Report Industry Investment Ratings - Crude oil: One red star, indicating a bullish bias but limited trading opportunities on the market [5][6] - Fuel oil: Three red stars, suggesting a clearer upward trend and relatively appropriate investment opportunities [5][6] - Low-sulfur fuel oil: Three red stars, indicating a clearer upward trend and relatively appropriate investment opportunities [5][6] - Asphalt: Three green stars, suggesting a clearer downward trend and relatively appropriate investment opportunities [5][6] - Liquefied petroleum gas: Three red stars, indicating a clearer upward trend and relatively appropriate investment opportunities [5][6] Core Viewpoints - The oil price has continued to show a weak and volatile performance since the end of October. The supply-side contraction-induced cyclical inflection point of oil prices has not been seen yet, and a weak and volatile judgment on crude oil is maintained [2] - High-sulfur fuel oil is still supported by geopolitical factors in the short term, but the medium-term supply pattern tends to be loose. Low-sulfur fuel oil has been strong recently due to supply-side fluctuations, but medium-term supply pressure still exists [2] - The cost support for asphalt has been continuously weakening, the demand is expected to follow the seasonal weakening pattern, and the medium- and long-term fundamentals have a bearish impact on BU [3] - The supply and demand of liquefied petroleum gas have tightened marginally, and it is expected to fluctuate strongly [4] Summary by Related Catalogs Crude Oil - Since the end of October, the oil price has continued to show a weak and volatile performance. Geopolitical risks have boosted the oil price, but the rebound height has always been limited [2] - According to the monthly reports of the three major institutions, considering the suspension of production increases by OPEC+ in the first quarter of next year and the strict implementation of production cut compensation, the global oil market will have a supply surplus of 1.84 million barrels per day and 3.31 million barrels per day this year and next year respectively [2] - The supply-side contraction-induced cyclical inflection point of oil prices has not been seen yet, and a weak and volatile judgment on crude oil is maintained [2] Fuel Oil & Low-Sulfur Fuel Oil - High-sulfur fuel oil is still supported by geopolitical factors in the short term. The subsequent actual exports of Russia still have uncertainties, but the medium-term supply pattern tends to be loose [2] - Low-sulfur fuel oil has been strong recently due to supply-side fluctuations, but the possible increase in low-sulfur shipping volume caused by the planned maintenance of the RFCC unit of the Kaigute refinery at the end of December needs attention, and medium-term supply pressure still exists [2] Asphalt - In November, the discount of diluted asphalt dropped to -$11 per barrel, and the cost support has been continuously weakening [3] - Since November, the weekly shipment volume has decreased month-on-month and is also at a low level in the same period of the past four years [3] - The "14th Five-Year Plan" end-year rush demand expectation has been falsified, and the subsequent demand will follow the seasonal weakening pattern. The medium- and long-term fundamentals have a bearish impact on BU [3] Liquefied Petroleum Gas - The increase in propane discount supports the import landed cost [4] - The improvement in the profitability of butane dehydrogenation units has boosted the enthusiasm of downstream chemical enterprises to start operations, and the demand on the combustion side has improved [4] - The supply and demand of liquefied petroleum gas have tightened marginally, and it is expected to fluctuate strongly [4]

Report Industry Investment Ratings - Crude oil: One red star, indicating a bullish bias but with limited trading opportunities on the market [5][6] - Fuel oil: Three red stars, suggesting a clearer upward trend and relatively appropriate investment opportunities [5][6] - Low-sulfur fuel oil: Three red stars, indicating a clearer upward trend and relatively appropriate investment opportunities [5][6] - Asphalt: Three green stars, meaning a clearer downward trend and relatively appropriate short-selling opportunities [5][6] - Liquefied petroleum gas: Three red stars, suggesting a clearer upward trend and relatively appropriate investment opportunities [5][6] Report's Core View - The oil market is facing different supply and demand situations, with crude oil expected to be volatile and weak, while fuel oil, low-sulfur fuel oil, and liquefied petroleum gas are expected to be bullish, and asphalt is expected to be bearish [2][3][4] Summary by Related Catalogs Crude Oil - Since late October, oil prices have continued