton, East China market 4150 - 4570 yuan/ton, Yangtze River market 4590 - 4830 yuan/ton, Northwest market 4250 - 4350 yuan/ton, South China market 4680 - 4800 yuan/ton [1] - In the first half of March 2026, the CIF prices of frozen propane and butane in East China were 642 dollars/ton (up 5 dollars/ton) and 632 dollars/ton (up 4 dollars/ton) respectively, equivalent to 4909 yuan/ton (up 34 yuan/ton) and 4833 yuan/ton (up 26 yuan/ton) in RMB; in South China, they were 632 dollars/ton (up 5 dollars/ton) and 622 dollars/ton (up 4 dollars/ton) respectively, equivalent to 4833 yuan/ton (up 34 yuan/ton) and 4756 yuan/ton (up 26 yuan/ton) in RMB [1] - The domestic liquefied gas spot prices showed a mixed trend. In East China, the civilian end of liquefied gas remained stable while the ether - after product prices decreased. The upstream focused on sales volume, and the downstream purchasing enthusiasm was acceptable. Overseas supply tightened marginally, but the PG futures market was relatively weak. High raw material costs suppressed downstream profits, and the price inversion between ether - after carbon four and civilian gas also put pressure on the PG market. There were also disturbances from warehouse receipts and delivery games [1] - Short - term attention should be paid to the Iranian situation. If the conflict escalates, it may lead to a significant tightening of domestic supplies and potential upward risks for the market. If the situation eases, the LPG market is still expected to be oversupplied [1] Summary by Relevant Directory Market Analysis - Regional prices of liquefied gas in different markets in China on February 10 [1] - CIF prices of frozen propane and butane in East and South China in the first half of March 2026 and their RMB equivalent [1] - The mixed trend of domestic liquefied gas spot prices, the situation of the civilian end and ether - after product in East China, upstream and downstream conditions, overseas supply, and the influence factors on the PG market [1] - The need to focus on the Iranian situation and its potential impact on the market [1] Strategy - Unilateral strategy: Neutral, focus on the Iranian situation and maintain a light position before the festival [2] - Other strategies (inter - period, cross - variety, spot - futures, options): None [2] Figures - Figures showing the spot prices of civilian liquefied gas and ether - after carbon four in different regions, as well as the closing prices, month - to - month differences, and trading volume and open interest of PG futures contracts [3]

Group 1 - The domestic futures market for energy and chemicals showed mixed results, with liquefied petroleum gas (LPG) futures experiencing a price increase of approximately 1.71%, reaching a high of 4232.00 yuan/ton [1] - The Dalian Commodity Exchange recorded 5476 LPG futures warehouse receipts, remaining stable compared to the previous trading day, with a weekly increase of 865 receipts, representing an 18.76% growth [2] - The overall supply-demand balance for LPG remains unchanged in the medium term, with supply from the Middle East and North America expected to continue increasing, while downstream chemical demand is constrained by insufficient profit growth [2] Group 2 - Recent strong performance in the external market, particularly for near-month contracts, is attributed to increased burning demand in the Northern Hemisphere and tight supply from the Middle East [3] - Domestic fundamentals are relatively healthy, with stronger-than-expected chemical demand and low refinery inventories providing price support [3] - The current LPG market is experiencing a divergence from its fundamental conditions, indicating potential risks and suggesting cautious participation [3]

Report Summary 1) Report Industry Investment Rating - Unilateral: Neutral, with a short - term focus on waiting and observing; no specific strategies for cross - period, cross - variety, spot - futures, or options [2] 2) Core View - In the context of weak crude oil prices, the LPG outer market is relatively strong. The rise in propane raw material import costs has pressured the profits of domestic PDH plants. Although the operating rate has rebounded to around 72% this week as previously shut - down plants resume operation, elastic demand is suppressed, and the commissioning schedule of new plants may be postponed. In the medium term, the overall supply - demand pattern of LPG has not reversed, with supply from the Middle East and North America continuing to grow, and downstream chemical demand lacking profit - driven growth momentum. The market will remain in a state of oversupply. Therefore, the LPG futures price has short - term support but limited upward momentum and will face pressure again after supply recovers [1] 3) Summary by Related Catalogs Market Analysis - On December 11, regional prices were as follows: Shandong market, 4320 - 4420 yuan/ton; Northeast market, 4160 - 4210 yuan/ton; North China market, 4250 - 4400 yuan/ton; East China market, 4320 - 4405 yuan/ton; Yangtze River market, 4550 - 4890 yuan/ton; Northwest market, 4300 - 4430 yuan/ton; South China market, 4340 - 4500 yuan/ton [1] - In the first half of January 2026, the CIF price of frozen propane in East China, China, was 609 US dollars/ton, up 7 US dollars/ton, and butane was 599 US dollars/ton, up 7 US dollars/ton, equivalent to 4739 yuan/ton for propane and 4661 yuan/ton for butane, up 50 yuan/ton. In South China, the CIF price of frozen propane was 603 US dollars/ton, up 7 US dollars/ton, and butane was 593 US dollars/ton, up 7 US dollars/ton, equivalent to 4692 yuan/ton for propane and 4615 yuan/ton for butane, up 50 and 51 yuan/ton respectively [1] Figures - The report includes figures on the spot prices of civil LPG in Shandong, East China, South China, North China, Northeast, and the Yangtze River regions; spot prices of ether - post C4 in Shandong, East China, North China, Northeast, the Yangtze River, and Northwest regions; and relevant closing prices, price differences, and trading volume data of PG futures contracts [3]

