Report Summary 1. Report's Industry Investment Rating No relevant information provided. 2. Core View The contradiction on the supply side of LPG is gradually accumulating, and spot prices have generally risen. The unclear situation in the Middle East has led to a low number of oil tankers passing through the Strait of Hormuz, and the impact on LPG supply is gradually being realized. The arrival prices continue to rise, and domestic spot prices in various regions have generally increased. Before the substantial recovery of Middle East logistics, the LPG supply gap will persist and its impact will gradually accumulate, and downstream chemical plants will face the pressure of passive production cuts due to insufficient raw materials. Although there is room for growth in US exports, it cannot fully offset the Middle East gap, and attention should be paid to the potential negotiation progress between Iran and the United States [1]. 3. Summary by Related Catalogs Market Analysis - On March 30, the regional prices were as follows: Shandong market, 6400 - 6450 yuan/ton; Northeast market, 5900 - 6250 yuan/ton; North China market, 6250 - 6570 yuan/ton; East China market, 6800 - 7400 yuan/ton; Yangtze River market, 6730 - 6960 yuan/ton; Northwest market, 5750 - 5900 yuan/ton; South China market, 7200 - 7450 yuan/ton [1]. - In the second half of April 2026, the CIF prices of propane and butane for frozen cargoes in East China were both 1070 US dollars/ton, up 16 US dollars/ton. The RMB - converted prices of propane and butane were both 8154 yuan/ton, up 131 yuan/ton. In South China, the CIF prices of propane and butane for frozen cargoes were also 1070 US dollars/ton, up 16 US dollars/ton, and the RMB - converted prices were both 8154 yuan/ton, up 131 yuan/ton [1]. Strategy - Unilateral: Short - term violent fluctuations, mainly on the sidelines in the short term. - Inter - period: None. - Cross - variety: None. - Spot - futures: None. - Options: None [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The supply gap of LPG may continue to accumulate, and the arrival cost has rebounded again. The market's expectation of the easing of the Iranian situation has increased, leading to a decline in crude oil and internal and external prices. However, the war has not really subsided, and the number of oil tankers passing through the Strait of Hormuz remains low, indicating that the impact on LPG supply continues to spread. The arrival price rebounded again yesterday. The spot prices in various domestic regions showed mixed trends yesterday. The mainstream transaction prices of civil LPG and ether-based C4 in Shandong decreased compared with the previous working day, and the sales volume of manufacturers was poor, with the market sentiment declining. Before the substantial recovery of the Middle East logistics, the LPG supply gap will continue to exist and its impact will gradually accumulate. Attention should be paid to the potential negotiation progress between Iran and the United States [1]. 3. Summary by Relevant Catalogs Market Analysis - On March 26, the regional prices were as follows: Shandong market, 6180 - 6250; Northeast market, 5620 - 6010; North China market, 6200 - 6350; East China market, 6700 - 7350; Yangtze River market, 6840 - 6960; Northwest market, 5700 - 5900; South China market, 7150 - 7400 [1]. - In the second half of April 2026, the arrival price of frozen LPG in East China was 1050 US dollars/ton for propane and 1050 US dollars/ton for butane, both up 70 US dollars/ton. The RMB - equivalent price was 7984 yuan/ton for propane and 7984 yuan/ton for butane, both up 549 yuan/ton [1]. - In the second half of April 2026, the arrival price of frozen LPG in South China was 1050 US dollars/ton for propane and 1050 US dollars/ton for butane, both up 70 US dollars/ton. The RMB - equivalent price was 7984 yuan/ton for propane and 7984 yuan/ton for butane, both up 549 yuan/ton [1]. Strategy - Unilateral: Short - term sharp fluctuations, mainly on the sidelines in the short term. - Inter - period: None. - Cross - variety: None. - Spot - futures: None. - Options: None [2].