to show a volatile and weak performance, with geopolitical risks providing some support but limited rebound [2] - According to the three major institutions' monthly reports, considering OPEC+'s suspension of production increases and strict implementation of production cut compensation in the first quarter of next year, the global oil market will have a supply surplus of 1.84 million barrels per day this year and 3.31 million barrels per day next year [2] - The supply-side contraction has not yet led to a cyclical inflection point in oil prices, and a volatile and weak outlook is maintained [2] Fuel Oil & Low-Sulfur Fuel Oil - High-sulfur fuel oil is currently supported by geopolitical factors, but the mid-term supply pattern is expected to be loose as the Middle East increases production and the power generation peak season ends [2] - Low-sulfur fuel oil has been strong recently due to supply-side fluctuations, but mid-term supply pressure still exists, especially considering the planned maintenance of the RFCC unit at the Kert refinery in late December [2] Asphalt - In November, the discount of diluted asphalt dropped to -$11 per barrel, weakening cost support [3] - Weekly shipments have decreased month-on-month since November and are at a low level in the same period in the past four years [3] - Commercial inventory depletion has continued to slow down, and the year-on-year increase in social inventory has widened since the end of October [3] - The expected rush demand in the "14th Five-Year Plan" has been disproven, and subsequent demand will follow the seasonal weakening pattern, with negative signals for year-end demand compared to last year [3] Liquefied Petroleum Gas - The increase in propane discount supports the import cost [4] - The improvement in the profitability of butane dehydrogenation units has boosted the enthusiasm of downstream chemical enterprises to start production, and the demand for combustion has improved due to the significant cooling in many places [4] - The inventory rates of refineries and ports have decreased, and the supply and demand have tightened marginally, leading to a bullish outlook [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The overall market shows a complex and volatile situation, with different sectors having different trends and influencing factors. For example, the A - share market is affected by macro - data and shows an upward - then - downward trend; the steel and ore market is expected to be weak in the medium - to - long - term; and the energy market is influenced by geopolitical conflicts and supply - demand relationships [10][12][35]. Summary by Related Catalogs Macro Information - The 22nd issue of Qiushi magazine published President Xi Jinping's important article. The National Bureau of Statistics released October economic data, showing a slowdown in multiple indicators. The prices of commercial housing in 70 cities declined. The Chinese government reminded citizens to avoid traveling to Japan. The State Council studied "two - important" construction and consumption - promotion policies. The central bank will conduct a large - scale reverse - repurchase operation. The US will release multiple economic data. The Guangzhou Futures Exchange will list platinum and palladium futures. The market supervision department issued an anti - monopoly compliance guide. The national child - rearing subsidy system has been implemented, and the lithium - battery industry chain has seen a price increase. Trump adjusted the scope of "reciprocal tariffs" [4][5][6][7][8]. Macro Finance - **Stock Index Futures**: Adopt a volatile mindset and temporarily hold off on trading. The A - share market rose and then fell, affected by macro - data. The decline in industrial growth, consumption, and investment may be due to technical factors, export slowdown, anti - involution, and the real - estate downturn [10]. - **Treasury Bond Futures**: The market's expectation of monetary easing has declined, but interest - rate cuts cannot be ruled out. Maintain the view of increased easing in Q4. The money market is affected by the approaching tax period, and the stock - bond seesaw effect is weakly effective [11]. Black - **Steel and Ore**: In the short - term, expect a volatile consolidation; in the medium - to - long - term, maintain a bearish view when prices are high. The supply - demand relationship is weak, with high inventory and low profit for steel mills. The price is affected by low - price transactions and may remain weak [12][13]. - **Coking Coal and Coke**: The prices may continue to decline in the short - term. In the medium - term, the mine's production is restricted by policies, and the demand for steel is weak in the off - season, but the strong thermal - coal price provides