1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In April, CP prices were significantly raised, and the landed cost remained high. The increase in CP official prices was in line with expectations. The high landed cost of LPG supported the domestic market. The market interpreted the recent remarks from the Iranian and US presidents as a signal of easing, leading to a decline in emotional premium and potentially driving an overall correction in the energy sector. However, the situation is still unclear and requires continuous monitoring [1] 3. Summary by Relevant Catalogs Market Analysis - On March 30th, the regional prices were as follows: Shandong market, 6300 - 6400; Northeast market, 5900 - 6250; North China market, 6350 - 6620; East China market, 6800 - 7400; Yangtze River market, 6760 - 6960; Northwest market, 5950 - 6400; South China market, 7200 - 7480 [1] - In the second half of April 2026, the landed price of frozen cargo in East China was 1111 US dollars/ton for propane, up 41 US dollars/ton, and 1161 US dollars/ton for butane, up 91 US dollars/ton. In RMB, propane was 8428 yuan/ton, up 274 yuan/ton, and butane was 8808 yuan/ton, up 654 yuan/ton. The same price increase occurred in South China [1] - Saudi Aramco announced the April CP. Propane was 750 US dollars/ton, up 205 US dollars/ton from the previous month, and butane was 800 US dollars/ton, up 260 US dollars/ton from the previous month. Due to the blockade of the Strait of Hormuz, the export of Middle - East LPG was interrupted, and the international market tightened significantly. The butane increase was more prominent because Middle - East LPG had a relatively high butane proportion while the US increment was mainly propane [1] Strategy - Unilateral: In the short term, there will be sharp fluctuations. It is advisable to wait and see for the time being. There are no strategies for inter - period, cross - variety, spot - futures, or options [2] Figures - The figures include the spot prices of civil LPG and ether - post 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 in different periods [3]

Report Industry Investment Rating - Unilateral: Neutral, with a short - term focus on waiting and seeing [2] Core View - The increase in Saudi Arabia's January CP price boosts market sentiment. However, on the domestic fundamental front, the improvement in terminal combustion demand is limited, rising import costs will further suppress downstream chemical profit and raw material demand, and the recent increase in registered warehouse receipts means there are still resistances above the PG futures market [1] Market Analysis - On December 30, regional prices were: 4200 - 4340 in the Shandong market, 4100 - 4300 in the Northeast market, 4070 - 4300 in the North China market, 4200 - 4400 in the East China market, 4520 - 4710 in the Yangtze River market, 4100 - 4250 in the Northwest market, and 4470 - 4530 in the South China market [1] - In the second half of January 2026, the CIF price of frozen propane in East China was 596 US dollars/ton, down 4 US dollars/ton, and butane was 586 US dollars/ton, down 4 US dollars/ton. In RMB terms, propane was 4615 yuan/ton, down 32 yuan/ton, and butane was 4537 yuan/ton, down 33 yuan/ton [1] - In the second half of January 2026, the CIF price of frozen propane in South China was 589 US dollars/ton, down 4 US dollars/ton, and butane was 579 US dollars/ton, down 4 US dollars/ton. In RMB terms, propane was 4560 yuan/ton, down 33 yuan/ton, and butane was 4483 yuan/ton, down 33 yuan/ton [1] - Saudi Aramco's January CP: Propane was 525 US dollars/ton, up 30 US dollars/ton from December; butane was 520 US dollars/ton, up 35 US dollars/ton from December [1] - Due to the tightening of the international market, Saudi Arabia's January CP price is higher than expected. Coupled with the recent significant increase in the cost of CIF with discounts, the import arbitrage window is closed, which supports the domestic market pricing [1] Strategy - Unilateral: Neutral, short - term wait - and - see [2] - Inter - period: None [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2] Figures - Figures include those showing the spot prices of civil liquefied gas in Shandong, East China, South China, North China, Northeast, and the Yangtze River regions, the spot prices of ether - post carbon four in Shandong, East China, North China, Northeast, the Yangtze River, and Northwest regions, as well as the closing prices of PG futures' main contract, index, and near - month contract, the near - month spread, and the trading volume and open interest of the main contract and total contracts [3]