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The spot price is running weakly, and macro - risks still exist. With the marginal easing of the Middle East situation, the prices of outer - market crude oil and LPG have declined, and the PG futures price has fallen from a high. The domestic spot prices in various regions showed mixed trends yesterday. Due to the easing of the Middle East situation and the outer - market trend, the manufacturers of civil gas and ether - post carbon four have offered discounts to increase sales. Although there have been significant pull - backs in both the inner and outer markets, the situation in Iran remains unclear, the Strait of Hormuz has not resumed navigation, and the news is constantly changing. In a high - volatility market, both long and short positions lack a safety margin, so caution is needed [1] - The short - term strategy for unilateral trading is to mainly wait and see due to short - term sharp fluctuations. There are no strategies for inter - period, inter - variety, spot - futures, and options trading [2] Group 3: Summary Based on Related Catalogs Market Analysis - On March 25th, the regional prices were as follows: Shandong market, 6380 - 6500; Northeast market, 5620 - 6010; North China market, 6200 - 6450; East China market, 6700 - 7350; Yangtze River area market, 6840 - 6960; Northwest market, 5700 - 6015; South China market, 7100 - 7300 [1] - In the second half of April 2026, the CIF price of frozen propane in East China was 980 US dollars/ton, a decrease of 100 US dollars/ton, and the price of butane was 980 US dollars/ton, a decrease of 100 US dollars/ton. In RMB terms, the price of propane was 7435 yuan/ton, a decrease of 762 yuan/ton, and the price of butane was 7435 yuan/ton, a decrease of 762 yuan/ton. The same price changes occurred in South China [1] Strategy - Unilateral: Short - term sharp fluctuations, mainly wait and see in the short term [2] - Inter - period: None [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2]

Group 1: Market Analysis - On March 24, regional prices were as follows: Shandong market, 6500 - 6600; Northeast market, 5620 - 6010; North China market, 6150 - 6450; East China market, 6600 - 7140; Yangtze River market, 6650 - 6860; Northwest market, 5800 - 6000; South China market, 7098 - 7130 [1] - In the second half of April 2026, the CIF price of frozen propane in East China was 1080 US dollars/ton, down 78 US dollars/ton, and butane was 1080 US dollars/ton, down 78 US dollars/ton. The RMB - equivalent price of propane was 8197 yuan/ton, down 605 yuan/ton, and butane was 8197 yuan/ton, down 605 yuan/ton. The same price changes applied to South China [1] - After Trump's remarks on postponing the strike against Iran, the market regarded it as a signal of marginal easing. The prices of foreign - market crude oil and LPG declined, and the PG futures price dropped from its high. In the domestic spot market, the mainstream transaction price of civil LPG in Shandong remained stable, while the mainstream transaction price of ether - after carbon four decreased compared with the previous working day. The decline in the foreign market suppressed market sentiment, and manufacturers of civil gas and ether - after carbon four were cautious in their operations. The situation in Iran was still unclear, the Strait of Hormuz was not open to navigation, and the news was changeable. In the high - volatility market, both long and short positions lacked a safety margin, so caution was needed [1] Group 2: Strategy - For unilateral trading, there will be short - term severe fluctuations, and it is advisable to wait and see in the short term. There are no strategies for inter - period, inter - variety, spot - futures, and options trading [2] Group 3: Figures - Figures include those of spot prices of civil LPG in Shandong, East China, South China, North China, Northeast, and Yangtze River regions, spot prices of ether - after carbon four in Shandong, East China, North China, Northeast, Yangtze River, and Northwest regions, as well as closing prices, spreads, and trading volume and open interest of PG futures contracts [3]