some support [14]. - **Ferroalloys**: In the long - term, the oversupply situation is difficult to alleviate, so maintain a bearish view when prices are high. In the short - term, it is recommended to wait and see. The prices are fluctuating narrowly, and the cost of manganese - silicon is relatively stable [15]. - **Soda Ash and Glass**: Currently, it is recommended to wait and see. The soda - ash industry has production fluctuations and cost increases, while the glass industry's strong sales have not continued, and the market is concerned about demand and inventory [16]. Non - ferrous Metals and New Materials - **Lithium Carbonate**: The short - term fundamentals are good, but the demand may weaken in Q1 next year, limiting price increases. After the demand weakens, the price may correct, and it is advisable to buy on dips [18]. - **Industrial Silicon and Polysilicon**: Industrial silicon has no prominent supply - demand contradictions and can be bought on dips or sell out - of - the - money put options. Polysilicon is expected to continue to fluctuate, influenced by policy expectations and supply - demand relationships [19]. Agricultural Products - **Cotton**: The supply pressure is large, and the demand is weak. The price is undervalued compared to the spot, which limits the decline. It is expected to oscillate at a low level [23][24]. - **Sugar**: The domestic sugar supply - demand situation is expected to be bearish. Before the large - scale arrival of new sugar, it is advisable to wait and see. In the long - term, there is still supply pressure [25][27]. - **Eggs**: The spot price is weak, and the futures price may oscillate. The in - production laying - hen inventory is high, but it is expected to decline. It is recommended to short the near - term contracts [28]. - **Apples**: The price is expected to be strong in a volatile manner. The inventory is low, and the price is high. The future consumption trend will be the focus [30]. - **Corn**: The spot price has rebounded, but the supply pressure is still accumulating. It is necessary to pay attention to the new - grain sales progress and the release of policy wheat [31]. - **Red Dates**: Temporarily wait and see. The weak spot market in the sales area has a negative impact on the new - date ordering price [32]. - **Pigs**: The supply pressure continues, and the demand is average. The spot price is likely to oscillate weakly. It is recommended to short the near - term contracts [33]. Energy and Chemicals - **Crude Oil**: In the short - term, it is expected to be strongly volatile, but the long - term downward trend of oversupply remains unchanged. The price is affected by geopolitical conflicts and supply - demand forecasts [35]. - **Fuel Oil**: The price will follow the oil price, with a supply - abundant and demand - weak structure. The short - term focus is on supply concerns after the sanctions on Russia [36]. - **Plastic**: The supply pressure is large, and it is expected to be weakly volatile. The current price provides some support for producers [36][37]. - **Rubber**: Pay attention to the strategy of expanding the ru - nr spread. The price may oscillate in the short - term, with supply in the peak season and support at the bottom [37]. - **Methanol**: The near - term contracts are expected to be weakly volatile, and the far - term contracts can be moderately long after the rebound drive appears. The supply pressure is large, and the inventory is high [38][39]. - **Caustic Soda**: Wait for long - position opportunities after a significant decline. Pay attention to the cost support. The spot price is falling, and the futures price is weak [40]. - **Asphalt**: The price fluctuation is expected to increase, and the focus is on the price bottom after the winter - storage game [41]. - **Polyester Industry Chain**: It is expected to continue to be strong in the short - term, driven by improved supply - demand and market sentiment [42]. - **Liquefied Petroleum Gas**: Although there are short - term positive factors, it is not advisable to chase the rise. Consider shorting at high prices in the medium - to - long - term [43]. - **Paper Pulp**: The fundamentals are relatively stable, and it is expected to maintain a wide - range oscillation. Observe the digestion of old warehouse receipts and spot transactions [45]. - **Logs**: The fundamentals are weakly oscillating, and the price is under pressure. The inventory is expected to increase, and the market is in the off - season [46]. - **Urea**: Wait and see, subject to specific policies. The spot price is falling, and the futures price is oscillating [47]. - **Synthetic Rubber**: The short - term price will oscillate within a range. Be cautious when going long and consider selling call options after the rebound [48].