1. Report Industry Investment Rating - Unilateral: Neutral, with a short - term focus on waiting and seeing [2] 2. Core View of the Report - The recent strength of the external market provides some support to the domestic market, but the upward driving force on the futures market is still limited [1] 3. Summary by Related Content Market Analysis - On December 4, the regional prices were as follows: Shandong market 4450 - 4500 yuan/ton; Northeast market 4000 - 4160 yuan/ton; North China market 4250 - 4470 yuan/ton; East China market 4270 - 4500 yuan/ton; Yangtze River market 4600 - 4980 yuan/ton; Northwest market 4350 - 4520 yuan/ton; South China market 4400 - 4600 yuan/ton [1] - In the first half of January 2026, the CIF prices of frozen propane and butane in East China were 590 and 582 US dollars/ton respectively, up 2 US dollars/ton, equivalent to 4594 and 4532 yuan/ton respectively, up 14 yuan/ton. In South China, they were 583 and 575 US dollars/ton respectively, up 2 US dollars/ton, equivalent to 4540 and 4478 yuan/ton respectively, up 14 and 15 yuan/ton [1] - Recently, Saudi Aramco's December CP increased, and the external swap price maintained a volatile and strong trend, raising the LPG import cost. In the spot market, the price in the East China region rose moderately yesterday, while the prices in other regions remained stable, with a general trading atmosphere and controllable upstream inventory pressure [1] - In terms of fundamentals, the Middle - East supply has tightened marginally recently, the maintenance of Kuwait's Azour refinery has been extended, and the domestic refinery supply is relatively stable. Overseas supply is tightened in the short - term but remains relatively loose in the medium - term. In terms of demand, the combustion - end demand is acceptable; in the deep - processing sector, the operating rate of PDH plants is still limited by profit factors [1] Strategy - Unilateral: Neutral, short - term waiting and seeing is recommended; for cross - period, cross - variety, spot - futures, and options, no strategies are provided [2]

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None; Cross - variety: None; Spot - futures: None; Options: None [2] Core View - Recently, the PG futures market has shown an oscillating downward trend, with a weak rebound after a brief stabilization, indicating that the fundamental pattern of oversupply remains unchanged and market expectations are weak. The domestic spot prices have shown mixed trends. Overseas supply is abundant, while domestic chemical demand growth is restricted by profit factors. After continuous corrections, the short - term downside space of the futures market is expected to be limited, but there is a lack of upward momentum [1] Market Analysis - On September 25, the regional prices were as follows: Shandong market, 4540 - 4600; Northeast market, 4000 - 4260; North China market, 4400 - 4650; East China market, 4260 - 4550; Yangtze River market, 4540 - 4700; Northwest market, 4400 - 4500; South China market, 4498 - 4670 [1] - In the second half of October 2025, the CIF prices of frozen propane and butane in East China were 596 dollars/ton and 583 dollars/ton respectively, down 5 dollars/ton each. In RMB terms, propane was 4666 yuan/ton, down 37 yuan/ton, and butane was 4565 yuan/ton, down 36 yuan/ton. In South China, the CIF prices of frozen propane and butane were 589 dollars/ton and 576 dollars/ton respectively, down 5 dollars/ton each. In RMB terms, propane was 4612 yuan/ton, down 36 yuan/ton, and butane was 4510 yuan/ton, down 36 yuan/ton [1] - The PG futures market has been oscillating downward recently, with a weak rebound after a brief stabilization. The domestic spot prices showed mixed trends. Overseas supply is abundant, and domestic chemical demand growth is restricted by profit factors as PDH device profits have been continuously declining and fallen back into the negative range. The overall supply - demand pattern is loose, and there is strong resistance above the market. After continuous corrections, the short - term downside space of the futures market is expected to be limited, but there is a lack of upward momentum [1] Strategy - Unilateral: Neutral; Inter - period: None; Cross - variety: None; Spot - futures: None; Options: None [2]