Group 1: Report Investment Rating - No investment rating provided in the report Group 2: Core View - The geopolitical situation remains tense, with the number of oil tankers (including LPG ships) passing through the Strait of Hormuz at an extremely low level, significantly tightening the supply of LPG in the Middle East. The war has also affected the oil and gas fields, leading to a reduction in production and a longer - lasting impact. Although the increase in US LPG exports can partially fill the Middle East gap, it is limited by export terminal capacity and actual shipments are lower than expected, further tightening the Asian LPG market and driving up the arrival price. The PG futures, which lagged in the early stage, have accelerated their rise. Considering the supply gap and the cancellation of warehouse receipts at the end of March, PG is expected to continue its strong performance. However, the situation in the Middle East is still unclear, the sector is greatly affected by news, and there is a negative feedback effect on downstream demand after the sharp rise in LPG prices, with the basis significantly decreasing. The market is highly volatile, and both long and short positions lack a safety margin, so caution is needed [1] Group 3: Market Analysis - On March 23, the regional prices were as follows: Shandong market, 6500 - 6600 yuan/ton; Northeast market, 5520 - 6010 yuan/ton; North China market, 6150 - 6550 yuan/ton; East China market, 6580 - 7090 yuan/ton; Yangtze River region market, 6650 - 6860 yuan/ton; Northwest market, 5900 - 6000 yuan/ton; South China market, 6950 - 7130 yuan/ton [1] - In the second half of April 2026, the arrival price of frozen LPG in East China was 1158 US dollars/ton for both propane and butane, down 1 US dollar/ton compared to the previous period. The RMB - converted price was 8802 yuan/ton for both propane and butane, up 11 yuan/ton [1] - In the second half of April 2026, the arrival price of frozen LPG in South China was 1158 US dollars/ton for both propane and butane, down 1 US dollar/ton compared to the previous period. The RMB - converted price was 8802 yuan/ton for both propane and butane, up 11 yuan/ton [1] Group 4: Strategy - Unilateral: Short - term, the market is expected to be volatile and slightly bullish. It is recommended to wait and see [2] - Inter - period: No strategy provided - Inter - variety: No strategy provided - Spot - futures: No strategy provided - Options: No strategy provided

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The geopolitical situation in the Middle East remains tense, with the number of LPG ships passing through the Strait of Hormuz at a low level and the degree of attacks on energy infrastructure in the Middle East expanding. The attack on Iran's South Pars gas field on the 18th has tightened the LPG supply. The external LPG price continues to be strong, the import cost keeps rising, and the PG futures market has risen significantly under the drive of the external market. The elasticity of PG has increased significantly, and the pressure of warehouse receipts will be significantly reduced in March. However, the market volatility may intensify after reaching an absolute high [1] 3. Summary by Relevant Catalogs Market Analysis - On March 19th, the regional LPG prices were as follows: Shandong market, 5750 - 5900 yuan/ton; North China market, 5180 - 5850 yuan/ton; East China market, 5610 - 6340 yuan/ton; Yangtze River market, 5860 - 6160 yuan/ton; Northwest market, 5000 - 5250 yuan/ton; South China market, 6050 - 6280 yuan/ton [1] - In the second half of April 2026, the CIF prices of frozen LPG in East China were propane at 1090 US dollars/ton (up 80 US dollars/ton) and butane at 1100 US dollars/ton (up 85 US dollars/ton). In RMB terms, propane was 8277 yuan/ton (up 615 yuan/ton) and butane was 8353 yuan/ton (up 653 yuan/ton) [1] - In the second half of April 2026, the CIF prices of frozen LPG in South China were the same as those in East China [1] Strategy - Unilateral: Short - term shock - biased upward, mainly on the sidelines - Inter - period: None - Inter - variety: None - Spot - futures: None - Options: None [2]

Group 1: Report Investment Rating - No information provided on the report industry investment rating Group 2: Core View - The current geopolitical situation in the Middle East remains tense, with the number of LPG ships passing through the Strait of Hormuz remaining low, and the extent of attacks on energy infrastructure in the Middle East increasing. As a result, the prices of crude oil and LPG in the external market remain strong, and the import cost continues to rise. The domestic spot prices showed a mixed trend yesterday. The impact of geopolitical conflicts on the LPG balance sheet is gradually materializing. With the continuous increase in the import cost of propane and butane, there is also a negative feedback on the demand from downstream chemical plants, and the market will continuously seek a new balance. The notable increase in supply