Report Industry Investment Ratings - Crude oil: ★☆☆, indicating a bullish/ bearish bias with a driving force for price movement, but limited operability in the market [1] - Fuel oil: ★☆☆, similar to crude oil, with a bias but limited operability [1] - Low - sulfur fuel oil: ★☆☆, same as above [1] - Asphalt: ★☆☆, with a bias but limited operability [1] - Liquefied petroleum gas: ☆☆☆, suggesting a relatively balanced short - term trend with poor operability and a wait - and - see approach [1] Core Viewpoints - The global oil market will have supply surpluses of 1.84 million barrels per day and 3.31 million barrels per day this year and next year respectively, and the surplus will gradually expand quarter by quarter. There is still a downward risk in the crude oil market this year [1] - The fuel oil market is affected by geopolitical factors, and the upward drive for high - sulfur cracking is limited. The low - sulfur market has improved fundamentals [2] - The 2601 asphalt contract has some support at 3000 yuan/ton, and the fundamental bearish factors still suppress the market in the medium - to - long term [3] - The LPG market is expected to fluctuate strongly due to tightened supply - demand margins [3] Summary by Related Catalogs Crude Oil - Based on the latest adjustments of the supply - demand balance sheets by three major institutions in November, considering OPEC+ suspending production increases and strictly implementing production cut compensation in the first quarter of next year, the global oil market will have supply surpluses of 1.84 million barrels per day and 3.31 million barrels per day this year and next year respectively. The supply surplus will gradually expand quarter by quarter, and the most relaxed quarter (Q1 next year) has not arrived yet. Since the fourth quarter, the inventory accumulation rate of global oil at 2.4% has exceeded that of the previous three quarters, and the supply surplus is increasingly evident in the inventory. There is still a downward risk in the crude oil market this year, and attention should be paid to the realization of geopolitical risks related to Venezuela [1] Fuel Oil & Low - Sulfur Fuel Oil - The drone attack on Russia's Novorossiysk today damaged the oil terminal facilities, driving up the prices of crude - related products, and fuel oil followed suit. In terms of fundamentals, high - sulfur fuel oil is still supported by geopolitical factors in the short term. Sanctions and attacks on Russia continue to disrupt the supply side, and the possible further sanctions on Venezuela by the US also bring uncertainties. However, the actual reduction in supply needs further observation. The demand side is at the end of the power - generation peak season, and the increase in Middle - East supply offsets the impact, and the demand for refinery feedstock is also weak, so the upward drive for high - sulfur cracking is limited. The low - sulfur market has seen a relief in supply pressure due to unstable operation of overseas refineries. The strengthening of the crack spreads of gasoline and diesel provides support from the perspective of production conversion. Coupled with the peak season of bunker fuel demand in the fourth quarter and the easing of Sino - US trade relations, the fundamentals have improved compared with the previous period [2] Asphalt - The 2601 contract has some support at 3000 yuan/ton. The worse - than - expected shipment volume not only disproves the expectation of rush - demand in the final year of the "14th Five - Year Plan" but also sends a negative signal that the demand is lower than the same period last year. The destocking of the latest commercial inventory continues to slow down, and the year - on - year increase in social inventory has widened after reaching an inflection point of being higher than the same period last year at the end of October. In the medium - to - long term, the bearish fundamentals still suppress the BU market [3] Liquefied Petroleum Gas - The international LPG market has been trending strongly recently, and the supply of imported resources is tight. The improved profitability of butane dehydrogenation plants has boosted the enthusiasm of downstream chemical enterprises to start production, and the significant cooling in many places has led to an improvement in combustion - end demand. The storage capacity utilization rates of refineries and ports have decreased. The tightening of supply - demand margins has boosted the LPG market to be regarded as fluctuating strongly [3]

Group 1 - In the first half of 2025, Anhui Province's industrial enterprises produced a total of 435,000 tons of liquefied petroleum gas (LPG), marking a 0.10% increase compared to the same period in 2024, but a significant slowdown of 39.3 percentage points [1] - The production growth rate in Anhui is 2.7 percentage points higher than the national average, which stands at 26,259,000 tons for the same period [1] - In June 2025, the LPG production in Anhui reached 72,000 tons, reflecting a 1.00% decrease from June 2024, with a growth rate decline of 53.0 percentage points compared to the previous year [2] Group 2 - The June 2025 LPG production in Anhui accounted for 1.7% of the national total of 4,359,000 tons for that month [2] - The data reflects a trend of slowing growth in LPG production within Anhui, despite being above the national average in certain months [1][2]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The domestic civil LPG market may show a pattern of stronger in the south and weaker in the north, with an overall expectation of a peak season [1]. - The contraction of PDH profits may lead to a decline in propane demand, and the current domestic market valuation is high and may fall [1]. - The international propane market is in a loose pattern, and attention should be paid to weather and US cold wave conditions [1]. 