Report Title - LPG: Short-term support is not weak, pay attention to cost changes [2] - Propylene: Weak operation in the short term [3] Core Viewpoints - LPG has short-term support but investors should focus on cost changes; propylene is expected to operate weakly in the short term [2][3] Fundamental Tracking Futures Prices - PG2511 closed at 4,290 yesterday with a 0.54% increase, and 4,317 at night with a 0.63% increase - PG2512 closed at 4,211 yesterday with a 0.21% increase, and 4,235 at night with a 0.57% increase - PL2601 closed at 6,365 yesterday with a -0.11% decrease, and 6,396 at night with a 0.49% increase - PL2602 closed at 6,399 yesterday with no change, and 6,412 at night with a 0.20% increase [3] Position and Trading Volume - PG2511 had a trading volume of 65,891 yesterday, an increase of 4,599 from the previous day, and a position of 80,682, a decrease of 7,631 - PG2512 had a trading volume of 12,891 yesterday, an increase of 1,852 from the previous day, and a position of 43,849, an increase of 1,244 - PL2601 had a trading volume of 2,531 yesterday, an increase of 1,093 from the previous day, and a position of 12,193, a decrease of 94 - PL2602 had a trading volume of 44 yesterday, unchanged from the previous day, and a position of 622, a decrease of 2 [3] Spreads - The spread between Guangzhou domestic gas and PG11 contract was 290 yesterday, compared to 283 the day before - The spread between Guangzhou imported gas and PG11 contract was 370 yesterday, compared to 393 the day before - The spread between Shandong propylene and PL01 contract was 110 yesterday, compared to 113 the day before - The spread between East China propylene and PL01 contract was -15 yesterday, compared to -42 the day before - The spread between South China propylene and PL01 contract was -90 yesterday, compared to -97 the day before [3] Industrial Chain Data - PDH operating rate was 69.5% this week, compared to 64.6% last week - MTBE operating rate was 64.2% this week, compared to 63.6% last week - Alkylation operating rate was 47.4% this week, compared to 44.9% last week [3] Trend Intensity - LPG trend intensity is 0; propylene trend intensity is 0. The range of trend intensity is an integer in the [-2, 2] interval, with -2 being the most bearish and 2 being the most bullish [6] Market News CP Paper Goods - On September 26, 2025, the October CP paper goods, propane was at $542/ton, up $1/ton from the previous trading day; butane was at $520/ton, up $1/ton from the previous trading day. The November CP paper goods, propane was at $557/ton, unchanged from the previous trading day [7] PDH Device Maintenance Plans - Multiple domestic PDH plants have maintenance plans, with some starting from 2023 and the end times of many still to be determined [8] Liquefied Gas Plant Device Maintenance Plans - Many domestic liquefied gas plants have maintenance plans, with varying durations and some end times still to be determined [8]

Group 1: Market Analysis - On August 4, regional prices were as follows: Shandong market, 4450 - 4560; Northeast market, 4100 - 4350; North China market, 4410 - 4590; East China market, 4270 - 4500; Yangtze River market, 4450 - 4630; Northwest market, 4100 - 4250; South China market, 4280 - 4500 [1] - In the first half of September 2025, the CIF price of frozen propane in East China was 555 dollars/ton, down 3 dollars/ton, and butane was 513 dollars/ton, down 15 dollars/ton. In RMB terms, propane was 4360 yuan/ton, down 30 yuan/ton, and butane was 4030 yuan/ton, down 126 yuan/ton [1] - In the first half of September 2025, the CIF price of frozen propane in South China was 551 dollars/ton, up 1 dollar/ton, and butane was 491 dollars/ton, down 29 dollars/ton. In RMB terms, propane was 4329 yuan/ton, stable, and butane was 3999 yuan/ton, down 94 yuan/ton [1] - Saudi Aramco announced the August CP prices, with both propane and butane significantly lower than July. Propane was 520 dollars/ton, down 55 dollars/ton from last month, and butane was 490 dollars/ton, also down 55 dollars/ton [1] - In the spot market, the market is digesting the CP price cut. Prices in East and Northeast China have declined, while other regions are stable. The overall atmosphere is average, with downstream purchases mainly for rigid demand [1] - Overseas supply remains abundant, and the domestic commodity volume has limited changes. The overall supply is sufficient [1] - Due to continuous high - temperature across the country, the combustion demand remains weak, and downstream purchases are for rigid demand. In the deep - processing sector, the operating rate and demand have marginally improved, but due to weak downstream product profits, there is a lack of continuous growth momentum [1] Group 2: Strategy - Unilateral: Oscillate weakly, pay attention to the bottom - building signal of the disk [2] - Inter - period: None [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2] Group 3: Figures - Figures include those of 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 - post carbon four spot prices, PG futures main contract closing price, PG futures index closing price, PG futures near - month contract closing price, PG futures near - month spread, PG futures main contract trading volume and open interest, and PG futures total trading volume and open interest [3]