comes from the United States, but the U.S. export volume is approaching its production capacity limit and its product structure is different from that of the Middle East, so it cannot fully offset the supply gap in the Middle East [1] Group 3: Market Analysis - On March 18, the regional prices were as follows: Shandong market, 5500 - 5660; North China market, 5130 - 5600; East China market, 5610 - 6340; Yangtze River market, 6010 - 6360; Northwest market, 5100 - 5250; South China market, 6100 - 6280 [1] - In the second half of April 2026, the CIF price of frozen propane in East China, China was $1010/ton, up $12/ton, and butane was $1015/ton, up $12/ton, equivalent to RMB 7662/ton for propane, up RMB 85/ton, and RMB 7700/ton for butane, up RMB 85/ton. In South China, the CIF price of frozen propane was also $1010/ton, up $12/ton, and butane was $1015/ton, up $12/ton, equivalent to RMB 7662/ton for propane, up RMB 85/ton, and RMB 7700/ton for butane, up RMB 85/ton [1] - The U.S. LPG shipment volume in March is expected to be 6.81 million tons, a month - on - month increase of 1.35 million tons and a year - on - year increase of 0.92 million tons. However, the U.S. export volume is approaching its production capacity limit (around 7.2 million tons per month), and its export product structure (mainly propane) is different from that of the Middle East (mixed propane and butane) [1] Group 4: Strategy - Single - side: Short - term shock is on the strong side, mainly on the sidelines - Cross - period: No strategy - Cross - variety: No strategy - Spot - futures: No strategy - Options: No strategy [2] Group 5: Figures - Figures include Shandong, East China, South China, North China, Northeast, and Yangtze River civilian LPG spot prices; Shandong, East China, North China, Northeast, Yangtze River, and Northwest ether - after carbon four spot prices; PG futures main contract closing price, index closing price, near - month contract closing price, near - month spread, main contract trading volume and open interest, and total trading volume and open interest [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The on - shore cost of LPG continues to rise, and domestic spot prices show mixed trends [1]. - Due to the tense situation in the Middle East and the continuous obstruction of navigation in the Strait of Hormuz, the prices of foreign - market crude oil and LPG remain strong, providing strong support for PG. However, as the import cost of propane and butane keeps rising, there is a negative feedback in the demand of downstream chemical plants, and the market will constantly seek a new balance [1]. - The short - term trend of the single - side LPG market is expected to be volatile and slightly strong, and it is recommended to wait and see [2]. 3. Summary by Related Catalogs Market Analysis - On March 17th, the regional prices of LPG are as follows: Shandong market, 5350 - 5580 yuan/ton; North China market, 5100 - 5550 yuan/ton; East China market, 5610 - 6340 yuan/ton; Yangtze River area market, 6010 - 6360 yuan/ton; Northwest market, 5100 - 5250 yuan/ton; South China market, 6130 - 6250 yuan/ton [1]. - In the second half of April 2026, the CIF prices of frozen LPG in East China are propane 998 dollars/ton (up 18 dollars/ton), butane 1003 dollars/ton (up 23 dollars/ton), equivalent to RMB prices of propane 7577 yuan/ton (up 127 yuan/ton) and butane 7615 yuan/ton (up 165 yuan/ton). In South China, the prices are the same as in East China [1]. - After the end of the cold wave, the export volume of the United States has increased significantly. The estimated LPG shipment volume in March is 6.81 million tons, a month - on - month increase of 1.35 million tons and a year - on - year increase of 0.92 million tons. But the U.S. export volume is approaching the production capacity limit (about 7.2 million tons per month), and the product structure is different from that of the Middle East, so it cannot fully offset the supply gap in the Middle East [1]. Strategy - Single - side: Short - term volatile and slightly strong, wait and see. - Cross - period: No recommendation. - Cross - variety: No recommendation. - Spot - futures: No recommendation. - Options: No recommendation [2] Figures - There are 18 figures showing various prices and trading data of LPG, including spot prices of civil LPG and ether - post carbon - four in different regions, as well as closing prices, month - to - month