3) Summary by Related Content Day - to - Day Changes - In the civil gas market on Wednesday, prices in East China were 4378 (-9), in Shandong 4440 (+40), and in South China 4490 (+0). The price of ether - post carbon four was 4630 (+0). The lowest delivery location was East China, with a basis of 85 (+68), and the 12 - 01 month spread was 96 (+11). FEI was 498.71 (+3.71) and CP was 473.71 (+5.71) dollars/ton [1]. - The PG main contract fluctuated. The basis was 102 (+116), the 12 - 01 month spread was 72 (-8), and the number of warehouse receipts was 4444 (+250). The cheapest delivery product was East China civil LPG at 4374; prices in Shandong were 4380 (+80), in East China 4374 (+95), and in South China 4450 (+50). The price of Shandong ether - post carbon four was 4500 (+80) [1]. - The external market price declined; the domestic - foreign spread strengthened, with PG - CP reaching 137 (+4), PG - FEI reaching 113 (+15.6), and FEI - MB reaching 153 (-1.8). The CIF discount of propane in East China was 85 US dollars (+6), and the freight rate was basically flat. The FEI - MOPI spread widened, and the switching window remained open, with the latest value at - 73 (-6) [1]. Weekly Viewpoints - The cracking spread of naphtha changed little and remained at a relatively high level this year. The profit of PDH production of propylene in Shandong decreased significantly (some plants were shut down), the profit of alkylation plants rebounded, the production gross profit of MTBE changed little, and the export profit fluctuated [1]. - Domestic production decreased, factory inventories were basically flat, the arrival potential was limited, terminal sales improved, and port inventories decreased. The PDH operating rate was 75.49% (+1.6) due to Li Huayi Weiyuan operating at full capacity, while Binhua, Xintai, and Haiwei shut down successively [1].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - The domestic civil gas may show a pattern of stronger in the south and weaker in the north, with an overall expectation of a peak season. The profit contraction of PDH may lead to a decline in propane demand, and the current domestic market valuation is high with a possible decline. The international propane market is in a loose pattern, and attention should be paid to the weather and cold snaps in the United States [1]. Group 3: Summary According to Relevant Catalogs Price Changes - On Tuesday, for civil gas, the price in East China was 4387 (+10), in Shandong was 4400 (+20), and in South China was 4490 (+35). The price of etherified C4 was 4630 (+0). The lowest delivery location was East China, with the basis changing by 17 (-37) daily, and the December - January spread was 85 (-5). FEI was 493 (-1.75) and CP was 468 (+0) US dollars per ton [1]. - The PG main contract fluctuated. The basis was 102 (+116), the December - January spread was 72 (-8). The number of warehouse receipts was 4444 lots (+250). The cheapest deliverable was the civil gas in East China at 4374; in Shandong it was 4380 (+80), in East China it was 4374 (+95), and in South China it was 4450 (+50). The price of Shandong etherified C4 was 4500 (+80). The external market price declined; the domestic - foreign spread strengthened, with PG - CP reaching 137 (+4), PG - FEI reaching 113 (+15.6); FEI - MB was 153 (-1.8). The arrival discount of propane in East China was 85 US dollars (+6), and the freight was basically flat. The FEI - MOPI spread widened, and the switching window remained open, with the latest at -73 (-6) [1]. Industry Profit and Operation - The profit of propylene production from Shandong PDH dropped significantly (some plants were shut down). The profit of alkylation plants rebounded. The production gross profit of MTBE changed little, and the export profit fluctuated. Domestic production decreased, the factory inventory was basically flat; the arrival was limited, the terminal sales improved, and the port inventory decreased. The PDH operating rate was 75.45% (+1.6), as Lihuayi Weiyuan started to full - load operation, while Binhua, Xintai, and Haiwei shut down successively [1].

Core Insights - In the first half of 2025, the liquefied petroleum gas (LPG) production in Guangxi Zhuang Autonomous Region reached 501,000 tons, representing a decline of 14.1% compared to the same period in 2024, with a growth rate 29.9 percentage points lower than that of 2024 and 11.5 percentage points lower than the national average [1] - In June 2025, the LPG production in Guangxi was 105,000 tons, showing a year-on-year increase of 6.9%, but the growth rate was 7.5 percentage points lower than in June 2024, while it was 11.4 percentage points higher than the national growth rate for the same month [2] Production Analysis - The total LPG production from large-scale industrial enterprises in Guangxi accounted for 1.9% of the national total of 26,259,000 tons in the first half of 2025 [1] - In June 2025, Guangxi's LPG production represented 2.4% of the national total of 4,359,000 tons for that month [2] Monthly Trends - The monthly production data indicates