spreads, and trading volume and open interest of PG futures contracts [3]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The market is running strongly with contradictions unresolved. Due to the tense situation in the Middle East and the continuous obstruction of navigation in the Strait of Hormuz, the prices of foreign crude oil and LPG continue to be strong, and the PG futures market also rises accordingly. The domestic LPG spot prices show mixed trends. The upstream inventory is controllable with a willingness to support the market, but the weak demand poses a certain resistance. The impact of geopolitical conflicts on the LPG balance sheet is gradually materializing. As the import cost of propane and butane continues to rise, there is a negative feedback in the demand of downstream chemical plants. The market will continuously seek a new balance. Additionally, the increase in US LPG shipments offsets the shortage of Middle - East raw materials to some extent [1]. 3. Summary by Related Catalogs Market Analysis - **Regional Prices on March 16**: Shandong market: 5250 - 5600 yuan/ton; North China market: 5100 - 5550 yuan/ton; East China market: 5610 - 6340 yuan/ton; Yangtze River area market: 6010 - 6360 yuan/ton; Northwest market: 5150 - 5300 yuan/ton; South China market: 6200 - 6250 yuan/ton [1]. - **April 2026 Lower - half - month Import Prices**: In East China and South China, the CIF price of propane is 980 US dollars/ton, up 23 US dollars/ton, and the CIF price of butane is 980 US dollars/ton, up 23 US dollars/ton. The RMB - converted price of propane is 7450 yuan/ton, up 180 yuan/ton, and that of butane is 7450 yuan/ton, up 180 yuan/ton [1]. Strategy - **Single - side**: Short - term shock is on the strong side, and it is advisable to wait and see [2]. - **Inter - period**: No relevant strategy [2]. - **Inter - variety**: No relevant strategy [2]. - **Futures - spot**: No relevant strategy [2]. - **Options**: No relevant strategy [2].

1. Report Industry Investment Rating - Unilateral: Neutral, with a short - term focus on waiting and seeing. There are no suggestions for inter - period, cross - variety, spot - futures, or options strategies [2] 2. Core View of the Report - The passage of LPG ships through the Strait remains at a low level, and the CIF price of LPG is at a high level. If the passage of the Strait of Hormuz continues to be blocked, the supply of Middle East oil and LPG will be significantly tightened. Currently, the conflict between Iran and the US and Israel continues, more energy infrastructure is being attacked, and the navigation of the Strait of Hormuz has not significantly recovered. The number of LPG ships passing through as of March 12 remains low. On the spot side, the domestic LPG price rose locally yesterday. The spot price of civil LPG in Shandong was driven up by the increase in crude oil prices, and there is still room for short - term low - price increases. The price of ether - post - carbon - four in Shandong has corrected from high levels and risen at low levels, with a good trading atmosphere [1] 3. Market Analysis 3.1 Regional Prices on March 12 - Shandong market: 5050 - 5450 yuan; North China market: 5550 - 5650 yuan; East China market: 5900 - 6360 yuan; Yangtze River area market: 6010 - 6330 yuan; Northwest market: 5400 - 5600 yuan; South China market: 6080 - 6200 yuan [1] 3.2 CIF Prices in April 2026 - In the first half of April 2026, the CIF price of frozen goods in East China was 925 US dollars/ton for propane and 925 US dollars/ton for butane, both up 45 US dollars/ton. The RMB - converted price was 7022 yuan/ton for propane and 7022 yuan/ton for butane, both up 345 yuan/ton. In South China, the same price and increase trends applied [1] 3.3 Impact of Strait Passage and Market Conditions - Although the IEA announced the release of 400 million barrels of strategic reserves, if the passage of the Strait of Hormuz remains blocked, the supply of Middle East oil and LPG will tighten. The conflict between Iran and the US and Israel continues, and energy infrastructure is under attack. The number of LPG ships passing through is low as of March 12. Some oil tankers may turn off AIS signals, causing statistical omissions. The domestic LPG price rose locally, with Shandong civil LPG spot prices rising due to crude oil, and Shandong ether - post - carbon - four prices correcting from high levels and rising at low levels [1]