a slowdown in growth for Guangxi's LPG sector, with the first half of 2025 showing a significant decline compared to the previous year [1] - The June 2025 production figures suggest a mixed performance, with a positive growth rate compared to the previous year but still reflecting a slowdown in growth momentum [2]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The IPG main contract fluctuated upward. The domestic trading atmosphere is expected to improve, and prices may rise slightly, but the upward momentum may be limited due to the decline in the official CP price [1] Group 3: Summary by Relevant Catalog Price Changes - On Thursday, for civil gas, the price in East China was 4374 (+33), in Shandong 4360 (+0), and in South China 4440 (+50). The price of etherified carbon four was 4520 (-90). The lowest delivery location was Shandong [1] - The FEI was 490 (-14) and the CP was 463 (-7) dollars per ton. The IPG main contract fluctuated upward. The basis was -14 (+55), and the December - January spread was 80 (-33) [1] - The cheapest deliverable was civil gas in East China at 4279; Shandong was 4300 (-60), East China 4279 (+0), and South China 4400 (-5). The etherified carbon four in Shandong was 4420 (-50) [1] - The number of warehouse receipts was 4194 lots (+1778). The external market price increased, and the oil - gas ratio decreased. The FEI monthly spread was -5 dollars (-1.75), and the CP monthly spread was -14.4 dollars (-6.4) [1] - The official November CP price dropped to 475/460 (-20/-15). The domestic and foreign PG - CP was 133 (-18); PG - FEI was 97 (-18.6). The US - Asia arbitrage window was closed. The FEI - CP was 35.75 (+0.75) [1] - The on - shore account water for propane in East China was 85 (+6). The freight from the US Gulf to Japan was 129 (+13), and from the Middle East to the Far East was 68 (+12). The FEI - MOPI was -66.7 (-15.8) [1] Profit and Demand - The profit of PDH decreased slightly. The profit of alkylation units declined significantly, and the production gross profit of MTBE changed little. Domestic production decreased, imports increased, port inventory rebounded, but there was an expected increase in chemical demand [1] Market Structure - The basis changed by +55 to -14, and the December - January spread changed by -33 to 80. The lowest delivery location was Shandong, and the basis changed by +63 to 26, and the December - January spread changed by -16 to 72 [1]

Report Industry Investment Rating - No relevant content provided Core Views - The core contradictions affecting the LPG price trend include cost - end crude oil facing supply - surplus pressure and geopolitical disturbances, with the current price oscillating around $65, and OPEC maintaining an increasing production state [2] - The November CP contract price was announced, with propane at $475/ton (-$20) and butane at $460/ton (-$15), better than expected. The equivalent RMB landed cost is about 4394 yuan/ton for propane and 4276 yuan/ton for butane [2] - US propane inventories continued to accumulate this week, reaching a historical high and waiting for an inventory inflection point [2] - The State Council adjusted tariff - adding measures on November 10, 2025. The 24% tariff on US imports will be suspended for one year, and the 10% tariff on PG will remain, which helps stabilize logistics [3] - During the Sino - US talks this week, an agreement was reached on issues such as tariffs and export controls, and the Sino - US economic and trade friction was suspended [4] - The domestic LPG fundamentals are relatively stable. Supply increased this week, while demand remained stable. However, due to the rise in propane price and the decline in PL/PP price, PDH profits were significantly compressed. Continuous or deepening losses may cause negative feedback [4] - PDH losses may cause negative feedback, and propane cracking profits have also shrunk below zero [5] Summary by Related Catalogs LPG Price Range Prediction - The predicted monthly price range for LPG is 4000 - 4500 yuan/ton, with a current 20 - day rolling volatility of 22.37% and a 3 - year historical volatility percentage of 35.54% [1] LPG Hedging Strategy Inventory Management - When inventory is high and there are concerns about price drops, for a long - position in the spot market, it is recommended to short PG2512 futures at 4400 - 4500 yuan/ton with a 25% hedging ratio to lock in profits and cover production costs; also, sell PG2512C4400 call options at 60 - 70 yuan with a 25% hedging ratio to collect premiums and lock in the selling price if the spot price rises [1] Procurement Management - When the regular procurement inventory is low and procurement is based on orders, for a short - position in the spot market, it is recommended to buy PG2512 futures at around 4000 yuan/ton with a 25% hedging ratio to lock in procurement costs; also, sell PG2512P4000 put options at 50 - 70 yuan with a 25% hedging ratio to collect premiums and lock in the spot buying price if the PG price drops [1] Industry Data Summary - The report provides price, spread, monthly spread, price ratio, and profit data for various LPG - related products on different dates, including Brent, WTI, MOPJ, etc., along with their daily and weekly changes [7] Seasonal Data - The report presents seasonal data for prices, spreads, monthly spreads, price ratios, profits, and freight rates of various LPG - related products, such as LPG futures, FEI, CP, etc., from 2021 to 2025 [9][11][17]